JUNE 22//GOLD UP $14.00 TO $1741.00//SILVER UP 15 CENTS TO $17.79/COMEX GOLD TONNAGE STANDING; 164 TONNES/HUGE PAPER DEPOSIT OF GOLD INTO GLD OF 23.09 TONNES///JEFF BERMAN REMOVED AS ATTORNEY GENERAL OF NY// TOM LUONGO ON THE GERMAN AFFAIR: A MUST READ//CORONAVIRUS REPORTS FROM SAT TO MONDAY//GREG ABBOTT ALARMED AT RISE OF CORONAVIRUS//ALARM BELLS SOUNDING OFF WITH CHINA AND INDIA AND NORTH KOREA AND SOUTH KOREA//MAINLAND CHINA VS TAIWAN///
GOLD::$1755.00 UP $14.00 The quote is London spot price
Silver:$17.79 UP 15 CENTS//LONDON SPOT PRICE
Closing access prices: London spot
i)Gold : $1754.50 LONDON SPOT 4:30 pm
ii)SILVER: $17.71//LONDON SPOT 4:30 pm
CLOSING FUTURES PRICES: KEY MONTHS
gold premium: august /spot $15.00
silver premium July/spot 13 cents.
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:
NUMBER OF NOTICES FILED TODAY FOR JUNE CONTRACT: 186 NOTICE(S) FOR 18,600 OZ ( 0.5785 tonnes)
TOTAL NUMBER OF NOTICES FILED SO FAR: 52208 NOTICES FOR 5,220,800 OZ (162.388 TONNES)
SILVER
FOR JUNE
0 NOTICE(S) FILED TODAY FOR nil OZ/
total number of notices filed so far this month: 428 for 2,140,000 oz
BITCOIN MORNING QUOTE $9391 UP $93
BITCOIN AFTERNOON QUOTE.: $9575 UP 280
GLD AND SLV INVENTORIES:
WITH GOLD UP $14.00 AND NO PHYSICAL TO BE FOUND ANYWHERE:
WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT: WHERE ARE THEY GETTING THE “PHYSICAL”?
A MONSTROUS CRIMINAL CHANGE IN GOLD INVENTORY AT THE GLD// A DEPOSIT OF 23.09 TONNES OF GOLD
RESTS TONIGHT AT 1159.31 TONNES
GLD:1,159.31 TONNES OF GOLD//
WITH SILVER UP A STRONG 15 CENTS TODAY: AND WITH NO SILVER AROUND
NO CHANGES IN SILVER INVENTORY AT THE SLV..STRANGE?????
IN SILVER THE COMEX OI ROSE BY A GIGANTIC SIZED 4718 CONTRACTS FROM 177,122 UP TO181,807, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE HUGE SIZED GAIN IN OI OCCURRED WITH OUR STRONG 22 CENT GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS DUE TO HUGE BANKER SHORT COVERING PLUS A FAIR EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING A ZERO INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE. WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 5530 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: JULY: 750 AND SEP 0 FOR ZERO ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 750 CONTRACTS. WITH THE TRANSFER OF 140 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 750 EFP CONTRACTS TRANSLATES INTO 3.750 MILLION OZ ACCOMPANYING:
1.THE 22 CENT RISE 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
2.175 MILLION OF INITIALLY STANDING FOR JUNE
FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 22 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS WERE SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS FROM THEIR POSITIONS. THE TINY LOSS AT THE COMEX WAS ACCOMPANIED BY : i) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO INCREASE IN SILVER OZ STANDING HUGE BANKER SHORT COVERING AND 4) ZERO LONG LIQUIDATION AS WE DID HAVE A STRONG NET GAIN OF 5343 CONTRACTS OR 27.650 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:
8607 CONTRACTS (FOR 17 TRADING DAY(S) TOTAL 8607 CONTRACTS) OR 43.03 MILLION OZ: (AVERAGE PER DAY: 514 CONTRACTS OR 2.568 MILLION OZ/DAY)
TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 43.03 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.23% 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: 1,109.095 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 43.03 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 A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4718, WITH OUR 22 CENT GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY… THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 625 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER
TODAY WE GAINED A GIGANTIC SIZED OI CONTRACTS ON THE TWO EXCHANGES: 5343 CONTRACTS (WITH OUR 22 CENT GAIN IN PRICE)
THE TALLY//EXCHANGE FOR PHYSICALS
i.e 625 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH A HUGE SIZED INCREASE OF 4718 OI COMEX CONTRACTS. AND ALL OF THISDEMAND HAPPENED DESPITE A 22 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $17.64 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY.
In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.909 BILLION OZ TO BE EXACT or 129% of annual global silver production (ex Russia & ex China).
FOR THE NEW JUNE DELIVERY MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR 0OZ 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:
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.//FEB1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY 45.220 MILLION OZ//JUNE: 2.175 MILLION OZ//
THE RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018: 244,710 CONTRACTS, WITH A SILVER PRICE OF $18.90//.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ
AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)
GOLD
IN GOLD, THE COMEX OPEN INTEREST ROSE BY AN ATMOSPHERIC 23,232 CONTRACTS TO 516,472 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.
THE HUGE SIZED GAIN OF COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE OF $16.50 /// COMEX GOLD TRADING// FRIDAY// WE HAD STRONG BANKER SHORT COVERING, A HUMONGOUS SIZED INCREASE IN GOLD OZ STANDING AT THE COMEX, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A FAIR EX. FOR PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $16.50 .
WE HAD A VOLUME OF 0 4 -GC CONTRACTS//OPEN INTEREST 25
WE GAINED AN ATMOSPHERIC SIZED 27,384 CONTRACTS (85.18 TONNES) ON OUR TWO EXCHANGES.
E.F.P. ISSUANCE
THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A SMALL SIZED 2600 CONTRACTS:
CONTRACT JUNE 0.; AUG 4002 AND DEC: 150 ALL OTHER MONTHS ZERO//TOTAL: 4152. The NEW COMEX OI for the gold complex rests at 516,472. 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 AN ATMOSPHERIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 27,384 CONTRACTS: 23,773 CONTRACTS INCREASED AT THE COMEX AND 4152 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 27,384 CONTRACTS OR 85.18 TONNES. FRIDAY, WE HAD A GAIN OF $16.50 IN GOLD TRADING……
AND WITH THAT GAIN IN PRICE, WE HAD AN ATMOSPHERIC SIZED GAIN IN TOTAL/TWO EXCHANGES GOLD TONNAGE OF 85.18 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR SUPPLIED INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $16.50).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS UNSUCCESSFUL (SEE BELOW).
CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:
WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4152) ACCOMPANYING THE GIGANTIC SIZED GAIN IN COMEX OI (23,232 OI): TOTAL GAIN IN THE TWO EXCHANGES: 27,384 CONTRACTS. WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A POWERFUL INCREASE IN GOLD OUNCES STANDING AT THE GOLD COMEX FOR THE FRONT JUNE MONTH, 3) ZERO LONG LIQUIDATION; 4) HUMONGOUS COMEX OI GAIN.. AND …ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//FRIDAY//$16.50.
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.
THE FACT THAT WE ARE CONTINUALLY SEEING A DROP IN COMEX OPEN INTEREST AND VOLUMES COUPLED WITH LESS EXCHANGE FOR PHYSICALS PROBABLY MEANS THAT OUR LONGS ARE ALREADY DEPARTING NEW YORK FOR THE NEW PHYSICAL PLATFORM AT LONDON’S LME.
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 : 43,385 CONTRACTS OR 4,338,500 oz OR 134.94TONNES (17 TRADING DAY(S) AND THUS AVERAGING: 2552 EFP CONTRACTS PER TRADING DAY
TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 17 TRADING DAY(S) IN TONNES: 134.94 TONNES
TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES
THUS EFP TRANSFERS REPRESENTS 134.94/3550 x 100% TONNES =3.80% OF GLOBAL ANNUAL PRODUCTION
ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS DISSIPATED THIS MONTH…THE COST TO THE BANKERS TO CARRY THESE CONTRACTS IN LONDON IS BECOMING TOO GREAT FOR THEM.
ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE: 2949.08 TONNES
JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES
FEB 2020 TOTAL EFP ISSUANCE : 653.78 TONNES
MARCH TOTAL EFP ISSUANCE 1,098.93 TONNES (*AND A NEW ALL TIME RECORD ISSUANCE//22 DAYS)
APRIL TOTAL EFP. ISSUANCE: 243.45 TONNES (EFP ISSUANCE BECOMING A LOT LESS)
MAY TOTAL EFP ISSUANCE: 248.68 TONNES (EFP ISSUANCE STILL LOW// PREMIUM COST TO THE BANKERS IS HUGE..SO ISSUANCE IS LESS)
JUNE TOTAL EFP ISSUANCE: 134.94 TONNES
WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.
First, here is an outline of what will be discussed tonight:
1.Today, we had the open interest at the comex, in SILVER, ROSE BY A GIGANTIC SIZED 4718 CONTRACTS FROM177,089 UP TO 181,869 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 2 3/4 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89.
THE HUGE GAIN IN OI SILVER COMEX WAS DUE TO; 1) HUGE BANKER SHORT COVERING , 2) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE AND 4) ZERO LONG LIQUIDATION
EFP ISSUANCE 750 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY: 750 CONTRACTS AND SEPT: 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 4718 CONTRACTS TO THE 625OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE GAIN OF 5343 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 26.71 MILLION OZ!!! OCCURRED WITH THE 22 CENT GAIN IN PRICE///
RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 22 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A SMALL SIZED 625 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
SHANGHAI CLOSED DOWN 2.36 POINTS OR 0.08% //Hang Sang CLOSED DOWN 132.55 POINTS OR 0.96% /The Nikkei closed DOWN 41.52 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN .06%
/Chinese yuan (ONSHORE) closed DOWN at 7.0759 /Oil UP TO39.54 dollars per barrel for WTI and 42.08 for Brent. Stocks in Europe OPENED MIXED// ONSHORE YUAN CLOSED DOWN // LAST AT 7.0758 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0706 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP RAISED RATES TO 25%
COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
GOLD
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A HUMONGOUS 23,232 CONTRACTS TO 516,472MOVING CLOSER TO OUR RECORD THAT WAS SET IN JANUARY/2020: {799,541 OI(SET JAN 16/2020)} AND PREVIOUS TO THAT: 797,110 (SET JAN 7/2020). AND ALL OF THIS HUGE COMEX ADVANCE OCCURRED WITH OUR GAIN OF $16.50 IN GOLD PRICING /FRIDAY’S COMEX TRADING//). WE ALSO HAD A FAIR EFP ISSUANCE (4152 CONTRACTS),. THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2) ZERO LONG LIQUIDATION AND 3) A GIGANTIC INCREASE IN GOLD OZ STANDING AT THE COMEX//JUNE DELIVERY MONTH (SEE BELOW) , … AS WE ENGINEERED A GIGANTIC GAIN ON OUR TWO EXCHANGES OF 27,384 CONTRACTS WITH GOLD’S STRONG GAIN IN PRICE.
WE HAD 0 4 -GC VOLUME//open interest REMAINS AT 25
EXCHANGE FOR PHYSICAL ISSUANCE
WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF JUNE.. THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4152 EFP CONTRACTS WERE ISSUED: 4002 FOR AUGAND 150 FOR DEC AND ZERO FOR ALL OTHER MONTHS:
TOTAL EFP ISSUANCE: 4152 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: 27384 TOTAL CONTRACTS IN THAT 4152 LONGS WERE TRANSFERRED AS FORWARDS TO LONDONAND WE GAINED A GIGANTIC SIZED 23,232 COMEX CONTRACTS. THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A CONSIDERABLE AMOUNT OF EXCHANGE FOR PHYSICALS WITH HUGE BANKER SHORT COVERING, ACCOMPANYING OUR GIGANTIC COMEX OI GAIN, A HUGE INCREASE GOLD TONNAGE STANDING FOR THE JUNE DELIVERY (SEE CALCULATIONS BELOW)… AND ZERO LONG LIQUIDATION…… ALL OF THE ABOVE OCCURRED WITH A STRONG GAIN IN COMEX PRICE OF 16.50 DOLLARS..
THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE $16.50). AND,THEY WERE UNSUCCESSFUL IN FLEECING SOME LONGS
AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A VERY STRONG 85.18 TONNES.
NET GAIN ON THE TWO EXCHANGES :: 27,384 CONTRACTS OR 2,738,400 OZ OR 85.18 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: 516,472 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 51.64 MILLION OZ/32,150 OZ PER TONNE = 1607 TONNES
THE COMEX OPEN INTEREST REPRESENTS 1607/2200 OR 73.01% OF ANNUAL GLOBAL PRODUCTION OF GOLD.
Trading Volumes on the COMEX TODAY: 221,885 contracts//fair//most traders have moved to London
CONFIRMED COMEX VOL. FOR YESTERDAY: 198,468 contracts// volume fair //most of our traders have left for London
Total monthly oz gold served (contracts) so far this month
52,208 notices
5,220,800 OZ
162.388 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month
NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month
xxx oz
We had 1 deposit into the dealer
i) Into Brinks: 127,125.065 oz
total deposit: 125,125.065 oz
DEALER WITHDRAWAL: 0
i) nil oz
total dealer withdrawals: nil oz
we had 2 deposits into the customer account
i) Into Brinks: 1,692.710 Brinks
ii) Into HSBC: 79,991.688 oz
total deposits: 81,684.398 oz
we had 0 gold withdrawals from the customer account:
total gold withdrawals; nil oz
We had 1 kilobar transactions +
ADJUSTMENTS: 2 //
dealer to customer:
i) Manfra; 2604.231 oz
customer to dealer
i)INT Delaware: 96.453 oz (customer account to dealer account)…. 3 kilobars
The front month of JUNE registered a total of 927 oi contracts FOR a GAIN of 784 contracts. We had 12 notices filed on FRIDAY so we GAINED A HUMONGOUS 796 contracts or an additional 79,600 oz of gold (2.475 TONNES) will stand in this very active delivery month of June as these guys REFUSED TO morph into London based forwards
After June we have the non active delivery month of July and here we had a LOSS of 25 contracts DOWN to 3434 contracts.
Next comes August another strong delivery month and here the OI ROSE by AN ASTRONOMICAL 20,926 contracts UP to 32,848 contracts.
We had 186 notices filed today for 18,600 oz
FOR THE JUNE 2020 CONTRACT MONTH)Today, 46 notice(s) were issued from JPMorgan dealer account and 27 notices were issued from their client or customer account. The total of all issuance by all participants equates to 186 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 38 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 0 notices by the squid (Goldman Sachs)
To calculate the INITIAL total number of gold ounces standing for the JUNE /2020. contract month, we take the total number of notices filed so far for the month (52,208) x 100 oz , to which we add the difference between the open interest for the front month of JUNE (927 CONTRACTS ) minus the number of notices served upon today (186 x 100 oz per contract) equals 5,244,800 OZ OR 164.64 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 (52,208)x 100 oz + (927 OI) for the front month minus the number of notices served upon today (186) x 100 oz which equals 5,224,800 oz standing OR 164.64 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 796 contracts or AN ADDITIONAL 79,600 oz will stand on this side of the pond. Issuance of exchange for physicals is FAIR today… It is still too costly for our crooked bankers to carry.
NEW PLEDGED GOLD: BRINKS
144,088.952 oz NOW PLEDGED JAN 21.2020/HSBC 5.4807 TONNES
322,656.68 oz PLEDGED MARCH 2020 JPMORGAN: 10.036 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
477,821.587 oz pledged June 12/2020 Brinks/ 14.865 tonnes
total pledged gold: 1,006,406.127 oz 31.303 tonnes
SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 362.58 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 164.64 tonnes
CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:
total registered or dealer 12,663,272.767 oz or 393.88 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 MAY 26.2020
e) pledged gold at int.Del. 19,290.600 oz which cannot be settled: (.600 tonnes)
f) pledged gold at Brinks: 21,026.754 oz which cannot be settled June 5 (.65402 tonnes)
g) pledged gold at Brinks: 456,794,87 oz added which cannot be settled: 14.208 tonnes
total brinks: 477,821.587 oz
total weight of pledged: 1006,406.127 oz or 31.303 tonnes
thus:
registered gold that can be used to settle upon: 11,656,866.0 (362.58 tonnes)
total eligible gold: 18,525,756.036 oz (576.23 tonnes)
total registered, pledged and eligible (customer) gold; 31,189,028 oz 970.11 tonnes (INCLUDES 4 GC GOLD)
total 4 GC gold: 126.34 tonnes
total gold net of 4 GC: 843.77 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 19/2020
And now for the wild silver comex results
we had the open interest at the comex, in SILVER, ROSE BY A GIGANTIC SIZED 4718 CONTRACTS FROM177,089 UP TO 181,807 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020). THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,384 CONTRACTS, SET ON APRIL 21.2017 OVER 2 3/4 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89.
THE HUGE GAIN IN OI SILVER COMEX WAS DUE TO; 1) HUGE BANKER SHORT COVERING , 2) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE AND 4) ZERO LONG LIQUIDATION
EFP ISSUANCE 625 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY: 325 CONTRACTS AND SEPT: 300 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 750 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE COMEX OI GAIN OF 4780 CONTRACTS TO THE 625 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUGE GAIN OF 5343 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 26.71 MILLION OZ!!! OCCURRED WITH THE 22 CENT GAIN IN PRICE///
RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 22 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A SMALL SIZED 625 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
JUNE 22/2020
JUNE SILVER COMEX CONTRACT MONTH
Silver
Ounces
Withdrawals from Dealers Inventory
NIL oz
Withdrawals from Customer Inventory
363,017.264 oz
CNT
brinks
HSBC
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
386,252.400 oz
Scotia
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
8 contracts
40,000 oz)
Total monthly oz silver served (contracts)
428 contracts
4,140,000 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 1 deposits into the customer account
into JPMorgan: 0
ii) Into Scotia : 386,252.400 oz
*** JPMorgan for most of 2017, 2018 and onward, has adding to its inventory almost every single day.
JPMorgan now has 160.819 million oz of total silver inventory or 50.67% of all official comex silver. (160.819 million/317.346 million
total customer deposits today: 386,252.400 oz
we had 3 withdrawals:
i) Out of CNT 5,032.310 oz
ii) Out of Brinks 25,026.620 oz
iii) Out of HSBC: 332,958.334
total withdrawals; 363,958.334 oz
We had 2 adjustments
customer to dealer:
Brinks: 2,008,048.650 oz
Loomis: 578,142.300
total dealer silver: 88.229 million
total dealer + customer silver: 317.346 million oz
The front month of June has an open interest of 8 for a loss one one contract. We had one contract served upon on Friday so we gained 0 oz of silver standing.
