JUNE 3/ANOTHER RAID//GOLD DOWN $26.15 TO $1726.40//SILVER DOWN 23 CENTS TO $17.72//VOLUME IN GOLD DOWN AGAIN AS TRADERS MOVE TO LONDON’S LME//COMEX GOLD TONNAGE STANDING INCREASES TO 150.3 TONNES//SILVER HAS 2 MILLION OZ STANDING//CORONAVIRUS UPDATE//ROB KIRBY..A MUST VIEW…//WHO COVERED UP FOR CHINESE LIES ON THE CORONOAVIRUS//GORDON CHANG..A MUST READ…TRUMP BLOCKS ALL CHINESE PASSENGER PLANES FORM ENTERING THE USA//USA BURNS FOR THE 8TH STRAIGHT NIGHT//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1700.25  DOWN $26.15   The quote is London spot price

 

 

 

 

 

Silver:$17.72 DOWN 23 CENTS//LONDON SPOT PRICE

 

Closing access prices:  London spot

 

 

 

i)Gold : $1697.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $17.66//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

 

AUG GOLD:  $1703.25  CLOSE 1.30 PM//   SPREAD SPOT (LONDON) VS/FUTURE JUNE: $+3.05

 

CLOSING SILVER FUTURE MONTH

 

 

JULY: 1:30 PM:              $17.97//1:30 PM //SPREAD SPOT LONDON VS FUTURE JULY:      25 CENTS PER OZ//

 

 

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

If one is to buy gold and or gold coins, the price is around $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: 609/1249

issued: 299

EXCHANGE: COMEX
CONTRACT: JUNE 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,725.200000000 USD
INTENT DATE: 06/02/2020 DELIVERY DATE: 06/04/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 200 31
072 H GOLDMAN 213
099 H DB AG 28
104 C MIZUHO 3
118 C MACQUARIE FUT 250
118 H MACQUARIE FUT 47
132 C SG AMERICAS 5
152 C DORMAN TRADING 44
167 C MAREX 2
190 H BMO CAPITAL 9
323 H HSBC 5
355 C CREDIT SUISSE 5
357 C WEDBUSH 2
624 C BOFA SECURITIES 25
657 C MORGAN STANLEY 49 59
657 H MORGAN STANLEY 141
661 C JP MORGAN 299 524
661 H JP MORGAN 85
685 C RJ OBRIEN 2
686 C INTL FCSTONE 151 7
690 C ABN AMRO 154 33
709 C BARCLAYS 2
732 C RBC CAP MARKETS 4
737 C ADVANTAGE 26 10
800 C MAREX SPEC 55 6
878 C PHILLIP CAPITAL 3
880 C CITIGROUP 1
905 C ADM 16 2
____________________________________________________________________________________________

TOTAL: 1,249 1,249
MONTH TO DATE: 43,265

 

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT: 1249 NOTICE(S) FOR 124,900 OZ (3.885 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  43,265 NOTICES FOR 4,326,500 OZ  (134.654 TONNES)

 

 

SILVER

 

FOR JUNE

 

 

2 NOTICE(S) FILED TODAY FOR  10,000  OZ/

total number of notices filed so far this month: 389 for 1,945,000 oz

 

BITCOIN MORNING QUOTE  $9592 UP $82

 

BITCOIN AFTERNOON QUOTE.: $9568  UP 51

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $26.15 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A SMALL CHANGE IN GOLD INVENTORY AT THE GLD// A PAPER DEPOSIT OF 0.78 TONNES OF GOLD INTO THE GLD//

 

GLD: 1,129.28 TONNES OF GOLD//

 

WITH SILVER DOWN 31 CENTS TODAY: AND WITH NO SILVER AROUND

 

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV//

A HUMONGOUS 6.686 MILLION OZ OF SILVER ADDED TO THE SLV//

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 473.315  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A EXTREMELY SMALL SIZED 429 CONTRACTS FROM 170,099 DOWN TO 169,670 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG SIZED GAIN IN  OI OCCURRED WITH  OUR VERY LARGE 31 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS DUE TO STRONG  BANKER SHORT COVERING PLUS A GOOD EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A SMALL INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE.  WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 391 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 GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  MAY: 0 AND JULY: 490  AND SEPT 330 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  820 CONTRACTS. WITH THE TRANSFER OF 820 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 820 EFP CONTRACTS TRANSLATES INTO 4.10 MILLION OZ  ACCOMPANYING:

1.THE 31 CENT LOSS IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.005  MILLION OF INITIALLY STANDING FOR JUNE

 

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 31 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY AMOUNT OF SILVER LONGS FROM THEIR POSITIONS. THE SMALL LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) ANOTHER GAIN IN   SILVER OZ STANDING FOR JUNE,3) CONSIDERABLE BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A  NET GAIN OF 391 CONTRACTS OR 1.955 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:

2253 CONTRACTS (FOR 4 TRADING DAY(S) TOTAL 2253 CONTRACTS) OR 11.265 MILLION OZ: (AVERAGE PER DAY: 563 CONTRACTS OR 2.818 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 11.265 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 1.609% 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:          1,077.38 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:                     77.27 MILLION OZ

JUNE EXP SO FAR                   11.265 MILLION OZ.

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 SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 429, WITH OUR VERY LARGE 31 CENT LOSS IN SILVER PRICING AT THE COMEX ///TUESDAY THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 820 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 SMALL SIZED OI CONTRACTS ON THE TWO EXCHANGES:  391 CONTRACTS (WITH OUR 31 CENT LOSS IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 820 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED DECREASE OF 429 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A STRONG 31 CENT LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $17.95 // TUESDAY’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: 2 NOTICE(S) FOR  10,000 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: 2.005 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 CONSIDERABLE SIZED 6,434 CONTRACTS TO 475,831 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 CONSIDERABLE SIZED LOSS OF COMEX OI OCCURRED WITH OUR LOSS IN PRICE  OF $11.20 /// COMEX GOLD TRADING// TUESDAY// WE  HAD STRONG BANKER SHORT  COVERING,ANOTHER GOOD SIZED INCREASE IN GOLD OZ STANDING AT THE COMEX, ALONG WITH SOME LONG LIQUIDATION ACCOMPANYING A FAIR  EX. FOR PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $11.20 .

 

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

 

WE LOST A SMALL SIZED 4417 CONTRACTS  (13.73 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 2017 CONTRACTS:

CONTRACT  JUNE 0.; AUG 2017 AND ALL OTHER MONTHS ZERO//TOTAL: 2017.  The NEW COMEX OI for the gold complex rests at 475,831. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4,417 CONTRACTS: 6,434 CONTRACTS DECREASED AT THE COMEX AND 2017 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 4417 CONTRACTS OR 13.73 TONNES. TUESDAY, WE HAD A LOSS OF $11.20 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A SMALL SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 13.47 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  SUPPLIED INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $11.20).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS SOMEWHAT  SUCCESSFUL  (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  (2017) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (6,434 OI): TOTAL LOSS IN THE TWO EXCHANGES:  4417 CONTRACTS. WE NO DOUBT HAD 1 )CONSIDERABLE BANKER SHORT COVERING, 2.)ANOTHER GOOD INCREASE IN GOLD  OUNCES STANDING AT THE GOLD COMEX FOR THE FRONT JUNE MONTH,  3) SOME LONG LIQUIDATION; 4) CONSIDERABLE COMEX OI LOSS..  AND  …ALL OF THIS WAS COUPLED WITH OUR LOSS IN GOLD PRICE TRADING//TUESDAY//$11.20

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 : 5196 CONTRACTS OR 519,600 oz OR 16.16 TONNES (4 TRADING DAY(S) AND THUS AVERAGING: 1299 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 16.16 TONNES

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

THUS EFP TRANSFERS REPRESENTS 16.16/3550 x 100% TONNES =4.55% 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   2831.83  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:                     16.16 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, FELL BY A VERY SMALL SIZED 429 CONTRACTS FROM 170,099 DOWN TO 169,670 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 SMALL LOSS IN OI SILVER COMEX WAS DUE TO;   1) CONSIDERABLE BANKER SHORT COVERING , 2) A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) ANOTHER SMALL INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 820 CONTRACTS

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

JULY: 490 CONTRACTS   AND SEPT: 330 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 820 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS  OF 427 CONTRACTS TO THE 820 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A  GOOD GAIN OF 391 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.955 MILLION  OZ!!! OCCURRED WITH THE 31 CENT LOSS IN PRICE///

 

 

RESULT: A SMALL SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 31 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// WEDNESDAY. WE ALSO HAD A GOOD SIZED 820 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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 1.97 POINTS OR 0.07%  //Hang Sang CLOSED UP 329.68 POINTS OR 1.37%   /The Nikkei closed UP 288.15 POINTS OR 1.29%//Australia’s all ordinaires CLOSED UP 1.76%

/Chinese yuan (ONSHORE) closed UP  at 7.1110 /Oil UP TO 36.05 dollars per barrel for WTI and 38.90 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 7.1110 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 7.1160 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY A CONSIDERABLE 6.434 CONTRACTS TO 475,745 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 LOSS  OCCURRED WITH OUR LOSS OF $11.20 IN GOLD PRICING /TUESDAY’S COMEX TRADING//). WE ALSO HAD A SMALL EFP ISSUANCE (2017 CONTRACTS),.  THUS WE HAD 1) CONSIDERABLE BANKER SHORT COVERING AT THE COMEX AND 2)   SMALL LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS INCREASE IN  GOLD OZ STANDING AT THE COMEX//JUNE DELIVERY MONTH (SEE BELOW) , …  AS WE ENGINEERED A CONSIDERABLE LOSS ON OUR TWO EXCHANGES OF 4417 CONTRACTS WITH GOLD’S FALL 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 2017 EFP CONTRACTS WERE ISSUED:  2017 FOR AUG AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2017 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:  4417 TOTAL CONTRACTS IN THAT 2017 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 6,434 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, ACCOMPANYING THE CONSIDERABLE COMEX OI LOSS,  ANOTHER HUMONGOUS INCREASE GOLD TONNAGE STANDING FOR THE JUNE DELIVERY (SEE CALCULATIONS BELOW)… AND SOME LONG LIQUIDATION…… ALL OF THE ABOVE OCCURRED WITH A LOSS  IN COMEX PRICE OF 11.20 DOLLARS..

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $11.20)AND, THEY WERE  SOMEWHAT SUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A GOOD 13.73 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 4417 CONTRACTS OR 441,700 OZ OR 13.73 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:  475,745 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.55 MILLION OZ/32,150 OZ PER TONNE =  1478 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1478/2200 OR 67.22% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 257,886 contracts//volume extremely low //especially for a raid

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY187,315 contracts// volume still very low

JUNE 3 /2020

JUNE GOLD CONTRACT MONTH

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz 292,981.775 oz

Brinks

Manfra

includes 600 kilobars

from Manfra

 

 

Deposits to the Customer Inventory, in oz  

60,475.300

OZ

BRINKS

Loomis

 

 

includes 750

KILOBARS

from Loomis

No of oz served (contracts) today
1249 notice(s)
 124900 OZ
(3.885 TONNES)
No of oz to be served (notices)
5072 contracts
(507,200 oz)
15.76 TONNES
Total monthly oz gold served (contracts) so far this month
43,265 notices
4,326,500 OZ
134.54 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: 273,691.175  OZ

ii) Into Manfra: 19,290.6 oz (600 KILOBARS)

 

 

 

total dealer deposits:  292,981.775  oz

 

total dealer withdrawals: nil oz

we had 2 deposits into the customer account

i) Into Brinks  36,362.800 oz

ii) Into Loomis:  24,112.500 oz (750 kilobars)

 

 

 

total deposits: 60,475.300    oz

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

total gold withdrawals;  nil

We had 4  kilobar transactions  +

 

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

 

 

 

 

ADJUSTMENTS: 3 //    

 

customer to dealer: JPMorgan

19,090.610 oz was adjusted up to the dealer

and 192,906.0000 oz was adjusted up to th dealer from customer (6000 kilobars)

dealer to customer

 

i) from Int  Delaware: 96,453 oz  3 kilobars

 

 

 

 

 

 

 

 

The front month of JUNE registered a total of 6321 oi contracts of a loss of 6003 contracts.  We had 6280 notices filed on TUESDAY so we gained 277 contracts or an additional 27,700 oz of gold (0.86 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 22 contracts down to 3160 contracts.

Next comes August another strong delivery month and here the OI FELL by 2066 contracts DOWN to 342,201 contracts.

 

We had 1249 notices filed today for 124,900 oz

 

FOR THE JUNE 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 299 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1249 contract(s) of which 85 notices were stopped (received) by j.P. Morgan dealer and 524 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 244 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 (43,265) x 100 oz , to which we add the difference between the open interest for the front month of  JUNE (6321 CONTRACTS ) minus the number of notices served upon today (1249 x 100 oz per contract) equals 4,833,700 OZ OR 150.34 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 (43,265)x 100 oz + (6321 OI) for the front month minus the number of notices served upon today (1249) x 100 oz which equals 4,833,700 oz standing OR 150.34 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 479 contracts or 47,900 oz will stand on this side of the pond.  Issuance of exchange for physicals is again small.  It is just too costly for our crooked bankers to carry.

 

 

 

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 330.22 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 150.34 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  11,649,561.447 oz or 362.35 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: 11,121,489.0  (345.925 tonnes)
true registered gold  (total registered – pledged tonnes  11,121,489.0 (345.925 tonnes)
total eligible gold:  16,748,069.493 oz (520.93 tonnes)

total registered, pledged  and eligible (customer) gold;   28,397,630.940 oz 883.28 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   127.05 tonnes

total gold net of 4 GC:  756.23 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 3/2020

And now for the wild silver comex results

Total COMEX silver OI FELL BY A SMALL SIZED 429 CONTRACTS FROM 170,099 DOWN TO 169,670(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 31 CENT LOSS IN PRICING//TUESDAY. WE GAINED A TOTAL OF 391 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) SMALL COMEX LOSS IN OI AND ALL OF THIS OCCURRED WITH OUR GOOD 31 CENT LOSS IN PRICE 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JUNE

THE FRONT DELIVERY OF JUNE SAW 14 OPEN INTEREST CONTRACTS STANDING FOR A LOSS OF 9 CONTRACTS.  WE HAD 10 NOTICES SERVED ON FRIDAY SO WE GAINED ANOTHER 1 CONTRACTS OR AN ADDITIONAL 5,000 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 LOST 3056 CONTRACTS DOWN TO 119,826 CONTRACTS. AUGUST SAW ANOTHER LOSS OF 1 CONTRACT TO 6 OPEN INTEREST CONTRACTS.. THE STRONG DELIVERY MONTH OF SEPT SAW A GAIN OF 1723 CONTRACTS UP TO 29,051

 

 

We, today, had  2 notice(s) FILED  for 10,000 OZ for the JUNE, 2020 COMEX contract for silver

 

JUNE 3/2020

JUNE SILVER COMEX CONTRACT MONTH

 

 

 

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 7007.700 oz
Delaware

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
614,779.25 oz
Delaware
Scotia
No of oz served today (contracts)
2
CONTRACT(S)
(10,000 OZ)
No of oz to be served (notices)
12 contracts
 60,000 oz)
Total monthly oz silver served (contracts)  389 contracts

1,945,000 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 2 deposits into the customer account

into JPMorgan:   0

ii)into  Delaware:  1985.855 oz

iii) Into Scotia:  612,793.400 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: 614,779.25    oz

we had 1 withdrawals:

 

 

i) Out of Delaware: 7007.700 oz

 

 

 

total withdrawals; 7007.700   oz

We had 2 adjustments

Brinks: dealer to customer:

173,017.150 oz

and Scotia

202,305.150 oz

 

total dealer silver: 85.406 million

total dealer + customer silver:  313.535 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the JUNE 2020. contract month is represented by 2 contract(s) FOR 10,000 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 389 x 5,000 oz = 1,945,,000 oz to which we add the difference between the open interest for the front month of JUNE.(14) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JUNE/2019 contract month: 389 (notices served so far) x 5000 oz + OI for front month of JUNE (14)- number of notices served upon today 2) x 5000 oz of silver standing for the JUNE contract month.equals 2,005,000 oz.

We gained 1 contracts or an additional 5,000 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: 76,153 CONTRACTS //

 

 

FOR YESTERDAY: 94,208 CONTRACTS..,CONFIRMED VOLUME//

 

 

YESTERDAY’S CONFIRMED VOLUME OF 94,208  CONTRACTS EQUATES to 471 million  OZ 67.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 1.38% ((JUNE 3/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -0.48% to NAV:   (JUNE 3/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 1.38%

(courtesy Sprott/GATA

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

NAV 16.27 TRADING 16.15///NEGATIVE 0.72

END

 

 

And now the Gold inventory at the GLD/

JUNE 3//WITH GOLD DOWN $26.15//A SMALL CHANGE IN GOLD INVENTORY//A DEPOSIT OF 0.78 TONNES OF GLD INTO THE GLD//INVENTORY RESTS AT 1129.28 TONNES

JUNE 2//WITH GOLD DOWN $11.20 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.26 TONNES OF GOLD INTO THE GLD////INVENTORY RESTS AT 1128.40 TONNES

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 3/ GLD INVENTORY 1129.28 tonnes*

LAST;  832 TRADING DAYS:   +182.09 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 732 TRADING DAYS://+357.24  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JUNE 3//WITH SILVER DOWN 23 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A HUGE XX MILLION OZ ADDED TO THE SLV/INVENTORY RESTS AT XXX MILLION OZ//

JUNE 2//WITH SILVER DOWN 31 CENTS TODAY; A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A HUMONGOUS 6.686 MILLION OZ ADDED TO THE SLV////INVENTORY RESTS TONIGHT AT 473.315 MILLION OZ//

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 3.2020:

SLV INVENTORY RESTS TONIGHT AT

473.315 MILLION OZ.

END

 

LIBOR SCHEDULE AND GOFO RATES//  GOLD LEASE RATES

 

 

YOUR DATA…..

6 Month MM GOFO 2.67/ and libor 6 month duration 0.48

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

GOLD LENDING RATE: -2.19%

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
+ 1.92%

LIBOR FOR 12 MONTH DURATION: 0.63

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -1.29%

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

Ed Steer talks with Dr Dave Janda on infinitive money creation

Ed Steer/Janda/Gata

GATA’s Ed Steer discusses age of infinite money with Operation Freedom’s Dave Janda

 Section: 

11:06a ET Tuesday, June 2, 2020

Dear Friend of GATA and Gold:

GATA board member Ed Steer, editor of Ed Steer’s Gold & Silver Daily letter, interviewed Sunday by “Operation Freedom” talk-show host Dave Janda on WAAM-AM1600 in Ann Arbor, Michigan, discussed the prospects for the world financial system and the monetary metals in what is becoming the age of infinite money.

The interview is 22 minutes long and can be heard at Janda’s internet site here:

https://operation-freedom-shows.s3.amazonaws.com/MAY31_2020/EdSteer05312…

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

END

The Basher Doubloon

for your interest…

First U.S. gold coin may fetch $15 million in private sale

 Section: 

By Josh Friedman
Bloomberg News
Tuesday, June 2, 2020

One of the world’s most coveted coins is coming to the market.

The Brasher Doubloon, the first gold coin struck in the United States, is being offered privately at a $15 million asking price, according to numismatic adviser Jeff Sherid. His firm, Los Angeles-based PCAG Inc., is marketing the coin on behalf of a collector he would identify only as a former Wall Street executive.

The doubloon is dated 1787 — 11 years after the Declaration of Independence was signed, the same year the Constitution was written, and five years before the federal mint opened in Philadelphia.

