JUNE 4//GOLD REBOUNDS AFTER MANY ATTACKS BY THE BANKING CARTEL: GOLD UP $20.60 TO $1720.80//SILVER UP 8 CENTS TO $17.90//OVER 155 TONNES OF GOLD STANDING AT THE GOLD COMEX//CORONAVIRUS UPDATES//CHINA STILL REFUSES TO BUY USA AGRICULTURAL PRODUCTS AND THUS ARE NOT LIVING UP TO PHASE ONE OF THEIR DEAL//ECB UNLEASHES A HUGE 1.2 BILLION EUROS HELICOPTER MONEY//(QE)//ANOTHER 1.8 MILLION AMERICANS FILE FOR UNEMPLOYMENT BENEFITS//USA PLANNING ANOTHER 1 TRILLION USA STIMULUS BILL/SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1720.80  UP $20.60   The quote is London spot price

 

 

 

 

 

Silver:$17.80 UP 8 CENTS//LONDON SPOT PRICE

 

Closing access prices:  London spot

 

 

 

i)Gold : $1714.10  LONDON SPOT  4:30 pm

 

ii)SILVER:  $17.70//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

 

AUG GOLD:  $1726.80  CLOSE 1.30 PM//   SPREAD SPOT (LONDON) VS/FUTURE JUNE: $+5.80

 

CLOSING SILVER FUTURE MONTH

 

 

JULY: 1:30 PM:              $18.06//1:30 PM //SPREAD SPOT LONDON VS FUTURE JULY:      26 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: 1402/1994

issued 6

EXCHANGE: COMEX
CONTRACT: JUNE 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,697.800000000 USD
INTENT DATE: 06/03/2020 DELIVERY DATE: 06/05/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 47
072 H GOLDMAN 256
099 H DB AG 28
104 C MIZUHO 4
118 H MACQUARIE FUT 57
132 C SG AMERICAS 6
135 C RAND 1
135 H RAND 5
167 C MAREX 2
190 H BMO CAPITAL 28
323 C HSBC 35
323 H HSBC 6
355 C CREDIT SUISSE 3
357 C WEDBUSH 2
555 H BNP PARIBAS SEC 666
624 C BOFA SECURITIES 23
657 C MORGAN STANLEY 77 61
657 H MORGAN STANLEY 270
661 C JP MORGAN 6 1222
661 H JP MORGAN 180
685 C RJ OBRIEN 3
686 C INTL FCSTONE 575 1
686 H INTL FCSTONE 125
690 C ABN AMRO 166 36
732 C RBC CAP MARKETS 5
737 C ADVANTAGE 10 14
800 C MAREX SPEC 6 5
880 C CITIGROUP 1
905 C ADM 52 4
____________________________________________________________________________________________

TOTAL: 1,994 1,994
MONTH TO DATE: 45,259

 

NUMBER OF NOTICES FILED TODAY FOR  JUNE CONTRACT: 1994 NOTICE(S) FOR 100400 OZ (6.202 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  45,259 NOTICES FOR 4,524,900 OZ  (140.77 TONNES)

 

 

SILVER

 

FOR JUNE

 

 

5 NOTICE(S) FILED TODAY FOR  25,000  OZ/

total number of notices filed so far this month: 394 for 1,970,000 oz

 

BITCOIN MORNING QUOTE  $9612 DOWN $57

 

BITCOIN AFTERNOON QUOTE.: $9809  UP 142

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $20.60 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD// A PAPER DEPOSIT OF 4.09 TONNES OF GOLD INTO THE GLD//

 

GLD: 1,133.37 TONNES OF GOLD//

 

WITH SILVER UP 8 CENTS TODAY: AND WITH NO SILVER AROUND

 

A HUGE CHANGES IN SILVER INVENTORY AT 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 FELL BY A EXTREMELY LARGE SIZED 1514 CONTRACTS FROM 169,670 DOWN TO 168,156 AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG SIZED LOSS IN  OI OCCURRED WITH  OUR VERY LARGE 23 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS DUE TO STRONG  BANKER SHORT COVERING PLUS A SMALL EXCHANGE FOR PHYSICAL ISSUANCE, SOME LONG LIQUIDATION, ACCOMPANYING  A GOOD INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE.  WE HAD A NET LOSS IN OUR TWO EXCHANGES OF 1076 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 SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  MAY: 0 AND JULY: 438  AND SEPT 0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  438 CONTRACTS. WITH THE TRANSFER OF 438 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 438 EFP CONTRACTS TRANSLATES INTO 2.190 MILLION OZ  ACCOMPANYING:

1.THE  23 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

2.050  MILLION OF INITIALLY STANDING FOR JUNE

 

WEDNESDAY, 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 23 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  SOME WHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE A SMALL AMOUNT OF SILVER LONGS FROM THEIR POSITIONS. THE CONSIDERABLE LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) ANOTHER GAIN IN   SILVER OZ STANDING FOR JUNE,3) CONSIDERABLE BANKER SHORT COVERING  AND 4) SOME LONG LIQUIDATION AS  WE DID HAVE A  NET LOSS OF 1076 CONTRACTS OR 5.380 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:

2691 CONTRACTS (FOR 5 TRADING DAY(S) TOTAL 2691 CONTRACTS) OR 13.455 MILLION OZ: (AVERAGE PER DAY: 538 CONTRACTS OR 2.691 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF MAY: 13.455 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:          1,079.57 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                   13.455 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 LARGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1514, WITH OUR VERY LARGE 23 CENT LOSS IN SILVER PRICING AT THE COMEX ///TUESDAY THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 438 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE  LOST A CONSIDERABLE SIZED OI CONTRACTS ON THE TWO EXCHANGES:  1076 CONTRACTS (WITH OUR 23 CENT LOSS IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 438 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A LARGE SIZED DECREASE OF 1514 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A STRONG 23 CENT LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $17.72 // WEDNESDAY’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: 5 NOTICE(S) FOR  25,000 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: 2.050 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 SMALL SIZED 2,676 CONTRACTS TO 472,986 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 SMALL SIZED LOSS OF COMEX OI OCCURRED WITH OUR LOSS IN PRICE  OF $26.15 /// COMEX GOLD TRADING// WEDNESDAY// WE  HAD STRONG BANKER SHORT  COVERING,ANOTHER HUMONGOUS SIZED INCREASE IN GOLD OZ STANDING AT THE COMEX, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A GOOD  EX. FOR PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG LOSS IN PRICE OF $26.15 .

 

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

 

WE GAINED A GOOD SIZED 3375 CONTRACTS  (10.49 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 6051 CONTRACTS:

CONTRACT  JUNE 0.; AUG 6051 AND ALL OTHER MONTHS ZERO//TOTAL: 6051.  The NEW COMEX OI for the gold complex rests at 473,069. 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 INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3375 CONTRACTS: 2676 CONTRACTS DECREASED AT THE COMEX AND 6051 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 3375 CONTRACTS OR 10.49 TONNES. WEDNESDAY, WE HAD A LOSS OF $26.15 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 10.49 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 $26.15).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS  UNSUCCESSFUL  (SEE BELOW).

4 GC VOLUME: 0  // open interest 11 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (6051) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (2676 OI): TOTAL GAIN IN THE TWO EXCHANGES:  3292 CONTRACTS. WE NO DOUBT HAD 1 )CONSIDERABLE BANKER SHORT COVERING, 2.)ANOTHER HUMONGOUS INCREASE IN GOLD  OUNCES STANDING AT THE GOLD COMEX FOR THE FRONT JUNE MONTH,  3) ZERO LONG LIQUIDATION; 4) SMALL COMEX OI LOSS..  AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG LOSS IN GOLD PRICE TRADING//WEDNESDAY//$26.15

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 : 11247 CONTRACTS OR 1,124,700 oz OR 34.98 TONNES (5 TRADING DAY(S) AND THUS AVERAGING: 2249 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES: 34.98 TONNES

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

THUS EFP TRANSFERS REPRESENTS 34.98/3550 x 100% TONNES =9.85% 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   2850.65  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:                     34.98 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 CONSIDERABLE SIZED 1514 CONTRACTS FROM 169,670 DOWN TO 168,156 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

 

EFP ISSUANCE 438 CONTRACTS

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

JULY: 438 CONTRACTS   AND SEPT: 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 438 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 1616 CONTRACTS TO THE 438 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A LOSS OF 1076 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 5.380 MILLION  OZ!!! OCCURRED WITH THE 23 CENT LOSS IN PRICE///

 

 

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX WITH THE 23 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// WEDNESDAY. WE ALSO HAD A SMALL SIZED 438 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 4.12 POINTS OR 0.14%  //Hang Sang CLOSED UP 40.68 POINTS OR 0.17%   /The Nikkei closed UP 81.98 POINTS OR 0.36%//Australia’s all ordinaires CLOSED UP .78%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1186 /Oil UP TO 36.97 dollars per barrel for WTI and 39.60 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1186 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1262 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY A CONSIDERABLE 2,676 CONTRACTS TO 473,069 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 $26.15 IN GOLD PRICING /WEDNESDAY’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)   ZERO LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS INCREASE IN  GOLD OZ STANDING AT THE COMEX//JUNE DELIVERY MONTH (SEE BELOW) , …  AS WE ENGINEERED A CONSIDERABLE GAIN ON OUR TWO EXCHANGES OF 3375 CONTRACTS DESPITE GOLD’S HUGE 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 STRONG SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6051 EFP CONTRACTS WERE ISSUED:  6051 FOR AUG AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6051 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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  3375 TOTAL CONTRACTS IN THAT 6051 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 2,676 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 SMALL COMEX OI LOSS,  ANOTHER HUMONGOUS INCREASE GOLD TONNAGE STANDING FOR THE JUNE DELIVERY (SEE CALCULATIONS BELOW)… AND ZERO LONG LIQUIDATION…… ALL OF THE ABOVE OCCURRED WITH A LOSS  IN COMEX PRICE OF 26.15 DOLLARS..

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $26.15).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A GOOD 10.49 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 3375 CONTRACTS OR 337,500 OZ OR 10.49 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:  473,069 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 47.30 MILLION OZ/32,150 OZ PER TONNE =  1471 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1471/2200 OR 66.87% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 196,673 contracts//volume extremely low //

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY280,028 contracts// volume still very low

JUNE 4 /2020

JUNE GOLD CONTRACT MONTH

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
96.45 oz
Brinks
3 kilobars
Deposits to the Dealer Inventory in oz 48,327.749 oz

Brinks

Malca

 

 

 

Deposits to the Customer Inventory, in oz  

333,146.312

OZ

BRINKS

JPMORGAN

LOOMIS

 

includes

5000 kilobars

and 2350

kilobars

 

 

 

No of oz served (contracts) today
1994 notice(s)
 199,400 OZ
(6.202 TONNES)
No of oz to be served (notices)
4676 contracts
(467,600 oz)
14.54 TONNES
Total monthly oz gold served (contracts) so far this month
45259 notices
4,525,900 OZ
140.77 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: 16,208.900  OZ

ii) Into Manfra: 32,118.849 oz

 

 

 

 

total dealer deposits:  48,327.749  oz

 

total dealer withdrawals: nil oz

we had 3 deposits into the customer account

i) Into Brinks  96,838.812 oz

ii) Into Loomis:  75,552,500 oz (2,350 kilobars)

iii) Into JPMorgan: 160,755.000 oz (5,000 kilobars)

 

 

 

total deposits: 333,146.312    oz

 

 

we had 1 gold withdrawals from the customer account:

 

i) Out of Brinks; 96.45

 

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

12,056.625 oz was adjusted up to the dealer

and Loomis:

3375.75 oz was adjusted up to th dealer from customer (105 kilobars)

dealer to customer

 

i) from HSBC:

578.71 oz dealer to customer

 

 

 

 

 

 

 

 

The front month of JUNE registered a total of 6668 oi contracts of a GAIN of 347 contracts.  We had 1249 notices filed on WEDNESDAY so we gained A WHOPPING 1596 contracts or an additional 159,600 oz of gold (4.97 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 7 contracts down to 3153 contracts.

Next comes August another strong delivery month and here the OI FELL by 6843 contracts DOWN to 335,358 contracts.

 

We had 1994 notices filed today for 199,400 oz

 

FOR THE JUNE 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 6 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1994 contract(s) of which 85 notices were stopped (received) by j.P. Morgan dealer and 1222 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 180 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 (45,259) x 100 oz , to which we add the difference between the open interest for the front month of  JUNE (6668 CONTRACTS ) minus the number of notices served upon today (1994 x 100 oz per contract) equals 4,993,300 OZ OR 155.31 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 (45,259)x 100 oz + (6668 OI) for the front month minus the number of notices served upon today (1994) x 100 oz which equals 4,993,300 oz standing OR 155.31 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 1596 contracts or 159,600 oz will stand on this side of the pond.  Issuance of exchange for physicals is good today but.  It is still 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 347.89 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 155.31 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  11,712,742.853 oz or 364.31 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: 11,184,567,0  (347.89 tonnes)
true registered gold  (total registered – pledged tonnes  11,184,567.0 (347.89 tonnes)
total eligible gold:  17,066,285.698 oz (530.83 tonnes)

total registered, pledged  and eligible (customer) gold;   28,779,008.551 oz 895.14 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   127.05 tonnes

total gold net of 4 GC:  768,09 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 4/2020

And now for the wild silver comex results

Total COMEX silver OI FELL BY A CONSIDERABLE SIZED 1514 CONTRACTS FROM 169,670 DOWN TO 168,156(AND FURTHER FROM OUR NEW ALL TIME RECORD OI FOR SILVER SET ON FEB 25.2020(244,710) ECLIPSING OUR PREVIOUS RECORD, AUGUST 25/2018 RECORD (244,196).  THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9.2018/ 243,411 CONTRACTS) . THE STRONG OI COMEX LOSS TODAY OCCURRED WITH OUR 31 CENT LOSS IN PRICING//WEDNESDAY. WE LOST A TOTAL OF 1076 CONTRACTS IN OUR TWO EXCHANGES.  THE LOSS IN TOTAL OI (TWO EXCHANGES) OCCURRED WITH 1)  A SMALL 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) SOME LONG LIQUIDATION,5) STRONG COMEX LOSS IN OI AND ALL OF THIS OCCURRED WITH OUR STRONG 23 CENT LOSS IN PRICE 

 

WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF JUNE

THE FRONT DELIVERY OF JUNE SAW 21 OPEN INTEREST CONTRACTS STANDING FOR A GAIN OF 7 CONTRACTS.  WE HAD 2 NOTICES SERVED UPON YESTERDAY SO WE GAINED ANOTHER 9 CONTRACTS OR AN ADDITIONAL 45,000 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 3142 CONTRACTS DOWN TO 116,698 CONTRACTS. AUGUST SAW ANOTHER GAIN OF 6 CONTRACTS TO 12 OPEN INTEREST CONTRACTS.. THE STRONG DELIVERY MONTH OF SEPT SAW A GAIN OF 1152 CONTRACTS UP TO 30,203

 

 

We, today, had  5 notice(s) FILED  for 25,000 OZ for the JUNE, 2020 COMEX contract for silver

 

JUNE 4/2020

JUNE SILVER COMEX CONTRACT MONTH

 

 

 

<

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 1,005,369.45 oz
Brinks
Delaware
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
607,923.04 oz
Delaware
Loomis
No of oz served today (contracts)
5
CONTRACT(S)
(25,000 OZ)
No of oz to be served (notices)
16 contracts
 80,000 oz)
Total monthly oz silver served (contracts)  394 contracts

1,970,000 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:  8006.100 oz

iii) Into Loomis:  599,916.940 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: 607,923.04    oz

we had 3 withdrawals:

 

 

i) Out of Delaware: 2968.635 oz

ii) Out of Brinks: 601,780.515 oz

iii) Out of Scotia: 400,620.300 oz

 

 

 

total withdrawals; 1,005,369,45   oz

We had 1 adjustments

Delaware: dealer to customer:

5093.70 oz

 

 

total dealer silver: 85.401 million

total dealer + customer silver:  313.138 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The total number of notices filed today for the JUNE 2020. contract month is represented by 5 contract(s) FOR 25,000 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 394 x 5,000 oz = 1,970,,000 oz to which we add the difference between the open interest for the front month of JUNE.(21) and the number of notices served upon today 5 x (5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the JUNE/2019 contract month: 394 (notices served so far) x 5000 oz + OI for front month of JUNE (21)- number of notices served upon today 5) x 5000 oz of silver standing for the JUNE contract month.equals 2,050,000 oz.

We gained 9 contracts or an additional 45,000 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: 62,640 CONTRACTS // volume low

 

 

FOR YESTERDAY: 82,523 CONTRACTS..,CONFIRMED VOLUME//

 

 

YESTERDAY’S CONFIRMED VOLUME OF 82,523  CONTRACTS EQUATES to 412 million  OZ 58.9% 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- 1.09% ((JUNE 4/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -0.58% to NAV:   (JUNE 4/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 1.09%

(courtesy Sprott/GATA

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

NAV 16.38 TRADING 16.30///NEGATIVE 0.47

END

 

 

And now the Gold inventory at the GLD/

 

 

JUNE 4//WITH GOLD UP $20.60: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD…A DEPOSIT OF 4.09 TONNES INTO THE GLD//INVENTORY RESTS AT 1133.37 TONNES

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 4/ GLD INVENTORY 1133.37 tonnes*

LAST;  834 TRADING DAYS:   +186.13 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 734 TRADING DAYS://+361.33  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JUNE 4//WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.//INVENTORY RESTS AT 473.315 MILLION OZ//

 

JUNE 3//WITH SILVER DOWN 23 CENTS TODAY//NO CHANGES IN SILVER INVENTORY AT THE SLV//

INVENTORY RESTS AT 473.315 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 4.2020:

SLV INVENTORY RESTS TONIGHT AT

473.315 MILLION OZ.

END

 

LIBOR SCHEDULE AND GOFO RATES//  GOLD LEASE RATES

 

 

YOUR DATA…..