The next month of July sees its open interest fall by 985 down to 69,296. August sees its open interest rise by 198 contracts up to 308
The big September contract month sees a gain of 4551 contracts up to 84,100
The total number of notices filed today for the JUNE 2020. contract month is represented by 0 contract(s) FOR nil, oz
To calculate the number of silver ounces that will stand for delivery in JUNE we take the total number of notices filed for the month so far at 428 x 5,000 oz = 2,140,,000 oz to which we add the difference between the open interest for the front month of JUNE.(8) and the number of notices served upon today 0 x (5000 oz) equals the number of ounces standing.
.
Thus the INITIAL standings for silver for the JUNE/2019 contract month: 428 (notices served so far) x 5000 oz + OI for front month of JUNE (8)- number of notices served upon today (0) x 5000 oz of silver standing for the JUNE contract month.equals 2,175,000 oz.
We GAINED 0 contracts or an additional nil oz will stand for delivery as they refused to morphed into London based forwards as well as negating a fiat bonus
FOR YESTERDAY: 83,032..,CONFIRMED VOLUME//volume fair/
YESTERDAY’S CONFIRMED VOLUME OF 683,032 CONTRACTS EQUATES to 415 million OZ 69.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..
COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44
end
NPV for Sprott
1. Sprott silver fund (PSLV): NAV RISES TO- 0.43% ((JUNE 22/2020)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -0.74% to NAV: (JUNE 22/2020 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.43%
(courtesy Sprott/GATA
3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):
NAV 16.64 TRADING 16.57///NEGATIVE 0.40
END
And now the Gold inventory at the GLD/
JUNE 22/WITH GOLD UP $14.00 A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 23.09 TONNES//INVENTORY RESTS AT 1159.31 TONNES
JUNE 19/WITH GOLD UP$16.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//; INVENTORY RESTS AT 1136.22 TONNES
JUNE 18//WITH GOLD DOWN $2.75 TODAY: NO CHANGES IN GOLD INVENTORY: INVENTORY RESTS AT 1136.22 TONNES
JUNE 17/WITH GOLD DOWN $1.05: NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1136.22 TONNES
JUNE 16//WITH GOLD UP $6.70 TODAY: NO CHANGES IN GOLD INVENTORY: /INVENTORY RESTS AT 1136.22 TONNES
JUNE 15/WITH GOLD DOWN ANOTHER $8.80 TODAY, NO CHANGES IN GOLD INVENTORY/INVENTORY RESTS AT 1136.22 TONNES
JUNE 12//WITH GOLD DOWN $1.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY: A DEPOSIT OF 1.17 TONNES AT THE GLD//INVENTORY RESTS AT 1136.22 TONNES
JUNE 11//WITH GOLD UP $16.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY: A DEPOSIT OF 6.55 TONNES AT THE GLD//INVENTORY RESTS AT 1135.05 TONNES
JUNE 10/WITH GOLD DOWN $.30 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 4.02 TONNES AT THE GLD/INVENTORY RESTS AT 1129.50 TONNES
JUNE 9//WITH GOLD UP $16.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF 2.63 TONNES OF GOLD AT THE GLD//INVENTORY RESTS AT 1125.48 TONNES
JUNE 8//WITH GOLD UP $18.70 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF 4.10 TONNES AT THE GLD//INVENTORY RESTS AT 1128.11 TONNES
JUNE 5//WITH GOLD DOWN $40.40 TODAY: A HUGE CHANGE IN GOLD INVENTORY: A PAPER WITHDRAWAL OF 1.16 TONNES OUT OF THE GLD//INVENTORY RESTS AT 1132.21 TONNES
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
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Inventory rests tonight at
JUNE 22/ GLD INVENTORY 1159.31 tonnes*
LAST; 846 TRADING DAYS: +215.31 NET TONNES HAVE BEEN REMOVED FROM THE GLD
LAST 746 TRADING DAYS://+390.61 TONNES HAVE NOW BEEN ADDED INTO THE GLD INVENTORY.
end
Now the SLV Inventory/
JUNE 22/WITH SILVER UP 15 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT XXX MILLION OZ//
JUNE 19//WITH SILVER UP 22 CENTS TODAY: STRANGE!! A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 839,000 OZ FROM THE SLV////INVENTORY RESTS AT 486,454 MILLION OZ..
JUNE 18/WITH SILVER DOWN 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 932,000 OZ INTO THE SLV////INVENTORY RESTS AT 487.293 MILLION OZ
JUNE 17/WITH SILVER UP 8 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 3.261 MILLION OZ INTO THE SLV////INVENTORY REST AT 486.361 MILLION OZ
JUNE 16//WITH SILVER UP 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.118 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 483.100 MILLION OZ//
JUNE 15/WITH SILVER DOWN 14 CENTS NO CHANGES IN SILVER INVENTORY: //INVENTORY RESTS AT 481.982 MILLION OZ///
JUNE 12/WITH SILVER DOWN 30 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: TWO DEPOSITS OF 7.269 MILLION OZ AND 1.802 MILLION OZ ADDED TO THE SLV///INVENTORY RESTS THIS WEEKEND AT 481.982 MILLION OZ//
JUNE 11//WITH SILVER UP 6 CENTS TODAY: NO CHANGES IN SILVER INVENTORY: ///INVENTORY RESTS AT 472.89 MILLION OZ//
JUNE 10/WITH SILVER UP 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 472.849 MILLION OZ//
JUNE 9/WITH SILVER DOWN 6 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.605 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 422.849 MILLION OZ//
JUNE 8/WITH SILVER UP 36 CENTS TODAY: TWO HUGE WITHDRAWALS OF 932,000 MILLION OZ AND 1.491 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 470.240 MILLION OZ//
JUNE 5/WITH SILVER DOWN 46 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 648,000 OZ FROM THE SLV////INVENTORY RESTS AT 472.663 MILLION OZ
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///
JUNE 22.2020:
SLV INVENTORY RESTS TONIGHT AT
486.454 MILLION OZ.
END
LIBOR SCHEDULE AND GOFO RATES// GOLD LEASE RATES
YOUR DATA…..
6 Month MM GOFO 2.56/ and libor 6 month duration 0.41
Indicative gold forward offer rate for a 6 month duration/calculation:
GOLD LENDING RATE: -2.31%
NEGATIVE GOLD LEASING RATES INCREASING BY A HUGE AMOUNT//GOLD SCARCITY AND CENTRAL BANKS CALLING IN ALL OF THEIR GOLD LEASES
ii) Important gold commentaries courtesy of GATA/Chris Powell
This is something that we have been commenting on these past several days, central bank capping of the gold price
(Kingworldnews/GATA)
Central banks capped Comex gold last week, Turk tells KWN
Submitted by cpowell on Fri, 2020-06-19 15:06. Section: Daily Dispatches
11:04a ET Friday, June 19, 2020
Dear Friend of GATA and Gold:
Since last week, GoldMoney founder and GATA consultant James Turk tells King World News today, someone has shorted $4 billion in paper gold on the New York Commodities Exchange to keep the price under its short-term downtrend line. Turk says, “Only central banks would make that trade in a gold bull market. They are the only ones on the planet who benefit from a low gold price.” But he adds that market forces seem about to overcome them.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
end
THE NEXT BIG THING TO DEVELOP: YIELD CURVE CONTROL
Banks will solidify their perception as buyers of last resort
(Bloomberg/GATA)
A ‘buy everything’ rally beckons in the world of yield-curve control
Submitted by cpowell on Sun, 2020-06-21 16:19. Section: Daily Dispatches
Buy everything except the dollar, that is.
* * *
A ‘Buy Everything’ Rally Beckons in World of Yield-Curve Control
By William Shaw and Todd White
Bloomberg News
Sunday, June 21, 2020
As central banks pump trillions into the world economy, investors are setting their sights on what could be the next big thing in global monetary policy: yield curve control.
The strategy, which involves using bond purchases to pin down yields on certain maturities to a specific target, was once deemed an extreme and unusual measure, deployed only by the Bank of Japan four years ago after it became clear that a two-decade deflationary spiral wasn’t going away.
…
No longer. This year the Reserve Bank of Australia adopted its own version. And despite officials’ attempts to cool it, speculation is rife that the U.S. Federal Reserve and Bank of England will follow later this year.
Should yield curve control go global, it would cement markets’ perception of central banks as the buyers of last resort, boosting risk appetite, lowering volatility, and intensifying a broader hunt for yield.
While money managers caution that such an environment could fuel reckless investment already stoked by a flood of fiscal and monetary stimulus, they nonetheless see benefits rippling across credit, equities, gold, and emerging markets.
“It depends on the form and the price but broadly speaking it’s the green light to carry on with the QE trade — buy everything regardless of valuation,” said James Athey, who manages $3.1 billion at Aberdeen Standard Investments in London. …
Lower rates in the U.S. could weaken the dollar and help riskier currencies like the South African rand and Mexican peso. …
The Covid 19 pandemic has now caused the Fed to ration base metal coins..Americans are hording cash!
(zerohedge)
COVID-Crunch? Fed Begins Rationing Coins As Americans Horde Cash
Having closed the US Mint and halted production (blaming COVID-19) after a surge in demand for gold and silver coins, and warned of the danger of using bills (once again blaming the pandemic and choosing to “quarantine” cash for the sake of Americans’ health), Fed Chair Powell quietly admitted to lawmakers this week that The Fed will be rationing coins as the circulation of coins across the US economy ground to a halt due to the pandemic.
“What’s happened is that with the partial closure of the economy, the flow of coins through the economy … it’s kind of stopped,” Powell told lawmakers.
He said the shortage was due to the mass business closures that prevented people from spending their coins, as well as a lack of places that are open where people can trade coins for paper bills.
“We’ve been aware of it, we’re working with the Mint to increase supply, we’re working with the reserve banks to get the supply to where it needs to be,” Powell said, adding he expected the problem to be temporary.
Of course, Powell added that the problem would only be temporary, given the economy was reopening and establishments that traditionally deposit their cash into banks were beginning to restart operations.
Until the shortage is resolved, the Fed is taking the unusual step of limiting the amount of quarters, dimes, nickels, and pennies sent to banks “to ensure a fair and equitable distribution of coin inventory.” They issued a statement explaining the decision:
Temporary coin order allocation in all Reserve Bank offices and Federal Reserve coin distribution locations effective June 15, 2020
The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin. In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees. Federal Reserve coin orders from depository institutions have begun to increase as regions reopen, resulting in the Federal Reserve’s coin inventory being reduced to below normal levels. While the U.S. Mint is the issuing authority for coin, the Federal Reserve manages coin inventory and its distribution to depository institutions (including commercial banks, community banks, credit unions and thrifts) through Reserve Bank cash operations and offsite locations across the country operated by Federal Reserve vendors.
The Federal Reserve is working on several fronts to mitigate the effects of low coin inventories. This includes managing the allocation of existing Fed inventories, working with the Mint, as issuing authority, to minimize coin supply constraints and maximize coin production capacity, and encouraging depository institutions to order only the coin they need to meet near‐term customer demand. Depository institutions also can help replenish inventories by removing barriers to consumer deposits of loose and rolled coins. Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues.
Consequently, effective Monday, June 15, Reserve Banks and Federal Reserve coin distribution locations began allocating coin inventories. To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure. The temporary coin allocation methodology is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels. Order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations. Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production.
This coin rationing occurs as Americans are hording cash in record amounts due to the COVID crisis. As Decrypt reports:
Banks have more cash than ever before – largely due to the coronavirus pandemic, figures from the Federal Reserve show.
Deposits have never been so high—growing by $865 billion in April alone, CNBCreported. Deposits in total have increased by $2 trillion since January after record amounts of cash were pumped into US bank accounts to help with COVID-19 chaos. Money in bank accounts now stands at a whopping $15.4 trillion, June figures show.
The flood of money is due to the US government doling out trillions of dollars to help its citizens with the economic hardships brought on by COVID-19 lockdowns; an unlimited bond buying program by the Federal Reserve; and people hoarding money because of uncertain times.
That money is sitting in bank accounts. The biggest US banks—JPMorgan Chase, Bank of America and Citigroup—have experienced astronomical growth, CNBCreported. But there is such a surplus of cash, CNBC reports, that banks don’t quite know what to do with it.
We have already seen sly moves to ban cash transactions in favor of the universal use of credit cards on the flimsy excuse that handling cash may spread the coronavirus.
As Viv Forbes warns at The Epoch Times,don’t let our cash money become the biggest COVID casualty. Swapping paper money for a monopoly of electronic money is a bad deal.
We should always be free to save our cash and protect the value of our savings by investing in real assets or sound money like gold and silver.
Real money is always measurable by weight, such as pounds, grams, pennyweight, and ounces of gold and silver, or carats of gemstones. It cannot be counterfeited or corrupted easily. But the value of fiat money relies on the honesty and openness of the rulers.
…
Fiat money allows politicians to secretly steal your savings to fight yet another war on someone or something. Next we will see a war on “speculators,” or “hoarders,” and calls for a world currency.
U.N. one-worlders will not let this COVID crisis go to waste. They dream of one-world government (the “National Cabinet” writ large) with no circulating cash and mandatory use of digital money (credit card currency). The climate alarmists would also like to use a digital money monopoly to promote their war on carbon. They could control and ration what we buy and consume—lettuce, tofu, bicycles, and green energy only, with no overseas trips and no secret buying of diesel, bacon, or beef.
We have already seen the start of their war on cash—digital money will join mulberry money, shinplaster, and cubic currency in the long history of failed political money. While people are focused on social distancing and contact tracing, one-worlders are secretly planning to recall banknotes and abolish cash. Then they can ration the “money” available to each of us each month (cutting it off for white males once they reach their “use by date”?).
For many people in the world, a store of gold coins, silver coins, gem stones, or a bit of productive land has allowed them to survive or escape when their government became too oppressive or lost a war, and the local fiat money became a cubic currency.
Unless, of course, history repeats…Gold confiscation?
end
Goldman Sachs is also quarterbacking the new physical exchange gold and silver// at the LME
Gold Nears Breakout As Goldman Upgrades Precious Metal On “Debasement Fears”
Spot gold prices are rallying this morning, as the dollar dives, pushing to within a tick or two of May’s highs…
A breakout from here would take the price of the barbarous relic to 2012 levels and quickly beyond…
Until the last few days, gold has struggled to find a direction since rebounding in late March on the back of the Fed’s “QE” announcement as it remains torn between a large negative “Wealth” shock to EM consumers and CB demand and a surge in “Fear”-driven DM investment demand.
However, as Goldman argues in their latest Commodities Research note, gold investment demand tends to grow into the early stage of the economic recovery, driven by continued debasement concerns and lower real rates. Simultaneously they see a material comeback from EM consumer demand boosted by easing of lockdowns and a weaker dollar.
As Goldman writes:
Looking at previous recessions, we note that economic policy uncertainty tends to jump after recessions and remains high for several years (see Exhibit 3). In 2020, the virus has led to unprecedented fiscal and monetary stimulus. It remains unclear how much more stimulus will be deployed by DM governments, how the resulting deficits will translate into higher taxes down the road, and how long monetary policy will remain ultra-loose. Finally, it is unclear whether the crisis leads to second round shocks, such as social unrest, political volatility, or rising international tensions. In such an environment, demand for defensive assets (gold in particular) will continue to expand, in our view.
Policy uncertainty aside, we believe that debasement fears remain the key driver of gold prices in a post-crisis environment such as this. Faced with both an unprecedented shock and an unprecedented policy response, it remains unclear how inflationary the economic recovery will be.
Furthermore, current social unrest increases the uncertainty over how much inflation policymakers will tolerate, and for how long. Although high inflation didn’t follow the 2008 crisis, there are a number of notable differences in today’s economy that may make this time different. Specifically, a much larger fiscal and monetary stimulus, better household balance sheets going into the crisis, no tightening in bank regulation/credit standards and less political will for austerity policies all point to greater inflationary pressure than in 2008.
Specifically, Goldman see gold prices as following a similar path today as they did in 2008-2013:
During the GFC crisis gold had an initial jump as nominal rates fell and QE started in November 2008. It then remained stuck in a range through the first half of 2009 as the policy effect took hold. During these periods there were brief corrections sparked by risk-on mini-rotations out of defensive assets but overall gold price remained directionless for about 6 months. The market finally broke out higher in October 2009 in line with a decline in real rates as inflation rose while policy remained loose.
Allocation to gold continued to increase in line with the share of inflation protected assets in investor portfolio’s for 3 years (see Exhibit 8).
This is consistent with the observation that a high level of economic uncertainty persists for several years following a recession and that investment demand for gold will likely continue to expand into the recovery stage the business cycle. After policy (and economic) uncertainty receded, gold fell.
Goldman believes that a similar case is likely to play out today, with real rates dragged lower by a gradual normalization of inflation expectations while nominal rates remain depressed due to loose central bank policy. This leaves two main drivers sending gold prices higher: lower real rates and higher EM demand.
Our rates strategists expect 5 year rates to end the year at 0.35 and be only 0.45 by end of 2021 – almost the same level they are today. Simultaneously, they see scope for a higher 5 year inflation swap rate, as the market is underestimating inflation beyond 2020. Our economists expect inflation over the next 5 years to average 1.73% vs current market pricing of 1.02%. Therefore, real rates in the US are expected to continue to fall, increasing debasement concerns and putting upward pressure on gold (see Exhibit 9).
At the same time, our FX team expects material dollar downside as US interest rates are back at zero, eroding the positive carry spread it had over other G-10 currencies. A weaker dollar will also help boost the purchasing power of major gold consumers in across Emerging Markets, supporting gold through the “Wealth” effect. Chinese gold demand appears to be rebounding after lockdown in line with the improved Shanghai discount. This suggests EM gold demand will shift from being a drag on gold prices to a tailwind as we move into 2H20 (see Exhibit 10).
On the back of this they have raised their 3/6/12 month gold price forecasts to $1800/1900/2000/toz.
Goldman also revised up their silver forecast from $13.5/14/15 toz to $19/21/22 toz.
The upward revision is driven by two primary factors.
First, coordinated global stimulus will help generate growth in industrial production and global economic activity. Relative to gold, silver demand is more closely tied to industrial production, accounting for 50% of its demand (see Exhibit 16). Therefore, as the economy recovers and “Fear” based demand for gold moderates, we expect silver industrial demand to increase, driving up prices. Silver also stands to benefit from growing investment in solar power.
Secondly, we have argued in the past that silver is the precious metal of second choice after gold. This means that when interest in precious metals is moderate investors may still add to gold but silver often gets overlooked. However, when interest in precious metals is surging (as it is now) a lot of investors historically diversify part of their gold purchases with silver.
In this environment silver can outperform gold because it is a smaller market and moderate relocation into it can lead to a material price spike.
