MAY 12//GOLD UP $6.60 TO $1703.60//SILVER UP 5 CENTS TO $15.48//CORONAVIRUS UPDATE//OBAMAGATE REPLACES RUSSIAGATE AS OBAMA IS PLACED AT THE CENTRE OF THE SCANDAL//JIM SINCLAIR AND JOHN KIM..MUST VIEWS FOR TONIGHT//WAR OF WORDS ESCALATING BETWEEN CHINA AND THE USA//MANY SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1703.60  UP $6.60   The quote is London spot price

 

 

SILVER:$15.48  UP 5 CENTS (London spot closing price)

 

Closing access prices:  London spot

 

 

i)Gold : $1702.65  LONDON SPOT  4:30 pm

 

ii)SILVER:  $15.45//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

MAY COMEX GOLD:  XXX

 

JUNE GOLD:  $1706.40  CLOSE 1.30 PM//   SPREAD SPOT (LONDON) VS/FUTURE JUNE: $2.80.//PREMIUMS WENT UP AGAIN

 

CLOSING SILVER FUTURE MONTH

 

SILVER JUNE COMEX CLOSE;   $15.80…1:30 PM.//SPREAD SPOT/(LONDON) VS FUTURE JUNE:  32 CENTS  PER OZ//PREMIUMS UP AGAIN//HUGE DIFFERENCE

 

 

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:  530//1196

issued:  818

EXCHANGE: COMEX
CONTRACT: MAY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,695.300000000 USD
INTENT DATE: 05/11/2020 DELIVERY DATE: 05/13/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 18
118 H MACQUARIE FUT 196
132 C SG AMERICAS 34
152 C DORMAN TRADING 4
323 H HSBC 34
355 C CREDIT SUISSE 32
435 H SCOTIA CAPITAL 68
624 C BOFA SECURITIES 27
657 C MORGAN STANLEY 8 81
657 H MORGAN STANLEY 225
661 C JP MORGAN 818 530
685 C RJ OBRIEN 4
686 C INTL FCSTONE 25
690 C ABN AMRO 72 78
732 C RBC CAP MARKETS 13
737 C ADVANTAGE 4 50
800 C MAREX SPEC 1 15
880 C CITIGROUP 1
905 C ADM 54
____________________________________________________________________________________________

TOTAL: 1,196 1,196
MONTH TO DATE: 7,477

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 1196 NOTICE(S) FOR 119,600 OZ (3.7200 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  7477 NOTICES FOR 747700 OZ  (23.257 TONNES)

 

 

SILVER

 

FOR MAY

 

 

0 NOTICE(S) FILED TODAY FOR  nil  OZ/

total number of notices filed so far this month: 8569 for 42,845,000 oz

 

BITCOIN MORNING QUOTE  $8739 UP  176 

 

BITCOIN AFTERNOON QUOTE.: $8841 UP 258

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $6.60: AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

 

A SMALL CHANGE IN GOLD INVENTORY// A WITHDRAWAL OF .58 TONNES FROM THE GLD TO PAY FOR FEES

 

 

GLD: 1,081.07 TONNES OF GOLD//

 

 

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

 

A HUGE CHANGE  IN SILVER INVENTORY AT THE SLV// A MASSIVE DEPOSIT OF 3.076 MILLION OZ INTO THE SLV//

RESTING SLV INVENTORY TONIGHT:

SLV: 420.861  MILLION OZ./

 

 

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL  BY A STRONG SIZED 2912 CONTRACTS FROM 137,969 DOWN TO 135,057 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE HUGE SIZED LOSS IN OI OCCURRED WITH  OUR 5 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS DUE TO STRONG  BANKER SHORT COVERING PLUS A SMALL EXCHANGE FOR PHYSICAL ISSUANCE, SOME LONG LIQUIDATION, ACCOMPANYING  A ZERO INCREASE IN SILVER OZ STANDING AT THE COMEX FOR MAY. WE HAD A NET LOSS IN OUR TWO EXCHANGES OF 2263 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

WE HAVE ALSO WITNESSED A HUMONGOUS AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A  FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   MARCH:  00 AND MAY: 0 AND JULY: 580  AND ZERO FOR ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  580 CONTRACTS. WITH THE TRANSFER OF 580 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 580 EFP CONTRACTS TRANSLATES INTO 2.900 MILLION OZ  ACCOMPANYING:

1.THE 5 CENT LOSS IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.410 MILLION OZ INITIALLY STANDING FOR MAY

 

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 5 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME AMOUNT OF SILVER LONGS FROM THEIR POSITIONS. THE STRONG LOSS AT THE COMEX ACCOMPANIED : i)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO GAIN IN SILVER OZ STANDING FOR MAY, SOME BANKER SHORT COVERING  AND 4) SOME LONG LIQUIDATION AS  WE DID HAVE A  NET LOSS OF 2263 CONTRACTS OR 11.31 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER

 

 

 

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

7427 CONTRACTS (FOR 8 TRADING DAYS TOTAL 7427 CONTRACTS) OR 37.135 MILLION OZ: (AVERAGE PER DAY: 928 CONTRACTS OR 4.641 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 37.135 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.89% 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:          1,025.48 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

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

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

APRIL EFP                               95.355 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

MAY EFP SO FAR:                   37.135 MILLION OZ

EXCHANGE FOR PHYSICAL ISSUANCE FOR THE PAST 30 DAYS 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 DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2912, WITH OUR 5 CENT LOSS IN SILVER PRICING AT THE COMEX ///MONDAY THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 580 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE LOST A VERY STRONG SIZED OI CONTRACTS ON THE TWO EXCHANGES:  2332 CONTRACTS (WITH OUR 5 CENT LOSS IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 580 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED DECREASE OF 2912 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 5 CENT LOSS IN PRICE OF SILVER/ AND A CLOSING PRICE OF $15.43 // MONDAY’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: 0 NOTICE(S) FOR  nil 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 4.660 MILLION OZ//MAY  45.410 MILLION OZ
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED 5613 CONTRACTS TO 495,185 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GOOD SIZED LOSS OF COMEX OI OCCURRED WITH OUR CONSIDERABLE  COMEX LOSS IN PRICE  OF $12.65 /// COMEX GOLD TRADING// MONDAY// WE  HAD SOME BANKER SHORT COVERING , A GOOD SIZED DECREASE IN GOLD OZ STANDING AT THE COMEX, ALONG WITH SOME LONG LIQUIDATION ACCOMPANYING A VERY GOOD  EX. FOR PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR  LOSS  IN THE PAPER PRICE OF GOLD.

WE HAD A VOLUME OF 0  4 -GC CONTRACTS//OPEN INTEREST  7

 

WE LOST A SMALL SIZED 978 CONTRACTS  (3.041 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 2110 CONTRACTS:

CONTRACTS, FEB>  CONTRACTS; MARCH 00 APRIL: 0. MAY: 0, AND JUNE 4336.; AUG 299 AND ALL OTHER MONTHS ZERO//TOTAL: 4336.  The NEW COMEX OI for the gold complex rests at 495,185. 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 SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 978 CONTRACTS: 5613 CONTRACTS DECREASED AT THE COMEX AND 4635 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 978 CONTRACTS OR 3.215 TONNES. MONDAY, WE HAD A LOSS OF $12.65 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A TINY SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 3.215 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 (IT FELL $12.65). AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS  SUCCESSFUL  (SEE BELOW).

4 GC VOLUME: 0  // open interest 7 

 

 

END

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED INCREASE IN EXCHANGE FOR PHYSICALS  (4635) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (5613 OI): TOTAL LOSS IN THE TWO EXCHANGES:  978 CONTRACTS. WE NO DOUBT HAD 1 )SOME BANKER SHORT COVERING, 2.)A SMALL DECREASE IN OUNCES STANDING AT THE GOLD COMEX FOR THE FRONT MAY MONTH,  3) SOME LONG LIQUIDATION AND  …ALL OF THIS WAS COUPLED WITH OUR LOSS IN GOLD PRICE TRADING//MONDAY

 

SPREADING OPERATIONS

 

OUR SPREADING OPERATION HAS NOW SWITCHED INTO GOLD…..

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 SILVER AS THEY NOW BEGIN TO MORPH INTO GOLD AS WE HEAD TOWARDS THE NEW FRONT MONTH WILL BE JUNE.

 

 

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

 

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

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

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

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

 

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

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 24,380 CONTRACTS OR 2,438,000 oz OR 75.83 TONNES (8 TRADING DAYS AND THUS AVERAGING: 3047 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 675.83 TONNES

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

THUS EFP TRANSFERS REPRESENTS 75.83/3550 x 100% TONNES =2.13% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS DISSIPATED THIS MONTHTHE 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   2642.08  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:               243.45  TONNES  (EFP ISSUANCE BECOMING A LOT LESS)

MAY TOTAL EFP ISSUANCE:                     75.83 TONNES

 

 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 2912 CONTRACTS FROM 137,969 DOWN TO 135,057 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

ALL OF THE GAIN IN COMEX OI WAS DUE TO 1) STRONG 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 MAY  4) SOME LONG LIQUIDATION 

 

EFP ISSUANCE 580 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: 0 JULY: 580 CONTRACTS   AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 580 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS  OF 2843 CONTRACTS TO THE 580 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  STRONG LOSS OF 2263 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 11.31 MILLION  OZ!!! OCCURRED WITH THE 5 CENT LOSS IN PRICE///

 

 

RESULT: A STRONG SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 5 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// MONDAY. WE ALSO HAD A VERY STRONG SIZED 580 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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 30.52 POINTS OR 1.04%  //Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%   /The Nikkei closed DOWN 422.94 POINTS OR 1.97%//Australia’s all ordinaires CLOSED DOWN .42%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8807 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8807 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 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 FELL BY A CONSIDERABLE SIZED 5613 CONTRACTS TO 495,185 MOVING FURTHER FROM  OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS CONSIDERABLE COMEX OI LOSS WAS SET WITH OUR LOSS OF $12.65 IN GOLD PRICING /MONDAY’S COMEX TRADING//). WE ALSO HAD A GOOD EFP ISSUANCE (4635 CONTRACTS),.  THUS WE HAD 1) SOME BANKER SHORT COVERING AT THE COMEX AND 2)   SOME VERY MINOR LONG LIQUIDATION AND 3)  ANOTHER DECREASE IN GOLD OZ STANDING AT THE COMEX //  MAY/GOLD…  AS WE ENGINEERED A SMALL LOSS ON TWO EXCHANGES OF 978 CONTRACTS.

WE AGAIN HAD 0    4 -GC VOLUME//open interest remains at 7

 

 

 

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 4635 EFP CONTRACTS WERE ISSUED:

 FEB: 0; MARCH 00 AND APRIL: 0, MAY: 0  JUNE : 4336 AND 299 FOR AUG AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4635 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  978 TOTAL CONTRACTS IN THAT 4635 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 5613 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 SOME BANKER SHORT COVERING, ACCOMPANYING A SMALL DECREASE IN COMEX GOLD TONNAGE  // STANDING FOR DELIVERY (SEE CALCULATIONS BELOW)….AND MINOR LONG LIQUIDATION…… ALL OF THE ABOVE OCCURRED WITH A LARGE FALL IN PRICE

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL BY $12.65).  AND, THEY WERE SOMEWHAT SUCCESSFUL IN FLEECING SOME LONGS, AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A TINY 3.215 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 978 CONTRACTS OR 97800 OZ OR 3.215 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:  495,185 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 49.51 MILLION OZ/32,150 OZ PER TONNE =  1539 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1539/2200 OR 69.99% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 236,268 contracts//volume very low

CONFIRMED COMEX VOL. FOR YESTERDAY291,756 contracts// volumes very low

MAY 12 /2020

MAY GOLD CONTRACT MONTH

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
86,793.495 oz
Brinks
Scotia
Deposits to the Dealer Inventory in oz 80,672.876 oz

Manfra

 

 

 

Deposits to the Customer Inventory, in oz  

692,842.926

OZ

BRINKS

JPM

 

 

 

No of oz served (contracts) today
1196 notice(s)
 119600 OZ
(3.7200 TONNES)
No of oz to be served (notices)
772 contracts
(77200 oz)
2.401 TONNES
Total monthly oz gold served (contracts) so far this month
7477 notices
747700 OZ
23.257 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 Manfra:  80,672.876 oz

total dealer deposits: 80,672.926   oz

total dealer withdrawals: nil oz

we had 2 deposit into the customer account

i) Into Brinks:  9087.609 oz

ii) Into JPMorgan:  683,755.317 oz

 

 

 

 

 

 

 

 

total deposits: 692,842.926   oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Brinks:  81,587.490 oz

 

ii) Out of Scotia; 52006.005 oz

 

 

 

 

 

 

total gold withdrawals; 86,793.495   oz

We had 0  kilobar transactions  +

 

We had 0  4 KC bar volume transactions/7 contracts oi

 

 

 

 

ADJUSTMENTS: 1    

 

 

 dealer to customer

ii) Out of Brinks: 578.72 oz

 

 

 

 

 

The front month of May registered a LARGE total of 1968 oi contracts for a loss of 445 contracts. We had 104 notices filed upon yesterday so we LOST 341 contracts or an additional 34,100 oz will stand as these guys REFUSED TO morph into London based forwards and thus negated a fiat bonus

The next delivery month after May is the huge delivery month of June.  Here June saw a  loss OF 22,562 contracts DOWN to 270,338 contracts. July has ANOTHER GAIN OF 285 OI contracts  and thus 521 contracts  outstanding.  Next comes August another strong delivery month and here the OI ROSE by 14,210 contracts up to 129,425 contracts.

 

 

We had 1196 notices filed today for 119,600 oz

 

FOR THE  MAY 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 818 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1196 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 530 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 MAY /2020. contract month, we take the total number of notices filed so far for the month (7477) x 100 oz , to which we add the difference between the open interest for the front month of  May. (1968 CONTRACTS ) minus the number of notices served upon today (1196 x 100 oz per contract) equals 824900 OZ OR 25.657 TONNES) the number of ounces standing in this  non active month of May

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

No of notices served (7477)x 100 oz + 1968 OI) for the front month minus the number of notices served upon today (1196) x 100 oz which equals 824,900 oz standing OR 25.657 TONNES in this non active delivery month. This is  a record amount for gold standing for any May delivery month or any non active delivery month.

