JULY 31//FIRST DAY NOTICE WITNESSES THE LARGEST FILING IN COMEX HISTORY 101.8 TONNES//SO FAR 146.9 TONNES OF GOLD STANDING FOR DELIVERY// IN SILVER: 4.570 MILLION OZ STANDING FOR DELIVERY//TRUMP ORDERS CHINA TO SELL TIKTOK//CORONAVIRUS UPDATES THROUGHOUT THE GLOBE//CHINA’S 3 GORGE DAM HAS STRUCTURAL FAULTS AND IN JEOPARDY OF CAUSING MASSIVE FLOODS/IN USA NO DEAL ON NEW STIMULUS PKG AS DEMOCRATS REFUSE TO DEAL WITH REPUBLICANS..//SWAMP STORIES FOR YOU TONIGHT// //

GOLD$:  1969.20  UP $17.90  The quote is London spot price (cash market)

 

 

 

 

 

Silver:$24.03// UP 82 CENTS  London spot price ( cash market)

 

 

 

Closing access prices:  London spot

i)Gold : $1973.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $24.32//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1962.00  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $7.20)

OCT GOLD:  $1976.10  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $6.90  ($ 0/90 ABOVE NORMAL CONTANGO)

DEC. GOLD  $1988.30   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $19.10   ($7.10 ABOVE NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $24.20…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  17 CENTS  PER OZ  (14 CENTS ABOVE CONTANGO)

SILVER DECEMBER  CLOSE:     $24.44  1:30  PM SPREAD SPOT/FUTURE DEC.       : 41  CENTS PER OZ  ( 29 CENTS ABOVE NORMAL CONTANGO)

 

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COMEX DATA

 

 

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

receiving today: 11,205/32,732

ISSUED: 7913

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,942.300000000 USD
INTENT DATE: 07/30/2020 DELIVERY DATE: 08/03/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1666 75
072 H GOLDMAN 6220
104 C MIZUHO 2656
132 C SG AMERICAS 412
135 H RAND 7
152 C DORMAN TRADING 49
159 C ED&F MAN CAP 25
167 C MAREX 300 1
226 C DIRECT ACCESS 7
323 H HSBC 1750
332 H STANDARD CHARTE 1026
355 C CREDIT SUISSE 176 228
363 H WELLS FARGO SEC 1062
365 C ED&F MAN CAPITA 3
435 H SCOTIA CAPITAL 800
555 H BNP PARIBAS SEC 6000
624 C BOFA SECURITIES 58
657 C MORGAN STANLEY 2 522
657 H MORGAN STANLEY 4962
661 C JP MORGAN 7913 7111
661 H JP MORGAN 4094

DLV615-T CME CLEARING
BUSINESS DATE: 07/30/2020 DAILY DELIVERY NOTICES RUN DATE: 07/30/2020
PRODUCT GROUP: METALS RUN TIME: 22:13:43
685 C RJ OBRIEN 140 8
686 C INTL FCSTONE 365 41
690 C ABN AMRO 60 950
700 C UBS 968
709 C BARCLAYS 3006
709 H BARCLAYS 71
730 C PTG DIVISION SG 10
732 C RBC CAP MARKETS 23
732 H RBC CAP MARKETS 2427
737 C ADVANTAGE 88
800 C MAREX SPEC 30 265
878 C PHILLIP CAPITAL 15
880 C CITIGROUP 162 111
880 H CITIGROUP 9400
905 C ADM 9 190
____________________________________________________________________________________________

TOTAL: 32,732 32,732
MONTH TO DATE: 32,732

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 32,732 NOTICE(S) FOR 3,273,200 OZ  (101.810 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  32732 NOTICES FOR 3,273,200 OZ  (101.810 TONNES)

 

 

SILVER

 

FOR AUGUST

 

 

475 NOTICE(S) FILED TODAY FOR 2,375,000  OZ/

total number of notices filed so far this month: 475 for 2.375 MILLION oz

 

BITCOIN MORNING QUOTE  $11,146  UP 47

 

BITCOIN AFTERNOON QUOTE.: $11,409 UP 235

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $17.90 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD///

 

 

 

 

GLD: 1,241.96 TONNES OF GOLD//

 

WITH SILVER UP 82 CENTS TODAY: AND WITH NO SILVER AROUND:

 

A HUGE CHANGES IN SILVER INVENTORY AT THE  SLV: SURPRISINGLY:

A WITHDRAWAL OF 3.26 MILLION OZ FROM THE SLV//

 

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 568.092  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A HUMONGOUS SIZED 3348 CONTRACTS FROM 184,392 UP TO 187,740, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE HUGE SIZED GAIN IN  OI OCCURRED DESPITE OUR $0.97 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO HUGE  BANKER SHORT COVERING PLUS A GOOD EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A HUGE SILVER STANDING AT THE COMEX FOR AUGUST.  WE HAD A GOOD NET GAIN IN OUR TWO EXCHANGES OF 4467 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

WE HAVE ALSO WITNESSED A HUGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 1119 DEC:  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1119 CONTRACTS. WITH THE TRANSFER OF 1119 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 1119 EFP CONTRACTS TRANSLATES INTO 11.075 MILLION OZ  ACCOMPANYING:

1.THE 97 CENT LOSS IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

4.57 MILLION OZ INITIAL STANDING IN AUGUST

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 97 CENTS ).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE HUGE GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A HUMONGOUS INITIAL  STANDING OF SILVER OZ  FOR AUGUST,  STRONG BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A GOOD NET GAIN OF 4467 CONTRACTS OR 22.33 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:

26,790 CONTRACTS (FOR 22 TRADING DAY(S) TOTAL 26,790 CONTRACTS) OR 133.950 MILLION OZ: (AVERAGE PER DAY: 1217 CONTRACTS OR 6.088 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JULY: 133.95 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 19.13% 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:          1,271.365 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                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

 

 

 

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3348, DESPITE OUR 97 CENT LOSS  IN SILVER PRICING AT THE COMEX ///THURSDAY THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 1119 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 VERY STRONG SIZED OI CONTRACTS ON THE TWO EXCHANGES:  4467 CONTRACTS (DESPITE OUR  $0.97 CENT LOSS IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1119 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A HUGE SIZED INCREASE OF 3348 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 97 CENT LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $23.27 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.9305 BILLION OZ TO BE EXACT or 132% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 475 NOTICE(S) FOR 2,375,000  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 86.470 million oz//AUGUST 4.57 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A CONSIDERABLE SIZED 12,846 CONTRACTS TO 586,484 AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE SIZED LOSS OF COMEX OI OCCURRED WITH OUR STRONG FALL IN PRICE  OF $10.00 /// COMEX GOLD TRADING// THURSDAY// WE  HAD HUGE BANKER SHORT COVERING, A HUMONGOUS SIZED GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE AND A VERY STRONG GOLD SPREADER LIQUIDATION. THIS ALL HAPPENED WITH OUR STRONG LOSS IN PRICE OF $10.00 .

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  58

 

WE LOST A STRONG SIZED  11,339 CONTRACTS  (35.273 TONNES) ON OUR TWO EXCHANGES.

HOWEVER THE MAJORITY OF THE LOSS WAS DOMINATED BY THE LIQUIDATION OF THOSE SPREADERS.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1507 CONTRACTS:

CONTRACT .; AUG 220 AND OCT: 0 DEC: 1287; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 1507.  The NEW COMEX OI for the gold complex rests at 586,484. 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 EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,339 CONTRACTS: 12,846 CONTRACTS DECREASED AT THE COMEX AND 1507 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 11,339 CONTRACTS OR 35.27 TONNES. THURSDAY, WE HAD A LOSS OF $10.00 IN GOLD TRADING…...

AND WITH THAT LOSS IN  PRICE, WE HAD A STRONG SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 35.27 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  SUPPLIED INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $10.00).AND IT ALSO SEEMS THAT THEIR ATTEMPT TO FLEECE ANY GOLD LONGS FROM THE GOLD ARENA WAS ALSO UNSUCCESSFUL AS ALMOST ALL OF THE LOSS WAS DUE TO THE SPREADER LIQUIDATION.  SPREADER LIQUIDATION WILL COME TO ITS CONCLUSION WITH MONDAY’S REPORT  (FRIDAY’S OFFICIAL NUMBERS)

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (1507) ACCOMPANYING THE HUGE SIZED LOSS IN COMEX OI  (12,846 OI): TOTAL LOSS IN THE TWO EXCHANGES:  11,339 CONTRACTS. WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A MONSTROUS INITIAL GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO LONG LIQUIDATION; 4) HUMONGOUS COMEX OI LOSS AND .5) SMALL EXCHANGE FOR PHYSICAL ISSUANCE 6) CONTINUAL STRONG GOLD SPREADER LIQUIDATION... AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG LOSS IN GOLD PRICE TRADING//THURSDAY//$10.00.

THE DOMINANT FACTOR IN THE LOSS OF OI AT THE COMEX WAS DUE TO THE SPREADING LIQUIDATION!!

 

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 : 100,659, CONTRACTS OR 10,065,900, oz OR 313.09 TONNES (22 TRADING DAY(S) AND THUS AVERAGING: 4575 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 22 TRADING DAY(S) IN  TONNES: 313.09 TONNES

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

THUS EFP TRANSFERS REPRESENTS 313.09/3550 x 100% TONNES =8.81% 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   3264.12  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;                       313.09 TONNES SO FAR..(EXCHANGE FOR PHYSICALS REVERSE COURSE AND ARE NOW INCREASING!)

AUGUST TOTAL EFP ISSUANCE;

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A HUGE SIZED 3348 CONTRACTS FROM 184,392 UP TO 187,740 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 HUGE SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   HUGE BANKER SHORT COVERING , 2) A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUMONGOUS  STANDING AT THE SILVER COMEX FOR AUGUST IN AN NON ACTIVE MONTH,  AND  4) ZERO LONG LIQUIDATION 

 

EFP ISSUANCE 1119 CONTRACTS

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

 SEPT: 1119 AND DEC. 200 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1119 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN  OF 3248  CONTRACTS TO THE 1119 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE GAIN OF 4467 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES  22.33 MILLION  OZ, OCCURRED DESPITE OUR 97 CENT LOSS IN PRICE///

NOBODY LEFT THE SILVER ARENA DESPITE THE HUGE WHACK IN PRICE!!

 

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

(report Harvey)

 

 

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 23.19 POINTS OR 0.71%  //Hang Sang CLOSED DOWN 115.24 POINTS OR 0.47%   /The Nikkei closed DOWN 629.23 POINTS OR 2.82%//Australia’s all ordinaires CLOSED DOWN 1.93%

/Chinese yuan (ONSHORE) closed UP  at 6.9752 /Oil UP TO 40.30 dollars per barrel for WTI and 43.41 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9752 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9834 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A HUGE  SIZED 12,846 CONTRACTS TO 586,484 MOVING FURTHER FROM OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS HUGE COMEX DECREASE OCCURRED WITH OUR  LOSS OF $10.00 IN GOLD PRICING /THURSDAY’S COMEX TRADING//). WE ALSO HAD A SMALL EFP ISSUANCE (1507 CONTRACTS),.  THUS WE HAD 1) STRONG BANKER SHORT COVERING AT THE COMEX AND 2)  ZERO LONG LIQUIDATION AND 3)  HUMONGOUS INITIAL STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) WITH CONTINUATION OF HUGE SPREADER LIQUIDATION , …  AS WE ENGINEERED A HUGE LOSS ON OUR TWO EXCHANGES OF 11,339 CONTRACTS WITH GOLD’S LOSS IN PRICE. NORMALLY WE HAVE LATELY  SEEN THE EXCHANGE FOR PHYSICALS ISSUED  TO BE SMALL.. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. 

 

 

 

(SEE BELOW)

 

 

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 58

 

 

 

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 1507 EFP CONTRACTS WERE ISSUED:  AUG  220 , OCT: 0  DEC 1287; FEB 00 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1507 CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 11,339 TOTAL CONTRACTS IN THAT 1507 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE SIZED 12,846 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 HUMONGOUS COMEX INITIAL GOLD TONNAGE STANDING…  ZERO LONG LIQUIDATION, AND A HUGE STRONG  SPREADER LIQUIDATION……AND WITH ALL OF THE ABOVE WE HAD A FALL IN COMEX PRICE OF 10.00 DOLLARS..

THE DOMINANT LOSS IN OI WAS DUE TO OUR SPREADERS!!

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $10.00).  AND, THEY WERE UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A STRONG 35.27 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 11,339, CONTRACTS OR 1,133,900 OZ OR 35.27 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:  589,484 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 58.95 MILLION OZ/32,150 OZ PER TONNE =  1833 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1833/2200 OR 83,34% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 291,623 contracts// fair volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  446,850 contracts//  volume  good //most of our traders have left for London

 

 

JULY 31 /2020

JULY GOLD CONTRACT MONTH

INITIAL STANDING FOR AUGUST GOLD

 

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
119,656.250 oz
Brinks
3.72 tonnes
Deposits to the Dealer Inventory in oz 961,422.042 oz

Brinks

29.92 tonnes of gold

 

 

 

Deposits to the Customer Inventory, in oz  nil

OZ

 

 

No of oz served (contracts) today
32,732 notice(s)
 3,273,200 OZ
(101.810 TONNES)
No of oz to be served (notices)
14,479 contracts
(1,450,400 oz)
45.035 TONNES
Total monthly oz gold served (contracts) so far this month
32732 notices
3,273,200 OZ
101.810 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:  961,422.042 oz  (29.92 tonnes)

 

 

 

 

total deposit: 961,422.042 oz

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account

 

 

 

total deposit:  nil oz

 

 

we had 1 gold withdrawals from the customer account:

i) out of  Brinks:  119,656.250 oz  (3.72 tonnes)

 

 

total withdrawals;  119,656.250 oz

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 3 //

 

i)customer to dealer//JPM:  (eligible to registered)

2,893.590 oz adjusted out of th e customer and this lands into the dealer account

 

and

ii)from Manfra: 2901.233 adjusted up to the dealer account

dealer to customer acct

iii)Brinks:

52,083.000 oz was adjusted out of the dealer and this lands into the customer account of Brinks

(1620 kilobars)

 

 

 

 

 

The front month of AUGUST registered a total of 47,211 CONTRACTS. Thus by definition, the initial amount of gold standing for the active delivery month of August is as follows:

47,211 contracts x 100 oz per contract =   4,721,100 oz  or 146.84 tonnes of gold

 

 

After August we have the non active Sept contract month.. Here we saw another addition of 143 contracts to stand at 3355.  Oct GAINED 1518 contracts UP to 68,618.

