JUNE 23//WHAT A DAY!! GOLD UP $25.50 TO $1766.50//SILVER UP 16 CENTS TO $17.95//GOLD TONNAGE STANDING AT THE COMEX; 167.4 TONNES//CORONAVIRUS UPDATES//USA VS CHINA MAJOR STORY OF THE DAY//

GOLD:$1766.50  UP $25.50   The quote is London spot price

 

 

 

 

Silver:$17.95//UP  16 CENTS  London spot price

 

Closing access prices:  London spot

i)Gold : $1767.30  LONDON SPOT  4:30 pm

 

ii)SILVER:  $17.95//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

JUNE COMEX GOLD:  1766.50 1:30 PM

AUG GOLD:  $1781.50  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE JUNE: $15.00

 

CLOSING SILVER FUTURE MONTH

 

SILVER JUNE COMEX CLOSE;   $17.95…1:30 PM.//SPREAD SPOT/FUTURE JULY//18.07  :  12 CENTS  PER OZ

 

 

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

If one is to buy gold and or gold coins, the price is around $2600. usa per oz

and silver; $29.00 per oz//

 

LADIES AND GENTLEMEN: YOU ARE NOW WITNESSING FIRST HAND THE DIFFERENCE BETWEEN PAPER GOLD/SILVER AND THE REAL PHYSICAL STUFF!!

 

COMEX DATA

 

 

 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

today RECEIVING: 84/705

ISSUED  668

EXCHANGE: COMEX
CONTRACT: JUNE 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,756.700000000 USD
INTENT DATE: 06/22/2020 DELIVERY DATE: 06/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 H RAND 1
152 C DORMAN TRADING 13
159 C ED&F MAN CAP 1
657 C MORGAN STANLEY 17
657 H MORGAN STANLEY 454
661 C JP MORGAN 668 84
661 H JP MORGAN 30
686 C INTL FCSTONE 9
690 C ABN AMRO 2 32
737 C ADVANTAGE 4 45
800 C MAREX SPEC 24
905 C ADM 26
____________________________________________________________________________________________

TOTAL: 705 705
MONTH TO DATE: 52,913

NUMBER OF NOTICES FILED TODAY FOR  APRIL CONTRACT: 705 NOTICE(S) FOR 70500 OZ (2.1928 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  52913 NOTICES FOR 5,291300 OZ  (164.48 TONNES)

 

 

SILVER

 

FOR APRIL

 

 

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  $9625  DOWN 59  

 

BITCOIN AFTERNOON QUOTE.: $9652 DOWN $33

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $25.50 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 6.73 TONNES OF GOLD

RESTS TONIGHT AT 1166.04 TONNES

GLD: 1,166.04 TONNES OF GOLD//

 

WITH SILVER UP A STRONG 16 CENTS TODAY: AND WITH NO SILVER AROUND

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.

A MASSIVE PAPER DEPOSIT OF 4.473 MILLION OZ INTO THE SLV///

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 490.927  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A TINY SIZED 188 CONTRACTS FROM 181,807 UP  TO 181,995, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE TINY SIZED GAIN IN  OI OCCURRED WITH OUR STRONG 15 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 TINY EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A SMALL INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE.  WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 293 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: 104  AND SEP 0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  104 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 104 EFP CONTRACTS TRANSLATES INTO 0.520 MILLION OZ  ACCOMPANYING:

1.THE 15 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

2.190  MILLION OF INITIALLY STANDING FOR JUNE

 

MONDAY, 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 15 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 TINY 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 TINY NET GAIN OF 293 CONTRACTS OR 1.465 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:

8711 CONTRACTS (FOR 18 TRADING DAY(S) TOTAL 8711 CONTRACTS) OR 43.56 MILLION OZ: (AVERAGE PER DAY: 483 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: 43.56 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:          1,109.61 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                   43.56 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 TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 197, WITH OUR 15 CENT GAIN IN SILVER PRICING AT THE COMEX ///MONDAY THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 104 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 TINY SIZED OI CONTRACTS ON THE TWO EXCHANGES:  293 CONTRACTS (WITH OUR 15 CENT GAIN IN PRICE)

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 104 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED INCREASE OF 197 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A 15 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $17.79 // MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.909 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 0 OZ OF SILVER.

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

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 2.175 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR TO GOOD 6441 CONTRACTS TO 522,913 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 GOOD SIZED GAIN OF COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE  OF $14.00 /// COMEX GOLD TRADING// MONDAY// 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 $14.00 .

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  25

 

WE GAINED A GOOD SIZED 13,302 CONTRACTS  (41.37 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 6861 CONTRACTS:

CONTRACT  JUNE 0.; AUG 6861 AND DEC: 0  ALL OTHER MONTHS ZERO//TOTAL: 6861.  The NEW COMEX OI for the gold complex rests at 522,913. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 13,302 CONTRACTS: 6441 CONTRACTS INCREASED AT THE COMEX AND 6861 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 13,302 CONTRACTS OR 41.37 TONNES. MONDAY, WE HAD A GAIN OF $14.00 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD AN ATMOSPHERIC SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 41.37 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 $14.00).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- GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (6861) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (6441 OI): TOTAL GAIN IN THE TWO EXCHANGES:  13,302 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) GOOD COMEX OI GAIN.. AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//MONDAY//$14.00.

 

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 : 50,246 CONTRACTS OR 5,024,600 oz OR 156.29 TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 2956 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 156.29 TONNES

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

THUS EFP TRANSFERS REPRESENTS 156.29/3550 x 100% TONNES =4.46% OF GLOBAL ANNUAL PRODUCTION

ISSUANCE OF EXCHANGE FOR PHYSICAL GOLD HAS DISSIPATED THIS MONTHTHE COST TO THE BANKERS TO CARRY THESE CONTRACTS IN LONDON IS BECOMING TOO GREAT FOR THEM.

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   2970.42  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:                     156.29 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 TINY SIZED 197 CONTRACTS FROM 181,869 UP TO 181,995 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 TINY 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 SMALL INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 104 CONTRACTS

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

JULY: 104 CONTRACTS   AND SEPT: 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 104 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 188  CONTRACTS TO THE 104 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL GAIN OF 293 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.465 MILLION  OZ!!! OCCURRED WITH THE 15 CENT GAIN IN PRICE///

 

 

RESULT: A TINY SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 15 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A SMALL SIZED 104 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG  SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

 

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

(report Harvey)

 

 

 

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 5.35 POINTS OR 0.18%  //Hang Sang CLOSED DOWN 396.00 POINTS OR 1.62%   /The Nikkei closed UP 111.78 POINTS OR 0.50%//Australia’s all ordinaires CLOSED UP .19%

/Chinese yuan (ONSHORE) closed UP  at 7.0660 /Oil UP TO 41.47 dollars per barrel for WTI and 43.90 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 7.0660 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 7.0571 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD 6441 CONTRACTS TO 522,913 MOVING 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 $14.00 IN GOLD PRICING /MONDAY’S COMEX TRADING//). WE ALSO HAD A FAIR EFP ISSUANCE (6186 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 13,302 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 6861 EFP CONTRACTS WERE ISSUED:  6861 FOR AUG AND 0 FOR DEC AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6861 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:  13,302 TOTAL CONTRACTS IN THAT 6861 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 6191 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A GOOD  AMOUNT OF EXCHANGE FOR PHYSICALS WITH HUGE BANKER SHORT COVERING, ACCOMPANYING OUR GOOD 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 14.00 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 41.37 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 13,302 CONTRACTS OR 1,330,200 OZ OR 41.37 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:  522,913 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 52.29 MILLION OZ/32,150 OZ PER TONNE =  1626 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1626/2200 OR 73.92% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 186,594 contracts//fair//most traders have moved to London

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  243,187 contracts//  volume fair //most of our traders have left for London

 

 

JUNE 23 /2020

JUNE GOLD CONTRACT MONTH

 

 

 

 

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

 

 

 

Deposits to the Customer Inventory, in oz  

102,979.653

OZ

BRINKS

MANFRA

 

includes

25000 kilobars

Manfra

 

 

 

No of oz served (contracts) today
705 notice(s)
 70500 OZ
(2.1928 TONNES)
No of oz to be served (notices)
907 contracts
(90700 oz)
2.709 TONNES
Total monthly oz gold served (contracts) so far this month
52,913 notices
5,291,300 OZ
164.58 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 0 deposit into the dealer

 

total deposit: nil oz

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 2 deposits into the customer account

i) Into Brinks:  22,602.153 oz

ii) Into Manfra: 80,377.500 oz

total deposit: 102,979.653 oz

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

 

 

total gold withdrawals;  nil oz

We had 2  kilobar transactions  +

 

 

 

 

ADJUSTMENTS: 3 //    

 

 

dealer to customer:

 

i) Brinks  140,374.685 oz

ii) Manfra: 64,430.604 oz

iii) from Scotia eligible 1993.300 oz removed as an accounting error  62 kilobars

The front month of JUNE registered a total of 1612 oi contracts FOR a GAIN of 685 contracts.  We had 186 notices filed on MONDAY so we GAINED A HUMONGOUS 871 contracts or an additional  87100 oz of gold (2.709 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 GAIN of 316 contracts UP to 3750 contracts.

Next comes August another strong delivery month and here the OI ROSE by A GOOD 3207  contracts UP to 366,055 contracts.

 

We had 705 notices filed today for 70,500 oz

 

FOR THE JUNE 2020 CONTRACT MONTH)Today, 00 notice(s) were issued from JPMorgan dealer account and 688 notices were issued from their client or customer account. The total of all issuance by all participants equates to 705 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 84 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 (52,913) x 100 oz , to which we add the difference between the open interest for the front month of  JUNE (1612 CONTRACTS ) minus the number of notices served upon today (705 x 100 oz per contract) equals 5,382,000 OZ OR 167.402 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 (52,913)x 100 oz + (1612 OI) for the front month minus the number of notices served upon today (705) x 100 oz which equals 5,382,000 oz standing OR 167.402 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  871 contracts or AN ADDITIONAL 87100 oz will stand on this side of the pond.  Issuance of exchange for physicals is FAIR-GOOD 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 360.21 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 167.40 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  12,587,328.686 oz or 391.51 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: 11,580.922.0  (360.21 tonnes)
true registered gold  (total registered – pledged tonnes  11580,922.0 (360.21 tonnes)
total eligible gold:  18,702,686.470 oz (581.73 tonnes)

total registered, pledged  and eligible (customer) gold;   31,290.015.156 oz 973.25 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  846.91 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 23/2020

And now for the wild silver comex results

we had the open interest at the comex, in SILVER, ROSE BY A TINY SIZED 188 CONTRACTS FROM 181,807 UP TO 181,995 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 TINY GAIN IN OI SILVER COMEX WAS DUE TO;   1) HUGE BANKER SHORT COVERING , 2) A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN SILVER OZ STANDING AT THE COMEX FOR JUNE AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 104 CONTRACTS

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

JULY: 104 CONTRACTS   AND SEPT: 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 104 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 188  CONTRACTS TO THE 104 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A TINY GAIN OF 293 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.465 MILLION  OZ!!! OCCURRED WITH THE 22 CENT GAIN IN PRICE///

 

 

RESULT: A TINY SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 15 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A SMALL SIZED 104 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
 1023.600 oz
CNT

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,699,904.03 oz
CNT
Loomis
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
11 contracts
 55,000 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 2 deposits into the customer account

into JPMorgan:   0

ii) Into CNT:  1003.800 oz

ii) Into Loomis;  1698.900.23

 

 

 

 

 

*** 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: 1,699,904.03    oz

we had 1 withdrawals:

 

 

 

i) Out of CNT 1023.600 oz

 

 

 

 

total withdrawals; 1023.600   oz

We had 0 adjustments

 

 

total dealer silver: 88.229 million

total dealer + customer silver:  319.045 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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.11) 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 11)- number of notices served upon today (0) x 5000 oz of silver standing for the JUNE contract month.equals 2,190,000 oz.

We GAINED 3 contracts or an additional 15,000 oz will stand for delivery as they refused to morphed into London based forwards as well as negating a fiat bonus

 

TODAY’S ESTIMATED SILVER VOLUME: 97,042 CONTRACTS // volume very good/

 

 

FOR YESTERDAY: 101,558..,CONFIRMED VOLUME//volume excellent/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 101,558 CONTRACTS EQUATES to 507 million  OZ  72.50% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 0.96% ((JUNE 22/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.50% to NAV:   (JUNE 22/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.96%

(courtesy Sprott/GATA

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

NAV 16.80 TRADING 16.66///NEGATIVE 0.80

END

 

 

And now the Gold inventory at the GLD/

JUNE 23/WITH GOLD UP $25.50 TODAY/ANOTHER CRIMINAL PAPER DEPOSIT OF 6.73 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1166.04 TONNES

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 23/ GLD INVENTORY 1166.04 tonnes*

LAST;  846 TRADING DAYS:   +222.04 NET TONNES HAVE BEEN REMOVED FROM THE GLD

 

LAST 746 TRADING DAYS://+397.31  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JUNE 23//WITH SILVER UP 16 CENTS TODAY: A MONSTROUS CHANGE IN INVENTORY: A PAPER DEPOSIT OF 4.473 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 490.927 MILLION OZ//

JUNE 22/WITH SILVER UP 15 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/: INVENTORY/INVENTORY RESTS AT 486/454 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 23.2020:

SLV INVENTORY RESTS TONIGHT AT

490.928 MILLION OZ.

END

 

LIBOR SCHEDULE AND GOFO RATES//  GOLD LEASE RATES

 

 

YOUR DATA…..

6 Month MM GOFO 3.05/ and libor 6 month duration 0.39

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

GOLD LENDING RATE: -2.66%

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

 

XXXXXXXX

12 Month MM GOFO
+ 2.66%

LIBOR FOR 12 MONTH DURATION: 0.57

 

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE  = -1.69%

 

end

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

iii) Other physical stories:

Gold Breaks Out To New 8-Year High

We detailed yesterday what Goldman believes will drive the price of gold to $2000 and beyond within 12 months and this morning’s dollar weakness has provided the impetus to break above May’s highs to a fresh 8 year high.

Yesterday got close but this morning, spot gold prices have broken out…

As Bloomberg’s Eric Balchunas notes, there has been massive inflows into GLD this year, month, and week…

As gold breaks to new 2012 highs…

The dollar has been losing ground against gold for two years…

Is it just a coincidence that China has ramped up its anti-dollar rhetoric in recent days?

Fang Xinghai, a vice-chairman at the China Securities Regulatory Commission, said that as China mainly relies on the US dollar payment system in international deals, it makes it vulnerable to possible US sanctions.

“Such things have already happened to many Russian businesses and financial institutions. We have to make preparations early – real preparations, not just psychological preparations,” Fang said at a forum organised by Chinese media outlet Caixin.

Fang’s comment came at a time when Washington is pondering how far it should go to use the US dollar’s key role in international payment to punish Chinese individuals, companies and financial institutions for alleged involvement in issues such as Xinjiang and Hong Kong.

At the same time, Fang said the value of the US dollar is facing an uncertain future due to additional money being printed by the US Federal Reserve, which poses risks to China’s holdings of US dollar-denominated assets.

END

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early 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: 7.0660/ GETTING VERY DANGEROUSLY PAST 7:1

//OFFSHORE YUAN:  7.0571   /shanghai bourse CLOSED UP 5.35 POINTS OR 0.18%

HANG SANG CLOSED DOWN 396.00 POINTS OR 1.62%

 

2. Nikkei closed UP 111.78 POINTS OR 0.50%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 96.87/Euro FALLS TO 1.1298

3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 41.47 and Brent: 43.90

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.44%/Italian 10 yr bond yield DOWN to 1.29% /SPAIN 10 YR BOND YIELD UP TO 0.348%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.73: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 2.21

3k Gold at $1757.60 silver at: 17.86   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 43/100 in roubles/dollar) 68.69

3m oil into the 41 dollar handle for WTI and 43 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 107.03 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 .9454 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0682 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.44%

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 0.73% early this morning. Thirty year rate at 1.50%

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

6.  TURKISH LIRA:  UP  TO 6.860..

Crazy Overnight Session Ends With Another Futures Rally

To anyone who had tight stops heading into the overnight session: our condolences.

Futures were lazily levitating higher in the early after-hours session, when one phrase out of place prompted the fastest plunge since March, sending the ES down 60 points in minutes after Trump’s trade advisor and China hawk Peter Navarro responded to a long question by Fox News interviewer Martha MacCallum asking whether aspects of the deal were “over” by saying: “It’s over. Yes“, linking the breakdown in part to anger over Beijing not sounding the alarm earlier about the coronavirus outbreak. That’s all the algos needed to send risk assets, the Chinese yuan and bond yields, plunging.

However, the digital ink on triggered stop loss alerts was not even dry yet, before a just a violent reversal took place, when Navarro – seeing the dire impact his words had on stocks – said the remark was taken “wildly” out of context, which was followed shortly after by Trump who tweeted that the deal was “fully intact.”

Futures then took another step higher after an across the board beat by Eurozone PMI, which further bolstered the case for a V-shaped recovery.

That result was nothing less than a stop-busting nuclear bomb which left virtually anyone who had any tight or trailing stops overnight with substantial losses.

European stocks levitated sharply higher, with banks, carmakers and technology shares leading gains, while the euro almost got above $1.13 and Italian and Spanish government debt benefitted in the bond markets.  Euro zone PMIs recovered to 47.5 from May’s 31.9 and April’s record low of 13.6. The future output index, which had been below the 50 mark that separates growth from contraction for three months, recovered to 55.7 from 46.8 too.

“PMIs are coming in much better than expected and are another bullish arrow pushing markets back to the highs of May,” said CMC Markets senior analyst Michael Hewson. “The bar for second lockdowns is going to be a lot higher as well, so a second wave (of COVID-19 infections) is not going to be nearly as damaging economically as the first wave.”

The Stoxx 600 Automobiles & Parts Index rises as much as 3.8% and was the best-performing subgroup on the wider European gauge on Tuesday amid a market rally, led by French stocks including Renault and Peugeot. SXAP +3.4% as of 12:34pm CET; best performers on the SXAP include: Renault +7.1%, PSA Group +6.7%, Faurecia +5.5%, Fiat +5.2%, Nokian Renkaat +5.3%, Valeo +4.9%, VW +3.9%

Asian stocks also gained, with Hong Kong’s Hang Seng ending up about 1.6% after the early trade deal wobbles, South Korea’s KOSPI index added 0.2% and Japan’s Nikkei climbed 0.5% Communications and consumer discretionary sector led the gains. The Topix gained 0.5%, with Yasunaga and UMC Electronics rising the most. The Shanghai Composite Index rose 0.2%, with Jiangsu Lugang Culture and Anhui Golden Seed Winery posting the biggest advances. China on Tuesday reported 22 new coronavirus cases, of which 13 were located in Beijing, and the city’s government has started to restrict people from moving to help contain the outbreak.

World stocks have rallied since hitting a low in March amid worries about the jolt to the global economy from the coronavirus-driven shutdown. Ord Minnett investment advisor John Milroy said equity market sentiment was positive despite ongoing bursts of volatility across regional markets.

“It’s worth noting our clients here have been net buyers since the depths of market despair,” Milroy told Reuters from Sydney. “I should think any pullback would be a catalyst for that pattern to resume, the conversations that I am having with clients is all about what to buy not what to sell.” Maybe all of his clients are 18-year-old Robinhooders.

In rates, long-end Treasuries are cheaper by 3bp-4bp as U.S. stock futures extended Monday’s advance, with S&P 500 E-minis testing Friday’s highs. Treasury auction cycle beings at 1pm ET with 2-year note sale, followed by 5- and 7-year notes Wednesday and Thursday. Front-end yields remain little changed, steepening 2s10s by ~2bp, 5s30s by ~3bp; 10-year yields around 0.727%, cheaper by ~2bp on the day, while bunds lag by ~1bp following strong European PMIs. Today’s $46BN 2-year note auction is $2b larger than last month’s, which tailed by 0.2bp; WI yield ~0.195% is ~1.7bp cheaper than May’s record low stop (0.178%).

In FX, the Bloomberg Dollar Spot Index reversed an earlier gain and the greenback fell against most of its Group-of-10 peers, as haven demand waned after President Trump said the phase one trade deal with China remained “fully intact.” Risk currencies recovered after earlier being sold aggressively after Navarro was reported as saying that the U.S. trade deal with China is “over.”

Gold, which initially rose on Navarro’s remarks, then sold off on the clarification, but has since rebounded as the dollar sang, while risk-sensitive currencies staged a recovery aided by a softer dollar.

“The saving grace for markets is liquidity, which is in abundance and will offer a backstop as the bulls and bears stage a tussle and cause market volatility,” said Vasu Menon, Singapore-based senior investment strategist at OCBC Bank Wealth Management.

Despite Trump’s assurances on Tuesday, Menon expects U.S.-China tensions to escalate in the run-up to the U.S. elections. “So expect markets to be very bumpy in second half of this year because of the double whammy from COVID-19 and U.S.-China tensions.”

In commodities, oil pared its decline from a three-month high as investors turned their attention back to improving demand and easing supply after the market was momentarily roiled by the U.S.-China trade confusion. Brent was up 30 cents at a more than three-month high of $43.33, while WTI was up above $41 a barrel.

PMIs on manufacturing and services are due, as well as data on new home sales. Scheduled earnings include IHS Markit and La-Z-Boy

Market Snapshot

  • S&P 500 futures up 0.5% to 3,127.75
  • STOXX Europe 600 up 1.5% to 367.97
  • MXAP up 0.7% to 160.27
  • MXAPJ up 1% to 518.28
  • Nikkei up 0.5% to 22,549.05
  • Topix up 0.5% to 1,587.14
  • Hang Seng Index up 1.6% to 24,907.34
  • Shanghai Composite up 0.2% to 2,970.62
  • Sensex up 1.1% to 35,277.77
  • Australia S&P/ASX 200 up 0.2% to 5,954.41
  • Kospi up 0.2% to 2,131.24
  • German 10Y yield rose 2.3 bps to -0.416%
  • Euro up 0.2% to $1.1286
  • Brent Futures up 1% to $43.52/bbl
  • Italian 10Y yield fell 6.9 bps to 1.16%
  • Spanish 10Y yield rose 0.2 bps to 0.463%
  • Brent Futures up 0.6% to $43.33/bbl
  • Gold spot unchanged at $1,754.48
  • U.S. Dollar Index down 0.2% to 96.88

Top Overnight News from Bloomberg

  • Less than 15% of funds made available by governments in Europe via banks as loan guarantees for business has been used, according to figures from seven of region’s largest economies compiled by Bloomberg News
  • Spain is weighing plans to significantly increase the size of its 100 billion-euro ($113 billion) loan-guarantee fund after the program attracted huge demand from businesses struggling to weather the coronavirus pandemic, according to people familiar with the matter
  • The June Purchasing Managers Index from IHS Markit showed an improvement at the eurozone’s manufacturers and service firms, and confidence at the highest since February. It also had plenty of reason for caution, with the headline number still signaling contraction, new orders declining and employment falling
  • Japan is aiming to conclude its current trade negotiations with the U.K. by the end of next month, according to a Japanese government official familiar with the talks
  • The Indian and Chinese militaries arrived at a mutual consensus during Lieutenant General-level talks to disengage from eastern Ladakh, Press Trust of India reported, citing people it didn’t identify

Asian equity markets traded positive overall following the tech led gains stateside where Apple shares advanced amid its Worldwide Developers Conference and the Nasdaq notched a record closing high, although gains in the broader market were limited given the rising infection rates in some US states and as US-China tensions persisted. Furthermore, risk sentiment saw a bout of volatility overnight after comments from White House Trade Adviser Navarro circulated in which the known China hawk reportedly stated that the trade deal with China is over and cited the breakdown was due to Beijing not alerting the US about the coronavirus outbreak sooner. This triggered a risk averse tone across Asian bourses and dragged the Emini S&P and DJIA futures below the 3100 and 26000 levels respectively, although the moves were then reversed after Navarro noted that his comments were taken out of context and were concerning trust, not the Phase 1 trade deal which remains in place. As such, ASX 200 (+0.2%) and Nikkei 225 (+0.5%) swung between gains and losses before recovering back from the dip amid the turbulence from Navarro’s comments on the trade deal, which President Trump also clarified was still intact and that he hopes China will live up to the terms. Elsewhere, the Hang Seng (+1.6%) and Shanghai Comp. (+0.2%) were susceptible to the erroneous trade commentary and eventually kept afloat following another firm liquidity operation by the PBoC, although upside in the mainland was limited by lingering tensions after the US designated 4 Chinese media outlets as foreign missions and US Treasury Secretary Mnuchin suggested the possibility of a future decoupling from China. Finally, 10yr JGBs were choppy as stocks whipsawed but then returned flat after the dust settled, with demand hampered by the eventual broad upbeat tone in stocks and with the BoJ only present in the market today for Treasury Discount Bills.

Top Asian News

  • Tencent Smashes Record High After Stock’s $307 Billion Rebound
  • India Urgently Seeks Russian Missile System After China Clash
  • Singapore Calls for General Elections Amid Pandemic
  • Defying Dire Predictions, China Is the Bubble That Never Pops

European stocks remain on a firmer footing early-doors [Euro Stoxx 50 +2.0%], having had seen a bout of selling overnight amid comments from White House Trade Adviser Navarro who, in his initial remarks, deemed the China trade deal “over”, before the official, alongside US President Trump, walked back on the remarks prompting a recovery in sentiment. Stocks continue grinding higher following the raft of flash PMIs for Europe, which showed sentiment among respondents less dire than expected MM, and as such the region saw a leg higher in which DAX cash (+1.9%) briefly eclipsed 12500 to the upside whilst the CAC (+1.5%) reclaimed 5000 to the upside. Broader sectors are all in the green with a more cyclical bias as defensives underperform, whilst the breakdown paints a similar picture with healthcare towards the bottom of the pile whilst Auto, Banks, Insurance and IT lead the gains, with the latter possibly propped up on Apple’s performance following its WWDC conference – Travel and Leisure however remains relatively subdued vs. the broad performance in cyclicals. In terms of individual movers, Wirecard (+15%) shares consolidate following recent hefty back-to-back losses as the scandal deepens, whilst the latest reports note of the detention of former CEO Braun amid accusations of inflating the group’s balance sheet and revenue. Meanwhile, reports of a tie-up with Deutsche Bank (+1.9%), which was swiftly terminated last year, did little to influence price action. Elsewhere, Hikma Pharmaceuticals (-7.0%) holds onto losses as shareholder Ingelheim is to exit the entirety of his 16.45% stake in the group. Bayer (+6.2%) shares opened higher after the Co. won a court ruling which blocks the state mandate for glyphosate products to carry a warning in the state of California – further upside was spuured amid reports Co. are reportedly close to a settlement agreement with glyphosate plaintiffs, board are to discuss and vote on such a settlement in the coming days, a settlement could be worth USD 8-10bln.

Top European News

  • Europe Leaves $2 Trillion on the Table in Virus Recession Fight
  • Spain Weighs Major Boost to $113 Billion Loan Guarantee Plan
  • U.K. Carmakers Seek State Aid With Pandemic Threatening Jobs
  • Wirecard’s Former CEO Braun Arrested in Accounting Scandal

In FX, GBP/EUR – The Pound and Euro tested resistance against the Dollar around 1.2500 and 1.1300 respectively in wake of preliminary UK and Eurozone PMIs, as all sectors in France returned to growth alongside UK manufacturing, while the rest comfortably exceeded forecasts to underpin economic recovery expectations. Stops are said to have been tripped in Cable above 1.2507, but not to the extent that a Fib or the 21 DMA were seriously threatened and Eur/Usd extended gains after breaching the 200 HMA (1.1261) on the way through a Fib retracement (1.1295) before fading just above the big figure. Hence, Eur/Gbp is holding within a 0.9070-20 range amidst more COVID-19 cases in Germany and the RKI warning about a potential 2nd wave given that the R value remains elevated.

  • CHF/AUD/NZD – All firmer vs the Greenback, as the DXY pivots 97.000 ahead of US Markit PMIs and new home sales data, with the Franc probing 0.9450, Aussie back on the 0.6900 handle and Kiwi hovering just shy of 0.6500 following divergent moves overnight on the back of hastily retracted or clarifies remarks made by US Trade Advisor Navarro to the effect that the Phase 1 deal with China is over. Note also, Aud/Usd is also well off lows following much improved CBA PMIs and Moody’s reaffirming the sovereign’s AAA rating with a stable outlook, but Usd/Chf has not really been impacted by comments from SNB’s Zurbruegg reiterating that there is no upper limit for the balance sheet. However, Nzd/Usd will be prone to any tweaks in RBNZ policy guidance on Wednesday as the markets are not anticipating rates to be adjusted.
  • CAD/JPY – The Loonie and Yen are lagging after Usd/Cad failed penetrate bid/support at 1.3500 and Usd/Jpy only declined to 106.75 on the aforementioned negative US-China headlines before returning to pivot 107.00 again. For the record, mixed Japanese PMIs were largely overlooked, but the upcoming BoJ Summary of Opinions may provide some independent impetus beyond broader risk sentiment.
  • SCANDI/EM – The Nok and Sek are outperforming on a combination of improved risk appetite and firm crude prices, with the former towards the upper end of a 10.8890-7360 band vs the Eur and latter edging above 10.5000 in advance of Sweden’s latest Economic Tendency Survey due on Wednesday. Similarly, most EM currencies are trading higher and even the Zar awaiting tomorrow’s SA budget review, while the Brl will be looking for direction via BCB minutes and Huf from the NBH that is seen standing pat.

In commodities, WTI and Brent crude futures wobbled overnight amid Navarro’s initial comments which prompted WTI and Brent futures below USD 40/bbl and USD 42.50/bbl respectively before the benchmarks recoiled on the rebuttal of the comments, albeit prices failed to completely reverse the move. Nonetheless, a broad improvement in EZ flash PMIs underpinned risk and sees the benchmarks approach USD 41.50/bbl and USD 44.00/bbl to the upside. On the OPEC front, some desks note that the fact OPEC+ is haggling under-complying countries for plans to make up for their poor performance does offer markets some confidence that compliance could improve, but tail risks remain given the absence of an enforcement mechanism. News flow specifically for the complex remains light early doors with eyes more so on broader macro narratives ahead of the weekly inventory data later today. On this, forecasts are looking for a headline build of 2mln BPD. Spot gold, meanwhile, has been trading in tandem with the USD post-Navarro, which saw the yellow metal print a high of USD 1760/oz ahead of its 18th May high at USD 1765/oz. Copper prices mimic the gains in stocks having had seen a blip lower on the initially Navarro headlines.

US Event Calendar

  • 9:45am: Markit US Manufacturing PMI, est. 50, prior 39.8; Services PMI, est. 48, prior 37.5; Composite PMI, prior 37
  • 10am: New Home Sales, est. 640,000, prior 623,000; New Home Sales MoM, est. 2.73%, prior 0.6%
  • 10am: Richmond Fed Manufact. Index, est. -2, prior -27

DB’s Jim Reid concludes the overnight wrap

My new posh desk arrives at home today so if you’re looking for peak WFH this might be it. My office was the final room in the house to be decorated and my wife has styled it around a theme of eccentric English gentleman (I’m not sure if that’s a hint of her thoughts about her husband). Her signature calling card is a zebra in a bowler hat coming out of one of the walls. It’s not been screwed in yet but I’ll be sure to record a new research video when it has been so you can all work out whether she has lost her mind or is a design genius. I have my own suspicions.

On the last day of my cheap desk from Amazon, yesterday saw a continuation of the divergent news between the US and Europe on the coronavirus, with the US continuing to see relatively large amounts of new cases in many states just as parts of Europe achieves new lows in terms of case numbers. The total number of global confirmed cases passed 9 million yesterday. It took eight days for the most recent million, which was the fastest yet even if the percentage gap between millions gets smaller. The immense new caseloads in South America and India as well as the new hotspots in the US have caused the global improvement in case suppression to plateau. The 7-day average of daily case growth globally has evened off at roughly 1.75-2.0% per day over the last 30 days after previous steadily falling from its 12% peak in March. Don’t forget the latest case and fatality tables appear in the pdf if you click “view report” at the top.

Starting with the US and daily new cases are getting closer to their March/April peaks in absolute terms now with the 5-day average at around 30k per day – up 10k this month and only 2-3k below its spring peaks. In terms of the hotspots, in Florida the total number of cases yesterday rose above 100,000, even if the growth rate of 3% on the previous day was somewhat below the previous 7-day average growth of 3.7%. The Mayor of Miami has slowed down the city’s reopening and now mandated that everyone wears masks in public. Elsewhere in the US, Texas reported that their positivity rate for covid testing has risen to almost 9%, after being as low as 4.5% in late May. Cases in the state have risen by 4.2% in the last day and by 3.9% on average over the last week and 2.4% the week before. Governor Abbott, who has been ardent for reopening the economy up quickly said “Closing down Texas again will always be the last option”. However he has ordered state regulators to shut down bars and restaurants that are not enforcing CDC guidelines. Elsewhere California continues to have mixed news. The most populous US state recorded record daily infections over the weekend, but is not seeing large case growth everywhere. San Francisco has moved up their next phase of reopening to June 29th from what was initially mid-July, after registering very low case numbers in recent days (only one case cited in the county yesterday). Residents will make the final decision about whether the economy will truly reopen though, and the increasing case counts around the country could very well lead to lower economic activity, but this time out of personal choice rather than governmental decree.

In more positive news however, the UK announced that the number of new daily cases fell below 1,000 for the first time since the full lockdown was imposed back on March 23rd, albeit slightly flattered by weekend reporting. Today we’re expecting that Prime Minister Johnson will make a statement to the House of Commons, where he’ll outline a further easing of coronavirus restrictions. Discussion has centered round an announcement that the hospitality sector will be able to reopen from 4 July, as well as a possible relaxation in the 2m social-distancing rule. Meanwhile in the Netherlands, no new deaths were reported in the country for the first time since March 12th. As countries continue to reopen, focus continues to shift toward restarting economies. Last night, Spain was reportedly considering increasing the size of its €100bn loan guarantee fund by as much as a further €50bn after the program attracted huge demand from businesses.

Even as the narratives surrounding the virus are seemingly more worrisome for the US than Europe, US equities went back to outperforming those in Europe yesterday. Looking in more depth, the S&P 500 ended the session up +0.65%, supported by the outperformance of tech stocks, as the NASDAQ closed up +1.11%. The tech-centric index finished higher for the seventh day in a row, the longest streak since December 26 when it capped off 11 positive sessions. On the other hand Europe underperformed, with the STOXX 600 seeing a -0.76% decline, as bourses fell across the continent. Once again, Wirecard stood out, being the worst performer on the STOXX 600 for the 3rd day running thanks to another -45.98% fall, which brings the company’s losses to over -87% compared with its closing level only last Wednesday. It came after the company’s management board said in a statement on Monday morning that the €1.9bn that had gone missing might not exist.

The narrative has shifted overnight to some curious comments from White House trade advisor Peter Navarro. A few hours ago, Navarro said that the trade deal with China is “over” and he linked the breakdown in part to Washington’s anger over Beijing not sounding the alarm earlier about the coronavirus outbreak. He also said that “So I think that this election is going to be about jobs, China, and law and order.” However, within an hour Navarro clarified that his comments were taken out of context and added that he was trying to make a point about ‘Trust’. Subsequently, President Trump tweeted that “The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” Futures on the S&P 500 were down as much as -1.6% after the initial comment by Navarro but have fully retraced since Trump’s tweet. Elsewhere, Treasury Secretary Mnuchin told Fox Business overnight that “There may be a time when we have decoupling” of trade from China, “That’s something that the president may consider.”

Asian markets also swung around with the headlines. The Nikkei (+0.81%), Hang Seng (+0.97%), Shanghai Comp (+0.17%) and Kospi (+0.41%) are now up after all bourses dipped into the red following Navarro’s comments. In FX, the Japanese yen is down -0.27% after initially gaining on the comments. Elsewhere, WTI crude oil prices are down -0.61% to $40.48.

In other overnight news, the SCMP reported this morning that EU leaders have warned Chinese president Xi Jinping of “very negative consequences” over Beijing’s plan to introduce a national security law in Hong Kong, while pressing for progress on market access and climate change. The report further added that Ursula von der Leyen, who leads the European Commission, called on Chinese leaders to step up the political attention for the ongoing investment talks by the “end of summer” in order to clinch a treaty by year end. Separately, the SCMP also reported that China’s NPC Standing Committee might ultimately pass the HK National Security Law as early as this month.

Back to markets yesterday, and the move towards safe assets benefited sovereign bonds, and yields on 30-year German bunds traded in negative territory for the first time since late May, even though they closed just above zero by the end of the session, finishing at 0.01%. Yields on 10yr bunds also fell -2.4bps, while those on US Treasuries were up +1.5bps. Sovereign bonds in the European periphery similarly saw a decline in yields, with 10yr Spanish (-3.1bps), Italian (-6.9bps) and Portuguese (-2.1bp) yields all falling to their lowest levels since March.

Over in foreign exchange markets, sterling strengthened against the dollar yesterday following a Bloomberg op-ed by Bank of England Governor Bailey. The main takeaway was his view that “When the time comes to withdraw monetary stimulus, in my opinion it may be better to consider adjusting the level of reserves first without waiting to raise interest rates on a sustained basis.” So signalling that the BoE will keep rates lower for longer with a focus on reducing the balance sheet first. Remember that our economists’ view is that on balance more QE from the BoE this year is still likely. The other headline from FX yesterday was the dollar’s decline, seeing a -0.60% fall, while gold prices rose by +0.61% to a fresh 7-year high.

Moving on, and today the main highlight will be the flash PMIs coming out from around the world. Overnight, we’ve already had the numbers from Australia and Japan which showed notable jump in preliminary June services PMI for both. Australia’s services PMI printed at 53.2 (vs. 26.9 last month) while the manufacturing PMI came at 49.8 (vs. 44.0 last month) bringing the composite reading to 52.6 (vs. 28.1 last month). Similarly, Japan’s services PMI came in at 42.3 (vs. 26.5 last month) and the manufacturing PMI printed at 37.8 (vs. 38.4 last month) bringing the composite reading to 37.9 (vs. 27.8 last month).

As we mentioned yesterday, the consensus expectations are generally in the low-to-mid 40s, so that’s still below the 50 mark that separates expansion from contraction, even if this would represent a rebound from last month’s numbers. In fact, the only PMI where the consensus is forecasting a 50-or-above reading (just at 50.0) is for US manufacturing. That said, it’s worth being cautious with the PMIs at the moment, because they simply measure changes in activity versus the previous month, so can prove rather volatile when you have the sort of economic dislocation we’ve seen since the shutdowns. Indeed, as economies continue to reopen, it’s quite plausible that we’ll see the PMIs move well above 50 as activity returns to more “normal” levels. In fact surely the risks are on the upside for today’s numbers given the low starting base and the re-openings across the board. It’ll be difficult to read through much on such an outcome though.

There wasn’t a great deal of economic data out yesterday, though we did get existing home sales in the US, which fell to an annualised rate of 3.91m (vs. 4.09m expected), its lowest level since October 2010. On the other hand, the Chicago Fed’s national activity index rebounded to 2.61 in May (vs. -10 expected). Here in Europe, the European Commission’s June consumer confidence indicator for the Euro Area also saw a continued recovery from its low in April, now standing at -14.7.

To the day ahead now, and the aforementioned flash PMIs from around the world are likely to be the highlight. Otherwise, from the US we’ll get May’s data on new home sales and the Richmond Fed manufacturing index for June. On the central bank front, we’ll hear from the BoE’s Governor Bailey, St. Louis Fed President Bullard and the ECB’s Hernandez de Cos.

 

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 5.35 POINTS OR 0.18%  //Hang Sang CLOSED DOWN 396.00 POINTS OR 1.62%   /The Nikkei closed UP 111.78 POINTS OR 0.50%//Australia’s all ordinaires CLOSED UP .19%

/Chinese yuan (ONSHORE) closed UP  at 7.0660 /Oil UP TO 41.47 dollars per barrel for WTI and 43.90 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 7.0660 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 7.0571 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY PAST 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/USA
What a joke:  there is no way there is going to be any deal with China..Navarro walks back China comments that it is “over”
(zerohedge)

Markets Immediately Reverse Earlier Plunge After Navarro Walks Back China Comments

Update (1010ET): If ever there was evidence of the farce this so-called market (and perhaps also the Trump administration) has become, it is this.

Shortly after stocks and the yuan plunged following Peter Navarro using the words “it’s over” when discussing the US-China trade deal, the White House Advisor rapidly backtracked, claiming in a statement that the comment was “taken wildly out of context.”

Additionally, Axios reports that the President’s chief economic adviser Larry Kudlow refuted Navarro’s earlier comments:

The U.S. remains engaged with China over the phase one trade deal signed last January and according to trade negotiator Bob Lighthizer the deal is going well. President Trump has made similar comments just recently.”

The response was instant spike in stocks…

And yuan…

And just like that – everyone’s stops were run!

*  *  *

Global pandemic, meh, buy stocks!

Global economic collapse, meh, buy stocks!

US-China trade deal is over? Sell, Mortimer, Sell!

US equity futures and offshore yuan are plunging in early Asia trading after White House trade adviser Peter Navarro said on Monday the trade deal with China is “over.”

“It’s over,” Navarro told Fox News in an interview when asked about the trade agreement.

Reuters reports that Navarros says the “turning point” came when the US learned about the spreading coronavirus only after a Chinese delegation had left Washington following the signing of the Phase 1 deal on Jan. 15.

“It was at a time when they had already sent hundreds of thousands of people to this country to spread that virus, and it was just minutes after wheels up when that plane took off that we began to hear about this pandemic,” Navarro said.

This follows various threats of US-China decoupling from the White House, and also an increasing anti-dollar rhetoric from Chinese officials.

Futures are getting hammered…

And Yuan collapsed….

Source: Bloomberg

Gold is bid…

And bond yields plunged…

Trump will not be pleased at the market drop – but then again, that’s Powell’s problem now! The question is why now? Which makes us wonder if the Trump admin realizes ‘we, the people’ need a non-domestic enemy to focus on and distract from the unrest at home.

END
Chinese officials warns that they must be prepared to be sanctioned off the dollar based financial system
(zerohedge)

China Must Prepare To Be Cut Off From Dollar-Based Financial System, Official Warns

Beijing has expressed intense displeasure over President Trump’s decision to sign into law a bill targeting senior CCP figures involved with China’s network of concentration camps, even though the White House ultimately held off on putting the sanctions into practice. Which is why it’s hardly surprising that senior financial regulators in Beijing are again echoing criticisms first formulated by Russian President Vladimir Putin amid growing fears that, next time, the sanctions won’t be just a “warning shot”.

But as President Trump threatens to leverage even more sanctions against the Chinese government as well as senior officials over transgressions like corporate espionage and illegal IP theft, one senior official has warned that it’s now ‘inevitable’ that the US will soon apply sweeping Russia-style sanctions to China.

Such brazen punitive sanctions would likely prove unpopular among Washington’s closest allies, especially at such a precarious time for the global economy. But they would certainly serve to accelerate the economic decoupling that White House China hawks like Peter Navarro and Matt Pottinger have hoped for. Which is perhaps why Fang Xinghai, a vice-chairman at the China Securities Regulatory Commission, warned on Monday that China’s reliance on the international dollar-based financial system makes it vulnerable.

Fang Xinghai, a vice-chairman at the China Securities Regulatory Commission, said that as China mainly relies on the US dollar payment system in international deals, it makes it vulnerable to possible US sanctions.

“Such things have already happened to many Russian businesses and financial institutions. We have to make preparations early – real preparations, not just psychological preparations,” Fang said at a forum organised by Chinese media outlet Caixin.

Fang’s comment came at a time when Washington is pondering how far it should go to use the US dollar’s key role in international payment to punish Chinese individuals, companies and financial institutions for alleged involvement in issues such as Xinjiang and Hong Kong.

At the same time, Fang said the value of the US dollar is facing an uncertain future due to additional money being printed by the US Federal Reserve, which poses risks to China’s holdings of US dollar-denominated assets. With this, Fang echoed criticisms posed just days ago by Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, who delivered a strong warning on the U.S. currency last week.

China is presently the second-largest holder of American Treasuries with more than $1 trillion in Treasury bills, behind only Japan. Though the paper profits from holding these assets are certainly massive, a reversal in interest rates could saddle the PBOC with massive losses over time, especially if rates move swiftly higher in a destabilizing way.

The solution, in Fang’s view, is to continue to expand the international use of the yuan by China’s trading powers, even as Beijing’s tight control of the currency remains a major obstacle to this: “Yuan internationalisation is a must to offset external financial pressure,” Fang added. “If our overseas assets were held in yuan, there won’t be such worries [over US dollar devaluation].”

END
CHINA/USA
USA farmers are running out of time as they are very disappointed that China is going elsewhere for its soybeans
(zerohedge)

“Running Out Of Time” – US Soybean Farmers Disappointed As China Goes Elsewhere

The hope by now, the start of summer, China would be purchasing large amounts of agriculture products from American farmers to boost President Trump’s reelection odds ahead of the 2020 presidential election this fall. But that is not the case, as we’ve highlighted in recent weeks, Beijing/ rest of Asia have been on a buying spree in Latin America.

Iowa Soybean Association president Tim Bardole told NBC News that President Trump’s signing of the phase one trade deal had been a disappointment, and China’s commitments as per the trade deal will likely not be met.

“At this point, it hasn’t done near what we were hoping would happen with it,” Bardole said. “At this point, we’re kind of running out of time for it to get close to the numbers we might have hoped.”

Bardole had discussions with the House Ways and Means Committee last Wednesday, U.S. Trade Representative Robert Lighthizer told him that China is expected to satisfy trade deal purchase agreements – though as we’ve noted, from day one, the commitments were unrealistic targets.

NBC quoted a section of former national security adviser John Bolton’s new book titled “The Room Where It Happened,” which alleges the agriculture purchase targets of the phase on the trade deal were artificially high by design to boost President Trump into the elections.

The hope and hype surrounding the ‘greatest trade deal ever’ in the “greatest economy ever” by the president and his administrative officials have been nothing short of false hope for farmers who bought bigger tractors on the promise of massive new deals from China, have been left in financial ruins as Chinese buyers went elsewhere.

“A lot of farmers are supporting what President Trump has done with China because this has been going on for years,” Bardole said.  “I hoped by now, or by a year ago, everything kind of would have been settled.”

As China ditched American farmers for Latin American ones, the Trump administration had to deploy tens of billions of dollars in taxpayer bailouts to supplement the income of farmers due to loss trade because of protectionist policies.

“To me, it’s been handled so poorly (referring to the president’s trade talks with China) because of the amount of instability it has created,” said Kenneth Dallmier, president and COO of the Clarkson Grain Company, and a member of the board of directors of the U.S. Soybean Export Council.

A US-China phase on tracker chart via the Peterson Institute for International Economics (PIIE) shows China’s monthly purchases of US goods covered by the phase one deal is still way below commitments agreed upon in early 2020.

“I don’t even watch the news anymore, because everything that’s said really affects us and our market, and we have enough stress,” Bardole said. “There are so many things to worry about,” he said. “Our family’s been farming here since 1901, and I hope we can continue.”

To sum up, it seems China doesn’t want to give President Trump an election win – if they did – that would mean trade deal purchase commitments would be met. China instead went to Latin America for its agriculture needs…

END
CHINA/INDIA
China warns India: if fired upon, be prepared for a full scale war
(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.

The Global Times statement continues:

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.

View image on Twitter

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.

END

China and the USA

Michael Every weights in on what Navarro stated yesterday and what to expect in the coming days

(zerohedge)

 

Rabobank: There Is No Way China Is Either Willing Or Able To Stick To The Deal’s Terms

Submitted by Michael Every of Rabobank

Today we got a taste of things to come when White House China hawk Peter Navarro stated to the press that the US-China trade deal was “over”. Cue a plunge in stocks and in CNY and in bond yields and general risk off. Then cue the inevitable rapid winding-back of those comments from Navarro and Kudlow and Trump, with the former saying his comments had been taken “wildly out of context” (they hadn’t given he was talking about the total collapse of US trust in China) and the latter tweeting “The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement.”

The problem is that this upbeat assessment is also wildly out of context. There appears no realistic way China is either willing or able to stick to the deal’s terms. Even Democrat Chuck Schumer has just retweeted Trump with a few amendments: “The China Trade Deal is fully intact. Hopefully they will continuestart to live up to the terms of the ‘Agreement.’” Of course, at this stage Trump is desperate to maintain some semblance of a ‘win’. Yet if no US soybean sales are made in bulk soon could he then turn the trade bazooka on China – perhaps handily timed around the date of one of the planned Trump-Biden debates? Don’t rule it out.

China certainly isn’t doing much to help on a related front. It has just been announced that the controversial new Hong Kong national security law will not be made public in full until AFTER it has been passed in Beijing – within a week it appears. Suffice to say that the details revealed so far certainly tick all the boxes for other US China hawks, such as Secretary of State Pompeo.

Perhaps not only him. Yesterday’s virtual EU-China summit was summarised by the Global Times thus: “China, EU seeks to inject momentum in recovery”. The New York Times says: “Betraying Frustration with China, EU Leaders Press for Progress on Trade Talks”. The European angle, from DW, is “EU chiefs press China on trade, Hong Kong security law”, adding “Tensions have been rising…Top EU officials struck a tough tone during talks Monday, pressing China on its trade and investment relationship and warning of “very negative consequences” if it goes ahead with a proposed controversial security law for Hong Kong.” The EU also added that China needs to “redress” the trade relationship and “resolve concrete problems”.

China is not unaware of where this could all lead above and beyond the threat of seeing exports to the US and India and the EU start to level off or decline. As the South China Morning Post says: “China warned to prepare for being cut off from US dollar payment system as part of sanctions like Russia”.

Yes, that’s still a tail risk; yes, the EU won’t be leading that charge; and, yes, Trump clearly wants to win re-election and taking this kind of step won’t help his farm base. But if his farm base isn’t being helped and he continues to trail in all polls, even in battleground states, do you really want to bet against that trigger being pulled as a conversation/world changer?

Of course, it would mean US stocks plunging. Which might be the trigger for what markets are already eager for: Fed yield curve control (YCC). Will it be a 0.5% or a 1.00% 10-year forever, or a 0.30% 5-year, or both? Bloomberg merrily flags this will be the starting gun for a Buy Everything rally – as if we aren’t in one already.

Yet how has YCC worked out for Japan so far? It remains mired in structural deflation and slow decline, with crisis only being averted by dint of its accumulated savings and large external surpluses. Do we all want to repeat that? It seems we do.

Of course, this presupposes that what the economy has any bearing on markets – which clearly is no longer the case. Markets remain wildly out of context when one considers that global virus infections are over 9 million and rising, with no sign at all of being brought under control, and with millions more out of jobs. Yes, London pubs might be about to re-open under strange new conditions, as will New York bars. Clearly in Mr Market’s mind a cheeky pint or brewski clearly outweighs the global picture. You know what they say: a recession is when someone you know loses their job, and a depression is when you lose yours. Likewise, the virus is an “invisible enemy” when someone you know gets sick, and it’s just one of those things when it is happening in another country. (Or, in the case of the US and Brazil, in one’s own country – or so government critics allege.)

Anyway, it’s all going to be risk on until the next attempt to get markets closer to their actual context. Which will come. That Hong Kong law will be in place in days. Trump just used an Executive Order to expand US visa restrictions until end-2020, closing loopholes deliberately left in the last such visa-related Order. Egypt is talking about squaring up to Turkey in Libya. And it’s 40C/101F in the Arctic circle today.

END

4/EUROPEAN AFFAIRS

ITALY

Not sure if this will work but Italy is approving new guidelines for its central bank digital currency.  If implemented it will eliminate cash. The move is to try and thwart the end game being played out

(zerohedge)

Italy Approves New Guidelines For Central Bank Digital Currency

Central banks around the world are examining the use of digital currencies.

As of recent, central banks of the U.K., Sweden, Thailand, China, and the US are studying whether there are advantages of the digital form of their fiat money.

And the answer is yes, the government and banking elites will seize even more power from the people.

Called central bank digital currencies (CBDCs), this “digital fiat” — digital money can be directly sent to people’s bank accounts. It eliminates physical cash – which is the end game for banking elites. 

A CBDC gives a government complete control over its currency. This will increase their financial-surveillance over the people. When a bank fails, there will be no bank run, because people can’t withdraw their money from that bank. This means when a financial crisis strikes, it will allow governments to do “bail-ins” where the people, like it or not, will be forced to take a haircut on their deposits to save the failing institution.

And with that being said, the Executive Committee of the Italian Banking Association recently approved new general guidelines for a CBDC.

“Italian banks are available to participate in projects and experiments of a digital currency of the European Central Bank, contributing, thanks to the skills acquired in the construction of infrastructures and distributed governance, to speed up the implementation of a European-level initiative in a first nation. Since last year, the ABI has set up a working group dedicated to deepening the aspects related to digital coins and crypto-assets. Hence the 10 considerations shared by the Executive Committee,” the Italian baking association said on its website.

Here are the ten criteria for an Italian CBDC: 

  1. Monetary stability and full compliance with the European regulatory framework must be preserved as a matter of priority.
  2. Italian banks are already operating on a Distributed ledger technology DLT infrastructure with the Spunta project. They are intended to be part of the change brought about by an important innovation such as digital coins.
  3. A programmable digital currency represents an innovation in the financial field capable of profoundly revolutionizing money and exchange. This is a transformation capable of bringing significant potential added value, particularly in terms of the efficiency of the operating and management processes. Hence the importance of dedicating attention and energy to develop, quickly and with the collaboration of all the ecosystem players, useful tools first of all for the development of the Euro area.
  4. Digital money needs to be fully trusted by citizens. To this end, it is essential that the highest standards of regulatory compliance, safety and supervision are adhered to.
  5. In particular, a Central Bank Digital Currency, thanks to the central role played by the Central Bank, represents the tool that more than any other can reconcile the needs of innovation, in line with the current reference framework of rules, existing instruments and interoperability with the analog world. The existence of such an instrument could at the same time reduce the attractiveness of instruments of comparable use but issued by private individuals or (in cases of complete decentralization) which cannot be identified, characterized by an intrinsically higher risk profile.
  6. With the aim of fully explaining the transformative potential of these instruments, the possibility, at the moment of study, of issuing a European CBDC intended for the public, which could represent an evolution of cash, is of particular interest. Thanks to the role of the banks, it is possible to identify technical solutions and reference models to preserve the current characteristics of cash, while introducing many benefits of the digital world (already proper to electronic payment instruments), such as the possibility of not losing the own money and, in this period of strong attention to health risk, to operate in contactless mode.
  7. Detailed work will lead to the identification of the distribution, conservation and exchange model of digital currencies that best fits the customer’s service needs, to maintain the effectiveness of the monetary policy transmission mechanisms and regulatory compliance. Of course, in each of these objectives, the role of banks is crucial.
  8. Achieving high ease of use, while ensuring full interoperability between the digital and analog world and a total level of circularity between all the players in the ecosystem, represents a success factor in the diffusion of these tools.
  9. Particular attention must be paid, according to the technological choices that will be adopted, to the citizens’ personal data protection profiles.
  10. Projecting these reflections into the future, it is possible to affirm that the availability of a CBDC will enable a series of use cases of great interest: to favor the transmission of value between peers, thus also facilitating the logic of exchange between person and machine and between machine and machine; allow the settlement of cross-border peer-to-peer transactions, mitigating the interest rate, exchange rate and counterparty risk; Promote, thanks to the programmability characteristic of these currencies, the execution of exchanges upon the occurrence of predefined conditions, ultimately reducing administrative processes.

A post-corona world has given the financial elites a window of opportunity to begin the implementation of transitioning economies into a universal cashless system:

It appears the end of physical cash is ahead.

END//

CORONAVIRUS UPDATE/GERMANY/THE GLOBE

 

 

Germany Reimposes COVID-19 Lockdown As Global Cases Top 9 Million: Live Updates

Summary:

  • Global case total tops 9 million
  • Dr. Fauci prepares to testify
  • Tennis superstar Novak Djokovic tests positive
  • Arizona sees positives top 20%
  • Georgia sees 7-day average climb toward records
  • Arizona sees 20% positivity rate among all tests

* * *

Late on Monday, public health officials confirmed that the world has passed another grim coronavirus milestone: More than 9.1 million cases of COVID-19 have been confirmed worldwide, according to Johns Hopkins University, breaking above 9 million for the first time as the world starts reporting between 150k and 200k cases per day as outbreaks in Brazil and the American sunbelt flare.

During what has become a particularly fraught moment in the US coronavirus outbreak, with cases are surging across the American sunbelt, Dr. Anthony Fauci and a handful of other senior public health officials, including the heads of the FDA and CDC, will testify before the House Commerce and Energy Committees. The good doctor has warned recently that too many young people in the US aren’t wearing masks or taking proper precautions, which is one reason why cases have surged, but deaths have remained somewhat subdued. His testimony is set to begin at 11amET.

CSPAN

@cspan

TOMORROW: White House Coronavirus Task Force Members Dr. Anthony Fauci, @CDCDirector Redfield, Dr. Stephen Hahn (@SteveFDA) & ADM Brett Giroir (@hhsgov) testify before @HouseCommerce @energycommerce – LIVE at 11am ET on C-SPAN, @cspanRadio & online here: https://cs.pn/37TDelP

View image on Twitter

As Dr. Fauci prepares to reiterate his warnings about the risks of the second wave, a new study suggests that while as many as 8.7 million Americans may have been infected with the coronavirus in March, more than 80% of them likely were never diagnosed. A team of researchers looked at the number of people who went to doctors or clinics with influenza-like illnesses that were never diagnosed as coronavirus, influenza or any of the other viruses that usually circulate during the winter months. It’s just the latest in a growing body of research suggesting that the outbreak began earlier, or was more virulent, than expected.

Over in Germany, the district of Gütersloh in Germany’s North Rhine-Westphalia state now says that 1,553 workers at the giant Tönnies meat processing plant have contracted the coronavirus. The outbreak at the meat processing plant has hopelessly skewed Germany’s most critical metrics, and on Tuesday, officials in the area agreed to impose a brief lockdown on the district surrounding the plant, which they announced during a press conference earlier on Tuesday. The move marks the first imposition of a locally limited lockdown in the country, according to Al Jazeera.

The outbreak has prompted the closure of daycare centers and schools in the region and the Robert Koch Institute, a public health body, linked a spike in Germany’s overall coronavirus reproduction rate directly to the meat-processing plant. As numbers spike around the world, south and north America are leading the way with Brazil, currently posting between 30k and 50k cases per day, and the US, which is cranking out roughly 20k to 30k.

The global total on Tuesday passed 9.1 million, while the death toll topped 472k.

Numbers are spiraling around the world as countries work to contain the virus. After wrestling its outbreak under control, Saudi Arabia said Tuesday that this year’s hajj, the annual Muslim pilgrimage to the city of Mecca that normally attracts about 2 million people, will be restricted to “very limited numbers” of people to try and contain the spread of the virus, according to the Washington Post.

Finally, in sports news, tennis superstar Novak Djokovic has tested positive for the coronavirus after world No 1 and fellow players ignored social distancing by partying and playing soccer and basketball during two events organized as part of his Adria Tour tennis project. Many critics stepped up to criticize the suffering player and his insistence in holding the events despite the coronavirus risk, which they’re now describing as “boneheaded.”

Starting Tuesday, some travelers at LAX will be asked to undergo a new experimental screening process long before they get to security checkpoints, with the new screening involving walking past cameras that can flag travelers with a fever, one of several new technologies being tested to try and root out potentially ill individuals who can spread the virus.

In other news, as confirmed cases of the coronavirus in Pakistan have nearly tripled over the past month, forcing aid groups to warn about the increasingly dire situation that is forcing hospitals to turn patients away, Pakistan is pushing ahead with its reopening after its lockdown attempts resulted in mass starvation, in some cases, while cases in India continue to climb at a near-record clip.

Another test showed that universities hoping to bring students back to campus in the fall will need to build out extensive programs to accommodate them like supplies of masks, hand sanitizer and other gear.

Meanwhile, as hospitalizations in the Houston area remain at record levels, and Florida sees its case count surge north of 100k with between 3k and 4k new cases being added per day, Georgia, infectious-disease specialists are warning that residents and state officials have not done nearly enough to curb a concerning uptick in infections.

A rolling seven-day average of cases has been trending upward since the beginning of June, reaching its highest total yet on Monday. In the past week, 1,073 Georgia residents were confirmed to have contracted the virus, bringing the total to almost 66,000 Georgians, while more than 2,600 people have died statewide. Hospitalizations have risen since the start of the month, too.

“What we’re seeing is that people are going out and just basically not realizing the virus is still there,” Carlos del Rio, a professor at Emory University, told reporters Monday, according to the Associated Press.

But that’s not all: In Arizona, more than 20% of those tested across the state came back positive for COVID-19 during the 24 hour period before Monday, officials reported.

 

END
GERMANY/WIRECARD

Braun arrested and bail set at 6 million dollars..a huge fraud

(zerohedge)

Former Wirecard CEO Arrested; Bail Set At Nearly $6 Million

Update (0845ET): Braun’s bail has reportedly set at €5 million ($5.7 billion). Though the wealthy Braun is expected to cobble enough together to meet the payment, having to surrender that much to the government will hobble his resources as he prepares for the trial of his life.

  • WIRECARD CEO BRAUN GRANTED BAIL BY MUNICH COURT AT €5 MILLION

* * *

German police have reportedly taken former Wirecard CEO Markus Braun into custody after the former wunderkind executive’s house of cards finally came crashing down after WC finally acknowledged that more than $2 billion in cash missing from its balance sheet will likely never be found.

Markus Braun

Following reports that prosecutors were preparing to make an arrest, Braun, who resigned last week, turned himself in Monday evening in Munich as officials prepare to bring charges against Wirecard for its brazen financial fraud.

Prosecutors said in an e-mailed statement that a judge will review whether he can be kept in custody.

The troubled payment processor – shares of which are steadily making their way toward zero – said it’s in discussions with creditors and is considering a “full-scale restructuring” after pulling its financial results and acknowledging that the missing billions will never be found.

Of course, Braun clearly deserves his comeuppance: Over the last decade, Wirecard has aggressively pursued journalists and analysts brave enough to go public with allegations of fraud and accounting abuses. Those claims turned out to be true, but not before Germany’s financial regulator, BaFin, outlawed short-selling of Wirecard shares and even pursued a journalist from the FT that published an extensive investigation into fraud at the company which was eventually proven correct – but not before BaFin tarnished the reputation of the reporter – the FT’s Dan McCrum – before he was eventually vindicated, per BBG.

One legal commentator told BBG that the situation couldn’t have been worse for Wirecard and Braun. A different lawyer described the scandal as “the biggest accounting fraud in Germany”.

“It’s a brutal development – it could hardly have turned out worse,” Oliver Kipper, a defense lawyer who isn’t involved in the case, said before Braun’s arrest. “You should know what happened to 1.9 billion euros of assets you have listed in your books.”

Even BaFin is too shell-shocked to apologize: “It’s a complete disaster we’re looking at,” said Felix Hufeld, head of BaFin, Germany’s top financial regulator, at a panel discussion Monday. “It’s a shame that something like that happened.”

Munich prosecutors accused Braun of inflating Wirecard’s balance sheet and sales volume by feigning income from transactions with so-called third-party acquirers, possibly in cooperation with other perpetrators. Neither the company nor Braun commented on the arrest to the American press.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

MEXICO

Mexico cannot get a break..they just got hit with a huge 7.1 magnitude earthquake

(zerohedge\0

Magnitude 7.1 Earthquake Strikes South Of Mexico City; Tsunami Warning Issued

Update (1200ET): The US National Weather Service just warned that a tsunami could hit Mexico, and/or parts of Honduras, El Salvador and Guatemala.

  • TSUNAMI WAVES 1-3 METERS ABOVE TIDE LEVEL POSSIBLE ALONG MEXICO
  • TSUNAMI WAVES 0.3 TO 1 METERS ABOVE TIDE POSSIBLE ALONG ECUADOR
  • TSUNAMI WAVES LESS THAN 0.3 METERS POSSIBLE ALONG COSTA RICA

So far, there have been no reports of falling buildings in Mexico City, though the mayor of the city said there has been “some” structural damage.

* * *

With its hospital system already overwhelmed by the coronavirus, Mexico City has just been struck by a 7.1 magnitude earthquake (according to the Mexican geological officials) just moments ago. There have been reports of buildings shaking.

 

The epicenter was traced to the southern state of Oaxaca, not far from the capital city.

First-person reports are pouring in on twitter and other social media, but there haven’t been any reports of substantial damage yet. Some people reported feeling their house shake in villages that are miles away from Mexico City.

Alex Griffin 🌵@forbiddencactus

Just had a surreal moment: whilst calling my family in Mexico City, the city’s earthquake early warning system went off and my grandma and I were talking while her apartment building was gently shaking and she was standing in her safe spot. Sometimes I miss the tremours lol.

See Alex Griffin 🌵‘s other Tweets

Jennifer Noelle Castro 💙@JenniferNCastro

Omg just felt an earthquake. Our house was moving and the pool outside the water was splashing out. I think there was a big one in Mexico City

Jennifer Noelle Castro 💙@JenniferNCastro

for context, we are 1.5 hours away from Mexico City and our house was moving enough to run outside.

See Jennifer Noelle Castro 💙‘s other Tweets

Aftershocks that were even more powerful have already been recorded, with magnitudes as high as 7.7 according to the USGS.

NBC News

@NBCNews

BREAKING: Powerful prelim. magnitude 7.7 earthquake has hit near El Coyul, Oaxaca, in southern Mexico, USGS website says.

END

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1298 UP .0020 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//PANDEMIC/CORONAVIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

 

 

USA/JAPAN YEN 107.03 UP 0.130 (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 1.2462   DOWN   0.0038  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3507 UP .0002 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro ROSE BY 20 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1298 Last night Shanghai COMPOSITE CLOSED UP 5.35 POINTS OR 0.18% 

 

//Hang Sang CLOSED UP 396.00 POINTS OR 1.62%

/AUSTRALIA CLOSED UP 0,19%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 396.00 POINTS OR 1.62%

 

 

/SHANGHAI CLOSED UP 5.35 POINTS OR 1.04%

 

Australia BOURSE CLOSED UP 19% 

 

 

Nikkei (Japan) CLOSED UP 111.78  POINTS OR 0.50%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1757.60

silver:$17.86-

Early TUESDAY morning USA 10 year bond yield: 0.73% !!! UP 3 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.50 UP 4  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 96.87 DOWN 17 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.49% DOWN 1 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.48%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,260 DOWN 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 78 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.44% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.70% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1326  UP     .0048 or 48 basis points

USA/Japan: 106.43 DOWN .454 OR YEN UP 45  basis points/

Great Britain/USA 1.2529 UP .0029 POUND UP 29  BASIS POINTS)

Canadian dollar DOWN 9 basis points to 1.3513

 

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The USA/Yuan,CNY: AT 7.0589    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0566  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.847 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield UP 2 IN basis points from MONDAY at 0.72 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.50 UP 3 in basis points on the day

Your closing USA dollar index, 96.53 UP 51  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 75.50 1.21`%

German Dax :  CLOSED UP 260.79 POINTS OR 2.13%

 

Paris Cac CLOSED UP 68.98 POINTS 1.39%

Spain IBEX CLOSED UP 92.70 POINTS or 1.26%

Italian MIB: CLOSED UP 362.85 POINTS OR 0.05%

 

 

 

 

 

WTI Oil price; 40.81 12:00  PM  EST

Brent Oil: 43.80 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    68.74  THE CROSS LOWER BY 0.38 RUBLES/DOLLAR (RUBLE HIGHER BY 38 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.44 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 :  40.24//

 

 

BRENT :  42.43

USA 10 YR BOND YIELD: … 0.72….plus one basis point…

 

 

 

USA 30 YR BOND YIELD: 1.49 plus 2 basis points..

 

 

 

 

 

EURO/USA 1.1306 ( UP 28   BASIS POINTS)

USA/JAPANESE YEN:106.84 DOWN .357 (YEN UP 36 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.70 DOWN 34 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2519 UP 19  POINTS

 

the Turkish lira close: 6.885

 

 

the Russian rouble 68.85   UP 0.27 Roubles against the uSA dollar.( UP 27 BASIS POINTS)

Canadian dollar:  1.3555 UP 52 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.44%

 

The Dow closed UP 131.14 POINTS OR 0.50%

 

NASDAQ closed UP 74.89 POINTS OR 0.74%

 


VOLATILITY INDEX:  31.22 CLOSED DOWN .55

LIBOR 3 MONTH DURATION: 0.296%//libor dropping like a stone

LIBOR/OIS: 0.227%

TED SPREAD:  .144%

 

USA trading today in Graph Form

Bonds, Bullion, & Big-Tech Bounce As Headline-Hockey Hits The Dollar

Quite a day…

  • Navarro dump – US-China trade deal “is over”
  • Trump pump – US-China trade deal “fully in tact”
  • Kudlow pump – “absolutely, definitely” no second lockdown due to virus
  • Fauci slump – “disturbing surge” in infections
  • Fauci pump – “promising” vaccine is imminent

Which of course ended with Nasdaq higher (for 8th straight day – longest streak since Dec – and up 19 of the last 22 days)…NOTE how the Nasdaq was instantly bid and Small Caps dumped at the cash open…

Led by the FANGs…

Source: Bloomberg

The last time FANGs were this overbought, it did not end well…

Source: Bloomberg

It would appear, thanks to constant jawboning and Powell’s Put, that the Nasdaq has gone full Rick Astley…

Quite a notable rotation intraday between momentum and value…

Source: Bloomberg

Despite equity gains, bonds were also bid in the belly of the curve…

Source: Bloomberg

Gold was bid most of the day…

Source: Bloomberg

Pushing to its highest since 2012…

Source: Bloomberg

Silver futures got back above $18…

The dollar chopped up and down on the various headlines but ended lower on the day…

Source: Bloomberg

As the dollar dipped, Bitcoin was bid, trading near $9800 overnight…

Source: Bloomberg

Big roundtrip in WTI today ahead of tonight’s inventory data…

 

Finally, the S&P 500 trades at 22x next 12m consensus EPS and Tech at 25x…

Source: Bloomberg

Bonds ain’t buying it…

Source: Bloomberg

And gold’s starting to flash red…

Source: Bloomberg

And in case you wondered, since the start of May, the S&P 500 is up 250 points during the overnight session and down 23 points during the day session…

Trade Accordingly!

 

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Stocks Spike On Kudlow Jawboning: “Absolutely, Definitely” No 2nd Lockdown”

After last night’s chaos, The White House has wheeled out Larry Kudlow to calm frayed nerves and pump stocks ever higher.

Speaking with Fox Business, the senior economic adviser said that there would “absolutely, definitely” not be a second national lockdown.

Additionally, Kudlow offered some tasty morsels of hope by suggesting tax rebates, direct-mail checks were on the table in the next round of stimulus and that he expects a v-shaped rebound in the economy as the nation reopens.

So nothing new or substantive but enough to spark some panic-buying…

If in doubt, wheel Kudlow out… he’s better than the Powell Put.

 

ii)Market data/USA

Poor PMI’s with associated labour witness is plaguing the USA

(zerohedge)

US PMIs Disappoint With Labor Weakness Continuing, Hope Remains High

Hot on the heels of the Eurozone’s dramatic v-shaped recovery in its soft survey data, Markit’s US business surveys were expected to rebound even more dramatically (tracking the massive spike in US macro surprises recently).

However, while both surveys did increase notably, they both missed expectations…

  • Markit US Manufacturing 49.6 vs 50.0 expected and 39.8 prior
  • Markit US Services 46.7 vs 48.0 expected and 37.5 prior

Source: Bloomberg

The June survey meanwhile signalled further cuts to workforce numbers across the private sector, albeit at only a modest rate. Where an increase was noted, some businesses reported the return of furloughed staff. That said, hiring freezes and relatively weak demand led many other companies to shed employees in an effort to cut costs.

Service providers were generally optimistic of an increase in activity over the coming year at the end of the second quarter. Hopes that demand will return to previously seen levels came amid the reopening of states and client businesses.

Globally, it’s a V-shaped recovery in soft survey sentiment…

Source: Bloomberg

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

“The flash PMI data showed the US economic downturn abating markedly in June. The second quarter started with an alarming rate of collapse but output and jobs are now falling at far more modest rates in both the manufacturing and service sectors. The improvement will fuel hopes that the economy can return to growth in the third quarter.

“However, although brief, the downturn has been fiercer than anything seen previously, leaving a deep scar which will take a long time to heal. We anticipate that the US economy will contract by just over 8% in 2020. The coming months will therefore see the focus turn to just how much recovery momentum the economy can muster to recoup this lost output.

“Any return to growth will be prone to losing momentum due to persistent weak demand for many goods and services, linked in turn to ongoing social distancing, high unemployment and uncertainty about the outlook, curbing spending by businesses and households. The recovery could also be derailed by new waves of virus infections. Continual vigilance by the Fed, US Treasury and health authorities will therefore be required to keep any recovery on track.”

Private sector firms also reported a notable pick-up in confidence in June, with the degree of optimism about output in the year ahead reaching a four month high. Expectations of a rise in activity over the coming year contrasted with negative sentiment seen in April and May. The reopening of states and reports of client interest reportedly sparked the return to optimism.

END

iii) Important USA Economic Stories

My goodness, the coronavirus has done huge damage: now 42 hospitals filed for bankruptcy due to COVID 19 pressures

(zerohedge)

“Catastrophic Financial Challenges” – 42 Hospitals Closed, Filed For Bankruptcy Due To COVID Pressures 

The American Hospital Association (AHA) warns, in a new report, that “hospitals and health systems face catastrophic financial challenges in light of the COVID-19 pandemic.”

From soaring COVID-19 costs to canceled services to plunging hospital revenue to purchasing personal protective equipment to reimbursement landscape challenges to decreasing patient volumes, many of these factors have triggered a recent bankruptcy wave and or closures of hospitals across the country.

AHA said the virus pandemic has created a cash crunch for many hospitals. These medical facilities are expected to lose upwards of $200 billion between March 1 and June 30, or about an average of $50.7 billion per month. U.S. nonfederal hospitals are expected to lose approximately $161.4 billion in revenue over the four months, due to canceled services (including nonelective surgeries and outpatient treatment).

To better understand the financial challenges for many hospitals, AHA lists the top financial burdens:

  • the effect of COVID-19 hospitalizations on hospital costs;
  • the effect of canceled and forgone services, caused by COVID-19, on hospital revenue;
  • the additional costs associated with purchasing needed personal protective equipment; and
  • the costs of the additional support some hospitals are providing to their workers.

AHA said that even though the federal government provided financial assistance to hospitals during the virus outbreak – many facilities had existing financial pressures before 2020.

“Although the federal government moved quickly to provide relief, more help is needed. Critics have argued that hospitals were well funded prior to the COVID-19 public health emergency, however, the reality is that many hospitals were already facing financial pressures. Experts have raised concerns about low payment rates from government payers, which in part led the Congressional Budget Office to project that between 40% and 50% of hospitals could have negative margins by 2025 prior to the pandemic. Congress created a provider relief fund to support health care providers during the pandemic, but this fund is intended to stabilize providers in order to keep their doors open, rather than fully restore compensation to pre-COVID-19 levels. Further, these funds are being distributed to all health care providers with only a portion of these funds going directly to hospitals. Other providers – such as physicians and other clinicians, laboratory and testing facilities, and durable medical equipment providers – are drawing down from health care provider relief funds as well. Hospitals and health systems will need more funds to treat patients, save lives, and get America back on its feet.”

Becker’s Hospital CFO Report provides a complete list of hospital bankruptcies or closures since January 1. These hospitals collectively operated 42 facilities.

END

Default Wave Arrives: Weekly Bankruptcy Filings Suddenly Soar Most In 11 Years

One month ago, when looking at the recent flurry of chapter 11 filings and a striking correlation between the unemployment rate and loan delinquencies, we said that a “biblical” wave of bankruptcies is about to flood the US economy.

It appears that the wave has now arrived, because according to Bloomberg data, no less than 13 US companies sought bankruptcy protection last week, matching the peak of the global financial crisis. The filings, led by the perennially weak consumer and energy sectors, were the most for any week since May 2009.

At a time of pervasive service closures, it is not surprpising that there were four consumer non-cyclical filings last week, taking to 28 the sum for 2020. That according to Bloomberg is the most since 2009 and the sector remains under pressure from lockdowns that have crushed demand.

And while energy has been the second-biggest contributor to this year’s bankruptcy surge, there is much more coming here. Chesapeake is preparing for a filing while California Resources got an extension until June 30 to make interest payments originally due May 29. Seadrill  is also considering bankruptcy.

A Deloitte analysis has found that almost a third of U.S. shale producers are technically insolvent with crude at $35 a barrel. And while WTI has been trading slightly higher, this does little to prevent 15 years of debt-fueled production growth catching up with many shale producers, Deloitte said in a study. Adding to the pain is the spring redetermination season which resulted in most high-yield borrowers seeing their reserve-based loans. Borrowing bases, which are determined by the collateral value of oil and gas reserves, were cut by an average of 23%, which means that most energy companies now have roughly 25% less access to liquidity.

The following table from Bloomberg shows the biggest issuers who have yet to file and who are currently trading at distressed levels. Note that #2 on the list, American Airlines, is scrambling to raise fresh funds to help get it through the current crisis.

There was some good news: according to Bloomberg the amount of distressed bonds and loans outstanding fell to $344 billion as of June 19, a 1.5% drop since June 15 and down from $544 billion on May 15. The distressed bond universe is shrinking faster than that of leveraged loans, which grew slightly last week. There were a total of 621 distressed bonds from 324 issuers as of June 22, compared with 1,896 issues from 892 companies at the March 23 peak. The emerging market pool is also shrinking.

Why the improvement: it has nothing to do with fundamentals, and everything to do with a wall of liquidity unleashed by the Fed’s intervention: this has lifted credit across the board and given some troubled borrowers new life.

But, ominously, Bloomberg analyst Phil Brendel compares the current rally to the healing of April 2008, which didn’t last, and predicts a resurgence of distressed supply. It culminated with the global financial crisis 6 months later.

iv) Swamp commentaries)

 

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

Coronavirus is weakening, could disappear on its own: Italian doctor

https://nypost.com/2020/06/21/coronavirus-is-weakening-could-disappear-on-its-own-italian-doctor/

Attorney General Barr, Berman at Odds over Letter Criticizing New York City Mayor

Geoffrey Berman, the former top federal prosecutor in Manhattan, refused to sign letter criticizing Mayor de Blasio for enforcing social-distancing rules to block religious gatherings but not protests

https://www.wsj.com/articles/attorney-general-barr-berman-at-odds-over-letter-criticizingnew-york-city-mayor-11592841560

On Monday, Trump said he would sign an order that suspends H-1B and other guest-worker visas.

@realDonaldTrump: RIGGED 2020 ELECTION: MILLIONS OF MAIL-IN BALLOTS WILL BE PRINTED BY FOREIGN COUNTRIES, AND OTHERS. IT WILL BE THE SCANDAL OF OUR TIMES Because of MAIL-IN BALLOTS, 2020 will be the most RIGGED Election in our nation’s history – unless this stupidity is ended. We voted during World War One & World War Two with no problem, but now they are using Covid in order to cheat by using Mail-Ins

Hundreds of NJ Republicans Receive Misprinted Ballots Listing Only Dem Candidates

https://bongino.com/hundreds-of-nj-republicans-receive-misprinted-ballots-listing-only-dem-candidates/

@AnnCoulter: This is a society where tons of people will defend Roman Polanski, Harvey Weinstein, etc, but not Teddy Roosevelt, Ulysses S. Grant, Abraham Lincoln and George Washington.

“Tear Them Down”: Race Activist Shaun King Calls for Removal of All Statues, Murals and Stained Glass Windows of “White Jesus and his European Mother”

https://www.thegatewaypundit.com/2020/06/tear-race-activist-shaun-king-calls-removal-statues-white-jesus-european-mother/

@redsteeze: Shaun King was the keynote speaker who introduced Bernie Sanders at his campaign launch event. Feel like this is worth reminding people of from time to time.

Family of woman portrayed as Aunt Jemima opposes rebrand saying ‘we do not want that history erased’ –  Vera Harris said the family takes pride in Quaker Oates scouting her second cousin Lillian Richard to become a brand representative in 1925, news station KLTV reported. “She was considered a hero in [her hometown of] Hawkins, and we are proud of that. We do not want that history erased,” Harris said…   https://www.marketwatch.com/story/family-of-woman-portrayed-as-aunt-jemima-opposes-rebrand-saying-we-do-not-want-that-history-erased-2020-06-22

Shackled Legacy – History shows slavery helped build many U.S. colleges and universities… including Harvard, Columbia, Princeton and Yale…Brown University was the first to confront its ties to slavery in a major way…   https://www.apmreports.org/story/2017/09/04/shackled-legacy

@WatchChad: “Amazing Grace” was written by converted slave ship captain John Newton. I demand that it be ripped from every church hymnal and burned. Never sing it again.

@JesseKellyDC: I’m not stopping until justice is done. @RiceUniversity has until next week to remove this statue of racist founder William M. Rice from its campus. Or we will march on Rice. Rice believed that school should be “for whites only”. Not in my America.

@thehill: Sen. Tom Cotton calls on DOJ to bring charges against “mob vigilantes” taking down statues: “We cannot tolerate mob rule and we cannot allow it to go unpunished.”

104 shot, 14 fatally, over Father’s Day weekend in Chicago – Five children were among the 14 people killed, including a 3-year-old boy and 13-year-old girl killed in separate shootings… on Saturday…[There is little or no national, MSM and BLM outrage about the carnage & a 3-year old boy’s murder!]

https://chicago.suntimes.com/crime/2020/6/20/21297470/chicago-fathers-day-weekend-shootings-homicide-gun-violence-june-19-22-104-shot

NYC shootings skyrocket as court closures let pistol perps walk free

City shootings piled up at a rate of one per hour on Saturday — with more gunplay on Sunday — as an NYPD chief warned that hundreds of gun-possession defendants have been allowed to prowl Gotham thanks to coronavirus-closed courts.  “We have over 1,000 people that have been indicted on a gun possession charge, where the cases are open, and they are walking around the streets of New York today,” Chief of Crime Control Strategies Michael LiPetri told The Post…

https://nypost.com/2020/06/21/nyc-shootings-skyrocket-as-court-closures-let-gun-possession-perps-walk-free/

As Black Lives Matter persist, prominent black push back on anti-police politics

‘I think we need more police,’ Trayvon Martin’s mother argues

    Democratic Rep. James Clyburn (D-S.C.), the House Majority Whip, said last week that the demands to strip police departments of their funding would come to nothing…

https://justthenews.com/nation/black-lives-matter-efforts-persist-prominent-black-voices-push-back-anti-police-politics

Civil rights attorney who prominently and stridently excoriated the LAPD during the OJ Trial @TheLeoTerrell: BlackLivesMatter and @TheRevAl do not care about Black police officers who give their lives to protect and serve the Public. For example David Dorn. Let me be clear: I do NOT support #BlackLivesMatter. I oppose defunding the police

World War II monument defaced with paint at Charlotte cemetery

The hammer and sickle symbol of communism was also painted on the memorial. Yellow paint covers a passage reading, “Dedicated to the memory of the Mecklenburg heroes of World War II who made the supreme sacrifice that you might live in liberty, freedom and peace.”  The vandalism is similar to paint left behind on Memorial Day at a memorial in Lawrenceville, Pennsylvania, according to WPXI…

https://www.wbtv.com/2020/06/21/world-war-ii-monument-defaced-with-paint-charlotte-cemetery/

Thomas Sowell is one of the most prominent black scholars (economist & sociologist) in the US.  He is a US Marine veteran and Harvard, Columbia and U of Chicago educated.  He was a Marxist early in his career but turned hard to the right soon thereafter.  Ergo, the MSM ignores him.

@ThomasSowell: A vastly expanded welfare state in the 1960s destroyed the black family, which had survived centuries of slavery and generations of racial oppression.

WaPo: Was the Moynihan Report right? Sobering findings after 1965 study is revisited

Nearly 50 years after the release of the U.S. Department of Labor report “The Negro Family: The Case for National Action,” which was highly controversial and widely criticized at the time, the new Urban Institute study found that the alarming statistics in the report back then “have only grown worse, not only for blacks, but for whites and Hispanics as well.”…The Moynihan Report called for more government action to improve the economic prospects for black families…

    About 20 percent of black children were born to unmarried mothers in the early 1960scompared with 2 to 3 percent of white children. “By 2009, nearly three-quarters of black births and three-tenths of white births occurred outside marriage. Hispanics fell between whites and blacks and followed the same rising trend.”… “We have scores of studies that show that kids that grow up in single-women-headed families don’t fare as well, are more likely to do poorly in school and to drop out of school, to be arrested, to become single parents themselves,” he said. “These factors reinforce the economic disadvantages that these kids face and impact the larger black community.”

    He said the problems will remain and possibly worsen until the numbers of children in black, Hispanic and white families living in two-parent homes increase.  “We are not going to have an effective solution to the growing inequality and poverty in the U.S. unless we can do something about family structure,” Haskins said…  https://www.washingtonpost.com/local/was-the-moynihan-report-right-sobering-findings-after-1965-study-is-revisited/2013/06/13/80eac980-d432-11e2-b05f-3ea3f0e7bb5a_story.html

Trump rally gives Fox News largest Saturday night audience in its history

A whopping 7.7 million total viewers tuned into Fox News from 8 p.m. to 10 p.m. EDT during Trump’s remarks… Liberal pundits [and MSM] have labeled the rally a disappointment because of the in-person attendance figures – but the Trump campaign disagrees

https://www.foxnews.com/media/trump-rally-gives-fox-news-largest-saturday-night-audience-in-history

@JasonMillerinDC: Total now up to 11.2M having watched @realDonaldTrump online…and this isn’t even counting folks who watched on TV or in-person! Big record!

Yet polls say Biden has a double-digit lead over Trump.  One poll consisted of 57% Dems and 43% Republicans!  These polls are intended to ‘push’ or form opinion, not measure it.

Rasmussen Poll: President Trump Approval Rating at 46%, Higher than Obama at Same Point

[Despite Covid crisis, econ collapse, worst rioting since ’68 and fawning MSM vs hateful MSM]

https://saraacarter.com/rasmussen-poll-president-trump-approval-rating-at-46-higher-than-obama-at-same-point/

Michael Moore issues warning to Dems laughing at Trump’s Tulsa base: ‘There’s no massive, intense love of Joe Biden- “They live, eat and breathe Trump — and none of us do that with Joe Biden. We’re counting on Hatred of Trump – not love of Biden – to win the day. Is that how you really think — hate beats love? Like, the more we ply our neighbor’s hatred of Trump, that’s the ticket to win?”

“Because deep down we know there’s no massive, intense love of Joe Biden,”…

https://www.lifezette.com/2020/06/michael-moore-issues-warning-to-dems-laughing-at-trumps-tulsa-base-theres-no-massive-intense-love-of-joe-biden/

DJT Deputy Com Dir @ErinMPerrine: @TeamTrump statement from @TimMurtaugh on Biden handlers refusing more debates —> “It’s pretty obvious that Joe Biden’s handlers are afraid to send their candidate out without a script and teleprompter handy. [Full statement at link]

https://twitter.com/ErinMPerrine/status/1275157997652762630

Biden Held Hostage!  Day 82 [without a press conference]

You can’t make this up!  Instead of Joe, his wife Jill will do a virtual campaign event on Friday!

https://twitter.com/MollyNagle3/status/1275198543507177472/photo/1

New Audio Released of Joe Biden and Former Ukrainian President Poroshenko Discussing the Onyshchenko Problem — Who Was Later Poisoned – Joe Biden — (14:30 minute mark) Congratulations in getting the new Prosecutor General. I know there’s a lot more to that. I really think that’s good. It is going to be critical that he works to repair the damage of Shokin. I’m a man of my word. Now that the new prosecutor general is in place we’re ready to move forward to signing the one billion dollar loan guarantee…   https://www.thegatewaypundit.com/2020/06/breaking-new-audio-released-joe-biden-former-ukrainian-president-poroshenko-discussing-onyshchenko-problem-later-poisoned/

AP: George Soros conspiracy theories surge as protests sweep US

https://apnews.com/f01f3c405985f4e3477e4e4ac27986e5

@AviWoolf: Notice how for all everyone talks about a diversifying America, the discourse is absolutely dominated by White and Black Americans, with Hispanics and Asians basically in the background or in some sort of supporting role.

Well that is all for today

I will see you WENESDAY night.

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