We LOST 341 contracts or an additional 34,100 oz will NOT seek out metal on this side of the pond as they  morphed into London based forwards.

 

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:  10.020 TONNES

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

19,290.600 oz Pledged May 8/2020   INT DELAWARE:  .600 TONNES

17,853.197  oz pledged May 8.2020   MANFRA:            .553 TONNES

 

TOTAL PLEDGED GOLD NOW IN EFFECT:  545,925.500  OZ OR 16.980  TONNES

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 196.53 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 25.657 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  6,864,354.723 oz or 213.84  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)
d) pledged gold at Manfra:  17,853.197 oz  which cannot be settled:   (.5553 tonnes)
e) pledged gold at int.Del.    19,290.600 oz  which cannot be settled:   (.600 tonnes)
total weight of pledged:  545,925.500 oz or 16.905 tonnes
thus:
registered gold that can be used to settle upon: 6,318429.2  (196.53 tonnes)
true registered gold  (total registered – pledged tonnes  6,318429.2 (196.53 tonnes)
total eligible gold:  16,065,568.472 oz (499.706 tonnes)

total registered, pledged  and eligible (customer) gold;   22,929,923.195 oz 713.22 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   128.890 tonnes

total gold net of 4 GC:  584.33 tonnes

 

end

 

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of April 2018. and it continues to present day.  Thus 24 data entry points.

 

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

 

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.  Gold owners are very clear people.  They would know full well that

the gold at the comex is unallocated and that they would not be stupid enough to keep their gold at the comex especially in the registered category once deliveries are asked upon. If physical gold was present it would be have removed from the comex… It shows there is no gold at the comex.  They are just trading in sticky paper.

 

 

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

 

END

MAY 12/2020

And now for the wild silver comex results

Total COMEX silver OI FELL BY A STRONG SIZED 2912 CONTRACTS FROM 137,969  UP TO 135,057(AND FURTHER FROM 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) . THE STRONG OI COMEX LOSS TODAY OCCURRED WITH OUR 5 CENT LOSS IN PRICING//MONDAY. WE LOST A TOTAL OF 2263 CONTRACTS IN OUR TWO EXCHANGES.  THE LOSS IN TOTAL OI (TWO EXCHANGES) OCCURRED WITH 1)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO DECREASE IN SILVER OZ STANDING AT THE COMEX, 3)  SOME BANKER SHORT COVERING , 4) SOME LONG LIQUIDATION,5) STRONG COMEX LOSS IN OI AND ALL OF THIS OCCURRED WITH OUR SMALL 5 CENT LOSS IN PRICE 

 

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY

THE FRONT DELIVERY OF MAY SAW  513 OPEN INTEREST CONTRACTS STANDING  AND THUS WE HAD A LOSS OF 1479 CONTRACTS.  We had 1479 notices filed yesterday so we LOST 0 contracts or an additional NIL oz will  stand at the comex as these guys refused to  morph into London based forwards and thus they negated  a fiat bonus for their efforts.. It looks like there is no silver over here and thus they must travel to London to get the stuff.

 

AFTER MAY WE HAVE THE NON ACTIVE MONTH OF JUNE.  HERE JUNE SAW A GAIN OF 0 CONTRACTS RESTING AT 463.

AFTER JUNE COMES THE VERY BIG DELIVERY MONTH OF JULY AND HERE THE OI LOST 1414 CONTRACTS UP TO 102,718 CONTRACTS

 

 

We, today, had  0 notice(s) FILED  for nil, OZ for the APRIL, 2019 COMEX contract for silver

 

MAY 12/2020

MAY SILVER COMEX CONTRACT MONTH

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 789,965.830 oz
CNT
Scotia

 

 

Deposits to the Dealer Inventory
9729.660 oz
Brinks

 

Deposits to the Customer Inventory
1,870,423.340 oz
CNT
Delaware
Scotia
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
513 contracts
 2,565,000 oz)
Total monthly oz silver served (contracts)  8569 contracts

42,845,000 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
i) We had one deposit into the dealer:
i) Into Brinks: 9729.660 oz

total dealer deposits: 9729.660 oz

total dealer withdrawals: nil oz

i)we had 3 deposits into the customer account

into JPMorgan:   0

ii)into CNT:  600,231.830 oz

iii) Into Delaware: 594,923.950 oz

iv) Into Scotia:  675,267.560 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 51.22% of all official comex silver. (160.819 million/313.893 million

 

total customer deposits today: 1870,423.340    oz

we had 2 withdrawals:

i) Out of Brinks: 699,662.330 oz

 

ii) Out of Scotia  90,303.500 oz

 

 

total withdrawals; 789,965.83     oz

We had 1 adjustments  dealer to customer

Out of Brinks:  10,084.352 oz

total dealer silver: 89.963 million

total dealer + customer silver:  314.98 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the MAY 2020. contract month is represented by 0 contract(s) FOR nil oz

 

To calculate the number of silver ounces that will stand for delivery in MAY we take the total number of notices filed for the month so far at 8569 x 5,000 oz = 42,845,000 oz to which we add the difference between the open interest for the front month of MAY.(513) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 8569 (notices served so far) x 5000 oz + OI for front month of MAY (513)- number of notices served upon today (0) x 5000 oz of silver standing for the MAY contract month.equals 45,410,000 oz.

We GAINED  0 or an additional NIL oz will seek out metal on the London side of the pond as they refused a London based forward contract..

 

TODAY’S ESTIMATED SILVER VOLUME: 36,785 CONTRACTS //volume very low

 

 

FOR YESTERDAY: 41,771 CONTRACTS..,CONFIRMED VOLUME//extremely low volume

 

 

YESTERDAY’S CONFIRMED VOLUME OF 41,771 CONTRACTS EQUATES to 208 million  OZ 29.8% 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+ 0.08% ((MAY 12/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO +0.29% to NAV:   (MAY 12/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/ 0.08%

(courtesy Sprott/GATA

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

NAV 15.63 TRADING 15.49///NEGATIVE 0.90

END

 

 

And now the Gold inventory at the GLD/

MAY 12//WITH GOLD UP $6.60 TODAY; A SMALL CHANGES IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF .58 TONNES FROM THE GLD///INVENTORY RESTS AT 1081.07 TONNES

MAY 11/WITH GOLD DOWN $12.65 TODAY: NO CHANGES IN GOLD INVENTORY: //INVENTORY RESTS AT 1081.65 TONES..

MAY 8/WITH GOLD DOWN $7.00 TODAY; A BIG CHANGE IN GOLD INVENTORY: A PAPER ADDITION OF 5.85 TONNES/INVENTORY RESTS AT 1081.65 TONNES

MAY 7/WITH GOLD UP $29.65 TODAY : A SMALL CHANGE IN GOLD INVENTORY AT THE GLD//A PAPER ADDITION OF .41 TONNES/INVENTORY RESTS AT 1075.80 TONNES

MAY 6//WITH GOLD DOWN $17.00 TODAY/ A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A PAPER ADDITION OF 3.68 TONNES/INVENTORY RESTS AT 1075.39 TONES

MAY 5/WITH GOLD DOWN $1.65 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER ADDITION OF 3.81 TONNES//INVENTORY RESTS AT 1071.71 TONNES

MAY 4//WITH GOLD UP $12.00 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE PAPER DEPOSIT OF 11.4 TONNES INTO THE GLD////GOLD INVENTORY RESTS AT 1067.90 TONNES

MAY 1/WITH GOLD UP $8.45 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1056.50 TONNES

APRIL 30/WITH GOLD DOWN $15.95 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1056.50 TONNES

APRIL 29/WITH  GOLD DOWN $7.65/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 8.19 TONNES OF GOLD INTO THE GLD////INVENTORY REST AT 1056.50 TONNES//

APRIL 28/WITH GOLD DOWN $4.50//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1048.31 TONNES

APRIL 27/WITH GOLD DOWN $12.75//A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 5.85 TONNES INTO THE GLD////INVENTORY RESTS TONIGHT AT 1048.31 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

MAY 12/ GLD INVENTORY 1085.07 tonnes*

LAST;  818 TRADING DAYS:   +134.77 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 718 TRADING DAYS://+309.91  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/


MAY 12/WITH SILVER UP 5 CENTS TODAY: A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.076 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 420.861 MILLION OZ//

MAY 11.WITH SILVER DOWN 5 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 417.785 MILLION OZ//

MAY 8/WITH SILVER UP 11 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MONSTER DEPOSIT OF 4.661 MILLION OZ OF SILVER INTO THE SLV..///INVENTORY RESTS AT 417.785 MILLION OZ//

MAY 7/WITH SILVER UP 45 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 413.124 MILLION OZ//

MAY 6/WITH SILVER DOWN 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 413.124 MILLION OZ//

MAY 5/WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 413.124 MILLION OZ///

MAY 4//WITH SILVER DOWN 5 CENTS TODAY:2 HUGE PAPER CHANGES IN SILVER INVENTORY AT THE SLV.i).A  LARGE 1.399 MILLION OZ OF PAPER SILVER REMOVED FROM THE SLV//..//INVENTORY RESTS AT 411.427 MILLION OZ and ii) A LARGE 1.647 MILLION OZ OF PAPER SILVER ADDED TO THE SLV//  INVENTORY RESTS AT 413.124 MILLION OZ//


MAY 1/WITH SILVER FLAT IN PRICE: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 412.826 MILLION OZ///

APRIL 30/WITH SILVER DOWN 26 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 412.826 MILLION OZ//

APRIL 29/WITH SILVER DOWN ONE CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 412.826 MILLION OZ//

APRIL 28 /WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 412.826 MILLION OZ..

APRIL 27/WITH SILVER UP ONE CENT TODAY: TWO SMALL  CHANGE IN SILVER INVENTORY AT THE SLV: a) A WITHDRAWAL OF 373,000 OZ FORM THE SLV// b) A SECOND WITHDRAWAL OF 466,000: ////INVENTORY RESTS AT 412.826 MILLION OZ//

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.

 

 

MAY 12.2020:

SLV INVENTORY RESTS TONIGHT AT

420.861 MILLION OZ.

END

LIBOR SCHEDULE AND GOFO RATES/GOLD LEASE RATES

 

 

YOUR DATA…..

6 Month MM GOFO 2.16/ and libor 6 month duration 0.66

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

G0LD LENDING RATE: – 1.50%

GOLD LEASE RATES NEGATIVE/CENTRAL BANKS CALLING IN ALL OF THEIR GOLD

XXXXXXXX

12 Month MM GOFO
+ 1.73%

LIBOR FOR 12 MONTH DURATION: 0.77

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -.94

GOLD LEASE RATES NEGATIVE/CENTRAL BANKS CALLING IN ALL OF THEIR GOLD

end

 

 

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

Pandemic, Lockdowns, Fake and Manipulated Markets – Gold and Silver Outlook

Watch Video Update (Live 12/05/2020

 The massive global debt driven “Everything Bubble” is bursting due to the pandemic and more specifically the governments draconian economic lockdowns

◆ A dollar crisis is inevitable with U.S. government debt surging by some $2 trillion in a matter of weeks and ballooning to over $25 trillion

◆ Wall Street has just been bailed out at the expense of Main Street and families and businesses in the U.S. and throughout most of the industrial world

◆ Gold and particularly silver remain good value for those looking for safe havens to hedge the risk of financial dislocations and collapse

◆ Due to ongoing price manipulation in the futures market they have yet to price in the scale of the coming crisis; silver is actually lower despite massive demand as seen in a surge in silver ETF holdings, shortages of silver coins and bars and elevated premiums on gold but particularly silver

◆ This is much more than a “logistics” issue and is more due to actual shortages of physical metal from mines, mints and refineries and very strong global demand

◆ Gold and silver, if owned in the safest of ways, will protect people, families and companies in the coming global financial and monetary crisis

◆ Open an account with GoldCore here

◆ All the best from Stephen, Mark and the team. Be well!

 

Gold in USD – 3 Days

NEWS and COMMENTARY

31 Gold and Silver Charts – Demand Will Soar and Gold Will Surge Once It Surpasses $1,900/oz (GoldChartsRUs)

“This event coming into play just prior to taking out all time highs at $1900 after which one could expect the prices to accelerate & demand soar.”

Coronavirus Sickens Almost 90 at Biggest Russian Gold Mine (Bloomberg)

Gold ETFs Luring Record Amounts of Cash Despite Risk-Asset Rally (Bloomberg)

Gold steady as firmer dollar offsets fears of new infections (Reuters)

Global equities markets waver, bonds dip on fears of second wave of infections (Reuters)

U.S. has no need to buy back debt, will take advantage of low interest rates: Mnuchin (Reuters)

Over 80% of U.S. small businesses expect longer impact of pandemic: survey (Reuters)

As U.S. meat workers fall sick and supplies dwindle, exports to China soar (Reuters)

Here’s what gold does when the U.S. government goes on a borrowing binge (Marketwatch)

 

“Yes It Will. The Only Question Is When” – WATCH HERE

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

11-May-20 1698.80 1702.75, 1375.35 1378.55 & 1570.20 1571.81
07-May-20 1688.65 1704.05, 1366.29 1387.78 & 1565.21 1582.38
06-May-20 1698.90 1691.50, 1373.56 1366.73 & 1574.71 1564.13
05-May-20 1696.30 1699.55, 1363.83 1363.72 & 1566.36 1562.91
04-May-20 1703.70 1709.10, 1371.14 1374.63 & 1558.72 1563.83
01-May-20 1673.05 1686.25, 1332.08 1347.15 & 1523.14 1536.68

30-Apr-20 1716.75 1702.75, 1373.92 1361.69 & 1577.86 1568.91
29-Apr-20 1706.00 1703.35, 1371.97 1368.64 & 1569.69 1568.10
28-Apr-20 1708.10 1691.55, 1367.68 1357.98 & 1571.11 1559.27
27-Apr-20 1717.25 1714.95, 1381.36 1380.19 & 1582.96 1581.18
24-Apr-20 1727.25 1715.90, 1401.32 1391.59 & 1604.96 1589.09
23-Apr-20 1727.55 1736.25, 1399.49 1405.84 & 1601.78 1608.64
22-Apr-20 1702.65 1710.55, 1377.95 1388.28 & 1567.46 1576.44
21-Apr-20 1678.60 1682.05, 1328.16 1364.82 & 1548.00 1547.82
20-Apr-20 1684.95 1686.20, 1349.14 1355.70 & 1547.63 1551.98

 

NOTE: Inbound deliveries to our Loomis and Brink’s vaults in Zurich, Singapore, London and Dublin have resumed and to ensure liquidity, investors can move their assets to our vaults from safe deposit box companies, bullion stored with banks or digital gold platforms or ETFs.