The big December contract lost 816 contracts down to 406,003 contracts.

 

We had 32,732 notices filed today for  3,273,200 oz

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 7913 notices were issued from their client or customer account. The total of all issuance by all participants equates to 32,732 contract(s) of which 4024  notices were stopped (received) by j.P. Morgan dealer and 7111 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 75 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the AUGUST /2020. contract month, we take the total number of notices filed so far for the month (32,732) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (47,211 CONTRACTS ) minus the number of notices served upon today (32,732 x 100 oz per contract) equals 4,721,100 OZ OR 146.84 TONNES) the number of ounces standing in this active month of JUNE

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

No of notices filed so far (32,732, x 100 oz + (47,236 OI) for the front month minus the number of notices served upon today (32,732) x 100 oz which equals 4,721,100 oz standing OR 146,84 TONNES in this  active delivery month. This is a HUGE  amount for gold standing for a AUGUST delivery month (an active delivery month).

 

 

NEW PLEDGED GOLD:  BRINKS

 

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

271,997.477 oz PLEDGED  JULY 9// 2020  JPMORGAN:  8.46 TONNES

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

deleted Int. Delaware pledge July 7  (600 tonnes)

251,935,520 oz           JPM

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

total pledged gold:  1,092,303.812 oz                                     34.59 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 462.46 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 146.92 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  14,820,949,044 oz or 460,99 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/July 03) which cannot be settled upon:  251,935.520, oz (or 7.836 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:  1,092,303.812 oz or 33.97 tonnes
thus:
registered gold that can be used to settle upon:  13,710,646.0  (426.46 tonnes)
true registered gold  (total registered – pledged tonnes  13,710,646.0 (462.46 tonnes)
total eligible gold:  21,872,051,972 oz (680.31 tonnes)

total registered, pledged  and eligible (customer) gold;   36,589,735.273 oz 1138.09 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1011.75 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 31/2020

And now for the wild silver comex results

 

 

AUGUST SILVER COMEX CONTRACT MONTH//INITIAL

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 651,634.216 oz
CNT
Delaware

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
619,325.402 oz
Brinks
Delaware
Scotia
No of oz served today (contracts)
475
CONTRACT(S)
(2,375,000 OZ)
No of oz to be served (notices)
439 contracts
 2,195,000 oz)
Total monthly oz silver served (contracts)  475 contracts

2,375,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 0 deposit into the dealer:

total dealer deposits: nil  oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

i)we had 3 deposits into the customer account

into JPMorgan:   nil oz

 

 

 

ii) Into Delaware:  4004.4 oz

iii) Into Scotia: 594,911.100 oz

iv) Into Brinks  20,409.900 oz

 

 

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

JPMorgan now has 163.098 million oz of  total silver inventory or 48,99% of all official comex silver. (163.677 million/334.544 million

 

total customer deposits today:  619,325.402    oz

we had 2 withdrawals:

 

 

i)Out of CNT:  619,929.550 oz

 

 

 

ii) Out of Delaware: 34,704.666 oz

 

 

 

total withdrawals; 651,634.216   oz

We had 6 adjustments

dealer to customer account

i) Brinks:  867,703.219 oz

ii) CNT: 242,820.287 oz

iii) HSBC: 5119.170 oz

iv) Int Delaware: 4969.605 oz

v)  JPMorgan: 34,850.700 o

vi) Manfra: 125,830.790 oz

adjusted totals; 1.28 million oz.

 

total dealer silver: 131.786 million

total dealer + customer silver:  334,508 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 914 contracts.

Thus by definition the initial silver oz standing in this non active month of August is as follows:

914 oi x 5000 oz per contract =  4.575 million oz

 

 

 

After August we have the  big September contract month and here we see a gain of 57 contracts up to 130,040.

The big December contract month saw its OI rise by 3573 contracts up to 48,192

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 475 contract(s) FOR 2,375,000, oz

 

To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 475 x 5,000 oz = 2,375,000 oz to which we add the difference between the open interest for the front month of AUGUST.(914) and the number of notices served upon today 475 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 475 (notices served so far) x 5000 oz + OI for front month of AUGUST (914)- number of notices served upon today (475) x 5000 oz of silver standing for the AUGUST contract month.equals 4,570,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

 

 

 

TODAY’S ESTIMATED SILVER VOLUME : 143,921 CONTRACTS // volume huge+++/

 

 

FOR YESTERDAY: 175,595.,CONFIRMED VOLUME//volume huge++++++++/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 175,595 CONTRACTS EQUATES to 0.715 billion  OZ 102% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 3.20% ((JULY 31/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.95% to NAV:   (JULY 31/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 3,20%

(courtesy Sprott/GATA

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

NAV 19.97 TRADING 19.67///NEGATIVE 1.48

END

 

 

And now the Gold inventory at the GLD/

JULY 31/WITH GOLD UP $17.90 TODAY/WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1241.96 TONNES.

JULY 30/WITH GOLD DOWN  $10.00 TODAY, WE HAVE ANOTHER SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.16 TONNES//INVENTORY RESTS AT 1241.96 TONNES.

JULY 29//WITH GOLD UP  $12.45 TODAY, WE HAVE ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A HUGE DEPOSIT OF 8.47 TONNES/INVENTORY RESTS AT 1243.12 TONNES

JULY 28///WITH GOLD UP $13.25 TODAY, WE HAVE ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A HUGE DEPOSIT OF 5.84 TONNES/INVENTORY RESTS AT 1234.65

JULY 27//WITH GOLD UP $35.30 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF XXX TONNES/INVENTORY RESTS AT 1228.81 TONNES

JULY 24/WITH GOLD UP $8.80 TODAY: WE HAVE ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 3.80 TONNES//INVENTORY RESTS AT 1228.81 TONNES

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 31/ GLD INVENTORY 1241.96 tonnes*

LAST;  871 TRADING DAYS:   +302.46 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 771 TRADING DAYS://+480.93  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

JULY 31/WITH SILVER UP 82 CENTS TODAY: WE HAVE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: SURPRISINGLY A HUGE WITHDRAWAL OF 3.26 MILLION OZ//INVENTORY RESTS AT 368.092 MILLION OZ//

JULY 30//WITH SILVER DOWN 97 CENTS TODAY: WE HAVE A SMALL CHANGE IN SILVER INVENTORY: A WITHDRAWAL  OF 0.931 MILLION OZ//INVENTORY RESTS AT 571.352 MILLION OZ//

JULY 29/WITH SILVER UP 7 CENTS TODAY, WE HAD A BIG CHANGE IN SILVER INVENTORY//A DEPOSIT OF 5.984 MILLION OZ//INVENTORY RESTS AT 572.283 MILLION OZ//

JULY 28  WITH SILVER DOWN 14 CENTS TODAY, WE HAD A BIG CHANGE IN SILVER INVENTORY: A DEPOSIT OF 7.52 MILLION OZ//INVENTORY RESTS AT 566.299 MILLION OZ//

JULY 27/WITH SILVER UP $2.67 TODAY, WE HAD NO CHANGES IN SILVER INVENTORY: A DEPOSIT OF XX MILLION OZ//INVENTORY RESTS AT 558.779 MILLION OZ//

JULY 24/WITH SILVER DOWN $0.12 TODAY: NO CHANGE IN SILVER INVENTORY//INVENTORY RESTS AT 558.779 MILLION OZ/

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 31.2020:

SLV INVENTORY RESTS TONIGHT AT

568.092 MILLION OZ.

 

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

Short Term Weakness Likely Prior To A “Massive Short Squeeze Propels” Gold and Silver “To Much Higher Levels” – GoldCore

Gold and silver are set for a 5% and 6% gain this week and a significant 11% and 30% gain in the month of July (see table below). Weakness is likely to be short term and shallow

From MarketWatch:

Gold prices ended lower Thursday, with bullion retreating from a record rally that had seen the precious metal notch nine consecutive days of gains.

The precious metal found support Wednesday following the Federal Reserve signaling it planned to keep the low interest rate environment in place for the foreseeable future as the U.S. economy recovers from COVID-19. Benchmark federal-funds futures rates stand at a range between 0% and 0.25%.

However, some analysts make the case that gold prices may be entering a period of consolidation following a historic run-up that has been at least partly prompted by the public-health crisis, but also exacerbated by a recent bout of weakness in the U.S. dollar and the low yields being offered by government debt.

One measure of the dollar, the ICE U.S. Dollar Index is hanging around its lowest level in two years and the yield for the 10-year Treasury note is around 0.55%.

As expected and forecast, gold has reached record highs near $2,000 an ounce and silver reached multi-year highs near $26 an ounce, but prices were “due a sharp correction,” said Mark O’Byrne, research director at GoldCore, based in Dublin.

“Short-term weakness is very likely prior to a massive short squeeze that propels the precious metals to much higher levels,” he told MarketWatch Thursday. Gold is “quite likely” to climb to $3,000 in the next 12 months, and silver could rise to between $50 and $100.

“Focus on value and not price—it is important investors focus on gold and silver’s value as hedging and safe haven assets rather than their nominal price highs in dollars,” said O’Byrne.

Full article via Marketwatch here

Asset Performance in July 2020 (Finviz)
Asset Performance in 2020 YTD (Finviz)

NEWS and COMMENTARY

Gold prices decline, on track for first loss in 10 sessions – GoldCore in Marketwatch

Gold is ‘quite likely’ to climb to $3,000 in the next 12 months, and silver could rise to between $50 and $100 – GoldCore in MSN Money

Blow for pension savers as bank imposes charges on holding cash (Irish Indepedent)

Oil down nearly 4% as virus surge weighs on demand outlook – Reuters

Wall St. falls after grim data; Trump suggests election delay – Reuters

The Other Reason Silver Is Soaring: Disruptions in Latin America – Bloomberg

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

30-Jul-20 1952.20 1957.65, 1503.00 1502.10 & 1662.30 1662.44
29-Jul-20 1954.35 1950.90, 1506.80 1502.39 & 1663.54 1659.24
28-Jul-20 1931.65 1940.90, 1499.15 1501.48 & 1647.70 1654.23
27-Jul-20 1940.55 1936.65, 1511.30 1504.78 & 1659.56 1647.70
24-Jul-20 1893.85 1902.10, 1486.67 1490.30 & 1631.55 1638.09
23-Jul-20 1882.35 1878.30, 1480.28 1477.47 & 1624.47 1621.54
22-Jul-20 1851.00 1852.40, 1462.85 1456.91 & 1604.82 1598.44
21-Jul-20 1823.20 1842.55, 1436.86 1449.35 & 1594.21 1608.36
20-Jul-20 1810.30 1815.65, 1437.92 1438.18 & 1580.21 1590.87
17-Jul-20 1802.90 1807.35, 1435.47 1442.45 & 1578.98 1581.07
16-Jul-20 1804.60 1807.70, 1438.09 1436.04 & 1583.72 1581.56
15-Jul-20 1809.30 1804.60, 1436.22 1441.31 & 1582.96 1579.57
14-Jul-20 1798.20 1801.90, 1436.58 1440.62 & 1583.14 1581.71

Access Latest Goldnomics Podcast (Part II) Here

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

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Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Gold rally is being fueled by unlikely buyers :pension funds, insurance companies, and private wealth specialists

(Bloomberg/GATA)

Gold’s record rally fueled by unlikely buyers

 Section: 

By Ranjeetha Pakiam, Jack Farchy, and Anchalee Worrachate
Bloomberg News
Wednesday, July 29, 2020

Gold’s surge to an all-time high is winning over a wider fan base of pension funds, insurance companies, and private wealth specialists.

Managers who run long-term portfolios worth trillions of dollars are taking interest in gold as they search for returns in a yield-starved investing landscape. The broader array of buyers is one of the key dynamics behind the rally to $2,000 an ounce, even as gold’s traditional customers in India and China remain on the sidelines.

In the past, when bonds offered heftier yields, many professional investors had little use for gold. A broad portfolio of stocks and bonds could generate a reliable yield, and the two assets would balance each other out during market downdrafts. Gold, which offers no income, is hard to value and costs money to keep in storage.

But now, the math has shifted. With $15 trillion in debt offering negative yields and the Federal Reserve likely holding rates near zero for the foreseeable future, some on Wall Street are questioning the wisdom of owning bonds and looking elsewhere for assets to hedge against equity volatility. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-29/from-pensions-to-priv…

* * *

END

A must see interview of Chris Powell by Mr Meir Bank:

Chris gives a thorough analysis of how GATA came to be and the history of gold/silver suppression for the past 20 years

(ChrisPowell/GATA/Meir Bank)

GATA secretary interviewed comprehensively by Meir Bank

 Section: 

12:55p ET Thursday, July 30, 2020

Dear Friend of GATA and Gold:

Gold market observer Meir Bank last week interviewed your secretary/treasurer comprehensively for an hour, asking many good questions about GATA’s founding and purposes, gold price suppression history and policy, and the prospects for the monetary metals. The interview can be seen at YouTube here:

https://www.youtube.com/watch?v=IQC84S9JSnY

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

END

iii) Other physical stories:

 

What Is Gold Telling Us?

A must read…this is what is going on…gold will become the reserve currency..
(zerohedge)

While the trade-weighted dollar has only just begun to breakdown…

Gold has been signaling something very different in the ‘currency’ markets for a few years now, and its recently accelerated dramatically…

So what is that message?

FFTT’s Luke Gromen  laid out in a few short tweets his take on what is being priced in (by some assets)…

1/ Let’s pretend the currency system is a human body.

The US says it wants to de-couple from China; 20 yrs ago, we could’ve de-coupled & it would’ve been like amputating a finger or a hand.

2/ Even 10-15 years ago, perhaps “de-coupling from China” would’ve been like amputating an arm, or a leg from our currency system.

