JULY 13//SILVER BREAKS THROUGH THE 19 DOLLAR BARRIER TO $19.36//GOLD ALSO STRONG: UP $12.50 TO $1811.30//GOLD TONNAGE STANDING AT THE COMEX: 21.816 TONNES//SILVER COMEX FUTURE/SPOT (CASH) = 43 CENTS PER OZ//CHINA VS USA RHETORIC ESCALATES// LOOKS LIKE THE FBI HAS A FEW WUHAN LAB WORKERS WHO DEFECTED ALONG SIDE OUR HONG KONG WORKER//CORONAVIRUS UPDATES/BRANDON SMITH ON WHAT TO EXPECT ECONOMICALLY///SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1811.30  UP $12.50   The quote is London spot price

 

 

 

 

 

Silver:$19.36// UP 67 CENTS  London spot price

 

 

 

Closing access prices:  London spot

i)Gold : $1802.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $19.07//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

AUG GOLD:  $1813.60  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE AUG /: $2.30

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $19.79…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  43 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:  28/303

issued by JPMorgan:  140

EXCHANGE: COMEX
CONTRACT: JULY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,798.200000000 USD
INTENT DATE: 07/10/2020 DELIVERY DATE: 07/14/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1
118 H MACQUARIE FUT 30
135 H RAND 2
152 C DORMAN TRADING 2
226 C DIRECT ACCESS 8
355 C CREDIT SUISSE 70
357 C WEDBUSH 1
657 C MORGAN STANLEY 28
657 H MORGAN STANLEY 17
661 C JP MORGAN 140 28
685 C RJ OBRIEN 1
686 C INTL FCSTONE 1
690 C ABN AMRO 5
732 C RBC CAP MARKETS 2
737 C ADVANTAGE 56 53
800 C MAREX SPEC 99 47
878 C PHILLIP CAPITAL 5
880 C CITIGROUP 1
905 C ADM 9
____________________________________________________________________________________________

TOTAL: 303 303
MONTH TO DATE: 6,974

 

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 303 NOTICE(S) FOR 30300 OZ (0.9427 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  6974 NOTICES FOR 697400 OZ  (21.69 TONNES)

 

 

SILVER

 

FOR JULY

 

 

245 NOTICE(S) FILED TODAY FOR 1,225,000  OZ/

total number of notices filed so far this month: 13,903 for 69.515 MILLION oz

 

BITCOIN MORNING QUOTE  $9296  DOWN 4

 

BITCOIN AFTERNOON QUOTE.: $9235 DOWN $66

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $12.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.36 TONNES TO PAY FOR FEES

 

 

GLD: 1,200.46 TONNES OF GOLD//

 

WITH SILVER UP 67 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE  SLV: A HUGE  PAPER WITHDRAWAL  OF 1.677 MILLION OZ//

WHAT A FRAUD!!

RESTING SLV INVENTORY TONIGHT:

 

SLV: 514.118  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A TINY SIZED 76 CONTRACTS FROM 175,801 DOWN  TO 175,725, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE TINY SIZED LOSS IN  OI OCCURRED WITH OUR 7 CENT GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO HUGE  BANKER SHORT COVERING PLUS A GOOD 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 823 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 GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   JULY: 0  AND SEP 894 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  894 CONTRACTS. WITH THE TRANSFER OF 894 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 894 EFP CONTRACTS TRANSLATES INTO 4.125 MILLION OZ  ACCOMPANYING:

1.THE 7 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

81.605 MILLION OZ INITIALLY IN JULY.

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 7 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE SMALL LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL DECREASE IN STANDING OF SILVER OZ STANDING FOR JULY,  STRONG BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A  NET GAIN OF 818 CONTRACTS OR 4.090 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:

5714 CONTRACTS (FOR 8 TRADING DAY(S) TOTAL 5714 CONTRACTS) OR 28.570 MILLION OZ: (AVERAGE PER DAY: 714 CONTRACTS OR 3.571 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 28.570 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.08% 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:          1,165.98 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                               28.570 MILLION OZ/

 

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

 

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 76, DESPITE OUR 7 CENT GAIN  IN SILVER PRICING AT THE COMEX ///FRIDAYTHE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 894 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 GOOD SIZED OI CONTRACTS ON THE TWO EXCHANGES:  818 CONTRACTS (WITH OUR 7 CENT GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 894 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED DECREASE OF 76 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A 7 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $18.69 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.8475 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: 245 NOTICE(S) FOR 1225,000  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 81.605 million oz
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 3911 CONTRACTS TO 568,421 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED LOSS OF COMEX OI OCCURRED WITH OUR TINY LOSS IN PRICE  OF $0.50 /// COMEX GOLD TRADING// FRIDAY// WE  HAD HUGE BANKER SHORT COVERING, ANOTHER HUMONGOUS SIZED  GOLD OZ STANDING AT THE COMEX FOR JULY, ALONG WITH TINY LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $0.50 .

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  63

 

WE LOST A TINY SIZED 496 CONTRACTS  (1.542 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3415 CONTRACTS:

CONTRACT .; AUG 2659 AND DEC: 756  ALL OTHER MONTHS ZERO//TOTAL: 3415.  The NEW COMEX OI for the gold complex rests at 568,421. 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 TINY SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 496 CONTRACTS: 3415 CONTRACTS DECREASED AT THE COMEX AND 3415 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 496 CONTRACTS OR 1.542 TONNES. FRIDAY, WE HAD A LOSS OF $0.50 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A SMALL SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 1.542 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  SUPPLIED INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $0.50).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS  SOMEWHAT SUCCESSFUL  (SEE BELOW).

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (3415) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (3911 OI): TOTAL LOSS IN THE TWO EXCHANGES:  496 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) MINOR LONG LIQUIDATION; 4) SMALL COMEX OI LOSS.. AND  …ALL OF THIS WAS COUPLED WITH OUR TINY LOSS IN GOLD PRICE TRADING//FRIDAY//$0.50.

 

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

THE FACT THAT WE ARE CONTINUALLY SEEING A DROP IN COMEX OPEN INTEREST AND VOLUMES COUPLED WITH LESS EXCHANGE FOR PHYSICALS PROBABLY MEANS THAT OUR LONGS ARE ALREADY DEPARTING NEW YORK FOR THE NEW PHYSICAL PLATFORM AT LONDON’S LME.

 

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 : 29,338 CONTRACTS OR 2,933,800 oz OR 91.25 TONNES (8 TRADING DAY(S) AND THUS AVERAGING: 3667 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 91.25 TONNES

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

THUS EFP TRANSFERS REPRESENTS 91.25/3550 x 100% TONNES =2.57% 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   3118.67  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;                       91.25 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, FELL BY A TINY SIZED 76 CONTRACTS FROM 175,816 DOWN TO 175,725 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE TINY OI LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   HUGE BANKER SHORT COVERING , 2) A GOOD 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 894 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: 894 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 894 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS  OF 76  CONTRACTS TO THE 894 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GAIN OF 818 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.090 MILLION  OZ, OCCURRED WITH THE 7 CENT GAIN IN PRICE///

 

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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 59.96 POINTS OR 1.77%  //Hang Sang CLOSED UP 44.71 POINTS OR 0.17%   /The Nikkei closed UP 493.33 POINTS OR 2.22%//Australia’s all ordinaires CLOSED UP .88%

/Chinese yuan (ONSHORE) closed UP  at 7.0007 /Oil UP TO 39.91 dollars per barrel for WTI and 42.66 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0007 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9988 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 FELL BY A SMALL SIZED 3911 CONTRACTS TO 568,421 MOVING FURTHER FROM  OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS SMALL  COMEX DECREASE OCCURRED WITH OUR TINY LOSS OF $0.50 IN GOLD PRICING /FRIDAY’S COMEX TRADING//). WE ALSO HAD A FAIR EFP ISSUANCE (3415 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)  MINOR LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS STANDING AT THE GOLD COMEX//JULY DELIVERY MONTH (SEE BELOW) , …  AS WE ENGINEERED A TINY LOSS ON OUR TWO EXCHANGES OF 496 CONTRACTS WITH GOLD’S TINY LOSS IN PRICE. NOTE THE FACT THAT LATELY 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 HAVE MOVED SOME CONTRACTS OVER TO THE NEW 400 OZ LONDON ENHANCED VEHICLE.

 

(SEE BELOW)

 

 

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 63

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JULY..  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 3415 EFP CONTRACTS WERE ISSUED:  AUG  2659 ,DEC 756 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3415 CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD 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. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  496 TOTAL CONTRACTS IN THAT 3215 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 3911 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A FAIR  AMOUNT OF EXCHANGE FOR PHYSICALS WITH HUGE BANKER SHORT COVERING, ACCOMPANYING OUR SMALL COMEX OI LOSS,  A HUGE  GOLD TONNAGE STANDING FOR THE JULY DELIVERY (SEE CALCULATIONS BELOW)… AND MINOR LONG LIQUIDATION……AND WITH ALL OF THE ABOVE WE HAD A TINY LOSS IN COMEX PRICE OF 0.50 DOLLARS..

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $0.50).  AND, THEY WERE SOMEWHAT SUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A GOOD 1.542 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 496 CONTRACTS OR 49600 OZ OR 1.542 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:  568,421 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.85 MILLION OZ/32,150 OZ PER TONNE =  1768 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1768/2200 OR 80.36% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 106,985 contracts//poor volume//hitting rock bottom//most traders have moved to London

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  296,990 contracts//  volume good //most of our traders have left for London

 

 

JULY 13 /2020

JULY GOLD CONTRACT MONTH

 

 

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

 

 

 

Deposits to the Customer Inventory, in oz  

nil

OZ

 

 

 

 

KILOBARS

No of oz served (contracts) today
303 notice(s)
 30300 OZ
(0.9424 TONNES)
No of oz to be served (notices)
40 contracts
(4,000 oz)
0.1244 TONNES
Total monthly oz gold served (contracts) so far this month
6974 notices
697400 OZ
21.69 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

We had 0 deposit into the dealer

 

 

 

total deposit: nil oz

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account

 

 

 

 

 

 

total deposit:  nil oz

 

we had 0 gold withdrawals from the customer account:

 

total gold withdrawals;  nil oz

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 0 //    

 

 

 

 

 

The front month of JULY registered a total of 343 oi contracts FOR a LOSS of 405 contracts. We had 564 notices served on FRIDAY so we GAINED  159 contracts or an additional 15,900 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 17,161  contracts DOWN to 327,970 contracts, as we continue our countdown to first day notice.

 

Sept saw another addition of 1 contracts to stand at 308.  Oct LOST 731 contracts DOWN to 38,772.

 

We had 303 notices filed today for 30300 oz

 

FOR THE JULY 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 140 notices were issued from their client or customer account. The total of all issuance by all participants equates to 303 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 28 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 5 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 (6974) x 100 oz , to which we add the difference between the open interest for the front month of  JULY (343 CONTRACTS ) minus the number of notices served upon today (303 x 100 oz per contract) equals 701,400 OZ OR 21.816 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 (6974 x 100 oz + (343 OI) for the front month minus the number of notices served upon today (303) x 100 oz which equals 701400 oz standing OR 21.816 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 159 contracts or an additional 15900 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 373.86 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 21.816 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  13,166,141.07 oz or 409.52 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:  12,019,787.0  (373.86 tonnes)
true registered gold  (total registered – pledged tonnes  12,019,787.0 (373.86 tonnes)
total eligible gold:  20,353,145.551 oz (633.06 tonnes)

total registered, pledged  and eligible (customer) gold;   33,519,286.568 oz 1042.59 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  916.25 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 13/2020

And now for the wild silver comex results

 

 

JULY SILVER COMEX CONTRACT MONTH

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 617,223.770 oz

 

loomis

delaware

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
830,429.760 oz
CNT
Delaware
Loomis
No of oz served today (contracts)
245
CONTRACT(S)
(1,225,000 OZ)
No of oz to be served (notices)
2418 contracts
 12,090,000 oz)
Total monthly oz silver served (contracts)  13,903 contracts

69,515,000 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 3 deposits into the customer account

into JPMorgan:   0

ii) Into CNT:  588,285.800 oz

iii) Into Delaware:  1999.700 oz

iv) Into Loomis: 24-,144.260 oz

 

 

 

 

 

 

 

 

 

*** 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 49.47% of all official comex silver. (160.819 million/325.198 million

 

total customer deposits today:  nil    oz

we had 2 withdrawals:

 

ii) Out of Loomis:   613,200.670  oz

iii) Out of Delaware:  4023.100 oz

 

 

 

 

 

 

 

total withdrawals; 617,223.770   oz

We had 2 adjustments

dealer to customer:

HSBC: 35,272.700 oz

customer to dealer;  CNT:  1185,993.450 oz

 

 

total dealer silver: 127.379 million

total dealer + customer silver:  325.198 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The front month of July has an open interest of  2663 contracts, as we lost 194 contracts.  We had 165 notices served on FRIDAY, so we LOST a tiny 29 contracts or an additional 145,000 oz will NOT stand in this active delivery month of July as they morphed into a London based forwards.  It seems that there is no silver to be found on this side of the pond.

 

 

 

The next month after July is the non active month of  August and here  sees its open interest rose by 26 contracts UP to 839

The big September contract month sees a loss of 109 contracts down to 138,448.

 

The total number of notices filed today for the JULY 2020. contract month is represented by 245 contract(s) FOR 1,225,000, 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 13,903 x 5,000 oz = 69,515,000 oz to which we add the difference between the open interest for the front month of JULY.(2663) and the number of notices served upon today 245 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the JULY/2019 contract month: 13,903 (notices served so far) x 5000 oz + OI for front month of JULY (263)- number of notices served upon today (245) x 5000 oz of silver standing for the JULY contract month.equals 81,605,000 oz.  (A WHOPPER )

WE LOST 29 CONTRACTS OR 76,865 OZ WILL NOT  STAND FOR DELIVERY. SILVER IS STILL VERY SCARCE ON THIS SIDE OF THE POND AND THE REASON FOR MORPHING OVER TO LONDON.

 

 

 

TODAY’S ESTIMATED SILVER VOLUME : 66,511 CONTRACTS // volume good/

 

 

FOR YESTERDAY: 66,511.,CONFIRMED VOLUME//volume excellent/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 66,511 CONTRACTS EQUATES to 332 million  OZ  47.55% 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- 0.09% ((JULY 13/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -.1.07% to NAV:   (JULY 13/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.09%

(courtesy Sprott/GATA

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

NAV 17.34 TRADING 17.23///NEGATIVE 0.62

END

 

 

And now the Gold inventory at the GLD/

JULY 13//WITH GOLD UP $12.50 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 0.36 TONNES INTO THE GLD//INVENTORY RESTS AT 1200.46 TONNES

JULY 10/WITH GOLD DOWN $.50 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD//A STRANGE WITHDRAWAL  OF 1.75 TONNES FROM THE GLD//INVENTORY RESTS AT 1200.82 TONNES

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 13/ GLD INVENTORY 1200.46 tonnes*

LAST;  859 TRADING DAYS:   +256.64 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 759 TRADING DAYS://+434.75  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JULY 13//WITH SILVER UP 67 CENTS TODAY: A HUGE CHANGE IN SILVER: A WITHDRAWAL OF 1.677 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 514.118 MILLION OZ//

JULY 10/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 4.844 MILLION OZ INTO THE SLV//INVENTORY RESTS AT  515.795 MILLION OZ

WHAT A FRAUD!!

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 AT 510.951 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 13.2020:

SLV INVENTORY RESTS TONIGHT AT

514.118 MILLION OZ.

 

 

 

end

end

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

This is the last place on earth that I would can to invest in finding mines

(Bloomberg)

Zimbabwe’s gold mines lure big investor despite country’s economic ruin

 Section: 

By Felix Njini and Godfrey Marawanyika
Bloomberg News
Friday, July 10, 2020

Zimbabwe’s biggest gold mines are being snapped up by Mauritius-based Sotic International Ltd. as the price of bullion soars to the highest in more than eight years.

Landela Mining Ventures Ltd., which is controlled by Sotic, bought two of Zimbabwe’s gold mines this year. The newcomer is targeting six more mines, including four idled state-owned operations, said Sotic Chief Executive Officer David Brown. That expanding mining portfolio has strategic importance as gold is the biggest source of dollars in a nation facing foreign-currency shortages.

… Gold is a commodity with potential positive impacts,” Brown said in a phone interview from Johannesburg. “We want to grow the resource base to provide upside for both company and country.”

Brown said Sotic is backed by Cayman Islands-registered Almas Global Opportunity Fund, but he declined to name other investors. Last year Sotic acquired control of Bindura Nickel Corp., Zimbabwe’s biggest nickel operation. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-10/zimbabwe-gold-mines-l…

* * *

end

We wonder what gives with this announcement?:

Bloomberg

JPMorgan treasury trading chief placed on leave

 Section: 

By Michelle F. Davis
Bloomberg News
Friday, July 10, 2020

JPMorgan Chase & Co.’s head of U.S. Treasury trading, Robert Allen, has been placed on leave, according to a person with knowledge of the situation.

The move was linked to the firm’s decision to put some of his colleagues who focus on interest rates on leave earlier this year, Business Insider reported Friday, citing unidentified people familiar with the matter. The bank is examining Allen’s messages and whether he may have violated any company policies, the publication said. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-11/jpmorgan-treasury-tra

end

Let us see if Mooney gets any traction with this:

(GATA/Mooney Rep. West Virginia (R)

Rep. Mooney seeks to audit gold intervention, ban federal tax on precious metal coins

 Section: 

11:56a ET Sunday, July 12, 2020

Dear Friend of GATA and Gold:

Surreptitious intervention in the gold market by the U.S. government is the target of legislation introduced in the House of Representatives by Rep. Alex X. Mooney, R-West Virginia.

In a letter to House colleagues seeking support for his Gold Reserve Transparency Act, H.R. 2559, Mooney writes: “Because there are concerns the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold, H.R. 2559 also requires a full accounting of any and all sales, purchases, disbursements, or receipts; a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions in existence or entered into in the past 15 years; and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves.

… 

Information about the bill is posted at Congress’ internet site here:

https://www.congress.gov/bill/116th-congress/house-bill/2559

Mooney also has introduced legislation to protect Americans against the Federal Reserve’s steady devaluation of the dollar — legislation to forbid federal taxation on the sale of gold, silver, platinum, and palladium coins.

In a letter to colleagues seeking support for his Monetary Metals Tax Removal Act, H.R. 1089, Mooney writes: “The Internal Revenue Service does not let taxpayers deduct the staggering capital losses they suffer when holding Federal Reserve Notes over time, so it is unfair to assess a capital gains tax when citizens hold gold and silver to protect them from the Fed’s policy of currency devaluation.”

Information about the bill is posted at Congress’ internet site here:

https://www.congress.gov/bill/116th-congress/house-bill/1089

Americans who seek transparency in the gold market and favor allowing the public to protect itself with the monetary metals against currency devaluation can alert their members of Congress to Mooney’s legislation.

The text of his letters to colleagues about the bills is appended.

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

—–

Letter in support of the Gold Reserve Transparency Act

Dear Colleague:

I have introduced the Gold Reserve Transparency Act (H.R. 2559), and I hope you will agree to co-sponsor.

H.R. 2559 calls for the first audit of United States gold reserves since the Eisenhower administration. It’s surprising that we’ve permitted this total lack of oversight.

H.R. 2559 directs the Comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.”

Furthermore, because there are concerns the U.S. Treasury may have sold, swapped, leased, or otherwise placed encumbrances upon some of America’s gold, H.R. 2559 also requires a full accounting of any and all sales, purchases, disbursements, or receipts; a full accounting of any and all encumbrances, including due to lease, swap, or similar transactions presently in existence or entered into in the past 15 years; and an analysis of the sufficiency of the measures taken to ensure the physical security of such reserves.

Ensuring we have sound money in America is more important today than ever before.

The purchasing power of our currency has fallen some 96% since Congress chartered the privately owned Federal Reserve System in 1913, with an acceleration in the rate of decline occurring since the early 1970s when the final link to gold was severed.

At the same time, Russia and China are accumulating physical gold at a rate that experts believe could soon threaten the financial dominance of the United States and, by extension, national security.

Private gold holdings in precious metals depositories are routinely audited, yet the U.S. Treasury has not permitted an audit, assay, and inventory of America’s gold reserves since 1953.

The Gold Reserve Transparency Act (H.R. 2559) helps restore confidence in the stewardship of one of America’s most valuable financial assets, and I request that you co-sponsor the bill.

Sincerely,

Alex X. Mooney
Member of Congress

Letter in support of the Monetary Metals Tax Removal Act

Dear Colleague:

I have introduced the Monetary Metals Tax Removal Act (H.R. 1089), and I hope you will agree to co-sponsor.

H.R. 1089 simply ends federal income taxation of gold and silver coins and bullion.

As you know, the Federal Reserve has repeatedly articulated an “inflation targeting” policy which seeks deliberately to devalue the unbacked Federal Reserve Note at a specific rate per year.

Indeed, the purchasing power of our currency has fallen some 96% since Congress passed the Federal Reserve Act in 1913, with an acceleration in the rate of decline occurring since the early 1970s when the final link to gold was severed. Prior to the Fed’s creation, there was little to no inflation for over 100 years.

Acting unilaterally, the Internal Revenue Service has placed gold and silver in the same “collectibles” category as artwork, Beanie Babies, and baseball cards, a classification that subjects the monetary metals to a discriminatorily high long-term capital gains tax rate of 28%.

Furthermore, the U.S. Mint continuously mints coins of gold, silver, platinum, and palladium and gives each of these coins a legal tender value denominated in U.S. dollars. This formal status as U.S. money further underscores the inappropriate nature of IRS income tax treatment.

The Fed policy of creating inflation and monetizing debt has the effect of driving up the cost of virtually everything our constituents consume, while simultaneously reducing the real value of the money in their pockets and savings accounts.

A tax-neutral measure, H.R. 1089 states that “no gain or loss shall be recognized on the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Secretary at any time or (2), refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.”

Finally, the IRS does not let taxpayers deduct the staggering capital losses they suffer when holding Federal Reserve Notes over time, so it is unfair to assess a capital gains tax when citizens hold gold and silver to protect them from the Fed’s policy of currency devaluation.

The Monetary Metals Tax Removal Act (H.R. 1089) ends the inappropriate taxation on the only money mentioned in the U.S. Constitution, and I request that you co-sponsor the bill.

Sincerely,

Alex X. Mooney
Member of Congress

iii) Other physical stories:

The Silver Pressure Cooker

The silver market appears ready to blow its top, much like a pressure cooker whose relief valve stopped functioning even as the heat and pressure continued to build. The gold market is also likely to overheat, but at least in gold, its relief valve – the price of gold – appears to be functioning somewhat and has bled off much of the pressure. After all, the price of gold is up substantially on a year-to-date basis and is not that far from all-time highs. While gold looks poised for further gains, perhaps substantial, its price relief valve has allowed much pressure to be released.

It’s quite different in silver, since prices are barely changed on a year-to-date basis and current prices are still close to 65% below the highs registered, both 40 years ago and again 9 years ago. Nothing could demonstrate the malfunctioning of silver’s price relief valve relative to gold than the recent 5000 year undervaluation of silver to gold.

As for why silver’s price relief valve has ceased to function (and gold’s valve is somewhat sticky), that’s obvious – the release mechanism was gummed up due to concentrated short selling on the COMEX. For years the concentrated short selling was led by JPMorgan, but the bank has recently abandoned the short side, leaving 8 other big shorts to deal with a mess when the lid blows off.

What are the heat sources causing the pressure to build in the silver market? For the past few months, the main heat source has been the massively insane quantities of physical silver purchased by and deposited into the world’s silver ETFs, led by the largest, SLV. More physical silver (220+ million oz) has been deposited into these investment vehicles over the past few months than at any time in history. Let me repeat that – never in history has so much physical silver been bought and deposited into silver investment vehicles in such a short time.

Common sense would dictate that much more physical silver being bought in less time would exert much greater upside price pressure. To be sure, silver prices are up from the March lows, but are flat from yearend and still down 65% from the peaks of 9 years ago.

This is not complicated math or advanced pricing formulae – more of a commodity being bought in the shortest time ever should result in a sharp price advance, most likely the sharpest in history. Absent such an expected advance, explanations for why this hasn’t occurred should be apparent. But that’s the problem, namely, no good – or at least legitimate explanations come to mind.  Clearly, the price of silver – the release valve on the pressure cooker – is not functioning. Stated differently, this is yet another clear proof that the price of silver is manipulated.

It is because the price of silver has been manipulated – artificially suppressed – for so long, decades in fact, that an unprecedented level of pressure has been created. This pressure for higher prices, more than ever seen in any other commodity  has to blow up at some point and all the signs suggest the explosion may be at hand. What signs?

The first sign is that it has become really difficult not to notice that the price of silver is not functioning as would be expected, given the surge in documented physical buying. Oh sure, there will always be a few who insist silver is priced correctly for what have to be the most nonsensical reasons imaginable, but for every recalcitrant bear, there are multitudes of newly converted silver bulls. In fact, I’ve observed more commentators previously skeptical or wishy-washy on the prospects for silver, turned such avid bulls that I wonder how it is that they made the conversion to bullishness so seamlessly.

It’s not hard to be extremely bullish on silver currently and the reasons for being bullish have never been more compelling. Even the Silver Institute, which to my recollection has never issued price predictions on the metal, is now calling for silver to rise in price due to the obvious explosion in physical investment buying, both on a retail and a wholesale basis. The only thing being left out by the Institute, of course, is why the price of silver is so cheap to start with.  As is the case with many, the issue of price manipulation can never be acknowledged no matter how obvious.

https://www.silverinstitute.org/silver-investment-demand-10-percent-first-half-2020/

Every day, more are coming into the bullish silver fold and I have yet to observe any defections. Certainly and most likely, the well-informed recent buyers of the 220 million physical ounces don’t appear set to abandon their bullish conversion. Unlike the previous two runs to $50, the buyers at this point are not chasing prices higher, but are accumulating in a highly measured manner – the antithesis of “hot money”.  I’m convinced that the hot money phase lies ahead and when it does kick in, it will further blow the lid off prices.

It’s no secret that JPMorgan has supplied the 220 million ounces bought and deposited into the world’s silver ETFs these past few months, for the simple reason it is the only entity capable of doing so. The question is how much longer it will continue to do so. The moment JPMorgan stops supplying physical silver to the market and refuses to add new COMEX short positions, it does not appear likely that the remaining big shorts can keep the lid on prices. That this is becoming increasingly apparent to more observers and investors daily just adds to the pressure.

There is no question the price lid will be blown off the silver pressure cooker at some point, so even though it’s admittedly impossible to predict exactly when that will be, more relevant is what to expect as the lid comes off. Simply put, this will be something never seen. Even in the two previous silver price runs to $50, the short sellers never fully capitulated and managed to then rig prices sharply lower in a fraction of the time it took for prices to rise. Since so much silver has been acquired before prices have climbed much on this go-around, the prospects for massive downside liquidation appears rather limited.

My definition of the lid being blown off of the silver pressure cooker includes the big short sellers collectively throwing in the towel and moving to buy back shorts. That has never occurred, but it will at some point. In fact, we have yet to ever witness any real concentrated silver short covering on higher prices and this is probably the clearest proof that silver has been manipulated for all these decades.

The big shorts have always been able to ride out price rallies in silver over the decades, no matter how large, without ever collectively rushing to buy back short positions, in complete defiance of short selling norms in every other market (except gold).  It’s frequently (and erroneously) said that all markets are manipulated, as a way of downplaying and dismissing the silver manipulation. But that ignores the fact that in COMEX silver (and gold) the big shorts have never collectively bought back shorts on higher prices. But that day is coming and may now be at hand.

Since we’ve never witnessed a collective short covering of the concentrated short position in silver, we can’t draw on actual experience to gauge what effect that would have on prices – all we can do is imagine. At the very least, such an unprecedented occurrence should be a shock to the price system. A true attempt at collective short covering by the big shorts should cause the price to vault upwards like never before. Where silver prices have jumped by dimes in the past, think dollars instead, and within almost impossible to imagine short time frames. In a genuine attempt at collective short covering by the big shorts, price jumps of dollars at a clip would have to occur.

The key is to look at the underlying mechanical aspects of what a collective covering of the concentrated short position means to the price and not the price itself. By mechanical, I mean how quickly the 8 big shorts can close out and cover a significant portion of the 70,000 contracts (350 million oz) they were short as of last Tuesday (to say nothing of the 200 million oz held short if JPM has leased the metal that has found its way into the silver ETFs). Only a small portion is capable of being covered on any given day. The good news is that future COT reports will provide the evidence (or lack thereof) of short covering as it occurs.

One reason I believe there is more of a pressure cooker analogy in silver than in gold, other than price pressure being relieved in gold as gold prices have risen much more than silver, is the dimension of the concentrated short positions in each. Over the past few months, an amount of physical gold roughly equal to the concentrated short position of the 8 largest shorts, close to 25 million oz, has been deposited into the COMEX gold warehouses. In fact, I believe the reason for the large physical inflows and large deliveries to date is related to the concentrated gold short position. Certainly, no one can claim 25 million oz of gold is impossible for the big shorts to come up with. After all, 25 million ounces of gold, while a very sizable $45 billion in dollar terms, is less than 1% of all the gold bullion in the world.

It’s different in silver, where the 350 million oz concentrated COMEX short position (to say nothing of an additional 200 million oz short position if my claims of leasing are accurate) seems to preclude that amount of physical silver being available to the big shorts. This is what separates silver from gold, namely, it is conceivable for the concentrated short position in gold to be offset by physical metal, where that would seem to be impossible in silver. The big silver shorts coming up with the equivalent amount of physical metal at close to current prices is about as likely as me discovering the vaccine for Covid-19 or becoming the new hairdresser to the stars.  So, we sit and wait for the inevitable short covering and silver price explosion.

Ted Butler

end

How High Can Gold Go In 2020?

Written by Sam Laakso from Voima Insight.

Gold has had a great run over the past year. Gold prices have risen in every single currency on earth and in many currencies gold prices are up well over 30 percent from last summer.

In early January, I published an article (in Finnish) in a local financial newspaper where I articulated why gold would rise to $1800 per ounce during the first half of the year – a rise of 20 percent in just six months. As it turns out, gold did just that on the last day of June meaning that in the end my estimation was correct.

Although more volatile than expected, gold price in New York reached my target of $1800 per ounce during the first half of 2020 on the very last day. It has hit records against all other currencies.

So, what is my forecast for gold for the rest of 2020? How high can gold go this year?

My estimation

I see that there is an extremely optimistic atmosphere around gold at the moment. Investment banks are upping their target prices for gold left and right and my favorite sentiment metric, Twitter, has exploded after gold breached $1800.

I am known as a cycles analyst. In the past I have written rather extensively about how cycles work in the financial markets. You can read more about this topic at SKAL Capital and in my Thesis.

The cycles theory revolves around the thought that, as nature in itself, human nature cyclical cycling between optimism and pessimism. This transmits to the way people buy and sell financial assets and thus the prices of stocks, bonds, commodities, and gold also rise and fall in identifiable cycles.

Right now, the markets are telling me that the gold market is excessively optimistic due to the rise in gold prices over the past three months and that the cycle in gold is mature and thus ready to start the declining phase of the cycle. Once optimism reaches an extreme, prices tend to start the declining phase of the cycle.

Gold has risen strongly over the first half of the year. As you can see, strong uptrends are often followed by falling prices highlighted in yellow and I think we are close to one of those declines.

 

So how exactly I think that the second half of the year is going to play out for gold?

I think that we are close to a short-term top in the price of gold. We have not seen a long and exhausting multi-week decline in the price of gold, which would wash out the highest optimism in gold, for six months.

We did see a short lived and sizable correction in March during the global coronavirus selloff, but since the sharp decline (buying opportunity) was erased just as quickly as it came, I argue that the mental damage to gold market sentiment was not big enough.

As I am writing this article the price of gold is at an eight-year high, or $1816 per ounce to be exact, when measured in US dollars. However, optimism in the gold market is just as high. Calls for $1900 and $2000 gold are everywhere I look at.

The big picture fundamentals for gold are crystal clear and in favor for higher gold prices in the years to come. Central banks around the world are printing money faster than governments are able to spend it at zero percent interest rates = insanity. This type of reckless spending is definitely good for gold prices in the long run.

However, over the next two to three months I would not be surprised to see a multi week decline which would serve as a great buying opportunity in the big picture.

Gold is at a level of extreme resistance – breaking to new all-time highs not seen since 2011 – I think that it is likely that gold will start a corrective move before breaking to new all-time highs.

I think that once we get a short-term top on gold, over the next few weeks, we will see a move down to $1670 and possibly all the way down to $1600 in a painstakingly long but necessary correction. A multi week correction will wash out the excessive optimism surrounding gold. At the bottom of the correction, you will not be hearing calls for $2000 gold like you see now.

After we are done with the correction, I think that gold has a fair shot of reaching $1900 during the second half of this year. This would be the third consecutive year when gold has risen nearly 20% relative to the US dollar.

Another way of looking at it is that the US dollar has lost almost half of its purchasing power relative to gold in just three years.

How to act?

If you do not own any gold – buy it now with the big picture in mind. Even though I have been accurate with my latest predictions for gold in 2019 and 2020 my predictions are merely estimates and so I do not advise waiting for my prediction of a better buying opportunity to fulfill especially if you do not own any gold already.

I think that the pullback will act as a great buying opportunity for those who already have gold but are looking to add to their holdings – I certainly am.

My advice for everyone thinking about buying gold has been simple for many years:

1) Decide how much of your money you are willing convert into gold

2) Buy gold with 50% of the amount immediately

3) Wait for a few months

a. If gold prices decline – Great! You have chance to buy lower

b. If gold prices rise – you have already bought the first half at lower prices and so you can buy more with peace in mind

Either way you are well off once you own at least some physical gold.

In early 2019, I published my thesis titled “The Future of Gold from 2019 to 2039” in which I explained in detail why I think that gold prices will reach at least $5000 over the next five to ten years. If you are interested in my view of the big picture for gold you can find my Thesis  here.

My long-term view still holds today – I think that gold prices are likely to rise every year for the next five to ten years.

The views expressed on Voima Insight are those of the author(s) and do not necessarily reflect the official views or position of Voima Gold.

end

J.Johnson on the comex:

 

“Marked to Model” or “Marked to Market”?

Posted July 13th, 2020 at 9:50 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

       Gold is going higher in the early morning with the trade at $1,813.30, up $11.40 and close to the high at $1,815.10 with the low at $1,802.10. Silver is leading the increase with its trade at $19.54 up 48.7 cents with the high right here at $19.57 with the low at $19.08. The basket full of other currencies, called the US Dollar Index, is now valued at 96.435, down 17.9 points recovering from the London dip at 96.34 with the high at 96.64. Of course, all this happened already, before 5 am pst, the Comex open, the London close, and after another supposed trusted professional is caught lying, or fearmongering the masses, as the NBC doctor who ‘battled the CCP19’ admits he never had the virus. There’s so much bullshit by professionals out there, it’s hard to trust anything coming from them or the media.

      Venezuela’s issuances gave Gold an increase of 1.99 Bolivar from Friday’s earliest morning report to today, with the last trade at 18,110.33, Silver is now at 195.156, gaining 4.095 Bolivar. Argentina’s Peso now has Gold priced at 128,301.92 Peso’s showing a loss of 199.94 with Silver going in the opposite direction gaining 25.55 with the last trade at 1,381.16 A-Peso’s. Even the Turkish Lira’s currency has Gold under pressure with the last trade losing 1.19 from Friday’s quote at 12,450.60 Lira yet, Silver is gaining regardless of Gold with the trade up 2.815 at 134.171 T-Lira’s. It looks like Silver is breaking thru the price restrictions on a number of currencies, Hi Ho Silver, Away!!

      Our July Silver Delivery Demands now sit at 2,663 fully paid for 5,000-ounce contracts with a Volume of 17 already up on the board, reducing Friday’s demands by 194 contracts, getting receipts between here and London, with a trading range between $19.50 and $19.155 with today’s last trade at the high, up 51.7 cents. Friday’s full-days trades, within the delivery system, contained a total of 62 swaps inside a super tight trading range between $19.03 and $19.005 yet the Silver and Gold fixers settled the price at $18.983. They are stealing all buyer’s profits by rigging the settle when the last trade should be the closing price. Even though this “close” is a poor example, last Thursdays rigged close in Gold, is a prime example of criminal behavior made by those that “fix” the price. The last trade should be where the market settles the trade or “Marked to Market”, not the adjusted close, which is called “Mark to Model”. The shorts in Silver might have a puckered sphincter when they wake this morning, as the Overall Open Interest hardly had a chance to change as only 84 contracts left before this morning’s trades, that gave us a total of 175,733 Overnighters still in the trade, and losing almost a half a billion today, and just before the Comex open.

      July Gold’s Delivery Demands now sit at 343 fully paid for 100-ounce contracts and with a Volume of 1 up on the board with a price at $1,805.00, up $6.80 so far today. The Physical Demand count was reduced by 405 contracts on Friday that had a Volume of 236 with a price range between $1,805.50 and $1,797.70 with the last trade at $1,799, yet closed at $1,798.20. At least the shorts in Gold are getting out before it gets too much for their pocketbooks as the Overall Count dropped by 3,678 Overnighters leaving a total of 569,410 in Open Interest.

      Over the past several months, we have all been given the runaround about this virus. Is it a real issue, or is it not? We’ve had to endure the media’s “Masks-perts” using the shallowest of terms in order to sway the mind towards or against the mask’s usage. It’s almost as if, the media’s controllers (6 who actually own 90% right out of Creature from Jekyll Island) really want their viewers to die or get sick. Who is wrong here since they choose to ignore what happened in Wuhan? I’ll gladly leave room to be wrong here (I wear a mask when I shop), in fact I pray that I am wrong, but none of the antics by Dr’s that have to lie to get paid, or the mask-perts memes have answered why a nation would lock up 11 million people overnight. Who gave the media the right to sway anything when we still don’t fully know what we’re dealing with here? Now we have a few Wuhan Lab Whistleblowers who have not only escaped the lab, they escaped the communist’s country and are now working with the FBI. I for one, would love to no longer wear the mask, but not at the expense of my life or to endure any long-term issues that have yet to be discovered. That shit takes time to figure out. There are no experts when it comes to a lab experiment that got out. If there really is no problem with this bio, why did the CCP destroy the lab?

      Now that we’re in the third quarter, we have a very interesting subject to deal with, commercial and private debt payment failures, and at all levels. The “Too Big To Fail” banks are getting ready for their worst quarter since the financial crisis, and most likely ever. The Velocity of Money, which is used to prove how much the flow of money is going on in the world, is failing to generate the revenues higher in order to keep this global financial monster alive. The VOM has been failing, even before the CCP19 bio got out and was used to remove the focus on the economies. Confidence has failed in almost all things, and with that precious metals will rise, as the debt of nations, collapse into a pile of ash. This is why we are here, strongly suggesting one take to buying physical precious metals when they can.

     So, keep the real in hand, hold on tight to your faith, keep a smile on your face and a prayer for all, because we are truly in this together, and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

More J.Johnson content is available with purchase of a JSMineset subscription.

end

The Banks vs. Silver | Nomi Prins

Will the Fed, with its “unlimited” power to create currency, save us from an imminent banking crisis, or is it time for each of us to rely on hard assets to save our financial future?

Nomi Prins, geopolitical financial expert, investigative journalist, and author of:

“All the President’s Bankers: The Hidden Alliances that Drive American Power ,” and

“Collusion: How Central Bankers Rigged the World,” visits LibertyAndFinance / Reluctant Preppers for the first time, in advance of her upcoming address on the main-stage at the Sprott Virtual Natural Resources Conference.

Nomi offers us a sneak preview of her imminent conference speech, and answers viewers’ question about the epic dynamics rocking our financial world.

Find Nomi online at:
NomiPrins.com
@NomiPrins on Twitter

end

Peter Schiff on gold!

Peter Schiff: The Chart For Gold Looks Fantastic

 

Gold pushed above $,1800 last week, although it wasn’t able to hold that level through close on Friday. The yellow metal finished the week around $1,799 an ounce.

But on his podcast Friday. Peter Schiff said there was nothing bearish about the yellow metal not holding $1,800 on a weekly basis. In fact, overall, the chart for gold looks fantastic.

There’s really nothing that’s technically significant about $1,800. It’s just a round number that sounds good. And I think psychologically, having gone above it may mean something and there may have been some resistance just below that round number. But if you just look at the gold chart, it still looks fantastic. It continues to make new bull market highs.”

Monday morning, gold was back above $1,800, trading at around $1,810 per ounce. And we’re edging closer and closer to the all-time highs of $1,900.

But ever since the price of gold bottomed out in December of 2015, and now we resumed a bull market, the high that we just made this week is the highest price we’ve traded since making that low in December of 2015.”

Gold has been at record levels in other currencies for months.

That’s important when you consider that gold is a global commodity — global money — that people in every country still compare the purchasing power of their individual currency to the price of gold. And so, people all around the world are watching the price of gold steadily hit record highs measured in their own currency. Or, a better way to look at it is they’re seeing the purchasing power of their own currency hitting all-time record lows measured in the price of gold.”

The same thing is happening to Americans.

We’re seeing our purchasing power decline. Americans can buy less gold with their dollars today than they could a week ago, a month ago, a year ago, two years ago, five years ago, It’s just that it’s not at an all-time record low — yet.”

Peter said that’s coming. There’s no way the dollar is going to be the only currency in the world that’s not hitting record lows in terms of gold.

In fact, I think ultimately we’re going to start losing a whole lot more value than a lot of these other currencies. And that’s because of the amount of money that we are currently printing. You can’t create trillions and trillions of dollars out of thin air, and we’re going to continue to do this until the bottom drops out. And then we’ll probably keep doing it, even beyond that.”

Officials in the Trump administration, especially Steve Mnuchin, are pushing for even more fiscal stimulus. That money will also have to printed.

It’s going to be conjured into existence out of thin air by the Federal Reserve. And you can’t keep conjuring trillions of dollars out of thin air and handing them out without destroying the purchasing power of the dollars that already exist. And that also means that the new dollars will buy less than the old dollars bought before the new dollars were created.”

The only thing propping up the greenback at this point is its status s the reserve currency. But Peter asks the operative question: how long will it maintain that privilege if the US continues to flood the world with dollars?

In this podcast, Peter also talks about the trade relationship between the US and China and products that confiscatory taxation is coming down the pike.

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0007/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9988   /shanghai bourse CLOSED UP 59.96 POINTS OR 1.77%

HANG SANG CLOSED UP 44.71 POINTS OR 0.17%

 

2. Nikkei closed DOWN 493.33 POINTS OR 2.22%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index DOWN TO 96.50/Euro FALLS TO 1.1326

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.09/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 39.91 and Brent: 42.66

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.43%/Italian 10 yr bond yield UP to 1.20% /SPAIN 10 YR BOND YIELD UP TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.63: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.20

3k Gold at $1809.85 silver at: 19.16   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 5/100 in roubles/dollar) 71.88

3m oil into the 57 dollar handle for WTI and 64 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 107.09 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 .9421 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0678 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.43%

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 1.36%

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

6.  TURKISH LIRA:  UP  TO 6.8655..

Futures Jump Above 3,200 On Vaccine Optimism, Merger Monday

With futures flat for much of the overnight session, markets needed that extra oomph to start the week and push them above a key psychological level, and they got that after news that Pfizer and German biotech BioNTech SE were granted fast track designation by the FDA for two of the companies’ four vaccine candidates against the coronavirus. The news, which is purely procedural and was expected all along, was misinterpreted by the market as if the two companies have a promising virus vaccine, and sent Pfizer shares 2%, while BioNTech jumped 5%. More importantly, the news was enough to push Eminis up more than 21 point and above 3,200 which will surely help the market’s mood ahead of tomorrow’s official start of Q2 earnings which are expected to be the worst since the financial crisis.

In corporate news, Pepsi kicked off the second-quarter earnings season on a bright note, gaining over 2% as it benefited from a surge in at-home consumption of salty snacks such as Fritos and Cheetos during lockdowns, while a multi-billion dollar semiconductor deal also lifting the mood. Analog Devices rose 0.9% in premarket trading after it confirmed a Sunday report from the WSJ, offering to buy peer Maxim Integrated Products Inc for $20.91 billion in an all-stock deal. Maxim shares jumped 17%.

The renewed covid optimism and strong results offered some cheer as investors are bracing for what could be the sharpest drop in quarterly earnings for S&P 500 firms since the financial crisis, with Goldman expecting a 60% drop in Q2 EPS.

Results from big banks will be in focus this week. The April-June reports will reveal the extent of the damage wreaked by the coronavirus-induced lockdowns on corporate profits. With a record jump in cases in the United States and some other hotspots around the world, analysts have predicted a return to S&P 500 earning s growth only by 2022. Recent economic data, however, has pointed to a revival in business activity, helping the Nasdaq clinch its sixth record close in seven weeks on Friday as broader markets rose on positive data from Gilead’s potential COVID-19 treatment.

Earlier in the session, Asian stocks gained, led by materials and industrials, after falling in the last session. Markets in the region were mixed, with Japan’s Topix Index rising, and Singapore’s Straits Times Index and Thailand’s SET falling. Amusingly, Beijing appears to be losing control of its stock market bubble, as the Shanghai Composite brushes off another mainland media call for ‘rational’ behavior to gain 1.8%, Shenzhen 2.7% higher.

Trading volume for MSCI Asia Pacific Index members was 42% above the monthly average. The Topix gained 2.5%, with AIT and Nomura System Corp rising the most. The Shanghai Composite Index rose 1.8%, with Xinhu Zhongbao and Flying Technology posting the biggest advances

European markets initially failed to echo Asia’s optimism, with the majority of indexes trading well off opening levels. FTSE MIB underperformed, trading flat after opening ~1.5% higher. Banks, autos and travel names gave back ~1% of gains, having outperformed in early trading. However, as US traders walked in, European share rose alongside US bond yields.

And so, with global stocks trading near their highest since February, focus now turns to whether the profit outlook will back up bullishness fueled by central bank and fiscal policy support. Traders have largely shrugged off new coronavirus outbreaks in some parts of the world, with Florida on Sunday posting the biggest one-day rise in cases since the pandemic began in the U.S., reporting 15,300 new infections. As Bloomberg notes, “there’s reason for optimism even though earnings are estimated to have contracted by more than 40% in the worst quarter since the financial crisis, as analysts upgrade their forecasts for the rest of the year.”

“We think earnings are likely to recover in the second half of the year and excess liquidity will continue to support risk assets,” said Julie Fox at UBS Private Wealth Management. “We see further potential in global equities and think there’s some upside in segments of the market that have underperformed during the crisis.”

In rates, Treasuries were unchanged after trading in a narrow range, the 10Y moving from 0.625% to 0.655% during the European session and within 2bps of Friday’s closing levels, having pared declines as U.S. equity index futures tracked European stocks higher, TSYs outperformed other developed market bonds which were pressured by supply; there’s no Treasury coupon supply this week. Yields so far remain inside Friday’s ranges, which featured multi-month lows for all tenors and a record low for the 5-year. The 10-year yield was little changed at 0.646%, traded at 0.5678% Friday, lowest yield since April 22. German and U.K. 10-year yields were 2bp-3bp cheaper vs U.S., while Japan’s and Australia’s bond markets were pressured by supply. Peripheral spreads traded off session wides as BTPs and PGBs put in a firm bounce off the lows.

In FX, the dollar traded mixed versus its Group-of-10 peers and hovered around 1.13 per euro; most currencies were confined to narrow moves as they consolidated recent trading ranges. The Bloomberg dollar index faded Asia’s losses to trade flat. Cable traded near 1.2600, having printed highs of 1.2666. The Australian dollar was on the top of the table while the New Zealand dollar slipped; asset managers last week increased Aussie long positions to the most since September 2017 and decreased kiwi longs for the first time in a month, Commitments of Traders (COT) reports showed. Norway’s krone fell versus all Group-of-10 peers as oil edged lower ahead of an OPEC+ meeting this week at which the group may announce plans to start tapering historic production cuts even as the coronavirus surges unabated in many parts of the world.

In commodities, crude futures drifted lower, front-month WTI dips below $40 ahead of an OPEC+ meeting at which the group may announce plans to start tapering historic production cuts.
Market Snapshot

  • S&P 500 futures up 0.2% to 3,183.50
  • STOXX Europe 600 up 0.3% to 367.88
  • MXAP up 1.1% to 166.56
  • MXAPJ up 0.7% to 551.10
  • Nikkei up 2.2% to 22,784.74
  • Topix up 2.5% to 1,573.02
  • Hang Seng Index up 0.2% to 25,772.12
  • Shanghai Composite up 1.8% to 3,443.29
  • Sensex down 0.04% to 36,578.49
  • Australia S&P/ASX 200 up 1% to 5,977.52
  • Kospi up 1.7% to 2,186.06
  • German 10Y yield rose 0.4 bps to -0.461%
  • Euro up 0.06% to $1.1307
  • Italian 10Y yield rose 0.2 bps to 1.099%
  • Spanish 10Y yield rose 1.1 bps to 0.424%
  • Brent futures down 1.4% to $42.65/bbl
  • Gold spot up 0.5% to $1,808.06
  • U.S. Dollar Index little changed at 96.61

Top Overnight News from Bloomberg

  • When the ECB meets this week to review its radical suite of measures to revive the economy, there’s one tool it insists it’ll stay away from: yield curve control
  • Faced with the prospect of restricted access to U.S. dollars, China’s answer is to get more people to use its own currency instead
  • The dollar rallied during the March market turmoil due to its haven status, yet ongoing repricing in options may be challenging the idea that a second wave of the pandemic or another black swan event could see similar results
  • China announced sanctions against U.S. officials including Senators Marco Rubio and Ted Cruz, in a largely symbolic retaliation over legislation intended to punish Beijing for its treatment of ethnic minorities in the Xinjiang region
  • Boris Johnson’s government will launch a campaign Monday to urge businesses to prepare for the end of the Brexit transition period on Dec. 31, as a survey showed only a quarter of directors said their companies were fully ready
  • France will unveil “massive” support for youth employment this week and a new broad stimulus plan including tax cuts for companies at the end of August, Finance Minister Bruno Le Maire said

Asian equity markets began the week mostly positive as the region benefitted from the recent tailwinds from Wall St. where encouraging Remdesivir data and outperformance in financials last Friday ahead of upcoming earnings, helped markets shrug off the rising COVID infection numbers to lift all major US indices and helped the Nasdaq to a fresh all-time high. ASX 200 (+1.0%) was led higher by outperformance in utilities and the top-weighted financials sector, as the latter took its cue from its counterpart stateside and as big 4 bank Westpac was buoyed by reports it is mulling divesting over AUD 4bln in non-core wealth assets, while Nikkei 225 (+2.2%) outperformed on a break above the 22,500 level with participants unfazed by the increasing risks associated with the outbreak flare-up in Tokyo. Hang Seng (+0.2%) and Shanghai Comp. (+1.8%) were also positive after the PBoC provided its first liquidity injection following a 2-week hiatus and amid recent better than expected lending data from China. This helped domestic markets shake off the initial tentativeness after local press continued to urge rationality regarding stocks and amid the continued US-China tensions with US President Trump suggesting a Phase 2 trade deal was unlikely at this point and the US State Department warned US citizens in China of increased arbitrary detention, while China had also threatened to impose reciprocal measures if the US insists on moving forward with sanctions. Finally, 10yr JGBs were weaker amid gains in stocks and spillover selling following Friday’s pullback in USTs, while the lack of BoJ presence in the market ahead of its 2-day policy meeting tomorrow, also contributed to the tame demand for bonds.

Top Asian News

  • Tokyo Virus Numbers Fuel Concern of Spread Beyond Nightclubs
  • After 133% Rally, SoftBank Investors Bet There’s More Ahead
  • Netanyahu Ally Calls for Immediate Lockdown to Halt Virus Spread

European equities have kicked the week off on the front-foot (Eurostoxx 50 +0.8%) in an extension of the gains seen last week as markets thus far continue to shrug off the rising global COVID-19 case count whereby the WHO reported a record daily increase of over 230k cases in a 24 hour period over the weekend. From a European perspective, it is worth noting that the WHO stated that the largest increases in cases were seen in the US, Brazil, India and South Africa and therefore a bulk of the focus currently resides outside the continent. Furthermore, some desks have attributed the positive sentiment thus far to mounting hopes ahead of the upcoming EU summit as the bloc continues to negotiate its recovery fund. That said, work is still be done on appeasing the so-called “frugal four” and as such, some have cautioned that a deal might not come until later in the month. Gains in Europe are currently favouring cyclical names with autos, basic resources and travel & leisure names outperforming peers. However, as European indices pullback from earlier session highs, the composition of sector-wide performance could stage a rotation if sentiment deteriorates further. In terms of stock specifics, Akzo Nobel (+4.1%) trade higher after posting a Q2 update, whilst the same can also be said for the likes of DNB (+10.8%) and G4S (+8.7%). To the downside, the main outlier is Atlantia (-15.5%) after Italian PM Conte warned that proposals from the Co. are unsatisfactory thus far and the government will not sacrifice public interest over the Co. Additionally, Ubisoft (-9.0%) also trade lower on the session after undertaking multiple personal changes in response to allegations/accusations of misconduct.

Top European News

  • EU Carbon Permits Climb to 14-Year High as Bloc Goes Green
  • G4S Jumps Most Since May; Panmure Notes Security Unit Resilience
  • Ubisoft Drops After Harassment Reports, Analysts Cut Stock
  • Sweden’s Alfa Laval Agrees to Buy Neles in $2 Billion Deal

In FX, although the US Dollar has pared some losses and the DXY is holding above 96.500 within 96.387-685 parameters, the Aussie is still outpacing G10 counterparts in wake of a 2nd consecutive Usd/CNY midpoint fixing below the psychological 7.0000 level and a broad upturn in risk sentiment. Aud/Usd is hovering within a 0.6984-41 range ahead of NAB business conditions and confidence overnight, while the Aud/Nzd cross has rebounded through 1.0600 as the Kiwi lags vs its US peer around 0.6560 in advance of NZ CPI data on Wednesday. Note also, a dovish note from ANZ may be weighing on the Nzd as the bank believes that the RBNZ should carefully consider policies to weaken the exchange rate and is keeping all options on the agenda (ie NIRP).

  • CAD/EUR – The Loonie is also benefiting from the positive risk tone with Usd/Cad meandering from 1.3602 to 1.3556 even though crude prices are softer, while the Euro is just keeping afloat of 1.1300 after topping out ahead of 1.1340 and decent option expiry interest extending to 1.1350 (1 bn).
  • GBP/CHF/JPY – Sterling ran in to supply at 1.2660+ levels again and faded a fraction shy of Friday’s circa 1.2667 high to form a 2nd consecutive marginally lower peak having hit 1.2670 on July 9, and Cable is now striving to retain the 1.2600 handle as Eur/Gbp bounces from just under 0.8950 towards 0.8975 in the run up to the next round of Brexit talks. Also ahead and a potential Pound mover, 2 separate speeches by BoE Governor Bailey. Elsewhere, the Franc is pivoting 0.9400 against the Greenback and 1.0640 vs the Euro following another sizeable increase in Swiss domestic bank sight deposits on the eve of a speech by SNB chair Jordan. Similarly, the Yen is straddling 107.00 and 121.00 vs the single currency after a loss of safe haven premium, and now eyeing Japanese ip tomorrow for some independent impetus.
  • SCANDI/EM – Some loss of bullish momentum for the Norwegian Krona as risk appetite wanes and oil drifts, while the Swedish Crown is also apprehensive awaiting CPI on Tuesday. However, the Turkish Lira has pared some declines in wake of better than expected, albeit still bleak ip and a narrower than forecast current account deficit.

In commodities, WTI and Brent have had a downbeat start to the week with both benchmarks posting losses in excess of 1% and WTI Aug’20 future having dropped back below the USD 40/bbl handle. The most recent declines have arisen as sentiment more broadly takes a slight leg lower; albeit, with European and US equity futures still very much in positive territory. Over the weekend there were a number of updates on the crude front firstly, and one of the likely drivers of the morning’s downside, Saudi Arabia and other producers are seen as likely to increase output in August. In light of the easing of COVID-19 lockdown restrictions but the ongoing spread of cases is weighing on these plans. Additionally, desks note that OPEC+ are to begin easing production cuts from August, a measure which would be in-fitting with the current deal. Further clarity on the plans for OPEC+ ahead will arise from Wednesday’s JMMC meeting; although, it is worth bearing in mind the JMMC do not have the power to set policy themselves, they can only make recommendations to the broader OPEC+ members. Elsewhere, a resumption of woes for Libya’s NOC as the force majeure on all oil exports has been reimplemented, after cargoes docked and loaded late last week at Es Sider, due to LNA saying the blockade is to continue. Turning to metals, spot gold is firmer by some USD 10/oz thus far for the session and resides towards the top end of a relatively confined range which has notable seen the lower end drop beneath USD 1800/oz. Price action for the metal has largely been dictated by the mild pullback in general sentiment and broader USD moves.

US Event Calendar

  • 11:30am: Fed’s Williams Discusses Libor
  • 1pm: Fed’s Kaplan Speaks in Webinar Hosted by National Press Club
  • 2pm: Monthly Budget Statement, est. $863.0b deficit, prior $398.8b deficit

DB’s Jim Reid concludes the overnight wrap

I hope you all had a good weekend. At the start of lockdown we decided to buy a swing, slide and climbing frame set for the garden. We thought the kids could make use of it after we’d had a go ourselves. Three and a half months later, and one week after playgrounds reopened here in the U.K., it arrived at the weekend. I’ve never seen the kids so excited. It made me feel less guilty about playing golf where I am pleased to announce that my comeback from the most dreadful run known to man (or woman) continued. In a field of 144 I was just inside the top 10 shooting my handicap and banishing the previous weekend’s third last (ahead of only two octogenarians) to the dustbin. Readers on Friday will now know I shout “back” and “hit” during my swing to maintain rhythm. Apart from confusing my playing partners it seems to be working for now.

In a week ahead as packed as my golf club is at the moment, the main highlight is the EU summit on Friday where leaders will gather to discuss the recovery fund. In addition to this, we’ll also see the ECB, the Bank of Japan and others make their latest monetary policy decisions. Meanwhile, earnings season kicks off, including a number of US financials reporting. Economic data includes China’s Q2 GDP reading along with a number of June releases out from the US.

More on this below but first the weekend news and Asian market developments. Risk has started the week on the front foot with the Nikkei (+1.89%), Hang Seng (+0.92%), Shanghai Comp (+1.27%) and Kospi (+1.52%) all up. Futures on the S&P 500 are up +0.46% and yields on 10y USTs are down -1.4bps. Spot gold and silver prices are up +0.25% and +0.86% respectively.

Coronavirus cases continued to accelerate over the weekend with the US registering average case growth of +1.95% on Saturday and Sunday combined. This is higher than the last 5 weekends average of +1.38%. In terms of states, Texas registered new case growth of +3.66% vs. the last 5 weekend average of 2.71% and in Florida this stood at +5.13% (vs. 4.45%) and California (+2.11%) in line with previous 5 weekends average. The growth rate of new deaths actually declined slightly for the US overall (+0.35% this weekend vs. +0.39% in the previous 5 weekends) but at state level, Texas (+2.16% vs. 0.80%), Florida (+1.69% vs. +0.80%) and Arizona (+3.66% vs. 1.39%) all saw higher death rates even if the pace of fatalities vs cases is still significantly behind that of the first wave.

Meanwhile, New York City, once the epicenter of the US coronavirus outbreak, reported its first day with zero confirmed or probable virus deaths on Sunday since the pandemic began. Elsewhere, Japan’s economy minister, Yasutoshi Nishimura, said that the country needs to remain on high alert for further coronavirus outbreaks as the number of cases with unclear contagion routes increases and added that testing should be strategically and greatly increased. Japan reported 681 new cases on Sunday with Tokyo reporting more than 200 cases for four straight days.

In terms of other weekend news, here in the UK, the Telegraph reported that Chancellor Sunak is planning sweeping Brexit tax cuts to protect the economy. The report added that the Chancellor is also considering an overhaul of planning laws in up to 10 new ‘freeports’ within a year of the UK becoming fully independent from the EU in December. Meanwhile, the FT has reported overnight that the UK is proposing to withhold power to control state aid from its devolved nations when the Brexit transition ends. This could lead to friction with Scotland and Wales. The report added that the proposal, which would give Westminster statutory powers to control policies for the entire UK, is expected to appear in a bill this autumn laying the legal foundations of a new internal market.

In other news, the New York Times reported that OPEC, Russia and other producers are expected to modestly ease the record production cuts in August as coronavirus lockdowns end and demand begins to rise again. A committee of key officials from OPEC and Russia will meet on Wednesday by video conference to discuss their approach to the market. Oil prices are trading c. -1% this morning.

More on this week now. The EU leaders summit in Brussels on Friday and into Saturday will discuss the recovery fund in response to the pandemic, as well as the EU’s new long-term budget. The baseline expectations from our economists (link here ) is that there will be a deal on the recovery fund at this meeting, but it remains a close call. If an agreement weren’t to be reached there, then they still expect one within weeks. It’s worth remembering that there are number of complex issues to be worked out, including the ratio of grants to loans, with the so-called “frugal four” of the Netherlands, Austria, Sweden and Denmark looking for there to be loans rather than grants. Their support for the fund will be necessary as it requires the unanimous approval of the member states.

The ECB a day earlier should be a non event (see DB’s preview here) with maybe some focus on any comments from President Lagarde on the German Constitutional Court, now that the German Bundestag has passed a motion on proportionality. The BoJ meeting on Wednesday should also be a relatively tame affair (see DB’s preview here ). Also in the world of central banks the Canadian, Korean and Indonesian policy makers meet and the Fed release their Beige Book on Wednesday.

Moving on to data releases, the main highlight is likely to be China’s Q2 GDP release on Thursday. Our economists are expecting a notable rebound in GDP growth to +3% year-on-year in Q2, following the -6.8% contraction in Q1. At the same time, there’ll also be the release of retail sales and industrial production for June, with our economists expecting an expansion in retail sales of +0.7% yoy in June (vs. -2.8% in May), and IP growth of +4.5% (vs. +4.4% in May).

Turning elsewhere, the US also has a number of data releases out next week, including an increasing amount of hard data for June. The highlights include the June CPI reading on Tuesday, before the industrial production number on Wednesday, retail sales on Thursday, and housing starts and building permits data on Friday, which should give us a clearer indication of how the economy has performed into the end of the quarter. Meanwhile the U.K. sees a number of data releases, including GDP for May, CPI for June, and unemployment in the three months to May. Another thing to look out for in the UK will be the release of the Office for Budget Responsibility’s Fiscal sustainability Report tomorrow, which will present alternative scenarios for the economy and public finances.

Earnings season kicks slowly into gear as 32 S&P 500 companies report along with a further 57 from the STOXX 600. The highlights include PepsiCo today, JPMorgan, Citigroup and Wells Fargo tomorrow, UnitedHealth Group, ASML, Goldman Sachs, US Bancorp, BNY Mellon on Wednesday, Johnson & Johnson, Netflix, Bank of America, Abbott Laboratories and Morgan Stanley on Thursday and on Friday, there’s Danaher, Honeywell International and BlackRock.

Back to last week, where markets were generally constructive even as the outlook for the virus has continued to worsen in recent weeks, especially in the US and Emerging Markets. The S&P 500 gained +1.76% (+1.05% Friday) on the week, and now sits just under 1.5% away from being flat on the year just as earning season is about to begin. The tech-focused Nasdaq greatly outperformed last week, rallying +4.01% (+0.66% Friday) led primarily by the index’s most heavily weighted stocks. European equities generally underperformed the S&P with the Stoxx 600 gaining a lesser +0.38% (+0.88% Friday) over the five days. Overall European bourses were mixed with the DAX (+0.84%), and FTSE MIB (+0.21%) up on the week, while indices such as the IBEX (-1.11%) and CAC (-0.73%) pulled back. Asian indices were even more disparate as Chinese stocks saw a large rise with the CSI 300 gaining +7.55% but with the Nikkei (-0.07%) and Kospi (-0.10%) largely unchanged over the week.

Core sovereign bonds rose as US 10yr Treasury yields fell -2.5bps (+3.1bps Friday) to finish at 0.645%, while 10yr Bund yields fell -3.3bps (-0.2bps Friday) to -0.47%. In other fixed income, HY cash spreads tightened on both sides of the Atlantic as US HY spreads tightened -4bps (-1bps Friday) and Europe HY tightened -1bps (+2bps Friday).

The dollar fell -0.54% on the week to its lowest weekly close since the first week of March. Against this backdrop and with global yields continuing to fall, gold gained +1.28% (-0.27% Friday). It was the 5th straight weekly gain for the yellow metal and took it to its highest weekly close since 2011. In other metals, copper rose +5.62% on the week to levels last seen in April of last year, while silver gained +3.88% to its highest value since September 2019.

Ahead of this Friday’s summit of EU leaders on the bloc’s long-term budget and the recovery fund, European Council President Michel issued new proposals on Friday that sought to achieve agreement between the member states. These maintained the existing plan to distribute €500bn in grants and €250bn in loans to member states. However, budget rebates would continue for fiscally conservative states such as the Netherlands, and repayments would be brought forward. He also proposed a Brexit reserve of €5bn that would support against “unforeseen consequences” in the member states and sectors most affected.

On the data front, we got French and Italian industrial production for May, both came ahead of forecasts. Italian industrial output rose +42.1% (vs. +24.0% expected) after falling by -20.5% in April. France saw a similar rebound, jumping up +19.6% (vs. +15.4% expected) after falling a nearly identical -20.6% the month prior. We also saw the June PPI reading from the US, where prices fell unexpectedly. PPI fell -0.2% (vs. +0.4% expected) after the month prior saw them rise +0.4%. It was the fourth monthly decline out of the last five.

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 59.96 POINTS OR 1.77%  //Hang Sang CLOSED UP 42.66 POINTS OR 0.17%   /The Nikkei closed UP 493.33 POINTS OR 2.22%//Australia’s all ordinaires CLOSED UP .88%

/Chinese yuan (ONSHORE) closed UP  at 7.0007 /Oil UP TO 39.91 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.0007 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9988 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
China’s economy is going nowhere:  China passenger car sales slump 6.5% in June
(zerohedge)

China Passenger Car Sales Slump 6.5% In June After Dead Cat Bounce In May

Despite endless government incentives and a faux-V-shaped recovery, reality once again seems to be sinking in for China’s auto market.

Beijing announced today that the country had sold 1.68 million units in June, according to the China Passenger Car Association (CPCA). This marks a 6.5% year over year drop despite May’s dead cat bounce, where numbers rose 1.9% from the year prior, mostly due to easy comps.

The association called the number proof of a “continuing recovery” in the passenger car market, according to Reuters.

As was the case in May, luxury automakers outpaced the market while sales of NEV vehicles reached 85,600. Tesla accounted for 23% of the pure battery EV sector in the month and CPCA Secretary-General Cui Dongshu said he expects EV sales to outperform in the second half of 2020. 

These numbers won’t come as too big of a surprise for Zero Hedge readers. We noted days ago that sales numbers coming out of June looked as though it would be another slumping month for China. Just days ago, the CPCA said that retail car sales were down 37% YOY for the 4th week of June.

Average daily sales were down to 51,627 during June 22-27, which marked a 6% sequential fall from the same week in May, indicating little respite or improvement from the pressure of the coronavirus pandemic on the industry. PCA blamed “seasonal factors” for the drop, which is a funny way to say “Chinese-borne virus ravaging the entire planet”.

We said days ago:

“This also paints an ugly picture for June’s new car sales number, since we reported about 3 weeks ago that the first week in June was also off to an ugly start. In that article, we noted that retail car sales fell 10% year over year – but more importantly 20% from the same period in May – in the first week of June.”

This news comes despite better than expected results in May, where sales showed a 12% increase year over year.

According to The Detroit Bureau, premium and luxury passenger car retail sales led the charge in May, rising 28% last month compared with year-ago results. Luxury vehicles maintained their strength in June.

 

The Chinese government continues to try to spur demand with new policies aimed at enticing buyers.

Recall, we have recently noted that U.S. auto manufacturers are also teeing up sizeable incentives to get buyers back into showrooms. Europe is following suit, with Volkswagen starting a sales initiative to revive demand, including improved leasing and financing terms.

Outlook for the year in China remains less-than-optimistic. The CAAM predicts that sales will drop 15% to 25% for the year, depending on whether or not the country is able to further slow the spread of the virus.

END

CHINA VS USA

It did not take long for this war to escalate: China announces retaliatory sanctions on Senator;s Rubio and Cruz + others

(zerohedge)

China Announces Retaliatory Sanctions On Marco Rubio, Ted Cruz And Other Top US Senators

China announced sanctions against several key US politicians in retaliation for measures announced by the Trump administration last week to punish senior Chinese officials over Beijing’s human rights abuses against minority Uighur Muslims, reported Reuters.

Chinese Foreign Ministry spokeswoman Hua Chunying told reporters at a press conference Monday that effective immediately, Beijing will sanction four top US officials.

Hua said, “corresponding sanctions” were applied to Republican Senators Marco Rubio and Ted Cruz, US Representative Chris Smith, Ambassador at Large for International Religious Freedom Sam Brownback, and the Congressional-Executive Commission on China.

“The US actions seriously interfere in China’s internal affairs, seriously violate the basic norms of international relations and seriously damage Sino-U.S. relations,” she said during the briefing adding that “China will make further responses based on how the situation develops,” though limited details were given on what the sanctions would entail.

The tit-for-tat diplomatic spat between the US and China comes days after Washington imposed travel bans on Chinese Communist Party (CCP) officials for their involvement in restricting foreigners’ access to Tibet. Shortly after, China responded by issuing visa restrictions on Americans for the region.

Sino-US relations have plunged to their lowest point in decades since the trade war began, amid the coronavirus pandemic, Hong Kong debacle, Taiwan tensions and fresh hostilities in the South China Sea.

President Trump announced late last week a phase two trade deal with China is “unlikely,” suggesting relations between both countries will plunge further.

END
CHINA/GLOBE/SMART PHONES
This will be the start of a complete shunning of Chinese products around the world.

Chinese Smartphone Shipments Slump In June, Casting Doubts On Economic Revival

Smartphone shipment data from China suggests consumers are weighing on overall economic growth, reducing the odds of a “V-shaped” recovery.

Smartphone shipments in the world’s second-largest economy fell 16% Y/Y in June, according to China Academy of Information and Communications Technology (CAICT).

Reuters notes smartphone demand in China “remains lukewarm despite the country’s recovery from the coronavirus pandemic.”

CAICT said phone manufacturers shipped 27.7 million units in June, down from 32.7 million in the same month last year. June’s disappointing decline follows -10% in May, from 36.4 million in May 2019 to 32.6 million in May 2020.

After a slump in smartphone shipments in 1Q20, due to virus-related shutdowns across the Asian country, April numbers rebounded and grew 17% annually.

We noted in May that US credit card data showed Apple recorded a “shape decline” in iPhone sales in April.

While Apple and other top phone manufacturers have yet to publicly release China shipment figures, Nomura’s latest report shows iPhone and domestic brands sales in June were underwhelming:

Overseas-branded smartphone shipments (proxy for iPhones) declined 17% y/y in June at 1.3mn (vs down 16% at 2.8mn in May, up 44% at 3.7mn in April, up 16% at 2.8mn in March). We suspect the month over month shipment declines in May and June reflect in part strong iPhone SE sell in beginning in late March through April. – Nomura

Nomura also shows domestic brands saw steep declines for June:

Chinese-branded smartphone shipments declined 17% y/y in June at 26.6mn (vs down 10% in May at 30.2mn, up 15% at 37.3mn in April, down 26% at 18.2mn in March) in part due to a seasonally slower period in demand. 5G shipments were steady and ticked up to 17.5mn (vs ~16mn in April and May).  Apple is obviously not participating in the 5G market growth just yet. – Nomura

The continued decline in smartphone shipments in China is a reflection of an economic recovery that is not a “V-shaped” as consumers are less willing to splurge on expensive phones.

Weak consumer sentiment in China cast doubt over an economic revival in the second quarter, as deterioration in consumption should weigh on overall economic growth through summer.

end

CHINA VS USA

escalation to a much higher degree!!

(zerohedge)

 

US Rejects Chinese Claim To South China Sea In Major Reversal Of Obama-Era Appeasement

Update (1500ET): The State Department has confirmed the policy change in a press release attributed to Sec Pompeo. Read the whole statement below:

The United States champions a free and open Indo-Pacific. Today we are strengthening U.S. policy in a vital, contentious part of that region – the South China Sea. We are making clear: Beijing’s claims to offshore resources across most of the South China Sea are completely unlawful, as is its campaign of bullying to control them.

In the South China Sea, we seek to preserve peace and stability, uphold freedom of the seas in a manner consistent with international law, maintain the unimpeded flow of commerce, and oppose any attempt to use coercion or force to settle disputes. We share these deep and abiding interests with our many allies and partners who have long endorsed a rules-based international order.

These shared interests have come under unprecedented threat from the People’s Republic of China (PRC). Beijing uses intimidation to undermine the sovereign rights of Southeast Asian coastal states in the South China Sea, bully them out of offshore resources, assert unilateral dominion, and replace international law with “might makes right.”

Beijing’s approach has been clear for years. In 2010, then-PRC Foreign Minister Yang Jiechi told his ASEAN counterparts that “China is a big country and other countries are small countries and that is just a fact.” The PRC’s predatory world view has no place in the 21st century.

The PRC has no legal grounds to unilaterally impose its will on the region. Beijing has offered no coherent legal basis for its “Nine-Dashed Line” claim in the South China Sea since formally announcing it in 2009. In a unanimous decision on July 12, 2016, an Arbitral Tribunal constituted under the 1982 Law of the Sea Convention – to which the PRC is a state party – rejected the PRC’s maritime claims as having no basis in international law. The Tribunal sided squarely with the Philippines, which brought the arbitration case, on almost all claims.

As the United States has previously stated, and as specifically provided in the Convention, the Arbitral Tribunal’s decision is final and legally binding on both parties. Today we are aligning the U.S. position on the PRC’s maritime claims in the SCS with the Tribunal’s decision. Specifically:

The PRC cannot lawfully assert a maritime claim – including any Exclusive Economic Zone (EEZ) claims derived from Scarborough Reef and the Spratly Islands – vis-a-vis the Philippines in areas that the Tribunal found to be in the Philippines’ EEZ or on its continental shelf.

Beijing’s harassment of Philippine fisheries and offshore energy development within those areas is unlawful, as are any unilateral PRC actions to exploit those resources. In line with the Tribunal’s legally binding decision, the PRC has no lawful territorial or maritime claim to Mischief Reef or Second Thomas Shoal, both of which fall fully under the Philippines’ sovereign rights and jurisdiction, nor does Beijing have any territorial or maritime claims generated from these features.

As Beijing has failed to put forth a lawful, coherent maritime claim in the South China Sea, the United States rejects any PRC claim to waters beyond a 12-nautical mile territorial sea derived from islands it claims in the Spratly Islands (without prejudice to other states’ sovereignty claims over such islands). As such, the United States rejects any PRC maritime claim in the waters surrounding Vanguard Bank (off Vietnam), Luconia Shoals (off Malaysia), waters in Brunei’s EEZ, and Natuna Besar (off Indonesia). Any PRC action to harass other states’ fishing or hydrocarbon development in these waters – or to carry out such activities unilaterally – is unlawful.

The PRC has no lawful territorial or maritime claim to (or derived from) James Shoal, an entirely submerged feature only 50 nautical miles from Malaysia and some 1,000 nautical miles from China’s coast. James Shoal is often cited in PRC propaganda as the “southernmost territory of China.” International law is clear: An underwater feature like James Shoal cannot be claimed by any state and is incapable of generating maritime zones. James Shoal (roughly 20 meters below the surface) is not and never was PRC territory, nor can Beijing assert any lawful maritime rights from it.

The world will not allow Beijing to treat the South China Sea as its maritime empire. America stands with our Southeast Asian allies and partners in protecting their sovereign rights to offshore resources, consistent with their rights and obligations under international law. We stand with the international community in defense of freedom of the seas and respect for sovereignty and reject any push to impose “might makes right” in the South China Sea or the wider region.

* * *

With the 4th anniversary of a landmark ruling by a UN tribunal fast approaching, the State Department is planning a major policy change that could swiftly lead to even more heightened military tensions between Washington and Beijing in one of the world’s most dangerous geopolitical powder kegs: the South China Sea.

Since Trump’s inauguration, the Pentagon has stepped up Naval operations in the contested territory, and sent dozens, if not hundreds, of destroyer-class ships and others to engage in “Freedom of Navigation” operations – or “Freeops”, for short. Most recently, the US sent two aircraft carriers to the area to hold military exercises…while Chinese ships held exercises of their own nearby.

In a copy of the draft statement reviewed by WSJ, the administration claims that China’s refusal to acknowledge the landmark ruling and continue with its claims of supremacy over the area poses “the single greatest threat to freedom of the seas in modern history.”

“China’s maritime claims pose the single greatest threat to the freedom of the seas in modern history,” according to a draft seen by Journal. “We cannot afford to re-enter an era where states like China attempt to assert sovereignty over the seas,” the draft said.

China’s territorial claims fall within what’s known as the nine-dash line, or the “Cow’s Tongue”, named for its peculiar shape.

At the time of the 2016 ruling, the Obama Administration decided not to get involved, and official set America on a course of non-interference in the area.

That changed almost as soon as Trump was inaugurated, as the president promised to reverse the Obama Administration’s policy of cooperation and appeasement in favor of a more resolute stance. The Trump Administration has recently stepped up its criticism of the region’s maritime claims. Even the Philippines, which initially brought the case against China to the Hague back in 2013, is no longer pressuring Beijing to obey the ruling, after President Rodrigo Duterte was elected with a mandate to negotiate directly with Beijing.

Since the ruling, China has continued efforts to build artificial islands and fortify them with weaponry, leading to the creation of what Steve Bannon has described as “mobile aircraft carriers”. Bannon has repeatedly warned that China is the most pressing threat to American security and economic interests.

While Beijing mostly just whines and complains when the US sends navy ships within 12 miles of the Spratly islands, we suspect the Foreign Ministry’s response once Washington confirms the policy change will be even more aggressive. Perhaps the decision might even spur the People’s Liberation Army-Navy to speed up their plans for fortification and weaponization, just like the initial ruling appears to have done.

4/EUROPEAN AFFAIRS

Michael Every..weekend events  + today

(Michael Every)

Rabobank: “We Live In A Pretty Crazy World Right Now”

Submitted by Michael Every of Rabobank

Crazy World

I think we can all agree that we live in a pretty crazy world right now: and that’s an appropriate title for the Daily today too, for reasons that will be explained shortly.

It’s a world where we are seeing staggering increases in public-sector deficits. We have already seen WW2 level spending in the UK, for just one example: and yet the British Chancellor is now planning to introduce 10 deregulated “free ports” across the country where UK taxes and tariffs will not apply at all. It’s obviously the inverse tactic of spending more money on left-behind places. Yet will somewhere like Luton hypothetically become the next mini-Hong Kong just because there are no regulations and no taxes to be paid there? We shall see: and those deficits will swell even further. Laffer would approve of course: and using the logic his fans always push for, by cutting taxation to zero, presumably tax revenue will now be infinity.

Equally, it’s a world where despite one in three Americans worrying about making rent, there appears reticence from the White House to push for a new major fiscal package. Is this all political timing, and huge stimulus looms in weeks? Or do the it-will-all-be-fine arguments from economic advisors like Stephen Moore and Larry Kudlow reflect the official line?

It’s a world where despite all this state largesse, or absence of state largesse, bond yields continue to move lower anyway: the US 5-year touching 0.25% last week (though at the giddy heights of 0.29% at time of writing) as it does not throw in the kitchen sink; the UK 5-year gilt is at -0.07% even though they ARE throwing in that ‘no-taxes-here’ sink.

It’s a world where global stocks continue to be the inverse of movement in bond yields, and one where Barstool Dave uses Scrabble letters to outperform hedge funds: that trick still wins until he, or someone else, starts doing the same with a tin of Alphabetti Spaghetti.

Politics is naturally in its own special little crazy world on so many fronts one hardly knows where to begin: it’s all as up is down and down is up as market; the latest being that Joe Biden is successfully managing to present himself as an angrier economic outsider than Donald Trump.

Meanwhile in Poland, which has benefitted from EU membership more than most, the presidency is down to the wire but it seems incumbent anti-EU candidate populist Duda has narrowly beaten his pro-EU rival. As Piotr Matys reports, Duda’s victory (if confirmed) should not have a major impact on the PLN and local assets over the next 12 months; indeed, his re-election to some extent is positive as the economy is in a recession and it is crucial that the government and the president work together. However, from the longer-term perspective, Duda’s second term will allow the ruling PiS to tighten its grip on power further. For the EU that threatens another problem to try and ignore, armed as they are primarily with lofty rhetoric.

Of course, all this up-is-down-and-down-is-up was fine in the past when it was flowing in the direction markets enjoyed. We had former UK Trotskyites evolve into market-loving New Labour; and the Italian Democratic Party, happy to support a ‘sensible’ neoliberal Eurozone consensus in power today, was originally the Italian Communist Party. This was not seen as crazy. It was just zeitgeist.

On which note, the title of today’s Global Daily is a tribute to the 1990 album by German metalmeisters The Scorpions, which contained the power ballad ‘Winds of Change’. You know the one…”I follow the Moskva; Down to Gorky Park; Listening to the Winds of Change”. There are now allegations this massive hit was actually a CIA psy-op meant to sell the former Soviet bloc on the necessity for peaceful change. This is denied by the band: it’s not good for rocker rep to work for the CIA. What will be next? That Ozzy Osbourne worked for MI6?

Yet it is a doubly crazy world that this story is getting ‘summer season’ attention while real Cold War incidents, not conspiracies, are playing out all round us – and to a series of polite shrugs from markets, who would rather listen to Winds of Change than face up to the deeply unpleasant geopolitical headwinds blowing in their face.

Exhibit ‘A’ for today is a Bloomberg story today –“China Presses Global Yuan Role as US Tensions Explode Into FX”– underlining that China is determined to internationalize CNY to strengthen its hand and neuter the ‘USD weapon’. The article gives a long list of Chinese experts supporting the necessity of that move: and then it correctly argues that to do so either China has to open up its capital account, which it can’t do without a crash, or import far more to run a current account deficit, which it won’t do either because that means being more vulnerable too. So China must do something China can’t do. Fortunately, the conclusion is still that the US won’t use the USD weapon anyway ‘because this would be bad’.

How about if Trump needs to change the narrative pre-debate against ‘Beijing Biden’? How about if having lost the November election Trump uses his lame-duck period in office to trigger exactly that USD weapon? Apparently such risks are still ‘crazy’ – even in today’s world. Are they?

Rock You Like a Hurricane,” as The Scorpions also sing.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY

Erdogan continues to enrage Christians all over the world:  today he is opening the historic 6th century Hagia Sophia Church as a mosque

(zerohedge)

Global Outrage As Erdogan Orders Historic Hagia Sophia Church To Reopen As Mosque

On Friday Turkish President Recep Tayyip Erdogan announced that for the first time in nearly a century the historic Hagia Sophia church would be reopened as a mosque, sparking fury and outrage from Greece, Russia, and other East European predominantly Orthodox Christian countries.

Earlier this week as multiple countries and Christian religious leaders lodged formal protest over the plans, the head of the Russian Orthodox Church, Patriarch Kirill warned that “A threat to Hagia Sophia is a threat to the entire Christian civilization.”

Considered an architectural marvel and the top tourist attraction in Turkey, the 6th century building constructed under Byzantine emperor Justinian has been a museum ever since a 1934 presidential decree, which a Turkish court annulled Friday. But it remains the symbolic heart for half the Christian world, namely the Eastern Orthodox Church.

 

Via Reuters

According to the WSJ:

In a ruling issued Friday via the official Anadolu news agency, the Council of State, the country’s highest administrative court, canceled a decades-old decision under which Hagia Sophia—originally a Byzantine cathedral then an Ottoman mosque—was transformed into a museum.

Friday’s ruling effectively returned the building to a place of Islamic worship, Turkish law experts said, the status it had after the Ottomans conquered Constantinople, as Istanbul was previously known, in the mid-15th century.

The move is broadly seen as part of Erdogan’s continuing program of reversing secularization in politics and the public sphere in favor of a more conservative Islamic face to modern Turkey.

The WSJ underscores that “By returning Hagia Sophia to a home for Muslim prayer, Mr. Erdogan moved closer to fulfilling his longtime pledge of making more room for Islam inside the secular republic, and showed that he still has control over the destiny of Istanbul, even after his ruling party suffered a stinging defeat in last year’s local elections.”

Greece slammed the move as an “open provocation to the civilized world” while Orthodox Church leaders decried it as an open attack on the world’s 300 million Orthodox adherents. “The nationalism displayed by Erdogan… takes his country back six centuries,” Greece’s Culture Minister Lina Mendoni said on Friday.

Erdogan however, has interpreted it more simply as a matter of “asserting Turkey’s sovereignty” over the site. Turkey argues that it can legally do what it wants with monuments and historic places within its sovereign territory.

Mike Pompeo has even weighed in on the side of the Greek government, urging that it be kept as a museum. “We urge the government of Turkey to continue to maintain the Hagia Sophia as a museum, as an exemplar of its commitment to respect Turkey’s diverse faith traditions and history, and to ensure it remains accessible to all,” the US Secretary of State said within the last weeks.

Meanwhile, Ecumenical Patriarch Bartholomew of Constantinople – who represents the Orthodox Church and its some 300 million adherents worldwide, is still in residence in Istanbul. He and his predecessors have been barred from using Hagia Sophia as a place of prayer since the 15th century, though over the years there’s been a few provocative instances where Greek clergy were said to have stealthily entered the now museum to “illegally” conduct Christian worship.

Recent protests by Turkish Islamist groups outside Hagia Sophia have witnessed people chanting“Let the chains break and open Hagia Sophia” for Muslim prayers, and now Erdogan is making good on that demand.

END
TURKEY/EGYPT/LIBYA
Erdogan boasts that he saved Libya. He also states that he will cross Egypts redline
(zerohedge)

Erdogan Boasts Turkish Military Intervention ‘Saved’ Libya From Haftar

Via AlMasdarNews.com,

Turkish President Recep Tayyip Erdogan said on Sunday that Ankara’s stance in Libya foiled the plans of the Libyan National Army’s commander, Field Marshal Khalifa Haftar.

According to Erdogan, Turkey’s intervention saved the city of Tripoli from falling to the Libyan National Army (LNA) and their commander.

 

Prior image of Turkish troops and artillery deploying to Libya, via Anadolu Agency.

Erdogan continued in his interview with the Turkish magazine that “the Government of National Accord managed to get the revolutionaries out of Tripoli in a short time and these field gains heralded peace and security in all Libyan lands.”

He then boasted that it was ultimately Turkish military support to Tripoli, was had endured for much of the past year, that thwarted Haftar’s advance:

“Turkey’s determined stance stifled the plans of Haftar and his supporters to occupy Tripoli.”

He said, “Strengthening Libya politically and economically will comfort North Africa and Europe.”

Regarding the eastern Mediterranean crisis, Erdogan stressed that he does not want tension in the region, and said that Ankara is “open to all proposals based on cooperation and fair sharing in the Mediterranean and ready to work with everyone on the basis of these principles.”

“We do not want tension in the Mediterranean,” he said at a moment both Turkey and Egypt, who support opposite sides of the conflict, are holding war games as a ‘show of force’ in the region.

END

6.Global Issues

 

SWEDEN

it sure looks like Sweden is approaching herd immunity and they were the only country that did not lockdown

(Mike Whitney)

Whitney: Looks Like Sweden Was Right After All

Authored by Mike Whitney via The Unz Review,

Why is the media so fixated on Sweden’s coronavirus policy? What difference does it make?

Sweden settled on a policy that they thought was both sustainable and would save as many lives as possible. They weren’t trying to ‘show anyone up’ or ‘prove how smart they were’. They simply took a more traditionalist approach that avoided a full-scale lockdown. That’s all.

But that’s the problem, isn’t it? And that’s why Sweden has been so harshly criticized in the media, because they refused to do what everyone else was doing. They refused to adopt a policy that elites now universally support, a policy that scares people into cowering submission. The Swedish model is a threat to that approach because it allows people to maintain their personal freedom even in the midst of a global pandemic. Ruling class elites don’t want that, that is not in their interests. What they want is for the people to meekly accept the rules and conditions that lead to their eventual enslavement. That’s the real objective, complete social control, saving lives has nothing to do with it. Sweden opposed that approach which is why Sweden has to be destroyed. It’s that simple.

Of course, none of this has anything to do with Sweden’s fatality rate, which is higher than some and lower than others. (Sweden has 543 deaths per million, which means roughly 1 death in every 2,000 people.) But like every other country, the vast majority of Swedish fatalities are among people 70 years and older with underlying health conditions. (“90% of the country’s deaths have been among those over 70.”) Sweden was not successful in protecting the people in its elderly care facilities, so large numbers of them were wiped out following the outbreak. Sweden failed in that regard and they’ve admitted they failed. Even so, the failures of implementation do not imply that the policy is wrong. Quite the contrary. Sweden settled on a sustainable policy, that keeps the economy running, preserves an atmosphere of normality, and exposes its young, low-risk people to the infection, thus, moving the population closer to the ultimate goal of “herd immunity”.

[ZH: in Sweden (pop. 10.25m) – where there was no lockdown, huge international criticism of its strategy, and one of the highest fatalities per head in the world – only 70 people under 49 years old have died of Covid-19, out of 5,482 total virus deaths (1.3%) so far. For context, average annual deaths in Sweden over the last 5 years for under-49-year-olds have been 3,417.  ]

Presently, Sweden is very close to reaching herd immunity which is a condition in which the majority have developed antibodies that will help to fend-off similar sars-covid infections in the future. Absent a vaccine, herd immunity is the best that can be hoped for. It ensures that future outbreaks will be less disruptive and less lethal. Take a look at this excerpt from an article at the Off-Guardian which helps to explain what’s really going on:

“Sweden’s health minister understood that the only chance to beat COVID-19 was to get the Swedish population to a Herd Immunity Threshold against COVID-19, and that’s exactly what they have done…

The Herd Immunity Threshold (“HIT”) for COVID-19 is between 10-20%

This fact gets less press than any other. Most people understand the basic concept of herd immunity and the math behind it. In the early days, some public health officials speculated that COVID-19’s HIT was 70%. Obviously, the difference between a HIT of 70% and a HIT of 10-20% is dramatic, and the lower the HIT, the quicker a virus will burn out as it loses the ability to infect more people, which is exactly what COVID-19 is doing everywhere, including the U.S, which is why the death curve above looks the way it looks.

Scientists from Oxford, Virginia Tech, and the Liverpool School of Tropical Medicine, all recently explained the HIT of COVID-19 in this paper:

We searched the literature for estimates of individual variation in propensity to acquire or transmit COVID-19 or other infectious diseases and overlaid the findings as vertical lines in Figure 3. Most CV estimates are comprised between 2 and 4, a range where naturally acquired immunity to SARS-CoV-2 may place populations over the herd immunity threshold once as few as 10-20% of its individuals are immune….

Naturally acquired herd immunity to COVID-19 combined with earnest protection of the vulnerable elderly – especially nursing home and assisted living facility residents — is an eminently reasonable and practical alternative to the dubious panacea of mass compulsory vaccination against the virus.

This strategy was successfully implemented in Malmo, Sweden, which had few COVID-19 deaths by assiduously protecting its elder care homes, while “schools remained open, residents carried on drinking in bars and cafes, and the doors of hairdressers and gyms were open throughout.

One of the most vocal members of the scientific community discussing COVID-19’s HIT is Stanford’s Nobel-laureate Dr. Michael Levitt. Back on May 4, he gave this great interview to the Stanford Daily where he advocated for Sweden’s approach of letting COVID-19 spread naturally through the community until you arrive at HIT. He stated:

If Sweden stops at about 5,000 or 6,000 deaths, we will know that they’ve reached herd immunity, and we didn’t need to do any kind of lockdown. My own feeling is that it will probably stop because of herd immunity. COVID is serious, it’s at least a serious flu. But it’s not going to destroy humanity as people thought.

Guess what? That’s exactly what happened. As of today, 7 weeks after his prediction, Sweden has 5,550 deaths. In this graph, you can see that deaths in Sweden PEAKED when the HIT was halfway to its peak (roughly 7.3%) and by the time the virus hit 14% it was nearly extinguished.”

(“Second wave? Not even close“, JB Handley, The Off-Guardian)

In other words, Sweden is rapidly approaching the endgame which means that restrictions can be dropped entirely and normal life can resume. They will have maintained their dignity and freedom while the rest of the world hid under their beds for months on end. They won’t have to reopen their primary schools because they never shut them down to begin with. Numerous reports indicate that young children are neither at risk nor do they pass the virus to others. Most Americans don’t know this because the propaganda media has omitted the news from their coverage. Here’s a clip from the National Review which helps to explain:

Kari Stefansson, CEO of the Icelandic company deCODE genetics in Reykjavík, studied the spread of COVID-19 in Iceland with Iceland’s Directorate of Health and the National University Hospital. His project has tested 36,500 people; as of this writing,

Children under 10 are less likely to get infected than adults and if they get infected, they are less likely to get seriously ill. What is interesting is that even if children do get infected, they are less likely to transmit the disease to others than adults. We have not found a single instance of a child infecting parents.”

(“Icelandic Study: ‘We Have Not Found a Single Instance of a Child Infecting Parents.’“, National Review)

This is just one of many similar reports from around the world. Most of the schools in Europe have already reopened and lifted restrictions on distancing and masks. Meanwhile, in the US, the reopening of schools has become another contentious political issue pitting Trump against his Democrat adversaries who are willing to sacrifice the lives of schoolchildren to prevent the president from being reelected. It’s a cynical-counterproductive approach that reveals the vindictiveness of the people who support it. In an election year, everything is politics. (Watch Tucker Carlson’s short segment on “Kids cannot afford to stay locked down.“)

Here’s a question for you: Have you ever wondered why the virus sweeps through the population and then seemingly dissipates and dies out? In fact, the virus doesn’t simply die-out, it runs out of people to infect. But how can that be when only 1 of 7 people will ever contract the virus?

The answer is immunity, either natural immunity or built up immunity from other Sars-Covid exposure. Here’s more from the Off Guardian piece:

“Scientists are now showing evidence that up to 81% of us can mount a strong response to COVID-19 without ever having been exposed to it before:

Cross-reactive SARS-CoV-2 T-cell epitopes revealed preexisting T-cell responses in 81% of unexposed individuals, and validation of similarity to common cold human coronaviruses provided a functional basis for postulated heterologous immunity.

This alone could explain WHY the Herd Immunity Threshold (HIT) is so much lower for COVID-19 than some scientists thought originally, when the number being talked about was closer to 70%. Many of us have always been immune!

(“Second wave? Not even close”, JB Handley, The Off-Guardian)

What does it mean?

It means that Fauci and the idiots in the media have been lying to us the whole time. It means that Covid-19 is not a totally new virus for which humans have no natural immunity or built-in protection. Covid is a derivative of other infections which is why the death toll isn’t alot higher. Check this out from the BBC:

“People testing negative for coronavirus antibodies may still have some immunity, a study has suggested. For every person testing positive for antibodies, two were found to have specific T-cells which identify and destroy infected cells. This was seen even in people who had mild or symptomless cases of Covid-19..

This could mean a wider group have some level of immunity to Covid-19 than antibody testing figures, like those published as part of the UK Office for National Statistics Infection Survey, suggest…..And these people should be protected if they are exposed to the virus for a second time.”

(“Coronavirus: Immunity may be more widespread than tests suggest“, BBC)

Now, I realize that there’s some dispute about immunity, but there shouldn’t be. If you contract the virus, you either won’t get it again or you’ll get a much milder case. And if immunity doesn’t exist, then we’re crazy to waste our time trying to develop a vaccine, right?

What the science tells us is that immunity does exist and the reason the vast majority of people didn’t get the infection— is not because they locked themselves indoors and hid behind the sofa– but because they already have partial immunity either from their genetic makeup or from previous exposure to Sars-CoV-2 which was identified in 2002.

It’s worth repeating that the reason everyone was so scared about Covid originally was because it was hyped as a “novel virus”, completely new with no known cure or natural protection. That was a lie that was propagated by Fauci and his dissembling Vaccine Mafia, all of who are responsible for the vast destruction to the US economy, the unprecedented spike in unemployment, and the obliteration of tens of thousands of small businesses.

As the author points out, we should have known from the incident on the Diamond Princess (Cruise Liner) that immunity was far more widespread than previously thought. Readers might recall that only 17% of the people on board tested Covid-positive, “despite an ideal environment for mass spread, implying 83% of the people were somehow protected from the new virus.”

Think about that for a minute. All of the passengers were 60 years old or older, but only 17% caught the virus. Why?

Immunity, that’s why. What else could it be? Cross immunity, natural immunity, or SARS-CoV-2 T-cell immunity. Whatever you want to call it, it exists and it explains why the vast majority of people will not get the highly-contagious Covid no matter what they do.

It’s also worth pointing out that even according to the CDC’s own statistics, the Infection Fatality Rate (IFR) is a mere 0.26% whereas “According to the latest immunological and serological studies, the overall lethality of Covid-19 (IFR) is about 0.1% and thus in the range of a strong seasonal influenza (flu).” (“Facts about Covid-19”, Swiss Policy Research)

So the death rate is somewhere in the neighborhood of 1 in every 500 (who contract the virus) to 1 in every 1,000. How can any rational person shut down a $21 trillion economy and order 340 million people into quarantine, based on the fact that 1 in every thousand people (mostly old and infirm) might die from an infection?? That was a act of pure, unalloyed Madness for which the American people will pay dearly for years to come. Once again, the US response was crafted by people who were promoting their own narrow political, social and economic agenda, not acting in the interests of the American people. We should expect more from our leaders than this.

So what does all of this say about the sharp spike in Covid positive cases in the south and the chances of a “second wave”?

There’s not going to be a second wave (The massive BLM protests in NY city has not produced any uptick in deaths, because NY has already achieved herd immunity. In contrast, Florida will undoubtedly experience more fatalities because it has not yet reached HIT or the Herd Immunity Threshold. Cases are increasing because younger- low-risk people are circulating more freely and because testing has increased by many orders of magnitude. At the same time, deaths continue to go down.

On Wednesday, US new cases rose to an eye-watering 62,000 in one day while deaths are down 75% from the April peak. This shouldn’t come as a surprise because the pattern has been the same as in countries around the world. The trajectory of infections was mapped out long ago by UK epidemiologist and statistician, William Farr. Take a look:

“Farr shows us that once peak infection has been reached then it will roughly follow the same symmetrical pattern on the downward slope. However, under testing and variations in testing regimes means we have no way of knowing when the peak of infections occurred. In this situation, we should use the data on deaths to predict the peak. There is a predicted time lag from infection to COVID deaths of approximately 21 to 28 days.

Once peak deaths have been reached we should be working on the assumption that the infection has already started falling in the same progressive steps. …

Farr, also illustrated that those who are the most ‘mortal die out’, and in a pandemic are those in most need of shielding….(So, Farr saw the wisdom of the Swedish approach a full 180 years ago!)

In the midst of a pandemic, it is easy to forget Farr’s Law, and think the number infected will just keep rising, it will not. Just as quick as measures were introduced to prevent the spread of infection we need to recognize the point at which to open up society and also the special measures due to ‘density’ that require special considerations. But most of all we must remember the message Farr left us: what goes up must come down.”

(“COVID-19: William Farr’s way out of the Pandemic”, The Centre for Evidence-Based Medicine)

What this tells us is that the fatality rate is a more reliable barometer of what is taking place than the spike in new cases. And what the death rates signals is that the virus is on its last legs. We are not seeing the onset of a second wave, but the gradual ending of the first. Also, the fact that tens of thousands of young people are contracting Covid-19 without experiencing any pain or discomfort, confirms that immunity is widespread. This is a very positive development.

Here’s how Dr. John Thomas Littell, MD, who is President of the County Medical Society, and Chief of Staff at the Florida Hospital, summed it up in a letter to the editor of the Orlando Medical News, He said:

“Why did we as a society stop sending our children to schools and camps and sports activities? Why did we stop going to work and church and public parks and beaches? Why did we insist that healthy persons “stay at home” – rather than observing the evidence-based, medically prudent method of identifying those who were sick and isolating them from the rest of the population – advising the sick to “stay at home” and allowing the rest of society to function normally.”

(“Second wave? Not even close”, JB Handley, The Off-Guardian)

Why? Because we were misled by Doctor Fauci and the Vaccine Gestapo, that’s why. In contrast, Sweden shrugged off the dire predictions and fearmongering, and “got it right the first time.”

Hurrah for Sweden!

end

CORONAVIRUS UPDATE/THE GLOBE/SATURDAY

Florida Suffers Record Single-Day Jump In COVID-19 Deaths: Live Updates

Summary:

  • Florida reports 2nd highest jump yet
  • US reports 70k+ new COVID-19 cases
  • Deaths near 1k for 4th day
  • Global case number: 12,689,741
  • India cases top 400k
  • Japan sees record 430 new cases
  • Victoria reports 216 new cases
  • Australian official: vaccine may be 2 years away still

* * *

Update (1125ET): Florida health officials on Friday reported 10,360 (+4.2%) new COVID-19 cases and 188 deaths, marking the second-most cases reported in a single day, according to data from the state Department of Health dashboard. However, the increase is below the 7-day average of +4.6%.

The 188 deaths reported Saturday is also the most deaths reported in a single day yet. The figure is 50% larger than the number from the prior day. Florida’s previous single-day death tally was 120, which was reported on July 9. The state has reported a total of 4,197 since the beginning of the pandemic.

* * *

The US reported yet another record-breaking single-day number of new coronavirus cases on Friday. And while counts by Johns Hopkins and others put the total at roughly 64k cases, a tally by worldometer put the number of new cases at 71,787, the first time the US has reported more than 70k cases in a day.

Those numbers brought the case total in the US to 3,294,539, while the US also reported another 854 new deaths, bringing the total to 136,735.

That number marked a fourth day of new deaths trending closer to 1k, a psychologically important level.

Globally, the world recorded 228,000 new cases yesterday, another record high as Brazil and India see cases spiral out of control. That brought the international total to 12,689,741.

Friday’s numbers brought the mortality rate in the US to 4.8%, while the number of total cases in the country, home to the world’s largest outbreak, still represented roughly a quarter of the global total. Globally, there were 12,689,741 confirmed cases as of Saturday morning on the East Coast of the US.

Meanwhile, in Florida, hospitals confirmed that a total of 7,063 patients were hospitalized with the virus in Florida, according to data released Saturday by a state agency. Miami-Dade County is the state leader with 1,601 patients hospitalized, the most in any single county in the country.

While the Sun Belt outbreaks continue to spiral out of control, we noticed an interesting report out of NYC on Saturday. The NYT recently reported that more than 68% of people tested positive for antibodies at a clinic in Corona, a working-class Queens neighborhood,  while 56% tested positive at another clinic in nearby Jackson Heights.

That compares with just 13% of people tested in ritzy Cobble Hill, a ritzy Brooklyn neighborhood.

India has registered more than 800,000 Covid-19 cases so far, the country’s health ministry announced Saturday.

It reported a record 27,114 new Covid-19 cases on Friday, bringing the nationwide total to 820,916.

This is the third consecutive day that the country has recorded its highest single-day jump in new coronavirus cases.

A coronavirus vaccine may be two years away, if one is ever found, and low levels of infection may become a part of life, Australia’s deputy chief medical officer warned.

On Friday, India’s most populous state, Uttar Pradesh, imposed new restrictions for the weekend, leaving only essential services operating.

The South Asian nation has so far tested over 11.3 million samples for coronavirus, according to the Indian Council of Medical Research.

Japan recorded 430 new cases, first time the country has registered more than 400 in a day since April 24, when the countywide emergency order was still in effect. Tokyo contirbted 243 of those, its highest daily jump in new cases yet. Japanese TV station NHK also reported that US military facilities in Okinawa have found at least 50 cases.

Finally, in Australia, the state of Victoria, home to Melbourne, recorded 216 new coronavirus cases, Premier Daniel Andrews announced Saturday. Of these 186 remain under investigation, while the other 30 have been linked to known outbreaks. The number was down from the 288 cases reported Thursday, the most in a single day in any Australian state. So far, a total of  21,841 cases have been confirmed, along with 995 deaths.

As the country struggles with this still-relatively-mild resurgence, Australia’s deputy chief medical officer issued a stark warning on Saturday. As several vaccine trials get under way in the country (Moderna is testing its vaccine candidate in the country) he warned that a vaccine may be two years away, if one is ever found.

It’s still possible that low levels of SARS-CoV-2 infection might become “a part of life.”

END
CORONAVIRUS UPDATE/INDIA/SUNDAY

Testing, Tracing, Treating – How Asia’s Biggest Slum Is Beating The Coronavirus

As the total number of confirmed COVID-19 cases in India passes 800k, pushing India past Russia and into third place on the ranking of most global cases…

…the country’s leader, Prime Minister Narendra Modi has been hard-pressed to come up with a solution, particularly after an economy-crippling shutdown.

Earlier this month, local officials in Mumbai and New Delhi, the country’s two hardest-hit areas, launched an effort to perform a ‘COVID-19 audit’ on the city’s inhabitants in an ambitious testing program that would ideally test everyone in the two cities.

Now, local media are reporting that the WHO has praised an effort to contain an outbreak in Mumbai’s Dharavi slum, said to be the largest slum in all of Asia, and also one of the densest.

World Health Organization Director-General Tedros Adhanom Ghebreyesus said during the WHO’s press conference in Geneva on Friday that the situation in Dharavi is an example of how even some of the most intense outbreaks can be brought under control with a proactive strategy.

“And some of these examples are Italy, Spain and South Korea, and even in Dharavi – a densely packed area in the megacity of Mumbai,” he had said.

According to local officials, the strategy they used to successfully start suppressing the outbreak relied on proactive testing first and foremost, along with the support of medical professionals and other medical resources focused on the area aside from the tests and the people needed to administer them.

The neighborhood, once deemed a global COVID-19 hotspot, has managed to flatten its curve.

One of the top hospital officials who participated in the effort said that the linchpin of the strategy was going out into the community and proactively testing individuals – especially the most vulnerable –  instead of waiting for patients to come to get tested at a facility.

“Proactive screening helped in early detection, timely treatment and recovery,” he said.

When positive cases were found, officials diligently guided the subject to care (if they needed it) or quarantine, then made sure to trace cases back to the point of infection while keeping confirmed patients from spreading it to others.

Across Dharavi, 14,000 people were reportedly tested and 13,000, were placed in institutional quarantine with medical facilities and community kitchen for free,” the senior official said. That’s across a slum that measures 2.5 square kilometers, with a population density of 2,27,136 people per square kilometer.

Soon, officials noted progress in the data. In April, the doubling rate was 18 days. It was gradually improved to 43 days in May and slowed down to 108 and 430 days in June and July respectively.

As many as 2,359 COVID-19 cases have been recorded in Dharavi so far, of which 1,952 patients have recovered from the deadly infection, while there are only 166 active cases at present. However, achieving this monumental feat was not easy for the local authorities, who had to overcome their fair share of challenges.

“At least 80% of Dharavi’s population depends on 450 community toilets and the administration had to sanitize and disinfect these toilets several times a day,” Dighavkar said.

[…]

“Our approach to tackle the virus was focused on four Ts – tracing, tracking, testing and treating,” he said.

Social distancing was next to impossible in Dharavi, where families of eight to 10 people live in 10×10 huts, and travel requires walking through narrow lanes in between the tenement houses.

Apart from this, special care was taken for the elderly residents and 8,246 senior citizens were surveyed, he said.

Manpower was a major issue for organizing fever camps and proactive screening in high-risk zones.

“We mobilised all private practitioners. At least 24 private doctors came forward and the civic body provided them with PPE kits, thermal scanners, pulse oxymetres, masks, gloves, and started door-to-door screening in high risk zones and all suspects were identified,” he said.

City officials also cleared schools and other buildings to transform them into makeshift hospitals and quarantine units. In just 2 weeks, a 200-bed hospital was devised.

Like the US, India saw a surge in cases after exiting a lengthy lockdown. The lockdown imposed by the Indian government was by all accounts far more strict than what most Americans experienced. Still, the virus has made a comeback, suggesting that lockdowns in India aren’t a sustainable way to deal with the problem. But proactive testing sounds like it could certainly go a long way.

END

CORONAVIRUS UPDATE MONDAY

Global Coronavirus Cases Top 13 Million As US 7-Day Average Hits Record Highs: Live Updates

Summary:

  • US approves accelerated trials for 2 vax candidates
  • Global COVID-19 cases top 13 million
  • US deaths climb by fewer than 500 cases
  • South Korea confirmed 62 new cases
  • Hong Kong reported another 52 new cases

* * *

Update (0730ET): Yesterday, we groused about how US markets place so much faith in the many vaccine and therapeutic trials that are being carried out around the world. It seems that news of these trials, even when that news is entirely procedural, tends to send markets higher (however briefly).

And now on Monday morning, it’s happening again, as a headline about the FDA granting fast-track approval to 2 vaccine candidates from Pfizer and German biotech BioNTech is sending futures higher in premarket trade.

* * *

It seems most of the popular tallies of coronavirus cases and deaths are in agreement that the US added only 59,017 (per JHU) or

58,147 (per Worldometer) cases on Sunday, the first day that the number of new cases fell short of 60k since early last week. Worldometer reported 3,414,042 cases at the end of day on Sunday, along with 137,784 deaths after 379 new deaths were confirmed.

While the number of new cases moved back below 60k, despite Florida’s record-smashing new-cases number from Sunday, the number of deaths recorded across the US dipped back below 500. So while the 7-day average for cases climbed to new all-time highs…

…the 7-day average for deaths ticked lower after hitting its highest level since mid-June.

The deceleration in the US helped ease yesterday’s global total, which was below the 200k for the first time in days.

Sunday’s numbers helped push the global case total to 13,049,461, moving above 13 million, the latest important psychological threshold.

Meanwhile, the number of new deaths was below 5k…

…bringing the global death toll to 571,812, as the global death toll draws inexorably nearer to 600k.

As the outbreak intensifies in Australia, China’s Ministry of Foreign Affairs and its embassy in Canberra on Monday have jointly advised Chinese citizens traveling to Australia to exercise caution. However, in addition to the resurgence in COVID-19, they also warned about “racism” and “anti-Chinese sentiment” as Beijing continues to punish Canberra for backing the US in its campaign against Huawei.

Australia, along with the US, is a part of the powerful “Five Eyes” intelligence partnership that China has been desperately seeking to compromise.

With its schools temporarily closed, Hong Kong reported another 52 new cases of coronavirus Monday, including 41 that were locally transmitted, health authorities confirmed. Tokyo just confirmed 119 new infections, sources tell Nikkei, with cases coming in below 120 for the first time in 5 days.

After crossing the 850k case threshold, cementing its status as the third-worst outbreak in the world behind the US and Brazil, India reported yet another record single-day jump in coronavirus cases, with 28,701 new infections reported in the last 24 hours. This brought India’s total to 878,254. The death toll, meanwhile, has climbed to 23,174, up 500 since Sunday morning. Meanwhile, South Korea confirmed 62 new cases, up from 44 a day ago, bringing total infections reaching 13,479, with 289 deaths.

END

7. OIL ISSUES

Oil set to plunge with OPEC’s decision to boost output by 2 million barrels per day.

(zerohedge)

Oil Set To Plunge As OPEC Seeks To Boost Output By 2 Million Barrels

In retrospect, it’s impressive that it lasted as long as it did.

Four months after OPEC cobbled together a record production cut to offset the demand destruction unleashed by the covid-19 lockdowns, R-OPEC+ (i.e., OPEC plus Russia and a bunch of non-OPEC exporters) is set to slowly resume pumping more after an alliance of producers led by Saudi Arabia wants to increase oil production starting in August, amid signs that demand is returning to normal levels following coronavirus-related lockdowns Bloomberg and the Journal reported overnight.

Bloomberg confirms as much, noting overnight that “having successfully doubled crude prices over the past few months through unprecedented output cuts, the OPEC+ alliance led by the Saudis and Russia is poised to begin unwinding these stimulus measures. As fuel demand recovers with the lifting of coronavirus lockdowns, the producers are about to open the taps a little.”

According to the report, alliance members will meet via zoom on Wednesday to debate the group’s current and future production, which include plans to restore some 2 million in production following the record production cut in April which saw Saudi Arabia push for a 9.7 million b/d in production stoppages as the pandemic led to a collapse of oil demand. More from BBG:

The JMMC will consider whether the 23-nation alliance should keep 9.6 million barrels of daily output off the market for another month, or restore some supplies as originally planned, tapering the cutback to 7.7 million barrels.

As the demand recovery gains traction, members are leaning toward the latter option, according to several national delegates who asked not to be identified. Shipping schedules for August are already being set, so the course is more or less locked in, one said.

While all this sounds great in principle, in practice it will likely send the price of oil crashing because just as there was a massive uphill battle in April to get everyone on the same page (and even that did not stop oil from hitting a record negative price on April 20), so now that production quotas are being eased, the result will be a furious scramble to outproduce everyone else, as OPEC’s most characteristic feature is exposed for the entire world to see: cheating.

“If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” a person familiar with the Saudis’s thinking told the Journal. “There’s going to be a scramble for market share, and the trick is how the low cost producers assert themselves without crashing the oil price.”

“When they look at prices over the quarter, when they look at green shoots of demand pick-up, I think they feel good,” RBC commodity strategist Helima Croft told Bloomberg. “I do think they are cognizant though of some of the potential clouds on the horizon.”

Still, with OPEC+ oil exports generating far less state revenues than pre-covid, the oil producers have little choice but to agree to pump more even if it means sharply lower prices (and yet another round of production cuts in a few weeks). Indeed, producers’ relative optimism coincides with a Friday report from the International Energy Agency showing the worst effects of the coronavirus on global oil demand have passed, although as we showed on Friday, it now appears that record numbers of cases are once again starting to impact mobility and travel.

Indeed, as Bloomberg admits, A second wave of the pandemic threatens another slump in oil consumption, while the billion-barrel mountain of inventories that piled up during the first outbreak still looms. If OPEC+ increases supply just as the market falters then prices could crash once again.

As a reminder, back in late Q1, the market was generally ignoring news of the covid pandemic until the March 6th failure between Saudi Arabia and Russia to agree on a production cut quote (a mistake which was promptly remedied a month later), at which point stocks imploded and the S&P saw a record number of limit down overnight future sessions.

Is OPEC+ about to unleash another round of market chaos?

8 EMERGING MARKET ISSUES

VENEZUELA

Trump ready to intervene:  It looks like he will intercept those tankers heading to Venezuela

(zerohedge)

Trump: Something Big Will Happen With Venezuela & “We’ll Be Very Much Involved”

Currently the United States is looking to seize gasoline aboard the next group of Iranian tankers bound for Venezuela, after the last delivery by five sanctions-busting tankers last month were successful despite being accompanied by similar US threats.

President Trump on Friday signaled the US is indeed about to “move” on Venezuela and its sanctions thwarting activities with the help of ‘rogue states’ like Iran. He told the Spanish-language American channel Noticias Telemundo on Friday that

“Something will be happening with Venezuela” and that the United States will “be very much involved.”

The president was also asked about the future of election in the country, especially related to US-backed opposition leader and self-styled ‘Interim President’ Juan Guaido.

Trump said the US would “take care of the people of Venezuela” and ultimately support whoever was legitimately elected. But of course, it remains that the US deems any support to Nicolas Maduro by definition “illegitimate”.

The interviewer, Jose Diaz-Balart, asked Trump point-blank: “For you, Venezuela, is it Guaido, is it Maduro, is it U.S. intervention?

Trump said in response:

“It’s freedom for their people. It’s freedom. Venezuela was a rich country 15 years ago, and it’s been destroyed by two people, but a system, a horrible system. … And something will happen with Venezuela. That’s all I can tell you. Something will be happening with Venezuela.”

And when pressed over precisely through what route this “something big” will occur in Venezuela, Trump responded:

“We’ll be very much involved.”

“We’re going to take care of the people of Venezuela,” Trump emphasized.

Since last year the president has reportedly been pressing his generals and admirals on enacting some kind of naval blockade off Venezuela’s coast.

However, top Pentagon leadership has reportedly been by and large against the idea, citing the impracticability of such an operation, and likelihood of unnecessary escalation without clear overall goals of how far US military force would be willing to go against pro-Maduro forces.

Washington reportedly does have naval ships in the Caribbean Sea, however, to crack down on what the White House previously described as Maduro’s “narco-trafficking” as well as illegal sanctions-busting activities.

end

 

 

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

Euro/USA 1.1328 DOWN .0037 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 GREEN

 

 

USA/JAPAN YEN 107.09 UP 0.276 (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 1.2595   DOWN   0.0009  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3566 DOWN .0010 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 59.96 POINTS OR 1.77% 

 

//Hang Sang CLOSED UP 44.71 POINTS OR 0.17%

/AUSTRALIA CLOSED UP 0,88%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 44.71 POINTS OR 0.17%

 

 

/SHANGHAI CLOSED UP 59.36 POINTS OR 1.77%

 

Australia BOURSE CLOSED UP. 88% 

 

 

Nikkei (Japan) CLOSED UP 493.33  POINTS OR 2.22%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1809.00

silver:$19.14-

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

 

The 30 yr bond yield 1.36 UP 2  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 96.50 DOWN 16 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.44% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.03%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.45%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,24 UP 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 79 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.42% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.66% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1363  UP     .0072 or 72 basis points

USA/Japan: 107.24 UP .424 OR YEN DOWN 42  basis points/

Great Britain/USA 1.2604 UP .0001 POUND UP 1  BASIS POINTS)

Canadian dollar UP 4 basis points to 1.3572

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9975    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9976  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.8660 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +0.03%

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from FRIDAY at 0.64 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.34 UP 1 in basis points on the day

Your closing USA dollar index, 96.39 DOWN 27  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 80.78 OR  0.72%

German Dax :  CLOSED UP 166.26 POINTS OR 1.32%

 

Paris Cac CLOSED UP 85.75 POINTS 1.73%

Spain IBEX CLOSED UP 105.80 POINTS or 1.45%

Italian MIB: CLOSED UP 235.65 POINTS OR 1.10%

 

 

 

 

 

WTI Oil price; 40.56 12:00  PM  EST

Brent Oil: 43.17 12:00 EST

USA /RUSSIAN /   RUBLE RISES TO:   70.66//  THE CROSS LOWER BY 0.07 RUBLES/DOLLAR (RUBLE HIGHER BY 7 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.42 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 :  39.65//

 

 

BRENT : 42.23

USA 10 YR BOND YIELD: … 0.62  down 2 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.32 down 2 basis points..

 

 

 

 

 

EURO/USA 1.1346 UP 54   BASIS POINTS)

USA/JAPANESE YEN:107.23 UP .418 (YEN DOWN 42 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 96.52 DOWN 13 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2554 DOWN 49  POINTS

 

the Turkish lira close: 6.8621

 

 

the Russian rouble 70.88   DOWN 0.15 Roubles against the uSA dollar.( DOWN 15 BASIS POINTS)

Canadian dollar:  1.3608 DOWN 33 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.43%

 

The Dow closed UP 10.50 POINTS OR 0.04%

 

NASDAQ closed DOWN 226.10 POINTS OR 2.13%

 


VOLATILITY INDEX:  32,38 CLOSED UP 5.09

LIBOR 3 MONTH DURATION: 0.268%//libor dropping like a stone

 

USA trading today in Graph Form

Kaplan Spoils Big-Tech Buying-Bonanza As Pandemic Gets “Worse & Worse & Worse”

WHO’s Tedros says the global pandemic could get “worse and worse and worse” but big-tech stocks keep going “higher and higher and higher”… until Dallas Fed’s Kaplan pooped in the punchbowl and virus news from California didn’t help…

This was Nasdaq’s worst day since 6/26 and a major 4%-plus reversal intraday

For a brief few minutes, the S&P 500 got back into the green for the year (above 3230.78)…

Source: Bloomberg

But could not hold it…

The early Short-Squeeze evaporated…

Source: Bloomberg

Beware…

AMZN lost $120 billion in market cap today from top to bottom…

And then there’s TSLA which soared out of the gate to almost $1800 before tumbling back to try and cling to unchanged…

Cyclicals were bid early on but ended lower along with Defensives…

Source: Bloomberg

And today saw a massive reversal in MTUM…

And Value soared…

Source: Bloomberg

VIX soared back above 32 – its highest since June…

China continues to power higher despite officials warning “investors” over excess speculation (after they encouraged them to get in). ChiNext – the small-cap, tech-heavy index – is up 22% in July, but the last week has seen the big-tech indices flat as tech takes off…

Source: Bloomberg

Treasury yields ended the day lower (after rising into the cash equity open)…

Source: Bloomberg

But bonds never played along with the early exuberance in stocks…

Source: Bloomberg

The dollar index spiked back into the green as stocks began to dive…

Source: Bloomberg

EM FX tumbled as the selling began (led by BRL and MXN)…

Source: Bloomberg

Cryptos tumbled with the equity weakness…

Source: Bloomberg

Despite the dollar gains, copper and PMs managed to hold gains but oil ended lower…

Source: Bloomberg

Finally, Bloomberg’s Richard Breslow summed up the farcical, fantasy world of dissonance in which we are living rather well today:

It does seem a tad mean-spirited to see all of this equity green, oodles of stories talking about optimism over global growth, and just not feel all warm and fuzzy. I wonder if it is on purpose or subconscious that for all the upbeat verbiage there is a noticeable dearth of the words “risk-on” in market commentaries. Somehow that strikes me as oddly appropriate.

Probably, a better term for today’s price action would be “Fed-up,” because we should accept the fact that we are here for only one reason. The global economy has certainly bounced off the lows.

But it’s hard to express optimism when it’s taken for granted that it can’t, by any measure, be expected to thrive without continuing life support.

Nothing else matters…

Source: Bloomberg

We do note, however, since The Fed balance sheet flattened, the market has largely gone sideways as the prediction markets price in a Democrat sweep of White House, Congress, & Senate…

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Stocks Slide After Fed’s Kaplan Says Emergency Facilities To Be Pulled Back As Economy Improves

In an almost verbatim repeat of what the new head of the NY Fed’s Markets Group (aka the de facto head of the Plunge Protection Team), Daleep Singh said last week, when discussing the Fed’s purchases of corporate bonds and ETFs, saying that “If market conditions continue to improve, Fed purchases could slow further, potentially reaching very low levels or stopping entirely”, moments ago Dallas Fed President (and FOMC voter) Robert Kaplan said emergency lending facilities launched by the central bank were necessary to support market function, “but they won’t be left in place indefinitely.”

“A number of those actions were necessary. The key is what we do from here. How long does this need to go on for?” asked the former Goldman partner, adding that he is a “believer that we will need to get back to more unaided market function without as much intervention from the Fed. We’re just not at that point yet.”

Did the nearly $10BN in daily purchases of Treasurys and MBS give it away?

Sarcasm aside, and clearly unaware of the reflexivity behind the market and the Fed’s balance sheet, Kaplan said that “I think it’s wise for us to be telegraphing as the economy improves we’ll be appropriate in showing restraint and pulling back some of these programs.”

Of course, the moments the Fed “telegraphs” the economy is improving and does in fact “pull back” on some of these programs which are charted below..

… is the moment stocks will plunge, as by now even 10 year old Robinhood traders know that without the Fed propping up risk assets every single day, stocks will plunge until such time as the Fed resumes these emergency programs.

In fact, one can argue that today’s swoon in Tesla and the broader Nasdaq, which has since affected the broader market, took place just after Kaplan warned that the Fed’s market support won’t last forever, to which markets made it clear that the support better last forever, or the Fed will have another crash on its hands in no time.

And speaking of Tesla, – TSLA shares have plunged almost $300 from record highs hit just a few hours earlier…

… and the Nasdaq is suddenly rolling over hard, leading the rest of the market lower…

And suddenly, 400,000 Robinhood’rs were silenced…

Especially the 40,000 or so that added today:

end

ii)Market data/USA

iii) Important USA Economic Stories

Used vehicles prices rise by 9%.  Reason:  consumers are abandoning mass transit frightened of the coronavirus

(zerohedge)

Used Vehicle Prices Spike By Record 9% YoY As Worried Consumers Abandon Mass Transit

One major problem over the last few months for the auto market was that the price of used vehicles was plunging, pressuring new vehicle sales.

Now, that trend looks to have reversed in grand fashion. Used car prices are up 9% year over year according to data from the Manheim U.S. Used Vehicle Value Index for June. The spike is being attributed to more people heading back out of the house – as states across the U.S. reach various stages of re-opening – but avoiding mass transit and ride sharing services.

The idea of having your own, quarantined vehicle is now back in fashion and has caused a 50% to 75% drop in mass transit in some major cities, according to Bloomberg.

In Seattle, public transit usage is down about 70%. According to Bob Foran, chief financial officer for the Metropolitan Transportation Authority, New York City subway and commuter rail traffic is down an astounding 90% over the last 120 days.

The effects look like they could be relatively permanent, too. A survey conducted by CarGurus.com showed that 44% of people who used mass transit think they will abandon it permanently. Ride sharing services are also feeling the pain: 40% of people surveyed who previously used ride sharing services said they would decrease their usage or stop using such services altogether.

That should bode well for Lyft and Uber…

The survey also found that 20% of people who were looking to buy a car hadn’t been interested in doing so prior to the pandemic. 

Recall, just days ago we were busy highlighting all of the places nationwide where used car prices had crashed.

In January, prior to the virus shutdowns, auto companies had set the tone for the year, starting 2019 just as miserably as 2018 ended, with major double digit plunges in sales from manufacturers like Nissan and Daimler. Since then, things have only worsened, with major markets like China and the U.S. seeing sales fall off a cliff as consumers have been forced to stay home.

Hilariously enough, it was Manheim that indicated last month that wholesale prices dropped as much as 11% in April and predicted that “this price drop hasn’t fully hit the retail market yet.” Their June report predicted that since “dealers have largely avoided purchasing new inventory in recent weeks, they aren’t in a rush to cut prices as a way to move their existing inventory.”

They also predicted a sharp drop in retail prices in the coming weeks, stating that “a combination of record supply, damaged consumer confidence, and new car incentives will ultimately create a perfect storm causing retail prices to drop sharply in the coming weeks.”

And despite the fact that between January and May individual U.S. states experienced price drops ranging from 1% to 5%, it looks as though the trend has now reversed significantly, showing this recession’s first actual V-shaped recovery.

end

For the first time, Americans must wait in line for the most basis essential items

(zerohedge)

For First Time Since The Great Depression, Americans Must Wait In Line For The Most Basic Essential Items

The scene can be somewhat dystopian and third world when you look at it: as a result of the pandemic and the new way that our economy is forced to do business, Americans all over the country are waiting in line – even for the most basic of essentials.

For example, Bloomberg points out that food banks in Vermont have to deal with “miles long” lines of cars and at Covid testing sites in Florida, people have to show up with full tanks of gas because of how long they have to wait.

People applying for unemployment have similar horror stories – as we have detailed – trying to pile onto an overwhelmed website to collect benefits and left with no one to call when the system doesn’t function properly. The physical waits in unemployment lines are similarly distressing.

Kara Eaton, a 27-year-old industrial welder from Eufaula, Oklahoma, said: “We have to hope that the person next to us in line will hold our place while we use the bathroom — Subway usually doesn’t mind if we use theirs.”

Rachelle Basaraba of Oregon said: “Having to be patient and wait your turn — I don’t know if that’s necessarily the American way.” She says that a “herd mentality” and respect for rules bring order to waiting in line in Denmark, where her company is based. She called this a “a positive thing,” though was unsure about how it would catch on the U.S.

This time in America is the first since the Great Depression to make Americans wait in line for limited resources.

J. Jeffrey Inman, a marketing professor and associate dean at the University of Pittsburgh’s Katz Graduate School of Business, said: The U.S. is getting a dose of the scarcity economy, and we don’t like it. The U.S. has gotten spoiled where we’ve always had a plentiful, efficient supply chain. Now we’re seeing what can happen once it gets disrupted.”

But capitalism is trying to swoop in and solve the problem. For example, a company called Lavi Industries, that usually makes post-and-rope systems for Homeland Security, is now involved in making plastic sneeze guards and portable stations for lines to make the waiting for bearable. They are also working on their “virtual queueing technology,” which is a smart phone technology that can summon customers out of line from afar.

Perry Kuklin, Lavi’s marketing director, put it simply: “People hate to wait. If you make it more pleasant, make it more efficient, you as a business can not only profit from it, but you create a better passenger experience or theater experience.”

Richard Larson, a Massachusetts Institute of Technology professor and expert on queuing theory, says the issue is just temporary: “My parents had to wait in a bank queue line between 10 a.m. and 3 p.m. and now ATMs are everywhere. We have umpteen more gas station pumps you can stop at. A lot of traditional pesky queuing is gone.”

Some Americans are trying to make the best of the situation. “It was time to stop and notice, to look around and watch, to not be on my phone. I tried just to be there,” said Dena Babb of Torrance, California, about trying to be mindful while enjoying waiting in line.

But other Americans continue to grow more and more skittish about the practice, leading to another vein of increased tension across the nation. Francisco Salazar of East Meadow, New York, concluded: “Earlier in the pandemic, they were checking people for masks, cleaning the carts, giving sanitizer — they’re no longer doing any of it. I feel paranoid. I don’t want to be on these long lines.”

end
You will definitely what to read this:  Brandon Smith on what will happen next to our economy
(Brandon Smith)

The Delusion Of A Seamless Reopening Is Being Obliterated

Authored by Brandon Smith via Birch Gold Group,

During the first wave of pandemic lockdowns, America became a rather surreal place. The initial shock that I witnessed in average people in my area was disturbing. Half the businesses in the region closed and a third of the grocery store shelves were empty. The look in people’s faces was one of bewilderment and fear; their eyes were like saucers, no one was staring into their cell phones as they usually do, and people huddled over their shopping carts like wild dogs protecting a carcass.

Luckily, this tension has subsided, but only because the majority of Americans have been assuming for the past couple months that the pandemic was going to fade away in the summer and that the “reopening” was permanent. Sadly, this is a delusion that is going to bite people in the ass in the next month or two.

In “The Economic Reopening Is A Fake-Out”, published at the end of May, I stated:

“The restrictions will continue in major US population centers while rural areas have mostly opened with much fanfare. The end result of this will be a flood of city dwellers into rural towns looking for relief from more strict lockdown conditions. In about a month, we should expect new viral clusters in places where there was limited transmission. I suggest that before the 4th of July holiday, state governments and the Federal government will be talking about new lockdowns, using the predictable infection spike as an excuse.”

I also noted:

Certainly, it appears that most Americans hate the lockdowns. But will they be fooled by the “reopening” into complacency for the next several weeks while the government gets ready to hit them with the next round of restrictions? Will they be so caught off guard they won’t know how to react? Imagine the economic devastation of just one more nationwide lockdown event? It will be carnage, and a lot of hope within the population will be lost.

In “Pandemic And Economic Collapse: The Next 60 Days”, published in April, I predicted:

The extent of the crisis will become much more clear in the next two months to the majority. The result will be civil unrest in the summer, likely followed by extreme poverty levels in the winter. No measure of “reopening” is going to do much to stop the avalanche that has already been started.

My position at the time, on secondary infection spikes in the summer as well as renewed lockdown restrictions, appears to have proven correct. Currently, daily reported infections in the U.S. are at a record 50,000 per day or more and cases are rising in 40 out of 50 states. Many of the new infection clusters are in more rural areas and states that a lot of people thought had dodged the initial wave, including California. There has been a massive rush of home buyers moving to rural and suburban America away from the cities. The great migration has begun.

Subsequently, public anxiety is rising yet again. Protests such as those in Michigan over the lockdowns were overwhelmingly peaceful, yet liberty movement activists were demonized and accused of “inciting violence” and “spreading the virus”. Some groups with left-leaning political agendas used the death of George Floyd to create civil unrest. The mainstream media mostly lavished these groups with praise and refused to acknowledge that they might be spreading the virus.

The double standard is clear, but this is just the beginning.

As I have argued for the past few months, the REAL public crisis will strike when the secondary lockdowns are enforced, either by state governments or the federal government. Make no mistake, these orders are coming. We can already see restriction in some states being implemented, though they refuse yet to call the situation a “lockdown”.

California has recently added 24 counties to its “Covid watchlist”, and most of these counties have added new restrictions, including many non-essential businesses being ordered to remain closed.

The governor of Arizona announced statewide restrictions including business shutdowns, suggesting there may be a reopening at the end of July. If the previous lockdown is any indication, this means the next reopening will probably not happen until early September.

Similar restrictions have been announced in Texas, Florida, Georgia, etc. This is essentially a new shutdown that has not yet been officially labeled a “shutdown”.

So what does this mean for the U.S. economy going forward?

Well, the first lockdowns caused an explosion in unemployment, with 40 million jobs lost on top of around 11 million existing jobless. Beyond that, you can add the 95 million people without work that are no longer counted on the rolls by the Bureau of Labor Statistics. Only a portion of these jobs were regained when the reopening occurred. According to Shadowstats.com, the real unemployment rate including U-6 measurements is 31% – around the same level as it was during the Great Depression.

So far in 2020 there have been 4,300 major retail store closings, added onto the thousands of businesses already hit in 2019 in what many are calling “The Retail Apocalypse”. Small business closings are harder to gauge at this time, but according to Yelp, over 41% of their listed participants are announcing they are closing for good.

This outcome was easy to predict when it became clear that only 13% to 18% of businesses applying for the small business bailout loans received aid, and half of those businesses were actually large corporations

What happens next? The companies that did survive the first phase lockdowns are now going to get hit again, hard. I expect another 50% of small businesses to either close permanently or announce bankruptcy over this summer and fall. This means a second huge surge in job losses in the service sector.

It’s important to remember that the U.S. economy is 70% service based, and around 50% of total jobs are provided by small businesses. The lockdowns hit both these areas of our system mercilessly. And, with most of the aid from the government bailouts being diverted to major corporations, it’s as if someone was trying to deliberately crush the small business pillar of support for our economy. If you were attempting to drag the U.S. into an economic collapse, the Covid lockdowns are a perfect cover to make this happen.

Another economic threat is the slowdown in the supply chain. There will be renewed shortages in many goods. I have received numerous emails from readers who work in manufacturing, repair and acquisitions of vital parts for major companies who have told me that simple components, such as electronic and industrial parts that are required for factories to produce goods and repair goods, are almost gone. Meaning they are not being produced overseas in places like China, either due to the pandemic or geopolitical conflict. They tell me there is a maximum of two months before these components are completely gone.

As I have said many times since this crisis began, it does not matter how dangerous or deadly a virus is; shutting down the economy is assured destruction and is not an acceptable response.

Of course, certain special interest groups benefit greatly from the increased fear and chaos that economic instability brings. Right now, states like Georgia are pushing to stage the national guard to quell unrest, and I think this will spread to many places in the U.S. over the summer. They know what is coming, and they are worried about people hitting the wall of poverty that is ahead and reacting angrily.

As the globalist Imperial College of London published in March, the plan is for lockdowns to continue on and off for the next 18 months or more. This is not going away, and after the next wave of lockdowns, most Americans are finally going to realize it.

Rather than promoting localized production, independent economies and self-sufficiency, the establishment is going to suggest martial law and medical tyranny as the solution to the pandemic problem. In other words, they will demand total control over the population and the erasure of constitutional liberties in the name of “the greater good”.

These are the same people that downplayed the pandemic at the beginning of the year and refused to stop travel from China until it was too late. They are also the same people (including Dr. Anthony Fauci) who gave the Chinese millions of dollars to play around with the coronavirus at the Level 4 lab in Wuhan, which is the likely source of the current outbreak. I’m not sure why ANYONE would want to give more power to the people that caused the crisis in the first place.

Three factors are working hand-in-hand to undermine U.S. stability and create a rationale for totalitarian controls including the economic crash, civil unrest and the pandemic itself. Understand that preparations to protect yourself and your family must be finalized NOW. There will not be even a minor recovery after the next shutdown.

*  *  *

After 8 long years of ultra-loose monetary policy from the Federal Reserve, it’s no secret that inflation is primed to soar. If your IRA or 401(k) is exposed to this threat, it’s critical to act now! That’s why thousands of Americans are moving their retirement into a Gold IRA. Learn how you can too with a free info kit on gold from Birch Gold Group. It reveals the little-known IRS Tax Law to move your IRA or 401(k) into gold. Click here to get your free Info Kit on Gold.

end

The banks who will report shortly are bracing for their worst quarter since 2008

(zerohedge)

 

The “Too Big To Fail” Banks Are Getting Ready For Their Worst Quarter Since The Financial Crisis

U.S. banks could be setting up for their worst quarter in more than a decade as loan loss provisions and the pandemic are set to wreak havoc on bottom lines.

Next week, many of the “too big to fail” banks are set to report earnings and are likely going to show that a drop in consumer spending and higher loan losses were not offset by better trading gains. Loan-loss provisions should reach their highest levels since the financial crisis, Barclay’s predicts.

Kyle Sanders, an analyst at Edward Jones, told Bloomberg“We’ve got a full three months of the pandemic coming through the numbers now. The first quarter was rough, but it really only reflected a couple of weeks in March.”

Loan losses are expected to rise as spiking unemployment has left many unable to service, or pay back, their loans. New loans have also dried up as banks tighten their belts. Service charges and credit card fees are also likely going to fall, as large portions of the American economy were shut down for months, suffocating economic activity.

And while many banking stocks have recovered somewhat, the S&P 500 Financials index is still down 26% since last December. Wells Fargo alone is down 55% this year and is expected to announce a dividend cut. Bloomberg has predicted that despite increasing provisions in the first quarter of the year, banks are still going to have their worst quarter in a decade when they report this upcoming week.

Wells Fargo Chief Financial Officer John Shrewsberry commented last month that the bank would likely set aside more for bad loans in Q2 than the $4 billion it set aside in Q1. 

Banks will be looking to trading and underwriting to help try and salvage the quarter. Stock and bond trading was likely up about 31% in Q2 according to estimates. JP Morgan is expected to post the largest increase of about 50%. Citigroup Inc.’s Richard Zogheb, global head of the debt capital-markets division, said he thinks there will be record volumes in trading for the quarter. This stands at odds with previous cyclical downturns, where investment banking and trading revenue would fall as much as 30%.

Data compiled by Bloomberg shows that U.S. investment grade corporate bond issuance doubled in Q2 to $757.7 billion. High yield issuance was up 61% to $130.1 billion. 

Mortgage data looks promising too. Low rates continues to entice buyers, with the average mortgage rate now just 3.03%. Spreads between what lenders sell their loans for and what they charge borrowers are the highest they have been since 2008.

Despite the fact that Q2 could be ugly, many think the pain could be temporary. As the world continues to deal with Covid and economies continue to re-open, things should return to some semblance of normalcy in the coming year, analysts predict.

RBC concluded in a recent report: “Our outlook is cautiously optimistic as we expect the economy to continue to gain momentum into the end of the year.”

CORONAVIRUS UPDATE/FLORIDA/SUNDAY

Florida Shatters US Record For Most COVID-19 Cases Reported In A Day, Surpassing NY: Live Updates

Update (1120ET): It was only a matter of time, but Florida has finally smashed the one-day coronavirus record set by New York State during the spring peak, reporting 15,300 new cases (15,299, to be exact) – a higher daily total than most countries have ever reported – bringing the state’s total to 269,811.

Another 45 deaths were reported on Sunday as well, bringing the statewide death toll to 4,242. Though the 45 number was roughly half the number from the day before.

That number will probably account for roughly a quarter of all cases reported over the last 24 hours once all  of Sunday’s reports are in.

However, this new daily record comes with an important caveat: A massive increase in tests was reported yesterday, with 143,000 being run, roughly double the 7-day total from earlier this month.

The positivity rate fell to 13.6%.

* * *

Though the various daily tallies are starting to diverge more noticeably (Johns Hopkins reports another record jump in new cases, while worldometer reported a pullback from the 70k+ high from Friday), they all reported another day of 60k+ new cases as the US’s 7-day average continues to move to ever-higher records.

As of Sunday morning, the 7-day average reported by Worldometer was 58,340, while the US reported 61,719 new cases on Saturday (numbers across the US are reported with a 24-hour delay).

The US reported 732 new deaths on Saturday, which was lower than the prior three days, but not low enough to stop the 7-day average from climbing to its highest level since June 16.

All told, there were 3,357,928 cases as of Sunday morning in the US, along with 137,429 deaths. Globally, Worldometer counted 12,898,827 total cases and 568,815 deaths.

 

Outside of the US, India’s coronavirus outbreak has continued to expand at its explosive pace, nearing 850,000 with a record surge of 28,637 cases in the past 24 hours, prompting authorities to announce the return to lockdown measures in the southern tech hub of Bangalore. India’s other major hot spots, including Mumbai and New Delhi, are implementing strict new procedures focusing on proactive testing to try to eradicate the virus in the country’s most densely packed slums.

In Israel, thousands filled Tel Aviv’s Rabin Square Saturday night to protest the government’s handling of the coronavirus crisis. The public is furious over Israel’s failure to prevent an outbreak, despite strict and early steps taken, including lockdowns and travel restrictions.

Protesters waved yellow and black signs chastising the country’s “disconnected” political leaders and saying “enough,” while others held up signs calling this an “economic war” and demanding the government “release the money.”

We can’t imagine this will make Israel’s famed contact tracing effort any easier.

END
Very worrisome: nearly 90% of discharged COVID 19 patients have symptoms two months after falling ill
(zero hedge)

“Extremely Worrying”: Nearly 90% Of Discharged COVID-19 Patients Have Symptoms Two Months After Falling Ill

An Italian study tracking discharged coronavirus patients revealed that nearly 90% of 143 people tracked still have symptoms two months after falling ill, according to the Daily Mail.

Almost half reported a worsened quality of life compared to before they were struck with the virus. Experts described the results as ‘extremely worrying’.

It follows a study this week which suggested almost 10 per cent of patients who lose their sense of taste or smell during Covid-19 don’t get it back within a month. –Daily Mail

The most common symptoms among those surveyed were shortness of breath, joint pain, chest pain, coughing and loss of smell.

 

Italian researchers tracked 143 people who had been hospitalised with the disease but had since recovered. Only 12.6 per cent were completely free of any Covid-19–related symptom 60 days after they first became unwell (via the Daily Mail).

Keep in mind that these are people who were sick enough to require hospitalization, while most people who contract coronavirus do not.

The study revealed that just 12.6% of discharged patients were completely free of COVID-19 symptoms, while 32% had one or two symptoms and 55% had more than two.

More than half (53.1 per cent) of patients still had fatigue, 43.4 per cent shortness of breath, 27.3 per cent joint pain and 21.7 per cent chest pain. –Daily Mail

Patients who continue to exhibit symptoms are often referred to as “long haulers,” and have taken to internet forums to describe their frustrating ‘waves’ of COVID-19 symptoms that just won’t go away months later.

The study was led by Dr. Angelo Carfi of the Fondazione Policlinico Universitario Agostino Gemelli IRCCS hospital in Rome, who surveyed patients on the two month anniversary of when they reported feeling ill. The patients had been out of the hospital an average of 36 days, with an average time in the hospital of 14 days.

Patients were asked to score their quality of life from zero (worst imaginable health) to 100 (best imaginable health) before and after having the disease.

If their score dropped by 10 points it was described as ‘worsened quality of life’ – which was seen in 44.1 per cent of patients. 

The researchers noted that their study can’t rule out the symptoms experienced by people post-Covid were not typical for them beforehand.

They also couldn’t decipher if those who had worse symptoms when they were ill were more likely to have persistent ones afterwards.

Dr Bharat Pankhania, a senior clinical lecturer at the University of Exeter, said the results of the study are ‘inconclusive’ due to the small size.

However, he agreed with the study’s authors that ‘there may be a Covid-19 disease syndrome and that we must follow it up’The Telegraph reports.

It follows a study which suggested one in ten people who lose their sense of taste and smell with the coronavirus may not get it back within a month.

A change in smell or taste is now recognised as a tell-tale sign of Covid-19, alongside a continuous cough and fever. –Daily Mail

You can read about people’s experiences with COVID-19, including many ‘long haulers,’ here.

end
Mish Shedlock: why many are leaving Illinois

(Mish Shedlock//)Mishtalk)

It Takes 3 Weeks To ‘Escape From Illinois’

Authored by Mike Shedlock via MishTalk,

Why 3 weeks?

That’s how long it takes to reserve a one-way U-Haul outbound.

“Everyone is leaving. No one is coming,” a U-Haul agent told us a few weeks ago.

Illinoisans Leave State in Record Numbers, and So Are We

On January 2, 2020 I announced Illinoisans Leave State in Record Numbers, and So Are We

I am pleased to report we loaded our U-Haul rental yesterday and I am on the road driving to our new home in Utah.

Right now we are just a few hours  into the trip, but we have crossed the state line and are now in Iowa.

Goodbye Illinois

On February 12, Wirepoints noted If the wealthy flee, ordinary Illinoisans will be left holding the progressive tax bag.

Yep, and we have had enough. 

We were paying about $15,000 a year in property taxes on a home now worth about $380,000 or so. We have a beautiful 1 acre lot, surrounded by 30 white or and burr oak trees 100-200 years old.

But property values are sinking. We will sell the house for a lot less than we paid for it 20 years ago.

Property taxes are a killer and taxes in general are going to rise in Illinois.

Why Utah?

I discussed Utah in my October 5, 2019 post Escape Illinois: Get The Hell Out Now, We Are

end
A biggy! Bannon claims Wuhan lab employees ( plus one major Hong Kong employee) ave defected to the west and are working with the FBI.  They will reveal the origins of the virus and claims that it was a man made virus from the Wuhan lab.  This is the ammunition that Trump needed. I bet that he will lay criminal charges against the Chinese regime and argue the case at the Hague.  This will nullify Biden’s pro Chinese bid. Now if Durham is ready on the other front, we will have quite an election.
(zerohedge)

‘People Are Going To Be Shocked’: Bannon Claims Wuhan Lab Employees Have Defected, Are Working With FBI

One day after a report that a respected Chinese virologist fled Hong Kong to accuse Beijing of a COVID cover-up, former Trump strategist Steve Bannon told the Daily Mailthat scientists from the Wuhan Institute of Virology and other labs have defected to the West and are “turning over evidence” against the Chinese Communist Party (CCP) for their role in the COVID-19 pandemic which has claimed over 560,000 lives worldwide since last December.

People are going to be shocked,” Bannon told the  Mail (“from a yacht off the East coast of America,” the Mail would like us to know).

The 66-year-old then said thatdefectors are cooperating with intelligence agencies in America, Europe and the UK, which have been assembling evidence to challenge the CCP claim that the pandemic originated in a wet market – not in a lab home to scientists who have come under fire for manipulating bat coronavirus to be more transmissible to humans.

“I think that they [spy agencies] have electronic intelligence, and that they have done a full inventory of who has provided access to that lab. I think they have very compelling evidence. And there have also been defectors,” he said. “People around these labs have been leaving China and Hong Kong since mid-February. [US intelligence] along with MI5 and MI6 are trying to build a very thorough legal case, which may take a long time. It’s not like James Bond.”

Mr Bannon even suggested that the French government, which helped to build the institute, had left behind monitoring systems after Beijing shut them out of the project before it opened in 2017. –Daily Mail

The thing was built with French help, so don’t think that there aren’t some monitoring devices in there. I think what you are going to find out is that these guys were doing experiments which they weren’t fully authorized [for] or knew what they were doing and that somehow, either through an inadvertent mistake, or on a lab technician, one of these things got out,” Bannon continued. “It’s not that hard for these viruses to get out. That is why these labs are so dangerous.”

“You essentially had a biological Chernobyl in Wuhan, but the center of gravity, the Ground Zero, was around the Wuhan lab, in terms of the casualty rates. And like Chernobyl, you also had the cover-up – the state apparatus reports to itself and just protects itself.”

Mr Bannon, who has close links to Guo Wengui, an exiled Chinese billionaire, told this newspaper: ‘Regardless of whether it came out of the market or the Wuhan lab, the Chinese Communist party’s subsequent decisions hold them guilty of pre-meditated murder.

‘We know this because Taiwan formally informed the WHO on December 31 that there was some sort of epidemic coming out of Hubei province [where Wuhan is]. The CDC in Beijing was informed on January 2 or 3, and they decided to withhold that information and then sign a trade deal [with the US on January 15].

If they had been straightforward and truthful in the last week of December, 95 per cent of the lives lost and the economic carnage would have been contained. –Daily Mail

Bannon continues:

“That is the tragedy here. They used the time to scoop up all the world’s personal protective equipment. This is a murderous dictatorship. The blood is [also] on the hands of the world’s corporations – the investment banks, the hedge funds and the pension funds – and it is time to start calling it out before it leads to the destruction of the West,” Bannon elaborated. “We are in the most extraordinary crisis in modern American history, more than Vietnam, the Cold War, even the Second World War. A global pandemic and an economic inferno. I have no faith in the WHO, the leadership should face criminal charges and be shut down.”

One has to wonder if China will respond with whistleblowers from Ft. Detrick to support their narrative?

end
The defaults keep coming
(zerohedge)

The “Biblical” Default Wave Arrives: Here Is The Avalanche Of Bankruptcies Unleashed By Coronavirus

Two months ago, we said that it was just a matter of time before a “biblical” wave of bankruptcies was about to be unleashed on the US as a result of the coronavirus pandemic…

… and sure enough, the first wave is corporate defaults is starting to wash across US shores, with companies in every industry – from retailers, to airlines, and restaurants – but also sports leagues, a cannabis company and an archdiocese plagued by sex-abuse allegations. These are some of the more than 110 companies tracked by Bloomberg that have declared bankruptcy in the U.S. this year and blamed Covid-19 in part for their demise.

While some were in deep financial trouble even before governors ordered non-essential businesses shut to help contain the spread of the virus, most will reorganize and emerge from court smaller and less-indebted. But the hardest hit, are liquidating assets and closing for good.

Among the filers are some of the most iconic names of US business: Hertz, J.C. Penney and as of last week, Brooks Brothers, too. However most are small and medium-sized businesses scattered across the country. Their downfall might not normally garner much attention, but it does underscore the full extent of the damage Covid-19 has inflicted on the economy.

The list below compiled by Bloomberg is only a snapshot of the thousands of corporate entities that have landed in bankruptcy court since the pandemic took hold in March.

The list of companies runs the full gamut – some had billions of dollars in assets; others had only a handful of employees on payroll. Among the smallest is Sugarloaf Craft Festivals, which organized artist fairs across the country. It simply saw no way to keep going in the era of social distancing. Ditto for Bounce For Fun, which rented bounce houses and water slides for school parties and spring festivals in the Dallas area. The owner says cancellations had hit 100% this year, with little hope for a rebound next season. The biggest – so far – is rental giant Hertz, which survived two world wars, a great depression, a cold war, but ultimately folded, beaten by a tiny Chinese virus.

Below is the full list of bankruptcies compiled by Bloomberg:

end

What Will The Next COVID Stimulus Bill Look Like?

Authored by Mike Shedlock via MishTalk,

There will be another COVID stimulus package from Congress. But Democrats and Republicans have competing views

Which View Will Win?

  • Democrats want to extend benefits.
  • Republicans, led by Trump seek a back-to work bonus.

Fox News comments Here’s what Trump’s back-to-work bonus could look like

Republicans are resisting an extension of the $600 expanded unemployment benefit implemented as part of the CARES Act in March, and the Trump administration has instead pushed a so-called “back-to-work bonus.”

Ohio Republican Sen. Rob Portman has a plan that would provide individuals returning to work with a temporary $450 a week payment on top of their wages for several weeks.

Kudlow called Portman’s plan a “good idea” during an interview with Fox News.

Texas Republican Kevin Brady has proposed turning unemployment benefits into a bonus for returning to work. Specifically, it would give workers two weeks’ worth of $600 payments if they find a job, or $1,200.

Expiring Benefits

The $600 pandemic benefit will expire on July 31 unless Congress agrees to an extension. At the end of June, more than 19 million people received benefits.

At Least for a While, It Pays Better to Be Unemployed

On May 18, I commented At Least for a While, It Pays Better to Be Unemployed

That must end, not slowly, but immediately. Unemployment insurance should never pay more than someone was making before.

Pick a limit, but I suggest something like 60% maximum.

If you make it zero, you immediately throw people off the cliff edge via government-mandated shutdowns.

Trump’s View

Trump wants to cut payroll taxes (FICA etc.) for those who find a job.

The nice thing about Trump’s idea is the that it benefits lower wage employees the most because of the FICA cutoff at $137,700 for 2020.

But what if previously-employed people cannot find a job or simply do not want to?

Two Flawed Approaches

  • House Speaker Nancy Pelosi’s approach encourages people not to work.
  • Republican approaches punish people who genuinely want a job but cannot find one.

The correct compromise is not to to do both but rather to provide some benefit to those who return to work while tapering benefits for those who don’t to ensure people do not take advantage of free benefits.

As a Libertarian, it pains me to suggest government to do anything. But doing nothing also implies there never would have been any shutdowns, with clearly disastrous consequences.

In this case, if Government mandates a shutdown, then it has to properly mitigate the consequences. Competing views show that is easier said than done.

Getting the compromise wrong would be a huge disaster.

iv) Swamp commentaries)

Cops raid St Louis couple and removes his rifle even though they were only defending their home from protesters.\

(zerohedge)

Cops Raid Mansion Of St. Louis Couple Who Defended Home From Protesters, Confiscate AR-15

St. Louis authorities confiscated an AR-15 used by Mark McCloskey, who made headlines with his wife Patricia last month when they defended their historic mansion from protesters who had broken down a gate to trespass on their private road.

Police executed a search warrant Friday evening at the McCloskey’s home, seizing the rifle used in the June 28 incident, according to KSDKThe couple said their attorney was in possession of the pistol Patricia McCloskey brandished during the confrontation. The raid comes two weeks after St. Louis circuit attorney Kimberly Gardner vowed to work with the St. Louis Police Department to conduct an investigation into the incident.

According to the report, there are no charges against the McCloskeys at this time, as the warrant was just for the guns.

As Fox News reports, the McCloskeys appeared on “Hannity” where they said that protesters had returned to their neighborhood on July 3, however they had been tipped off and hired private security before “300 to 500 people” entered their gated community, according to Patricia McCloskey.

“[They said] that they were going to kill us,” she said. “They were going to come in there. They were going to burn down the house. They were going to be living in our house after I was dead, and they were pointing to different rooms and said, ‘That’s going to be my bedroom and that’s going to be the living room and I’m going to be taking a shower in that room’.”

And now they’ve been disarmed.

END

Trump rightly tells the Minnesota Governor no to its request for over 16 million dollars in aid due to leftist damage of the city

(zerohedge)

Trump Admin Tells Minnesota Governor To Get Bent Over $16 Million Aid Request Following Riots

The Trump administration has denied a request by Minnesota Governor Tim Walz (D) for $16 million in federal aid to help rebuild widespread damage in Minneapolis caused by rioters protesting the death of George Floyd.

Late Friday, Walz spokesman Teddy Tschann confirmed that the July 2 federal aid request to the Federal Emergency Management Agency (FEMA) was denied.

The Governor is disappointed that the federal government declined his request for financial support,” said Tschann in a statement. “As we navigate one of the most difficult periods in our state’s history, we look for support from our federal government to help us through.”

Over 1,500 buildings were damaged by fires, looting and vandalism following Floyd’s death on May 25 while in police custody. According to Walz, over $500 million in damages ensued.

Many small businesses and grocery stores, pharmacies and post offices were damaged during the unrest. In his letter to FEMA, Walz said what happened in the Twin Cities after Floyd’s death was the second most destructive incident of civil unrest in U.S. history, after the 1992 riots in Los Angeles.

The Walz administration conducted a preliminary damage assessment that found nearly $16 million of eligible damages related to fires. The federal funds would have been used to reimburse local governments for repairs and debris removal. –Star Tribune

On Thursday, Republican Rep. Tim Emmer (MN) sent a letter to President Trump asking for a “thorough and concurrent review” of how state officials handled the civil unrest so that “every governor, mayor and local official can learn from our experiences.”

“If the federal government is expected to assist in the clean-up of these unfortunate weeks, it has an obligation to every American — prior to the release of funding — to fully understand the events which allowed for this level of destruction to occur and ensure it never happens again,” wrote Emmer.

“Current damage estimates are now five times their original projections, but the extent of the destruction cannot be calculated solely in dollars and cents,” continues Emmer’s letter. “Thousands of livelihoods have been permanently disrupted, future economic development plans have been derailed as businesses reconsider investing in and around the Twin Cities, and numerous public lifelines for the community have been cut leaving Minnesotans searching for alternative means of care for their families.

“To date there have been no federal analysis of the actions that were – or were not – taken by local and state officials to prevent one of the most destructive episodes of civil unrest in our nation’s history.

end
The right fights back: they clean out store shelves of Goya products
(zerohedge)

The Left’s “Boycott” Of Goya Has Backfired Spectacularly As Conservative Customers Clean Out Store Shelves

In what is turning into a spectacular backfire, Goya products are being cleaned out of grocery store shelves in what is being dubbed the “Chick-Fil-A” effect by The Daily Wire.

Namely, leftists have called for a boycott over the brand after its CEO publicly praised President Donald Trump. Instead, conservatives took matters into their own hands and are reportedly buying more Goya products than they normally would to show support for the company, its CEO and the President. It’s being called a “Buy-Cott”.

It began when radio host Mike Opelka began encouraging people on Twitter to buy $10 worth of Goya products to turn around and donate to their local food bank. 

He Tweeted: “My brother came up with a terrific idea and I am encouraging all to join me in purchasing $10 worth of Goya Foods products and donating them to your local food bank. Let’s push a BUY-cott, not a boycott. Let’s show the #Goyaway people what compassion can do.”

Other conservative voices joined in:

And this weekend a GoFundMe effort was launched to feed the hungry using only Goya products. It has raised over $43,000 so far.

Casey Harper, who started the GoFundMe, said: “I’m not surprised we have raised so much because people are tired of having to walk on eggshells in political discourse. Also, Americans are fundamentally generous people, so a chance to feed the hungry and stand up to cancel culture was an easy win.”

Recall, three days ago, we reported that the Goya CEO “refused to apologize” for his comments praising President Donald Trump. As a result, many liberals announced they were boycotting his company.

By last Thursday evening, “Goya,” #BoycottGoya and #Goyaway were trending topics on Twitter.

Goya’s CEO joined other Hispanic leaders at the White House on Thursday to take part in the Administration’s “Hispanic Prosperity Initiative” to promote economic and educational efforts.

“It’s suppression of speech,” he told “Fox & Friends” hosts Friday.

“In 2012, 8 years ago, I was called by Michelle Obama to Tampa and they were mentioning to launch a ‘MyPlate’ thing, it’s putting the nutritional pyramid into a plate of portion control. They wanted to approach the African American community, Hispanic community to eat more nutritionally. So, they called on us as the most recognized Hispanic brand in the United States and I went.”

He continued, “I went to the White House later and I introduced Hispanic Heritage Month, President Obama. And, so, you’re allowed to talk good or to praise one president, but you’re not allowed, when I was called to be part of this commission to aid in economic and in educational prosperity, and you make a positive comment, all of a sudden that’s not acceptable.”

Recognizing the existence of a double standard between the public’s view of working alongside the different administrations, he added, “So, you know, I’m not apologizing for saying, and especially if you’re called by the President of the United States, you’re gonna say ‘no, I’m sorry, I’m busy. no, thank you.’ I didn’t say that to the Obama’s and I didn’t say that to President Trump.”

end
The USA judicial system is one big farce!!

(zerohedge)

Judge In Roger Stone Demands To See Trump Order Granting Clemency

US District Judge Amy Berman Jackson demanded more information concerning President Trump’s decision to commute the prison sentence of Roger Stone – a longtime ally who avoided a 40-months in prison sentence for making false statements to special counsel Robert Mueller’s team during the Russia investigation.

According to AP, Berman Jackson ordered the parties to provide her a copy of Trump’s executive order commuting Stone’s sentence, as well as clarity for the scope of the clemency – including whether Stone’s two-year supervised release is covered by the decision.

The president told reporters on Monday that he was getting “rave reviews” for his action on Stone and restated his position that the Russia investigation “should have never taken place.”

Democrats lambasted Trump’s decision as having undermined the rule of law, and Republican Sen. Mitt Romney of Utah, the only Republican to vote to convict the president during his impeachment trial, called the clemency decision “unprecedented, historic corruption.” Mueller himself defended the Stone prosecution in a Washington Post opinion piece in which he said Stone “remains a convicted felon, and rightly so.”

Although presidents have broad authority to commute prison sentences and issue pardons, the brief order from Jackson — who presided over Stone’s trial last year — made clear that the judge still is seeking information and clarity about the clemency, including the actual executive order from the White House. -AP (via WTOP)

The order was entered into the docket several hours later.

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

China State Funds Start Selling in Warning Sign for Stock Rally

China acted to cool the speculative frenzy in its $9.5 trillion stock market, ending a euphoric eight-day surge that had fueled worries of a new bubble in the making.

    Signs of Beijing’s unease over the rally’s speed emerged late Thursday, when a pair of government-owned funds announced plans to trim holdings of stocks that soared this week. On Friday the state-run China Economic Times warned about the dangers of a “crazy” bull market, while Caixin reported that regulators had asked mutual fund companies to cap the size of new products…

https://www.bloomberg.com/news/articles/2020-07-10/china-state-funds-start-selling-in-warning-sign-for-stock-rally

The ESU bottom appeared 12 minutes before the European open.  A saw-tooth rally developed.  The rally accelerated less than an hour before the NYSE open due to another Gilead report on remdesivir and, because it was Friday, Team Trump verbal intervention.

Kudlow Says Trump Will Not Tolerate a Full U.S. Economic Shutdown amid Coronavirus

White House Adviser Kudlow Says He Believes U.S. Economy is in a Recovery

https://www.reuters.com/article/brief-kudlow-says-trump-will-not-tolerat/brief-kudlow-says-trump-will-not-tolerate-a-full-us-economic-shutdown-amid-coronavirus-idUSW1N2D3001

Gilead Presents Additional Data on… Antiviral Remdesivir for the Treatment of COVID-19

In this analysis, remdesivir was associated with an improvement in clinical recovery and a 62 percent reduction in the risk of mortality compared with standard of care…

https://www.gilead.com/news-and-press/press-room/press-releases/2020/7/gilead-presents-additional-data-on-investigational-antiviral-remdesivir-for-the-treatment-of-covid-19

International Journal of Infectious Diseases: Case reports study of the first five patients COVID-19 treated with remdesivir in France – The treatment had to be interrupted for potential side effects for 4 out 5 patients including two alamine aminotransferase (ALT) elevation and two renal failure cases.

https://www.sciencedirect.com/science/article/pii/S1201971220305282

The French study, published on-line on June 30, 2020, is being ignored.

Trump’s rift with White House health advisor Fauci widens as coronavirus cases continue to hit new records – “Dr. Fauci’s a nice man, but he’s made a lot of mistakes,” Trump said in an interview with Fox News’ Sean Hannity on Thursday. “They’ve been wrong about a lot of things, including face masks. Maybe they’re wrong, maybe not. A lot of them said don’t wear a mask, don’t wear a mask. Now they’re saying wear a mask. A lot of mistakes were made, a lot of mistakes.”…

https://www.cnbc.com/2020/07/10/coronavirus-trumps-rift-with-white-house-health-advisor-fauci-widens-as-cases-hit-new-records.html

 

Just 15 days weeks months years to flatten the Covid-19 infection curve!

Trump says U.S.-China relationship is ‘severely damaged,’ Phase 2 trade deal not a priority

https://www.cnbc.com/2020/07/10/trump-says-us-china-relationship-damaged-phase-2-trade-deal-not-a-priority.html

American Airlines threatens to cancel some Boeing 737 MAX orders: WSJ

Unless the plane maker helps secure funding for them…

https://www.msn.com/en-us/money/companies/american-airlines-threatens-to-cancel-some-boeing-737-max-orders-wsj/ar-BB16A9pH

Fed adds Apple, Walt Disney and other bonds to credit portfolio https://reut.rs/38Lkd5I

Why in Sam Hill is the Fed buying Apple bonds when the company is flush with cash?  The only reason is to pump up asset prices in general.

Labor Department Watchdog Subpoenas Jobless-Aid Data from States

A sweeping fraud-detection probe that some workforce professionals say could delay payment of benefits.

https://news.bloomberglaw.com/daily-labor-report/labor-department-watchdog-subpoenas-jobless-aid-data-from-states

@realDonaldTrump: Too many Universities and School Systems are about Radical Left Indoctrination, not Education. Therefore, I am telling the Treasury Department to re-examine their Tax-Exempt Status and/or Funding, which will be taken away if this Propaganda or Act against Public Policy continues. Our children must be Educated, not Indoctrinated!

Goya Foods CEO won’t apologize in face of boycott, backlash for pro-Trump remarks: ‘Suppression of speech’    https://www.foxnews.com/media/goya-boycott-trump-praise-ceo-fox-friends

Trump says he’ll sign order with ‘road to citizenship’ for DACA recipients

If you look at the Supreme Court ruling, they gave the president tremendous powers when they said that you could take in, in this case, 700 thousand or so people, so they gave powers,” said Trump… One of the aspects of the bill that you will be very happy with, and that a lot of people will be, including me and a lot of Republicans, by the way, will be DACA. It will give them a road to citizenship,” he added…  https://thehill.com/homenews/administration/506844-trump-says-hell-sign-order-with-road-to-citizenship-for-daca

@TaviCosta: This is largest divergence in junk vs. investment grade bond yields in history.  Significantly higher than times during the GFC [2008].  Fed’s support clearly not doing enough. Junk bonds sending an important message of the underlying risks in the markets.  [Chart at link]

https://twitter.com/TaviCosta/status/1281989660202479616

@AlexBerenson: And after a week of nightmare headlines about Florida, and about 70,000 new cases (aka positive tests), hospitals have a grand total of 130 more patients (~2.5%) in ICU beds statewide than last Sunday. Can’t make it up. 45 deaths today, in a state with 20 million people.

 

@LouPalumbo: Literally, 65% of the reported covid by CDC this week occurred more than four weeks ago. Deaths continue a downward trend, while it appears on worldometers & counters that there was an increase this week.  Note: There’s 50k backlogged unexpected deaths to report.

https://twitter.com/LouPalumbo/status/1282066084070412288

 

Why Isn’t California Criticized Like Florida on Covid-19?

It’s a blue state, of course. But the virus doesn’t discriminate based on party affiliation.

https://www.bloomberg.com/opinion/articles/2020-07-10/why-isn-t-california-criticized-like-florida-on-covid-19

 

The Swiss magazine Weltwoche: Coronavirus: Why everyone was wrong

The immune response to the virus is stronger than everyone thought

    Sars-Cov-2 isn’t all that new, but merely a seasonal cold virus that mutated and disappears in summer, as all cold viruses do — which is what we’re observing globally right now…

    From the World Health Organisation (WHO) to every Facebook-virologist, everyone claimed this virus was particularly dangerous, because there was no immunity against it, because it was a novel virus. Even Anthony Fauci… noted at the beginning at every public appearance that the danger of the virus lay in the fact that there was no immunity against it but in reality, nobody had a test ready to prove such a statement. That wasn’t science, but pure speculation based on a gut feeling that was then parroted by everyone A study by John P A Ioannidis of Stanford University — according to the Einstein Foundation in Berlin one of the world’s ten most cited scientists — showed that immunity against Sars-Cov-2, measured in the form of antibodies, is much higher than previously thought

[On recent Covid cases] It is likely that a large number of the daily reported infection numbers are purely due to viral debris…this test cannot identify whether the virus is still alive, i.e. still infectious.

https://medium.com/@vernunftundrichtigkeit/coronavirus-why-everyone-was-wrong-fce6db5ba809

 

Does blood type affect your coronavirus risk? Here’s what health experts and studies say

Overall, the findings indicate that people with Type O blood seem to be more protected and that those with Type A appear more vulnerable… people with Type A blood were 45% more likely to develop severe Covid-19 requiring oxygen supplementation or a ventilator than people with other blood types and that those with Type O blood were 35% less likely…The gene testing company 23andMe wrote a blog post about preliminary unpublished data suggesting that people with Type O blood were less likely to test positive for the coronavirus than others…

https://www.cnbc.com/2020/07/08/does-blood-type-affect-your-coronavirus-risk-what-health-experts-studies-say.html

 

Coronavirus gender gap: Scientists try to explain why men are much more likely to die of COVID-19 – Men are more likely to suffer worse outcomes from the disease, and are as much as 2.4 times more likely to die… The coronavirus’ gender gap is similar to those seen with diseases like influenza and hepatitis, which women tend to recover from faster than men. Women also generally mount stronger immune responses from vaccines… Some scientists believe the advantage lies in the X chromosome, which carries genes linked to immune function. Women have two X chromosomes, while men only have one.  Dr. Sara Ghandehari is researching whether the COVID-19 gender gap could be linked to pregnancy-supporting hormones estrogen, testosterone and progesterone…

https://www.cbsnews.com/news/coronavirus-gender-gap-men-more-likely-to-die-covid-19-women/

 

Autopsies show COVID-19 victims had blood clots in ‘almost every organ,’ doctor says

https://nypost.com/2020/07/10/covid-19-victims-had-extensive-blood-clots-doctor/

 

Coronavirus autopsies: A story of 38 brains, 87 lungs, and 42 hearts

In dengue, a mosquito-borne tropical disease, she learned, the virus appeared to destroy these cells, which produce platelets, leading to uncontrolled bleeding. The novel coronavirus seemed to amplify their effect, causing dangerous clotting. She was struck by the parallels: “Covid-19 and dengue sound really different, but the cells that are involved are similar.”…Researchers also found widespread clotting in many organs…

    Given widespread reports about neurological symptoms related to the coronavirus, Fowkes said, she expected to find virus or inflammation – or both – in the brain. But there was very little. When it comes to the heart, many physicians warned for months about a cardiac complication they suspected was myocarditis, an inflammation or hardening of the heart muscle walls – but autopsy investigators were stunned that they could find no evidence of the condition…  The findings caused a stir at many hospitals and influenced some doctors to start giving blood thinners to all covid-19 patients. It is now common practice…   https://www.boston.com/news/health/2020/07/01/covid-autopsies

 

@WBBMNewsradio: A new study found that diabetes, obesity, a compromised immune system, and severe asthma make people more vulnerable to complications from the coronavirus.

https://wbbm780.radio.com/articles/radiocom/which-people-are-most-likely-to-be-killed-by-covid-19-study

 

NBC Contributor [Dr. Joseph Fair] Reveals He Never Tested Positive for COVID after Network Followed His Alleged Recovery [This is beyond “fake news”!  It’s a fraud!]

https://thefederalist.com/2020/07/10/nbc-contributor-reveals-he-never-tested-positive-for-covid-after-network-followed-his-alleged-recovery/

 

@FDRLST: Phoenix Democratic Mayor Kate Gallego charged Friday that one major health care provider in her city has been forced to order refrigerated trucks. The provider disagreed.

 

Phoenix Mayor Caught in Lie over Morgue Space

https://thefederalist.com/2020/07/10/phoenix-mayor-peddles-misinformation-about-hospital-morgue-space-to-pick-partisan-fight/

 

Data suggest Florida’s record-breaking coronavirus days may have been inflated by as much as 30% – The state appears to be posting backlogged cases as if they occurred on the days in question.

https://justthenews.com/politics-policy/coronavirus/data-suggest-floridas-record-breaking-coronavirus-days-may-have-been-0

 

LA Teachers Union Says Schools Can’t Reopen Unless Charter Schools Get Shut-Down, Police Defunded   https://www.zerohedge.com/political/la-teachers-union-says-schools-cant-reopen-unless-charter-schools-get-shut-down-police

 

@marklevinshow: Obama’s hydroxychloroquine from 2008 [pic of his HCQ vial]

https://twitter.com/marklevinshow/status/1281750586204069889

 

Charles Barkley says woke sports is creating a circus: ‘stop screwing around and dividing our country’ – “We need police reform, we need prison reform,” the former 76ers, Suns and Rockets star said. “We need the cops. We need the good cops out there policing the bad cops.”…

    Barkley pointed out that “sports used to be a place where fans could go get away from reality.”…

   “The last thing they want to do is turn on the television and hear arguments all the time. It’s going to be very interesting to see how the public reacts,” he said…

https://www.bizpacreview.com/2020/07/11/charles-barkley-says-woke-sports-is-creating-a-circus-stop-screwing-around-and-dividing-our-country-945286

 

GOP Sen. Josh Hawley calls on NBA to put ‘Support Troops’ and ‘Back the Blue’ on jerseys

If @NBA is going to put social cause statements on uniforms, why not “Support our Troops” or “Back the Blue”? Or given how much $$ @nba makes in China, how about “Free Hong Kong”! Today I wrote to Adam Silver [NBA Commissioner] to ask for answers.”

https://www.usatoday.com/story/sports/nba/2020/07/10/sen-josh-hawley-calls-nba-support-troops-military-jerseys/5412882002/

 

Senator Josh Hawley Wants Action, Not Apologies For Woj F-Bomb

Senator Josh Hawley told Outkick.com this afternoon that he’s not looking for ESPN or its superstar NBA reporter Adrian Wojnarowski to apologize for his profane email response to the Republican lawmaker’s letter questioning the league’s social justice messaging… “I think normal Americans get it, but the media and the corporate class want to look the other way,” Hawley said. “Normal, working Americans have understood at a gut level for years the threat from China, including the threat to our jobs. It’s the political establishment and the corporate class that kowtow to China.”…

https://outkick.com/senator-josh-hawley-wants-action-not-apologies-for-woj-f-bomb/

 

Sen. @HawleyMO: My phone has been ringing off the hook with lobbyists from @espn, from @Disney, the works. Let’s make this simple. I’m inviting ESPN CEO Jimmy Pitaro to Washington. My office. Let’s sit down and discuss ESPN, China, the @NBA. Look forward to his response… Don’t criticize China or express support for law enforcement to @espn. It makes them real mad.”

 

New Steele evidence strengthens Durham prosecution as frustration over inaction grows

A British court decision unmasks new evidence of FBI abuses in the Russia collusion probe.

    Buried in Justice Mark Warby’s ruling were several new pieces of evidence that answer long lingering questions about just what the FBI knew, and when it knew it…the notes make clear that Steele told his FBI handlers from the get-go that the dossier’s “ultimate client were (sic) the leadership of the Clinton presidential campaign.” So the FBI knew immediately that the dossier it used to justify a FISA warrant targeting the Trump campaign was a political opposition research product designed to help Clinton defeat her Republican opponent and did not divulge the connection…

    The ruling discloses that officials at the State Department where Hillary Clinton had served as secretary of state were uniquely involved in Steele’s efforts to bring the dossier to attention, including Mrs. Clinton’s former Russia expert Assistant Secretary Victoria Nuland, Clinton’s successor as secretary of state John Kerry and Joe Biden’s former national security adviser Tony Blinken…

https://justthenews.com/accountability/russia-and-ukraine-scandals/new-steele-evidence-strengthens-durham-prosecution

 

Trump says Joe Biden ‘plagiarized’ his new economic plan

Biden also ran for president in 1988 but dropped out due to a plagiarism scandal. He was exposed for using without credit lines from British Labor Party leader Neil Kinnock in one of his speeches… the barb came after observers noticed the similarities between Biden’s new economic messaging and Trump’s more established economic nationalism…https://trib.al/OxT4gJf

 

@TrumpWarRoom: [Navarro to Maria Bartiromo] President Trump has signed “at least 7 Buy American orders. That’s 7 more than Biden or Obama signed…” Joe Biden is a PLAGIARIST who doesn’t understand what America First actually means!  https://twitter.com/TrumpWarRoom/status/1282344564565704704

 

Proposed Democrat Platform Gives U.S. Asylum to the World’s Migrants

The document, known as the Biden-Sanders Unity Task Force Recommendations, would provide amnesty and a pathway to U.S. citizenship to the 11 to 22 million illegal aliens living in the nation and welcome hundreds of millions of the world’s migrants…

https://www.breitbart.com/politics/2020/07/08/proposed-democrat-platform-amnesty-for-all-illegals-asylum-for-worlds-migrants/

 

@TrumpWarRoom: Joe Biden is letting socialist Bernie Sanders dictate his policy positions! He’s ALREADY conceding to the Radical Left. Sanders: These policies “if implemented, will make Biden the most progressive president since FDR.”  https://twitter.com/TrumpWarRoom/status/1281607501738397697

 

Hill-HarrisX Poll: 68 percent concerned with vote tampering for mail-in ballots

Eighty percent of Republicans in the survey said they were somewhat or very concerned with tampering with mail-in ballots, compared to 68 percent of independents and 56 percent of Democratic voters…

https://thehill.com/hilltv/what-americas-thinking/505210-poll-68-percent-of-voters-concerned-with-vote-tampering-issues

 

De Blasio unveils plan to combat NYC’s surge in gun violence

“… increased NYPD presence at hotspots at key locations, more patrol officers on foot in vehicles, but also more community presence because that is the key to this, community leaders, committee organizations walking with police officers showing common cause,”…

https://nypost.com/2020/07/10/de-blasio-unveils-plan-to-combat-nycs-surge-in-gun-violence/

 

NYC Black Lives Matter marches can continue despite large-event ban, de Blasio says

https://nypost.com/2020/07/09/nyc-allows-black-lives-matter-marches-despite-ban-on-large-events/

 

Seattle held ‘segregated’ training session on ‘undoing whiteness,’ encouraged staffers to forfeit ‘guaranteed physical safety’ [This is patently illegal, unconstitutional, racist and offensive.]

https://www.foxnews.com/us/seattle-chop-segregated-training-session-white-supremacy-physical-safety

 

Chicago Tribune’s feature columnist John Kass: As Black children are killed in spiking urban violence, where’s the outrage from the white and the woke?

    BLM isn’t a movement as much as it is a political and fundraising arm, founded by neo-Marxists, and currently aligned with the Democratic Party…the protesters, so silent now, see no political advantage for the November elections in drawing attention to the Black children, some as young as 1, who are killed?…

    The white and woke live in wealthy and working-class neighborhoods… and their parents are Democratic Party donors…“As a result, the political class doesn’t bear any of the downside risk that attends the misguided ‘decarceration’ and de-policing efforts so popular among ‘progressives’ desperate to establish their social justice bona fides.”  When it comes to the lives of Black children taken in street violence, what’s clear is that the white woke world has no skin in the game.  https://www.chicagotribune.com/columns/john-kass/ct-chicago-violence-kass-20200709-ss4hdqzc2rclhhwjpwfpptgv4a-story.html

 

USA/Today: Trump campaign accused of T-shirt design with similarity to Nazi eagle

The similarity was first noticed, according to Forward, by two Twitter accounts, Bend the Arc: Jewish Action, described as a Jewish progressive group, and the Lincoln Project, an anti-Trump group formed by Republicans… But the eagle is widely used in American political imagery. The office of the American president and many Cabinet-level offices have official seals that also incorporate an eagle as the central design…    https://amp.usatoday.com/amp/5414393002

 

@USATODAY Clarification: The claim that Trump 2020 has put out a T-shirt with a symbol similar to a Nazi eagle and is being criticized for it is true. Worth noting, the eagle is a longtime US symbol, too.

 

The severity of TDS (Trump Derangement Syndrome) cannot be understated, especially with the media.

 

@ericbolling: Commutations by President: Trump: 10, Obama: 1,715, Bush: 11, Clinton: 61

 

@marklevinshow: “We have two justices on the Supreme Court and seven politicians.”

  1. The Supreme Court just opened itself up to congressional demands for the individual justices’ tax returns.
  2. I can see a situation in which the House or the Senate decides that it must have access to all of the justices’ tax and financial records each year to determine if they’re influences in any way to write the decisions they write or vote the way they vote on numerous cases.
  3. The justices will not be able to argue that they are immune as a matter of separation of powers as they just shot down that argument as applies to the president.

Well that is all for today

Let us close up today with this offering courtesy of Greg Hunter interviewing Kevin Shipp

Topic:  Black lives Matter!

Violence in Streets Going to Increase – Kevin Shipp

By Greg Hunter On July 12, 2020 In Political Analysis

Former CIA Officer and counter-terrorism expert Kevin Shipp says, “I think people need to understand that the violence you are seeing in the streets is going to increase leading up to November. We are seeing Black Lives Matter (BLM) mob thugs attack people just because they are white. . . . The riots and looting is going to get worse. . . . Let me say this, Black Lives Matter is not a civil rights movement at all. People need to understand that Black Lives Matter is directly connected to the Nation of Islam. Louis Farrakhan teaches that white people are devils and are inferior to black people and should be eliminated as should the Jews. Both of Black Lives’ leaders have come out and said we are Marxists, and we train our people in Marxism. . . . Black Lives Matter is essentially a terrorist organization, and yet these mayors and governors are leaving them alone. Not only that, but large companies like Coca-Cola are contributing millions of dollars to Black Lives Matter. It is an organization of anarchy bent on overturning our constitutional system and attacks churches, Christians and Jews. . . . This is serious, and it’s going to get worse. Black Lives Matter is going to increase its attacks on white Americans, Jewish Americans, and these companies need to stop supporting that.”

What is Shipp’s biggest fear? Shipp says, “My biggest fear is not martial law or the feds sending SWAT teams against Americans. My biggest fear is the mob will continue its violence. Black Lives Matter will continue their violence. There are going to be more attacks, more looting, more robberies, and this will start moving into the suburbs and even the farm areas. This sort of Marxist, racist violence will continue, and they see this as their moment. They are abusing the George Floyd incident and the Covid situation. This has been pre- planned for some time. They were just waiting for the right fuse to light the dynamite stick. This violence is going to increase right up to the November election. It’s going to be the mob, not the government that I am worried about. Antifa and others are going to be the real threat to America. This is a clear and present danger to our safety, to America and to our system of government.”

Why are Marxist Democrats using full on violence? Shipp says, “Every Marxist movement in history has used fear as its greatest weapon. A lot of these people giving to BLM are afraid. They don’t want to be attacked by the mob. So, they say let’s just accept the mob, support the mob, contribute to the mob, and then the mob will leave us alone. As always happens with movements like this, fear is their biggest weapon and their biggest tool even against corporations. . . . Sadly, this appears to be the age of cowardice in this country. These people bow to these threats, and they are afraid of them. I think the majority is not going to be intimidated and threatened to supporting this movement. That’s not going to happen. . . . The violence and threats are going to increase, but hold tight. When you are over the target, the flack gets worse. The increased violence you are seeing is because the Marxists and the DNC know their entire position in this government, in both Congress and the Presidency, their entire power is jeopardy. The DNC is in jeopardy, and it looks like Donald Trump, right now, will probably be reelected despite what the media says. They are terrified by that, and the reason we are seeing all this violence and threats is because they are terrified. My point is that’s a good sign. We are over the target. So. keep the faith and stay strong. We can defeat this Marxist movement as white, black, Asian, Hispanic Americans, and there is a unity, and a lot of us out there doing that.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Former CIA Officer Kevin Shipp.

-END-

World economic news:

I will see you TUESDAY night.

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