We have resumed buying non stored bullion again and are buying gold and silver coins and bars at attractive premiums. Please email us for shipping instructions to vaults: support@goldcore.com

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

Mark O’Byrne
Executive Directo

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Both of these commentaries/videos are essential and you must take time and view them:

Jim Sinclair and  John Kim

they both explain perfectly where we are and where we are heading.

(courtesy GATA/Jim Sinclair/Greg Hunter/John Kim)

jim Sinclair and John Kim: Crippling the world economy saved the financial system

 Section: 

2:27p ET Monday, May 11, 2020

Dear Friend of GATA and Gold:

Two of the gold sector’s top minds, mining entrepreneur Jim Sinclair and financial analyst John Kim, today make similarly unorthodox observations about the financial markets and the worldwide virus epidemic.

In an interview with Greg Hunter’s USAWatchdog, Sinclair says the arrival of the epidemic was “fortuitous” for averting a worldwide economic collapse that was about to be caused by rising interest rates. The epidemic, Sinclair says, caused governments to shut down most of their economies and thereby slashed business demand for money and kept rates down.

… 

Kim writes that interest rates had to be cut worldwide to prevent default of over-the-counter interest-rate derivatives, which would have collapsed major financial institutions. With rates already at zero, Kim writes, the only way to prevent debt derivative defaults was to suppress rates by crippling economies. Kim goes farther than Sinclair, suspecting that protecting the interest-rate derivatives and the banks holding them by crippling the world economy was the real purpose of quarantining whole populations, not protecting those populations against the virus.

Sinclair’s interview with USAWatchdog also covers his expectations for the course of an international monetary reset in which upward revaluation of gold will offset sovereign debts and restore currency values. The interview is 58 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=RDZQoQ61RrY&feature=emb_title

Kim’s observations are made in an essay headlined “Connecting the Global Pandemic Lockdowns and Wealth Preservation for the 1%” and it’s posted at his internet site here:

https://maalamalama.com/wordpress/connecting-the-global-pandemic-lockdow…

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

END

Once taboo, investors begin to imagine negative U.S. rates

 Section: 

By Saqib Iqbal Ahmed and Tom Westbrook
Reuters
Tuesday, May 12

Negative interest rates in the United States were once unimaginable. The coronavirus has changed that.

While the Federal Reserve has all but ruled it out, the sweeping economic and financial-markets impact of the pandemic has forced investors to give serious thought to the implications of such a drastic policy shift.

… 

Rate options, which gauge monetary policy expectations, on Monday implied a 23% probability that the key federal funds rate will go below zero by the end of December, according to BofA Securities data, which cited short expiry options on one-year U.S. swap rates. That compares with a 9-10% probability last week.

Fed funds futures are pricing in rates of about one basis point below zero by June 2021 as the pandemic hammers the U.S. economy toward its steepest downturn since the Great Depression.

“It’s gone from theoretical to distinctly possible,” said Michael Purves, chief executive of Tallbacken Capital Advisors. …

… For the remainder of the report:

https://www.reuters.com/article/us-usa-fed-rates-investors-analysis/once…

* * *

Trump hails ‘gift’ of negative rates that Fed officials disdain

 Section: 

By Josh Wingrove
Bloomberg News
Tuesday, May 12, 2020

President Donald Trump said Tuesday the U.S. should receive the “gift” of negative interest rates, after three Federal Reserve officials signaled the central bank is cool to the idea.

Trump has long expressed his desire for the U.S. to pay negative interest on its debt.

… 

But the Federal Reserve, which cut its primary interest rate to near zero in March in the face of the economic crisis prompted by the coronavirus, isn’t anticipating the use of negative rates, central bank officials said before the president’s tweet. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-05-12/trump-says-u-s-deserv…

Dave Kranzler: A hopelessly corrupt financial system plus historic bubbles — Got gold?

 Section: 

By Dave Kranzler
Investment Research Dynamics, Denver
Tuesday, May 12, 2020

The Federal Reserve has re-inflated the biggest stock and asset bubble in history after the previously biggest stock bubble was punctured in March.

Today the Fed will begin buying junk bond/leveraged loan exchange-traded funds using Blackrock as its front. There ars two obvious problems with this.

… 

First, how does this help the economy? The money printed and used to purchase the ETF securities will never flow to the companies issuing junk bonds. Ask United Airlines, which had to abandon plans to raise a couple billion in the junk bond market after the market rejected its attempt to issue 11% coupon bonds.

Why didn’t the Fed just buy up that issue? It’s an odd lot compared to what the Fed has printed and thrown at the big banks up to this point.

The second problem is Fed Chairman Jay Powell’s conflict of interest. Powell has an $11 million equity stake in Blackrock. For its riskless efforts in buying ETFs for the Fed, Blackrock will be paid $15 million.

And guess what — The taxpayers are on the hook for the money the Fed prints and transfers to ETFs and to Blackrock when the trade goes bad, which it will. …

… For the remainder of the commentary:

https://investmentresearchdynamics.com/a-hopelessly-corrupt-financial-sy…

* * *

iii) Other physical stories:

Silver Inflows To SLV Continue Above 2010-2011 Levels

(courtesy Chris Marcus)

May 12, 2020 gr eenmonkeySilver Price

There’s new data available measuring the amount of gold and silver that have gone into the trust’s like GLD and SLV.

And of course as is often the case, the inflows and the price action have some unusual discrepancies. Which is covered in today’s video, so to find out more, click to watch now!

So to find out what’s going on, click to watch the interview now!

Chris Marcus
May 11, 2020

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8807/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.8834   /shanghai bourse CLOSED DOWN 30.52 POINTS OR 1.04%

HANG SANG CLOSED DOWN 131.51 POINTS OR 0.46%

 

2. Nikkei closed DOWN 422.94 POINTS OR 1.97%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. –.13/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ 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:: 57.21 and Brent: 64.13

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.32%/Italian 10 yr bond yield DOWN to 1.53% /SPAIN 10 YR BOND YIELD DOWN TO 0.39%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.09

3k Gold at $1421.50 silver at: 16.13   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 10/100 in roubles/dollar) 62.99

3m oil into the 57 dollar handle for WTI and 64 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 107.85 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 .9875 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1077 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 0.32%

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 2.05% early this morning. Thirty year rate at 2.57%

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

6.  TURKISH LIRA:  UP  TO 5.6988..

European Stocks, 

 

 

3A/ASIAN AFFAIRS

TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED DOWN 30.52 POINTS OR 1.04%  //Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%   /The Nikkei closed DOWN 422.94 POINTS OR 1.97%//Australia’s all ordinaires CLOSED DOWN .42%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8807 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8807 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8834 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/USA

The war of words with China is escalating as they blast the regime over the COVID contagion

(zerohedge)

 

“We’re At War, Make No Mistake” – White House Official Blasts China Over COVID-Contagion

Outspoken White House official Peter Navarro cranked up the anti-China rhetoric to ’11’ this morning, telling Fox News that the US is currently “at war” with China:

We are at war, make no mistake about that. The Chinese unleashed a virus on the world,” the Trump adviser told Fox & Friends on Monday.

The outspoken China hawk went on to explain how mad he was about Disneyland…

“It crossed me that Disneyland in Shanghai is opening this morning, while my own Disneyland in my own homeland in Orange County, in Anaheim, where Disneyland was born, is still shut because of the Chinese Communist Party. That makes me mad.”

And reiterated that China will owe the US “some form of compensatory damage” following the pandemic.

Bobby Lewis@revrrlewis

Peter Navarro: “It crossed me that Disneyland in Shanghai is opening this morning, while my own Disneyland in my own homeland in Orange County, in Anaheim, where Disneyland was born, is still shut because of the Chinese Communist Party. That makes me mad.”

Embedded video

The White House trade advisor’s statement echoes that of hedge fund manager Kyle Bass who recently said “They [China] are the most lying, coercive, manipulative government in the world.”

I just think it’s important…  for the world to think about what really happened in a timeline, and not some conspiracy theory because China won’t allow us in, and won’t allow our scientists to try to find patient zero and origin of the virus. And in fact, you’ve probably seen recent communiques between the Chinese Communist Party and their labs that their lab output has to be censored by the CCP, or that has anything to do with the Wuhan virus, [has to be approved] before it goes to the rest of the world. So, they are very sensitive on this topic—number one.

And number two, if you look back to the timeline, and you understand what happened, China has an enormous culpability. They actually have a legal liability, and one that’s a financial liability. I don’t know if you’ve seen various interviews in the last few days of U.S. legislators but there is a growing tide, of not only resentment, but a growing tide of people in the legislative branch of the U.S. and the UK governments, and now it’s bleeding into Australia and Canada, where they’re starting to say that we need to use the rule of law, the U.S. rule of law, the British Common Law, to start talking about reparations and getting the Chinese government to pay for their malign actions. And I think it’s important to note: on December 31, there were already 104 cases and 19 deaths in Wuhan. The Wuhan scientists, the heroes who first found this strange new pneumonia that was propagating itself so freely in Wuhan, not only were they arrested, and punished, and forced to retract statements that they had put on WeChat, but as you know, since then, one of the doctors who was 33 years old has died from the Wuhan virus.

Secondarily, that all happened in December. So by December 31, the government of Taiwan sent a white paper to the World Health Organization explaining that they had full evidence that there was human-to-human transmission, and that it was going to be a new global pandemic. And if you remember, on January 14, Tedros said to the world in a proclamation on a Tweet that this is not a global pandemic, and that he had just consulted with Xi Jinping and the Chinese, and that there is no evidence of human-to-human transmission—this is January 14. And then January 23, Xi Jinping closed down all air traffic from Wuhan to the rest of China. But he allowed Wuhan air traffic to travel to the rest of the world.Essentially, Xi Jinping knowingly infected the rest of the world. … “If he’s going to go down, the world is going to go down with him,” essentially what he was saying. That is not a responsible actorThat is not a government who’s ideologically aligned with the rest of the West. This is a government that basically covered up the truth. And we all know that they covered up the truth, but now, it’s actually after Neil Ferguson’s Boston Globe article, and now you see that the Chinese Foreign Ministry said on February 2 that it is xenophobic to close anyone’s borders to the Chinese, and that travel restriction shouldn’t be made. Xi Jinping himself shut down Wuhan, January 23; this is February 2, they’re telling the world this.

They are the most lying, coercive, manipulative government in the world, and you and I both know, they are committing the largest crimes against humanity prior to this outbreak of the sinister virus that God knows where it really came from—somewhere between the Wuhan wet market, the Chinese Center for Disease Control, which is right across the street, or maybe 20 miles north, at the Biosafety Level 4 lab in China. But the bottom line is, this disease has been unleashed on the rest of the world, and it was knowingly done so. And that’s why I’m so visibly upset about this.

And I think that you probably saw the Jackson Foundation in the UK, the Harvard professors in the U.S., are starting to set forth a legal framework for which international laws (that) China has broken, and the fact that there is a financial liability…

Navarro’s comments come after President Trump likened the virus “attack” to 9/11 and Pearly Harbor last week.

“This is worse than Pearl Harbor. This is worse than the World Trade Center,” Trump said at a White House event.

“It should have never happened,” Trump continued.

“It could have been stopped at the source. It could have been stopped in China. It should have been stopped right at the source, and it wasn’t.”

And follow Secretary of State Pompeo, who also criticized China:

“They knew. China could have prevented the deaths of hundreds of thousands of people worldwide. China could have spared the world descent into global economic malaise,” Pompeo told a State Department news conference.

“China is still refusing to share the information we need to keep people safe.”

The Trump administration has become increasingly critical of China as the death toll in the US has risen, blaming it for the deaths of hundreds of thousands of people and demanding the country be more transparent about its handling of the disease.

As Kyle Bass ominously conclude: We will never out-lie, we will never out-cheat, will never out-steal, the Chinese Communist Party—they’re the “best” in the world. But what we can do is we can use the foundational bedrock of our countries, the rule of law, and we can exercise and enforce our laws on them for their malfeasance. And that is the play, that is how we level the playing field, against such a tyrannical lying actor.”

END

CHINA/AUSTRALIA
This is not good!! China punishes Australia over their support on the origin of the coronavirus coming from the Wuhan lab…they ban 35% of beef imports.
(zerohedge)

Futures Slide After China Punishes Australia Over Coronavirus Origin Probe, Bans 35% Of Beef Imports

At the end of April, China sparked a diplomatic row after it threatened Australia with an economic hit if it doesn’t stop investigating the origins, and Beijing handling, of the coronavirus pandemic. As a reminder, Chinese Ambassador Cheng Jingye told Sky News that while China’s response may not have been “perfect,” Australia’s inquiry was “dangerous,” and could lead to Chinese consumers avoiding Chinese exports and travel.

So what is being done by the Australia side?” asked Cheng. “The proposition is a kind of teaming up with those forces in Washington and to launch a kind of political campaign against China. The Chinese public is frustrated, dismayed and disappointed with what Australia is doing now,” Cheng warned Asutralia, adding that “in the long term… if the mood is going from bad to worse, people would think ‘Why should we go to such a country that is not so friendly to China?’ The tourists may have second thoughts.

“The parents of the students would also think whether this place which they found is not so friendly, even hostile, whether this is the best place to send their kids here,” Cheng continued (via the Daily Wire). “It is up to the people to decide. Maybe the ordinary people will say ‘Why should we drink Australian wine? Eat Australian beef?’

Australia’s Foreign Minister Marise Payne hit back saying “Australia has made a principled call for an independent review of the COVID-19 outbreak, an unprecedented global crisis with severe health, economic and social impacts.”

“We reject any suggestion that economic coercion is an appropriate response to a call for such an assessment, when what we need is global co-operation.”