However, after 20+ years of $200-400B surpluses (USD exports), & China’s (generally) savvy reinvesting of those USD exports…

3/ “De-coupling from China” is no longer amputating an arm or a leg off the currency system; it is like cutting out some critical organ like heart, the lungs, or the liver out of the currency system…

4/ Yes, we can do it, & it’s probably the right thing to do, but the cold, hard math of the situation is that “US de-coupling from China” means the currency system as we have known it for 50+ yrs will die on the table, shortly after the critical organs are removed,

UNLESS

Guess what that is? Yup, you guessed it…

6/ This is a take on gold as we have been looking at it for our clients at FFTT for some time.

end
Two schools of thought on the dollar:  Schiff states it is going down now
Jeff Snider states that it will temporarily rise due to external demands for the dollar and then crash.
(Peter Schiff)

Schiff: “The Dollar Is Not Just Going Down; It’s Going To Crash”

Via SchiffGold.com,

As gold was closing in on its all-time record price last week, Peter Schiff appeared on the Claman Countdown and warned about the looming dollar crisis.

Claman set up the interview pointing out that Peter predicted this big move up in gold months ago and asked, “What’s your new prediction about the dollar?”

Peter said it’s not really a new prediction, but perhaps it’s more timely.

The dollar’s not just going down. It is going to crash.”

Prior to the interview, Claman mentioned that the Dow was up, but Peter said there is another way to look at it.

Priced in real money, gold and silver, the Dow is actually down. And what gold is telling you, and silver, is that the dollar is losing value. It’s losing purchasing power.”

The dollar had been drifting lower against other fiat currencies over the past several weeks. At the time of the interview, the dollar index was just a few ticks off its March low.

But I think the dollar is going to keep drifting down until it collapses,” Peter said.  “And this is going to usher in a real economic crisis in America, unlike something we’ve ever seen. Because it’s going to force the Fed to choose between saving the dollar, and dumping all the bonds its been buying, letting interest rates rise sharply, forcing the US government to slash spending right now and abandon all these stimulus plans, or just let inflation ravage the entire economy and wipe out a generation of Americans.”

Claman asked Peter what is the trade given what’s coming down the pike. Peter said his advice is “to get out of Dodge.”

Get out of dollars. Number one, yeah, own gold and silver. The gold and silver mining stocks are killing it, but they’re just getting started. I mean, these stocks, I think, can go up 10, 20 times in dollar terms.”

Peter also recommended foreign stocks that derive their revenues outside the US and earn them in foreign currencies, not US dollars. They can return those appreciated foreign currencies to you in dividends that avoid the inflation tax.

Forget about the payroll tax. The real tax that’s going to clobber every American is inflation because that’s how the government is now funding its spending is through inflation. And inflation is a tax on anybody who owns US dollars.”

END

J Johnson…

The Resolutes Are Scaring The S**t Out Of The Shorts!

Great and Wonderful Friday Morning Folks,

We start the last day of July off in the positive with December Gold up $25.10 with the trade at $1,991.90, after it made another New Life of Contract High at $2,005.40 with the low at $1,971.40. Silver is leading the rise today with the September contract now at $24.215, up 84.9 cents after hitting $24.53 with the low wayyy down there at $23.67. It’s been over 40 years since Silver made a N-LoCH, maybe it’s time for it to catch up, stay tooned! The US Dollar did get a little jiggy during the FOMC, with the trade now heading lower at 92.94, down 6.9 points and close to the high at 92.965 after it recovered from the low at 92.51. Of course, all this happened before 5 am pst, the Comex open, the London close, and after Ghislaine Maxwell’s unsealed court records were released.

 

      The precious metals gains are also rolling along against the emerging fiats, as the Venezuelan Bolivar will prove Gold gaining 222.72 overnight with the last trade at 19,894.10 Bolivar. Silver under the same currency is now at 244.444 Bolivar, providing the holder at 10.294 Bolivar gain per ounce. Argentina’s Peso now has Gold’s value pegged at 143,813.65, a gain of 1,746.20 A-Peso’s with Silver at 1,767.18 giving the most manipulated metal in the markets a 76.09 A-Peso gain. Turkey’s Lira has given Gold a 152 T-Lira gain with the last trade at 13,886.11 with Silver gaining 7.12 with the last trade at 170.606 T-Lira.

      August Silver Delivery Demands have officially begun, with the demand count now at 914 fully paid for contracts and with a trading range for the 3 lot Volume, between $23.59 and $23.565 with the last trade at the low. We need to leave some room for the unaware trader, he/she/they may have one or two positions to clear, but all in all we have a $107,692,050 order now standing for delivery. If the deliveries are as strong as the last several months, there’s gonna be a big problem at the Comex! Silver’s Overall Open Interest is now calculated at 187,817 Overnighters, more than doubling yesterday’s reductions, which may prove the FOMC meeting was simply a 2-day stall, as 3,931 more shorts had to be added into the markets.

     August Gold has to be scaring the shit out of the shorts with the Resolutes Delivery Demand count at 47,236 and with a Volume of 1,100 already up on the board with a trading range between $1,981.10 and $1,948 with the last swap at $1,965.90, up $23.90. Let’s see how the rest of Augusts deliveries go, as the first day’s buy orders equal $9,286,124,240. Gold’s Overall Open Interest is proving someone is getting out of the way of the next rally with the Overall count dropping 12,524 leaving 587,560 contracts to go against the physicals.

      I have no kind words for what we all have been forced to deal with over the decades as one who represented us as a leader, got continual protection from the Deep State. This one raped many women (and paid to shut them up) and (is accused of having sex with) young girls over his professional years as a government elected. A party was even willing to allow his wife to represent our nation too, and chose to ignore all the wiener laptop evidence and the death of Seth Rich! This same group also attacked anyone who accused both Clintons of wrong doing and that body count of the dead from way back when he represented Arkansas going forward, needs to be reviewed without the FBI/CIA/NSA interferences. All those involved with the Entire Pedo Machine need to be brought into court to answer questions. That is, if they survive their assisted suicides. I believe the promise, that has to be one of the hardest promises any president has ever attempted to do! Root out pedophilia and child trafficking rings, no matter who gets caught or the costs, and that includes the Republican Party!

      The future promises to bring out many more stories that link this Pedo-Protect-Group to many others, not only in our country’s government, but many other countries as well! This revelation is either going to be swept under the rug by a bigger story, or it’s going to come out in full blossom. I don’t expect the media to reveal any of these stories because they too are all caught up in the mess with the Weinstein links, however, I do expect the court cases will reveal it all! Need we say, the best place to have one’s retirement while all this comes out, is still Physical Silver and Gold? Probably not, so have a great weekend, keep a smile on your face and a prayer for all, and as always…

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

end

Friday was the largest first day notice filing for gold in its history: 102 tonnes

(Farchy/London’s Financial Times)

Gold Traders Issue Largest Delivery Notice on Record at Comex

Jack Farchy and Phoebe Sedgman, Bloomberg News

Gold of various weights and sizes sit at Gold Investments Ltd. bullion dealers in this arranged photograph in London, U.K., on Wednesday, July 29, 2020. Gold held its ground after a record-setting rally as investors awaited the outcome of a Federal Reserve meeting amid expectations policy makers will remain dovish, potentially spurring more gains.

(Bloomberg) — Traders on the main gold futures exchange in New York have issued the largest daily delivery notice on record.

In the latest sign of how the market’s norms have been upended by the price disconnect that struck in March, traders on Thursday declared their intent to deliver 3.27 million ounces of gold against the August Comex contract, the largest daily notice in bourse data going back to 1994.

While millions of ounces of gold trade on the futures market every day, typically only a tiny fraction of that goes to delivery. But in recent months, huge amounts of bullion have flowed into New York and the Comex has seen record deliveries.

That’s the result of a disconnect between prices in the two main markets, London and New York, that began in March as lockdowns grounded flights and shuttered refineries.

Futures, which typically trade in lockstep with the London spot price, soared to a premium of as much as $70 an ounce. Since then, that premium has been smaller, but there have been regular flare-outs.

In response, arbitragers have shipped precious metals to New York to capture the price differential — and the result has been much larger than normal deliveries against Comex futures.

©2020 Bloomberg L.P.

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.

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Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9752/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9834   /shanghai bourse CLOSED UP 23.19 POINTS OR 0.71%

HANG SANG CLOSED DOWN 115.24 POINTS OR 0.47%

 

2. Nikkei closed DOWN 629.23 POINTS OR 2.82%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index DOWN TO 97.00/Euro FALLS TO 1.1833

3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.94/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.30 and Brent: 43.41

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.55%/Italian 10 yr bond yield DOWN to 0.97% /SPAIN 10 YR BOND YIELD DOWN TO 0.31%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.52: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.07

3k Gold at $1975.40 silver at: 24.18   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 88/100 in roubles/dollar) 73.98

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.94 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 .9093 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0758 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 0.55%

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 0.54% early this morning. Thirty year rate at 1.20%

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

6.  TURKISH LIRA:  UP  TO 6.9687..

“It’s Shocking No Matter How You Look At It” – Futures Jump On Blockbuster Tech Earnings; Gold Hits New Record High

S&P futures rose (but faded much of their earlier gains) alongside European shares with Nasdaq futures jumping nearly 1% as stellar earnings from US tech giants lifted sentiment amid dismal economic data and a resurgent virus. Gold climbed to a record even as the dollar rebounded from two year lows.

The Tech Tsunami helped lifted European shares, with the Stoxx Europe 600 Index rising, even after France and Spain posted record economic contractions. Nokia Oyj soared after earnings beat estimates, while BNP Paribas SA jumped on a blowout performance in fixed-income trading. Following the dismal US GDP print, the Euro Area reported that in Q2, its GDP contracted sharply by 12.1%qoq, in line with expectations, and corresponding to by far the sharpest decline in quarterly GDP growth since records began in 1995. French and Italian GDP both contracted by less than expected—by -13.8% and -12.4%, respectively—whereas Spanish GDP contracted most sharply (-18.5%) across the Euro area countries that have so far reported Q2 GDP. The unprecedented contractions in GDP were primarily attributable to weak domestic demand in both France and Spain, with a comparatively smaller drag from net trade as both exports and imports collapsed. The weakness was broad-based across sectors, with industry and services both registering record quarterly declines.

Asian stocks fell, led by industrials and energy, after falling in the last session. Most markets in the region were down, with Japan’s Topix Index dropping 2.8% and Australia’s S&P/ASX 200 falling 2%, while Shanghai Composite gained 0.7% on widespread retail buying as margin debt increased once again. The Topix declined 2.8%, with SoldOut and DTS falling the most. The Shanghai Composite Index rose 0.7%, with Xi’an Bright Laser and Anji Micro posting the biggest advances.

Apple surged 6% in premarket trading, setting the stock on course to open at a record high, as it delivered year-on-year revenue gains across every category and in every geography. Amazon.com also jumped 5.4% after posting the biggest profit in its 26-year history, while Facebook gained 6% as it reported better-than-expected revenue. Trading in Alphabet was more subdued as quarterly sales fell for the first time in its 16 years as a public company (for a response to tech earnings from some Wall Street analysts see here). Elsewhere, Ford rose 2.7% after signaling ample cash-on-hand for the year even as it forecast a full-year loss. Gilead Sciences fell 3.5% as it posted worse-than-expected quarterly results, hurt by weak sales of its hepatitis C drugs and flagship HIV treatments. Caterpillar Inc. gained after reporting higher-than-expected profit. Bucking the trend, U.S. oil giant Chevron Corp. posted its worst quarterly loss in at least three decades, sending the shares lower.

“It’s shocking no matter how you look at it,” said Randy Frederick, vice president of trading and derivatives for Schwab Center for Financial Research.

“The virus is getting worse in a lot of areas, and some places have started to shut back down again. If you look at earnings in terms of beat rates, the results have actually been pretty good, granted the expectations bar has been set very low.”

A surge in the stock price of the four companies, which make up nearly a fifth of the S&P 500’s value, as well as aggressive fiscal and monetary stimulus have sent the tech-heavy Nasdaq to record highs and set the S&P 500 on course for its fourth straight monthly gain. The S&P is now about 4% shy of its February all-time high, but faltering macroeconomic data and rising COVID-19 cases are making investors cautious again.

The GDP number on Thursday confirmed the sharpest contraction in the US economy since the Great Depression, while rising jobless weekly claims suggested a nascent recovery in the labor market was stalling. Investors betting on more U.S. government stimulus, before an extra $600-per-week federal jobless benefit expires on Friday, have also been disappointed as the Senate adjourned for the weekend and will return on Monday.

In FX, a gauge of the dollar’s strength weakened to its lowest since May 2018, heading for its sixth week of losses, before rebounding sharply as the EUR slumped. The pound advanced against the dollar, while the euro trimmed its gains following data showing an unprecedented euro-area slump. The two currencies are heading for their best monthly performance for a decade.

The Aussie dollar declined against the greenback as a risk-off mood persisted on reports of surges of the virus across the world, including Australia’s Melbourne.

In rates, Treasuries bull flattened as yields ticked lower, outperforming German bunds; the two-year yield hovered near May’s record low. The 10-year TSY dropped as low as 0.519%, supported by month-end flows. Yields were lower by 0.5bp to 2bp across the curve with long-end-led gains flattening 2s10s, 5s30s by ~0.5bp; 10-year at 0.535% has breached the 0.54% level where convexity trigger is thought to lie and is also its record low closing level on March 9 Bunds, gilts trade broadly in line with Treasuries; S&P 500 E-minis have pared an 0.8% gain to 0.3% with Euro Stoxx 50 higher by 0.6%.

China’s 10-year government bond yield rose after official data showed manufacturing activity expanded at a faster rate this month, suggesting the country’s economic recovery has gained momentum to start the year’s second half. The yield on 10Y Chinese bonds rose 4bps to 2.98% and is on pace to climb 12 basis points for July, the third straight monthly gain. The official manufacturing purchasing managers’ index rose to 51.1 in July from 50.9 a month earlier, as government-led investment gained traction and global demand recovered. Economists have revised up their forecasts for full-year growth, and now see China’s economy expanding 2% this year. Building strength could further reduce the prospects of more monetary easing and add downward pressure on China’s bonds.