6 Month MM GOFO 2.32/ and libor 6 month duration 0.48

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

GOLD LENDING RATE: -1.84%

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
+ 1.80%

LIBOR FOR 12 MONTH DURATION: 0.62

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -1.18%

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

Help GATA by subscribing to the Deepcaster market letter

 Section: 

9:39a ET Wednesday, June 3, 2020

Dear Friend of GATA and Gold:

The weekly Deepcaster letter of investment and geopolitical intelligence, whose market analysis long has publicized GATA’s research, has a special offer for GATA and its supporters.

Those who this month subscribe to the letter or renew their subscriptions at the monthly rate of $44 or subscribe for longer terms will receive a free digital copy of Deepcaster’s new book, “Profiting and Protecting from the Greatest Market Threats, Cartel Interventions, and Fake Economic News” — and a quarter of their subscription fee will be donated to GATA.

A message from the Deepcaster letter is below. To subscribe to the letter, get a free copy of the Deepcaster book, and help GATA, please visit:

https://deepcaster.com/membership-account/membership-levels/

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

* * *

Deepcaster Exposes Monetary Metals
and Related Interventions
So You Can Profit and Protect

The Deepcaster letter’s new book — “Profiting and Protecting from The Greatest Market Threats, Cartel Interventions, and Fake Economic News” — focuses on profiting and protecting this year and beyond. Deepcaster expects this period will be quite unlike the relatively quiescent period after the great market crash of 2008-2009 and will provide opportunities for achieving great profits and avoiding great losses — and mega-moves are coming soon.

The book briefly analyzes the great crash of 2008-2009 and, before that, the bursting of the internet bubble in 2002 and earlier Crashes, all of which provide crucially important lessons that are mainly unlearned or forgotten today.

The book reviews the lessons of those crashes and shows invetors how to apply the knowledge to profit and protect wealth.

The book shows how investors and traders have been and are being misled by fake economic news — Deepcaster provides more accurate economic statistics — and how investment and trading decisions are often mistaken due to repeated (and often covert) interventions in key market sectors by a global cartel.

Specifically, for example, for many years this cartel has intervened to suppress the prices of gold and silver so as to keep investors in fiat currencies and government bonds.

In addition, the Deepcaster letter long has been warning about the coming sudden reversal from allegedly low inflation into stagflation, which well may worsen into the hyperinflationary depression of which Egon von Greyerz warns. We provide recommendations for profiting from it.

Of course globalists and their allies see that markets have been artificially elevated by “easy” printed money and are thus floating on a sea of unpayable debt, which will lead to defaults and stagflation. These globalists and their allies are already acting to protect themselves.

But excluded are ordinary investors and small- and medium-sized investment companies and traders who are not large enough or connected enough to be part of the the market-rigging cartel.

These investors and traders are the ones the Deepcaster letter aims to help profit and protect.

To combat the globalists, the Deepcaster letter makes recommendations while “owning our identity” — that is, prohibiting use of private data and greatly limiting or even refusing to use Facebook, Google, and certain other social media. (There are alternatives!)

In its concluding chapter, Deepcaster’s new book makes key recommendations for the top three assets for profit and protection.

Here are the book’s chapters:

— Essential Knowledge for Maximizing Real Gain.

— Profit and Protection Despite Cartel Interventions.

— Profiting and Protecting In 2020 and Beyond, Part 1.

— Profiting and Protecting In 2020 and Beyond. Part 2.

— The No. 1, No. 2, and No. 3 Assets for Profiting and Protecting.

— Surmounting and Profiting from the Greatest Market Threats.

— Investing and Trading for Freedom, Profit, and Wealth Protection.
The book shows how interventional and macro factors as well as fundamental and technical analyses are essential to profiting and protecting.

In summary, the Deepcaster letter offers sector, subsector, and specific asset recommendations on what to buy and what to avoid.

The letter’s approach already has resulted in considerable profits for its subscribers this year. For example:

— 75% profit on an ETF on March 16.

— 45% profit on an ETF on March 9.

— 53% Profit on a tracking ETN on March 4, 2020, the fourth profit-taking on this ETN.

— 62% profit on a leveraged ETN on the VIX on February 28.

— 55% profit on an ETN on February 24.

— 110% profit on a T-Bond ETF Call on January 24, accomplished in just 14 days.

So please subscribe to the Deepcaster letter and enjoy our book.

Sincerely,

Deepcaster LLC
deepcaster.com
deepcaster@sbcglobal.net

* * *

END

A MUST VIEW//ANDREW MAGUIRE AND BILL MURPHY

Andrew Maguire

10:50 AM (14 minutes ago)
to Chris, me

Guys , we just published Bills interview

https://www.youtube.com/watch?v=qSWd48VU7PQ

Best

Andrew

China’s May gold sales soar 54% m/m – state media

BEIJING, June 4 (Reuters) – China’s gold sales jumped 54% in May compared with a month earlier, according to a state TV report on Thursday, citing the China Gold Association.

Gold consumption in China almost halved in the first quarter due to sluggish demand amid the coronavirus containment measures and rising prices.

-END-

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early THURSDAY 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: 7.1186/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.1252   /shanghai bourse CLOSED DOWN 4.12 POINTS OR 0.14%

HANG SANG CLOSED UP 81.98 POINTS OR 0.30%

 

2. Nikkei closed UP 81.98 POINTS OR 0.36%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index DOWN TO 97.14/Euro FALLS TO 1.1268

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 108.84/ 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:: 36.97 and Brent: 39.60

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.36%/Italian 10 yr bond yield DOWN to 1.42% /SPAIN 10 YR BOND YIELD DOWN TO 0.53%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.78: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.45

3k Gold at $1707.40 silver at: 17.66   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 51/100 in roubles/dollar) 69.11

3m oil into the 36 dollar handle for WTI and 39 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 108.84 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 .9579 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0785 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 0.36%

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 0.76% early this morning. Thirty year rate at 1.55%

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

6.  TURKISH LIRA:  UP  TO 6.7443..

Slumping Futures Spike After ECB Nearly Doubles Emergency QE Program

When even Bloomberg has articles such as this one “A Stock Melt-Up Looks Like the Fed’s Latest Feat of Engineering“, you know it was time for the Fed to ease off the overnight ramp gas pedal, and that it was time for the insane rally from the past 2 months to ease a bit. And it did… until the ECB decided to pick up the monetary firehose when at 745am the European Central Bank announced it would nearly double its emergency QE to €1.35 Trillion from €750BN and extend it to at least June 2021, sparking a new bout of buying.

And while U.S. stock index futures slipped on Thursday as a rally fueled by optimism over an economic rebound from a coronavirus-led downturn ran out of steam, the ECB bailed out all those retail momentum daytraders who were about to suffer their first down day in over a week, when it announced a massive expansion to its QE program, which not only send stocks surging, but also pushed the Euro to a nearly three-month high, because in today’s banana world printing money is bullish for the currency (and why not, we already showed that easing is deflationary).

Wall Street’s indexes had rallied in the previous few sessions, with the Nasdaq inching closer to a record high on hopes of a rebound from the economic slump and a spate of data that has been less dire than feared. The tech-heavy index was just 1.4% away from overtaking its all-time closing high set in February even though U.S.-China tensions continued to simmer as Hong Kong’s Legislative Council passed a bill that would criminalize disrespect of China’s national anthem on the anniversary of the Tiananmen Square massacre, a move seen as the latest sign of Beijing’s tightening grip on the city.

While Europe’s Stoxx 600 dipped in early trading after markets were disappointed by the €130BN German stimulus which largely left out domestic automakers in the cold, it pared all losses from earlier in the session after the ECB’s announcement. Stocks in Asia were mixed, with an MSCI benchmark of global equities falling just short of recouping three-quarters of its tumble from a February record.

Earlier in the session, Asian stocks gained, led by consumer staples and health care, after rising in the last session. Most markets in the region were up, with Thailand’s SET gaining 2.3% and Australia’s S&P/ASX 200 rising 0.8%, while Jakarta Composite dropped 0.5%. Trading volume for MSCI Asia Pacific Index members was 12% above the monthly average for this time of the day. The Topix gained 0.3%, with DLE and ITmedia rising the most. The Shanghai Composite Index retreated 0.1%, with Yongyue Science & Technology and Zhejiang Shengyang Science & Technology posting the biggest slides

With the ECB having pleasantly surprised traders who were looking for a €500BN PEPP expansion, investors will now keep an eye on U.S. employment data that may signal the extent of the damage to jobs, and which will likely print at just under 2.1 million; indicatively on most previous Initial Claims days, the market has soared so there is no reason to expect any different today. As Bloomberg adds, “traders are searching for further tailwinds for risk assets without more evidence that reopening economies can trigger a rebound in corporate earnings”, and they are finding all the “evidence” they need in central bank actions.

“We’ve had an over-extension, and a bit of altitude sickness is creeping in,” said Neil Wilson, chief market analyst in London for Markets.com.

And speaking of stimulus, late on Wednesday Chancellor Angela Merkel’s coalition agreed on a sweeping 130 billion-euro package designed to spur short-term consumer spending and get businesses investing again.

In rates, Treasuries are slightly richer across the curve, with yields within 1bp of Wednesday’s closing levels as narrow ranges dating back to start of April broadly hold. Bunds underperform after Germany’s EU130b stimulus package exceeds earlier estimates. Treasury 10-year yields around 0.760%, richer by ~1.5bp on the day; long-end continues to lag slightly with 5s30s and 10s30s mildly steeper. Bunds lag by ~1bp vs. Treasuries, gilts trade broadly in line. As Bloomberg notes, Asia-session demand emerged with 10-year yields in 0.70%-0.75% range, a theme of recent weeks

In FX, the dollar initially halted a five-day losing streak and rose against all its Group-of-10 peers except the franc, however it reversed all gains and then some after the ECB surprised with a larger than expected PEPP expansion, which sent the EURUSD as high as 1.1272, a three-month high. The pound sank after Germany’s ambassador to the EU said there had been no real progress toward a trade deal in its negotiations with the U.K. The Norwegian krone fell for the first time in eight days as oil prices declined and the yen fell to a 2-month low on the back of the stronger dollar.

In commodities,  West Texas oil declined from a three-month high as OPEC+ unity was threatened by a long-running feud and U.S. data cast doubt on the strength of the demand recovery. Gold was slightly higher at $1,707 per oz.

Expected data include jobless claims and trade balance. Broadcom and Gap are among companies reporting earnings

Market Snapshot

  • S&P 500 futures down 0.3% to 3,107.75
  • STOXX Europe 600 down 0.5% to 367.23
  • MXAP up 0.2% to 157.51
  • MXAPJ up 0.4% to 506.96
  • Nikkei up 0.4% to 22,695.74
  • Topix up 0.3% to 1,603.82
  • Hang Seng Index up 0.2% to 24,366.30
  • Shanghai Composite down 0.1% to 2,919.25
  • Sensex down 0.3% to 34,005.85
  • Australia S&P/ASX 200 up 0.9% to 5,991.82
  • Kospi up 0.2% to 2,151.18
  • German 10Y yield rose 0.6 bps to -0.348%
  • Euro down 0.3% to $1.1200
  • Italian 10Y yield rose 5.2 bps to 1.382%
  • Spanish 10Y yield rose 4.0 bps to 0.65%
  • Brent futures down 1.7% to $39.13/bbl
  • Gold spot up 0.3% to $1,704.33
  • U.S. Dollar Index up 0.3% to 97.60

Top Overnight News

  • German Chancellor Angela Merkel’s coalition agreed on a sweeping 130 billion-euro ($145 billion) stimulus package designed to spur short-term consumer spending and get businesses investing again
  • The U.K. is heading for a damaging showdown with China as it takes on Beijing over Hong Kong and Huawei Technologies Co.
  • Officials in Germany, France, Italy and Spain are closely monitoring contagion data to see if looser controls are backfiring. That appears not to be the case, even if there have been some outbreaks connected to slaughterhouses
  • Bond yields in Europe’s safest and riskiest markets are converging as the region’s central bank and governments ramp up policy stimulus to counter a recession caused by the coronavirus
  • French Budget minister Gerald Darmanin says the budget deficit will rise to 11.4% of economic output in 2020

Asian stocks were mostly higher as the region partially upheld the firm handover from Wall St where sentiment was underpinned by recovery hopes and encouraging data after ISM Non-Manufacturing PMI topped estimates and ADP employment numbers showed a much narrower than feared drop ahead of Friday’s NFP release. ASX 200 (+0.8%) was lifted by broad sector gains aside from commodity related stocks, in particular gold miners after the precious metal briefly slipped below the USD 1700/oz focal point, while Nikkei 225 (+0.4%) was underpinned by the favourable currency moves but with gains momentarily reversed amid fears of a second virus wave in Tokyo after a jump in cases recently prompted an alert and with officials said to consider flagging the city as an area where coronavirus is increasing. Hang Seng (+0.2%) and Shanghai Comp. (-0.1%) were mixed with mainland China the laggard following another substantial liquidity drain and as trade tensions remained in the spotlight with the US to designate additional Chinese media outlets as foreign missions and announced a ban on Chinese airline flights to the US in response to China refusing to allow US airlines to resume passenger service, although Beijing has since changed its tune regarding this. Furthermore, it was also reported that Chinese state-controlled companies cancelled some shipments from US farm exporters including livestock feed, corn, pork, cotton and have postponed some meat imports. Finally, 10yr JGBs declined at the open after the sell-off seen in USTs and which saw the benchmark 20yr JGB yield at its highest level in more than a year, while prices were also pressured after all metrics of the 30yr JGB auction pointed to a weaker result.

Top Asian News

  • Tokyo Virus Cases on Uptrend as Double-Digit Rise Continues
  • Li’s Support for Street Vendors Spurs China Stock Market Frenzy
  • Tsinghua Holdings Yuan Bond Due 2022 Drops Most in Six Months
  • Singapore Sees Higher Community Virus Cases After Partial Reopen

European equities trade with modest losses [Euro Stoxx 50 -0.7%] – with some touting potential profit-taking ahead of key risk events including the ECB’s latest policy decision later today (full preview available on the Research Suite). At the same time, tomorrow’s NFP could also prove to be another dire reading. Macro-news flow has remained light early-doors, although reports suggested US Department of Transport ordered to ban Chinese passenger airlines from flights to the US from June 16th in response to China refusing to allow US airlines to resume passenger service, whilst China’s Agricultural Ministry confirmed they are continuing to purchase US soybeans, which followed reports Chinese state-controlled companies reportedly cancelled some shipments from US farm exporters. Back to Europe, sectors are mostly negative with cyclicals largely lagging defensives – suggesting more of a risk-averse mood. The sectorial breakdown adds little colour to the current state of play, although its seemingly a mirror image of yesterday’s performance – possibly implying consolidation. In terms of movers and shakers, German auto names are pressured (Daimler -4%, BMW -1.9%, Volkswagen -1.8%) after the German relief package failed to include incentives to purchase petrol and diesel vehicles. Meanwhile, LVMH (-1.5%) drifted lower after the open after the group confirmed source reports that it is backing away from the Tiffany (-0.7% pre-mkt) deal for now. On the flip side, AstraZeneca (+1.8%) holds onto gains as the Trump admin selected the Co’s COVID-19 vaccine as a candidate finalist.

Top European News

  • ECB Told to Be Bold With More Cash for Recovery: Decision Guide
  • Rolls-Royce Plans 3,000 U.K. Job Cuts as Aviation Contracts
  • Mass Mink Cull Ordered on Dutch Farms to Stem Coronavirus Spread
  • Remy Cointreau Jumps on Upped 1Q Guidance, FY20 Earnings Beat

In FX, a quirk of fate perhaps or simply coincidental, but a broad and firmer Dollar recovery from recent lows amidst some signs of sated risk appetite has culminated in Eur/Usd, Usd/Jpy, Cable, Usd/Chf, Aud/Usd, Nzd/Usd and Usd/Cad all close to big figures, at 1.1200, 109.00, 1.2500, 0.9600, 0.6900, 0.6400 and 1.3500 respectively. Meanwhile, the DXY has pared more losses from a minor new base at 97.180 on Wednesday to trade nearer the top of a 97.638-314 range awaiting final pre-NFP employment signals via Challenger layoffs and initial claims, though latter not the survey week for Friday’s BLS report. Back to the other major currencies, Germany’s bigger than expected Eur130 bn fiscal package gave the Euro enough momentum to breach Fib resistance at 1.1237, but not the amount required sustain 1.1250+ levels, and decent option expiry interest may now keep the headline pair in check ahead of the ECB policy meeting, if not the NY cut given 1 bn rolling off between 1.1245-50 and 1.4 bn just above 1.1200 and yesterday’s 1.1190 low from 1.1205 to 1.1215. However, the ECB event and Lagarde presser will be pivotal with focus on more PEPP stimulus or a pause until September, with the market split over the 2 main potential outcomes – for a full preview see the Newsquawk Research Suite. Elsewhere, the Yen is still eyeing broad risk sentiment, Greenback moves and US Treasury yields/spreads for direction, but also Japanese budget supplements to counter COVID-19 with the latest injection said to be equivalent to 2% in terms of real GDP. Technically, 109.38 (April 6 lower high) has not seriously been tested, but pull-backs could be limited following the rally through key chart levels on the way up and beyond 109.00. Turning to the Pound, stops were tripped at 1.2525 after a fade ahead of 1.2600 and the midweek 1.2615 peak pulled Sterling back below the 100 DMA (1.2564) against the backdrop of rising no deal Brexit prospects assuming no breakthrough in trade talks or an extension to the transition period, while the Franc is firmer despite deflationary Swiss CPI data, as Eur/Chf retreats towards 1.0750 from over 1.0800 yesterday. Down under, the Kiwi is holding up better than its Antipodean neighbour as Aud/Nzd hovers around 1.0750 and the Aussie digests somewhat mixed macro news in the form of weak retail sales vs a wider than forecast trade surplus. Last, but not least, the Loonie is still reflecting on a relatively encouraging if not quite upbeat assessment and outlook from the BoC in the run up to Canadian trade data and a speech from Gravelle later.

  • SCANDI/EM – The Swedish Krona is underperforming on the back of a steep decline in new orders, as Eur/Sek rebounds further from sub-10.4000, but Eur/Nok has recoiled from an oil-induced spike even though latest reports suggests no OPEC+ meeting this week and crude prices remain off their recovery peaks. On the EM front, widespread depreciation or retracement in line with the less bullish risk tone and Dollar reprieve, as the Rand and Rouble reverse back below 17.0000 and 69.0000 handles respectively.

In commodities, WTI and Brent futures remain subdued in European trade as traders are no closer to clarity on an OPEC+ meeting date – with conflicting sources noting a meeting in late June, whilst others highlight the possibility of a meeting today. Either way reports yesterday posited that Saudi and Russia have agreed to extend current curbs for an extra month – albeit the two nations want compliance among other states, with Iraq and Nigeria letting down the group after complying only 42% and 33% respectively. Reports early-morning also touted a potential delay to the July Official Selling Price (OSP) release until at least Sunday – possibly alluding to a meeting before then based on history and assuming no further delay, with sources also noting the possibility of a meeting this week if non-complying countries pledge to improve compliance. However, reports via journalist Reza Zandi notes the OPEC+ meeting is unlikely to be held today amid complicated negotiations for compliance, “As of now, the next meeting is scheduled for 9-10 June, as scheduled previously”. Meanwhile, Russian Energy Minister Novak emerged on the wires, again with little clarity in regard to a meeting date, but stated that Russia is in talks with the US on the oil market – but does not expect US regulators to import production curbs. WTI July futures trade sub-USD 37/bbl and Brent August remains sub-USD 40/bbl, both off worst levels of USD 36.40/bbl and USD 39.03/bbl respectively. Elsewhere, spot gold was relatively flat on either side of 1700/oz amid light news flow and heading into the ECB monetary policy decision, but picked up in recent trade to trade closer to 1710/oz. Copper prices have retreated after failing to sustain prices above USD 2.5/lb as the red metal tracks sentiment and the brewing US-Sino tensions in the background.

US Event Calendar

  • 8:30am: Trade Balance, est. $49.2b deficit, prior $44.4b deficit
  • 8:30am: Nonfarm Productivity, est. -2.7%, prior -2.5%; Unit Labor Costs, est. 5.0%, prior 4.8%
  • 8:30am: Initial Jobless Claims, est. 1.84m, prior 2.12m; Continuing Claims, est. 20m, prior 21.1m
  • 9:45am: Bloomberg Consumer Comfort, prior 35.5

DB’s Jim Reid concludes the overnight wrap

After one day of rain during a 10 week lockdown where my wife has single handedly planted well over a 100 new plants, shrubs and hedges, yesterday we spent every hour (between bouts of incredibly hard work) checking the latest percentage probability of rain in our area as my wife has got fed up of constant watering and there was finally a promise of rain. The probability was between 40-80% for every hour between 7am and 7pm. In the end we got probably about 5 drops. Nice to find something that makes a strategist feel good about his forecasts. Meanwhile the rain dance in the Reid household continues. Although it does pause when a game of golf is around the corner.

Perhaps all-time equity market highs are around the corner too as the relentless rally continues. Talking of forecasts it was interesting to look back on the EMR from 20th April (in what feels a lifetime ago) where we wrote the following “…. when central banks have so far pumped in an annualised $23.4 trillion into the financial system you can see how it’s hard to get a feel for where markets can go. Clearly they won’t keep up that pace of liquidity injections unless economies fall even further but could you really have a situation in 1-2 months’ time where economies are still struggling to fully open and yet equity markets are back at record highs? I don’t think so but you couldn’t rule it out given the ginormous liquidity injections. Crazy times and we haven’t even mentioned the government injections.”

I’ve thought a lot about the themes of this paragraph for the last 6-7 weeks and the only part of this that I now regret are the words “I don’t think so”. The rally has indeed been faster than surely anyone could have imagined but it was starting to be clear in late March and April that we were dealing with levels of stimulus that were going to be almost exponential relative to anything seen before in history. As you know we are still having a big debate here at DB as to whether this crisis is going to be deflationary or inflationary. I still think inflationary, but the case for both are laid out in Konzept here. Interestingly Oli Harvey, who is on the inflationary side, put out an interesting piece earlier this week (link here ) that looked at UK April money supply data for the UK and which showed another significant rise in aggregate money balances, even as households delevered. This is massively different from 2009. After a record rise in March, the April increase was the second largest on record. Oli ascribes the rise in household deposits to expansionary fiscal policy, as well as corporate borrowing to fund labour compensation. Should money creation continue at this pace, given the dramatic fall in real GDP, the effects should be inflationary in the medium to long-run. This may ultimately depend on whether fiscal policy continues to be expansionary though and that could be the key to resolving this debate. My view is that it’s going to be very difficult to push the fiscal genie back in the bottle in the months, quarters and years ahead.

Back to yesterday and risk assets advanced to new post-pandemic highs yesterday as the levels of risk appetite in markets appeared almost insatiable. The S&P 500 breached the 3100 barrier yesterday with a +1.36% advance, as bank stocks (+5.21%) led the way amidst a sharp rise in bond yields. That’s the 4th consecutive advance for the S&P, which is the first time that’s happened since early February. It’s is only now -7.78% from the all-time highs in February. Tech stocks lagged again yesterday, with the NASDAQ up by “just” +0.78%. But even that still left the index only -1.37% down from its all-time high back in February. Meanwhile volatility continued to decline, with the VIX index down a further -1.18pts to 25.7pts, its lowest level since late February. Bloomberg’s index of US financial conditions eased to its most accommodative level since late February too.

As with the day before, Europe was where the even bigger moves were, with the STOXX 600 up +2.54%. That comes ahead of today’s ECB meeting, where investors are hoping that the central bank will add further monetary stimulus, which alongside the switch back into value over growth has perhaps been helping to support the rally over recent days. In terms of what to expect, our European economists write in their preview (link here) that they expect that the €750bn Pandemic Emergency Purchase Programme announced in March will be doubled in size to €1.5tn and extended to mid-2021. The MNI story earlier in the week that suggested that some of the committee are not ready to rubber stamp the expansion hasn’t dampened expectations, but the ECB do have a habit of saving their largest responses to when the market is screaming out for it not when there is a big rally ongoing.

However our economists also expect large downward revisions to the staff forecast which may give them cover to act further, with President Lagarde having already indicated that their forecast is between the “middle” and the “severe” scenarios the ECB had previously discussed, implying GDP growth this year between -8% and -12%. The other interesting aspect to watch out for today will be how Lagarde responds to questions on the German constitutional court ruling, which challenged the ECB’s previous public sector purchase programme in a court ruling last month.

Speaking of further stimulus, last night Chancellor Merkel’s ruling coalition struck a deal on another German fiscal stimulus package after multiple days of negotiations. The euro jumped to a 12 week high on the announcement before settling at up +0.56% for the day, the 7th straight session higher for the currency. German equities may have been anticipating the approval of further funds with the DAX rallying +3.88% yesterday, one of the best performing equity indices in Europe. The plan calls for roughly €130bn in measures including a time-limited value-added tax cut worth €20bn, investments in digitization and electric vehicles, and a €300 per child one-off payment to families. Hard-hit businesses in sectors like tourism and hospitality will receive €25bn from the new plan, while the government will also help support localities that have struggled given the lack of business tax dollars.

A quick check on markets overnight shows that bourses in Asia might finally be pausing for breath. Indeed despite there being no new newsflow to highlight, the Nikkei (-0.13%), Hang Seng (-0.11%) and Shanghai Comp (-0.21%) have all erased earlier gains to trade slightly lower while the Kospi (+0.23%) and ASX (+0.62%) have also retreated from earlier highs. Futures on the S&P 500 are also down -0.24% this morning while WTI oil is down -2.15% to $36.49. In FX, the US dollar index is up +0.18%. Spot gold prices are also up +0.24%.

In other news, the US Senate cleared changes to the Paycheck Protection Program that will allow small businesses more flexibility in using the rescue loan funds. The bill would extend an eight-week period – when proceeds must be spent for loans to be forgiven – to 24 weeks or until the end of the year, whichever comes first. Businesses would also have as long as five years, instead of two, to repay any money owed on a loan, and they could use a greater percentage of proceeds on rent and other approved non-payroll expenses.

Given the market mood yesterday it was a bad time to be in safe havens. The US dollar fell by -0.41%, down for a 5th straight session to its weakest level in nearly 3 months, while the Japanese yen was the worst-performing G10 currency for a 2nd day running. Gold also tumbled, down -1.62% in its biggest move lower in over 6 weeks, and 10yr Treasury yields were up +6.1bps to 0.746%. It was the largest one day rise in rates since 18 May, and the highest closing level since 14 April. Sovereign debt more broadly sold off, with 10yr bund yields also up +6.1bps to -0.35%, their highest level in nearly 2 months. Interestingly, inflation expectations have also been the beneficiary of the recent rally, with five-year forward five-year inflation swaps in the Euro Area now at 1.02%, their highest level in over 7 weeks. The (all time) low was at 0.72% on March 23rd. The US equivalent is at 1.82% and up from the all-time low of 1.22% on March 12th.

Oil was not an exception to the risk-on sentiment yesterday, even after falling early in the day on headlines that the OPEC+ meeting was in doubt thanks to a dispute over non adherence to oil quotas, with Russia and Saudi Arabia unhappy at others who haven’t stuck to their commitments. This has become increasingly important as the recent rally in oil prices has encouraged US shale producers to restart some production. Brent crude had been trading above $40/bbl prior to the report, but fell back afterwards as investors reacted to the prospect that production cuts might be eased next month in response. While the commodity was down just over -2% following the news, it ground higher throughout the day to finish the session up +0.56% at $39.79.

Turning to the data now, and the story from yesterday’s services and composite PMIs echoed that from Monday’s manufacturing PMIs in showing a recovery from April’s numbers, but remaining well inside contractionary territory (except in China). For the Euro Area, the final composite PMI was revised up to 31.9 (vs. flash 30.5), and was well above April’s 13.6 print, while the readings for France (32.1) and Germany (32.3) were also revised up from the flash reading. This is a positive sign given that the revisions reflect 6 extra days of the survey period relative to the flash PMIs, suggesting that the economic situation is improving as the various countries are gradually reopening. Nevertheless, the 31.9 reading for the Euro Area as a whole is still well below even the lowest point after the GFC, which just shows how far there is still to travel before we return to something like normality again.

The other main release was the ADP employment report for May, which showed a much better-than-expected -2.760m decline (vs. -9m expected), while the extent of the job losses the prior month was also revised lower. That’s a positive signal ahead of tomorrow’s jobs report, which is expected to show a further deterioration in the state of the US labour market. As a reminder, our US economists are predicting a -6.1m decline in nonfarm payrolls, with the unemployment rate rising to 19.1%. It’ll also be worth looking at today’s initial weekly jobless claims, where our economists are expecting a further 1.8m claims. Finally, the ISM’s non-manufacturing index for May also beat yesterday with a 45.4 reading (vs. 44.4 expected), though the employment component came in at just 31.8.

To the day ahead now, and the highlight is expected to be the aforementioned ECB meeting and President Lagarde’s subsequent press conference. Otherwise, we’ll also get data on Euro Area retail sales for April, as well as May’s construction PMIs from Germany and the UK. Over in the US, there’s also the weekly initial jobless claims release, along with April’s trade balance.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 4.12 POINTS OR 0.14%  //Hang Sang CLOSED UP 40.68 POINTS OR 0.17%   /The Nikkei closed UP 81.98 POINTS OR 0.36%//Australia’s all ordinaires CLOSED UP .78%

/Chinese yuan (ONSHORE) closed DOWN  at 7.1186 /Oil UP TO 36.97 dollars per barrel for WTI and 39.60 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.1186 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.1262 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/HSBC/LONDON

HSBC takes the knee and will respect and support security laws in Hong Kong.  Although its headquarters is located in London, it derives 90% of its profits from Hong kong and Mainland China.

(zerohedge)

 

HSBC Bends The Knee To Beijing, Says It Will “Respect & Support” Security Law

Roughly a week after a former top CCP bureaucrat in Hong Kong hinted that it was time for HSBC to bend the knee and endorse the new “National Security” law imposed on HK by Beijing, the colonial-era bank has done just that, releasing a statement on Wednesday welcoming the new law, while continuing to

“We reiterate that we respect and support laws and regulations that will enable Hong Kong to recover and rebuild the economy and, at the same time, maintain the principle of ‘one country two systems'” HSBC said in a statement published online.

But the city’s oldest and largest bank, which is officially based in London, but derives the majority of its profits from the Hong Kong market, isn’t the only colonial-era corporate power in HK to kowtow to Beijing. Swire and Jardine Matheson, two other prominent British-based but Asia-focused companies, have already released statements of their own, with Jardine going as far as taking out an ad in a pro-Beijing newspaper.

Swire said the law “will be beneficial for the long-term future of Hong Kong as a world-leading business and financial center.”

This isn’t the first time HSBC has caved to Beijing: The bank stoked controversy by closing accounts linked to HK’s protest movement, and has persistently supported the regime, and opposed the pro-democracy movement in the past.

Analysts at some shops fear this stance, which is wildly unpopular in HK, could impact the bank’s business as locals turn elsewhere for their financing needs.

Hugh Young, managing director at Aberdeen Asset Management Asia, a large shareholder in the bank, said HSBC was “between a rock and a hard place.”

While Hong Kong will stay its biggest revenue generator, over time it could risk losing market share to Chinese banks, he added.

The position is also notably at odds with the stance taken by the UK’s conservative government, which has decried China’s encroachment on “one country, two systems”.

The irony is, no matter what HSBC says, once Beijing cements its control over HK and its economy, it will almost certainly be muscled out by Chinese rivals, which benefit from a home field advantage, and – of course – generous state backing.

 end
HONG KONG
Thousands descend on the illegal vigil over victims of the Tiananmen square massacre
(zerohedge)

1000s Descend On “Illegal Vigil” In Hong Kong’s Victoria Park Honoring Victims Of Tiananmen Square Massacre

Authorities may have banned an official peaceful demonstration honoring the anniversary of the Tiananmen Square massacre and passed a new law making “shows of disrespect” toward the Chinese National Anthem, but thousands of Hong Kongers are still finding ways to honor the 31st anniversary of a massacre where hundreds, or more likely thousands, of peaceful protesters were murdered by the Chinese military.

Rachel Blundy

@rachelblundy

From this angle, Victoria Park looks almost as busy as it did last year. Hongkongers have come out in force

Embedded video

Beijing banned the peaceful vigil – an annual tradition – for the first time this year amid a crackdown on Hong Kong’s freedoms spurred by the pro-democracy movement that brought chaos and disorder to the streets of HK.

Twice, pro-democracy lawmakers disrupted proceedings as the new national anthem law was being passed.

Despite the declaration, crowds poured into Victoria Park to light candles and observe a minute of silence at 2009PA (0809ET). Many chanted “Democracy now” and “Stand for freedom, stand with Hong Kong.” Police stood by, playing recordings warning attendees not to engage in the vigil. Police also cited the need for social distancing to be maintained.

Police cited the need for social distancing during the coronavirus outbreak in barricading the sprawling park, but activists saw that as a convenient excuse.

“We all know the Hong Kong government and the Chinese government really don’t want to see the candle lights in Victoria Park,” said Wu’er Kaixi, a former student leader who was No. 2 on the government’s most-wanted list following the Tiananmen Square crackdown.

Hundreds and possibly thousands of people were killed when tanks and troops moved in on the night of June 3-4, 1989, to break up weeks of student-led protests that had spread to other cities and were seen as a threat to Communist Party rule.

“The Chinese Communists want us all to forget about what happened 31 years ago,” Wu’er told the AP in Taiwan, where he lives. “But it is the Chinese government themselves reminding the whole world that they are the same government…doing the same in Hong Kong.”

Tiananmen Square itself was empty on Thursday, as Chinese police once again engaged in the practice of placing known dissidents under house arrest for the day.

Meanwhile, police arrested protesters in other parts of the city.

end
CHINA/USA
Wow!! this is escalating fast:  USA imports and exports crater the most on record:  China refuses to comply with the trade deal
(zerohedge)

US Exports, Imports Crater Most On Record As China Refuses To Comply With Trade Deal

While today’s trade balance print at $49.4 billion came generally in line as expected, the relative calm on the surface belies what has been a stunning collapse in absolute trade levels.

The problem is how the US got to that deficit print, and this is where it gets ugly: April exports were $151.3 billion, $38.9 billion less than March exports. In percentage terms, the 20.5% export drop was the biggest on record, going back to 1992. At the same time, April imports were $200.7 billion, $31.8 billion less than March imports, and a decline of 13.7%, also the most since records started in 1992.

The decline in merchandise exports was widespread with companies shipping less capital equipment, motor vehicles, consumer goods and industrial supplies such as oil. The nation also received fewer capital and consumer goods, vehicles and food from overseas producers as the US economy was put on ice.

Reflecting the global pandemic and lockdowns, the value of travel-related imports and exports slumped to $4.4 billion, an all-time low in data back to 1999.

Combined, the value of U.S. exports and imports decreased to $352 billion, the lowest since May 2010!

However, since both exports and imports tumbled by roughly a similar amount, the move in the total monthly trade balance was far more muted, sliding from $42.3BN to $49.4BN.

To be sure, foreign trade was already easing prior to the pandemic, and now, but faced with what Bloomberg called unprecedented supply-chain disruptions, a previously incomprehensible surge in U.S. unemployment and a drop-off in demand, the world’s largest economy has pulled back more dramatically.

Meanwhile, in a double whammy for the Trump administration, there was no sign of any real progress on the phase 1 deal with China, with soybean exports still lagging their 2019 pace.  

 

Source: Brad Setser

Furthermore, while China is generally obligated to elevate its imports from the US (on par with 2017 levels) as per the Phase 1 Trade deal, YTD data shows that there is virtually no pick up compared to 2018 or 2019.

Worse, food exports are at risk of declining after Chinese government officials this month telling state-run agricultural companies to pause purchases of some American farm goods including soybeans.

Meanwhile, in the latest slap for the Trump admin, the report showed the trade deficit with China growing as imports of merchandise from China rebounded in April to $35.2 billion from $24.2 billion in March, while exports edged up to $9.3 billion, leaving a deficit of $7.2 billion.

 END

4/EUROPEAN AFFAIRS

GERMANY//LAST NIGHT

In a surprise move, Merkel’s coalition agrees for a 130 billion euro stimulus package to jump start Germany’s lacking manufacturing sector.

(zerohedge)

 

 

Merkel’s Coalition Agrees To €130BN Stimulus Package To Boost German Economy

One week after the European Commission presented a plan on May 27 for a €750bn recovery fund for the EU including €500bn in grants and €250bn in cheap loans, late on Wednesday Chancellor Angela Merkel’s coalition agreed to a €130bn German stimulus package, coming in higher than initial expectations of €50-100bn, to help Europe’s biggest economy recover from the coronavirus crisis, Bloomberg reported.

After two days of negotiations, the chancellor overcame an impasse in the governing parties late Wednesday to broker a deal that includes tax relief for companies (including lowering the value-added tax), money for families, car-sales incentives (including double rebates for purchases of electric cars) and aid to municipalities.

Following a brief period of unity at the height of the pandemic, party differences throttled efforts to revive Germany’s faltering economy, with Social Democrats pushing for higher spending and measures focusing on workers and families, while the CDU was keen to limit the amount of new debt and get businesses investing again.

In a historic reversal to Germany’s traditional “black zero” budget rules, after an initial stimulus proposal in March, Merkel’s administration agreed to spend whatever it takes to get the country growing again. And, according to Bloomberg calculations, including programs to guarantee company liquidity, Germany has made more than 1.2 trillion euros available – the most in the European Union. This comes at a time when German unemployment rose in May to the highest level in almost five years.

The euro briefly extended its intraday advance for the day following the news, reaching a 12-week high of $1.1257, before paring its gain for the day to around 0.6%.

END

EUROPE//ECB/EMERGENCY QE INCREASES BY 600 BILLION EUROS TO 1.35 TRILLION EUROS

Helicopter money comes full blast to Europe and the Euro rises????

(zerohedge)

Euro Surges After ECB Expands Emergency QE By €600 Billion To €1.350 Trillion

As previewed last night, consensus was expecting for the ECB to boost its emergency QE PEPP program by €500BN. So perhaps not to risk disappointing markets, moments ago the Central Bank announced that it would not only expand the PEPP by more than expected €600BN to €1,350BN, but extended the program to “at least the end of June 2021.” Contrary to some expectations, the ECB did not follow the Fed in buying junk bonds (for now).

The ECB said it did so to “further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households.”

The rest of today’s announcement was largely in line with rates kept unchanged, with the ECB noting that it would reinvest PEPP principal payment proceeds until at least the end of 2022, adding that “the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary stance.”

Here is what the ECB announced:

  1. The envelope for the pandemic emergency purchase programme (PEPP) will be increased by €600 billion to a total of €1,350 billion. In response to the pandemic-related downward revision to inflation over the projection horizon, the PEPP expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy.
  2. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021.In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over.
  3. The maturing principal payments from securities purchased under the PEPP will be reinvested until at least the end of 2022.In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary stance.
  4. Net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. The Governing Council continues to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates.
  5. Reinvestments of the principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.
  6. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.

In response to this massive money printing the Euro… jumped.

And now attention turns to Lagarde in 45 minutes for the press conference

end

EUROPE/CHINA/HONG KONG /TRADE

A weakened Europe so far not threatened China as did the uSA, Canada, and Australia.  It seems that trading with the crooked China trumps the freedom for Hong Kong

(Kern/Gatestone)

For Europe, Trade With China Trumps Freedom For Hong Kong

Authored by Soeren Kern via The Gatestone Institute,

The European Union has issued a predictably weak and equivocal declaration on China’s growing interference in Hong Kong. European leaders, apparently fearful of retaliation by Beijing, have signaled that economic interests will take priority over the EU’s much-trumpeted founding values of human rights, democracy and the rule of law.

Europe’s continued appeasement of China indicates that the EU will be a weak link in efforts by Western democracies to confront the leadership in Beijing.

On May 29, the foreign ministers of EU member states met by video conference to discuss a common European response to China’s plans to impose a sweeping law that would ban all activities in Hong Kong that are deemed to endanger China’s national security.

Pro-democracy activists and lawmakers say the law, aimed at crushing political dissent, would effectively end the autonomy the city enjoys from Beijing under the “One Country, Two Systems” arrangement.

The unilateral move by China violates an international treaty — The Sino-British Joint Declaration on the Question of Hong Kong — an agreement signed in 1984 by which the United Kingdom, on July 1, 1997, transferred sovereignty of Hong Kong to China in exchange for a promise that the city would enjoy 50 years of limited autonomy under Chinese rule. Under the treaty, China is required to guarantee Hong Kong’s autonomy for another 27 years.

On May 28, the United Kingdom, the United States, Australia and Canada issued a joint statement that reprimanded China over its approach to Hong Kong:

“China’s decision to impose a new national security law on Hong Kong lies in direct conflict with its international obligations under the principles of the legally-binding, UN-registered Sino-British Joint Declaration. The proposed law would undermine the One Country, Two Systems framework. It also raises the prospect of prosecution in Hong Kong for political crimes and undermines existing commitments to protect the rights of Hong Kong people — including those set out in the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights.”

The British government also announced that it was considering granting citizenship to the nearly three million residents of Hong Kong. The move infuriated China, which fears a massive brain drain from Hong Kong that would jeopardize the city’s role as a global financial and trading hub.

On May 29, U.S. President Donald J. Trump announced sanctions on China:

“China claims it is protecting national security. But the truth is that Hong Kong was secure and prosperous as a free society. Beijing’s decision reverses all of that. It extends the reach of China’s invasive state security apparatus into what was formerly a bastion of liberty.

“China’s latest incursion, along with other recent developments that degraded the territory’s freedoms, makes clear that Hong Kong is no longer sufficiently autonomous to warrant the special treatment that we have afforded the territory since the handover.

“China has replaced its promised formula of ‘one country, two systems’ with ‘one country, one system.’ Therefore, I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment.

“My announcement today will affect the full range of agreements we have with Hong Kong, from our extradition treaty to our export controls on dual-use technologies and more, with few exceptions.

“We will be revising the State Department’s travel advisory for Hong Kong to reflect the increased danger of surveillance and punishment by the Chinese state security apparatus.

“We will take action to revoke Hong Kong’s preferential treatment as a separate customs and travel territory from the rest of China.

“The United States will also take necessary steps to sanction PRC and Hong Kong officials directly or indirectly involved in eroding Hong Kong’s autonomy and — just if you take a look, smothering — absolutely smothering Hong Kong’s freedom. Our actions will be strong. Our actions will be meaningful.”

Trump also announced restrictions on Chinese nationals coming to study at American universities, and measures to prevent China from stealing technology and intellectual property.

Under U.S. law, Hong Kong enjoys special trade privileges. In November 2019, however, the U.S. Congress overwhelmingly passed the Hong Kong Human Rights and Democracy Act of 2019, which places new conditions on this status. The U.S. Secretary of State is now required to certify, annually, that Hong Kong maintains autonomy from mainland China. If this cannot be certified, the U.S. Congress can revoke Hong Kong’s special trade status. This could jeopardize massive amounts of trade between Hong Kong and the United States and dissuade international investments there in the future.

On May 27, U.S. Secretary of State Mike Pompeo announced that “no reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground.” He added:

“After careful study of developments over the reporting period, I certified to Congress today that Hong Kong does not continue to warrant treatment under United States laws in the same manner as U.S. laws were applied to Hong Kong before July 1997.”

In stark contrast to the measures announced by the United States and the United Kingdom, EU foreign ministers, under heavy pressure from Germany, have decided not to take any action against China. In a statement issued after the May 29 video conference of EU foreign ministers, the EU expressed “grave concern” about China’s actions in Hong Kong but added that “EU relations with China are based on mutual respect and trust.”

EU Foreign Affairs Commissioner Josep Borrell added that the bloc has no plans for sanctions on either Beijing or Hong Kong:

“We will continue discussing and we will continue to reach out to Beijing. Our reaction has to be commensurate with the steps that have already been taken. We will continue trying to put pressure on the Chinese authorities in order to make them aware that this issue will affect the way we deal with some of the issues of mutual interest. But there is nothing more on the agenda.”

When asked why the EU refused to sign the UK-US joint statement, Borrell replied: “We have our own statements. We do not need to join other people’s statements.”

German Foreign Minister Heiko Maas said that the best way to influence China on the Hong Kong dispute was for the EU to maintain “dialogue” with Beijing:

“I think the past has shown that it is, above all, important to have a dialogue with China in which the EU very cohesively brings both its issues and principles to the fore, and then we will see where this dialogue leads.”

Germany, which takes over the six-month rotating EU presidency on July 1, has announced that it will prioritize relations with China. German Chancellor Angela Merkel is particularly determined to proceed with a major EU-China summit to be held in the German city of Leipzig in September. She is reportedly under intense pressure from German automobile manufacturers, who are concerned about maintaining their access to the Chinese market.

The continued cowardice of European leaders is a reflection not only of Europe’s geopolitical weakness and economic overdependence on China, but also of a moral vacuum in which they refuse to stand up for Western values.

In April, European officials caved in to pressure from China and watered down an EU report on Chinese efforts to deflect blame for the coronavirus pandemic. A few weeks later, the EU Ambassador to China, Nicolas Chapuis, allowed the Chinese government to edit an op-ed article signed by him and the 27 Ambassadors of EU member states, to mark the 45th anniversary of diplomatic relations with China.

The EU authorized the Chinese Ministry of Foreign Affairs to remove references to the origins and the spread of the coronavirus from the article, published in China Daily, an English-language daily newspaper owned by the Communist Party of China.

An EU spokesperson said that the EU allowed China to revise the op-ed because Brussels “considered it important to communicate EU policy priorities, notably on climate change and sustainability…” Borrell later pledged that the EU will never again give in to Chinese censorship.

The head of the Bundestag foreign affairs committee, Norbert Röttgen, tweeted that Europe’s credibility is on the line over its response to China:

“China aims to repress freedom, democracy & the rule of law in #HongKong. #Europe has to condemn such acts of wrongdoing & stand up for the freedoms of Hong Kong’s citizens. It would be disastrous & a huge blow for Europe’s credibility, if #China could rely on us keeping silent.”

Noah Barkin, a senior fellow at the German Marshall Fund of the United States in Berlin, said that the EU should better use the leverage that it has over China:

“Europe can and should respond more forcefully than it has so far. German Greens co-leader Annalena Baerbock has suggested that the EU—and German Chancellor Angela Merkel, the host—cancel its looming summit with Chinese President Xi Jinping in Leipzig in September 2020 unless Beijing withdraws its national security legislation.

“That would send a strong signal that it will not be business as usual as long as China is violating the spirit of ‘one country, two systems’ in Hong Kong.

“Another step, which is reportedly being considered by British Prime Minister Boris Johnson, is to grant Hong Kong residents asylum in Europe. Germany welcomed two Hong Kong pro-democracy activists in 2019, so such a step would not be unprecedented.

“In an environment where the Chinese Communist Party (CCP) faces global outcry over its handling of the new coronavirus, is under acute political and economic pressure from Washington, and needs foreign investors to help revive its suddenly sputtering economy, the EU has more leverage with Beijing than it has had in quite a while. Using it would help counter the narrative—following two embarrassing recent incidents of self-censorship in the face of pressure from Beijing—that Europe is impotent and weak when it comes to China.”

Theresa Fallon, Director of the Brussels-based Center for Russia Europe Asia Studies, added:

“The uncomfortable truth is that business elites, European bureaucrats, and many European politicians are out of touch with the public’s sentiment on Hong Kong.

“The EU’s anemic statement on Hong Kong is not going to keep anyone at Zhongnanhai, the seat of China’s leadership, awake at night. EU High Representative Josep Borrell didn’t even bother to tweet it. Beijing has taken Brussels’s measure and does not fear their statements, which declare that they ‘will continue to follow developments closely.’

“There has been a concerning culture of complacency and self-censorship in EU diplomacy with the People’s Republic of China which has left the EU neutralized since 2016. If we turn to EU member states, the story is not much better. Merkel embraced trade with China in the hope that it would change China. But the reality is that contact with Beijing has eroded European values.

“Beijing understands that economic issues are paramount. Few European leaders pretend to even care about basic human rights in Hong Kong, and it will be difficult to get unanimity on this issue across Europe due to Beijing’s economic statecraft.

“To paraphrase Edmund Burke, all that is needed for Hong Kong’s ‘one country, two systems’ principle to perish is for good people to do nothing.”

Andreas Fulda, a senior fellow at the University of Nottingham’s Asia Research Institute, launched a petition calling for an end to Germany’s appeasement of China. The petition, titled, “Europe can no longer afford Germany’s failed China policy of ‘change through trade,'” states:

“We need to talk about Germany. Let’s start with an inconvenient truth: German governments, both past and present, have consistently prioritized trade with China over other enlightened German national interests, for example democracy and human rights. Such a commercially-driven China engagement, however, is not a value-free proposition.

“Whether it is the incarceration of 1.5 million Uyghurs and Kazakhs in mainland Chinese internment and labor camps, the suppression of Hong Kong’s democracy movement, or the cover-up of Covid-19: German Chancellor Merkel does not seem to fully appreciate how continued Communist Party rule endangers peace, security and public health, not just in China, but around the world.

“On Monday, May 25, 2020, Europe’s top diplomat Josep Borrell addressed a gathering of German Ambassadors. He told them that the European Union and its member states need to develop a ‘more robust strategy’ toward China. It is self-evident that the EU will struggle to develop a more assertive European China policy without the backing of Germany.

“But how can German diplomats change tack if Chancellor Merkel is unwilling to give directions? It is understandable that a nation which is guilty of the horrors of the Holocaust is wary of playing an assertive global leadership role. But there is also a real danger of an ‘oblivion of power,’ where Germany in fact underutilizes existing leverage in global affairs.

“Germany is often praised for facing up to its Nazi past. Never again has long been a guiding principle of an ethical German foreign policy. But how then can the German government remain silent when Uyghurs and Kazakhs are incarcerated, Hong Kongers have their civil and political liberties stripped away and Taiwanese are threatened with military annexation?

“China under General Secretary Xi Jinping is regressing on all fronts: human rights violations are now systemic and endemic, even criticism by Chinese academics are no longer tolerated, and the Chinese Communist Party is increasingly aping Russian disinformation strategies in Europe. Germany must now ask if it will continue to actively support such a regime.

“So far Chancellor Merkel has failed to answer this question. She has been unable to articulate what enlightened German ideational and material national interests look like beyond trade and investment. This is a serious shortcoming which not only undermines German foreign policy towards China but also makes it harder to develop a new European strategy towards China.

“At a time of heightened geopolitical tensions between the United States and Communist Party-led China, Europe can no longer afford Germany’s unprincipled and failed China policy of ‘change through trade.’ In 2020 it is abundantly clear that China didn’t liberalize and democratize as a result of German car manufacturers enriching themselves by selling cars to China.

“We need a Europe-wide approach which repositions the EU in light of Xi’s increasing totalitarianism. While trade clearly matters, European values need to be defended, too. I ask you to sign this petition to put pressure on the German government. Chancellor Merkel should abandon her failed China policy and join Europe’s search for a more principled approach towards China.”

Mathias Döpfner, CEO of Axel Springer, Europe’s largest publishing company, recently argued that the time has come for Europe to reevaluate its relationship with China:

“Economic relations with China might seem harmless to many Europeans today, but they could soon lead to political dependence and ultimately to the end of a free and liberal Europe. The European Union has the choice. But above all Germany, Europe’s economic motor, has the choice.

“Should we make a pact with an authoritarian regime or should we work to strengthen a community of free, constitutionally governed market economies with liberal societies? It is remarkable that German politics, with its love of moralizing, seems to throw its values out the window when dealing with China. What is at stake here is nothing less than what kind of society we want to live in and our concept of humanity….

“If current European and, above all, German policy on China continues, this will lead to a gradual decoupling from America and a step-by-step infiltration and subjugation by China. Economic dependence will only be the first step. Political influence will follow.

