JUNE 1//USA IN CHAOS AS 22 CITIES BURN//GOLD UP $1.30 TO $1737.40//SILVER UP ANOTHER 38 CENTS TO $18.26//WE HAVE ANOTHER 2 TONNES OF GOLD STANDING FOR DELIVERY AT THE COMEX I.E. 148 TONNES SO FAR STANDING THIS MONTH///CORONAVIRUS UPDATES//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1737.40  UP $1.30   The quote is London spot price

 

 

 

 

 

Silver:18.26 UP 38 CENTS//LONDON SPOT PRICE

 

Closing access prices:  London spot

 

 

 

i)Gold : $1731.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $17.86//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

 

JUNE GOLD:  $1750.40  CLOSE 1.30 PM//   SPREAD SPOT (LONDON) VS/FUTURE JUNE: $13.00.//

 

CLOSING SILVER FUTURE MONTH

 

 

JULY: 1:30 PM:              $1880//1:30 PM //SPREAD SPOT LONDON VS FUTURE JULY:      54 CENTS PER OZ//

 

 

the gold market continues to be broken as future prices are much higher than spot prices.  The comex is desperate to fix things but they have no available gold.

If one is to buy gold and or gold coins, the price is around $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: 3389//7361// Goldman Sachs receiving:  1409

issued:  4384 JPM

 

DLV615-T CME CLEARING
BUSINESS DATE: 05/29/2020 DAILY DELIVERY NOTICES RUN DATE: 05/29/2020
PRODUCT GROUP: METALS RUN TIME: 21:45:33
EXCHANGE: COMEX
CONTRACT: JUNE 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,736.900000000 USD
INTENT DATE: 05/29/2020 DELIVERY DATE: 06/02/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 40
072 H GOLDMAN 1369
099 H DB AG 176
104 C MIZUHO 50 24
118 H MACQUARIE FUT 282
132 C SG AMERICAS 34 32
135 H RAND 4
152 C DORMAN TRADING 8
167 C MAREX 11
190 H BMO CAPITAL 33
323 H HSBC 36
355 C CREDIT SUISSE 35
357 C WEDBUSH 15
365 C ED&F MAN CAPITA 2
624 C BOFA SECURITIES 156
657 C MORGAN STANLEY 7 383
657 H MORGAN STANLEY 900
661 C JP MORGAN 4384 3289
661 H JP MORGAN 100
685 C RJ OBRIEN 70 21
686 C INTL FCSTONE 60 49
690 C ABN AMRO 51 233
732 C RBC CAP MARKETS 35
737 C ADVANTAGE 8 18
800 C MAREX SPEC 137 70
845 C GOLDMAN SACHS C 1
878 C PHILLIP CAPITAL 4 2
880 C CITIGROUP 12
880 H CITIGROUP 2541
905 C ADM 12 28
____________________________________________________________________________________________

TOTAL: 7,361 7,361
MONTH TO DATE: 35,736

 

NUMBER OF NOTICES FILED TODAY FOR  MAY CONTRACT: 7361 NOTICE(S) FOR 736,100 OZ (22.895 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  35,736 NOTICES FOR 35,73600 OZ  (111.15 TONNES)

 

 

SILVER

 

FOR JUNE

 

 

115 NOTICE(S) FILED TODAY FOR  575,000  OZ/

total number of notices filed so far this month: 377 for 1,855,000 oz

 

BITCOIN MORNING QUOTE  $9519 UP $70

 

BITCOIN AFTERNOON QUOTE.: $9587  UP $138

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $1.30 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

 

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/// A   PAPER DEPOSIT OF 4.06 TONNES OF GOLD INTO THE GLD//

 

GLD: 1,123.14 TONNES OF GOLD//

 

WITH SILVER UP 38 CENTS TODAY: AND WITH NO SILVER AROUND

 

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

A DEPOSIT OF 3.56 MILLION OZ INTO THE SLV//

RESTING SLV INVENTORY TONIGHT:

 

SLV: 466.629  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A EXTREMELY STRONG SIZED 3307 CONTRACTS FROM 159,031 UP TO 166,452 AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG SIZED GAIN IN  OI OCCURRED WITH  OUR VERY STRONG 52 CENT GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE  GAIN IN COMEX OI IS DUE TO STRONG  BANKER SHORT COVERING PLUS A GOOD EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A HUGE INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE.  WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 4477 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 STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  MAY: 0 AND JULY: 102  AND DEC 1022 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1143 CONTRACTS. WITH THE TRANSFER OF 1143 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 1143 EFP CONTRACTS TRANSLATES INTO 5.715 MILLION OZ  ACCOMPANYING:

1.THE 52 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

1.940  MILLION OF INITIALLY STANDING FOR JUNE

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 52 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY AMOUNT OF SILVER LONGS FROM THEIR POSITIONS. THE SMALL GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A HUGE INITIAL  SILVER OZ STANDING FOR JUNE,3) CONSIDERABLE BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A  NET GAIN OF 4450 CONTRACTS OR 22.25 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER

SPREADING OPERATIONS

 

OUR SPREADING OPERATION HAS NOW SWITCHED INTO SILVER…..

SPREADING OPERATION FOR OUR NEWCOMERS:

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

 

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER  AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF JULY.

 

 

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

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

 

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

 

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

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

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

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

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF JUNE. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (JULY), 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

JUNE

 

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

1143 CONTRACTS (FOR 1 TRADING DAY(S) TOTAL 1143 CONTRACTS) OR 5.715 MILLION OZ: (AVERAGE PER DAY: 1143 CONTRACTS OR 5.715 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 5.715 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 0.817% 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:          1,071.84 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 FINAL:                     5,72 MILLION OZ

JUNE EXP SO FAR

EXCHANGE FOR PHYSICAL ISSUANCE FOR THE PAST 60 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 AN EXTREMELY STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3307, WITH OUR VERY STRONG 52 CENT GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1143 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A STRONG SIZED OI CONTRACTS ON THE TWO EXCHANGES:  4450 CONTRACTS (WITH OUR 52 CENT GAIN IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1143 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 3307 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A STRONG 52 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $17.88 // FRIDAY’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. 0.8316 BILLION OZ TO BE EXACT or 118.7% of annual global silver production (ex Russia & ex China).

FOR THE NEW  JUNE  DELIVERY MONTH/ THEY FILED AT THE COMEX: 115 NOTICE(S) FOR  575,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 IS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 1.940 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 HUMONGOUS SIZED 23,166 CONTRACTS TO 487,490 AND FURTHER FORM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE HUGE SIZED LOSS OF COMEX OI OCCURRED DESPITE OUR VERY STRONG GAIN IN PRICE  OF $19.40 /// COMEX GOLD TRADING// FRIDAY// WE  HAD STRONG BANKER SHORT COVERING, FINAL SPREADER COMEX GOLD LIQUIDATION FROM OUR CROOKED BANKERS ,ANOTHER GIGANTIC SIZED  INCREASE IN GOLD OZ STANDING AT THE COMEX, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A FAIR  EX. FOR PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG GAIN IN PRICE OF $19.40 .

 

WE HAD A VOLUME OF 0  4 -GC CONTRACTS//OPEN INTEREST  11

 

WE LOST A HUMONGOUS SIZED 22,377 CONTRACTS  (69.60 TONNES) ON OUR TWO EXCHANGES.(ALL THE LOSS OF FINAL SPREADER LIQUIDATION)

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 789 CONTRACTS:

CONTRACT  JUNE 0.; AUG 789 AND ALL OTHER MONTHS ZERO//TOTAL: 789.  The NEW COMEX OI for the gold complex rests at 487,490. 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 AHUMONGOUS SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 22,377 CONTRACTS: 23166 CONTRACTS DECREASED AT THE COMEX (ALL FROM FINAL SPREADER LIQUIDATION) AND 789 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 22,377 CONTRACTS OR 69.09 TONNES. FRIDAY, WE HAD A STRONG GAIN OF $19.40 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A HUMONGOUS SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 69.09 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  SUPPLIED INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $19.40).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS  UNSUCCESSFUL  (SEE BELOW).

4 GC VOLUME: 0  // open interest 11 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (789) ACCOMPANYING THE HUMONGOUS SIZED LOSS IN COMEX OI  (23,166 OI): TOTAL LOSSIN THE TWO EXCHANGES:  22,377 CONTRACTS. WE NO DOUBT HAD 1 )CONSIDERABLE BANKER SHORT COVERING, 2.)ANOTHER STRONG INCREASE IN GOLD  OUNCES STANDING AT THE GOLD COMEX FOR THE FRONT JUNE MONTH,  3) ZERO LONG LIQUIDATION; 4) HUGE COMEX OI LOSS5) FINAL HUGE GOLD COMEX SPREADER LIQUIDATION  AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//FRIDAY//$19.40

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

JUNE

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 789 CONTRACTS OR 78,900 oz OR 2.454 TONNES (1 TRADING DAY(S) AND THUS AVERAGING: 789 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAY(S) IN  TONNES: 2.454 TONNES

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

THUS EFP TRANSFERS REPRESENTS 2.454/3550 x 100% TONNES =7.00% 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   2817.48  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:                     248.68 TONNES (EFP ISSUANCE STILL LOW// PREMIUM COST TO THE BANKERS IS HUGE..SO ISSUANCE IS LESS)

JUNE TOTAL EFP ISSUANCE:                     2.454 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 VERY STRONG SIZED 3307 CONTRACTS FROM 163,038 UP TO 166,345 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

 

EFP ISSUANCE 1143 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

JULY: 102 CONTRACTS   AND DEC: 1022 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1143 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN  OF 3307 CONTRACTS TO THE 1143 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  STRONG GAIN OF 4450 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 22.25 MILLION  OZ!!! OCCURRED WITH THE 52 CENT GAIN IN PRICE///

 

 

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 52 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A STRONG SIZED 1143 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

 

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

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 63.08 POINTS OR 2.21%  //Hang Sang CLOSED UP 771.05 POINTS OR 3.36%   /The Nikkei closed UP 184.50 POINTS OR 0.84%//Australia’s all ordinaires CLOSED UP 1.13%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1346 /Oil UP TO 35.44 dollars per barrel for WTI and 38.13 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1346 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1457 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 HUGE  23166 CONTRACTS TO 487,490 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 ALL OF THIS  COMEX OI LOSS WAS DUE TO THE FINAL LIQUIDATION OF OUR SPREADERS. THE LOSS IN CONTRACTS OCCURRED DESPITE OUR STRONG GAIN OF $19.40 IN GOLD PRICING /FRIDAY’S COMEX TRADING//). WE ALSO HAD A SMALL EFP ISSUANCE (789 CONTRACTS),.  THUS WE HAD 1) STRONG BANKER SHORT COVERING AT THE COMEX AND 2)   ZERO  LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS INCREASE IN  GOLD OZ STANDING AT THE COMEX//JUNE DELIVERY MONTH (SEE BELOW) ,  FINAL STRONG SPREADER LIQUIDATION, WITH OUR COMEX OI LOSS//  …  AS WE ENGINEERED A HUGE LOSS ON OUR TWO EXCHANGES OF 22,213 CONTRACTS DESPITE GOLD’S VERY STRONG RISE IN PRICE.  

 

 

WE AGAIN HAD 0    4 -GC VOLUME//open interest remains at 11

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF APRIL..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 789 EFP CONTRACTS WERE ISSUED:  789 FOR AUG AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 789 CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE.

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  22,377 TOTAL CONTRACTS IN THAT 789 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE SIZED 23,166 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A SMALL  AMOUNT OF EXCHANGE FOR PHYSICALS WITH STRONG BANKER SHORT COVERING, GIGANTIC FINAL SPREADER LIQUIDATION ACCOMPANYING THE HUGE COMEX OI LOSS,  ANOTHER HUMONGOUS INCREASE GOLD TONNAGE STANDING FOR THE JUNE DELIVERY (SEE CALCULATIONS BELOW)… AND  ZERO LONG LIQUIDATION…… ALL OF THE ABOVE OCCURRED WITH A HUGE GAIN  IN COMEX PRICE OF 19.40 DOLLARS..BASICALLY ALL OF THE LOSS IN COMEX OI WAS DUE TO THE FINAL SPREADER LIQUIDATION.

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $19.40)AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS (ALL THE LOSS WAS THE CULMINATION OF SPREADER LIQUIDATION). AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A GOOD 69.60 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 22,377 CONTRACTS OR 2,237,700 OZ OR 69.60 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:  487,490 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 48.74 MILLION OZ/32,150 OZ PER TONNE =  1516 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1516/2200 OR 68.91% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 145,056 contracts//volume very low //

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY167,673 contracts// volume still very low

JUNE 1 /2020

JUNE GOLD CONTRACT MONTH

 

Gold Ounces
Withdrawals from Dealers Inventory in oz 771.624 oz  oz

 

Manfra

Withdrawals from Customer Inventory in oz
3697.25 oz
Loomis
115 kilobars
Deposits to the Dealer Inventory in oz 309,614.130 oz

Brinks

Manfra

includes

4200 kilobars

 

 

 

Deposits to the Customer Inventory, in oz  

69,582.656

OZ

BRINKS

HSBC

 

 

 

No of oz served (contracts) today
7361 notice(s)
 736,100 OZ
(22.896 TONNES)
No of oz to be served (notices)
11,844 contracts
(1,184,400 oz)
36.839 TONNES
Total monthly oz gold served (contracts) so far this month
35,736 notices
3,573,600 OZ
111.15 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 2 deposits into the dealer

I) Into Brinks: 135,034.200  OZ (4200 kilobars)

ii) Into Manfra: 174,579.93 oz

 

 

 

total dealer deposits:  309,614.130  oz

 

total dealer withdrawals: 771.624 oz (Manfra)

we had 2 deposits into the customer account

i) Into Brinks: 1067.624 oz

ii) Into HSBC: 68,515.032 oz

 

 

total deposits: 69,582.656    oz

 

 

we had 1 gold withdrawals from the customer account:

i) Out of Loomis: 3697.25 oz (115 kilobars)

 

total gold withdrawals;  3697.25

We had 2  kilobar transactions  +

 

We had 0  4 KC bar volume transactions/11 contracts oi

 

 

 

 

ADJUSTMENTS: 1 //    

 

customer to dealer:

 

 

i) from Delaware: 399.770 oz

 

 

 

 

 

 

 

 

The front month of JUNE registered a total of 19,205 oi contracts of a loss of 27,927 contracts.  We had 28,375 notices filed on Friday, so we gained 448 contracts or an additional 44,800 oz of gold (1.393 TONNES) will stand in this very active delivery month of June.

After June we have the non active delivery month of July and here we had a LOSS of 58 contracts up to 3211 contracts.

Next comes August another strong delivery month and here the OI ROSE by 2829 contracts up to 343,291 contracts.

 

We had 28,375 notices filed today for 2,837,500 oz

 

FOR THE JUNE 2020 CONTRACT MONTH)Today, 4384 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 7361 contract(s) of which 100 notices were stopped (received) by j.P. Morgan dealer and 3289 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 1409 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2020. contract month, we take the total number of notices filed so far for the month (35,736) x 100 oz , to which we add the difference between the open interest for the front month of  JUNE (19,205 CONTRACTS ) minus the number of notices served upon today (7361 x 100 oz per contract) equals 4,758,000 OZ OR 147.99 TONNES) the number of ounces standing in this active month of JUNE

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

No of notices served (35,736)x 100 oz + (19,205 OI) for the front month minus the number of notices served upon today (7361) x 100 oz which equals 4,758,000 oz standing OR 147.99 TONNES in this  active delivery month. This is a HUGE record amount for gold standing for a JUNE delivery month or any active/non active delivery month.

We gained an additional 448 contracts or 44,800 oz will stand on this side of the pond.  Issuance of exchange for physicals is just too costly for our crooked bankers.

 

 

 

NEW PLEDGED GOLD:  BRINKS

3027.500 OZ  REMOVED TO THE PLEDGED ACCOUNT JAN 10.2020/Brinks//Manfra .553 tonnes removed may 26

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

 

 

TOTAL PLEDGED GOLD NOW IN EFFECT:  528,072.303  OZ OR 16.425  TONNES

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 307.78 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 147.99 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  10,764,886.047 oz or 334.83 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:  DELETED TODAY MAY 26.2020
e) pledged gold at int.Del.    19,290.600 oz  which cannot be settled:   (.600 tonnes)
total weight of pledged:  528,072.303 oz or 16.425 tonnes
thus:
registered gold that can be used to settle upon: 10,236,814.0  (318.40 tonnes)
true registered gold  (total registered – pledged tonnes  10,236814.0 (318.40 tonnes)
total eligible gold:  17,124,837.964 oz (532.65 tonnes)

total registered, pledged  and eligible (customer) gold;   27,889,724.011 oz 867.48 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   127.05 tonnes

total gold net of 4 GC:  740.43 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

JUNE 2/2020

And now for the wild silver comex results

Total COMEX silver OI ROSE BY AN EXTREMELY STRONG SIZED 3307 CONTRACTS FROM 163,038 UP TO 166,345(AND CLOSER TO OUR NEW ALL TIME RECORD OI FOR SILVER SET ON FEB 25.2020(244,710) ECLIPSING OUR PREVIOUS RECORD, AUGUST 25/2018 RECORD (244,196).  THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9.2018/ 243,411 CONTRACTS) . THE STRONG OI COMEX GAIN TODAY OCCURRED WITH OUR 52 CENT GAIN IN PRICING//FRIDAY. WE GAINED A TOTAL OF 4477 CONTRACTS IN OUR TWO EXCHANGES.  THE GAIN IN TOTAL OI (TWO EXCHANGES) OCCURRED WITH 1)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) ANOTHER STRONG INCREASE IN  SILVER OZ STANDING AT THE COMEX FOR THE JUNE DELIVERY MONTH, 3)  CONSIDERABLE BANKER SHORT COVERING , 4) ZERO LONG LIQUIDATION,5) STRONG COMEX GAIN IN OI AND ALL OF THIS OCCURRED WITH OUR GOOD 52 CENT GAIN IN PRICE 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JUNE

THE FRONT DELIVERY OF JUNE SAW  126 OPEN INTEREST CONTRACTS STANDING FOR A LOSS OF 239 CONTRACTS.  WE HAD 262 NOTICES SERVED ON FRIDAY SO WE GAINED ANOTHER 23 CONTRACTS OR AN ADDITIONAL 115,000 OZ WILL STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE.

AFTER JUNE COMES THE VERY BIG DELIVERY MONTH OF JULY AND HERE THE OI GAINED 2153 CONTRACTS UP TO 121,812 CONTRACTS. AUGUST SAW ITS INITIAL GAIN OF 2 CONTRACTS. THE STRONG DELIVERY MONTH OF SEPT SAW A GAIN OF 822 CONTRACTS UP TO 25,292

 

 

We, today, had  115 notice(s) FILED  for 575,000 OZ for the JULY, 2020 COMEX contract for silver

 

JUNE 2/2020

JUNE SILVER COMEX CONTRACT MONTH

 

 

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 862,955.083 oz
Brinks
CNT
Delaware
JPM

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,280,066.187 oz
Loomis
Delaware
Scotia
No of oz served today (contracts)
115
CONTRACT(S)
(575,000 OZ)
No of oz to be served (notices)
11 contracts
 55,000 oz)
Total monthly oz silver served (contracts)  377 contracts

1,885,000 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
We had 0 deposit into the dealer:

total dealer deposits: nil oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

i)we had 3 deposits into the customer account

into JPMorgan:   0

ii)into Delaware:  19,962.747 oz

iii) Into Loomis: 583,870.800 oz

iv) Into Scotia: 676,232.640 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/314.220 million

 

total customer deposits today: 1,280,066.187    oz

we had 4 withdrawals:

 

 

i) Out of Delaware: 33,093.508 oz

ii) Out of Brinks: 154,274.475 oz

iii) Out of CNT  600,846.920 oz

iv) Out of JPMorgan; 74,740.200 0z

 

 

 

 

 

 

total withdrawals; 862,925.083    oz

We had 0 adjustment

 

 

total dealer silver: 85.801 million

total dealer + customer silver:  311.986 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the JUNE 2020. contract month is represented by 115 contract(s) FOR 575,000 oz

 

To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 377 x 5,000 oz = 1,885,,000 oz to which we add the difference between the open interest for the front month of JUNE.(126) and the number of notices served upon today 115 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JUNE/2019 contract month: 377 (notices served so far) x 5000 oz + OI for front month of JUNE (126)- number of notices served upon today 115) x 5000 oz of silver standing for the JUNE contract month.equals 1,940,000 oz.

We gained 23 contracts or an additional 115,000 oz will stand for delivery as they refused to morph into London based forwards as well as negating a fiat bonus.

 

TODAY’S ESTIMATED SILVER VOLUME: 69,625 CONTRACTS //volume  high

 

 

FOR YESTERDAY: 73,151 CONTRACTS..,CONFIRMED VOLUME//

 

 

YESTERDAY’S CONFIRMED VOLUME OF 73,151  CONTRACTS EQUATES to 365 million  OZ 52.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 1.78% ((JUNE 2/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.26% to NAV:   (JUNE 2/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 1.78%

(courtesy Sprott/GATA

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

NAV 16.72 TRADING 16.57///NEGATIVE 0.88

END

 

 

And now the Gold inventory at the GLD/

JUNE 1//WITH GOLD UP $1.30//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.06 TONNES OF GOLD//GLD INVENTORY RESTS TONIGHT AT 1123.14 TONNES

MAY 29/WITH GOLD UP $19.40 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD///GLD INVENTORY RESTS THIS WEEKEND AT 1119.05 TONNES

MAY 28//WITH GOLD UP $4.00 TODAY/NO CHANGES IN GOLD INVENTORY TO THE GLD//INVENTORY RESTS  AT 1119.05 TONNES

MAY 27/WITH GOLD UP $.10 TODAY: A STRONG 2.34 TONNES OF GOLD ADDED TO THE GLD//INVENTORY RESTS AT 1119.05 TONNES

MAY 26//WITH GOLD DOWN $23.05//NO CHANGES IN GOLD INVENTORY://RESTS TONIGHT AT 1116.71 TONNES

MAY 22//WITH GOLD UP $13.05//A BIG CHANGE IN GOLD INVENTORY:: A PAPER ADDITION OF 3.93 TONNES//INVENTORY RESTS THIS WEEKEND AT:  1116.71 TONNES

MAY 21//WITH GOLD DOWN $26.70//NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1112.32 TONNES

MAY 20/WITH GOLD UP $7.20: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.46 TONNES FROM THE GLD////INVENTORY RESTS TONIGHT AT 1112.32 TONNES

MAY 19//WITH GOLD UP $10.60//NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1113.78 TONNES

MAY 18/WITH GOLD DOWN $15.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY: A PAPER DEPOSIT OF 9.06 TONNES./INVENTORY RESTS AT 1113.78 TONNES

MAY 15.WITH GOLD UP $16.30 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 12.58 TONNES/  INVENTORY RESTS AT 1104.72 TONNES

MAY 14//WITH GOLD UP $19.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1092.14 TONNES

MAY 13//WITH GOLD UP $9.05 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 11.07 TONNES/INVENTORY RESTS AT 1092.14 TONNES

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

JUNE 2/ GLD INVENTORY 1123.14 tonnes*

LAST;  831 TRADING DAYS:   +176.05 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 731 TRADING DAYS://+351.20  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JUNE 1//WITH SILVER UP 38 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.56 MILLION OZ INTO THE SLV////INVENTORY RESTS TONIGHT AT 466.629 MILLION OZ//

MAY 29//WITH SILVER UP 52 CENTS TODAY: A MASSIVE DEPOSIT OF 2.796 MILLION OZ INTO THE SLV//INVENTORY RESTS THIS WEEKEND AT 463.273 MILLION OZ//

MAY 28//WITH SILVER UP 9 CENTS TODAY: A MASSIVE  CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.660 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 460.477 MILLION OZ//

MAY 27/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 455.817 MILLION OZ//

MAY 26//WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/// INVENTORY RESTS AT 455.817 MILLION OZ//

MAY 22/WITH SILVER UP 22 CENTS TODAY/ A HUGE PAPER WITHDRAWAL OF 1.864 MILLION OZ//INVENTORY RESTS AT 455.817 MILLION OZ/

LAST 5 DAYS: SILVER UP 60 CENTS: INVENTORY  UP A WHOOPING 23.767 MILLION OZ///

MAY 21/WITH SILVER DOWN 50 CENTS TODAY: A HUGE PAPER DEPOSIT OF 7.923 MILLION OZ///INVENTORY RESTS AT 457.681 MILLION OZ//

MAY 20//WITH SILVER UP ANOTHER 11 CENTS TODAY: A HUGE CHANGE IN SLV INVENTORY: A HUGE PAPER DEPOSIT OF 9.601 MILLION OZ INTO THE SLV// //INVENTORY RESTS AT 449.758 MILLION OZ

MAY 19/WITH SILVER UP ANOTHER 29 CENTS TODAY:  NO CHANGES IN SILVER INVENTORY AT THE SLV////INVENTORY RESTS AT 440.157 MILLION OZ//

MAY 18/WITH SILVER UP ANOTHER 48 CENTS TODAY: TWO BIG CHANGES IN SILVER INVENTORY AT THE SLV I.E. 2 PAPER DEPOSIT OF ( I) 8.39 MILLION OZ AND THEN ( 2) 8.109 MILLION OZ//INVENTORY RESTS AT 432.048 MILLION OZ// (TOTAL DEPOSITS 16.500 MILLION OZ///)

MAY 15/WITH SILVER UP 81 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV: /INVENTORY RESTS AT 423.65 MILLION OZ.

MAY 14//WITH SILVER UP 33 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.//INVENTORY RESTS AT 423.65 MILLION OZ

MAY 13/WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.79 MILLION OZ INTO THE SLV..//INVENTORY RESTS AT 423.65 MILLION OZ//


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.

 

 

JUNE 1.2020:

SLV INVENTORY RESTS TONIGHT AT

466.629 MILLION OZ.

END

 

LIBOR SCHEDULE AND GOFO RATES//  GOLD LEASE RATES

 

 

YOUR DATA…..

6 Month MM GOFO 2.94/ and libor 6 month duration 0.51

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

GOLD LENDING RATE: -2.43%

NEGATIVE GOLD LEASING RATES INCREASING BY A HUGE AMOUNT//GOLD SCARCITY AND CENTRAL BANKS CALLING IN ALL OF THEIR GOLD LEASES

 

XXXXXXXX

12 Month MM GOFO
+ 2..01%

LIBOR FOR 12 MONTH DURATION: 0.67

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -1.34%

NEGATIVE GOLD LEASING RATES  INCREASING BY A HUGE AMOUNT//GOLD SCARCITY AND CENTRAL BANKS CALLING IN ALL OF THEIR GOLD LEASES

 

end

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

USA money market funds are cutting fees to stave off negative rates.

(London’s Financial Times/GATA)

U.S. money market funds waive fees to stave off negative returns

 Section: 

By Joe Rennison
Financial Times, London
Friday, May 29, 2020

U.S. asset managers are cutting the fees they charge for money market funds after the dramatic decline in yields on the short-term debt they rely on threatened to leave clients with negative returns.

Federated Hermes, Fidelity, and TIAA-CREF, which manage some of the largest money market funds, have already waived fees on several products. Vanguard, another large manager, said it has not yet needed to waive fees but remained committed to keeping investors’ returns positive.

Peter Crane, who runs information provider Crane Data, said other managers were likely to follow suit, adding: “The last time rates went to zero we saw most funds cut expenses in half.” …

… For the remainder of the report:

https://www.ft.com/content/c8f86c52-9d9f-456a-9192-1e95ada139fe

end

Dave Kranzler strongly believes that the gold at the comex is being double or triple counted and that really it has become a fractionalized system of derivatives and other forms of paper gold.

a must read

(Dave Kranzler/IRD)

Dave Kranzler: The Comex has big problems

 Section: 

1:38p ET Friday, May 29, 2020

Dear Friend of GATA and Gold:

Reports that there is now a “glut” of gold in New York available for delivery against futures contracts there are probably double-counting gold that remains in London, Dave Kranzler of Investment Research Dynamics writes today.

Kranzler writes: “As with the fiat currency fractional banking monetary system, the bullion market in London and New York has become a fractionalized system of derivatives and other forms of paper gold (leases, hypothecation, lending) backed by a tiny amount of real physical gold relative to the amount of paper claims.

“This fractional bullion system is crumbling at its core and the propagandist articles like the ones lately being disseminated through the mainstream media are a reflection that something is seriously wrong at the Comex.”

Kranzler’s commentary is headlined “The Comex Has Big Problems” and it’s posted at IRD here:

https://investmentresearchdynamics.com/the-comex-has-big-problems/

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

end

Citizens of India certainly understand gold: they are now rushing into India’s jewellers to buy guy gold as their lockdown end

(GATA)

People rush into India’s jewellers to buy gold as lockdown ends

 Section: 

From Mathrubhumi
Kozhikode, Kerala, India
Thursday, May 21, 2020

KOCHI, India — With the easing of lockdown, jewelleries were allowed to function in the state. As the shops opened after two months, a heavy rush was experienced everywhere.

Since the gold price is at its peak and due to the economic crisis caused by the coronavirus pandemic, more people were expected to come to sell the gold. However, that was not the case. More and more people thronged jewellers to buy gold ornaments.

The expectation that gold price may go up again has drawn people to jewelleries amid the lockdown, opined Kalyan Jewellers Managing Director TS Kalyanaraman. He added that wedding purchases are also high these days. …

… For the remainder of the report:

https://english.mathrubhumi.com/money/money-news/heavy-rush-in-jewelleri…

end

The real reason that the bullion banks are panicking and pulling out of the Comex..the move to the physical market at the LME

Alasdair Macleod

Alasdair Macleod at KWN: The real reason why bullion banks are panicking

 Section: 

6:54p ET Saturday, May 30, 2020

Dear Friend of GATA and Gold:

With the major central banks embarking on a policy of infinite money creation, GoldMoney research director Alasdair Macleod writes at King World News, shorting gold in the banking business is rapidly going out of style and bullion bank traders are being instructed to curtail their positions. This, Macleod writes, is behind reports that bullion banks plan to reduce their positions in gold on the New York Commodities Exchange.

Macleod’s essay is headlined “The Real Reason Why the Bullion Banks Are Panicking” and it’s posted at KWN here:

https://kingworldnews.com/this-is-the-real-reason-why-the-bullion-banks-…

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

end

A must view..

bullion bankers are moving away from the Comex and will join up with other physical players at the new platform at the LME

(Andrew Maguire/Arcadia Economics/Chris Marcus)

Gold and silver markets breaking, London trader Maguire tells Arcadia Economics

 Section: 

9:29p ET Saturday, May 30, 2020

Dear Friend of GATA and Gold:

Encouragement for monetary metals investors comes this weekend from two authoritative sources.

First, London metals trader Andrew Maguire, interviewed in two parts by Chris Marcus of Arcadia Economics, says the paper gold market broke down in March and the wholesale silver market is breaking down now as well:

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

https://www.youtube.com/watch?v=s84ReWmh9ms

Over at King World News, market analyst Michael Oliver expects a sharp upward move in silver, a move so fast that it will exceed any concurrent investment options. Oliver’s comments are posted at KWN here:

https://kingworldnews.com/michael-oliver-silver-is-closing-in-on-a-massi…

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

iii) Other physical stories:

 

The “Smart Money” Continues To Sell Stocks And Buy Gold, As Retail Investors Go Berserk

Another, week, another remarkable increase in the net short position in Emini S&P non-commercial futures futures – even as the S&P hits a new post-crisis high, closing the week at 3,044 – which in the latest week increased by 24k to a net -277K, nearly 3 standard deviations below the recent average and tying the biggest net short since the oil crisis and manufacturing recession of late 2015.

Separately, Bank of America today confirmed this trend of “smart money” selling stocks, with the bank’s “private” high net worth clients not only selling stocks for 7 consecutive weeks, but last week recording the largest week of equity selling since June 19.

What are the private clients doing with the newly released cash? Why buying gold, with BofA’s Michael Hartnett writing that over the “past four weeks exclusive buying of gold’ as well as several other products including healthcare (covid hedge), TIPS (inflation hedge) and IG (fed-backstopped).

Incidentally, the continued bearish bias of institutional and high net worth clients is often cited as a key driver to the continued upward momentum for the broader market, with Goldman earlier today noting that “institutional investors, such as mutual funds, are among the investor categories with the most room to increase their equity allocations. CFTC net futures positioning has continued to decline from levels at the market trough and mutual fund cash positions jumped to a two-year high in March. US money market funds have experienced effectively no reversal of the $1.2 trillion of inflows experienced during the past three months. Money market mutual fund assets now total $6.0 trillion. Reduced outflows from active mutual funds could also support equity purchases by this cohort.”

Which is not to say that every type of investor is bearish: in contrast to institutions and HNWs, hedge funds and retail investors “already appear relatively optimistic on the current market outlook” according to Goldman, which notes that while hedge funds have historically cut leverage and been left underexposed for the ensuing rebound, during the recent sell-off funds cut net leverage by less and stopped cutting at a higher level of exposure compared with previous drawdowns. As a result, net exposures calculated by GS Prime Services currently rank in the 92nd percentile in the past 10 years.

Yet while hedge funds are clearly turning bullish, they are merely eating retail investors’ dust, who as we showed this week, have outperformed (!) hedge funds YTD, with the basket of “retail trading favorites” outperforming solidly outperforming a hedge fund index.

So what’s one to do in this bizarro, centrally-planned world, where the smart money is selling and buying gold, where the “dumb money” is now the new “smart money” and outperforming those who are paid 2 and 20 for their massive market intelligence and historical track record? Well, if you can’t beat them, join them and ride the momentum until everything crashes again. Which means simply keeping track of which way the retail herd is moving on any given day. To do so, merely keep track of what are the most popular stocks du jour on Robin Hood and buy a basket of the Top 10 most popular names and sit back as the money printer goes brrrr.

Just be ready to weather disasters such as Hertz, which despite the bankruptcy keeps drawing in more and more retail bagholders…

… and the latest implosion du jour which retail investors just can’t get enough of.

END
This is interesting:  In March we witnessed a huge physical transfer of kilobars to the USA. Is it possible that the uSA is doing what JPMorgan did in 1907 as a financial crisis hit the uSA.  To prevent a bank run, he piled up gold so depositors will see that the dollars has not dissipated.  Is the CME loading up on physical gold and putting it in the registered category to show people that the comex will not default?
(zerohedge)

“The Largest Ever Physical Transfer Of Gold”

Two months ago, when the market was in a state of near-total chaos as a result of a sudden collapse in global supply chains due to the hasty coronavirus lockdowns, one market that saw unprecedented turmoil was that of physical gold.

As we pointed out in late March, due to a sudden breakdown in physical gold supply as the world’s top gold refiners, those located in the southern Swiss town of Ticino, namely Valcambi, Pamp and Argor-Heraeus, suddenly stopped producing gold, the  result was a record divergence in the price of spot gold vs gold futures contracts…

… with gold futures decoupling and trading far above spot prices.

The resulting record divergence in gold futures vs spot (in some way analogous to what happened to the price of the prompt WTI contract in April, when the May WTI contract traded as low as ($40) as traders were willing to pay buyers to store oil in a world where there was suddenly no space for the physical commodity), unleashed a flood of physical gold into the US as a record scramble by traders rushing to take advantage of this arbitrage opportunity by shipping bullion to New York sparked what Bloomberg said “may be one of the largest ever physical transfers of the metal.

“The flows into New York are unprecedented,” Allan Finn, the global commodities director at logistics and security provider Malca-Amit told Bloomberg as his company’s teams in New York have been working 24 hours a day to cope with unprecedented demand for physical gold while navigating lockdowns, flight disruptions and social distancing.

Since late March, no less than 550 tons of gold – worth $30 billion at today’s price and roughly equal to global mine output in the period – have been added to Comex warehouse stockpiles; hundreds of tons of that was imported. On its own that amount of gold would represent the 11th largest sovereign holding, larger than the ECB’s official 504.8 tons of gold.

Traditionally, while tens of billions of dollars of gold change hands every day in financial markets, a much smaller amount tends to physically move between vaults in trading hubs like London, Zurich and New York. But that has not been the case in the past two months: it all started to change as the Covid-19 crisis affected the supply chain. As Bloomberg explains what we first highlighted two months ago:

“when planes were grounded and Swiss refineries closed in late March, traders were worried they wouldn’t be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade in lockstep with the London spot price, to soar to a premium of as much as $70 an ounce.

That created an opportunity for enterprising traders: buy gold somewhere in the world at the spot price, sell futures, and benefit from the difference by shipping the metal to New York.”

The scale of the trade has been revealed in exchange reports, import and export data and comments from some of the leading precious metals shipping and vaulting companies. It all came to a head on Thursday, when traders declared their intent to deliver a record 2.8 million ounces of gold against the June Comex contract, the largest daily delivery notice in exchange data going back to 1994.

The bulk of this gold came from Switzerland, as Swiss gold exports to the US surged, reaching 111.7 tons in April, the highest on record. Already in March gold imports topped $3 billion, according to the Census Bureau, the highest in at least a decade.

To meet the unprecedented demand for physical gold, refineries as far away as Australia have ramped up output of kilobars – the form typically delivered on the Comex – to ship to New York.

For Brink’s Managing Director Mark Woolley, the spike in demand to ship gold to New York has been unlike anything he’s seen in 20 years in the market.

“The amount of metal that we’ve successfully moved into New York is pretty significant,” he said Thursday on a webinar hosted by the London Bullion Market Association. “It’s probably not far off the total amount of metal that’s been mined in this period.”

As discussed previously, the CME Group which owns Comex, responded to the unprecedented market dislocation and the sudden lack of physical gold in New York by introducing a new contract allowing the delivery of 400-ounce bars, the type traded in London. Still, “other changes need to be at least considered,” according to LBMA Chairman Paul Fisher.

 

Valcambi 400 oz “Good Delivery” Gold bar.

With investor demand for physical off the charts, the enormous movement of gold has been a blessing for logistics companies but also a curse: not only have passenger flights – on which shipments are typically transported – been grounded, but New York City, where many Comex warehouses are located (recall JPM’s giant gold vault just happened to be located right next to the NY Fed’s), has also been a hotspot for the virus.

To deal with flows, Loomis International U.K. opened up additional vault capacity. Malca-Amit considered using airports in Boston and Philadelphia, but hasn’t needed to yet, Finn said.

That said, while large volumes and virus-related restrictions at vaults and airports caused some delivery delays, much of the spike in the premium for futures contracts in March – which left banks such as HSBC suffering hundreds of millions in losses – was driven by perception rather than reality, Finn said.

“My own personal opinion is that any assessment on the inability to get gold in was ill-informed at the time and was made on assumptions rather than fact,” he said.

Still, the bonanza for precious metals shippers may last a while. As we pointed out last week, large deliveries have seen June Comex futures drop to a discount to spot prices this week, but later dated futures are still at a premium. In fact, according to BofA, in a world in which central banks are flooding markets will trillions in freshly printed fiat and faith in the monetary system is quietly shrinking one day at a time, the one asset the “smart money” wants – as it dumps stocks – is, you guessed it, gold.

In fact, a simple correlation between the flood in the global money supply and the price of gold suggests the yellow metal has about $1000 of upside.

Meanwhile, as investor interest in other precious metals picked up, futures for silver and platinum have also traded at premiums to spot: “The guys in New York have done a great job,” said Brian Hayward, head of Loomis International U.K.

“We’re seeing a lot of silver head that way right now” Hayward said in what may be very good news for fans of silver, which recently hit record lows against gold…

… a move which may very soon reverse violently.

end

BILL HOLTER: The Monetary Reset Is Coming?! Buy Gold and Silver.

https://www.youtube.com/watch? feature=youtu.be&v=3dOUQ6sRGNs&app=desktop

end

Silver Producers Withhold Production, Pressure COMEX

The COMEX silver delivery system has been experiencing a lot of trouble in recent months. Although the latest factor pressuring the market is that now some of the silver companies have already begun or are considering withholding some of their production.

As more traders and investors are realizing that the silver price has been substantially suppressed, they’re taking appropriate action. And fortunately I was joined by Keith Anderson of gold and silver mining company Golden Opportunities, who talked about what’s happening in the market, and how the mining companies are beginning to react.

So to find out how this gets resolved, click to watch the video now!

Chris Marcus
May 30, 2020

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.1346/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.1457   /shanghai bourse CLOSED UP 63.08 POINTS OR 2.21%

HANG SANG CLOSED DOWN 771.05 POINTS OR 3.36%

 

2. Nikkei closed UP 184.50 POINTS OR 0.84%

 

 

 

 

3. Europe stocks OPENED MOSTLY GREEN EXCEPT GERMAN DAX/

 

 

 

USA dollar index DOWN TO 98.16/Euro RISES TO 1.1119

3b Japan 10 year bond yield: RISES TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.74/ 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:: 35.44 and Brent: 38.13

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.42%/Italian 10 yr bond yield DOWN to 1.45% /SPAIN 10 YR BOND YIELD DOWN TO 0.56%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.87: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.50

3k Gold at $1734.20 silver at: 18.22   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 51/100 in roubles/dollar) 69.62

3m oil into the 35 dollar handle for WTI and 38 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 107.74 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 .9613 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0681 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.42%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 0.66% early this morning. Thirty year rate at 1.43%

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

6.  TURKISH LIRA:  UP  TO 6.8162..

S&P Futures Storm Higher Ignoring Riots, Chinese Halt Of Some US Imports

The honey-badger market is back.

After initially dropping more than 1% at the start of trading on Sunday in kneejerk response to the worst US riots in decades, stocks recovered all losses by the time Europe opened for trading, then just after 4am ET reports hit that that state-owned traders Cofco and Sinograin were ordered to suspend purchases of some American farm goods including soybeans. At the same time China also accused the US of undermining bilateral relations and said its comments regarding Hong Kong “disregarded facts,” days after President Donald Trump moved to rescind the city’s special trading status.

Futures dropped quickly on this news, but then once again quickly recovered and erased most of the loss as the market is fully in “ignore all negative news” mode. As a result, the Emini was just up from the Friday close, trading at 3,044 last, after dropping as low as 3,008 overnight.

And so, once again hope and optimism over the global reopening prevailed, helping push world stocks near three-month highs despite some wild moves in the dollar amid boosted risk appetite, despite worries over riots in the United States and unease over Washington’s standoff with Beijing. Traders also ignored the reality that if indeed the virus is poised for a second wave, then the weekend riots which clearly ignored social-distancing rules, will only accelerate it.

Having risen a whopping 35% from a late March trough, stocks looked set to kick off June with more gains. The MSCI world stocks index has recovered two-thirds of the losses it incurred in the aftermath of the coronavirus outbreak. Investors were also relieved that President Donald Trump left a trade deal with China intact despite moving to end Washington’s special treatment for Hong Kong in retaliation for Beijing seeking to impose new security legislation on the city.

Incidentally, just last night we cautioned that “there is a clear risk—if not a likelihood—that US exports to China will fall short of the Phase 1 deal.” So far, the Administration appears to be taking a wait-and-see approach to this and could continue to do so for a while, since the export targets were intended to be met over a 1-2 year timeframe, and the deal was only signed four months ago. But if Trump decides that China has not met its commitments under the Phase 1 trade deal – which it clearly hasn’t – he would take the initial step of taking the tariff rate on Tranche 4A back to 15%, according to Goldman.” It didn’t take long for China to acknowledge that there is no way the Phase 1 deal would ever happen, and did so by making a clear political statement.

In Europe, stock markets were up 0.8% led by virus-hit sectors such as travel & leisure, banks and miners but volumes were subdued as Germany, Switzerland and Austria were closed for holidays.

“The Trump rhetoric against China and trade impediments against Hong Kong could have been a lot worse, hence the performance of those markets this morning, which has helped the risk backdrop for the European open,” said Chris Bailey, European strategist at wealth manager Raymond James.

In Asia, stocks closed higher, led by China on signs that parts of the domestic economy were picking up. Hong Kong managed to rally 3.4%, while Chinese blue chips rose 2.7%. India’s S&P BSE Sensex Index rose 2.7%. Trading volume for MSCI Asia Pacific Index members was 44% above the monthly average for this time of the day. Japan’s Nikkei added 0.8% to also reach a three-month peak as the Topix gained 0.3%, with Akebono Brake and I’rom Group rising the most. The Shanghai Composite Index rose 2.2%, with Zhejiang China Commodities City and Markor Intl posting the biggest advances.

In FX, the safe-haven dollar meanwhile, hit an 11-week low dented by risk-on mood among investors and riots in major U.S. cities over race and policing; the dollar pared losses after news China will halt some U.S. soy imports, adding to tensions between the two countries, which however were roundly ignored by equities.  Commodity currencies rallied as the greenback’s haven appeal waned. The euro rose a fifth consecutive day against the dollar, the longest streak since March.

Much of the dollar’s recent decline has come against the euro which has been boosted by plans for an EU stimulus package. The European Central Bank is also widely expected to say on Thursday that it will raise its asset buying by around 500 billion euros to 1.25 trillion.

The pound reached a three-week high against a weaker dollar, with some traders positioning for a positive surprise from this week’s Brexit negotiations. The Australian dollar rallied by more than 1% against the greenback and the New Zealand dollar advanced amid short covering in high-beta currencies and a rally in commodity prices and Asian equity markets.

“I agree the riots are not good but the perception is that this is a local issue…and the uncertainty has spilled over into a lower dollar.”

In rates, yields on 10-year Treasuries were trading steady at 0.66% having recovered from a blip up to 0.74% last month when the market absorbed a tidal wave of new issuance. Bailey added. German bund yields DE10YT=RR were stuck near minus 0.42%.

The turmoil in the U.S. was a fresh setback for the economy which was only just emerging from a downturn akin to the Great Depression. Following poor data on spending and trade out on Friday, the Atlanta Federal Reserve estimated economic output could drop a staggering 51% annualized in the second quarter.

Looking ahead,  the May jobs report due out on Friday is forecast to show the unemployment rate surged to 19.8%, smashing April’s record 14.7%. Payrolls are expected to drop by 7.4 million, on top of the 20.5 million jobs lost the previous month.  “Current unemployment numbers go far beyond what has been experienced in any post-war recession,” Barclays economist Christian Keller wrote in a note. “To the extent that some sectors may never return to pre-pandemic business-as-usual.”

In commodity markets, gold added 0.5% to $1,735. Brent crude futures were off 8 cents at $37.76 a barrel, while U.S. crude fell 35 cents to $35.14.

Looking at today’s US economic data, we have Markit and ISM manufacturing PMIs.

Market Snapshot

  • S&P 500 futures down 0.4% to 3,028.50
  • STOXX Europe 600 up 0.6% to 352.33
  • MXAP up 1.7% to 153.12
  • MXAPJ up 2.3% to 487.07
  • Nikkei up 0.8% to 22,062.39
  • Topix up 0.3% to 1,568.75
  • Hang Seng Index up 3.4% to 23,732.52
  • Shanghai Composite up 2.2% to 2,915.43
  • Sensex up 3% to 33,386.32
  • Australia S&P/ASX 200 up 1.1% to 5,819.15
  • Kospi up 1.8% to 2,065.08
  • German 10Y yield rose 1.7 bps to -0.43%
  • Euro up 0.3% to $1.1130
  • Brent Futures down 0.08% to $37.81/bbl
  • Italian 10Y yield rose 5.0 bps to 1.305%
  • Spanish 10Y yield fell 0.3 bps to 0.559%
  • Brent Futures down 0.08% to $37.81/bbl
  • Gold spot up 0.5% to $1,738.74
  • U.S. Dollar Index down 0.3% to 98.02

Top Overnight News

  • China accused the U.S. of undermining bilateral relations and said its comments regarding Hong Kong “disregarded facts,” days after President Donald Trump moved to rescind the city’s special trading status
  • The U.K. allowed some schools, outdoor markets and car showrooms to open their doors on Monday under social- distancing guidelines, along with some competitive sports, including horse racing
  • Measures of manufacturing activity across the euro-are pointed to a noticeable easing in the pandemic- induced downturn in May, even though output and orders continued to decline, according to a survey by IHS Markit. Italy recorded the smallest contraction, while Germany fared worst
  • OPEC+ is set to discuss a short extension of its current output cuts, according to a delegate, as the cartel considers bringing forward its next meeting a few days to June 4

Asian equity markets began the new month higher across the board as the region sustained the late relief seen last Friday on Wall Street where the S&P 500 capped off its strongest 2-month performance in over a decade after US President Trump’s press conference, where he announced to revoke Hong Kong’s special status but refrained from any ‘nuclear’ action on China which could have derailed the Phase One trade deal. This underpinned sentiment in Asia and helped US equity futures recoup the initial losses that were triggered by nationwide violent protests and mixed Chinese PMI data over the weekend. ASX 200 (+1.1%) declined at the open led by real estate stocks after the latest data showed a contraction in home prices, although the index later recovered in tandem with the overall constructive risk tone and as various states in Australia further eased lockdown restrictions, while Nikkei 225 (+0.8%) was underpinned as exporters welcomed the recent favourable currency moves. Hang Seng (+3.4%) and Shanghai Comp. (+2.2%) were also higher after US President Trump’s slap on the wrist retaliation to China and with the outperformance in Hong Kong fuelled by dip buying, while participants also digest the latest varied Chinese PMI data which showed Official Manufacturing PMI missed expectations but remained in expansionary territory and both Non-Manufacturing PMI and Caixin Manufacturing PMI topped estimates. Finally, 10yr JGBs were lower with demand subdued by gains in riskier assets and amid a similar lacklustre tone in T-notes, as well as a reserved BoJ Rinban announcement with the central bank in the market for a total of just JPY 400bln of JGBs mostly concentrated in 1yr-3yr maturities.

Top Asian News

  • Asahi Registers to Sell 200b Yen in Shares for AB InBev Deal
  • South Korea Unveils $62 Bln Post-Virus Plan to Reshape Economy
  • Luckin Chairman’s Car Unit to Sell Stake to Automaker BAIC
  • Bodies Left on Hospital Beds as Virus Overwhelms Mumbai

Stocks in Europe kicked the week off on a firmer footing before reports that China is to halt some imports of US soy and pork knocked the bourses off-course, albeit the region still ekes mild gains. US equity futures immediately gave up overnight gains and now reside in negative territory – with rising social unrest State-side also afflicting sentiment across the pond. Back to European cash – Euro Stoxx 50, DAX, ATX are all closed in observance of Whit Monday, while other core bouses post gains between 0.5-1.0%. Sectors all reside in positive territory with cyclicals outpacing defensives – reflecting risk appetite, and with energy outperforming the bunch. In terms of the breakdown, Travel & Leisure tops the charts, closely followed by Banks and Oil & Gas. The other end of the spectrum sees Health Care and Chemicals lagging. Looking at individual movers and shakers – AB Foods (+7.0%) holds onto gains after noting that early trading indicators from recently reopened stores have been encouraging and reassuring, but it remains too early to provide guidance. Mediobanca (+7.0%) also resides among the top gainers amid reports Del Vecchio’s Delfin is reportedly looking to boost stake in Co. to 20% from around the current 10%. Hong Kong exposed HSBC (+1.7%), and Standard Chartered (+6.0%) benefit from President Trump refraining from announcing more stringent measures against Mainland China and Hong Kong.

Top European News

  • Beekeeper’s Plight Points to $109 Billion Remittances Problem
  • Billionaire Del Vecchio Asks OK To Buy 20% of Mediobanca
  • U.K. Travel Firms Urge Air Bridges Instead of Quarantine Plan
  • U.K. Manufacturing Contraction Eases in Sign of Slow Recovery

In FX, the Greenback remains under pressure amidst George Floyd related US riots, but the DXY has pared some losses from sub-98.000 lows on the back of reports that the Chinese Government has instructed firms to halt the purchase of certain US agricultural goods including soybeans and pork. The index has bounced within 97.849-98.242 parameters, while Usd-CNH has retested 7.1500+ from the low 7.1230s in wake of a firmer than forecast and back above 50.0 Caixin manufacturing PMI that seemed to overshadow mixed official surveys overnight. Moreover, risk sentiment has soured across the board to the detriment of high-beta currencies that were outperforming to the detriment of safer havens, naturally.

  • AUD/NZD – The Aussie is still comfortably above 0.6700 and markedly outperforming G10 rivals ahead of tomorrow’s RBA policy meeting, albeit off 0.6770+ peaks and just under 1.0800 vs the Kiwi on the aforementioned China news that will no doubt prompt some further US retaliation after President Trump’s rather reserved response to Hong Kong national security legislation last Friday than many were anticipating or feared. Meanwhile, Nzd/Usd is holding relatively firm on the 0.6200 handle in holiday-thinned volumes awaiting NZ trade data for Q1 and April building consents after a hefty decline in the previous month.
  • GBP/CAD/EUR/JPY/CHF – All firmer vs the Buck, but also off best levels as Cable hit some resistance around 1.2425 following a breach of the 50 DMA (1.2350) and largely shrugged off an essentially in line final UK manufacturing PMI. Elsewhere, the Loonie continues to glean impetus from firm oil prices and probed 1.3700 at one stage amidst more headlines suggesting OPEC+ will meet this week to discuss an extension to the May-June production pact, while the Euro briefly extended gains to 1.1150+ following Eurozone manufacturing PMIs revealing an especially encouraging recovery in Italy, but waned before key upside chart levels at 1.1163 and 1.1167 (March 30 high and a Fib retracement respectively). Similarly, the Yen is struggling to maintain momentum on a break of 107.50 and Franc beyond 0.9600 on Whit Monday in Switzerland, though Eur/Chf has also faded within a 1.0705-1.0670 range.
  • SCANDI/EM – Crude is also keeping the Norwegian Crown afloat vs the single currency over 10.8000, but the Swedish Krona is marginally lagging around 10.4500 even though the manufacturing PMI improved slightly in keeping with the broader trend extending from Turkey through the Czech Republic to Russia. However, the Rouble is gleaning extra traction from Brent and positive results from an anti-viral drug, while the Rand is digesting supportive SARB commentary and a SAA rescue package including a minimum Zar2 bn for restructuring and additional working capital. Usd/Try is pivoting 6.8000, Eur/Czk is towards the bottom of a 26.900-8200 band, Usd/Rub is sub-70.0000 and Usd/Zar is either side of 17.5000.

In commodities, choppy trade in WTI and Brent futures early doors with initial downside exacerbated by reports of China halting some US pork and soy imports in what marks an escalation, while upside thereafter emanated from source reports that OPEC and Russia are heading closer towards striking a compromise on the duration of an extension to the oil output cut pact, with 1-2 months is being discussed. On that front, a date still has not been officially cemented as the cartel touts bringing forward the scheduled June 9/10 meeting closer to June 4th – with a date to be decided on later today according to EnergyIntel.  The above source reports follow reports week that Russia could support an extension of current oil cuts for another two months, according to Energy Intel’s Bakr citing Russian press but some oil majors, notably Rosneft,  reportedly told the Russian Energy Ministry that it would be hard to maintain oil output cuts to the end of the year as it does not have enough crude to ship to customers as part of long-term supply deals, sources state. The energy contracts have since pared back a bulk of the move with the WTI July trading with losses under USD 35.50/bbl vs. a sub-35/bbl overnight low, whilst Brent August remains below USD 38/bbl. Meanwhile, spot gold saw pressure amid the US-Sino headline given investors piling into the yellow metal for a better part of last week in anticipation for an escalation. Furthermore, the firming USD also weighed on prices which receded from a 1744/oz high to below USD 1740/oz ahead of session lows around USD 1730/oz. Copper prices initially mimicked the optimistic tone seen in equities before waning off highs on the US-China headlines amid the prospect of lower demand for the red metal – which prices still holding ground above USD 24/lb.

US Event Calendar

  • 9:45am: Markit US Manufacturing PMI, est. 40, prior 39.8
  • 10am: Construction Spending MoM, est. -6.0%, prior 0.9%
  • 10am: ISM Manufacturing, est. 43.7, prior 41.5

DB’s Jim Reid concludes the overnight wrap

In the great post covid-19 deflation / inflation debate we’re having at DB (outlined in Konzept here and a podcast here) it is clear to most of us that disinflation will be the initial path. However one thing that is bucking the trend as I’m finding to my horror is antique desks. When I bought one for my old house a decade ago the dealers I spoke to said you couldn’t give them away these days. No one wanted them so I got a cheap one which I left behind in the old house. However in my new house we moved into last year the one room that hasn’t been refurbished is my study area. As such I need a decent desk, especially with the new WFH era. Given the style of the room it has to be an old desk or a fake old desk. I’ve been stunned that in the last two weeks I’ve been outbid for three on eBay as demand has suddenly increased. I also agreed to buy one from a dealer before getting a call back to say someone had paid more for it. As such I’ve spent a fair bit of time over the weekend securing a new one and will find out today if I’ve been successful. I’m pretty sure these desks don’t go into the inflation numbers but if they did we’d be in the Weimar Republic now.

It’ll be a reasonably busy week ahead as I sit at my old kitchen table while I await the new arrival, with the US jobs report on Friday the highlight. Also of interest will be the ECB’s latest decision on Thursday and whether they’ll announce more policy action, along with the release of PMIs (today – manufacturing and Weds/Thurs – services) from around the world. Finally, Brexit will return to the headlines as another negotiating round between the UK and the EU takes place.

Speaking of the PMIs, in China the official May manufacturing print came in at 50.6 (vs. 50.8 a month earlier) which was weaker than the 51.1 expected while in contrast the non-manufacturing PMI rose to 53.6 (vs. 53.2 last month and 53.5 expected). That being said, the Caixin manufacturing PMI released overnight printed at 50.7 which was up on the month prior and ahead of consensus (vs. 49.6 expected and 49.4 last month). Away from China, Australia’s manufacturing PMI printed at 44.0 vs. 44.1 in April, Japan was unrevised at 38.4 and South Korea at 41.3 versus 41.6 in April.

As for how markets are doing, the late bounce on Wall Street late Friday after Trump stopped short of any executive actions seems to have propelled bourses in Asia. Most notable is the +3.22% gain for the Hang Seng, while the Nikkei (+1.11%), Shanghai Comp (+1.97%), Kospi (+1.22%) and Asx (+0.67%) are also higher. Bucking the trend however are S&P 500 futures which have been flirting in negative territory for most of the session while the Dollar index is down -0.33% in response to the weekend riots.

In other news, it’s worth highlighting a couple of FT stories from the weekend. The first is a report that the UK government is preparing an economic stimulus package to be unveiled in July. The report added that Chancellor of the Exchequer Rishi Sunak is working on proposals to invest in training programs, infrastructure and help for technology firms. Elsewhere, in an interview with the FT, EU budget commissioner Johannes Hahn said that he wants member states to back new taxes, including a levy on big companies for access to the single market, to help fund the recovery from the economic effects of the coronavirus.

Turning to late Friday now, when President Trump held a press conference where he announced that Hong Kong would no longer be given special trade status and promised sanctions against Chinese and Hong Kong officials “directly or indirectly involved” in eroding Hong Kong’s autonomy. The president also announced that he would be ending the country’s relationship with the WHO. With the topic of the US-China trade deal largely absent and maximum escalation avoided, as mentioned above markets rose slightly into the close following the conclusion of the press conference.

Looking ahead to the likely key market moving events this week now. For payrolls the consensus on Bloomberg is currently expecting -8000k job losses and the unemployment rate to rise to 19.6%, its highest level since the Great Depression in the 1930s, and up from the 14.7% reading in April. Within this it’ll be worth looking at the sectoral breakdowns for an idea of which industries are being hit the hardest. For example, in April the level of employment in leisure and hospitality fell by 47%. Meanwhile young people are being hit especially hard, and the teenage unemployment rate (for 16 to 19 year olds) rose to an astonishing 31.9% in April. Elsewhere PMIs (and the ISMs) will be important but the diffusion nature makes it incredibly difficult to calibrate to growth at extreme turning points. For the Fed, they meet next week so we’re now in blackout period so don’t expect to hear much from the committee members.

On the ECB meeting on Thursday DB expects large downward economic revisions to the staff forecasts more towards our house view. This will support our call for a doubling of the PEPP to €1.5tn and an extension to mid-2021. The risk is a soft commitment to increase but no firm numbers until the next meeting on July 16th. There is also a clash between the PEPP being temporary policy and for it to be permanent enough to allow reinvestment. However, we believe a lengthening of the “crisis” period means reinvestment until at least the end of 2022 would be appropriate to avoid a premature tightening of financial conditions. Expect all to be announced on Thursday. Also expect lots of press conference questions on the German Constitutional Court hearing. Full the full preview see our economists’ piece here.

Over in the political sphere, Brexit negotiations between the EU and the UK on their future partnership will continue via videoconference from tomorrow to Friday. This is the fourth round now, and thus far there hasn’t been a great deal of progress. Indeed, at the end of the third round in May, the UK’s chief negotiator, David Frost, said that “we made very little progress towards agreement on the most significant outstanding issues between us”. This is the last negotiating round before a high level meeting in June where the two sides will be taking stock of progress. It’s also important as if the two sides want to extend the transition period that concludes at the end of 2020, they only have until the end of June to agree.

Looking back to last week now. Global equities continued to rise last week as economic data continues to slowly improve, economies reopen and the possibility of further stimulus is firmly on the table. Risk assets rose despite further confrontations between the US and China, potentially putting their trade deal at risk. The S&P 500 climbed +3.01% on a shortened 4-day week (+0.48% Friday after a late day rally as Trump’s end week China press conference wasn’t as aggressive as feared), closing at its highest level since March 4th. The index is now +36.06% off the March lows and is just -5.77% down year-to-date. US equity markets saw a rotation midweek as large-cap technology stocks lagged, while value-oriented stocks like US banks outperformed on the week. So the tech-focused NASDAQ underperformed, up +1.77% (+1.29% Friday). European equities rallied strongly on the week as the European Commission considered a proposal for a €750bn EU recovery instrument. The Stoxx 600 rallied +3.00% (-1.44% Friday pre Trump presser) over the five days. The DAX rallied +4.63% (-1.65% Friday), while the Italian FTSE MIB rose +5.09% (-0.84% Friday), and the CAC gained +5.64% (-1.59% Friday). Asian indices rose like their European and American counterparts. The Nikkei was up +7.31% over the week (-0.18% Friday) while the CSI 300 was up just +1.12% (+0.27% Friday), with the Kospi +3.02% (+0.05% Friday). In other risk assets, oil continued its recovery, with WTI futures up +6.74% (+5.28% Friday) to $35.49/barrel and Brent crude rose +0.57% on the week (+0.11% Friday) to $35.33/barrel.

As risk assets continue to rise and further simulative policies were announced, credit spreads tightened on the week, albeit with the impact of month-end rebalancing. European HY cash spreads were -84bps tighter on the week, while European IG spreads tightened -18bps. US HY cash spreads were -52bps tighter, while IG tightened -10bps on the week.

Core sovereign bonds were mixed as US 10yr Treasury yields were mostly unchanged at -0.7bps (-3.7bps Friday) to finish at 0.653%, while 10yr Bund yields rose +4.0bps over the course of the week (-2.8bps Friday) to -0.45%. Peripheral debt tightened for the second week in a row as the proposal presented by the European Commission last week was larger than originally expected. Spanish 10yr yields tightened -10bps to Bunds over the 5 days, while Italian BTPs were -16bps tighter, Greek 10yr yields were -22bps tighter. Even French sovereign debt tightened -8bps.

Economic data on Friday showed that Euro Area inflation fell to just 0.1% in May, its lowest level in nearly four years, with lower energy prices a key contributor. Nevertheless, core inflation remained unchanged from the previous month at 0.9%. In Germany, data showed that retail sales fell by a smaller-than-expected 5.3% in April. In the US, MNI Chicago PMI came in at 32.3, down from last month’s 35.4 and far below consensus expectations of 40.0. University of Michigan consumer sentiment survey registered 72.3, slightly below consensus at 74.0. US Personal spending was down -13.2% (vs. -12.8% expected) in April versus -6.9% the month prior. Meanwhile personal income rose by 10.5% (well above -5.9% expected) and above last month’s -2.0% due primarily to stimulus payments from the CARES act.

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 63.08 POINTS OR 2.21%  //Hang Sang CLOSED UP 771.05 POINTS OR 3.36%   /The Nikkei closed UP 184.50 POINTS OR 0.84%//Australia’s all ordinaires CLOSED UP 1.13%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1346 /Oil UP TO 35.44 dollars per barrel for WTI and 38.13 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1346 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1457 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

HONG KONG

Hong Kongers scramble to swap their currency for USA dollars as their special status is threatened

(zero hedge)

 

Hong Kongers Scramble To Swap Their Currency For US Dollars As ‘Special Status’ Threatened

Even before protests over a controversial extradition bill sparked the tumultuous pro-democracy movement that swept across Hong Kong last year, the notion that the city’s freedoms were under threat, and that China would soon move to curtail them, had been gestating since the 2014 Umbrella Movement. Last Spring, before the movement began in earnest, Kyle Bass published a paper entitled “the Quiet Panic” about how Hong Kong was a ticking time bomb. A few months later, it exploded.

Over the past 16 months, expats haven’t been the only ones fleeing Hong Kong. Virtually everyone who can afford to move has at least considered the possibility of selling their once extremely valuable Hong Kong real estate and fleeing elsewhere, perhaps to New Zealand, or Australia, or Malaysia – or Taiwan, which is currently drawing up plans to welcome expats.

As more prepare to move before China tightens its grip, Bloomberg reported Friday that Hong Kong residents have been exchanging more of their HKD holdings into foreign currencies at banks and money exchange counters on Thursday, according to Sing Tao, Hong Kong’s second-largest Chinese-language newspaper. According to BBG, the paper didn’t cite a source for the data, but it’s not exactly difficult to believe.

On Thursday, Beijing’s Politburo Standing Committee officially wove a new National Security law into Hong Kong’s constitution, taking advantage of a loophole requiring Hong Kong to always have a national security law on its books. Many have decried the move as a crossing of the Rubicon – that Beijing no longer cares about placating its western “allies” as it cracks down on freedoms in territories it claims.

The FX activity was driven by concerns about US sanctions, and the possibility that the US will immediately move to revoke Hong Kong’s “special status”, which allows it more favorable trade treatment and other advantages over mainland China. US Secretary of State Pompeo warned that he had recommended to Congress that HK is no longer independent from Beijing.

Some popular money exchange shops in Tsim Sha Tsui, Central and Wan Chai areas even ran out of USD on Thursday evening, forcing some people to trade their dollar-pegged HKD for GBP, JPY, CHF, AUD and NZD instead.

Though spot HKD is trading toward the strong end of its band Friday as the dollar weakens against the euro and several other major rivals, Kyle Bass’s bet against the currency peg, which critics once slammed as absurd and unlikely to pay off, is becoming increasingly popular as a trade as derivatives markets price in growing expectations for depreciation.

Meanwhile, HK executive Carrie Lam (known to her many detractors as “Piglet”, a reference to the character from “Winnie the Pooh”, published a notice in almost all Chinese-language papers in the city calling on citizens “not to fear” the national security law, insisting it would only target a “small minority” of “criminals”.

Jonathan Cheng

@JChengWSJ

Carrie Lam to fellow citizens of Hong Kong, minus readers of Apple Daily: Fear not, national security laws will only target a small minority of criminal acts and activities, as well as the foreign interference that has stirred up unrest.@natashakhanhkhttps://on.wsj.com/3ceuLKK

Hong Kong Chief Appeals for Citizens’ Support as Trump Moves Loom

Hong Kong Chief Appeals for Citizens’ Support as Trump Moves Loom

The city’s top official appealed to people to support new national security legislation imposed by Beijing, as international criticism of China’s decision to bypass city lawmakers mounted.

wsj.com

We imagine this trend isn’t over yet. Let’s hope Hong Kong has enough foreign reserves to stave off a wider banking crisis.

end

HONG KONG
Dollars is  out of stock everywhere in Hong Kong
(zerohedge)

“The Dollar Is Out Of Stock Everywhere”: Hong Kong Money Exchangers Turn Away Clients Amid Run On US Dollars

Even before protests over a controversial extradition bill sparked the tumultuous pro-democracy movement that swept across Hong Kong last year, the notion that the city’s freedoms were under threat, and that China would soon move to curtail them, had been gestating since the 2014 Umbrella Movement. Last Spring, before the movement began in earnest, Kyle Bass published a paper entitled “the Quiet Panic” about how Hong Kong was a ticking time bomb. A few months later, it exploded.

Over the past 16 months, expats haven’t been the only ones fleeing Hong Kong. Virtually everyone who can afford to move has at least considered the possibility of selling their once extremely valuable Hong Kong real estate and fleeing elsewhere, perhaps to New Zealand, or Australia, or Malaysia – or Taiwan, which is currently drawing up plans to welcome expats.

As we reported on Friday, as more prepare to move before China tightens its grip, Sing Tao, Hong Kong’s second-largest Chinese-language newspaper observed that Hong Kong residents have been exchanging more of their HKD holdings into foreign currencies at banks and money exchange counters on Thursday.

It got so bad that according to a follow up report from the SCMP on Saturday, the rush for US dollars forced money exchangers in Hong Kong to turn away hundreds of customers after running out of the currency amid fears the United States could end the city’s preferential trading status.

According to money exchange store owners, demand for the US currency surged this week after China’s legislature endorsed a resolution for its top legislative body to craft a tailor-made national security law for Hong Kong which would criminalize acts and activities of secession, subversion, terrorism and foreign interference.

In kneejerk response, HK residents – fearing the Hong Kong dollar could be unpegged from its US counterpart – rushed to convert their local currency into something they view as more stable: the US dollar.

Long lines promptly formed at money changers in a number of Kowloon districts including Tsim Sha Tsui and Sham Shui Po on Friday, as residents waited for shop operators to replenish their US dollar supply. Eric Wong Wai-lam, who runs Rich Bird Currency Exchange in Sham Shui Po, was forced to turn away 600 customers who wanted to convert their local banknotes to the US currency.

 

Queues formed at money changers in a number of Kowloon districts including at this shop in Tsim Sha Tsui; Photo: Edmond So, SCMP

“There will be no US dollars for exchange until next Tuesday or Wednesday,” he told customers, adding that his shop could only serve those who had previously placed an order. He explained that demand for the US currency had increased 10-fold this week, with more customers looking to switch large sums – hundreds of thousands or even millions of Hong Kong dollars – at a time.

“The US dollar is out of stock everywhere. We’ve offered every last bit of our supplies to our customers,” Wong said adding that residents also sought alternatives such as the pound, Euro and Australian dollar. “People will take anything you have,” he said.

As the SCMP further details, civil servant Mike Ma had hoped to change HK$35,000 (US$4,514) into US dollars, but had to make do with £1,000 (US$1,237) and NT$20,000 (US$666) instead. The 35-year-old British National (Overseas) passport holder said he had been keeping foreign banknotes since Hong Kong was gripped by anti-government protests last year, but had visited exchange stores more often this week because of uncertainties over the city’s economic future.

Kevin Chan, operator of an online shopping site, bought US$3,000 on Friday, saying he had been doing so from time to time since the social unrest broke out. “It’s like buying insurance,” the 31-year-old said.

 

A customer manages to get US dollars at Rich Bird (HK) Currency Exchange in Sham Shui Po. Photo: Edmond So, SCMP

Chan said panic buying of the US dollar reflected how Hong Kong had found itself in the middle of a political tug of war between the world’s two superpowers. “[China and the United States] are bluffing now. You don’t know what stakes they will raise next. Hong Kong is in a passive position. It’s just a pawn to both sides,” Chan said.

“I’m not confident about the current situation, same as many others. In case the US dollar peg is reset, buying the US dollar beforehand gives me more confidence.”

The Hong Kong currency has been linked to the US dollar since 1983 and any change in the peg does not require approval from the US government. The Hong Kong government determines which currency the local dollar is pegged to. The currency is kept pegged in the range of HK$7.75 to HK$7.85 to the US dollar.

Eddie Yue Wai-man, chief executive of the local central bank, the Hong Kong Monetary Authority, said earlier this week the peg would remain the bedrock of the city’s financial system, with foreign reserves of more than US$440 billion. And while the city had yet to show any noticeable sign of fund outflows from the Hong Kong dollar or banking system, the market is starting to crack. Though spot HKD has been trading toward the strong end of its band as the Fed slashes rates to zero amid growing speculation the US central bank may soon follow through with negative rates, Kyle Bass’s bet against the currency peg, which critics once slammed as absurd and unlikely to pay off, is becoming increasingly popular as a trade as derivatives markets price in growing expectations for depreciation.

Even Hong Kong’s largest banks, HSBC, saw a small handful of its automated teller machines run out of US dollars, but was working to replenish them. The bank has 39 locations that offer foreign currency, but not all distribute US dollars. Customers can withdraw up to HK$80,000 per day per bank card.

“HSBC has sufficient supply of banknotes and is committed to supporting its customers and the smooth operation of the financial system in Hong Kong,” a HSBC spokeswoman said.

END
CHINA
China’s PMI disappoints but what is far more troublesome to China is weak demand both at home and oversea
(zerohedge)

As China PMI Disappoints, Another Major Problem Emerges

Overnight, China’s NBS reported that in May, manufacturing PMI signaled a continued recovery in factory activity, albeit at a slower pace than in April and below expectations (50.6, exp.51.0, down from 50.8). Sub-indexes in the manufacturing surveys suggest export order sub-index remained weak and employment deteriorated further.

Of note, the manufacturing employment sub-index weakened to 49.4 from 50.2, implying continued deterioration in the labor market. On the other hand, inventory indicators suggested a destocking trend, with raw material inventories declining to 47.3 from 48.2, and the finished goods inventory sub-index declined to 47.3 from 49.3 in April.

Yet even as China’s factories are starting to hum again, a new problem is emerging as executives are now worried that the rebound could falter on weak demand both at home but especially abroad, something we warned about some time ago when we warned that China’s push to produce at all costs will eventually backfire.

Justin Yu, a sales manager at Zhejiang-based Pinghu Mijia Child Product that makes toy scooters sold for American retailers, is among those seeing their order book improve from the depths of the coronavirus lockdown, but remain well below normal.

Quoted by Bloomberg, Yu said that “we are seeing more orders coming in this month as we get closer to our normal peak season,” Yu said. “But our orders are still 40-50% lower than last year.” The factory’s production capacity is running at about 70% to 80%, and Yu is making to order to avoid any build up in stock.

The disconnect between China’s recovering production and still dormant demand had shown up in data revealing a rise in inventories and once again contradicting the official PMI numbers which as noted above, show that to be easing. China’s fake data aside, the worry remains that sustained overproduction will lead China’s factories to keep cutting prices, compounding global deflationary headwinds and worsening trade tensions, before they eventually cut back on production and therefore even more jobs.

“The supply normalization has already outpaced demand recovery,” said Yao Wei, China economist at Societe Generale SA. “In other words, the recovery so far is a deflationary recovery.”

Which is another way of saying it is not a recovery at all, and the US, whose economy remains largely shut is not helping.

So given the weak export outlook, manufacturers such as Fujian Strait Textile Technology are switching their business models to target the home market, according to Bloomberg. It used to sell 60% of its products to Europe and the U.S. before the coronavirus crisis wiped out those sales. Now, Dong Liu, the company’s vice president, is looking for opportunities at home.

“Our company executives have started to visit the local market to make more potential clients know about us,” he said. “Since May 26, we have been producing 24 hours everyday at full capacity. All the inventory has already been sold and we’re rushing to make goods.”

Alas, the domestic-focused strategy also has numerous drawbacks: while China’s consumers are largely free to resume their regular lives as fresh virus cases slow to a trickle, they too aren’t spending like they used to (almost as if they also don’t believe Beijing’s solemn vows that everything is back to normal): retail sales slid 7.5% in April, more than the projected 6% drop. Restaurant and catering receipts slumped by 31.1% from a year earlier, after a 46.8% collapse in March.

“Although demand conditions are improving on the margin, they will still take a long time to recover to where they were before the virus crisis. Investment is picking up, domestic consumption improving and external demand is less bad than it was” said Chang Shu, analyst at Bloomberg Economics. The question, of course, is how much time.

In Zhenjiang, Jiangsu province, Melissa Shu, an export manager for an LED car lighting factory, said although orders are steadily improving, there’s no sense of urgency from her clients and the outlook remains uncertain. “We’re just making goods slowly,” Shu said. “We are worried about the coming months.”

* * *

As Bloomberg speculates, some producers may be hoping for a real-life enactment of Say’s law, a part of economic theory which suggests that ultimately supply will create its own demand, as long as prices and wages are flexible, although in China where every datapoint is manipulated and fake, nobody really knows what the current state of the economy is.  Various real-time indicators continue to pain a mixed picture.

Another scenario proposed by UBS is that industry self-corrects adversely. The bank’s chief China Economist Wang Tao points to strong steel production during the depths of the coronavirus lockdown, even when demand was weak. Higher inventories means that even as demand recovers, steel production won’t show much of a pick up. And once producers know that orders are falling, they will adjust output.

“I do not think supply will outstrip demand for long – once inventories build up, or producers know orders are falling, production will come down as well,” she said.

Should unemployment continue rising, that could trigger a very messy feedback loop. Premier Li Keqiang in a press conference on Thursday highlighted job creation as a critical priority for the government. The urgency to create jobs may mean there’s even less likelihood of a shake up of state owned companies in the heavy industrial sectors that have historically fueled excess production. It also means that even more ghost cities may be coming.

The disconnect is already clear in data points that show, for example, stronger coal consumption by power plants and rising blast furnace operating rates by steel mills, while at the same time gauges for property and car sales are improving more slowly. That combination, according to Bloomberg, will drag on China’s growth over the coming months, according to economists at Citigroup.

The problem for China’s industrial sector is that it really needs both local and global demand to be strong. If both are weak, and only the government is “injecting” support, it’s a dire outlook. But if local demand recovers and global demand doesn’t, there are still problems.

The best summary of China’s “big problem” came from Viktor Shvets, head of Asian strategy at Macquarie Commodities and Global Markets: “At the end of the day, China’s economy is driven by demand and right now there is no demand,”

A scenario where manufacturers capacity originally dedicated to the export market is retooled to produce for the home market instead would still lead to overproduction. Then the supply-demand mismatch would end up adding to deflationary pressures and a pose fresh headwinds to economic growth, according to Bo Zhuang, chief China economist at research firm TS Lombard.

For now, China’s factory owners are hoping that won’t happen but their optimism is waning fast.

Grace Gao, an export manager at Shandong Pangu Industrial that makes tools like hammers and axes – around 60% of their goods go to Europe – is seeing orders come in as her clients get up and running again. But even as things pick up, Gao remains hesitant to call a full recovery. “Our clients are facing unprecedented problems,” she said. “It’s still hard to estimate when we’ll get back on our feet.”

end
CHINA/USA
This should end Phase one of the uSA deal: China halts some of USA farm imports
(zerohedge)

Beijing Retaliates: Trade Deal On Verge Of Collapse As China Halts Some US Farm Imports

Veteran traders couldn’t help but laugh when they checked US equity futures last night and saw that – as some probably had suspected they might – Dow futures were tracking for a 100-point jump at the open. With so much emergency liquidity still sloshing around the financial system, it seemed the most near-term risk many could fathom was a probable spike in new coronavirus infections in the coming weeks, hardly an imminent, overnight risk.

But as futures faded into the red around 6amET, a headline showing Beijing had just given the US-China ‘Phase 1’ trade deal – which has been essentially moribund for weeks now even though President Trump spared it on Friday – one more ‘kick’ seemed to remind investors where the real near-term macro risk lies: That is, the light-speed “decoupling” of the world’s two largest economies.

Spare us the commentary about how markets are more concerned with these trifles than the looting-and-burning-and-pillaging unfolding across the US – we warned investors about these risks last night. It appears investors are only just waking up to them, however.

To be clear: Over the past hour, reports about Beijing halting some US farm imports have rattled investors, and sent the Chinese yuan traded on- and offshore lower on the day.

The decision appears to be the first part of China’s “retaliation” against the actions announced by President Trump on Friday, as well as the increasingly belligerent posture taken by his administration in the aftermath of the coronavirus outbreak. China’s Ministry of Foreign Affairs accused the US of undermining bilateral relations, and said it would meet any U.S. action with “firm counterattacks”

So far, the reaction has been relatively mild in equities and equity futures. But we suspect more headlines about China’s reaction to the latest restrictions on Chinese nationals working and studying in the US, announced by Trump on Friday, will hit the tape later in the day.

END

4/EUROPEAN AFFAIRS

Why the European recovery plan will likely fail like all others.  It is not that there is not enough  stimuli, it is just put into the wrong areas

Daniel Lacalle)

Why The European Recovery Plan Will Likely Fail

Authored by Daniel Lacalle,

The 750 billion euro stimulus plan announced by the European Commission has been greeted by many macroeconomic analysts and investment banks with euphoria. However, we must be cautious. Why? Many would argue that a swift and decisive response to the crisis with an injection of liquidity that avoids a financial collapse and a strong fiscal impulse that cements the recovery are overwhelmingly positive measures. History and experience tell us that, indeed, the risk of disappointment regarding the positive impact on the real economy is not small.

The history of stimulus plans in the eurozone should alert us against excessive optimism.

As you may remember, the European Union launched in July 2009 an ambitious project for growth and employment called the “European Economic Recovery Plan”. A stimulus of 1.5% of GDP to create “millions of jobs in infrastructure, civil works, interconnections, and strategic sectors”. Europe was going to emerge from the crisis stronger than the United States thanks to the Keynesian impulse of public spending. However, 4.5 million jobs were destroyed and the deficit almost doubled while the economy stagnated. This was after the balance sheet of the European Central Bank had doubled between 2001 and 2008. That enormous plan not only did not help the eurozone get out of the crisis stronger, but we can debate whether it prolonged it, as by 2019 there were still signs of evident weakness. The tax rises and obstacles to private activity that accompanied this large package of expenses delayed the recovery, which in any case was slower than comparable economies.

We must also dismantle the idea that the European Central Bank did not support the economy in the 2008 crisis. Two huge sovereign bond buyback programs with Trichet as president of the ECB, rate cuts from 4.25% to 1% since 2008, and purchases of more than 115 billion euros in sovereign bonds. At the end of 2011, the ECB was the largest holder of Spanish debt, while it was accused of inaction.

During all this time, the balance of the ECB was greater than that of the Federal Reserve with respect to GDP, and in May 2020 it stands at 44% of GDP compared to 30% in the US.

Stimuli have never stopped in the eurozone. An additional ECB buyback plan in addition to the TLTRO liquidity programs with Draghi brought sovereign bonds to the lowest yields in history and to the ECB buying almost 20% of the total debt of the main states. This was such an excessive balance sheet expansion plan that, at the end of May 2020, excessive liquidity in the ECB was 2.1 trillion euros. Excessive liquidity was barely 125 billion euro when the so-called 2014 stimulus plan was launched.

No one can deny that the impact on growth, productivity, and employment of these enormous plans has been more than disappointing. Except for a brief period of euphoria in 2017, downward revisions to eurozone growth have been constant, culminating in the fourth quarter of 2019 with France and Italy in stagnation, Germany on the brink of recession, and a significant slowdown in Spain. The use of the excuses of Brexit and the trade war did not disguise that the economic result of the stimulus was already more than poor.

We have another important example for caution. The so-called “Juncker Plan” or “Investment Plan for Europe”, considered as the solution to the lack of growth of the European Union, also had an extremely poor result. It mobilized 360 billion euros, many for projects with no real economic return or real effect on growth. Estimates of growth in the euro zone fell sharply, productivity growth stagnated and industrial production fell in December 2019 to the lowest level in years.

We must also be cautious with the green plans. All of us are in favor of a serious and competitive energy transition, but we cannot forget that a very important part of the European Union’s “green” plan attacks demand via tax increases and protectionist measures such as a border tax on countries that have not signed the Paris Agreement (but not to those who do not comply, those have no risk). This limits the potential for recovery and increases the possibility of an additional trade war.

We cannot ignore the negative impact on industry and employment of the massive “green” policy plans of the euro area of ​​2004-2018, which caused the countries of the European Union to suffer electricity and natural gas bills for households that are twice as those in the USA, while growth stalled.

Another big problem is that the wrong sectors are stimulated while thousands of small companies that have no access to credit or political favour die. It is not a coincidence that the eurozone destroys more innovative companies or prevents them from growing when regulation forces 80% of the real economy to be financed through the banking channel while in the US it does not reach 30%. Can you imagine an Apple or Netflix growing via bank loans? Impossible.

Another big problem is the obsession with redistribution. By fiscally penalizing merit and success and sustaining public spending above 40% of GDP at any cost with higher taxes while subsidizing low-productivity sectors, the European Union incurs in a huge malinvestment risk when it rewards the subsidized sectors, or those close to political power while those with high productivity are penalized. It is no coincidence that Europe does not have technological champions. It scares them off by perpetuating the obsolete national champions and penalizing merit remuneration and alternative investment via taxation.

Nothing we just discussed changes in the newly announced plan package. It is the same, but much larger. And we cannot believe that this time will be different. While they tell us about green plans, the vast majority of the bailouts will go to aluminum and steel, autos, airlines, and refineries. Meanwhile, a huge tax increase in savings and investment may further drown start-ups, investment in research and development, and innovative companies.

The problem of the European Union has never been a lack of stimuli, but rather an excess of these. The European Union has chained one state stimulus plan after another since its inception. This crisis needed a strong boost to merit, innovation, private capital, and entrepreneurship with supply measures. I am afraid that, again, it has been decided to bail-out everything from the past and let the future die.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey/Cyprus/Greece Israel

Turkey is to begin eastern Mediterranean oil exploration.  Greece, Egypt, Cyprus and Israel are all in outrage over this encroachment by Turkey.

(AlMasdarNews.com)

Turkey Begins East Mediterranean Oil Exploration Despite Greece, Egypt, Cyprus Outrage

Via AlMasdarNews.com,

Turkish Energy Minister Fatih Donmez announced that his country may start exploring for oil in the eastern Mediterranean within 3 or 4 months, in accordance with the controversial maritime border agreement with the Libyan Government of National Accord (GNA).

Speaking at a ceremony marking the start of the sailing of the Turkish ship “Fateh” to explore for oil and gas to the Black Sea, Donmez said that the Turkish Petroleum Corporation, which requested the permit for exploration in the eastern Mediterranean, will begin operations in areas within the scope of its license after the completion of the process.

 

Offshore platform file image

“In the framework of the agreement that we reached with Libya, we will be able to start our oil exploration operations there within 3 or 4 months,” Donmez said.

He added that the new “legal” Turkish exploration ship would also go to the Mediterranean later this year.

The Turkish authorities and the Libyan Government of National Accord signed the Maritime Boundary Demarcation Agreement on November 27, 2019 in Istanbul in the presence of the Turkish President, Recep Tayyip Erdogan, and the President of the Libyan Presidential Council, Fayez al-Sarraj.

Greece, Cyprus, Egypt and other countries oppose the agreement and describe it as “illegal”, a charge rejected by Turkey, which is the largest external supporter of the reconciliation government in its confrontation with the “Libyan National Army” led by Khalifa Haftar.

Andreas Mountzouroulias@andreasmoun

says may begin oil exploration under deal in 3-4 months Armed Forces are ready for any aggression with and we are not afraid

Turkey may begin oil exploration in the eastern within 3 or 4 months under a deal it signed with Libya

View image on Twitter

Greece has gone so far as to threaten military action if any Turkish vessels breach its Exclusive Economic Zone (EEZ).

The move is expected to exacerbate tensions in the region, as Turkey has been locked in disputes for years with Greece, Cyprus, Egypt and Israel over ownership of natural resources, as well as the possibility of European Union sanctions against Ankara.

 

end

6.Global Issues

Please follow this closely.  The correct “cocktail” of drugs to take every when one gets the virus is hydroxychloroquine with zithromax and then zinc.

As I explained to you on several occasions, it is zinc that is the killer of the virus..and it is essential in the treatment.

(Joseph Berry/Conservative Woman Blog)

The Mysterious Missing Link – Anti-Malaria Drug & Zinc

Authored by Joseph Berry via The Conservative Woman blog,

Mystery surrounds why an anti-malaria drug is not being tested as a Covid-19 treatment in combination with zinc, which doctors say is crucial for efficacy.

As we reported recently, President Trump revealed he was taking hydroxychloroquine (HCQ) alongside zinc after reports that many doctors are doing the same to help ward off Covid-19. 

Criticism of the President rose sharply after a non-randomised study published in the Lancet said that HCQ provided no benefit to hospitalised Covid-19 patients while being linked to increased deaths. 

What the mainstream media did not point out is that the Lancet study failed to test HCQ with zinc. Other experts have found zinc to be vital for efficacy in this context.

Zinc, available as an over-the-counter supplement, has long been seen as an immune-system booster that helps develop immune cells, or antibodies, and can strengthen the body’s response to a virus.

American infectious disease specialist Joseph Rahimian explained that, in relation to Covid-19, zinc ‘does the heavy lifting and is the primary substance attacking the pathogen’. HCQ is said to work as a delivery systemfor zinc in fighting coronavirus.

Ironically, the Lancet study came out at the same time as it was reported that India’s premier health body had expanded use of HCQ as a preventive for key workers following three studies showing positive results. 

Conflicting reports and political axe-grinding have thickened the fog of war on this, but we know a number of things:

  1. HCQ has been around for decades and is a ‘safe’ treatment for malaria and other conditions including lupus and arthritis (as the BBC has acknowledged). 
  2. Many doctors (and India) use HCQ as a preventive measure, as President Trump is now doing. A survey of doctors by a leading American physician staffing firm found that 65 per cent would give HCQ to their own family as a prevention or treatment. The UK is now conducting trials into whether HCQ can help prevent Covid-19. Results are not expected before the end of the year, although there will be results sooner from similar trials in the US.
  3. International experience suggests HCQ can be effective in tackling Covid. Reports from FranceItaly and Spain point to positive results from the use of HCQ, while a number of other countries are seeing success including TurkeyCosta RicaAlgeriaBelgium and Bahrain. This month a Shanghai-based doctor reported that, in China, a combination of zinc, hydroxychloroquine and the antibiotic azithromycin ‘has been able to save coronavirus patients’. 
  4. Many prominent Americans are taking HCQ to treat Covid-19 (and recovering) even as opponents attack President Trump for following the lead of many doctors. Hall of Fame rock star David Bryan, best known as the keyboardist for Bon Jovi, tested positive and was treated with HCQ, among other things. By late April, he was said to have recovered. Former Democratic presidential candidate Amy Klobuchar has now admitted her husband was treated with HCQ after he contracted coronavirus. After his rapid recovery, Senator Klobuchar said (through gritted teeth): ‘I believe he did briefly take that drug.’

Sadly it doesn’t seem to be the priority of most mainstream journalists, and some in the scientific community, to report the facts on HCQ in a responsible manner. As political commentator Scott Adams recently pointed out, the corporate news (CNN, Fox News etc) has no credibility when it comes to reporting on pharmaceuticals. In this context, this may be partly due to politics, but it is also a result of their financial stake in drug advertising.

With regard to reporting of the Lancet’s finding about increased deaths, Adams asked whether this should be seen as a surprise ‘given that we know the HCQ can have some heart issues with people who already have heart issues. Do [elderly people who are dying from coronavirus] have strong hearts? Probably not’.

He added:

 ‘What they don’t do on CNN is mention that if you don’t test it with the zinc [then] I’m not sure that you’ve really tested the thing that has the most promise. Where is that [test]?’

He has a point. A number of doctors say zinc is essential.

California emergency physician Dr Anthony Cardillo said during a local television interview:

‘[HCQ] really only works in conjunction with zinc. Every patient I have prescribed it to has been very, very ill and within eight to twelve hours they were basically symptom-free and so clinically I am seeing a resolution.’

This frontline experience was backed up by a study by the New York University Grossman School of Medicine published this month. It found that those receiving the triple-drug combination (HCQ, with azithromycin and, crucially, zinc) ‘were 44 per cent less likely to die, compared with the double-drug combination (i.e. without zinc)’.

As the study notes:

‘This study provides the first in vivo evidence that zinc sulfate in combination with hydroxychloroquine may play a role in therapeutic management for Covid-19.’

The above makes the question of why zinc was not used in the Lancet study more baffling. And why don’t the media note that the combination of zinc and HCQ is crucial?

As Scott Adams put it:

When they say the President is taking this drug that is killing people . . . it is not true. It is basically a lie . . . Both Fox News and CNN are doing something is completely illegitimate . . . I don’t know any reason you would do that other than to mislead.’

Sadly, with a Presidential election approaching, it’s doubtful whether the barrage of fake news over this treatment will be replaced by professional reporting. We can only hope that the truth – whatever it may be – will win out in the end.

end

More and more scientists are firmly convinced that this virus is man made.  Their reasoning:

  1. the binding sites to ACE 2 receptors are more strongly bond to humans than any other species known to man
  2. a “Furin cleavage Site” not seen anywhere in bats etc.

Two ‘Unusual’ COVID-19 Features Convincing Scientists It Was Man-Made

Two unique features of SARS-CoV-2 are convincing a growing number of scientists that it was man-made, and not the result of natural evolution, according to the Daily Telegraph.

First, the virus binds more strongly to human ACE2 enzymes than any other species, including bats.

Second, SARS-CoV-2 has a “furin cleavage site” missing in its closes bat-coronavirus relative, RaTG-13, which makes it significantly more infectious – a finding we reported in late February.

According to Israeli geneticist, Dr. Ronen Shemesh, the Furin site is the most unusual finding.

“I believe that the most important issue about the differences between ALL coronavirus types is the insertion of a Furin protease cleavage site at the Spike protein of SARS-CoV-2,” he said. “Such an insertion is very rare in evolution, the addition of such 4 Amino acids alone in the course of only 20 years is very unlikely.”

Shamesh, who is working on a treatment for COVID-19, believes the novel coronavirus was most likely created in a lab, and did not evolve in nature.

“There are many reasons to believe that the COVID-19 generating SARS-CoV-2 was generated in a lab. Most probably by methods of genetic engineering,” he said, adding “I believe that this is the only way an insertion like the FURIN protease cleavage site could have been introduced directly at the right place and become effective.

Dr Shemesh, who has a PhD in Genetics and Molecular Biology from the Hebrew University in Jerusalem, and over 21 years of experience in the field of drug discovery and development, said it is even “more unlikely” that this insertion happened in exactly the right place of the cleavage site of the spike protein – which is where it would need to occur to make the virus more infectious. –Daily Telegraph

“What makes it even more suspicious is that fact that this insertion not only occurred on the right place and in the right time, but also turned the cleavage site from an Serine protease cleavage site to a FURIN cleavage site,” he added.

In January, a team of Indian scientists wrote in a now-retracted paper that the coronavirus may have been genetically engineered to incorporate parts of the HIV genome, writing “This uncanny similarity of novel inserts in the 2019- nCoV spike protein to HIV-1 gp120 and Gag is unlikely to be fortuitous in nature,” meaning – it was unlikely to have occurred naturally.

Then, in February, a team of researchers in Nankai University noted that COVID-19 has an ‘HIV-like mutation’ that  allows it to quickly enter the human body by binding with a receptor called ACE2 on a cell membrane.

Other highly contagious viruses, including HIV and Ebola, target an enzyme called furin, which works as a protein activator in the human body. Many proteins are inactive or dormant when they are produced and have to be “cut” at specific points to activate their various functions.

When looking at the genome sequence of the new coronavirus, Professor Ruan Jishou and his team at Nankai University in Tianjin found a section of mutated genes that did not exist in Sars, but were similar to those found in HIV and Ebola. –SCMP

According to the Nankai University study, the furin binding method is “100 to 1,000 times as efficient’ as SARS at entering cells.

This protein cleaving protein is highly promiscuous, it’s found in many human tissues and cell types and is involved in many OTHER virus types activation and infection mechanisms (it is involved in HIV, Herpes, Ebola and Dengue virus mechanisms),” said Dr. Shemesh. “If I was trying to engineer a virus strain with a higher affinity and infective potential to humans, I would do exactly that: I would add a Furin Cleavage site directly at the original less effective and more cell specific cleavage site.”

Meanwhile, Flinders University Professor Nikolai Petrovsky found either “a remarkable coincidence or a sign of human intervention,” telling the Telegraph that COVID-19 is “exquisitely adapted to humans.”

“We really don’t know where this virus came from – that’s the truth. The two possibilities is that it was a chance transmission of a virus…the other possibility is that it was an accidental release of the virus from a laboratory,” he said, adding “One of the possibilities is that an animal host was infected by two coronaviruses at the same time and COVID-19. The same process can happen in a petri-dish.”

“In other words COVID-19 could have been created from that recombination event in an animal host or it could have occurred in a cell-culture experiment. I’m certainly very much in favour of a scientific investigation. Its only objective should be to get to the bottom of how did this pandemic happen and how do we prevent a future pandemic.”

Meanwhile, if you can stand 26 minutes of adrenaline-inducing fear porn soundtrack, Australia’s Sky News has put together a segment obliterating the wet market theory, noting China’s poor track record of biolab security, and tying together much of the emerging findings supporting the lab-origin theory.

 

end

Michael Every on the days events..

Rabobank: “Things Are Getting Real… Everywhere You Look, Decades Are Happening In Weeks”

Submitted by Michael Every of Rabobank

There are years where nothing happens, and there are weeks where decades happen.” So said Lenin, who knew a thing or two about revolutionary times. The US faces its worst protests/riots since 1968, which are whipped up by the far right, or the Russians, or ANTIFA –newly-designated as a terrorist organisation by President Trump– depending on what you read. The editor of China’s Global Times has trolled this must be Hong Kong protestors at work – with no Twitter fact-check; certainly Hong Kong’s “If we burn, you burn with us” fits the real rage on display. So should markets think not of the end of lockdown but the start of breakdown? (We have certainly swapped quarantine for curfew in many places.) Perhaps – but 1968 and 1992 were both followed by the usual US exceptionalism. Indeed, the US private sector just sent the first astronauts into space from US soil in a decade, with plans for a moon landing and a trip to Mars. Then again, we are decades further into neoliberal financialisation now, with all the resultant atrophying of previous US strength: the public sector can no longer put a man on the moon; it has to be outsourced.

Re: decades in weeks and breakdowns, on Friday markets –and this Daily– felt a Rubicon was about to be crossed when Trump tweeted “CHINA!” just before a press conference on the subject. However, despite his aggressive rhetoric on the South China Sea and “Wuhan virus”, the conclusion was a bazooka had not been brought to the table. Trump announced: the beginning of the process of ending Hong Kong’s separate legal status from China; a shift in the US travel advisory; action to limit access to US universities; and a working group to protect the US financial system from China; and sanctions on HK and PRC individual. Yet he did not walk away from the phase one trade deal – Trump opted to leave the WHO entirely instead. Equities and CNH both rallied Friday, and Hong Kong was up strongly today. Wrongly.

Loss of US recognition will not directly impact Hong Kong much, as China says, yet:

  • The shift on visas prevents Chinese nationals studying STEM at post-grad level in the US if they attended a military university (around 4% of the total in the US) OR have links to a firm signing up to Beijing’s policy of ‘Military-Civilian Fusion’: that covers anything larger than an SME.
  • The working group on financial markets is almost certain to recommend delisting Chinese equities from the US, a process already underway, and escalate restrictions on US capital flows into China, also underway.
  • We should expect the list of sanctioned individuals to be lengthy and embarrassing. Some will have at least one account with a Western bank, which will have to be closed and moved to a Chinese bank, causing a backlash (last week saw former Hong Kong CEO CY Leung call for a boycott of a bank that could not be more ‘Hong Kong’). Moreover, once Chinese banks are doing that banking instead, US sanctions will then apply to them. We will still end up with restrictions on USD usage in Hong Kong/China that the market think we have dodged.
  • Trump was never going to walk away from a trade deal even if many observers already see it as dead: why bother? If China sticks to it, great – but it won’t change the political direction of travel; and if they don’t, it’s more fuel on the anti-China fire in the near future.

In short, Trump put US-China decoupling on the table – and STILL pushed the stock market up. Those who don’t see that might want to look at Hong Kong’s money changers, who are having to turn away hundreds of customers due to a lack of USD in the face of massive demand; and this is matched by inquiries over emigration and foreign property purchases. The Hong Kong Finance Secretary has even had to come out and say there are no plans to change the city’s HKD peg to the USD or to impose capital controls: that this had to be said speaks volumes. The South China Morning Post likewise points out Beijing may be holding back on a massive stimulus package because it is keeping its power dry and asks: is it for looming US decoupling? It’s certainly not because the economy is doing well from the latest PMI data (manufacturing 50.6 with new export orders 35.3 and 54% of firms seeing insufficient demand; services at 53.6; and Caixin manufacturing 50.7.)

Meanwhile, the tectonic shift on the US-China front runs through all other markets. Mexico has questioned the US over the phase one trade deal given USMCA Article 32.10 states an FTA with a non-market economy allows the other two parties to terminate or update it. Obviously it isn’t a FTA –it’s barely a deal anymore– but Mexico is stirring the pot given much of the US trade lost to China is likely to be gained by it, underlining the new regionalisation underway.

Far more significantly, Trump postponed the G7 meeting set for June because Germany’s Angela Merkel refused to attend. In response to this slight, as well as the milquetoast EU reaction to Hong Kong, who are still set to proceed with a September EU-China investment summit, Trump has shifted the “out of date” G7 date to September – and invited Australia, South Korea, India, and Russia to join. Yes, Russia used to be in G8, and Australia, South Korea, and India are all in the G20. Yet this overlooks the fact that all of the above except Russia feel threatened by China, and are establishing new national security mechanisms to deal with those concerns, including trading arrangements (India may be buying the Aussie barley China no longer is, for example). Moreover, reverse Nixon-ing to bring in Russia from the cold would be the requisite move to encircle China. That’s realpolitik over liberal ideals.

Please listen to Lenin, Europe (where watches are still set back to 2005). The EU debt/budget debate would have been timely 15 years ago, but the block looks to be drifting into a geo-strategic headache if the US and Russia were to build bridges over the top of it, or if the global architecture fragments, WHO style. Even the UK may opt for the US over an EU FTA (and for Australia, India, etc.). This is a real risk of that building in the British determination to walk away from deadlocked EU trade negotiations within weeks; and in the UK dumping Huawei and angling for a new “D10” (D for Democracy) of countries to unite behind a Western technological 5G alternative; and as the UK says 2.9m Hong Kongers are eligible for British residency – this from a government seen as having won the Brexit debate over immigration.

Everywhere you look, decades are happening in weeks. Are they taking us towards US collapse or renaissance? Towards European solidarity or division and (further) European irrelevance? Towards a Chinese century – or very rapidly away from it?

Does this matter for your market/asset? How can it not?! Bond yields are very low; volatility is very low; equities are very high; and the USD is well off its highs. Not all of these can be correct if those tectonic plates are about to shift: only one can.

end

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

CORONAVIRUS UPDATE INDIA/GLOBE//SATURDAY NIGHT

India Extends Lockdown For 4th Time As New Cases, Deaths Climb To Record Highs: Virus Updates

Summary:

  • India extends lockdown for 4th time
  • India reports record jump in new cases
  • Global cases pass 6 million
  • Russia reports highest daily case tally in a week as lockdown eases
  • CDC admits antibody tests extremely unreliable
  • Brazil now has fifth-highest death toll, pushing aside Spain, with ~28k deaths
  • UK PM BoJo to start easing lockdown measures Monday
  • US economic data paints a mixed picture of recovery

* * *

With Americans fixated on the civil unrest spreading to dozens of cities around the country following the latest officer-involved killing of an unarmed black man, the CDC has released some alarming conclusions about the antibody tests that are being rolled out by states as part of sprawling surveillance efforts to try and stop a second wave of COVID-19.

As the global coronavirus case count passes 6 million, Indian PM Narendra Modi announced on Saturday that he would once again be extending a restrictive lockdown that has helped keep the number of confirmed cases in the world’s second-largest country to just ~150k. A recent uptick in new cases prompted the decision – which some Indians are calling “Lockdown 5”, given that it’s the fourth extension.

A paper published just yesterday by a team of analysts at Goldman Sachs shows how India’s easing – moderate though it was – has seemingly led to a rebound in new cases. This underlines two themes: 1) that the strict lockdown imposed by Modi – which is broadly popular even if it has left many disillusioned – appears to have been effective…and the notion that many Indians are still afraid to venture back out into society.

Case in point: electricity generation tumbled again the week before last…

…and mobility and other activity indicators remain weak…

…even as lockdown measures have eased across the country.

Source: GS

According to the FT, the new timeline will allow restaurants, hotels, malls and places of worship to open from June 8 as it looks to resume economic activity despite the country’s rising coronavirus caseload.

Though some reopening measures have been introduced around India in recent weeks, the government said Saturday that strict lockdown measures will remain in effect in designated “containment zones” – neighborhoods where the virus is said to be especially prevalent.

Widespread rioting is the latest obstacle for the US economy. At this point, every state has at least started the process of reopening their economies, even as the number of cases reported daily continues to rise in some (though the gulf between the worst-hit states and virtually every other state remains vast).

With a headline trumpeting more promising “green shoots” now that the nadir of what one analyst called “our 2 month recession” has supposedly been reached, the FT heralded data showing an increase in traffic and a fall in panic purchases at US supermarkets as “signs that Americans are taking their first cautious steps back to normality after coronavirus flatlined the economy.”

However, economic data released over the last few days offer a decidedly more mixed picture. As a plunge in private wages continues to crimp spending, traumatized Americans are putting more money aside, and a recent gauge of consumer sentiment suggests that while most Americans believe the economy will continue to improve, they expect economic conditions, broadly speaking, will remain “unfavorable” in the coming year.

Brussels’ unelected bureaucrats bristle at accusations they are “out of touch” with the common man, but on Saturday, as some of America’s largest cities burned, the EU leadership called on President Trump to reconsider his decision to cut ties with the WHO.

Meanwhile, in the UK, PM Boris Johnson is facing growing criticism over his plan to start reopening Britain in earnest on Monday…after receiving torrents of criticism that his lockdown measures were overly restrictive.

Finally, some more bad news for Russia as its lockdown measures finally start to lift. After a long streak of slowing cases, the country recorded its highest daily jump in new coronavirus cases in more than a week on Saturday, as the total number of infections closed in on 400k. Brazil also reported another harrowing statistic on Friday evening as it overtook Spain to become the country with the fifth-highest death toll in the world, with ~28k confirmed deaths.

Russian public health officials recorded 8,952 new cases of Covid-19 and 181 deaths from the virus. Official figures on Saturday showed a total of 396,575 infections and 4,555 deaths.

END

CORONAVIRUS UPDATE, BRAZIL/SPAIN/THE GLOBE/SUNDAY NIGHT

Brazilian Coronavirus Deaths Pass France As Cases Approaches Half A Million: Live Updates

Summary:

  • Brazil passes France to become country with 4th highest death toll
  • Spain pushes for another 2-week lockdown extension
  • Country hopes to receive €140 billion from EU rescue fund
  • Global COVID-19 cases pass 6 mil
  • Russia cases pass 400k
  • Iran case total passes 150k
  • India reports record jump in new cases after extending lockdown
  • China reports new asymptomatic cases tied to German chartered flight

* * *

Update (1320ET): Just days after supplanting Spain on the list of nations with the largest number of COVID-19-linked deaths, Brazil has just crossed another milestone, passing France to become the country with the fourth-highest number of deaths, after the US, UK and Italy.

Meanwhile, Brazil is about to become the second country to hit 500,000 confirmed cases behind only the US…

Here’s more on that from Reuters:

Brazil reported a record 33,274 new cases of the novel coronavirus on Saturday, its health ministry said, and the death toll surpassed that of France and now ranks only below the United States, Britain and Italy.

The South American nation has now reported 498,440 confirmed cases of coronavirus since the outbreak began, a level of contagion second only to the United States.

The death toll in Brazil from COVID-19, the respiratory illness caused by the coronavirus, increased to 28,834, with 956 new deaths in the last 24 hours, the ministry said.

Brazilian states are preparing to ease quarantine restrictions despite warnings from public health experts who say the worst is still to come.

Brazil’s right-wing President Jair Bolsonaro has played down the gravity of the epidemic and criticized lockdowns for paralyzing the economy and causing widespread unemployment and hardship.

Meanwhile Italy…

Norbert Elekes@NorbertElekes

NEW: Italy reports 355 new cases of coronavirus and 75 new deaths.

Total of 233,019 cases and 33,415 deaths.

Norbert Elekes@NorbertElekes

Italy’s update:

– Number of new tests down
– Number of new cases down
– Number of new deaths down
– Number of hospitalized down
– Number of ICU patients down

…and the UK…

Department of Health and Social Care

@DHSCgovuk

As of 9am 31 May, there have been 4,285,738 tests, with 115,725 tests on 30 May.

274,762 people have tested positive.

As of 5pm on 30 May, of those tested positive for coronavirus in the UK, 38,489 have sadly died.

More info:
▶️ https://www.gov.uk/guidance/coronavirus-covid-19-information-for-the-public 

As of 9am 31 May, there have been 4,285,738 tests, with 115,725 tests on 30 May. 274,762 people have tested positive. As of 5pm on 30 May, of those tested positive for coronavirus in the UK, 38,489 have sadly died.

…have reported their latest daily figures.

* * *

A day after India extended its lockdown for the fourth time, Spanish Prime Minister Pedro Sanchez is asking parliament to approve one more 15-day extension of Spain’s lockdown – which has already been moderately eased even in some of the worst-hit areas like Madrid  – until June 21 “to finish with the pandemic once and for all.”

Sanchez said he would ask parliament to approve a final two-week extension to the stay at home rule. According to the proposal, a national state of emergency wouldn’t end until June 21, at which time citizens would be allowed to move freely. Beginning July 1, citizens will be able to move across the country, El Pais reports.

Spain’s death toll rose by two on Sunday to 27,127, while the number of COVID-19 infections rose by 96 overnight to 239,429. The country has recently been supplanted in global rankings of the worst outbreaks by Russia and Brazil.

Spain first imposed the state of emergency on March 14, imposing a strict lockdown where people were only allowed to leave their homes to buy food, seek medical care or for work. In the beginning, children were confined inside all day.

Despite opposition to the most recent lockdown extension from conservatives and demonstrations across Spain, a deal struck by Sanchez  with a Catalan separatist party Esquerra Republicana de Catalunya should guarantee his minority government secures enough support to extend the lockdown.

A recent uptick in recorded deaths was caused by a revision to the official figures. Experts praised Spain’s government for bringing the outbreak to heel weeks ago.

Meanwhile, the global outbreak reached a new milestone Sunday morning, passing 6 million cases a little over a week after passing the 5 million mark. Out-of-control outbreaks in Brazil, Russia and across Latin America have driven the explosion of new cases recently.

In other news pertaining to Spain, Sanchez said he hoped Spain would receive €140 billion ($155.37 billion) from a new EU recovery fund. The EU is set to borrow €750 billion for the fund, which will offer a mix of grants and loans to the bloc’s most hard-hit economies, which include Spain and Italy, two of its largest economies.

Meanwhile, after announcing its latest lockdown extension yesterday, India reported more than 8,000 new coronavirus cases in a single day, another record high, after also posting the deadliest week of the country’s outbreak so far.

Confirmed infections have risen to 182,143, with 5,164 fatalities, including 193 deaths in the past day, according to health officials.

Overall, more than 60% of the virus fatalities have been reported from only two states: Maharashtra, India’s financial hub, and Gujarat, the home state of Prime Minister Narendra Modi. New cases have largely been concentrated in six Indian states, including Delhi, home state of the capital, New Delhi. Delhi on Sunday reported 1,295 new cases of coronavirus, its biggest daily jump so far, bringing the state’s total to 19,844 cases.

Russia reported 9,268 new coronavirus cases Sunday raising its total to 405,843, surpassing 400k. 138 deaths were also recorded, bringing the death toll to 4,693.

Following 2 recent outbreaks, China announced two new confirmed coronavirus cases and four new asymptomatic cases that it allegedly traced back to a chartered flight from Germany. The two confirmed cases in Shandong province on Saturday compared with four cases the day before, data from the country’s health authority showed.

Finally, Iran said its caseload of coronavirus infections passed a grim milestone of 150,000, as the country struggles with what appears to be the beginning of a second wave of infections. The country reported 2,516 new cases on Sunday, bringing the total to 151,466.

END

CORONAVIRUS UPDATE/BRAZIL THE GLOBE//

‘It’s Out Of Control’ – Brazil Joins US As Only Countries With More Than Half A Million COVID-19 Cases: Live Updates

With US equity markets set to kick off the month of June in the green in defiance of any rational fundamental analysis, most of the army of journalists who have been covering various aspects of the coronavirus crisis have seemingly been diverted to covering the “protests” that have broken out across the US last night, most of Monday’s big virus related news has come from abroad.

Perhaps the biggest story is British PM Boris Johnson’s decision to push ahead with plans to start easing Britain’s lockdown, even as hundreds of new deaths are reported every day, as the UK outbreak remains one of the world’s deadliest. Several high-profile government scientists spoke out against the government’s plan over the weekend, but on Monday, English primary schools reopened for the first time since they were shut 10 weeks ago, though many parents planned to keep their children at home amid widespread fears.

In addition to re-starting classes for some of the youngest students, up to six people can meet outside in England, outdoor markets can reopen, elite competitive sports can resume without spectators and high-risk patients can spend more time outdoors.

Looking ahead, the UK government’s plan to enact quarantine measures for all international travelers and returning Britons are likely to face a Conservative revolt when they are considered by the Commons later this week due to fears over the impact on the economy, the Telegraph reported.

As the UK starts to ease its lockdowns, India announced another extension over the weekend – nicknamed “lockdown 5” by the people – as the country’s outbreak swelled as the total number of infections approaches the 200k mark. India has reported some if its largest daily numbers of new cases in the last few days as its incredibly restrictive lockdown has been eased.

India has reported 230 deaths in the last 24 hours, bringing its total to 5,394 as the latest extension also includes a three-week plan for reopening that will end when the lockdown does.  In reality, the lockdown is being eased in most places except for the containment zones now isolated due to coronavirus outbreaks.

India’s Health Ministry says it has 190,535 cases, placing it in seventh place worldwide.

Across India on Monday, airlines have been ordered to keep the middle seat empty if possible, according to India’s aviation regulator.

Meanwhile, in China, Beijing accused the US of being “addicted to quitting” following President Trump’s decision to leave the WHO.

In Russia, health officials reported 9.035 new cases as Russia became the latest country to see its total number of cases top 400k (with 414,878 total) and 162 new deaths (for a total of 4,855). Singapore, meanwhile, reported 408 new cases and zero new deaths as an outbreak among migrant workers has continued to wane.

Germany reported just 335 new cases and 11 deaths, bringing its twin totals to 181,815 and 8,511, as the country continued its plan of cautious reopening.

In Brazil, the number of cases topped 500k, making it the second country to reach that milestone, after officials reported more than 10k new cases, along with 480 deaths from coronavirus on Sunday, bringing its death toll to 29,314, the health ministry said.
More than half a million people in the country

Russia’s PM has been back in the job for 2 weeks now, but he’s no longer the only PM of a CIS member to contract the virus. Armenian Prime Minister Nikol Pashinyan revealed that he and his family have tested positive for the novel coronavirus.

“I didn’t have any symptoms, I decided to take a test as I was planning to visit the frontline,” he said during a Facebook live video.

Armenia has a population of 3 million, and has so far registered 9,402 confirmed cases of the coronavirus and 139 deaths.

In South Africa, a two month-old coronavirus lockdown has been lifted, allowing people outside for work, worship, exercise or shopping, and allowing mines and factories to run at full capacity to try to revive the economy.

Japan is reportedly planning to allow visitors from countries with low levels of coronavirus infection, including Australia, Thailand, Vietnam and New Zealand.

After weeks of no new cases, Hong Kong’s Center for Health Protection is investigating two new locally transmitted cases of coronavirus – 34-year-old woman and a 56-year-old man. The new cases bring the total number of cases to 1,085 and 4 deaths.

Circling back to Brazil, the Latin American giant now has the second-highest number of cases in the world after the US and the fourth-highest death toll after the US, UK and Italy. According to Reuters, the US has delivered two million doses of the antimalarial medicine hydroxychloroquine to Brazil to fight COVID-19, the White House said, even after Facebook and Twitter took down posts from President Jair Bolsonaro where he touted the unproven but some say promising medication as a “miracle drug”.

END

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

Euro/USA 1.1119 UP .0035 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//USA RIOTS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MOSTLY GREEN

 

 

USA/JAPAN YEN 107.74 DOWN 0.010 (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 1.2394   UP   0.0073  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3700 DOWN .0056 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 35 basis points, trading now ABOVE the important 1.08 level RISING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 63.08 POINTS OR 2.21% 

 

//Hang Sang CLOSED UP 771.05 POINTS OR 3.36%

/AUSTRALIA CLOSED UP 1,13%// EUROPEAN BOURSES MOSTLY GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT GERMAN DAX 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 771.05 POINTS OR 3.36%

 

 

/SHANGHAI CLOSED UP 63.08 POINTS OR 2.21%

 

Australia BOURSE CLOSED UP 1.13% 

 

 

Nikkei (Japan) CLOSED UP 184.50  POINTS OR 0.84%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1732.75.10

silver:$18.12-

Early MONDAY morning USA 10 year bond yield: 0.66% !!! UP 0 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.43 UP 2  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 98.16 DOWN 19 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.51% UP 1 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.57%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,44 DOWN 5 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: RISES TO –.39% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.83% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1118  UP     .0034 or 34 basis points

USA/Japan: 107.62 DOWN .131 OR YEN UP 13  basis points/

Great Britain/USA 1.2464 UP .01042 POUND UP 104  BASIS POINTS)

Canadian dollar UP 142 basis points to 1.3614

 

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The USA/Yuan,CNY: AT 7.1278    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1372  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.8139 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield UP 2 IN basis points from FRIDAY at 0.68 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.46 UP 5 in basis points on the day

Your closing USA dollar index, 97.97 DOWN 36  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 94.94  1.56%

German Dax :  CLOSED DOWN 194.28 POINTS OR 1.65%

 

Paris Cac CLOSED UP 72,43 POINTS 1.54%

Spain IBEX CLOSED UP 134.10 POINTS or 1893%

Italian MIB: CLOSED UP 308.09 POINTS OR 1.69%

 

 

 

 

 

WTI Oil price; 34.46 12:00  PM  EST

Brent Oil: 37.58 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    69.42  THE CROSS LOWER BY 0.72 RUBLES/DOLLAR (RUBLE HIGHER BY 72 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.39 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 :  35.53//

 

 

BRENT :  38,53

USA 10 YR BOND YIELD: … 0.67..up one basis point…

 

 

 

USA 30 YR BOND YIELD: 1.47/up 5 basis points..

 

 

 

 

 

EURO/USA 1.1134 ( UP 49   BASIS POINTS)

USA/JAPANESE YEN:107.58 UP .01772 (YEN UP177 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.81 DOWN 54 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2498 UP 177  POINTS

 

the Turkish lira close: 6.8109

 

 

the Russian rouble 69.19   UP 0.95 Roubles against the uSA dollar.( UP 95 BASIS POINTS)

Canadian dollar:  1.3569 UP 187 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.39%

 

The Dow closed UP 91.91 POINTS OR 0.36%

 

NASDAQ closed UP 62.18 POINTS OR 0.66%

 


VOLATILITY INDEX:  28.23 CLOSED UP .72

LIBOR 3 MONTH DURATION: 0.344%//libor dropping like a stone

LIBOR/OIS:  .282%

TED SPREAD:  (3 MONTH TREASURY VS LIBOR) = .181%

 

USA trading today in Graph Form

Small-Cap Stocks & Silver Soar As Social Unrest Rages, Nation Burns

Nothing says buy domestically-focused small cap US stocks like a nation under curfew due to widespread looting, images of police precincts on fire on every media outlet, many cities suffering “the worst social unrest since the 60s”, and still facing pandemic-crisis economic lockdowns and fears (oh, and PMI/ISM Manufacturing missing expectations and ongoing US-China trade and politial tensions)…

Futures show the malarkey best as Sunday’s open was met with significant selling (riots) only to be magically bid back up and then again on reports that China cut some US imports, only to magically bid once again. The cash open saw weakness, but that was again magically bid higher…

‘Investors’ appear to “love the smell” of burnt-out-businesses in the morning…

Shorts were squeezed once again…

Source: Bloomberg

S&P glued around the 3050 level…

FANG Stocks rallied…

Source: Bloomberg

Virus-affected sectors soared at the open (most notably Cruise Lines and Airlines)…

Source: Bloomberg

Bank stocks surged out of the gate but faded late on…

Source: Bloomberg

But before you get too excited about the rally today, Bloomberg’s Cameron Crise notes that in every month since last November the direction of the S&P 500’s return on the first trading day has been reversed over the rest of the month. And in many cases, the reversal has been spectacular. So a 0.375% gain today bodes poorly for the month if history repeats…

Oh and this happened… at around 0938ET – as stocks were being puked after the cash close – Schwab and Robinhood started suffering outages; these were not completely resolved until around 1250ET…

 

The dollar fell for the fifth day in the last six, back at near 3-month lows…

Source: Bloomberg

Pushing the dollar back near 3-month lows…

Source: Bloomberg

Bonds were sold today, especially the long-end, not helped by AMZN’s huge offering…

Source: Bloomberg

Corporate bonds were dumped at the open but HY rallied comfortably into the green (paging The Fed?) as IG bond prices drifted lower…

Source: Bloomberg

Short-term Fed Funds Futures shifted dovishly today, with Jan 2021 back close to implying negative rates…

Source: Bloomberg

Cryptos are all higher since Friday with Ethereum the biggest gainer…

Source: Bloomberg

All major commodities (even crude today) managed gains amid the weaker dollar…

Source: Bloomberg

And silver continued its outperformance of gold…

Source: Bloomberg

Finally, one wonders just how long this disconnect can last?

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

Saturday

Nationwide Chaos: NYPD Precinct Attacked, CNN Vandalized, Treasury Breached As Mayors Beg For Calm

Update (2315ET): Rioters made quick work of the CNN logo outside the building, covering it with graffiti and standing on it, as if declaring victory over fake news.

The_Real_Fly@The_Real_Fly

CNN being vandalized in Atlanta

View image on Twitter

In Atlanta, vandals broke into the College Football Hall of Fame where they stole memorabilia.

FOX 5 Atlanta

@FOX5Atlanta

New images into @Fox5Atlanta show vandals breaking the windows of the College Football Hall of Fame and stealing items from the Downtown location.

View image on TwitterView image on TwitterView image on Twitter

: College Football Hall of Fame in Atlanta has been destroyed & looted

Embedded video

WSB-TV

@wsbtv

: Several fires have been set in downtown Atlanta: https://2wsb.tv/3derwEu

Embedded video

Meanwhile, the Treasury Department in DC was breached by rioters, who spray painted the building. According to CNN, some of the protesters were stopped by US Secret Service but eventually let go.

intelwave ⚓️@inteldotwav

TREASURY DEPARTMENT IN DC BREACHED BY RIOTERS

Trying their best to calm things down were New York Mayor Bill de Blasop, who tweeted “We have a long night ahead of us in Brooklyn. Our sole focus is deescalating this situation and getting people home safe. There will be a full review of what happened tonight. We don’t ever want to see another night like this.”

Atlanta Mayor Keisha Bottoms admonished the protesters – telling them “You are disgracing our city, you are disgracing the life of George Floyd”

BNO News

@BNONews

Atlanta Mayor Bottoms condemns rioters in fiery speech: “You are disgracing our city, you are disgracing the life of George Floyd”

Embedded video

Maybe the protesters just need to listen to Killer Mike:

Tim Young

@TimRunsHisMouth

Drop everything and watch Killer Mike’s speech in Atlanta tonight. I don’t agree with him on all of his politics, but that doesn’t matter tonight. He’s 100% right about how to handle protesting and how to change the system… and it isn’t burning your city to the ground.

Embedded video

*  *  *

‘With ongoing social unrest in Minneapolis, protests are unfolding across major US cities on Friday evening. From Washington, D.C. to New York City to Atlanta to Ohio to Los Angeles to San Jose, tens of thousands of people are marching on the street demanding justice for George Floyd, the man who was killed by Minneapolis Police on Monday.

Starting in Atlanta, protesters have attacking CNN’s headquarters.

 

h/t Ryan Maue

 

h/t Ryan Maue

The Atlanta protests quickly turned violent:

Alice Stewart

@alicetweet

“What didn’t happen in time to prepare… for angry, empassioned folks that were going to be protesting… we have to be better prepared.” – @JamesAGagliano to @AC360

View image on Twitter

CNN’s Fernando Alfonso reports the social unrest outside of his newsroom.

Fernando Alfonso III

@fernalfonso

Police cars getting literally destroyed in Atlanta outside the CNN Center

Embedded video

Protesters are now setting Atlanta Police Department (APD) vehicles on fire.

Portions of the CNN Center in Atlanta have been outright destroyed even as police in riot gear defend the building

James A. Gagliano

@JamesAGagliano

“Protesters” and “demonstrators” destroy portions of CNN Center in Atlanta, torch cars, toss incendiary device into phalanx of police in riot gear defending building and employees.

Violent rioters endangering lives.

APD needs full turnout, augmentation from State Patrol & Feds.

View image on Twitter

CBS46

@cbs46

BREAKING: APD squad car is now on fire as the protest turns increasingly violent. | Slideshow: https://bit.ly/3gDCuoU

View image on Twitter

The Atlanta Journal-Constitution tweets several pictures of the chaos and destruction unfolding in downtown Atlanta.

 

h/t The Atlanta Journal-Constitution

“Black Lives Matter” signs were spotted in Atlanta.

 

h/t Twitter account natebobphil

It’s getting wild in Atlanta tonight

Courtney Holland 🇺🇸@hollandcourtney

Downtown Atlanta tonight

Embedded video

In Washington, D.C., hundreds of protesters, if not thousands, have assembled outside of the White House.

Fin Gomez

@finnygo

The protest then headed to in front of the White House. A protester was taken by the USSS in front of Pennsylvania Ave into an adjacent federal building. Unclear what he did.A couple men then splintered off from the group and spray painted “F*ck Trump” on the building. @cbsnews

Embedded video

Fin Gomez

@finnygo

Protest just outside of the White House.

Embedded video

A protester climbed the fence of a federal building and spray-painted “Fuck Trump.”

 

h/t NBC’s Tom Lynch

Here’s the video:

Clarence Williams@nu1wcf

At least one protester spray painted graffiti on the bank building.

Embedded video

 

Trump’s Failing AMERICA right NOW! 👎@IndictPOTUS45

WATCH: Secret Service tackles protester as fights break out in front of the White House at a protest in Washington, DC.

Embedded video

Hundreds, maybe even thousands, are marching the streets towards the White House this evening.

Deb 🧻🆘@debramayberry

DC Protest now heading to the White House

Embedded video

Jamie Catherwood@jfc_3_

Headed for the White House

Embedded video

Alejandro Alvarez@aletweetsnews

: On the fourth day of nationwide protests after the death of George Floyd, hundreds are setting out from DC’s U Street for a march toward the White House.

Their starting chant: “No justice, no peace.” Later, it’s “Derek Chauvin, third degree—fuck that, it’s first degree.”

Embedded video

Protesters continue to clash with Secret Service in front of the White House.

Alejandro Alvarez@aletweetsnews

“Every last one of you knows a crooked cop and you do nothing because you’re fucking cowards,” a man yells at the Secret Service. “You’re complicit.” Another protester chimes in: “Fix the broken system.”

Embedded video

Alejandro Alvarez@aletweetsnews

People have managed to toss over the temporary barricades, they’re being pushed back by the Secret Service. More police arriving. Heating up fast outside the White House’s north lawn.

Embedded video

More folks headed to the White House.

Alejandro Alvarez@aletweetsnews

Calmer now with loud and ceaseless chanting at the White House, among the shouts here: George Floyd, say his name/No morals, no peace/Stop killing us/I can’t breathe.

“None of us WANT to be here in the middle of a pandemic,” a protester yells out from the crowd behind me.

Embedded video

Alejandro Alvarez@aletweetsnews

The hundreds still with this protest are marching away from the White House eastbound for the Capitol building. Pennsylvania Avenue is shut down for blocks but cars watching them pass are honking in support.

Out ahead are the Trump Hotel and the Justice Dept.

Embedded video

According to VOA’s Steve Herman, “the White House is on lockdown, with many reporters stuck inside,” due to demonstrations outside.

Steve Herman

@W7VOA

Update: https://twitter.com/TomLynch_/status/1266505949059133440?s=20 

Tom Lynch@TomLynch_

#BREAKING: Protestors are clashing with Secret Service Police in Lafayette Park across the street from the White House. One protestor is spraying the Freedman’s Bank Building @nbcwashington

View image on Twitter

Steve Herman

@W7VOA

Media at the @WhiteHouse instructed to remain inside: https://twitter.com/MarioDParker/status/1266508250788302851?s=20 

Mario Parker@MarioDParker

More footage of protests outside the White House. Press has now been directed from pebble beach and back inside the WH.

Embedded video

In New York City, thousands hit the streets in Manhattan to protest police brutality.

Mariya Abedi@msabedi

A friend just sent this to me, crowds arriving right now to protest outside Barclays Center.

Embedded video

NYPD protecting the entrance of the Barclays Center earlier today.

 

h/t Twitter handle Lemu

Spectrum News NY1

@NY1

UPDATE: Police and protesters clashed outside the Barclays Center a short time ago. Several violent arrests were posted to social media. Other videos showed pepper spray being used. (Video courtesy Jessica Roff)

Embedded video

The protest goes from peaceful to violent quickly in NYC.

maria viti@selfdeclaredref

San Jose protest

Embedded video

maria viti@selfdeclaredref

New York City protest

Embedded video

Protests Map@MapProtests

A lot just popped off at the protest for George Floyd at the Barclays Center in Brooklyn. Pepper spray, batons, and several arrests https://newyork.liveuamap.com/en/2020/30-may-a-lot-just-popped-off-at-the-protest-for-george-floyd  pic.twitter.com/HX953IWtPq via @j0ncampbell

Embedded video

As night falls, rioters have attacked and overrun the 88th precinct in Brooklyn, resulting in a level 3 mobilization, which requires all special units respond and four cars from every command in the city to location. The 84th precincts is under siege, as well. Also, Brooklyn North.

The situation in the Big Apple is quickly turning from bad to worse, with unconfirmed reports that officers have been shot:

Police vans were lit on fire by the angry mob:

Dean Meminger@DeanMeminger

Protesters set van on fire. @NY1 @RonLeeReporting captured this video in Fort Green, .

Embedded video

The situation in Brooklyn is critical:

Rob O’Donnell@odonnell_r

Rioters pushing the lines in Brooklyn

Embedded video

One Twiter user tweets a list of cities where protests have been seen on Friday evening.

  • Louisville, KY
  • Minneapolis, MN
  • Atlanta, GA
  • Los Angeles, CA
  • Evansville, IN
  • Columbia, SC Charlotte
  • NC Memphis, TN
  • Tampa Bay, FL
  • Columbus, OH
  • New York City
  • Phoenix, AZ
  • Omaha, NE
  • St. Louis, MO
  • Ferguson, MO
  • Houston, TX

In Houston, protesters clash with police.

Natasha Geigel

@NatashaFox26

When the crowd started to clash with officers in Downtown Houston. @FOX26Houston

Embedded video

Protesters “temporarily shut down the northbound lanes of 288 going into downtown Houston Friday afternoon,” tweeted Houston Chronicles’ Mark Mulligan.

 

h/t Houston Chronicles’ Mark Mulligan

Protesters unleash hell on a Houston Police car.

TITANSHOMER@TitansHomer

Downtown Houston right now

Embedded video

One Twitter user says “snipers” are “on buildings” in Houston.

ACAB! #blacklivesmatter@wizonv

DO NOT IGNORE ‼️‼️‼️

IF YOU ARE AT THE HOUSTON PROTEST PLEASE BE CAREFUL THERE ARE SNIPERS ON BUILDINGS

Embedded video

On the West Coast, protests in downtown Los Angeles have begun.

 

h/t AIR7HD 

In San Jose, protesters are shutting down 101 Highway.

Kristofer Noceda

@krisnoceda

: Demonstrators protesting death of George Floyd block Highway 101 in San Jose. http://nbcbay.com/rTSLhkb

Embedded video

Nationwide protests are likely to get worse through the weekend. It’s only a matter of time before more governors deploy the Nation Guard to restore order. America is quickly descending into chaos.

Watch Protests Live:

Live: George Floyd Death Protests Around The U.S. | NBC News

George Floyd death: Protests continue for 4th straight day in Minneapolis | LIVE

END

“They Are Outsiders” Minneapolis Officials Blame “White Supremacist… Terror Cells” For Rioting, Looting

There is a delicate tightrope of a path to tread here as politicians, officials, media are forced to admit that these “protests” are now “riots” and while the death of George Flynn at the hands of an over-zealous cop to say the least was egregious, the rioting, looting, and shooting across the nation last night is hard for even the most ardent member of the ‘Resistance’ to defend.

So, what they need is a narrative-shifting bump, to get back to the “it’s racism and it’s Trump’s fault” narrative that Biden began yesterday.

And cue this morning’s Minneapolis, St.Pauls, Minnesote officials press conference this morning to set up the pretense…

First, Minnesota Governor Tim Walz summed-up the current chaos erupting nationwide perfectly:

“These are outsiders… This is absolutely no longer about George Floyd or addressing inequities anymore. This is an organized attack designed to destabilize civil society.”

CNN

@CNN

Minnesota Gov. Tim Walz: “Let’s be very clear. The situation in Minneapolis is no longer in any way about the murder of George Floyd. It is about attacking civil society, instilling fear and disrupting our great cities.” https://cnn.it/2AmzRaE

Embedded video

Then Minneapolis Mayor Jacob Frey confirmed that the people who are coming to Minneapolis to protest are not residents and are “coming in largely from outside the city.”

CNN

@CNN

Minneapolis Mayor Jacob Frey: “This is about violence, and we need to make sure that it stops. We’re in the middle of a pandemic right now. We have two crises that are sandwiched on top of one another.” https://cnn.it/36IoZQg

Embedded video

Our Minneapolis residents are scared and rightfully so. We’ve seen longterm institutional businesses overridden. We’ve seen community institutions set on fire. And I want to be very, very clear. The people that are doing this are not Minneapolis residents,” he said at a news briefing on Saturday. He said the protests earlier this week that were mostly peaceful and were largely attended by those who lived in the city, but “the dynamic has changed.”

“Gradually that shift was made and we saw more and more people coming from outside of the city. We saw more and more people looking to cause violence in our communities, and I have to say, it is not acceptable,” Frey said. “This is no longer about verbal expression. This is about violence and we need to make sure that it stops,” he added. St. Paul Mayor Melvin Carter said everyone who was arrested in his city last night was from outside the state. “What we are seeing right now is a group of people who are not from here,” he said.

And then finally, Minneapolis Department of Public Safety Commissioner John Harrington once again confirmed that narrative:

“…I’m not seeing peaceful demonstrations. And I am not seeing, frankly, any empathy or any heart for Mr. Floyd”

CNN

@CNN

“We have assembled the largest civil policing authority in the history of Minnesota,” Minneapolis Department of Public Safety Commissioner John Harrington says.

“…I’m not seeing peaceful demonstrations. And I am not seeing, frankly, any empathy or any heart for Mr. Floyd”

Embedded video

And added that last night we saw a change in the temperament and the approach:

“…they are what I call rioters…they are not demonstrating for a case, they are not protesting injustice, they were simply bent on destruction.”

So the question is – who are “they”? These rioters that suddenly appeared out of nowhere to instill anarchy in the peace-loving people of Minneapolis (and 35 other cities around the nation)? Harrington appears to have an answer – it’s a white supremacist terror cell…

“…as we have made arrests, we have done contract-tracing similar to our covid response… who are they associated with? what platforms are they advocating for? …and we have seen things like white supremacy… part of an organized criminal organization and we are looking at whether this is an organized cell of terror.

Biden_Brigade@biden_brigade

Minnesota public safety commissioner says white nationalists are organizing and coming to the state for violence and destruction. In other words, white supremacists are following Trump’s lead.

Embedded video

Which also backed up what the Minnesota AG said: “Yes there are infiltrators…They are white & probably white supremacists…”

🇺🇸🇺🇸 Miguelifornia ⭐⭐⭐@michaelbeatty3

👀
Framing the narrative…
“Yes there are infiltrators.
They are white & probably white supremacists….”
Says the democrat AG photographed promoting ANTIFA…..

THESE PEOPLE ARE SICK@realDonaldTrump

Embedded video

So, there it is folks. Despite scenes of 1000s of black folks looting stores and firebombing police precincts, this is white supremacists’ fault… probably using Facebook to brainwash otherwise-peaceful Americans who just wanted to go about their day (and definitely not antifa! Don’t you dare suggest that, because that would be racist… just asking an awkward question though – how likely is it that a group of young white nationalists would burn a precinct to the ground?).

end
USA/22 CITIES/USA BURNS//SUNDAY

America Wakes Up After A Night Of Chaos; 1,700 Protesters Arrested In Three Days

A night of widespread social unrest unfolded across dozens of major US cities on Saturday night. Violent clashes between protesters and police were seen, police vehicles and government buildings were lit on fire, businesses were also looted, and some were even torched following the death of George Floyd, a black man who died in police custody in Minneapolis on Monday (May 25).

What started as mostly peaceful protests in Minneapolis on Tuesday (May 26), quickly spiraled out of control into some of the worst social unrest this county has ever seen. By Wednesday evening (May 27), peaceful demonstrations spread to other major US metros, and almost immediately, violence erupted in the streets, and communities were transformed into warzones in a matter of hours.

By Sunday (May 31) — the nation is burning, it’s time for President Trump to address the country, and stop pretending how everything is awesome for election year purposes.

The nation, at the moment, is imploding, the economy has crashed, 40 million unemployed, Floyd’s death was merely a trigger for the social unrest, as it is clear, the working-class poor (experiencing the worst wealth gap in modern history) are angry, broke, and jobless in the “greatest economy ever,” as their only hope to be heard is through rioting.

While burning businesses and harming human life is by no means a sufficient response to voice one’s frustrations of a failed system or a failed American social experiment that is quickly collapsing on itself, it has been the undeniable path many have taken in the last week.

The riots in Ferguson (2014) and Baltimore (2015) were just the appetizers of today’s social unrest, the full course meal has yet to come, although we could be in the early chapters of it.

As a result of the chaos, lockdowns are beginning, and this time not for virus-related reasons, as curfews were enacted in two dozen cities and National Guard has been activated in 12 states and the District of Columbia this weekend. Policy response on a state and federal level suggests the next card that the government could play is martial law or a variant form of it.

Most important riot headlines from the overnight: 

  • Police arrest 1,700 people across 22 cities in 3 days
  • National Guard activated in 12 states
  • Trump’s conservative media allies urge him to address the nation
  • Target temporarily closes 175 stores in 13 states due to riots
  • Curfews enacted in two dozen major cities; Los Angeles issues mandatory curfew for the entire city
  • 345 people arrested in NYC on Saturday, 33 officers injured
  • One killed in Indianapolis in shooting amid protests
  • Biden states protests urges understanding but cautions against “needless destruction”
  • 28 arrested in Nashville during riots
  • Atlanta police arrest 70 people amid social unrest
  • Denver police arrest 18 as demonstrations ease from the previous two nights
  • Miami-Dade Police arrest 38 people, suspends all transit services on Sunday

Top riot scenes from the overnight: 

An explosion was seen near the White House.

Breitbart News

@BreitbartNews

Developing from near the White House.

Embedded video

FreeZerohedge@freezerohedge

Currently at the White House

Embedded video

National Gaurd arrives in Washington, D.C.

BNO News

@BNONews

BREAKING: U.S. Army Secretary Ryan McCarthy activates D.C. National Guard to help maintain order near the White House

Embedded video

Protest steels AR-15 rifle from a police car, then is quickly snatched by, what is likely, an undercover cop.

KEEM 🍿

@KEEMSTAR

So many undercover cops inside the protest / Riots

Embedded video

NYPD police car pushes people out of the way.

Owen Jones says join a union🌹

@OwenJones84

The police riot across the United States after one of their own murders an innocent black man

Embedded video

Coast to coast — scenes of chaos across America.

Daily Mail US

@DailyMail

George Floyd riots spiral out of control as violence erupts across the country for a fifth day https://trib.al/czKBvha

Embedded video

Vicious beating of a man during the Dallas riots.

ELIJAH

@ElijahSchaffer

BREAKING: man critically injured at Dallas riots

It appears he attempted to defend a shop with a large sword

Looters ran at him, then he charged rioters

They then beat him with a skateboard and stoned him with medium sized rocks

I called an Ambulance and it’s on the way

Embedded video

Looters across the country ransacked many retail stores — here’s a Nike store robbed of all its shoes.

BNO News

@BNONews

Riots reported in several U.S. cities as unrest continues in the wake of George Floyd’s death

Embedded video

Philadelphia burned on Saturday evening.

BrianPark@bparkcritcare

Center City Philly riots… I’m speechless

Embedded video

The_Real_Fly@The_Real_Fly

COP CAR ON FIRE, APPLE STORE LOOTED IN PHILLY

Embedded video

Demonstrators found the need to steal Louis Vuitton purses.

Brandon Straka

@BrandonStraka

I no longer feel any compassion or sympathy for the “outrage” that sparked the riots. It’s gone now.
At a certain point you have to wonder if these ppl are HOPING something like George Floyd will happen so that they CAN do this.

Embedded video

Protester sings: “I don’t know what y’all been told, this racist shit is getting old.”

NighSide@NighSide

“I don’t know what y’all been told, this racist shit is getting old”

Embedded video

NighSide@NighSide

Protester climbs on top of burning car with police riot shield raised

Embedded video

Beverly Hills protesters chant “eat the rich.”

Ian Miles Cheong

@stillgray

Socialists gather in Beverly Hills to chant “eat the rich.”

Embedded video

Chaos on the streets of Los Angeles.

NBC Los Angeles

@NBCLA

WATCH LIVE: Police vehicles are on fire, as protests continue in the LA area. http://4.nbcla.com/SYJsTvP

Embedded video

The government’s attempt to thwart social unrest during an economic depression was the deployment of helicopter money, i.e., Trump stimulus checks, while that move has widely failed in the last week, the next card is already being played: activate the National Guard across the country. Unrest will likely spill over into next week.

END

Remdesivir fails to reach any significance

(zerohedge)

Gilead Falls After Phase 3 Remdesivir 10-Day Trial Failed To Reach Significance

One week after the New England Journal of Medicine found mixed results in its pivotal study of Remdesivir in covid-19 patients which “found no marked benefit from remdesivir for those who were healthier and didn’t need oxygen or those who were sicker, requiring a ventilator or a heart-lung bypass machine” and only “significantly helped those on supplemental oxygen”, concluding that  “given high mortality despite the use of remdesivir, it is clear that treatment with an antiviral drug alone is not likely to be sufficient“, moments ago Gilead announced its own results from a Phase 3 trial of Remdesivir in patients with moderate Covid-19 and which, similarly, appeared to disappoint because while the press release was quick to point out that “patients in the 5-day remdesivir treatment group were 65% more likely to have clinical improvement at Day 11 compared with those in the standard of care group,” this was not relevant, and what did matter is that “the odds of improvement in clinical status with the 10-day treatment course of remdesivir versus standard of care… failed to reach statistical significance.”

The release scrambled to recover the Remdesivir momentum, quoting Francisco Marty, MD, an infectious diseases physician at Brigham and Women’s Hospital, and associate professor of medicine at Harvard Medical School, who said that “our understanding of the spectrum of SARS-CoV-2 infection severity and presentations of COVID-19 continues to evolve. These study results offer additional encouraging data for remdesivir, showing that if we can intervene earlier in the disease process with a 5-day treatment course, we can significantly improve clinical outcomes for these patients.”

In short, anything to save the drug, even if the drug ultimately does not provide much of a benefit compared to placebo. In the end it will be up to the FDA to decide whether said lack of significance is enough to grant Gilead drug approval.

Key efficacy and safety results from the study are included in the table below.

The news sent ES futures lower, with the Emini down 8 points and Dow futures sliding back in the red…

… while GILD stock initially dumped but has managed to rally back some kneejerk losses.

end
Last night//Chaos

6 Killed, Thousands Arrested As 26 States Called In National Guard To Quell 3rd Night Of Chaos

Following what was either the third or the sixth night of chaos to sweep across America following the death of George Floyd a week ago, Americans surveying the wreckage are being met by staggering totals. After tens of thousands of peaceful demonstrators, violent anarchists and opportunistic looters commingled for another night of chaos in cities from California to New York, and from Seattle to South Florida.

Reports published late Sunday/early Monday revealed that President Trump spent part of Friday in an underground bunker under the White House as secret service fired rubber bullets into crowds of violent and non- violent demonstrators. Over the entire three nights of chaos, at least 4,400 people have been arrested, according to a tally compiled by The Associated Press. Arrests ranged from stealing and blocking highways to breaking the dozens of curfews imposed by cities around the country on Saturday and Sunday as the violence spread, the AP reports.

Source: AP

Curfews were imposed in major cities around the U.S., including Atlanta, Chicago, Denver, Los Angeles, San Francisco and Seattle. About 5,000 National Guard soldiers and airmen were activated in 15 states and Washington, D.C.

In Indianapolis, two people were reported dead in bursts of downtown violence this weekend, adding to deaths reported in Detroit and Minneapolis in recent days. In Oakland, two federal agents were shot Friday night; one was killed.

One man was shot and killed when police and the National Guard opened fire on a crowd that had reportedly turned violent in Louisville, the city where Breonna Taylor was killed. WaPo reports Metro Police Chief Steve Conrad confirming the Kentucky National Guard and Louisville police were dispatched to the parking lot at Dino’s Food Mart around 12:15 a.m., where a large crowd had gathered, and that as they tried to disperse the crowd, somebody opened fire at an officer.

Minneapolis and St. Paul were largely spared on Sunday evening following early marches that were largely peaceful. Though there was one high profile incident involving a tanker driving into a crowd of marchers on a highway (the driver of the truck was later arrested), the widespread violence that plagued other areas didn’t materialize. As WaPo reports, the city on Monday morning looked like a “ghost town”.

But this relative peace came at a high cost, as the national guard moved to forcefully enforce curfews, even going so far as to fire paint cannisters and rubber bullets at people sitting on porches who ignored shouts to “get inside.”

The gas stations are closed. The grocery stores are dark. And along Hiawatha Avenue in South Minneapolis, one of the only restaurants serving is a McDonald’s, where every inch of the building’s windows are boarded up except for two small holes at the drive-through just big enough to pass along food.

After nearly a week of unrest in response to the death of George Floyd, city and state officials were optimistic Sunday after a night passed without the dangerous fires, looting and violence that have cut a wide swath of devastation through the heart of this Midwestern city.

But it came with a new reality: Thousands of National Guard troops and state and city police officers moving to aggressively – and sometimes violently – regain control of the streets, and a lockdown that has residents under curfew and has closed the major highways at night.

In some neighborhoods, residents stand outside their homes and businesses with guns, fueling a sense of lawlessness, while medical students descend on the scene with supplies to assist those in need, adding to what increasingly feels like a domestic war zone.

Minnesota’s Democratic governor, who has been criticized for not responding forcefully enough in the beginning. Now, he says, his approach might be remembered as heavy-handed – but he doesn’t care.

“There will be critiques of me that this is excessive. Why are you keeping forces on the ground?” Minnesota Gov. Tim Walz (D) said Sunday. It would be “irresponsible” to dial back the state’s response, amid rumors of outside agitators that he and other officials say have come into the city to sow chaos, he said.

In particular, a video of cops and national guard firing at a woman standing peacefully on her porch went viral, eliciting a torrent of criticism. State police leaders defended it

r@rburttt

Watch “MINNEAPOLIS COPS AND NATIONAL GUARD FIRE PROJECTILE THAT HITS INNOCENT WOMAN STANDING ON HER PORCH” on YouTube https://youtu.be/l23GLLYZAQc  I think I’m not sure but these all white people getting shot at for being on there front porch

The man in Louisville wasn’t the only casualty of the unrest. As governors in 26 states called in the National Guard and Secret Service agents again clashed with demonstrators outside the White House, media reported that at least six people had been killed in violence across the US, as gunfire rang out from Detroit to Indianapolis to Chicago to Omaha, notably correlating with the sites of notorious police killings.

 end

iv) Swamp commentaries)

Flynn transcripts released..nothing improper

(zerohedge)

‘Nothing Improper, And FBI Knew It’: Flynn Transcripts Released

Sen. Chuck Grassley (R-IA) released the transcripts between then-incoming National Security Adviser Michael Flynn and Russian Ambassador Sergei Kisliak, which revealed that Flynn asked Russia to take “reciprocal” against sanctions levied by the Obama administration over interference in the 2016 US election.

I ask Russia to do is to not, if anything, I know you have to have some sort of action, to only make it reciprocal; don’t go any further than you have to because I don’t want us to get into something that have to escalate tit-for-tat,” Flynn told Kisyak.

Techno Fog@Techno_Fog

Nothing nefarious about these calls.

Flynn was concerned about fighting a common enemy: radical Islamists.

Flynn: “We need to be very steady about what we’re going to do because we have absolutely a common threat in the Middle East right now.”

View image on Twitter

Techno Fog@Techno_Fog

12/23/16 – Flynn relays his goals about the Russia/US relationship.

Flynn: “We will not achieve stability in the Middle East without working with each other against this radical Islamist crowd.”

It was never about collusion.

View image on Twitter

Despite clear evidence to the contrary, Former FBI agent Peter Strzok used that conversation as a basis to continue his investigation into whether Flynn was a potential Russian agent, according to recently unsealed court documents. The agency used the call as leverage to try to get the retired general to admit to a violation of the Logan Act – an obscure old law nearly a quarter-century old which prohibits private citizens from interfering in diplomacy (which, as it turns out, is standard practice among members of transitioning administrations).

FBI agent Joe Pientka, who interviewed Flynn with agent Strzok, wrote in his interview notes that he did not believe Flynn was lying to them during the interview – while other recently unsealed notes revealed that the FBI considered a perjury trap against Flynn to “get him fired.”

John ‘Murder Hornet’ Cardillo

@johncardillo

If there was a preexisting improper relationship between the Trump campaign and Russia, @GenFlynn would never have needed an official call with Kislyak to prevent the disaster the Obama admin was creating.

It’s common sense if you’re an honest broker.

Lou Dobbs

@LouDobbs

‘Scandal beyond Measure’: @TomFitton says transcripts of the Flynn – Kislyak calls further prove General Flynn’s innocence and the deep state’s deception.

Embedded video

After the FBI’s malfeasance came to light, the DOJ moved to drop the case against Flynn – which US District Judge Emmet Sullivan has refused to do – instead asking a retired federal judge, John Gleeson, to provide legal arguments as to whether Sullivan should hold Flynn in criminal contempt for pleading guilty to FBI agents – which he now says he did not do.

Following the release of the transcripts, Sen. Grassley said in a statement: “Lt. General Flynn, his legal team, the judge and the American people can now see with their own eyes – for the first time – that all of the innuendo about Lt. General Flynn this whole time was totally bunk. There was nothing improper about his call, and the FBI knew it.

Buck Sexton

@BuckSexton

The transcripts show that Flynn was acting in his country’s best interests, and his only crime was bruising the fragile ego of the Obama team and their pathetic foreign policy https://www.grassley.senate.gov/sites/default/files/2020-05-29%20ODNI%20to%20CEG%20RHJ%20%28Flynn%20Transcripts%29.pdf 

Earlier Friday, DNI John Ratcliffe declassified the transcripts and released them to Congress.

Earlier Friday, DNI John Ratcliffe declassified the transcripts and released them to Congress.

 

end

Amazing!!

Susan Rice Goes Full Conspiracy Rant On CNN: ‘Russians Behind Race Protest Mayhem!’

“This is fucking lunacy  conspiratorial madness of the worst kind  but it’s delivered by a Serious Obama Official and a Respected Mainstream Newscaster so it’s all fine,” Intercept journalist Glenn Greenwald fired off in response to a CNN segment blaming “foreign interference” for the still raging George Floyd protests and riots.

“This is Infowars-level junk. Should Twitter put a ‘False’ label on this? Or maybe a hammer and sickle emoji?” he added. Indeed after three years of national Russiagate obsession was promptly memory-holed given it died a fiery death with the great nothing-burger that was the Mueller investigation, Obama’s former National Security Advisor and later ambassador to the UN Susan Rice appeared on CNN’s The Situation Room with Wolf Blitzer to blame it all on the… you guessed it: Russians!

Saagar Enjeti

@esaagar

Absolutely Incredible: Obama’s Former NSA Susan Rice on CNN talking about the protests and domestic strife

“This is right out of the Russian playbook”

Embedded video

“I’m not reading the intelligence today, or these days — but based on my experience, this is right out of the Russian playbook,” Rice said in the interview.

“But we cannot allow the extremists, the foreign actors, to distract from the real problems we have in this country that are longstanding, centuries old, and need to be addressed responsibly.”

Predictably and without asking for a shred of evidence, Wolf Blitzer responded: “you’re absolutely right on the foreign interference.” He further asked her on whether the Kremlin might be trying to “embarrass” the US by “promoting the racial divide in our country.”

“Well we see it all the time, we’ve seen it for years, including on social media where they take any divisive, painful issue… and they play on both sides,” Rice responded, echoing similar prior accusations that somehow supposed ‘Russian intelligence’ putting out anti-Hillary memes on Facebook in 2016 secured Trump the election.

Matt Taibbi

@mtaibbi

Imagine how hard Americans would laugh if Russian officials and pundits blamed American spies for stoking ethnic tensions in the Caucasus. That’s how dumb this stuff looks to the world outside America. https://twitter.com/jdmontag/status/1267250524090298368 

Jonathan D. Montag@jdmontag
Replying to @WatcherYet @mtaibbi

No. They use social media to inspire people to do bad things. Social media organizations take no responsibility as they profit from it. So hard?

“I would not be surprised to learn that they have fomented some of these extremists on both sides on social media… [or] that they’re funding it in some way, shape, or form,” Rice added.

Also on Sunday current national-security adviser Robert O’Brien actually floated similar theories, naming China, Iran, and even Zimbabwe, as well as “Russian activists” as seeking to exploit unrest in US cities.

ABC News

@ABC

Pressed by @GStephanopoulos on evidence that foreign adversaries are exploiting U.S. unrest, O’Brien points to social media activity from China “coming straight from the government.”

He also names Zimbabwe, Iran and says “there may be Russian activists.” https://abcn.ws/36PZInA

Embedded video

In that interview O’Brien was at least pressed for evidence, which predictably he didn’t give, only saying there’s been “trolling by foreign adversaries”.

He pointed to China’s Foreign Ministry mocking US authorities for hypocritically lecturing Beijing on the Hong Kong issue and “freedom” and “democracy”.

As for Rice’s grand conspiracy theories that it’s all about those ever-present ‘pesky Ruskies’ which seem to “show up” for sinister ‘interference’ purposes anytime something “bad” happens in America, it must be recalled that she actually did help destroy an entire country, and had a very direct hand in it.

She was of course among the Obama administration’s chief Libya war architects, pushing hard for military intervention to ultimately overthrow Gaddafi in 2011, resulting in what is still a failed state and renewed major civil war.

James Woods

@RealJamesWoods

In an Olympic level feat of pretzel-twisting, hoax hustler Rice manages to shoehorn the Russians into the narrative yet again! https://www.foxnews.com/politics/susan-rice-suggests-russians-behind-violent-george-floyd-demonstrations 

Susan Rice makes claim Russians could be behind violent George Floyd demonstrations

Former Obama administration national security adviser Susan Rice bizarrely suggested in a televised interview Sunday that the Russians could be behind the violent nationwide demonstrations following…

foxnews.com

Some activists on social media accused Rice herself of attempting to hijack and deflate the protest momentum in saying foreigners were behind it:

#MedicareForAll 🌹 #GreenNewDeal 🌻@Real_AnnaBird

She’s attempting to hollow out the uprising, delegitimize it. I wish these people had even the passing ability to do some introspection. They sound insane.

See #MedicareForAll 🌹 #GreenNewDeal 🌻‘s other Tweets

Russia officially responded to Rice’s claims. Kremlin spokesman Dmitry Peskov said on Monday when asked about the CNN interview: “We have never interfered in international affairs and we don’t intend to interfere now.”

“Any insinuations that have been mentioned are absolutely wrong, erroneous, and, as far as we understand, such insinuations can in no way reflect Washington’s official position,” said Peskov.

end

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

Last weeks’ riots will produce a profound political effect this year.  When rioting erupts in the US, we recall the lessons of 1968: It upsets swing voters; urban and big-blue state flight increase; most destroyed businesses will not reopen; blight will spread and the USSR aided and abetted radical groups.  Is China involved in the US protests to divert attention from their Hong Kong crackdown?

Emmy-winning correspondent @adamhousley: ANTIFA has hijacked a peaceful movement. They are absolutely supported by a massive increase in Chinese Cyber Ops. Ops also being used to divide the rest of us. China’s ops are staggering”. Other countries at smaller levels: Russia & Iran.

NY Magazine: New Study Shows Riots Make America Conservative 

https://nymag.com/intelligencer/2015/05/new-study-shows-riots-make-america-conservative.html

The most volatile swing state of all – The forces unleashed by George Floyd’s death in police custody are already rattling Minnesota — and presidential — politics.

    Mike Erlandson, a former chairman of the Minnesota Democratic-Farmer Labor Party, said he watched with his 15-year-old daughter in Minnesota this week as a man spray-painted on a wall, “F–k the white people from the suburbs.”  “I do think that, particularly if this continues, the [congressional] districts like Dean Phillips’ district or Angie Craig’s district that right now I would say are relatively safe for the Democratic incumbent, could be very much in play,” he said. “Both of those districts will be decided in large part by suburban women voters, and it would be hard for me to imagine those people aren’t watching this scared, like everybody else, for their family and for their children.”…

https://www.politico.com/news/2020/05/31/george-floyd-death-minnesota-political-landscape-290082

The Economic Aftermath of the 1960s Riots in American Cities: Evidence from Property Values

A riot could impart a significant negative shock to the expected – A stream of amenities associated with central-city properties, and therefore lower property values… insurance premiums might rise; taxes for redistribution or more police and fire protection might increase, and municipal bonds may be more difficult to place; retail outlets might closebusinesses and employment opportunities might relocate; friends or family might move away; burned out buildings might be an eyesore; and so on…

    The cumulative effect of the riots on property values, although felt most strongly in a relatively small number of cities, appears to have been economically significant… We find that the occurrence of a riot significantly depressed the value of black-owned property between 1960 and 1970, and that there was little or no rebound during the 1970s…

https://pdfs.semanticscholar.org/9e8b/92ac3c9eb1ea87f9f52a74818b7e577b9e7c.pdf?_ga=2.81945238.1441921293.1590842403-252424248.1590842403

Fifty years later, cities still suffer the economic effects of the 1968 riots [Blacks impacted most]

The research found a relative decline in median black family income of approximately nine percent in cities that experienced severe riots relative to those that did not, controlling for several other relevant city characteristics… https://blog.acton.org/archives/101092-fifty-years-later-cities-still-suffer-the-economic-effects-of-the-1968-riots.html

The optics of looters, rioters and arsonists running amok while people were arrested for taking their children to playgrounds, going to the beach or attending religious services will resonate with voters for a long, long time. PS – Gun and ammo sales are going to the moon; riots destroyed mail-in voting scheme.

Mob rule came to Chicago on Sunday.  After looting and ransacking the Loop and Magnificent Mile on Saturday night, Il Gov Pritzker overruled Chicago Mayor Lightfoot and called in the National Guard.  Lightfoot closed Downtown Chicago except to residents and essential workers on Sunday.  So, looters and rioters looted stores in Chicago neighborhoods and suburbs, spreading terror to a wide area.  Some churches were vandalized.  PS – On Sunday, Philadelphia ordered all retail stores to close.  Pro Tip: Watch the muni market in the coming days.  Chicago, LA, NY et al bonds could be in big trouble.

@JeffBerkowitzPA: Chicago police Supt Brown stands by his prior statement: “Nobody could anticipate anybody would use 1A protest as a ruse for criminal activity.” OMG, really? If that’s his perspective, doubtful he can succeed in Chicago

@LibertyHangout: This is the aftermath of yesterday’s riots in Cleveland. It’s hard to find a single store, restaurant, or bank that hasn’t been destroyed. Owners are boarding up windows in anticipation of more unrest todayhttps://t.co/KSuv7TG4ey

New Jersey’s governor says the state may have to fire half its 400,000 employees if the federal government doesn’t help make up a $10.1 billion revenue shortage

https://www.bloomberg.com/news/articles/2020-05-28/new-jersey-may-have-to-fire-200-000-state-workers-murphy-says

Our daughter, a reporter for the top-rated TV station in a large US city reported live from the scene on Friday.  After someone was shot within 20 feet of her and her crew, they hid in a garage until police arrived.  Her station then sent someone to extract them.

With Protests Raging in U.S., Amazon Curbs Operations and Apple Keeps Some Stores Closed

https://www.bloomberg.com/news/articles/2020-05-31/amazon-calls-delivery-drivers-back-closes-hubs-near-protests

Hobby Lobby closing all stores, issuing mass furloughs – “The line our manager gave us was, ‘The employees got what the employees wanted, the stores were closed,'”…

https://www.msn.com/en-us/money/companies/hobby-lobby-closing-all-stores-issuing-mass-furloughs/ar-BB128K4j?ocid=ob-tw-enus-689

Target temporarily closes 175 stores in 13 states due to ongoing protestshttps://abcn.ws/2BaYHdM

The US economy, already in depression with ~35 to 40 million unemployed, will be further depressed due to the worst rioting in the US since the Marin L. King Riots of 1968.  Big cities’ dreadful financial problems will worsen and continue to worsen in the longer term due to flight and blight.

Fed officials and most honest economists have professed that the future of the US economy is highly uncertain.  The picture just got a little clearer; and it’s dire.  Some pundits and economists will site the ‘Broken Window Fallacy’ (fixing destroyed assets boosts the economy); but a lot of the ‘broken windows’ are not going to be fixed due to flight and blight.  Furthermore, the summer is just starting.  What happens when people get crazier from the heat and nothing productive to do?

The MSM reporting on the US riots has been disgraceful.  They eagerly reported social distancing violations; but they have refrained from posting accounts of the riots.  If you check the MSM Twitter feeds, there are few reports even though there has been historic US rioting.  So, we will publish as many items as possible below and way below – especially so our foreign clients can understand the scope and depravity of the rioting as well as the lack of will of numerous US officials to protect people and property.

BeholdIsrael: Elon Musk was asked a week ago why Tesla’s new Cybertruck has a need of bulletproof windows. His answer was interesting: “We’ve got to be ready for the Apocalypse.”

ESMs, which were negative during Asian and early European trading, plunged on abysmal US consumer spending for April.  Though Personal Income soared 10.5% on government aid, spending plunged a record 13.6% m/m.  -12.8% was expected.

Fed’s Mester says it’s hard to imagine quick V-shaped recovery    https://reuters.com/article/us-usa

Powell says the Fed is ‘days away’ from making the first loans in the Main Street lending facility http://cnbc.com/id/106557170

After Powell’s innocuous speech, ESMs and stocks hit new lows.  Traders feared DJT might slam China.  But, reports indicated that Trump’s China announcement would be folderol (a showy but useless item).

Trump Weighs China Sanctions Yet Won’t Quit Phase One Deal

U.S. may also impose visa restrictions on Chinese travel

https://www.bloomberg.com/news/articles/2020-05-29/trump-weighs-sanctions-on-china-finance-sector-over-hong-kong

So, as we guessed, ESMs and stocks rallied sharply on relief that Trump didn’t hammer China and May performance gaming.  This is really simple stuff right now.  Trump announced that the US was terminating its relationship with WHO.  ESMs and stocks plunged on fright that DJT would next hammer China.  He didn’t.  ESMs and stocks soared into the close.

Trump announces new actions against China over Hong Kong, coronavirus [Old News]

The president said the U.S. will crack down on Chinese companies listed on American exchanges. He directed the Presidential Working Group on Financial Markets to examine the practices of those businesses… https://www.foxbusiness.com/markets/trump-announces-new-action-against-china-over-hong-kong-coronavirus

@realDonaldTrump on Sunday: The USA will be designating ANTIFA as a Terrorist Organization

Attorney General William P. Barr’s Statement on Riots and Domestic Terrorism

Federal law enforcement actions will be directed at apprehending and charging the violent radical agitators who have hijacked peaceful protest and are engaged in violations of federal law.

    To identify criminal organizers and instigators, and to coordinate federal resources with our state and local partners, federal law enforcement is using our existing network of 56 regional FBI Joint Terrorism Task Forces (JTTF).

The violence instigated and carried out by Antifa and other similar groups in connection with the rioting is domestic terrorism and will be treated accordingly.”

https://www.justice.gov/opa/pr/attorney-general-william-p-barrs-statement-riots-and-domestic-terrorism

The odds are exorbitantly high that the FBI and other federal agencies infiltrated Antifa months ago and their communications were being monitored.  Antifa leaders, donors and supporters now could be subject to RICO prosecution.

Epoch Times’ @Annakhait: Antifa is a group of HIGHLY organized, dangerous white radical communists. Had a friend who went undercover for a yr in Portland (has it on video). He was surprised how racist they were! They don’t care about the black community. They hate America and want to start a revolution. [Soon, the people that fund them will be revealed!]

The MSM, Dems and some RINOs ignored, some even cheered for, Antifa and related groups’ violent acts because they perceived them to be anti-Trump [another manifestation of Trump Derangement Syndrome].  Emboldened by the pass and support, the anarchists got progressively adventurous.

@bennyjohnson: Imagine how many scared little white skinny jean communists are sitting in their parents’ basement right now shaking and clutching their Soy Latte while trying frantically to delete their ANTIFA laden FB profiles before federal agents drag them to GITMO.

Antifa’s American insurgency – We are witnessing glimmers of the full insurrection the far-left has been working toward for decadesAntifa, the extreme anarchist-communist movement, has rioting down to an art. The first broken window is the blood in the water for looters to move in. When the looting is done, those carrying flammable chemicals start fires to finish the job. Footage recorded in Minneapolis and other cities show militants dressed in black bloc— the antifa uniform — wielding weapons like hammers or sticks to smash windows. You see their graffiti daubed on smashed up buildings: FTP means Fuck the Police; ACAB stands for All Cops Are Bastards; 1312 is the numerical code for ACAB…

    All the parts of rioting serve a purpose. Looting and fires destroy local economies. Riots can overwhelm the police and even the military. All of this leads to a destabilized state…

https://spectator.us/andy-ngo-antifa-american-insurgency/

Demonstrations spread to Europe in wake of George Floyd’s death [Antifa?] https://t.co/dxnI8hr2CD

@realDonaldTrump late Sunday afternoon: Get tough Democrat Mayors and Governors. These people are ANARCHISTS. Call in our National Guard NOW. The World is watching and laughing at you and Sleepy Joe. Is this what America wants? NO!!!

On Sunday, NY Mayor de Blasio, despite widespread pleading, refused to call in the NY National Guard.

Mayor Bill de Blasio’s daughter, Chiara, arrested at Manhattan protest   https://trib.al/TmXzWOU

@markpmeredith: Secret Service says at least 60 of their officers and special agents sustained injuries as a result of this weekend’s protest outside the White House.

Director & Producer @robbystarbuck on Sunday: People are looting in Santa Monica and so far no police stopping them. Broad daylight. This is pure insanity.

Pelosi and Atlanta Mayor Keisha Bottoms blamed the riots on Trump’s tweets.

The biggest differences between current riots and 1968 riots

  • In 1968, rioting was confined to black neighborhoods.  Now, chic districts got destroyed
  • Many blacks are irate at the looters and rioters now.
  • There is no Vietnam turmoil; but the US economy is in a depression
  • There are far more minority state & local leaders.  They can restore control with less MSM hectoring; but many gained power by equating policing with racism.  Can they adjust?

Today – This is a treacherous market to short due to the historic government and central bank intervention and rigging.  However, at some point in the near future, economic reality is likely to force a very painful stock market adjustment.

Property and retail insurers should get hit hard.  Will Uncle Warren surface to underwrite policies for commercial properties and businesses that were destroyed?

Medical examiner:  No ‘traumatic asphyxiation or strangulation’ in George Floyd death, but ‘effects of … being restrained by police’ contributed to his death – Mr. Floyd had underlying health conditions including coronary artery disease and hypertensive heart disease. The combined effects of Mr. Floyd being restrained by the police, his underlying health conditions and any potential intoxicants in his system likely contributed to his death,”…  https://www.theblaze.com/news/george-floyd-medical-examiner-bombshell

Possibly, George Floyd’s death was due to blood being halted to his brain from applied pressure to his carotid artery.  MMA (Mixed Martial Arts) chokeholds are applied to either the windpipe to cutoff air or the carotid artery (also called ‘Sleeper Hold’ or ‘Blood Choke’).  If it is held too long, death results.

 

@paulsperry_: Believe it or not, but the MPD manual for use of force actually allows cops to use their knee or elbow to apply pressure to the carotid artery of a suspect violently resisting arrest until they are “unconscious.” Cops like Chauvin r actually TRAINED to do this to perps

 

@realDonaldTrump on Saturday: These are “Organized Groups” that have nothing to do with George Floyd.   Mayor Jacob Frey of Minneapolis will never be mistaken for the late, great General Douglas McArthur or great fighter General George Patton. How come all of these places that defend so poorly are run by Liberal Democrats? Get tough and fight (and arrest the bad ones). STRENGTH!

It’s ANTIFA and the Radical Left. Don’t lay the blame on others! [After MN Gov Walz, pub safety commish Harrington and AG Ellison, an Antifa apologist, blamed ‘white supremacists’ for the riots.]

 

Police chief: Much of riot damage caused by those from outside Minneapolis

https://bringmethenews.com/minnesota-news/police-chief-much-of-riot-damage-caused-by-those-from-outside-minneapolis

 

@USATODAY [only MSM to report this]: A security expert says intelligence reports indicate most of the hard-core protesters in Minneapolis are far-left or anarchists, and that far-right groups have not yet made a significant appearance. [Undercuts leftist Minnesota leaders’ gaslighting attempt to blame others]

https://www.usatoday.com/story/news/nation/2020/05/30/george-floyd-protests-riots-violent-outside-agitators-minnesota/5291658002/

 

@FOX9: Jail records show most arrested in Minneapolis riots are Minnesotans

Of the 45 people arrested for rioting, unlawful assembly, stolen property, burglary or robbery on May 29 and May 30 so far, 38 had Minnesota addresses, according to publicly available jail records reviewed by FOX 9.  [Only 45 arrests?!?!?]  https://www.fox9.com/news/jail-records-show-most-arrested-in-minneapolis-riots-have-minnesota-addresses

 

Sen. @tedcruz: Dem politicians need to stop spreading disinformation. [To protect their leftists pals]

 

@jennfranconews: Saint Paul Mayor Melvin Carter admits he was wrong earlier and “takes full responsibility” for saying everyone arrested during riots Friday night was “from out of town.”   Says he was briefed with inaccurate information.

 

@laralogan: Here is where you can expect to see violence tonight… [Antifa itinerary for Sat protests].

https://twitter.com/laralogan/status/1266820870967885824/photo/1

 

@BillGertz: Photo from a now-deleted tweet in 2018 by Keith Ellison, Minnesota’s attorney general who at the time was DNC deputy chairman. Ellison tweeted that the Antifa handbook should “strike fear in the heart” of Trump. He supports domestic terrorism that ravaged Minneapolis

https://twitter.com/BillGertz/status/1266784445715091458/photo/1

 

DNC Deputy Chair [Ellison] Gives Shout Out to Antifa  by Jonathan Turley 1/4/2018

Germany has banned an Antifa website as an extremist organization.  That has not stopped Rep. Keith Ellison, D-Minn., the deputy chair of the Democratic National Committee, from posing with the handbook of the Antifa movement and giving the group a proud shout out…The Democrats will hand over another election if they simply try to run on being anti-Trump and pro-Antifa…

https://jonathanturley.org/2018/01/04/dnc-deputy-chair-gives-shout-out-to-antifa/

 

@RealMattCouch on Saturday: Two Federal Officers Shot in Oakland, California last night. One Dead, One Critically Wounded… 6 more Oakland Police Officers were hurt and injured last night… That’s 7 down, 1 dead in Oakland, California alone… This CANNOT continue in America, Enough is Enough!

 

[Saturday] Attorney General William Barr: “Groups of outside radicals and agitators are exploiting the situation to pursue their own separate and violent agenda… it is a federal crime to cross state lines or to use interstate facilities to incite or participate in violent rioting and we will enforce those laws.” https://abcn.ws/2McXhSz

 

@JackPosobiec: Antifa are now using TikTok to spread tactics on how to sabotage Nat’l Guard vehicles

 

@LisaDaftari: Synagogue Congregation Beth El on Beverly Blvd in Los Angeles vandalized… Tell me this ugly hatred is still about #blm or #georgefloyd?!

 

CNN’s @JamesAGagliano: New York City tonight: “Protesters” desecrate St. Patrick’s Cathedral — one of the most sacred Catholic Churches in the world. [Pic at link]

https://twitter.com/JamesAGagliano/status/1266889713501310976

 

Sun-Times @BenPopeCST on Saturday: Magnificent Mile is absolutely mayhem right now. Stores being smashed and looted left and right.  It’s been quite a while since this started and still no sign of police. They are stretched impossibly thin throughout downtown right now.

 

@Breaking911: CHAOS: Police officers dragged through the street in Chicago

https://twitter.com/Breaking911/status/1266877271865987072

 

@AmyJacobson on Sunday: Last night 20  Chicago Police officers were injured after being punched and dragged through the streets. 2 officers requiring surgery for broken bones.  240 arrested, 6 shot, 1 killed.

 

@CWBChicago: Watch: Looters drive a U-Haul truck into an Oak Street boutique near the Magnificent Mile in #Chicago on Saturday nighthttps://t.co/d0bomYVDMg

 

@CWBChicago: Incredibly, Chicagoans are STILL calling 911 to report social distancing violations.

 

Pair of Brooklyn lawyers including Ivy League corporate attorney charged in Molotov cocktail attack on NYPD cruiser

https://www.nydailynews.com/new-york/ny-molotov-nypd-brooklyn-lawyers-charged-20200531-nxamwxnjmzgvzmczi6z2ypcbzi-story.html

@Breaking911 Saturday night: NYC Mayor Bill de Blasio is now blaming the riots on President Trump saying he “helped to create” the “atmosphere” for them

@RyanAFournier: My sources are telling me that Dallas has fallen.  Little to no law enforcement presence.  Stores being lit on fire, ATM’s being stolen and people being brutally beaten

@brandondarby: Warning graphic video: Protesters/rioters in Dallas beat store owner to possible death after he tried to defend his business   https://twitter.com/chadfelixg/status/1266931808580636673

@ElijahSchaffer: FBI is on the ground in Dallas as situation intensifies

@ElmaAksalic: Authorities in Philadelphia say at least 13 police officers have been injured amid incidents of arson and store break-ins during the city’s downtown protests.

 

@phillygodfather: The @PhillyMayor ordered the cops to stand down.

@MrAndyNgo: Portland: A man tried to help the man carrying a US flag who was getting beaten on the ground at yesterday’s antifa/BLM riot. They chased him away and kicked him in the face when he was unconscious on the groundhttps://twitter.com/MrAndyNgo/status/1267091647042473985

@gatewaypundit: It was nice of Nashville Mayor @JohnCooper4Nash to urge his city to join him at the same protest where they torched City Hall! #TrueLeadership

@paulsperry_: The activist media is the problemThey whip these numbnuts into a violent frenzy

AG Letitia James to probe NYPD clashes with George Floyd protesters: Cuomo

The AG would report back in 30 days on violence including one cop’s caught-on-video shoving of a demonstrator in Brooklyn, the governor said… [This is not a parody or demented joke!]

https://nypost.com/2020/05/30/ny-ag-james-to-probe-nypd-clashes-with-george-floyd-protesters-cuomo/

Baltimore Cop Suspended after Taking down Woman Who Was Beating another Police Officer…on Friday nighthttps://bigleaguepolitics.com/baltimore-cop-suspended-after-taking-down-woman-who-was-beating-another-police-officer/

 

Rudy Giuliani blasts ‘liberal’ leaders for riots: ‘Progressives don’t know how to police’

https://www.foxnews.com/media/rudy-giuliani-blasts-liberal-leaders-for-riots-progressives-dont-know-how-to-police

 

@paulsperry_: Obama OFA partner Indivisible encouraging protesters: “Have the National Lawyers Guild Legal Hotline 415.285.1011 written on your arm in case you are arrested.  If you are Black or Brown and are arrested, let the Guild know. The Anti Police-Terror Project has bail funds.”

 

Biden staff donate to group that pays bail in riot-torn Minneapolis

At least 13 Biden campaign staff members posted on Twitter on Friday and Saturday that they made donations to the Minnesota Freedom Fund, which opposes the practice of cash bail, or making people pay to avoid pre-trial imprisonment. The group uses donations to pay bail fees in Minneapolis.

    Biden campaign spokesman Andrew Bates said in a statement to Reuters that the former vice president opposes the institution of cash bail as a “modern day debtor’s prison.”…

https://www.reuters.com/article/us-minneapolis-police-biden-bail-idUSKBN2360SZ

 

Biden after above report went viral: Protesting such brutality is right and necessary. It’s an utterly American response. But burning down communities and needless destruction is not. Violence that endangers lives is not. Violence that guts and shutters businesses that serve the community is not.

 

News that appeared on Friday

 

On Friday night: A mob attacked CNN HQ in Atlanta; two NYPD precincts were attacked in Brooklyn.  The College Football Hall of Fame in Atlanta was damaged and looted.  Secret Service agents and police held off demonstrators at the White House.  Windows were broken at the Supreme Court.  @cnnbrk: Protesters in Washington breached the complex of the Treasury Department and spray painted the area.

NYC Mayor De Blasio told rioters to leave the police alone; “take your anger out on those that hold the power.”  At Trump request, Pentagon puts military police on alert to combat riots

https://www.foxnews.com/us/at-trump-request-pentagon-puts-military-police-on-alert-to-go-to-minneapolis

 

AP: Protesters torch Minneapolis police station in violent night

Dozens of fires were also set in nearby St. Paul, where nearly 200 businesses were damaged or looted…

    A visibly tired and frustrated Minneapolis Mayor Jacob Frey made his first public appearance of the night early Friday at City Hall and took responsibility for evacuating the precinct, saying it had become too dangerous for officers. As Frey continued, a reporter cut across loudly with a question: “What’s the plan here?”  “With regard to?” Frey responded

He defended the city’s lack of engagement with looters — only a handful of arrests across the first two nights of violence — and said, “We are doing absolutely everything that we can to keep the peace.”…

    Among the casualties of the protests: a six-story building under construction that was to provide nearly 200 apartments of affordable housing.  “We’re burning our own neighborhood,” said a distraught Deona Brown, a 24-year-old woman standing with a friend outside the precinct station…

https://apnews.com/e27cfce9464809aa8c91afd74c930bb5

 

Fox reporter Steve Harrigan on Friday night, reporting from an area in Minneapolis that was lit by burning autos and buildings as well as ringing with gunshots, said he saw no police or National Guard.

 

When public officials refuse to protect people or property, citizens will opt to arm themselves.  Gun control candidates will be in for difficulty in this election cycle.

 

Black, Latino businesses in Minneapolis feel pain of George Floyd riots  https://trib.al/Pd1MR6G

 

Black Small Business Owner Filmed Crying after Rioters Loot and Destroy His Business

https://www.thegatewaypundit.com/2020/05/heartwrenching-black-small-business-owner-filmed-crying-rioters-loot-destroy-business-video/

 

Black Firefighter Spent His Life Savings To Open A Bar. Then Minneapolis Looters Burned It Down    https://dailycaller.com/2020/05/29/looters-minneapolis-george-floyd-firefighter-bar/

 

Angela Stanton King @theangiestanton: The Black community in MN is calling out white Antifa members for starting the riots and destroying their communities

 

Prominent defense attorney Leo Terrell, who is black and a civil rights activist, excoriated the rioters and blamed Democratic lawmakers for appeasing the rioters in the mistaken belief that arrests might alienate black voters.  He said he is now alienated against the appeasers.  He also thanked Trump for quickly putting the DoJ on the Floyd case.   https://twitter.com/VincentCrypt46/status/1266545059823927297

 

@TheLeoTerrell: President #DonaldTrump you need to federalize the #NationalGuard and stop the looting in the #CityofLosAngeles.  The Mayor has lost control.

 

A load of bricks was dropped off in front of an office building in Dallas on Friday night.  Two black protestors opined, “This is a setup…There ain’t no damn construction around here.”

https://twitter.com/MiskwahyaAgwamo/status/1266634895331295232

 

@ElijahSchaffer: tonight’s Dallas riot was pre-planned.  Organizers were directing the crowd where to go.  They had pallets of 100 bricks ready for rioters.  They were yelling to the crowd “go left, there are 100 bricks on the corner over there”.  This wasn’t random chaos.  More info to come

 

Interviews showed elderly black Minnesotans who were disconsolate.  Heartbreakingly, they sobbed that now they don’t know where to go to get medicine and food because those stores were destroyed.

 

Over the weekend, we saw or read several accounts from black businessmen, leaders and attorneys that were heartbroken and/or irate with the destruction to the respective communities.  One defense attorney, IIRC, was livid and claimed that most of the rioters are outsiders that do not care that minority businesses and communities are being destroyed.  He stated that 70% of people arrested in the Ferguson, MO and Baltimore riots from 2014 and 2015 were ‘outsiders’, including paid instigators.

 

@JGilliam_SEAL: @cnn reporter says she saw someone with a professional looking device starting fires.

 

@MrAndyNgoCongresswoman Ilhan Omar’s daughter, Isra Hirsi, used her large social media influence to try to get people to give “supplies” to rioters in Minnesota. The list she shared included a request for sticks, plywood and rackets.

https://thepostmillennial.com/ilhan-omars-daughter-shows-support-for-antifa-group-organizing-riots-in-minneapolis/

 

Minnesota Governor’s Daughter Hope Walz Was Tweeting Out Intel to Violent Looters and Rioters Just Like Ilhan Omar’s Daughter Isra Hirsi…she later deleted her account…

https://www.thegatewaypundit.com/2020/05/breaking-exclusive-minnesota-governors-daughter-hope-walz-tweeting-intel-violent-looters-rioters-just-like-ilhan-omars-daughter-isra-hirsi/

 

Right now in Minnesota, it seems you can get arrested for opening a business, but you can’t get arrested looting one.” – Rush Limbaugh

 

Minn. mayor gives masks to crowding rioters after warning in-person worship would be ‘public health disaster’ – “The City encourages everyone to exercise caution to stay safe while participating in demonstrations, including wearing masks and physical distancing as much as possible to prevent the spread of COVID-19,” a press release read. “The City has made hundreds of masks available to protesters this week.”… [You can’t make this up!] According to [Gov] Walz’s latest order, gatherings of more than 10 are prohibited…outdoor gatherings are drive-in only…

https://www.foxnews.com/politics/minneapolis-mayor-says-facemasks-given-to-rioters-as-other-residents-told-to-avoid-mass-gatherings

 

Twitter censored Trump on Friday, escalating the fight.

 

@realDonaldTrump: I can’t stand back & watch this happen to a great American City, Minneapolis. A total lack of leadership. Either the very weak Radical Left Mayor, Jacob Frey, get his act together and bring the City under control, or I will send in the National Guard & get the job done right

    These THUGS are dishonoring the memory of George Floyd, and I won’t let that happen. Just spoke to Governor Tim Walz and told him that the Military is with him all the way. Any difficulty and we will assume control but, when the looting starts, the shooting starts. Thank you!

 

Twitter claims the second DJT tweet glorifies violence, even though Twitter teems with violent rhetoric.

 

@seanmdav: Twitter is officially censoring the US Government while actively promoting unfiltered propaganda from the communist Chinese government and the tyrannical terrorist Iranian government.

 

@realDonaldTrump: Twitter is doing nothing about all of the lies & propaganda being put out by China or the Radical Left Democrat Party. They have targeted Republicans, Conservatives & the President of the United States. Section 230 should be revoked by Congress. Until then, it will be regulated!

@realDonaldTrump on Friday afternoon: Looting leads to shooting, and that’s why a man was shot and killed in Minneapolis on Wednesday night – or look at what just happened in Louisville with 7 people shot. I don’t want this to happen, and that’s what the expression put out last night means.  It was spoken as a fact, not as a statement. It’s very simple, nobody should have any problem with this other than the haters, and those looking to cause trouble on social media. Honor the memory of George Floyd!

   Martin Luther King niece, Evangelist @AlvedaCKing responding to DJT: Praying in agreement

 

DJT on Friday: “George Floyd’s family is entitled to justice and the people of Minnesota are entitled to safety.”  DJT also said he spoke with George Floyd’s family and expressed his sorrow about his death.

https://nypost.com/2020/05/29/president-trump-speaks-to-george-floyds-family/

On Friday Joe Biden said “Were I president now, I’d have the Justice Department civil rights investigation [looking into George Floyd’s death] going on right now.”  DJT did this on Wednesday.

@Barnes_Law: I am sure that Democratic governors & mayors releasing dangerous inmates “to stop Covid” had no impact on all the rioting & looting going on now.

Liberal law prof. @JonathanTurley: The latest move by Twitter against President Trump will only fuel calls for government intervention. The standard of “glorifying violence” is so ambiguous and subjective that it could be used against everything from War and Peace to Looney Tunes episodes.  It is making the case for government intervention NBC Anchor tweeted a “guide” that Minneapolis images are not to be described as rioting but rather “protests.”  What is bizarre is that there is no need to try to sanitize or shape the story. Viewers can understand a complex and multifaceted story.

 

@DailyCaller: MSNBC reporter says “I want to be clear on how I characterize this. This is mostly a protest. It is not generally speaking unruly.” As a building burns in the background

https://twitter.com/DailyCaller/status/1266223410008514562

WBBM’[Chicago] @CiscoCotto: Mayor Lightfoot speaking LIVE right now on @WBBMNewsradio says what she wants to say to @realDonaldTrump “begins with F and ends with you

What would be the MSM and politicians’ outrage if Trump said this about the Chicago Mayor?

Chicago Police Officers Ordered to No Longer Use Force to Disperse Large Gatherings  [Unless it’s a religious service?]https://chicago.cbslocal.com/2020/05/29/chicago-police-officers-ordered-to-no-longer-use-force-to-disperse-large-gatherings/

‘Can you please get them?’ 5-year-old girl asks Chicago cops after getting shot in the leg. ‘We got you,’ they promise   https://www.chicagotribune.com/news/breaking/ct-girl-shot-mom-20200528-4nb2t7qeynbg7lutfoso2iz7au-story.html

New DNI John Radcliffe on Friday released the transcripts of the phone call between Russian Ambassador Kislyak and General Flynn that were used to ‘get Flynn’.  Dems, the MSM and Team Mueller stated that Flynn told Kislyak that the US would ‘easy off sanctions’.  This is NOT mentioned in the phone call transcripts, which are at this link:  https://www.scribd.com/document/463573448/Flynn-Calls-1

 

Here’s the pertinent passage that was used to frame General Flynn and as a basis to investigate Trump:

https://www.grassley.senate.gov/sites/default/files/2020-05-29%20ODNI%20to%20CEG%20RHJ%20%28Flynn%20Transcripts%29.pdf

 

Sen. Grassley on Flynn-Kislyak transcript: “Lt. General Flynn, his legal team, the judge and the American people can now see with their own eyes – for the first time – that all of the innuendo about Lt. General Flynn this whole time was totally bunk. There was nothing improper about his call, and the FBI knew it It’s a shame it’s taken nearly three and a half years for everyone to see the underlying evidence against Flynn that Rosenstein and the Mueller team went to great lengths to keep hidden

https://www.grassley.senate.gov/news/news-releases/after-3-plus-years-wrangling-transcripts-heart-flynn-controversy-see-sunlight

Well that is all for today

I will see you TUESDAY night.

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