JULY 23//GOLD UP ANOTHER $24.90 REACHING ITS ALL TIME HIGH VS LONDON GOLD FIX: $1891.05//SILVER MONKEY HAMMERED AND THUS UP ONLY 4 CENTS TO $22.76//COMEX GOLD STANDING SO FAR FOR DELIVERY: 24.5 TONNES//GLD ADDS ANOTHER WHOPPING 7.26 TONNES TO ITS INVENTORY//SLV ADDS ANOTHER WHOPPING 9.594 MILLION OZ TO ITS INVENTORY:BOTH GLD AND SLV ARE OBVIOUS FRAUDS!!// CHINA VS USA ESCALATES HUGELY//CORONAVIRUS UPDATES//SWAMP STORIES FOR YOU TONIGHT//GREECE READY FOR WAR AGAINST TURKEY AS THE LATTER NATION INVADES ITS TERRITORIAL WATERS//USA JOBLESS CLAIMS RISE AGAIN: ANOTHER 1.3 MILLION AMERICANS SEEKING UNEMPLOYMENT BENEFITS//

GOLD:$:1891.50  UP $24.90   The quote is London spot price (cash market)

This is an all time high compared to London gold fix:  Sept 5/2011: $1891.30

 

 

 

 

 

 

Silver:$22.76// UP $0.04  London spot price ( cash market)

There is now no question that our bankers’ precious metals derivatives have blown up. The Fed is loaning these crooks mega dollars as they are hugely offside on their shorts of gold and silver.

 

your data:

 

Closing access prices:  London spot

i)Gold : $1886.35  LONDON SPOT  4:30 pm

 

ii)SILVER:  $22.54//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1869.30  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $7.50  ($1.50 ABOVE NORMAL CONTANGO)

DEC. GOLD  $1914.00   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $22.50   ($10.00 ABOVE NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $22.93…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  17 CENTS  PER OZ

 

 

 

 

COMEX DATA

 

 

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

receiving today:0/108

issued 94

EXCHANGE: COMEX
CONTRACT: JULY 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,864.100000000 USD
INTENT DATE: 07/22/2020 DELIVERY DATE: 07/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
226 C DIRECT ACCESS 1
624 C BOFA SECURITIES 1
657 C MORGAN STANLEY 15
657 H MORGAN STANLEY 69
661 C JP MORGAN 94
686 C INTL FCSTONE 3
690 C ABN AMRO 10
737 C ADVANTAGE 5 3
800 C MAREX SPEC 9
905 C ADM 6
____________________________________________________________________________________________

TOTAL: 108 108
MONTH TO DATE: 7,876

NUMBER OF NOTICES FILED TODAY FOR  JULY CONTRACT: 108 NOTICE(S) FOR 10800 OZ  (.3359 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  7876 NOTICES FOR 787600 OZ  (24.497 TONNES)

 

 

SILVER

 

FOR JULY

 

 

144 NOTICE(S) FILED TODAY FOR 720,000  OZ/

total number of notices filed so far this month: 15,360 for 76.800 MILLION oz

 

BITCOIN MORNING QUOTE  $9504  DOWN 13

 

BITCOIN AFTERNOON QUOTE.: $9593 UP $75

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $24.90 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A MASSIVE PAPER DEPOSIT OF 7.26 TONNES INTO THE GLD

WHAT A MASSIVE FRAUD!

 

 

 

GLD: 1,225.01 TONNES OF GOLD//

 

WITH SILVER UP $0.04 TODAY: AND WITH NO SILVER AROUND:

 

A HUGE CHANGE IN SILVER INVENTORY AT THE  SLV:

A MASSIVE PAPER DEPOSIT OF 9.594 MILLION OZ INTO THE SLV

WHAT A FRAUD!!

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 558.779  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A TINY SIZED 802 CONTRACTS FROM 185,745 DOWN  TO 184,943, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE TINY SIZED LOSS IN  OI OCCURRED WITH OUR VERY STRONG $1.54 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO HUGE  BANKER SHORT COVERING PLUS A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A STRONG INCREASE  IN SILVER STANDING  AT THE COMEX FOR JULY.  WE HAD A NET GAIN IN OUR TWO EXCHANGES OF 1061 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 1863 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1863 CONTRACTS. WITH THE TRANSFER OF 1863 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 1863 EFP CONTRACTS TRANSLATES INTO 9.315 MILLION OZ  ACCOMPANYING:

1.THE $1.54 GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

82.935 MILLION OZ INITIALLY IN JULY.

 

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $1.54 ).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE TINY LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE IN STANDING OF SILVER OZ STANDING FOR JULY,  HUGE BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A  NET GAIN OF 1061 CONTRACTS OR 5.305 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:

18,023 CONTRACTS (FOR 16 TRADING DAY(S) TOTAL 18,023 CONTRACTS) OR 90.12 MILLION OZ: (AVERAGE PER DAY: 1126 CONTRACTS OR 5.632 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 90.12 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 12.87% 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:          1,227.53 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                               90.12 MILLION OZ/

 

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

 

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 802, DESPITE OUR 154 CENT GAIN  IN SILVER PRICING AT THE COMEX ///WEDNESDAYTHE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1863 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:  1061 CONTRACTS (WITH OUR 154 CENT GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1863 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 802 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A 154 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $22.72 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.892 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: 144 NOTICE(S) FOR 720,000  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 82.935 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 GOOD SIZED 6599 CONTRACTS TO 609,737 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  GAIN OF COMEX OI OCCURRED WITH OUR RISE IN PRICE  OF $22.00 /// COMEX GOLD TRADING// WEDNESDAY// WE  HAD HUGE BANKER SHORT COVERING, ANOTHER GOOD SIZED INCREASE IN GOLD OZ STANDING AT THE COMEX FOR JULY, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE AND THE START OF GOLD SPREADER LIQUIDATION. THIS ALL HAPPENED WITH OUR STRONG GAIN IN PRICE OF $22.00 .

 

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

 

WE GAINED A VERY GOOD SIZED 10,844 CONTRACTS  (33.73 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 4245 CONTRACTS:

CONTRACT .; AUG 23845 AND OCT: 0 DEC: 400; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 4285.  The NEW COMEX OI for the gold complex rests at 609,737. 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 10,844 CONTRACTS: 6599 CONTRACTS INCREASED AT THE COMEX AND 4245 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 10,844 CONTRACTS OR 33.73 TONNES. WEDNESDAY, WE HAD A GAIN OF $22.00 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A STRONG SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 33.73 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  SUPPLIED INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $22.00).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 SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (4245) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (6599 OI): TOTAL GAIN IN THE TWO EXCHANGES:  16,057 CONTRACTS. WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)ANOTHER  INCREASE IN GOLD  STANDING AT THE GOLD COMEX FOR THE FRONT JULY MONTH,  3) ZERO LONG LIQUIDATION; 4) HUGE COMEX OI GAIN AND .5) SMALL EXCHANGE FOR PHYSICAL ISSUANCE 6) THE COMMENCEMENT OF GOLD SPREADER LIQUIDATION… AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//WEDNESDAY//$22.00.

 

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

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

 

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 : 59,677 CONTRACTS OR 5,967,700 oz OR 185,62 TONNES (16 TRADING DAY(S) AND THUS AVERAGING: 3729 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES: 185.62 TONNES

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

THUS EFP TRANSFERS REPRESENTS 185.62/3550 x 100% TONNES =5.22% 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   3203.82  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;                       185.62 TONNES SO FAR..

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, FELL BY A TINY SIZED 802 CONTRACTS FROM 185,745 DOWN TO 184,943 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 LOSS 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 CONSIDERABLE INCREASE STANDING AT THE SILVER COMEX FOR JULY AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 1863 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: 1863 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1863 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS  OF 802  CONTRACTS TO THE 1863 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1061 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 5.305 MILLION  OZ, OCCURRED WITH OUR 154 CENT GAIN IN PRICE///

 

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

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 8.05 POINTS OR 0.24%  //Hang Sang CLOSED UP 208.06 POINTS OR 0.82%   /The Nikkei closed DOWN 132.11 POINTS OR 0.58%//Australia’s all ordinaires CLOSED UP .34%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0018 /Oil UP TO 41.76 dollars per barrel for WTI and 44.08 for Brent. Stocks in Europe OPENED MOSTLY GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.00018 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0083 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A GOOD SIZED 6599 CONTRACTS TO 609.737 MOVING CLOSER TO  OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS HUGE COMEX INCREASE OCCURRED WITH OUR STRONG  GAIN OF $22.00 IN GOLD PRICING /TUESDAY’S COMEX TRADING//). WE ALSO HAD A SMALL EFP ISSUANCE (4245 CONTRACTS),.  THUS WE HAD 1) HUGE BANKER SHORT COVERING AT THE COMEX AND 2)  ZERO LONG LIQUIDATION AND 3)  ANOTHER HUMONGOUS  INCREASE IN STANDING AT THE GOLD COMEX//JULY DELIVERY MONTH (SEE BELOW) AND THE COMMENCEMENT OF SPREADER LIQUIDATION , …  AS WE ENGINEERED A GOOD GAIN ON OUR TWO EXCHANGES OF 10,844 CONTRACTS WITH GOLD’S  GAIN IN PRICE. NOTE THE FACT THAT LATELY THE EXCHANGE FOR PHYSICALS ARE SMALL.. SOME OF OUR MAJOR BANKERS REFUSE TO USE THE SERIAL FORWARDS AS IT JUST TOO COSTLY FOR THEM. THUS THE COMEX OPEN INTEREST RISES APPRECIABLY AGAINST A LOWER ISSUANCE OF THESE EXCH. FOR PHYSICALS.

 

 

(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 SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4245 EFP CONTRACTS WERE ISSUED:  AUG  3845 , OCT: 0  DEC 400; FEB 00 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4245 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:  10,844 TOTAL CONTRACTS IN THAT 4245 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 6599 COMEX CONTRACTS.  THE BANKERS PROVIDED ALL THE NECESSARY SHORT PAPER TO WHICH OUR LONGS DUTIFULLY ACCEPTED AS THEY GOBBLED UP A SMALL  AMOUNT OF EXCHANGE FOR PHYSICALS WITH HUGE BANKER SHORT COVERING, ACCOMPANYING OUR STRONG COMEX OI GAIN,  A GOOD INCREASE IN  GOLD TONNAGE STANDING FOR THE JULY DELIVERY (SEE CALCULATIONS BELOW)… AND ZERO LONG LIQUIDATION,COMMENCEMENT OF SPREADER LIQUIDATION……AND WITH ALL OF THE ABOVE WE HAD A VERY STRONG GAIN IN COMEX PRICE OF 22.00 DOLLARS..

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $26.00).  AND, THEY WERE UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A STRONG 33.73 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 10,844, CONTRACTS OR 1,084,400 OZ OR 33.73 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:  609,737 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 60.97 MILLION OZ/32,150 OZ PER TONNE =  1896 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1896/2200 OR 86.20% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 435,535 contracts// strong volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  455,122 contracts//  volume strong //most of our traders have left for London

 

 

JULY 23 /2020

JULY GOLD CONTRACT MONTH

 

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
100.05 oz
HSBC
Deposits to the Dealer Inventory in oz 12,924.702 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

128,539.700

OZ

BRINKS

JPMORGAN

INCL

2,000

 

 

KILOBARS

(JPM)

No of oz served (contracts) today
108 notice(s)
 10800 OZ
(0.3359 TONNES)
No of oz to be served (notices)
11 contracts
(1100 oz)
0.0342 TONNES
Total monthly oz gold served (contracts) so far this month
7876 notices
787,600 OZ
24.497 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) Int the dealer Brinks:  12,924.702 oz

 

 

total deposit: 12,924.702 oz

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 3 deposit into the customer account

 

 

i) Into JPMorgan: 64,302.000 oz 2,000 kilobars

ii) Into Brinks:  64,237.700 oz

 

 

 

 

total deposit:  128,539.700 oz

 

 

we had 1 gold withdrawals from the customer account:

i) out of HSBC  100.05  oz

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 1 //

 

: customer to dealer:

v) Manfra.  1929.06 oz

 

 

 

 

 

 

 

The front month of JULY registered a total of 119 oi contracts FOR a LOSS of 1 contracts. We had 81 notices served on WEDNESDAY so we GAINED ANOTHER 82 contracts or an additional 8200 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 A SMALL 16,899  contracts DOWN to 260,524 contracts, as we continue our countdown to first day notice. We have 6 more reading days before first day notice. ( We should be contracting by 18000-20,000 contacts per day).