And in confirmation, on the very same day, Australia’s Daily Telegraph reported that Western intelligence agencies are looking closely at the work of a senior scientist at the Wuhan Institute of Virology, Peng Zhou, as part of a joint international investigation into the origins of COVID-19. The Australian newspaper Australian newspaper reported that “the Five Eyes intelligence agencies of Australia, Canada, NZ, UK and US, are understood to be looking closely at the work of a senior scientist at the Wuhan Institute of Virology, Peng Zhou, as they examine whether COVID-19 originated from a wet market or whether the naturally-­occurring virus may have been released from the level four laboratory in Wuhan that was studying deadly coronavirus pathogens from bats.”

None of this went unnoticed by Beijing which, not used to having its threats ignored, has just escalated the trade war when it imposed an import ban on four Australian slaughterhouses, the Australian Broadcasting Corporation reports, adding that, as noted above, China’s trade barriers are “in retaliation to Prime Minister Scott Morrison’s demand for an independent investigation into the COVID 19 outbreak.”

The blacklisting of the beef plants – three in Queensland and one in NSW – came just days after China flagged plans to introduce an 80% tariff on Australian barley, bringing the trade to its knees.

Three Queensland meatworks — Kilcoy Pastoral Company, the JBS owned Beef City, near Toowoomba, Dinmore, near Brisbane, and the New South Wales’ Northern Cooperative Meat Company at Casino — have been suspended by China; together the four “meatworks represent 35% of beef exports to China, a trade that had been on track to reach $3.5 billion this year”, the ABC reported.

The news, which came around the time BOJ governor Kuroda said that the global economy was rapidly worsening, sent S&P futures down 0.5% to session lows…

… and slammed the Aussie which dropped 50 pips on the news.

In fact, risk is off broadly with the New Zealand dollar down more than 0.5% while the Mexican peso, the euro, the British pound and the Canadian dollar are all suffering. S&P 500 futures are down about 0.5%, while WTI crude pared its earlier advance. Risk havens such as Treasury futures are up 5 ticks, the yen is climbing and gold trimmed losses.

And now that China has acted on its threat to retaliate against countries seeking a probe into origin of the coronavirus, we wonder how long before officials realize that where there is smoke, there is likely a fire burning all the evidence. Speaking of which, the Wuhan Institute of Virology still hasn’t been burned down, but considering China’s adamant refusal to open up the facility to global inquiry and its openly punitive act against those who accuse Beijing of being behind the pandemic, it is clearly time for a full-blown inquiry just in case some WIV scientist has another accident, this time involving a flamethrower and a few hundred pounds of explosives.

 END
Trump blocks investment into Chinese stocks and this is a big deal
(zerohedge)

Yuan, Futures Slide After Trump Orders Retirement Fund Investment In Chinese Stocks Blocked

Having threatened last week that “COVID reparation” would be paid one way or another – and following Peter Navarro’s comments echoing the same rhetoric this morning – FOX Business reports that President Trump is moving ahead with his plans to block a government retirement fund from investing in Chinese equities considered a national security risk.

As we detailed previously, Trump made his initial threats from the Rose Garden at the White House two weeks ago after he was pressed by a reporter over a German newspaper report suggesting that China should be issued a $160 billion invoice for the impact on Europe’s economy.

Since then plans have been strawman’d, escalating up to last Wednesday’s threat that the Trump admin is planning an executive order to block a 2017 decision that The Thrift Savings Plan, the federal government’s retirement savings fund, would transfer a massive $50 billion to an international fund which would mirror the MSCI All-Country World Index.

The issue being China’s addition to the index, and thus the fund being forced to allocate significant capital to the Chinese stock markets, at a time when the gloves between the two nations are clearly off.

In one letter written Monday, obtained exclusively by FOX Business,  national security adviser Robert O’Brien and National Economic Council Chair Larry Kudlow write to U.S. Labor Secretary Eugene Scalia stating that the White House does not want the Thrift Savings Plan, which is a federal employee retirement fund, to have money invested in Chinese equities.

Specifically, the letter directly links China’s handling of COVID-19 as one of several reasons why investment in Chinese companies should not occur.

It says the Federal Retirement Thrift Investment Board is “Departing from the Board’s established index for the International Stock Investment Fund (I Fund) to track one that maintains Chinese equities is risky and unjustified.”

In a second letter, FOX Business reports that Scalia writes to Michael Kennedy, the chairman of the Federal Retirement Thrift Investment Board, sharing the Kudlow/O’Brien letter noting the two have “grave concerns with the planned investment on grounds of both investment risk and national security.”

460987415 Sec Scalia to Cha… by Zerohedge on Scribd

The letter concludes by saying that moving the assets out of a certain fund is “at the direction of President Trump.”

Needless to say, the optics of the US halting capital from entering China would be staggering and could result in a reversion of China-bound capital flows across all Western countries until the current war of words between Trump and Xi rages.

The main reaction so far is a drop in US equity futures…

And some weakness in yuan…

The only problem is that this particular war of words could last a long time, since there is no longer any impetus to kiss and make up, and if anything, Trump will only escalate the anti-China sentiment into the election (and after), to keep pounding that the collapse resulting from the COVID-19 pandemic is not his fault, but rather Beijing’s, even as China pursues a mirror image approach, blaming the US for launching the pandemic (and perhaps as we saw tonight, taking its retaliation against US allies like Australia).

Additionally, Trump knows The Fed will defend his stock market (he does not need a ‘trade deal’ to levitate it) into the election, giving him leverage in any war of words (or deeds) against China.

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/CORONAVIRUS UPDATE

Russia has the 3rd most Covid cases on the planet and they are now sending in medical students to the front lines

(zerohedge)

As Russia Now Has World’s 3rd Most COVID-19 Cases, Med Students Being Thrown To Front Lines

Coming off multiple record numbers in daily coronavirus case jumps, including another record increase of 11,656 new infections on Monday, Russia briefly reached the grim achievement of ranking as the third most infected country in the world, behind the United States and Spain.

At this moment Russia and the UK are actually about even in third and fourth spots, with each approaching 225,000 cases. The new record rise in cases was announced a mere hours President Vladimir Putin was set to review lockdown measures.

 

Via AFP

The epicenter of Moscow currently has over 115,909 cases and its ‘stay at home’ orders have been extended until at least the end of May, with Putin on Monday further confirming the continuation of a nation-wide ‘non-working’ period to combat the spread. In total Russia has reported 2,009 deaths.

“But the fight with the epidemic isn’t ending, its threat remains even in territories where the situation is relatively safe,” Putin said.

“Starting tomorrow, May 12, the national non-working period will end for the entire country and for all sectors of the economy,” he announced.

 

Via Moscow Times

In an effort to insulate the economy from more devastating impact, Moscow city plans to reopen industrial and construction company operations Tuesday. But like most countries service and entertainment sector related businesses such as restaurants, bars and theaters will remain closed.

Meanwhile, the strain on under-prepared hospitals especially in and around the hard-hit capital has become so significant that Russian medical students have alleged they’ve been pushed onto the front lines of coronavirus wards while under “forced labor” conditions.

The country previously announced it would drastically expand hospital bed availability by 100,000 nationwide. But not only the shortage of doctors but a recent explosion of cases among doctors, nurses and hospital staff has caused officials to push students into the fray.

As Al Jazeera describes:

Daunted by the prospect of contracting the virus in the clinics and infecting family members, or facing expulsion, aspiring medics have protested against the decision to send students in their fourth, fifth and sixth years – who can be as young as 21 – to complete their medical training in coronavirus clinics.

The Ministry of Health announced on April 27 that the measure would go into effect starting May 1, and only students with “medical contraindications” can refuse.

The decree reportedly calls on students in all medical fields, even dentistry and pediatrics, to respond on an emergency basis.

 

Via Anadolu/Al Jazeera

“Those who refuse to go will not get their qualification and can face expulsion,” Svetlana, a sixth-year student, told Al Jazeera.

Some medical schools and hospitals are said to be taking steps to compensate the temporary help in a more fair way, while also considering dropping any potential punitive actions against students who refuse to work in COVID-19 wards.

6.Global Issues

Michael Snyder gives the true picture on the employment scene.  If your scroll down you will see John Williams and he is saying that we are already at  a very severe 35% unemployment

rate

(courtesy Michael Snyder)

Snyder: It’s Much Worse Than You Are Being Told

Authored by Michael Snyder via The Economic Collapse blog,

For a long time I warned that our economic bubble would burst and that we would plunge into a nightmarish economic collapse.  Now it has happened, and it turns out that fear of COVID-19 was the “black swan event” that triggered the collapse.  The ironic thing is that COVID-19 is not even close to the worst thing that is going to happen to us.  But it was more than enough to topple our incredibly fragile economic system, and now tens of millions of Americans are deeply suffering.  On Friday, the April jobs report was released, and it was the worst jobs report in U.S. history by a very, very wide margin.  According to the official numbers, 20.5 million Americans lost their jobs during the month, and the unemployment rate shot up to 14.7 percent.  During the last recession, the unemployment rate peaked at about 10 percent, and we have already left that number in the dust.

The figures that we are seeing now are truly, truly horrifying, and what is even more frightening is that they aren’t even that accurate.

But don’t take my word for it.

On Friday, the U.S. Labor Department publicly admitted that the true unemployment rate in April was closer to 20 percent

Millions of U.S. residents were counted as employed in April despite having no job, suggesting April’s true unemployment rate was closer to 20%, much higher than the official 14.7% reported, the Labor Department said Friday.

The jobless rate should have included people on temporary unpaid leave, furloughed because of the coronavirus pandemic, the government said.

I applaud the Labor Department for trying to be honest.  In the report, they openly admitted that an “additional 7.5 million workers” should have been classified as unemployed

But responses to the survey by which the data was collected show 11.5 million people were categorized as employed but absent from work because of vacation, parental leave or other reasons, but including 8.1 million absent for “unspecified” reasons, a group that usually numbers about 620,000.

“One assumption might be that these additional 7.5 million workers …should have been classified as unemployed on temporary layoff,” a note attached to the government’s jobs report Friday said.

If those workers had been correctly classified, the official unemployment rate would have been about 19.5 percent, and that would have put us solidly in Great Depression territory.

But others have looked at the numbers and calculated that the true rate of unemployment should be even higher than that.

For example, Standard Chartered has calculated that the true rate of unemployment could be as high as 27.5 percent

While it is true that what the BLS reported that the April unemployment rate (UR) was less than expected (14.7% versus consensus of 16.0%) and the drop in payroll employment of 20.5 million was also less than the 22.0 million expected, Standard Chartered bank has calculated that adjustments to the headline unemployment rate push the effective number of unemployed to 42 million and the effective UR rate to 25.5%, higher even than the U-6 underemployment rate of 22.8%. Worse, if one treats underemployed in line with the U-6 methodology, the true April unemployment number would rise to an mindblowing 27.5%.

So how did Standard Chartered arrive at those numbers?  The following is how Zero Hedge explained it…

How does one get these numbers? As the bank’s chief FX strategist Steve Englander explains, start with the 23.1 million unemployed as published by BLS. To this add 8.1mn people who have dropped out of the labor force since February (previously the labor force had been growing steadily, so these are likely unemployed).

Add back 7.5MM workers classified as ‘employed but not at work for other reasons’ – BLS states that these workers are likely misclassified as employed, when they are in fact unemployed. Involuntary part-time work for economic reasons has gone up by 6.6MM and we treat these as half-unemployed (i.e., a contribution of 3.3MM).

This totals almost 42 Million effectively unemployed.

And Standard Chartered is not the only one that has come up with such a high figure.

In fact, John Williams of shadowstats.com says that if honest numbers were being used that the U.S. unemployment rate would now be an eye-popping 35.4 percent.

Wow.

Of course everyone admits that things are really, really bad and that the numbers for next month are likely to be even worse.

If you can believe it, even White House economic adviser Kevin Hassett is admitting that the official unemployment rate is likely to surge above 20 percent in “May or June”

White House economic adviser Kevin Hassett believes the unemployment rate could rise above 20% and the worst job losses would come in “May or June” because of the ongoing coronavirus pandemic.

When asked Sunday what the “bottom” of the country’s unemployment pain would be, Hassett, who advises the Trump administration on economic policy and is the former chair of the Council of Economic Advisers, told CBS’s “Face the Nation,” “to get unemployment rates like the ones that we’re about to see … which I think will climb up toward 20% by next month, you have to really go back to the Great Depression to see that.”

And even once this pandemic fades, many of those jobs won’t be coming back.

Initially, many employers had anticipated that they would be bringing all of their employees back following a short, severe crisis.  But at this point reality is beginning to set in for many of them.

For example, a restaurant owner in Kentucky named Britney Ruby Miller has had to lower her expectations as this pandemic has dragged on…

In late March, Britney Ruby Miller, co-owner of a small chain of steakhouse restaurants, confidently proclaimed that once the viral outbreak had subsided, her company planned to recall all its laid-off workers.

Now? Miller would be thrilled to restore, by year’s end, three-quarters of the roughly 600 workers her company had to let go.

Yes, the state of Kentucky is starting to “reopen for business”, but for now her restaurants will “be limited to 33% of capacity” and there will be all sorts of other new expenses that Miller will be forced to deal with…

Yet business won’t be returning to what it was before. In Kentucky, the restaurants will be limited to 33% of capacity. They are putting six feet between tables in all their restaurants, thereby limiting seating. Miller estimates that the company’s revenue will plunge by half to three-quarters this year.

And expenses are rising because the company must buy face masks and other equipment for the workers it does recall and restock its food, drink, and equipment supplies.

There are very, very few restaurants that can be profitable under such circumstances.

Unless the state of Kentucky lifts those ridiculous restrictions, Miller may soon lose all of her restaurants and all of her employees may soon be permanently out of jobs.

Of course more layoff announcements just keep rolling in from all over America with each passing day.  The following examples come from the Wall Street Journal

This past week, General Electric Co., Uber Technologies Inc. UBER 6.01% and Airbnb Inc. said they would lay off thousands of workers. MGM Resorts International MGM 4.42% warned that some of the 63,000 employees it has furloughed may be let go permanently starting in August. Aerospace supplier Raytheon Technologies Corp., RTX 2.91%  job-listings site Glassdoor and United Airlines Holdings Inc. UAL 11.74% also said in the past week that they had reduced jobs or planned to do so.

This is what an economic depression looks like, and it is going to be so incredibly painful.