END
Good reason why there is a huge shortage of silver:
Peru’s silver production collapsed in April and no doubt in May as well
(SRSRocco report)
BREAKING NEWS: Peru Silver Mine Supply Collapsed In April
With the data now finally out, Peru’s silver mine production collapsed in April. Due to the shutdown of a large portion of Peru’s mining industry, as a result of the global contagion, the impact on the world’s second-largest silver supply was enormous. While I had mentioned in previous articles that I expected to see silver production from Mexico and Peru to decline significantly, I’m amazed actually to see the real numbers.
Over the past several months, I have checked the Peru Ministry of Mines website for updates on the domestic mine supply figures. However, they have not updated their monthly production data since December 2019. I tried writing the Peru Ministry of Mines website to find out why they haven’t been updating their figures, but I received no reply.
I decided to do a bit more digging and found a newly released April 2020 Mining Update in response to the global contagion. This new Mining Bulletin published Peru’s mine production data for January to April 2020. According to the recently released data, Peru’s silver mine supply in April fell to 85 metric tons (mt) versus 322 mt during the same month in 2019:
Peru’s silver mine supply collapsed by 74% in just a few months. If we convert to troy ounces, the year-over-year change was a decline from 10.3 million oz (Moz) to 2.7 Moz. Thus, the world’s second-largest silver mine supply fell 7.6 Moz in April. Now, if we look at Peru’s monthly mine supply over the past year, we can see that silver production started to decline in March:
As the Peruvian government started implementing mine closures in the middle of March, silver production fell by nearly 100 metric tons compared to February.
So, if we compare the change in the first four months of 2020 versus the same period last year, here is the result:
Peru Silver Production Jan-Apr 2019 vs. 2020:
Silver production Jan-Apr 2019 = 38.3 Moz
Silver production Jan-Apr 2020 = 30.0 Moz
Peru’s silver production for the first four months of 2020 is down 8.3 Moz, or 22%. What about May?? Peru didn’t start opening up most of its mines towards the end of May. Thus, Peru’s silver production in May will also be significantly lower than the 340 mt reported during the same month last year How much lower?? Good question. My estimate would be between 75-100 mt. If this is true, then Peru’s silver production will be off by more than 15 Moz, and that doesn’t include any possible future shutdowns during the rest of the year.
I stated in past articles and videos that the global silver mine supply would easily fall by 50 Moz in 2020. If Peru loses 15 Moz, then we can assume that Mexico could lose 25-35+ Moz. And, if we add any additional silver mine closures around the world, it can easily curtail 50 Moz of global silver mine supply this year.
Although, I do believe the world is going to experience more economic and financial problems in the second half of 2020 (and into 2021), which will likely impact the production of base metals; copper, zinc, and lead. According to the 2020 World Silver Survey (Metals Focus), 55% of global silver mine supply comes as a by-product of base metal mining.
So, there is a real threat of even more silver production lost due to the global economic slowdown and the need for less copper, zinc, and lead metals. I don’t believe analysts realize just how bad the situation in the global economy can unfold over the next 6-12 months.
I will be providing more updates on silver mine supply out of Mexico when the data is released next week.
THANK YOU ALL FOR THE SUPPORT: I just wanted to thank all the individuals who continue to support the SRSrocco Report website and youtube channel. I know some of you have canceled memberships as times are tough. I understand. If you are new to the site and find the information valuable, please consider supporting the website, if you have the means to do so, at Paypal or Patreon below.
end
J Johnson’s Latest
Thank You Mr. Resolute, For Stepping In Like A King!
The real stuff is in demand with Gold trading at $1,757.80 up $4.80 after hitting $1,776.70 before London did it’s usual, with the low at $1,753.50. Silver is still leading with the trade at $18.165, up 14.3 cents after it reached $18.36 with the low at $18.05. The US Dollar’s value is now pegged at 97.415, down 16.2 points and is once again in the middle of the trade with the high at 97.70 and the low at 97.25. Of course, all this happened before 5 am pst, the Comex open, the London close, and after AOC, stated that tricks where made to keep Trump supporters from coming into the Tulsa gathering. No matter what she says, her lasts days as a political waitress is here, apparently, she got a bad review and won’t be serving another round.
In Venezuela, Gold’s price now sits at 17,556.03 Bolivar, proving a gain of 170.78 so far with Silver at 181.423 Bolivar, gaining 2.846 since Friday’s trades. Gold under the Argentine Peso is now at 122,572.52, a gain of 1,353.10 Peso’s with Silver gaining 20.88 A-Peso’s with the last trade at 1,266.78. Gold is also gaining strength under the Turkish Lira with the latest value priced at 12,054.65 proving a gain of 123.15 with Silver also trading in the positive at 124.573, gaining 1.943 T-Lira since Friday mornings last quote.
June Silver’s Delivery Demands are just about done with this coming Friday being the last day for Mr. Resolute to step in like he did with Gold last Friday, with Ag’s demand count at 8 and once again, with no Volume or trades to report. Friday’s end of day delivery activities also had nothing to report but we did confirm 1 purchaser got his receipt as the count dropped by that one lone number. Silver’s Overall Open Interest elevated even more on Friday’s rally as another 4,747 short contracts had to be added in order to keep the price from really jumping. This brings the total count to 181,870 Overnighters willing to take on the physical buyers, as we get closer to proving these additions, are the only things they can do, to control the situation as they attempt to take out all the Deep In The Money Call Options, which expire this Thursday. One day these massive short trades, will be forced out. We believe we are getting closer and closer to seeing that day!
June Gold’s Delivery demands gained 784 more requests for physicals inside Friday’s trades, with today’s Volume at 110 with the demand count at 927 inside a trading range between $1,764 and $1,750.50 with the last trade at $1,751.10 raising the price by $5.20, so far today. Friday’s Volume proved 1,329 contracts swapped hands with the full day’s trading range between $1,750.70 and $1,723.50 with the last buy at $1,745.90. The numbers don’t jive as usual, so we have to assume someone got their receipts the day they bought. Thank you, Mr. Resolute for stepping in like you did. Not only did Mr. Resolute stroll into the physicals like a king, the shorts had to add another 23,646 more contracts into the mix in order to keep things steady. At the end of the day we also got a notice that the margins for Gold were lowered as well. All this activity behind the price is what we call our “Tell”, and it’s telling us things are not normal.
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.
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.
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
Submitted by cpowell on Tue, 2019-03-05 14:40. Section: Daily Dispatches
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 —
— 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 —
— 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”:
Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.
How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc. CPowell@GATA.org
* * *
Your early TUESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST
i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0757/ GETTING VERY DANGEROUSLY PAST 7:1
//OFFSHORE YUAN: 7.0706 /shanghai bourse CLOSED DOWN 2.36 POINTS OR 0.08%
HANG SANG CLOSED DOWN 132.54 POINTS OR 0.96%
2. Nikkei closed DOWN 41.52 POINTS OR 0.18%
3. Europe stocks OPENED ALL RED/
USA dollar index UP TO 97.40/Euro RISES TO 1.1211
3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.89/ 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:: 39.54 and Brent: 42.09
3f Gold UP/JAPANESE Yen UP CHINESE YUAN: ON -SHORE DOWN/OFF- SHORE: DOWN
3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END
Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.
3h Oil DOWN for WTI and DOWN FOR Brent this morning
3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.47%/Italian 10 yr bond yield DOWN to 1.29% /SPAIN 10 YR BOND YIELD DOWN TO 0.47%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.76: DANGEROUS FOR THE ITALIAN BANKING SYSTEM
3j Greek 10 year bond yield FALLS TO : 1.20
3k Gold at $1748.15 silver at: 17.86 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50
3l USA vs Russian rouble; (Russian rouble UP 2/100 in roubles/dollar) 69.54
3m oil into the 39 dollar handle for WTI and 42 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 106.89 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 .9503 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0653 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.
3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to –0.47%
The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.
4. USA 10 year treasury bond at 0.69% early this morning. Thirty year rate at 1.45%
5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.
6. TURKISH LIRA: UP TO 6.8579..
European Stocks,
3A/ASIAN AFFAIRS
i)MONDAY MORNING/ SUNDAY NIGHT:
SHANGHAI CLOSED DOWN 2.36 POINTS OR 0.08% //Hang Sang CLOSED DOWN 132.55 POINTS OR 0.96% /The Nikkei closed DOWN 41.52 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN .06%
/Chinese yuan (ONSHORE) closed DOWN at 7.0759 /Oil UP TO39.54 dollars per barrel for WTI and 42.08 for Brent. Stocks in Europe OPENED MIXED// ONSHORE YUAN CLOSED DOWN // LAST AT 7.0758 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0706 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING BELOW 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//NORTH KOREA
North Korea sends troops and ships to its border with SouthKorea
(zerohedge)
North Korea Sends Troops & Ships To Border As More Attention-Grabbing ‘Explosive Displays’ Loom
While the world awaits more of North Korea’s attempt at attention-grabbing “explosive displays” following the dramatic televised explosion of the inter-Korean liaison office Tuesday, there’s been a reported build-up of NK troops along the the demilitarized zone (DMZ), according to new reports. Ships have also been observed entering areas along the disputed maritime border.
Pyongyang’s recent threats to mobilize extra forces have been made good on, apparently: “North Korea’s military appeared to be moving to the front lines near the South as a U.S. reconnaissance plane flew over the peninsula, following days of threats and provocations from Pyongyang,” UPI reports.
Prior illustrative image via North Korea’s Korean Central News Agency/Reuters.
South Korean media and military sources report that “North Korean troops were stationed on the North’s side of the Korean demilitarized zones, at vacated guard posts of the tense border.”
Pyongyang’s latest saber-rattling is ostensibly related to an ongoing campaign of defectors spreading propaganda leaflets into the north via the border. Apparently in some cases activists are using balloons to transport messages into the north encouraging people to defect.
“On Wednesday North Korea had said it would retake vacated guard posts and take military action if North Korean defectors in the South continued to send anti-Pyongyang leaflets by helium balloon,” the UPI report adds.
Thus it appears Pyongyang’s troop movements, including what it says are elite units, are an attempt to make good on the prior threats.
Raphael Rashid
✔@koryodynasty
North Korea releases pics of the destruction of the inter-Korean liason office.
via Yonhap News.
It also comes amid disappointment at stalled – and what now appears to be completely failed – nuclear talks with Washington, which Seoul had previously touted as something it would help achieve.
South Korean diplomats have reportedly reached out to restore communications with the north but have been rebuffed. It’s widely believed that Kim John Un and his increasingly visible sister Kim Yo-jong, who has lately emerged as an outspoken military ‘enforcer’ of sorts, are seeking new leverage with the Trump administration, at a time sanctions are still in place with little openings forward.
b) REPORT ON JAPAN
3 C CHINA
China/Taiwan
China is in a very precarious position as they are becoming more and more warlike. First Hong Kong and now they are sending warplanes nearing Taiwan as tensions soar.
(zerohedge)
Chinese Warplanes Advance On Taiwan As Tensions Soar
For the seventh time this month, Chinese warplanes approached Taiwan’s air defense identification zone (ADIZ) on Monday in what could be a deepening phase of geopolitical turmoil between Beijing and Taipei, reported Reuters.
The People’s Liberation Army Air Force (PLAAF) flew at least one H-6 bomber and J-10 fighter jet into the ADIZ at the island’s southwest territory.
Taiwan’s air force responded by issuing verbal warnings to the PLAAF aircraft and dispatched aerial reconnaissance and fighter jets to intercept the Chinese jets.
Taiwan’s Ministry of National Defense (MND) said Taiwanese fighters “proactively drove off” the PLAAF aircraft. The incident marks the seventh time, last seen on June 9, 12, 16, 17, 18, and 19, that Chinese military aircraft have violated the country’s ADIZ.
The H-6 is a nuclear-capable bomber, used by China in “island encirclement” war exercises around the Chinese claimed-island.
Beijing insists Taiwan is part of China, and the war drills around the island, if that is in the air or by sea, act as a routine reminder that China has plans for unification.
The sudden spike in Chinese warplane sightings comes weeks after Taiwan’s President Tsai Ing-wen was sworn in for a second presidential term in late May.
US Secretary of State Michael Pompeo congratulated Tsai and said Taiwan is a “force for good in the world and a reliable partner.”
Usually, the US has refrained from recognizing Taipei’s government in the past. This certainly angered China – and probably why PLAAF aircraft have been flying around the island.
With cross-strait and Sino-US diplomatic relations quickly deteriorating – Beijing will likely continue its aggressive stance in the region.
China/EU and uSA
It took a long time but finally the EU has woken up re China. It sure looks like sanctions will be initiated by the EU in conjunction with the uSA, This will paralyze Chinea with no outlet to sell their goods
\\Jay/Strategic Culture Foundation
Finally, The EU And Trump See Eye-To-Eye On One International Policy: China
Both Trump and the EU are turning on China for very similar reasons but with different timescales ahead of them. The West still struggles with what it requires from China and whether it wants to get rich and become a big spender, or become poorer and flood western markets with cheaper and cheaper goods. Expect more devaluation of the Yuan.
EU is “rebalancing this relationship” with China. EU ambassador to the UK João Vale de Almeida tells Chatham House. It’s not about “isolating” or “ganging up” on China, but it’s about addressing issues. We have different systems of values on human rights and other areas”.
A pretty remarkable statement to make and one which could only have come from a relatively obscure EU official, if it was based on solid support from the highest echelons of the EU in Brussels – who, in turn, would not go ahead with such a bellicose policy if they didn’t have the gilt-edged backing from France and Germany.
So, in a matter of weeks, where the EU was caught red-handed redacting its own internal report which slammed China over its COVID-19 role – and media coverage – now, we seem to be in the midst of the EU waking up to its own economy imploding and a political calamity to follow which could be the end of the EU as we know it.
The EU is starting to think about protectionism and is about to develop a new relation with China, which, we should assume means cutting less slack to Beijing on its goods, by jacking up tariffs.
In the U.S., analysts are also saying that the U.S.-China trade deal is dead in the water, chiefly due to corona crashing world oil prices, which knocked a big hold in the first phase of Trump’s deal which involved China buying huge chunks of oil and gas from the U.S. at higher prices. In reality, for most of this year China’s energy needs have also been dramatically reduced due to chaos and lockdowns which are corona-related. Trump got the first phase off to a good start by forcing China’s hand on agricultural goods which were floundering in many states which supported Trump, but the ‘art of the deal’ U.S. president is actually not very good at doing trade deals. The essence of a trade deal is its rigidity and sustainability. Trump’s barely lasted weeks. Foreign Policy, the high-brow international politics magazine, put it aptly.
“Amid the collapse in oil demand and prices unleashed by the pandemic, it is now all but certain that China will fail to meet its targets for energy purchases and expose the folly of Trump’s trade strategy” it says. “While Trump was right to address China’s problematic trade practices, the administration’s approach made little sense before the pandemic—and makes even less sense now”.
And many might argue that Trump’s determination to get a trade deal with China which helped blue collar families back home, was all about getting re-elected anyway, according to John Bolton’s bombshell book which reveals that the U.S. president right from the off was positioning the Chinese premier to help him (Trump) get re-elected. Trump believed all he needed to nail a second victory was a deal with China. Remarkable.
The toughening of both rhetoric and action now from Trump as the deal falls apart was inevitable. Almost like a petulant child, as it becomes clear that Beijing can’t keep its side of the bargain, Trump goes into self-preservation mode to deflect blame. Barely within a heartbeat, U.S. media announces news of sanctions against China on its reported concentration camps against Muslim groups, which, according to Bolton, he had secretly supported all along with Xi, which the former National Security chief claims was the “right thing to do” according to Trump.
Within seconds, almost, it’s as though if China cannot serve Trump with his specific needs, then it has to become and enemy to at least generate the requisite media traffic which continues to get Trump on the front pages. And this is what is playing out now. Already Beijing sees the game and is ready to play that role.
“We again urge the U.S. side to immediately correct its mistakes and stop using this Xinjiang-related law to harm China’s interests and interfere in China’s internal affairs,” the ministry said in a statement.
“Otherwise China will resolutely take countermeasures, and all the consequences arising there from must be fully borne by the United States.”
That sounded like a pretty lucid threat from China. Remarkably, Trump, despite the losses to business and the crippling effect on U.S. companies in China, is happy to get tough with China. There is, in fact, no limit in what he can do to get re-elected – even make friends with the Taliban, if that’s what it takes.
More remarkable is that the EU seems to be following his lead with their rationale why they should be tougher on China. Its own political survival beyond the next European elections in 2024.
With the catastrophic impact on the EU economy, many member states – not only Italy and Spain which were hit particularly hard – themselves are going to have to make tough decisions which resonate with angry voters over how to hold China accountable for the pandemic. The EU will be forced to follow this trend for its own survival as, for those member states where the political establishment save their own seats, scapegoats will be required. The Blame Game will make losers of the EU and its delusional ideas of being a super power.
Some political elites will blame Brussels and will have some success with this. And it’s as though EU chiefs are already ahead of the game, if one of its “ambassadors” in London can openly make a comment to the press which talks about a new relationship with China. Xi and his ministers will patiently wait for Trump to fall on his own sword in November, as the scandal mounts up and the pressure on the Republican party reaches fever pitch. For the EU though, there is a longer game at play, with higher stakes. But will Brussels make it to 2024 though?
end
CHINA/INDIA
I guess that India will not be buying any good from China
(zerohedge)
China Warns India: “If Fired Upon, Our Troops Are Prepared For War”
Beijing has issued its formal reaction to widespread reports that the Indian Army has authorized “complete freedom of action” for its troops deployed along the China-India Line of Actual Control after the deadly June 15 skirmish which left 20 Indian soldiers dead and an unconfirmed scores of PLA troop casualties.
The new Indian rules of engagement of course mean a much higher likelihood of more deadly border conflict, given Beijing is likely to alert its forces in kind. An editorial in Chinese state-runGlobal Timeslays out the Chinese response, underscoring the “change” will inevitably “turn into a military conflict” which is “not what most Chinese and Indian people wish to see,” according to the editorial.
Via Defense News
“If this new approach is implemented and Indian troops shoot Chinese soldiers in the first place in future encounters, then the China-India border dispute will turn into a military conflict. This is not what most Chinese and Indian people wish to see,” it reads.
The editorial warns the potential for a dangerous end to China-India bilateral agreements for deescalation hangs in the balance. It slams what it suggests is in reality a reckless domestic opinion driven response, given the widespread outrage in India over the troop deaths last week.
Although “complete freedom of action” is the Modi administration’s appeasement to the Indian army and public opinion, it is extremely irresponsible. It shows that India may be tearing up the two countries’ most important agreements, and this will seriously increase the two troops’ mutual distrust and add to the possibility of unwanted military conflicts. It is also against the consensus reached by the two sides’ foreign ministers to cool down the situation in the Galwan Valley.