August is contracting very slowly…and thus  we are going to have a whopper of a delivery month come July 31/2020..first day notice for the August contract month. The large difference between preliminary oi and final oi was due to the commencement of spreader liquidation.

 

 

Sept saw another addition of 600 contracts to stand at 1,332.  Oct GAINED 2720 contracts UP to 45,452. (The boys still prefer August)

 

We had 108 notices filed today for 10 800 oz

 

FOR THE JULY 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 94 notices were issued from their client or customer account. The total of all issuance by all participants equates to 108 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 (7876) x 100 oz , to which we add the difference between the open interest for the front month of  JULY (119 CONTRACTS ) minus the number of notices served upon today (108 x 100 oz per contract) equals 788,700 OZ OR 24.531 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 (7876 x 100 oz + (119 OI) for the front month minus the number of notices served upon today (108) x 100 oz which equals 788,700 oz standing OR 24.531 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 82 contracts or an additional  8200 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

292,293.416 oz PLEDGED  JULY 9// 2020  JPMORGAN:  9.09 TONNES

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

deleted Int. Delaware pledge July 7  (600 tonnes)

 

653,730.982 oz pledged June 12/2020 Brinks/july 2/july 21               20.333 tonnes

total pledged gold:  1,132,661.658 oz                                     35.23 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 381.77 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS ie. 24.531 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  13,421,734.003 oz or 417.47 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; SOME JULY 22) which cannot be settled upon:  292,293.416, oz (or 9.09 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 july 2 and july 21
g) pledged gold at Brinks: 653,730.982 oz added which cannot be settled:  20.333 tonnes
total weight of pledged:  1,132,661.658 oz or 35.23 tonnes
thus:
registered gold that can be used to settle upon:  12,289,073.0  (382.24 tonnes)
true registered gold  (total registered – pledged tonnes  12,289,073.0 (382.24 tonnes)
total eligible gold:  21,470,718.576 oz (667.82 tonnes)

total registered, pledged  and eligible (customer) gold;   34,892,452.579 oz 1085.30 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  958.96 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 23/2020

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
 238,499.760 oz
CNT
HSBC

 

 

Deposits to the Dealer Inventory
324,987.560 oz
Manfra

 

Deposits to the Customer Inventory
975,620.750 oz
Brinks
JPMorgan
No of oz served today (contracts)
144
CONTRACT(S)
(720,000 OZ)
No of oz to be served (notices)
1227 contracts
 6,135,000 oz)
Total monthly oz silver served (contracts)  15,360 contracts

76.8 million 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 Manfra dealer:  324,987.560 oz

total dealer deposits: 324,987.560  oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

i)we had 2 deposits into the customer account

into JPMorgan:   578,572.500  oz

 

 

ii) Into Brinks:  397,048.25 oz

 

 

 

 

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

JPMorgan now has 161.915 million oz of  total silver inventory or 49.20% of all official comex silver. (161.915 million/328.874 million

 

total customer deposits today:  975,620.750    oz

we had 2 withdrawals:

 

 

i)Out of CNT:  199,183.550

 

iii) Out of HSBC:  39,316.210 oz

 

 

total withdrawals; 238,499.760   oz

We had 0 adjustments

 

 

total dealer silver: 130.287 million

total dealer + customer silver:  328,874 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The front month of July has an open interest of  1371 contracts, as we lost 25 contracts.  We had 242 notices served on WEDNESDAY, so we GAINED 217 contracts or an additional 1,085,000 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 ROSE by 52 contracts RISING  to 848

The big September contract month sees a LOSS of 2664 contracts down to 140,102.

 

The total number of notices filed today for the JULY 2020. contract month is represented by 144 contract(s) FOR 720,000, 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 15,360 x 5,000 oz = 76,800,000 oz to which we add the difference between the open interest for the front month of JULY.(1371) and the number of notices served upon today 144 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the JULY/2019 contract month: 15,360 (notices served so far) x 5000 oz + OI for front month of JULY (1371)- number of notices served upon today (144) x 5000 oz of silver standing for the JULY contract month.equals 82,935,000 oz.  (A WHOPPER )//ALL TIME RECORD FOR ONE DELIVERY MONTH (corrected totals from yesterday)

WE GAINED 217 CONTRACTS OR 1085,000 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 : 171,425 CONTRACTS // volume huge++/

 

 

FOR YESTERDAY: 219,651.,CONFIRMED VOLUME//volume huge+++/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 219,651 CONTRACTS EQUATES to 1,098 million  OZ  11560% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 0.77% ((JULY 23/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.90% to NAV:   (JULY 23/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 0.77%

(courtesy Sprott/GATA

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

NAV 18.88 TRADING 18.69///NEGATIVE 1.03

END

 

 

And now the Gold inventory at the GLD/

JULY 23/WITH GOLD UP $24.90 TODAY: WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 7.26 TONNES/INVENTORY RESTS AT 1225.01 TONNES

JULY 22/WITH GOLD UP $22.00 TODAY: WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A DEPOSIT OF 7.89 TONNES/INVENTORY RESTS AT 1219.75 TONNES

JULY 21//WITH GOLD UP $26.00 TODAY, WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 4.97 TONNES INTO THE GLD// INVENTORY RESTS AT 1211.86 TONNES

JULY 20/WITH GOLD UP $7.70 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1206.89 TONNES

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 23/ GLD INVENTORY 1225.01 tonnes*

LAST;  867 TRADING DAYS:   +283.19 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 767 TRADING DAYS://+461.66  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JULY 23/WITH SILVER UP $.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A HUMONGOUS PAPER DEPOSIT OF 9.594 MILLION OZ//INVENTORY RESTS AT 558.779 MILLION OZ///

JULY 22/WITH SILVER UP $1.54 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A HUMONGOUS PAPER DEPOSIT OF 7.218 MILLION OZ//INVENTORY RESTS AT 549.185 MILLION OZ/

JULY 21/WITH SILVER UP $1.38 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A HUMONGOUS PAPER DEPOSIT OF 15.368 MILLION OZ////INVENTORY RESTS AT 541.967 MILLION OZ//

JULY 20/WITH SILVER UP 40 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:  A MASSIVE PAPER DEPOSIT OF 3.819 MILLION OZ ‘ENTERED” THE SLV..INVENTORY RESTS AT 526.599 MILLION OZ/

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 23.2020:

SLV INVENTORY RESTS TONIGHT AT

558.779 MILLION OZ.

end

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Foreigners aren’t buying into South Africa’s gold rally

 Section: 

By Robert Brand and Adelaide Changole
Bloomberg News
Tuesday, July 21, 2020

Not even a record rally can entice foreign investors to South African gold stocks.

With gold prices soaring on the heels of monetary stimulus, shares in producers of the metal are back in favor around the world. But investors are fretting about supply disruptions at South Africa’s mines as a result of soaring Covid-19 infections, according to Benguela Global Fund Managers Ltd.

Non-residents sold a net 2.1 billion rand ($128 million) of the country’s gold shares since the beginning of last week through today, even as a Johannesburg index of gold miners climbed more than 6% to the highest on record.

That’s more than half of the total outflows from the equity market in that period, more than any other sector, according to JSE Ltd. data. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-22/foreign-investors-shu…

END

iii) Other physical stories:

a must hear…..

ANDREW MAGUIRE…

 

Hi Guys,

Here is the ‘Ask the Expert Sprott Money podcast published today’. . https://www.sprottmoney.com/Blog/ask-the-expert-andrew-maguire-july-2020.html

These were the questions we tackled.

  1. In your view, why does the gold:silver persist at such historic extremes?
  2. Earlier this year, you mentioned a possible new LME contract to compete with COMEX. Do you have an update?
  3. Would it benefit the miners if gold and silver were transacted using blockchain technology?
  4. With paper and physical price disconnecting, what purpose does paper gold serve?
  5. Do you have any updates on the RICO prosecutions at JPMorgan?
  6. There are reports of silver being in short supply at the wholesale level. Can you confirm this?
  7. What large PM market developments are you most confident will take place either this year or next?

Likely what may interest people is how I see the reset rolling out. Not what is being assessed elsewhere.

Best

Andrew

end

Gold Has Only One Resistance Point Left: The All-Time High

Authored by Mike Shedlock via MishTalk,

On a monthly chart, the last resistance point for gold is the $1923 peak in 2011.

Why Gold?

Tensions of all sorts are on the rise in the US , EU, and globally: Covid, employment, fiscal stimulus China (military and economic), and massive increases in money supply by the central banks, especially the Fed.

Cup and Handle

The Cup and Handle is a technical formation. A handle is formed on a pullback before the pattern blasts higher.

Of course, there may be no handle. Gold may just blast higher (or collapse) but fundamentals suggest higher, perhaps after some consolidation.

Gold vs Faith in Central Banks

Gold does worst when faith in central banks is the highest. Greenspan’s great moderation is the best example. Greenspan was considered the great “Maestro” who could do no wrong.

That theory crashed to earth in the DotCom bust. We have now had 3 major economic bubbles in 20 years.

If you currently have any faith that Central Banks have things under control, then please explain where you got that notion.

In short, the Fed is blowing bubbles, many believe on purpose, and gold has responded to the stress.

I do not see a reversal in Fed policy. Do you?

END

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0018/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  7.0083   /shanghai bourse CLOSED DOWN 8.05 POINTS OR 0.24%

HANG SANG CLOSED UP 208.06 POINTS OR 0.82%

 

2. Nikkei closed DOWN 132.11 POINTS OR 0.58%

 

 

 

 

3. Europe stocks OPENED MOSTLY GREEN/

 

 

 

USA dollar index DOWN TO 94.92/Euro RISES TO 1.1576

3b Japan 10 year bond yield: RISES TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.18/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 41.76 and Brent: 44.08

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

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

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

3h Oil 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 -.48%/Italian 10 yr bond yield DOWN to 0.99% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.47: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.06

3k Gold at $1876.30 silver at: 22/68   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 23/100 in roubles/dollar) 71.32

3m oil into the 41 dollar handle for WTI and 44 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 .9272 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0731 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 0.48%

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 6.8481..

Global Stocks Rise To Pre-Covid Highs As Earnings Optimism Eclipses US-China Row

S&P futures hit 3,284 overnight, the highest level since February and before the covid crisis unleashed tens of millions of layoffs, while Nasdaq futures rose 1% after solid Tesla earnings levitating along with European stocks as better-than-expected corporate earnings offset worries about a sharp escalation in tensions between the United States and China and a continuing rise in COVID-19 cases. US futures are now up 300 points in the past month in an almost diagonal line; the dollar slipped for a fifth session, gold soared and bond yields were unchanged.

Global stock have rallied to their strongest levels since February this week, in many countries erasing their entire slump in March when the coronavirus pandemic sent markets into freefall, as investors bet that the record stimulus will continue to propel stocks higher, even if its impact on economies is questionable. The MSCI world equity index rose 0.2%, close to Tuesday’s level, which was its highest since late February.

Notable overnight earnings:

  • Microsoft (MSFT) Q4 2020 (USD): EPS 1.46 (exp. 1.34); Revenue 38bln (exp. 36.5bln). Intelligent cloud: 13.37bln (exp. 13.09bln). More personal computing: 12.91bln (exp. 11.46bln). Productivity and business processes (which includes Team): 11.75bln (exp. 11.89bln). Search was negatively impacted by reduction in advertising spend in Quarter. Fell 2.3% in after-market trade; -1.9% in the pre-market
  • Tesla (TSLA) Q2 2020 (USD): EPS 0.50 (exp. -0.11/-1.09 reported); Revenue 6.04bln (exp. 5.37bln). Q2 production: 82,272 (in line with prior guidance). Q2 deliveries: 90,891 (prev. guided at 90,650). Continues to see over 500k deliveries in FY20. Notes the next Gigafactory site has been selected and preparations are underway. Initially rose 5.5% before paring back to ~+2% in the after-market; +5.5% in the pre-market

“We expect the rally to broaden out, and we do see upside for stocks in the second half of the year,” Mark Haefele, chief investment officer of global wealth management at UBS AG in Zurich, said on Bloomberg TV. “As large asset allocators, when we look across, there are very few alternatives to equities right now.”

The gains came despite Washington’s order to Beijing to close its consulate in Houston, Texas amid accusations against China of spying. These had weighed on risk sentiment earlier in Asia, initially pulling shares lower before Asian stocks rebounded. China said the order was an “unprecedented escalation” by Washington, and a source said Beijing was considering shutting the U.S. consulate in Wuhan in retaliation. U.S. President Donald Trump said that other consulate closures were “always possible”.

“The forces of liquidity are just unparalleled … we’re seeing what happened post the GFC (global financial crisis), but we’re seeing it on steroids,” said Kay Van-Petersen, global macro strategist at Saxo Capital Markets in Singapore. “It’s rare that you see both monetary and fiscal policy turned on, and then when they are they only turn on for a little bit.”

European equities drifted higher, brushing off simmering tensions between China and U.S. in an otherwise quiet morning. The pan-region Euro Stoxx 50 climbed 0.42% while the German DAX gained 0.43% and the FTSE 100 by a similar margin; the Stoxx 600 rose on gains in carmakers and consumer products, led by Unilever NV’s jump of as much as 8.7% after its sales fell less than expected. The auto sector was the best performer, and utilities lagged; Italy’s FTSE MIB index underperformed peers. Positive corporate earnings surprises in Europe helped the mood, including from Unilever, French-Italian chipmaker STMicroelectronics and automaker Daimler.

Earlier in the session, Asian stocks traded mostly lower, but finished mixed, as the region failed to derive support from Wall Street’s firm performance, in which the SPX reached five-month highs and the Dow Jones posted its third straight session of gains. After-market earnings State-side saw Tesla soar some 7% after reporting a surprise EPS, whilst Microsoft retreated 3% as quarterly revenue guidance disappointed, and as investors took chips off the table following the stock’s recent rally.

“You almost have a tug of war in markets between positives and negatives and its finally balanced. It looks like markets are pricing a V-shaped recovery so you can expect small negatives to have an outsize impact on markets,” said Justin Onuekwusi, portfolio manager at Legal & General Investment Management. “But the pullback is likely to be shortlived as there are people waiting for a dip.”

In rates, Treasuries were little changed after edging higher led by long end. Volumes were depressed with cash markets closed in Asia for Japan holiday. Yields across the curve are back to within 1bp of Wednesday’s closing levels, 10-year around 0.595%; earlier advance flattened 5s30s to within ~2bp of its 100-DMA, support since March 12. US session includes $14BN in 10-year TIPS new-issue auction and size announcement for next week’s 2-, 5- and 7-year sales.

In commodities, the euro was up 0.1%, close to the 21-month high of $1.1601 it touched on Wednesday as agreement between European Union members on a large economic recovery fund continued to provide lift. The dollar was down marginally against a basket of currencies and unchanged versus the Japanese yen.

In commodities, gold advanced for a fifth day rising just shy of $1,890 and its September 2011 all time highs just above $1,900. Gold was last trading at $1,878 per ounce, a new nine-year peak, with prices up more than 23% on the year; Investors have flocked to the safe-haven metal as they seek shelter from a potential reversal in pumped-up stock prices and a possible rise in inflation following so much monetary and fiscal stimulus.

Oil prices initially edged up, with U.S. crude adding 14 cents to $42.04 a barrel and global benchmark Brent crude up 12 cents to $44.41 per barrel, before paring sharply sliding just after 6am ET.

Investors will be keeping a close watch on U.S. weekly jobless claims figures due at 830am for the latest indications of how the novel coronavirus pandemic has affected the American economy. The U.S. recorded more than 1,100 new coronavirus deaths for a second straight day on Wednesday. Despite the virus being far from under control, analysts say unprecedented stimulus measures to boost battered economies continue to provide structural support for riskier assets.

On today’s calendar we have weekly initial jobless claims, June’s US leading index, July Kansas City Fed manufacturing index, and the Euro Area advance July consumer confidence. There will be monetary policy decisions from central banks in Turkey and South Africa, while we will hear from the BoE’s Haskel. Finally we are in the thick of earnings season now and will see results from Roche, Intel, AT&T, Unilever, Union Pacific, Daimler, Twitter and Hyundai.

Market Snapshot

  • S&P 500 futures up 0.5% to 3,282.50
  • STOXX Europe 600 up 0.7% to 376.22
  • MXAP up 0.3% to 166.87
  • MXAPJ up 0.4% to 553.10
  • Nikkei down 0.6% to 22,751.61
  • Topix down 0.6% to 1,572.96
  • Hang Seng Index up 0.8% to 25,263.00
  • Shanghai Composite down 0.2% to 3,325.11
  • Sensex up 0.7% to 38,152.40
  • Australia S&P/ASX 200 up 0.3% to 6,094.50
  • Kospi down 0.6% to 2,216.19
  • Brent futures up 0.8% to $44.63/bbl
  • Gold spot up 0.7% to $1,884.14
  • U.S. Dollar Index down 0.2% to 94.83
  • German 10Y yield rose 0.3 bps to -0.487%
  • Euro up 0.09% to $1.1580
  • Italian 10Y yield fell 5.8 bps to 0.91%
  • Spanish 10Y yield fell 1.1 bps to 0.323%

Top Overnight News

  • Italy approved a 25 billion euros ($29 billion) proposal for extra spending as it battles to resuscitate its economy from the Covid-19 pandemic
  • Saudi Arabia is accelerating plans to sell off state assets and may introduce income tax to reverse the economic toll of the slump in oil prices
  • The U.K. government’s lack of economic planning for the fallout of the virus was an “astonishing” failure of governance, lawmakers say
  • Investors who have mopped up 12% returns from Russian government debt in the past three months are waiting to find out if an expected reduction this week will be the last

APAC stocks traded mostly lower, but finished mixed, as the region failed to derive support from Wall Street’s firm performance, in which the SPX reached five-month highs and the Dow Jones posted its third straight session of gains. After-market earnings State-side saw Tesla soar some 7% after reporting a surprise EPS, whilst Microsoft retreated 3% as quarterly revenue guidance disappointed, and as investors took chips off the table following the stock’s recent rally. ASX 200 (+0.3%) opened softer as traders remained cautious over the outbreak in Australia’s Victoria State, but the index later nursed losses as the Australian Treasurer unveiled the biggest budget deficit since World Word II, providing a barrage of support to firms and citizens. Japanese participants were away as the country observes Marine Day Holiday. KOSPI (–0.6%) underperformed for a bulk of the session as South Korea entered a technical recession, prominent chip-maker SK Hynix traded in the green throughout most of session after a stellar earnings report, whilst the group expects chip prices to bottom out H2 and sees smartphone shipments growing by a double-digit percentage in 2021 – however Co. shares succumbed to downside in South Korea in the latter part of trade. Elsewhere, Shanghai Comp (-0.2%) opened lower by almost 1% before initially extending on losses amid Beijing’s rising tensions with the US, and as participants await Beijing’s response to the Chinese consulate shutting in Houston with possibly more on the way. Hang Seng (+0.8%) is propped up by its largest weighted financial and energy stocks ahead of the launch of its tech index on Monday.

Top Asian News

  • Malaysia Clamps Down on Film-Making With TikTok in The Fray
  • Cellnex Says Four Shareholders to Subscribe 18.7% New Shares
  • Hyundai Motor Earnings Top Estimates on Resilient SUV Demand
  • Indonesia’s Palm Oil Reserves Seen Slumping to 16-Month Low

European have kicked the session off on the front foot (Eurostoxx 50 +0.6%) in a retracement of some of yesterday’s losses in what has been a busy/upbeat morning of earnings for the region thus far. Furthermore, some positivity could also be gleaned from a lack of additional retaliatory measures between the US and China, albeit rhetoric from either side remains particularly hostile. From an earnings perspective, Unilever (+7.8%) have propelled the Personal & Household Goods sector towards the top of the leaderboard after the Co. reported a beat on expectations for sales amid increased demand for hygiene products amid COVID-19. Autos are also a key gainer in Europe following earnings from Daimler (+4.8%) with the Co. targeting making a profit in 2020; BMW (+3.5%), Continental (+2.4%) and Volkswagen (+2.0%) are all firmer in sympathy. Elsewhere, Publicis (+12.7%) is the clear outperformer in the Stoxx 600 today after its latest earnings report saw the Co.’s sales decline at a slower rate than forecast by analysts. Of note for the tech sector, STMicroelectronics (+2.1%) are another post-earnings gainer in the region after posting a beat on EPS and revenues and raising FY20 revenue guidance. To the downside, Swiss heavyweight Roche (-2.2%) is acting as a drag on the healthcare sector after reporting a 10% decline in sales with the Co. citing a firmer CHF and the fallout from some patients opting to stay away from hospitals for non-COVID treatments amid fears of catching the virus.

Top European News

  • ECB, Hungarian Central Bank Set Up Repo Line for Euro Liquidity
  • Italy Eyes $29 Billion in Extra Spending to Rescue Economy
  • Boris Johnson Makes Scottish Pitch as Separatist Mood Rises
  • CEZ Has Almost 50% Upside for J&T as Nuclear-Project Risks Abate

In FX, there was a faint respite for the Greenback and consolidation, but the overriding bearish theme/trend remains intact as the DXY teeters off another low closer to the 94.650 ytd base within a 94.781-95.015 range. Indeed, only the Brexit plagued Pound is actually softer vs the Buck in major circles as others hold close to recent highs and broad risk sentiment is propped by stimulus alongside COVID-19 vaccine progression over concerns about the virus itself and simmering geopolitical, trade and diplomatic tensions. Ahead, the latest look at weekly initial claims could or should provide a distraction, especially as the jobless tally feeds into July NFP and the FOMC looms next week.

  • NZD/CAD/AUD/NOK/SEK – The best G10 performers, with the Kiwi hovering just below 0.6700 ahead of NZ trade and clawing back some losses relative to the Aussie amidst the ongoing rise of virus cases in Victoria. Aud/Nzd has slipped back to pivot 1.0700 as Aud/Usd straddles 0.7150 in wake of the Treasury’s fiscal and economic update pegging the budget deficit at Aud 184.5 bn, with S&P noting that the projections are in line with Australia’s triple A rating and negative outlook given that risks remain skewed to a downgrade. Meanwhile, the Loonie has extended post-Canadian inflation data gains through 1.3400 and the Scandinavian Crowns have recovered from midweek retreats with a degree of traction from oil and an improvement in Norwegian Industrial Sentiment rather than higher than expected jobless rates.
  • EUR/CHF/JPY/GBP – 1.1600 is proving elusive for the Euro, and perhaps due to apprehension awaiting the EP judgement on the EU’s MFF, but the Franc continues to grind higher after breaching 0.9300 and Yen has recoiled into an even tighter band just under 107.00 amidst holiday-thinned volumes on Japanese Marine Day. Conversely, Sterling has lost momentum on the 1.2700 handle again in advance of an update from chief EU Brexit negotiator Barnier as the post-transition trade deal stalemate rumbles on and the UK is said to be open to holding emerency talks next week. More immediately, CBI trends and business confidence are due before a speech by BoE’s Haskel.
  • EM – The Cnh is poised around the 7.0000 mark awaiting further repercussions between the US and China on the consulate spat, while the Try has shrugged off a decline in Turkish consumer sentiment in the run up to the CBRT and Zar is braced for another SARB rate cut, but unsure about the likely size.
  • Mexican Finance Ministry’s Pension System Chief said there will be a 2yr grace period after pension reforms before employers are required to make additional contributions, expects reform to become law by early next year. (Newswires)

In commodities, WTI and Brent are firmer this morning and once again tracking the generally positive sentiment as we are yet to see a firm retaliation from China regarding the US’ Houston consulate announcement yesterday, alongside a predominantly positive morning for European earnings. As has been the playbook for the week fundamentally new crude newsflow has been sparse and there is nothing scheduled for either today or tomorrow. Most recently, reports note that Russia’s Putin has ordered a study into hedging oil prices, but no decision has been taken on the matter yet. Next week, aside from the usual weekly reports, the schedule for oil is again light but performance/commentary via the earnings releases from a number of European heavyweight oil names will draw attention and provide an insight into the broader complex’s outlook; Co’s scheduled to report include Shell and Total while BP is on the docket for the week after. Turning to metals, where spot gold remains elevated this morning and has printed yet another multi-year high at USD 1888.65/oz eclipsing levels at the USD 1885/oz mark and leaving, aside from the evident psychological figure, just the all time high of USD 1921.75/oz left. Focus has also been on silver which in contrast is modestly subdued today in an easing of the recent rally. On the precious metals, Citi highlight that the gold/silver price ratio is approaching a test of the 80x level which has, for the most part, held since 2018; a level they suggest is likely to be breached imminently.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 1.3m, prior 1.3m; Continuing Claims, est. 17.1m, prior 17.3m
  • 10am: Leading Index, est. 2.1%, prior 2.8%
  • 11am: Kansas City Fed Manf. Activity, est. 5, prior 1

DB’s Jim Reid concludes the overnight wrap

There’s been a decent markets tug of war develop over the last 36 hours. On one hand we’ve had continued rising tensions between the US and China, the worry over when additional US stimulus will arrive and also the still rising covid caseloads across many different areas around the world. On the other hand we’ve seen more clarity on the pathway for Europe plus positive vaccine news still bubbling in the background. The easiest way the market has found to deal with all this seems to have been to buy the Euro which was +0.37% yesterday and +1.24% this week and also to buy precious metals. Silver and Gold rallied +7.94% and +1.60% yesterday (near 7 and 9 year highs respectively) and are now up +20.08% and +4.14% since last Thursday’s close. Having said that the S&P 500 survived a few attacks to be up +0.57% and higher for the 4th successive day.

Back to the previous metal rally, yesterday we published a CoTD that showed that commodities struggle to outpace inflation over the long run. Gold is an exception but only really since we abandoned precious metal currency systems for the last time in 1971 and moved to a fiat one. Since then it is up 7 times in real terms. Although I’m a Gold bug I would acknowledge that the S&P 500 is up 22 times in real total return terms since. Since 1860 on this same measure Gold has only doubled in real terms whereas US equities are up 40,000 times. I wish my great, great, great, great grandfather had set up a trust fund for me… oh and been American. Anyway, Gold is definitely a fiat money hedge but on a total return basis equities have tended to do much much better in the long run. If you didn’t see the note it is here and email Jim-Reid.ThematicResearch@db.com if you want to be added to the CoTD.

On earnings, Microsoft reported slower growth in their cloud-computing business, with revenues rising 47% and below analysts’ estimates of 49% and far below last quarter’s 59% rise. Overall EPS was $1.46 a share, compared with estimates of $1.36 a share. The stock was down just over -2% after the close. Tesla was the other big tech name announcing after the close, and the automaker reported a $104mn net profit for the second quarter. This compares to a $408mn loss a year ago, with Tesla’s shares up as much as +7.8% in after-hours trading. Meanwhile, this also makes Tesla eligible to become part of the S&P 500 as it has now posted profits in 4 consecutive quarters, thereby meeting a key inclusion criteria and thus could attract index based fund flows. Last week we highlighted the rise of Tesla vs the rest of the auto industry in a CoTD (see here ) and out of c.1200 responses to our flash poll 91% said Tesla was overvalued, while 6% said not and 3% were not sure.

Asian markets are trading mixed overnight with the Hang Seng (+0.37%) and Asx (+0.18%) up while the Kospi (-0.91%), and notably, the Shanghai Comp (-1.19%) is down amidst renewed US-China tension over the closure of Chinese Embassy in Houston, Texas (more below). As we go to print, the SCMP is reporting that China is considering asking the US to close its consulate in Chengdu, the capital of Sichuan province in retaliation. So watch this space. Elsewhere Japan’s markets are closed today and tomorrow for holidays. Futures on the S&P 500 are trading flat with silver (-2%) and gold (-0.13%) reversing some of their recent gains.

Covid-19 news outside of the US, particularly in Asia, continues to worsen. India now has more official covid-19 related deaths than Spain (just under 29,000), as the country now has the seventh most fatalities and the third most overall cases. Given the population size this shouldn’t be too much of a surprise but the outbreak continues to be ongoing in the second largest country on the planet by population. Indonesia saw a record high of 139 fatalities in the last day taking the total to 4,459 while cases rose by 1,882 to 91,751. Tokyo Governor Koike told residents to avoid going outdoors as much as possible during the upcoming four-day weekend after the city’s cumulative cases rose above 10,000 and new cases across Japan hit a new daily record. In Australia, Victoria state saw 403 new cases in the past 24 hours vs. a record 484 the day before.

The US had some marginally good news with Florida reporting that the positivity rate of first time testing fell to 10.6% on Tuesday, from 13.6% the day prior. Texas registered a record 240 fatalities in the past 24 hours though with a growth of 5.7% vs. the 7 day average of 3.2% and recorded 12,544 new cases with a growth of 3.6% vs. the 7 day average of 3.3% In terms of mitigation, the Governors of Ohio and Minnesota have now asked residents to compulsorily wear masks in public starting today, while Ohio also instituted a travel advisory for those coming from high risk areas.

The still high caseload across the US means that the need for additional stimulus is still fairly acute, however optimism surrounding a bill being enacted in the next 2-3 weeks is fading. Congressional Democrats and Republicans remain nearly $2tr apart in funding. Senate Minority Leader Schumer said late yesterday that it would not make sense for Democrats to start talking to their Senate counterparts until Republican leadership had a bill to work off. Overnight, Bloomberg has reported that McConnell may introduce the GOP stimulus plan today with a series of bills that would serve as an opening to negotiations with Democrats. This comes after Republicans and the White House reached agreement overnight on the spending portion of their stimulus plan.

Back to the US/China tensions, yesterday morning it was announced that the US would be giving China 72 hours to close the Chinese consulate in Houston, Texas. The reason the US State Department provided was that it sought “to protect American intellectual property and Americans’ private information.” This comes just a day after the Justice Department in the US accused Chinese hackers of trying to steal vaccine IP from private companies on behalf of the country’s intelligence services. According to China’s Foreign Ministry spokesman Wang Wenbin, the US’s actions are an “unprecedented escalation,” and that China would “react with firm countermeasures” if the orders were not revoked. Meanwhile, US Secretary of State Mike Pompeo is scheduled to make a speech today at 4:40pm EDT at the Richard Nixon Presidential Library in California on ‘Communist China and the future of the free world’. So this could be one to watch in the light of recent events. Interestingly, he was quoted by the Washington Times making a rather hawkish statement on China, saying “We put together a series of remarks aimed at making sure the American people understood the ongoing, serious threat posed by the Chinese Communist Party to our fundamental way of life here in the United States of America”.

In other US-China news, today there will be a hearing in the US Senate on the potential need for the US to create its own cryptocurrency to challenge and keep up with China’s recent action in the field. In a sign of tensions elsewhere Bloomberg is reporting that the Chinese state TV has now taken English football off the airwaves after China/U.K. tensions have climbed in recent weeks.

Back to markets yesterday and outside of precious metals, commodities struggled a bit. Oil dropped over -1.5% early on with the move lower in risk sentiment and also EIA data showing a rise in production and modest decline in demand. However it recovered to nearly flat with Brent Crude at -0.07% and WTI at -0.14%. The recovery in oil may have been partly to do with the dollar’s drop. Copper prices pulled back -1.11%, the metal’s second biggest drop since mid-June when risk assets globally pulled back on news of a potential second wave of covid-19 cases in the US.

Elsewhere, core sovereign bonds rallied slightly yesterday as safe haven assets generally outperformed, with 10yr Treasury yields falling -0.3bps to close at 0.597%, their lowest level since 21 April, while the dollar weakened by -0.14% to its March lows helping the earlier Euro move we discussed. This move in Treasuries could portend the need for the Fed to do more in coming months if the US fiscal stimulus is indeed delayed as outlined above. Bund yields fell by -3.0bps, while in the UK 10yr gilt yields fell by -1.6bps to a fresh record low of 0.12% as negotiations between the UK and EU are set to run into and through Prime Minister Johnson’s July deadline for an outline agreement.

ECB President Lagarde commented on the recent fiscal stimulus agreed to by the European Council, saying that it “is clearly a demonstration of solidarity, of transfer to those that need it most.” She added that “It could have been better, but it’s a very ambitious project actually,” in reference to the allocation of loans and grants in the package.

The data from yesterday was fairly light. We saw US existing home sales for June, which came in 4.72m (vs. 4.75m expected) up from 3.91m last month. The US FHFA house price index for May fell -0.3% (vs. +0.3% expected), while last month’s reading was revised one tenth of a per cent lower to +0.1%. Meanwhile north of their border, Canada’s June CPI month-over-month reading was higher than expected at +0.8% (vs. +0.4% expected) compared to last month’s +0.3%.

Today we will see Germany August GfK consumer confidence, France July business confidence, US weekly initial jobless claims, June’s US leading index, July Kansas City Fed manufacturing index, and the Euro Area advance July consumer confidence. There will be monetary policy decisions from central banks in Turkey and South Africa, while we will hear from the BoE’s Haskel. Finally we are in the thick of earnings season now and will see results from Roche, Intel, AT&T, Unilever, Union Pacific, Daimler, Twitter and Hyundai.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 8.05 POINTS OR 0.24%  //Hang Sang CLOSED UP 208.06 POINTS OR 0.82%   /The Nikkei closed DOWN 132.11 POINTS OR 0.58%//Australia’s all ordinaires CLOSED UP .34%

/Chinese yuan (ONSHORE) closed DOWN  at 7.0018 /Oil UP TO 41.76 dollars per barrel for WTI and 44.08 for Brent. Stocks in Europe OPENED MOSTLY GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 7.00018 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0083 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA VS USA
Beijing to shutter USA consulate in retaliation for the Houston mission closure
(zerohedge)

Beijing Plans To Shutter US Consulate In China In Retaliation For Houston Mission Closure

China is preparing to unveil its promised retaliation against the US over the Trump Administration’s decision to close China’s Houston consulate, a diplomatic mission that Sen. Marco Rubio once described as “a nest of spies”.

In keeping with the promise, first published in the Global Times, that Beijing would inflict “real pain” on the US in its response to the closure of the Houston consulate, Editor Hu Xijin warned that China’s decision – which would involve the closure of at least one US diplomatic mission (though likely not the one in Wuhan, as Hu dismissed that idea yesterday).

Stocks slid on the news…

….while yuan traded offshore also weakened.

Hu also warned about “serious consequences” for the US. And this was before WSJ published leaked prepared remarks from a speech by Secretary of State Mike Pompeo that he’s set to give later today.

Pompeo To Essentially Call For ‘A People’s Uprising’ In Communist China

Secretary of State Mike Pompeo is about to apply the Syria-Iran-Venezuela model to China.

But unlike these countries, which in recent years have seen US-backed covert proxy war operations attempt to foment ‘mass uprisings’ leading to regime change, it’s likely to produce little effect on the ground, other than further enraging Beijing.

 

Via The Washington Times

The WSJ, which has seen a copy of the State Department speech to be delivered Thursday afternoon, describes that it more or less calls for a people’s uprising in Communist-run China:

Mr. Pompeo says Chinese leader Xi Jinping is a “true believer in a bankrupt totalitarian ideology.” Mr. Pompeo stops shy of explicitly calling for regime change, urging allied countries and the people of China to work with the U.S. to change the Communist Party’s behavior.

And more:

The Communist Party “fears the Chinese people’s honest opinions more than any foreign foe,” Mr. Pompeo plans to say in the speech at the Richard Nixon Presidential Library and Museum. The U.S. “must also engage and empower the Chinese people,” Mr. Pompeo says, according to the draft.

The speech is entitled “Communist China and the Free World’s Future” and promises to be the most fiery yet, after a series of top officials as well as senators like Marco Rubio, have lambasted China’s theft of trade secrets and coronavirus research.

Pompeo also recently vowed in an interview, “Look, the American people are not going to allow our economic work, our talent to be stolen by the Chinese Communist Party.”

After this week the FBI said the Chinese government is acting like “an organized criminal syndicate” for widespread cyber theft and hacking of American trade secrets as well as coronavirus research, State Department spokesperson Morgan Ortagus said earlier in the day Thursday it’s estimated that China stole at least $1 billion total in research from the United States.

Amazingly, stocks have thus far ignored the growing all-out diplomatic war between Washington and Beijing, but that could change by the day’s end, depending perhaps on just what is layed out in the Secretary of State’s impeding address.

END

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/GREECE

Greece braces for war as Turkey sends in her oil drilling team into Greek waters. The oil/gas find  EEZ belongs to Greece and Turkey has no right to grab something that is not theirs.

Turkey does not recognize Cyprus and thus the discovery which enters their waters.  The original discovery came from Israel who informed Cyprus and Greece of this massive oil gas find.

(zerohedge)

“War” Top Trend On Greek Twitter As Military On ‘High Alert’ Over Turkish Drilling Incursion

Greek news sources are reporting that Greece’s military is on “high alert” after on Tuesday Turkish survey ships entered East Mediterranean waters between Cyprus and Greece.

And Reuters reports that “Greece accused Turkey on Tuesday of attempting to encroach on its continental shelf in a serious escalation of tensions between the two NATO allies at odds over a range of issues.”

For much of the past year European Union leaders have condemned Turkey’s expansive claims to broad swathes of Mediterranean waters around Cyprus and reaching into Greece’s Exclusive Economic Zone (EEZ). The US State Department is also backing Greece’s condemnation of Turkish encroachment. Meanwhile, the number one trending hashtag in Greek Twitter right now happens to be war.

On Tuesday a US State Department statement demanded that Turkey back down from its drilling plans which are sure to immediately escalation already soaring tensions.

“We urge Turkish authorities to halt any plans for operations and to avoid steps that raise tensions in the region,” the statement said. And Greece’s foreign ministry said it clearly violates the country’s sovereignty and that it stands ready to defend its territory.

This as not for the first time a pair of Turkish F-16s reportedly flew over Greece’s easternmost territory, including the islands of Strongyli and Megisti. Greece’s prime minister also said this week that EU sanctions await Turkey if it moves forward with illegal drilling.

Reuters: “An advisory known as a Navtex was issued by Turkey’s navy on Tuesday for seismic surveys in an area of sea between Cyprus and Crete. The advisory is in effect until Aug. 20.

A number of very recent issues have already significantly built-up tensions. To review:

  • Turkey’s provocative move to turn the historic Byzantine Hagia Sophia church into a mosque.
  • Continued historic animosity over ethnically-partitioned Cyprus.
  • Turkish claims to all waters surrounding Cyprus.
  • Recent border tensions involving Erdogan sending thousands of Syrians refugees to Greece’s border.
  • Greece’s militarized response along migrant crossing points at the Turkish border.
  • Turkey’s involvement in Libya, which has seen its navy patrols expand into the Mediterranean off the north African coast.

 

Erdogan just made a hugely provocative visit to Hagia Sophia in Istanbul, which a top Turkish court has declared to be a mosque. Via AFP

To underscore where things stand, see this message being widely shared in Greek on social media and via Greek news sourcesGreek social media users are urging people to not post photos, videos or information about Greek military movements.

Meanwhile Greek stocks saw their biggest daily drop in a month on Tuesday amid the renewed Turkey tensions, while the Turkish lira also felt the pressure, falling further against the dollar, for a total 13% decline so far this year.

END
TURKEY/LIBYA
Belligerent Erdogan is willing to send in more troops to Libya if Egypt crosses its red line in support of Hafter. Egypt is no match for Turkey especially if Israel comes into the fray.
(AlMasdarNews)

Turkey Will Send More Troops To Libya If Egyptian Forces Breach Border

The Turkey-based Zaman newspaper quoted informed sources in the Turkish government as saying that a military and diplomatic plan has been prepared to deal with the Egyptian parliament’s decision to send troops to Libya.

According to their sources, the Turkish newspaper said that Ankara “is closely watching the consequences of the Egyptian parliament’s decision.”

Their sources stressed that if Egypt sends military forces to Libya, Turkey has a plan to increase its forces and military equipment in Libya to stand up to the Egyptian forces.

 

Egyptian Army file image, via Pinterest

It also quoted Turkish sources as saying that Ankara is ready to respond to any attack on its forces present in Libya, whatever the party that carried out the attack.”

Turkish presidential spokesman Ibrahim Kalin had recently confirmed that his country “does not want to escalate tensions and confront Egypt in Libya,” but at the same time he stressed support for the Government of National Accord (GNA) in Tripoli.

He said in this regard: “When looking at this general scene, it becomes clear that we have no intention of confronting Egypt, France, or any other country there (in Libya).”

Currently, Turkey is the only foreign country that has national troops present inside of Libya.

Early this week Egypt’s parliament approved sending its national forces to assist Gen. Khalifa Haftar in Libya, however, it doesn’t appear Sisi has moved on the authorization yet. Turkey has long backed Tripoli with ground and air forces, including drones.

If Cairo does send troops, which would be the first such foreign deployment since 1992 during the Gulf War, Turkey has promised to surge its own national forces there, in what could hold the potential for direct confrontation in Libya.

END

6.Global Issues

BALTIC DRY INDEX

Looks like no V shaped recovery!

(zerohedge)

Baltic Index Sinks To 1-Month Low As Global Rebound Hopes Fade

The Baltic Dry Index (BDI) is losing steam following an impressive upswing from May’s lows. The BDI began tumbling in August 2019, with an extension to the downside following the virus pandemic.

The BDI is an index of the Capesize, Panamax and Supramax Timecharter Averages, used by investors as a proxy for shipping conditions, and or world trade.

According to Reuters, BDI touched one month lows on Tuesday, weighed down by declining rates for Capesize and Panamax vessels:

  • The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for Capesize, Panamax, and supramax vessels, fell 84 points, or about 5%, to 1,594, its lowest in nearly a month. 
  • The Baltic Capesize index dropped 221 points, or 7.5%, to 2,729, registering its lowest level since June 17. 
  • Average daily earnings for Capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, was down by $1,834 at $22,635.
  • However, rising demand for iron ore from China has helped the Capesize segment to gain nearly 40% this year. 
  • The Panamax index was down 50 points, or 3.4%, at 1,415, its lowest in more than two weeks. 
  • Average daily earnings for Panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $452 to $12,736.
  • However, the supramax index rose 9 points, or 1%, to 929.

The index peaked on July 6, now sinking to a one month low, indicating shipping demand in the future is subsiding. BDI and its subcomponents are shown below:

 

h/t Joakim Hannisdahl of Cleaves Securities

In terms of seasonality, shipping rates tend to peak in summer months and waterfall through the second half.

If seasonality is not a major factory in peaking BDI, then it could be seen as a warning sign for the global recovery, produced by central bank money printing and fiscal stimulus by governments, is beginning to stall.

On Tuesday morning, we noted how the resurgence of the virus pandemic is at risk of derailing the global economic recovery.

Christopher Dembik, head of macroeconomic research at Saxo Bank, recently said the sharp rebound in BDI “cannot suggest a V-shaped recovery.” He said bankruptcies, coronavirus, and Sino-US tensions are weighing on the upswing in economic growth.

With BDI peaking, and no significant rebound in Harpex (HARPER PETERSEN Charter Rates Index for containerships), it appears the robust global rebound pitched by government officials and central bankers is nothing more than fiction.

The next big concern, especially in the US, the world’s largest economy, is a double-dip recession as more than 80% of the population is in areas where state governments have paused or reversed reopenings.

END

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

CORONAVIRUS UPDATE/INDIA/THE GLOBE/

India Suffers New COVID-19 Record As Outbreak Worsens In Asia, Europe: Live Updates

Yesterday, as California and Texas set new records for daily COVID-19 cases and deaths, Brazil reported more than 60k cases in a day. There hasn’t been much in the way of major COVID-19 headlines this morning, but there have been a few notable reports from around the world, particularly in Asia.

Australia, for example, reported its highest daily number of coronavirus-related deaths in three months as new infections continued to climb in Australia’s second-most-populous state. Victoria state said it had confirmed another 403 infections, while five people had died from the virus in the last 24 hours. The daily death toll was Australia’s biggest since April. Tokyo also reported 366 new cases on Thursday, its latest record-breaking number.

In Iran, officials confirmed 221 new deaths from the virus, bringing the nationwide death toll to 15,074, according to the Health Ministry. Another 2,621 people tested positive for COVID-19 in the last 24 hours, raising the overall count to 284,034, according to a spokesperson for Iran’s health ministry.

 

As its outbreak continues to worsen, India just reported an all-time high of nearly 45,600 new infections over the last day, as the spread of the virus accelerates in the world’s second most populous country. India’s confirmed coronavirus caseload has now risen to 1.2 million, 28,890 of whom have died. The country also reported a record high of 1,120 deaths in the same period. However, the tally also included the addition of more than 444 earlier coronavirus deaths in the southern State of Tamil Nadu that were not previously attributed to the virus.

Northeastern Spain’s Catalonia region reported 721 new  cases on Wednesday, with 3/4ths of these found in the Greater Barcelona Area.

Russia reported 5,848 new cases, pushing its national tally to 795,038, still the fourth-largest in the world. More than 12,700 deaths have been recorded  to date and more than 570,000 have recovered. SA has roughly half of total cases in South Africa.

South Africa’s confirmed coronavirus cases are rapidly closing in on 400,000 as the country suffers a new daily high of 572 deaths. In terms of reported cases, SA is now the world’s fifth worst-hit county.

South Africa is now one of the world’s top five countries in terms of reported virus cases, and it makes up more than half of the cases on the African continent with 394,948. Deaths are at 5,940.

Public hospitals are struggling as patient numbers climb, and more than 5,000 health workers have been infected.

Finally, China’s National Health Commission has reported 22 new cases of the virus on the mainland on Thursday, with most of them discovered in the far western region of Xinjiang where mass testing, and a strict lockdown, is under way.

END

 

 

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

Euro/USA 1.1576 UP .0011 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS/CORONAVIRUS/PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MOSTLY GREEN EXCEPT ITALY

 

 

USA/JAPAN YEN 107.18 UP 0.007 (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 1.2692   DOWN   0.0036  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3392 DOWN .0027 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro ROSE BY 11 basis points, trading now ABOVE the important 1.08 level RISING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 8.05 POINTS OR 0.24% 

 

//Hang Sang CLOSED UP 208.06 POINTS OR 0.42%

/AUSTRALIA CLOSED UP 0,34%// EUROPEAN BOURSES MOSTLY GREEN EXCEPT ITALY

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT ITALY 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 208.06 POINTS OR 0.42%

 

 

/SHANGHAI CLOSED DOWN 8.05 POINTS OR 0.24%

 

Australia BOURSE CLOSED UP .34% 

 

 

Nikkei (Japan) CLOSED DOWN 132.11  POINTS OR 0.58%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1878.20

silver:$22.73-

Early THURSDAY morning USA 10 year bond yield: 0.60% !!! UP 0 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.29 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 94.92 DOWN 7 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.32% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +02%  UP 1/3   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.32%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.99 DOWN 5 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 67 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.48% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.47% 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 THURSDAY

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

Euro/USA 1.1610  UP     .0046 or 46 basis points

USA/Japan: 106.88 DOWN .296 OR YEN UP 30  basis points/

Great Britain/USA 1.2753 UP .0026 POUND UP 26  BASIS POINTS)

Canadian dollar UP 45 basis points to 1.3373

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 7.0041    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  7.0018  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.8454 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +02%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from WEDNESDAY at 0.58 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.26 UP 4 in basis points on the day

Your closing USA dollar index, 94.74 DOWN 25  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 6.61 OR  0.11%

German Dax :  CLOSED UP 9.72 POINTS OR .07%

 

Paris Cac CLOSED DOWN 2.77 POINTS 0.05%

Spain IBEX CLOSED DOWN 0.30 POINTS or 0.00%

Italian MIB: CLOSED UP 143.83 POINTS OR 0.70%

 

 

 

 

 

WTI Oil price; 41.75 12:00  PM  EST

Brent Oil: 44.15 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    71.24  THE CROSS HIGHER BY 0.15 RUBLES/DOLLAR (RUBLE LOWER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.48 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 :  41.22//

 

 

BRENT :  43.52

USA 10 YR BOND YIELD: … 0.576 down 2 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.23..down 6 basis points..

 

 

 

 

 

EURO/USA 1.1592 ( UP 28   BASIS POINTS)

USA/JAPANESE YEN:106.82 DOWN .335 (YEN UP 34 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 94.81 DOWN 18 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2733 UP 5  POINTS

 

the Turkish lira close: 6.8411

 

 

the Russian rouble 71.67   down 0.37 Roubles against the uSA dollar.( down 37 BASIS POINTS)

Canadian dollar:  1.3406 UP 12 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.48%

 

The Dow closed DOWN 353.64 POINTS OR 1.31%

 

NASDAQ closed DOWN 244.71 POINTS OR 2.29%

 


VOLATILITY INDEX:  13.53 CLOSED DOWN .44

LIBOR 3 MONTH DURATION: 0.263%//libor dropping like a stone

 

USA trading today in Graph Form

Bullion, Bonds, & Bitcoin Jump As Stocks Slump

Just when you thought it was safe to buy any dip, we suffer the worst day in stocks in over 6 weeks as a series of headlines weighed on sentiment…

  • 0830ET *FIRST RISE IN INITIAL JOBLESS CLAIMS SINCE MARCH
  • 1035ET *FLORIDA POSTS RECORD 173 DAILY VIRUS DEATHS AMONG RESIDENTS
  • 1320ET *HOUSE ANTITRUST PANEL TO EYE AMAZON, APPLE, FACEBOOK, GOOGLE
  • 1335ET *APPLE FACING MULTI-STATE CONSUMER PROTECTION PROBE

But then, in a panicked moment from The Fed as losses accelerated, the collapse stalled as this hit…

  • 1430ET *FED BROADENS FIRMS IT WILL TRANSACT WITH ON THREE LOAN PROGRAMS

But we suspect The Fed is “gonna need a bigger boat”…

Nasdaq led the markets lower with Small Caps outperforming…NOTE the battle that occurred in the last 90 minutes to stabilize the market – makes you wonder who kept bidding every tiny dip to the day’s lows…

Today’s move erased most of the Nasdaq outperformance of the Russell 2000 this month…

Source: Bloomberg

FANG Stocks extended their losses, erasing all of Monday’s panic-bid gains…

Source: Bloomberg

AAPL was downgraded by Goldman (citing its price appreciation as “unsustainable”) and tumbled then accelerated on the consumer fraud probe… this is AAPL’s worst day since 3/20

MSFT is back in the red for July and FB & AAPL are also rapidly erasing their July gains (AMZN is still leading on the month)…

TSLA earnings smashed expectations but investors appear to have finally started looking through the smoke and mirrors

And as stocks tumbled, safe-haven and alternatives were bid, with Treasury yields falling further…

Source: Bloomberg

This is the lowest 10Y yield close since 4/21 (and 2nd lowest close ever) as stocks remain a post-modern version of reality…

Source: Bloomberg

Gold  rebounded off early efforts to hammer them…

But silver did notably did not after its recent surge…

Bitcoin legged higher again on the day…

Source: Bloomberg

Ethereum really surged the last few days…

Source: Bloomberg

Pushing ETH to its highest since Feb 2020…

Source: Bloomberg

The Dollar was lower again but tried hard to rally back late on (another intraday pump and dump though)…

 

Pushing the Dollar Index to its lowest of the year…

Source: Bloomberg

Oil prices fell on the day as stocks sank with WTI findingh brief support at $41..

The silver weakness today stabilized the recent plunge in the gold/silver ratio…

Source: Bloomberg

Finally, the acceleration in cases has slowed and while the deceleration in deaths has stalled, there is no sign of an imminent wave of plague-like fatalities anytime soon… (paging Dr.Fauci)

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/USA

Stocks Erase Overnight Gains, Bond Yields Tumble After Disappointing Jobs Data

The first rise in jobless claims since March prompted a brief Tyson-esque “punch in the face” of reality for the incessant dip-buyers in the stock market…

 

And bond yields are sliding to near cycle lows once again…

 

An additional catalysts for the de risking was back to back interviews with Mnuchin and Hoyer on CNBC which spooked investors over whether a CARES Act ‘bonus’ extension is coming (and Republicans proposing to reduce extended unemployment benefits from $2,400 a month to $400 a month as Hoyer demands 100s of billions for states and cities).

END

b)MARKET TRADING/USA/AFTERNOON

Stocks Are Getting Monkeyhammered As FANGs Puke To 3-Week Lows

US equity markets are accelerating lower with Small Caps giving up all their earlier gains and Nasdaq leading the collapse (down almost 3%)…

FANG stocks are back at 3-week lows…

Nearly all of Nasdaq’s relative outperformance over Small Caps in July has been erased…

The catalysts is unclear but we suspect a combination of anti-trust headlines on big-tech, virus fears, and government handout uncertainty are finally all weighing on the Robinhooders (at record high valuations)…

end

ii)Market data/USA

Initial Jobless Claims Re-accelerate For First Time Since March Led By VA & CA

Despite the hope-restoring nonfarm payrolls “recovery” and the over-hyped bounce in ‘soft’ sentiment surveys (which are biased by their nature as diffusion indices to bounce back hard), for the eighteenth week in a row, over 1 million Americans filed for unemployment benefits for the first time (1.416mm was notably worse than the 1.30mm expected).

Additionally, for the first time in 16 weeks, initial jobless claims reaccalerated…

 

Source: Bloomberg

That brings the eighteen-week total to 52.69 million, dramatically more than at any period in American history. However, as the chart above shows, the second derivative is slowing down drastically (even though the 1.416mm million rise this last week is still higher than any other week in history outside of the pandemic)

Virginia, California, and Louisiana led the resurgence in jobless claims as Florida, Texas, and Georgia saw declines…

 

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

 

Source: Bloomberg

And as we noted previously, what is most disturbing is that in the last eighteen weeks, far more than twice as many Americans have filed for unemployment than jobs gained during the last decade since the end of the Great Recession… (22.13 million gained in a decade, 52.693 million lost in 18 weeks)

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

Finally, it is notable, we have lost 348 jobs for every confirmed US death from COVID-19 (143,193).

Was it worth it?

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

iii) Important USA Economic Stories

 

CHINA VS USA

It looks like things are about to get a lot hotter.

(zerohedge)

 

DOJ Bombshell: Chinese Consulate In San Francisco Harboring ‘Active Duty’ PLA Researcher Wanted By FBI

Amid a crazy day of ordered consulate closures, alleged death and bomb threats made against the Chinese Embassy in Washington and diplomatic wrangling, and on threats out of Beijing to “respond” in a devastating way to Trump’s growing pressure campaign and China-related sanctions, Axios is just out with a bombshell late in the day Wednesday that ensures the tit-for-tat will only grow much more intense.

A researcher who lied about her affiliation with a Chinese military university entered the Chinese consulate in San Francisco after being interviewed by the FBI on June 20 about alleged visa fraud and has remained there, according to an FBI assessment in court filings dated July 20,” Axios writes.

If accurate, this would give some level of evidence to support Senator Marco Rubio’s earlier charged allegation that “China’s Houston consulate is a massive spy center, forcing it to close is long overdue,” as he tweeted, riling Chinese diplomats and pundits. He called it and others a “spy shop” which is part of the “Communist Party’s vast network of spies & influence operations in the United States.”

 

Chinese consulate in San Francisco, Wiki Commons

Analysts cited in the Axios report say that if the FBI allegations are true of the diplomatic outpost, which enjoys immunity from US law given its special protections under international law as an extension of the main embassy, it would constitute a “highly unusual” and “extraordinary” case given the severe abuse of consular privileges.

“It is highly unusual for a Chinese diplomatic post to associate so closely with a suspect in an intellectual property theft-related case,” New York-based cyber crimes lawyer Minyao Wang told Axios. “Sheltering a defendant in a criminal case by using the diplomatic immunity of a consular building, if true, is really extraordinary.”

Here are the known details, per Axios, related to one Tang Juan a University of California-Davis researcher previously admitted on a J-1 visa (non-immigrant visa issued to scholars engaged in exchange type programs):

  • On her visa application, Tang stated that she did not have any affiliation with the People’s Liberation Army (PLA), the Chinese military.
  • But an investigation revealed that she worked at the Air Force Military Medical University (FMMU), a PLA-affiliated university in China, and she is considered to be active military personnel.
  • After obtaining a warrant, the FBI searched her home and found evidence of her affiliation with the PLA.
  • On June 26, Tang was charged with visa fraud.

At that point Tang reportedly fled to the San Francisco consulate and is believed to have been given “safe harbor” there in order to avoid prosecution. She’s said to still be hiding out their under Chinese diplomatic protection.

This comes amid a spate of similar charges against Chinese nationals at research and academic institutions who attempted to conceal their ties with Chinese government entities. However it seems the first such case of an individual hiding out at a consular or embassy compound.

“At some point following the search and interview of Tang on June 20, 2020, Tang went to the Chinese Consulate in San Francisco, where the FBI assesses she has remained,” the court filings say. And further: “As the Tang case demonstrates, the Chinese consulate in San Francisco provides a potential safe harbor for a PLA official intent on avoiding prosecution in the United States.”

Crucially the FBI says it has formally notified Beijing: “We made the Chinese government aware that she is a charged individual, so it unquestionable that they know the defendant is a fugitive from Justice,” an official told Axios.

All of this of course means that as intense as this week has already been, things are about to get a lot hotter between Beijing and Washington now that the case is public knowledge and out in the open.

 

end

Michael Every on yesterday’s events…

(Michael Every)

Rabobank: It This Dynamic Doesn’t Change Markets Will Get Shot In The Head

By Michael Every of Rabobank

Monocle Vision on US-China tensions

“Houston, we have a problem” was a headline I would have run with in yesterday’s Global Daily if: (1) I hadn’t finished writing it before the news broke about the US kicking China out of its consulate in Texas for various alleged nefarious activities; and 2) Bloomberg hadn’t stolen half of it after it had. (However, Bloomberg ran with just “We have a problem”, which is one of the greatest comedy missed open goals since someone asked my mum back in the 1980s “Where are the Andes?” and she blurted out “The end of your armies!” to general confusion rather than the correct response –usable only once in a lifetime at best– which is “On the end of your wrist-ies”).

Yet the Chinese consulate issue itself is no laughing matter. Barely a day goes by without some new line in the sand being crossed between the US and China, and this is diplomatically almost unprecedented – but then so much else is too nowadays. It is additionally reported that the US is seeking a Chinese individual in the San Francisco consulate who the FBI believe is responsible for industrial espionage – and this is claimed not to be an isolated case. Indeed, President Trump is also reportedly threatening to close further Chinese diplomatic missions in the US ahead. Meanwhile, China is moving to close the US consulate in Chengdu in response, and Wuhan and Hong Kong are also possible targets; and it has also retaliated against the UK for what it sees as separate diplomatic provocations over Hong Kong by last night blocking transmission of the English Premier League. The US NBA will be sweating very heavily, no doubt.

Once again we see both the US and China getting dragged into an escalating tit-for-tat, and we see it spilling over into areas that one would simply not have imagined could happen: which is, of course, precisely what does happen when two economic giants start to disentangle themselves over clashing political-economy and geopolitical positions. It’s just not something that most market scribblers have ever seen. After all, one needs to be in ones late-40s to even properly recall the first Cold War.

US Secretary of State Pompeo is going to give a speech today to commemorate 50 years since ‘Nixon went to China’ and brought the country back in to the world economy from behind the Bamboo Curtain. Please let’s not forget that’s how it actually went. Yes, China had to decide to open up and take undertake bold and visionary reforms; but the US and the West had to also allow China in as well. People tend to forget that fact today. This was a house the US built post-WW2 on blood, sweat, and tears –as well as realpolitik– not a global architecture that emerged fully formed, effortlessly, everywhere, as reading only the ‘Bloombergs’ of this world one would presume is the case.

Pompeo is likely to take out the biggest sabre yet and perhaps not even rattle it: he might go so far as to lick the blade, so to speak. It is almost certainly going to be a verbal evisceration of the Chinese Communist Party, a confrontational rhetorical thread he has been exploring for some time now. The key question is if it will also be a further US escalation with concrete actions to match given the significance of the anniversary. Meanwhile, Bloomberg plaintively tries to report that, yes, China is still buying US soybeans. Which, as we know, seems to be the only metric that matters to both ‘Bloombergs’ and President Trump, most of the time.

If having lived longer and/or reading more widely is a good thing to have done at present if one wants to understand what is actually going on, it also helps to have travelled a bit outside of the generic ‘Monocle’ world of glamorous (and not-so glamorous) hotels that the global business and financial elite used to circuit so frequently until recently.

Believe it or not, there are still parts of the world with geographic proximity and real economic motivations for all kinds of trade exploiting their different factor advantages – and yet which see virtually no goods, or people, or money trickle over the border. Perhaps they won’t be the anomaly for much longer, however. (On which note, France has de facto joined the list of countries banning Huawei from national 5G projects, and even Deutsche Telekom has just struck a deal with Ericsson, it appears; a US ban on TkTok on all government devices is also a step closer.)

Of course, we live in a seamless globalised world where all anyone cares about is yield and risk on/risk off, a destabilising dynamic that Karl Marx described prophetically in his works that led to the first Cold War. As a result, even this US-China diplomatic escalation doesn’t matter – for now. Yes, CNY is at 7.0 again, but that’s hardly a slump; yes, 10-year Treasuries are below 0.60% again, but there was no risk of them rising anyway and there are pressing local reasons for that (like the Republicans proposing to slash extended unemployment benefits from USD2,400 a month to….USD400 a month. That will do wonders for the V-shaped recovery!); and meanwhile the currencies you don’t want to hold in any kind of serious crisis, like EUR and AUD, are still holding up well. Indeed, as I told Bloomberg would transpire when asked about Houston yesterday, five minutes later things will rally as usual.

However, as I also stated, despite this is still the latest escalation in a series that will end up in an inflection point that means a real crash for US-China relations, for Hong Kong, and for the Yuan (with its mighty 1.76% share of global SWIFT payments, as released today), among other things, if the dynamic doesn’t change; and yet markets will seemingly refuse to notice until they get shot in the head.

That was something that actually happened a lot during the Cold War too.

end

Very popular Brandon Smith discusses the worst case scenario on the upcoming uSA election

(Brandon Smith/Alt Market.com)

 

Election 2020: The Worst Case Scenario Is The Most Likely One

Authored by Brandon Smith via Alt-Market.com,

The most frequently asked question I get these days is what is going to happen in November, 2020. The election seems to be on the majority of people’s minds even more so that the coronavirus pandemic. In the summer of 2016 I accurately predicted that Donald Trump would enter the White House and met endless opposition to the idea. At the time, an overwhelming number of analysts in the liberty movement assumed Trump would lose, and that Clinton, by hook or by crook, would become president. Obviously this was not the case.

I made the call on a Trump presidency for a number of reasons.  Set aside the fact that the majority of major elections are rigged from within because the elites choose candidates on BOTH sides to run, and lets just look at the simple campaign dynamic at the time.

For one, Clinton was the worst possible candidate that could have been chosen to run against Trump if they had actually intended on “winning”. The DNC had rigged the primary process against Bernie Sanders in order to push Clinton through, yet she was universally hated not just by conservatives but also by moderate liberals. Democrats tend to draw a larger voter base by running “vibrant” candidates that appeal to younger Americans, yet they ran one of the most twisted and decrepit creatures they had on their roster. Though all the polling said Clinton would win in a landslide, the crowds at her campaign events were tiny and devoid of energy. It was clear that she had zero momentum.

It was almost as if she was being set up to lose. But why? Trump’s rhetoric was anti-globalist and his calls to “drain the swamp” were resonating with voters. Would this not greatly damage or expose the establishment agenda?

Here’s what people need to understand…

Sometimes giving an enemy a false sense of security by allowing them a minor victory is the best strategy. The globalists strategize for the long term; not just for the next 4 years, but for the next 40 years. As Richard N. Gardner, former deputy assistant Secretary of State for International Organizations under Kennedy and Johnson, and a member of the Trilateral Commission, wrote in the April, 1974 issue of the Council on Foreign Relation’s (CFR) journal Foreign Affairs (pg. 558) in an article titled ‘The Hard Road To World Order’:

In short, the ‘house of world order’ will have to be built from the bottom up rather than from the top down. It will look like a great ‘booming, buzzing confusion,’ to use William James’ famous description of reality, but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old-fashioned frontal assault.”

My prediction on Trump becoming president was not only based on Clinton’s inadequacy as a candidate, but also on Trump’s usefulness as a scapegoat for collapse. Keep in mind that the US economy had been struggling to maintain support since the crash of 2008. With all major fundamentals either stagnant or in decline, and with corporate debt, consumer debt and national debt skyrocketing, an enormous bubble was being created in the US economy. This bubble was being inflated by the Federal Reserve through endless stimulus policies to the point that the economy had become addicted to easy money. The system was dependent on it.

Eventually, this bubble was going to pop regardless of how much money was printed by the Fed. The banking elites needed a cover event and a scapegoat for the inevitable collapse they had engineered. With Clinton in office, the globalists would get the blame for the crash. With Trump in office, conservatives and all of our ideals and principles get the blame for the crash.

Trump’s entry into the White House brought hope for many conservatives, but I never put much faith in the eventual outcome once I realized the same elites that had infested previous administrations were now packed into Trump’s cabinet. The fact of the matter is, Trump is surrounded by them.

Dozens of members of the Council on Foreign Relations (a globalist think tank) reside in Trump’s cabinet, along with elites like Pompeo, Mnuchin, Ross, Kudlow, Lighthizer, Fauci, etc. Mike Pompeo is a hardcore neo-con with longtime support for numerous unconstitutional policies including mass surveillance of Americans. Steve Mnuchin is former Goldman Sachs. Wilber Ross is an agent for the Rothschild banking syndicate. Larry Kudlow is former New York Federal Reserve. Robert Lighthizer is a member of the Council on Foreign Relations. And, Fauci is the guy that gave MILLIONS of dollars to the Level 4 lab in Wuhan, China to research none other than coronavirus transmission from bats to other mammals; the same lab that is probably responsible for the initial pandemic outbreak.

One could debate whether or not Trump is aware that he is being swarmed by globalist parasites, but it is a FACT that these people still have considerable influence over White House policy either way.

This brings us to 2020. We are now in the middle of a viral pandemic; government officials and establishment elites are calling for extensive economic lockdowns in order to “flatten the curve” and slow the infection rate. These lockdowns are accelerating the decline of the already weakened US economy and setting the country up for collapse in the near term. Civil unrest is constantly on the verge of breaking out on both sides of the political divide.

The social justice cultists want chaos in the name of bringing down the system and replacing it with some kind of Marxist Utopia. Conservatives are ready to protest and perhaps even go to war in order to stop the lockdowns and prevent medical tyranny (and I agree with them). This is the background for election 2020, and it’s an epic mess.

For the past few month my suspicion is that there might not be an election at all. But let’s look at the factors that are in place:

1) Joe Biden, the Dem candidate, appears to have stage four dementia. Either that, or he is a very good actor. This is another situation where I am questioning WHY? Why would the establishment run Biden (like they ran Clinton), perhaps the worst possible choice if they hope to rally people against Trump and conservatives?

Maybe Trump is meant to stay in office for another four years, because Biden appears to have no capacity to hold the attention of an audience (again, unless his Alzheimer’s is an act).  That said, if the economic decline is severe enough into November, the election numbers could still be very close because of the backlash against Trump.  Close elections are the easiest for the establishment to manipulate one way or the other.

2) Leftists hate Trump so thoroughly that they would vote for anyone at this point just to get rid of him; but will this fervor be enough to sway moderate Dems to participate if Biden continues his displays of mental frailty?

3) The pandemic lockdowns and viral spread are likely to hit hard by November. Meaning, there is a chance that people will find it difficult to vote at all, unless the votes are handled by mail-in or by electronic means.

4) Electronic or mail-in voting will not be trusted by the public on either side. Whoever wins will be accused of cheating.

5) Civil unrest and violence is almost guaranteed in the lead up to the elections, which could frighten people away from voting booths if they are even in operation.

These factors and more lead me to predict that Election 2020 will be a contested election which ends with Trump staying in office but accused of usurping the democratic process. This outcome is the worst possible outcome and also the most advantageous for the globalist establishment.

The elites are even hinting publicly that this is about to happen. For those of you that have been reading my work for many years, the name “Max Boot” might sound familiar. In my article ‘How Globalists Will Attempt To Control Populations Post Collapse’, published in 2016, I outlined writings by Council on Foreign Relations member Max Boot on the Malaysian Model, a method he describes as the perfect strategy for taking control of a population and destroying an insurgency.

The model calls for the institution of city-sized concentration camps which are used to isolate a rebellion away from the general population. The population in these cities is then subjected to extreme tracking and control measures, while the military is sent out to rural areas to eliminate potential insurgent threats.

Well, Boot is back again, this time writing about how he thinks Donald Trump will try to “hijack” the presidency in 2020.

In an article for the Washington post titled ‘What If Trump Loses But Insists He Won’, Boot outlines a scenario that was “war gamed” by a group called the Transition Integrity Project. The group played out a scenario in which there is a razor thin victory for Joe Biden, followed by actions by Trump to keep control of the presidency through lies and legal wrangling. The group also predicted civil unrest leading to potential “civil war” as the fight over the White House expands.

The CFR and its long time goal of erasing US sovereignty would then be nearly complete. All that would be left is to ensure they they are the people that get to rebuild America from the ashes of all out domestic conflict and collapse. This cannot be allowed to happen.

I continue to predict that the plan is to destroy the US as we know it and blame conservatives in the process. With so many elites inhabiting Trump’s cabinet, this outcome would be easy for them to engineer. That said, the end game is not in the hands of the elites. It’s in the hands of conservatives.

The temptation for conservatives will be to fully embrace government power in order to stop the leftists, but if we refuse to support martial law measures, if we demand or assert alternative solutions (such as community based security), if we stand by our principles of limited government and if we fight back against the globalists specifically instead of only focusing on the political left, then there is a chance we can stop them from taking control. That said, if we bow to government power and hand over our freedom just to defeat the leftists, then we will lose the greater battle against globalism in the long run.

*  *  *

If you would like to support the work that Alt-Market does while also receiving content on advanced tactics for defeating the globalist agenda, subscribe to our exclusive newsletter The Wild Bunch Dispatch.  Learn more about it HERE.

end
This is interesting: AT and T states that 338,000 of their customers have stopped paying their phone bill during the pandemic
(zerohedge)

AT&T Says 338,000 Customers Stopped Paying Phone Bill During Pandemic 

AT&T Inc., for the first time, disclosed how many customers stopped paying their phone bill because of economic hardships related to the virus-induced recession, reported Bloomberg.

The company said 338,000 regular mobile-phone subscribers stopped paying in the second quarter; an additional 159,000 broadband customers and 91,000 TV subscribers stopped paying as well. 

“We’re actively contacting, working with and trying to retain these customers and certainly, we haven’t given up on them and they haven’t given up on us,” CEO John Stankey said during an earnings call Thursday.

AT&T, Verizon, and T-Mobile, along with top cable providers, such as Comcast, Charter Spectrum, and Cox Communications, signed an agreement in March with the Federal Communications Commission to keep Americans who couldn’t afford to pay connected during the pandemic.

AT&T has said it wouldn’t end service or charge late fees so long as customers notify service representatives about their inability to pay.

What this all suggests is that the virus-induced recession has economically scarred the average American. So far, AT&T is the only communications company we’ve seen to release such numbers. We fear the numbers are even greater if other communication companies release similar statistics.

end

iv) Swamp commentaries)

Vandals deface Oakland Mayor’s house

(zerohedge)

Vandals Deface Oakland Mayor’s House With Messages To Defund Police And “Cancel Rent”

The Mayor of Oakland’s house was vandalized overnight on Monday night this week. The culprit(s) wrote messages across her garage door and other parts of her home at around 2.A.M. Tuesday morning, according to Fox.

A spokesperson for the Mayor’s office also said that “projectiles” were shot at her house and that fireworks were set off.

Some of the messages written on her house included: “Blood on your hands,” “Wake up Libby,” “Defund OPD,” and “Cancel Rent”.

The Mayor’s spokesperson, Justin Berton, said: “This attack, designed to intimidate the Mayor and strike fear into her family, will not stop her from advocating for the policies she believes are in the best long-term interests of her beloved hometown. Like all Oaklanders, she supports passionate protest but does not support tactics meant to harm and terrorize others.”

The police were seen outside of the mayor’s house on Tuesday morning. An anonymous group has claimed responsibility for the vandalism, posting online the reasons why they targeted the mayor and stating: “This is just the beginning”.

Perhaps the Mayor will start to get the message that the solution to these lingering issues is taking back your city by using force.

Recall, it wasn’t until protesters visited the home of Seattle’s Mayor that the city’s “autonomous zone” was finally disbanded. Putting aside the obvious hypocrisy, perhaps this will come as a much needed wake-up call for clueless liberal politicians who continue to drag their feet in enforcing the law because they don’t want to hurt anyone’s feelings.

But we won’t hold out hope.

 

end

PORTLAND

Portland mayor, Wheeler is gassed by Federal agents.  Wheeler went to the Federal building to join in with the protesters and got gassed and booed/

(zerohedge)

Portland Mayor Tear Gassed By Federal Agents During Wednesday Protest

Like the liberal white male mayor of Minneapolis learned when he had the temerity to stand up and tell a crowd of angry protesters that he wouldn’t support disbanding the Minneapolis Police Department, Portland Mayor Ted Wheeler has struggled to connect with the throngs of angry, young and (mostly) white crowds of impressionable college students and disgruntled post-grads who have flooded the area outside a federal courthouse in downtown Portland for nearly 2 months straight, SARS-CoV-2 be damned.

Many of these demonstrators probably aren’t even from Portland. And it’s clear that their animosity toward Wheeler stems not from any personal failing on his part, but rather due to his role in “the system”, and the fact that he’s a white man. But that hasn’t dissuaded Wheeler from trying to pander to them, anyway, guided perhaps by misguided political strategists who feel that the hard-core protesters truly have the public’s sympathy. Over the past 10 days, as federal agents have moved to defend the federal courthouse mentioned above from vandals and enforce laws after Wheeler pulled out the local cops, Wheeler has sided with the rabble over the government he was elected to represent, denouncing the federal “stormtroopers” who have been “abducting” residents of his city, according to the AP.

This has done nothing to quell the unrest (many of the people out there on the barricade night after night after night are clearly being supported by somebody – even if that somebody is the absentee father who nevertheless left them a generous trust). So on Wednesday night, Wheeler took his ‘revolutionary’ kayfabe to the next level and wandered down to the courthouse, where he stood up and took his tear-gassing, an act that was filmed by eager journalists. But not before holding an hours long “listening session” with the aggrieved.

The footage of Wheeler’s tear-gassing, and his reaction, have gone viral overnight.

Amusingly, one protester brought a sign urging the mayor to take his dose of tear gas. The simple placard bore a terse message: “Tear Gas Ted!”.

When Wheeler tried to address the crowd, he was enthusiastically booed, the AP reported.

Mayor Ted Wheeler, a Democrat, said it was the first time he’d been tear gassed and appeared slightly dazed and coughed as he put on a pair of goggles someone handed him and drank water. He didn’t leave his spot at the front, however, and continued to take gas. Around Wheeler, the protest raged, with demonstrators lighting a large fire in the space between the fence and the Mark O. Hatfield Federal Courthouse and the pop-pop-pop of federal agents deploying tear gas and stun grenades into the crowd.

It wasn’t immediately clear if the federal agents knew Wheeler was in the crowd when they used the tear gas.

Earlier in the night, Wheeler was mostly jeered as he tried to rally demonstrators who have clashed nightly with federal agents but was briefly applauded when he shouted “Black Lives Matter” and pumped his fist in the air. The mayor has opposed federal agents’ presence in Oregon’s largest city, but he has faced harsh criticism from many sides and his presence wasn’t welcomed by many, who yelled and swore at him.

“I want to thank the thousands of you who have come out to oppose the Trump administration’s occupation of this city,” Wheeler told hundreds of people gathered downtown near the federal courthouse. “The reason this is important is it is not just happening in Portland … we’re on the front line here in Portland.”

After listening to Wheeler throw them under the bus for political gain, we imagine the federal agents doing the gassing were only too happy to comply.

Once the gas hit, the crowd of protesters, eager to put the mayor in his place, started jeering once more. “Eat that sh*t! Eat that sh*t!” one deranged protester shouted at the mayor, who was starting to look ill, something that was noticeable even with the facemask.

Meanwhile, what were Wheeler’s “peaceful protesters” doing Wednesday night? The same thing they do every night – try to burn down the courthouse.

Watching Wheeler gasp for breath, we couldn’t help but think that the mayor could probably learn a valuable political lesson from a classic “Chappelle’s Show” sketch: “When Keeping It Real Goes Wrong”.

“It’s good to be real sometimes, it’s good to be phony sometimes,” Chappelle said.

Besides, Ted. It’s not like any of these professional protesters you’re pandering to are going to vote

END

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

Fox: U.S. equity markets slipped Wednesday after the U.S. ordered China to close its consulate in Houston and Beijing vowed to retaliate. 

Fox: Stocks shake off US-China tensions, focus on coronavirus vaccine progress

The U.S. government has reached a $1.95 billion deal with Pfizer and BioNTech for 100 million doses of their experimental COVID-19 vaccine after it receives regulatory approval from the Food and Drug Administration. A Phase 2b/3 trial of the experimental vaccine, with human participants, is scheduled to begin later this month and will be ready for regulatory review as early as October 2020…

https://www.foxbusiness.com/markets/us-stocks-july-22-2020

 

GOP Sen. Marco Rubio @marcorubio: China’s Houston consulate is a massive spy center, forcing it to close is long overdue.  China’s consulate in Houston is not a diplomatic facility. It is the central node of the Communist Party’s vast network of spies & influence operations in the United States. Now that building must close & the spies have 72 hours to leave or face arrest.  This needed to happen.

Fox’s @kevincorke: Ignoring people who have declared war against you doesn’t make the war or them go away.

Hydroxychloroquine could save up to 100,000 lives if used for COVID-19: Yale epidemiology professor     https://www.foxnews.com/media/hydroxychloroquine-could-save-lives-ingraham-yale-professor

ABC News: CDC Director Dr. Robert Redfield says he would “absolutely” be comfortable with his grandchildren heading back to their classrooms.

Fauci’s career dotted with NIH ethics, safety controversies, memos show

At least 10 children in a pediatric AIDS drug study died in what an investigation concluded was a death toll “significantly higher” than expected and unexplained… Among the more concerning professional episodes in Fauci’s history is a series of AIDS drug trials performed on foster children. Those trials, which were performed in the late 1980s and 1990s, incorporated HIV-positive foster kids from several different states and were funded by NIH. Several of the studies were sponsored by NIAID, a sub-institute of the NIH which Fauci began directing in 1984 and was directing at the time of the studies.

    Investigations found the children were very often denied a personal health advocate during the course of their trials, something medical ethicists consider necessary when trial participants are drawn from vulnerable populations such as that of foster children…

https://justthenews.com/accountability/political-ethics/fauci-says-americans-should-trust-doctors-himself-his-career

@EWoodhouse7: Friendly reminder that 5 of the “COVID-19 deaths” in Cook County (IL) were drug overdoses.   https://twitter.com/EWoodhouse7/status/1285781920903835648

Connecticut State Lab Finds 90 Positive COVID-19 Test Results Were False

90 of 144 people tested between June 15 and July 17 received a false positive COVID test report… https://www.msn.com/en-us/Health/medical/state-lab-finds-90-positive-covid-19-test-results-were-false/ar-BB16Yche?ocid=sf

Later yesterday afternoon, Trump said hundreds of federal agents will be sent to Chicago and other cities; and the Justice Department will provide $61 million in grants to hire hundreds of police officers as part of “Operation Legend” to halt escalating violent crime in US big cities.  DJT: “My first duty as President is to protect the American people, and today I am taking action to fulfill that sacred obligationEvery American, no matter their income, race, or zip code, should be able to walk the city streets free from violence and free from fear.”

AG Barr announced that federal agents will be deployed to Chicago, Kansas City (MO), Albuquerque.

Barr: “We’re going to continue confronting mob violence.”

New Poll Shows More White Americans Now Oppose Black Lives Matter than Support

Numbers have flipped since early June. [Very bad news for Biden, Dems]

    The survey, conducted by Civiqs, shows that in early June, 44 per cent of Americans supported BLM and 34 per cent opposed it.  However, those numbers have now changed, with 41 per cent supporting BLM and 44 per cent opposing the movement… The flip in support has no doubt been fueled by almost two months of rioting, looting and statues being torn down across America…

   The founders of BLM openly state that the movement is about overthrowing capitalism, the “patriarchy” and western enlightenment ideals in general

https://summit.news/2020/07/21/new-poll-shows-majority-of-americans-now-oppose-black-lives-matter/

 

Civiqs is an online opinion polling and data analytics company founded by Daily Kos founder Markos Moulitsas in March 2018… Daily Kos, a blog focusing on liberal and Democratic Party politics in the United States… Wikipedia

 

PS – Many Americans will NOT tell strangers/pollsters that they oppose BLM for obvious reasons.

 

Comeback: Trump neck-and-neck with Biden, 45%-47%, approval equal with Obama’s

The outfit that called the 2016 popular vote correct today shows the 2020 race neck-and-neck.  A week after finding that Trump closed a 10-point gap with Biden to just three points, Rasmussen Reports today revealed that Trump has edged up another point as Biden has hit a ceiling

https://www.washingtonexaminer.com/washington-secrets/comeback-trump-neck-and-neck-with-biden-45-47-approval-equal-with-obamas

 

The Rasmussen poll is +4 Dems, which is still skewed too much toward Dems.

 

What will the polls register if/when indictments on Team Obama start appearing in coming months?

 

Recent polls show 2/3 to 70% of voters oppose the defunding of police.

 

Kass: Something grows in the big cities run by Democrats: An overwhelming sense of lawlessness

President Donald Trump is sending federal law enforcement into the big cities run by Democratic mayors, where murder and gang shootings are out of control and where once vibrant downtown areas are on their way to becoming ghost towns.  And naturally, the Democratic mayors, backing Joe Biden, are on the defensive, upset that the president might win political advantage, even as the mayors feud with their own police departments, as the violence rises in their towns, as children are gunned down.

    But these Democratic cities are also where left-wing billionaire George Soros has spent millions of dollars to help elect liberal social justice warriors as prosecutors And in many of the violent cities, the prosecutors have delivered on their promises, not to keep the violent in jail, but to let them out…

https://news.yahoo.com/column-something-grows-big-cities-104400920.html

 

Chicago mayor says she won’t let Trump send feds after drive-by shooting https://t.co/dS128K2of5

“Under no circumstances will I allow Donald Trump’s troops to come to Chicago and terrorize our residents,” Lightfoot posted on Twitter Tuesday evening… [Gangs, though, can terrorize Chicagoans.]

 

De Blasio vows court action if federal enforcement ‘steps foot’ in NYC https://t.co/2S3xQZGQRc

 

Babylon Bee: Federal ‘Secret Police’ Disguise Selves as Rioters So Democrat Mayors Will Let Them Do Whatever They Want

https://babylonbee.com/news/federal-secret-police-disguise-selves-as-rioters-so-democrat-mayors-will-let-them-do-whatever-they-want

 

Three arrested in connection with triple murder of Florida fishing buddies

Tony “TJ” Wiggins, 26, a hardened criminal with 230 felony criminal charges against him in his arrest history, was the alleged ringleader behind the “massacre.”… [How is this guy not in jail?]

https://www.foxnews.com/us/three-arrested-triple-murder-florida-fishing-buddies

 

Joe Biden had a video conference with SEIU (Service Union) members.  The SEIU is basically a subsidiary of the Democratic Party.   Joe again made gaffes; however, Joe’s preposterous account of his recovery from a brain aneurysm lit up social media.  Nurses were particularly aghast by Joe’s comments

 

Joe Biden: “I had nurses at Walter Reed hospital who would bend down and whisper in my ear, go home and get me pillows… They’d actually breathe in my nostrils to make me move, to get me moving.”

https://twitter.com/RepStevenSmith/status/1286106212602445831

 

@MrAndyNgo: I recognize a lot of the so-called “moms” as the same antifa women who dressed in black as recent as a couple days ago. They just put on a yellow shirt now for optics. Most of these people aren’t mothers & many don’t even identify as female. #PortlandRiots

https://twitter.com/MrAndyNgo/status/1285839279843753985

 

WSJ: Desecration of Catholic Churches across U.S. Leaves Congregations Shaken

https://www.wsj.com/articles/desecration-of-catholic-churches-across-u-s-leaves-congregations-shaken-11595451973

Well that is all for today

I will see you FRIDAY night.

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