… 

Metalsmith Ephraim Brasher, George Washington’s next-door neighbor on New York’s Cherry Street, privately minted a small batch of the coins and punched this unique version with his hallmark “EB” on the eagle’s breast. The soon-to-be president almost certainly handled it, according to longtime numismatist John Albanese, founder of Certified Acceptance Corp., a coin-grade verification service.

“If you talk to coin nerds and old-time experts, I’m guessing they’d all say the Brasher Doubloon is the greatest coin ever because of the history,” Albanese said. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-06-02/first-u-s-gold-coin-m…

  • Brasher Doubloon from pre-mint era is an icon of Americana
  • Washington’s neighbor minted it. Philip Marlowe hunted it.
The first American gold coin, the 1787 Brasher Doubloon.
The first American gold coin, the 1787 Brasher Doubloon.
END

iii) Other physical stories:

This is normally taboo:
(Sprott Money)

Maxime Bernier Becomes First Major Western Political Leader to Call for a Gold Standard – Peter Diekmeyer (June 02, 2020)

Maxime Bernier Becomes First Major Western Political Leader to Call for a Gold Standard - Peter Diekmeyer (June 02, 2020)

June 02, 2020

Maxime Bernier, who recently became the world’s first major leader to call for the re-imposition of the gold standard, is quietly carving out a niche as one of the country’s most innovative monetary policy thinkers.

“Central banks are printing massive amounts of currency to prevent the economy’s collapse under the weight of debt,” says Bernier, leader of the People’s Party of Canada. “The fiat money system is bankrupt.”

Bernier made the comments in the wake of widespread spending announcements by the Trudeau government, which he argues has been using the financial crisis to funnel money to special interest groups.

“The gold standard forces politicians to be fiscally responsible,” says Bernier. “The Trudeau Government is spending money every day that we don’t have. But in the end we have to pay, and the price will be inflation.”

Bernier argues that ordinary Canadians are bearing the brunt of these policies. “Inflation is a hidden tax that transfers money in a sneaky way. We are seeing rising prices in things that people need, like food. But for stuff that they don’t need, like airline tickets, they are falling.”

A global monetary policy conference

Bernier acknowledges that in a globalized economy Canada cannot implement a gold standard on its own. However, as Canadian Prime Minister he would use his bully pulpit to promote the idea in international forums, possibly at an updated Bretton Wood conference.

In the meantime, a People’s Party of Canada government would use its clout to negotiate a new inflation targeting agreement with the Bank of Canada, one which would set stable prices—that is, a 0% inflation rate—as a key goal, as opposed to the current 2%.

More important, Bernier would review the way that inflation rates are currently calculated, to ensure they do not understate the burdens that ordinary Canadians are feeling.

“The U.S. dollar is the international currency, but that has to change,” says Bernier. “The Constitution forced the American government to back coinage by gold or silver. But now it is backed by nothing.”

Talking directly to the Canadian people

The fact that Bernier made his monetary policy announcements on both Twitter and his new YouTube station provides an indication as to how free market thinkers have been forced to adapt.

The Trudeau Government’s decision to fund major media has imposed a climate of fear and self-censorship on industry executives, who now receive a significant portion of their operating budgets from the governments they are supposed to cover.

According to Bernier, a long-time critic of the CBC, this creates inherent conflicts of interests, many of which are so subtle that they are hard to identify, let alone remedy.

Bernier cites the Toronto Globe and Mail, which recently called for increased government funding to help Canadian media weather the recent government lockdowns.

“How can you report fairly about someone who signs your paycheck … when you are asking for a raise?” asks Bernier rhetorically. “It is not possible. I want the media to be independent.”

Convincing Canada’s real elites: the 10%

Bernier, like others who have argued for sounder monetary policies (such as Libertarian Party of Canada leader Tim Moen and Conrad Black, author of The Canadian Manifesto), will face considerable challenges.

The most difficult will be overcoming objections of Canada’s real elites, who could be thought of as “the 10%”: the politicians, bankers, and insiders who are the first to get their hands on the cash when the Bank of Canada prints money.

The 10% includes the influential tenured university professors, administrators, and government workers who produce much of the existing “research” into monetary policy, almost all of whom quietly leave office with multimillionaire taxpayer-guaranteed pensions and vast real estate wealth.

These privileged elites, coupled with government-financed media who cover them, have huge incentives to maintain the status quo.

Preparing for the next election

Bernier’s immediate priority will be preparing for the next Canadian election, which according to some rumours could come as early as this fall.

“We created a party in less than a year,” says Bernier. “While I lost my seat, we fielded 315 candidates and got 1.6% of the vote. It took the Green Party 20 years and five elections to get to that level. Our challenge is to build from there.”

“The future of Canada depends on it,” says Bernier. “I have read Hayek, Mises, and Rothbard, who educated me about the gold standard, which is the best way to maintain purchasing power and prosperity. In the 19th century we had a gold standard and had unprecedented growth. Now we have constant booms and busts.”

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.


Peter Diekmeyer is a business writer/editor with Sprott Money News, the National Post and Canadian Defence Review. He has studied in MBA, CA and Law programs and filed reports from more than two dozen countries.

 

 

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early WEDNESDAY 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: 7.1110/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.1160   /shanghai bourse CLOSED UP 1.97 POINTS OR 0.07%

HANG SANG CLOSED UP 329.68 POINTS OR 1.37%

 

2. Nikkei closed UP 288.15 POINTS OR 1.29%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index DOWN TO 97.58/Euro RISES TO 1.1196

3b Japan 10 year bond yield: RISES TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.58/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 36.05 and Brent: 38.90

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.40%/Italian 10 yr bond yield UP to 1.56% /SPAIN 10 YR BOND YIELD UP TO 0.59%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.49

3k Gold at $1719.20 silver at: 17.83   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 13/100 in roubles/dollar) 68.79

3m oil into the 36 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 108.58 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9643 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0794 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.40%

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 0.69% early this morning. Thirty year rate at 1.50%

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

6.  TURKISH LIRA:  UP  TO 6.7633..

“The Disconnect Is Getting Wider And Wider”: Futures Storm Higher As America Burns For 8th Night

“The disconnect between what the average person sees happening in the world and what they see happening in the financial markets is getting wider and wider,”

– Marshall Gittler, head of investment research at BDSwiss, wrote in a note to clients.

What rioting, what 40 million unemployed, what second wave? The MSCI All Country World Index has risen for 8 days in a row, a testament to the fact that not only retail investors but global markets now view stocks as a risk free asset, assuring that the next bursting of the bubble will be unforgettable, prompting even Bill Dudley to say on BBG TV that “some Fed intervention has created a bit of moral hazard.” That’s right Bill, and it may have something to do with the fact that overnight America burned for an 8th consecutive day in nationwide riots as tens of thousands of people defied U.S. curfews to take to the streets.

Anyway, until the next crash all one can do is buy, confident that central banks will always be there to step in and bail everyone out, and sure enough world shares hit three-month highs on Wednesday and the dollar fell for the sixth day on the usual narrative of “hope” and “optimism” for more monetary stimulus and the global economic reopening, while ignoring the worst civil unrest in the United States in 50 years as well as rising COVID-19 tolls.

The MSCI world equity index, which tracks shares in 49 countries, rose to its highest since March 6, having gained throughout the Asian session. The index is down 7% year-to-date, after pandemic lockdowns that have pushed many economies into contraction, but with markets now confident in a V-shaped recovery it’s only a few days before stocks turn green for the year.

Futures rose on both the S&P 500 Index and the Nasdaq 100, which closed on Tuesday within 1% of its record high. Micron Technology and Apple climbed in the premarket, helping lift the S&P just shy of 3,100, and now trading at 26x consensus 2021 earnings! Treasuries dropped as did gold, while the dollar index hit its lowest level since early March.

“If I look at the markets, I see a V-shaped recovery,” Mark Mobius, co-founder at Mobius Capital Partners, said on Bloomberg TV. “What we’re hearing from companies around the world is that once the lockdown is over, they’re going to get the customers coming back in droves.”

They better, because with the global PE ratio at the highest level since the dot com bubble, risk is priced to absolute perfection.

Meanwhile markets continued to ignore every single risk, including tense U.S.-China relations that may jeopardize the US-China trade deal, as well as violent clashes and looting in American cities.

European shares – which have emerged as the latest focal point for momentum chasers – also advanced, led by insurance and bank subgroups lead gains as they advance 4.1% and 3.2%, respectively. Europe’s Stoxx Europe 600 Index rose as much as 1.5% to a session peak, heading for the highest close since March 6, as renewed risk-on appetite boosts global equity markets.

Asian stocks also gained, led by finance and IT, after rising in the last session. All markets in the region were up, with Singapore’s Straits Times Index gaining 2.9% and South Korea’s Kospi Index rising 2.9%. Trading volume for MSCI Asia Pacific Index members was 32% above the monthly average for this time of the day. The Topix gained 0.7%, with DLE and W-Scope rising the most. The Shanghai Composite Index was little changed, with Eastern Gold Jade advancing and Danhua Chemical Technology declining the most. In China, Japan and South Korea, where COVID-19 is relatively contained, stock indexes have recovered substantially to be only about 5-6% below this year’s peaks.

There are some signs of recovery in business activity as governments restart their economies, albeit in the knowledge that easing lockdowns too early could trigger a second wave of COVID-19. China’s Caixin Service PMI survey showed activity in China recovered to pre-epidemic levels in May, with the index printing at the highest level in a decade.

In rates, the 10Y yield briefly rose above 0.70% – a level many claimed was a CTA selling trigger – but has since dipped back under, confirming again that nobody has any real idea what prompts systematic funds to buy or sell. The Treasury yield curve continued to steepen, partly reflecting the sale of more government debt to finance massive stimulus efforts. The 30-year U.S. Treasuries yield rose to as high as 1.532%, its highest since mid-March, as expectations of central bank policy support kept shorter yields in check; the yield gap between five- and 30-year Treasuries rose to 118 basis points, the highest since early 2017.

Germany’s ten-year government bond yield rose to its highest since mid-April as the global risk-on mood saw demand for  safer debt decline, slipping back slightly to -0.386% by 0825 GMT. The European Central Bank is expected to ramp up stimulative bond purchases when it meets on Thursday.

In FX, broader economic optimism supported risk-sensitive currencies and pushed down the dollar, which hit a three-month low against a basket of comparable currencies. The euro which rose above $1.12 for the first time in 11 weeks in early London trading as data showed the region’s economic activity increased in May to the highest in three months after an easing of lockdown restrictions, is on track for a seven-day winning streak against the dollar – its longest streak since December 2013. The safe-haven Japanese yen hit a two-month low of 108.85 to the dollar before bouncing back to around 108.79 per dollar.

“In a scenario where there’s no meaningful recurrence of the virus, and progress is made on treatments and vaccines, we expect the U.S. dollar’s weakness to continue,” said Mark Haefele, CIO at UBS Global Wealth Management. And if there is a recurrence, Mark probably expects the Fed to inject another several trillion, which would also force the dollar lower.

Oil initially rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the pandemic will spur demand for fuel. However, crude failed to sustain the rally above $40 after Bloomberg reported that a meeting between OPEC and its allies is unlikely to happen this week over issues of cheating. Spot gold fell 0.5% to around $1,717 per ounce.

Market Snapshot

  • S&P 500 futures up 0.4% to 3,090.50
  • STOXX Europe 600 up 1.2% to 364.03
  • MXAP up 1.3% to 156.86
  • MXAPJ up 1.7% to 503.62
  • Nikkei up 1.3% to 22,613.76
  • Topix up 0.7% to 1,599.08
  • Hang Seng Index up 1.4% to 24,325.62
  • Shanghai Composite up 0.07% to 2,923.37
  • Sensex up 1.5% to 34,322.28
  • Australia S&P/ASX 200 up 1.8% to 5,941.60
  • Kospi up 2.9% to 2,147.00
  • German 10Y yield rose 3.1 bps to -0.384%
  • Euro up 0.4% to $1.1212
  • Brent Futures up 1.5% to $40.16/bbl
  • Italian 10Y yield rose 1.3 bps to 1.329%
  • Spanish 10Y yield rose 1.5 bps to 0.573%
  • Brent Futures up 1.5% to $40.16/bbl
  • Gold spot down 0.6% to $1,717.53
  • U.S. Dollar Index down 0.3% to 97.42

Top Overnight News from Bloomberg

  • Anything less than a widely anticipated increase to the ECB’s bond buying program on Thursday could trigger a market shock reminiscent of the one in March when President Christine Lagarde inadvertently suggested that she might not act to calm peripheral bond markets
  • A gauge of economic activity in the 19- nation euro region rose in May to highest in three months after an easing of lockdown restrictions allowed companies and shops to resume business. Yet the measure continues to signal a sharp contraction in both manufacturing and services, according to a report by IHS Markit
  • The EU will try to convince Prime Minister Boris Johnson to forge a compromise later this month in an attempt to stop the U.K. from breaking away from the bloc without a trade deal
  • Australia’s almost 29-year recession-free run has come to a close, ending the developed world’s longest uninterrupted economic growth streak. Gross domestic product declined 0.3% in the first three months of the year, government data showed Wednesday, and that downturn is set to deepen in the current quarter

Asian equity markets traded higher across the board as the region took impetus from the energy-led gains on Wall St. where participants looked through the US-China tensions and civilian unrest stateside, while participants also digested encouraging Chinese PMI data. ASX 200 (+1.8%) was positive with top-weighted financials front running the advances and with the sector tracked closely by firm gains in energy amid a continued rebound in oil prices. Nikkei 225 (+1.3%) was firmer as exporters benefitted from currency effects and the KOSPI (+2.9%) was bolstered on stimulus efforts after South Korea announced a KRW 35.3tln third supplementary budget. Hang Seng (+1.4%) and Shanghai Comp. (U/C) largely conformed to the upbeat tone after Chinese Caixin Services and Composite PMIs printed their largest expansions in nearly a decade, but with gains limited by ongoing tensions and after a CNY 120bln liquidity drain. Finally, 10yr JGBs declined as the gains across stocks sapped demand for safe haven assets and amid spill over selling from USTs, while the BoJ’s presence in the market failed to support prices as the central bank reduced its purchases of 3yr-5yr maturities to JPY 320bln from JPY 350bln.

Top Asian News

  • Hong Kong Stocks Erase Selloff Sparked by National Security Law
  • BlackRock Overweight Asia Stocks, Credit on View Disaster Missed
  • Singapore Stocks Set to Enter Bull Market, Among Last in Asia
  • Australia Economy Contracts as End to Recession-Free Run Looms

European equities continue to edge higher in mid-week trade [Euro Stoxx 50 +2.0%] in a continuation of gains seen yesterday as sentiment remains on an upward trajectory despite a number of looming uncertainties, including the risk of a second coronavirus wave, US and China trade war and flaring riots across Western economies (alongside Hong Kong). Sectors remain in a sea of green with cyclicals outpacing defensives – signaling risk appetite. Energy and Financials outperform amid favourable price action in the energy and bond complexes. The breakdown paints a similar picture with Insurance and Banks topping the charts and healthcare the laggard. Chip names are seeing broad-based gains amid the risk appetite and the upbeat sectorial performance State-side. In terms of individual movers and shakers, Hammerson (+20.5%) is the top Stoxx 600 gainer with reports noting that hedge funds scramble to cover short positions. Tui (+8.3%) is among the winners after reaching an agreement with Boeing to resolve the 737 MAX grounding impacts but financials details have not been disclosed. Tui said the agreement will strengthen its liquidity. Furthermore, the group is to commence its summer flight plan on June 17th following Germany lifting its travel warning – a move supporting the likes of Lufthansa (+5.0%) despite reporting dismal earnings as expected. Renault (+8.0%) holds onto upside seen at the open after finalising the EUR 5bln credit line with the French State – which is not contingent on major compromises. BASF (+4.8%) continues to gain ground amid positive broker moves at Jefferies and Pareto Securities. On the flip side, Iliad (-1.9%) failed to recover from a downgrade at Morgan Stanley.

Top European News

  • Vestager Weighs New Powers to Take on Tech Giants, China M&A
  • U.K. Services Slump Moderates in May on Lighter Lockdown
  • Italy Racks Up Record Bond Orders a Day Before ECB’s Decision
  • Wirecard Is Said to Add SoftBank Partner to Supervisory Board

In FX, the Buck has not stopped falling, but the DXY is off worst levels within a 97.283-610 range as selling abates. However, risk-on sentiment remains prevalent to the detriment of the Greenback and other safe-havens as attention turns to latest pre-NFP proxies in the form of ADP and jobs components in the services PMI and non-manufacturing ISM, while the index and Dollar in general are still deeply entrenched in bearish trends following heavy selling for month end rebalancing and the ongoing US riots that are hampering efforts to re-open from COVID-19 lockdown.

  • EUR/GBP/NZD/NOK – All vying for top spot in the major rankings, partly on the aforementioned Usd weakness, but also amidst more encouraging signs of economic recovery via EU services and composite PMIs, though the Euro has faded into key resistance at 1.1237 against the backdrop of hefty option expiry interest between 1.1210-20 in 2 bn, and with a further 1.3 bn sitting below 1.1200 at 1.1180-75. Similarly, Cable waned just above 1.2600 and is now hovering under the big figure in wake of reports that BoE Governor Bailey has advised UK banks to step up preparations for a no deal Brexit, with Eur/Gbp back above 0.8900 in response. Meanwhile, the tables have turned down under, as the Kiwi unwinds more post-RBA underperformance relative to its Antipodean peer through 1.0800 and Nzd/Usd maintains more momentum around 0.6400 than AUD/Usd that has reversed more sharply after approaching 0.7000 following significantly better and firmly back above 50.0 Caixin Chinese services and composite PMIs rather than bang in line Aussie GDP data overnight. Elsewhere, the Norwegian Krona continues its winning streak and is inching closer to 10.6000 vs the Euro, in contrast to the Swedish Crown that has pared back somewhat from a brief 10.4000+ break on the back of a slightly firmer services PMI, with Eur/SEK now hovering around 10.4300.
  • CAD/CHF/JPY – The relative G10 laggards, as the Loonie treads cautiously either side of 1.3500 pre-BoC and the first policy meeting under the helm of new Governor Macklem that could see corporate QE increased – check our headline feed at 10.30BST for a full preview of the event. Usd/Cad has marginally extended to the upside in recent trade (to 1.3541 from 1.3480 at one stage) as crude prices retreat on reports that OPEC+ may not meet this week (tomorrow has been widely touted) due to disputes over claims of compliance cheating, but the extremes are expected to reach circa 100 pips depending on BoC actions, guidance and/or the tone of the accompanying statement, according to break-even implied volatility via options. Meanwhile, the Franc is weaker again, with Usd/Chf up to 0.9636 and Eur/Chf touching 1.0800 after worse than forecast Swiss Q1 GDP, and as the cross breached the 200 DMA (1.0770) before surpassing the next line of resistance at 1.0788 (January 22 peak). In the same vein, Usd/Jpy has maintained bullish impetus having cleared several upside chart hurdles on Tuesday, but the Yen has found some support into 109.00.
  • EM – The Lira is deflated despite more extensive/expansive efforts by Turkey’s Trade Minister to forge FX swap lines, while CPI halted a 2 month sequence of declines with a sharp rebound in May, as the country takes more action to curb Try speculation via a 15% tax on hedge funds that hold 80% in FX-based assets.

In commodities, WTI and Brent futures initially saw a session of gains before the complex was knocked off course by reports that OPEC+ meetings are said to be in doubt due to haggling over oil-quota cheating. The reports noted that OPEC will not meet on June 4th unless nations comply with cuts, whilst the June 10th meeting is also contingent on compliance. Energy Intelligence estimated that OPEC+ achieved an 86% May compliance rate with the production cuts of 9.7mln. Traders expected the producers to extend current cuts of around 10mln BPD for a further 1-3 months, reports noted Saudi and Russia are haggling over extension timeframes, with the latter opting for one month – albeit Saudi Arabia and Russia reportedly agreed on a preliminary 1-month extension on existing OPEC+ oil cuts, according to sources. As a reminder, sources note that Russian oil producers are hesitant to extend current cuts as they posit that the market could re-balance itself as soon as June/July. Elsewhere, yesterday’s Private Inventory report last night also provided underlying support late doors after printing a surprise draw of 500k barrels. Exp. build of 3mln barrels, whilst Cushing inventories also declined by some 2.2mln barrels. Brent August printed a ceiling at around USD 40.50/bbl before briefly retreating sub-39/bbl, whilst WTI July topped USD 38/bbl in APAC trade prior to the OPEC-induced selloff to USD 36.50/bbl. Elsewhere, spot gold trickles lower but remains north of USD 1700/oz (vs. high USD 1730/oz) as stocks hold onto gains and the DXY drifts off loses. Copper meanwhile reclaimed the USD 2.50/lb handle following better-than-forecast Chinese PMIs, but gains remain limited with the US-Sino trade war still in play.

US Event Calendar

  • 8:15am: ADP Employment Change, est. -9m, prior -20.2m
  • 9:45am: Markit US Services PMI, est. 37.3, prior 36.9; Markit US Composite PMI, prior 36.4
  • 10am: ISM Non-Manufacturing Index, est. 44.4, prior 41.8
  • 10am: Durable Goods Orders, est. -17.2%, prior -17.2%
    • 10am: Cap Goods Ship Nondef Ex Air, prior -5.4%
    • 10am: Durables Ex Transportation, est. -7.4%, prior -7.4%
    • 10am: Cap Goods Orders Nondef Ex Air, est. -5.8%, prior -5.8%
  • 10am: Factory Orders, est. -13.4%, prior -10.3%; Factory Orders Ex Trans, prior -3.7%

DB’s Jim Reid concludes the overnight wrap

After going back to school on Monday my daughter completed her first ever full day at nursery yesterday in preparation for full school on September. She came back utterly exhausted and after what is usually an hour ritual to get her to bed every night – including why this and why that questions ad nauseam – last night was the first time where she shooed us away and wanted to go to sleep within 5 minutes of bed preparations. I’m hoping that this will now last every day until she’s 18 and also that we can start sending the twins to nursery ahead of schedule. Wishful thinking on both front I fear.

At the moment nothing seems to tire this equity market rally as just as the winners of the last two months were running out of steam (as we discussed at length yesterday), along come the laggards to the party. This mostly manifested itself yesterday in an out-performance for Europe (more value heavy over growth) ahead of the ECB meeting tomorrow. The Stoxx 600 was up +1.57% driven by the DAX (+3.75%) as it caught up from a holiday the previous day. However the IBEX (+2.59%), FTSE-MIB (+2.42%) and the CAC 40 (+2.02%) also saw large rallies. 17 of 19 sectors were higher in the STOXX 600, with Insurance (+4.07%), Real Estate (+3.92%), and Auto (+3.82%) companies leading the way.

This comes as many expect the ECB to announce an expansion in their stimulus programmes tomorrow. Our European economists here at DB are expecting that they’ll be announcing a doubling of the Pandemic Emergency Purchase Programme (PEPP) to €1.5tn and extend the minimum net asset purchase period until mid-2021. As we discussed yesterday MNI reports suggest some on the committee are not ready to do this so there is room for disappointment tomorrow.

Our colleague Ioannis Sokos published a report yesterday looking at the granular data regarding the ECB’s PEPP purchases, see it here. While it was already clear that the ECB deviated from capital keys in its PSPP programme both in March and April, this was not seen in the PEPP data though which is strange as the latter was set up to do this with the former not. The PEPP data shows allocations much closer to the ECB capital keys, with Italy benefiting the most from positive deviations from capital keys but only by +4.7% compared to roughly +20% in the PSPP in March and April. On the other hand, Germany’s share in PEPP was roughly in line with its capital key versus more than a -20% negative deviation in PSPP in March and April. All explanations welcome as to these quirks. Meanwhile staying with Germany, the discussions about a further fiscal stimulus continued between the two governing coalition partners though no agreement has been reached, with the two sides set to continue negotiating today.

By the close of play yesterday the S&P 500 lagged Europe, but was still up a further +0.82% helped by a half per cent climb in the last 15 minutes of trading. Interestingly after the US completed the global manufacturing PMI/ISM data series yesterday we have updated our regression of these vs. the YoY change in equity markets. They may be a bit meaningless at the moment given the diffusion nature of these indices but in doing the exercise you realise that many major equity markets are actually up over the last 12 months or only marginally down. The S&P is leading the way at +12% with the DAX at +3%. The Stoxx 600 is -3% and arguably the most impressive is Italy at ‘only’ -4%. Spain (-18%) and the UK (-13%) are the laggards on this measure. Given where PMIs are, markets are anywhere from 33% and 25% above where they should be for Germany and the US to only 4% too high for the UK with Spain, France and Italy in the 10-20% too high range. As we said they could be seen as meaningless at the moment or they could also highlight just how much liquidity has decoupled markets from their fundamentals. Probably a bit of both.

Back to the US yesterday, Energy stocks led the rally (+2.65%), supported by higher oil prices as WTI rose +3.87% to $36.81/bbl, which was also its highest level since investors began to price in the pandemic’s impact. That move came as Bloomberg reported yesterday that the OPEC+ group were moving closer towards a compromise on extending production cuts, with their article saying that Russia and some other nations were in favour of a one-month extension.

Unusually by the standards of recent weeks however, tech stocks underperformed yesterday, with the NASDAQ up a lesser +0.59%. This continues to highlight the value-growth rotation we referenced above, with virus-laggards like Energy, Autos (+2.01%), and Materials (+1.76%) leading US equites higher. This also dovetails into DB Binky Chadha’s call that we highlighted yesterday, wherein he expects cyclical companies to outperform as the economy counties to reopen.

This morning markets in Asia are following Wall Street’s lead with the Nikkei (+1.63%), Hang Seng (+1.20%), Kospi (+2.54%) and Shanghai Comp (+0.51%) all up. The Kospi has been boosted by news of the details of a third round of fiscal stimulus. Meanwhile, the US dollar index is trading down -0.27%, marking the fifth continuous day of daily declines while yields on 10y USTs are up +2.3bps to 0.709%. Elsewhere, futures on the S&P 500 are up +0.25% and WTI crude oil prices are up a further +2.01% to $37.55.

Doing little to dampen sentiment was China’s May Caixin services PMI which came in well above expectations at 55.0 (vs. 47.3 expected and 44.4 last month), marking the highest reading since October 2010 and in doing so brought the composite reading to 54.5 (vs. 47.6 last month), the highest since January 2011. In the details for the composite, the new orders component rose to 52.9 from 48.0 in April, the highest since November 2019 and the first >50 reading since January.

Onto virus matters, yesterday saw no new coronavirus deaths in Spain for a second day running, while President Trump also tweeted that “Vaccines are coming along really well. Likewise therapeutics. Moving faster than anticipated. Good news ahead (in many ways)!” On the other hand however, an alert was issued in Tokyo as the city reported its highest number of new infections in over 3 weeks yesterday, with 34 cases reported. While this was over half of the 50 cases reported nationwide yesterday, the relatively small number does not seem like an outlier in our tables included in the pdf. See the pdf for the latest case and fatality numbers from across the globe.

There were also some pretty big moves in foreign exchange markets yesterday, with the US dollar falling for a 4th straight day to its lowest level since mid-March. The moves very much chime with what our FX strategists put in their blueprint last week, which called for selling USD trade-weighted in G10. With investors moving out of safe havens, the two worst-performing currencies yesterday were the Japanese Yen and the Swiss franc. Over in the UK however, sterling hit a one-month high against the US dollar in response to positive reports on Tuesday on the post-Brexit negotiations between the UK and the EU. That said, although The Times said that the UK was ready to compromise, Prime Minister Johnson’s spokesman said that “We’ve always been clear there is no question of splitting the difference on level playing field and fish”, which are two of the most contentious issues in the talks. Overnight, Bloomberg is reporting that the EU will try to convince the UK PM to forge a compromise later this month when he speaks to European Commission President Ursula von der Leyen and EU Council President Charles Michel. The report further added that at the meeting, PM Johnson will be told where the EU could potentially make concessions – as long as the UK takes a similar conciliatory approach which could lead to a deal in the second half of the year.

Fixed income saw some more modest moves yesterday, with 10yr Treasury yields up just +2.6bps to 0.685%. Over in Europe, sovereign debt mostly traded higher, with 10yr bund yields down -1.3bps, but there similarly wasn’t a great deal of movement in either direction, with French OATs (-2.2bps) and Italian BTPs (+1.4bps) not seeing large moves in either direction.

Data was light yesterday. In the U.K. mortgage approvals in April fell to 15.8k (vs. 24.0k expected), which is the lowest number since the series began in 1993, below even their lowest point at the height of the financial crisis in 2008. And net consumer credit fell by -£7.4bn in April (vs. -£4.5bn expected), which is also the largest net repayment since the series began.

To the day ahead now, and the data highlight will be the release of the services and composite PMIs for May from around the world, as well as the ISM non-manufacturing index from the US. Otherwise, we have Italy’s preliminary unemployment rate for April, the Euro Area’s unemployment rate and PPI for April, and in the US there’s the ADP employment report for May and factory orders for April. Finally, there’ll be a monetary policy decision from the Bank of Canada.

 

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 1.97 POINTS OR 0.07%  //Hang Sang CLOSED UP 329.68 POINTS OR 1.37%   /The Nikkei closed UP 288.15 POINTS OR 1.29%//Australia’s all ordinaires CLOSED UP 1.76%

/Chinese yuan (ONSHORE) closed UP  at 7.1110 /Oil UP TO 36.05 dollars per barrel for WTI and 38.90 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 7.1110 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 7.1160 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA

We now have evidence that the WHO actively covered up for China’s lies

(associated press/zerohedge)

Shocking New AP Report Shows WHO Actively Covered Up For China’s Lies

Millions around the world have pondered how the WHO could have possibly been so completely duped by Beijing during the early days of the outbreak in January, when the organization parroted lies about the virus and praised Beijing as a “model” of pandemic response. Prior reports by the Associated Press and other Western media organizations have exposed how Beijing withheld critical information about the virus (including evidence of human-to-human spread) for days while China gobbled up all the PPE and other critical medical supplies.

On Tuesday, as the US heals from a long weekend of violence and unrest, the AP has published a new report based on the details of a never-before-reported internal call where WHO higher-ups discussed what to do about China’s obstinance, fearing a re-run of SARS. The recording reveals that Beijing didn’t immediately cooperate with the WHO, as the WHO had previously claimed, but instead dragged its feet, much to the consternation of several top officials at the UN-linked NGO.

Not only did the CCP deliberately suppress critical info about the outbreak in Wuhan (identities and other patient-related data), but Beijing also withheld a map of the virus’s genome for roughly a week after researchers finished mapping it, among other transgressions (Remember when the WHO praised China’s decision to swiftly map and share the virus genome as unassailable evidence that Beijing cares about accountability?)

When China finally released the information to the WHO, they apparently only did so because a team of Chinese researchers had shared the information with another third party.

Throughout January, the World Health Organization publicly praised China for what it called a speedy response to the new coronavirus. It repeatedly thanked the Chinese government for sharing the genetic map of the virus “immediately,” and said its work and commitment to transparency were “very impressive, and beyond words.”

But behind the scenes, it was a much different story, one of significant delays by China and considerable frustration among WHO officials over not getting the information they needed to fight the spread of the deadly virus, The Associated Press has found.

Despite the plaudits, China in fact sat on releasing the genetic map, or genome, of the virus for more than a week after three different government labs had fully decoded the information. Tight controls on information and competition within the Chinese public health system were to blame, according to dozens of interviews and internal documents.

Chinese government labs only released the genome after another lab published it ahead of authorities on a virologist website on Jan. 11. Even then, China stalled for at least two weeks more on providing WHO with detailed data on patients and cases, according to recordings of internal meetings held by the U.N. health agency through January — all at a time when the outbreak arguably might have been dramatically slowed.

In fact, the WHO’s congratulatory approach during the early days of the outbreak was part of a strategy to coax more information out of the government in Beijing. During transcripts of the call, American staffers at the WHO (the likely source of these leaks) complained that Beijing was giving them information “15 minutes before it appears on CCTV.”

WHO officials were lauding China in public because they wanted to coax more information out of the government, the recordings obtained by the AP suggest. Privately, they complained in meetings the week of Jan. 6 that China was not sharing enough data to assess how effectively the virus spread between people or what risk it posed to the rest of the world, costing valuable time.

“We’re going on very minimal information,” said American epidemiologist Maria Van Kerkhove, now WHO’s technical lead for COVID-19, in one internal meeting. “It’s clearly not enough for you to do proper planning.”

“We’re currently at the stage where yes, they’re giving it to us 15 minutes before it appears on CCTV,” said WHO’s top official in China, Dr. Gauden Galea, referring to the state-owned China Central Television, in another meeting.

The story behind the early response to the virus comes at a time when the U.N. health agency is under siege, and has agreed to an independent probe of how the pandemic was handled globally. After repeatedly praising the Chinese response early on, U.S. President Donald Trump has blasted WHO in recent weeks for allegedly colluding with China to hide the extent of the coronavirus crisis. He cut ties with the organization on Friday, jeopardizing the approximately $450 million the U.S. gives every year as WHO’s biggest single donor.

Perhaps the most interesting segment of the AP’s reporting came two seconds before the agency appeared to dismiss the fact that China’s prevarications during the early days of the virus violated international law (it’s okay since the WHO has no enforcement powers).

The new information does not support the narrative of either the U.S. or China, but instead portrays an agency now stuck in the middle that was urgently trying to solicit more data despite limits to its own authority. Although international law obliges countries to report information to WHO that could have an impact on public health, the U.N. agency has no enforcement powers and cannot independently investigate epidemics within countries. Instead, it must rely on the cooperation of member states.

WHO staffers debated how to press China for gene sequences and detailed patient data without angering authorities, worried about losing access and getting Chinese scientists into trouble. Under international law, WHO is required to quickly share information and alerts with member countries about an evolving crisis. Galea noted WHO could not indulge China’s wish to sign off on information before telling other countries because “that is not respectful of our responsibilities.”

After all, while we might not possess any direct evidence that the novel coronavirus leaked from a biolab in Wuhan, it’s now become abundantly cleared that Beijing lied, and people died, and the WHO failed in its mission to safeguard the public health of the most vulnerable nations.

end
Renowned expert on China Gordon Chang discusses what we must do and not do with respect to China
(Gordon Chang/Gatestone)

Gordon Chang On China: What We Must Do, & What We Must Not Do

Authored by Gordon Chang via The Gatestone Institute,

China has attacked America with coronavirus. At this moment, more than 100,000 Americans have been killed. We brace ourselves for the deaths to come.

Today, I’ll do two things. First, I’ll talk about the nature of that attack. The second thing, what we must do to protect ourselves.

First of all, China is not, as many people will tell you, just a competitor. It is an enemy. China is trying to overthrow the international system, and in that process, it is trying to make you subject to modern-day Chinese emperors.

I know this sounds as if it cannot be true, but we must listen to what Chinese leaders say. When we do that, we realize that to defend the American republic and defend our way of life, we are going to have to decouple from China.

On May 6, President Donald J. Trump said that China’s attack was worse than Pearl Harbor, worse than the World Trade Center. “There’s never been an attack like this,” he said, and he is right.

Most critically, Chinese leaders publicly admitted that the novel coronavirus, the pathogen causing COVID-19, could be transmitted from one human to another on January 20.

Yet doctors in Wuhan, the epicenter, were noticing the contagiousness of this virus no later than the second week in December. Beijing knew a few days after that. If Chinese leaders had said nothing during that five‑week period, that would have been grossly irresponsible.

What they tried to do, however, was deceive the world into believing that this was not transmissible human-to-human. As a result of that campaign, the World Health Organization (WHO) propagated China’s false narrative, especially with that infamous January 14 tweet:

“Preliminary investigations conducted by the Chinese authorities have found no clear evidence of human-to-human transmission of the novel #coronavirus (2019-nCoV) identified in #Wuhan, #China.”

At the same time, Xi Jinping, general secretary of the Communist Party of China since 2012, pressured countries not to impose travel restrictions or quarantines on arrivals from China. Again, WHO helped China, this time with its January 10 statement opposing these restrictions.

What happened was arrivals from China — when Chinese officials knew this virus was human-to human-transmissible — turned what should have been an epidemic contained to China into a global pandemic.

I don’t know what Xi Jinping, the Chinese ruler, was thinking, but if after having seen what the coronavirus did to cripple China, he decided to cripple other societies to get even, he would have done exactly what in fact he did do.

That means there is only one inescapable conclusion. This conclusion is that China maliciously spread this virus around the world, sickening people, killing others.

This is the first time in history that one nation has attacked all the others.

That is not all. After admitting the human-to-human contagiousness of this disease, Beijing then downplayed it.

On January 21, the day after formally admitting the disease’s human-to-human transmissibility, Beijing got its propaganda machine in full gear to tell the world that this was less dangerous than SARS.

SARS is the 2002‑2003 epidemic that according to the World Health Organization infected 8,096 people across the world, killing 744. By then, on January 21, Chinese officials knew it was much worse than SARS.

According to Der Spiegel, Germany’s intelligence agency, the BND, believes that on January 21 ‑‑ this is the day after China formally admitted human‑to‑human transmissibility of the disease ‑‑ Xi Jinping spoke to Dr. Tedros, the director-general of WHO, and tried to get the organization to hold back information on human‑to‑human transmissibility, as well as to delay declaring a pandemic.

Now, WHO denies that this phone conversation between Xi and Tedros took place, but it fits known facts. It also fits what the US intelligence community has been saying, according to various reports.

China’s actions had consequences. Beijing lulled public health officials around the world, including those in the United States, into not taking actions that they otherwise would have adopted.

Democrats and Chinese communists have criticized President Trump for acting too slowly after he imposed the travel restrictions on China on January 31. If that is true, it is only because people on his coronavirus task force were actually listening to what Beijing was saying and making judgments on what they had heard.

For instance, Dr. Deborah Birx, the White House coronavirus task force coordinator, in her March 31 press briefing said she had seen the data from China and decided that this was no more dangerous than SARS, but realized, after the infections ripped through both Italy and Spain, that she had been deceived by the Chinese. She is not the only one. Dr. Anthony Fauci has also talked in public about how the Chinese misled him.

We must impose costs on China. We must impose costs because, first of all, what China did was a crime against all of humanity. We must also impose costs because we need to deter China. This is not going to be the last pathogen generated on Chinese soil. We got to make sure the Chinese leaders do not believe that they can maliciously spread another disease.

This means there is going to be friction between China and the United States as we Americans take steps to protect ourselves in the future. Those steps are going to cause arrogant and belligerent Chinese to move against us.

We should take a look about how the arrogant and belligerent Chinese indeed view the international system, how they view the world order. You will hear many analysts say that the friction between the United States and China is just another one of these boys-will-be-boys contests in history.

The notion is that the United States is jealously protecting its position in the international system fits in with Beijing’s narrative that their rise is inevitable and that we are in terminal decline.

The truth is that the United States is defending more than just its position in the international system. We are defending the international system itself, the system of treaties, conventions, rules, and norms.

Unfortunately, Xi Jinping, the Chinese ruler, does not believe in that system. He is trying to impose China’s imperial‑era notions of the world. In other words, he believes that everyone around the world must acknowledge Chinese rule.

In short, Chinese rulers believed that they had the mandate of heaven over tianxia, meaning “all under heaven.” Xi Jinping has used tianxia‑like language for more than a decade. Recently, his pronouncements have become unmistakable.

For instance, in his 2017 New Year’s message he said, and I quote, “The Chinese have always held that the world is united and all under heaven” — all under heaven — “are one family.”

If this were not enough, his foreign minister, Wang Yi, in September of 2017 wrote an article in Study Times, the Central Party School’s influential newspaper. Wang Yi wrote that “Xi Jinping thought” ‑‑ “thought” in Communist Party lingo is an important body of ideological work — “made innovations on and transcended the traditional Western theories of international relations for the past 300 years.”

If you take 2017 and subtract 300 years, you almost get to 1648. Wang, with his time reference of 300 years, was almost certainly pointing to the Treaty of Westphalia of 1648, which established the current international system. That system recognizes the sovereignty of different states.

Also, when Wang Yi used the word “transcended,” he was saying that Xi Jinping does not believe that there should be sovereign states, or at least no more sovereign states than China itself. The trend of Xi Jinping’s recent comments is that he doesn’t want to live within the international system. He does not even want to adjust it. He wants to overthrow it altogether.

This means China once again is a revolutionary state. Now, Xi Jinping, of course, has not had the power to compel others to accept this audacious vision of worldwide Chinese rule.

Nonetheless, in the last few months, he has seen an historic opportunity because the United States has been stricken by the disease that China itself has pushed out beyond its borders.

What must we do? First, let us talk about what we must not do.

We must not save Chinese communism again. In the past, American presidents, when China had been stressed, have ridden to the rescue of the Chinese state. In 1972, for instance, Richard Nixon went to a Beijing that had been weakened by more than a half decade of the Cultural Revolution, signaling America’s support for China’s communism. That is how people in China took that visit.

The second time, 1989, George H. W. Bush sent Brent Scowcroft, his secret emissary, to Deng Xiaoping in the wake of the Tiananmen massacre. Again, America was telling the Chinese, “Don’t worry about American sanctions, don’t worry about what we say in public, we have your back.”

The third time, 1999, President William Jefferson Clinton signed a trade deal with China – at a time when the Chinese economy, in reality, was contracting. Certainly, China was suffering geopolitical setbacks. That deal was the basis of China’s entry into the World Trade Organization.

Despite all these saves of Chinese communism, China’s communist leaders have remained hostile. We have seen this hostility, especially since the first week of February of this year when the Global Times, which is a Communist Party newspaper, and the Chinese foreign ministry have engaged in an inflammatory disinformation campaign against the United States in an attempt to tar the US with all sorts of disease‑related sins.

This campaign culminated, reached a high point — although this campaign is still continuing today — on March 12th when the foreign ministry went on a Twitter storm. As a part of that Twitter storm, foreign ministry spokesman Zhao Lijian said that coronavirus patient zero was in the United States.

In other words, the disease started here. He also suggested that the US Army carried the disease to Wuhan. We were seeing daily stories about how the United States had been spreading the disease around the world.

Now, Americans, of course, were taken by surprise by this Twitter storm, but we really should not be — because on May 13 of last year Beijing declared a “people’s war” on the United States. This means the contest with China is existential. There is going to be one survivor. It is going to be either the Peoples’ Republic of China or the United States of America, not both.

We have just heard about what we should not be doing. We should not be rescuing Chinese communism.

What should we do? In my call for action, there are eight items.

First, we need to cut off trade with China. Now, I know a lot of people think we should not do this, or this would be unfortunate.

Yes, this is unfortunate, but the point is that China’s communism cannot be reformed, so the only way we can protect American society and Americans is to reduce our exposure to China and our great exposure, of course, is trade. In any event, we should not be enriching a hostile state with the proceeds of commerce with the United States.

This means, of course, that we need to get our factories off Chinese soil, but especially our pharmaceutical factories. China has been threatening to throw the United States into what it calls “a mighty sea of coronavirus,” and it has not been kidding.

For instance, we know the Chinese have turned around at least one ship carrying personal protective equipment — masks, gowns, gloves — that were on their way to New York hospitals. Moreover, Peter Navarro has said China has even nationalized one American factory in China producing those N‑95 masks.

China’s leadership always talks about how it is not possible for the US and China to “decouple.” Now, it is possible. Our job is to make it inevitable.

Second thing that we need to do: The administration is well on the way to making sure federal pension money is not invested in China’s markets. We also need to make sure that state pension money, and money from individuals, is not put into China’s markets. We should not be enriching China with our investments into its equity markets.

Third thing, we need to make China pay. Now, many people have sued the Chinese central government. There are class‑action suits in the federal district courts in Florida, Texas, and Nevada. Of course, the Chinese Central Government has sovereign immunity, but there are a number of bills in Congress, including one sponsored by Senator Blackburn and Representative Lance Gooden.

There is also another bill sponsored by Tom Cotton and Dan Crenshaw, and these would strip China of sovereign immunity. I believe Josh Hawley, the Senator from Missouri, also has a bill.

The State of Missouri, by the way, has sued the Communist Party of China, which is far more important and far richer than the Chinese central government. Guess what? China’s Communist Party does not have sovereign immunity.

People have also been talking about seizing China’s holdings of US Treasury obligations. According to official records, it holds more than a trillion dollars. In reality, it is probably a bit higher than that because China holds US Treasuries through nominees.

Of course, China would engage in a vociferous propaganda campaign if we did that. Beijing would say we are repudiating our debt. They would also say we are not responsible members and stewards of the global financial system. They would be wrong, they would be incorrect, but the US might suffer reputational damage.

That is why I think we should seize Treasuries, but we should be doing this in connection with the holders and issuers of other major currencies. For instance, the Canadian dollar, the British pound, the European Union’s euro, the Swiss franc, the Japanese yen, maybe the Singapore dollar

When we act with others, this becomes not a China-versus-US issue but an issue of China versus the world. No one country is going to suffer reputational damage.

Of course, Beijing could nationalize American factories in China, but I’m not so sure they’re going to do that because China would be hurt far more than we would by that.

Remember that China’s economy is still in a contraction phase and it is still export‑dominated, which means it needs those factories on its soil.

Fourth, with the possibility of the coronavirus escaping from the Wuhan Institute of Virology, we are now thinking about whether China has a biological weapons program in contravention of its obligations under the Biological Weapons Convention.

Right now, we have seen all sorts of circumstantial evidence suggesting lab leak, and we have seen all sorts of circumstantial evidence that the Chinese military has been involved in the cleanup.

The Biological Weapons Convention does not have an inspections regime.

The item on my action list is that the United States should insist on inspections of China’s labs, and if we cannot get inspections we should withdraw from the Convention. I am not saying that the novel coronavirus was a biological weapon. We really do not know.

The one thing we do know is that in China’s labs, they have been engineering coronaviruses in the past. They have issued scientific papers on this, and what they are doing is extremely risky.

Fifth, we should make sure that China does not mess in our elections.China was extremely active in the 2018 midterms. They were concerned about President Trump’s tariffs, and they actually did have an effect in electing Democrats to the House of Representatives.

We know they are going to do that, or something like that, this time. The New York Times a few weeks ago said they are trying to sow chaos in the American public square by disseminating false rumors.

Sixth, we need to stop China from using its nationals to systematically gather information on our soil.Unfortunately, we have had a series of American presidents who have, for various reasons, either done nothing about China’s intelligence operations here, or the actions they took were deliberately ineffective.

We know that China’s diplomats operate on our soil, sometimes spying, other times in a manner inconsistent with the diplomatic status they have. Also, China’s Ministry of State Security agents operate here, freely.

We need to “rip and replace” all the equipment in our telecom backbone that has been supplied by Huawei Technologies, China’s telecom equipment manufacturer. China has been using that company’s equipment to spy on others. We should have no Huawei equipment in our backbone.

Also, we should be turfing out even more Chinese journalists. Those “journalists,” we know, work for China’s intelligence services. We have allowed them to stay on our soil for far too long. Secretary of State Pompeo has expelled many of them, and we need to complete the job.

We have to remember that China’s 2017 National Intelligence Law requires every Chinese citizen and every Chinese entity to spy if demanded, which means that Chinese nationals on our soil can be under a compulsion to engage in intelligence collection.

Seventh, let’s remove China from our cable networks and our newsstands. We should not be allowing China to exploit the openness of our system to try to end it.

Eighth, and the last, we have to deter China, which right now is engaging in what people in Beijing call “wolf warrior” diplomacy. For instance, we see Xi Jinping, with these threats to invade Taiwan.

Since the middle of February, there have been these boat-bumping and other provocative engagements in the South China and East China Seas against almost all of China’s sea neighbors. A Chinese diplomat laid the groundwork for taking over Kazakhstan, in Central Asia, and also China has moved to end the autonomy in Hong Kong.

China is lashing out, challenging everybody at the same time. This is a Maoist tactic, and it suggests problems inside the Chinese political system. In any event, we know that this is an incredibly dangerous moment for everyone.

One final note. Pushed by China, the Trump Administration is moving to an historic rupture with the People’s Republic of China. Because of this, we are seeing changes in the five‑decade‑old engagement policy.

Those changes are absolutely essential for us because, without them, we cannot be self‑reliant.

*  *  *

Q: As an attorney, do you feel there is any way to hold China accountable, liable for financial compensation to devastated nations ravaged by their actions?

If so, as a practical matter, exactly how? Are there US companies that were collaborating with Wuhan labs via research responsible for this corona strain?

Chang: Great. I should say I haven’t practiced law for two decades, and I’ve given up my bar memberships. I’m more than happy to answer that question, however. First of all, as I mentioned, China does have sovereign immunity.

Now, a lot of people will tell you, and this is not an unreasonable argument, that sovereign immunity benefits the US more than any other nation. I do believe the fight with China is existential. To me, it’s important that we make China pay.

As I said, we can avoid this sovereign immunity issue ‑‑ and which would have some blowback for the US ‑‑ if the plaintiffs sue the Communist Party. Because the Communist Party is not sovereign.

In China, there’s a clear distinction between the party and the state. The state has sovereign immunity like other countries and other states have, but the party does not. We can go after the party.

By the way, the party actually has more control over China’s enterprises, which means it should be considered to be the owner of those enterprises. So, it has assets to seize.

We talk about China’s military. Actually, it is not a state army. It is an army of the Communist Party, which means that if we can find a Chinese plane, or a ship, or whatever, that would be subject to a successful suit in US Court because there’s no sovereign immunity and it’s a party army.

Having said all that, I think where we are going to seize assets will be the Treasuries. We should be working, as mentioned, with our allies and friends so that all countries in the world seize China’s assets. That, I think, will work.

Q. Are there US companies that were collaborating with Wuhan labs via research responsible for this corona strain?

Chang: I don’t think so. The Wuhan Institute of Virology was built with French companies, not American, as far as I know. Of course, the issue here is not corporate support but is US government support.

The US has chipped in, most famously, $3.7 million to the Wuhan Institute of Virology for research on bats. Many people think that the novel coronavirus is derived from a bat. I think part of the reason for the contribution is that the United States thought that experimenting on bat viruses was really too risky to be done in the US, so it decided to let the Chinese do it.

That is crazy. If it is too dangerous for us to do it, it’s too dangerous for the Chinese to do it, especially because we know that in China’s labs ‑‑ although the Wuhan Institute of Virology has a P4 biosafety lab, that is the highest level of safety standards ‑‑ we know that the Chinese do not adhere to those standards.

In 2018, State Department teams that visited the Wuhan Institute of Virology came away appalled — actually I should say alarmed — because they saw that Chinese technicians were not adhering to safety standards and protocols.

Also, we had those China Daily pictures. China Daily is an official state media publication. They tried to convince the world how safe the Wuhan Institute was so they posted these pictures, and those pictures actually documented broken or bent seals on refrigerators, a real safety problem.

We know that that lab was a walking disaster and something was going to happen. Unfortunately, it looks as if it did. Probably the coronavirus was an accidental lab release.

Q: How would you advise key US allies?

Chang: I advise every country to cut their trade relations with China because of the danger China poses.

The general view I have is that the world just needs to cut relations with China. If it were possible to reform Chinese communism, maybe that would be a worthwhile experiment, but we Americans have tried that for almost a half‑century and it has not worked.

As a matter of fact, our engagement of China has produced the opposite of what we wanted. We now have a richer and stronger China, more belligerent, more provocative, more aggressive, and much more dangerous. We have got to reverse what was clearly then, and is certainly clearly now, a misguided policy.

Q: What can we do now to try and protect us from more of these viral attacks?

Chang: The less trade and travel we have with China, then the better we are going to be. If there is no Chinese traveler, there would be no global pandemic. There would be no infections outside China. What we are going to have to do is to severely restrict travel from China.

We have to do this at least until we get our hands around this issue. Clearly, we have not been able to manage this. We have this notion, and everybody accepts it, at least implicitly, about globalization, comparative advantage, all of these things that have underpinned our modern world.

Unfortunately, China does not believe in comparative advantage, it does not believe in being a responsible member of the international community. Unfortunately, the only thing we can do is what many people think is unthinkable, and that is to cut our ties with China.

We cut our ties until we feel comfortable dealing with China, which in my mind means that the Communist Party no longer rules, that the Chinese people govern themselves, and then we can get along with them. I believe the Chinese people eventually will get this right.

At least at the moment, until they get it right, we have an obligation to our own citizens to cut those links. Because without those links, we are not going to have the next disease. Remember, China produces, especially in southern China, a lot of disease. Most of the world’s diseases do come from southern China.

This is not some academic question. Unfortunately, the remedy is severe, but I do not know how else we do this because you just cannot cooperate with China. You have got to cut your links.

Q: What might be possible in the way of the US government exposing details on high‑ranking members of the CCP’s overseas bank accounts, family dealings, and for instance, how Xi, on a government salary, paid for his daughter’s attendance at Harvard.

The press has covered some of these things, but that is different from official confirmation and surely greater access to such things as bank records.

Chang: I think we should just publicize it, and seize the assets of Chinese leaders in the United States. We have the Global Magnitsky Act.

These guys, even before the coronavirus episode, were engaging in a crime against humanity with the detention of somewhere between 1.3 and 3 million Uyghurs, Kazakhs, and other peoples of Turkic backgrounds in what China calls Xinjiang, the northwestern part of China.

We know that people were dying in those camps because China has been building crematoria. We know that this is an attempt to eliminate a religion, to eliminate ethnic identity. This is very close to genocide. If it is not genocide, it is as bad as what the Third Reich did before the mass extermination of what, 1941?

That alone should give us justification for applying the Global Magnitsky Act and just seizing all their assets in this country. As I mentioned, I believe this was a deliberate spread of the coronavirus. More than 100,000 Americans have died. We have the right to do everything we can within our power to protect ourselves and to punish wrongdoers.

We may not be able to bring Xi Jinping to The Hague. We may not be able to put him in that prison we have in Florence, Colorado, otherwise known as the Supermax. We may not be able to put him in Guantanamo, but we sure can seize his assets.

Q: Please discuss what we need to do to regain the technology commanding heights, national industrial plan, whole of government, whole of economy, society, Sputnik‑like program.

Chang: It is a whole-of-society approach. You go back maybe 10 years, China was not considered to be a tech competitor. Right now, it is ahead in crucial technologies such as, for instance, 5G, the fifth generation of wireless communications, and in quantum communications it has at least a half‑decade lead on us.

This is really stunning because this whole theoretical notion of quantum communications was developed by an American, Albert Einstein. For us, this is just Americans not paying attention.

It is also, of course, China’s stealing. China steals somewhere between $150 to $600 billion of US intellectual property each year, and now, the FBI is warning that it is trying to steal vaccines and medical‑related information.

What China has been able to do, and it is more than just that, it has had determined programs to develop technology. For instance, China has its 13th Five‑Year Plan, which is just about finished. It has the Made in China 2025 Initiative, where medicines and medical equipment comprise one of the 10 sectors that China wants to dominate by the year 2025.

These are, for China, a whole-of-society approach toward developing technology. We really need to do the same thing, and we can do it. President John F. Kennedy went to Rice University and said, “We are going to go to the moon.” That was a time when the Soviets were well ahead of us.

Through federal programs, through cooperation with business, just through everything, we were able to put the first man on the moon. By the way, no other country has left earth orbit, but the Chinese probably are ahead of us in the race to get back to the moon.

For us, I think what we are going to have to adopt the whole-of-society approach. The one thing that we should focus on is our universities. We have Chinese students and others taking in ways which are sometimes violative of federal law, sometimes just inconsistent with their status on campus.

They have been stealing, downloading entire databases, doing all the rest of this. We need to stop that. I know Chinese students, Chinese professors play a large role in our campuses, but they have also been taking US technology. We need to end that.

For me, it means a renewed approach. One of the ways we can stop this is, we have allowed Chinese diplomats and Ministry of State Security agents to surveil Chinese students on campus. That means Chinese students feel really under a compulsion to do what Beijing wants.

We are Americans. This is our country. We can get those diplomats out of those campuses, get the Chinese agents off our soil. That is up to us. To me, this is important of course. I’m here because my dad came here as a student in 1945, just before the end of the war.

I think we have got a long way to go, to solving what I think is actually the most complex issue we face: what do you do with Chinese students on American campuses? There are no easy solutions, but we need to address this in a much more rigorous way than we have been. We must do all of those things, that means we have a whole-of-society approach.

Q: Pharmaceuticals, how can we best replace the Chinese market? And rare earth strategic elements. Does the US have adequate resources to produce our own? How can we best disconnect from the dependence on the Chinese market?

Chang: On rare earths, we have rare earths in our country and our allies’ — most notably, Canada and Australia — have a lot of rare earths. What we do not have is the refining capacity. Stuff mined in countries other than China is actually shipped to China to be refined.

That has occurred because we do not want to suffer the environmental damage caused by refining rare earths, which in the past has really been awful. New technologies, and those that are coming on-stream now, mitigate much of the environmental impact. I think we need to start refining rare earths in North America.

If not here, then in Canada, which has huge deposits of many of the rare earths. It is a political decision for us to make, that we decide not to be dependent on China.

With regard to pharmaceuticals, Peter Navarro, President Trump’s trade adviser, has been talking for weeks about an executive order that would require the federal government to not buy pharmaceuticals from China. That EO has yet to be signed.

I think there is intense fighting at the top of the administration: trade groups and pharmaceutical companies have been fighting that executive order. This is something the President needs to do. It is in his power.

He can wake up one morning and say to the pharmaceutical companies, “I don’t care what you think. This is a national security issue.” You remember that on July 21, 2017, President Trump signed that executive order on supply chain robustness.

We know on March 24 of this year he talked about what is now called his American independence agenda, which is Americans making things for Americans.

Remember, he has the power under the International Emergency Economic Powers Act of 1977 to do a lot of stuff, including getting pharmaceutical companies out of China. It’s up to him. We should be, I hope, putting pressure on the White House to do what should be done because he is getting a lot of pressure on the other side. President Trump can do this.

Now, one other note. I do not do domestic politics, but I have noticed that there is an election this year. That is probably going to slow down the reaction of the president to many of the initiatives I think should be taken, but nonetheless, this is a really critical one. We cannot allow China to make our pharmaceuticals.

We should not be relying on any single country to the extent that we are relying on China, but certainly not a hostile regime that threatens to cut off products. Again, this is a question of American political will.

Q: How do we get other countries to join us in this effort? They are already getting blackmailed by China. If they criticize China, it punishes them over trade. Australia dared to join 100 countries asking for an investigation into coronavirus origin.

China responded by imposing 80% tariffs on Australian agricultural imports. How can we help other countries to stand up to China?

Chang: At the World Health Assembly, which just concluded, the resolution for an independent investigation of the origins of the coronavirus actually was sponsored by 144 countries. It passed without objection.

This is an investigation which China does not want, although China eventually saw the handwriting on the wall and decided not to oppose it. I think we get to this is a couple of ways. One of them is, the intelligence community, our intelligence community, has a lot of information which is going to throw a light on what China actually did, in terms of spreading the coronavirus.

I know that the intelligence community does not like disclosing a lot of this stuff because it compromises sources and methods. Every once in a while, you get an intelligence issue which is so critical to the future of our country.

I think that this is one of those where disclosure of information really is important. Once countries know what China did in terms of deliberately spreading this coronavirus, I think it is over for China.

With regard to Australia, because Australia was the second country to propose this investigation after we did, China has decided to punish Australia more than any other country, especially with those tariffs on barley.

This is one of those cases where we Americans should start buying Australian barley. We have got to show Beijing that we can out-muscle them. Remember, China looks fearsome because it has had economic growth.

China right now is in a contraction phase, and it has also got one other huge problem, and that is a lot of its Belt and Road loans to other countries are coming due this year. These countries cannot pay China back, which means China’s debt‑trap diplomacy is trapping not just the debtors, but it’s trapping China itself.

What we should be doing is making sure these countries do not pay back, because this is one way to starve the beast. There are many different ways to do it, cutting off trade, cutting off investments.

Those are things we can do, and we can be working with our allies, our friends, and countries that normally are not our friends. They now have an interest in opposing China, so we should be working with them.

Q: To what extent do you consider Xi’s position as head of the CCP to be precarious? Might concerns about his own vulnerability have anything to do with his renewed aggressiveness?

Chang: That’s the question I wish I knew the answer to. There are a number of things that can be said. Of course, China’s political system is not transparent. Especially at moments like this, it can be very opaque. I think this is one of those do-or-die moments for Xi Jinping. I mean that literally.

You have got to remember, Xi has changed the nature of the Chinese political system. Under Hu Jintao, his predecessor, it was collective, which means a Chinese leader really did not get blamed for things that went wrong.

Also, he did not get that much credit: all decisions were essentially made by consensus, especially at the Politburo Standing Committee, but even in the wider Politburo. The Chinese leader did not worry too much about things going bad.

Xi Jinping, of course, has taken that consensus system that he inherited at the end of 2012, and he has made it more or less into a one‑person system where he is the one person. Which means, of course, he has the greater accountability that goes along with that great power.

Xi Jinping, even before the coronavirus, was having a pretty bad year, in 2019, because he had a stumbling economy. He had problems in Hong Kong. He had some pretty unhappy people in China.

What Xi has done is run roughshod over everybody. As long as he can do that, he is safe. You have got to remember, though: people have not forgotten what Xi Jinping has done to them in terms of taking away their power, putting their family members in jail, all the rest of this.

They are sort of waiting on the sidelines for an opportunity to strike back. When Xi Jinping stumbles, they will strike back. This is a particularly important time for Xi because what he is trying to do is intimidate the world with this “wolf warrior” diplomacy.

If he succeeds, he is golden. If he does not succeed, if the world starts to contain China, starts to reduce relations with Beijing, all the rest of it, he is gone. By gone, I mean, he not only loses his position, he also loses perhaps his freedom, his assets, and maybe even his life.

He has taken what was a consensus-driven system and made it like the Maoist political system of the first years of the People’s Republic. When people lost political struggles, they not only lost power, they sometimes were executed.

Xi Jinping knows what is at stake right now. There are rumors ‑‑ I don’t know how much weight to give them ‑‑ that he is not going to get a third term as general secretary at the next Communist Party Congress in 2022. I tend to believe them, but I think that has not yet been determined.

What is interesting is that people in Beijing are talking about that. Which means that it probably is an option for the party to ditch Xi Jinping at the next opportunity. We shall see.

Q: Can we analyze some of the pharmaceuticals or even vitamins that come in that possibly show pathogens because of their poor oversight and loose regulations?

Chang: The answer is yes. We have had in the past medicines coming from China that have been adulterated. For instance, in the middle of this decade, maybe even earlier, Heparin, the blood thinner, was adulterated.

I do not think China would intentionally try to adulterate their vaccines and stuff. Nonetheless, they have had these fake vaccines scandals periodically in China. One not too long ago. We have got to be very concerned.

China can actually get to a vaccine before anybody else does if for no other reason that they are willing to cut corners. It is important for us to make sure that whatever China comes up with is not only effective but also safe.

Xi Jinping at the World Health Assembly address that he gave a couple of days ago, said he was going to share the vaccine with the world. I am happy if that is the case, but we have to be concerned that what they come up with is probably going to be ineffective or dangerous.

The Chinese are not going to test. They are not going to adhere to the same safety protocols that the rest of the world will. We need to be really concerned about what comes out of China in terms of a vaccine.

end

Trump to bar Chinese passenger planes from entering the USA

(zerohedge)

Trump Admin Set To Bar Chinese Passenger Planes To US

Update (1009ET): A statement from the Transportation Department confirms Wednesday morning that it will suspend Chinese passenger flights to the US starting June 16.

“Our overriding goal is not the perpetuation of this situation, but rather an improved environment wherein the carriers of both parties will be able to exercise fully their bilateral rights,” said the Department of Transportation’s order. “Should the CAAC [Civil Aviation Administration of China] adjust its policies to bring about the necessary improved situation for U.S. carriers, the Department is fully prepared to revisit the action it has announced in this order.”

Reuters’ David Shepardson tweeted the “Transportation Department filing confirms” the Reuters report.

At the moment, E-mini S&P500 futures are ignoring headlines…

* * *

As tensions soar between the US and China, Reuters reports that in the next escalation, President Trump’s administration is set to bar Chinese passenger airlines from flying to the US starting in mid-June as geopolitical tensions continue to flare up between the two nations.

The move by the Trump administration comes in response to China refusing to allow US airlines to resume passenger service in the country. The Trump administration claimed last month that the Chinese government has made it near impossible for US carriers to operate in the country.

The new order banning all Chinese passenger airplanes from US flights is expected to take effect on June 16. More details will be announced in the afternoon hours on Wednesday.

Offshore Yuan has slumped to 7.1253 on the Reuters report.

Relations between both countries has taken a turn for the worse following the virus pandemic, a breakdown in the trade deal, the fate of Hong Kong, continued decoupling of financial markets, and technology war.

end

CHINA/UK

China is furious after the UK makes the correct move by offering citizenship to 3 million Hong Kong residents

These people are hard working and entrepreneurial.  They will add greatly to England’s GDP
(zerohedge)

China Furious After UK Considers Offering Citizenship To 3 Million Hong Kong Residents

U.K. Prime Minister Boris Johnson pledged on Wednesday to overhaul immigration rules and said Britain is considering providing a route to British citizenship for nearly three million Hong Kong residents in response to Beijing’s move to impose a far-reaching security law here that many fear will dismantle the city’s political freedoms and which will criminalize broadly worded offenses such as sedition, subversion and foreign interference. Beijing’s decision to bypass Hong Kong’s legislature has been heavily criticized by the British government, which signed an agreement in 1984 to ensure that Hong Kong remains autonomous from Beijing, except in matters such as defense.

The unprecedented move, which Johnson said he would implement when China formally enacts the security law, could emerge as among the most significant ramifications of Beijing’s effort to undercut Hong Kong’s freedoms and bring the city more closely under Communist Party rule. It would potentially grant British residency and working rights to up to 40% of Hong Kong’s population, raising the specter of a brain drain from the Asian financial center.

“Many people in Hong Kong fear their way of life—which China pledged to uphold—is under threat,” Johnson wrote in an op-ed that appeared Wednesday in the Times of London newspaper and Hong Kong’s South China Morning Post. “If China proceeds to justify their fears, then Britain could not in good conscience shrug our shoulders and walk away.”

 

Riot police detained hundreds of people, some of them children, during pro-democracy protests in Hong Kong on May 27. Photo: Getty Images.

Johnson’s vow comes as the United States, Canada, Australia and others face pressure from lawmakers and human rights groups to offer residency to Hong Kong people fleeing deteriorating political circumstances in the former British colony, which was promised a high degree of autonomy under the terms of its 1997 handover to China.

Johnson wrote that his government would allow holders of British National (Overseas), or BNO, passports to come to Britain for a renewable period of 12 months and gain the right to work. The move “could place them on a route to citizenship,” he said.

These passports, a holdover from British rule issued to people born before 1997, currently allow holders to stay in Britain for six months but do not afford work rights or residency. About 350,000 of Hong Kong’s 7.5 million residents hold British National Overseas passports, to which people who were citizens of Hong Kong before Britain returned the city to Chinese rule in 1997 are entitled.Johnson said a further 2.5 million people are eligible to apply for them, adding up to about 40% of Hong Kong’s population. Holders of those passports can visit the U.K. for a period of six months but currently don’t have the automatic right to live or work in the country.

That said, it is not clear exactly how immigration laws would be changed or if the U.K. would fully open its doors to the 2.8 million Hong Kong residents potentially eligible for a British National Overseas passport. It isn’t currently permitted to hold a British National Overseas passport while holding the nationality of another country. British Foreign Secretary Dominic Raab said on Tuesday that the U.K. had discussed with allies including Australia, Canada and the U.S. the possibility of “burden sharing if we see a mass exodus from Hong Kong.” He didn’t indicate any outcome of the discussions.

China, naturally, was not happy with this turn of events.

In response to the BoJo op-ed, China’s Foreign Ministry said Wednesday that Britain has no jurisdiction over Hong Kong. Britain must “step back from the brink” and “stop interfering in Hong Kong’s affairs and China’s internal affairs,” spokesman Zhao Lijian told reporters.

Hong Kong’s Office of the Commissioner of China’s Ministry of Foreign Ministry added that “the U.K. has no sovereignty power, nor does it have power of governing or “supervision” over Hong Kong after the region’s return to China” adding that “no terms in the Sino-British Joint Declaration grant rights to U.K. to interfere in Hong Kong affairs” and that “any foreign nations including the U.K. should not use the Joint Declaration as an excuse to meddle in Hong Kong affairs: statement.”

Needless to say, China has been especially critical with the proposal since Britain first floated the idea last week, and has denied that the security law breached the 1984 agreement with Britain. It has said it reserved the right to take unspecified “corresponding action.”

Asked about the British proposal on Wednesday, Hong Kong Chief Executive Carrie Lam said some foreign governments had adopted “blatant double standards” regarding China’s security law.

Comment on the proposal, Rabobank’s Michael Every was laconic, and warned that this is just the last geopolitical flashpoint that markets are clearly ignoring:

the UK is lobbying the 5-eyes Anglo group to allow millions of Hong Kongers to leave for Britain (who will take 2.9m), the US, Canada, Australia and New Zealand: what does that suggest about the outlook?

As the former colonial ruler, London was a signatory to the Sino-British Joint Declaration in which China agreed to preserve Hong Kong’s political freedoms and way of life until 2047.

end

Trump is getting ready to expel many Chinese Media outlets

(zerohedge)

White House Slaps Retaliatory “Foreign Mission” Restrictions On More Chinese Media Outlets

Just hours after the US announced plans to bar Chinese airlines from flying passenger routes to the US, while Reuters reminds us that the restrictions on 33 Chinese AI and security firms who aid China’s security state and imprisonment of ethnic minorities will take effect on June 5.

  • U.S. TO DESIGNATE ADDITIONAL CHINESE MEDIA OUTLETS AS FOREIGN MISSIONS AS SOON AS THURSDAY – RTRS

Earlier this year, Beijing announced plans to kick out dozens of foreign journalists working for American media organizations, amid a broader crackdown on transparency in the aftermath of the coronavirus outbreak. They included reporters for WSJ, NYT, Bloomberg and other organizations.

In response, President Trump designated 5 Chinese state media outlets “foreign missions”, meaning they much register all personnel and property with the US government.

Institutions with this designation effectively now have to comply with all rules governing foreign embassies and consulates. The outlets added in February include Xinhua News Agency, China Global Television Network (or CCTV), China Radio International, the parent company of China Daily newspaper, and the parent company of the The People’s Daily newspaper.

It also means that during a diplomatic spat, the US could expel these media outlets, just like Beijing is doing to the American journalists. Some have even claimed it’s likely a preamble for such a move. it’s not clear how many new media outlets will be targeted.

4/EUROPEAN AFFAIRS

Italy

Enraged Italians abandon masks and denounce the Pandemic as a scam

(zerohedge)

Enraged Italians Abandon Masks, Denounce Pandemic As Scam

Hundreds of Italian demonstrators gathered in Rome’s Piazza del Popolo on Tuesday, ditching their masks in a protest against the Italian government’s lockdown restrictions aimed at controlling the spread of COVID-19.

The group, which calls themselves the ‘Orange Vests,’ is led by retired Carabinieri general Antonio Pappalardo, who doesn’t believe children should be made to wear masks, according to TIME.

Refusing to wear a mask himself, Pappalardo said “These lungs mine. I will take care of my lungs. Breathing is sacred.”

The people packing the square didn’t adhere to social-distancing guidelines set by the government.

Pappalardo portrayed such containment measures as an infringement of freedom. Other speakers at the protest asserted that the pandemic ‘’never existed’’ and alleged that politicians had played it up to enhance their own powers. –TIME

Elsewhere in Rome, opposition leaders, including League Party chief Matteo Salvini, marched on Tuesday to demand that the government resign.

Unveiling an Italian flag along the Via del Corso, Rome’s central artery, the gathering soon turned into a procession led by Salvini and two other party leaders: Giorgia Meloni of the right-wing Brothers of Italy, and Antonio Tajani, who co-founded former PM Silvio Berlusconi’s center-right Forza Italia, according to France24.

According to a Facebook post by Salvini, the march was “a symbolic gesture to make heard the voices of the citizens who do not give up.”

As Italy faces the worst recession since the war, the crisis could further bolster the far-right with the country scrambling to support businesses.

There is an immediate need for money for the Italians, yet we are promised the recovery fund in 2021,” Salvini told reporters, referring to the 750-billion-euro European recovery plan.

“There can be no forgotten Italian workers,” he added.

He also expressed opposition to the government’s decision to temporarily allow illegal migrants to work on the land or as domestic helpers. –France24

Salvini was spared standing trial last week by a special committee over allegations of illegally detaining migrants at sea.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

CORONAVIRUS/CHINA/UN/THE GLOBE/UPDATE

UN Accuses China Of Censoring COVID Research As Global Deaths Near 400k: Live Updates

Summary:

  • Vegas prepares to reopen
  • UN accuses China of censoring COVID research
  • BoJo reimposes travel restrictions as EU reopens borders
  • Russia reports another jump in cases
  • Global cases near 6.5 million
  • US bars Chinese passenger airlines

* * *

Following a fifth night of unrest across the US, analysts are trying to suss out when any spike in COVID-19 infections might occur.

Carl Quintanilla

@carlquintanilla

FUNDSTRAT: consumers have become even less “risk averse” and more willing to venture out of their homes. The 6 categories where we see a meaningful increase are below. — @fundstrat

(per Gordon Haskett’s weekly survey data)

View image on Twitter

While several states, including Florida, have already reported spikes in deaths (likely a trend that was in place before the street violence across the US began) and others have, more alarmingly, reported spikes in new case, Minnesota has already said it plans to test all 7,000 national guardsmen deployed last week after at least one tested positive and more showed symptoms of early infection.
Following the latest bombshell report exposing how China manipulated the WHO Into parroting its lies and deflections, UN rights chief Michelle Bachelet warned Wednesday that China and other Asian nations were using the virus as an excuse to crack down on political freedoms.

Apparently, the UN has documented “more than a dozen cases of medical professionals, academics and ordinary citizens who appear to have been detained, and in some instances charged, for publishing their views or other information on the situation related to COVID-19,” or for criticizing the government.

PM BoJo said quarantine measures Britain plans to reintroduce for almost all international travellers from June 8 are critical to preventing a second outbreak of the virus. Asked during PMQs to explain why Britain is reintroducing the steps now, just as many other countries are lifting quarantine rules, Johnson claims: “As we get the rate of infection down, with the efforts that we are making as a country, it is vital that we avoid reinfection.”

Spain, and most other European countries badly hit by the virus, is working on starting to gradually allow tourists from “more secure” countries to return to Spain without needing to quarantine for 2 weeks beginning late this month. Austria is planning to scrap controls for all land borders except for Italy. And Germany said Wednesday it plans to lift a travel ban for EU member states along with the UK, Iceland, Norway, Liechtenstein and Switzerland beginning June 15.

Globally, the number of COVID cases has topped 6.4 million while deaths are nearing 400k.

The US has just announced plans to ban Chinese airlines.

Meanwhile, Las Vegas is preparing to reopen amid rumors that bookings were much larger than expected. Though many of the larger companies are leaving some of their properties closed, gambling is set to begin at 12:01.

American biotech firm Novavax, which launched human trials in Australia last week for a COVID vaccine, has entered into a deal with contract drugmaker AGC Biologics to manufacture its experimental COVID-19 vaccine, should it pan out, the latest example of a biotech company working on a vaccine appearing to say something when, in fact, saying nothing.

Finally, Russia has reported 8,536 new cases of the novel coronavirus, bringing its nationwide tally to 432,277, the third-highest in the world. Its death toll reached 5,215 after the authorities said they had recorded another 178 COVID-19 deaths over the last day.

7. OIL ISSUES

Oil tumbles after an OPEC meeting is in doubt due to “quota cheating”

(zerohedge)

Oil Tumbles After OPEC+ Meeting In Doubt Due To “Quota Cheating”

After hitting $40/bbl overnight for the first time in three months, crude prices reversed sharply following a Bloomberg report OPEC+ and its allies are having trouble in striking a deal this week to extend their historic output cuts because “Saudi Arabia and Russia drew a hard line over quota cheating by some nations.”

The two leaders of OPEC+ reportedly told several cartel members ahead of the meeting on Thursday when a production cut extension was expected to be discussed, that record output cuts may not be feasible if Iraq and Nigeria don’t make firm commitments to curtail supply. 

The group is expected to discuss extending production cuts by one to three months. The existing agreement calls for easing cuts from July, a plan Russia has agreed to. Meanwhile, the group is watching developments in US shale as oil-drilling rigs contract for the eleventh week.

While the global oil market remains oversupplied, the latest rally in crude prices was sparked by hopes demand will surge as the global economy reopens, and OPEC+ could extend production cuts. But with WTI contracts rallying 279% in 25 sessions, higher prices could lead to shale coming back online, which is something OPEC+ does not want.

To date, there is still no agreement to extend production output cuts. And while cut optimism has rocketed crude prices higher in the last month, delegates said Saudi Arabia and Russia want pledges from all members that they would abide by future cuts.

Saudi Arabia showed “good compliance with the pact by reducing its output by 2.9 million barrels a day in May to 8.7 million,” said Salih Yilmaz, an analyst at Bloomberg Intelligence.

“The kingdom may now look to provide further support for oil prices by leading OPEC to extend current output cuts for a couple of months,” said Yilmaz.

As for crude’s rally, well, the continuation or reversal appears to be in the hands of OPEC+ this week.

end

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1196 UP .0011 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREN

 

 

USA/JAPAN YEN 108.58 DOWN 0.255 (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 1.2566   DOWN   0.0013  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3554 UP .0044 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  WEDNESDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 1.97 POINTS OR 0.07% 

 

//Hang Sang CLOSED UP 329.68 POINTS OR 1.37%

/AUSTRALIA CLOSED UP 1,76%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 329.68 POINTS OR 1.39%

 

 

/SHANGHAI CLOSED DOWN 1.97 POINTS OR 0.07%

 

Australia BOURSE CLOSED UP 1.76% 

 

 

Nikkei (Japan) CLOSED UP 329.68  POINTS OR 1.37%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1719.65

silver:$17.90-

Early WEDNESDAY morning USA 10 year bond yield: 0.69% !!! UP 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.50 UP 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 97.58 DOWN 9 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.57% UP 7 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.62%// UP 6 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,55 UP 4 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: RISES TO –.35% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.90% 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 WEDNESDAY

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

Euro/USA 1.1239 UP     .0054 or 54 basis points

USA/Japan: 108.91 UP .086 OR YEN DOWN 9  basis points/

Great Britain/USA 1.2586 UP .0007 POUND UP 7  BASIS POINTS)

Canadian dollar UP 23 basis points to 1.3488

 

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The USA/Yuan,CNY: AT 7.1139    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1170  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.7423 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +01%

 

Your closing 10 yr US bond yield UP 1 IN basis points from TUESDAY at 0.75 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.56 UP 7 in basis points on the day

Your closing USA dollar index, 97.23 UP 45  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 WEDNESDAY: 12:00 PM

London: CLOSED UP 162.27  2.21%

German Dax :  CLOSED UP 466.08 POINTS OR 3.88%

 

Paris Cac CLOSED UP 163.41 POINTS 3.36%

Spain IBEX CLOSED UP 218.30 POINTS or 2.95%

Italian MIB: CLOSED UP 670.72 POINTS OR 3.34%

 

 

 

 

 

WTI Oil price; 36.34 12:00  PM  EST

Brent Oil: 39.05 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    68.54  THE CROSS LOWER BY 0.11 RUBLES/DOLLAR (RUBLE HIGHER BY 11 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.35 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

 

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

WTI CRUDE OIL PRICE 4:30 PM :  36.86//

 

 

BRENT :  39.55

USA 10 YR BOND YIELD: … 0.76..plus 8 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.55..up 6 basis points..

 

 

 

 

 

EURO/USA 1.1248 ( UP 63   BASIS POINTS)

USA/JAPANESE YEN:108.91 up .080 (YEN DOWN 8 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 97.24 DOWN 43 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2588 UP 8  POINTS

 

the Turkish lira close: 6.7323

 

 

the Russian rouble 68.59   UP 0.07 Roubles against the uSA dollar.( UP 7 BASIS POINTS)

Canadian dollar:  1.3034 UP 18 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.35%

 

The Dow closed UP 527.65 POINTS OR 2.05%

 

NASDAQ closed UP 74.54 POINTS OR 0.78%

 


VOLATILITY INDEX:  25.26 CLOSED DOWN 1.58

LIBOR 3 MONTH DURATION: 0.330%//libor dropping like a stone

LIBOR/OIS: .265%

TED SPREAD//  (LIBOR VS 3 MONTH TREASURY:  .17%

 

USA trading today in Graph Form

Dow Soars Over 1000 Points Since Riots Started; Bonds, Bullion, & Dollar Dumped

So there is this…

  • Worst social unrest in 50 years (cops killed, cities burning, stores looted nationwide)
  • Global Pandemic ongoing (some reopenings but 2nd wave cropping up)
  • WHO sees no drug showing any efficacy in reducing mortality (but we rallied for weeks on vaccine hope)
  • Economic collapse (no v-shaped recovery in any ‘hard’ or ‘soft’ data)
  • Earnings plunge (recovery being pushed out)
  • US-China tensions increasing

And then there’s this – The Dow is up over 1000 points from Sunday night’s open…

The Dow was up over 2% today (topping 26k), Trannies 3.5%! (little weakness into the close)…

The Nasdaq 100 topped its all-time closing record today and at this rate, the S&P 500 will be green YTD by the end of the week…

Source: Bloomberg

VIX compressed to a 25 handle but lags the market…

Source: Bloomberg

Because…

Source: Bloomberg

Scott Minerd, chief investment officer at Guggenheim Investments, said in a Bloomberg television interview today that The Fed sent the world a “buy signal” through its programs propping up the corporate bond market, which will force corporations to become even more leveraged.. BUT…

  • The Fed’s actions will eventually force it to face a “day of reckoning”
  • The Fed will ultimately reduce corporate productivity, and could result in stagflation over the next decade

One word sums it all up…

And as stocks soar, bonds are puked (safe-haven hedges are for pussies)…

Source: Bloomberg

The dollar is dumped…

Source: Bloomberg

The euro hit 12-week highs (up 8 days in a row) are Merkel agreed to stimulus deal…

Source: Bloomberg

And precious metals pummeled (barbarous relics, meh)…

With Gold outperforming silver in the last two days…

Source: Bloomberg

The Treasury curve has steepened significantly…

Source: Bloomberg

After yesterday’s battering, cryptos drifted higher today…

Source: Bloomberg

WTI Crude managed to hold gains after a roller-coaster day on OPEC headlines and inventories…

And finally, greed (apparently) is good again!

Source: CNN

Valuations are back at record-breaking levels…

Source: Bloomberg

The Put-Call ratio has reached near cycle low levels once again as fear evaporates… and while not an immediate risk catalyst, it has historically not ended well…

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

April factory orders crash

(zerohedge)

April Factory Orders Crash By The Most In American History

Having collapsed by a record 10.4% MoM in March, April factory orders were expected to accelerate even lower and it did. However, the 13.0% plunge in April was modestly better than the 13.4% MoM drop expected… but is still the worst in American history.

Source: Bloomberg

Year-over-year, factory orders collapsed 22.3% – the worst since the peak of the financial crisis.

Ex-Transports, orders fell 8.5% – a record drop…

But apart from that, we are sure the stock market knows better!!

end

iii) Important USA Economic Stories

The USA burns for the 5th straight night of unrest

(zerohedge)

Clashes With Police Continue In New York, Washington During 5th Night Of Unrest As Arrests Near 10,000

After four straight nights of anarchy and unrest across the US, demonstrations in dozens of cities across the US took on a distinctly more peaceful tone during night No. 5, as several tense situations were successfully de-escalated, while demonstrations and in some cases violent protests sprang up in Europe and around the world.

Tuesday evening was the 7th night of protests (if one counts from the first rallies in Minneapolis) and the fifth night of nationwide unrest, as demonstrations had spread to other cities by Friday.

After closing all of Manhattan below 96th street to cars, NYC Mayor Bill de Blasio called for an end to “coordinated criminal activity” and looting. Fortunately, the protests on Tuesday night were much less violent and chaotic. A clash between protesters and police was avoided on the Manhattan Bridge, where police allowed them to turn around and walk back to Manhattan. Some store owners lined the streets and “cheered on the demonstrators”, CNN reported. We imagine many more stood outside their boarded up stores with makeshift weapons, ready to take matters into their own hands after the NYPD refused to intervene to stop looters in parts of the city last night.

DTCNEWS@DTC_NEWS_2

Police in riot gear block protesters on New York’s Manhattan Bridge, make arrests.

Embedded video

ABC News

@ABC

Protesters blockaded by police on New York’s Manhattan Bridge chant slogans, during a demonstration against the death of George Floyd. https://abcn.ws/3gIGB3j

Embedded video

At one point, Spider-Man made an appearance.

Anya Volz@AnyaVolz

A huge development at the Manhattan Bridge protest right now

Embedded video

Looting broke out in downtown Brooklyn at Flatbush Avenue and Pacific Street, an area with a lot of big box stores and the Atlantic Terminal mall near the Barclays Center. The department also said there was a shooting in Crown Heights, where a cop shot “somebody with a firearm”.

Though they remained mostly peaceful, thousands of demonstrators steadfastly refused to abide by Mayor de Blasio’s 8pmET curfew, likely because the mayor refused to bring in the national guard and state troopers to assist the NYPD.

“Something has to break, and it’s not going to be us,” Evan Kutcher, one of hundreds of demonstrators who stood outside the Barclays Center chanting Floyd’s name Tuesday evening, told the AP. “We’re here because something needs to change.”

In Philadelphia on Tuesday, CNN noted that protests culminated in a nine-minute “moment” of silence, while city officials opted to move a controversial statue of a former mayor that had become a locus for vandalism.

The Daily Beast

@thedailybeast

Overnight, Philadelphia officials removed the statue of Frank Rizzo, the ex police chief and mayor who once told people to “Vote White” https://trib.al/QYSoYfK

Philadelphia Tears Down Statue of Hated Ex-Police Chief, Mayor Frank Rizzo

In 1971, Rizzo publicly urged his supporters to “Vote White.”

thedailybeast.com

After Virginia recalled national guardsmen, clashes continued between police and rioters and demonstrators in Washington DC. Cops pepper-sprayed protesters and again shot them with rubber bullets during a protest in Lafayette Square in Washington DC. Video showed a TV camera operator being sprayed at a fence erected at the edge of the park just north of the White House.

Perhaps the most interesting development on Tuesday night were the demonstrations and, in a few instances, violent clashes that broke out in Paris and other European cities.

Bloomberg QuickTake

@QuickTake

The protests against the death of and police brutality continued overnight in major cities across the U.S. and Europe

Embedded video

Protests even broke out in Sub-Saharan Africa, with protests staged in Kenya and Nigeria.

Pope Francis weighed in for the first time, saying “We cannot tolerate or turn a blind eye” to racism.

“I have witnessed with great concern the disturbing social unrest in your nation in these past days, following the tragic death of Mr. George Floyd…We cannot tolerate or turn a blind eye to racism and exclusion in any form and yet claim to defend the sacredness of every human life.”

According to a tally from the AP that was just updated, roughly 9,300 people have been arrested in demonstrations around the world.

Instead of the spray-painting graffiti, protesters in the US capital used chalk to draw messages on the asphalt.

Protesters chanted and talked among themselves, most wearing masks, but not keeping to social distancing for the coronavirus. One protester, Mati Yiheyis, a 21-year-old college student at the University of Virginia, told the AP that many older protesters stayed away because of COVID fears

When one protester climbed a lamp post and removed a street sign, others loudly booed, per the AP.

“It’s not what we’re about,” said protester George “TJ” Pierce.

Minnesota Gov. Tim Walz announced Tuesday that the Minnesota Department of Human Rights is launching a sweeping civil rights investigation into the Minneapolis Police Department which will look into practices of systemic racism. In a statement to the press, he said the inquiry will try to determine whether police engaged in “systemic discriminatory practices towards people of color and ensure any such practices are stopped.”

Derek Chauvin, the officer who placed his knee on Floyd’s neck, is expected to make his first appearance in court on charges of third-degree murder and second-degree manslaughter on June 8. Floyd’s funeral is set for June 9. One last important date: Analysts at Fundstrat projected that if a surge in new cases doesn’t arrive by June 11, then that would suggest the feared resurgence in infections never came to pass.

Carl Quintanilla

@carlquintanilla

FUNDSTRAT: Protests “started 5 days ago .. and ~92% of those exposed to COVID-19 are symptomatic by day 14 (50% by Day 7). Day 14 is June 11th. So if no massive second wave starts by June 11th, we have a definitive break” in transmissability.” – @fundstrat

end
Evidence that it was Antifa that came to riot
(J Turley)

“We Came To Riot”: Illinois Man Arrested With Cache Of Explosives

Authored by Jonathan Turley,

Yesterday I wrote about the curious effort by some in politics and the media to portray “Russians” or “White Supremacists” as driving the rioting in various cities.

The role of anarchists and Antifa members was obvious – and reinforced by arrests reported in various cities. This gold encrusted arrestee is Matthew Lee Rupert, 28, who was arrested in Chicago trying to pass out explosives – allegedly much like the two attorneys arrested in New York. 

The evidence includes a videotape on which Rupert states “we came to riot.”

Rupert is an “outsider” though far short of Moscow. He lives in Galesburg, Illinois.

The prosecutors filed a complaint stating:

“In the video, Rupert passes out explosive he indicates he possessed, encourages others to throw his explosives at law enforcement officers, actively damages property, appears to light a fire a building on fire and loots businesses in Minneapolis.”

Rupert tried to hand out the explosives and is quoted as telling another individual “light that bitch and throw it at them.”  The other individual did just that and threw the explosive at the police.

It is clear that radicals are flocking to hot spots to foster rioting and attacks on police.

end
How the ransacking began;
(zerohedge)

Criminal Gangs Who Ransacked NYC Arrived In Chauffeured Cars, Used Power Tools, Witnesses Say

Mayor de Blasio and several high-ranking NYPD officials have already spoken out about the organized gangs of criminals who appear to be responsible for most of the looting in NYC. Now, a group of cops investigating the highly-coordinated crimes are telling local TV stations that they have evidence many of the looters were chauffeured to the “jobs” and brought large arsenals of power tools to help them break in.

Witnesses who spoke to these officers claimed they saw looters who showed up in separate vehicles work together in large groups to facilitate the looting that broke out in retail areas in Soho, Fifth Ave. and elsewhere.

According to ABC 6, one of the numerous eyewitness reports received by police came from Carla Murphy, who lives in Chelsea.

Murphy, in an interview Tuesday, said she started hearing commotion from mobs of people along her street and neighboring streets about 10:30 p.m. Monday night. She first watched from her building and then went down to the street and saw organized groups of people working together to break in to store after store in the West Side neighborhood.

“Cars would drive up, let off the looters, unload power tools and suitcases and then the cars would drive away,” she said. “Then the cars would come back pick them up and then drive off to the next spot. They seemed to know exactly where they were going. Some of the people were local, but there were a lot of out-of-towners.”

Murphy said she saw license plates from New Jersey and Pennsylvania and drivers had not even tried to hide their tags.

After calling 911 and not getting through, Murphy visited the 10th Precinct in Manhattan, where she says dispatchers mostly brushed her off. Police didn’t arrive on scene until hours later.

Police suspect many of the lootings involved a combination of anarchist agitators as well as gang members and other career criminals.

Officers who spoke with ABC 6 said the crews who “worked” the lootings clearly had a sophisticated communications system relying on text messages, messaging apps and lookouts.

end
What a riot!!  Undercover taxi cabs  are tricking protesters.  After looting, they enter the cabs and then are arrested by the cops sitting as drivers
(zerohedge)

“Craziest Shit I’ve Seen” – NYPD Uses “Undercover” Taxi Cab To Arrest Protesters

As social unrest rages in New York City, a video surfaced on social media Tuesday, showing what appears to be an “undercover” police car that resembles a Yellow Cab NYC Taxi.

The video, first posted via Twitter handle @dertyduchess, is narrated by a passerby, who spots an “NYC cab cop car.” The person went onto say, “this is the craziest shit I’ve seen.” As the person walks by the vehicle, they pointed out how “someone” was being detained inside the cab.

emel BLM@taxicabstruce

THE NYPD IS DISGUISING AS TAXI DRIVERS AND TRICKING PROTESTERS THAT ARE TRYING TO GO HOME!!! SPREAD THIS AND BE SAFE

Embedded video

One Twitter user responded to the video by saying: “Cops in NYC pretending to be taxi drivers so they can trap protesters… I have never in my life seen or heard anything as SICK and TWISTED as this….,” tweeted @hisnameiselie.

 

NYPD Cop Cab 

While there are no official reports that NYPD uses undercover cabs, Motherboard filed several requests to the NYPD through the Freedom of Information Act to examine the issue more in-depth back in 2015. What they found is that NYPD operated a small fleet of these cars back then. However, the fleet has grown to new taxi cab models, as shown in the video above, with what appears to be a new Toyota corolla.

 

h/t Motherboard 

A video from 2013 shows an NYPD undercover taxi in action.

As a note to rioting Americans, something we’ve written in the last several days, the lesson to be learned today is that while fleeing a protest or store that was looted in New York City — hoping into a taxi for the great escape could result in an arrest.

end
Michael Snyder:  America is literally coming apart at the seams
a must read..
(Michael Snyder))

America Is Literally Coming Apart At The Seams

Authored by Michael Snyder via TheMostImportantNews.com,

For a very long time, many of us have been loudly warning the American people that this was coming. 

The mainstream media and many of our national leaders have been fanning the flames of hatred, anger, frustration and division on a daily basis for many years, and it was just a matter of time before we witnessed an eruption of violence of this magnitude.  Over the last week, we have seen protests in at least 145 different U.S. cities, and reports of rioting, looting and violence are coming in so fast that it is literally impossible to keep up with them all.  So far, at least 40 U.S. cities have imposed curfews, the National Guard has been activated in at least 15 states, and at least 4,100 people have been arrested.  On Sunday night, the violence in Washington D.C. became so alarming that President Trump was actually rushed to a secret bunker under the White House

Agents reportedly rushed Trump to the Presidential Emergency Operations Center (PEOC) – which was used after the 9/11 terror attacks and is equipped with secret tunnels – on Sunday night.

Trump was moved to the bunker before more than 50 Secret Service agents were injured during the sixth night of violence prompted by George Floyd’s Monday death, the New York Times reported.

It is located in the ground below the East Wing of the White House, but its exact placement is kept secret.

To me, it is absolutely crazy that the rioters are being allowed to injure one Secret Service officer after another.

It just shows how much things have changed.  When I worked in the D.C. area many years ago, there was a tremendous amount of respect for the White House, and everyone understood that anybody that tried to mess with the White House would be dealt with severely.

In those days, anyone that attacked a Secret Service agent would have deeply, deeply regretted doing so.

But now we are apparently allowing our Secret Service agents to be “kicked, punched, and exposed to bodily fluids”

Through Saturday and early Sunday, more than 60 Secret Service Uniformed Division Officers and special agents suffered multiple injuries from bricks, rocks, bottles, fireworks and other items hurled at them.

“Secret Service personnel were also directly physically assaulted as they were kicked, punched, and exposed to bodily fluids,” the agency said. A total of 11 injured personnel were transported to a local hospital and treated for non-life threatening injuries.

What in the world is happening to this country?

In addition to these heinous acts, the “peaceful protesters” in D.C. decided that it would be a really good idea to deface the Lincoln Memorial and the National World War II Memorial

The iconic Lincoln Memorial in Washington D.C. and the National World War II Memorial are among the landmarks in the nation’s capital that were vandalized amid weekend protests and defaced with graffiti.

‘In the wake of last night’s demonstrations, there are numerous instances of vandalism to sites around the National Mall,’ the National Park Service for the National Mall said in a tweet on Sunday along with photos of monuments covered in graffiti.

This isn’t about George Floyd anymore.

At this point, the protests have been taken over by radical leftists that are seeking to use this crisis as an opportunity to promote violence.

And others are simply taking advantage of the cover provided by these protests to commit crimes that they wouldn’t normally be able to commit.  For example, the looting that we have been witnessing in New York City has been unprecedented

In New York City, despite clashes in lower Manhattan, police seemed to abandon much of the island to looters, who ransacked some of the most valuable retail real estate on the planet.

Best Buy. North Face. Coach. Kate Spade. Apple.

After 10 p.m., rioters in Union Square ignited boxes outside the Strand bookstore. They were captured on video smashing the windows of a Walgreens pharmacy and looting a GameStop store.

And in Chicago, the looters have been hitting store after store “in broad daylight”

In Chicago, there was plenty of looting in broad daylight. A drive from The Loop to the city’s Deep South Side saw nearly every block feature at least one battered business. One beat cop bemoaned to The Daily Beast, “These aren’t protesters, they are opportunists. They are just destroying and looting because it’s the cool thing to do.”

Does this not sound exactly like what I have been warning my readers about for years?

If you do a search for “civil unrest” on The Economic Collapse Blog, you will get 13 pages of results.

If you do a search for “rioting”, you will get 11 pages of results.

And if you do a search for “looting”, you will get 10 pages of results.

Why do you think I included these sorts of violent protests in The Beginning Of The End?  Needless to say, it wasn’t just to entertain the readers.

I have been endlessly warning that these things were coming, and now they have arrived.

Others have been loudly sounding the alarm as well.  For example, former police officer Marty Breeden shared the following back in April

I saw many of our large metropolitan areas in complete and total chaos.

It was absolute insanity!

Rogue gangs banding together and creating ABSOLUTE havoc!!

Looting, rioting, murdering….

People running for their lives.

I saw great fires on both large and small buildings.

The violence was staggering to my mind.

Unfortunately, this is just the beginning.

And even though rioters viciously attacked and vandalized CNN headquarters, CNN and other mainstream media outlets continue to apologize for their behavior.  On Saturday, CNN’s Don Lemon actually suggested that these riots could be “some sort of mechanism for a restructure in our country”…

“We don’t know what’s happening in this country right now,” Lemon said. “Perhaps this is some sort of mechanism for a restructure in our country or some sort of change in our country for us to deal with whatever we need to deal with in this country as we look at pictures on the right of burning and pictures on the left of looting.”

He went on to lament the situation but said it could be indicative of those with “no other option” and “nothing left to lose.”

“This is quite actually sad to watch,” he said. “And it is an indication indicative of the pain and the sadness in this country — of people who feel they have no other alternative but to exhibit this behavior in our country, no other option. When you have nothing to lose, you have nothing to lose.”

No, our country is not being “restructured”.

What is actually happening is that our country is literally coming apart at the seams, and a lot of us have been warning that this would happen for many, many years.

Of course these riots come at a time when our nation is already dealing with a huge global pandemic and a historic economic collapse.  The following comes from the Seattle Times

America experienced a wave of burning cities in the aftermath of a racial killing in 1968. America was hit by a pandemic in 1918 that killed even more people than the 102,000 who have died of the coronavirus. America was battered by a Great Depression in the 1930s and laid low by a Great Recession just a decade ago. America has never experienced all of this kind of tumult in the same moment. It is more than the system can bear, and people grieve for the country.

As I have warned my readers more times than I could possibly count, we have entered the time of “the perfect storm” and global events are going to continue to accelerate.

Just when you think that one crisis has passed, something else is going to happen.  We are going to witness one major event after another, and everything that can be shaken will be shaken.

Anyone that has been surprised by these riots hasn’t been paying attention.  We have been warned over and over again that these things were coming, but most of the country did not want to listen.

Now that the economy has collapsed, a deadly pandemic is sweeping the land and riots are breaking out in most of our major cities, hopefully more people will start to listen.

Because the truth is that time is running out for America, and there is no future for our once great nation if we stay on our present course.

END

 

This is interesting:  the silver mining town of Coeur d”Alene witnessed their own citizens arm themselves against the invading Antifa. Once they saw the weaponry they retreatede

(zerohedge)

Idaho Town Taken Over By Armed ‘Patriot’ Patrols Amid Rumors Antifa Headed There

Amid rumors of mass protests and riots in the northwest Idaho city of Coeur d’Alene, some locals weren’t having it, and armed themselves to patrol city streets lined with small businesses.

It’s a trend giving rise to fears that violent armed clashes between different American factions are imminent. Already videos from cities across the nation have depicted counter-demonstrators taking matters into their own hands as police retreat.

“Reports and rumors that groups bent on rioting and violence in Coeur d’Alene brought out men and women with guns on Monday determined to stop them if they arrive,” local Idaho media reported.

 

Image source: Coer d’Alene/Post Falls Press

“Dan Carson was patrolling Sherman Avenue with an AR-12 automatic 12-gauge across his chest, an AR-15 strapped to his back, two 9mm handguns holstered and a .38 special, too,” the report continued.

Groups of loosely affiliated ‘Proud Boys’ and armed ‘patriots’ began lining the streets of downtown Coeur d’Alene over reports left wing militants and Antifa anarchists were planning to cause mayhem in the area:

Soon, more armed men, self-described as a loosely formed group of patriots, arrived. They took up posts at corners on both sides of Sherman Avenue.

Later, they were joined by hundreds of citizens packing rifles, semi-automatic weapons, handguns, and bows and arrows.

The sidewalks were packed with people walking up and down Sherman Avenue, firearms proudly displayed for all to see.

They carried guns, had them holstered around their hips and had them strapped across their backs.

Maher Kawash

@MaherKXLY

Embedded video

As it turns out, a group of Black Lives Matter protesters did in parts of the city briefly face off with the ‘protect Idaho’ group of armed locals, however, the scene stayed peaceful and without incident, dispersing relatively early into the evening as the police monitored the situation.

 

Image source: Coer d’Alene/Post Falls Press

Ultimately it appeared that in the downtown area it was only the armed patriot group which was out in force, unopposed. But the armed citizens patrols were in such large numbers they effectively took over the streets.

Laurie Powell@JaynLaurieP

Our beautiful home sweet home of North Idaho!! God bless our patriots, law-enforcement, & peaceful protestors (we support you) you are welcome! Those of you who incite violence, to destroy our communities will be met with a force in the likes of which you have never seen!

View image on TwitterView image on TwitterView image on TwitterView image on Twitter

It’s a scene that’s also played out in places like Texas, where smaller towns and rural areas have vowed to keep rioters far away, also as individual citizens practice ‘open carry’ in states where it’s permissible.

Armed citizen warns outsider in live stream (below):

“I’m telling you… if you guys are thinking about coming to Coeur d’Alene to riot or loot, you better fuckin think again, because we ain’t havin it over here.”

Everybody’s out and strapped… getting ready for the so-called invasion.”

WATCH:

But the trend suggests it could take a single ‘incident’ to spark a deadly encounter between such armed ‘citizens patrol’ groups and Antifa, BLM, or left-wing militants in locations across the nation.

Meanwhile, in San Bernardino County, California an armed clash between rival demonstrators nearly erupted:

Romualdo Sanchez@romualdotv

As hundreds protest in Upland, tensions are now rising between Trump supporters and George Floyd Activists. Currently police are monitoring the protest.

Embedded video

Given that local and state police can barely handle the growing riots and random destruction as it is, such a scenario would send things escalating to far more violent proportions at flashpoints across the US.

During the early momentum of riots taking over Minnesota’s twin cities – ground zero for the initial George Floyd protests that began late last week – local and state police came under intense criticism as they retreated from riot-hit parts of the city, leaving business owners to watch helplessly as their stores and in some cases homes burned the ground.

This and other scenes of lawlessness have resulted in a growing trend this week of armed ‘citizen patrols’ – adding to a potentially deadly combustible mix amid increasingly chaotic unpredictable scenarios on American city streets.

END

Minnesota AG “Elevates” Murder Count Against Chauvin, Charges 3 Officers With Abetting Floyd’s Killing

In keeping with the wishes of both the George Floyd’s family and the expectations of the public, Minnesota’s attorney general has just charged the three other officers seen in the video of Floyd being killed while being taken into custody, the Minneapolis Star Tribune reports.

Minnesota AG Keith Ellison, a longtime hero of the Democratic left who was closely involved with Bernie Sanders’ campaign for president, has reportedly decided to elevate the charges against Derek Chauvin while also  adding charges of aiding and abetting murder against the other three officers at the scene.

Keith Ellison

The other officers at the scene included two white man and an Asian man, who will be charged with aiding and abetting second-degree murder, while Chauvin’s charge is elevated from third-degree murder – a kinda-sorta murder charge that only exists in three states – to second degree murder, along with a manslaughter charge.

The other three officers at the scene — Tou Thao, J. Alexander Kueng and Thomas Lane — will also be charged with aiding and abetting second-degree murder, according to the sources, who spoke on conditions of anonymity. Chauvin was arrested last Friday and charged with third-degree murder and manslaughter.

The charges come just days after Minnesota’s Democratic Governor, Tom Walz, asked Ellison to take over the prosecution, which at the time was being led by  the Hennepin County Attorney’s Office, amid public outcry over what many saw as charges against Chauvin that were too lenient. A lawyer representing Floyd’s family has said the family would like to see Chauvin face 1st degree charges, which would indicate a premeditated killing.

Floyd’s killing, which occurred amid a string of other racially-tinged incidents, has set off the worst social unrest in the US in 50 years.

iv) Swamp commentaries)

The Senate Should Focus On What The Flynn Transcripts Do Not Contain… Starting With A Crime

Authored by Jonathan Turley,

Yesterday, the attorney hired by Judge Emmet Sullivan responded on his behalf to defend his controversial orders in the case to invite third parties to argue the merits of the motion to dismiss as well as raising his option to substitute his own criminal charge of perjury against Flynn.  The Justice Department responded with a 45-page filing to a three-judge appeals court panel.

The attention will now focus on the appearance tomorrow of former Deputy Attorney General Rod Rosenstein in the Senate.  For me, the most pertinent question is why this investigation continued past December and seemed to become to a search for a crime rather than the investigation of any crime or collusion with Russia.

“Remember … Ambassador, you’re not talking to a diplomat, you’re talking to a soldier.”

When President Trump’s incoming national security adviser, Michael Flynn, said those words to then-Russian Ambassador Sergey Kislyak, he also spoke to American intelligence agents listening in on the call. For three years, congressional Democrats have assured us Flynn’s calls to Kislyak were so disturbing that they set off alarms in the closing days of the Obama administration.

They were right. The newly released transcripts of Flynn’s calls are deeply disturbing — not for their evidence of criminality or collusion but for the total absence of such evidence. The transcripts, declassified Friday, strongly support new investigations by both the Justice Department and by Congress, starting with next week’s Senate testimony by former Deputy Attorney General Rod Rosenstein.

It turns out Flynn’s calls are not just predictable but even commendable at points. When the Obama administration hit the Russians with sanctions just before leaving office, the incoming Trump administration sought to avoid a major conflict at the very start of its term. Flynn asked the Russian to focus on “common enemies” in order to seek cooperation in the Middle East. The calls covered a variety of issues, including the sanctions.

What was not discussed was any quid pro quo or anything untoward or unlawful. Flynn stated what was already known to be Trump policy in seeking a new path with Russia. Flynn did not offer to remove sanctions but, rather, encouraged the Russians to respond in a reciprocal, commensurate manner if they felt they had to respond.

The calls, and Flynn’s identity, were leaked by as many as nine officials as the Obama administration left office — a serious federal crime, given their classified status. The most chilling aspect of the transcripts, however, is the lack of anything chilling in the calls themselves. Flynn is direct with Kislyak in trying to tone down the rhetoric and avoid retaliatory moves. He told Kislyak, “l am a very practical guy, and it’s about solutions. It’s about very practical solutions that we’re — that we need to come up with here.” Flynn said he understood the Russians might wish to retaliate for the Obama sanctions but encouraged them not to escalate the conflict just as the Trump administration took office.

Kislyak later spoke with Flynn again and confirmed that Moscow agreed to tone down the conflict in the practical approach laid out by Flynn. The media has focused on Flynn’s later denial of discussing sanctions; the transcripts confirm he did indeed discuss sanctions. However, the Justice Department has not sought to dismiss criminal charges against him because he told the truth but because his statements did not meet a key element of materiality for the crime and were the result of troubling actions by high-ranking officials.

The real question is why the FBI continued to investigate Flynn in the absence of any crime or evidence of collusion. In December 2016, investigators had found no evidence of any crime by Flynn. They wanted to shut down the investigation; they were overruled by superiors, including FBI special agent Peter Strzok, Deputy Director Andrew McCabe and Director James Comey. Strzok told the investigators to keep the case alive, and McCabe is described as “cutting off” another high-ranking official who questioned the basis for continuing to investigate Flynn. All three officials were later fired, and all three were later found by career officials to have engaged in serious misconduct as part of the Russia investigation.

Recently disclosed information revealed that Comey and President Obama discussed using the Logan Act as a pretense for a criminal charge. The Logan Act criminalizes private negotiations with foreign governments; it is widely viewed as unconstitutional and has never been used successfully against any U.S. citizen since the earliest days of the Republic. Its use against the incoming national security adviser would have been absurd. Yet, that unconstitutional crime was the only crime Comey could come up with, long before there was a false statement by Flynn regarding his calls.

Not until February 2017 did Comey circumvent long-standing protocols and order an interview with Flynn. Comey later bragged that he “probably wouldn’t have … gotten away with it” in other administrations, but he sent “a couple guys over” to question Flynn, who was settling into his new office as national security adviser. We learned recently that Strzok discussed trying to get Flynn to give false or misleading information in that interview, to enable a criminal charge, and that FBI lawyer Lisa Page suggested agents “just casually slip” in a reference to the criminal provision for lying and then get Flynn to slip up on the details.

Flynn did slip up. While investigators said they were not convinced he intentionally lied, he gave a false statement. Later, special counsel Robert Mueller charged Flynn with that false statement, to pressure him into cooperating; Flynn fought the case into virtual bankruptcy but agreed to plead guilty when Mueller threatened to prosecute his son, too.

The newly released transcripts reveal the lack of a foundation for that charge. Courts have held that the materiality requirement for such a charge requires that misstatements be linked to the particular “subject of the investigation.” The Justice Department found that the false statement in February 2017 was not material “to any viable counterintelligence investigation — or any investigation, for that matter — initiated by the FBI.” In other words, by that time, these FBI officials had no crime under investigation but were, instead, looking for a crime. The question is: Why?

So the transcripts confirm there never was a scintilla of criminal conduct or evidence of collusion against Flynn before or during these calls. Indeed, there was no viable criminal investigation to speak of when Comey sent “a couple guys over” to entrap Flynn; they already had the transcripts and the knowledge that Flynn had done nothing wrong. Nevertheless, facing the release of these transcripts, House Intelligence Committee Chairman Adam Schiff (D-Calif.) bizarrely maintained that “Flynn posed a severe counterintelligence risk” because he could be blackmailed over his false statement.

Putting aside the lack of prior evidence of criminality, Schiff ignores that there were transcripts to prevent such blackmail. Indeed, in the interview, Flynn indicated he assumed there was a transcript, and leaked media reports indicated that various officials were familiar with the content of the calls. The key to blackmail would have been for the Russians to have information that others did not have.

Ironically, in his calls with Kislyak, Flynn expressly sought a more frank, honest relationship with Russia. He told Kislyak “we have to stop talking past each other on — so that means that we have to understand exactly what it is that we want to try to achieve, okay?” That is a question that should now be directed at the FBI, to understand what it was trying to achieve by continuing an investigation long after it ran out of crimes to investigate.

END

Rosenstein Admits He Would Not Have Signed FISA Warrant If He Knew Of Exculpatory Evidence, Throws McCabe Under The Bus

Update (1115ET): It appears, as Jonathan Turley details in a Twitter thread below, that Rosenstein is throwing McCabe under the bus…

Rosenstein just testified that he would not have signed the warrant application in 2017 on Carter Page because of the misconduct of FBI agents and the lack of evidence.

He said he did not know that the Steele dossier was discredited by that time. He said McCabe particularly “was not candid … or forthcoming.”

Notably, we now know that the Flynn investigation found no criminal acts by December 2016 and now Rosenstein said he would have ended the investigation of Page which was the focus of the early justifications of the Russian investigation.

Rosenstein just said he did not know that investigators by the early January 2017 asked for Flynn to be removed from the Crossfire Hurricane investigation. He signed off on these warrants and applications but was never informed of those critical facts.

Rosenstein insists that the information in appointing Mueller was based on that incomplete information at the time. He admitted that by August 2017 when he signed off on the Mueller investigation there was no evidence at all of collusion with the Russians.

Sen. Feinstein did a good job framing the use (or non-use) of the Steele dossier but went off the rails by stressing that none of the prosecutions relied on the dossier. However, the fact is that there was never any prosecution of any Trump person for colluding or conspiring …

…with the Russians. There was never any evidence of collusion with the Russian, a point reaffirmed by Rosenstein today. This hearing shows the value of oversight and the still unanswered questions in light of recently released material.

Grassley just said Rosenstein misled him and the public on the Flynn case. Rosenstein insisted that he did not know about the exculpatory evidence on Flynn and “that was news to me.” Rosenstein also said that he supports Durham investigating the dossier matter.

*  *  *

Authored by Daniel Payne via JustTheNews.com,

Former Deputy Attorney General Rod Rosenstein told the Senate Judiciary Committee on Wednesday that he would not have signed the renewal of the FISA warrant for Trump associate Carter Page if he had been aware of exculpatory information withheld from the FISA court.

Rosenstein was responding to a question from Sen. Lindsey Graham, who asked him:

“If you knew then what you knew now, would you have signed the warrant application?”

“No, I would not,” Rosenstein said.

“And the reason you wouldn’t have is because … exculpatory information was withheld from the court?” Graham asked, to which Rosenstein responded:

“Among other reasons, yes.” 

Appearing before the committee on Wednesday for a hearing concerning the FBI’s Crossfire Hurricane investigation, Rosenstein told senators that the Justice Department “must take remedial action” against any misconduct it uncovers within its ranks, a bracing statement made in reference to investigative reviews that found “significant errors” in official procedures related to the FBI’s Crossfire Hurricane investigation.

Rosenstein in prepared remarks noted that internal investigations had revealed that the FBI “was not following the written protocols” in its execution of Crossfire Hurricane. 

“Senators, whenever agents or prosecutors make serious mistakes or engage in misconduct, the Department of Justice must take remedial action. And if existing policies fall short, those policies need to be changed. Ensuring the integrity of governmental processes is essential to public confidence in the rule of law,” he said.

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

For the past few years, we regularly opined that the US was in a cold civil war.  It has worsened.

Politicians from both parties employ Missouri Compromise oration and policies to retain power.  Now, Dem leaders are doubling down on catering to their leftist base.  A few Repubs are calling for law & order while craven establishment types defaulted into Missouri Compromise mode; others cower in silence.

Rubio got so eviscerated for a Missouri Compromise tweet on May 31 that he went shogun on Tuesday.

@marcorubio May 31: Various domestic terror groups on BOTH far left & right are instigating & committing acts of violence & looting

@marcorubio: The most important job of our government is to protect all Americans by providing law, order & equal justice. This requires bringing to justice those responsible for Mr. Floyd’s murder.  And it requires bringing to an end the anarchy, violence & rioting by any lawful means required

Iraq war vet, Bronze Star winner, 101st Airborne platoon leader Sen. @TomCottonAR: Anarchy, rioting, and looting needs to end tonight. If local law enforcement is overwhelmed and needs backup, let’s see how tough these Antifa terrorists are when they’re facing off with the 101st Airborne Division. We need to have zero tolerance for this destruction.

Ex-Seal/FBI agent @JGilliam_SEAL: Our nation is now at a crucial pointThe authority of law is being demolished by organized subversive leftists & we should assume military leaders are also being subverted.  Patriots should understand the speed at which things are changing & begin to… plan!

After YEARS of decriminalization, lower or no bond, little or no prison sentences and the emptying of prisons over Covid, how could anyone have foreseen the devolution of US society into anarchy?

AG Bill Barr Calls Out George Soros for Subverting Legal System and Causing “Increase in Violent Crime and More Victims” Through Targeting District Attorney Races

https://www.thegatewaypundit.com/2019/12/huge-ag-bill-barr-calls-out-george-soros-for-subverting-legal-system-and-causing-more-chaos-and-more-victims-through-support-of-radical-candidates/

Here’s why George Soros, liberal groups are spending big to help decide who’s your next D.A.

Wealthy donors are spending millions of dollars to back would-be prosecutors who want to reduce incarceration, crack down on police misconduct and revamp a bail system they contend unfairly imprisons poor people before trial.  The effort is part of a years-long campaign by liberal groups to reshape the nation’s criminal justice system…[Billionaires with personal security forces!]

https://www.latimes.com/local/california/la-me-prosecutor-campaign-20180523-story.html

Texas police union calls for Dallas DA’s removal over his plan not to prosecute certain crimes

https://www.dallasnews.com/news/2019/04/18/texas-police-union-calls-for-dallas-da-s-removal-over-his-plan-not-to-prosecute-certain-crimes/

Protesters taken into custody while trying to cross West Dallas bridge

https://www.fox4news.com/news/protesters-taken-into-custody-while-trying-to-cross-west-dallas-bridge

@AllisonFox4News: Sources tell me Dallas County District Attorney John Creuzot is refusing to take the charge for the protesters who are being arrested, as in he is trying to let them loose

Hundreds of [NY] ‘looters’ to be cut loose without bail…because of the state law passed earlier this year…A majority of the 400 people arrested were awaiting arraignment and most will be hit with a felony burglary charge for which bail cannot be set, meaning they will be released… https://nypost.com/2020/06/02/hundreds-of-nyc-looters-to-be-cut-loose-without-bail/

@RealWayneRoot: I can’t believe what I just heard. 2 scum… who threw Molotov cocktail into police car trying to burn 4 cops to death…were let out on bail today. This is NYC. My hometown…

@JackPosobiec: NYPD officer: ‘It’s a disaster a total war zone’… they are beating up cops.

Fox’s @BryanLlenas: More shops hit on Madison Avenue in midtown Manhattan NYC.

A NYPD officer lay motionless on Madison Avenue on Monday night until officers arrived.

https://twitter.com/BryanLlenas/status/1267662471726354433

The Daily Beast’s @rachelolding: Absolute anarchy at Herald Square now. Fires being lit, Macy’s looted, I estimate 200 kids here just cheering.  Hard to describe how rampant the looting was tonight in Midtown Manhattan and how lawless it wasComplete anarchy. Literally hundreds of stores up and down Broadway, Fifth Ave, Sixth Ave. Kids ruling the streets like it was a party.

@Here4theRatio2: Chelsea NYC is the wild Wild West. No police to stop the looting. Send in the National Guard. 11pm curfew was a joke.

@Breaking911: NYPD Officer attacked and acts defenseless in the Bronx

https://twitter.com/Breaking911/status/1267659960705581056

@RealSaavedra: A police officer is run over in the Bronx   https://twitter.com/RealSaavedra/status/1267689464211451911

@NBCproducer: Looters are literally pulling up in nice cars and cleaning out stores in Soho. What Curfew?    https://twitter.com/NBCproducer/status/1267660478811123712

A car ran over a group of policemen in Buffalo NY.  Two were critically injured

@SusanLiTV: #NewYork Governor #Cuomo says #police force did not protect properties  New York City from looters last night  Says they “were not effective at doing their job”  Properties in Brooklyn, Manhattan, Bronx were destroyed and looted

@joshdcaplan: CUOMO: Mayor De Blasio refused assistance of National Guard to help stop looting

@ABCPolitics: New York Gov. Andrew Cuomo says he thinks NYC Mayor Bill de Balsio “underestimates the scope of the problem” amid protests in the city and doesn’t think “they’ve used enough police.” “What happened in New York City is inexcusable.” https://abcn.ws/2ZY7qKR

[Tuesday] De Blasio rejects calling in National Guard to help control NYC looting   https://trib.al/QI92WaE

De Blasio: Swimmers at New York City beaches will be ‘taken right out of the water’   05/18/20

https://thehill.com/homenews/state-watch/498331-de-blasio-swimmers-at-new-york-city-beaches-will-be-taken-right-out-of

FOX: 4 St. Louis police officers shot at protest

Retired St. Louis police captain [77 year old black man] killed by looters at pawn shop

https://www.foxnews.com/us/st-louis-police-captain-killed-by-looters-at-pawn-shop-report

CBS in Las Vegas @8NewsNow: Metro sources tell 8 News Now one of their officers was shot in the head at Circus Circus. Metro is also working a second shooting in front of the Federal Courthouse.

Gov. Cuomo Goes on CNN, Trashes Trump for Calling out Military to Crush Leftist Mobs and Looters — As Looters Wipe Out Fifth Avenue in NY City!  https://www.thegatewaypundit.com/2020/06/governor-cuomo-goes-cnn-trashes-trump-calling-military-crush-leftist-mobs-looters-looters-wipe-fifth-avenue-ny-city-video/

New York City institutes curfew, Governor Cuomo calls for police reforms

New York Governor Andrew Cuomo on Monday called for a national ban on excessive force by police… He called on citizens to push politicians to make changes to improve society… [Excess force is already banned; but what is the definition of it?  As NY burns, Cuomo fiddles and panders.]  https://uk.reuters.com/article/uk-minneapolis-police-new-york-cuomo-idUKKBN23836B?taid=5ed5dfecb4f7010001632f32

@Breaking911: After @NYCMayor called for his badge, it appears NYPD cop only drew his gun after his supervisor was attacked with a brick    https://twitter.com/NYCPBA/status/1267587347069177856

Despite New York City’s plunge into a dystopian hellhole of anarchy, looting and violence directed at law enforcement officers (nationally too), ESMs and stocks rallied on Tuesday.

“Nothing Matters Because the Fed Will Buy What I Want to Buy”: El-Erian Slams the “Mindset” of the Fake Market  https://www.zerohedge.com/markets/nothing-matters-because-fed-will-buy-what-i-want-buy-el-erian-slams-mindset-fake-market

Black Workers, Already Lagging, Face Big Economic Risks – Black employment rates are plummeting…  [Only 48.8% employed – and that’s before the riots!]

https://www.nytimes.com/2020/06/01/business/economy/black-workers-inequality-economic-risks.html

On Tuesday, social media teemed with reports and videos of blacks in tears or expressing outrage at the destruction that rioters have exacted on their communities.  One woman heartbreakingly sobbed that she and others were threatened by a gunman while they tried to clean up debris from a riot.

https://twitter.com/REMASCULATE/status/1267880737690263559

Woman tries to protect business from looters in Van Nuys

FOX 11 reporter Christina Gonzalez exclusively interviews an African-American woman who was trying to protect a business in Van Nuys from looters for an owner for 20 years who she says has had the community’s back so she was. She also talked about her reason for being out there…

https://www.foxla.com/news/good-samaritans-detained-on-live-tv-while-protecting-la-business-from-alleged-looters

California Faces “Financial Collapse” As It Moves to Allow Businesses to Walk Away from Commercial Leases [Some believe this is bullish for stocks because it will force the Fed to ease more.]

https://www.zerohedge.com/economics/california-faces-financial-collapse-it-moves-allow-businesses-walk-away-commercial-leases

Wells Fargo, worried about defaults, stops making loans to most independent car dealerships

https://www.cnbc.com/2020/06/02/wells-fargo-cuts-back-from-making-loans-to-independent-car-dealerships.html

The U.S. Treasury yield curve is approaching its steepest level in three years https://trib.al/Sfu3Aip

Is the US Treasury yield curve steepening on economic hope or dollar decline and inflation fears?

What was Dem leadership’s response to destruction of New York City?  They blamed Trump and demanded even more ‘criminal justice reform’, which is leftistese for even more lax law enforcement. Instead of condemning rioters, Dems, RINOs and the MSM condemned DJT!  You can’t make this up!

Fox’s @ChadPergram: Pelosi says police “came out and beat” protesters in front of Lafayette Square last night to clear the way for the President to go to St. John’s Church. “What is that? That has no place.”

    We would hope that the President of the United States would follow the lead of so many other presidents and be a healer in chief. And not a fanner of the flames.

    Schumer on Dem resolution condemning Trump for last night: I say to Senate Republicans, stop being afraid of what President Trump might tweet about you and support the resolution.  We will not allow the president to take away the First Amendment rights of Americans. Senate Republicans should stand with us. Stand with the American people. Stand with the Constitution.

[Like Russian Collusion, Covid et al, they stupidly swallowed fake news!  See below]

@jsolomonReports: House Majority Leader Hoyer says Trump’s visit to Episcopal church was photo-op ‘worthy’ of censure [Every time Bill Clinton got in trouble, he ran to a black church for a photo op!]

@ChadPergram: Top Dem on Senate Banking Cmte Brown: Last night, the President of the United States turned the arm of the state on peaceful protesters… exploiting a house of worship, to stage a photo-op. President Trump and his Administration believe that millions of Americans are expendable

WaPo: Attorney General Barr personally asked for protesters to be pushed back from D.C. park just before Trump spoke – According to two federal law enforcement officials, the decision was made late Sunday or early Monday to extend the perimeter by one block. When Barr came to the park Monday afternoon and saw it had not been done, he told police to act, a Justice Department official said.

@JudiciaryGOP: Last night, Attorney General Barr helped restore law and order in Washington, D.C. 

Today, @RepJerryNadler called the Attorney General’s behavior “unacceptable.” So Democrats believe that restoring law and order = “unacceptable” behavior?

Reports allege that it was Barr that told Trump it was time to get tough, over-ruling Jared Kushner.

@ChadPergram: Feinstein: We need leadership from the White House that brings people together. Presidential tweets glorifying violence will only make matters worse. Congress must be willing to seek answers. Chairman Graham has already said the Judiciary Committee will hold a hearing on police practices. We also need to take a deeper look at criminal justice reform.

     I think it’s really time to go back to normal. I think the points of protest have been made. You know I was mayor of a big city for nine years. I know what to expect. And I know how this goes… So I am hopeful that people will go home… the message has been received

Episcopal church leaders condemn Trump’s visit to St. John’s Church

https://justthenews.com/politics-policy/all-things-trump/episcopal-church-leaders-condemn-trump-after-he-visited-st-johns

@AndrewPollackFL: If you are more upset at President @realDonaldTrump walking to St. John’s church, than at the rioters who set it on fire, you are part of the problem! [Dems, RINOs & MSM were!]

Seattle Councilmember Wonders Why ‘Looting Bothers People’ When ‘People Die Everyday’

https://hannity.com/media-room/cities-spiral-seattle-councilmember-wonders-why-looting-bothers-people-when-people-die-everyday/

Lead singer of the Raspberries @RealEricCarmen: How can trucks be dropping off pallets of bricksin cities all over the country, and security cameras and people with cell phones don’t have photos of them?

@ElyseCane: Brick Pallets being dropped off for Rioters/ Antifa by ACME BRICK COMPANY Owned by Berkshire Hathaway… https://twitter.com/ElyseCane/status/1267544459060772864

@NBCNews: One officer at George Floyd’s fatal arrest shows another racial divide: The longstanding tensions between black and Asian Americanshttps://nbcnews.to/2Ujzl4r

    @Jordan_Sather_: Trying to pit every race against each other. Our media is pathetic.

Law prof @JonathanTurley: The Washington Post is reporting that President Trump indicated that he might take direct control of the D.C. Metropolitan Police Department to quell the riots.  This appears a reference to Section 1-207.40. Unlike the Insurrection Act, this provision is written in mandatory terms and no qualifications.  The law gives the President the discretion (“may direct”) and gives the Mayor a mandatory obligation (“shall provide”) the services specified by the President. In other words, he could take effective control… Notably, Gov. Cuomo just raised his own authority to take over the streets in New York City after criticizing the performance of Mayor de Blasio and the NYPD. In the case of Washington, it remains a federal enclave and even more subject to such authority.

Yesterday, several Democratic Governors officially and vehemently refused Trump’s call to employ the National Guard or US federal assets.  Thus, they own the destruction and coming blight.

Democratic Congressman Elliot Engel caught on a hot mic saying he ‘wouldn’t care’ to speak about Black Lives Matter protests if he wasn’t facing a primary challenge [His Bronx district has changed.]

https://www.businessinsider.com/democrat-elliot-engel-says-he-wouldnt-care-to-speak-about-protest-if-he-wasnt-facing-a-tough-primary-challenge-2020-6

After Pelosi, Schumer, other Dems and Senate Repubs Collins, Sasse and Scott slammed Trump for clearing Layfette Park on Monday of peaceful protestors, reports said it was Barr that ordered the action.  To the further disgrace of these pandering, pliable politicians, this report appeared early last night:

Statement from United States Park Police acting Chief Gregory T. Monahan about the actions taken over the weekend to protect life and property

On Monday, June 1… At approximately 6:33 pm, violent protestors on H Street NW began throwing projectiles including bricks, frozen water bottles and caustic liquids… Intelligence had revealed calls for violence against the police, and officers found caches of glass bottles, baseball bats and metal poles hidden along the street… As many of the protestors became more combative, continued to throw projectiles, and attempted to grab officers’ weapons, officers then employed the use of smoke canisters and pepper balls. No tear gas was used by USPP officers or other assisting law enforcement partners to close the area at Lafayette Park…  https://www.nps.gov/subjects/uspp/6_2_20_statement_from_acting_chief_monahan.htm

Don’t expect apologies from Dems, Repubs & MSM that accused DJT of ‘gassing peaceful protestors’!

Media Falsely Claimed Violent Riots Were Peaceful and That Tear Gas Was Used Against Rioters

The entire narrative the media glommed onto in lockstep was that Trump was a monster who tear-gassed peaceful protesters to do something meaningless. None of that was true. [Dems & RINOs bought it!]

https://thefederalist.com/2020/06/02/media-falsely-claimed-violent-riots-were-peaceful-and-that-tear-gas-was-used-against-rioters/

China delayed releasing coronavirus info, frustrating WHO [The WHO lied; people died!]

Throughout January, the World Health Organization publicly praised China for what it called a speedy response… But behind the scenes, it was a much different story, one of significant delays by China and considerable frustration among WHO officials over not getting the information they needed to fight the spread of the deadly virus…  https://apnews.com/3c061794970661042b18d5aeaaed9fae

Coronavirus ‘clinically no longer exists’ in Italy, doctor says – “The strength the virus had two months ago is not the same strength it has today,”…   https://trib.al/2nWHNYj

NYC business owners urge Gov. Cuomo to deploy National Guard amid looting  https://trib.al/ePtcP0S

If protesters can march, why can’t businesses open? – “If you can give blessings to protesters who are exercising their right to protest without social distancing, then surely we can be free to practice our right to conduct business in a safe and social distanced manner with masks and sanitizing.”…

https://nypost.com/2020/06/02/if-protesters-can-march-why-cant-businesses-open/

@JackPosobiec: Criminals in Philadelphia are now using explosives to attempt to crack ATMs, one killed

‘Armed Vigilantism Will Not Be Tolerated’: Philadelphia Mayor, Police Commissioner Condemn Fishtown Residents Armed With Baseball Bats in Neighborhood

https://philadelphia.cbslocal.com/2020/06/02/armed-vigilantism-will-not-be-tolerated-philadelphia-mayor-police-commissioner-condemn-fishtown-residents-armed-with-baseball-bats-george-floyd-protest/

@JackPosobiec: Brooklyn civilian group forming tonight [Natural action but dangerous; Notice at link]

https://twitter.com/JackPosobiec/status/1267950434091765765

Harvard study finds black people die as a result of police pulling back after brutality protests

‘My estimates show that we lost a thousand more lives, most of them black as well, because of an increase in homicides,’ said Harvard’s Roland Fryer… Police become skittish following viral, racially-charged police misconduct investigations, leading to reluctance to protect black neighborhoods

https://justthenews.com/government/security/harvard-study-finds-black-people-die-result-police-pullbacks-following

@JackPosobiec: Antifa sees this as the October Revolution of the United States.  With colleges closed and protesters in the streets nationwide, they believe they will never have a better opportunity to strike

They are making their move

For the past decade or so, leftists, academics and the MSM relentlessly advocated that people should be triggered or ‘woke’ by micro aggressions: hurtful words, Halloween masks that offend, not using the proper pronouns for the umpteen self-determined sexes, etc, etc, etc.  But now, anarchy is accepted?  This egregious hypocrisy is not lost on average Americans – and not just in Flyover America.

I had a yearly doctor [ear specialist] visit on Monday.  He is a very pleasant, reserved guy.  Over the past several years, he refrained from banter.  This time he was livid about the rioting.  He mentioned Soros.  So did the heart specialists that mom visited yesterday. So did some friend and relatives of my wife over the past few days.  Numerous clients have done the same thing.

Joe Biden’s Campaign Is Awash in Wall Street Cash – Joe Biden has adopted the anti-Wall Street rhetoric of some of his former rivals for the Democrat nomination… Securities industry employees, a close proxy for Wall Street, have donated $29,703,244 to Biden’s campaign or to political committees supporting his campaign… Donald Trump, by contrast, has only received around $6,320,861.

https://www.breitbart.com/politics/2020/06/02/joe-bidens-campaign-is-awash-in-wall-street-cash/

Every nation gets the government it deserves.”– Joseph De Maistre, diplomat during French Revolution

[Applicable to states and cities, too!]

Babylon Bee (parody site): Governor Cuomo Orders Nursing Homes to Admit Rioters

https://babylonbee.com/news/governor-cuomo-orders-nursing-homes-to-admit-rioters

end

Let us close out tonight with this terrific interview of Rob Kirby one of my favourite economists

 

Fed Money Printing Keynesian Quackery – Rob Kirby

By Greg Hunter On June 3, 2020

Macroeconomic analyst Rob Kirby has long predicted Fed money printing would have to go “on a vertical curve where money has to be added to the system . . . to keep the system from crapping out and imploding.” With the official federal debt at more than $25 trillion and the Fed balance sheet doubling since September, that day has clearly arrived. Add to that total the rarely talked about so-called “missing money” that stands at $21 trillion and money printing is off the charts. Kirby explains, “The $21 trillion and the $10 trillion in 2019 is the part of the money creation we don’t get to see. There is no transparency on that at all. What we do get to see, though, is the Fed in the last three months reversed their quantitative tightening and are now expanding their balance sheet, once again. Their balance sheet has grown from $3.7 trillion, at the beginning of the year, to more than $7 trillion right now, and it’s projected to get as high as $10 trillion to $11 trillion by the end of the year. So, we have money creation happening in spades . . . and the game to hide the rampant monetary debasement has no end. It’s Keynesian quackery with money.”

With all this money creation, why isn’t gold, silver and Bitcoin much higher in price? Kirby says, “They want to stunt the natural anti-dollar trades, whether it’s the precious metals, gold & silver or crypto marketplace best expressed by Bitcoin in this day and age. Basically, all these things are viewed by the monetary officials as Kryptonite to the dollar, and they all represent anti- dollar trades.”

Kirby says the interventions and manipulations are losing their price suppressing effect. Kirby points out, “An attack on gold where the price would be dropped dramatically it would take the gold market weeks, if not months, for the market to recompose itself and move higher again. Now, we see the markets recompose itself and move higher in a matter of minutes. We see the same thing in the crypto space, and we see the same thing with silver. The attacks are vicious, and the recovery time is becoming shorter and shorter. . . . The Federal Reserve acts on the Treasury’s behalf clandestinely . . . to make the dollar look pretty when it’s being desecrated by the people who are sworn to uphold its value.”

Kirby says dollar debasement is all part of the globalist plan to destroy America because it stands in the way of the Marxist/communist inspired New World Order. This is what the rioters tearing America’s cities apart are doing in the name of race, but it is in fact being done by the newly designated terror group Antifa, which is supported by the Democrat party. Kirby closes by saying, “Globalism is the true enemy of humanity and it’s the true enemy of America, and America needs to wake up to this and get their heads around it very quickly. . . . This is all going to end when the dollar is no longer accepted in trade by the rest of the world. . . . They will say you have created too many dollars, and we want payment in something other than dollars because we don’t know what a dollar is really worth. Will these clowns that destroyed the dollar take that as an act of war? I suspect they will.”

Join Greg Hunter as he goes One-on-One with analyst Rob Kirby, founder of KirbyAnalytics.com.

-END-

Well that is all for today

I will see you THURSDAY night.

One comment

  1. […] by Harvey Organ of Harvey Organ Blog […]

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