And it is critical to understand that what we have experienced so far is just a warm-up act for the next chapters.

If you remember how bitter the last recession was, that should motivate you to take action to prepare for what is ahead, because this economic downturn is already even worse.

Yes, the months in front of us will be exceptionally challenging, but you can get through this.  Things may look really bleak, but for now you just need to keep hanging in there.

There will be life on the other side, but your future may end up looking far different than you originally anticipated.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.0843 UP .0034 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MOSTLY GREEN EXCEPT FRANCE

 

 

USA/JAPAN YEN 107.39 DOWN 0.202 (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 1.2359   DOWN   0.0029  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3984 DOWN .00036 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro ROSE BY 34 basis points, trading now ABOVE the important 1.08 level RISING to 1.0843 Last night Shanghai COMPOSITE CLOSED DOWN 3.25 POINTS OR 0.11% 

 

//Hang Sang CLOSED DOWN 356.38 POINTS OR 1.45%

/AUSTRALIA CLOSED DOWN 1,11%// EUROPEAN BOURSES MOSTLY GREEN EXCEPT FRANCE

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT FRANCE

 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 356.38 POINTS OR 1.45%

 

 

/SHANGHAI CLOSED DOWN 3.25 POINTS OR 0.11%

 

Australia BOURSE CLOSED DOWN. 1.11% 

 

 

Nikkei (Japan) CLOSED DOWN 24.18  POINTS OR 0.12%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1704.00

silver:$15.53-

Early TUESDAY morning USA 10 year bond yield: 0.71% !!! DOWN 1 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.41 DOWN 1  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 99.89 DOWN 35 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.92% DOWN 2 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.78%//DOWN 2 in basis point yield from yesterday.

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

 

 

the Italian 10 yr bond yield is trading 110 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.51% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 2.39% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.0864  UP     .0054 or 54 basis points

USA/Japan: 107.33 DOWN .256 OR YEN UP 25  basis points/

Great Britain/USA 1.2293 DOWN .0040 POUND UP 40  BASIS POINTS)

Canadian dollar UP 4 basis points to 1.4016

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0830    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0992  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.9863 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from MONDAY at 0.71 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.40 DOWN 2 in basis points on the day

Your closing USA dollar index, 99.84 DOWN 40  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 21.37  0.65%

German Dax :  CLOSED DOWN 5.49 POINTS OR .05%

 

Paris Cac CLOSED DOWN 17.72 POINTS 0.39%

Spain IBEX CLOSED UP 90.50 POINTS or 1.36%

Italian MIB: CLOSED UP 177.96 POINTS OR 1.02%

 

 

 

 

 

WTI Oil price; 25.51 12:00  PM  EST

Brent Oil: 30,18 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.17  THE CROSS LOWER BY 0.50 RUBLES/DOLLAR (RUBLE HIGHER BY 50 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.51 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 :  25.79//

 

 

BRENT :  29.89

USA 10 YR BOND YIELD: … 0.68..down 4 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.37..down 4 basis points…

 

 

 

 

 

EURO/USA 1.0850 ( UP 41   BASIS POINTS)

USA/JAPANESE YEN:107.20 DOWN .392 (YEN UP 39 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 99.96 DOWN 28 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2277 DOWN 53  POINTS

 

the Turkish lira close: 6.9992

 

 

the Russian rouble 73.20   UP 0.48 Roubles against the uSA dollar.( UP 48 BASIS POINTS)

Canadian dollar:  1.4058  UP 38 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.51%

 

The Dow closed DOWN 422.96 POINTS OR 1.75%

 

NASDAQ closed DOWN 189.79 POINTS OR 02.06%

 


VOLATILITY INDEX:  30.99 CLOSED UP 3.42

LIBOR 3 MONTH DURATION: 0.433%//libor dropping like a stone

LIBOR/OIS:  .367%

TED SPREAD:  LIBOR VS 3 MONTH TREASURY BILL:  .293

 

USA trading today in Graph Form

Bitcoin, Bonds, & Bullion Bid As LA’s Extended-Lockdown Slams Stocks

So the overwhelming message from Fauci today was “we’re all going to die” if you even dare to re-open the economy and judging by the budget deficit charts (and coming a day after Bitcoin’s big event), it would appear that any second wave-driven lockdown will be “The Fuckening” for America… (either Dems block any Republican stimulus; or Republicans have to agree to a 100 trillion bailout of everything…which is precisely why will we get a second wave)

Which explains why USA sovereign risk remains extremely elevated despite the resurgence in stocks…

Source: Bloomberg

In two words, America is “proper f**ked”…

But, of course, that didn’t stop so-called investors buying Nasdaq…but a combination of a China sanctions bill from the Senate, and a very strong 10Y Bond auction sparked weakness around 1300ET… then stocks really accelerated lower in the last hour…

…after LA County reported it will extend its stay-at-home order for 3 more months!!

This all spoiled the winning streaks for Nasdaq and AAPL (which was heading for its 7th straight day of >1% gains for the first time since Sept 2000).

The S&P 500 fellback towards 2900 – having gone sideways since April 27th…

FANG Stocks faltered…

Source: Bloomberg

Banks were battered again…

Source: Bloomberg

Futures show the day’s malarkey best – last night was a geopolitical nightmare (a 2nd wave of infection in Wuhan, China banning Aussie beef, and Trump banning US pension fund investment in China) but that didn’t stop the machines from ramping everything as Europe opened… only for the China sanctions chatter to send stocks lower…

Bitcoin rallied in the 24 hours since The Halvening…

Source: Bloomberg

Bonds were bid…

Source: Bloomberg

Bonds erased yesterday’s losses…

Source: Bloomberg

And gold bullion was bid back above $1700 (futures)…

After a number of ugly days (amid extremely heavy calendar) LQD (IG Bond ETF) was bid today (spiking at the open) as The Fed said it would be in buying…

Source: Bloomberg

Notably, Fed Speakers were out en masse today to talk down negative rate expectations…

Source: Bloomberg

The Dollar scrambled back to unchanged on the day…

Source: Bloomberg

WTI Crude rallied up to a $26 handle ahead of tonight’s API data…

 

So, finally, is it time for stocks to catch down to bonds and commodities?

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Futures, Yields, Yuan Tumble As GOP Senate Intros China Sanctions Bill

Following an extremely strong 10Y bond auction, and news that Senator Graham and GOP Senators have introduced a bill sanctioning China, US futures and Treasury yields are tumbling.

Yields extending their decline…

Yuan is selling off…

And Stocks are down hard…

The bill is related to China’s treatment of Uighurs but comes on the heels of last night’s details on the Trump admin pulling pension fund investment plans in China (and after China’s apparent retaliatory ban on Aussie beef).

END

ii)Market data/USA

Huge fiscal disaster:  USA April deficit: 738 billion dollars as the government spends close to one trillion dollars

(zerohedge)

Fiscal Disaster: US April Deficit Hits Record $738BN As Government Spends $1 Trillion In One Month

While it will hardly come as a surprise to anyone that the US fiscal situation is now an absolute catastrophe – following previously projections that the US is expected to issue over $5 trillion in debt this year alone and the Fed is expected to monetize all of it, if not more – moments ago we got the actual details of just how bad it will get when the Treasury published its April Monthly Treasury Statement.

The numbers were terrifying: with the US economy shut down in April, the US government collected just $242BN in receipts, down a record 54.8% from a year ago “as certain taxes from individuals and corporations were deferred until July,” the Treasury said, a deferral which may now be extended all the way to December. On a rolling 12-month basis, receipts were just $3.265 trillion, the lowest since March 2017, and down 3% Y/Y, assuring the US economy is in recession (just in case the 34 million recently unemployed Americans didn’t make that clear)

But the real horror was in government spending, which exploded by 161% to a record $1 trillion (technically $980 billion but at this point one can just roundt up) in April, “largely due to the release of assistance related to the COVID-19 outbreak.” The chart below says it all.

Looking at the details, as receipts plunged to just $139BN in social insurance and retirement, and a paltry – for April $75BN in income taxes, spending soared as follows: Income Security ($307BN), medicare ($152BN), Health ($100BN), social security ($92BN), national defense ($58BN), Net Interest ($36BN)and so forth.

This means that in April, the total US deficit hit a record $738 billion, and the cumulative deficit for the seven months of the year has surged to $1.5 trillion, some 180% greater than the $531BN for the comparable period a year ago.

And this is just the beginning. As a reminder, with the US expected to issue $3 trillion in debt this quarter alone,the US deficit will not be smaller than $1 trillion for many months, and – thanks to helicopter money issued by the recent Fed/Treasury LLC joint venture – may never drop back to a “billion” handle.

iii) Important USA Economic Stories

This is not good:  Covid 19 is spreading to all of the USA meat plants:  200 USDA meat inspectors are already testing positive

(Byington/FoodDive)

As COVID-19 Spreads In Meat Plants, 200 USDA Inspectors Test Positive

Authored by Lillianna Byington of FoodDive,

Summary:

  • A U.S. Agriculture Department spokesperson told Food Dive that 197 field employees in the Food Safety and Inspection Service ​are absent from work after testing positive for coronavirus and 120 FSIS employees are under self-quarantine due to contact with or exposure to COVID-1​9 as of May 5.
  • The American Federation of Government Employees, a union representing 6,500 federal food inspectors, said three inspectors have died in Illinois, Mississippi and New York, Meat and Poultry reported.
  • “FSIS has taken the unprecedented step of protecting its employees by allowing those inspectors in high-risk health categories to self-certify with their supervisor and excusing them from inspection duties until the risk from COVID-19 decreases or is mitigated,” the spokesperson told Food Dive. “Additionally, FSIS now has enough masks and face coverings on hand to keep our inspection personnel supplied for the next few months. Despite these numbers our dedicated personnel are still meeting all of their inspection responsibilities so that consumers can continue to enjoy a safe supply of meat and poultry products.”

As coronavirus has spread rapidly among meat plants across the country, it’s not just the workers that are getting infected. Many people have strongly criticized the industry’s response for waiting too long to implement safety precautions and close processing plants as thousands have tested positive for coronavirus and at least 20 workers have died. But the inspectors checking these facilities and their products are not immune to the virus either. 

FSIS inspectors are classified as essential workers, so they have continued to travel to monitor these facilities. But as the plants become coronavirus hot spots, reports have shown the inspectors haven’t been able to protect themselves adequately.

A FSIS inspector interviewed in Government Executive said moving inspectors exposed to an outbreak at one plant to another location isn’t safe because they could then be coronavirus carriers and further the spread.

Last month, Politico reported many of the inspectors were expected to find their own protective gear since USDA wasn’t able to secure face masks for all of its workers. In April, USDA said it would give a $50 reimbursement for inspectors to find their own, according to Politico. But now the department says it has enough masks.

Since more than 300 inspectors have either tested positive or self quarantined, that can make it challenging to inspect every plant. Recent closures, however, could make that easier. More than 20 meatpacking plants, including facilities run by Tyson Foods, JBS USA, Smithfield Foods and Cargill​, have closed temporarily or indefinitely following pressure from local authorities and their own workforce.But as plants start to reopen, the smaller FSIS workforce could weigh on meat processors.

Two weeks ago, President Donald Trump signed an executive order declaring meat plants as “critical infrastructure” using the Defense Production Act to keep these facilities open and help prevent shortages. But as plants reopen, inspectors will need to travel to them and there is still risk of the virus continuing to spread.

The new executive order puts USDA Secretary Sonny Perdue in charge of coordinating with companies to reopen or continue operations during the pandemic. Perdue previously said he anticipated plants would reopen in “days not weeks.” Already, a major beef and pork plant for Tyson reopened with limited production last week after nearly 900 of its workers tested positive. A Smithfield plant in Sioux Falls, South Dakota, where hundreds contracted the virus, also reopened with limited staff last week.

Several labor groups have criticized the USDA, asking if it can’t protect its own employees from the virus, how can it protect workers? ​”The health and safety of federal inspectors and plant workers is in the hands of an industry that the administration is now pressuring to stay open, no matter the costs,” Paula Schelling, acting president of the American Federation of Government Employees Council 45, which represents 6,500 federal food inspectors, said in a release.

While the Centers for Disease Control and Prevention and Occupational Safety and Health Administration created guidelines calling for distancing and other safety measures, there are no requirements forcing companies to reconfigure facilities. And if inspectors continue to catch the virus traveling from plant to plant, they could risk spreading it themselves, or if even more get sick, then there may not be enough inspectors to properly check each facility. It’s just the latest hurdle to challenge the meat industry hit hard during the recent pandemic.

END

Town Protests Working-Conditions At Nebraska Meat Plant, Workers Too Scared To Return

Earlier this month the working-class poor in Crete, Nebraska, protested the working conditions at a meat processing plant owned by Smithfield, reported KLKN News.

Dozens of demonstrators were holding signs, with one that read: “Our parents are essential, not dispensable,” referring to the rash of virus outbreaks at the facility and the inability of the company to shutter the plant for an extended period for thorough disinfecting.

“When are we going to stop? When 300 people are sick? Is that where the COVID is going to stop,” Sheila Balbuena told KLKN, who has several immediate family members working at the plant.

“We would rather not eat meat for weeks or even months as long as everyone’s safe and the prices decrease,” said Yesenia Regalado, whose parents work at the plant.

“I haven’t been able to hug my mom in the past two weeks because she’s worried she’s going to affect any of us if she has it, you know,” said Emmanuel Sanchez-Mora, whose mother works at the facility.

Nearly a third of Crete are employed at the Smithfield Foods plant on the town’s outskirts. The facility has about 2,000 workers and processes thousands of hogs per day, making pork chops, bacon, and should cuts.

Smithfield has not confirmed the total number of sick, but protesters have alleged it’s in the hundreds. Across the state, 1,000 meat processing workers have fallen ill, and three have died. Nebraska Gov. Pete Ricketts has shunned media from examining the data behind the outbreak at plants.

The public health crisis at plants has gone national. At least 5,000 workers at 115 plants have been infected by the virus, with at least 18 dead. President Trump signed the Defense Production Act to keep plants open, despite the alarming number of folks getting sick, all in an attempt to avoid massive food shortages.

Industrywide, beef and pork production capacity collapsed 40% in April, triggering meat shortages in the first week of May, which have already been seen at some Kroger supermarkets and Wendy’s fast-food restaurants. Shortages have since led to soaring beef prices.