We would like to warn India’s feverish nationalists not to lead New Delhi down the wrong path, and not allow India to repeat past mistakes.
Significantly, the editorial emphasizes the PLA’s superior firepower and that if tested it will respond with overwhelming force.
“We would like to tell PLA soldiers stationed at the China-India border that they must be extra careful when fulfilling their duties, and to be well prepared for war.”
Hu Xijin 胡锡进
✔@HuXijin_GT
Nationalists of India need to cool down. China’s GDP is 5 times that of India, military spending is 3 times. Don’t use firearms at border. The gap of “kung fu” between the two troops is much smaller than the gap of military capability between them. Please cherish peace.
GT spells out further what will happen in a ‘shots fired’ scenario: “If the Indian army fires the first shot, PLA soldiers must ensure that they have enough firepower to fight back. The most important thing is ensure their own safety and not to suffer losses in an armed skirmish triggered by the Indian side.”
The editorial concludes with the following deeply alarming statement:
“We also urge the PLA to prepare for the worst-case scenario. If the Indian army launches a border war, it must be taught a good lesson.“
Hu Xijin 胡锡进
✔@HuXijin_GT
Indian media reported that Indian army along the border with China had been given “complete freedom of action”, including using firearms in “extraordinary situations.” If true, this is a serious violation of agreement, & the Indian side will pay a heavy price for any such action.
According to India’s new rules of engagement circulated in Indian media reports, troops will essentially be able to fire on opposing Chinese soliders if they feel under threat without consulting higher level officers or the national chain of command.
Obviously this holds the potential for more such deadly escalations as happened a week ago, considered the most severe Chinese-India clash along the Line of Actual Control (LAC) in a half-century.
4/EUROPEAN AFFAIRS
EU/ITALY
This is dangerous for Italy as the “frugal four” block coronavirus rescue package.
(zerohedge)
“Frugal Four” Block Deal On Coronavirus Rescue Package Over Grants To Worst-Hit Countries
The abrupt EU virtual summit held this week to try to break an impasse on a deal to finance the EU’s coronavirus rescue package before the continent slides into what many fear will be a punishing recession – perhaps even brutal enough to finally break up the eurozone – has ended in failure, with the “frugal four” – as they’re called in the European press – having garnered enough support to block the EU recovery plan, which must be approved by the entire EU27.
Yesterday, German Chancellor Angela Merkel ruled out the possibility of a deal being stuck during the hastily scheduled summit. With this in mind, she urged her colleagues again on Friday to try and come up with a deal before the summer break, acknowledging that the starting position isn’t an easy one.
“The pandemic shows us how vulnerable Europe is,” she told MPs…”Therefore I want to stress to you that cohesion and solidarity in Europe were never as important as they are today,” according to comments shared with the press Friday morning.
Another anonymous EU official told another reporter that if a planned July summit can’t be held in person, an agreement likely wouldn’t arrive until the fall, when the worst hit countries like Spain and Italy may already be in the throes of a serious financial crisis as blown out budget deficits bump up against EU budgetary rules.
On Friday, EU Commission President Ursula von der Leyen, Michel Barnier, the chief Brexit negotiator, and the president of Croatia, Andrej Plenković, held a joint press briefing to discuss the outcome of the snap summit.
LIVE NOW: #EUCO press conference with @eucopresident @vonderleyen and @AndrejPlenkovic
pscp.tv
During the briefing, journalists from mostly European media outlets peppered the unelected bureaucrats with questions about the nature of the impasse, what, if anything, had been accomplished during the brief summit, and why the Commission believes a deal before the summer break is still possible.
On Friday, Dutch PM Mark Rutte, known as the leader of the so-called “frugal four”, told reporters that the chances of a deal by the end of July actually aren’t all that high.
RUTTE NOT SURE EU WILL REACH DEAL ON #RECOVERY FUND IN JULY – BBG
RUTTE SAYS NOTHING WILL GO TERRIBLY WRONG IF NO DEAL IN JULY
RUTTE SAYS ONLY SOLUTION TO EU BUDGET ISSUES IS REBATES
Those tempted to label Rutte and his partners as heartless and ungrateful should keep in mind that Rutte is at the helm of his third government after a decade in power, and although he’s still tremendously popular – he’s widely considered the greatest Dutch leader of the postwar era – at home, euroskeptic forces in the Dutch Parliament recently cost his ruling four-party coalition the outright majority in the Dutch Parliament. The PM must now be extremely careful not to appear to be handing over Dutch taxpayer’s money to the profligate Southern Europeans.
As the urgency intensifies and the negotiations descend into acrimony, ECB chief Christine Lagarde has been pleading desperately with EU states to just strike a deal and get it over with, while each new batch of economic projections grows increasingly dire.
Meanwhile, the Trump White House has lashed out at the EU over its “digital tax” plans and other tax measures that would supposedly help finance the plan, which would effectively force American tech giants, which are being hit by antitrust lawsuits in the EU left and right, to help finance the EU coronavirus bailout. Two days ago, the Trump administration abruptly suspended fraught international tax negotiations with EU countries and warned that the bloc should expect retaliation if it moves ahead with plans to impose the new tax, which it is currently still planning to do. The Commission also wants to introduce new EU taxes, including a level on single-use plastics, a digital tax or a tax on multinationals, to help foot the bill. This will likely only further complicate the situation once Washington really starts throwing around its political heft.
Margin call on Braun by Deutsche bank trying to get back its 150 million euro loan
(zerohedge)
WireCard CEO In A World Of Pain As Banks Force Margin Call On €150MM Stock-Pledged Loan
He may have avoided prison for the time being, but the financial pain for Markus Braun, CEO of the biggest corporate fraud in German history is just starting.
According to Bloomberg sources, Braun is facing a massive margin call as Deutsche Bank has issued a margin call on a €150MM loan pledged by shares that have lost 72% of their value following news that billions in company cash have gone missing. Braun, who holds 7% of Wirecard’s shares and is the company’s biggest shareholder, did what so many CEOs have done, and funded a €150 million margin loan that was secured by the value of the underlying stock. However, last week’s plunge has triggering a margin call liquidation of these shares which no longer cover the full value of the loan.
In 2017, Braun – who has invested tens of millions of euros of his own funds into the firm and owned 8.7 million shares of Wirecard as of June 19 – secured the loan from Deutsche Bank (there’s that name again) by pledging 4.2 million shares, or just under half of his personal stake. When the stock was trading above €100/share the overcollaterialization cushin was generous, giving the loan an LTV of well below 50%. However, with the stock now trading at €25, there is a €50MM shortfall in the loan and DB is rushing to collect on whatever it can.
in other words, it would take as much as 6 million shares of Braun’s WDI holdings to satisfy the margin loans leaving him with about 2.7 million shares which at a price of €25 means a little over €50 million, which will evaporate in no time on lawyer retainers as the CEO prepares for the legal onslaught facing him (assuming of course the stock retains any value if and when WireCard files for bankruptcy as now appears likely).
The good news for Deutsche Bank is that for once it is not facing a direct loss on this massive fraud because as Bloomberg notes that the bank has since offloaded the risk tied to the position. The bad news is that Deutsche Bank is part of the 15 bank syndicate behind Wirecard’s revolver.
Those banks now have the legal right to terminate the loan known as revolving credit facility because Wirecard breached conditions known as covenants when it failed to publish the annual report on Friday. The involved banks are currently trying to extract other concessions from Wirecard such as heightened transparency to avoid a default that would hit them too, Bloomberg has reported.
Ultimately, depending on the extent of the fraud, the banks may suffer substantial impairment, especially if Wirecard files for bankruptcy in the next few days, something which its Friday hiring of Houlihan Lokey suggests is imminent.
As noted above, Wirecard’s CEO is not alone in using his shares as margin against a loan: take the example of Tesla, whose directors and executives – such as Elon Musk – have pledged a whopping 10% of the outstanding stock or some 5 million shares as collateral against margin loans, a number which has increased by 36% over the past year.
END
GERMANY/WIRECARD
The 2 billion dollars of missing cash will never be found.
(zero hedge)
Wirecard Shares Down 50% As Company Admits Missing Cash Won’t Ever Be Found
Germany’s once-prized fintech giant Wirecard is teetering on the brink of bankruptcy now that both the disgraced company and its “Big Four” auditors have finally acknowledged that €1.9 billion euros ($2.1 billion) of cash missing from its reserves will probably never be found.
The acknowledgement, confirmed Monday by a flurry of press reports, caused the price of Wirecard shares to halve once again, falling by 45% at its peak, before bouncing slightly.
Per CNBC, the search for the missing cash hit a dead-end after two Asian banks, the Philippines-based BDO and BPI, both denied having Wirecard as a client. Furthermore, the Philippines’ central bank said Sunday that the money hadn’t even entered the country’s financial system, exposing yet another one of Wirecard’s probably-improvised lies as just that.
“The initial report is that no money entered the Philippines,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday, adding the names of BDO and BPI were used “in an attempt to cover the perpetrators’ track.” Both banks claimed rogue employees falsified documents to indicate the existence of the funds, suggesting that whistleblowers’ claims that the money never existed are probably true.
Wirecard CEO Markus Braun quit on Friday one day after the company said EY had refused to sign off on WC’s 2019 accounts. Before leaving, the CEO claimed the company had been the victim of “considerable fraud” (whistleblowers, on the other hand, have described a culture where accounting fraud like this was encouraged to pacify regulators and overhype investors).
According to Bloomberg sources, Braun is facing a massive margin call as Deutsche Bank has issued a margin call on a €150MM loan pledged by shares that have lost 72% of their value following news that billions in company cash have gone missing. Braun, who holds 7% of Wirecard’s shares and is the company’s biggest shareholder, did what so many CEOs have done, and funded a €150 million margin loan that was secured by the value of the underlying stock. However, last week’s plunge has triggering a margin call liquidation of these shares which no longer cover the full value of the loan.
In 2017, Braun – who has invested tens of millions of euros of his own funds into the firm and owned 8.7 million shares of Wirecard as of June 19 – secured the loan from Deutsche Bank (there’s that name again) by pledging 4.2 million shares, or just under half of his personal stake. When the stock was trading above €100/share the overcollaterialization cushin was generous, giving the loan an LTV of well below 50%. However, with the stock now trading at €25, there is a €50MM shortfall in the loan and DB is rushing to collect on whatever it can.
At one point, BaFin, the German regulator, even barred short-selling in Wirecard’s shares, an extremely unusual action that was widely criticized at the time, and only looks worse in retrospect.
Braun
As expected, it has been rough going for Wirecard shares since they gapped lower at the open in Frankfurt.
With no outright buyers waiting in the wings, an analyst from Citi declared that this is the end of the road for Wirecard, thought not exactly in those words. “The KPMG/E&Y audits and this morning’s announcement lead to such uncertainty over the financials that we are unable to quantify the true profile of the business with conviction. If the company can navigate through the current turmoil, we believe it will still be hard to restore confidence in WDI itself,” Citi analyst Robert Lamb said.
zerohedge@zerohedge
What’s the next shoe: WireCard is funding a meth empire in New Mexico?
For whatever it’s worth, Wirecard has brought on investment bank Houlihan Lokey to explore “options for a sustainable financing strategy”.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS
6.Global Issues
Switzerland
Another indicator of a huge contraction in the global economy; Swiss watch exports collapsed by 68% in May
(zerohedge)
“Second Month Of Quasi-Paralysis” – Swiss Watch Exports Collapse 68% In May
It seems wealthy folks in Asia, Europe, and the US pulled back on purchasing Rolex Submariners and or any other type of fancy Swiss-made timepiece in May as Swiss watch exports continued to crash.
An industry representative told Reuters that economic fallout from the coronavirus pandemic “will have a lasting impact on demand for watches,” which could result in job cuts in the back half of the year at watch manufacturers.
The Federation of the Swiss Watch Industry (FH) released a report Thursday morning describing May as a “second month of quasi-paralysis.” Following 81.3% declines in April, Swiss watch exports continued to plunge in May, down 67.9% compared with May 2019, with a value of exports around 655.6 million CHF ($690 million).
“Performance was similar across all the main groups of materials, but in volume terms, the Other materials category fell by more than the average. In total, the sector exported 1.3 million fewer items compared with May 2019,” FH wrote.
FH calls it: “It seems that the recovery in this market is not yet a given.”
“The performance of the main markets fell by more than half compared with a year ago, across the board. The United States (-79.2%), Japan (-74.2%), France (-76.7%), Singapore (-74.8%), and the United Kingdom (-76.7%) were among the countries that fell by more than the average. While China (-54.6%) outperformed other countries for the second month in a row, it did not stand out to the same extent as in April and recorded a sharp decline.”
Francois-Henry Bennahmias, CEO of high-end watch brand Audemars Piguet, said: “It’s not that nobody wants to buy watches anymore, but in the after-COVID era many people will consume less, they will be more selective.”
Bennahmias told Reuters that he is the most concerned about the US market – expecting sales to fall up to 25% this year, diving below 1 billion CHF ($1.05 billion).
Joris Engisch, head of watchmaker Singer, said the watch industry is about to enter a period of pain: “Half of all the watches we sell go to Chinese customers and they won’t start traveling again soon.”
“We have not had a single new order in three months. We’ll have to shut down completely for several weeks this summer,” Engisch said, adding that smaller subcontractors with lower margins would struggle even more.
“I’m optimistic for the long term, but quite pessimistic for the end of the year, we’ll have one or even two extremely difficult years,” he said. “Companies will start laying off staff if they don’t see positive signals after the summer.”
Changes in high-end Swiss watch exports has been a great leading indicator of the current economic downturn – virus or no virus – a plunge in economic growth was coming. Read what we wrote back in December:
“So could weakening consumer spending trends in diamonds, jewelry, and timepieces be an early warning sign that trouble is ahead for the global economy in 2020?”
I would never have thought possible that the powerful conglomerate, Brookfield would suspend payments that it owes:
(London’s Financial times and special thanks to Robert h for sending this to us)
Robert to me:
Watch the independents leave the malls for storefronts. Leasing or buying property next to malls may turn out to be a smart investment. Strip mall owners may see a new opportunity to exploit such actions. Especially since such locations are open now over malls that remain closed.
Driving by a mall yesterday I noticed that anyone with a entrance to the parking lot at Yorkdale (A destination mall in Toronto) was open while everyone with an interior access was closed. As it was I bought what I wanted at a storefront location of a retailer and could not shop the competition in the mall. Malls will be in big trouble if the likes of Apple figure it out.
I imagine that if a lease does not give priority and privilege to such a difference a case exists for a lawsuit that someone will figure out.
Brookfield is chasing small retailers to pay thousands of dollars in rent on outlets that were forced to close during the coronavirus pandemic, even as the Canadian investment group skips payments on its mortgages and asks lenders for forbearance.
Some shopkeepers who lease kiosks and small stores inside Brookfield malls have been told to pay rent for April and May, a period during which the properties were mostly closed, according to people familiar with the discussions and correspondence reviewed by the Financial Times.
Several tenants who asked for rent forgiveness described being asked to provide extensive financial information, including their personal tax returns for the past two years. The merchants, who requested anonymity for fear of antagonising a powerful landlord, said Brookfield ultimately refused to waive the payments, although it offered to give them until the end of 2021 to come up with the money.
Another group of half a dozen tenants signed a joint plea for help and presented it to managers at one of the Canadian group’s shopping centres. “I will not address the merits of your ‘petition’,” a Brookfield lawyer wrote back. He added that confidentiality clauses written into the shopkeepers’ leases meant that talking to each other about the contracts “could be deemed a default of your agreement with Brookfield”.
Three-quarters of Brookfield’s tenants have requested changes to their lease agreement, and the group said it had “actively engaged with all [of them] . . . prioritiz[ing] small businesses given their scale and immediate cash flow requirements”.
“We are now focused on national tenants,” Brookfield added, stating that it hoped to complete the discussions by September. “We have also been in active dialogue with our lenders given the subsequent impact this situation has had on our cash flow.”
Brookfield has requested forbearance from lenders who are owed payments on a dozen of its malls, according to reports circulated to credit market participants who have bought the debt.
In other cases, Brookfield malls have been unable to repay mortgages that came due, according to the reports. At malls where loans are falling due this year, “we have been in front of all of our lenders and just requested 12-month extensions,” Brookfield Properties’ chief financial officer Bryan Davis told investors last month.
As of last week, creditors of four of the malls had not decided whether to grant the requests, the reports state.
Brookfield’s high-stakes discussions with its tenants and lenders highlight how the forced shutdown of much of the economy has caught mall operators in a bind.
Real estate executives say they are sympathetic to the plight of retailers, many of which were struggling even before government mandates closed their stores.
At the same time, mall operators are dependent on rent instalments to meet the payments due on their loans.
Brookfield last week became the second major landlord to sue clothes retailer Gap in a dispute over unpaid rent.
Among the major retailers that have acknowledged seeking rental relief from landlords are Bed Bath & Beyond, Levi Strauss and Urban Outfitters. Several chains are asking mall operators to waive rent for periods when their properties were closed.
end
So far in 2020 a staggering $18 trillion has been provided by central banks in a global stimulus rescue pkg.
(zerohedge)
“A Staggering Number”: Over $18 Trillion In Global Stimulus In 2020, 21% Of World GDP
On Friday, we relayed the latest observations from BofA chief investment officer, Michael Hartnett who concluded that there is just one bull market to short – namely credit – “and the Fed won’t let you” by which he means all central banks. As the following table shows, the balance sheet of the G-6 central banks has exploded, with the Fed’s total asset expected to double in 2020 amid an avalanche of money printing.
And visually:
Of course, it’s not just central banks: as Hartnett also explained there is also the 2020 fiscal bazooka which has a way to go, with the massive fiscal stimulus unleashed post-covid taking 3 forms in 2020: spending, credit guarantees, loans & equity.
Hartnett also noted that according to BIS data, US & Australia lead spending (>10% GDP), Europe is using aggressive credit guarantees (e.g. Italy 32% GDP), while Japan/Korea are stimulating via government loans/equity injections.
But the most staggering fact was when one puts it all together.
According to BofA calculations, in addition to the record 134 rate cuts YTD, the amount of total global stimulus, both fiscal and monetary, is now a “staggering” $18.4 trillion in 2020 consisting of $10.4 trillion in fiscal stimulus and $7.9tn in monetary stimulus – for a grand total of 20.8% of global GDP, injected mostly in just the past 3 months!
And to think none of this would have been possible if officials had not collectively decided to shutdown the global economy in response to the coronavirus pandemic.
For the interested, here is a full breakdown of all the fiscal and monetary stimulus as compiled by BofA:
end
CORONAVIRUS UPDATE//MONDAY
Nearly 9 Million Infected As WHO Says Outbreak Still “Accelerating” Following Largest Daily Jump: Live Updates
The international community kicked off the summer with some disturbing news from the WHO: the NGO’s tally of newly reported cases showed that Sunday marked the biggest single-day jump in new cases since the outbreak began, with most of these cases coming from North and South America.
As the WHO insisted that the virus is still “accelerating” which it warned about last week, Brazil reported more than 50k new cases in a single day – a record unmatched even by the US – while the worsening outbreaks along the American Sun Belt (which encompasses parts of the South and West) contributed more than 30k cases, nearly half the international daily total.
The deaths date back as early as November, more than two months before the first documented coronavirus death in the US was confirmed on Feb. 6. China’s first “confirmed” case was identified in Wuhan on Dec. 8, with the onset of symptoms believed to have occurred around Dec. 1.
As Spain enters the last phase of its reopening plan, which includes reopening the country’s tourism industry for the first time in more than 3 months, Dubai authorities announced late Sunday that the country would once again be allowing in tourists starting on July 7, while allowing locals to begin traveling again as early as Monday. Travelers visiting the country will however need a clean bill of health.
Spain will decide this week which visitors from outside Europe can enter as it welcomes back travellers from neighbouring nations in an effort to revive a tourism industry hammered by the coronavirus lockdown, a minister said.
While the US death toll topped 120k and the Brazilian death toll topped 50k over the weekend, worldwide, at least 8.9 million people have been confirmed to be infected. At least 4.4 million have recovered, while more than 467,000 people have died, according to Johns Hopkins data.
A growing list of US states and countries, from California to Bulgaria, have been mandating that masks be worn indoors, while Kazakhstan plans to impose a two-day lockdown in the northern city of Kostanay, along with four nearby towns next weekend after a jump in fresh COVID-19 cases.
As India continues to report record numbers of new cases, the outbreak in neighboring Pakistan continued in the top 10 countries for daily coronavirus-case increases, with 4,471 new cases on Sunday, bringing its tally to 181,088 to date, according to government data. At least 89 people died of the virus on Sunday, taking its death toll to 3,661.
In the UK, officials are finally moving away from uncomfortable swab tests to “no-swab” saliva tests, which are being trialed in Southampton, southern England, and could result in a simpler and quicker way to detect outbreaks of the virus, the UK government said. Russia has reported 7,600 new cases of the coronavirus, pushing its nationwide case total to 592,280, the world’s third-largest tally.
The mayor of Seoul said Monday that he fears the country is losing control over the virus, and will reimpose stronger social-distancing measures if the daily jump in infections does not come below an average of 30 cases over the next three days, which is lower than the most recent daily numbers reported.
“If Seoul gets penetrated (by the virus), the entire Republic of Korea gets penetrated,” Park Won-soon said in a televised briefing. He also lamented what he described as complacency of citizens in social distancing, citing an increase in public transportation usage that he says has been approaching last year’s levels in recent weeks.
Officials in Beijing, meanwhile, touting a “cliff-like” drop in new cases by the end of this week with efforts to control the spread of infections in the Chinese capital underway, said an “expert” from China’s national health authority. The city of more than 20 million people reported its first case linked to a wholesale food market on June 11. So far, 236 people have been infected in the worst outbreak in Beijing since COVID-19 was identified. Beijing reported just nine new cases for Monday so far, a sharp drop from 22 a day earlier.
END
7. OIL ISSUES
the USA has lost its dominance of oil production. The new level has declined from 12 million barrels a day down to 8
U.S.’ energy dominance agenda is dead as the country’s shale industry is looking at a steep production decline.
The U.S. tight oil or shale rig count has fallen 69% this year from 539 in mid-March to 165 last week.
U.S. oil import dependence is set to grow in the next couple of years.
U.S. energy dominance is over. Output is probably going to drop by 50% over the next year and nothing can be done about it. It has nothing to do with the lack of shale profitability or other silly memes cited by people who don’t understand energy.
It’s because of low rig count.
The U.S. tight oil or shale rig count has fallen 69% this year from 539 in mid-March to 165 last week. Tight oil production will decline 50% by this time next year. As a result, U.S. oil production will fall from 12 to less than 8 mmb/d by mid-2021.
What if rig count increases between now and then? It won’t make any difference because of the lag between contracting a drilling rig and first production.
The party is over for shale and U.S. energy dominance.
Energy Dominance is Over
Tight oil is the foundation of U.S. energy dominance. The U.S. has always been a major oil producer but it moved into the top tier of oil super powers as tight oil boosted output from about 5 to more than 12 mmb/d between 2008 and 2019 (Figure 1).
Conventional production has been declining since 1970. It fell from almost 10 mmb/d in 1970 to 5 mmb/d in 2008.
Figure 1. Tight oil is the foundation for U.S. Energy Dominance.
Conventional production has been in decline since 1970. Tight oil boosted U.S. production to more than 12 mmb/d in 2019.
Source: EIA and Labyrinth Consulting Services, Inc.
Tight Oil Rig Count and Oil Production
Rig count is a good way to predict future oil production as long as the proper leads and lags are incorporated.
It takes several months between an upward price signal and a signed contract for a drilling rig. It takes another 9-12 months from starting a well to first production for tight oil wells. With pad drilling, usually all wells on the pad must be drilled before bringing in a crew to frack the wells.
Tight oil horizontal production reached 7.28 mmb/d in November 2019 when the lagged rig count was 613 (Figure 2). That corresponded to 12.9 mmb/d of U.S. oil production—tight oil is about 55% of total output. Approximately 600 rigs are needed to maintain 7 mmb/d of tight oil and 12.5 mmb/d of U.S. production.
The horizontal rig count is now 165 so it is unavoidable that production will fall. The considerable lags and leads mean that production decline cannot be expected to reverse until well into 2021 assuming that it starts to increase immediately. That won’t happen because of constrained budgets and low oil prices.
Figure 2. 600 tight oil rigs to maintain 7 mmb/d tight oil/12 mmb/d total U.S. output.
May tight rig count was 207 so U.S. decline to 8 mmb/d by Q2 2021 is unavoidable. Production should increase this summer with shut-in re-activation then fall in Q4 2020.
Source: Baker Hughes, IEA DPR, Enverus and Labyrinth Consulting Services, Inc.
U.S. producers shut in most of their wells in May because oil prices had collapsed and storage had reached its limits. Tight oil production has fallen more than 1 mmb/d to 6.2 mmb/d and total U.S. output is around 10.5 mmb/d.
With the storage crisis now apparently averted and with somewhat higher oil prices, most tight oil wells are being re-activated. Production should increase until all shut-in wells are back on line and then, it will resume its decline.
Based on rig count analysis, U.S. oil production will probably be about 8 mmb/d by mid-2021 or more than 4 mmb/d less than peak November 2019 levels.
Killer Decline RatesRequire Lots of Rigs
Lower U.S. crude and condensate production is unavoidable with rig counts where they are today. That is because tight oil decline rates are really high.
Figure 3 shows Permian basin shale play decline rates by year of first production. The average of all years is 27% per year. More recently drilled wells decline at higher rates because of better drilling and completion technology. The problem is that the wells don’t have greater reserves—they just produce the reserves faster. That means higher decline rates.
Figure 3. Permian basin annual decline rate is 27% for horizontal tight oil wells
Decline rates generally increase for wells drilled in more recent years because of higher initial production rates.
Source: Enverus and Labyrinth Consulting Services, Inc.
This is not a criticism of the plays or the companies. It’s just a fact.
And that’s why it’s critical to keep 500 or 600 rigs drilling all the time—to replace the 30% of output lost every year to depletion.
Production can be turned off and on as it was in May and June. Production cannot be increased without adding rigs and drilling new wells. Assuming there was infinite capital available to add rigs and drill wells, it would take several years to increase rig count to levels needed to maintain 2019 output levels.
Drilled, uncompleted wells (DUC) may be brought on to slow the rate of production decline somewhat. It is important to note, however, that completion accounts for at least 50% of total well cost. Capital constraints and low oil prices will affect the ability and enthusiasm of companies to complete DUCs.
After the last oil-price collapse, it took 2.5 years for tight oil rig count to increase from 193 in May 2016 to 618 in November 2018 (Figure 3). There were thousands of DUCs during the last oil-price collapse in 2014-2017 but they didn’t have much effect on production decline.
The current June rig count of 165 will continue to fall for several months because of low oil price & capital budgets.
Figure 4. It took 2.5 years for tight oil rig count to increase from 193 in May 2016 to 618 in November 2018.
June rig count of 165 will fall for several months based on oil price & capital budgets.
Source: Baker Hughes, IEA DPR, Enverus and Labyrinth Consulting Services, Inc.
Rigs Don’t Produce Oil, Wells Do
I’ve shown how rig count, lagged production and decline rates are used to estimate future levels of production. That approach is useful but the truth is that rigs don’t produce oil—wells do.
Another approach, therefore, is to compare the number of tight oil wells that were drilled and completed during each of the last 5 years to the corresponding average production rates for each of those years. Then, using year-to-date drilling and completion data, we can annualize and project what 2020 production is likely to be.
This approach suggests that 2020 tight oil production will be about 30% less than in 2019 (Figure 4). Since tight oil represented 56% of total U.S. output in 2019, we may then estimate that U.S. production will average about 8.7 mmb/d in 2020.
Figure 5. 2020 U.S. production will be less than ~8.7 mmb/d vs 12.3 mmb/d in 2019.
Number of completed tight oil wells expected to be ~30% less than in 2019. 8.7 mmb/d is about 25% less than EIA U.S. forecast for 11.6 mmb/d in 2020.
Source: EIA and Labyrinth Consulting Services, Inc.
That is similar to the estimate obtained from the rig count approach. It is, however, about 25% less than EIA’s 2020 forecast for U.S. crude & condensate production.
Energy Dominanceand Green Paint
Much lower U.S. oil production is bad for Trump’s Energy Dominance anthem and its corollary that the U.S. is energy independent. It’s even worse for oil prices and the U.S. balance of payments once demand recovers. We will have to import even more oil than we do today and it will cost more.
The idea of U.S. energy independence is ignorant at best and fraudulent at worst. The U.S. imported nearly 7 mmb/d of crude oil and condensate in 2019 and more than 9 mmb/d of crude oil and refined products. That’s almost as much as China—the world’s second largest economy—consumes.
The U.S. is a net exporter in the same way that shale companies are making huge profits—by accounting sleight-of-hand.
The U.S. imports other people’s crude oil, refines it and then, exports it. If a country imports unpainted cars, paints them green and then exports them, is it a net exporter of cars? No. It’s an exporter of green paint.
The U.S. is screwed when it comes to near- to medium-term oil production. It’s not because of Covid-19. U.S. rig count began to decline 15 months before anyone had heard of Covid-19. Even if the road to economic and oil-demand recovery is faster than I believe it will be, it will take a long time to get back to 12 or 13 million barrels per day of production.
There are good reasons to expect that much lower U.S. oil production will eventually lead to higher oil prices. That may result in renewed drilling and another cycle of over-supply and lower oil prices. That is how things have developed in the past.
But a new phase of economic reality and oil pricing is unfolding and no one knows where it will lead. Lower demand may mean that reduced U.S. oil output is appropriate. The only thing that seems certain is that the U.S. will not be the oil super power it was before 2020.
8 EMERGING MARKET ISSUES
Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings MONDAY morning 7:00 AM….
Euro/USA 1.1211 UP .0048 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC// /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED
USA/JAPAN YEN 106.89 DOWN 0.169 (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 1.2384 UP 0.0065 (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/
USA/CAN 1.3587 UP .0025 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 MONDAY morning in Europe, the Euro ROSE BY 48 basis points, trading now ABOVE the important 1.08 level RISING to 1.1211 Last night Shanghai COMPOSITE CLOSED DOWN 2.36 POINTS OR 0.08%
//Hang Sang CLOSED DOWN 132.55 POINTS OR 0.96%
/AUSTRALIA CLOSED DOWN 0,06%// EUROPEAN BOURSES ALL RED
Trading from Europe and Asia
EUROPEAN BOURSES ALL RED
2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 132.55 POINTS OR 0.96%
/SHANGHAI CLOSED DOWN 2.36 POINTS OR 0.08%
Australia BOURSE CLOSED DOWN. 06%
Nikkei (Japan) CLOSED DOWN 41.52 POINTS OR 0.18%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: 1748.00
silver:$17.84-
Early MONDAY morning USA 10 year bond yield: 0.69% !!! DOWN 1 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.
The 30 yr bond yield 1.45 DOWN 1 IN BASIS POINTS from FRIDAY night.
USA dollar index early MONDAY morning: 97.40 DOWN 22 CENT(S) from FRIDAY’s close.
Portuguese 10 year bond yield: 0.49% DOWN 2 in basis point(s) yield from YESTERDAY/
JAPANESE BOND YIELD: +.01% UP 0 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56
SPANISH 10 YR BOND YIELD: 0.46%//DOWN 3 in basis point yield from yesterday.
ITALIAN 10 YR BOND YIELD:1,29 DOWN 7 points in basis points yield from yesterday./
the Italian 10 yr bond yield is trading 73 points higher than Spain.
GERMAN 10 YR BOND YIELD: FALLS TO –.47% IN BASIS POINTS ON THE DAY//
THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.76% AND NOW ABOVE THE THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…
END
IMPORTANT CURRENCY CLOSES FOR MONDAY
Closing currency crosses for MONDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM
Euro/USA 1.1258 UP .0095 or 95 basis points
USA/Japan: 106.83 DOWN .110 OR YEN DOWN 11 basis points/
Great Britain/USA 1.2448 UP .0128 POUND UP 128 BASIS POINTS)
Your closing 10 yr US bond yield DOWN 1 IN basis points from FRIDAY at 0.69 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.44 DOWN 2 in basis points on the day
Your closing USA dollar index, 97.09 DOWN 53 CENT(S) ON THE DAY/1.00 PM/
Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for MONDAY: 12:00 PM
London: CLOSED DOWN 25.42 OR 0.73%
German Dax : CLOSED DOWN 67.79 POINTS OR .55%
Paris Cac CLOSED DOWN 30.75 POINTS 0.62%
Spain IBEX CLOSED DOWN 68.50 POINTS or 0.92%
Italian MIB: CLOSED DOWN 140.30 POINTS OR 0.71%
WTI Oil price; 40.04 12:00 PM EST
Brent Oil: 42.63 12:00 EST
USA /RUSSIAN / RUBLE RISES: 69.23 THE CROSS LOWER BY 0.19 RUBLES/DOLLAR (RUBLE HIGHER BY 19 BASIS PTS)
TODAY THE GERMAN YIELD FALLS TO –.47 FOR THE 10 YR BOND 1.00 PM EST EST
END
This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM
Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:
WTI CRUDE OIL PRICE 4:30 PM : 40.46//
BRENT : 43.12
USA 10 YR BOND YIELD: … 0.70…plus one basis point..
USA 30 YR BOND YIELD: 1.46..down one basis point
EURO/USA 1.1255 ( UP 90 BASIS POINTS)
USA/JAPANESE YEN:106.94 UP. 214 (YEN DOWN 21 BASIS POINTS/..
USA DOLLAR INDEX: 97.06 DOWN 57 cent(s)/
The British pound at 4 pm Britain Pound/USA:1.2461 UP 142 POINTS
the Turkish lira close: 6.8449
the Russian rouble 69.04 UP 0.38 Roubles against the uSA dollar.( UP 38 BASIS POINTS)
Canadian dollar: 1.3534 UP 52 BASIS pts
German 10 yr bond yield at 5 pm: ,-0.47%
The Dow closed UP 153.36 POINTS OR 0.59%
NASDAQ closed UP 110.35 POINTS OR 1.11%
VOLATILITY INDEX: 32.48 CLOSED DOWN 2.64
LIBOR 3 MONTH DURATION: 0.305%//libor dropping like a stone
LIBOR/OIS: .231%
TED SPREAD: (LIBOR VS 3 MONTH TREASURY) = .148%
USA trading today in Graph Form
Stocks, Gold, Oil, And COVID-Cases Soar
Stocks fell Friday on the heels of various virus headlines and Apple’s decision to re-close some stores. Things have got worse in terms of cases and hospitalizations over the weekend (but the median age of positive tests is plummeting as test volumes soar)…
Source: Bloomberg
And WHO’s director general Tedros Adhanom Ghebreyesus told the virtual health forum organised by Dubai in the United Arab Emirates.
“The pandemic is still accelerating… We know that the pandemic is much more than a health crisis, it is an economic crisis, a social crisis and in many countries a political crisis… Its effects will be felt for decades to come.”
…but this time stocks are bid…
But we note that The Dow remains well below the 50DMA…
Infrastructure stimulus chatter provided the fodder to buy every dip. Nasdaq Composite is up 7 days in a row – its longest streak since Dec 2019 – a new record closing high. However, today’s rally merely filled the gap from a week ago and was unable to breakout…
Source: Bloomberg
FAANGM is now at a stunning 24% share of S&P market cap…
Source: @WinfieldSmart
But it’s different this time…
Sven Henrich
✔@NorthmanTrader
It’s different this time.
It’s worse, much much worse.
One word sums it all up…
On the day, Nasdaq and Small Caps outperformed with the latter up over 3% from Sunday night opening lows… things went a little bit turbo late on as Texas Governor said the virus was spreading at an unacceptable rate but that was quickly bid on Illinois headlines:
1513ET *TEXAS GOVERNOR SAYS VIRUS IS SPREADING AT UNACCEPTABLE RATE
1545ET *ILLINOIS 7-DAY POSITIVITY RATE FELL TO 2% FROM 13% A MONTH AGO
Since the open on Friday, something has changed – Gold and bonds are bid as stocks are lower…
Source: Bloomberg
Notably, the Virus Fear trade (long food, short leisure) surged up to its highest since May…
Source: Bloomberg
HTZ shares tumbled today (*but remain astronomically higher than their BK day lows)..
Treasury yields ended the day higher after pushing lower overnight to one-week lows..
Source: Bloomberg
Bonds and stocks remain entirely decoupled…
Source: Bloomberg
The Dollar reversed all gains from Thursday and Friday…
Source: Bloomberg
Bitcoin rallied back above $9500 today…
WTI closed above $40 for the first time since March…
Source: Bloomberg
Spot Gold topped $1760 today – within $2 of May’s multi-year highs…
Source: Bloomberg
Gold and silver danced around each other today with silver outperforming overnight and gold coming back strongly during the day…
Source: Bloomberg
And finally, as if you needed another example, Bloomberg notes that stocks worldwide are in the midst of an “epic divergence” from the economic-policy outlook, according to Luca Paolini, Pictet Asset Management Ltd.’s chief strategist.
Source: Bloomberg
Paolini cited the gap between the MSCI World Index’s earnings yield, which falls as prices rise, and government-bond yields in a Twitter post Friday. The MSCI World’s spread to the Bloomberg Barclays Global Aggregate Government Index narrowed 2.4 percentage points through last week from a March 23 peak, according to data compiled by Bloomberg. By contrast, the Global Economic Policy Uncertainty Index rose to records in April and May.
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
Stocks Slide On Texas Governor Virus Spread Remarks
Having erased all of Friday’s virus-fear losses, headlines from Texas, with the Governor Greg Abbott warning that the virus was spreading at an unacceptable rate sparked some weakness…
“To state the obvious, COVID-19 is now spreading at an unacceptable rate in Texas,” Abbott says.
“The positivity rate has gone from about 4.5% in late May to almost 9% today.”
“Our goal is to keep Texans out of hospitals and to reduce the number of Texans who test positive…COVID hasn’t simply gone away. We don’t have to choose between jobs and health. We can have both.”
The Miami mayor also poured cold water on reopening hopes:
“This is a real spike,” Miami Beach Mayor Dan Gelber said at the news conference. “Nobody can argue with the fact that more people are being hospitalized.
He added that “it would not be responsible to rely on irrational optimism that all of this is going to go away.”
The timing from a technical perspective was perfect…
Small Caps are hardest hit so far…
But the market remains well bid on the day.
ii)Market data/USA
An improvement but still no V shaped recovery
(zerohedge)
US National Activity Index Rebounds In May, But “V-Shaped” Recovery Still Absent
Following its biggest collapse on record (by a long, long way), the National Activity Index (produced by the Chicago Fed – CFNAI) was expected to rebound in May but remain deeply underwater.
The headline index rose to +2.61 (from a revised lower -17.89 in April), smashing the expectation of -10.00. +2.61 is a record the index going back to 1970…
Source: Bloomberg
This was led by improvements in production and employment-related indicators (57 of the 85 monthly individual indicators made positive contributions, while 28 indicators affected the index negatively).
The more-watched three-month average (because it smooths out fluctuations) is still negative (-6.65) indicating growth is dramatically below trend.
However, the diffusion index remains disappointing, signaling overall momentum remains negative on a longer-term basis…
Source: Bloomberg
(As CFNAI notes, a diffusion index of this type is one way in which to capture the “momentum” behind recent changes in the index, given that changes in the index driven by a large percentage of indicators pushing in the same direction tend to be more persistent than those driven by a small number of indicators.)
We suspect optimism for the “V-shaped” rebound is overdone.
end
iii) Important USA Economic Stories
CORONAVIRUS REPORT/SATURDAY
US Reports Biggest Jump In COVID-19 Cases Since May 1 As Florida Sees 3rd-Straight Record: Live Updates
Summary:
US reports 30k new cases
India now 4th largest outbreak with ~400k cases
India reports another record jump
Florida reports 3rd straight record jump
Russia reports fewer than 8k new cases
South Korea reports 67 new cases, largest jump since May
China reports just 27 new cases
* * *
For the first time since May 1, the US reported more than 30,000 coronavirus cases in a single day as Texas, Florida, Arizona and a handful of other states reported their latest record totals for the 2nd or 3rd day in a row, for some cases. While NY, NJ and a handful of surrounding states see cases continue to decline to negligible levels, following a pattern seen in Europe, roughly 20 states have seen numbers continue to rise, and about half of those are seeing new cases hit record levels well above where they were during the US’s ‘peak’ back in April.
Even stocks are beginning to notice as the market sold off last week in recognition of the fact that even if states don’t go the shutdown route, as the White House has insisted won’t happen, the spike in infections, and the inevitable jump in deaths to follow, will ensure that the V-shaped recovery doesn’t happen.
The US tallied 31,630 new confirmed cases on Friday, according to data from the Washington Post. The last time new daily cases in the United States topped 30,000 was on May 1, when 33,263 new infections were reported. That was right as the US ‘peak’ was beginning to pass. Around the world, 177k new cases were reported yesterday. Ironically, the number of new cases reported in the city of Tulsa hit a new high on Friday, one day before Trump’s big campaign rally.
Thanks to the flurry of red states like Arizona, Florida, Texas etc. that lowered their guard too quickly, the US just can’t seem to bend that curve.
More than 2.1 million cases of the virus have been confirmed across the US as of Saturday morning. With 119,158 confirmed deaths, the US is on the cusp of passing 120k fatalities, while closely watched projections suggest that number could hit 200k by October.
As Brazil passed the 1 million-case mark, a major milestone in what has become Latin America’s biggest and most threatening outbreak, the WHO’s Dr. Tedros warned yesterday that the pandemic “was accelerating”.
In other US news, Florida on Saturday reported yet another record jump in new cases, its third in a row and fourth in the last 8 days. Florida health officials reported 4,049 new cases as well as 40 deaths across the state. Saturday’s numbers bring the total number of cases in the state to 93,797 and the death toll to 3,144.
CONTEXT: Started off the week reporting over 2,000 cases… Experts expect us to see 6,000 a day in just 2 weeks @10TampaBay
US State Department said Saturday that COVID-19 infections have been reported at its embassy in the Afghan capital and the staff who are affected include diplomats, contractors and locally employed staff.
It didn’t say how many were impacted, though another source told AJ that as many as 20 could be impacted.
“The embassy is implementing all appropriate measures to mitigate the spread of COVID-19,” the US State department said. The infected staff are in isolation in the embassy while the remainder on the compound are being tested, said the embassy official, who also said the embassy staff have been told they can expect tighter isolation orders.
Russia reported 7,889 new cases of the virus, pushing its nationwide tally to 576,952 since the crisis began. The national coronavirus response center said 161 people had died in the last 24 hours, bringing the official death toll to 8,002.
India, meanwhile, recorded its highest single-day jump yet with 14,516, bringing its total to 395,048, according to health officials. Another 375 deaths brought the death toll to 12,948 as India registered over 10,000 cases for the ninth day in a row. This latest batch of cases put India over the top on Saturday, making it the world’s fourth largest outbreak behind the US, Brazil and Russia. Several countries and Hong Kong continued with plans to evacuate their citizens from India, amid concerns hospitals in major cities such as Delhi and Mumbai may be overwhelmed.
In its biggest daily increase in weeks, South Korea reported 67 new cases of coronavirus, 16 of which health authorities said were from Pakistan. And as Beijing continues to bring its latest flare up under control, China reported 27 new coronavirus cases in the last 24 hours, including 22 new cases in Beijing.
end
Coronavirus report/Sunday
Tulsa Reports Record Jump In New COVID-19 Cases Day After Trump Rally: Live Updates
Update (1400ET): After reporting another record total yesterday during the hours before President Trump’s campaign rally began, public health officials in Tulsa said Sunday that the city had reported another record jump in new cases.
Norbert Elekes@NorbertElekes
USA: Tulsa County, Oklahoma reports 143 new coronavirus cases in last 24 hours.
Tulsa’s largest daily increase so far.
Of course, it’s probably too early for them to be tied to last night’s rally…
…plus, cases in the area had already been on the rise, which is why the city’s mayor wasn’t exactly thrilled about the president’s decision.
Meanwhile, California – one of 12 states that saw its 7-day average hit a new record high over the past week, per NYT – reported another record jump in new cases on Sunday, with 4,515 new cases, and 71 new deaths. That’s compared with 3,932 cases and 67 deaths yesterday.
The new numbers brought the statewide total north of 175k.
* * *
With only a few more hours to go until US equity futures open on Sunday night, it appears the dire situation across the American south and West has gone from bad to worse. According to a Washington Post tally of coronavirus data released by each state on Saturday, 8 states on Saturday reported their highest single-day case counts since the pandemic began, and the pan-US tally of new infections surpassed 30,000 for the second straight day (both Friday and Saturday). The US hasn’t regularly reported 30k COVID-19 cases a day in seven weeks. And while New York and the surrounding states that caught the brunt of the outbreak – or the first wave, at least – haven’t seen the feared upsurge in new cases.
States across the South and West, including Florida, Texas, Georgia, South Carolina, Utah, Washington, Nevada and Missouri, set records for single-day confirmed cases, and 13 states set new highs for their 7-day averages.
On Sunday, Florida reported another 3,494 new cases, bringing the statewide total to 97,291. Though Sunday’s number broke a streak of daily records, it is still well above the 7-day average seen in recent weeks, leaving the state on track to pass the 100k case mark tomorrow.
Florida would become the 7th state to pass 100k behind New York, California, New Jersey, Illinois, Texas, Massachusetts.
According to the NYT, 22 states were listed under the “increasing” tab of its coronavirus tracker.
Furthermore, while the Washington Post reported that the first iterations of the COVID-19 tests distributed nationwide in March and April by the CDC were so inaccurate as to be practically useless, a chorus of Democratic critics led by Joe Biden has spoken out against President Trump over a remark he made during last night’s rally in Tulsa, when he suggested that he pressed the CDC to hold back on the testing during the early days of the outbreak.
Even if Trump was telling the truth (the president, of course, has a widely acknowledged tendency to exaggerate when speaking extemporaneously at these rallies), a surge in testing during the early days of the outbreak may have only created more confusion. But many of the president’s Democratic critics claimed Trump’s remarks further cemented the notion that he put the economy before safeguarding the lives of the most vulnerable Americans.
“The President said tonight that he slowed down testing so the public death toll wouldn’t be worse,” Elizabeth Warren tweeted. “We still don’t have a national testing strategy & Trump’s plan is to bury his head. This is a deadly failure.”
Outside of the US, Spain officially entered the next phase of its reopening plan on Sunday, which included allowing tourists from most of Europe, but warning that social distancing measures must be followed to avoid a second wave. Speaking just before the three-month-old measures expired at midnight Saturday, Spanish PM Pedro Sánchez asked the country to keep its guard up.
“We will leave behind the state of alarm and we will enter the new normality…our economy is starting to beat. We are in a situation where we can move forward. We can’t drop our guard,” he reportedly said.
After finally wrestling a surprisingly virulent outbreak under control, Saudi Arabia on Sunday removed curfews and other restrictions imposed to fight its spread after 73 days of w relatively restrictive lockdown that also kept millions of Muslim pilgrims out of the Holy Cities as pilgrimmages were put on hold.
Over in East Asia, South Korea reported 48 new cases of the virus, 8 of which were imported, half from Bangladesh and half from Pakistan. In response, South Korea announced Saturday that it would restrict travel from both countries.
end
Stockman pounds the table on the Fed’s speculation and malinvestment into the USA..plus other goodies
(International Man/David Stockman)
Stockman: The Fed’s Unleashed “Speculation And Malinvestment On A Biblical Scale”
International Man: Recently, massive riots have broken out in many cities across the US.
Despite the unrest—and the economic damage from the shutdowns—the stock market continues to rally.
It seems that markets don’t reflect earnings, economic prosperity, or growth. What is going on here?
David Stockman: It’s quite simple. The Fed has unleashed the greatest torrent of liquidity ever, and it’s finding its way into a relentless, massive bid for risk assets.
Since the eve of the Lockdown Nation disaster on March 11, the Fed’s balance sheet has erupted from $4.3 trillion to nearly $7.2 trillion. That’s $32 billion per day—including weekends, Easter, and nationwide riot days.
Worse still, at their June meeting, the mad money printers domiciled in the Eccles Building promised to keep printing $120 billion per month to buy US Treasuries and other assets for an indefinite period. That should get us to a $10 trillion balance in less than two years’ time.
What this means, of course, is that honest price discovery in the canyons of Wall Street is deader than a doornail. We now have a putative capitalist economy in which the most important prices in all of capitalism—the prices of financial assets—are pegged, rigged, and manipulated by the central banking agents of the state.
The result, of course, is speculation and malinvestment on a biblical scale.
As to the former, we are now being treated to the preposterous spectacle of an IBO—or Initial Bankruptcy Offer—of the stock of bankrupt Hertz.
Hertz’s stock is worthless. It’s pinned under a pile of $20 billion of debt—senior debt securities, which are trading at 40 cents on the dollar—and a vastly overvalued fleet of vehicles.
All this is in a world in which airline and business travel has been crushed by more than 80% from trends and won’t be coming back any time soon—so long as Dr. Fauci and the Virus Patrol are stalking the land.
Yet the unhinged millennials—who idle their ample time and de minimis money on the Robinhood trading platform—have bid up Hertz’s post-chapter 11 stock price by more than 10X, thereby inducing a mainstream investment banking firm to propose underwriting a $1 billion stock offering in lieu of a debtor-in-possession (DIP) loan!
Never before has it been this crazy.
And, yet, the empty suit who sits in the top chair at the Fed keeps insisting this is all being done for Main Street and the workers, and as Powell said in his June presser, the Fed has no asset price target in mind at all; it just wants to keep financial markets functioning smoothly.
What hay wagon does this doofus think we fell off from?
Whether they intend it or not, their massive infusions of liquidity into the financial markets and relentless bid for financial assets funded with fiat credits has redounded to the top 1% and 10% who own 53% and 88% of equities, respectively, and it’s setting up the financial system for the third—and most spectacular—crash of this century, which, in turn, will wipe out what remains of middle-class wealth.
International Man: Over 40 million Americans are unemployed. Many small and medium-sized businesses will never reopen. Many must survive not only an extended lockdown but also the most severe riots in decades.
David Stockman: It’s a devastating combo and originates in the most senseless, destructive act of the state in modern times—if ever.
We are referring to the sweeping quarantine and lockdown orders that caused instant economic heart attacks in vast sectors of the US economy after mid-March.
There is no precedent in history for activity levels in huge industries like airline travel to plunge by more than 95% virtually overnight, or the restaurant sector, where Open Table reservations dropped by 80% versus prior year in a matter of days.
Not surprisingly, there have been nearly 50 million unemployment claims (counting the new federal benefit) in just 11 weeks—a figure which amounts to nearly 32% of the 158 million employed Americans as of February 2020.
Indeed, not even the bubble-blowing, crack-up boom antics of the Fed have ever created the kind of depressionary collapse now underway.
Yet its propagators—Dr. Fauci and the Virus Patrol at the CDC, NIAID, WHO, Big Pharma and the Bill Gates camarilla of foundations, think tanks, NGOs, and vaccine lobbies—have been peddling a Big Lie from day one.
Namely, that COVID-19 is the modern equivalent of the Black Plague and spreads its deathly pathogens on a random basis to all segments of the population—the young, the old, the healthy, the sick, and all variations in between—with equal alacrity.
That’s not even remotely true.
There are 104 million young people in the USA under 25 years of age, and as of the end of May, the mortality rate with COVID was, well, 0.12 per 100,000 population.
That is, all the schools, bars, gyms, restaurants, movie theaters where they congregate were shut down by orders of the governors and mayors, but it would take a million of these young people to generate just one death attributable to the COVID.
And we emphasize the with COVID part because the CDC changed its coding criteria at the beginning of the pandemic, and now they are coding as “COVID deaths” virtually everyone who dies in a hospital—even cases where someone arrives DOA at the emergency room after a traffic accident and tests positive for the coronavirus on a post-mortem basis.
By contrast, there are 6.5 million Americans with an age of 85 or over—representing 2% of the population—but they accounted for 33% of the CDC reported deaths of May 30, and that represented a mortality rate of 450 per 100,000.
So, the risk of death with COVID for what we call the Great Grandparents Nation is 3,750 times greater than for America’s School Age Nation.
Yet the mass quarantine orders amount to a one-size-fits-all attack on everyday economic and social life when the obvious thing to do was to keep the schools open and isolate, protect, support, and treat the grandparents and great grandparents.
In fact, if you take the entire population of 52 million persons 65 years and older, they account for fully 81% of all COVID deaths—with upwards of 50% of these fatalities attributable to residents of nursing homes and other long-term care facilities. As a matter of reality, residents of the latter do not frequent bars, gyms, movie theaters, offices, bus stations, and factories, essential, nonessential, and otherwise.
The general population never should have been quarantined.
Even among the core of what we call the Parents and Workers Nation, the 83 million people between 35 and 54 years of age, the with COVID mortality rate is just 7.0 per 100,000. That is, for this group, the risk of death from contracting the coronavirus is not much higher than what is incurred in commuting to work and back, day in and day out.
In short, the whole Lockdown Nation fiasco was a mutant exercise in social engineering that will leave Main Street battered and bruised for years to come—long after the coronavirus completes its infection cycle and succumbs to the summertime sun in most parts of the nation.
And that gets us to the George Floyd uprising, which was overwhelmingly comprised of under-35-somethings breaking out of house arrest and mad as hell about their now dramatically reduced prospects in life—which weren’t all that compelling in the first place.
Just consider that the overwhelming share of leisure and hospitality industry workers are in the under-35 age cohort. Yet the 17 million jobs reported by the BLS in this sector as of February had plunged to hardly 8 million by the end of April.
Even worse, average hours declined, too, so what we had at the end of April was an industry which had shrunk back to October 1979 levels in terms of labor hours actually deployed and paychecks issued.
So, the authorities sowed the wind and reaped the whirlwind, but on such a gigantic scale as to make the future fraught like never before.
There are 80 million persons aged 16–34 in the US, and during the long, hot summer ahead, an overwhelming share of them will be unemployed. It doesn’t take too much imagination to see that the current, so-called social justice uprising is just developing an explosive head of steam.
International Man: During the COVID lockdown, Trump and Democratic governors were at odds. We saw a similar dynamic occur with the recent riots.
How do you see this impacting the presidential election?
David Stockman: It will just exacerbate the red/blue divide like never before.
Trump will posture as the nation’s super sheriff and the Dems as the champions of a cavalcade of victims—some real, though mostly politically invented—who deserve help from the heavy hand of the state.
In other words, the upcoming campaign will be a contest between the Trumpian law-and-order form of big government and the liberal-progressive-socialist version of the leviathan state. And what’s going to get crushed by the clash is the Constitution, fiscal solvency, Federalism, free enterprise, and personal liberty.
The fact is, neither party’s agenda has any legitimate place in the halls of government. The identity politics and racialist agenda of the Dems is simply a brazen abuse of the democratic process for the purpose of winning and retaining the perks, pelfs, and powers of public office.
But the Donald’s law-and-order demagoguery is just as bad.
The solution to mismanaged riots in the blue state cities and juvenile stunts like the six-block Autonomous Zone in Seattle is Federalism. That is, law enforcement is a state and local function that should never have been elevated to the federal level in the first place.
We should get rid of the FBI, DEA, ATF, and the rest of the law enforcement alphabet of bureaucratic fiefdoms by repealing the War on Drugs and the rest of the nanny state statutes.
There is no reason whatsoever that legitimate law enforcement—protection of the lives and property of the citizenry—cannot be handled by the 17,000 law enforcement agencies operative at the state and local level.
And if they are not doing the job, well, that is the purpose of elections to remedy—not some Bully Boy tweeting from the Oval Office.
And if elections chronically fail in their purpose in certain deep Blue State jurisdictions, there is a solution to that, too, which does not require sending in the Feds from Washington. To wit, people and businesses will vote with their feet, and eventually, even the likes of Governor Cuomo and Bill De Blasio would get the message.
end
This is huge: a rather large 30% of all Americans did not make their housing payment in June
(zerohedge)
30% Of Americans Didn’t Make Their Housing Payment In June
A stunning 30% of Americans didn’t make their housing payment for June – a figure that is likely going to ripple through the housing industry in coming months. According to a new survey by Apartment List, the rate is similar to May and shows that even though other industries are rebounding, the situation has not yet improved meaningfully in housing.
These figures stood at 24% in April and 31% in May, before falling slightly to 30% in June. One third of the 30% in June made a partial payment, while two thirds made no payment at all.
“Missed payment rates are highest for renters (32 percent), households earning less than $25,000 per year (40 percent), adults under the age of 30 (40 percent), and those living in high-density urban areas (35 percent). While the missed payment rate for mortgaged homeowners is just 3 percentage points lower than renters,” the survey showed.
Despite the trend of missing payments at the beginning of the month, households have been able to play catch-up later in the month and “narrow the gap” by making payments in the middle of the month. This was the case in May, where the missed payment rate “dropped from 31 percent at the beginning of the month to 11 percent at the end.”
We’ll see how long people can play catch up.
Meanwhile, as the survey notes, delayed payments in one month are a strong indicator for coming months. 83% of those who paid on time in May did so in June. Meanwhile, only 30% of those who were late in May have made their payment in full for June.
This means the data for the beginning of July is likely to be just as ugly as June.
And, rightfully so, there continues to be concern over eviction notices in the coming months. The survey found that: “over one-third of renters are at least ‘somewhat concerned’ that they will be served an eviction notice in the coming six months.”
The number rises to 56% when polled just among those who have not yet paid their full rent for June.
Recall, just days ago we wrote that Americans had already skipped payments on more than 100 million loans while, at the same time, job losses continue to accelerate.
“The number of Americans that filed new claims for unemployment benefits last week was much higher than expected,” we noted.
To put this in perspective, let me once again remind my readers that prior to this year the all-time record for a single week was just 695,000. So even though more than 44 million Americans had already filed initial claims for unemployment benefits before this latest report, there were still enough new people losing jobs to more than double that old record from 1982.
That is just astounding. We were told that the economy would be regaining huge amounts of jobs by now, but instead job losses remain at a catastrophic level that is unlike anything that we have ever seen before in all of U.S. history.
USA and global events of the day
(Michael Every)
Rabobank: We Live In A World Where Dave Portnoy Picks Random Stocks Using Scrabble And Outperforms Hedge Funds
Submitted by Michael Every of Rabobank
US President Trump held a rally in a half-empty stadium over the weekend in which, as expected, he pledged to be the face of Law & Order. He’d already tweeted “LAW & ORDER!” previously – to which someone replied “MORK & MINDY!”…which sums everything up. Indeed, the half-empty stadium might reflect flagging Trump voters and an imminent defeat of America First US economic populism. Or, as Democrat AOC tweeted, it might have been teenagers ordering hundreds of tickets each in order to leave seats empty – and by using Chinese-owned apps like Tiktok and Zoom, the latter of which was recently in the headlines for literally shutting down discussion *in the US* that China does not approve of.
Once again what used to be a key signalling device to markets –that said, only after they didn’t listen to it in 2016– is perhaps distorted by some form of suppression. How to work out if the US will swing one way or the other in November and take economic policy with it? Might we see US-China détente under Biden, or a broader anti-China coalition? Would be see even more generous fiscal policy, or an attempt to try to reduce the deficit? The fact that his campaign is holding no kind of campaign at all, it seems, leaves us all wondering. But if markets are starting to wonder which way to go, think of the poor politicians outside the US.
For now, the US-China Cold War is dangerously real and getting worse: but should one act now to take sides not knowing if Washington will change direction by year end? The Wall Street Journal alleges Russia is getting cold feet siding with a China that seems to want conflict with the West. India’s policy of appeasement of China is over following the opposition calling the Prime Minister not Narendra but Surrender Modi: he has just permitted Indian troops on the Chinese border to use live fire for the first time in decades. Russia says it supports India. New Delhi is also realising it will need to look westwards.
Meanwhile, Europe can’t seem to make up its mind. As protests backing statues coming down take place in Europe too, Germany is putting a new statue of Lenin *up*. At least Europe appears clear on one thing: the ‘frugal friends’ appear to have watered down the Rubicon-crossing fiscal stimulus package, which now holds only token grants. With Germany’s virus ‘R’ number back up to nearly 3 (meaning lockdown should loom?) a warning for a Europe desperately trying to show a normal summer holiday season is possible, and even Stuttgart just seeing a small riot, if the EU keeps austerity up it may see lots more Lenin statues going up too.
Key economic decisions are being made as all this unfolds.The Indian public and some states are boycotting Chinese goods and firms – a huge future market China cannot afford to lose. The EU today holds a virtual summit with China, and the press are already reporting the bloc will “seek to cool tensions” despite Hong Kong, India, Australia’s recent claim that it just suffered a major cyber-attack by a certain state actor, and the EU’s own decision to start the process of closing off parts of its internal market to a certain state. Notably, Europe will miss out if the US-China trade deal continues, as both signatories are currently pretending is the case. Yet the passage of a draconian Hong Kong national security law, perhaps even by month-end, means the risk of US sanctions looms larger – and so do risks of a pre-November US-China decoupling. There are also whispers the US could turn its trade sights on Germany by year-end too. More so if Trump rallies remain empty? “Did we mention our new Lenin statue, Mr Chairman? It’s really very nice.”
With Eurasia, Eastasia, and Oceania strategic shifts in play, and for lots of other reasons, Orwell should be on our minds at present. So should Huxley, who gets a new TV version of Brave New World later this year. Twenty years ago I liked to mutter “Orwell worried about us being watched by Big Brother; he should have worried about us *watching* Big Brother”, which was the first smash-hit UK reality TV show to dominate our attention as the economic seeds we are reaping today were being so generously watered. As ever, someone else had the same thought and better: as Neil Postman writes in ‘Amusing Ourselves to Death:
”What Orwell feared were those who would ban books. What Huxley feared was that there would be no reason to ban a book, for there would be no one who wanted to read one. Orwell feared those who would deprive us of information. Huxley feared those who would give us so much that we would be reduced to passivity and egoism. Orwell feared that the truth would be concealed from us. Huxley feared the truth would be drowned in a sea of irrelevance. Orwell feared we would become a captive culture. Huxley feared we would become a trivial culture, preoccupied with some equivalent of the feelies, the orgy porgy, and the centrifugal bumble-puppy.“
Orwell might have feared a Soviet Union where there were no markets. We have a world where we can all watch Barstool Dave Portnoy pick US stocks randomly using Scrabble letters live online – and then watch him outperform hedge funds. “Trivial is essential”. And the essential is now trivial. Bloomberg, which combines Orwell with Huxley and Douglas Adams, sums it up thus: “A ‘Buy Everything’ Rally Beckons in World of Yield Curve Control” That as the Fed’s number two, Clarida, recently stated there are no signs of asset bubbles forming due to Fed policy! The RBA’s Lowe is also open to re-assessing the bank’s property inflation targeting framework in a few years…when interest rates eventually rise again: in the meantime, “Borrow now!” is the message. The PBOC left its supposed new base 1-year loan prime rate on hold at 3.85% just days after promising USD4.2 trillion new broad credit growth this year, which is just as inconsistent in its own way.
And in the ‘real world’ two-metre rules are one-metre rules – because that works better for pubs. “Air bridges” will soon appear despite reports the virus is mutating such that antibodies for one strain are no use for resisting another. Four-day weeks might be the new five-day weeks in the UK and New Zealand. Indeed, a UK cut in VAT is what is required as government debt to GDP exceeds 100% for the first time since the 1960s….and yet MMT is still not a thing anywhere officially. Naturally, Eurasia has always been at (trade) war with Eastasia.
Enjoy the central-bank bumble-puppy. And nanoo-nanoo.
end
iv) Swamp commentaries
Friday night: Berman refuses to step down but on Saturday he finally removes himself from his job of Attorney General of NY.
(zerohedge)
In Friday Night Drama, US Attorney Geoffrey Berman Refuses To ‘Step Down’ After Barr Asks For Resignation
Geffrey Berman is refusing to step down as US Attorney for the Southern District of New York after Attorney General William Barr asked him to resign, according to Bloomberg.
“I learned in a press release from the Attorney General tonight that I was ‘stepping down’ as United States Attorney,” said Berman, adding “I have not resigned, and have no intention of resigning, my position, to which I was appointed by the judges of the United States District Court for the Southern District of New York.
“I will step down when a presidentially appointed nominee is confirmed by the Senate… …Until then, our investigations will move forward without delay or interruption.”
erica orden
✔@eorden
NEW: Geoff Berman statement:
“I learned in a press release from the Attorney General tonight that I was ‘stepping down’ as United States Attorney. I have not resigned, and have no intention of resigning, my position”
Reacting to the news, Senate Democratic leader Chuck Schumer (D-NY) said “This late Friday night dismissal reeks of potential corruption of the legal process.”
SDNY was pursuing several probes of the president’s business and his inaugural committee. It was also investigating Rudy Giuliani, an outspoken Trump supporter, and charged two of Giuliani’s associates. In his congressional testimony, Trump’s former lawyer Michael Cohen, whose conviction on campaign finance violations and other charges was secured by SDNY prosecutors, said he was cooperating with them on matters he couldn’t discuss. -Bloomberg
According to a NYT anonymous source that cannot be verified, President Trump has been unhappy with Berman since he went after Cohen, and has been discussing Berman’s removal with a small group of advisers for some time.
* * *
In a surprising move that inevitably will be denounced by President Trump’s political opponents as another “Friday Night Massacre”, the DoJ just announced that Geoffrey Berman, the US attorney for the southern district of New York, will soon depart.
Geoffrey Berman
A Republican who contributed to Trump’s campaign, Berman was considered a highly qualified pick to succeed Preet Bharara, the previous occupant of his Berman’s soon-to-be-former office, which also features heavily in the TV show “Billions” (it’s the position held by the show’s antagonist, a corrupt federal prosecutor).
AG Barr didn’t offer much in the way of an explanation, and Berman hasn’t said much either. Then again, we’re only just finding out about this, and it’s 10pmET on a holiday Friday.
But even more surprising than the news of Berman’s sudden departure is the news of who will take his place. Following a brief interlude, SEC Chairman Jay Clayton will become the next US Attorney for the Southern District of New York.
But even more extraordinary than his handling of the Hertz situation is Clayton’s decision to allow Tesla CEO Elon Musk walk away from a dispute with the SEC in which the CEO flagrantly and blithely violated basic securities regulations involving disclosures of material information to the public (remember “funding secured?” and the tedious legal melodrama that ensued in which Musk, in full blown tantrum mode, was repeatedly appeased by government regulators seemingly robbed of all willingness to hold him accountable).
Indeed, the news elicited some late-breaking chuckles on twitter.
The U.S. is in a Civil War. It began four years ago after Donald Trump’s election and has finally boiled over into open warfare here in 2020.
From the moment the protests against the killing of George Floyd were hijacked into looting and rioting I worried about this turning into something far greater, something with a far higher purpose.
Within a couple of days it was obvious the U.S. was now the subject of a color revolution of the same type and build up that occurred in places like Ukraine, Georgia, Egypt, Serbia and others.
And it’s pretty clear the color for our revolution isn’t orange or brown or violet, it’s black.
The questions I have are why this is happening now? The obvious answer is the full court press to deny Trump a second term. That’s a practically stated goal at this point.
But I feel this is far deeper than that, and likely has to do with knowing that Trump has pieces in place post-Jeffrey Epstein raid/murder to upset the Deep State’s apple cart.
And that brings me to why I’m interested in Hungary again.
I haven’t spoken much about Hungary in recent months but maybe I should have been. For me the two big stories of the week are:
The through line here is that both of these stories attack the heart of the Color Revolution process… the monied interests behind them. Useful idiots shooting each other in downtown Seattle or knocking down statues to Thomas Jefferson are not the story.
They are the means to power to be discarded (they hope).
Useful idiots eventually become useless eaters in any post-Marxist revolution worth discussing.
But for the people who foment these things. They have to start with laying the groundwork. And the stronger the local cultural institutions and local economic power the longer and harder they have to work to undermine it.
The U.S. has been under constant attack this way since before even World War II, going back to Commintern (which never ended, it just morphed into today’s NGO’s)
Trump and Orban represent leaders who understand this problem explicitly and are trying to dismantle the apparatus arrayed against them.
Let’s start with the SDNY. It is close to the most lawless place in the world for all practical purposes because the highest crimes committed there, those of finance and systemic looting by the banks who are the financiers of The Davos Crowd’s push for transnational control, go unpunished.
Headline grabbing fines which are 0.1% of the money and power stolen by Wall St. is not effective government oversight. Regulatory capture is real and the SDNY is the poster child for it.
For those wanting Trump to make good on his promises to Drain the Swamp, the SDNY is the source of the Swamp’s lifeblood, money. It allows the worst crimes to go unpunished, fueling the Marxist rants of the Occupy Wall St. crowd who have morphed into Black Lives Matter and are actively moving towards open warfare with the U.S. government.
And, true to their Marxist teachings, these folks are too dumb they are being played like cheap flutes found at a Mediveal Faire.
Trump removing Berman is a clear case of payback for his string of prosecutions paving the way for the impeachment debacle from this past winter. But, again, it’s far deeper than that.
Trump and William Barr have to go after the funding sources of Antifa, Black Lives Matter and all the other NGO’s operating to funnel money into this brewing civil war. In the process they will rein in the SDNY and create a real climate of fear for those put in power to protect it.
And that’s not going to happen if the SDNY is not under their control. From the outrage and the response from key players like Nancy Pelosi, Chuck Schumer, Jerry Nadler and even Berman himself, it’s clear that’s what is on the table now — they are scared Trump and Barr got close here.
No less than ultimate anti-Trumper, king Neocon himself Bill Kristol tweeted out this tidbit from, of all places, a fact-free screed from The Atlantic:
This is how an authoritarian works to subvert justice.
theatlantic.com
This is the Swamp in high gear protecting someone who, until Friday, no one in the U.S. even cared about.
And now, firing a U.S. attorney is beyond the pale, an example of lawlessness, rampant authoritarianism and all the rest of the usual bromides.
Every time Trump opens his mouth is one of these ‘wow, just wow’ moments and it’s tiresome.
After a series of setbacks in the Supreme Court, where it’s clear Chief Justice John Roberts is compromised in a fundamental way, Trump and Barr going after Berman makes sense. It was Berman oversaw the raid on Jeffrey Epstein’s home and who is, apparently, still in control over what can be done with the materials gained.
You can see how forcefully this defense of Berman is turning into a circus, quickly, as they flip this into another round of ‘Impeach Trump’ for doing his job.
Nadler’s already saying Berman will testify in front of the House Judiciary Committee. And the Twitterati are spinning this as an own goal strong enough to impeach both Barr and Trump.
That’s nonsense. This was a direct shot at the biggest target and even if it didn’t completely hit the mark, forcing Berman out and having his assistant Audrey Strauss take over in the interim, it did move the ball forward.
Since now a new Senate confirmation process can begin for Berman’s real replacement. This is the third U.S. attorney in the SDNY under Trump. He fired Preet Bharaha which led to Berman’s appointment because the Senate refused to confirm anyone.
They are hoping to play the same game again, allowing the SDNY to set its own rules. Berman was appointed by judicial fiat, not Senate confirmation.
Dismantling the cover of the SDNY is key to uncovering, officially, what’s really going on in the U.S.’s Black Revolution as well as everything else and that’s why they are circling the wagons here.
The same way that the European Court of Justice is covering up for the obvious money laundering going on through NGO’s in Europe.
For Hungary, the fight that Prime Minister Viktor Orban has been at the forefront of for years is an existential one. Orban must stop any further destabilization of Eastern Europe on behalf of the European Union.
The infiltration into the younger generations of Hungarians of neoliberalism is deep enough that staying in front of it is becoming increasingly difficult for Orban.
This is why Orban, loudly, passed the so-called Anti-NGO law which made public all sources of money to foreign organizations operating in Hungary. The purpose was to out, publicly, George Soros and the rest of The Davos Crowd who operate in Hungary. It would take away their funding the future takeover of the country, either through the ballot box or color revolution if the former doesn’t doesn’t work.
With Orban being one of the few sovereigntists in power in Europe with a clear majority in his parliament he’s under constant attack from the EU. But, at the same time, Hungary is too small to stand on its own.
It can neither alienate the West completely, as represented by the EU, nor fully turn East and look to Russia to protect it. This is why Orban, like Trump, talks a big game, makes some moves to declare Hungary sovereign but ultimately yields to the jackals in Brussels when they push back because he cannot afford to exist outside of that apparatus lest the country be completely destroyed.
So he fights skirmishes which play well at home, shoring up his popular support while making deft economic and infrastructure moves which just skirt the wrath of the European Union.
I don’t expect Orban to fight the EU over the ECJ striking down the Anti-Soros law. But he will force open some transparency, gaining a real win but nothing on par with what Vladimir Putin achieved in Russia.
For now, Soros’ Open Society Foundation and Central European University are gone from Hungary but you can see the intensity with which this war against independence from The Davos Crowd is fought.
Even lowly Hungary, a country of no great importance and just 10 million people, must be crushed under the boot heel of these pigs who are, obviously, more equal than the rest of us, just like their new shocktroops in the Black Revolution here in the U.S.
At some point Orban, like Trump, will have to make a major move which changes the direction of his country permanently, but this Anti-NGO law is not the hill to fight that battle on.
It is these fights that happen away from the front lines in places like Atlanta and Seattle, that highlight just how big the stakes are and how deep the problems are.
What’s also clear is that Trump just confirmed for us that he understands these stakes and he’s willing to take on the biggest racketeering operation in the world today, the people protected by the SDNY, as he stares at an unbridled assault on both his presidency and the future of the Western world.
* * *
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END
AG Barr states that the Durham FBI probe may arrive before the end of the summer.If it does not , Biden will probably win the election
The slowdown is due to the Covid 19 pandemic
Nitzberg/Just the News.com
AG Barr Says “Developments” In Durham’s FBI Probe May Arrive Before End Of Summer
Attorney General Bill Barr during a Fox News interview with Maria Bartiromo said that there soon may be “developments” in Connecticut U.S. Attorney John Durham’s investigation into the origins of the Russia probe.
“In terms of the future of Durham’s investigation, you know he’s pressing ahead as hard as he can and I expect that you know we will have some developments hopefully before the end of the summer,” Barr said in the interview today.
Durham’s investigation has slowed as a consequence of the coronavirus crisis, the attorney general said. When Bartiromo asked about a grand jury, Barr declined to divulge whether one has been impaneled.
“I don’t want to suggest there has been or is a grand jury but it is a fact that there have not been grand juries in virtually all districts for a long period of time and also people have been reluctant to travel for interviews and things like that,” Barr said.
Durham has “been working where he can on other matters that aren’t affected by the pandemic. But there has been an affect,” Barr noted.
During the interview Barr expressed concern that mail-in voting is ripe for fraud and could harm public confidence in election integrity.
“Right now a foreign country could print up tens of thousands of counterfeit ballots and be very hard for us to detect which was the right and which was the wrong ballot,” he saidThe attorney general said that “it can upset and undercut the confidence in the integrity of our elections. If anything we should tighten them up right now.”
end
Bolton’s Win Could Cost Him More Than Just Profits
On Saturday, federal district court judge Royce Lamberth denied a motion to enjoin the release of former National Security Adviser John Bolton’s tell-all book in a 10-page order. The book, titled “The Room Where it Happened,” is already in circulation with reporters literally standing outside of the courthouse reading from it. As argued in the column before the decision, Lamberth rejected the injunction. However, he lambasted Bolton for his failure to complete the classification review that he agreed to as part of his taking the position with President Donald Trump.
As Lamberth noted, he now faces civil and criminal liability, which are discussed in the column below.
In a hearing to stop former national security adviser John Bolton from releasing his book, an exasperated Judge Royce Lamberth seemed to throw up his hands over demands for an injunction, stating the horse “seems to be out of the barn.” Lamberth is right and wrong. He is right that an injunction makes little sense as the administration did nothing while the book was printed and sent to warehouses and to the media. Lamberth is wrong that there is not a good option because there is. It would be to let Bolton sell the book, let the critics of President Trump purchase it, and let the federal government keep the profits.
The case is tricky because Bolton is in clear violation of his nondisclosure agreement, which includes a provision for approval prior to publication. I have signed such nondisclosure agreements for decades for my national security work and, each time, I still swallow hard in reading the language on review. Moreover, the courts tend to defer to the classification claims of the executive branch. Bolton admits he did not receive approval since he believed, not without reason, that the administration was slowing the process in order to delay the book release before the election.
There is certainly every indication that Bolton did exactly what the White House hoped he would do. The administration did nothing as thousands of copies of “The Room Where It Happened” were printed. So if the book does contain sensitive classified information, it hardly seems credible as intelligence agencies believed the Russians would not dare try to breach the Barnes and Noble warehouse guarded by a single night watchman or, on the other hand, borrow a copy from any journalist in town.
Adding to this mystery, the book actually did pass a classification review but was suddenly subjected to a highly irregular secondary review. That duplicate review was performed by the National Security Council senior director for intelligence, Michael Ellis, who had been on the job only two months and declared portions of the book classified. Further, the Justice Department admitted Ellis did not have “original classification authority” until a day after he finished his review of what Bolton wrote.
None of that supports the act of prior restraint of a publisher, even if the court accepts the classification authority. Such prior restraint raises free speech issues, notably if the administration seeks to block the release of the book alleging that the president is unstable and unfit. It is even more problematic when the book is readily available to the media. Indeed, the day that Lamberth was considering an injunction against the book, there were journalists such as John Roberts with Fox News working next to the White House reading it. No one in the courtroom was unimpeachable, so the solution here is to give them all what they richly deserve.
Bolton will have his book out despite violating his trust with the president, his nondisclosure agreement, and the federal classification laws. For that success, however, he could lose his profits and even his liberty. In waiting for Bolton to run, the Justice Department handed him just enough rope to hang himself. Given the prior notice of classified content, it could bring a criminal prosecution under the Espionage Act, though such prosecutions are rare and difficult. The main goal would be the profits.
It has happened before.
Navy Seal Matthew Bissonnette used the pen name Mark Owen to write “No Easy Day” about the raid that killed Osama Bin Laden. He had to pay the government almost $7 million to avoid prosecution.
Likewise, in the case Frank Snepp versus the United States, the Supreme Court considered a book by a Central Intelligence Agency employee who signed his nondisclosure agreement but wrote about official activities for Vietnam. The Supreme Court ruled that Snepp would lose his profits and described the case in a way that must concern Bolton about positions of trust in the federal government. An obvious example of one of those few positions of great trust would be national security adviser.
The Justice Department could threaten prosecution while settling for the profits. This leaves Bolton with high acclaim and few assets. Republicans despise him for diving the party, and Democrats hate him for refusing to testify during the impeachment. For Trump, the book will join a towering pile of accounts from former senior aides accusing him of lunacy. He has responded with his standard vicious personal attack on a former top aide or cabinet member, leading a White House reporter to ask, “Why do you keep hiring people that you believe are wackos and liars?”
That is why Lamberth has to refuse the injunction. Everyone will get what they want. Critics get another embarrassing insider account of the White House, Bolton gets his account on record, Trump gets to seize the profits, and Lamberth is the man in “the room where it happened.”
v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.
China to Speed U.S. Farm Purchases After Secretive Hawaii Talks 1:34 AM CDT
Dallas Fed president says U.S. government is already running an experiment in Modern Monetary Theory – “I worry about creating more distortions in financial markets,” Kaplan said…
“Unfortunately because of the crisis… we’ve done some version of MMT to some extent to deal with this crisis… The challenge is, I don’t think the implications of MMT were well understood before and I was concerned about them, and now that we’ve done some of these things, I continue to be concerned and we’re going to have to reckon with the implications,” he added…
The MSM and Dems are apoplectic that AG Barr dismissed the US Attorney for the Southern District of NY (SDNY) on Friday night. Berman, a Trump donor, refused to leave. So, Barr had DJT fire Berman. PS – Bill Clinton fired 93 US district attorneys on one day! The media didn’t utter a peep.
Fox’s @ChadPergram: Barr to Berman: With your statement of last night, you have chosen public spectacle over public service. Because you have declared that you have no intention of resigning, I have asked the President to remove you as of today, and he has done so.
Obamagate: Barr’s Firing of Berman Removes a Roadblock from Durham’s Pathhttps://t.co/teIRD47vTl
@TheLastRefuge2: Barr is not a dummy. He wouldn’t make these DOJ moves without titanium justification. The FISC order [“sequestration material” on FISA abuse] is a part of that…Barr has eight USAO’s workingon an internal investigation…. Along with Durham… You think Barr would terminate FBI chief legal counsel Dana Boente without a strong reason…? Exit date July 3rd. Jody Hunt [top DoJ official] is exiting when? July 3rd…“Solicitor General of the United States Noel Francisco announces his departure from the Department of Justice, effective as of July 3, 2020.”… Five outside USAO’s working on identifying evidence used against FIVE Mueller targets. Each USAO has a case target to review for “sequestration material” underlying evidence and how it was assembled by Mueller’s team…
Barr expects ‘developments’ in investigation of Russia probe this summer
“But, as I have said, his investigation will continue. It’s not going to stop because of the election…“It’s been stunning that all we have gotten from the mainstream media is sort of bovine silence in the face of the complete collapse of the so-called Russiagate scandal, which they did all they could to sensationalize and drive,”… https://nypost.com/2020/06/21/ag-barr-developments-expected-in-durham-probe-this-summer/
@kerpen: The US reported a total of 297 COVID deaths today, the lowest daily total since March 24.
@jsolomonReports: Not so deadly? Stanford professor says median infection fatality rate of coronavirus for those under 70 is just 0.04% [Other experts have asserted that Covid is losing strength.]
Expected economic data: May Existing Home Sales 4.15m; Boston Fed Prez Rosengren 10:15 ET, Fed Gov. Quarles 12:00 ET, Powell with Mester at Youngstown, Ohio Community Event 13:00 ET
The US Culture Revolution is now trying to eradicate The Founders, saints, Teddy, Wilson & Grant. This was inevitable due to the silence and cowardice of Democratic and (save a handful) Republican politicians. On Friday night, a mob in SF destroyed statues of Ulysses S. Grant, Francis Scott Key and St. Junipero Serra, the ‘Apostle of California’ who founded the first nine missions in California.
@ChadPergram: Demonstrators tore down the statue of Junipero Serra in SF. Serra’s statue is 1 of CA’s 2 statues in the Capitol. Pope Francis canonized Serra in US in 2015 & prayed before the statue in Statuary Hall of the Capitol alongside Biden, Boehner, Pelosi during 2015 visit to CapHill
@mattdizwhitlock: He [Grant] was a “slave owner” in that he was gifted a slave, hated the idea, and freed him within a year. Then won the Civil War, prosecuted the KKK, and appointed African Americans to prominent roles in government…he helped pass the Enforcement Acts to which made it a crime to interfere with registration, voting, office holding, or jury service of African Americans.
@realDonaldTrump: The D.C. Police are not doing their job as they watch a statue [Alfred Pike] be ripped down & burn. These people should be immediately arrested. A disgrace to our Country!
@joshrobin: Speaker of NYC Council and other council members calling for removal of Thomas Jefferson statue from chambers in City Hall. “The statue of this well-known slave owner is a reminder of the injustices that have plagued communities of color since the inception of our country.”
@greg_price11: Thomas Jefferson wrote the first federal ban on slavery in the Northwest Territory, signed the law that ended the slave trade in America as President, and originally wrote a condemnation of slavery into the Declaration of Independence
@nytimes: Theodore Roosevelt’s statue will be removed from the Museum of Natural History in New York City. The memorial has long prompted objections as a symbol of colonialism.
MLB’s Texas Rangers face pressure to change name amid heightened scrutiny over symbols, historical figures – “A century ago, during the fighting that took place along the border during the Mexican Revolution, blood flowed like the Rio Grande…name is an affront to Hispanics, African Americans and anyone who favors racial equity…”
Perhaps it’s time to change the name of New York, state and city. They are named after James, Duke of York, who led the notorious slave-trading entity, The Royal African Company.
The Role of the Royal African Company in Slavery
King Charles II first granted a charter to the Company of Royal Adventurers Trading to Africa which was led by the king’s younger brother James, the Duke of York (later King James II). This group had a monopoly on British trade with West Africa, including gold, silver and slaves. When war between England and Holland broke out it led to the demise of the original company and the company was quickly reorganized. It reemerged in 1672 with a new royal charter and a new name: the Royal African Company (RAC)… the Company delivered an estimated 90,000 to 100,000 slaves to British-held colonies…
@DineshDSouza: LBJ was a notorious racist who routinely used the N-word even AFTER he signed the Civil Rights Act. Isn’t it time to pull down his statues and rename all institutions named after this notorious bigot? This might be a good project for Republicans to undertake
Ann Coulter: YALE HAS TO GO! The school’s namesake, Elihu Yale, was not only a slave owner, but a slave trader…If you refuse to fight, Republicans, don’t you at least want to have some fun?
@JackPosobiec: Georgetown University used to pay its debts by selling hundreds of slaves
TomFitton: Andrew Jackson, the founder of the modern Democratic Party and one of our nation’s most consequential presidents, was a slave trader.
House Minority Leader Kevin McCarthy (R-CA) wondered this week if Speaker Nancy Pelosi (D-CA) should consider changing the name of the Democrat Party…“If the speaker is concerned about that, should she also start talking about changing the name of her party and actually changing the nominee?” McCarthy asked in a reference to Joe Biden (D), who referred to late Sen. Robert Byrd (D-WV), a former KKK member, as a mentor and “dear friend.”…
@TrumpWarRoom: [Dem Sen.] Robert Byrd was once an “Exalted Cyclops” of the Ku Klux Klan. He recruited and led a 150-member chapter of the KKK. Joe Biden eulogized Byrd, calling him a “friend,” a “mentor,” and a “guide.”
Tucker Carlson on Friday night went nuclear on Republicans for cowering to the leftist reign of terror in America. “There was no opposition to their power grab… The other side (Republicans) surrounded on day one with no fight… You don’t vote for Republicans… unless you like pointless foreign wars and sucking up to banks. You vote for Republicans to protect you from this but when the moment of crisis came, Republican leaders ran away… Citizens were beaten and murdered… Many Americans were fired abruptly in the middle of a severe recession for nothing: for saying the wrong thing, looking the wrong way, liking the wrong tweet… Where are our protectors?… They didn’t lift a finger to help their voters and donors… Congressional Republicans blamed the cops, not the rioters…ordinary Americans came under attack for the color of their skin and no Republicans came to defend them… The message unfortunately could not be clearer: voting is for fools… Voting doesn’t work, but when you riot, burn things and hurt people, Republicans give you want you want…Rioting works, that’s the message they are sending… If citizens wearing ‘Obama hats’ were psychically assaulted… imagine if tech monopolies censored Obama supporters or Obama himself… How would Obama have responded? By tweeting angry things? By effectively apologizing to the mob?… It’s hard to imagine Obama complaining that as president he didn’t have the power to stop physical violence, or preserve the integrity of an election or to protect free speech… or history… Within ten minutes, the Obama Justice Department would have indicted every single person involved on federal conspiracy and civil right charges…The Republicans are too weak to fact the mob. They offer trinkets and hope the mob goes away…It is time to find new leaders.
@TuckerCarlson: Most Americans assumed they’d never live to see a moment like this. It happened. It is still happening now. Where are Republican leaders when we need them most?
Ex-CIA analyst @BuckSexton: There’s a growing fury at elected Republicans’ cowardly response to what is clearly an organized nationwide assault on our history and rule of law… Republicans have been feeding the crocodile, hoping it will eat them last, and now…there’s nothing left but them.
Soros-Affiliated Anti-Deportation Group Part of ‘Defund Police’ Movement
Black Lives Matter Co-Founder: ‘Our Goal Is to Get Trump Out’ – Appearing Friday on CNN’s The Lead, Black Lives Matter Global Network co-founder Patrisse Cullors said President Donald Trump should resign from office immediately and said, “our goal is to get Trump out.”…
Make no mistake – BLM is a radical neo-Marxist political movement – The Telegraph (UK)
BLM happily self-identifies as a neo-Marxist movement with various far left objectives, including defunding the police…, to dismantling capitalism and the patriarchal system, disrupting the Western-prescribed nuclear family structure, seeking reparations from slavery to redistribute wealth and via various offshoot appeals, to raise money to bail black prisoners awaiting trial…
Ex-NSC Dir @RichHiggins_DC: The fact that Congress doesn’t know that BLM is an agent of communist China doesn’t bode well for the country. Time for Congress to wake up.
Ex-Sr. Dir. NSC General Spalding (USAF) @robert_spalding: If you haven’t figured out that we’re fighting Marxism and communism again, you’re not paying attention…When I was at the WH, McKinsey lobbied the NSC to partner with the CCP in Africa. It’s in my book
The Lt. Gov. of North Carolina excoriated the Governor of North Carolina for the “utter lawlessness that occurred in downtown Raleigh” on Friday night. “Last night’s destruction occurred on state property, right next to his office….Gov. Cooper is either incapable of upholding law and order, or worse, encouraging this behavior…When our elected leaders turn a blind eye to chaos, destruction and disorder, society begins to unravel.” https://twitter.com/LtGovDanForest/status/1274332542854934528/photo/1
Nearly 3 out of 4 DC police officers ready to leave the force: Washington police union poll
@CWBChicago: The residents of Chicago can expect the usual response from their leaders on Monday: Some utterances about the violence being “unacceptable” followed by more of the same until the next Monday’s “unacceptable” utterances.
Shootings surge in NYC amid disbanding of NYPD’s plainclothes anti-crime unit
28 incidents and 38 victims reported since Monday [thru Friday afternoon]…
At least 17 people injured in multiple shootings overnight [Friday] in NYChttps://trib.al/kBc7S92
@NYScanner: NYPD RADIO: “Female caller states she is uncomfortable walking home, states it is a WARZONE. A combination of fireworks and gunshots”. OFFICER RESPONDS: “Welcome to NY”.
DISPATCHER: “Tell me about it”.
Oakland Mayor Launches Hate Crime Probe into Park “Nooses”… But Black Guy Says It’s Just His Exercise Equipment – That’s what Governor Cuomo did recently when he claimed “nooses” were hanging in an NYC park – no, they were part of a construction rig…The left wants America divided and in turmoil, and their pals in the media will do all they can to help make that happen…
Stepmother of Atlanta cop charged with shooting dead Rayshard Brooks is fired from her job
Garrett Rolfe’s stepmother, Melissa Rolfe, had her employment at the Atlanta-based Equity PrimeMortgage terminated this week… https://trib.al/fuoDWGU
@Doc_0: Another toxic idea the American Left is importing from hardcore Eastern Communism is punishing entire families for the deeds of political dissidents. This is common in places like China and North Korea. Go after their families, and even the brave think twice about speaking up.
Donald Trump warns if he loses re-election then the ‘whole country will be Minneapolis’ as he paints dire picture of America under a President Joe Biden
For the election, AG William Barr is worried about “the censorship of robust debate”, the “peaceful transfer of power” and mail-in ballot fraud, which could “open the floodgates of potential fraud…”
DJT Com Dir @TimMurtaugh: 12,000 people made it past protestors thorough the metal detectors…Over 8.3 million have watched online…UPDATE: 10.1 million viewers
Teens and K-pop fans sabotaged Trump’s Tulsa rally by reserving tickets by the hundreds with no intention of attending, Twitter users claim
Anti-Trump protesters ‘interfere’ with rally, campaign claims, as outdoor speeches canceled
“Sadly, protesters interfered with supporters, even blocking access to the metal detectors, which prevented people from entering the rally,” said Trump campaign communications director Tim Murtaugh. “Radical protesters, coupled with a relentless onslaught from the media, attempted to frighten off the president’s supporters. We are proud of the thousands who stuck it out.”…
Trump at Tulsa rally: “Joe Biden is not the leader of his party. Joe Biden is a helpless puppet of the radical left… Americans have watched left wing radicals burn down buildings, loot businesses, destroy private property, injure hundreds of dedicated police officers… and injured thousands of people… If Biden is elected, he will surrender your country to these mobsters…The choice in 2020 is very simple: Do you want to bow before the left-wing mob or do you want to stand up tall and proud as Americans?
Trump will try to tie Biden to the radical left. DJT knows that Biden has to thread the needle between appeasing the radical left vote and not offending swing voters.
@TrumpWarRoom: It’s been 80 days since Joe Biden held a press conference. He’s just not up for it.
Biden advisor @SymoneDSanders could not explain why Sleepy Joe refuses to take questions from reporters without the help of paper notes or pre-written answers behind his basement camera.
#UnitedAgainstCoronavirus
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