“In the end, it is quite simple. What kind of future do we want for Europe? An alliance with an imperfect democracy or with a perfect dictatorship? It should be an easy decision for us to make. It is about more than just money. It is about our freedom, about Article 1 of Germany’s Basic Law, the greatest legal term that ever existed: human dignity.”

END

UK /HOUSING

UK home prices are falling at the fastest pace in a decade

(zerohedge)

UK Home Prices Fall At Fastest Pace In Decade 

Britain’s housing market has taken a serious hit during coronavirus lockdowns. Home prices tumbled the most in a decade in May as consumers were severely damaged by one of the worst recessions in centuries.

Bloomberg reports nationwide home prices fell 1.7% in May, the largest drop since February 2009. In annual terms, prices increased by 1.8% but down from 3.8% in April, as this suggests home prices will likely slump through year-end.

Britain’s government eased restrictions on lockdowns and has reopened some businesses as virus-related shutdowns resulted in the worst recession in 300 years. As for policy response, the Bank of England unleashed vast packages of financial support to cushion the economic blow.

Read: BoE Warns Of Worst Economic Slump In 300 Years

Despite the BoE’s rescue packages, manufacturing continued to contract in May, and consumers remained subdued. Retail sales during lockdowns fell at a record pace, along with consumer credit posted its first YoY drop since 2012.

In April, mortgage lenders approved the fewest home loans on record, with the number of approvals falling to 15,800, the BOE said.

“For now, an unprecedented combination of monetary stimulus, fiscal support, and repayment holidays should cushion and prevent a precipitous and sustained drop in house prices as activity resumes. That buffer will be tested over the coming months as fiscal stimulus is wound back and repayment holidays expire,” Bloomberg analyst Niraj Shah said.

Samuel Tombs, an economist with Pantheon Macroeconomics, said May’s decline in home prices would likely be the start of a slump that could persist through 2020.

“Spending and borrowing naturally will rebound in June, when all non-essential shops will reopen,” said Tombs. “But we doubt that households will spend the cash they have accumulated during the lockdown soon, given heightened job insecurity and lingering concerns about catching the virus.”

A distressed consumer, recession, and virus fears could have sparked the beginning chapters of a housing downturn in Britain.

END

EUROPE/SCHOOLS

As expected, children are less susceptible to the virus.  The virus is also weakening

(zerohedge)

Europe Re-Opens Schools – Suffers No Second COVID Wave

Ahead of the fall academic year, American parents are asking one question: If schools reopen, will my child be safe from COVID-19

Well, there’s some good news from Europe in the last several weeks. The Wall Street Journal has compiled a list of officials from countries who have overwhelmingly reported, that after a month or so of having education systems open, there are limited to no outbreaks of the virus.

Schools in Denmark, Austria, Norway, Finland, and Germany, have been operating for 1-2 months with no issue whatsoever about the virus. This is excellent news for American parents but also for stubborn US education officials who continue to shutter many school systems across the country for the upcoming academic year.

Denmark was one of the first Western countries to reopen schools in mid-April and has a tracing system for if an outbreak is detected.

“Our interpretation is that it may be that the children aren’t that important for the spread of infection,” said Tyra Grove Krause, a senior official with the State Serum Institute. Schools have imposed social distancing, air circulation, and new hygiene measures to reduce transmission risk.

Norweigan Education Minister Guri Melby said if infections rise in the country, education facilities will remain open. Melby reopened schools on April 20 and has yet to report any significant outbreak.

Austria reopened on May 18, so far, there has been no rise in infections at schools and kindergartens, a government spokesman said.

Schools in Germany have been opened for at least a month, with no increase in cases. However, cases have surged at migrant shelters, slaughterhouses, restaurants, and churches, while schools have been widely spared.

Finland opened schools on May 14, Mika Salminen, director of health security at the Finnish Institute of Health and Welfare, recently said, adding that no new cases have been reported at any schools and or day-care centers.

Professor Herman Goossens, a medical microbiologist, and coordinator of the European Union, said the main reason for no outbreaks at schools is because children have fewer ACE2 receptors the virus uses to enter the body.

Though German Health Minister Jens Spahn recently warned that “the state of science at the moment doesn’t allow for any real conclusions about how much children contribute to the spread of the virus…. There are different assessments, and that makes it especially difficult to make political decisions.”

It appears that children are less susceptible to contracting the virus. Maybe it’s time to reopen America’s schools… The longer schools are shut — the more protesting and rioting from millennials will be seen.

END

The ECB just cannot get their inflation projections to 2.0%: they now see just 1.3% until 2022

(zerohedge)

ECB’s Inflation Projections Crash: Now Sees Just 1.3% In 2022

Moments after Christine Lagarde announced that in the ECB’s latest economic projections, the central bank now expects a devastating drop in European GDP in 2020 (in its base case; it will publish an alternative, even more negative scenario after Lagarde’s presser) following by modest rebounds in 2021 and 2022 as follows:

  • 2020 GDP: -8.7% (vs +0.8% in March)
  • 2021 GDP: +5.2% (vs +1.3% in March)
  • 2022 GDP: +3.3% (vs +1.4% in March)

… which for those who can do simple math means that the Eurozone will still not recover all lost output by the end of 2022 even though Lagarde said that “activity is expected to rebound in QE”, the ECB also revealed its latest inflation projections and these were a doozy, with 2020 now expected to be a borderline deflation yes, with just +0.3% HICP, followed by a moribund 0.8% before recovering somewhat to 1.3% in 2022.

Of course, everyone knows the forecasting accuracy of the ECB, and as such the latest inflation forecast is merely a carte blanche for the ECB to do even more QE when the ECB’s latest massive QE expansion triggers even more deflation, because as we explained earlier this week, aggressive monetary policy is no longer inflationary but instead pushes yields – and inflation expectations – lower.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

CORONAVIRUS/RUSSIA/BRAZIL STILL HOTSPOTS/UPDATE

COVID-19 Deaths Explode In Russia, Mexico And Brazil As Global Cases Top 6.5 Million: Live Updates

While investors have been too distracted by the violence and unrest unfolding in the streets of the US (and now several European cities, with more unrest expected in Hong Kong) to care much about the coronavirus outbreak. We suspect this shift in focus has helped fuel the market’s astonishing rally over the last two weeks.

There’s no question that the US has been transfixed by the tumult sparked by the police murder of George Floyd, even as the violence and looting has mostly hurt black communities and black-owned small businesses, while the legal system has dutifully proceeded with the prosecution of all four officers involved in the killing.

Investors ignore these developments at their own peril: because over the last few days, a surge in new cases and deaths reported in Russia, Brazil and Mexico has breathed new life into the international outbreak, even as many Americans speculate that perhaps President Trump had a point when he said the virus might run its course by the summer, lockdown or no lockdown.

More experts cast doubt on Russia’s figures as its case total hit 441,108, as St Petersburg recorded 1,400 more deaths than average in May, according to official statistics cited by the Times of London, which which suggest that the government may have deliberately suppressed the true number of deaths. Officials say 177 people died last month of Covid-19 in St Petersburg, Russia’s second-biggest city. The majority of the “excess” deaths were likely to have been a result of pneumonia caused by coronavirus, even though many were labeled simply as pneumonia.

Globally, coronavirus cases topped 6.5 million as of Thursday morning, while deaths neared 400k, at 386,464.

According to figures released Thursday morning, Russia’s total number of infections passed 440,000 cases, while deaths continue to mount. The coronavirus death tolls in Brazil and Mexico have soared to new daily records, with 1,349 and 1,092 confirmed deaths reported over the past day, even as the countries begin to ease lockdown restrictions. Brazil now has more than 32,000 deaths, while Mexico ha more than 11,000.

At least two US senators have accused China of hiding potentially critical data from the WHO, data that could have changed the course of the outbreak abroad, even as a Chinese officials deny reports about the WHO’s frustrations with prying early data from Chinese experts. 

As backlash to the hydroxychloroquine backlash intensifies, a new study published by the NEJM claimed the drug “proved ineffective” for that purpose in a study that tested people who were “in close contact with the disease”. We’re not sure what that means. However, the Lancet’s decision to retract a warning about hydroxychloroquine elicited a triumphant editorial from WSJ, which outlines the history of how bias appears to have tinged the world’s interpretation of these studies.

France’s Bastille Day military parade is set to be replaced by a ceremony on the Place de la Concorde square in central Paris, President Emmanuel Macron’s office announced on Thursday, angering millions of French citizens, who enthusiastically celebrate the dawn of the first French Republic every year.

China appears to have turned the other cheek after the US officially barred the return of Chinese airlines running flights in the US, China’s aviation authority said that 95 foreign airlines that have suspended services to China can now apply to resume flights.

While the UK continues to resist pressure to start reopening its borders, Spanish Tourism Minister Reyes Maroto said that all restrictions to border crossings with France and Portugal will be lifted beginning on June 22.

Hong Kong confirmed five new cases on Thursday, all of which it claimed were imported. But that number belies the alarm that prompted the evacuation of some tenants from a Sha Tin building after six people living in the building had tested positive “preliminarily”. We’re waiting to hear more on that.

Pakistan, meanwhile, registered its highest single-day rise in coronavirus cases for the third consecutive day on Wednesday, with 4,801 new cases taking the country’s total tally to 85,264.

END

LIBYA/TURKEY

Turkish backed forces turn back USA ally Hafter who failed to take Tripoli

(AlMasdarNews)

Libyan Warlord Haftar’s Siege On Tripoli Finally Over As UN-Backed Govt Declares Victory

Via AlMasdarNews.com,

The Turkish-backed Government of National Accord (GNA) announced on Thursday, its control of all administrative borders of the capital, Tripoli, including Tripoli International Airport.

The spokesman for the forces of the Government of National Accord, Colonel Mohammad Qanunu, said in a statement Thursday, that their forces have taken control of all the administrative borders of the capital.

 

Image source: Turkey’s Hurriyet Daily News

The official Twitter page for the GNA’s operation published a tweet by Colonel Salah Al-Namroush, Undersecretary of the Ministry of Defense in the Al-Wefaq government, in which he said: “Our forces continued their progress this morning and chased the terrorist militias and expelled them from the walls of Greater Tripoli, and the retreat of a number those from the airport to Bani Walid, southeast of Tripoli.”

International headlines are calling it the final death blow Gen. Khalifa Haftar’s lengthy offensive to take the capital, and thus the entire country:

A 14 month-siege of Libya’s capital Tripoli by the renegade general Khalifa Haftar ended in failure on Thursday when his forces retreated from the south of the city toward his heartlands in the south and the east of the country.

The interior minister of the UN-recognized government of national accord (GNA), Fathi Bashagha, hailed “the beginning of the end of the entire dictatorship project”, and urged cities under Haftar’s control to rise up against him and spare themselves further conflict.

Ali Özkök@Ozkok_A

– After the liberation of the al-Watiya air base and yesterday’s capture of the Tripoli International Airport, it is clear that Warlord Haftar has lost the war for the capital. leader al-Sarraj is visiting Turkish President Erdogan today.

Embedded video

In turn, the spokesman for the United Nations Secretary-General, Stefan Diogaric, announced yesterday that the Libyan-Military Committee in the form of “5 + 5” has resumed its work.

Diogaric told a news conference that “the JMC in (5 + 5) resumed its work today (yesterday) Wednesday – there was a meeting chaired by the UN Special Envoy to Libya, Stephanie Williams. This meeting was of course via video technology.”

Mourad Teyeb@MouradTeyeb

First photos of airport after its liberation by forces a few moments ago.

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

Diogaric added: “A similar meeting with the delegation of the Government of National Accord is expected in the coming days. Negotiations will continue on the agreement on the ceasefire and related arrangements.”

On Wednesday morning, Fayez al-Sarraj’s government forces announced that they had proceeded to carefully storm Tripoli International Airport, claiming that there were large quantities of mines.

The recapture of the Tripoli International Airport is a major moment for the Government of National Accord (GNA) forces, as they were forced to rely on flights from the Mitiga Airport.

END

6.Global Issues

In a soon to be released research paper, former MI  6 boss, Dearlove states the obvious that the COVID 19 is man made and escaped from a Chinese lab

(zerohedge)

 

Former MI6 Boss Says COVID-19 Man made, Escaped From Chinese Lab

The former head of Britain’s MI6 spy agency believes COVID-19 is a man made virus that accidentally escaped from a Chinese laboratory, based on forthcoming research, according to The Telegraph.

Entitled “A Reconstructed Historical Aetiology of the SARS-CoV-2 Spike”, the new study, seen by The Telegraph, suggests the virus is “remarkably well-adapted virus for human co-existence” and is likely to be the result of a Wuhan lab experiment to produce “chimeric viruses of high potency”.

The paper concludes: “Henceforth, those who would maintain that the Covid-19 pandemic arose from zoonotic transfer need to explain precisely why this more parsimonious account is wrong before asserting that their evidence is persuasive, most especially when, as we also show, there are puzzling errors in their use of evidence.” –The Telegraph

Perhaps most notable is that the former MI6 boss in question is Sir Richard Dearlove – who helped Obamagate operative Stefan Halper set up a smear campaign against Michael Flynn, and who made a name for himself nearly two decades ago peddling a bogus report that Saddam Hussein had WMDs – which Tony Blair used to justify the UK’s involvement the Iraq war. Clearly Dearlove is trying to ruin our street cred.

 

Dearlove and Flynn shake hands

Indeed, while it was inevitable that the Western establishment would eventually gravitate towards the Wuhan lab theory Zero Hedge presented in late January, Dearlove’s endorsement couldn’t come from a more suspicious operative.

So, as the establishment continues to adopt the very obvious conclusion supported by a mountain of evidence that the bat-like coronavirus probably escaped from a Chinese laboratory known for modifying bat coronaviruses to infect humans, we suspect Dearlove and the ‘perpetual war’ crowd are most interested in using the accusation as a political cudgel to wield against China.

Here’s the narrative

While we’ve told you about the Wuhan Institute of Virology and its infamous coronavirus-expert Shi Zhengli (a.k.a. ‘bat woman’), we really triggered the muppets in early February when we reported on an Indian research team that found HIV-like “spike proteins” which allow the SARS-CoV-2 coronavirus to more easily enter human cells, making it extremely infectious. While the report was retracted, further studies from Nankai University found an “HIV-like mutation” in the virus.

Dearlove, through the Telegraph, is talking up a scientific paper set for imminent release which focuses on the HIV-like “spike proteins” – while separate research from one of the co-authors considers them to be “unique fingerprints” that cannot have evolved naturally. Instead, they are “indicative of purposive manipulation.”

Entitled “A Reconstructed Historical Aetiology of the SARS-CoV-2 Spike”, the new study, seen by The Telegraph, suggests the virus is “remarkably well-adapted virus for human co-existence” and is likely to be the result of a Wuhan lab experiment to produce “chimeric viruses of high potency”.

The paper concludes: “Henceforth, those who would maintain that the Covid-19 pandemic arose from zoonotic transfer need to explain precisely why this more parsimonious account is wrong before asserting that their evidence is persuasive, most especially when, as we also show, there are puzzling errors in their use of evidence.” –The Telegraph

The peer-reviewed research was a collaboration between Professor Angust Delgleish of St. George’s Hospital at the University of London and Norwegian virologist Birger Sorensen. They claim to have identified “inserted sections placed on the SARS-CoV-2 Spike surface” which explain how it binds itself to human cells – and warns that efforts to develop a vaccine are doomed to fail because the virus is misunderstood. Sorensen, CEO of Norwegian pharmaceutical company Immunor AS, is developing his own vaccine.

Nobody would accept the research until they went easy on China…

Interestingly, the paper was widely circulated after being distributed for peer review – including by intelligence officials, however no legitimate publications would carry it until they toned down their language blaming China for the outbreak.

Correspondence seen by The Telegraph shows that, in April, the initial paper was rejected by leading academic journals including Nature and the Journal of Virology, which deemed the research “unsuitable for publication”.

Much of the paper was watered down to remove explicit accusations against China, and the rewritten study was then judged to be of sufficient scientific merit to be accepted for publication in the Quarterly Review of Biophysics Discovery, a journal chaired by leading scientists from Stanford University and the University of Dundee.  –The Telegraph

“This [the first] article was submitted to a… journal, which refused it within a week of receiving it, and in the same period accepted for publication two or three Chinese articles that relate to the virus, within 48 hours,” Dearlove told The Telegraph. “So I mean, as this debate about the virus develops, I think all this material is going to be in print and is going to embarrass a number of people, I think. Let’s suggest that the Chinese maybe have too much say in their journals, in what appears and what doesn’t.”

Dearlove suggests that Wuhan scientists may have been conducting genetic experiments on bat coronaviruses when COVID-19 accidentally escaped.

“It’s a risky business if you make a mistake,” said the 75-year-old spook. “Look at the stories… of the attempts by the leadership to lockdown any debate about the origins of the pandemic and the way that people have been arrested or silenced. I mean, we shouldn’t really have any doubt any longer about what we’re dealing with.”

Sir Richard said he did not believe the Chinese had released the virus deliberately, but accused Beijing of subsequently covering up the scale of its spread.

“Of course, the Chinese must have felt, well, if they’ve got to suffer a pandemic maybe we shouldn’t try too hard to stop, as it were, our competitors suffering the same disadvantages we’ve got,” he said.

“Look, the Chinese understand us extremely well. They have made a study of us over the last decade or longer, particularly through attending our universities. We understand the Chinese very poorly. It’s an imbalanced relationship in that respect.”

Last month, the US Secretary of State, Mike Pompeo, claimed there was “enormous evidence” that the coronavirus outbreak originated in a Chinese laboratory, but did not provide any proof. However, the US National Intelligence Director’s office later said it had determined that Covid-19 “was not manmade or genetically modified”. –The Telegraph

“We are aware that these findings could have political significance and raise troubling questions,” the authors originally wrote before they were forced to remove language critical of Beijing, who also referred to it in a previous draft as the “Wuhan virus,” claiming that they had proven “beyond reasonable doubt that the Covid-19 virus is engineered.”

END

We were right all along:  Hydroxychoroquine + azithromycin+ zinc are the go to drugs on the onset of the Covid 19.

(zerohedge)

Researchers Retract Botched Anti- Hydroxychloroquine Study Which Was Used To Attack Trump

An influential study which found anti-malaria drug hydroxychloroquine raised the risk of cardiac issues has been retracted by its three authors.

The study, published on May 22 in the UK’s prestegious Lancet medical journal, relied on bogus data from a company called Surgisphere, which would not transfer the full dataset for an independent review, and “can no longer vouch for the veracity of the primary data sources.”

While the company that produced the original data, Surgisphere Corp., had signaled that it would cooperate with an independent review, it ultimately reneged and said doing so would violate confidentiality agreements, wrote the study authors. “As such, our reviewers were not able to conduct an independent and private peer review,” the authors said. –Bloomberg

Notably, the World Health Organization halted trials of the drug, only to reverse course after the Lancet issued a major disclaimer regarding the study.

World Health Organization (WHO)

@WHO

“This decision was taken as a precaution while the safety data were reviewed.

The Data Safety and Monitoring Committee of the Solidarity Trial has been reviewing the data”-@DrTedros https://twitter.com/WHO/status/1268212018802237441?s=20 

World Health Organization (WHO)

@WHO

Replying to @WHO

“As you know, last week the Executive Group of the Solidarity Trial decided to implement a temporary pause of the hydroxychloroquine arm of the trial, because of concerns raised about the safety of the drug”-@DrTedros #COVID19

World Health Organization (WHO)

@WHO

“On the basis of the available mortality data, the members of the committee recommended that there are no reasons to modify the trial protocol”-@DrTedros

It wasn’t just the WHO who used it to knock HCQ either – as the study was heavily relied upon by the left to mock President Trump for taking the drug.

Sean Davis

@seanmdav

The entire study was fake. Congratulations on using garbage science from con artists to scare sick people away from potentially life-saving treatment. Hope the dank anti-Trump burns were worth it. https://twitter.com/julianborger/status/1263819256682237953 

Julian Borger

@julianborger

Trump on hydroxychloroquine, April 4: “What do you have to lose? Take it.”

The Lancet: https://twitter.com/EricTopol/status/1263811764287725574 

“We all entered this collaboration to contribute in good faith and at a time of great need during the Covid-19 pandemic,” said the authors. “We deeply apologize to you, the editors, and the journal readership for any embarrassment or inconvenience that this may have caused.

Joel B. Pollak

@joelpollak

The Party of Science™ lied about science. https://twitter.com/TheLancet/status/1268613313702891523 

The Lancet

@TheLancet

Today, three of the authors have retracted “Hydroxychloroquine or chloroquine with or without a macrolide for treatment of COVID-19: a multinational registry analysis” Read the Retraction notice and statement from The Lancet https://hubs.ly/H0r7gh50

View image on Twitter

Sean Davis

@seanmdav

Birx, Fauci, and the corrupt media who peddled this fake study from a washed-up sci-fi author and a cam girl owe the entire nation an apology. How many people died from lack of treatment because our nation’s “experts” once again got duped by con artists??

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1268 UP .0031 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//PANDEMIC/CORONAVIRUS// /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 108.84 DOWN 0.161 (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 1.2562   DOWN   0.0012  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3488 DOWN .0006 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  THURSDAY morning in Europe, the Euro ROSE BY 31 basis points, trading now ABOVE the important 1.08 level RISING to 1.1268 Last night Shanghai COMPOSITE CLOSED DOWN 4.12 POINTS OR 0.14% 

 

//Hang Sang CLOSED UP 40.68 POINTS OR 0.17%

/AUSTRALIA CLOSED UP 0,78%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 40.68 POINTS OR 0.17%

 

 

/SHANGHAI CLOSED DOWN 4.12 POINTS OR 0.14%

 

Australia BOURSE CLOSED UP. 78% 

 

 

Nikkei (Japan) CLOSED UP 81.98  POINTS OR 0.36%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1707.70

silver:$17.68-

Early THURSDAY morning USA 10 year bond yield: 0.76% !!! UP 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.55 UP 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 97.14 DOWN 13 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.52% DOWN 5 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.03%  UP 3   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.55%//DOWN 7 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,43 DOWN 14 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 88 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.32% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.73% 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 THURSDAY

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

Euro/USA 1.1322  UP     .0088 or 88 basis points

USA/Japan: 108.98 DOWN .020 OR YEN UP 2  basis points/

Great Britain/USA 1.2608 UP .0034 POUND UP 34  BASIS POINTS)

Canadian dollar  DOWN 19 basis points to 1.3514

 

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The USA/Yuan,CNY: AT 7.1100    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.1131  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.770 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.03%

 

Your closing 10 yr US bond yield UP 6 IN basis points from THURSDAY at 0.81 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.60 UP 7 in basis points on the day

Your closing USA dollar index, 96.82 DOWN 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 THURSDAY: 12:00 PM

London: CLOSED DOWN 40.97  0.64%

German Dax :  CLOSED DOWN 56.80 POINTS OR .45%

 

Paris Cac CLOSED DOWN 10.40 POINTS 0.21%

Spain IBEX CLOSED DOWN 59.60 POINTS or 0.78%

Italian MIB: CLOSED DOWN 7.78 POINTS OR 0.04%

 

 

 

 

 

WTI Oil price; 36.75 12:00  PM  EST

Brent Oil: 39.55 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    69.34  THE CROSS HIGHER BY 0.73 RUBLES/DOLLAR (RUBLE LOWER BY 73 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.32 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 :  37.12//

 

 

BRENT :  39.74

USA 10 YR BOND YIELD: … 0.82..plus 7 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.62..plus 8 basis points..

 

 

 

 

 

EURO/USA 1.1331 ( UP 96   BASIS POINTS)

USA/JAPANESE YEN:109.16 UP .157 (YEN DOWN 16 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.76 DOWN 51 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2593 UP 19  POINTS

 

the Turkish lira close: 6.7546

 

 

the Russian rouble 69.22   DOWN 0.61 Roubles against the uSA dollar.( DOWN 61 BASIS POINTS)

Canadian dollar:  1.3505 DOWN 11 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.32%

 

The Dow closed UP 11.93 POINTS OR 0.05%

 

NASDAQ closed DOWN 67.10 POINTS OR 0.69%

 


VOLATILITY INDEX:  25.97 CLOSED UP .31

LIBOR 3 MONTH DURATION: 0.326%//libor dropping like a stone

LIBOR/OIS:  .264%

TED SPREAD: (3 MONTH TREASURY VS LIBOR) = .169%

 

USA trading today in Graph Form

Gold Gains As Investors Dump Dollars, Bonds, & Stocks

The Nasdaq 100 reached a new all-time record high today… because, fun-durr-mentals…

Source: Bloomberg

This is Madness…

…No, This is The Fed!!

Source: Bloomberg

This is the greatest 51-day surge in stocks since June 1933…

Source: Bloomberg

1. What is driving the swift recovery of equities?

a) Fed – 73%

b) Earnings Optimism – 0%

c) Labor market recovery – 6%

d) Further fiscal stimulus – 5%

But, after the Nasdaq 100 tagged all-time record highs, sellers were quick to appear…

…but as the afternoon rolled around, dip-buyers were back lifting The Dow to unchanged, but another wave of selling hit in the afternoon…only to be rescued by another 1550ET apnic-bid pushing The Dow marginally green…

Airlines exploded higher today – seriously, come on!!!

Source: Bloomberg

Here’s why! Because they are the 4th and 5th most widely held stocks on Robinhood…

Here’s what JPMorgan’s Baker said: “investors appear to be confused on AAL today.”

Bank stocks continued to surge this week

Source: Bloomberg

While stocks slipped, Bonds were also dumped with a significant steepening intraday…

Source: Bloomberg

With the 10Y back above 80bps…

Source: Bloomberg

Driving 10Y yields up out of their 3-month range…

Source: Bloomberg

Notably, equity momentum is significantly underperforming value, reverting back to yields…

Source: Bloomberg

The dollar was dumped yet again today (after some gains overnight)…

Source: Bloomberg

This is the biggest 14-day drop in the dollar since Oct 2011 as the EUR explodes higher for the 8th straight day (on higher than expected ECB QE…?) This is the longest streak of gains for euro since 2011

Source: Bloomberg

Cryptos managed gains on the day…

Source: Bloomberg

As the dollar slid, gold rallied back above $1700…

Silver also gained ground, back above $18…

With gold/silver rising for the 3rd day in a row…

Source: Bloomberg

Finally, Bloomberg’s Eddie van der Walt points out that raw material and equity prices have become severely disconnected. A correction will probably entail both lower stocks and higher commodity prices.

Source: Bloomberg

The Nasdaq Composite Index is trading at a 152x multiple of the Bloomberg Commodity Index, surpassing even the highs seen during the Dot Com bubble. The average since the end of 2001 is nearer 37. That divergence stems from the Nasdaq approaching record highs set earlier this year while commodities languish near pandemic-crisis lows.

And then there’s this utter bullshit… Small Caps are the most overvalued… ever… by a bloody mile! (h/t @BiancoResearch)

Source: Bloomberg

As a reminder – this is what none other than Jay Powell said in 2012:

I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road. You can almost say that that is our strategy.”

Trade accordingly.

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

Nasdaq Surges To All-Time Record High

The Nasdaq 100 has officially broken to a new all-time high this morning, surpassing the prior Feb 19th 2020 highs…

There’s just one thing…

Trade accordingly.

Then

10 YR YIELDS blow out to .82%

Bond Market On Edge Of Chaos As 10Y Yields Blow Out To CTA Liquidation Trigger

After trading in a tight 20bps range for the past two months, 10Y yields are blowing out and have jumped to the highest level since March 26.

There have been a bevy explanations for the move, including that markets have now priced in virtually all of the monetary stimulus from central banks (after today’s surprisingly large, €600BN QE expansion by the ECB) and that supply/demand fundamentals are once again going to matter (with trillions in new issuance coming in the US), or that the move is simply due to reopening optimism, with Nomura noting that investor sentiment—an expression of investors’ willingness to take on risk—has made its way up from pessimistic to neutral, and the improvement is starting to have an effect on where Nomura estimates that global macro hedge funds have backed out of the totality of their long positions in US government bonds, and now have a net position in the aggregate that is either flat or slightly to the short side. The improvement in the US economic surprise index may be helping to fuel this trend.

As a result of the actions of global macro hedge funds in the market, and following the latest push higher in yields, Nomura thinks that it is possible that CTAs (systematic trend-following investors with a top-down perspective) are being pressed into a further portfolio shift away from overweighting bonds towards overweighting equities. For the moment, CTAs’ positions still show a preferential tilt towards long positions in bonds (DM government bond futures). However, the prospect of a bottoming out in the economy (as pointed to by the improvement in the economic surprise index) has probably made bond-buying a less appealing idea from a technical standpoint as well.

Indeed, if we look at the one-month rolling correlations between actual CTA performance (as measured by the SG CTA Index) on the one hand and stock market or bond market performance on the other, we find that CTA performance has been inversely correlated with the performance of equities (normally an indication of short positions) and positively correlated with the performance of bonds (normally an indication of long positions). If nothing else, this would seem to make it clear that CTAs have been slow to get on board the current equity rally, and that a sell-off in bonds is still the pain side for them.

So at what level do CTAs capitulate on their bond longs and turn short, unleashing a selling cascade?

According to Nomura’s CTA position index (representing our estimate of the positioning of CTAs based on real-time data) CTAs to still have a net long position in 10yr UST futures, “although with a conspicuous notch recently where that position appears to have hit a ceiling.” This means that should the pressure created by global macro hedge funds’ sell-off of USTs increase to the point that the 10yr UST yield climbs above the “red line” that exists at around 0.84%, CTAs would likely be drawn into exiting their long positions in TY to cut their losses.

Moments ago, in what may be one giant CTA stop hunt to force CTAs to puke, we got as far as 0.82%: should yields rise another 2bps, the chaos in the bond market may observed in early and mid-March may make a triumphal reappearance.

ii)Market data/USA

“Only” 1.87 Million Americans Started To Claim Unemployment Benefits Last Week

Despite yesterday’s massive beat in ADP employment data, in the last week 1.877 million more Americans filed for unemployment benefits for the first time (slightly higher than the 1.83mm expected).

Source: Bloomberg

That brings the eleven-week total to 42.644 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative has turned the corner (even though the 1.877 million rise this last week is still higher than any other week in history outside of the pandemic)

But after continuing claims declined last week amid hope for reopenings, this week saw continuing claims rise once again…

Source: Bloomberg

And as we noted previously, what is most disturbing is that in the last eleven weeks, almost twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession… (22.13 million gained in a decade, 42.64 million lost in 11 weeks)

Worse still, the final numbers will likely be worsened due to the bailout itself: as a reminder, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, could contribute to new records being reached in coming weeks as it increases eligibility for jobless claims to self-employed and gig workers, extends the maximum number of weeks that one can receive benefits, and provides an additional $600 per week until July 31. A recent WSJ article noted that this has created incentives for some businesses to temporarily furlough their employees, knowing that they will be covered financially as the economy is shutdown. Meanwhile, those making below $50k will generally be made whole and possibly be better off on unemployment benefits.

Additionally, families receiving food stamps can typically get a maximum benefit of $768, but through the increase in emergency benefits, the average five-person household can get an additional $240 monthly for buying food.

But, hey, there’s good news… stocks are near record highs and Treasury Secretary Steven Mnuchin said he anticipates most of the economy will restart by the end of August.

Finally, it is notable, we have lost 380 jobs for every confirmed US death from COVID-19 (107,175).

Was it worth it?

 

END

iii) Important USA Economic Stories

This is something but we must be cognizant of: the rise in the 10 yr bond yield.  It is now blowing out..

(zerohedge)

Bond Market On Edge Of Chaos As 10Y Yields Blow Out To CTA Liquidation Trigger

After trading in a tight 20bps range for the past two months, 10Y yields are blowing out and have jumped to the highest level since March 26.

There have been a bevy explanations for the move, including that markets have now priced in virtually all of the monetary stimulus from central banks (after today’s surprisingly large, €600BN QE expansion by the ECB) and that supply/demand fundamentals are once again going to matter (with trillions in new issuance coming in the US), or that the move is simply due to reopening optimism, with Nomura noting that investor sentiment—an expression of investors’ willingness to take on risk—has made its way up from pessimistic to neutral, and the improvement is starting to have an effect on where Nomura estimates that global macro hedge funds have backed out of the totality of their long positions in US government bonds, and now have a net position in the aggregate that is either flat or slightly to the short side. The improvement in the US economic surprise index may be helping to fuel this trend.

As a result of the actions of global macro hedge funds in the market, and following the latest push higher in yields, Nomura thinks that it is possible that CTAs (systematic trend-following investors with a top-down perspective) are being pressed into a further portfolio shift away from overweighting bonds towards overweighting equities. For the moment, CTAs’ positions still show a preferential tilt towards long positions in bonds (DM government bond futures). However, the prospect of a bottoming out in the economy (as pointed to by the improvement in the economic surprise index) has probably made bond-buying a less appealing idea from a technical standpoint as well.

Indeed, if we look at the one-month rolling correlations between actual CTA performance (as measured by the SG CTA Index) on the one hand and stock market or bond market performance on the other, we find that CTA performance has been inversely correlated with the performance of equities (normally an indication of short positions) and positively correlated with the performance of bonds (normally an indication of long positions). If nothing else, this would seem to make it clear that CTAs have been slow to get on board the current equity rally, and that a sell-off in bonds is still the pain side for them.

So at what level do CTAs capitulate on their bond longs and turn short, unleashing a selling cascade?

According to Nomura’s CTA position index (representing our estimate of the positioning of CTAs based on real-time data) CTAs to still have a net long position in 10yr UST futures, “although with a conspicuous notch recently where that position appears to have hit a ceiling.” This means that should the pressure created by global macro hedge funds’ sell-off of USTs increase to the point that the 10yr UST yield climbs above the “red line” that exists at around 0.84%, CTAs would likely be drawn into exiting their long positions in TY to cut their losses.

Moments ago, in what may be one giant CTA stop hunt to force CTAs to puke, we got as far as 0.82%: should yields rise another 2bps, the chaos in the bond market may observed in early and mid-March may make a triumphal reappearance.

end

Amazing: 1/3 of all Americans who have lost their job due to Covid 19 are still waiting for their unemployment benefits to arrive

(zerohedge)

A Third Of Americans Who Lost Their Job Due To COVID Still Waiting For Unemployment Benefits To Arrive

Almost 33% of unemployment benefits that have been applied for as a result of coronavirus-related job losses have still not been paid. This is despite the fact that the Treasury has disbursed $146 billion in benefits in three months through May, which is more than all of 2009.

Recall, policymakers responded to the virus outbreak by offering $600 per week more in unemployment than usual. The goal was to keep people home and prevent the virus from spreading.

But this number still isn’t enough: the total amount owed to Americans during the same period was $214 billion, according to Bloomberg:

The Treasury reports its unemployment disbursements daily. Bloomberg’s calculation of what should have been paid is based on continuing claims for benefits, including those filed under a special program that widened the safety net to include contractors and gig workers. (It assumes filings for missing weeks in May will be in line with the average in preceding weeks).

Those claims were multiplied by the weekly unemployment benefit, using the $378 state average plus the $600 boost that’s due to expire at the end of July.

The $67 billion difference is proof positive that emergency efforts to boost and disburse payments are falling short. 

Jay Shambaugh, an economist at Brookings Institution, said: “There’s a lot more money that should have gone out that has not gone out.”

More than 40 million people have filed for unemployment amidst the economic shutdown. This includes 7.8 million people claiming under the Pandemic Unemployment Assistance program for independent contractors. And the lack of payments are coming at the worst possible time, as racial tensions have gripped the nation and widespread rioting and looting is taking place.

At the same time, economists believe another 1.8 million people filed for unemployment last week and that Friday’s numbers will show a jobless rate of 19.5%, the highest since the Great Depression.

Bob Radcliffe, who lives in Morristown, New Jersey filed for unemployment in March and is now owed almost $15,000. He has four children under eight and says he hasn’t received any benefits yet. He is taking his bank up on a three-month mortgage forbearance to survive.

“I’ve had money to live. I’m not a desperate case. But I’m running out,” he said. 

The Labor Department dispute’s Bloomberg’s use of its weekly claims report to extrapolate its data, stating: “It is also challenging to use these numbers because states are struggling to keep up with demand and some have backlogs they are working through.”

Meanwhile, Bloomberg thinks it has underestimated the amount owed to Americans.

Texas, for example, has a backlog of 650,000 claims. The state has seen more than 2.6 million claims filed since March. The state has added to its staffing by redeploying other workers, but attention has also been drawn to helping people find jobs and re-opening the state. 20% of workers in the state’s oil and gas industry have filed for unemployment.

And a failure to extend benefits nationwide could prolong the crisis, according to Diane Swonk, chief economist at Grant Thornton LLP. While the $1,200 benefits have momentarily helped families pay for rent or initial food bills, it also amounts to a little more than a week’s pay for many.

Swonk said: “We’re really talking about an economy that is going to be operating at a fraction of its capacity for a long period of time.”

Ernie Tedeschi, a former U.S. Treasury economist now at Evercore ISI concluded: “On paper the U.S. strategy is very generous. But that generosity on paper is meaningless if it doesn’t translate into actual money in people’s pockets when they need it.”

END
White House is now planning for the next $1 trillion stimulus round
(zerohedge)

White House Plans $1 Trillion For Next Stimulus Round: Report

One day after Merkel’s coalition overcame ideological difference and passed a €130BN stimulus for the foundering German economy, the US is already out contemplating the next fiscal infusion, with Bloomberg reporting that the Trump administration now envisions as much another $1 trillion in the next round of economic stimulus – a number that seems oddly low at a time when some believe the US fiscal deficit may hit $8 trillion in 2020 – though the discussions scheduled for this week have been delayed.

Mitch McConnell told White House officials behind closed doors that “another round of fiscal stimulus from Congress could be just under $1 trillion”, a figure that administration officials are reportedly comfortable with.

Some more details from Bloomberg:

Top aides had planned to meet this week to discuss the next round of pandemic relief as more than 40 million people have lost jobs since states began restricting public activity in March. That meeting has been removed from the calendar and has not been rescheduled yet, according to the people, who spoke on condition of anonymity.

The White House has been consumed this week with protests sweeping the nation over police brutality following the death in police custody of a black man in Minneapolis. Senate Republicans had no plans to act on a stimulus bill this month.

Any potential measure will likely not pass until after July 20, which is when a two-week recess scheduled to begin on July 3 begins.

As a reminder, last month the US passed a $3.5 trillion relief measure with nearly $1 trillion in aid for states and local governments facing revenue shortfalls. That bill would also provide a new round of direct stimulus payments to individuals along with money for testing and contact tracing.

Since it is now safe to say that any fiscal prudence or conservatism is dead and buried, and that the next $1 trillion will be followed by many more trillions as the US unleashes the full force of the helicopter army, we will just show the latest chart of Federal spending – a level which is about to explode much, much higher – without commentary.

END

the fun begins..we have been pounding the table that the epicentre of the crisis will be commercial real estate.  Now the largest mall operator Simon group sues gap for 70 million in back rent.

(zerohedge)

“We Still Expect To Be Paid” – America’s Largest Mall Operator Sues Gap For $70M In Back-Rent

Largely shafted by the stimulus bills as Democrats tried to prevent any federal money from going to “Trump’s real-estate friends“, landlords have grown so desperate for revenue that they’re resorting to extreme and potentially burdensome tactics, like taking tenants to court to try and squeeze more blood from a stone.

Simon Property Group, one of the biggest – if not the biggest – mall operator in the US, us suing GAP, one of its largest tenants, claiming the retailer failed to pay more than $65.9 million in rent and other charges due during the coronavirus pandemic.

CNBC, which brought us the story, says the battle is unfolding in a Delaware state court. The lawsuit “highlights the mounting tension between retail landlords and their tenants, many of which stopped paying rent after the crisis forced them to shut stores.” It was filed on Tuesday. And a reporter at CNBC  was apparently told to “expect more” lawsuits, apparently by somebody at SPG.

That GAP hasn’t been paying rent isn’t a surprise; the company shared its plans to stop paying rent and other monthly expenses with shareholders, savings that it projected would put $115 million a month in GAP’s coffers. In total, SPG’s malls have 412 GAP stores, which makes GAP – and its Banana Republic and Old Navy brands – as one of the company’s biggest “in-line” tenants.

And GAP warned its shareholders about the prospects for litigating stemming from this decision back in April.

Gap also warned in late April that litigation could arise as a result of its skipped payments. Although we believe that strong legal grounds exist to support our claim that we are not obligated to pay rent for the stores that have been closed…there can be no assurance that such arguments will succeed,” the company said in a filing with the Securities and Exchange Commission at the time.

SPG CEO David Simon said his company still expects to be paid for the months those stores were closed, payments that would be a massive burden on GAP, which is already allowing burdensome debt service to eat into profits.

“The bottom line is, we do have a contract and we do expect to get paid,” he told analysts during a May 11 earnings conference call.

While April was a bad month for CMBS delinquencies, May was even worse. According to data provided by Trepp from earlier in the week, we showed that the delinquency rate in May logged its largest increase in the history of the metric since 2009. The reading was 7.15%, a jump of 481 basis points over the April number. What’s more, nearly 5% of that number is represented by loans in the 30-day delinquent bucket.

in May the Delinquency Rate logged its largest increase in the history of this metric since 2009. The May reading was 7.15%, a jump of 481 basis points over the April number. Almost 5% of that number pertains to loans in the 30-day delinquent bucket, meaning that the jump in delinquencies is being largely driven by the coronavirus-inspired deterioration in economic conditions. More bankruptcy data released Monday found bankruptcies jumped nearly 50% year-over-year in May.

To be sure, the data included some highlights: given that about 8% of loans had missed payments for the April remittance cycle (in the grace period), the fact that delinquencies climbed less than 5% has to be viewed as a small “win.” Either that, or the backlog in delinquency reporting might be larger than we suspect.

Whatever the case may be, it appears that “win” won’t last, and will be reversed next month, when the delinquency rate hits double digits as about 7.61% of loans (by balance) missed the May payment but remained less than 30 days delinquent (i.e., within the grace period).

Be it commercial or residential, landlords in the US have largely been left holding the bag for the country’s economic losses, as Democrats weeded out details in stimulus bills that would help alleviate the financial pain for ‘all the president’s friends in real estate.’ Of course, small-time landlords are the ones who’ll likely suffer the most. As we reported a couple of weeks ago, the stage is set for a “bankruptcy tsunami”.

That’s great news for “Uncle Carl”, who’s currently enjoying his semi-retirement in Florida.

As for speculation about the outcome, we suspect this is one of those court battles where both sides lose. As one Twitter wit pointed out…

Keubiko@Keubiko

Like watching drunk hobos fight over a half-eaten sandwich at 3am.

View image on Twitter

…Well put.

END

Student loan relief is not on its way after Wall Street beat the Consumer financial protection bureau in court
(zerohedge)

Student Loan Relief Stalls After Wall St. Beats Consumer Financial Protection Bureau In Court

On Sunday, U.S. District Judge Maryellen Noreika ruled in favor of a coalition of financial firms and rejected an agreement that had been made by the Consumer Financial Protection Bureau with 15 members of the National Collegiate Student Loan Trusts.

The settlement would’ve resulted in student loan relief for “hundreds of thousands” of borrowers, according to Bloomberg/LA Times.

But Noreika ruled that lawyers hired to act on behalf of the trusts lacked the authority to deal with the CFPB and although the trustee, Wilmington Trust, had the authority to – it didn’t agree to the proposed settlement.

The result of the settlement would have been the auditing of 800,000 student loans to help investigate and resolve allegations of collection agencies flooding the nation’s courts illegally with false paperwork. Some borrowers had luck in fighting the collection attempts in court, meaning the settlement would have likely paved the way for more relief.

 

Protesters at Washington University

“Banks, insurers, debt collectors and hedge funds” all fought against the settlement, arguing that one equity holder of the National Collegiate trusts, VCG, didn’t have the right to approve the agreement with the CFPB.

The trusts are owned billions of dollars and are among the nation’s largest owners of private student debt. Many of the loans, made more than 10 years ago, have ranked among the “worst-performing student loans ever packaged into securities.”

About half of the $12 billion that had been packaged into securities were in default at the time the 2017 settlement was proposed.

Donald Uderitz, who runs VCG, has been trying for years to change how the trust collects from borrowers. He has proposed ideas that involve forgiving some principle, but has been unable to convince other investors in the trust that his ideas are worthwhile.

Money managers have fought him in both state and federal court – and if this ruling is any indication, Uderitz, not unlike those burdened with the debt itself, may have an uphill climb ahead of him. 

Recall, we wrote back in February 2020 that the American taxpayer could face a $200 billion tab due to student loan relief programs.

The CBO estimated then that the government would forgive $40.3 billion on new loans made from 2020-2029, or about 21% of the original amount.

There are more than 50 million Americans with student loan debt. The CBO estimated that most of the borrowers are stuck in low wage and low skilled jobs with large balances that may never be paid pack. Many of these folks are millennials, stuck in a renting society with absolutely no economic mobility.

LAST NIGHT/USA RIOTS/GREECE//UPDATE 

2 NYPD Cops Shot, 1 Stabbed In Brooklyn As ‘Police Brutality’ Riots Go Global

A movement inspired by another in a long line of heinous police killings in the US, and instead of walking away with a slap on the wrist, all of the officers involved with the ill-fated arrest have now all been arrested themselves, and charged with murder, or abetting murder. But still the protests won’t stop, and instead, thousands of angry Europeans have opted to join their American ‘comrades’, and in so doing vent their frustrations following months of restrictive lockdowns.

bunch of anarchists in Greece hurled molotov cocktails at the US embassy in Athens.

Riots and protests over police killings started because the cops who killed Eric Garner and Michael Brown walked away with only administrative punishments, and both got to keep their badges. This time around, the movement has a different goal: abolish “white supremacy” around the world.

Remember when an army of media pundits criticized the Occupy Wall Street movement for its ‘vague’ agenda? Well, it appears the those who continue to return to the streets night after night have only one real agenda: venting their rage on the cops, feds and national guardsmen, by pelting them with bricks and even shooting them. By the New York Times’ count, Wednesday was the ninth night of demonstrations, and while most of the major American newspapers heralded the night as ‘largely peaceful’, they mostly neglected to mention that, amid all the enthusiasm over the new charges brought by Keith Ellison, somebody walked up to a cop in Brooklyn last night without provocation and stabbed him in the neck. Two cops were also shot during a struggle with the suspect, the New York Post reported. It’s unclear whether the officer stabbed in the neck survived. The two who were shot reportedly had non-life-threatening injuries.

The NYP said the motive for the assault remains unclear, and an investigation is ongoing.

Elsewhere in Brooklyn, cops rejected calls from protesters at the Barclays center to “take a knee”, as hundreds chanted from behind a fence. As the NYT reported, “they were not having it.”

AP figures put the number of arrests over the week-long spree of unrest to be over 10,000 nationwide as of Thursday morning.

The phenomenon of deputizing all available federal officers to protect the area around the White House continued Wednesday night, as reporters claimed to encounter BoP corrections officers, DEA agents and others (we wonder if the fish and wildlife agents were out there too).

Outside Brooklyn, where the alliance between blacks and the white middle class gentrifiers who pushed them out of their homes has proven notably toxic, violence last night was minimal, as protests remained largely peaceful. Several horses were apparently allowed to join the rally in the Mission District last night.

A large group of peaceful protesters sat near the intersection of 86th Street and East End Avenue, the closest they are legally allowed to assemble near Gracie Mansion, the mayor’s official residence. For a time, the NYT said, the only sound to be heard was the birds and helicopters flying overhead.

Cops in midtown Manhattan enforced the city’s curfew, and loaded those captured during a “mass arrest” onto police vans for transportation.

Kevin Rincon

@KevRincon

The protestors who were detained are now being loaded up onto a prisoner bus by the NYPD on E 50th and 3rd Ave.

Embedded video

This cyclist went down particularly hard.

Marchers in Washington DC, roused by the earlier curfew but subdued by the rainfall, were greeted by a wider perimeter around the White House, as well as more officers, though demonstrations remained largely peaceful. Somebody passed out sandwiches. Another person gave out cookies.

“We have to collectively come together to stop those who are holding our city with violence…Every night, we are using all our resources and it is still not enough,” said Portland Police Chief Jami Resch.

Among the many controversies to erupt this week, the NYT is facing backlash for publishing an op-ed by Sen. Tom Cotton calling for the US to “send in the army” to restore order to the streets. One of the NYT’s most visible reporters claimed the op-ed “puts black reporters in danger”.

Jenna Wortham

@jennydeluxe

Running this put Black @nytimes staffers in danger. In solidarity with my colleagues who agree.

View image on Twitter

We’d love to hear an explanation of that logic.

END

Project Veritas Infiltrates Violent Antifa Cell

An undercover journalist with Project Veritas successfully infiltrated Portland’s Rose City Antifa cell, capturing footage of a meeting in which members discussed how to get out there and do dangerous things as safely as possible.

Antifa has been a fixture at the nationwide Black Lives Matter protests against police brutality (with varying degrees of success) which began after the May 25 death of 46-year-old black man George Floyd at the hands of white Minneapolice police officer Derek Chauvin, who pressed his knee to Floyd’s neck for more than eight minutes as onlookers begged him to stop.

According to National Security Adviser Robert O’Brien on Sunday, the violence “is being driven by Antifa.

 

A protester with an antifa flag draped over his shoulders stands at a rally to demand justice for George Floyd and support of the Black Lives Matter movement in Boston on May 31. (Photo by Matthew J. Lee / The Boston Globe via Getty Images)

And in Portland, members of Antifa are actively plotting ways to commit violence against their enemies while not getting caught.

Practice things like an eye gouge, it takes very little pressure to injure someone’s eyes,” member Nicholas Cifuni was recorded saying by the Project Veritas journalist.

“Police are going to be like: ‘Perfect, we can prosecute these [Antifa] fuckers, look how violent they are.’ And not that we aren’t, but we need to fucking hide that shit,” he added.

“Consider like, destroying your enemy. Not like delivering a really awesome right hand, right eye, left eye blow you know. It’s not boxing, its not kickboxing, it’s like destroying your enemy.

“The whole goal of this, right, is to get out there and do dangerous things as safely as possible,” said Rose City Antifa member ‘Ashes’.

“They do not hesitate to either push back or incite some kind of violence. In our classes and in our meetings, before we do any sort of demonstration or Black Bloc, we talk about weapons detail and what we carry and what we should have.” -Project Veritas undercover journalist

Watch:

“Project Veritas does not condone any violence whatsoever. It is a sad time in our nation’s history with Antifa activists hijacking #blacklivesmatter protests in cities across the country, attacking the police and engaging in violence,” said Project Veritas Founder and CEO, James O’Keefe.

“In many places, it appears the violence is planned, organized & driven by anarchic left extremist groups — far-left extremist groups using Antifa-like tactics.”

President Trump announced earlier this week that Anitfa would be designated a terrorist organization.

To that end, the Rose City Antifa cell has repeatedly planned for, and engaged in “direct confrontation” with participants in pro-Trump rallies. In 2018, they notably clashed with members of Patriot Prayer and the pro-Trump “Proud Boys,” which resulted in a viral video of a member of Antifa being knocked out during a melee started by the violent “resistance” group.

And in 2017, Berkeley police recovered several caches of weapons from members of Antifa who were had planned to attack Trump supporters.

Berkeley Police

@berkeleypolice

Here are some of the prohibited items that have already removed from the park today. http://cityofberkeley.info/City_Manager/Press_Releases/2017/2017-04-14_Rules_Imposed_for_Saturday_April_15_at_Civic_Center_Park.aspx 

View image on TwitterView image on Twitter

You know, terrorist stuff…

end

DoJ Launches Investigation As More Evidence Emerges That Someone Is Orchestrating The Violent Riots

Authored by Michael Snyder via TheMostImportantNews.com,

The Department of Justice has announced that it is attempting to determine if there is a “coordinated command and control” behind the violent riots that have erupted all over the United States. 

In recent days, officials all over the country have used words such as “organized” and “organizers” to describe the orchestration that they have been witnessing in their respective cities.  And all over the U.S., law enforcement officials have reported finding huge piles of rocks and bricks pre-staged at protest locations in advance, and scouts have often been used to direct rioters to locations where police are not present.  In addition, something that we have been hearing over and over again is that many of the people that are involved in the violence are not known by any of the locals.  At this point, the evidence appears to be so overwhelming that some sort of national coordination is taking place that the Department of Justice has decided to launch a formal investigation

Federal law enforcement officials are probing whether “criminal actors” are coordinating violent activities during protests and are looking into reports that “rocks and bricks” have been dropped off to throw at police and other law enforcement as cities across the country grapple with the uptick in violence, a senior Department of Justice official said.

“You see the hallmarks… We’re trying to see if there’s a coordinated command and control, you see those bread crumbs and that’s what we’re trying to verify,” said the Department of Justice official.

The orchestration of the violence appears to be most advanced in major cities such as New York.  According to the head of the NYPD, “caches of bricks & rocks” have been strategically placed all over the city during the past several days…

The New York Police Department’s top cop is calling out “organized looters,” who he says are “strategically” leaving piles or buckets of debris on street corners citywide.

“This is what our cops are up against: Organized looters, strategically placing caches of bricks & rocks at locations throughout NYC,” NYPD Commissioner Dermot Shea wrote in a Wednesday morning tweet, along with a video showing four blue boxes filled with gray debris.

Of course it is entirely possible that someone is buying bricks for the rioters, but Shea has pointed out that several construction sites in the city have had bricks stolen from them

“Pre-staged bricks are being placed and then transported to ‘peaceful protests,’ which are peaceful protests, but then used by that criminal group within,” he said. “We’ve had construction sites burglarized in recent days in Manhattan … during a riot, it’s interesting what was taken – bricks.”

Shea explained how bricks had previously been thrown at NYPD members in the Bronx, and water bottles filled with cement have also been used as weapons.

So it would appear that someone has been stealing bricks and leaving them in pre-staged piles for the rioters.

But at this point we don’t know precisely who is doing this or why they are going to so much trouble.

It is also being reported that teams of looters armed with power tools are systematically working together to loot one location after another in New York City.  The following is how one eyewitness described what she has been witnessing

One of the numerous police reports from eyewitnesses 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.”

This isn’t just a few angry protesters smashing a few windows.

This is organized crime at a very high level, and these people know exactly what they are doing.

Meanwhile, more evidence of coordination continues to emerge in other major cities as well

In Tampa, there were reports that members of the bomb team found mortars in bushes downtown, and bricks and other items were hidden in trash cans to throw at police officers.

In Seattle, a video out up online by an anarchist shows that around midnight, a crowd of 100-150 nearly all-white agitators with umbrellas started throwing bottles at police.

And for several more examples of this sort of orchestration, please see the article that I posted a couple of days ago.

It appears to be obvious that some sort of coordination is taking place, but now federal authorities are faced with the daunting task of trying to prove who is behind it.

According to Fox News, Justice Department officials are hoping to find “ways in which we can exploit phones and data communications that could give us a mosaic to see if there’s a coordinated command and control, that’s what we’re looking for.”

It is believed that social media is being heavily used to direct the movement of rioters and looters, and that would mean that there should be digital trails for investigators to follow.

Needless to say, many Americans believe that “Antifa” is behind much of the violence, and a brand new Rasmussen Reports survey has found that 49 percent of all U.S. voters believe that it should be declared a terror organization…

The latest Rasmussen Reports national telephone and online survey finds that 49% of Likely U.S. Voters think the “antifa” movement should be designated a terrorist organization. Thirty percent (30%) disagree, while 22% are undecided.

Hopefully those responsible for the violence will be discovered and brought to justice, because what we have been witnessing over the past week has been absolutely horrible.

Unfortunately, the level of anger in this country is likely to continue to rise the closer we get to election day, and more eruptions of violence are likely in the months ahead.

end

An excellent commentary on what ails the USA:

(Ben Shapiro)

The Controlled Burn Rages Out Of Control

Authored by Ben Shaprio via RealClearPolitics.com,

In the wake of riots that have spread across America, leaving shattered businesses and wounded communities in their wake, it feels as though our nation is collapsing around us. That’s bizarre, considering that virtually all Americans agree with the following two propositions:

first, that it is evil for a police officer to place his knee on the neck of a prone suspect struggling to breathe for eight long minutes;

second, that breaking store windows; stealing televisions and shoes; beating business owners; and attacking police officers is wrong.

That seeming unanimity should mean unity in the face of police brutality and rioting and looting.

It doesn’t.

It doesn’t because members of our political class have decided that instead of rallying against obvious evil, Americans must be categorized as enlightened or benighted based on their answer to one question:

Was America and is America rooted in racism and bigotry?

  • If you answer in the negative, you are complicit in racism and bigotry, say our media, academic leaders and high-ranking members of the Democratic Party.
  • If you answer in the affirmative, you may be categorized among the woke, the aware, the sensitive and the decent.

This is a nonsensical and dangerous game. But it’s a game pressed forward by the most powerful messaging institutions in our society: our media, who award Pulitzer Prizes to faux history like The 1619 Project, which argues that every American institution has been fatally corrupted by America’s original sin, slavery, and that every inequality of today can find its root in inequities of the past; our celebrities, who proudly proclaim that rights to free speech, property ownership and due process are merely facades for the continuing and malign maintenance of structural inequalities; and too many of our politicians, who casually attribute every instance of police brutality to deep-seated American racism.

These are lies. America’s history is replete with racism and oppression, but that’s because America didn’t hold true to her founding ideals; America’s philosophy is good and true, and her flaws are thanks to her failures to follow that philosophy. It is a lie to attack Americans’ fundamental rights as outgrowths of persecution. And it’s a damnable calumny to liken the treatment of black Americans in 2020 to the treatment of black Americans in 1960, let alone 1860. Yet we are told by our institutional elites that to point out these lies is to refuse responsibility, to provide cover for racism.

Declaring America’s most fundamental structures corrupt and cancer-ridden is deeply dangerous. Once a structure has been condemned, its foundations declared unstable, it can only be destroyed. There is no way to argue that fealty to a particular political program inside that supposedly corrupt structure can fix the problem. Former President Barack Obama, who declares that discrimination exists in “almost every institution of our lives,” and that “the legacy of slavery, Jim Crow … that’s still part of our DNA that’s passed on,” says that voting for local officials is the solution to police brutality and individual instances of racism. Somehow, so long as we vote for the same Democratic politicians who have governed nearly every major American city for decades, America’s founding sins can be extirpated. Is anyone expected to believe this? Our elites cannot set fire to the fundamentals of America and then hope to contain that fire to occasional trips to the voting booth.

So Americans are left with a choice.

  • We can either think of one another with charity and accuracy, acknowledging the sins of America’s past while recognizing that America remains a beacon of freedom and decency.
  • Or we can continue to follow the path of those who would tear us apart.

To follow the latter course isn’t sensitive or moral.

It places the very existence of our common republic at risk.

END

What a fraud!!

The Powell bubble;

(zerohedge)

The Staggering “Powell Bubble” In Just One Amazing Chart

With three in four finance professionals convinced that Fed is behind the current rally thanks to an unprecedented firehose of liquidity which is anywhere between $8 and $12 trillion based on asset purchases, backstops, and guarantees, there is no denying that what we are experiencing now is a continuation of the bubble spawned by Bernanke in 2008, nursed by Yellen and now desperately defended by the same Powell who back on October 23, 2012 said “I think we are actually at a point of encouraging risk-taking… investors really do understand now that we will be there to prevent serious losses.”

So how does one quantify or visualize just how big the “Powell Bubble” is? While there are many ways to represent the bubble spawned by the Fed across all asset classes which have become the receptacle of the Fed’s unlimited liquidity torrent, but a fascinating one was proposed today by Bloomberg’s Eddie van der Walt who writes that “raw material and equity prices have become severely disconnected” adding that “a correction will probably entail both lower stocks and higher commodity prices.”

As the Bloomberg commodity analyst notes, the Nasdaq is trading at a 152x multiple of the Bloomberg Commodity Index, surpassing the highs seen during the Dot Com bubble by almost a factor of two!

In other words, the bulk of newly created liquidity has flooded into stocks even as commodities – which tend to be a far better representation of the overall economic state – languish. The average ratio since the end of 2001 has been nearer 37. That divergence  stems from the Nasdaq approaching record highs set earlier this year while commodities languish near pandemic-crisis lows.

As van der Walt concludes, “And while the tech-heavy shares in the Nasdaq aren’t big consumers of industrial metals and oil, this matters because it shows just how disconnected stock prices have become from the real economy. Something has got to give.”

He’s absolutely right, but that “something” won’t give without an existential fight from the Fed’s Powell: while we excerpted from his comments above, below is all one needs to know courtesy of the Oct 2012 FOMC Minutes, in which Powell explained precisely what is going on:

The market in most cases will cheer us for doing more. It will never be enough for the market. Our models will always tell us that we are helping the economy, and I will probably always feel that those benefits are overestimated. And we will be able to tell ourselves that market function is not impaired and that inflation expectations are under control. What is to stop us, other than much faster economic growth, which it is probably not in our power to produce?

I think we are actually at a point of encouraging risk-taking, and that should give us pause. Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the roadYou can almost say that that is our strategy.

Incidentally, for those who want to fight the Fed, well there’s your pair trade: short the Nasdaq and go long the Bloomberg commodity index.

iv) Swamp commentaries)

 

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

Private payrolls decline by 2.76 million in May, ADP says, a much smaller drop than feared

Economists had been looking for a decline of 8.75 million…Job losses were especially deep in large businesses… more than 1.6 million. Manufacturing… lost 719,000 workers… midsize companies with between 50 and 499 employees lost 722,000 and small firms declined by 435,000…

https://www.cnbc.com/2020/06/03/adp-private-payrolls-may-2020.html

The ADP Employment Change is grossly at odds with US Jobless Claims.  The three weeks of Initial Jobless Claims for May are: 2.687m, 2.446m and 2.123m or 7.256m.  Last week’s initial claims are expected to be 1.843m.  ADP records payrolls.  Jobless Claims include sole proprietors and independent contractors.  Nevertheless, there’s still a gaping discrepancy between the ADP data and Jobless Claims.

The Distressed Deals Have Started

The mortgage REIT sector had been earmarked as one to watch in terms of early signs of distress in the real estate sector, primarily because it has to mark the value of the loans it has made to market, which means they are revalued more rapidly than the loans made by traditional banks or unlisted lenders…

https://www.bisnow.com/national/news/capital-markets/the-distressed-deals-have-started-104641

AMC Theatres has ‘substantial doubt’ it can remain in business – the world’s biggest movie theater chain… expects to have lost between $2.1 billion and $2.4 billion in the first quarter… Even if governmental operating restrictions are lifted in certain jurisdictions, distributors may delay the release of new films until such time that operating restrictions are eased more broadly domestically and internationally, which may further limit our operations,” the company said…  The company said that it had a cash balance of $718.3 million as of April…

https://wgntv.com/news/coronavirus/amc-theatres-has-substantial-doubt-it-can-remain-in-business/

WaPo: Trump administration bans flights by Chinese airlines, a move likely to inflame tensions between the U.S. and China

Criminal Gangs Who Ransacked NYC Arrived in Chauffeured Cars, Used Power Tools, Witnesses Say   https://www.zerohedge.com/geopolitical/criminal-gangs-who-ransacked-nyc-arrived-chauffeured-cars-used-power-witnesses-say

 

@adamhousley: Talking with intel folks….everything [riot organizing] they are finding on the dark web and reddit and other sites. Nothing of any significance is on twitter, facebook or instagram.

If reports about Antifa are correct in that they want revolution and the destruction of the capitalist system, there will be more rioting in the coming months.  The heat and leisure of the summer, and there will be much more leisure for weeks, germinates mischief or worse.  Some will be organized.  The spontaneous violence and looting that has occurred in big-blue cities during summer over the past several years is likely to repeat.  Unfortunately, the MSM and politicians will keep fanning the racial flames.

Pundits that have been tracking Antifa, the Obama Administration started watching it in 2016, believe that Antifa had an operation plan for over a year that would coordinate rioting over the US ahead of the November Elections.  They exploited the outrage over George Floyd and triggered the plan.  IF true, this would suggest that a similar, or even grander, plan is being developed now for late summer/early fall.

At some point Antifa is going to go after the elites.  This would mean that rioters venture out to Greenwich and Westchester County.  Then, hedge fund managers and executives with personal security forces will have a decision to make.  If rioters arrive on luxury properties, will the owners use the necessary force to remove them?  What would the MSM outrage be if personal security forces harmed rioters?  History shows that eventually, revolutionaries go after their wealthy enablers and sponsors.

 

@JamesOKeefeIII last night: @Project_Veritas infiltrated the violent group #ANTIFA and will show our undercover footage to the world tomorrow.  See it firsthttp://exposeantifa.com

 

Three Months, 6 Million Guns Sold – May marks third consecutive month of record-setting gun sales

https://freebeacon.com/coronavirus/three-months-6-million-guns-sold/

New York Times changes headline following pressure from Democrats

“As Chaos Spreads, Trump Vows to ‘End It Now,’” the headline said… The headline was changed for the late edition to: “Trump Threatens to Send Troops into States.”…

https://nypost.com/2020/06/02/new-york-times-changes-headline-following-pressure-from-democrats/

@jsolomonReports: Jaw-dropping admission: Rosenstein agrees that by August 2017 there was no evidence of Trump-Russia collusion  … but he let Mueller probe proceed

https://justthenews.com/government/rosenstein-judiciary-committee-justice-dept-must-take-remedial-action-against-misconduct

Cuomo apologizes to NYPD after slamming them as ‘not effective’  https://trib.al/X4MYCQS

OAN’s @GretaLWall: Minnesota AG Ellison officially announces elevated 2nd degree murder charge against fmr Minneapolis officer Derek Chauvin in the death of George Floyd 

     Ellison presses aiding and abetting 2nd degree murder charges against Thomas Lane, J. Alexander Kueng and Tou Thao.  Ellison says “winning a conviction will be hard… history does show that there are clear challenges here.”

Ellison acknowledges that it will be much harder to get a murder 2 conviction.  So, why did he do it?

2nd degree murder in Minnesota is intentional or unintentional (“order for protection” by a court).

https://www.revisor.mn.gov/statutes/cite/609.19

Autopsy report: George Floyd died from cardiopulmonary arrest, was positive for COVID-19

https://kstp.com/news/george-floyd-autopsy-report-shows-george-floyd-died-from-cardiopulmonary-arrest-was-positive-for-covid-19/5750262/

@paulsperry_: US Park Police chief says 51 members of USPP were injured and 11 were taken by ambulance to hospitals, where 3 were admitted, during rioting near White House [peaceful protestors?]

@Eric_Schmitt: In a stunning development, our office has learned that every single one of the St. Louis looters and rioters arrested were released back onto the streets by local prosecutor Kim Gardner.

Soros-Backed St. Louis Circuit Attorney Releases All Rioters and Looters from Jail Without Charges Following Monday’s Mass Rioting    https://www.thegatewaypundit.com/2020/06/soros-backed-st-louis-circuit-attorney-releases-rioters-looters-jail-without-charges-following-mondays-mass-rioting/

New York Times reporter says destroying property is ‘not violence’ https://trib.al/mlAYsyH

Chicago’s medical examiner sees “unprecedented” number of gun homicide victimsThe Cook County Medical Examiner’s Office on Tuesday confirmed 15 gun-related homicides that took place across the county on Sunday, May 31. Eleven of the homicides occurred in Chicago. “This is an unprecedented amount of homicides in one day for our office,” said Chief Medical Examiner Dr. Ponni Arunkumar. “The most I can recall in one day since I started here in 2003 is 10.”…

https://www.thetrace.org/rounds/daily-bulletin-police-violence-trump-second-amendment-chicago-st-louis-george-floyd/

‘This is a step back.’ Latino activists speak out about racial tension with black Chicagoans on Southwest Side amid George Floyd fallout – Looting began to spread to Chicago neighborhoods and Little Village residents rallied together to stand guard in front of neighborhood businesses and on street corners…A crowd on 26th Street grew throughout the day after looters attempted to hit some businesses in the heart of the Mexican-American neighborhood. Residents and police intervened and halted the chaos…More posts advised black Chicagoans to avoid “Mexican neighborhoods” because Latinos were profiling and targeting them as looters…

https://www.chicagotribune.com/lifestyles/ct-life-chicago-latino-neighborhoods-gangs-floyd-protests-20200603-dsui2w2dabdy7cgxxkbz7a3c3q-story.html

De Blasio now urging protesters to stay home due to coronavirus… despite days of thousands taking to city streets to protest… https://nypost.com/2020/06/03/de-blasio-urging-nyc-protesters-to-stay-home-due-to-coronavirus/

Black [WSJ] Journalist Warns of Dangers When Media Exaggerates Racial Disparities in Policing

https://www.westernjournal.com/black-journalist-warns-dangers-media-exaggerates-racial-disparities-policing/

Cincinnati BBQ restaurant free lunch offer to black community sparks controversy

“Wow! What a racist thing to do. Your virtue signaling is through the roof!! What’s hilarious about this is that by discriminating against white people, they will choose to eat somewhere elsewhere…

    Eli’s BBQ is not denying anyone a free lunch. “It doesn’t matter if you’re white, black, purple, Asian, a cop, anyone is welcome,” he believes that people are misunderstanding what he sees as a positive gesture to help out a community in need,” Leisring [co-owner] said… [Blacks also slammed this promotion for various reasons.  Some opined that it violates federal discrimination statutes.]

https://www.fox19.com/2020/06/03/cincinnati-bbq-restaurant-free-lunch-offer-sparks-controversy/

After telling GOP to downsize convention due to COVID-19, N.C. governor marches in crowded protest   https://justthenews.com/politics-policy/coronavirus/after-telling-gop-downsize-convention-due-covid-19-nc-governor-marches

 

Well that is all for today

I will see you FRIDAY night.

One comment

  1. […] by Harvey Organ, Harvey Organ Blog: […]

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