We recently found out the reason why meatpacking plants have become a breeding ground for the virus:

“The cold, damp conditions and crowded workstations in meatpacking plants make infectious diseases particularly hard to control. But not impossible. In Europe, where labor protections are stronger, and most plants are smaller and more automated than in the U.S., the industry has avoided disabling outbreaks.”

At JBS Beef Plant in Grand Island, Nebraska, at least 200 workers have tested positive and community spreading has been confirmed, which has resulted in workers staying home.

“I am scared to return,” one worker told Omaha World-Herald. “Without money, I can find a way to live, but I can’t live without my health.”

And it is not just workers who are getting sick, USDA spokesperson told Food Dive that about 200 meat inspectors have tested positive for the virus.

The crisis at meat processing plants continues to worsen through the first half of May.

END

This worries me; 93 children sick with mysterious covid -19 linked syndrome

(zerohedge)

NY Reports 93 Children Sick With ‘Mysterious COVID-19-Linked Respiratory Syndrome’

NYC Mayor Bill de Blasio and NY Gov Andrew Cuomo have repeatedly warned about the growing number of children affected by a mysterious, possibly COVID-19-linked respiratory syndrome this week, and Newsday reported Tuesday afternoon that the number of children infected statewide has climbed to 93.

The harrowing report claimed 2 to 3 children have arrived at one Long Island hospital ‘daily’ in recent weeks, all of them suffering from severe inflammatory symptoms that required immediate admission to the ICU.

Two to three children are coming into one Long Island hospital daily with an inflammatory disease thought to be tied to COVID-19, health care officials said Monday.

Most of these young patients are so ill, they are immediately put into the intensive care unit at Cohen Children’s Medical Center, said Dr. James Schneider, chief of pediatric critical care medicine at the center in New Hyde Park. He said more than 30 patients have been admitted with what is being called “pediatric multi-system inflammatory syndrome associated with COVID-19.”

Hospitals across the state by Monday had reported 93 cases of the illness, which can cause inflamed muscles and breathing problems, state officials said.

Experts who spoke with Newsday said the most popular theory is that the syndrome is likely an “overreaction” to the virus that causes COVID-19, a not-uncommon reaction to viral infection in some susceptible children.

Health experts believe the illness could be the body’s overreaction to COVID-19, the disease caused by the novel coronavirus.

Parents should be on the lookout for symptoms that include a persistent high fever, rash, belly pain and vomiting. In general, most of the patients are healthy kids who didn’t know they had COVID-19 and later tested positive for antibodies, Schneider said.

Schneider said he isn’t surprised these cases have been popping up in recent weeks based on early information about the syndrome.

This phenomenon starts weeks after infection,” he said. “It all makes sense that now they are showing up – at least from what we think we understand about this illness.”

Last week, the NY State Department of Health issued an advisory about the syndrome and required health care providers to report all cases in people under the age of 21. State Health Commissioner Howard Zucker said a team of experts is evaluating each reported case.

Some have claimed the syndrome has symptoms similar to Kawasaki disease.

NYU Winthrop in Mineola has treated two patients with the syndrome, said Dr. Leonard Krilov, the hospital’s chairman of pediatrics. The most recent, a 4-year-old girl, has been at the hospital since late last week after showing symptoms of the illness, including a fever and rash, Krilov said.

Krilov said the patient is in stable condition and her vital organs are “doing well.”

The hospital’s first patient, a 4-year-old boy who since has been released, had a high fever, rash, abdominal pain and inflammation in his kidneys, Krilov said.

Stony Brook Children’s Hospital treated a 10-year-old boy about a week ago who had symptoms linked to Kawasaki disease, along with vomiting, diarrhea and low blood pressure, said Dr. Christy Beneri, fellowship program director of pediatric infectious diseases at the hospital.

Kawasaki disease has symptoms that are similar to the new syndrome, such as inflammation of the lips, tongue and eyes, and rashes.

NYC Mayor de Blasio said Monday that he didn’t think the syndrome would impact the city’s reopening plans since schools will be shuttered until at least next fall. But both he and Cuomo voiced new concerns on Tuesday, and Dr. Fauci even admonished Sen. Rand Paul over the issue of children returning to school which drew more attention to the issue.

Children have a long history of being little-impacted by viruses unless they have specific immune issues. Research so far has suggested that children aren’t major carriers of the virus, which brings the decision to close schools into question. Others noted that among children affected by this new syndrome, the prevalence in underlying conditions isn’t an accident. While Dr. Fauci is probably technically correct that we can’t be certain children aren’t a major risk of spreading the virus, that’s only true in the context of it being too early in the game to say anything for certain, beyond a few basic undisputed truths, as Dr. Fauci has repeatedly explained to the public. However, the decision to be so cautious about children returning to the classroom as to suggest that it shouldn’t happen for more than a year would appear to contradict the prevailing “science” suggesting children aren’t major spreaders.

Stories about the virus in the UK have largely petered out as it hasn’t appeared to spread widely so far. We suspect a similar pattern will emerge in the US.

end

iv) Swamp commentaries)

Big stuff:  Grenell gives the Dept of Justice the list of Obama officials involved in the unmasking of individuals in the Flynn case. Barr will no doubt lease them to the public

(zerohedge)

Grenell Gives DOJ List Of Obama Officials Involved In Flynn Unmasking Scandal; Waiting On Barr To Release

Update (2140ET): ABC News has updated their report to say that Grenellvisited the Justice Department with the list of ‘unmaskers,’ as opposed to requesting the list. In other words, he’s notified AG Barr (and we presume President Trump) exactly who was involved.

And according to the Daily Wire: “A source with knowledge of the matter told The Daily Wire that the list has already been declassified and now it’s on Attorney General William Barr to release the list.”

It may be popcorn time…

*  *  *

Richard Grenell, President Trump’s acting Director of National Intelligence who successfully pressured Adam Schiff (D-CA) into releasing bombshell transcripts from the Russia investigation, is now after former officials from the Obama administration involved in the so-called “unmasking” of former National Security Adviser Michael Flynn during his conversations with the former Russian ambassador following the 2016 election, according to ABC News.

“Unmasking” is a term used when the identity of a U.S. citizen or lawful resident is revealed in classified intelligence reports. Normally, when government officials receive intelligence reports, the names of American citizens are redacted to protect their privacy. But officials can request that names, listed as “U.S. Person 1,” for example, be unmasked internally in order to give context about the potential value of the intelligence. Unmasking is justified for national security reasons but is governed by strict rules across the U.S. intelligence apparatus that make it illegal to pursue for political reasons or to leak classified information generated by the process.

And much like Obama’s IRS targeting scandal, US government capabilities were exploited to accomplish political objectives.

Grenell reportedly visited the Justice Department last week to request the list of individuals, according to an official who spoke on condition of anonymity.

His visit indicates his focus on an issue previously highlighted in 2017 by skeptics of the investigation into the Trump campaign’s contacts with Russia, specificallyallegations that former officials improperly unveiled Flynn’s identity from intercepts of his call with former Russian ambassador Sergey Kislyak.

Grenell’s visit came the same week that Attorney General William Barr moved to dismiss the criminal case against Flynn following his guilty plea for lying to the FBI about his conversations with Kislyak. –ABC News

After Obama National Security AdviserSusan Rice wasouted as the ringleader of an unmasking campaign, the Wall Street Journal reported that she wasn’t the only administration official to participate in Flynn’s unmasking.

The news comes after the DOJ dropped all charges against Flynn, after several unsealed documents revealed that the FBI was more interested in ensnaring him in a perjury trap – after the agency’s own DC field office advised that they were barking up the wrong tree. Under pressure due to legal bills and an FBI threat to pursue his son, Flynn caved and pleaded guilty to lying about his communications with the Russian ambassador.

They did not have a basis for a counterintelligence investigation against Flynn at that stage, based on a perfectly legitimate and appropriate call he made as a member of the transition,” Barr told CBS last week.

In 2017, then-House Intelligence Committee Chair Devin Nunes (R-CA) accused the Obama administration of unmasking Trump transition officials – while two national security officials at the White House provided Nunes with supporting evidence.

Will Grenell unmask the unmaskers?

Kevin McCarthy

@GOPLeader

@GenFlynn was wrongly targeted.
• The Steele Dossier was made-up.
• The Russia-collusion narrative was a farce.

Obama’s White House and Justice Department led the way on these lies. Time for Susan Rice, James Clapper, and Loretta Lynch to answer for what transpired.

END

Interesting: Crowdstrike had no evidence that the Russians were stealing the emails from the DNC and this goes counter to the Mueller report

Pentchoukov/Epoch Times

CrowdStrike Had No Evidence Of Russians Stealing Emails From DNC, Declassified Transcript Shows

Authored by Ivan Pentchoukov via The Epoch Times,

The cybersecurity firm that investigated and remediated the alleged hack of the Democratic National Committee’s servers in 2016 found no direct evidence that hackers stole any data or emails, according to a newly declassified interview transcript.

Shawn Henry, the president of CrowdStrike Services, told the House Intelligence Committee in late 2017 that his firm had no evidence that the alleged Russian hackers stole any data from the Democratic National Committee (DNC) servers.

“There’s not evidence that they were actually exfiltrated,” Henry said.

“There’s circumstantial evidence, but no evidence that they were actually exfiltrated.”

The publication by WikiLeaks of more than 44,000 emails from senior DNC officials became one of the biggest stories of the turbulent 2016 presidential race and served as the predicate for the FBI’s investigation of the Trump campaign. Special counsel Robert Mueller, who took over the probe in May 2017, eventually charged a group of Russians with hacking the DNC. The indictment alleges that the Russians hacked into the DNC and stole thousands of emails.

Prior to Mueller’s indictment, the public knowledge of the alleged DNC hack consisted of CrowdStrike’s brief report on the matter released on June 14, 2016, days after the firm claims to have ousted the hackers from the committee’s systems. The report makes no mention of stolen data, although Henry told The Washington Post in an article published the same day that the Russians allegedly “stole two files.”

Of the more than 44,000 emails published by WikiLeaks, more than 98 percent were sent and received by senior DNC officials between April 18 and May 25 of 2016. During more than half of that time frame, CrowdStrike had already installed its software on the DNC’s servers and was monitoring the network. The company did not respond to a request to explain how the emails were allegedly pilfered under its watch and why it failed to find evidence despite closely monitoring the servers with full awareness that hackers were present.

Mueller’s indictment alleges that Russian hackers broke into a DNC server and stole emails on or about May 25 and June 1 of 2016, roughly three weeks after CrowdStrike installed its software on the DNC servers and assessed that Russian hackers had gained access.

CrowdStrike’s involvement in the events surrounding the alleged DNC hack has long been the subject of controversy. Some facts about the firm’s involvement remain disputed by key players, including Henry, who told the House Intelligence Committee that he was not aware of the DNC or CrowdStrike denying any FBI requests related to the server hack. Henry’s testimony contradicted what then-FBI Director James Comey told the Senate Intelligence Committee in January 2017. Comey told senators that the FBI sought and was repeatedly denied access to the physical DNC servers.

Henry was not the only one to contradict Comey. The DNC’s director of technology, Andrew Brown, told the House Intelligence Committee the DNC fully cooperated with every FBI request. The DNC’s IT director, Yared Tamene, told the committee the FBI never requested access to the physical servers. And Michael Sussman, the DNC’s outside counsel, told the committee that the FBI declined a DNC offer for full access to its servers.

According to Tamene, the DNC handed over images of its servers to CrowdStrike, which then handed them over to the FBI in May and June of 2016. Mueller’s final report on the Russia investigation cites these images, alongside redacted grand jury material, as the source for the allegation that Russian hackers stole the DNC emails.

According to a CrowdStrike report cited by Rep. Adam Schiff (D-Calif.) the hackers allegedly “staged” a trove of DNC files for exfiltration on April 22. According to the Netyshko indictment, the hackers allegedly “compressed gigabytes of data from DNC computers, including opposition research” and “later moved the compressed DNC data” to a computer leased in Illinois. The indictment does not allege that the hackers moved the files from the Illinois system.

The charges in the Netyshko indictment remain alleged as the case is unlikely to be heard before a court since the defendants are in Russia. The government recently moved to drop the charges against an alleged Russian social media influence operation after the defendants mounted a defense in court.

The special counsel concluded his 22-month investigation last year finding insufficient evidence that anyone on the Trump campaign colluded with Russia to influence the 2016 election.

The DNC did not respond to a request for comment.

END
Russiagate is now Obamagate
This is lengthy but important!!
(zerohedge)

“OBAMAGATE!” Trump Tweets Tucker Carlson’s Crushing Breakdown Why The Former President Should Be Panicking

Why is former President Obama calling forth all his defensive resources now?  Why did former national security advisor Susan Rice write her CYA letter?  Why have republicans in congress not been willing to investigate the true origins of political surveillance?  What is the reason for so much anger, desperation and opposition from a variety of interests?

In a single word in a single tweet tonight, President Trump explained it perfectly – with help from Fox News’ Tucker Carlson’s detailed breakdown” “OBAMAGATE!”

Donald J. Trump

@realDonaldTrump

OBAMAGATE!

Embedded video

As around 2:15 in the clip above, Carlson explains that then president of the United States Barack Obama turned to the head of the FBI – the most powerful law enforcement official in America, and said “Continue to secretly investigate my chief political rival so I can act against him.”

Comey’s response? “Yes, sir.”

Having watched that clip in detail, here is ‘sundance’ from TheConservativeTreehouse.com laying out the details surrounding political surveillance in the era of President Obama…

With the release of recent transcripts and the declassification of material from within the IG report, the Carter Page FISA and Flynn documents showing FBI activity, there is a common misconception about why the intelligence apparatus began investigating the Trump campaign in the first place.  Why was Donald Trump considered a threat?

In this outline we hope to provide some fully cited deep source material that will explain the origin; and specifically why those inside the Intelligence Community began targeting Trump and using Confidential Human Sources against campaign officials.

During the time-frame of December 2015 through April 2016 the NSA database was being exploited by contractors within the intelligence community doing unauthorized searches.

On March 9, 2016, oversight personnel doing a review of FBI system access were alerted to thousands of unauthorized search queries of specific U.S. persons within the NSA database.