In commodities, WTI and Brent have been rangebound throughout the morning as sentiment more broadly remains modestly elevated, while Gold futures stormed back to its all time high just shy of $2,000.

Looking ahead, on the economic front, core personal consumption expenditures data due at 830am, the Fed’s preferred measure of inflation, is likely to have edged higher by 0.2% in June.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,257.00
  • STOXX Europe 600 up 0.7% to 362.11
  • MXAP down 1% to 165.19
  • MXAPJ down 0.3% to 551.51
  • Nikkei down 2.8% to 21,710.00
  • Topix down 2.8% to 1,496.06
  • Hang Seng Index down 0.5% to 24,595.35
  • Shanghai Composite up 0.7% to 3,310.01
  • Sensex down 0.3% to 37,628.16
  • Australia S&P/ASX 200 down 2% to 5,927.78
  • Kospi down 0.8% to 2,249.37
  • German 10Y yield fell 0.7 bps to -0.549%
  • Euro up 0.2% to $1.1866
  • Brent Futures up 0.8% to $43.26/bbl
  • Italian 10Y yield fell 2.1 bps to 0.845%
  • Spanish 10Y yield fell 0.8 bps to 0.309%
  • Brent Futures up 0.8% to $43.26/bbl
  • Gold spot up 1% to $1,975.84
  • U.S. Dollar Index down 0.2% to 92.82

Top Overnight News from Bloomberg

  • The euro-area economy plunged into an unprecedented slump in the second quarter, putting it in a deep hole from which it may take years to fully recover. Spain took the biggest hit in the period, shrinking 18.5%, while French and Italian output also dropped by double digits
  • Gold rose to another record high on Friday, setting it on track for its strongest monthly performance in eight years, fueled by a weaker dollar and low interest rates
  • An uptick in virus infections are stoking fears of a resurgence in Europe, with Spain seeing particularly high numbers of new cases and the British government re-imposing lockdown measures in part of the U.K. New York City has kept its Covid-19 infection rates low, but the risk of a resurgence looms over the Big Apple as fall approaches
  • The Senate left Washington for the weekend after a fourth day of negotiations yielded little substantial progress on narrowing differences between Republicans and Democrats on a plan to bolster the coronavirus- ravaged U.S. economy
  • The largest U.S. technology companies are thriving in a pandemic that has increased dependence on their products and services, while hammering much of the rest of the economy

Asian equity markets traded lacklustre heading into month-end after somewhat mixed Chinese PMI data with the region failing to take advantage of the momentum from US, where futures were boosted after-hours following big tech earnings in which Apple, Alphabet, Amazon and Facebook all beat on top and bottom lines. ASX 200 (-2.0%) was dragged lower by underperformance in the commodity related sectors and with the top-weighted financials also heavily pressured, while there were reports that Australian PM Morrison recently held emergency discussions with the Victoria state Premier which included possible further restrictions for movement within Melbourne and a shutdown of non-essential businesses. Nikkei 225 (-2.8%) was hampered by unfavourable currency flows and although Industrial Production data beat expectations for June, quarterly output was at a decline of 16.7% which was the largest drop according to comparable data since 2015. Furthermore, the biggest movers were driven by earnings including Panasonic, while SoftBank shares also suffered due to the currency effects despite a share repurchase announcement of up to 12.3% of shares for JPY 1tln. Hang Seng (-0.5%) and Shanghai Comp. (+0.7%) were both initially positive with outperformance in the mainland after the PBoC’s liquidity efforts resulted to a net weekly injection of CNY 120bln, although this eventually faded following the latest mixed data releases in which Chinese Official Manufacturing PMI topped estimates but Non-Manufacturing PMI missed and Composite PMI slowed although all figures remained in expansionary territory. Finally, 10yr JGBs eked mild gains amid the soured risk appetite in the region and with the BoJ present in the market for JPY 450bln of JGBs predominantly concentrated in the belly of the curve.

Top Asian News

  • Japan Factory Production Rises for First Time in Five Months
  • China Stocks Will Only Get Wilder After July Whipsaws Investors
  • Facebook, Google Told They Must Pay Australia Media For News

European equities (Eurostoxx 50 +0.6%) trade modestly firmer across the board in what has been another busy morning of corporate updates whilst incremental macro newsflow remains relatively light since yesterday’s close. Although stocks are attempting to recoup some of yesterday’s heavy losses, the extent of the recovery is relatively mild with the Eurostoxx still lower by some 2.5% on the week heading into month-end. Some of the positivity in Europe is a by-product of the fallout from US mega-cap stocks earnings’ in which Apple, Alphabet, Amazon and Facebook all beat on top and bottom lines and were seen higher in after-market trade, prompting outperformance in Nasdaq 100 futures and the tech sector in Europe this morning. Also supporting the tech sector in Europe today is Nokia (+12.2%) post-earnings in which the Co. raised its guidance. Banking names have posted a strong performance in Europe following earnings from BNP Paribas (+2.1%) and Natwest Group (+1.1%), although gains for the sector have been capped by performance in the periphery following disappointing earnings from Spanish-listed Caixabank (-2.6%) and Sabadell (-2.0%). Elsewhere, travel & leisure names have been unable to join in on the mild positivity seen in Europe this far following earnings IAG (-9.1%) in which the Co. announced a EUR 1.37bln operating loss and proposed a capital increase of EUR 2.75bln; easyJet (-3.0%), Ryanair (-3.2%) and Deutsche Lufthansa (-2.2%) are seen lower in sympathy. Performance for telecom names has been hampered by BT (-3.4%) with the Co. warning over the impact of coronavirus on its revenues and earnings after posting a decline in profits. Looking ahead, asides from US participants continuing to digest the latest updates from Apple, Alphabet, Amazon and Facebook, focus will also be on pre-market updates from Exxon, Chevron, Phillips 66, Caterpillar, Merck and Colgate.

Top European News

  • NatWest Adds $2.8 Billion Provision for Pandemic Loan Losses
  • He Built It But No One Came: China Chills the Next Canary Wharf
  • Fortiana Buys Out Abramovich in Bid for Russian Gold Miner
  • Spanish-Led Outbreaks Fuel Concerns About Further Economic Pain

In FX, it seemed to start with a tweet, but Dollar losses accumulated after Thursday’s plunge in Q2 GDP and IJC data into the NY close and as APAC participants entered the fray for their final trading day of July to push the index further below 93.000 where it remains. The latest rise in unemployment benefit claims is especially worrying as Congress remains at odds over the next fiscal support package that looks certain to leave an overhang when the current jobless insurance measures expire, and with White House Chief of Staff Meadows not confident about reaching a deal next week. All this on top of the ongoing resurgence of COVID-19 across many US states plus the prospect of even more Greenback selling for month end, especially around the 4 pm London fix, amidst a growing number of bank models flagging bearish portfolio rebalancing signals. However, the DXY is holding between 92.539-969 parameters as the Buck pares some declines across the board.

  • EUR/GBP/JPY – The aforementioned sell Dollar for the July/August turn dynamic is said to be strongest against the Euro and has propelled the single currency through touted resistance between 1.1815-51 to just over 1.1900 temporarily, but Sterling is keeping pace and actually forming a firmer base on its next psychological/round number level at 1.3100. Similarly, the Yen has broken free of tethers that were restraining rallies beyond 105.00, but has retreated ahead of 104.00 following the first signs of alarm about FX developments from Japan’s MoF. Back to Eur/Usd, decent option expiry interest at the 1.1900 strike (1 bn) may be capping attempts to the upside.
  • CAD/CHF/AUD/SEK/NOK – All narrowly mixed vs their major counterparts in consolidative mode, with the Loonie just below 1.3400 and eyeing a tentative recovery in crude prices, but perhaps more intently aware that unusually large expiries run off at the big figure (2.2 bn) after Canadian GDP and PPI. Elsewhere, the Franc has drifted back towards 0.9100 from circa 0.9057 in wake of a marked slowdown in Swiss retail sales and the Aussie has lost momentum above 0.7200, but the Scandinavian Crowns are benefiting from the Euro’s fade from best levels to maintain upward trajectories within 10.3155-2840 and 10.7825-7240 respective ranges.
  • NZD – The major underperformer or laggard, as the Kiwi loses grip of the 0.6700 handle and retreats from 1.0750+ in Aud/Nzd cross terms, perhaps taking heed of a stark warning from ANZ overnight about a double dip NZ recession in Q4.
  • EM – Broad depreciation vs the Usd but the Yuan is extending gains from a firmer PBoC Cny fix and end of month 7-day liquidity injection to supplement mixed, but comfortably above 50 Chinese PMIs, while the Lira has rebounded from lows presumably with the aid of yet more Turkish state bank intervention.

In commodities, WTI and Brent have been rangebound throughout the morning as sentiment more broadly remains modestly elevated as we close out the busiest week of earnings season, with a number of energy names still on the schedule ahead including Exxon & Chevron. As it stands, the benchmarks are going to finish the week in the red by some USD 1/bbl for WTI; albeit, such a close would leave it just about in positive territory for the month as a whole. Aside from the aforementioned earnings, the energy schedule is again very light and we haven’t see any new thus far aside from inflammatory rhetoric from Iranian Supreme Leader Khameni against the US, following the sanctions yesterday, who also said they should not be dependent on oil exports. Moving to metals, in which spot gold is bolstered once more after soft APAC trade and the continuing decline for the USD; albeit, the DXY is currently modestly firmer. Yellow metal resides in the top half of a USD 30/oz range so far but off the USD 1984/oz session peak thus far. At present, spot gold is up by ~10% for the month and is on target for the biggest monthly gain in over 4-years; even given the recent upside desks still believe the rally has further to go with Goldman Sachs envisaging USD 2300/oz; however, JP Morgan believe the pace will decline later into the year. For reference, BofA Flow Show saw the second largest inflows into gold ever, totalling USD 3.9bln.

US Event Calendar

  • 8:30am: Personal Spending, est. 5.2%, prior 8.2%; Real Personal Spending, est. 5.0%, prior 8.1%
  • 8:30am: Personal Income, est. -0.55%, prior -4.2%
  • 8:30am: PCE Deflator MoM, est. 0.44%, prior 0.1%; YoY, est. 0.9%, prior 0.5%
  • 8:30am: PCE Core Deflator MoM, est. 0.2%, prior 0.1%; YoY, est. 1.0%, prior 1.0%
  • 9:45am: MNI Chicago PMI, est. 44.5, prior 36.6
  • 10am: U. of Mich. Sentiment, est. 72.9, prior 73.2; Current Conditions, est. 85.5, prior 84.2; Expectations, est. 65.5, prior 66.2

DB’s Jim Reid concludes the overnight wrap

As the first week of potty training the twins comes to an end my knowledge of the progress is best summed up by the fact that Eddie has 27 stickers on his “well done” chart whereas poor Jamie only has 10. I’ve been trying to keep a low profile in my office as my wife patrols the battlefield waiting to deal with the many casualties. I fear I’m going to be given a lot of the cloths and disinfectant spray this weekend. To be honest I probably am going to get double duties due to the language I used last night when my wife told me how much she spent kitting out Maisie for her first school uniform yesterday. I was gobsmacked and I’ve still got two more to do next year! Oh and then repeat every year or two. Yikes!

Staying with this theme, yesterday we highlighted Amazon in a Chart of the Day (link here), where we showed how its recent rise has coincided with more Americans buying online than ever before during the pandemic. We’re keen to see whether this trend will continue so we’ve set up a 10 second survey to gauge the frequency of your Amazon purchases pre-, during and (likely) post pandemic. All responses welcome including those who don’t use or are unlikely to do so going forward.

Unsurprisingly, NASDAQ futures are trading well overnight, up +0.81% while S&P 500 futures are up a more modest +0.20%. It’s a more mixed picture in Asia however where gains for the Hang Seng (+0.22%) have been offset by moves lower for the Shanghai Comp (-0.05%), Kospi (-0.20%) and most notably, the Nikkei (-2.15%) and ASX (-1.88%). The underperformance in those markets appears to be related to the latest virus data, with Tokyo expected to report more than 400 cases on Friday according to NHK, and the State of Victoria in Australia continuing to see a high number of new cases. Away from that, we’ve also had China’s July PMIs, where the manufacturing reading came in slightly ahead of expectations and the strongest since March (51.1 vs. 50.8 expected; 50.9 previously) and non-manufacturing slightly below (54.2 vs. 54.5 expected; 54.4 previously).

This follows a difficult day for risk but one that recovered progressively after a bad first hour of US trading and one that was back in positive territory after hours with the strong beats seen above. Sentiment initially wasn’t helped by challenging data even if the GDP weakness was well flagged and in the ballpark of expectations. On this, the US’s sharpest quarterly downturn since the 1940’s was confirmed with an annualised rate of -32.9% (vs consensus at -34.5%) or a -9.5% quarterly rate. While this is the worst data point in the official quarterly data going back to 1947, as we showed in yesterday’s second “Chart of the Day” (link here), it was not the worst over the last century. Elsewhere, yesterday’s German GDP print of -10.1% (vs. -9.0% expected) was the biggest drop in at least 50 years and is an ominous sign for the Spanish, French and Italian GDP prints due this morning. These countries had much longer lockdowns than Germany.

Investor sentiment was not helped by the initial weekly jobless claims in the US, which covered the week ending July 25. The data showed a second straight weekly increase in claims with 1.434m (vs. 1.443m expected) registered. On the continuing claims front for the previous week (ending July 18), 17.02m (vs. 16.2m expected) Americans filed to continue to receive benefits, up 867k from the week before. That was the largest weekly increase since the early part of May.

Following the expectedly bad GDP data in the US and the less expected poor continuing claims data, the S&P 500 fell -1.67% within the first half hour of US trading. However by the close the index had pared much of those loses ahead of those largest US tech companies reporting. With technology stocks leading the way, the S&P finished with a -0.39% loss on the day and the NASDAQ finished +0.43%.

European stocks dropped further and closed before the full comeback, with the STOXX 600 retreating -2.16% for the worst daily performance in over a month. The only industry group to finish higher was Travel & Leisure (+0.20%) led by Francaise des Jeux rallying +18.84% after the company announced that overall activity since mid-June had returned to a level comparable to 2019. The worst performing sector was banks (-4.26%) following Lloyds announcing a loan loss provision that cancelled out the lender’s quarterly profit, while BBVA fell after posting worse-than-expected revenues from lending and also set aside larger provisions than expected.

Whether the poor economic data yesterday in the US and Europe led to a risk-off sentiment or simply the feeling the central banks will need to do more, core sovereign bonds rallied. 10yr German bund yields fell -4.4bps to -0.54%, while US 10yr Treasuries fell -2.8bps to 0.546%, about half a basis point above all-time closing lows. US yields barely sold off as risk sentiment improved though. Elsewhere the dollar fell another -0.46%, but the drop in yields and the dollar move could not keep gold positive. The yellow metal fell (-0.72%) for the first time in 10 sessions yesterday.

There was a flurry of positive coronavirus vaccine news yesterday, though not enough to offset the negative economic data. There is also the possibility that the likelihood of a vaccine in the medium term is already priced in. Nearly 10,000 people in the UK were given a dose of the AstraZeneca and University of Oxford experimental vaccine after an early study showed promising signs in primates. In the US, Johnson & Johnson announced intent to start their phase 3 trials of its covid-19 vaccine in September. A study in Nature showed that the Johnson & Johnson candidate caused a strong protectionary immune response against the infection.

There continues to be calls for covid vigilance across Europe though, even as countries are mostly reopened. In Sweden, one of the most critiqued nations for their handling of the crisis, Prime Minister Lofven urged residents to continue working from home this autumn. Amsterdam has joined other metropolitan regions in the continent requiring face masks in public spaces where previously they were only required on public transport. While in the UK, the government announced that they have lengthened the self-isolation period for coronavirus patients to ten days from seven. Prime Minister Johnson warned citizens that the pandemic was ongoing and that other European nations are seeing “signs of a second wave of the pandemic”. Spain and France in particular have both seen an uptick in cases, with Spain reporting over 1000 infections on 2 consecutive days for the first time since the start of May. French cases are increasing by just under 1,000 a day on average over the last week, compared to under 500 per day at the end of June. The U.K. also saw its highest numbers of cases (846) since 28 June and there have been a tightening of household interactions in northern England.

These growing case numbers are still low compared to the US where cases rose by over 60,000 yesterday for the fourth day in a row. Florida reported a third straight day of record fatalities with 253 new covid-19 deaths. Arizona also saw a record rise of deaths with 172, yet 78 of those were belatedly reported numbers after prior clerical errors. Regardless, the country as a whole is seeing over 7200 deaths per week, up from the 4100 recorded at the beginning of July, but about half as bad as was seen during the height of the pandemic in April (peak of 15,400 fatalities in a week).

These data points should get Congress’s attention, as the US fiscal stimulus situation in the US becomes more fraught. The senate held a procedural vote to try and extend lapsed supplemental unemployment insurance, however Democrats held out saying that the measure should be included in comprehensive stimulus legislation. The senate is on recess until Monday, but expect negotiations over the weekend with the base case remaining a deal is done with additional unemployment benefits less than the $600 per week it was at and some aid to state and local governments to deal with the costs of the pandemic.

Lastly to the day ahead, where the highlights should be French, Italian and Euro Area preliminary Q2 GDP and CPI prints. Along with those there is Italian retail sales and a bevy of US data, including June personal income, personal spending, July MNI Chicago PMI and the final July University of Michigan sentiment. While there are no big central bank speakers, the busiest week of earnings season will end with results from Chevron, Charter Communications, Merck, AbbVie, Phillips 66, ExxonMobil, BNP Paribas, Caterpillar, Nokia, NatWest Group and Fiat Chrysler.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 23.19 POINTS OR 0.71%  //Hang Sang CLOSED DOWN 115.24 POINTS OR 0.47%   /The Nikkei closed DOWN 629.23 POINTS OR 2.82%//Australia’s all ordinaires CLOSED DOWN 1.93%

/Chinese yuan (ONSHORE) closed UP  at 6.9752 /Oil UP TO 40.30 dollars per barrel for WTI and 43.41 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9752 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9834 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

HONG KONG/CHINA
Hong Kong police arrest 4 teens for online posts under the new security law.  These teens posted pro independence sentiment on line
(zerohedge)

Hong Kong Police Arrest 4 Teens For Mere Online Posts Under New Security Law

The ill effects of the Hong Kong national security law which took effect June 30 are continuing to be felt. Hong Kong pro-democracy, anti-Beijing activists have continued to be on edge and now largely ‘underground’ since last month’s formal passage of the sweeping national security law in response to the mass protests and unrest which gripped the city for much of last year.

On Wednesday four activists were arrested for merely making online posts expressing pro-independence sentiment. The AP reports that all of the them are young, between 16- and 18-years, and were further said to have been ‘organizing’.

 

HK police in riot gear, file via Getty Images/BBC

“Our investigation showed that a group has recently announced on social media that they have set up an organization for Hong Kong independence,” said Li Kwai-wah, head of the new HK police unit tasked with enforcing the law.

“They said they want to establish a Hong Kong republic, and that they will unreservedly fight for it,” the police commander described.

“They also said they want to unite all pro-independence groups in Hong Kong for this purpose,” he added.

This also as the law harshly cracks down on dissent with possible maximum life jail sentences for some crimes, largely dependent on the ambiguous and highly open to interpretation (with no independent review) question of what constitutes ‘foreign interference’ or sponsorship of a ‘terror’ organization.

END

HONG KONG/CORONAVIRUS

Hong Kong cancels fall election as the coronavirus intensifies in the city.  This is now the “third wave”

(zerohedge)

Hong Kong Cancels Fall Election As Coronavirus “Third Wave” Intensifies

President Trump’s mere “suggestion” that the US ought to think about delaying the November election (Nov. 7, 2024 sounds like a pretty safe date) unleashed a torrent of hysterical commentary as the president’s dedicated #resistance critics accused the president of wilfully subverting our great democracy – despite the fact that even WaPo is worried about the USPS “backlog” and the risk that some mail-in ballots won’t arrive by November.

The hysteria dominated yesterday’s news cycle, despite the fact that Trump’s tweet was in all likelihood intended to distract from the abysmal Q2GDP data released Thursday morning…

…now, in an amusing coincidence, Hong Kong chief executive Carrie Lam on Friday announced that the city state would postpone its elections set for the fall as the “third wave” of SARS-CoV-2 causes more outbreaks than the prior two waves (prompting HK to crack down on indoor dining/bars and impose the most restrictive social distancing measures yet).

Here’s more from the SCMP:

Hong Kong’s embattled leader has invoked emergency powers to postpone the Legislative Council elections scheduled for September 6, citing health risks from the resurgent Covid-19 crisis as the primary reason.

Flanked by the ministers for justice, health and constitutional affairs, Chief Executive Carrie Lam Cheng Yuet-ngor told a press conference on Friday evening the decision was the most difficult she had made in the last seven months.

“Since January, we have been fighting the pandemic for seven months. This pandemic has dealt a heavy blow to our economy,” she said.

“We have not been complacent. We need to be on high alert all the time and respond.

“We are facing a serious situation … The World Health Organisation’s chief recently said we sometimes need to make some hard choices, and my decision today is the hardest of all.”

Lam said she was invoking the Emergency Regulations Ordinance in doing so, and her decision was supported by the central government.

Beijing supports canceling September’s legislative elections? Color us shocked. Domestic pro-democracy critics immediately slammed the HK government for using COVID-19 as a ruse to crack down on freedoms in the city, where a new ‘national security’ law has given authorities sweeping powers to punish anybody for political dissent that is now legally tantamount to terrorism. Yesterday, we reported that 4 teens in the city had been arrested for political social media posts.

The decision comes as Hong Kong reports a record single-day jump in new COVID-19 cases, extending the streak of 100-plus single-day infection numbers.

Americans should probably pay closer attention to what’s happening in Hong Kong – because President Trump clearly was. Lam’s decision to cancel the September vote followed a decision on Thursday to disqualify at least a dozen opposition hopefuls who managed to qualify for the vote, per the SCMP.

In a statement released earlier, 22 pan-democrat lawmakers, including four barred from seeking another term, said the Legislative Council elections were a core element of Hong Kong’s constitutional foundation.

“According to the Legco Ordinance, the polls can only be postponed by 14 days,” the statement said. “To postpone it [beyond that] is to trigger a constitutional crisis in the city.”

“After a year of democratic movement, it is urgent for Legco to undergo a baptism of public opinion, that is the root of the city’s governance…The government and the whole of society must make every effort to make sure that the general elections can be held as planned.”

[…]

election officials cited the city’s new national security law and the pan-democrats’ previous calls for foreign governments to sanction Beijing and Hong Kong as reasons for barring four incumbent lawmakers – the Civic Party’s Alvin Yeung Ngok-kiu, Dennis Kwok and Kwok Ka-ki, as well as accountancy sector lawmaker Kenneth Leung.

Other disqualified opposition figures included Joshua Wong Chi-fung, Ventus Lau Wing-hong, Gwyneth Ho Kwai-lam and Alvin Cheng Kam-mun, along with district councillors Cheng Tat-hung, Lester Shum, Tiffany Yuen Ka-wai and Fergus Leung Fong-wai.

Returning officers cited similar reasons for their invalidation and their earlier vow to vote down the government’s budget and other bills, should the bloc win an unprecedented majority in the legislature.

Opposition lawmakers accused the central government of trying to deprive HKers of their right to vote, and noted that more than 60 elections have been held worldwide since the start of the outbreak, either right on schedule or after a brief delay. But Beijing was never going to risk an embarrassing electoral defeat in the LegCo. Opposition lawmakers probably understood that going in, now that Hong Kong’s freedoms have been stripped away by the new Nat Sec law.

end

Very dangerous
(zerohedge)

“Rumors Of Structural Faults ​​​​​​​” – China’s Three Gorges Dam Could Be Nearing collapse

Concerns are rising that China’s Three Gorges Dam, the world’s largest dam, could be on the verge of collapse triggering a devastating 250-foot tidal wave that would wipe out cities, reported The Sun.

 

Satellite image via NASA shows water moving through the Three Gorges Dam in mid-June. 

A major concern, after several weeks of raging floodwaters rushing through the dam at 60,000 cubic meters per second, is that part of the structure has shifted under enormous pressure, potentially jeopardizing the structural integrity of the dam.

Rumors of structural faults in the walls of the 14-year-old dam have grown as heavy rains deluged the swollen Yangtze River.

China’s secretive leaders – already facing a backlash over the Covid-19 pandemic which started in Wuhan in Hubei Province – have played down the threat.

But authorities are said to have quietly ordered the evacuation of 38 million Chinese in the threatened zone – equating to more than half the population of the UK.

Heavy rainfall is forecast to continue to pound the Yangtze River basin in the coming days after localized floods claimed at least 141 lives. – The Sun

Dam operators, quoted by local media, said there are two weeks before reservoirs around the dam reach maximum level. Floodgates were used earlier this week to discharge excess water but still not enough to lower water levels.

China’s state-run Global Times quoted a local official that said the structure is “safe and in good condition.”

A CGI video published on Twitter showed a potential scenario of the dam collapse, would flood cities along the Yangtze River.

We’ve recently highlighted speculation the dam could be set to fail.

Three Gorges Dam Overview 

If a structural failure of the dam results in flooding conditions downstream, the Communist Party of China has a new scapegoat to blame the faltering economy, and or has the ability to wash away all the virus evidence in Wuhan, including the biosafety lab.

 end
Robert to me on the above issue:

“While using rivers has been a wide spread historical means of power and wealth; the use of rivers to put entire nations at risk is rarely attempted. The Chinese have tried what no else has dared to risk. And now they may pay the price.

In the lower reaches of the Three Gorges Dam, the Central Plains of China have always been the preferred staging grounds of the army, throughout history and it continues to be the main military area for China’s military.

45-50 %of the Chinese army, 20+% of the armored forces, 38 % of the infantry, and one hundred percent of the airborne troops are located there. And one assumes resupply bases are close by with normal repair facilities with corresponding air bases.

It is both the strategic reserve force of China and the mobile Strike force of China. China will be economically ruined, its army wiped out, and it will be left without food, a military, or defenses, in the event of a complete dam collapse. What a partial collapse does is still beyond tragic as many millions will die as they can be moved fast enough. From I understand millions are already being moved just in case. This too will have impact.

The Yangtze River Valley is the center of China’s power base, with 38% water, 25% arable land, 40% grain, 33% cotton, 66% freshwater fish, and home to approximately 375 million people.

From what I understand the flooding above the dam is now much worse than it was just several days ago. So more water is headed to the dam. I also understand the causeway has damage now as well and is leaking”

end

4/EUROPEAN AFFAIRS

HOLLAND/CORONAVIRUS/MASKS

No proven effectiveness as the Netherlands refuses to mandate mask wearing in the public..it is only mandatory in public transit.

(zerohedge)

“There Is No Proven Effectiveness” – Netherlands Refuses To Mandate Mask Wearing In Public

American public health experts, led by Dr. Anthony Fauci, have struggled over the past couple of months to push a specific narrative on the public: Wearing a mask doesn’t so much protect you from being infected with SARS-CoV-2, but if you are infected, wearing a mask could stop you from passing the virus to someone else.

The mainstream media has backed up these assertions with vague references to “science” and “research”, while a coalition of celebrities and progressive activists have tried to tar anybody who doubts this narrative – or, worse, refuses to wear a mask at all times outside their home – as a “denier”.

Well, if everybody who is skeptical of the “masks save lives, period” is a “denier”, then how does one explain the Dutch government’s decision to refuse to mandate mask wearing (the only place where masks must be worn in the Netherlands is on public transit).

On Thursday, Reuters reported that the Dutch government had decided the day before that it would not advise the public to wear masks to slow the spread of coronavirus because their effectiveness has not yet been proven.

The decision was announced by the Netherlands Minister for Medical Care Tamara van Ark following a review by the country’s National Institute for Health. Following a resurgence in cases over the past week or so, the Dutch government has decided it will instead seek better adherence to social distancing rules.

“Because from a medical perspective there is no proven effectiveness of masks, the Cabinet has decided that there will be no national obligation for wearing non-medical masks” Van Ark said.

Many European countries have made masks mandatory in public indoor stores and in crowded outdoor places. The US has generally followed suit, though some overzealous governors and local officials are also requiring people to wear masks in most outdoor scenarios, even when they aren’t in a large crowd. And NY Gov Andrew Cuomo has pledged to launch an “investigation” into a “drive thru” concert on Long Island where the Chainsmokers and “DJ D-Sol” provided entertainment. This, despite the fact that a growing body of research and experience suggests that outdoor gatherings don’t present a major risk of spread. Case in point: Cuomo and Mayor de Blasio are allowing protests to continue unabated, without question, despite the complete absence of evidence to suggest that COVID-19 cares about your personal politics.

Last week, nearby Belgium made face masks mandatory in more public places, and in England they have become compulsory in shops.

Even President Donald Trump has done an about-face on masks, swallowing his tremendous ego and donning a mask for the press.

However, in the Netherlands, masks are mandatory only on public transport. And Van Ark and her peers on the government committee aren’t the only experts to question whether masks contribute anything. Anne Wensing, a virologist at the University Medical Center Utrecht, has also questioned whether masks “actually contribute anything extra.”

The Dutch government insists that it’s strictly following the advice of the experts in the so-called Outbreak Management Team, which doesn’t believe in the general use of masks.

Dutch virologist Jaap van Dissel from the National Institute for Public Health and the Environment said Wednesday that masks can lead to a “false sense of security”. When wearing masks, people might not follow other social distancing rules like keeping their distance which also help prevent spread.

Mask-wearing may also prompt people to touch their face more frequently, putting them at risk of accidentally infecting themselves while adjusting their masks.

Belgium and the Netherlands both managed to flatten the curve. However, it’s become clear that it’s tilting upward once again.

As Politico points out, there are also questions about legality surrounding compulsory mask wearing.

But critics charge that the evidence is sufficient to implement masks in places such as hairdressers, reports NOS. In a letter to Prime Minister Mark Rutte and Health Minister Hugo de Jonge, a group of experts, including epidemiologist Arnold Bosman, called for quick action.

Belgian virologist Marc Van Ranst, meanwhile, warned the Dutch government on Wednesday that it will have to make masks mandatory in crowded places if the Dutch want to avoid a complete lockdown.

“As in Belgium, the corona curve in the Netherlands has been increasing since July 10,” he told local media. “If the number of infections continues to rise, you will not be able to avoid a face mask obligation.”

Over the past week, almost 1,400 new COVID-19 cases were reported, or 342 more than the prior week, in the Netherlands.

Those who insist that masks can stop the outbreak (yes, many Americans have apparently bought into this notion, despite little in the way of evidence to back it up) might benefit from reflecting on how we go there. As Politico reports, the science surrounding wearing a face mask in the community has evolved during the pandemic. In March, the WHO said that healthy people don’t need to wear masks unless they’re caring for a sick person.

Then in early April, the WHO changed its view, saying that in countries where other preventive measures are hard to adopt, the widespread use of masks could be useful. After that, the European Center for Disease Prevention and Control issued a new recommendation signaling support for masks. Last month, the WHO issued advice suggesting masks worn in public could help stop the spread of the virus. During the early days of the outbreak, some countries like the Czech Republic and Slovakia saw promising results as they mandated mask wearing. In April and May, Greece, Spain and Germany mandated masks in spaces where social distancing was impossible – including shops.

Research suggests that social distancing measures, including the selective wearing of masks, help slow the spread of the outbreak. But the notion that “science” has proven beyond the shadow of a doubt that wearing masks in public can protect the wearer and/or – more importantly – innocent bystanders simply isn’t true.

Which begs the question: Why is the media so determined to sell it as fact – and denounce all who question as demented loons or, worse, self-dealing snakeoil sellers – when dissent is still so obviously warranted?

END

Harn, economist for Rabobank discusses Eurozone’s worst GDP contraction

(Harn/Rabobank)

Eurozone: Worst GDP Contraction In History

By Erik-Jan van Harn, economist at Rabobank

Summary

  • The Eurozone economy contracted by 12.1% in the second quarter. The German, French, Spanish and Italian economy contracted by 10.1%, 13.8%, 18.5% and 12.4% respectively
  • Sentiment indicators point towards a pickup in economic activity, but do not towards a V shaped recovery
  • As long as there is no vaccine the probability of a second wave is real. Moreover, a vaccine does not necessarily mean that the economy can return to its pre-COVID mode of operation
  • Permanent changes to the economy requires a different skillset from employees. The government should actively guide people to new sectors

Record breaking

The Eurozone economy contracted by 12.1% in the second quarter of 2020. COVID-19 has swept through European economies and left them devastate0. Where the economic contraction for the first quarter of 2020 was unprecedented in the post-war history, the contraction is much worse in the second quarter since the lockdowns lasted for most of the quarter. Now that economies are opening up again we can assess the overall (initial) damage and count our losses. From the figures in the first and second quarter it is clear that the crisis is pushing the Eurozone towards further divergence. The German economy contracted by 10.1% whereas the French, Spanish and Italian economy contracted by 13.8%, 18.5%, 12.4% respectively. These figures are well aligned with our forecast.

In a previous piece we argued that the differences between countries can be explained from a couple of factors. We briefly want to reiterate these arguments. First, the structure of an economy. Economies with a large hospitality sector for example, are more vulnerable. Second, the strictness of the lockdown (figure 2). It generally holds that the economic damage has been larger for countries that have had stricter lockdowns. Third, government finances. Countries such as Germany and the Netherlands are financially better-positioned to support the economy than countries such as Italy and Spain.

Recovery?

Now that we have (hopefully) left the worst behind us, all eyes are now focussed on the recovery phase. Lately, there has been much debate regarding the shape of the recovery, e.g. an L- or Vshaped recovery. But that discussion could easily turn into semantics. The key question, we would argue, is whether and when broad economic activity has reached its pre-covid-19 level.

Economic sentiment has seen a sharp rebound recently (figure 4,5). But all that glitters is not gold. First, even though PMI readings above 50 indicate growth, the values are nowhere near the levels that indicate a (complete) V-shaped recovery. The index is based on a questionnaire that asks respondents to compare their expectations for the coming month with the previous month. Given the much lower activity during the lockdown, it is no wonder that expectations for post-lockdown economic activity are better.

Second, even though we have seen a strong rebound in retail sales and capacity utilization (figure 5,6), the current levels are far from pre-crisis levels. Moreover, the differences between Northern and Southern Europe are large. So even though the figures show a significant improvement from the lockdown period, to say that the economy will be out of the woods in the near term would be presumptuous.

At face value, labor markets have surprised positively

So far, most European governments have been able to hold off large spikes in unemployment rates (unlike the US) through enacting large-scale furlough schemes. But the fact that unemployment rates did not increase as much as feared does not necessarily mean that employment has not decreased (figure 7) or will not decrease at a later stage. For starters, it seems that in quite a number of cases people have left the labor force because their prospects of finding a new job, once fired, are bleak. This effect is especially visible in Spain, where the unemployment rate rose by 1.5ppt whilst employment dropped by 5ppt.

Moreover, it goes without saying that it is impossible (perhaps even undesirable) to keep people on government support for too long. For now, the furlough schemes are planned to be kept in place until the end of 2020 for Germany, but France has already announced that it will extend its scheme to a maximum of two years

It is inevitable that unemployment will spike once the furloughing schemes are removed (and people know it (figure 9)). Even if furlough schemes stay in place for a while longer, employees are not protected from companies going bust or are discouraged to re-enter the labor market once laid off. In other words, the true labor market damage may only show itself in the second half of this year.

Downside risks

Despite the recovery in economic indicators, the better-than-feared performance of labor markets and the recent agreement on the Recovery Fund, we still see various downside risks to the economic recovery. The most obvious is a second wave of infections. Although there have been encouraging reports with regard to a potential vaccine by early 2021 (see below), as long there isn’t any (effective) one, the risk of a second wave remains real. Moreover, we are already witnessing a second wave in the middle east whilst the first wave has not even ended in the United States and Latin America. Export-oriented sectors in the Eurozone may still be in for a tough time.

A second series of (partial) lockdowns could have some serious economic effects. Companies have burned through their reserves in the past months and governments have had to borrow record amounts to keep the economy from collapsing. This has halted a wave of bankruptcies so far, but a second lockdown could prove to be the tipping point if governments are unable (or unwilling) to provide the same generous support to companies and households.

Targeted lockdowns

But haven’t we become better at managing lockdowns? Most European countries have been in a full lockdown from March until May since this was the safest bet for governments, but new lockdowns could be more targeted. But a more targeted approach is certainly not a free pass. Regions with a high population density are fairly often also the regions where a disproportionate share of the economic activity is centred. And these regions are most vulnerable for the spread of the virus. Another lockdown in Lombardy, Catalonia or Paris could still have a significant economic impact.

The holy grail: a vaccine

The path to a vaccine could be bumpy for a number of reasons. First, it might take a while before the vaccine arrives. Even though there are a number of candidates that look promising, it doesn’t mean that a vaccine will be available before there is a second outbreak.

Second, even if there is a working vaccine, this does not mean that we can go back to a preCOVID economy. As long as the vaccine is not a silver bullet and there is still risk of infection, the economy would have to be permanently adjusted to protect the vulnerable. Additionally, the vulnerable (and risk averse) will protect themselves and consumer behaviour will change accordingly.

Third, it will take a while to scale up production and distribute vaccines. With close to eight billion people on the planet, producing a sufficient number of vaccines could take a while.

Only upwards from here?

Where the figures for the second quarter shattered some negative records, it is safe to say that the GDP figures for the third quarter will break some positive records. Although this sounds promising, this is just a technical correction. Compared to the economic activity during the lockdown in the second quarter, economic activity in the partially re-opened economy in the third quarter will be much higher. But as we have argued above, it is very unlikely that the economic expansion will be as large as the economic contraction preceding it. As such, only as from the fourth quarter – assuming no major new lockdowns –can we gauge the more longer-lasting effects on demand.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

CORONAVIRUS UPDATE/EUROPE/CHINA/GLOBE

‘Partial’ Lockdowns Expand In Europe, New COVID-19 Cases Climb In China, Hong Kong: Live Updates

Summary:

  • US strikes $2.1 billion deal with GSK, Sanofi
  • UK extends ‘partial’ lockdown to 4 million people
  • Cases climb in China, HK
  • HK cancels September vote
  • Australia’s Victoria state sees second-highest daily tally
  • Argentina sees record daily jump

* * *

US markets are buzzed off last night’s quartet of big-tech earnings reports that absolutely demolished Wall Street projections (is that really such a surprise?), but signs that the virus is reemerging in Europe and Asia have continued to hector investors, politicians, business-owners and taxpayers alike.

Last night, we reported that UK PM Boris Johnson had ordered a large swath of northern England to return to ‘partial’ lockdown status.

These new ‘partial’ lockdown rules affect 4 million people across the region. If the UK seems a little trigger happy, it’s not without reason: Catalonia is seeing a serious resurgence of COVID-19, prompting local officials to issue new lockdown orders, while several European states issue travel restrictions or advisories targeting Spain, which has prompted the country to grouse about the damage to its tourism industry.

Bloomberg reported Friday that NYC is doomed for a resurgence of the virus in the fall, even as its infection rates continue to fall.

Why is Bloomberg so worried? Well, Melbourne, which has seen infections continue to climb despite strict lockdown measures and other social distancing procedures, is at the epicenter of a resurgence in Australia, which reported

The city has been a success story in combating Covid-19 since March and April, when the pandemic swept through its boroughs killing thousands of people. Yet the strategies that helped suppress the first surge — dropping the infection rate to just 1% statewide — will be tested as cooler weather pushes people together indoors.

[…]

Melbourne, Australia, with 5 million people, offers a case in point. With the Fahrenheit dropping into the 50s, Melbourne has seen an upswing in cases, a foreboding indicator of how tough it may be for cities like New York to control infections as the mercury drops. With fall and winter approaching, it’s “inevitable” Covid-19 cases will tick up, said Ashish Jha, director of Harvard University’s Global Health Institute.

“I am worried about complacency,” Jha said in an interview. “New York went through such a difficult few months, and I am worried that people are tired. A lot of people are looking at New York over the next six months and saying: ‘Could we possibly see a spike?'”

Australia’s second-most populous state reported 627 new cases in the past 24 hours, a day after suffering a record 723 new cases. There were also 8 more deaths. The situation in Victoria has prompted experts to start to question the benefits of mass lockdowns, as such restrictive measures have had little impact on Melbourne’s outbreak.

Hong Kong – which cancelled fall elections – and mainland China are also seeing cases rise: The mainland reported 123 local coronavirus infections for July 30, including 112 in Xinjiang and 11 in Liaoning, according to China’s NHC. 4 cases were also imported. Friday’s total number reported was higher than the 105 new cases reported in the mainland on Thursday.

Finally, Argentina posted a record 6,377 new cases, bringing the country’s total to 185,373. It also reported 130 new deaths, taking the death toll to 3,441.

Across the US, the number of new cases have started to plateau as new cases and the positivity rate across the Sun Belt have both declined (the number of tests carried out across the hardest hit states has also started to decline)…

…while daily deaths continue to creep higher.

COVID-19’s global rebound shows us just how difficult it can be to stop such an infectious virus without sufficient levels of immunity within the population. Former FDA Director Scott Gottlieb once warned that the outbreak should be finished by January no matter what – either it will have run its course, or a vaccine will be made widely available.

Governments around the world have scrambled to strike deals with the companies leading the race for a vaccine, including Moderna, Pfizer, Astrazeneca, GSK and Sanofi, etc. Highly publicized deals have mostly focused on the most advanced vaccine trials: Which is why, after inking a record $2 billion deal with Pfizer, the US government on Friday reportedly signed a similar deal with Sanofi and GSK, mirroring a deal between the UK and the UK-based drug makers announced earlier this week.

The money comes via “Operation Warp Speed”, the Trump Administration program to simply throw money at vaccine candidates. the US will pay $2.1 billion to secure 100 million doses while supporting manufacturing and the expensive clinical trials. Here’s more on that from BBG:

The Trump administration will provide as much as $2.1 billion to Covid-19 vaccine partners Sanofi and GlaxoSmithKline Plc, the biggest U.S. investment yet in fast-tracking shots and snapping up supplies.

Part of Operation Warp Speed, the funding will support clinical trials and manufacturing while allowing the U.S. to secure 100 million doses of the shot, if it’s successful, the companies said Friday. The country has an option to receive an additional 500 million doses longer term.

Glaxo shares traded 0.6% higher in London, with Sanofi up 1.3% in Paris.

The deal follows billions of dollars of U.S. commitments to other experimental vaccines – all still needing to show their effectiveness in testing – and may stoke concerns that other countries will be left behind. Vaccines are seen as the key to leading the world out of the pandemic that has killed about 675,000 people in a matter of months.

Like with the Pfizer deal, the US has an option to receive an additional 500 million doses longer term if the vaccine works out.

end
Caterpillar Machine sales crash…a good Bellwether of what is happening globally
(zerohedge)

Caterpillar North America Machine Sales Crash Most Since The Financial Crisis

Earlier today, heavy machinery giant Caterpillar which has been hit hard by the collapse in global industrial activity, reported earnings which came in a bit above sharply reduced expectations, thanks to aggressive cost-cutting efforts (read mass layoffs) which helped the company make up for slowing sales: total operating costs were 25% lower, the company said Friday in an earnings statement released before regular trading hours.

The numbers outside of costs were dismal: sales fell across the company’s segments, with dealers slashing inventories by $1.4 billion signaling a market that remains glutted with equipment. And while Caterpillar declined to provide forward guidance, it sees a similar percentage decrease in end-user demand in the third quarter, and expects dealers to cut stockpiles by more than $2 billion for the full year.

“Unfavorable price realization also contributed to the sales decline due to the geographic mix of sales and competitive market conditions in China,” the company said. “Sales were lower across all regions and in the three primary segments.”

And while the earnings were enough to help push the stock higher premarket, it has since slumped into the red after the company unveiled its latest global retail sales data, which showed that despite a modest, 7% increase in Asia-Pac sales, which rose for the first time since April 2019, it was the continued crash in global sales which tumbled by 23% Y/Y for the second month in a row, the biggest decline since 2010.

More striking however was the devastation in North American (read US and Mexico) sales, which plunged by a near record 40%, the biggest monthly drop since the financial crisis.

So for all those seeking a V-shaped recovery in the US, you may want to avoid the heavy machinery sector, which just happens to be critical for pretty much every other segment of the economy. As for that rebound in China, considering the latest, third wave in Chinese covid cases…

… that’s too is about to go into freefall mode any second.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1833 DOWN .0033 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/UPDATE /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 104.94 UP 0.260 (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 1.3133   UP   0.0018  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3426 UP .0009 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 23.19 POINTS OR 0.71% 

 

//Hang Sang CLOSED DOWN 115.24 POINTS OR 0.47%

/AUSTRALIA CLOSED DOWN 1,93%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 115.24 POINTS OR 0.47%

 

 

/SHANGHAI CLOSED UP 23.19 POINTS OR 0.71%

 

Australia BOURSE CLOSED DOWN  1.93% 

 

 

Nikkei (Japan) CLOSED DOWN 629,23  POINTS OR 2.82%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1971.55

silver:$24.02-

Early FRIDAY morning USA 10 year bond yield: 0.54% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.203 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 93.00 DOWN 2 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.35% UP 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +01%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.33%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,01 UP 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 68 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.52% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.53% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1791  DOWN     .0081 or 8 basis points

USA/Japan: 105.92 UP 1.236 OR YEN DOWN 124  basis points/

Great Britain/USA 1.3099 DOWN .0016 POUND DOWN 16  BASIS POINTS)

Canadian dollar UP 2 basis points to 1.3411

 

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The USA/Yuan,CNY: AT 6.9752    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9876  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  6.9854 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +01%

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 0.55 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.22 UP 1 in basis points on the day

Your closing USA dollar index, 93..37 UP 35  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 92.23  1.54%

German Dax :  CLOSED DOWN 66.29 POINTS OR .54%

 

Paris Cac CLOSED DOWN 69.25 POINTS 1.43%

Spain IBEX CLOSED DOWN 119.20 POINTS or 1.70%

Italian MIB: CLOSED DOWN 136.54 POINTS OR 0.71%

 

 

 

 

 

WTI Oil price; 39.77 12:00  PM  EST

Brent Oil: 43.02 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.39  THE CROSS HIGHER BY 1.28 RUBLES/DOLLAR (RUBLE LOWER BY 128 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.52 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  40.40//

 

 

BRENT :  43.63

USA 10 YR BOND YIELD: … 0.538…down 2 basis points

 

 

 

USA 30 YR BOND YIELD: 1.20  down 1 basis point..

 

 

 

 

 

EURO/USA 1.1720 ( DOWN 90   BASIS POINTS)

USA/JAPANESE YEN:105.84 UP 1.150 (YEN DOWN 115 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.43 UP 40 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3088 DOWN 27  POINTS

 

the Turkish lira close: 6,9929

 

 

the Russian rouble 74.23   DOWN 1.12 Roubles against the uSA dollar.( UP 112 BASIS POINTS)

Canadian dollar:  1.3395 UP 19 BASIS pts

 

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

 

The Dow closed UP 114.67 POINTS OR 0.44%

 

NASDAQ closed UP 157.46 POINTS OR 1.49%

 


VOLATILITY INDEX:  24.01 CLOSED DOWN .75

LIBOR 3 MONTH DURATION: 0.251%//libor dropping like a stone

 

USA trading today in Graph Form

Mission Accomplished: Fed Officially Blows The Biggest Ever Bubble

Mission Accomplished:

Stocks managed gains on the month (4th month in a row) – Nasdaq best, Dow worst…

Source: Bloomberg

And note that despite the epic surge in the mega tech stocks overnight… Yes, that is AAPL up 10%!! (GOOGL -4%)…MSFT  managed to rally back to unch after rumors of it buying TikTok…

Apple is up $170BN today, more than the market cap of Oracle, more than the GDP of Hungary; Apple’s value increase today would be the 33rd biggest company in the S&P500.

Nasdaq was not a one-way street today as CNBC stunningly remarked “nasdaq has now gone negative which is quite interesting…”

And you have to laugh at this – The Dow scraped by today… as AAPL’s insane squeeze higher dominated the rest of the entire index…

Source: Bloomberg

but that will change when AAPL splits.

BUT, it was in currency, commodity, credit, and crypto land that the real fun and games took place.

Bonds were bid pretty much all month with the long-end notably outperforming…

Source: Bloomberg

… and pushing to new record low yields…

Source: Bloomberg

Some highlights:

  • 2Y Treasury yields fell for the 8th month in a row
  • 30Y Treasury yields fell for the 5th month this year
  • 2s30s Curve flattened by the most since August 2019

Source: Bloomberg

Still a long way down for stocks if bonds are right…

Source: Bloomberg

Gold and silver screamed higher on the month.

  • Silver’s best month since 1979 (when the Hunt Brothers tried to corner the market)
  • Gold’s best month since 2011

Spot Gold reached a new record above Sept 2011 and Futures topped $2000…

Source: Bloomberg

Silver’s at its highest since June 2013…

Source: Bloomberg

Oil’s up for the 3rd month in a row, but has largely trod water all month…

Source: Bloomberg

Cryptos soared in July with Ethereum best (up over 50%, its 4th monthly rise in a row) and Bitcoin up 22%…

Source: Bloomberg

Ethereum closed at its highest since August 2018…

Source: Bloomberg

And helping all these assets rise in value, DXY Dollar Index suffered its biggest monthly drop since 2010…

Source: Bloomberg

Breaking a key up-trend line…

Source: Bloomberg

Did Washington mess with the ‘money’ one too many times?

Gold seems to think so…

Source: Bloomberg

Finally, we note that ‘soft’ survey macro data has surged full of hope to a region that has not ended well in the recent past

Source: Bloomberg

Better keep pumping…

Source: Bloomberg

Remember, Diversify, Diversify, Diversify… oh wait!

h/t @Not_Jim_Cramer

Trade accordingly.

So – summing up July – Stocks up, Bonds up, Gold up, Silver up, Oil up, Crypto up, Dollar Down (along with Fed credibility.)

END

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Personal USA spending rebounds despite sinking incomes..

US Personal Spending Rebound Continues Despite Sinking Incomes

US Personal spending and income habits are hard to decipher amid the massive government transfers and pent-up (and bought-forward) demand of various items – with spending plummeting and incomes soaring – and June pushed that even further with incomes falling 1.1% MoM, worse than the expected 0.6% drop; and spending rising 5.6% MoM (better than expected 5.2% and off a revised higher May).

Source: Bloomberg

On a year-over-year basis, incomes remain higher (government transfers) and spending lower…

Source: Bloomberg

Government workers saw income losses accelerate as private sector workers saw their income losses rebound somewhat – both still down hard YoY…

How long will this last as the $600 government handouts to stay home evaporate?

The brief ‘forced’ savings is starting to disappear…

Finally, The Fed’s favorite inflation indicator – the Core PCE Deflator – rose by a smaller than expected 0.9% YoY, stuck at its weakest since 2010.

END

Soft data Chicago PMI soars

(zerohedge)

Chicago PMI Soars Back Into Expansion In July

While ‘hard’ data continues to disappoint, ‘soft’ survey data is still chock full of hope as MNI’s Chicago Business Barometer surged to 51.9 from 36.6, smashing expectations of 44.0.

 

Source: Bloomberg

Under the hood, everything is awesome with 6 subcomponents rising:

  • Prices paid rose at a faster pace; signaling expansion
  • New orders rose and the direction reversed; signaling expansion
  • Employment fell at a slower pace; signaling contraction
  • Inventories fell at a slower pace; signaling contraction
  • Supplier deliveries rose at a slower pace; signaling expansion
  • Production rose and the direction reversed; signaling expansion
  • Order backlogs fell at a slower pace; signaling contraction

This is the highest reading for Chicago PMI since May… what lockdown?

 end

A Quarter Of All Household Income In The US Now Comes From The Government

Following today’s release of the latest Personal Income and Spending data, Wall Street was predictably focused on the changes in these two key series, which showed a modest slowdown in personal spending (to be expected one month after the savings rate in the US hit a record), coupled with a modest decline in personal income (as government benefits and stimulus checks slowed substantially).

But while the change in the headline data was indeed notable, what was far more remarkable was less followed data showing just how reliant on the US government the population has become.

We are referring, of course, to Personal Current Transfer payments which are essentially government sourced income such as unemployment benefits, welfare checks, and so on. In May, this number was $4.9 trillion annualized, and while it is down from the record $6.6 trillion hit in April when the US government activated the money helicopters to avoid a total collapse of the US economy, it was nearly $2 trillion above the pre-Covid trend where transfer receipts were approximately $3.2 trillion.

Even more striking, is that as of June when total Personal Income was just below $20 trillion annualized, the government remains responsible for over a quarter of all income.

Putting that number in perspective, in the 1950s and 1960s, transfer payment were around 7%. This number rose in the low teens starting in the mid-1970s (right after the Nixon Shock ended Bretton-Woods and closed the gold window). The number then jumped again after the financial crisis, spiking to the high teens.

And now, the coronavirus has officially sent this number into the mid-20% range, after hitting a record high 31% in April.

And that’s how creeping banana republic socialism comes at you: first slowly, then fast.

So for all those who claim that the Fed is now (and has been for the past decade) subsidizing the 1%, that’s true, but with every passing month, the government is also funding the daily life of an ever greater portion of America’s poorest social segments.

Who ends up paying for both?

Why the middle class of course, where the dollar debasement on one side, and the insane debt accumulation on the other, mean that millions of Americans content to work 9-5, pay their taxes, and generally keep their mouth shut as others are burning everything down and tearing down statues, are now doomed.

The “good” news? As we reported last November, the US middle class won’t have to suffer this pain for much longer, because while the US has one one of the highest median incomes in the entire world, with only three countries boasting a higher income, it is who gets to collect this money that is the major problem, because as the chart also shows, with just a 50% share of the population in middle-income households, the US is now in the same category as such “banana republics” as Turkey, China and, drumroll, Russia.

What is just as stunning: according to the OECD, more than half of the countries in question have a more vibrant middle class than the US.

So the next time someone abuses the popular phrase  “they hate us for our [fill in the blank]”, perhaps it’s time to counter that “they” may not “hate” us at all, but rather are making fun of what has slowly but surely become the world’s biggest banana republic?

And as we concluded last year, “it has not Russia, nor China, nor any other enemy, foreign or domestic, to blame… except for one: the Federal Reserve Bank of the United States.”

end

US GDP Seen Rebounding 11.9% In Q3 By Atlanta Fed

One day after the BEA reported that US GDP crashed an annualized 32.9% in the second quarter, the biggest drop since the great depression…

… moments ago, the Atlanta Fed published its first GDPNow “nowcast” estimate for the third quarter, which is a relatively healthy 11.9%, and follows the regional Fed’s Q2 GDP estimate which was 0.8% above the official BEA print, at -32.1%.

The Atlanta Fed’s Q3 estimate is most pessimistic than the 18% Q3 GDP consensus estimate from 63 economists polled by Bloomberg, and is just above the lowe-end of the range although both of these numbers will be woefully inaccurate if more US states decide to follow through with another round of shutdowns.

It goes without saying that if Congress fails to roll over the expiring unemployment benefits into August- which as noted earlier now are instrumental in the record 25% of personal income that is funded by the US government…

… Q3 GDP will be another unmitigated disaster and far below any official estimates.

end

iii) Important USA Economic Stories

Obama turns the John Lewis funeral into a political rally

(zerohedge)

Obama Turns John Lewis Funeral Into Political Rally

Former President Barack Obama turned a eulogy for the late Rep. John Lewis (D-GA) into a Democratic political rally – urging Congress to pass a series of measures he said would ‘continue Lewis’ life’s work.’

Of all the speakers at the memorial, the former President was the only one to leverage Lewis’ death for political purposes.

Obama’s proposals included:

– Automatic voter registration.

– Congressional representation for Washington D.C. and Puerto Rico.

– Making election day a federal holiday.

– Ending gerrymandering.

– Replacing the 1965 Voting Rights Act which would restore federal supervision over state efforts to pass election reforms.

– Ending the Senate’s filibuster rule (famously used by Hillary Clinton‘s mentor, Sen. Robert Byrd (VA), against the GOP’s 1964 Civil Rights Act).

“You want to honor John? Let’s honor him by revitalizing the law that he was willing to die for,” Obama said, while later likening President Trump to segregationist Democratic Gov. George Wallace of Alabama, and the police to Civil Rights-era law enforcement officers beating blacks across the South – condemning “sending agents to use tear gas and batons against peaceful demonstrators.”

We can only imagine the response if Trump used a Republican’s funeral to propose GOP policies.

 

END

Billboard ad revenue collapses as Americans stay home

(zerohedge)

Billboard Ad Revenue Collapses As Americans Stay Home 

The unintended consequence of Americans driving less because of the virus pandemic has resulted in a collapse in billboard advertisement revenue, reported Bloomberg.

Researcher Magna Global said 2Q20 billboard ad revenue is projected to plunge 40% from a year earlier.

Wall Street estimates Clear Channel Outdoor Holdings Inc. and Outfront Media Inc., some of the largest outdoor advertising companies, could post upwards of 50% revenue declines for 2Q.

Current revenue growth estimates for the industry show depression in 2020 and revival in 2021. However, 2021 estimates are too optimistic.

During lockdowns, with tens of millions of Americans confined to their couches, advertisers abandoned billboards for online advertisements. This pressured advertising companies, likely resulting in an environment where outdoor advertising remains depressed through the back half the year.

Consultancy firm KPMG International noted, the other week, “social-distancing measures” have “dramatically cut the amount of miles Americans travel by car.”

KPMG estimates a 10% permanent reduction of the almost 3 trillion miles driven each year, and vehicle ownership is expected to slump in the years ahead.

The report states, the new normal could be as many as “14 million fewer cars” on US highways. Fewer cars on roads are bad news for outdoor advertising companies.

Shown below, Atlanta’s rush-hour congestion was eliminated during lockdowns.

TomTom Traffic data shows Atlanta’s rush-hour congestion has disappeared through July.

Rush-hour is also non-existent in New York City.

The overall conclusion is that advertisers will shift away from outdoor advertising spending for online options as millions of Americans stay home for various reasons, if that is because of permanent job loss or remote work, this is all terrible news for companies that own billboards.

END

APPLE/GOOGLE

A stunned Wall Street responds to apple and google’s strong earnings:

(zerohedge)

A Stunned Wall Street Responds To Apple And Google’s Stellar Earnings

At a time when the “big four” mega tech companies are in the public spotlight for anti-trust, anti-competitive behavior, watching their collective market cap explode by a quarter trillion dollars may not have been the most prudent outcome. But that’s what happened when Apple, Amazon, Facebook and Google reported generally blockbuster earnings last night, sending the price of the first three stocks higher by at least 5% in the premarket, and pushing the collective market cap of the four gigacaps to nearly $5 trillion.

Below we summarize Wall Street’s reactions to Apple and Google’s earnings which were broadly indicative of the mood set by big tech last night, and which has carried over into this morning’s futures:

Apple:

Apple shares are poised to open at a record level following second-quarter results that prompted multiple price-target increases from Wall Street analysts, and reassured that the iPhone-maker’s business was weathering any impact from the pandemic. Apple’s shares jumped 6.3% in U.S. premarket trading, putting the stock on track to open at $409, above the all-time high of $394 reached just last week. Analysts at Goldman Sachs said that they had underestimated how much people were spending to support their working and studying from home, as well as the amount of cash that had been freed up as consumers cut back spending on areas like entertainment and gas. Piper Sandler analysts said they see further strength for Apple’s business, which should benefit from the launch of its new 5G-enabled iPhone, expected later this year.

Google:

Alphabet Inc. shares dipped in premarket trading on Friday, after the Google-parent reported its first-ever decline in revenue, pressured as the pandemic weighed on digital advertising. The company said that ad sales were picking up again by the end of the quarter, but the comments failed to excite, especially in comparison with earnings seen at other major internet and technology stocks, like Facebook Inc., Amazon.com Inc. and Apple Inc. RBC Capital Markets wrote that the quarter showed a “recovery in moderation,” adding that “fundamentals were clearly weak” due to the pandemic. While analysts see a steady recovery in the digital ads market, prompting a number of firms to raise their price targets, Susquehanna cautioned that a full recovery “will only come when the economy begins performing better.” Shares fell 0.9% before the bell. Based on its most recent close, Alphabet’s stock is up more than 45% from a March low. Morgan Stanley, Brian Nowak

Courtesy of Bloomberg, here’s what analysts are saying about Apple’s earnings:

Piper Sandler, Harsh Kumar

  • The most notable item in Apple’s June quarter results was the business holding up “extremely well,” with the pandemic having little impact on the core business.
  • Next fiscal year appears to be a “banner year” for Apple as the firm will benefit from the delayed 5G iPhone launch falling in the December quarter.
  • Kumar raised his price target to $450 from $310 and reiterated his overweight rating.

Cowen, Krish Sankar

  • Apple’s June quarter results are “robust” and its outlook is “encouraging.”
  • While there was no formal September guidance, positive iPad and Mac momentum and encouraging back-to-school trends are expected.
  • Sankar raised his price target to $470 from $400 and reiterated his outperform rating.

Goldman Sachs, Rod Hall

  • This is a “very strong” quarter for Apple as consumers and institutions were clearly spending even more than expected to support both work-from-home and study-from-home.
  • Also likely underestimated short-term impact of stimulus and disposable income freed up by lack of spending on things like entertainment and gas.
  • “This is a quarter to give Apple credit where credit is due for excellent execution and performance in the midst of unprecedented difficulty,” Hall said in a note.
  • However, continues to believe caution is warranted looking into 2021.
  • Hall raised his price target to $314 from $299 and kept his sell rating.

Raymond James, Chris Caso

  • June was “significantly better” than expectations for Apple as the impact on demand from the pandemic improved more quickly than expected.
  • Apple did admit “somewhat surprisingly” to new iPhone availability “a few weeks later” compared to last year, which Caso expects will serve to push iPhone revenue from Sept. to Dec.
  • Caso raised his price target to $440 from $400 and reiterated his outperform rating.

Deutsche Bank, Jeriel Ong

  • While Apple’s decision not to provide a forward-quarter guidance could be interpreted as a sign of uncertainty, Apple did provide more segment commentary.
  • Apple also guided to select line items more within its control.
  • Positives outweigh the minor negatives in the quarter, while Apple’s confidence that trends continue into the Sept. quarter could understate the reality that they could actually strengthen.
  • Ong raised his price target to $440 from $400 and maintained his buy rating.

And here is Google:

Morgan Stanley, Brian Nowak

  • Overweight, PT to $1,760 from $1,700
  • Alphabet’s ad recovery “is progressing largely in-line with our expectations,” though it “remains slower than [Facebook]” given Alphabet’s size, exposure to travel, and growth in social-media e-commerce
  • Any structural reduction in opex or capex could “translate to material earnings power”
  • The stock is a “strongmulti-year compounder”

RBC Capital Markets, Mark Mahaney

  • Outperform, PT raised to $1,700 from $1,500
  • The results showed a “recovery in moderation”
  • While most metrics came in ahead of consensus expectations, “fundamentals were clearly weak and negatively impacted by COVID”
  • Fundamentals are stabilizing, but the Alphabet’s management “remains cautious for [the second half of the year] on macro uncertainties”

Susquehanna Financial Group, Shyam Patil

  • Positive, PT to $1,850 from $1,550
  • Advertising trends improved throughout the quarter, and “barring an unexpected turn for the worse in the macro, GOOGL should continue to steadily recover” over the rest of the year
  • A full recovery “will only come when the economy begins performing better”
  • The stock should see tailwinds from Alphabet’s cloud business, expense management, “a more shareholder-friendly capital allocation approach,” and the long-term growth in digital ads, especially from YouTube and mobile search

Baird, Colin Sebastian

  • Outperform, PT raised to $1,675 from $1,650
  • The results “keep us constructive at current levels,” especially as online advertising trends improved in May, June and into July
  • Growth in the company’s cloud business “remained stable even as competitors decelerated a bit”
  • The company has “multiple levers of growth within online advertising, video, commerce, cloud and ‘other bets’”

Bloomberg Intelligence

  • The company “continues to be carried through a muted ad climate by cloud’s robust momentum,” along with growth in YouTube and productivity tools
  • If this quarter ends being the worst, in terms of its pandemic impact, “extended improvement in July could aid recovery optimism and boost 2H consensus”

END

CHEVRON

The virus clobbers Chevron as it records an historic quarterly loss of 8.3 billion dollars

(zerohedge)

 

Chevron Shares Slide After Recording Historic Quarterly Loss

Chevron Corporation reported a loss of $8.3 billion for the second-quarter 2020, the worst quarterly decline in a generation, and warned: “COVID-19 significantly reduced demand for our products and lowered commodity prices.” 

Chevron lost $1.59 per share on an adjusted basis while recording revenues around $13.49 billion. In the same quarter last year, the oil giant earned $2.27 per share on $36.32 billion.

The earnings bloodbath was mostly due to a collapse in demand for the company’s energy products and a 60% YoY plunge in its average price per barrel of oil and natural gas liquids.

 

h/t Bloomberg 

The quarterly loss was also due to a massive write-down of $1.8 billion in energy assets. The company fully impaired its $2.6 billion Venezuela operations from its books following U.S. sanctions.

Chevron shares slid 3% on the earnings announcement.

“The past few months have presented unique challenges,” said Michael Wirth, Chevron CEO, in a statement.

 “The economic impact of the response to COVID-19 significantly reduced demand for our products and lower commodity prices. Given the uncertainties associated with economic recovery and ample oil and gas supplies, we made a downward revision to our commodity price outlook, which resulted in asset impairments and other charges,” said Wirth.

Chevron warned, “demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter of 2020.”

Despite the considerable loss, Wirth claimed the company would “protect the dividend, invest for long term value, and maintain a strong balance sheet.”

But, it is hard to believe Chevron can justify maintaining its dividend at such a high cost with the economy now reversing and demand for energy products likely to falter in the back half of the year.

END

 

Bill Blain on yesterday’s and today events..

Bill Blain…

Brutal Consequences – Blain Warns “There Are Seriously Large Icebergs Ahead”

Authored by Bill Blain via MorningPorridge.com,

Consequences?

I see the bad moon rising..”

There are clues in this morning’s financial news about where this goes next. 

The headlines are about the stunning success of the Big Four Tech giants – beating expectations and proving themselves largely impervious to the Cornanavirus.

Stand that against the news the US Economy showed a notional 32.9% annualised GDP decline through Q2 – its worst performance since 1947.  As virus hotspots erupt around the globe, we’ve got Trump tweeting about cancelling the election – which he actually can’t do. And buried deep in the back pages is news of the coming crisis; proof the whole system is in deep trouble as the UK’s University Superannuation Scheme (“USS”) faces the consequences of QE Infinity.

Back in February, I put down Apple as one of the likely strong stocks most able to survive the coronavirus crisis – arguing an iPhone sale lost in March would simply be a purchase delayed. I was wrong. Apple’s revenues increased 11% as it sold more Macs, iPads and selling phones right through – especially its cheaper ones in China – boosting sales by 35% at a time when competitors like Samsung saw sales decline 14%. What’s happening?  I need to go speak to marketing experts, but it looks like firms with a clear domination of their space are getting a boost as consumer behaviour shifts and they make deliberate decisions to prioritise quality over price.

A second factor is the Advertising Industry – lots of firms deliberately cut advertising spending early in the crisis. It’s a decision they probably regret – smart companies went out and spent more to boost their profile. That’s reflected in the increased revenue at Facebook – where the “boycott” by leading firms failed to dent the firm. Facebook saw revenues grow 11%!

Amazon was barely troubled by the crisis protocols – the number of smiley face boxes bearing the logo piled up in the globes litter bins. I suppose there must have been a collapse in waste cardboard prices as a result. It may be second place in the cloud computing battle to Microsoft – but Amazon hiking revenues to near $90 bln is pretty impressive.

In contrast – rising unemployment, smaller companies facing the end of support and solvency catastrophe, plus the ongoing virus outbreaks, confirms the global economy is increasingly divided into good and bad.  Talking to clients over the past week, it’s become clear no one really believes there will be a solid cross-economy recovery – a common v-shape. You need to look sector by sector, stock by stock to understand the winners and losers, but that’s being made obscure by the effects of the QE Infinity and Zero Interest Rate Policy.

When Fed-head Jay Powell earlier this week said it’s all about the virus, he was being disingenuous.  It’s about winners and losers – and the Fed looking the other way as it pretends it not… 

There are seriously large icebergs out there.. and I can’t help thinking pushing the QE Infinity engine all the way up to 11 is dangerous…

I’ve been arguing since 2008 that government interventions, regulatory overkill, QE Infinity and ZIPR will have massive and painful consequences. When it comes down to financial assets – liquid listed stocks and bonds, the result is now clearly visible financial asset stagflation: financial assets cost much more and return far less. That’s the way prices work. A stock that cost $1 dollar in 2010 and made $1 in profit costs $10 today, but still makes $1 in profit. A bond that yield (or is it yielded?) 10% in 2010 makes 0.8% today.

University staff in the UK are furious. They are threatening to strike because their gold-plated final salary schemes are at risk. The USS faces a £20 bln funding gap – which will require universities and staff to significantly increase contributions to maintain its pension provision. It’s not just the effect of Financial Asset Stagflation on the final salary scheme that’s causing the crisis – people are living longer, shifting the actuarial goalposts even as the returns plummet.

It’s not just the Universities. This is going to happen to every occupational pension scheme. In the case of the USS, we’ve already seen the richer universities pull out – apparently unwilling to share risk. It won’t help the UK’s university sector faces a double whammy from the virus and declining student numbers.

Who can afford the costs of final salary pension schemes in today’s Zero-return market? The maths simply don’t work. Yet, as angry Academics are demonstrating, no-one holding a FSP is willing to give it up. