JULY 9//GOLD DOWN $11.75 TO $1799.10//SILVER DOWN 8 CENTS TO $18.62//HUGE GOLD TONNAGE STANDING AT THE COMEX; 20.7 TONNES//CHINA VS USA//TURKEY AT IT AGAIN IN THE MED. SEA//BIDEN OPENS HIS MOUTH AND WALL STREET PANICS//JUNE HAS A HUGE BUDGETARY DEFICIT IN THE USA/ CORONAVIRUS UPDATES THROUGHOUT THE GLOBE//SWAMP STORIES FOR YOU TONIGHT//?

GOLD:$1799.10  DOWN $11.75   The quote is London spot price

 

 

 

 

 

Silver:$18.62// DOWN 8 CENTS  London spot price

Closing access prices:  London spot

i)Gold : $1803.10  LONDON SPOT  4:30 pm

 

ii)SILVER:  $18.67//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

AUG GOLD:  $1806.40  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE AUG /: $7.70

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $18.97…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  35 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:  10/129

EXCHANGE: COMEX
CONTRACT: JULY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,815.500000000 USD
INTENT DATE: 07/08/2020 DELIVERY DATE: 07/10/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 2
118 H MACQUARIE FUT 26
152 C DORMAN TRADING 4
159 C ED&F MAN CAP 2
657 C MORGAN STANLEY 11
657 H MORGAN STANLEY 4
661 C JP MORGAN 10
690 C ABN AMRO 2
737 C ADVANTAGE 46 17
800 C MAREX SPEC 76 41
878 C PHILLIP CAPITAL 3 3
905 C ADM 11
____________________________________________________________________________________________

TOTAL: 129 129
MONTH TO DATE: 6,107

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 129 NOTICE(S) FOR 12900 OZ (0.401 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  6107 NOTICES FOR 610700 OZ  (18.99 TONNES)

 

 

SILVER

 

FOR JULY

 

 

27 NOTICE(S) FILED TODAY FOR 185,000  OZ/

total number of notices filed so far this month: 13,493 for 67.465 MILLION oz

 

BITCOIN MORNING QUOTE  $9287  UP 30  

 

BITCOIN AFTERNOON QUOTE.: $9390 DOWN $90

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $11.75 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.21 TONNES

 

 

GLD: 1,202.57 TONNES OF GOLD//

 

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

A HUGE CHANGE IN SILVER INVENTORY AT THE  SLV: A MONSTROUS PAPER DEPOSIT  OF 8.198 MILLION OZ//

THIS IS A MASSIVE FRAUD

RESTING SLV INVENTORY TONIGHT:

 

SLV: 510.951  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A HUMONGOUS SIZED 6612 CONTRACTS FROM 169,513 UP  TO 176,125, AND CLOSER T0 OUR NEW RECORD OF 244,710, (FEB 25/2020. THE HUGE SIZED GAIN IN  OI OCCURRED WITH OUR 37 CENT GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO HUGE  BANKER SHORT COVERING PLUS A FAIR EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A SMALL DECREASE  IN SILVER STANDING  AT THE COMEX FOR JULY.  WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 7790 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

WE HAVE ALSO WITNESSED A HUGE 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 FAIR SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   JULY: 0  AND SEP 1178 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1178 CONTRACTS. WITH THE TRANSFER OF 1178 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 1178 EFP CONTRACTS TRANSLATES INTO 5.890 MILLION OZ  ACCOMPANYING:

1.THE 37 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

81.695 MILLION OZ INITIALLY IN JULY.

 

WEDNESDAY, 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 37 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE HUGE GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL DECLINE IN STANDING OF SILVER OZ STANDING FOR JULY,  STRONG BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A STRONG NET GAIN OF 7790 CONTRACTS OR 38.90 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

JULY

 

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

4267 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 4267 CONTRACTS) OR 21.335 MILLION OZ: (AVERAGE PER DAY: 711 CONTRACTS OR 3.558 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 21.335 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.206% 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:          1,158.75 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                              71.15 MILLION OZ.

JULY EXP                               21,355 MILLION OZ/

 

EXCHANGE FOR PHYSICAL ISSUANCE FOR THE PAST 60 DAYS IS A LOT LESS.  NO DOUBT THAT THE COST TO CARRY THESE THINGS HAS EXPLODED  AND AS SUCH CANNOT BE DONE AS FREQUENTLY AS BEFORE.

 

RESULT: WE HAD A GIGANTIC SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 6612, WITH OUR 37 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAYTHE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 1178 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  HUMONGOUS SIZED OI CONTRACTS ON THE TWO EXCHANGES:  7790 CONTRACTS (WITH OUR 37 CENT GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1178 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A HUGE SIZED INCREASE OF 6,612 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A 37 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $18.70 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.8475 BILLION OZ TO BE EXACT or 121% of annual global silver production (ex Russia & ex China).

FOR THE NEW  JULY  DELIVERY MONTH/ THEY FILED AT THE COMEX: 27 NOTICE(S) FOR 135,000  OZ OF SILVER.

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

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 2.205 MILLION OZ// JULY 81.695 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 CONSIDERABLE SIZED 3096 CONTRACTS TO 575,872 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 CONSIDERABLE SIZED GAIN OF COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE  OF $13.75 /// COMEX GOLD TRADING// WEDNESDAY// WE  HAD HUGE BANKER SHORT COVERING, ANOTHER HUMONGOUS SIZED  GOLD OZ STANDING AT THE COMEX FOR JULY, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $13.75 .

 

WE HAD A VOLUME OF 8    4 -GC CONTRACTS//OPEN INTEREST  60

 

WE GAINED A STRONG SIZED 7188 CONTRACTS  (22.36 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 4092 CONTRACTS:

CONTRACT .; AUG 2452 AND OCT: 1680  ALL OTHER MONTHS ZERO//TOTAL: 4092.  The NEW COMEX OI for the gold complex rests at 575,872. 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 STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7188 CONTRACTS: 3096 CONTRACTS INCREASED AT THE COMEX AND 4092 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 8347 CONTRACTS OR 22.36 TONNES. WEDNESDAY, WE HAD A GAIN OF $13,75 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A GOOD SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 22.36 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 $13.75).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS  ALSO UNSUCCESSFUL  (SEE BELOW).

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (4092) ACCOMPANYING THE CONSIDERABLE SIZED GAIN IN COMEX OI  (3096 OI): TOTAL GAIN IN THE TWO EXCHANGES:  7188 CONTRACTS. WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)ANOTHER HUMONGOUS INCREASE IN GOLD  STANDING AT THE GOLD COMEX FOR THE FRONT JULY MONTH,  3) ZERO LONG LIQUIDATION; 4) CONSIDERABLE COMEX OI GAIN.. AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//WEDNESDAY//$13.75.

 

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.

 

SPREADING OPERATIONS/NOW SWITCHING TO GOLD

 

 

OUR SPREADING OPERATION HAS NOW SWITCHED INTO GOLD…..

SPREADING OPERATION FOR OUR NEWCOMERS:

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

 

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

 

 

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 SILVER..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  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 GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD 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 JULY HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF AUGUST FOR GOLD:

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF JULY. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (AUGUST), 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 IN 2020 INCLUDING TODAY

JULY

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JULY : 17,414 CONTRACTS OR 1,741,400 oz OR 53.85 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 2902 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 53.85 TONNES

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

THUS EFP TRANSFERS REPRESENTS 53.85/3550 x 100% TONNES =1.51% 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   3081.58  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:                     192.06 TONNES

JULY TOTAL EFP ISSUANCE;                       53.85 TONNES SO FAR..

 

 

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 HUMONGOUS SIZED 6612 CONTRACTS FROM 169,513 UP TO 176,125 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 GIGANTIC OI GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   HUGE BANKER SHORT COVERING , 2) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL DECREASE STANDING AT THE SILVER COMEX FOR JULY AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 1178 CONTRACTS

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

JULY: 0 CONTRACTS   AND SEPT: 1178 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1178 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 6612  CONTRACTS TO THE 1178 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GAIN OF 7790 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 38.90 MILLION  OZ, OCCURRED WITH THE 37 CENT GAIN IN PRICE///

 

 

RESULT: A HUGE SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 37 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// WEDNESDAY. WE ALSO HAD A FAIR SIZED 1178 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 PLUS HUGE FUTURE PREMIUMS OVER SPOT.

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

(report Harvey)

 

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 47.15 POINTS OR 1.39%  //Hang Sang CLOSED UP 80.98 POINTS OR 0.31%   /The Nikkei closed UP 90.67 POINTS OR 0.40%//Australia’s all ordinaires CLOSED UP .67%

/Chinese yuan (ONSHORE) closed UP  at 6.9857 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9857 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9855 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC//  : /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 CONSIDERABLE SIZED 4255 CONTRACTS TO 575,872 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 INCREASE OCCURRED WITH OUR GAIN OF $13.75 IN GOLD PRICING /TUESDAY’S COMEX TRADING//). WE ALSO HAD A FAIR EFP ISSUANCE (4092 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)  ZERO LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS STANDING AT THE GOLD COMEX//JULY DELIVERY MONTH (SEE BELOW) , …  AS WE ENGINEERED ANOTHER STRONG GAIN ON OUR TWO EXCHANGES OF 7,188 CONTRACTS WITH GOLD’S CONSIDERABLE GAIN IN PRICE. NOTE THE FACT THAT THE EXCHANGE FOR PHYSICALS ARE SMALL.. SOME OF OUR MAJOR BANKERS ARE BANNED FROM USING THE SERIAL FORWARDS.  IF THEY USE THIS VEHICLE IT MUST BE USED FOR PHYSICAL ONLY. SINCE THEY CANNOT TRANSFER TO LONDON THEY ARE FORCED TO INCREASE THEIR SHORT POSITIONS AT THE GOLD COMEX. AND SOME MOVED THEM OVER TO THE NEW 400 OZ LONDON ENHANCED VEHICLE.( VOLUME  8  OI INCREASED TO 60.)

(SEE BELOW)

 

 

WE  HAD 8    4 -GC VOLUME//open interest RISES TO 60

 

 

 

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 4092 EFP CONTRACTS WERE ISSUED:  AUG  2412 ,OCT 1680 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4092 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:  7,188 TOTAL CONTRACTS IN THAT 4092 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 3096 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A SMALL  AMOUNT OF EXCHANGE FOR PHYSICALS WITH HUGE BANKER SHORT COVERING, ACCOMPANYING OUR CONSIDERABLE COMEX OI GAIN,  A HUGE  GOLD TONNAGE STANDING FOR THE JULY DELIVERY (SEE CALCULATIONS BELOW)… AND ZERO LONG LIQUIDATION……AND WITH ALL OF THE ABOVE WE HAD A STRONG GAIN IN COMEX PRICE OF 13.75 DOLLARS..

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $13.75).  AND, THEY WERE UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A GOOD 22.36 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 7188 CONTRACTS OR 718,800 OZ OR 23.96 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:  575,872 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.58 MILLION OZ/32,150 OZ PER TONNE =  1790 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1790/2200 OR 81.41% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 318,206 contracts//good volume//hitting rock bottom//most traders have moved to London

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  339,158 contracts//  volume good //most of our traders have left for London

 

 

JULY 9 /2020

JULY GOLD CONTRACT MONTH

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
72,030.582 oz
Brinks
HSBC
Loomis
(47 kilobars)
Scotia
Deposits to the Dealer Inventory in oz 196,860.573 oz

 

 

 

Deposits to the Customer Inventory, in oz  

253,222.052

OZ

BRINKS

 

INCL 5000

KILOBARS

JPM

No of oz served (contracts) today
129 notice(s)
 12900 OZ
(0.401 TONNES)
No of oz to be served (notices)
543 contracts
(54,300 oz)
1.688 TONNES
Total monthly oz gold served (contracts) so far this month
6107 notices
610700 OZ
18.99 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 1 deposit into the dealer

i) Into the dealer Brinks;  196,860.573 oz

 

 

total deposit: 196,860.573 oz

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 2 deposits into the customer account

 

 

i) Into JPMorgan: 160,755.000 oz 5,000 kilobars

ii) Into Manfra  92,467,052 oz

 

 

 

 

total deposit:  253,222.052 oz

 

we had 4 gold withdrawals from the customer account:

i) Out of Brinks  68,513.78 oz
ii) Out of HSBC: 488.382 oz

iii) Out of Loomis;  1511.05 oz  (47 kilobars)

iv) Out of Scotia: 1517.360 oz

 

total gold withdrawals;  72,030.572 oz

We had 2  kilobar transactions  +

 

ADJUSTMENTS: 1 //    

dealer to customer:

JPM:  10148.35 oz

customer to dealer:

Manfra:  49,063.202 oz

 

 

 

 

The front month of JULY registered a total of 671 oi contracts FOR a LOSS of 217 contracts. We had 347 notices served on WEDNESDAY so we GAINED  130 contracts or an additional 13,000 oz will stand for delivery as they refused to morph into London based forwards.

 

 

Next comes August another strong delivery month and here the OI FELL BY 19,705  contracts DOWN to 366,307 contracts, as we begin our countdown to first day notice.

 

Sept saw another addition of 158 contracts to stand at 279.  Oct GAINED 1476 contracts up to 39,909.

 

We had 129 notices filed today for 12,900 oz

 

FOR THE JULY 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 129 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 10 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 2 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JULY /2020. contract month, we take the total number of notices filed so far for the month (6107) x 100 oz , to which we add the difference between the open interest for the front month of  JULY (671 CONTRACTS ) minus the number of notices served upon today (129 x 100 oz per contract) equals 664,900 OZ OR 20.681 TONNES) the number of ounces standing in this active month of JUNE

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

No of notices filed so far (6107 x 100 oz + (671 OI) for the front month minus the number of notices served upon today (129) x 100 oz which equals 664,900 oz standing OR 20.681 TONNES in this  active delivery month. This is a HUGE record amount for gold standing for a JULY delivery month (a  non active delivery month).

We gained 130 contracts or an additional 13,000 oz will stand at the comex.

We are now witnessing an increase in queue jumping on a daily basis. Sooner or later they will be running out of metal to supply our longs.

 

 

NEW PLEDGED GOLD:  BRINKS

 

144,088.952 oz NOW PLEDGED  JAN 21.2020/HSBC  5.4807 TONNES

302,293.430 oz PLEDGED  JULY 9// 2020  JPMORGAN:  9.40 TONNES

42,548.308.00 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234 tonnes

deleted Int. Delaware pledge July 7  (600 tonnes)

 

657,424.187 oz pledged June 12/2020 Brinks/july 2               20.448 tonnes

total pledged gold:  1,146,354.687 oz                                     35.65 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 365.80 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 20.684 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  13,152,637.597 oz or 409.10 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 (SOME  DELETED JUNE 24 2020/SOME JULY 9) which cannot be settled upon:  302,293.43, oz (or 9.402 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.    DELETED:   JULY 7.2020
f) pledged gold at Brinks:  DELETED
g) pledged gold at Brinks: 657,424.187 oz added which cannot be settled:  20.448 tonnes
total weight of pledged:  1,146,354.687 oz or 35.65 tonnes
thus:
registered gold that can be used to settle upon:  12,006,283.0  (373.44 tonnes)
true registered gold  (total registered – pledged tonnes  12,006,283.0 (37344 tonnes)
total eligible gold:  20,367,851.424 oz (633.52 tonnes)

total registered, pledged  and eligible (customer) gold;   33,520,489.021 oz 1042.62 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  916.28 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

JULY 8/2020

And now for the wild silver comex results

we had the open interest at the comex, in SILVER, ROSE BY A GIGANTIC SIZED 6612 CONTRACTS FROM 169,513 UP TO 176,125 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 GIGANTIC GAIN IN OI SILVER COMEX WAS DUE TO;   1) HUGE BANKER SHORT COVERING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL DECREASE AMOUNT OF  SILVER OZ STANDING AT THE COMEX FOR THE JULY CONTRACT MONTH ,  4) ZERO LONG LIQUIDATION 

 

WE STILL HAVE A HUMONGOUS AMOUNT OF SILVER STANDING AT THE COMEX FOR JULY.

 

 

EFP ISSUANCE 1178 CONTRACTS

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

JULY: 0 CONTRACTS   AND SEPT: 1178 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1178 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 6612  CONTRACTS TO THE 1178 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUMONGOUS GAIN OF 7790 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 39.17 MILLION  OZ OCCURRED WITH THE 37 CENT GAIN IN PRICE///

 

 

 

RESULT: A GIGANTIC SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 37 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// WEDNESDAY. WE ALSO HAD A STRONG SIZED 1178 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE HUMONGOUS  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

JULY 9/2020

JULY SILVER COMEX CONTRACT MONTH

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 7335.15 oz
Brinks
HSBC

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
nil
No of oz served today (contracts)
37
CONTRACT(S)
(135,000 OZ)
No of oz to be served (notices)
2848 contracts
 14,225,000 oz)
Total monthly oz silver served (contracts)  13493 contracts

67,465,000 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 0 deposits into the customer account

into JPMorgan:   0

ii) Into everybody else: 0

 

 

 

 

 

 

 

 

 

*** JPMorgan for most of 2017, 2018 and onward, has adding to its inventory almost every single day.

JPMorgan now has 160.744 million oz of  total silver inventory or 49.53% of all official comex silver. (160.819 million/324.954 million

 

total customer deposits today:  nil    oz

we had 2 withdrawals:

 

ii) Out of Brinks:  4299.500 oz

iii) Out of HSBC: 3035.65 oz

 

 

 

 

 

 

 

total withdrawals; 7335.15   oz

We had 0 adjustments

 

 

total dealer silver: 126.641 million

total dealer + customer silver:  324.954 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The front month of July has an open interest of  2882 contracts, as we lost 227 contracts.  We had 203 notices served on WEDNESDAY, so we LOST a tiny 24 contracts or an additional 120,000 oz will NOT stand in this active delivery month of July as they received a London based forward and a fiat bonus for their effort.. They boys seem to have a problem serving upon our longs at the comex

 

 

The next month after July is the non active month of  August and here  sees its open interest rose by 110 contracts UP to 812

The big September contract month sees a GAIN of 5585 contracts UP to 139,314.

 

The total number of notices filed today for the JULY 2020. contract month is represented by 37 contract(s) FOR 185,000, oz

 

To calculate the number of silver ounces that will stand for delivery in JULY we take the total number of notices filed for the month so far at 13,493 x 5,000 oz = 67,465,000 oz to which we add the difference between the open interest for the front month of JULY.(2882) and the number of notices served upon today 37 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the JULY/2019 contract month: 13,493 (notices served so far) x 5000 oz + OI for front month of JULY (2882)- number of notices served upon today (37) x 5000 oz of silver standing for the JULY contract month.equals 81,690,000 oz.  (A WHOPPER )

WE LOST 24 CONTRACTS OR 120,000 OZ WILL NOT STAND FOR DELIVERY AS THERE SEEMS TO BE SCARCITY OF SILVER.

 

 

 

TODAY’S ESTIMATED SILVER VOLUME : 102,420 CONTRACTS // volume excellent/

 

 

FOR YESTERDAY: 92,179.,CONFIRMED VOLUME//volume very  good/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 92,179 CONTRACTS EQUATES to 460 million  OZ  65.8% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO+ 0.12% ((JULY 9/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO +21% to NAV:   (JULY 9/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into POSITIVE/ 0.12%

(courtesy Sprott/GATA

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

NAV 17.22 TRADING 17.18///NEGATIVE 0.25

END

 

 

And now the Gold inventory at the GLD/

JULY 9//WITH GOLD DOWN $11.75 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OX 3.21 TONNES INTO THE GLD//INVENTORY RESTS AT 1202.57 TONNES

JULY 8/WITH GOLD UP $13.75 TODAY; A BIG CHANGE IN GOLD INVENTORY AT THE GLD:A DEPOSIT OF 7.89 TONNES INTO THE GLD//INVENTORY RESTS AT 1199.36 TONNES

JULY 7/WITH GOLD UP $12.50 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1191.47 TONNES

JULY 6/WITH GOLD UP $6.50 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 9.36 TONNES INTO THE GLD//INVENTORY RESTS AT 1191.47 TONNES

JULY 2/WITH GOLD UP $7.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.21 TONNES INTO THE GLD////INVENTORY RESTS AT 1182.11 TONNES

JULY 1/WITH GOLD DOWN $12.90//NO CHANGES IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1178.90 TONNES

JUNE 30//WITH GOLD UP $16.50 TODAY: NO CHANGE  IN GOLD INVENTORY AT THE GLD///INVENTORY RESTS AT 1178.90 TONNES

JUNE 29/WITH GOLD UP $2.90 TODAY: A HUGE DEPOSIT OF 3.61 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1178.90 TONNES

JUNE 26/WITH GOLD UP $5.03 TODAY: VERY STRANGE: A PAPER WITHDRAWAL  OF 1.46 TONNES//INVENTORY RESTS AT 1175.39 TONNES

JUNE 25//WITH GOLD DOWN $3.30 TODAY//ANOTHER STRONG PAPER DEPOSIT OF 7.6 TONNES///INVENTORY RESTS AT 1176.85 TONNES

JUNE 24/WITH GOLD DOWN $1.50 TODAY;  A STRONG 3.21 TONNES ADDED TO THE GLD//INVENTORY RESTS AT 1169.25  TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at

JULY 9/ GLD INVENTORY 1202.57 tonnes*

LAST;  856 TRADING DAYS:   +258.75 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 756 TRADING DAYS://+436.86  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JULY 9/WITH SILVER DOWN 8 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 8.198 MILLION OZ INTO THE SLV/INVENTORY RESTS AT510.951 MILLION OZ/

JULY 8/WITH SILVER UP 37 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.118 MILLION OZ FROM THE SLV//VERY SURPRISING.//INVENTORY RESTS AT 502.753 MILLION OZ//

JULY 7/WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:/INVENTORY RESTS AT 503.871 MILLION OZ///

JULY 6//WITH SILVER UP 24 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.863 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 503.871 MILLION OZ

JULY 2/WITH SILVER UP 4 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//: A DEPOSIT OF 4.01 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 502.008 MILLION OZ

JULY 1/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 5.403 MILLION OZ//INVENTORY RESTS AT 498.007 MILLION OZ/

JUNE 30/WITH SILVER UP 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 492.604 MILLION OZ//

JUNE 29/WITH SILVER DOWN ONE CENT TODAY: A TWO CHANGES IN SILVER INVENTORY AT THE SLV: A SMALL WITHDRAWAL OF 466,000 OZ TO PAY FOR STORAGE FEES AND INSURANCE//// AND A LARGE DEPOSIT OF 1.212 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 492.604 MILLION OZ//

JUNE 26/WITH SILVER UP 6 CENTS TODAY: ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV/ RESTS AT 491.858 MILLION OZ//

JUNE 25/WITH SILVER UP 12 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 931,000 OZ INTO THE SLV////INVENTORY RESTS AT 491.858 MILLION OZ//

JUNE 24///WITH SILVER DOWN 31 CENTS// NO CHANGE IN SILVER INVENTORY//INVENTORY RESTS AT 490.927 MILLION OZ

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//

 

JULY 9.2020:

SLV INVENTORY RESTS TONIGHT AT

510.951 MILLION OZ.

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

in the dollar trading we have now experienced the “death cross” whereby the 50 day moving average crosses over the long term 200 day moving average.  This is bad for the dollar

(Reuters/GATA)

‘Death Cross’ strikes U.S. dollar as virus cases grow

 Section: 

By Saqib Iqbal Ahmed
Reuters
Wednesday, July 8, 2020

NEW YORK — A resurgent coronavirus pandemic in the United States and the prospect of improving growth abroad are souring some investors on the dollar, threatening a years-long rally in the currency.

The dollar index is off 6% from its recent highs, while net bets against the currency in futures markets stand near their highest level since 2018.

… 

A decline in the dollar earlier this week set off a technical formation known as a “Death Cross,” which occurs when the 50-day moving average crosses below the 200-day moving average, according to analysts at BofA Global Research.

Past occurrences of the Death Cross have been followed by a period of dollar weakness eight out of nine times since 1980 when the 200-day moving average has been declining, as it is now, analysts at the bank said.

The U.S. currency’s weakness comes amid criticism over the government’s response to the coronavirus pandemic and protests over racial inequality that has eroded support for President Donald Trump months before the Nov. 3 presidential election. At the same time, investors increasingly expect growth to accelerate in Europe, threatening to narrow an economic performance gap that has boosted the dollar for years. …

… For the remainder of the report:

https://www.reuters.com/article/us-health-coronavirus-dollar-analysis/de…

END

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9857/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9855   /shanghai bourse CLOSED UP 47.15 POINTS OR 1.59%

HANG SANG CLOSED DOWN 80.98 POINTS OR 0.31%

 

2. Nikkei closed UP 90.67 POINTS OR 0.40%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 96.42/Euro FALLS TO 1.1336

3b Japan 10 year bond yield: FALLS TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.32/ 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//

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.87 and Brent: 43.34

3f Gold DOWN/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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.45%/Italian 10 yr bond yield DOWN to 1.20% /SPAIN 10 YR BOND YIELD DOWN TO 0.40%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.65: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.10

3k Gold at $1808.40 silver at: 18.88   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 55/100 in roubles/dollar) 70.64

3m oil into the 40 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 107.32 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 .9375 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0636 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.45%

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 0.65% early this morning. Thirty year rate at 1.39%

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

6.  TURKISH LIRA:  UP  TO 6.8655..

S&P Futures Flat As China’s Bubblemania Storms Higher For 8th Day

S&P futures were flat on Thursday, rebounded from an earlier dip in a low-volume session ahead of the closely watched weekly jobless claims report, with investors weighing the risk of another business shutdown amid soaring U.S. COVID-19 cases.

 

Despite the muted overnight session, the S&P 500 has now risen more than 40% from its March lows and is now about 7% below its February record high. The Labor Department’s most timely data on the economy is expected to show 1.38 million Americans filed for state unemployment benefits in the latest week, down from 1.43 million claims in the prior week. Cisco Systems rose 2% in premarket trading as Morgan Stanley upgraded its rating on the network gear maker’s stock to “overweight”. Walgreen’s slumped 3% after the company reported disappointing results with sales hit by the pandemic, announced it would suspend its buyback and cut 4,000 jobs. Best Buy was down 8.8% also as a result of sales and margin hits due to the pandemic.

The United States reported more than 60,000 new COVID-19 infections on Wednesday, setting a single day global record. And yet, investors continue to look past news of rising virus infections, concentrating on the continued reopening of economies. Confidence in policy support measures has mostly held firm, even as Hong Kong reported its biggest jump in cases since the start of the pandemic. The number of U.S. infections topped 3 million, more than a quarter of the global total.

“Risk is bouncing back broadly in equities but the real show is in Chinese equities, U.S. technology stocks and then gold,” said Saxo Bank CIO Steen Jakobsen. “U.S. Covid-19 cases rose yesterday to a new record and signs are now emerging that daily deaths are on the rise nationally which could suddenly become a new risk factor for the market.”

European stocks rose for the first time in three days, with shares in the region’s largest technology company, SAP SE, jumping over 7% after it reported better-than-expected second quarter revenue on returning demand for software in Asia.

Halfway across the world, the Chinese stock rally continued for an eighth day as margin debt soared to the highest level since 2015, even after authorities cracked down on margin financing platforms and state media warns of risks. The Shanghai Composite Index rose 1.4%, with Xining Special Steel and Shanghai Sanmao Enterprise Group posting the biggest advances.

 

Elsewhere in Asia, stocks gained led by communications and materials, after rising in the last session. Markets in the region were mixed, with Shanghai Composite and India’s S&P BSE Sensex Index rising, and Jakarta Composite and Singapore’s Straits Times Index falling. Trading volume for MSCI Asia Pacific Index members was 70% above the monthly average for this time of the day. The Topix was little changed, with FamilyMart rising and Aeon Financial falling the most. Hong Kong’s Hang Seng Index erased a gain after the news site HK01 reported that at least 16 new local virus cases were found Thursday.

In rates, treasuries edged higher on low volume, with the 30Y auction at 1pm today. Yields from 5- to 30-year sectors lower on the day by 1bp-1.5bp, 10-year to ~0.65%, flattening 2s10s by ~1bp; bunds, gilts ~0.5bp cheaper on the day vs U.S. 10-year. Treasury yields richened slightly from belly to long end during Asia session and European morning in lackluster trading; front end little changed. Bunds, gilts lag. The week’s Treasury auction cycle concludes with $19BN 30-year reopening at 1pm ET; Wednesday’s 10-year reopening was well-bid, stopping 1bp below the WI yield at the bidding deadline at a record low yield.

In FX, the Bloomberg Dollar Index inched down to a three-week low as risk assets mostly held firm, dampening demand for the world’s reserve currency ahead of U.S. jobs data. Weaker-than-expected data on jobless claims would add to market concerns that the coronavirus outbreak is impacting the U.S. labor market recovery, according to Commonwealth Bank of Australia in note. EUR/USD climbed to a four-week high as investors bought the euro against the dollar and the yen, according to one FX trader. Chinese stocks led a rally in Asian equities after U.S. shares climbed on Wednesday.

“Amidst the improvement in economic data of late and the relatively buoyant market sentiment, a bearish consensus with the greenback seems to have been the case,” said Jingyi Pan, market strategist at IG Asia.

In commodities, oil was steady around $41 a barrel in New York after swelling U.S. crude stockpiles raised fresh concerns about oversupply. Silver rose above $19/oz with gold trading above $1800.

To the day ahead now, and the data highlights will include the weekly initial jobless claims from the US, along with Germany’s trade balance for May, Canadian housing starts for June. Elsewhere, we’ll hear from the Fed’s Bostic and the ECB’s Hernandez de Cos.

Market snapshot

  • S&P 500 futures down 0.1% to 3,160.00
  • MXAP up 0.6% to 166.19
  • STOXX Europe 600 up 0.3% to 367.63
  • German 10Y yield fell 0.6 bps to -0.446%
  • Euro up 0.04% to $1.1335
  • Italian 10Y yield fell 0.2 bps to 1.075%
  • Spanish 10Y yield fell 0.6 bps to 0.404%
  • MXAPJ up 0.7% to 552.43
  • Nikkei up 0.4% to 22,529.29
  • Topix unchanged at 1,557.24
  • Hang Seng Index up 0.3% to 26,210.16
  • Shanghai Composite up 1.4% to 3,450.59
  • Sensex up 0.9% to 36,669.43
  • Australia S&P/ASX 200 up 0.6% to 5,955.46
  • Kospi up 0.4% to 2,167.90
  • Brent futures up 0.1% to $43.35/bbl
  • Gold spot up 0.3% to $1,814.94
  • U.S. Dollar Index little changed at at 96.43

Top Overnight News

  • Gold’s allure in 2020 continues to strengthen, with spot prices surpassing $1,800 an ounce and inflows into bullion-backed ETFs already topping the record full-year total set in 2009.
  • European policy makers who frantically assembled plans to help their economies weather the coronavirus lockdowns are starting to focus on how to prevent cascading bankruptcies that could derail the rebound.
  • Asian stocks pushed higher Thursday as investors continued to place faith in policy support and shrugged off simmering tensions between Washington and Beijing.

Asian equity markets traded mostly higher as the region took its cue from the positive rollover from US, where a late tech-led push helped all major indices finish in the green and lifted the Nasdaq to another record close on what had otherwise been predominantly indecisive session amid COVID-19 concerns. ASX 200 (+0.6%) and Nikkei 225 (+0.4%) were positive with gains in Australia led by tech as the sector found inspiration from its counterparts stateside and with gold miners euphoric after spot prices of the precious metal rose above USD 1800/oz for the first time since 2011, while stocks in Tokyo remained afloat after better than expected Machinery Orders data which showed a surprise expansion of 1.7% M/M although upside was initially capped amid virus fears. Hang Seng (+0.3%) and Shanghai Comp. (+1.4%) began indecisive after the PBoC continued to refrain from liquidity operations and with Chinese press calling for investors to manage risks, but gradually advanced amid a more amicable tone from China as Foreign Minister Wang stated that US-China relations need a more positive message and that China is willing to develop ties with US based on sincerity, despite noting that relations face serious challenges. Furthermore, Alibaba shares were among today’s stellar performers to track the upside in its US listing following reports its unit Ant Financial plans a Hong Kong IPO despite a denial by the unit. Finally, 10yr JGBs were indecisive as gains in stocks saw prices stall around the 152.00 level and with participants side-lined ahead of today’s 5yr auction. Finally, 10yr JGBs were indecisive as gains in stocks saw prices stall around the 152.00 level but later eked mild gains following firm demand at the 5yr JGB auction result.

Top Asian News

  • Australia Suspends Hong Kong Extradition Deal in Swipe at China
  • India Plans to Raise $2.7 Billion Selling Stakes in Two Firms
  • Top Hong Kong Official Says Pan-Dem Primary May Break New Law

European equities have somewhat diverged to trade mixed [Euro Stoxx 50 +0.5%] as the optimism seen during the APAC session, which initially reverberated across Europe, petered out for some indices. Sentiment overnight was more-so a function of the tech-led gains seen on Wall Street and rally among miners, whilst Chinese press called on investors to manage risks accordingly amid the recent gains seen in the Mainland and Hong Kong. On that front, and more-so from a technical standpoint, reports note that over 70% of the CSI300 have a 14-day RSI over 70 – i.e. an overbought signal. Back to Europe, the FTSE 100 (-0.1%) is the only core bourse in the red amid unfavourable currency dynamics coupled with some large-cap movers to the downside. Sectors are mixed with a cyclical bias, with the detailed breakdown also painting a similar picture. The IT sector heavily outperforms peers and the broader market amid SAP’s (+7.7%) prelim earnings in which it reiterated guidance and stated that business recovered more than expected in Q2, while its flagship cloud revenue rose 21% YY. SAP carries an almost-10% weighting in the DAX and as such, the German index outperforms regional peers. Elsewhere, Rolls-Royce (-7.0%) immediately reversed course after opening higher by 3%, originally stemming from a positive trading update at face-value, as the breakdown warned of a significant revenue drop over the next seven years. Elsewhere, Siemens (+1.0%) hold onto gains after reports shareholders will vote on its proposal to spin off 55% of Siemens Energy to them. Finally, Atlantia (-9.0%) shares were halted to the downside after Italy’s 5-Star Leader Di Maio said the Co’s motorway concessions need to be withdrawn.

Top European News

  • Siemens CEO Says Spinoff Is Best Way to Boost Share Price
  • Commerzbank Power Vacuum Set to Last as Board Extends Search
  • WeWork Rival Workspace Is Losing More London Office Tenants
  • ECB Should Examine Targeting Average Inflation, Villeroy Says
  • Bulgarian Police Raid President Radev’s Offices

In FX, cable is consolidating gains on the 1.2600 handle in wake of Wednesday’s fiscal support measures from UK Chancellor Sunak, while Eur/Gbp probes stops and support said to be sitting sub-0.8970 on positive Brexit vibes following EU chief negotiator Barnier conceding some ground on post-transition zonal arrangements, prompting more short covering of oversold Sterling positions. However, resistance looms ahead of the next round number in the form of a Fib retracement level at 1.2680 and then the 200 DMA at 1.2698.

  • NZD/AUD – The Kiwi and Aussie continue to benefit from Greenback weakness alongside upturns in broad risk sentiment that are compensating/offsetting negatives for the latter via the COVID-19 related problems in Melbourne, Victoria that has now prompted Tasmania to extend its state of emergency. Nzd/Usd has advanced closer to 0.6600 with independent impetus coming from an improvement in ANZ business sentiment and even more pronounced rebound in the activity outlook, while Aud/Usd has retested 0.7000 as the Aud/Nzd cross hovers above 1.0600. Conversely, the DXY is struggling to retain sight of 96.500 having dipped below support to 96.233 in the run up to the latest US initial claims data and wholesale inventories, as the Buck remains prone to safe haven unwinding and the ongoing spiral in coronavirus infections/deaths in several hotspots.
  • CAD/CHF/EUR/JPY – All narrowly mixed and still eyeing Usd moves alongside the general market tone, but the Loonie also conscious of decent option expiry interest between 1.3495-1.3500 (1 bn) and the 200 DMA (bang on 1.3500) ahead of Canada’s June leading index that follow’s yesterday’s economic and fiscal snapshot. Meanwhile, the Franc is meandering around 0.9375 and 1.0635 vs the Euro that pivots 1.1350 against the Dollar amidst expiries extending from 1.1300 (1.8 bn) through 1.1350-60 (1 bn) to 1.1375 (1.1 bn). Elsewhere, the Yen has eked gains towards 107.00 having been confined to a relatively tight range either side of 107.50, but could yet gravitate back given 1.1 bn option expiry for the NY cut, and with Jpy crosses firmer in line with the overall risk tone.
  • SCANDI/EM – Indecisive and choppy trade across the board, but currencies mostly on the up and especially the Yuan that has made a more concerted 7.0000+ break following a PBoC midpoint fixing very close to the level and yet more strength in Chinese stock indices overnight.

In commodities, WTI and Brent front month futures trade choppy within tight ranges with price action somewhat lacklustre amid a lack of newsflow for the complex coupled with a number of bearish factors including this week’s inventory releases. News-flow for the complex has been light in early trade, although on the geopolitical front, one to keep on the radar would be the escalating tensions between Saudi and the Houthis, with the latest reports nothing that a Saudi-led coalition in Yemen have reportedly struck and destroyed two explosive laden-boats south of the port of Al Salif, according to Saudi TV. Nonetheless, crude prices remain flat/modestly softer with WTI Aug just above USD 40.50/bbl and Brent Sep keeps its head above USD 43/bbl. Elsewhere, spot gold retains at USD 1800/oz+ status having touched a recent high of USD 1816/oz. Shanghai copper hit a 16-month high on supply woes coupled with a firm performance in Chinese markets, whilst Dalian iron ore extended gains for a fifth straight day as steel mills replenish inventories on higher demand hopes.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 1.38m, prior 1.43m
  • 8:30am: Continuing Claims, est. 18.8m, prior 19.3m
  • 9:45am: Bloomberg Consumer Comfort, prior 43.3
  • 10am: Wholesale Trade Sales MoM, est. 4.5%, prior -16.9%; Wholesale Inventories MoM, est. -1.2%, prior -1.2%

DB’s Jim Reid concludes the overnight wrap

In terms of yesterday’s market moves, one of the major headlines was the continued rally in gold, with the precious metal surpassing $1800/oz yesterday for the first time since 2011, before closing at a fresh 8-year high of $1809/oz. As we’ve written about in our monthly performance reviews, gold has been one of the strongest performing assets on a YTD basis in 2020 – up +19.22%. In many ways this isn’t surprising given central banks are printing money like it is going out of fashion. See Tuesday’s CoTD here showing that US money supply is up 25% yoy – only the 10th time above 20% in last 190 years of data.

Other metals continued to perform strongly too yesterday, with silver advancing by +2.45% yesterday to its own 4-month high, with the industrial bellwether of copper (+0.71%) up for a 7th straight session and to a new 5-month high. For more on the outlook for commodities see our strategists’ new note linked here. Notably our team has upgraded their 2021 gold target to $2000/oz, while shifting to a bullish Crude bias.

As gold and other metals advanced, US equity markets had a tough early session falling over 1% as several US states again announced elevated case counts. However, a steady recovery to just above flat was given a late boost in the last couple of hours of the day. It is possible that the late rally was partly due to Fed Reserve Bank of Atlanta President Bostic saying that the current pace of virus infections may warrant further policy action by either the central bank or Congress. With that the S&P 500 ended the session up +0.78% with another strong performance from tech stocks which saw the NASDAQ rise a further +1.44% and to a new record. Europe underperformed significantly however having been long closed before sentiment got a boost. The STOXX 600 ending the session down -0.67%, as other bourses experienced even larger declines, including the DAX (-0.97%) and the CAC 40 (-1.24%). Banks were among the laggards once again with the STOXX Banks index falling a further -2.12%. It was the reverse picture in fixed income though, with US Treasuries losing ground as European sovereign bonds advanced. By the close, 10yr Treasury yields had risen +2.5bps, in contrast to bunds which fell -1.1bps. BTPs were fairly flat to bunds.

Asian markets are trading higher this morning following Wall Street’s lead with the Nikkei (+0.59%), Hang Seng (+0.47%), Shanghai Comp (+1.03%; marking 8 days of consecutive gains), Kospi (+0.78%) and ASX (+1.07%) all posting gains. In Fx, the US dollar index is down a further -0.13% after yesterday’s -0.47% decline. Meanwhile, futures on the S&P 500 are trading flat. In terms of data out overnight, China’s June CPI printed in line with consensus at +2.5% yoy while PPI came in at -3.0% yoy (vs. -3.2% yoy expected).

In other news, Bloomberg reported overnight that Joe Biden will call for a moderate approach toward reviving the U.S. economy if elected President that includes spurring manufacturing and encouraging innovation, shelving for now the more ambitious proposals pushed by progressive Democrats. He is likely to deliver an economic speech today framing his argument for the rest of the campaign. As an aside the challenges going forward were further highlighted yesterday as United Airlines notified 45% of its workforce (36,000 employees in total) that their jobs are at risk after federal payroll aid expires at the end of September.

On the coronavirus, there weren’t a great deal of fresh headlines yesterday, though we saw yet further case increases in the US, with Florida and Arizona rising by 4.7% and 3.3% respectively. The country overall has now passed 3 million cases, with daily cases now increasing by over 50,000 per day for the first time. For context, the peak in April saw 31,500 average cases per day. Texas posted its second record day of fatalities with a further 97 yesterday. The 7 day average rise in fatalities is now 1.9% per day, after being in a range between 1.3% and 1.5% for the last 3 weeks, so this bears paying attention to even if the lagged ratio of deaths to cases is still well below that of the first wave. Citing backlogs in some counties, the Governor of California announced that cases in the state rose by over 11,000, the largest one day rise yet. Positive test rates in the state are now up to 7% after being at 5% just 2 weeks ago. With caseloads rising, the New Jersey Governor said that he would issue an order for the public to wear masks outside where crowds are congregating, whilst here in the UK, one hospital in west London closed for emergencies following a Covid-19 outbreak there. Globally, cases have now crossed the 12 million mark and even in areas with a low number of cases there are still fears. Indeed Hong Kong’s government has expressed worries that the city might be in the early days of a wider outbreak. Hong Kong has seen 118 new cases since June 30 and reported 19 new community transmissions yesterday.

Elsewhere disputes emerged in the US over school reopenings, with President Trump tweeting that he disagreed with the CDC’s school reopening guidelines, referring to them as “very tough & expensive”. Meanwhile NYC mayor de Blasio said on schools that he anticipated a “blended” learning program that would see students in class 2-3 days each week once school restarts in September, though Governor Cuomo announced he will be making a final decision on NY schools in early August.

Back to the U.K., Chancellor Sunak announced a fresh package of fiscal stimulus measures to bolster the recovery, which could be worth up to £30bn in total. In terms of the main announcements, the biggest is potentially the job retention bonus, whereby employers who bring back furloughed workers can qualify for a £1,000 bonus per employee, provided certain conditions are met. In theory, if all 9.4m furloughed jobs were retained, then this could be worth £9.4bn. The other main highlights include a temporary 9-month VAT cut from 20% to 5% for hospitality, accommodation and attractions, as well as a temporary Stamp Duty cut (the tax paid on home purchases) that will see the threshold rise to from £125k to £500k up to the end of March. And finally, though it was far from the costliest measure announced, one of the most headline-grabbing was an “Eat Out to Help Out” scheme whereby diners will get a 50% discount of up to £10 per head when eating out, valid Monday to Wednesday throughout August. The Early Morning Reid will come live from the terrace at my golf course opposite my house early in the week in August. For more on the Chancellor’s announcement see out UK economists note here.

On the longer term implications, it’s worth noting that in spite of the fiscal largesse yesterday, Sunak said that “over the medium term, we must, and we will, put out public finances back on a sustainable footing.” So clearly a nod towards future fiscal tightening now that the national debt is over 100% of GDP for the first time since 1963. Furthermore, there was also the acknowledgement that the furlough scheme “cannot and should not go on forever.” We should hear more this autumn when we get the next Budget and Spending Review from the UK government. For what it’s worth I suspect governments (including the U.K.) will talk a tough game on fiscal discipline going forward but the reality is that the fiscal genie is now out of the bottle and we’re set for a decade of MMT and helicopter money type policies. We will see.

To the day ahead now, and the data highlights will include the weekly initial jobless claims from the US, along with Germany’s trade balance for May, Canadian housing starts for June, and Japan’s preliminary machine tool orders reading for June. Elsewhere, we’ll hear from the Fed’s Bostic and the ECB’s Hernandez de Cos.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 47.15 POINTS OR 1.39%  //Hang Sang CLOSED UP 80.98 POINTS OR 0.31%   /The Nikkei closed UP 90.67 POINTS OR 0.40%//Australia’s all ordinaires CLOSED UP .67%

/Chinese yuan (ONSHORE) closed UP  at 6.9857 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9857 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9855 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC//  : /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 VS USA

The war escalates; USA sanctions 4 Chinese nationals under the “Magnitsky Act”

(zerohedge)

US Sanctions 4 Chinese Nationals Under ‘Magnitsky Act’

Following a series of reports claiming that the White House was weighing sanctions against Chinese officials under the “Magnitsky Act”, ironically a law passed to target corruption in Russia.

The sanctions affected 4 individuals, and one company.

Here’s the statement from Treasury, which is responsible for implementing economic sanctions:

CHEN, Quanguo (Chinese Simplified: 陈全国), Xinjiang, China; DOB 1955; POB Pingyu, Henan, China; Gender Male (individual) [GLOMAG].

HUO, Liujun (Chinese Simplified: 霍留军), Xinjiang, China; DOB 1952; Gender Male (individual) [GLOMAG].

WANG, Mingshan (Chinese Simplified: 王明山), Xinjiang, China; DOB Jan 1964; POB Wuwei, Gansu, China; Gender Male (individual) [GLOMAG].

ZHU, Hailun (Chinese Simplified: 朱海仑), Xinjiang, China; DOB Jan 1958; POB Lianshui, Jiangsu, China; Gender Male (individual) [GLOMAG].

The following entity has been added to OFAC’s SDN List:

XINJIANG PUBLIC SECURITY BUREAU (Chinese Simplified: 新疆公安局) (a.k.a. PUBLIC SECURITY DEPARTMENT OF THE AUTONOMOUS REGION; a.k.a. PUBLIC SECURITY DEPARTMENT OF XINJIANG UYGAR AUTONOMOUS REGION; a.k.a. PUBLIC SECURITY DEPARTMENT OF XUAR; a.k.a. XINJIANG BUREAU OF PUBLIC SECURITY), Xinjiang, China [GLOMAG].

* * *

Source: Treasury

According to Secretary of State Mike Pompeo, the sanctions make the individuals “ineligible” for entry into the US.

The decision will likely provoke a response from Beijing beyond just the angry rhetoric they often employ, as President Xi and top Communist Party officials have specifically denounced American economic sanctions on individuals and Chinese companies as “politically motivated” attempts to undercut the Chinese economy.

Notably, the move follows the UK’s decision to use new “Magnitsky” powers adopted by the British government to impose sanctions on individuals involved in “human rights abuses” from Russia, Saudi Arabia, North Korea and Myanmar. Those targeted include senior Saudi intelligence officials believed to have been involved in the Khashoggi murder, as well as Russian officials implicated in the death of Sergei Magnitsky, a lawyer who died in a Moscow prison after purportedly uncovering a massive fraud.

Both President Xi and President Putin have criticized the US for abusing its sanction powers, claiming that the end result will be more countries shying away from the greenback and using other currencies (the ruble, perhaps. or just straight gold) to store foreign reserves.

One twitter user offered some insight into who these men are. All of them, it seems, are senior CCP officials; one is a chief of police in Xinjiang, where nearly a million Muslims are believed to be held in captivity.

Sec Chen is being cited as the biggest name on the list, since he’s the senior CCP official in Xinjiang.

The decision comes two days after FBI director Christopher Wray revealed that half of the bureau’s investigations involved Chinese entities. The FBI director, who has taken flack for not kowtowing to Trump, also described China as America’s “greatest threat”.

end

CORONAVIRUS UPDATE/HONG KONG/TOKYO/THE GLOBE

Hong Kong, Tokyo Report New Single-Day Coronavirus Records; US Deaths Are Starting To Climb: Live Updates

Summary:

  • US single-day tally tops 60k again
  • Global total tops 12 million
  • 7-day average death rate creeps higher
  • Tokyo, Hong Kong report single-day highs of new cases
  • India reported 22.7k new cases
  • Victoria reports another 165 new cases
  • Beijing slams US over WHO pullout

* * *

Wednesday was another brutal day for the US during the global coronavirus outbreak as all of the worst hit states in the sunbelt produced new single-day records ranging from the highest 7-day positivity rate (Florida) to new records for deaths (Texas), single-day cases (California) and hospitalizations (Arizona, Florida, Texas etc).

After the US reported more than 60k new cases on Tuesday for the first time, the country repeated that feat on Wednesday, essentially tying its record number from the prior day.

But as the COVID tracking project points out, the 7-day average for deaths is “creeping back up” after two days of deaths near 1,000 (on Monday, the US reported fewer than 500 deaths for the entire country).

As deaths continue falling in New England, the sun belt has more than compensated for it.

As we noted, the US also topped 3 million cases yesterday.

So far on Thursday, the bad news out of the US has apparently carried over to Asia, as Hong Kong and Tokyo both reported new single-day records of new cases, as new outbreaks in both territories have come roaring back in recent weeks. Both areas are closely watched bellwethers of the outbreak in East Asia.

Tokyo confirmed 224 new infections on Thursday, its  largest single-day tally yet. While Tokyo has focused its virus suppression efforts on nightlife districts, more mundane places like diners and – of course – nursing homes have seen several outbreaks.

 

The city’s mayor has said there are no plans to reinstate the state of emergency that was lifted in Tokyo last month.

Hong Kong health officials have warned of a third wave of coronavirus infections after the city recorded 23 new cases in two days. Social distancing measures in HK were largely lifted over the past two months as the city’s cases dwindled. An outbreak at a nursing home in Kowloon has contributed 8 infections to today’s total – four residents and four staff tested positive, on top of one resident who tested positive yesterday.

India reported 22,752 new cases, up slightly from 22,252 yesterday, bringing India’s virus total to 742,417. The death toll has jumped to 20,642, up 482.

Meanwhile, as tensions with Beijing intensify, with the White House mulling new retaliatory measures ranging from an assault on the HKD currency peg to barring the popular social media app TikTok, Beijing hurled a few rhetorical rocks Thursday morning when Foreign Ministry spokesperson Zhao Lijian slammed the Trump Administration’s decision to withdraw was “another demonstration of the US pursuing unilateralism, withdrawing from groups and breaking contracts.”

The WHO is “the most authoritative and professional international institution in the field of global public health security,” Zhao said at a briefing Wednesday, adding that the US departure would hurt the developing world, the AP reports – contrasting America’s WHO withdrawal with President Xi’s promises of forgivable or zero-interest loans and bundles while supplying the developing world with the vaccine.

In Australia, Victoria, the worst-hit Australian state, recorded another 165 case, as an outbreak at a Melbourne high school emerged as the largest cluster in the country. Queensland state also closed its border to people fleeing a six-week lockdown in Melbourne. In addition to the lockdown, Victoria has effectively sealed its borders, while neighboring New South Wales has also shut its border with Victoria.

END

 

Robert to me
China/banks
Interesting and worthy of listening to.
I have been cautioning for some time that China is house of cards built on quicksand.
China has played the game of debt building it’s growth without giving time for equity creation. While such strategy works when income growth is faster than debt service to allow projection of success. The opposite is true when income growth becomes negative as debt service overwhelms cash availability.
China’ problems are augmented by having built worthless monuments of glory in empty cities which have become non performing assets causing cash removal and a lessened velocity in internal cash movements. The building of major infrastructure assets in foreign lands have become worthless non performing assets to unbridled ambitions of hegemony.
What is not well reported is that not all is well with the China Russia relationship as China is actively leveraging its’ friendship with Russia to ride decades of Russian diplomacy to build debt slaves in the Baltic countries and in Eurasia having become the largest investor in Kazakhstan in only the last 2 years.
India is making its’ moves into Eurasian sphere and is being encouraged by Russia. More recently, it was Russia’s quick pledge of jets from its’ own inventory of active air force that caused pause in China in a step too far. And China’s claim to Vladivostok is a blunt reminder of Chinese double cross which is not lost on the Kremlin. China would be well reminded that Russia is not like any other country that will allow itself to be hemmed in by perceived China economic might.
And it is not at all apparent that China will not implode from within. And in typical Chinese fashion they will cover this up as long as they can. And this too has implications for Russia as a loss In volume of a paying customer needs balance and it is one reason why Nordstream 2 is more important than most people know for balance to offset a diminished volume of business from China. And Chinese neighbors will likely see more of the dragon claw while it can still extend.https://www.youtube.com/watch?v=lvxWpHktt-o
Cheers
Robert
END

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/EGYPT./LIBYA

Belligerent Turkey is holding a massive naval exercise off the Libyan coast in a message to Egypt.  Egypt is ready for war. Erdogan is totally nuts

(zerohedge)

Turkey To Hold Massive Naval Exercise Off Libyan Coast In ‘Message To Egypt’

Via AlMasdarNews.com,

In a noticeable step in terms of timing and location, the Turkish Navy announced that it would soon conduct massive naval exercises off the Libyan coast. Turkish media quoted the navy as saying that the expected maneuvers would be called “Naftex”, and would take place off the Libyan coast in 3 different regions, and each would bear a special name, which is “Barbaros”, “Targot Rais” and “Chaka Bay”.

Furthermore, the Turkey-based Yeni Safak newspaper revealed that the military exercises will take place imminently, and that they are training in anticipation of any war in the eastern Mediterranean, in addition to what has been described as escalating tensions in Libya between Egypt and Turkey.

Commenting on the Turkish military maneuvers off the coast of Libya, Egyptian military expert Major General Samir Ragheb said that it is a dangerous diplomatic message called “battleship diplomacy”.

Ragheb said in an interview with RT Arabic this week that the Turkish military maneuvers are sending a stern warning to Ankara’s enemies that they are willing to use its armed forces to combat any threat.

The Egyptian military expert considered that these maneuvers came in response to the destruction of the Turkish air defense system at the Al-Watiyah military base south of the Libyan capital, Tripoli last week.

In particular, Ragheb believes Turkey is sending a message to Egypt, who is currently watching the events in Libya very closely, especially at the Sirte front in the north-central part of the country.

The Egyptian military expert said that the Turkish naval exercises along the Libyan coast is not a surprise because Ankara is trying to scare its enemies.

He added that these naval exercises will not influence Egypt’s decision about Sirte and Al-Jafra, pointing out that they remain “red lines” for Cairo.

 END

 

6.Global Issues

GERMANY/THE GLOBE

German firms with international exposure (and exporting) warn of a huge collapsing revenues as the world shuts down due to the coronavirus spreading.

(zerohedge)

83% Of German Firms With International Exposure Warn of Collapsing Revenues 

Germany eased strict social distancing restrictions on April 20 and started the process of reopening its economy as the virus pandemic curve flatten. However, the consequence of closing businesses and forcing people to stay home, along with shutdowns of international commerce, resulted in a deep recession in the first half of the year for the exporting nation.

A new survey via the German Chambers of Commerce (reported by Reuters) said 83% of domestic firms with high international exposure had experienced a collapse in revenues. Many of these firms, about 93% of respondents, said the global economy could improve in 2021 or beyond.

The survey is an eye-opener for Europe’s largest economy, and one of the largest exporting nations in the world, suggesting a global economic recovery in the shape of a “V” is not feasible for the back half of 2020. About 15% of the 3,300 companies surveyed said their annual turnover is expected to be halved.

It was noted the impact of the virus-induced downturn, whereas at the start of the pandemic, crushed travel and tourism, has now impacted other sectors and rippled through the economy in the form of a demand shock.

Fifty-nine percent of respondents this month (July) warned of slumping demand for their products and services, up from 57% in April.

Under such conditions, firms are unwilling to invest – more than half of the respondents said they’re cutting CapEx abroad, compared with 35% in April.

We noted on Tuesday, global CapEx is expected to be slashed, on average, 12%, which is much larger than the 11.3% decline during the global financial crisis in 2008-09. Global capital expenditure weakness suggests a weak recovery is ahead.

German Chambers of Industry and Commerce released a report on Wednesday indicating exports will drop by 15% in 2020 with a slight recovery in 2021.

The German government has unveiled a $146 billion stimulus package to jump-start the severely damaged economy. However, it appears the recovery, so far, has been a dead cat bounce that will not revert to 2019 growth activity levels for the next several years, or longer…

German industrial production has a long ways to go…

So what must be done to supercharge a recovery? Well, we offer insight here

end
AUSTRALIA/CHINA
Australia now acts by suspending like Canada its extradition treaty with Hong kong over its new Security law. Again China vows retaliation
\(zerohedge)

Australia Suspends Extradition Treaty With Hong Kong Over Security Law, China Vows Retaliation

Following Canada’s move last week, Australia has announced it is suspending its extradition treaty with Hong Kong amid a build-up in tensions related to the new Beijing-imposed national security law cracking down on anti-mainland dissent.

“Our government, together with other governments around the world, have been very consistent in expressing our concerns about the imposition of the national security law on Hong Kong,” Prime Minister Scott Morrison said Thursday. “Today we have agreed to announce that that national security law constitutes a fundamental change of circumstances in respect to our extradition agreement with Hong Kong.”

 

Australian Prime Minister Scott Morrison. Image: EPA

Foreign Ministry spokesman Zhao Lijian immediately voiced China’s outrage, urging the Australian government to cease its ‘interference’ while warning retaliation is coming, likely to take an economic form, given China remains Australia’s biggest exports customer. He called the dramatic suspension of the long-time extradition treaty a move which “seriously violated international law and the basic norms of international relations.”

The Chinese Embassy in Canberra also said Thursday: “We urge the Australian side to immediately stop meddling in Hong Kong affairs and China’s internal affairs,” and warned, “Otherwise it will lead to nothing but lifting a rock only to hit its own feet.”

This also comes two days after Australia updated its travel advice to its citizens for China, telling Aussies they risk ‘arbitrary detention’ while traveling through the communist-run country“Authorities have detained foreigners because they’re ‘endangering national security’. Australians may also be at risk of arbitrary detention,” the unprecedented statement, also in response to the HK national security law, said.

“You may be at increased risk of detention on vaguely defined national security grounds,” the new travel advisory states further. “You could break the law without intending to.”

Also part of Thursday’s extradition suspension announcement, is the crucial detail that Hong Kong students and workers already in Australia will be able to extend their visas with an expedited pathway and process for permanent residency.

Morrison also extended student visas to be valid for up to five years but noted he’s “not expecting large numbers of applicants any time soon.”

Australia’s decisions are part of a broader domino effect response, especially among English-speaking allies of the United States, to the security law.

As The New York Times observes:

Australia’s move is not as sweeping as Britain’s decision to open a path to citizenship for as many as three million Hong Kongers. But the announcement reflected global concern about China’s new law for the territory. New Zealand’s government also said on Thursday that it would review the country’s relationship with Hong Kong.

“There will be citizens of Hong Kong who may be looking to move elsewhere, to start a new life somewhere else, to take their skills, their businesses,” Morrison added in his comments, describing the changes to the visa program.

China is at least initially likely to lash out at future Chinese tourism in Australia, given that Beijing’s response to Canada’s suspension of its own extradition treaty with Hong Kong was to in tit-for-tat fashion issue new travel warnings to Chinese traveling abroad. China’s official travel advice now reads that citizens must remain “cautious” while traveling in Canada because of “frequent violent actions by law enforcement agencies in Canada, which have triggered many demonstrations.”

end
Staggering losses ahead for the global banks
(COURTESY S AND P)

S&P Global predicts global credit losses of $2.1T

 

S&P Global predicts global credit losses of $2.1T

Credit ratings agency S&P Global forecasted on Thursday that the COVID-19 pandemic caused credit losses for world banks of around $2.1 trillion. Compared to 2019, losses will double to $1.3 trillion in 2020.

Agency said 60% of the forecast credit losses will arise in Asia-Pacific but that the highest relative increases will occur in North America and Western Europe.

“Should the COVID-19 pandemic prove to be worse or last longer than our current base case economic forecasts assume, then a combination of higher credit losses and lower earnings will inevitably hit banks across the world,” the agency concluded.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1336 DOWN .0001 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 107.32 UP 0.032 (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 1.2642   UP   0.0030  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3499 DOWN .0019 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 1 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1336 Last night Shanghai COMPOSITE CLOSED UP 47.15 POINTS OR 1.39% 

 

//Hang Sang CLOSED UP 80.98 POINTS OR 0.40%

/AUSTRALIA CLOSED UP 0,67%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 80.98 POINTS OR 0.31%

 

 

/SHANGHAI CLOSED UP 47.15 POINTS OR 1.39%

 

Australia BOURSE CLOSED UP. 67% 

 

 

Nikkei (Japan) CLOSED UP 90.67  POINTS OR 0.40%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1808.00

silver:$18.93-

Early THURSDAY morning USA 10 year bond yield: 0.65% !!! DOWN 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.39 DOWN 2  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early TUESDAY morning: 96.42 DOWN 6 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.41% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD:+ 0.02%  DOWN 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.39%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,21 DOWN 0 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 82 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.46% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.67% 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 1.1298  DOWN     .0039 or 39 basis points

USA/Japan: 107.27 DOWN .0.018 OR YEN UP 2 basis points/

Great Britain/USA 1.2618 UP .0053 POUND UP 53  BASIS POINTS)

Canadian dollar DOWN 56 basis points to 1.3574

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9941    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9964  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.8633 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +0.02%

 

Your closing 10 yr US bond yield UP 5 IN basis points from WEDNESDAY at 0.62 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield:1.35 DOWN 5 in basis points on the day

Your closing USA dollar index, 96.67 UP 30  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 106.54 OR  1.73%

German Dax :  CLOSED DOWN 5.35 POINTS OR .04%

 

Paris Cac CLOSED DOWN 60.12 POINTS 1.21%

Spain IBEX CLOSED DOWN 89.50 POINTS or 1.22%

Italian MIB: CLOSED DOWN 393.58 POINTS OR 1.98%

 

 

 

 

 

WTI Oil price; 39.95 12:00  PM  EST

Brent Oil: 42.57 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:  70.93  THE CROSS HIGHER BY 0.08 RUBLES/DOLLAR (RUBLE LOWER BY 08 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.46 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 :  39.48//

 

 

BRENT :  42.35

USA 10 YR BOND YIELD: … 0.60  down 6 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.31..down 9 basis points..

 

 

 

 

 

EURO/USA 1.1282 ( DOWN 55   BASIS POINTS)

USA/JAPANESE YEN:107.19 DOWN .103 (YEN UP 10 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.80 UP 37 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2607 DOWN 6  POINTS

 

the Turkish lira close: 6.8646

 

 

the Russian rouble 70.90   UP .28 Roubles against the uSA dollar.( UP 28 BASIS POINTS)

Canadian dollar:  1.3584 DOWN 67 BASIS pts

 

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

 

The Dow closed down 361.19 POINTS OR 1.39%

 

NASDAQ closed UP 55.25 POINTS OR 0.53%

 


VOLATILITY INDEX:  29.26 CLOSED UP  1.18

LIBOR 3 MONTH DURATION: 0.272%//libor dropping like a stone

 

USA trading today in Graph Form

Dip-Buyers Rescue Big-Tech From Dreaded Down-Day As Bond Yields Plunge

Another day, another dip-buying panic to rescue the Nasdaq from the terrible outcome of a down-day, instead another record high.

Overnight was the standard slow and steady rally and then these events hit, taking the shine off the gains:

  • 0935ET *U.S. READYING FEDERAL CONTRACT BAN FOR COS. USING HUAWEI: RTRS
  • 1010ET *SUPREME COURT SAYS N.Y. GRAND JURY CAN GET TRUMP’S TAX RETURNS
  • 1100ET ARIZONA CASES/DEATHS

But as soon as Europe closed, US stocks were magically bid once again, with only Nasdaq back in the green…

We note that Biden gave an economic speech in the last hour and appeared to spook stocks with these

  • 1520ET *BIDEN: ENDING THE ERA OF ‘SHAREHOLDER CAPITALISM’ IS OVERDUE
  • 1530ET *CHINA IPHONE JUNE SELL-IN DATA WEAKER THAN EXPECTED: NOMURA

and then this sent stocks vertical…

  • 1548ET *TRUMP SAYS ON TRACK TO LAUNCH VACCINE `VERY SOON’

The Dow remains rangebound between key technical levels…

Is someone “meddling with the primal forces of nature…”?

And bear in mind that while Nasdaq roars to record-er and record-er highs, the rest of the major US equity indices all topped a month ago…

Source: Bloomberg

FANG stocks soared to a new record high, reaching the most overbought since the February peak…

Source: Bloomberg

Virus ‘Fear’ rose notably today…

Source: Bloomberg

It’s different this time…

Source: Bloomberg

Nasdaq has a little further to run against Small Caps to reach peak crazy…

Source: Bloomberg

And don’t forget, China stock market cap is exploding too…

Source: Bloomberg

A super-strong 30Y auction helped extend gains in bondland with Treasury yields tumbling on the day with considerable flattening (30Y -9bps, 2Y -1bp)…

Source: Bloomberg

Pushing 30Y Yields back two-month lows (30Y back below 1.30% and 10Y back below 60bps)…

Source: Bloomberg

The yield curve is now at its flattest in two months…

Source: Bloomberg

The dollar bounced back today as stocks and bond yields fell, bouncing off support…

Source: Bloomberg

The DXY dollar index rallied today after making a death cross on Wednesday…

Source: Bloomberg

Cryptos were lower today but are all holding gains on the week (for now)…

Source: Bloomberg

Copper was higher (again) on the day but crude and precious metals slipped lower…

Source: Bloomberg

WTI tumbled early on the headlines above, was ramped back to tag $40… then fell back…

Finally, there’s the total decoupling between stocks and bonds…

Source: Bloomberg

And good luck to whoever is buying these FAAMG stocks at almost 30x…

Source: Bloomberg

What could go wrong?

Source: Bloomberg

So to sum the day up… Dow down, S&P down, Small Caps down, Transports down, Crude down, Bond yields down… but Nasdaq up thanks to FANG new record highs

end

Show 12 Com

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

MARKET TRADING//USA

a)Market trading/this morning/USA

Stocks & Bond Yields Dive On SCOTUS Trump Tax Decision

In a somewhat surprising decision, the Supreme Court has ruled that a NY Grand Jury can get access to Trump’s tax returns.

This sparked instant selling pressure on the market, sending the S&P into the red…

Domestically-focused (and financials-heavy) Small Caps are the worst hit…

Treasuries are bod with 10Y yields down 3bps…

It seems the market cares about a Trump presidency after all…

b)MARKET TRADING/USA/AFTERNOON

Stocks Slide: US Finalizing Federal Contract Ban For Companies Using Huawei, Other Chinese Tech Giants

Another day, another escalation in US-China trade, tech, diplomatic, financial – you name it – relations, and this time stocks noticed.

Moments ago, Reuters reported that in its latest crackdown on Chinese reverse-engineering tech giants, the Trump administration plans to finalize regulations this week that will bar the U.S. government from buying goods or services from any company that uses products from five Chinese companies including Huawei, Hikvision and Dahua, a U.S. official said.

The rule, which was prompted by a 2019 law, and which has been triggered by Trump’s pre-election fears that he is losing to Biden, will have far-ranging implications for companies that sell goods and services to the U.S. government since they will now need to certify they do not use products from Dahua or Hikvision, even though both are among the top sellers of surveillance equipment and cameras worldwide. The same goes for two-way radios from Hytera Communications Corp and telecommunications equipment or mobile devices like smartphones from Huawei Technologies or ZTE Corp .

Any company that uses equipment or services in their day-to-day operations from these five companies will no longer be able to sell to the U.S. government without getting a U.S. government waiver.

“The danger our nation faces from foreign adversaries like China looking to infiltrate our systems is great,” said Russ Vought, acting director of the White House Office of Management and Budget in a statement to Reuters.

“The Trump Administration is keeping our government strong against nefarious networks like Huawei by fully implementing the ban on Federal procurement.”

While there was previously uncertainty in the contracting community surrounding the implementation and enforcement of the rule, given its potential impact on contractors, the White House is making clear it will not be delayed and waivers could be difficult to get.

The rule from the Federal Acquisition Regulatory Council will take effect on Aug. 13. Putting the size of this ban in context, every year the U.S. government annually awards more than $500 billion in contracts, according to the Government Accountability Office.

While it is unclear if this will have an impact on current contracts, it could complicate future contracts. Amazon.com for example, received 1,500 cameras to take temperatures of workers during the coronavirus pandemic from Zhejiang Dahua Technology in April.

The official said the administration will require agencies to conduct a national security analysis before they grant any waivers, something Congress did not expressly require in the statute.

The official added that the rule is aimed at more than just barring government agencies from using products from Huawei and other named Chinese firms, but is a bid to limit their influence, saying it essentially gives companies a choice: do business with the U.S. government or with the Chinese firms.

It is the latest effort by Washington to isolate the Chinese firms.

The news which came moments after the open, sent stocks sliding even if the Nasdaq – which is now going through its second tech bubble phase – remains in the green.

end

Stocks Spooked On Biden Anti-Wall Street Comments

Joe Biden’s economic speech was going along nicely with a smorgasbord of nothingburgers and pandering… and then he started on the Wall-Street-bashing narrative and the market got a little ‘shook’…

  • *BIDEN: WALL STREET BANKERS AND CEOS DIDN’T BUILD AMERICA
  • *BIDEN: ENDING THE ERA OF ‘SHAREHOLDER CAPITALISM’ IS OVERDUE

The reaction was notable only in so much as it stopped the incessant rise in Nasdaq (albeit probably only for minutes)…

The entire market was spooked lower…

Did the level of the Dow just come fully into play for the campaign? (as if it wasn’t already)

end

ii)Market data/USA

We have 1.3 million Americans filed for jobless benefits this week. Total from day one;| 50 million. Continuous claims dropped only slightly. No V shape recovery yet.

Almost 50 Million Americans Have Now Filed For First-Time Jobless Benefits Since Lockdowns Began

Despite the hope-restoring nonfarm payrolls “recovery” and the over-hyped bounce in retail sales (ignoring the lack of ‘V’ in industrial production) and ‘soft’ sentiment surveys (which are biased by their nature as diffusion indices to bounce back hard), for the sixteenth week in a row, over 1 million Americans filed for unemployment benefits for the first time (1.314mm was slightly better than the 1.375mm expected).

Source: Bloomberg

Texas, New Jersey, and Louisiana suffered the biggest increases in jobless claims in the prior week…

That brings the sixteen-week total to 49.993 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative is slowing down drastically (even though the 1.314 million rise this last week is still higher than any other week in history outside of the pandemic)

Continuing Claims did drop very modestly but hardly a signal that “re-opening” is accelerating! And definitely not confirming the payrolls or sentiment data…

Source: Bloomberg

And as we noted previously, what is most disturbing is that in the last sixteen weeks, far more than twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession… (22.13 million gained in a decade, 49.993 million lost in 16 weeks)

Worse still, the final numbers will likely be worsened due to the bailout itself (and its fiscal cliff): as a reminder, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, could contribute to new records being reached in coming weeks as it increases eligibility for jobless claims to self-employed and gig workers, extends the maximum number of weeks that one can receive benefits, and provides an additional $600 per week until July 31.

Finally, it is notable, we have lost 378 jobs for every confirmed US death from COVID-19 (132,309).

Was it worth it?

The big question remains – what happens when the $600 CARES Act bonuses stop flowing?

iii) Important USA Economic Stories

Wow!! this is a biggy:  USA deficit hits an astronomical 863 billion in June. So far fiscal 2020 which ends on Sept 30:  2.7 trillion deficit.

US Budget Deficit Hits A Record $863 Billion In June, A 100X Increase

Those who have been following the record surge in US public debt (excluding the roughly $100 trillion in off-balance sheet obligations), which exploded by $3 trillion in just the past three months and hit an all time high $26.46 trillion on Tuesday, will likely have some inkling that the US budget deficit in June will be staggering.

 

We can now confirm that: in its preview of the June budget deficit, the CBO reported that last month the US spent a record $1.105 trillion, an increase of $763 billion from last year

… while receipts shrank by $92 billion from a year ago to $242 billion, which on an LTM basis was $3.1 trillion, an 8.3% decrease Y/Y, the largest since the financial crisis and clearly confirming the US is in a recession.

This means that the June budget deficit was was a mindblowing $863 billion, an increase of 101x compared to the $8 billion deficit in June of last year.

Putting June’s deficit in context, it was greater than the full year deficit recorded in 2018, and in fact in any year from 2013 to 2017. It is also just $120BN shy of the $984BN full year budget deficit recorded last year when so many fiscal conservatives slammed Republicans for going crazy with spending on Trump’s tax cuts. Little did they know what was about to hit.

According to the CBO, the record deficit stemmed “from the economic disruption caused by the 2020 coronavirus pandemic and from the federal government’s response to it, including actions by the  Administration and the enactment of four pieces of legislation.” Furthermore, outlays by the Small Business Administration—which oversees the recently established Paycheck Protection Program—contributed significantly to the June deficit this year, accounting for almost half of the government’s spending.

Some more details on the breakdown.

While June 2020 receipts were down by 28%, to $242 billion—$92 billion (or 28 percent) less than those in June 2019., due to declines in wages and in economic activity generally, recently enacted legislation, and actions by the Administration, it was the avalanche of June spending that more than tripled in response to the pandemic:

  • Outlays by the Small Business Administration increased from $80 million to $511 billion, primarily because of loans and loan guarantees to small businesses through the Paycheck Protection Program authorized by the CARES Act and PPPHCEA.
  • Outlays for unemployment compensation increased from $2 billion in June 2019 to $116 billion this year. More than half of that rise stems from a $600 increase in the weekly benefit amount provided under the CARES Act. Benefits for regular unemployment compensation rose as well.
  • Outlays for the Public Health Social Services Emergency Fund totaled $14 billion this June, compared with $300 million last June. Funding was increased by recent legislation to reimburse health care providers (such as hospitals) for health care costs or for revenues lost as a result of the pandemic. That fund also provides money for testing for and treatment of COVID-19, the disease caused by the coronavirus.
  • Outlays from the Department of the Treasury’s Exchange Stabilization Fund increased from –$29 million to $9 billion, almost entirely because of equity investments in certain Federal Reserve facilities, which provide liquidity for a wide range of economic activities. Those facilities are designed to address financial strain caused by the pandemic. CBO expects that the increase in the deficit caused by those outlays will probably be offset in future years by payments to the Treasury from the facilities’ proceeds.
  • Spending for Medicaid was $9 billion higher this June than last June for three reasons: increased enrollment, the 6.2 percentage-point increase in federal matching rates that states began to access in April 2020 (enacted in FFCRA), and FFCRA’s requirement that states retain enrollees on Medicaid until the end of the public-health emergency. Spending by the Department of the Treasury for aviation worker relief totaled $6 billion in June. The CARES Act authorized that assistance for payroll support in the form of grants and loans.
  • Spending for the Food and Nutrition Service was $5 billion higher—$13 billion in June 2020 compared with $8 billion in June 2019—largely because of the increase in Supplemental Nutrition Assistance Program benefits authorized by FFCRA but also because more people were receiving such benefits this June, CBO estimates.  Payments for refundable tax credits were $6 billion in June 2020 compared with $2 billion in June 2019, primarily because of the CARES Act’s recovery rebates.
  • Outlays for the Coronavirus Relief Fund, authorized by the CARES Act to provide grants to state, local, tribal, and territorial governments to offset pandemic-related expenses, totaled $3 billion in June. There was no such spending last year.
  • Outlays for the Department of Education rose by $44 billion, mostly because the department made an upward revision of $70 billion to the estimated net subsidy costs of loans and loan guarantees issued in prior years. That revision was much larger than the $28 billion upward revision the department made in June 2019.
  • Payments for interest on the public debt decreased from $40 billion in June 2019 to $18 billion this year. Although the debt was greater this June, inflation was considerably lower, resulting in smaller adjustments to inflation-protected securities.
  • Outlays for the Department of Housing and Urban Development decreased by $14 billion, primarily because the department made a downward revision of that amount in June to the estimated net subsidy costs of loans and loan guarantees issued in prior years.

For the first 9 months of fiscal 2020, the federal budget deficit was $2.7 trillion, $2.0 trillion more than the deficit recorded during the same period last year.

Revenues were 13 percent lower and outlays were 49 percent higher through June 2020 than during the same nine-month period in fiscal year 2019.

At some point the market will realize that this insanity is simply unsustainable. And, in fact, looking at the surge in the price gold, that realization may not take too long.

END

Retail stores are being annihilated to a high degree. We have 8700 stores closing and rising

(zerohedge)

Retail Apocalypse Accelerates – 8,700 Stores Closing, Number Set To Rise 

The unprecedented implosion of U.S. commercial real estate during the coronavirus pandemic is likely to get worse as newly delinquent CMBS loans are surging as the list of retail store closures continues to rise.

Trepp’s June CMBS remittance report showed CMBS delinquencies hit a high of 10.32%, not seen since 2012. It was noted that that retail CRE loans were in rough shape.

Many retail shops are heavily indebted, some have already declared bankruptcy, while others are quickly shrinking their operating size, by reducing store footprint to rein in cost as the virus-induced recession, blended with a plunge in consumption, along with a shift to online, is resulting in a rapid acceleration of the retail apocalypse.

Coresight Research’s latest forecast has upwards of 25,000 retail stores could close by year end.

Forbes has released an updated list of confirmed store closures. So far, it looks like 8,708 store units have or will shutter operations this year, and could quickly surpass 2019 totals of 9,302, in a matter of months.

Forbes’ Store Closure List In 2020

Chuck E Cheese: 54 U.S. stores (bankruptcy)

Destination Maternity: 90 stores (bankruptcy)

GNC: 1,200 stores (bankruptcy)

J. Crew: 54 stores (bankruptcy)

JCPenney JCP: 154 stores (bankruptcy)

K-Mart: 45 stores (bankruptcy)

Modell’s Sporting Goods: 153 stores (bankruptcy)

Neiman Marcus (Last Call): 20 stores (bankruptcy)

Papyrus: 254 stores (bankruptcy)

Pier 1 Imports PIR: 936 stores (bankruptcy)

Sears: 51 stores (bankruptcy)

Signet Jewelers SIG: 232 stores

Stage Stores: 738 stores (liquidating)

Tuesday Morning: 230 stores (bankruptcy)

***

AC Moore: 145 stores

Art Van Furniture: 190 stores

AT&T: 250 stores

Bath & Body Works: 50 stores                                                        

Bed Bath & Beyond: 44 stores

Bloomingdale’s: 1 store

Bose: 11 stores

Chico: 100 stores (estimated)                                      

Children’s Place: 200 stores

Christopher Banks: 30-40 stores                                                                  

CVS Pharmacy: 22 stores

Earth Fare: 50 stores                                       

Express: 66 stories

Forever 21: 15 stores (estimated)

GameStop GME: 320 stores                                                  

Gap: 230 stores                                    

Guess: 100 stores

Hallmark: 16 stores                  

Lord & Taylor: 30 or 40 stores                                

Lowe’s Canada: 34 stores                                        

Lucky Market: 32 stores

Macy’s M: 125 stores (over 3 years)

Microsoft: 77 stores

New York & Co: 27 stores

Nordstrom: 16 stores                                         

Office Depot: 90 stores

Olympia Sports: 76 stores                                        

Party City: 21 stores

Starbucks SBUX: 400 stores (over 18 months)

Victoria’s Secret: 250 stores

Walgreen: 100 stores (estimated)                                                       

Walmart: 2 stores

Wilson Leather & G.H. Bass: 199 stores

Zara: 1,000 stores worldwide (over 2 years)

With thousands of retail stores closing and the economy contracting, the next conversation Wall Street will have is about deep economic scarring and permanent job loss.

Already, 3 million jobs have been eliminated from the economy, some of which have come from the closure of retail stores. The bad news about permanent job loss is that it’s a consumption killer, resulting in less spending at retailers, suggesting an even greater amount of store closures beyond anyone’s wild guess could be seen over the next 12-24 months.

This all suggests there’s no V-shaped recovery this year – one might want to hunker down for a prolonged downturn, as explained here.

END
My goodness they are slow: over 2 million California residents are waiting for the first unemployment chekcs
(zerohedge)

California ‘Utterly Failing’ As 2 Million Residents Waiting For Unemployment Checks

Approximately two million Californians are still waiting for their unemployment checks from the first three months of the government-mandated COVID-19 lockdowns, according to the San Jose Mercury News which cites government data.

Unemployed residents are complaining of clogged phone lines and outdated technology at the Employment Development Department (EDD) despite Gov. Gavin Newsom (D) promising to increase staffing among other reforms.

“I have done just about everything I know how to do as a public official to make things work, but my colleagues, my staff, my constituents and I are at our wits’ end,” said state Assemblymember David Chiu (D-San Francisco) in a tweet.

“I know people who are on hold every day and can’t get a response,” said San Francisco resident Armand Domalewski, a workforce development expert who co-created a Facebook group for unemployed residents.

The mounting claims arrive as some county and state government agencies are again moving to shut down an array of business activities as fears escalate that the coronavirus outbreak might intensify — a collective decision that could cause additional workers to lose their jobs.

I’m terribly disappointed. The EDD has let us down terribly,” said Rhonda Dias, a San Jose resident and daycare teacher. Dias was temporarily laid off and later returned to her job, but at reduced hours. “The website doesn’t work and you can’t get through on the phone. People have to pay their taxes. Then they can’t help us.”

Over the three months of March, April and May, 5.01 million California workers filed initial claims for unemployment benefits and the EDD completed first-time payments to just 3.13 million workers, statistics compiled by the U.S. Labor Department show. That points to a grim gap between the initial claims and the first-time payments, leaving 1.88 million claims unfilled and suggests a mammoth backlog of workers who have yet to receive any benefits despite being out of work for weeks or months. –San Jose Mercury News

“You can’t get a clear answer from anybody with the EDD,” said Laurie Nelson, a resident of Union City who has been unemployed since March. “You go week after week trying to certify your claim and get some sort of unemployment payment. If I hadn’t gotten loans from family members, I would be out on the street. I wouldn’t be able to pay my rent.”

The backlog was already horrendous before the lockdowns which began in March – with 1.44 million unpaid workers waiting for checks from the EDD. By the end of April, the backlog grew to 1.75 million. Today, the backlog stands at just under 2 million.

“These numbers show what we have suspected all along: EDD is utterly failing millions of Californians,” said Chiu, who added “EDD’s failure has real human consequences. Californians have depleted their life savings, gone into severe debt, and been unable to feed their families because of bureaucratic incompetence.”

““We continue to work around the clock, seven days a week to expand our capacity for processing this unprecedented demand for unemployment benefits as quickly as possible,” EDD spokesman Barry White insisted. “We are enhancing our technology systems to increase efficiencies, and have already hired or have offers extended to more than 4,000 new staff needed as part of an expedited mass hiring effort with the increased federal funding we’ve received.”

The agency has promised to prioritize older claims from March and April, but gave no indication when the backlog would be cleared.

This comes after state officials stopped unemployment benefits after they were tricked out of ‘hundreds of millions of dollars‘ in a Nigerian scam.

END

Supreme Court rules against Trump with his tax returns which must be released to a grand jury. But the House Democrats have been denied subpoena powers to see those records.

Supreme Court Rules Trump Tax Returns Must Be Released To NY Grand Jury, Denies House Democrats

Update (1023ET): After granting NY prosecutors Trump’s tax returns, the Supreme Court has denied efforts by House Democrats to subpoena the records – and has kicked the case back to lower courts for further consideration. 

*  *  *

The Supreme Court on Thursday ruled in a 7-2 decision that a New York Grand Jury can have President Trump’s tax records, after Manhattan DA Cyrus Vance, Jr. subpoenaed eight yearsof returns along with other records in connection with an investigation into hush money payments made to porn star Stormy Daniels, according to Axios.

Vance Jr. (whose father was Jimmy Carter’s Secretary of State – and who took money from Harvey Weinstein while declining to prosecute him for sexual assault – and who sought a reduced sex-offender status for Jeffrey Epstein) wants to see if Trump’s reimbursement of former attorney Michael Cohen for payments to Daniels and another woman violated any laws in New York, and whether Trump’s accounting firm falsely accounted for the reimbursements as a legal expense.

House Democrats, meanwhile, issued three subpoenas to Deutsche Bank, Capital One, and the president’s longtime accounting firm, Mazars, for evidence of illegal conduct or hidden loyalties – despite no evidence of financial crimes or ‘collusion’ with Russia.

“He refuses to turn over the tax returns, what does he have to hide?” Financial Services Chairwoman Maxine Waters mused last May.

Then Oversight Chairman Elijah Cummings wrote in a memo that his subpoena was necessary to investigate whether President Trump “may have engaged in illegal conduct before and during his tenure in office.” WSJ

Democrats then argued that obtaining Trump’s financial records could be a “useful case study” to learn about “unsafe lending practices” and “money laundering,” along with “efforts b Russia and other foreign entities to influence the US political process during and since the 2016 US election.” (via the WSJ)

Yet, as The Journal notes, D.C. Circuit Court of Appeals Judge Neomi Rao explained in her Mazars dissent:

 “Allowing the Committee to issue this subpoena for legislative purposes would turn Congress into a roving inquisition over a co-equal branch of government.”

Medical records, private emails, cell phone logs – none of the President’s personal papers would be out of Congress’s reach.

What are the chances Trump’s returns will leak out of New York?

end

Stocks Slide As Biden Vows To “End Shareholder Capitalism”, Raise Corporate Tax Rate To 28%

Update (1545ET): Biden can’t get through a speech without making at least one major error. Today, it was the amount of money he was responsible for “administering” under TARP.

* * *

Update (1520ET): The headlines are rolling in. For starters, Biden says he plans to raise “hundreds of billions of dollars” by raising the corporate tax rate.

  • BIDEN ACCUSES TRUMP OF WALKING AWAY FROM THE PANDEMIC CRISIS
  • BIDEN: WALL STREET BANKERS AND CEOS DIDN’T BUILD AMERICA
  • BIDEN: TRUMP IS FOCUSED ON STOCK MARKET, NOT WORKING PEOPLE
  • BIDEN: ENDING THE ERA OF ‘SHAREHOLDER CAPITALISM’ IS OVERDUE
  • BIDEN SAYS TRUMP IS DETERMINED TO DRIVE AMERICANS APART
  • BIDEN SAYS TRUMP `CODDLES UP’ TO PUTIN, OTHERS

We hope all Biden’s talk about our American values of “hard work” and fairness resonate with the far-left. Meanwhile, Biden’s speech appears to be weighing on stocks in the last hour of trade (though it could be technical action).

Aping Trump’s rhetoric on trade and American jobs, Biden claims he wants to bring “5 million jobs” back to America, and push through a massive infrastructure bill, which he says he will announce “next week”.

* * *

As we explained last night, Joe Biden’s new presidential campaign platform, which his team handled in cooperation with Bernie’s people in an effort to produce a “Biden-Sanders” platform, embraces the central provisions of the ‘Green New Deal’ and other far-left policy positions, while also talking the talk about protecting American workers to try to win more support among midwestern swing voters.

Biden is following that up with a speech, his first in some time.

end

iv) Swamp commentaries)

John Solomon: Indictments Imminent In ‘Obamagate’ Probe

Via WND.com,

Investigative reporter John Solomon says there’s a “lot of activity” in U.S. Attorney John Durham’s criminal investigation of the Obama administration’s probe of now-debunked claims of Trump-Russia collusion during the 2016 election.

“My sources tell me there’s a lot of activity. I’m seeing, personally, activity behind the scenes [showing] the Department of Justice is trying to bring those first indictments,” Solomon said in an interview with the Fox Business Network’s Lou Dobbs reported by the Washington Examiner.

“And I would look for a time around Labor Day to see the first sort of action by the Justice Department.”

Solomon said he’s seeing “action consistent with building prosecutions and preparing for criminal plea bargains.”

“Until they bring it before the grand jury you never know if it’s going to happen. I’m seeing activity consistent with that.

Top former officials, including former CIA Director John Brennan, are said to be targets of the Durham investigation.

But Attorney General William Barr has said he doesn’t expect Obama and former Vice President Joe Biden, the presumptive Democratic presidential nominee, to be subjects of a criminal investigation.

Solomon said he is hearing from defense lawyers and people “on the prosecution side” that complications with the coronavirus pandemic are “slowing down” the grand jury process.

“There is overwhelming evidence in the public record now that crimes were committed,” Solomon said.

He cited “falsification of documents, false testimony, false representations before the FISA court.”

WND reported this week Sen. Charles Grassley, R-Iowa, the chairman of the Senate Finance Committee, said Durham should launch any prosecutions before the November election.

“The deep state is so deep that ppl get away w political crimes,” wrote Grassley on Twitter. “Durham shld be producing some fruit of his labor.”

A report from DOJ Inspector General Michael Horowitz found at least 17 “significant” errors or omissions related to the Obama administration’s efforts to use the Foreign Intelligence Surveillance Act provisions against Trump.

WND reported former U.S. attorney Joe DiGenova said the public shouldn’t worry about whether or not charges are filed against Obama and Biden.

“Shaming” them will undoubtedly happen, with or without charges, he argued in an interview with Boston radio host Howie Carr.

“I happen to believe that the public shaming of former President Obama and Vice President Biden is far more important than indicting them,” he said.

end

Prince Andrew’s Cousin Says Ghislaine Maxwell Has “Secret Video” Of Him

Authored by Steve Watson via Summit News,

An acquaintance of Ghislaine Maxwell has told reporters that the socialite has secret video footage of Prince Andrew that was filmed during her time as Jeffrey Epstein’s so called ‘madam’.

Christina Oxenberg told The Sun that Andrew, the British Queen’s son, “is one of many johns, all of whom were videotaped by Ghislaine.”

“He is not a victim here, but Ghislaine was never his friend, she was taping him,” Oxenberg added, noting that “Friends don’t tape friends.”

Oxenberg is the daughter of Princess Elizabeth of Yugoslavia, making her Prince Andrew’s cousin.

She told reporters that she believes Maxwell is seeking to trade information with the FBI, and possibly the videos to save herself.

“I think she thinks she can get out, obviously she’s planning on trading [information],” Oxenberg said.

Oxenberg says she was interviewed by the FBI last year in regards to the case, and that she is willing to testify against Maxwell.

The report claims that the royal said Maxwell previously bragged to her about obtaining underage girls under Epstein’s influence.

“I will definitely be there to remind her that in ’97, she told me copious amounts,” Oxenberg said.

It is not clear if Oxenberg is the same person who was cited anonymously in another report this week claiming that Maxwell has secret sex tapes that “could implicate some twisted movers and shakers.”

“If Ghislaine goes down, she’s going to take the whole damn lot of them with her,” the source told the Daily Mail.

As we highlighted last week, a lawyer for one of Epstein’s accusers thinks that Ghislaine Maxwell could reveal a “bigger name” involved in Epstein’s pedophile network in order to secure a plea deal following her arrest.

“I’m sure that Ghislaine’s attorneys will try to make a deal where she speaks out about a bigger name to get reduced charges for herself,” said Lisa Bloom

end

Barr Should Transfer Ghislaine Maxwell To Rikers For Her Safety: Former Prison Official

Attorney General Bill Barr should transfer Jeffrey Epstein’s alleged ‘madam’ to Rikers Island while her case plays out, as the Metropolitan Detention Center (MDC) in Brooklyn is ill-equipped to handle the high-profile inmate.

“I don’t think the feds can handle these prisoners, such high-profile prisoners like Maxwell or Epstein,” former NYC Department of Corrections Deputy Warden Ed Gavin told Fox News‘ Tucker Carlson on Wednesday. “If I were William Barr, what I would do is, I would seek to obtain a substitute jail order and I would try to have Ms. Maxwell placed on Rikers Island with the New York City Department of Corrections.”

Maxwell was recently transferred from a New Hampshire prison to MDC, where according to The Sun, she was described as a ‘depressed loner’ branded a ‘snooty rich bitch’ by her fellow inmates – so if she winds up dead, she couldn’t have been taken out by powerful forces intent on burying Epstein’s secrets, even if cameras should break and prison guards fall asleep some fateful night in Brooklyn.

The 58-year-old ex-socialite, whose (suspected Mossad) father died in 2006 under mysterious circumstances, will be guarded by the “highest security available,” according to The Sun‘s anonymous source.

According to Gavin, however, MDC runs a sloppy operation.

“In 2011, there was a female corrections officer there, she had sex on duty with eight employees,” he said. “Two of them were superior officers. She also had sex with two inmates … We [also] have a lieutenant and two corrections officers recently who were convicted of sexually abusing over 10 women … So I don’t think that that facility is capable of handling it [Maxwell], there’s just too much that’s gone on there recently, and I don’t think any female inmate should be housed there” (via Fox News).

Maxwell was charged with six counts related to her alleged role in Epstein’s child sex-trafficking ring.

end

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

Well that is all for today

I will see you FRIDAY night.

One comment

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

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