JULY 17/GOLD SURPRISES EVERYBODY AS IT ROSE $7.70 TO $1809.20//SILVER ROSE 15 CENTS TO $19.37 AND GETTING CLOSE TO A MAJOR BARRIER AT 20.00 DOLLARS//GOLD TONNAGE STANDING AT THE COMEX: A TOUCH BELOW 24 TONNES// CHINA VS USA//CORONAVIRUS UPDATES//SWAMP STORIES FOR YOU TONIGHT.//

GOLD:$:1809.20  UP $7.70   The quote is London spot price (cash market)

 

 

 

 

 

Silver:$19.37// UP 15 CENTS  London spot price ( cash market)

 

Closing access prices:  London spot

i)Gold : $1810.20  LONDON SPOT  4:30 pm

 

ii)SILVER:  $19.35//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

AUG GOLD:  $1810.70  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE AUG /:+ $1.50

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $19.75…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  38 CENTS  PER OZ

 

 

 

 

COMEX DATA

 

 

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

receiving today:0/132

issued: 80

EXCHANGE: COMEX
CONTRACT: JULY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,798.700000000 USD
INTENT DATE: 07/16/2020 DELIVERY DATE: 07/20/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 C RAND 1
135 H RAND 4
332 H STANDARD CHARTE 1
355 C CREDIT SUISSE 3
657 C MORGAN STANLEY 19
657 H MORGAN STANLEY 75
661 C JP MORGAN 80
686 C INTL FCSTONE 10
737 C ADVANTAGE 33 9
800 C MAREX SPEC 14
878 C PHILLIP CAPITAL 1
905 C ADM 14
____________________________________________________________________________________________

TOTAL: 132 132
MONTH TO DATE: 7,660

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 132 NOTICE(S) FOR 132,000 OZ  (.4105 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  7660 NOTICES FOR 766,000 OZ  (23.825 TONNES)

 

 

SILVER

 

FOR JULY

 

 

67 NOTICE(S) FILED TODAY FOR 335,000  OZ/

total number of notices filed so far this month: 14,738 for 73.690 MILLION oz

 

BITCOIN MORNING QUOTE  $9110  DOWN 23

 

BITCOIN AFTERNOON QUOTE.: $9163 UP $29

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $7.70 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD:

 

 

 

GLD: 1,206.89 TONNES OF GOLD//

 

WITH SILVER UP 15 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE  SLV: A HUGE  PAPER DEPOSIT  OF 1.583 MILLION OZ//

WHAT A FRAUD!!

RESTING SLV INVENTORY TONIGHT:

 

SLV: 522.780  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A TINY SIZED 205 CONTRACTS FROM 178,539 UP  TO 178,744, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE TINY SIZED GAIN IN  OI OCCURRED DESPITE OUR 14 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE SMALL GAIN IN COMEX OI IS PRIMARILY DUE TO HUGE  BANKER SHORT COVERING PLUS A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A SMALL INCREASE  IN SILVER STANDING  AT THE COMEX FOR JULY.  WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 1529 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 STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   JULY: 0  AND SEP 1324 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1324 CONTRACTS. WITH THE TRANSFER OF 1324 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 1324 EFP CONTRACTS TRANSLATES INTO 6.62 MILLION OZ  ACCOMPANYING:

1.THE 14 CENT LOSS IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

81.560 MILLION OZ INITIALLY IN JULY.

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 14 CENTS).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE SMALL GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL INCREASE 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 1324 CONTRACTS OR 7.690 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:

10,923 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 10,923 CONTRACTS) OR 54.62 MILLION OZ: (AVERAGE PER DAY: 910 CONTRACTS OR 4.551 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 54.62 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 7.80% 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:          1,192.03 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                               54.62 MILLION OZ/

 

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

 

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 205, DESPITE OUR 14 CENT LOSS  IN SILVER PRICING AT THE COMEX ///THURSDAYTHE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1324 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 STRONG SIZED OI CONTRACTS ON THE TWO EXCHANGES:  1529 CONTRACTS (WITH OUR 21 CENT GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1324 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED INCREASE OF 205 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A 14 CENT LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $19.22 // THURSDAY’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. 0.892 BILLION OZ TO BE EXACT or 127% of annual global silver production (ex Russia & ex China).

FOR THE NEW  JULY  DELIVERY MONTH/ THEY FILED AT THE COMEX: 67 NOTICE(S) FOR 335,000  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 81.550 million oz
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A TINY SIZED 221 CONTRACTS TO 579,074 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE TINY SIZED GAIN OF COMEX OI OCCURRED DESPITE OUR LOSS IN PRICE  OF $9.80 /// COMEX GOLD TRADING// THURSDAY// WE  HAD HUGE BANKER SHORT COVERING, ANOTHER HUMONGOUS SIZED  GOLD OZ STANDING AT THE COMEX FOR JULY, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A FAIR EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $9.80 .

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  64

 

WE GAINED A GOOD SIZED 4467 CONTRACTS  (13.89 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 4246 CONTRACTS:

CONTRACT .; AUG 3905 AND OCT: 0 DEC: 341  ALL OTHER MONTHS ZERO//TOTAL: 4246.  The NEW COMEX OI for the gold complex rests at 579,074. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4,467 CONTRACTS: 205 CONTRACTS INCREASED AT THE COMEX AND 4246 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 4467 CONTRACTS OR 13.890 TONNES. THURSDAY, WE HAD A LOSS OF $9.80 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A STRONG SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 13.890 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 $9.80).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS ALSO UNSUCCESSFUL  (SEE BELOW).

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (4246) ACCOMPANYING THE TINY SIZED GAIN IN COMEX OI  (476 OI): TOTAL GAIN IN THE TWO EXCHANGES:  4722 CONTRACTS. WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)ANOTHER HUMONGOUS INCREASE IN GOLD  STANDING AT THE GOLD COMEX FOR THE FRONT JULY MONTH,  3) ZERO LONG LIQUIDATION; 4) TINY COMEX OI GAIN AND .5) FAIR EXCHANGE FOR PHYSICAL ISSUANCE… AND  …ALL OF THIS WAS COUPLED WITH OUR LOSS IN GOLD PRICE TRADING//THURSDAY//$9.80.

 

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 : 46,329 CONTRACTS OR 4,632,900 oz OR 144.10 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 3860 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 144.10 TONNES

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

THUS EFP TRANSFERS REPRESENTS 144.10/3550 x 100% TONNES =4.059% 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   3162.29  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;                       144.10 TONNES SO FAR..

 

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

 

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A TINY SIZED 205 CONTRACTS FROM 178,551 UP TO 178,744 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE TINY GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   HUGE BANKER SHORT COVERING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A TINY INCREASE STANDING AT THE SILVER COMEX FOR JULY AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 1324 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: 1324 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1324 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN  OF 205  CONTRACTS TO THE 1324 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1529 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.610 MILLION  OZ, OCCURRED WITH OUR 14 CENT LOSS 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 4.03 POINTS OR 0.13%  //Hang Sang CLOSED UP 118.48 POINTS OR 0.47%   /The Nikkei closed DOWN 73.94 POINTS OR 0.32%//Australia’s all ordinaires CLOSED UP .36%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9983 /Oil UP TO 40.49 dollars per barrel for WTI and 43.03 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9983 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9968 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/USA VS CHINA  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A TINY SIZED 205 CONTRACTS TO 579,329 MOVING CLOSER TO  OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS TINY  COMEX INCREASE OCCURRED DESPITE OUR STRONG LOSS OF $9.80 IN GOLD PRICING /THURSDAY’S COMEX TRADING//). WE ALSO HAD A FAIR EFP ISSUANCE (4246 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)  ZERO LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS STANDING AT THE GOLD COMEX//JULY DELIVERY MONTH (SEE BELOW) , …  AS WE ENGINEERED A GOOD GAIN ON OUR TWO EXCHANGES OF 4467 CONTRACTS DESPITE GOLD’S CONSIDERABLE 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 64

 

 

 

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 4246 EFP CONTRACTS WERE ISSUED:  AUG  3905 , OCT: 0  DEC 341 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4246 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 GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:  4467 TOTAL CONTRACTS IN THAT 4246 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A TINY SIZED 221 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 TINY COMEX OI GAIN,  A HUGE  GOLD TONNAGE STANDING FOR THE JULY DELIVERY (SEE CALCULATIONS BELOW)… AND ZERO LONG LIQUIDATION……AND WITH ALL OF THE ABOVE WE HAD A CONSIDERABLE LOSS IN COMEX PRICE OF 9.80 DOLLARS..

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $9.80).  AND, THEY WERE UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A GOOD 14.687 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 4467 CONTRACTS OR 446,700 OZ OR 13.89 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:  579,074 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.91 MILLION OZ/32,150 OZ PER TONNE =  1801 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1801/2200 OR 81.87% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 175,583 contracts// extremely poor volume//hitting rock bottom//most traders have moved to London

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  221,402 contracts//  volume poor //most of our traders have left for London

 

 

JULY 17 /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 96,453.000 oz

3,000 kilobars

 

 

 

Deposits to the Customer Inventory, in oz  

195,510.231

OZ

JPMORGAN

MANFRA

 

 

No of oz served (contracts) today
132 notice(s)
 13,200 OZ
(0.4105 TONNES)
No of oz to be served (notices)
47 contracts
(4700 oz)
 .1461 TONNES
Total monthly oz gold served (contracts) so far this month
7660 notices
766,000 OZ
23.82 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

We had 1 deposit into the dealer

i) Into Brinks:  96,453.000 oz  (3,000 kilobars)

 

 

 

total deposit: 96,453.0000 oz

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 2 deposits into the customer account

 

i) Into JPMorgan: 194,513.550 oz

ii) Into Manfra:  996.681 oz

 

 

total deposit:  195,510.231 oz

 

we had 3 gold withdrawals from the customer account:

i) Out of Brinks:  64.30 oz  (2 kilobars)

ii) Out of HSBC,  15,523,300 oz

iii) Out of Loomis: 194,507.500 oz ( 6050 kilobars)

TOTAL gold withdrawals;  210,095.100 oz

We had 3  kilobar transactions  +

 

ADJUSTMENTS: 0 //   

 

 

 

 

 

The front month of JULY registered a total of 179 oi contracts FOR a LOSS of 188 contracts. We had 317 notices served on THURSDAY so we GAINED ANOTHER  129 contracts or an additional 12,900 oz will stand for delivery as they refused to morph into London based forwards.

 

 

Next comes August and another strong delivery month and here the OI FELL BY only 8,888  contracts DOWN to 288,881 contracts, as we continue our countdown to first day notice.

August is contracting very slowly and thus we will have a humdinger of a delivery month.

 

Sept saw another addition of 58 contracts to stand at 479.  Oct GAINED ONLY 415 contracts UP to 38,388. (The boys prefer August)

 

We had 132 notices filed today for 13,200 oz

 

FOR THE JULY 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 80 notices were issued from their client or customer account. The total of all issuance by all participants equates to 132 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 0 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JULY /2020. contract month, we take the total number of notices filed so far for the month (7660) x 100 oz , to which we add the difference between the open interest for the front month of  JULY (179 CONTRACTS ) minus the number of notices served upon today (132 x 100 oz per contract) equals 770700 OZ OR 23.972 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 (7660 x 100 oz + (179 OI) for the front month minus the number of notices served upon today (132) x 100 oz which equals 770,700 oz standing OR 23.972 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 129 contracts or an additional 12900 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 379.68 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 23.972 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  13,353,362.987 oz or 415.34 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:  12,207,008.0  (379.68 tonnes)
true registered gold  (total registered – pledged tonnes  12,207,008.0 (379.68 tonnes)
total eligible gold:  20,784,853.065 oz (646.49 tonnes)

total registered, pledged  and eligible (customer) gold;   34,138,216.053 oz 1061.84 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  935.50 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 17/2020

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
 332,453.229 oz
Brinks
HSBC

 

 

Deposits to the Dealer Inventory
321,087.370 oz
Brinks

 

Deposits to the Customer Inventory
600,362.690 oz
Scotia
No of oz served today (contracts)
67
CONTRACT(S)
(335,000 OZ)
No of oz to be served (notices)
1574 contracts
 7,870,000 oz)
Total monthly oz silver served (contracts)  14,738 contracts

73,690,000 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 1 deposit into the dealer:
i) Into the dealer Brinks:  321,087.370 oz

total dealer deposits: 321,087.370 oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

i)we had 1 deposits into the customer account

into JPMorgan:   0

 

 

ii) Into Scotia:  600,362.690 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 49.67% of all official comex silver. (160.819 million/324.356 million

 

total customer deposits today:  603,883.100    oz

we had 2 withdrawals:

 

ii) Out of Brinks: 1011.900 oz

iii) Out of HSBC: 331,441.329 oz

 

 

 

 

 

 

 

 

total withdrawals; 332,353.229   oz

We had 0 adjustments

 

 

 

 

total dealer silver: 127.633 million

total dealer + customer silver:  324.356 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The front month of July has an open interest of  1641 contracts, as we lost 750 contracts.  We had 752 notices served on THURSDAY, so we GAINED a tiny 2 contracts or an additional 10,000 oz will stand in this active delivery month of July as they REFUSED TO  morph into a London based forwards.  It seems that we have little silver over on this side of the pond. We still have a huge amount of contracts still outstanding to be served upon in July.

 

 

 

The next month after July is the non active month of  August and here  sees its open interest FELL by 7 contracts DOWN to 810

The big September contract month sees a GAIN of 214 contracts down to 140,212.

 

The total number of notices filed today for the JULY 2020. contract month is represented by 67 contract(s) FOR 335,,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 14,738 x 5,000 oz = 73,690,000 oz to which we add the difference between the open interest for the front month of JULY.(1641) and the number of notices served upon today 67 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the JULY/2019 contract month: 14,738 (notices served so far) x 5000 oz + OI for front month of JULY (1641)- number of notices served upon today (67) x 5000 oz of silver standing for the JULY contract month.equals 81,560,000 oz.  (A WHOPPER )

WE GAINED 2 CONTRACTS OR 10,000 OZ WILL  STAND FOR DELIVERY. SILVER IS STILL VERY SCARCE ON THIS SIDE OF THE POND AND THE REASON FOR CONSIDERABLE MORPHING OVER TO LONDON.

 

 

 

TODAY’S ESTIMATED SILVER VOLUME : 55,828 CONTRACTS // volume fair/

 

 

FOR YESTERDAY:57,565.,CONFIRMED VOLUME//volume fair/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 57,565 CONTRACTS EQUATES to 287 million  OZ  41.1% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 0.36% ((JULY 17/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO +.02% to NAV:   (JULY 17/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.36%

(courtesy Sprott/GATA

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

NAV 17.46 TRADING 17.38///NEGATIVE 0.45

END

 

 

And now the Gold inventory at the GLD/

JULY 17/WITH GOLD UP $7.70 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1206.89 TONNES

JULY 16/WITH GOLD DOWN $9.80 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD: INVENTORY RESTS AT 1206.89 TONNES

JULY 15//WITH GOLD UP $1.55 TODAY/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 2.96 TONNES INTO THE GLD///INVENTORY RESTS AT 1206.89 TONNES

JULY 14//WITH GOLD DOWN $1.65 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/A DEPOSIT OF 3.51 TONNES/INVENTORY RESTS AT 1203.97 TONNES

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

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at

JULY 17/ GLD INVENTORY 1206.89 tonnes*

LAST;  863 TRADING DAYS:   +263.07 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 763 TRADING DAYS://+441.18  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JULY 17/WITH SILVER UP 15 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 1.583 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 522.780 MILLION OZ//

JULY 16//WITH SILVER DOWN 14 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF  5.123 MILLION OZ//INVENTORY RESTS AT 521.197 MILLION OZ..

JULY 15.WITH SILVER  UP 21 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.956 MILLION OZ//INVENTORY RESTS AT 516.074 MILLION OZ//

JULY 14/WITH SILVER DOWN 21 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 514.118 MILLION OZ//

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//

 

JULY 17.2020:

SLV INVENTORY RESTS TONIGHT AT

522.780 MILLION OZ.

 

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

Gold Protects from Financial Crisis and Crashes Throughout History – Lucey and O’Connor

This is an interesting interview between Professor Brian Lucey and Dr. Fergal O’Connor, lecturer in finance and economics at University College Cork (UCC) on gold’s performance as a safe haven asset in the last 200 hundred years and in recent history including the 2008-2012 global financial crisis.

The pandemic is one moment in history and Brian and Fergal discuss what gold has done in other periods of financial and social stress, and what its prospects might be.

Gold always plays a part in the asset allocation process and protects from crashes throughout history. All assets come and go and many assets that had a value in history are now worthless. Gold and silver have remained money and or safe haven assets in history.

NEWS and COMMENTARY

Gold steadies near $1,800 on virus fears, U.S.-China spat

China’s banks brace for more bad loans as coronavirus-hit economy slows

Negative U.S. rate bets persist, but seen unlikely to happen

Fed kicks off Main Street lending, balance sheet tops $7 trillion

U.S. targets all Chinese Communist Party members for possible travel ban: source

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

16-Jul-20 1804.60 1807.70, 1438.09 1436.04 & 1583.72 1581.56
15-Jul-20 1809.30 1804.60, 1436.22 1441.31 & 1582.96 1579.57
14-Jul-20 1798.20 1801.90, 1436.58 1440.62 & 1583.14 1581.71
13-Jul-20 1808.05 1807.50, 1435.23 1432.26 & 1598.32 1591.68
10-Jul-20 1805.75 1803.10, 1433.40 1427.33 & 1599.35 1594.84
09-Jul-20 1812.45 1812.10, 1434.01 1431.74 & 1600.57 1600.08
08-Jul-20 1799.35 1811.10, 1438.40 1438.74 & 1596.38 1598.48
07-Jul-20 1775.50 1789.55, 1423.77 1424.84 & 1576.11 1585.00
06-Jul-20 1774.40 1787.90, 1420.76 1429.43 & 1572.12 1578.36
03-Jul-20  1774.65 1772.90, 1426.29 1422.40 & 1580.33 1577.70
02-Jul-20  1771.85 1777.45, 1415.00 1421.60 & 1568.97 1577.13
01-Jul-20  1787.40 1771.15, 1444.90 1424.63 & 1592.93 1574.82

 

Access Latest Goldnomics Podcast (Part II) Here

Own gold coins and bars in the safest vaults in Zurich, Switzerland with GoldCore. Learn why Switzerland remains a safe haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Smart move: a Swiss hedge fund is offering investments denominated in gold and silver to protect clients against record coronavirus stimulus spending and knocking out all currencies.

(Bloomberg/GATA)

Swiss hedge fund to offer clients gold shield against inflation

 Section: 

By Nishant Kumar
Bloomberg News
Wednesday, July 15, 2020

A Swiss hedge fund plans to offer investments denominated in gold and silver to protect clients against the risk that record coronavirus stimulus spending will push down currency values.

EDL Capital, started by former Moore Capital Management portfolio manager Edouard de Langlade, will begin offering the two share classes in its macro hedge fund starting Aug. 1, Jannik Wenger, the firm’s head of investor relations, said in an emailed statement. The move will give investors an alternative to currencies such as the dollar and euro and provide exposure to the precious metals.

… 

Gold has drawn the attention of some of the most prominent investors, who are sounding the alarm about the threat that inflation driven by the rapid expansion of central bank balance sheets could reduce currency values and drive up demand for hard assets such as precious metals. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-15/swiss-hedge-fund-to-o…

end

An interesting take on why the suppression of gold: it was the redistribution of gold to nations to adequately hedge against an inevitable devaluation of the USA dollar

(Jan Nieuwenhuijs/ GATA)

Jan’s nom de plume is our famous Koos Janssen

Jan Nieuwenhuijs: Europe has been preparing the gold standard’s return since the ’70s

 Section: 

1:28p ET Thursday, July 16, 2020

Dear Friend of GATA and Gold:

Eight years ago the U.S. economists and fund managers Paul Brodsky and Lee Quaintance hypothesized that central banking’s objective with gold was less to suppress its price than to redistribute gold reserves among the nations so that all were adequately hedged against an inevitable devaluation of the U.S. dollar and prepared for restoration of direct gold backing for their currencies:

http://www.gata.org/node/11373

This week Voima Gold researcher Jan Nieuwenhuijs presents extensive evidence that this is exactly what long has been planned by Western European central banks, more recently planned by China, and long feared and opposed by the United States, since its control over the dollar is the country’s primary weapon of imperialism.

The Central Bank Gold Agreement of the Western European central banks, implemented in 1999, was, Nieuwenhuijs writes, not so much a mechanism for controlling gold sales and leasing, as it presented itself, as for redistributing gold among members of the bloc of countries seeking independence from the dollar.

Timing and details of the formal return of gold to the international monetary system are unclear, Nieuwenhuijs acknowledges, but the trend itself is perfectly clear.

His analysis is headlined “Europe Has Been Preparing a Global Gold Standard Since the 1970s” and it’s posted at Voima Gold here:

https://www.voimagold.com/insight/europe-has-been-preparing-a-global-gol…

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

end

Goodman details what I have reported on:  the huge deliveries in silver and the reason silver is exploding in price

Avery Goodman/GATA)

Avery Goodman: Why silver prices are exploding

 Section: 

2:07p ET Thursday, July 16, 2020

Dear Friend of GATA and Gold:

Silver prices have risen 60 percent in only four months because physical demand and offtake have exploded, securities lawyer and market analyst Avery Goodman writes today.

Goodman writes: “On April 30, 2020, the total open interest (the number of contracts for future delivery of 5,000 ounces each) in Comex silver futures, maturing in July 2020, was 99,406. When those contracts matured on June 29, if circumstances had been normal, we would have seen something like about 1% or less of the contract holders demanding delivery. Short sellers would have reasonably expected to deliver about 900 contracts, or a total of 4.5 million troy ounces.

“Obviously, that’s a lot of silver but it doesn’t compare with what is actually happening. So far, as of July 14, 2020, short sellers have already delivered 13,919 contracts, and over 2,418 July contracts are still waiting to be delivered. There is also an unusually high level of same-month delivery contract purchasing in all the precious metals futures markets, including gold, silver, and platinum. That means, in all likelihood, the final number will probably far exceed 16,337.”

Goodman’s analysis is headlined “Why Silver Prices Are Exploding” and it’s posted at Seeking Alpha here:

https://seekingalpha.com/article/4358776-why-silver-prices-are-exploding

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

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9983/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9968   /shanghai bourse CLOSED UP 4.03 POINTS OR 0.13%

HANG SANG CLOSED UP 118.48 POINTS OR 0.47%

 

2. Nikkei closed DOWN 73.94 POINTS OR 0.32%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 96.06/Euro FALLS TO 1.1426

3b Japan 10 year bond yield: RISES TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.16/ 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:: 40.49 and Brent: 43.03

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.47%/Italian 10 yr bond yield DOWN to 1.18% /SPAIN 10 YR BOND YIELD DOWN TO 0.40%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.65: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.19

3k Gold at $1806.05 silver at: 19.18   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 15/100 in roubles/dollar) 71.71

3m oil into the 40 dollar handle for WTI and 43 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 107.16 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 .9410 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0750 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.47%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 0.60% early this morning. Thirty year rate at 1.29%

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

6.  TURKISH LIRA:  UP  TO 6.860..

Futures Tread Water As Critical EU Summit Begins

S&P futures were flat in a especially low-volume session, rebounding from losses late yesterday after Netflix surprised investors with a dismal subscriber outlook, while European shares fluctuated ahead of a critical EU summit in which leaders met in Brussels to try and hammer through a 750 billion euro post-pandemic recovery fund. 10Y yields continued their slide, dropping to 0.60%,as the dollar weakened.

The Nasdaq Composite has managed to go two months without posting back-to-back declines, but that may be under threat as investors question the resiliency of tech’s searing rally following Netflix’s deplorable guidance.

European and world equity markets were heading for their third weekly gain in a row, but they were the smallest yet and Friday’s go-slow involved all the main asset classes from commodities to bonds according to Reuters. London’s FTSE, Paris, Milan and Madrid had all sagged into the red in early trading and though the euro ticked up, Italian and Spanish bond yields were struggling to stay anchored to their recent lows. An eventual green light to the €750 billion plan should finally lead to joint European debt, but investors are seeing their broader list of uncertainties and questions growing again.

“Presumably, as is the way of Europe, they will agree to come back from more talks followed by a compromise and a watered down deal,” SocGen FX strateigst Kit Juckes said of the EU discussions. “The positive though is that we are getting a recovery fund.”

Europe’s Stoxx Europe 600 Index erased gains of as much as 0.3% led by declines in travel, banking and oil sectors, after Germany’s chancellor said that big differences remain in today’s EU recovery fund talks.Dutch Prime Minister Mark Rutte, one of the main resisters to the recovery fund including mass grants, also said that he was “not optimistic” that agreement would be reached on Friday as he arrived for the meeting.  The Netherlands wants countries receiving EU support from the fund to agree to reforms in their labor markets and pension systems, and is leading a group of several smaller EU nations calling for stricter conditions.

Among individual movers, Novartis -1%, Shell and Total decline more than 1.5% as oil retreats. Automakers were the biggest gainers, with Daimler rising 4.1% after 2Q earnings were ahead of expectations.

Earlier in the session, in Asia Japan’s Nikkei slid 0.3% on concerns about rising virus infections in Tokyo. The Topix declined 0.3%, with Yoshimura Food Holdings and Teac falling the most. Chinese shares were steady after a more than 4% slide on Thursday, with investors assessing moves by policy makers to tame signs of exuberance. China’s CSI300 index climbed 0.25%, though that was after a near 5% slump on Thursday. The Shanghai Composite Index rose 0.1%, with Xinjiang Xuefeng Sci-Tech Group and Xinjiang Youhao Group posting the biggest advances. South Korea’s Kospi Index and India’s S&P BSE Sensex Index rose while the Jakarta Composite fell.

Adding to the recent rise in U.S.-Sino tensions, Washington had said it was considering banning members of the Chinese Communist Party traveling to the United States. The party totals more than 90 million people.

Meanwhile questions remain: will the COVID-19 pandemic force economies into lockdown again? The United States reported at least 75,000 new COVID-19 cases on Thursday, a daily record. Spain and Australia reported their steepest daily jumps in more than two months, while cases continued to soar in India and Brazil.

Investors are also counting on more stimulus. As well as Europe’s recovery fund, the U.S. Congress is set to begin debating a new aid package next week, as several states in the country’s south and west implement fresh lockdown measures to curb the virus. While retail sales for June released on Thursday beat market expectations, real-time measures of retail foot traffic and employee working hours and shifts have flatlined after steady growth since April.

“We now see higher risk of a market correction, considering the improvement in hard economic data we have seen over the past couple of months is likely to halt,” said Tomo Kinoshita, global market strategist at Invesco in Tokyo.

In rates, it was a muted session with Treasury yields lower across the curve after all but 30-year drifted to weekly lows on light futures volume during Asia session and European morning. Curve flatter with long-end yields lower by ~1.7bp into early U.S. session. 10-year yields lower by ~2bps just below 0.60%, extending the weekly decline despite gains for U.S. equities during first week of 2Q results reporting, to more than 4bp; 2s10s and 5s30s curves each flatter by ~1bp; U.K. 10-year lags U.S. by 3bp, German 10- year by ~1bp. Futures volumes were around 70% of 20-day average levels as of 7am ET.

In currencies, the Bloomberg Dollar Spot Index headed for a third week of declines as Treasuries advanced for a second week. The euro gained on the day despite a slide in European stocks after Germany said big differences remain in EU recovery fund talks. The pound steadied yet headed for the biggest weekly drop among G-10 currencies, weighed down by weak economic data that fueled expectations of another interest-rate cut by the Bank of England. The yen was up fractionally at 107.13 per dollar and Sweden’s high-flying crown was up again.

In commodities trading, oil prices were little changed with Brent down 0.25% at $43.26 per barrel and U.S. crude down 0.15% at $40.87.  The two benchmark crudes had fallen 1% on Thursday too after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim their record supply cuts of 9.7 million barrels per day (bpd) by 2 million bpd, starting in August.

Looking at the day ahead now, as well as the aforementioned European Council meeting, we’ll get US housing starts and building permits for June, and the preliminary University of Michigan’s consumer sentiment index for July. Central bank speakers include BoE Governor Bailey, ECB Vice President de Guindos, and Executive Board member Schnabel, while earnings releases to watch out for include BlackRock, Danaher and Honeywell International.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,201.75
  • STOXX Europe 600 down 0.07% to 371.86
  • MXAP up 0.3% to 164.36
  • MXAPJ up 0.7% to 540.35
  • Nikkei down 0.3% to 22,696.42
  • Topix down 0.3% to 1,573.85
  • Hang Seng Index up 0.5% to 25,089.17
  • Shanghai Composite up 0.1% to 3,214.13
  • Sensex up 0.6% to 36,694.16
  • Australia S&P/ASX 200 up 0.4% to 6,033.63
  • Kospi up 0.8% to 2,201.19
  • German 10Y yield fell 0.3 bps to -0.468%
  • Euro up 0.2% to $1.1404
  • Italian 10Y yield fell 1.4 bps to 1.06%
  • Spanish 10Y yield unchanged at 0.402%
  • Brent futures down 0.8% to $43.01/bbl
  • Gold spot up 0.3% to $1,801.84
  • U.S. Dollar Index down 0.2% to 96.18

Top Overnight News from Bloomberg

  • ECB policy makers didn’t agree on whether they expect to use the full amount of their 1.35 trillion-euro ($1.5 trillion) pandemic emergency purchase program when they met Thursday, despite President Christine Lagarde subsequently saying that’s likely, according to people familiar with the discussions
  • U.K. Prime Minister Boris Johnson is set to announce more than 3 billion pounds ($3.8 billion) of extra funding to help prepare the U.K. National Health Service for the risk of a second peak in coronavirus cases
  • Florida and Texas reported record numbers of virus deaths. Brazil surpassed 2 million cases as the virus spreads in the country’s poorer, remote areas. Dr. Anthony Fauci said many states reopened too quickly and called for “a time out” yet said he expects results for a clinical trial on monoclonal antibodies by late summer or early fall
  • Nearly two-thirds of health-care industry leaders anticipate the coronavirus pandemic will continue into the second half of 2021 or longer as hopes for a vaccine this year dwindle
  • U.S. central bankers still have some time to ponder how to best update their public guidance on the likely future path of interest rates and whether they need to deploy a yield-curve control strategy, New York Fed President John Williams said
  • Oil held losses in Asia after a U.S. jobs report cast doubt on the strength of the demand recovery in the world’s largest economy
  • A copper-supply crunch that’s sent prices soaring as producers scale back operations on coronavirus restrictions could still worsen, according to Rio Tinto Group, one of the world’s top miners

Asian equity markets were somewhat mixed as efforts to recoup some of the prior day’s losses heading into the weekend were fettered by the record increases in coronavirus numbers in US and abroad which continued to fuel second wave fears. ASX 200 (+0.3%) traded indecisively with notable weakness seen in tech names after similar underperformance of the sector stateside and after Victoria state suffered a record increase of coronavirus cases which surged by 428 vs. Prev. 317, while Rio Tinto shares failed to sustain the opening momentum that had been spurred by stronger quarterly production and shipment updates. Nonetheless, downside for the Australian benchmark is only marginal as the index just about kept afloat of the 6000 level and the Nikkei 225 (-0.3%) swung between gains and losses as sentiment navigated through a wavy currency. Hang Seng (+0.5%) and Shanghai Comp. (+0.1%) both initially outperformed after nursing the pain from recent heavy selling that resulted to losses in the mainland of about 5% yesterday, which China downplayed as a normal market adjustment, while a firm liquidity effort by the PBoC also contributed to the early improved tone in which it provided a total weekly net injection of CNY 330bln. However, the optimism in for Chinese bourses gradually faded amid the lingering doubts regarding the economic recovery. Finally, 10yr JGBs were higher alongside the indecision in the region and with the BoJ also present in the market for over JPY 1.2tln of JGBs heavily concentrated in 1yr-10yr maturities.

Top Asian News

  • Reliance Said to Plow Billions From Stake Sales Into Debt Funds
  • China’s Manic Traders Test the Communist Party’s Grip on Markets
  • Hong Kong Gives Nod to Asia’s Biggest Healthcare Listing in 2020

European equites (Eurostoxx 50 -0.2%) have staged a relatively mixed performance thus far with price action broadly contained as participants await updates from the EU Council summit in Brussels. On which, the bar for expectations has been tempered somewhat by comments on arrival from the likes of Dutch PM Rutte who assigns a less than 50% chance of a breakthrough by Sunday, whilst German Chancellor Merkel has cautioned that large differences remains and negotiations will be very tough. The DAX (+0.1%) is faring slightly better than its peers amid support for the auto sector after Daimler’s (+4.8%) prelim Q2 release revealed a smaller decline in EBIT than feared with the Co. also looking to make circa EUR 2bln in cost savings. Furthermore for the index, reports note that Deutsche Boerse could propose new rules that would enable a quick expulsion of companies from the DAX if firms file for insolvency. If adopted, Wirecard (-7.2%) could leave the index in August. Elsewhere, the bulk of the corporate updates this morning have come from Scandinavia with earnings from the likes of Ericsson (+10.4%), Saab (+2.8%), Volvo (+1.1%), Danske Bank (+1.1%), Assa Abloy (-2.8%) and Electrolux (-5.8%) to name but a few. From a broader sectoral standpoint, asides from autos, the tech sector is faring better than peers amid upside in chip names such as Infineon (+2.7%) and STMicroelectronics (+3.1%). To the downside, losers include banks, travel & leisure and insurance names.

Top European News

  • Ericsson Jumps After Profit Boost From Network Upgrades
  • ECB Officials Didn’t Agree on If They’ll Use Full Bond Plan
  • U.K.’s Debt Chief Prefers Going Green Over Borrowing for Century

In FX, the single currency is attempting extend gains above 1.1400 vs the Dollar again having posted a lower high from Wednesday’s circa 1.1450 peak amidst post-ECB reports about divergence among GC members on the PEPP that President Lagarde assumes will be used in full. However, the latest retreat seems more to do with apprehension ahead of the EU leaders meeting to try and resolve differences over the Recovery Fund and Budget, as participants continue to play down prospects of reaching an agreement by the end of the 2-day Summit.

  • USD – The Greenback is mixed against G10 counterparts beyond the Euro, and the restraint is highlighted by the confined 96.331-083 DXY range compared to yesterday’s 96.404-95.890 extremes on the back of fluctuating risk sentiment and largely upbeat US data dampened by the ongoing increase in COVID-19 infections and fatalities across Sun Belt states in particular. Ahead, housing data and preliminary Michigan sentiment, but the Buck remains driven by the overall tone and equity performance alongside moves in rival currencies.
  • AUD/NZD/CHF – All benefiting from the aforementioned US Dollar retrenchment, with the Aussie back within striking distance of 0.7000, Kiwi revisiting 0.6550 and Franc holding off sub-0.9450 lows, even though Victoria suffered another record high tally of coronavirus cases and the PBoC bucked the recent trend with a 7.0000+ midpoint Usd/CNY fix overnight (albeit with the onshore Yuan closing back above the psychological level and CNH currently around 6.9970). Conversely, the Nzd will have taken note of a strong rebound in the manufacturing PMI from contraction to expansion following re-opening from lockdown and the Chf has pared some underperformance vs the Eur after sliding to multi-week lows near 1.0800 on Thursday.
  • GBP/JPY/CAD – Sterling is still grappling with a bearish combination of technical and fundamental factors as Cable loses grip of 1.2600 and returns to the midst of a cluster of hourly MAs ahead of Fib support (at 1.2520), while Eur/Gbp remains elevated close to 0.9100. Elsewhere, the Yen is meandering between 107.36-11 and Loonie even more contained either side of 1.3575 against the backdrop of idling crude prices and subdued risk appetite in the run up to Canadian wholesale trade.

In commodities, WTI & Brent remain subdued this morning with Brent Sep’20 future having given up the USD 43/bbl handle to a low of USD 42.88/bbl as we stand while WTI Aug’20 has tested touted support at USD 40.35/bbl at worst. Overall, performance for the complex is somewhat tentative with European bourses currently trading with little conviction as we await the press statement from the first of the weekends European Council Summit meeting (time TBC); for crude explicitly, the only scheduled event is the weekly Baker Hughes rig count. In terms of spot gold, the precious metal is modestly firmer and has recaptured the USD 1800/oz mark, but only just, as the USD continues to drift lower in this period of tentative trade. Elsewhere, Rio Tinto posted a 1.5% increase in iron ore shipments in their Q2 update as well as commenting that demand out of China for iron ore is rising; although, as most updates have, cautioned that the possibility of second COVID-19 wave could be a headwind.

US Event Calendar

  • 8:30am: Housing Starts, est. 1.19m, prior 974,000; Building Permits, est. 1.29m, prior 1.22m
  • 10am: U. of Mich. Sentiment, est. 79, prior 78.1; Current Conditions, est. 86.8, prior 87.1; Expectations, est. 74, prior 72.3
  • 12:30pm: Former Fed Chairs Yellen and Bernanke Testify to Congress

DB’s Jim Reid concludes the overnight wrap

xRisk assets fell back yesterday as weak economic data combined with rising numbers of coronavirus cases dampened investor sentiment. By the end of the session, the S&P 500 had fallen back by -0.34% as technology stocks led the decline with the NASDAQ closing down by a larger -0.73%. European indices traded lower as well following a quiet ECB meeting but ahead of the recovery fund summit today. The STOXX 600 was down -0.47%. In terms of the individual moves, there was a large pullback in the ‘normalisation’ travel trade that we saw on Wednesday. Cruiseliners reversed the previous day’s gains as Norwegian Cruise Line (-15.62%), Carnival (-9.73%), and Royal Caribbean Cruises (-7.57%) were the 3 worst performers in the US index, while the 4th and 6th worst performers were American Airlines (-7.37%) and United Airlines (-5.17%). In Europe, similarly the Travel and Leisure sector led the index lower, falling -2.08% after leading the way the day before. Otherwise, Morgan Stanley (+2.49%) had a strong performance after the bank reported adjusted EPS of $2.04 (vs. $1.14 estimated), though Twitter fell -1.11% after the hack of a number of high-profile accounts the previous evening. NFLX fell over -8% in after-market trading in a rare hiccup for the mega-cap growth stocks after reporting they expected 2.5m new subscribers vs. the 5m that analysts expected. The company announced “growth is slowing as consumers get through the initial shock of Covid and social restrictions.”

Talking of tech, yesterday’s CoTD looked at the remarkable rise of Tesla (up +315% since March) which is now over a third of the combined market cap of the combined US, EU and Japanese auto indices. Since March, Tesla has added just over 8 Fords or 27 Renaults. A bit like Sweden’s virus response this divided opinion in my mailbox with many saying Tesla’s valuation is crazy but some highlighting the potential for their battery operations to be scalable and one response suggesting Elon Musk was a genius. See here for a bonus chart that wasn’t in the original mail on global auto market share. Email Jim-Reid.ThematicResearch@db.com if you want to be added to the direct mailing list of Chart of the Day.

In the absence of any fresh overnight triggers, Asian markets are trading a little mixed this morning with the Nikkei (-0.34%), Shanghai Comp (-0.51%) and Asx (-0.12%) down while the Hang Seng (+0.61%) and Kospi (+0.65%) are up. In Fx, the US dollar index is down -0.10%. Meanwhile, futures on the S&P 500 are up +0.27%.

A key piece of data that dampened the mood yesterday was the US initial weekly jobless claims for the week through July 11, which came in at a higher-than expected 1.3m. Although this was the 15th consecutive weekly decline in the numbers, they were down by just -10k on the previous week, which is the smallest decline since the peak was reached back in late March, raising fears that gains in the labour market have stalled as cases numbers have risen across the country. Though the other US data released yesterday struck a more positive tone (more on which below), these were all more backward-looking numbers, that didn’t take into account the latest virus upsurge across numerous states.

Speaking of the coronavirus, yesterday the main headline came from the UK’s National Cyber Security Centre, which said that Russian cyber actors were targeting organisations involved in developing a coronavirus vaccine in the UK, the US and Canada. Their website said that the group known as APT29 that was exploiting organisations, “almost certainly operate as part of Russian intelligence services”. Russia has denied the accusations however.

Meanwhile, in terms of the latest on case numbers, Florida reported a further 4.6% increase yesterday, above the previous 7-day average of 4.4%, along with a record 156 daily deaths. Arizona continued to see a slight slowing in cases, with a 2.5% increase vs. the 2.8% weekly average. The positivity rate remains very elevated at 24.5% though. California had just over 9400 new cases, which is above the recent 7-day average of 8900, while fatalities have ticked up in the state with 118 new deaths in the last 24 hours vs. a 94 7-day average. Texas also saw a 5.5% jump in new cases as against the 7 day average of +3.7% while reported fatalities came in at a record 169 in the last 24 hours as against the 7 day average of 88 per day. Overall US cases rose by 2.5% with nearly 64,000 per day over the past week, which is twice as much as the first peak seen in early April. Amidst rising case numbers in the state, the Republican National Committee said that they would be scaling back the Republican National Convention, which is due to be held in the state next month. Arkansas and Colorado were added to the ever growing list of states requiring masks in public spaces. Texas Governor Abbott warned attendants at the Texas Republican Convention yesterday that the recent outbreak may leave him with few options outside of shutting down the second most populous U.S. state. This comes as Pennsylvania rolled back their own reopening yesterday, shuttering nightclubs and lowering occupancy across bars and restaurants. Overnight, Brazil has surpassed the 2m mark of confirmed cases with confirmed fatalities at 76,688. As ever see our table in the pdf of this report.

Meanwhile, Australia’s most populous state, New South Wales, has tightened restrictions for gatherings and venues, including clubs and cafes as the state fears undetected cases of community transmission could spread rapidly. All restaurants, clubs and cafes will be limited to bookings of a maximum 10 people and restricted to one person per four-square-meters. Meanwhile, Victoria reported a fresh record of new cases at 428 in the past 24 hours. Tokyo’s Governor also said that today’s new cases are expected to be at the same level as yesterday (286) without giving specific figures. Elsewhere India has become the third country to cross the 1m confirmed cases mark.

Separately in Israel, where cases have also risen sharply, Channel 12 reported that senior ministers were in favour of returning to a full lockdown at weekends. Also Germany announced that they were imposing some travel rules on citizens moving within the country as summer vacation gets underway. Primarily the rules require those coming from a ‘hotspot’ show proof of recent negative testing and those coming from risk areas abroad quarantine at home for 14-days.

Here in the UK, Bloomberg has reported overnight that PM Johnson is set to announce more than GBP 3bn of extra funding to help prepare the National Health Service for the risk of a second peak in coronavirus cases. Meanwhile the PM will announce today plans to ramp up antigen testing for the virus to 500,000 a day by the end of October to boost its test and trace program in preparation for the testing capacity needed for the winter. PM’s office said late yesterday that, “Tomorrow, he will set out a broad package of measures to protect against both a possible second wave, and to ease winter pressures and keep the public safe.”

The other main news yesterday came from the ECB, where President Lagarde struck a decidedly cautious note on the recovery, and said that “ample monetary stimulus remains necessary to support the economic recovery and to safeguard medium-term price stability”. Though monetary policy was left unchanged, Lagarde notably pushed back against the idea that the ECB wouldn’t use the full €1.35tn PEPP envelope, saying that the ECB’s baseline was that they would use it in full barring positive data surprises. This isn’t just for market stability, but also as a way to ease the monetary policy stance. For more, see our Europe economists’ views here. Sovereign bonds rallied across the continent in response to the press conference, and 10yr yields on French (-1.7bps), Italian (-1.4bps) and Spanish (-2.1bps) debt all fell to their lowest levels in 4 months.

We also heard from some Fed governors yesterday who shared President Lagarde’s sentiment, painting a wary picture of the economy. First we heard from New York Federal Reserve Bank President Williams, who acknowledged that the efforts of the central bank “over the next few years…needs to be making sure that we can get back to a really strong, robust economy with sustainable, strong sustainable growth and inflation at our 2% goal.” While also saying that it was not the time to even think of ‘exit strategies”, as the economy is still in a very uncertain situation. This was also the opinion of Federal Reserve Bank of Atlanta President Bostic, who noted that the lack of clarity on fiscal policy may be affecting sentiment in the region as case numbers increase across the country, citing business leaders and consumers in the region. He noted that, “Real-time data that we are getting today is really suggesting there may be a leveling off in terms of level of business activity, in terms of the amount of jobs that are being returned to the economy.” Lastly, Federal Reserve Bank of Chicago President Evans said he saw the U.S. recovering its previous peak in output “in middle or late 2022”, and that he is “looking at the end of this year for the unemployment rate to be 9-9.5%.” On the popular topic of YCC, Evans acknowledged that there was a potential use for it, but that he was undecided and that he is a big advocate of forward guidance and strategies that convince the public that the Fed can fulfill its dual mandate. Overall central bankers continue to provide a lukewarm reading of the economy, but a willingness to continue supporting it in whatever ways it can.

Today all attention will shift to the special European Council summit, with EU leaders gathering this morning in Brussels to discuss the proposed recovery fund along with the EU’s long-term budget. As a reminder from yesterday, our view here at DB is that although an agreement is still possible this weekend, it would now be a positive surprise, and there’s no indication so far of the differences of opinion between the member states having been bridged yet. The meeting gets started at 10:00 Brussels time, though is scheduled to continue into Saturday, so its likely the final news of what’s happened will only be known over the weekend.

Here in the UK, gilt yields fell to another record low yesterday, with 10yr yields down a further -2.7bps to 0.14%. It comes amidst increasing speculation that the Bank of England might be forced into further rate cuts, potentially even into negative territory. Meanwhile yesterday’s labour market release from the ONS said that early indicators for June suggested that the number of employees on payrolls were down around -650k compared with March, although the unemployment rate for the 3 months to May remained at 3.9% as many of the people out of work were not looking for work, and hence weren’t counted as unemployed. That said, the total number of weekly hours worked fell to 877k in the three months to May, their lowest level since 1997, while more up-to-date data on vacancies showed them falling to 333k in the three months to June, which is below their lowest level after the financial crisis.

Finally on the US, the more backward-looking data for June was more positive than the weekly jobless claims, with retail sales increasing by +7.5% (vs. +5.0% expected), and May’s growth being revised higher. Furthermore, the continuing claims for the week through July 4 (the week before the initial claims) fell to 17.338m (vs. 17.5m expected), and the insured unemployment rate fell to 11.9%. As in Europe, 10yr Treasury yields ended the session down -1.3bps at 0.617%.

To the day ahead now, and as well as the aforementioned European Council meeting, we’ll get the final Euro Area inflation reading for June, US housing starts and building permits for June, and the preliminary University of Michigan’s consumer sentiment index for July. Central bank speakers include BoE Governor Bailey, ECB Vice President de Guindos, and Executive Board member Schnabel, while earnings releases to watch out for include BlackRock, Danaher and Honeywell International.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 4.03 POINTS OR 0.13%  //Hang Sang CLOSED UP 118.48 POINTS OR 0.47%   /The Nikkei closed DOWN 73.94 POINTS OR 0.32%//Australia’s all ordinaires CLOSED UP .36%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9983 /Oil UP TO 40.49 dollars per barrel for WTI and 43.03 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9983 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9968 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/USA VS CHINA  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA VS USA
Trump weighing the possibility of banning TikTok
(zerohedge)

White House Weighs TikTok Ban As Worries About CCP Infiltration Intensify

The popular video-sharing app TikTok could be placed on a blacklist via the Trump administration, effectively banning Americans from using the Chinese app, reported Financial Times.

Sources familiar with conversations (three in total) within the White House said the Trump administration is studying one proposal to place ByteDance, the Chinese parent company of the video app, on the Department of Commerce’s “entity list.”

The move would restrict American companies, such as Apple and Google, from placing TikTok in their app stores, where it can be downloaded by American users.

Of course, this is hardly the first we’ve heard about the White House targeting TikTok: The DoJ and FTC are already investigating the app and its parent company over possible violations pertaining to child privacy laws in the US.

And for those who aren’t familiar with it, the Commerce Department’s “entities list” has already been utilized by the administration to pressure Chinese companies. It was the mechanism used to punish Huawei. A decision on the ban could arrive within a month.

 “We are going to send a very strong message to China,” the official said.

The app has been downloaded 2 billion times, and its user base is mostly millennials, with 41% between 16-24. Tens of millions of Americans are using TikTok to create 15 to 60 second long videos that can be shared on the social media platform.

Secretary of State Mike Pompeo recently said the app was under consideration for a ban due to security reasons. The president has also said he was “looking at” a ban for retaliation against China’s virus that has devastated the US economy.

On Thursday, White House economic adviser Larry Kudlow said TikTok could operate under an Amerian entity and avoid banning. He reiterated what many in the White House have already said: the Chinese app is a security risk to U.S. citizens.

Kudlow said the app should leave China, adding it would be a much better option than being banned.

“We haven’t made final decisions but…I think TikTok is going to pull out of the holding company which is China-run and operate as an independent American company,” he said.

On Friday, Australian Prime Minister Scott Morrison was quoted by Bloomberg as saying an investigation into the Chinese video app could be nearing.

The probe will not be a formal public inquiry, and will look at the security threats posed by TikTok, as well as WeChat and Weibo.

The Australian government has been talking with U.S. counterparts on the potential threats posed by social media companies.

The Sydney Morning Herald quotes Morrison as saying the government was monitoring TikTok “very closely.” – Bloomberg

Already, a few corporations have banned the app, including Amazon and Wells Fargo. The U.S. military instructed its service members to delete the app in December. In March, two Republican senators introduced legislation that would prevent federal employees from using TikTok on government work phones.

Douglas Schmidt, a computer science professor at Vanderbilt University, told The Guardian, “this is the perfect storm of technology meeting geopolitical rivalry [the U.S. vs. China].”

Schmidt added, “these kinds of things are being used as bargaining tactics in a geopolitical trade negotiation.”

END
Danger in China:  devastating floods along China’s major river the Yangtze river: expect major flooding problems
(zero hedge)

Devastating Floods Along China’s Yangtze River Spark Fears About World’s Biggest Dam

Some of the worst rainfall on record has punished China during flood season fueling new concerns the world’s largest hydroelectric gravity dam is under stress.  

ABC (Australian Broadcasting Corporation) reports at least 140 people have died in central and eastern China as floodwaters rise. In weeks, 28,000 homes have been destroyed in the Yangtze River region, with at least 33 rivers reaching record-high levels. 

The People’s Daily newspaper said earlier this week that 1.5 million people have already evacuated from flood-prone regions. 

Vice Minister of Emergency Management Zheng Guoguan told reporters Monday some regions around the Yangtze river have recorded the highest rainfall in over a half-century.

The country recently declared the second-highest emergency response level. Emergency teams have been dispatched to Jiangxi, a southeast Chinese province severely impacted by flooding.

Reuters notes high waters along the Yangtze and surrounding lakes “prove the Three Gorges Dam isn’t doing what it was designed for.”

“One of the major justifications for the Three Gorges Dam was flood control, but less than 20 years after its completion, we have the highest floodwater in recorded history,” said David Shankman, a geographer with the University of Alabama who concentrates on Chinese floods. “The fact is that it cannot prevent these severe events.”

Fan Xiao, a Chinese geologist and significant critic of dam projects on the Yangtze, said dams are used for electricity generation and control, could “make flooding worse by altering the flow of sedimentation down the Yangtze.”

Shankman said the Three Gorges Dam has the ability to alleviate flooding in regular periods, but when extreme weather strikes, the dam is useless.

“The Three Gorges Dam reservoir does not have the capacity to significantly affect the most severe floods,” he said.

“Residents in the Yangtze River basin in recent weeks have expressed concerns over the ability of the massive dam to handle more heavy rain, even though authorities have been releasing floodwater from the structure,” said Fox News.

Chinese state media has rejected Western media “hype” stories about the dam collapsing.

END

 

4/EUROPEAN AFFAIRS

Europe/all 27 Members

Big meeting today and tomorrow to discuss the controversial 750 billion euro recovery plan hammered out by the European Parliament last month.  Our “frugal four” nations will not allow this to pass.

(zerohedge)

“The Stakes Couldn’t Be Higher” – European Recovery Plan Summit Begins With Leaders At An Impasse

German Chancellor and current EU President Angela Merkel has joined her 26 colleagues from the European Council, which is comprised of the leaders of the EU’s 27 member states, in Brussels Friday morning for the beginning of a two-day summit where Merkel and French President Emmanuel Macron will attempt to shove a controversial €750 billion recovery plan (which was hammered out by the European Parliament) down the throats of all of Europe.

However, resistance from a group of fiscal conservatives in the bloc has hurt European stocks and the euro on Friday, as investors fear that despite more than 2 months of negotiations, the European Council still won’t manage to walk out with a deal when the summit ends tomorrow.

 

Many investors expect the bloc will need to hold another summit later this month, though if they ever want to get something done, a compromise must be made. This week’s two day weekend summit will be chaired by European Council President Charles Michel.

But so far, the “Frugal Four”, a collection of four northern countries who oppose the plan, has shown no signs of capitulating, while the rest of the bloc has given no indication that they would be willing to incorporate the FF’s demands into the design of the joint EU recovery fund.

“Presumably, as is the way of Europe, they will agree to come back from more talks followed by a compromise and a watered down deal,” Societe Generale’s Kit Juckes said of the EU discussions. “The positive though is that we are getting a recovery fund.”

As the leaders entered the summit room, clad in masks and sharing salutatory elbow bumps, some joked that the negotiations have become “stuck in a Rutte” – a reference to Dutch Prime Minister Mark Rutte, one of the main opponents of the recovery fund deal struck by Merkel and Macron. Rutte, a leader of the “Frugal Four”, said he was “not optimistic” that an agreement would be reached on Friday as he arrived for the meeting.

The Netherlands, Sweden, Denmark and Austria have become known as “the frugal four” because of their resistance to the plan, which, as it stands, involves doling out grants to the worst-hit countries, with virtually no strings attached. Instead, Rutte and the frugal four are demanding that any money tapped from the fund must be repaid by the countries taking it, and that borrows must agree to certain financial reforms, a condition that progressives will decry as more forced austerity.

Rutte told the FT that he felt there was “less than a 50% chance” of striking a deal on Friday. The growing number of contentious issues led the FT to declare that the likelihood of a second Brussels summit later this month is extremely high.

According to the FT, one of the most controversial elements of the plan is the creation of a recovery instrument worth €560 billion that is designed to hand out grants and loans to crisis-hit economies. Rutte is demanding a veto over approving the disbursing of cash, a condition that Italy, Spain and other southern member states have fiercely resisted. That €560 billion is part of a total €750 billion stimulus package. The remaining ~€200 billion will be handed out in the form of loans.

But the FF isn’t the only bloc that Merkel & Co need to worry about. Though Hungarian PM Viktor Orban has said he would only do so as a last resort, Hungary’s parliament voted earlier this week to support a veto from Orban if the European Council tried to attach so-called “rule of law” conditions intended to block funds from going to Hungary and Poland, whose conservative governments have repudiated many of Brussels’ diktats.

All of these programs will be backed by joint debt backed by all 27 EU member states. This would be the first time that the bloc has moved to jointly take on debt, and that fact alone has rankled conservatives in the bloc who are staunchly opposed to the EU moving toward a fiscal union that would strip financial and economic power from local governments.

The Netherlands wants countries receiving EU support from the fund to agree to reforms in their labor markets and pension systems, among other more strict conditions.

Of course, failing to implement a deal could deliver another economic shock to Europe, something the continent’s shaken economy might not be able to easily withstand.  For this reason, some insist, the stakes “couldn’t be higher.”

“The stakes couldn’t be higher,” European Commission President Ursula von der Leyen said before the meeting began. “The whole world is watching us, (to see) whether Europe is able to stand up united and to overcome this corona-related crisis strongly.”

Since Brussels is basically a sieve for inside information, we suspect Friday morning’s session will be peppered by reports about the talks hitting an impasse. Expect more of that between now and the European market close.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY

Gefira talks about the conversion of the Hagia Sofia from a museum to a mosque

(GEFIRA)

Turkey: At Cross Purposes

Submitted by Gefira

Turkey’s President Recep Tayyip Erdoğan has announced the conversion of the Hagia Sophia from the museum to a mosque.

The temple, which was built in 537 and served as the greatest Christian orthodox cathedral for a thousand years, was turned into a mosque in 1453 at the fall of Constantinople, Byzantium’s capital. After four centuries in 1934 this mosque was turned into a museum by Mustafa Kemal Atatürk, who wanted to tout himself to the world as a modern ruler of secular Turkey. President Erdoğan’s announcement met with an enthusiastic applause of the Muslims, not only those residing in Turkey. Much of the Western press denounced the move as Erdoğan’s maneuver aimed at diverting the nation’s attention from the current economic problems. This explanation – Marxist through and through – does not take into consideration at least two factors: psychological (Muslim faith) and political (symbolic message to the world). A nation’s attention can be diverted in a wide variety of ways, so why should it be the conversion of a museum into a mosque?

 

Turkey’s Hagia Sophia turned back into a mosque, causing a divide, CBC News: Tha National YouTube.

Atheist, deist or agnostic Western analysts typically cannot grasp the phenomenon of religious faith, its palpable reality. In scientific terms faith can be viewed as a psychological phenomenon and psychological phenomena are to be reckoned with just as physical ones or – at times – even more. Man is constricted in his actions by these two: physical reality and his internal psychological automatic pilot, so to say. It is not true that faith can move mountains in the literal sense of the world, but it is not true either that everything is a matter of physical coercion. There are women who turn prostitutes although they have money to burn, and there are such who will never even consider selling themselves despite the fact that they suffer want.

Religious (read: psychological) factor is as strong as economic. Failure to understand it caused the Western liberals to import millions of Muslims to (post-)Christian countries. The liberals regarded religious faith as a mere facet of tradition, culture or heritage, which can be changed at will and which constitutes no serious impediment to liberal ideas. How wrong they were is plain to see today, when religious – mainly Muslim – minorities pose serious social problems. Turkey has a special Directorate of Religious Affairs (known as Diyanet for short) that operates also abroad, especially among Turks dispersed in many West European countries. There is nothing comparable to it in any of the Western countries. The Diyanet has a large budget at its disposal and the word religious in its name obviously equates with Muslim.

 

Turkey turns Hagia Sophia back into a mosque, TRT World YouTube.

Western analysts also claim that President Erdoğan has broken with the secular tradition set down by Mustafa Kemal Atatürk, as the former was creating the modern Turkish state on the ruins of the Ottoman Empire after the First World War. They either genuinely fail to recognize that secularism is the same as faith or religion only with the minus sign assigned to it or they intentionally do it to present themselves as those who occupy moral high ground. Why should secularism be something better than religiousness? Being lukewarm Christians at best, the Western journalists are incapable of imagining how serious this psychological phenomenon known as religious faith can be. If they have this inability to place themselves in the shoes of genuine believers, they should at least learn something from psychology. If they could be bothered to do so, that is. Then they would have learnt that religion is anything that constitutes the highest value in a man’s psyche. Hence, it need not be Christianity or Islam alone; religion can take the form of communism, fascism, feminism or secularism for that matter. A few centuries earlier Europeans discovering, conquering and administering foreign territories would bring with themselves the Christian cross and Bible (one of Columbus’s ships was named the Santa Maria); today, Western powers display homosexual rainbow flags on foreign territory and enforce accepting homosexual rights the way they once forced indigenous people to accept Christianity.

Why should Turks refrain from re-converting a mosque-turned-museum into a mosque and be somehow ashamed of it when at almost the same time Americans and the British can be proud of flying homosexual flags from their Moscow embassies? Why should the former message be reprehensible while the latter not? The West treats its enshrined values with all seriousness, why should the East not treat theirs in an analogous way? Why should the allegedly high-minded principle of secularism stymie the expression of Muslim or Christian beliefs but not those of homosexuals?

It was in 1934 that Mustafa Kemal Atatürk signed an order that turned Istanbul’s historical mosque into a museum. At around that time – a few years earlier and a few years later – Soviet commissars would do the same in the vast territory of the Soviet Union: some churches and mosques – the lucky ones, we might say – would be converted into museums (of faith and atheism!), others into stables, depots, and similar facilities. Was the conversion of Istanbul’s landmark mosque – to use present-day political vernacular – not a slap in the face of the then Muslims and a violation of human rights to profess any religious faith? Is President Erdoğan’s act not a rectification of the past wrong? Whence this doublethink?

President Erdoğan has long been thinking about reconverting the Hagia Sophia into a mosque. He has just delivered on his promise. Western mainstream media are now doing what they are accustomed to: they give the floor to westernized Turks, irreligious Turks living in the West or Turkish domestic dissidents – in a word all those who oppose Erdoğan’s move – and thus the media make the impression that the majority of Turks would so much rather their president ordered the Turkish embassy in Moscow to fly the homosexual flag instead of recovering the Hagia Sophia for Islam. That’s what these media habitually do. When president Putin wins an election or a referendum, when a right-wing candidate wins in an East European country, the BBC, Deutsche Welle and their ilk hasten to impress it on their viewers, listeners and readers that countries with such winning candidates have serious problems with democracy and human rights. That is to say demos (the people) electing a right-wing candidate is doing harm to democracy. In this case, too, selected residents of such countries are chosen to voice their criticism and express their fear at what is going on. The usual trick.

Pope Francis uttered the usual words of “concern” (all impotent politicians utter words of concern), but that’s about everything he can do. And why should President Erdoğan care? What does he think about the pope who in 2019 together with the Grand Imam of Al Azhar signed the Abu Dhabi Declaration, in which it is stated that “the pluralism and the diversity of religions are willed by God in His wisdom”?1)Why should such a pope care whether Hagia Sophia is Christian, secular or Muslim?

 

Pope in UAE: Oppose war with sweet prayer; Abu Dhabi Declaration signed, UAE.

Mosques have been mushrooming in Western Europe and increasingly so in North America and Australia, whereas the Christian churches are empty, sold or converted into all kinds of facilities if not torn down. The fact that descendants of Christians do not care about the temples of their ancestors does not mean that believing Muslims ought to do the same. Muslims want their temples as places of worship. Europeans have discos in theirs.\

end

6.Global Issues

Hazmat suits for planes: the new way we are about to use when we fly

(zerohedge)

Paranoid Travelers Are Buying These Hazmat Suits For Planes 

With face masks now mandatory on many North American flights, a Toronto-based technology startup has designed a custom hazmat suit to be worn on planes and in public areas.

VYZR technologies specialize in developing and building protective equipment, including the new BioVYZR, a stylish bio-suit fitted with a powered air-purifying N-95 respirator and anti-fogging windows. The suit resembles a plastic bubble worn by Jake Gyllenhaal in the 2001 movie Bubble Boy.

The $250 futuristic-bubble is made with neoprene, marine vinyl, and ripstop, is waterproof, and the respirator technology has a battery life of 8-12 hours on a single charge.

According to Bloomberg, the company has already had 50,000 pre-orders and raised $400,000 from paranoid flyers, with the first round of deliveries expected by the end of July.

Yezin Al-Qaysi, the co-founder of VYZR technologies, said, “When the [Covid-19] outbreak happened, we realized that in a perfect world, everyone would have access to a Powered Air Purifying Respirator.” He said his BioVYZR is an affordable respiratory device, similar to ones worn by firefighters, medical workers, and people in pharmaceutical labs.

“We’ve taken a product usually limited to health care and industrial settings that’s typically priced around $1,800 and adapted it to be accessible to the public,” said Al-Qaysi.

He said doctors, dentists, hairstylists, and long-haul travelers had ordered the new respirator – adding that, a lot of interest has been coming from education facilities ahead of the fall semester.

As earlier as late February, we noted how companies were racing to build the next generation of wearable air purifiers for the face to block germs.

end
Michael Every..

It’s Easier To Pretend Our Economic System Works And Just Blow Endless Asset Bubbles

Authored by Michael Every of Rabobank

Yesterday saw the US comprehensively beat China. Not in any sporting sense, and certainly not in any dimension of the current Cold War: and for those who still like to think the latter isn’t happening, just listen to what US Attorney General Barr said yesterday. He attacked China for “economic blitzkrieg – an aggressive, orchestrated, whole-of-government (indeed, whole-of-society) campaign to seize the commanding heights of the global economy and to surpass the United States as the world’s pre-eminent superpower.” He also called out Hollywood and US firms for kowtowing to Beijing, alleging corporate officials “display hammer-and-sickle insignia at their desks and attend party lectures during business hours,” before concluding “If Disney and other American corporations continue to bow to Beijing, they risk undermining both their own future competitiveness and prosperity, as well as the classical liberal order that has allowed them to thrive.”

So just where did the US win? In the field that matters most to markets, in fact the only thing that matters to markets – spending. While Chinese retail sales for June fell 1.8% y/y, US retail sales leaped 7.5% m/m vs. 5.0% expected. Yes, it’s apples and oranges, and the US are still down marginally y/y, but considering the States are at least a quarter behind China in the recovery process, it’s a genuinely dynamic retail rebound. USA! USA! USA!

So what is driving this latest round of the US consumer miracle? The $600 a week in special virus-related unemployment benefitsIn many instances this is worth more than people’s pre-crisis salary.

The problem here is that these benefits run out at the end of July, and there is as yet no sign whatsoever that they will be extended. Indeed, key Republicans are making noises that doing so would be dangerous. Certainly, it would be in a laissez-faire sense. Then again, in the face of a war against a virus, so is laissez-faire – which is why nobody ever adopts it during wartime. Indeed, the larger message here is desperately simple, and perhaps just desperate.

We seem to think we live in an ‘economic puzzle’: Central banks have failed to hit their inflation targets, and keep introducing more and more distorting measures that also don’t work; governments are spending vastly more only because of the virus, but clearly through gritted teeth, and with the threat of new austerity as soon as possible; and market experts either bewail that nothing works, or call for more to be done, and preferably before Western society falls apart. Yet the US retail data show that if you want a strong, domestic-led upturn all you need to do is put more money in the pockets of poorer people – and they will spend most of it ASAP.

Imagine if the low-income workers to whom a $600 a week income was a major pay rise had actually got that pay rise endogenously, or if government benefits in kind, like health or childcare, provided the same real income lift. Imagine how strong the US –or any—economic recovery would be. (Once we can all shop safely, of course.)

Naturally, this isn’t going to happen. Not in the US, and not anywhere else. Why? Because, as has been pointed out here for many years, once you begin there –with what works— and work backwards, you have to unravel too many ‘untouchable’ threads:

  • You can’t raise pay because of cheaper import competition? So impose tariffs.
  • You can’t raise pay because of weak labor power? Make the government tip the balance away from capital and back towards labor.
  • You can’t raise pay because then inflation will go up and we have too much debt to service? So use financial repression and impose negative real income on investors for once, not on workers.

So looking at that, isn’t it easier to pretend our economic system works and just blow an endless stream of asset bubbles that repeat like the worst kind of Hollywood movie series (The Fast and the Furious Markets)? If so, one would expect to see rates lower forever as a result: and guess what – the US 30-year mortgage is below 3% for the first time ever. If only more people had the money to buy them. Not that this is solely a US issue. China can more than match it in a head-to-head over property obsession – but is again slipping when it comes to a smooth equity bull run: it’s always too much too soon and then a very nasty hangover in that asset space, it seems.

Or, looking outside Hollywood, if one can’t add money on one side of the balance sheet, perhaps one needs to subtract it on the other: that is happening in trade and tech already via tariffs and bans, first on Huawei and ZTE, and now possibly the Chinese app TikTok. Yet are we really going to see a law banning US cultural exports to certain markets? (“No Star Wars for you”?) That seems a stretch!

Meanwhile, the Cold War is still mainly a US, or ‘Five Eyes’, phenomenon. By contrast, Germany’s highest level officials continue to talk about “Wandel durch Handel” (“Change through trade”) when it comes to China. Which is convenient when you are a massive mercantilist net exporter who also does not want to pay poorer people more but wants to sell the excess production you consequently end up with. The US, for its part, is asking Germany, like Hollywood, which way that change through trade flows – and does not like what it sees in either. And “No Star Wars for you” has much more of a real-life connotation for Europe under a US defence umbrella.

But that’s a tale for the sequel, not this episode.

end

The one chart that you must see: it compares country use of HCQ and mortality from the COVID 19

(zerohedge)

Hydroxychloroquine: The One Chart You Need To See

With conflicting reports over the efficacy of hydroxychloroquine (HCQ) in treating COVID-19, and large-scale studies pending, it would be really great to have a 10,000-foot view of everything we know about the anti-malaria drug that a host of doctors swear by – and which has been standard treatment protocol in some countries but not others.

To that end, Twitter user Gummi Bear has conducted a ‘deep dive’ into virtually everything we know about HCQ – which starts with this must-see chart comparing country-level case-fatality rates (CFR) by HCQ use. Entire thread embedded below:

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1426 UP .0038 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/USA VS CHINA /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 107.16 DOWN 0.121 (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 1.2555   DOWN   0.0003  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3573 DOWN .0007 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  FRIDAY morning in Europe, the Euro ROSE BY 38 basis points, trading now ABOVE the important 1.08 level RISING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 4.03 POINTS OR 0.13% 

 

//Hang Sang CLOSED UP 118.48 POINTS OR 0.47%

/AUSTRALIA CLOSED UP 0,36%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 118.48 POINTS OR 0.47%

 

 

/SHANGHAI CLOSED UP 4.03 POINTS OR 0.13%

 

Australia BOURSE CLOSED UP. 36% 

 

 

Nikkei (Japan) CLOSED DOWN 73.94  POINTS OR 0.32%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1804.90

silver:$19.20-

Early FRIDAY morning USA 10 year bond yield: 0.60% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.29 DOWN 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 96.06 DOWN 28 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.42% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +02%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.40%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,18 DOWN 0 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: FALLS TO –.45% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.63% 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 FRIDAY

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

Euro/USA 1.1431  UP     .0043 or 43 basis points

USA/Japan: 107.09 DOWN .196 OR YEN UP 20  basis points/

Great Britain/USA 1.2541 DOWN .0018 POUND DOWN 18  BASIS POINTS)

Canadian dollar DOWN 5 basis points to 1.3578

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9923    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9931  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.8633 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at+.02%

 

Your closing 10 yr US bond yield UP 1 IN basis points from THURSDAY at 0.62 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.32 UP 1 in basis points on the day

Your closing USA dollar index, 96,03 DOWN 31  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 FRIDAY: 12:00 PM

London: CLOSED UP 39.61 OR  0.63%

German Dax :  CLOSED UP 44.64 POINTS OR .35%

 

Paris Cac CLOSED DOWN 15.86 POINTS 0.31%

Spain IBEX CLOSED DOWN 34.30 POINTS or 0.46%

Italian MIB: CLOSED UP 63.30 POINTS OR 0.31%

 

 

 

 

 

WTI Oil price; 40.47 12:00  PM  EST

Brent Oil: 43,05 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    71.88  THE CROSS HIGHER BY 0.31 RUBLES/DOLLAR (RUBLE LOWER BY 31 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.45 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  40.63//

 

 

BRENT :  43.08

USA 10 YR BOND YIELD: … 0.62  plus one basis point…

 

 

 

USA 30 YR BOND YIELD: 1.32..plus one basis point..

 

 

 

 

 

EURO/USA 1.1439 ( UP 51   BASIS POINTS)

USA/JAPANESE YEN:106.94 DOWN .341 (YEN UP 34 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 95.95 DOWN 40 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2572 UP 14  POINTS

 

the Turkish lira close: 6.8587

 

 

the Russian rouble 71.89   down 0.33 Roubles against the uSA dollar.( down 33 BASIS POINTS)

Canadian dollar:  1.3580 DOWN 5 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.45%

 

The Dow closed DOWN 62.76 POINTS OR 0.23%

 

NASDAQ closed UP 29.36 POINTS OR 0.28%

 


VOLATILITY INDEX:  25.73 CLOSED DOWN 2.27

LIBOR 3 MONTH DURATION: 2.302%//libor dropping like a stone

 

USA trading today in Graph Form

Silver Soars As Nasdaq Underperforms Most Since 2009

Well that was not supposed to happen…

The Nasdaq 100 suffered its worst weekly underperformance relative to the S&P 500 since 2009…

Source: Bloomberg

Nasdaq found support after erasing all its gains relative to the S&P for the month…

Source: Bloomberg

Notably, the reversal this week in Nasdaq relative to the S&P was at a key level from the past and found support at that level…

Source: Bloomberg

As FANG stocks suffered one of their worst weeks since Dec 2018’s collapse…

Source: Bloomberg

And Nasdaq dared to put in a negative week (near its worst since March) – despite all the other majors green on the week (Small Caps outperformed)…

Likely overheard today…

China also had an ugly week…

Source: Bloomberg

Most of the damage to FANGs was done on Monday after its gap up, but Friday did not show the usual buying rampage…

Source: Bloomberg

While FANGs were dumped, Biotechs were bid for the 3rd week in a row to new record highs…

Source: Bloomberg

It appears TSLA momo has lost its mojo (pinned at $15000 for 3 days)…

As those far OTM options expire worthless…

Source: Bloomberg

Banks were mixed with GS and JPM outperforming…

Source: Bloomberg

Momentum dramatically underperformed value this week (first time in 6 weeks)…

Source: Bloomberg

Shorts were squeezed this week on Tuesday and Wednesday but were ominously quiet Thurs/Fri…

Source: Bloomberg

This won’t end well… options traders are at their most complacent since the peak of the dotcom bubble…

Source: Bloomberg

Treasury yields ended the week lower (no thanks to three decent selling surges)..

Source: Bloomberg

The dollar ended the week lower (3rd week lower in a row) to its lowest weekly close since early March…

Source: Bloomberg

Is the dollar about to breakdown hard?

Source: Bloomberg

Gold suggests it should…

Source: Bloomberg

Cryptos ended the week lower with Bitcoin the least worst of the bunch…

Source: Bloomberg

Commodities ended the week higher, led by a big move for Silver…

Source: Bloomberg

Silver is up for a 6th week in a row (up 10 of the last 11 weeks)…

Source: Bloomberg

Silver’s outperformance vs Gold has pushed the ration between the two down to its lowest since February (and back below the key 100x level)…

Source: Bloomberg

 

 

Finally, The Fed Balance Sheet rose very modestly in the last week…

Source: Bloomberg

And it appears the S&P future short squeeze is almost over…

Source: Bloomberg

And don’t forget, this whole market game is easy, right! Just buy the f**king overnight session…

Source: Bloomberg

What happens next?

Source: Bloomberg

Sleep Well.

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

ii)Market data/USA

Housing starts and permits dismal as we witness tumbling demand for city living

(zero hedge)

Housing Starts/Permits Disappoint Amid Tumbling Demand For City-Living

After May’s big rebound in both starts and permits, June was expected to show further ‘recovery’ in the US housing market (with starts surging far more than permits) as mortgage rates plunged to record lows.

And while both Housing Starts (+17.3% MoM) and Building Permits (+2.1% MoM), rose notably, they both missed expectations by a mile (+22.2% and +6.3% respectively), though revisions impacted that spread notably.

Source: Bloomberg

The “V”-shaped recovery is already stalling out…

Source: Bloomberg

One of the big drivers of this disappointment was the clear evidence of an exodus from city-living or rentals – Single-Family Home permits were up 11.8%, Multi-family permits down 14.0%…

On the Housing starts side (less forward-looking than permits), single-family units rose 17.2% and multi-family rose 18.6%…

…as the northeast exploded 111.8% from 49K SAAR to 105K (with Single-family starts in the northeast jumping the most since 1990!)…

And Starts remain lower year-over-year…

And all this as homebuilder sentiment surges back towards record highs.

end

Consumer sentiment disappoints as “hope” hits a record low

(zerohedge)

US Sentiment Disappoints In July As Democrats’ “Hope” Hits Record Low

After a merely modest rebound in June, preliminary July University of Michigan sentiment data was expected to show improvement, albeit also marginally, but instead it significantly disappointed.

The headline sentiment index decreased 4.9 points to 73.2, according to data Friday, reversing most of the prior month’s 5.8-point gain. The gauge of current conditions dropped 3.9 points to 84.2, while a measure of expectations declined 6.1 points to 66.2.

Source: Bloomberg

As UMich reports, the reopening of the economy provided consumers with some financial relief and the subsequent resurgence in the virus made consumers less optimistic about their future financial prospects. Assessments of their current finances improved slightly in early July as 42% reported that their financial situation improved, which was barely above last month’s 39% and still well below the 58% recorded in February. Importantly, most of the gains were reported by households under age 45 and among those with incomes in the top third. When asked about their prospects for the year ahead, the proportion of households that anticipated gains fell back to 34% from last month’s 40%, with larger declines recorded among older and richer subgroups

Buying Conditions improved for housing in early July, but weakened notably for vehicles and large durables…

Source: Bloomberg

In all three markets, near record numbers of consumers explained their views by citing job and income uncertainties as the prime cause for postponing purchases. Record low interest rates have helped but their main impact has been on home purchases.

“Unfortunately, declines are more likely in the months ahead as the coronavirus spreads and causes continued economic harm, social disruptions, and permanent scarring,” Richard Curtin, director of the survey, said in a statement.

Without further action by Congress, “another plunge in confidence and a longer recession is likely.”

Finally, Americans’ view of the five-year economic outlook declined to the lowest level since 2014.

The drop in sentiment hit all political cohorts but Independents and Democrats the worst…

But Democrats’ expectations have crashed to record lows…

Will a Biden presidency improve that? Or make it worse?

END
Ginsburg fighting liver cancer again
(zerohedge)

Supreme Court Justice Ginsburg Says She Is Dealing With “A Recurrence Of Liver Cancer”

After being discharged from hospital over fears of an infection earlier in the week, Scupreme Court Justice Ruth Bader Ginsbrug has issued a statement confirming her health status and her capabilities of fulfilling her commitments.

Full Statement from Justice Ruth Bader Ginsburg:

On May 19, I began a course of chemotherapy (gemcitabine) to treat a recurrence of cancer. A periodic scan in February followed by a biopsy revealed lesions on my liver. My recent hospitalizations to remove gall stones and treat an infection were unrelated to this recurrence.

Immunotherapy first essayed proved unsuccessful. The chemotherapy course, however, is yielding positive results. Satisfied that my treatment course is now clear, I am providing this information.

My most recent scan on July 7 indicated significant reduction of the liver lesions and no new disease. I am tolerating chemotherapy well and am encouraged by the success of my current treatment. I will continue bi-weekly chemotherapy to keep my cancer at bay, and am able to maintain an active daily routine. Throughout, I have kept up with opinion writing and all other Court work.

I have often said I would remain a member of the Court as long as I can do the job full steam. I remain fully able to do that.

END

iii) Important USA Economic Stories

Trump vs the Democrats

No coronavirus stimulus pkg without a payroll tax cut. The democrats are against this.

(zerohedge)

Trump: No New Coronavirus Stimulus Without Payroll Tax Cut

President Trump won’t sign a new coronavirus relief package unless Democrats agree to a payroll tax cut, according to Politico, citing three anonymous sources ‘close to the issue.’

Trump’s line in the sand was echoed this week by Vice President Mike Pence, who told House Republicans in a conference call this week that they should be rallying behind the idea, according to sources on the call.

Senate GOP and House Democrats, however, aren’t fans of cutting the payroll tax – which suggests the next stimulus will be yet another showdown between both sides of the aisle, which are trillions of dollars apart in how they propose funding the package, as well has how the funds will be spent, according to the report.

White House officials have also been talking to Senate GOP leaders about potential elements of a new Republican coronavirus relief bill to be unveiled next week, although there is no sign yet whether Majority Leader Mitch McConnell (R-Ky.) will include it in that package. Senate Finance Committee Chairman Chuck Grassley (R-Iowa) has signaled he doesn’t like the idea, and House Democrats have called it a non-starter.

Negotiations will start in earnest next week, when both chambers come back into session following a two-week recess. Speaker Nancy Pelosi (D-Calif.) suggested Thursday that she has been in touch with individual Senate Republicans in advance of the talks, but there’s no sign that she and McConnell have held any discussions. –Politico

So far, $3 trillion has already been spent to mitigate the economic fallout of the COVID-19 pandemic.

House Democrats have already passed a bill for a second round of direct payments of up to $1,200 for individuals and $2,400 for joint filers. Senate Republicans appear amenable, though they want to limit distributions to those making $40,000 or less per year – or around 40% of Americans who lost their jobs in March.

The Democratic plan, meanwhile, raise that cap to those making $75,000 per year or less.

Meanwhile, the weekly $600 CARES Act boost to unemployment is set to expire at the end of the month. Democrats want to renew it through the end of the year, while Republicans want to reform the enhanced benefits, or replace them with a ‘back-to-work’ bonus, according to USA Today.

“We’d like to see some unemployment reforms,” said National Economic Council director, Larry Kudlow in a Monday appearance on Fox News. “We’d like a return-to-work-type bonus of a modest nature. We don’t want to give people disincentives.”

END
CORONAVIRUS/UPDATE/THE USA AND THE GLOBE
(ZEROHEDGE)

Miami-Dade ICUs At 107% Capacity As Deaths Climb Across The Sun Belt: Live Updates

Georgia Gov Brian Kemp’s decision to sue Atlanta over Mayor Keisha Bottoms’ mandatory mask order is already eliciting a serious blowback in the media. And not entirely without reason.

Although still lagging behind Florida, Texas and Arizona, Georgia’s COVID-19 outbreak is accelerating: Georgia’s seven-day rolling average of newly reported cases was 3,507 as of Thursday, 4x the pre-shutdown peak. It has been added to the list of mandatory quarantine states if they visit the northeast and Chicago.

Kemp issued an order explicitly voiding mandatory mask orders, and followed that up with a lawsuit when Atlanta resisted. Other Republican governors have also resisted mask mandates, even as Kemp and others say they “strongly encourage” all Americans to wear masks when they’re in public, or outside and unable to follow social distancing guidelines. The state reported 3,441 cases, 13 deaths and 244 hospitalizations yesterday.

In Florida, which reported a record death toll yesterday, and leads the country in cases per 100k with 55, noted that the main floor of the state’s Emergency Operations Center in Tallahassee were evacuated after 12 workers tested positive for the virus, in an incident that was slammed as yet another brutal virus-inspired irony.

As we await the state’s latest data, Miami-Dade County has released its new daily dashboard, and today’s report shows that ICUs in Florida’s epicenter are currently at 107% of their bed capacity.

Here are the key slides from the report:

Source: Miami-Dade County

New York reported its daily COVID-19 figures Friday morning, with cases climbing at 0.2%, the same rate we’ve seen for the past 2 months, in line with a 7-day average of 0.2%.

So far, most of the discouraging news for Friday has come out of Europe, and the Asia-Pacific region. Spain and Australia reported their steepest daily jumps in new cases in more than two months, despite both countries implementing partial lockdowns (Melbourne and the surrounding state, Victoria, have been sealed off from the rest of Australia, while Spain has imposed local partial lockdowns in select hotspots).

As the number of new cases reported in Europe appears to be on the cusp of a feared comeback, cases continued to soar in India and Brazil, as the latter surpassed 2 million confirmed cases.

China remains on high alert for new outbreaks, and on Friday, an airport in Urumqi, the capital city of China’s Xinjiang, said it would require all outbound travelers to hold nucleic acid test results showing they are negative for the coronavirus. The new order takes effect Friday, one day after the city reported 1 confirmed coronavirus case on July 16. All inbound visitors from July 20 are required to hold test reports too. Subway services in the city have also been halted after 10 pm.

In Japan, new daily infections hist yet another record high in Tokyo, with 293 new cases reported, Governor Yuriko Koike told a news briefing in the Japanese capital Friday. About 70% of those infected are in their 20s and 30s, Koike said.

The death yard of rental cars: where they go!’
(zerohedge)

“Death Yard” – Where Rental Cars Go To Die 

Several months ago, we noticed parking lots across the US were quickly filling up with rental cars as the entire car rental industry collapsed. The virus-induced recession crushed the travel and tourism industry, so it would only make sense that indirect industries, like rental cars, would get hammered.

In May, rental car fleets were being shifted from airports to massive parking lots at sports stadiums from Philipedia to Los Angeles; the pictures below show the magnitude of the collapse:

 

About 2,200 Enterprise rental cars are parked at the Wells Fargo Center in South Philadelphia

 

Aloha Stadium’s parking lot has become the temporary home to 1,000 to 1,500 rental vehicles on Oahu that have become idle because of the novel coronavirus pandemic.

 

Hundreds of rental cars are being temporarily parked at Dodger Stadium as travel continues to constrict amid the coronavirus pandemic.

Thanks to mcm-ct.com, who also showed us the commercial real estate bust in South Florida in May, has once again posted stunning pictures of where rental cars now ‘go to die’.

MCM might have uncovered the evolution of what happens to rental cars after they’re temporarily parked at sports stadiums or massive parking lots – that is, as he describes – ends up in a “death yard” – as Hertz and other rental car companies will eventually markdown these assets from their respective balance sheets.

On Sunday, MCM’s Twitter post said he “drove past” the Palm Beach International Airport on Saturday and uncovered a huge parking lot of “rental cars needing maintenance/out of commission.”

He said, “every car” had mechanical issues “marked on” the window – as they bake in the South Florida sun. He said it would “take years & $$$ to get through these repairs,” as he suggested: “Can you say asset impairment?”

From the street, MCM snapped a panoramic view of the parking lot with at least a thousand of these cars left in the sun to die.

 

h/t MCM

He shows every window is “marked with mechanical issues.”

 

h/t MCM

Here’s another angle of the yard – with a closer look – all of these vehicles are basically brand-new.

 

h/t MCM

Another view:

 

h/t MCM 

And another:

 

h/t MCM

MCM said: “Anyway you look at it, its YEARS OF INVENTORY that is sitting baking in the sun…it is a major operation imo just to find the keys for these cars let alone repair and move them – they will be there for a very long time it seems and that means these cars will deteriorate a lot.”

Adding that, “DON’T WORRY THE @federalreserve CAN FIX THIS as @neelkashkari is on the job.”

And if MCM is right – Hertz and or other rental car companies could be on the cusp of writing down their vehicle fleets as the anticipation of steady cash flows from these assets are now deemed unrecoverable as the whole travel and tourism industry has gone bust and will remain depressed for years.

END

Portland under siege

(zerohedge)

Portland ‘Under Siege By Anarchists’ As City Officials Twiddle Thumbs, Says DHS Chief

Acting Homeland Security Secretary Chad Wolf condemned “rampant, long-lasting violence” in Portland, Oregon on Thursday, after the city “has been under siege for 47 straight days by a violent mob while local political leaders refuse to restore order to protect their city,” he said in a Thursday morning statement.

Wolf traveled to Portland to survey the city after members of Antifa established the “Chinook Land Autonomous Territory” outside of the Portland federal courthouse earlier in the week.

“A federal courthouse is a symbol of justice – to attack it is to attack America,” Wolf said, referring to the protesters as “anarchists.”

Local businesses have reported $23 million in losses due to looting and rioting that have gripped its downtown area, and rioters were seen lighting mattresses on fire and setting off fireworks in the streets. Protesters have also set up tents in the park near the federal courthouse and have barricaded streets to create their own autonomous zone, likened to the since-disbanded Capitol Hill Organized Protest in Seattle.

Earlier this month, the U.S. Department of Homeland Security deployed more than a half-dozen law enforcement agencies and departments, with officers from the U.S. Marshals, the Federal Protective Service and U.S. Customs and Border Protection rotating protection services throughout the city in a bid to quell the violence and protect federal property — a move opposed by local politicians. –Fox News

“Instead of addressing violent criminals in their communities, local and state leaders are instead focusing on placing blame on law enforcement and requesting fewer officers in their community. This failed response has only emboldened the violent mob as it escalates violence day after day,” the statement continues.

According to journalist Andy Ngo, “One of the biggest scandals of the last 50 days is how Portland media & politicians describe rioters as peaceful while declaring police violent agitators. This lie keeps riots going.”

END

The trade war with China has created oversupply conditions with respect to the nut business.  The uSA farmers produce the majority of the world’s almonds, walnuts and pecans

(zerohedge)

“We’ll Have To Suck It Up” – America’s Nut-Glut Sends Prices Plunging

America has a nut problem; oversupplied conditions with plunging demand thanks to President Trump’s trade war and the virus pandemic could prove disastrous for nut farmers this year who produce a majority of the world’s almonds, walnuts, and pecans.

Bloomberg describes a world in which an economic boom led farmers to increasingly plant more and more saplings. Several years later, these trees are now becoming nut-bearing ones, will soon increase supply at a time when the trade war has crushed demand for US agriculture products, and the virus pandemic has crashed the global economy.

 

h/t Bloomberg

Bill Carriere, a seasoned nut farmer in California, said saplings were planted about five years ago are now becoming nut-bearing ones, could produce an unusually high crop yield this year.

“It’s been five years since the last trees were planted, and now that production is hitting, and the young trees are coming on board,” said Carriere. “It’s going to be a big crop, and that will be true for the next few years.”

A bumper crop of nuts is one thing, but now the nut industry, comprising of almonds, walnuts and pecan farmers, has been at the mercy of the president’s trade war, resulting in plunging demand for American nuts.

“We’re nervous, especially for next year, with where prices are,” said Carriere, who is also on the California Walnut Board and California Walnut Commission. “They could get below the cost of production.”

America’s nut boom is becoming more and more like a nut bust.  The US Department of Agriculture’s (USDA) latest crop report projects almond yields will jump 20% this year to a record 3 billion bounds. California produces about 80% of global almonds – any decline or collapse in price will undoubtedly be felt in local communities in the West Coast state.

 

h/t Bloomberg 

China, and the rest of Asia, have been regularly importing US nuts over the years, but that has decreased since the trade war began, forcing Beijing to slap America’s nuts with tariffs.

USDA estimates US almond exports will reach a three year low in 2020 – suggesting supply concerns will pressure spot prices.

In addition to declining trade flows between the US and China – the coronavirus pandemic has plunged world trade into a depression.

“Once the new trees are in, you’re in for 40 to 50 years,” he said. “We’ll have to suck it up and grit our teeth and get through it.”

President Trump’s failure to sign a legitimate trade deal with China, as we now know, the phase one deal was nothing more than hype to boost the president’s election odds as Beijing had zero intention on fulfilling trade purchase commitments (in dollar amount). Nevertheless, the president is now saying the phase two trade deal is “unlikely.”

The Trump administration might to ready the next bailout to farmers, this time with maximum concentration on nut growers.

end

iv) Swamp commentaries)

The FBI Has Launched An Official Inquiry Into Last Night’s Twitter Hack

The FBI has now launched an official inquiry into last night’s massive security breach and hack at Twitter, according to Reuters.

The FBI said earlier today:  “We are aware of today’s security incident involving several Twitter accounts belonging to high profile individuals. The accounts appear to have been compromised in order to perpetuate cryptocurrency fraud.”

Also today, Twitter has commented that there is “no evidence that attackers accessed the passwords of its users,” according to Bloomberg. Regardless, the company said it’s locking any accounts that have attempted to change its password during the past 30 days anyway.

And while they may not have gotten passwords – the real question is whether or not they got the DMs…

By now, you probably already know about the massive Twitter hack that took place yesterday where, in summary, the following took place:

  • A massive hack which allegedly has originated from a Twitter employee with access to the user management panel affected hundreds of billionaires and politicians, including Barack Obama, Joe Biden, Bill Gates, Kanye West, Elon Musk, Wiz Khalifa, Apple, Uber, Jeff Bezos, Benjamin Netanyahu
  • Tweets urged people to send money to a Bitcoin address; over $113,000 has been sent so far
  • Twitter has investigated and appears to have resolved most of the issue after taking down the offending Tweets and restoring access to the site for those with blue checkmarks, all of whom were previously shut down from the site

For the full details on the hack, you can read our report on it here. In addition to the hack, a subplot emerged last night when we reported that sources “close to or inside” the underground hacking community leaked a screenshot of what is allegedly an internal software panel used by Twitter to interact with user accounts.

Source: Vice

The tool is said to be used to help change ownership of popular accounts and, in the case of the hack, was said to play a role in usurping the high profile accounts involved. Screenshots of the supposed internal software are being aggressively pursued and deleted from Twitter by Twitter itself, with the company claiming that they violate the platform’s rules.

Of particular interest are the buttons labeled “SEARCH BLACKLIST” and “TRENDS BLACKLIST”.

We asked last night: Could these be tools actively used by Twitter to censor what Tweets and topics appear during searches and on its trends page?

Maybe the FBI will find some answers. We look forward to their findings…

END

“We’ll Have To Suck It Up” – America’s Nut-Glut Sends Prices Plunging

America has a nut problem; oversupplied conditions with plunging demand thanks to President Trump’s trade war and the virus pandemic could prove disastrous for nut farmers this year who produce a majority of the world’s almonds, walnuts, and pecans.

Bloomberg describes a world in which an economic boom led farmers to increasingly plant more and more saplings. Several years later, these trees are now becoming nut-bearing ones, will soon increase supply at a time when the trade war has crushed demand for US agriculture products, and the virus pandemic has crashed the global economy.

 

h/t Bloomberg

Bill Carriere, a seasoned nut farmer in California, said saplings were planted about five years ago are now becoming nut-bearing ones, could produce an unusually high crop yield this year.

“It’s been five years since the last trees were planted, and now that production is hitting, and the young trees are coming on board,” said Carriere. “It’s going to be a big crop, and that will be true for the next few years.”

A bumper crop of nuts is one thing, but now the nut industry, comprising of almonds, walnuts and pecan farmers, has been at the mercy of the president’s trade war, resulting in plunging demand for American nuts.

“We’re nervous, especially for next year, with where prices are,” said Carriere, who is also on the California Walnut Board and California Walnut Commission. “They could get below the cost of production.”

America’s nut boom is becoming more and more like a nut bust.  The US Department of Agriculture’s (USDA) latest crop report projects almond yields will jump 20% this year to a record 3 billion bounds. California produces about 80% of global almonds – any decline or collapse in price will undoubtedly be felt in local communities in the West Coast state.

 

h/t Bloomberg 

China, and the rest of Asia, have been regularly importing US nuts over the years, but that has decreased since the trade war began, forcing Beijing to slap America’s nuts with tariffs.

USDA estimates US almond exports will reach a three year low in 2020 – suggesting supply concerns will pressure spot prices.

In addition to declining trade flows between the US and China – the coronavirus pandemic has plunged world trade into a depression.

Carriere expects more saplings will be planted on his California farm through 2022. He added:

“Once the new trees are in, you’re in for 40 to 50 years,” he said. “We’ll have to suck it up and grit our teeth and get through it.”

President Trump’s failure to sign a legitimate trade deal with China, as we now know, the phase one deal was nothing more than hype to boost the president’s election odds as Beijing had zero intention on fulfilling trade purchase commitments (in dollar amount). Nevertheless, the president is now saying the phase two trade deal is “unlikely.”

The Trump administration might to ready the next bailout to farmers, this time with maximum concentration on nut growers.

END

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

US Economic Data on Thursday was generally better than expected

  • June Retail Sales 7.5% m/m, 5.0% expected, May revised to 18.2% from 17.7%
  • June Ex-Autos Sales 7.3% m/m, 5.0% expected, May revised to 12.1% from 12.4%
  • June Ex-Autos & Gas Sales 6.7% m/m, 5.0% expected, May revised to 12.1% from 12.4%
  • Initial Jobless Claims 1.2m, 1.25m expected, prior week revised to 1.31m from 1.314m
  • Continuing Claims 17.338m, 17.5m expected, prior week revised to 17.776m from 18.062m
  • Bloomberg Consumer Comfort for July 44.3, prior week 42.9
  • Business Inventories for May -2.3% m/m as expected
  • NAHB July Housing Market Index 72, 61 expected, June 58

Twitter Internal Panel Linked to Account Hijackings

After a wave of account takeovers, screenshots of an internal Twitter user administration tool are being shared in the hacking underground.  Two sources close to or inside the underground hacking community provided Motherboard with screenshots of an internal panel they claim is used by Twitter workers to interact with user accounts. One source said the Twitter panel was also used to change ownership of some so-called OG accounts—accounts that have a handle consisting of only one or two characters—as well as facilitating the tweeting of the cryptocurrency scams from the high profile accounts…

https://www.vice.com/en_us/article/jgxd3d/twitter-insider-access-panel-account-hacks-biden-uber-bezos

@MichaelCoudrey: Alleged leaked pictures from the Twitter admin control panel that was compromised showcase the buttons ‘Trends Blacklist’ and ‘Search Blacklist’, indicating Twitter DOES have the ability to shadowban its users.

Bank of America declined as much as 4.3% after setting aside $4B for potential loan losses.  BAC reported .37; .25 was expected.  Twitter and BAC all rallied sharply from their early losses.

Jobless claims pass 51 million…  https://nypost.com/2020/07/16/us-unemployment-boost-ending-as-jobless-claims-top-51-million/

Well that is all for today

Mr. Barr leveled his harshest criticism for appeasing China at the movie industry in Hollywood and at Silicon Valley technology giants. “If you are an American business leader, appeasing the PRC may bring short-term rewards,” he said. “But in the end, the PRC’s goal is to replace you.”…

   “Over the years, corporations such as Google, Microsoft, Yahoo, and Apple have shown themselves all too willing to collaborate with the CCP,” Mr. Barr said. He cited an example involving Apple in which the tech giant eliminated the news app Quartz after complaints from Chinese authorities that it was sympathetic to pro-democracy protests in Hong Kong.  Mr. Barr asserted that Apple cloud computing in China has also made personal data — emails, texts and other user information — vulnerable to Chinese government exploitation… https://www.washingtontimes.com/news/2020/jul/16/attorney-general-barr-condemns-corporate-americas-/

OAN’s @_StephanieMyers: Attorney General William Barr says the U.S. response to the global ambitions of the Chinese Communist Party will be the most important issue for the world in the 21st century. Barr: “China’s economy has quietly grown from 2% of the world’s GDP in 1980 to nearly 20% today.”… “Mao speaks openly of China moving closer to the center stage, building a socialism that is superior to capitalism and replacing the American Dream with the Chinese solution.”

    “The PRC’s drive for technological supremacy is complemented by its plan to monopolize rare earth materials, which play a vital role in industries such as consumer electronics, electric vehicles, medical devices, and military hardware.”… “Hollywood now regularly censors its own movies to appease the Chinese Communist Party.”…

Mnuchin, Kudlow in epic clash over next stimulus package [again, it’s Jared/Ivanka & their cronies!]

Kudlow, a long-time advocate of lowering taxes… to promote growth, is pushing for a payroll tax cut as a key part of the plan to spur economic growth… Mnuchin, a former Wall Street executive, is said to believe a payroll tax cut will not be approved by Congress and will face stiff opposition from Democratic House Speaker Nancy Pelosi…He is pushing for another round of individual stimulus checks and an extension of unemployment benefits in the next package, which could mirror the last round of stimulus, the CARES Act… Mnuchin is seen as having an edge in the debate since he has support from President Trump’s daughter Ivanka Trump and son-in-law, Jared Kushner… Mnuchin… is seen as more economically liberal, given his long career on Wall Street, which relies on government subsidies including Federal Reserveaction for much of its profits. People close to the Kudlow wing of the White House have described Mnuchin as “too Keynesian,” a reference to the British economist John Maynard Keynes who argued that government spending is the best way to spark economic growth…

https://www.foxbusiness.com/economy/a-white-house-divided-economic-officials-at-odds-on-next-phase-of-stimulus

You can’t make this up!  NYC Mayor de Blasio will open daycare centers for 100k NYC children who are unable to attend school full-time due to closings!  We are unaware of ‘the science’ that shows children are at lower risk of Covid in daycare centers than in school!

https://www.politico.com/states/new-york/albany/story/2020/07/16/city-plans-child-care-for-100-000-kids-when-schools-partially-reopen-1301436

Back to School? “No Thanks” Say Millions of New Homeschooling Parents – With dehumanizing COVID-19 restrictions awaiting students at schools, many parents are opting to keep on homeschooling.

   In May, the US Centers for Disease Control and Prevention (CDC) issued school reopening guidelines that called for:

  • Strict social distancing tactics
  • All-day mask wearing for most students and teachers
  • Staggered attendance
  • Daily health checks
  • No gym or cafeteria use
  • Restricted playground access and limited toy-sharing, and
  • Tight controls on visitors to school buildings, including parents.

According to a recent USA Today/Ipsos poll, 60 percent of parents surveyed said they will likely choose at-home learning this fall rather than send their children to school even if the schools reopen for in-person learning. Thirty percent of parents surveyed said they were “very likely” to keep their children home…   https://fee.org/articles/back-to-school-no-thanks-say-millions-of-new-homeschooling-parents/amp

@seanmdav: The number one priority of media and Democrats… is to ban all children from going to school (even private and religious schools) in order to keep parents at home and prevent the economy from recovering. Not for public health reasons, but to hurt Trump in Nov.

@EWoodhouse7: Ok, this is crazy. There are 42 deaths in the Cook County Medical Examiner’s dedicated COVID-19 archive https://maps.cookcountyil.gov/medexamcovid19/ that are ACCIDENTAL deaths (falls, vehicle accidents drug overdoses). Are these included in city, county, and state C19 fatality counts? How do we know?   https://twitter.com/EWoodhouse7/status/1283796297598881794

This is NOT a parody!  NYC Mayor De Blasio: “We now have fewer people in our jails than any time since WW2 and we are safer for it and better for it.”  https://twitter.com/JackPosobiec/status/1283768627007762434

    Ex-intel operative @T_S_P_O_O_K_Y: Wow…with 250% increase in violent crime…this is like the Joker becoming mayor of Gotham City…pure insanity…

@ByronYork: The National Museum of African American History & Culture wants to make you aware of certain signs of whiteness: Individualism, hard work, objectivity, the nuclear family, progress, respect for authority, delayed gratification, more.  (via @RpwWilliams)

https://nmaahc.si.edu/learn/talking-about-race/topics/whiteness

    GOP Sen. @HawleyMO: The Smithsonian has now taken down this unbelievable chart. But I wonder why it was ever posted in the first place. I’ll have a few questions for the Smithsonian…

Let us close out the week with this offering courtesy of Greg hunter

Fear All Lives Matter, Legacy Media Enemy of People, Economic Update

By Greg Hunter On July 17, 2020

We live in a world where if you say something as seemingly harmless as “all lives matter,” you can be immediately fired or shot in the head multiple times.  Both things have happened in the past few weeks.  What the heck is going on?  It’s a fear and violence campaign promoted by communist Marxist Democrats of the DNC, Black Lives Matter (BLM) and Antifa.  This is all to make President Trump look bad and his voters to be scared enough to keep quiet and stay home.

Why is the mainstream (legacy) media (MSM) not reporting major stories like murders, violence and the moronic plans of Joe Biden and his far left base?  Simple.  The MSM is now a propaganda machine for the Marxist and America hating Democrats.  The MSM is the enemy of the people.  Anything that makes Dems and presidential candidate Joe Biden look bad is simply ignored or outright lied about.

Homebuilders’ optimism explodes, but homebuyers not so much.  Even record low mortgage rates are not bringing that many buyers back.  Maybe it has something to do with the unemployment filings this past week.  Another 1.3 million new claims were filed, keeping the number of people filing for benefits at an historic 50 million plus since the CCP virus crisis started.

Join Greg Hunter of USAWatchdog.com as he talks about these stories and more in the Weekly News Wrap-Up.

-END-

World economic news:

I will see you MONDAY night.

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