NSA Director Admiral Mike Rogers was made aware.

Subsequently NSA Director Rogers initiated a full compliance review of the system to identify who was doing the searches; & what searches were being conducted.

On April 18, 2016, following the preliminary audit results, Director Rogers shut down all FBI contractor access to the database after he learned FISA-702 “about”(17) and “to/from”(16) search queries were being done without authorization. Thus begins the first discovery of a much bigger background story.

When you compile the timeline with the people involved; and the specific wording of the resulting review, which was then delivered to the FISA court; and overlay the activity that was taking place in the GOP primary; what we discover is a process where the metadata collected by the NSA was being searched for political opposition research and surveillance.

Additionally, tens-of-thousands of searches were identified by the FISA court as likely extending much further than the compliance review period: “while the government reports it is unable to provide a reliable estimate of the non compliant queries since 2012, there is no apparent reason to believe the November 2015 [to] April 2016 period coincided with an unusually high error rate”.

In short, during the Obama administration the NSA database was continually used to conduct surveillance. This is the critical point that leads to understanding the origin of “Spygate”, as it unfolded in the Spring and Summer of 2016.

It was the discovery of the database exploitation and the removal of access as a surveillance tool that created their initial problem. Here’s how we can tell.

Initially in December 2015 there were 17 GOP candidates and all needed to be researched.

However, when Donald Trump won New Hampshire, Nevada and South Carolina the field was significantly whittled. Trump, Cruz, Rubio, Kasich and Carson remained.

On Super Tuesday, March 2, 2016, Donald Trump won seven states (VT, AR, VA, GA, AL, TN, MA) it was then clear that Trump was the GOP frontrunner with momentum to become the presumptive nominee. On March 5th, Trump won Kentucky and Louisiana; and on March 8th Trump won Michigan, Mississippi and Hawaii.

The next day, March 9th, NSA security alerts warned internal oversight personnel that something sketchy was going on.

This timing is not coincidental. As FISA Judge Rosemary Collyer later wrote in her report, “many of these non-compliant queries involved the use of the same identifiers over different date ranges.” Put another way: attributes belonging to a specific individual(s) were being targeted and queried, unlawfully. Given what was later discovered, it seems obvious the primary search target, over multiple date ranges, was Donald Trump.

There were tens-of-thousands of unauthorized search queries; and as Judge Collyer stated in her report, there is no reason to believe the 85% non compliant rate was any different from the abuse of the NSA database going back to 2012.

As you will see below the NSA database was how political surveillance was being conducted during Obama’s second term in office. However, when the system was flagged, and when NSA Director Mike Rogers shut down “contractor” access to the system, the system users needed to develop another way to get access.

Mike Rogers shuts down access on April 18, 2016. On April 19, 2016, Fusion-GPS founder Glenn Simpson’s wife, Mary Jacoby visits the White House. Immediately thereafter, the DNC and Clinton campaign contract Fusion GPS… who then hire Christopher Steele.

Knowing it was federal “contractors”, outside government with access to the system, doing the unauthorized searches, the question becomes: who were the contractors?

The possibilities are quite vast. Essentially anyone the FBI or intelligence apparatus was using could have participated. Crowdstrike was a known FBI contractor; they were also contracted by the DNC. Shawn Henry was the former head of the FBI office in DC and is now the head of Crowdstrike; a rather dubious contractor for the government and a politically connected data security and forensic company. James Comey’s special friend Daniel Richman was an unpaid FBI “special employee” with security access to the database. Nellie Ohr began working for Fusion-GPS on the Trump project in November 2015 and she was a CIA contractor; and it’s entirely likely Glenn Simpson or people within his Fusion-GPS network were also contractors for the intelligence community.

Remember the Sharyl Attkisson computer intrusions? It’s all part of this same network; Attkisson even names Shawn Henry as a defendant in her ongoing lawsuit.

All of the aforementioned names, and so many more, held a political agenda in 2016.

It seems likely if the NSA flags were never triggered then the contracted system users would have continued exploiting the NSA database for political opposition research; which would then be funneled to the Clinton team. However, once the unauthorized flags were triggered, the system users (including those inside the official intelligence apparatus) needed to find another back-door to continue… Again, the timing becomes transparent.

Immediately after NSA flags were raised March 9th; the same intelligence agencies began using confidential human sources (CHS’s) to run into the Trump campaign. By activating intelligence assets like Joseph Mifsud and Stefan Halper the IC (CIA, FBI) and system users had now created an authorized way to continue the same political surveillance operations.

When Donald Trump hired Paul Manafort on March 28, 2016, it was a perfect scenario for those doing the surveillance. Manafort was a known entity to the FBI and was previously under investigation. Paul Manafort’s entry into the Trump orbit was perfect for Glenn Simpson to sell his prior research on Manafort as a Trump-Russia collusion script two weeks later.

The shift from “unauthorized exploitation of the NSA database” to legally authorized exploitation of the NSA database was now in place. This was how they continued the political surveillance. This is the confluence of events that originated “spygate”, or what officially blossomed into the FBI investigation known as “Crossfire Hurricane” on July 31.

If the NSA flags were never raised; and if Director Rogers had never initiated the compliance audit; and if the political contractors were never blocked from access to the database; they would never have needed to create a legal back-door, a justification to retain the surveillance. The political operatives/contractors would have just continued the targeted metadata exploitation.

Once they created the surveillance door, Fusion-GPS was then needed to get the FBI known commodity of Chris Steele activated as a pipeline. Into that pipeline all system users pushed opposition research. However, one mistake from the NSA database extraction during an “about” query shows up as a New Yorker named Michael Cohen in Prague.

That misinterpreted data from a FISA-702 “about query” is then piped to Steele and turns up inside the dossier; it was the wrong Michael Cohen. It wasn’t Trump’s lawyer, it was an art dealer from New York City with the same name; the same “identifier”.

A DEEP DIVE – How Did It Work?

Start by reviewing the established record from the 99-page FISC opinion rendered by Presiding Judge Rosemary Collyer on April 26, 2017. Review the details within the FISC opinion.

I would strongly urge everyone to read the FISC report (full pdf below) because Judge Collyer outlines how the DOJ, which includes the FBI, had an “institutional lack of candor” in responses to the FISA court. In essence, the Obama administration was continually lying to the FISA court about their activity, and the rate of fourth amendment violations for illegal searches and seizures of U.S. persons’ private information for multiple years.

Unfortunately, due to intelligence terminology Judge Collyer’s brief and ruling is not an easy read for anyone unfamiliar with the FISA processes. That complexity also helps the media avoid discussing it; and as a result most Americans have no idea the scale and scope of the Obama-era surveillance issues. So we’ll try to break down the language.

Top Secret FISA Court Order… by The Conservative Treehouse on Scribd

For the sake of brevity and common understanding CTH will highlight the most pertinent segments showing just how systemic and troublesome the unlawful electronic surveillance was.

Early in 2016 NSA Director Admiral Mike Rogers was alerted of a significant uptick in FISA-702(17) “About” queries using the FBI/NSA database that holds all metadata records on every form of electronic communication.

The NSA compliance officer alerted Admiral Mike Rogers who then initiated a full compliance audit on/around March 9th, 2016, for the period of November 1st, 2015, through May 1st, 2016.

While the audit was ongoing, due to the severity of the results that were identified, Admiral Mike Rogers stopped anyone from using the 702(17) “about query” option, and went to the extraordinary step of blocking all FBI contractor access to the database on April 18, 2016 (keep these dates in mind).

Here are some significant segments:

The key takeaway from these first paragraphs is how the search query results were exported from the NSA database to users who were not authorized to see the material. The FBI contractors were conducting searches and then removing, or ‘exporting’, the results. Later on, the FBI said all of the exported material was deleted.

Searching the highly classified NSA database is essentially a function of filling out search boxes to identify the user-initiated search parameter and get a return on the search result.

♦ FISA-702(16) is a search of the system returning a U.S. person (“702”); and the “16” is a check box to initiate a search based on “To and From“. Example, if you put in a date and a phone number and check “16” as the search parameter the user will get the returns on everything “To and From” that identified phone number for the specific date. Calls, texts, contacts etc. Including results for the inbound and outbound contacts.

♦ FISA-702(17) is a search of the system returning a U.S. person (702); and the “17” is a check box to initiate a search based on everything “About” the search qualifier. Example, if you put a date and a phone number and check “17” as the search parameter the user will get the returns of everything about that phone. Calls, texts, contacts, geolocation (or gps results), account information, user, service provider etc. As a result, 702(17) can actually be used to locate where the phone (and user) was located on a specific date or sequentially over a specific period of time which is simply a matter of changing the date parameters.

And that’s just from a phone number.

Search an ip address “about” and read all data into that server; put in an email address and gain everything about that account. Or use the electronic address of a GPS enabled vehicle (about) and you can withdraw more electronic data and monitor in real time. Search a credit card number and get everything about the account including what was purchased, where, when, etc. Search a bank account number, get everything about transactions and electronic records etc. Just about anything and everything can be electronically searched; everything has an electronic ‘identifier’.

The search parameter is only limited by the originating field filled out. Names, places, numbers, addresses, etc. By using the “About” parameter there may be thousands or millions of returns. Imagine if you put “@realdonaldtrump” into the search parameter? You could extract all following accounts who interacted on Twitter, or Facebook etc. You are only limited by your imagination and the scale of the electronic connectivity.

As you can see below, on March 9th, 2016, internal auditors noted the FBI was sharing “raw FISA information, including but not limited to Section 702-acquired information”.

In plain English the raw search returns were being shared with unknown entities without any attempt to “minimize” or redact the results. The person(s) attached to the results were named and obvious. There was no effort to hide their identity or protect their 4th amendment rights of privacy; and database access was from the FBI network:

But what’s the scale here? This is where the story really lies.

Read this next excerpt carefully.

The operators were searching “U.S Persons”. The review of November 1, 2015, to May 1, 2016, showed “eighty-five percent of those queries” were unlawful or “non compliant”.

85% !! “representing [redacted number]”.

We can tell from the space of the redaction the number of searches were between 10,000 and 99,999 [six digits]. If we take the middle number of 50,000 – a non compliant rate of 85 percent means 42,500 unlawful searches out of 50,000.

The [six digit] amount (more than 10,000, less than 99,999), and 85% error rate, was captured in a six month period, November 2015 to April 2016.

Also notice this very important quote: “many of these non-compliant queries involved the use of the same identifiers over different date ranges.” This tells us the system users were searching the same phone number, email address, electronic identifier, repeatedly over different dates.

Specific person(s) were being tracked/monitored.

Additionally, notice the last quote: “while the government reports it is unable to provide a reliable estimate of” these non lawful searches “since 2012, there is no apparent reason to believe the November 2015 [to] April 2016 coincided with an unusually high error rate”.

That means the 85% unlawful FISA-702(16)(17) database abuse has likely been happening since 2012.

2012 is an important date in this database abuse because a network of specific interests is assembled that also shows up in 2016/2017:

  • Who was 2012 FBI Director? Robert Mueller, who was selected by the FBI group to become special prosecutor in 2017.
  • Who was Mueller’ chief-of-staff? Aaron Zebley, who became one of the lead lawyers on the Mueller special counsel.
  • Who was 2012 CIA Director? John Brennan (remember the ouster of Gen Petraeus)
  • Who was ODNI? James Clapper.
  • Remember, the NSA is inside the Pentagon (Defense Dept) command structure. Who was Defense Secretary? Ash Carter

Who wanted NSA Director Mike Rogers fired in 2016? Brennan, Clapper and Carter.

And finally, who wrote and signed-off-on the January 2017 Intelligence Community Assessment and then lied about the use of the Steele Dossier? The same John Brennan, and James Clapper along with James Comey.

Tens of thousands of searches over four years (since 2012), and 85% of them are illegal. The results were extracted for?…. (I believe this is all political opposition use; and I’ll explain why momentarily.)

OK, that’s the stunning scale; but who was involved?

Private contractors with access to “raw FISA information that went well beyond what was necessary to respond to FBI’s requests“:

And as noted, the contractor access was finally halted on April 18th, 2016.

[Coincidentally (or likely not), the wife of Fusion-GPS founder Glenn Simpson, Mary Jacoby, goes to the White House the very next day on April 19th, 2016.]

None of this is conspiracy theory.

All of this is laid out inside this 99-page opinion from FISC Presiding Judge Rosemary Collyer who also noted that none of this FISA abuse was accidental in a footnote on page 87: “deliberate decisionmaking“:

This specific footnote, if declassified, could be a key. Note the phrase: “([redacted] access to FBI systems was the subject of an interagency memorandum of understanding entered into [redacted])”, this sentence has the potential to expose an internal decision; withheld from congress and the FISA court by the Obama administration; that outlines a process for access and distribution of surveillance data.

Note: “no notice of this practice was given to the FISC until 2016“, that is important.

Summary:

The FISA court identified and quantified tens-of-thousands of search queries of the NSA/FBI database using the FISA-702(16)(17) system. The database was repeatedly used by persons with contractor access who unlawfully searched and extracted the raw results without redacting the information and shared it with an unknown number of entities.

The outlined process certainly points toward a political spying and surveillance operation; and we are not the only one to think that’s what this system is being used for.

Back in 2017 when House Intelligence Committee Chairman Devin Nunes was working to reauthorize the FISA legislation, Nunes wrote a letter to ODNI Dan Coats about this specific issue:

SIDEBAR:

To solve the issue, well, actually attempt to ensure it never happened again, NSA Director Admiral Mike Rogers eventually took away the “About” query option permanently in 2017. NSA Director Rogers said the abuse was so inherent there was no way to stop it except to remove the process completely. [SEE HERE] Additionally, the NSA database operates as a function of the Pentagon, so the Trump administration went one step further. On his last day as NSA Director Admiral Mike Rogers -together with ODNI Dan Coats- put U.S. cyber-command, the database steward, fully into the U.S. military as a full combatant command. [SEE HERE] Unfortunately it didn’t work as shown by the 2018 FISC opinion rendered by FISC Judge James Boasberg [SEE HERE]

There is little doubt the FISA-702(16)(17) database system was used by Obama-era officials, from 2012 through April 2016, as a way to spy on their political opposition.

Quite simply there is no other intellectually honest explanation for the scale and volume of database abuse that was taking place; and keep in mind these searches were all ruled to be unlawful. Searches for repeated persons over a period time that were not authorized.

When we reconcile what was taking place and who was involved, then the actions of the exact same principle participants take on a jaw-dropping amount of clarity.

All of the action taken by CIA Director Brennan, FBI Director Comey, ODNI Clapper and Defense Secretary Ashton Carter make sense. Including their effort to get NSA Director Mike Rogers fired.

Everything after March 9th, 2016, had a dual purpose: (1) done to cover up the weaponization of the FISA database. [Explained Here] Spygate, Russia-Gate, the Steele Dossier, and even the 2017 Intelligence Community Assessment (drawn from the dossier and signed by the above) were needed to create a cover-story and protect themselves from discovery of this four year weaponization, political surveillance and unlawful spying. Even the appointment of Robert Mueller as special counsel makes sense; he was FBI Director when this began. And (2) they needed to keep the surveillance going.

The beginning decision to use FISA(702) as a domestic surveillance and political spy mechanism appears to have started in/around 2012. Perhaps sometime shortly before the 2012 presidential election and before John Brennan left the White House and moved to CIA. However, there was an earlier version of data assembly that preceded this effort.

Political spying 1.0 was actually the weaponization of the IRS. This is where the term “Secret Research Project” originated as a description from the Obama team. It involved the U.S. Department of Justice under Eric Holder and the FBI under Robert Mueller. It never made sense why Eric Holder requested over 1 million tax records via CD ROM, until overlaying the timeline of the FISA abuse:

The IRS sent the FBI “21 disks constituting a 1.1 million page database of information from 501(c)(4) tax exempt organizations, to the Federal Bureau of Investigation.” The transaction occurred in October 2010 (link)

Why disks? Why send a stack of DISKS to the DOJ and FBI when there’s a pre-existing financial crimes unit within the IRS. All of the evidence within this sketchy operation came directly to the surface in early spring 2012.

The IRS scandal was never really about the IRS, it was always about the DOJ asking the IRS for the database of information. That is why it was transparently a conflict when the same DOJ was tasked with investigating the DOJ/IRS scandal. Additionally, Obama sent his chief-of-staff Jack Lew to become Treasury Secretary; effectively placing an ally to oversee/cover-up any issues. As Treasury Secretary Lew did just that.

Lesson Learned – It would appear the Obama administration learned a lesson from attempting to gather a large opposition research database operation inside a functioning organization large enough to have some good people that might blow the whistle.

The timeline reflects a few months after realizing the “Secret Research Project” was now worthless (June 2012), they focused more deliberately on a smaller network within the intelligence apparatus and began weaponizing the FBI/NSA database. If our hunch is correct, that is what will be visible in footnote #69:

How this all comes together in 2019/2020

Fusion GPS was not hired in April 2016 just to research Donald Trump. As shown in the evidence provided by the FISC, the intelligence community was already doing surveillance and spy operations. The Obama administration already knew everything about the Trump campaign, and were monitoring everything by exploiting the FISA database.

However, after the NSA alerts in/around March 9th, 2016, and particularly after the April 18th shutdown of contractor access, the Obama intelligence community needed Fusion GPS to create a legal albeit ex post facto justification for the pre-existing surveillance and spy operations. Fusion GPS gave them that justification in the Steele Dossier.

That’s why the FBI small group, which later transitioned into the Mueller team, were so strongly committed to and defending the formation of the Steele Dossier and its dubious content.

The Steele Dossier, an outcome of the Fusion contract, contains three insurance policy purposes: (1) the cover-story and justification for the pre-existing surveillance operation (protect Obama); and (2) facilitate the FBI counterintelligence operation against the Trump campaign (assist Clinton); and (3) continue the operation with a special counsel (protect both).

An insurance policy would be needed. The Steele Dossier becomes the investigative virus the FBI wanted inside the system. To get the virus into official status, they used the FISA application as the delivery method and injected it into Carter Page. The FBI already knew Carter Page; essentially Carter Page was irrelevant, what they needed was the FISA warrant and the Dossier in the system {Go Deep}.

The Obama intelligence community needed Fusion GPS to give them a plausible justification for already existing surveillance and spy operations. Fusion-GPS gave them that justification and evidence for a FISA warrant with the Steele Dossier.

Ultimately that’s why the Steele Dossier was so important; without it, the FBI would not have a tool that Mueller needed to continue the investigation of President Trump. In essence by renewing the FISA application, despite them knowing the underlying dossier was junk, the FBI was keeping the surveillance gateway open for Team Mueller to exploit later on.

Additionally, without the Steele Dossier the DOJ and FBI are naked with their FISA-702 abuse as outlined by John Ratcliffe.

Thankfully we know U.S. Attorney John Durham has talked to NSA Director Mike Rogers. In this video Rogers explains how he was notified of what was happening and what he did after the notification.

* * *

After tonight’s tweets from President Trump, we should expect a full-court press from ‘the resistance’ to distract from the cracks appearing in the former President’s halo of invincibility…

END

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

NY Gov. Cuomo on reopening New York on May 15: “We start with businesses that are more essential and pose a lower risk”  https://cbsn.ws/2WLdjYr

@realDonaldTrump: The great people of Pennsylvania want their freedom now, and they are fully aware of what that entails. The Democrats are moving slowly, all over the USA, for political purposes. They would wait until November 3rd if it were up to them. Don’t play politics. Be safe, move quickly!

The influential model [Bill Gates] from the University of Washington’s Institute for Health Metrics and Evaluation is projecting 137,000 deaths by August [Time for scare tactics with US reopening]

https://www.dailymail.co.uk/news/article-8306925/Californias-Covid-19-death-toll-DOUBLE-6-000-end-August-study-warns.html

Joint Chiefs Members Sidelined by COVID-19 as Alarm Grows over White House Exposure

First, Chief of the National Guard Bureau General Joseph Lengyel and a member of the Joint Chiefs, tested positive for COVID-19 on Saturday. But strangely, he actually tested negative in a follow-up test on Sunday, and is now reportedly awaiting results of a third while quarantining. The hope is that the first test as a ‘false positive’.  And further Admiral Mike Gilday, the Chief of Naval Operations and another member of the Joint Chiefs, announced he’s self-quarantining for at least a week after a close family member was infected… [A scare-tactics headline that implies some Jt Chiefs are infected, but they’re not]

https://www.zerohedge.com/health/joint-chiefs-staff-members-sidelined-covid-19-alarm-grows-over-white-house-exposure

Covid-19 Adds Fuel to ‘Great Migration’ From High-Cost Cities – from expensive and tax-heavy coastal regions and major cities into more affordable states in the U.S. South and West, according to Susquehanna Financial Group.  The “forced transition” to remote work among white-collar firms will lead employers to reevaluate their approach to real estate and workforce location more broadly…  “This rationalization will further accelerate what’s already been happening, and that will clearly change the complexion of U.S. housing demand for years to come,” Micenko said…

     The note feeds into a broader conversation about the fate of dense urban centers once the coronavirus abates…  The virus’s preeminence in cities has raised questions for some about living in closely packed areas…   https://www.bloomberg.com/news/articles/2020-05-11/covid-19-adds-fuel-to-great-migration-from-high-cost-cities

Covid-19: nursing homes account for ‘staggering’ share of US deaths, data show

https://www.theguardian.com/us-news/2020/may/11/nursing-homes-us-data-coronavirus

Germany’s Bild Newspaper Says ‘Lockdown Was a Huge Mistake’

The newspaper notes Germany’s political leaders, on the contrary, “pushed the recommendations of other luminaries to justify the lockdown of the economy and public life, as well as the severe interference with everyone’s freedoms,” while ignoring contrary voices…

    “With COVID-19, new, huge numbers appear every day, which make us frightened and perplexed,” he said. “These figures must be understood by asking: how many people die every day in Germany in total? How many have heart attacks? How many from cancer? How many from COVID-19? Little is being done to this effect.”… https://www.breitbart.com/health/2020/05/11/germanys-das-bild-says-lockdown-was-a-huge-mistake/

China think tank: We have to win over America’s left – A recent article by Chinese think tank argues that China should try to win over American’s Left Wing in order to fix the deteriorating US-China relationship.   https://twitter.com/ChinaInFocusNTD/status/1259845718446993408

@IngrahamAngle: Any governor or mayor who is treating his entire state like it’s New York City 6 weeks ago will have to answer to voters for the needless & politically motivated pain inflicted on the people.

NFL Teams Are Exploring New Training Camp Sites in States Less Restricted Due to COVID-19

https://www.si.com/nfl/2020/05/11/nfl-training-camp-new-sites-social-distancin

ABC: Acting Director of National Intelligence Richard Grenell seeks to declassify any Obama officials involved in Flynn ‘unmasking’ – Grenell visited the Justice Department last week over the matter…   https://abcnews.go.com/Politics/acting-dni-seeks-declassify-obama-officials-involved-flynn/story

 

With the drumbeats of Durham’s forces growing louder and closer and ex-Deputy AG Yates implicating Obama, the Swamp and its MSM allies are increasing their smear tactics on Barr.  The fear and loathing in the Swamp and MSM is palpable.  PS – DJT has reverted back into war mode against the MSM.

 

@Reuters: When asked about his tweet accusing former President Obama of ‘the biggest political crime in American history,’ President Trump replied saying ‘Obamagate’ without giving further details

 

@thehill: Reporter: What is the crime exactly that you’re accusing [President Obama] of?”  Trump: “You know what the crime. The crime is very obvious to everybody…”

 

Durham moving ‘full-throttle’ on Russia probe review, top federal prosecutors involved: sources

Jeff Jensen, the U.S. attorney for the Eastern District of Missouri who was tapped by the Justice Department in February to review the case of former National Security Adviser Michael Flynn, is continuing to help with Durham’s investigation… interim U.S. Attorney for the District of Columbia Timothy Shea is also assisting with components of the investigation. “They farmed the investigation out because it is too much for Durham and he didn’t want to be distracted,” one of the sources told Fox News… “He’s going full throttle, and they’re looking at everything,” the source told Fox News.

https://www.foxnews.com/politics/durham-moving-full-throttle-on-russia-probe-review-with-top-federal-prosecutors-involved-sources.amp

 

Why Did Obama Tell The FBI To Hide Its Activities From The Trump Administration?

Even after Barack Obama had left office and James Comey had a new commander-in-chief to report to, Comey obeyed Obama by withholding intel from President Trump…

https://thefederalist.com/2020/05/11/why-did-obama-tell-the-fbi-to-hide-its-activities-from-the-trump-administration/#.XrlQmMEC4Cw.twitter

@realDonaldTrump: Because it was OBAMAGATE, and he and Sleepy Joe led the charge. The most corrupt administration in U.S. history! OBAMAGATE makes Watergate look small time!…

 

Nearly 2000 former DOJ officials call for AG Barr to resign over Flynn case

https://abcnews.go.com/Politics/2000-doj-officials-call-ag-barr-resign-flynn/story?id=70615677

 

Trump Furious after NBC ‘Apologizes’ for Chuck Todd’s Propaganda Edit of Barr Interview

Todd and NBC were called out by Barr spokeswoman Kerri Kupec, who tweeted that she was “Very disappointed by the deceptive editing/commentary,” to which “Meet the Press” replied “You’re correct. Earlier today, we inadvertently and inaccurately cut short a video clip of an interview with AG Barr…”…  In response, a furious President Trump tweeted “Sleepy Eyes Chuck Todd should be FIRED by “Concast” (NBC) for this fraud,” adding “He knew exactly what he was doing. Public Airwaves = Fake News!”… https://www.zerohedge.com/political/trump-furious-after-nbc-apologizes-propaganda-edit-barr-interview

 

Dr. Peter Daszak, the researcher who appeared on 60 Minutes to criticize the Trump administration’s decision to withdraw millions of taxpayer dollars funding his joint research with the Wuhan Institute of Virology, donated to the Hillary Clinton campaign 13 times in 2016

https://thenationalpulse.com/news/60-minutes-hillary-donor/

 

@realDonaldTrump: This is why it’s not really the Lamestream Media, it’s the Rigged Media….and it is what I’m up against. It was corrupt in 2016. Now it is much more corrupt, and what you are seeing is the least of it…. [DJT retweeted a chart of Dems & their family members in the MSM]

https://twitter.com/realDonaldTrump/status/1259835082040377345?s=09

 

Career attorney [Mary McCord] who oversaw Russia probe at Justice steps aside — willingly

https://www.washingtonpost.com/world/national-security/career-attorney-who-oversaw-russia-probe-at-justice-steps-aside–willingly/2017/05/11/ddf6e1c0-3501-11e7-b412-62beef8121f7_story.html

 

When McCord left DOJ she was hired by House Intelligence Committee Chairman Adam Schiff She was “front and center” in the whistleblower fraud run by Schiff So all the twaddle in McCord’s op-ed about Flynn being exposed to “blackmail”, and every other publication or broadcast where such nonsensical trope is raised, just understand that is propaganda, talking points, and disinformation — there is no factual basis for the claim… [Schiff better pray that McCord doesn’t feel a need to converse with Durham.]   https://www.redstate.com/shipwreckedcrew/2020/05/11/834832/

 

Mexico asks U.S. for answers over… a gun-running sting that caused bilateral friction under the Obama presidency…Setting out to stop cross-border gun smuggling, the U.S. scheme allowed people to illegally buy arms in the United States and take them to Mexico so that the weapons could be tracked and lead law enforcement officials to drug cartel bosses. Some weapons were later blamed for gangland slayings in Mexico.

Well that is all for today

I will see you WEDNESDAY night.

 

2 comments

  1. Jon Rizzo · · Reply

    given what happened in oil and what is happening in PMs the chart of really-existing spot price is, to my mind, more necessary than ever. Paper PM market can go no-bid and that might spike the real price of PMs unlike the opposite for oil – and yet we will be there staring at the comex/london prices and sighing omg, gold is now $200 on the comex. The alternative chart can just be a 10am and 3pm average of the real spot prices (not Kitco etc) of the leading dealers/retailers. So easy. Sprott can take the lead but so can GoldMoney etc High Schoolers can generate this. John

    Like

Leave a Reply

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

WordPress.com Logo

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

Google photo

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

Twitter picture

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

Facebook photo

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

Connecting to %s

%d bloggers like this: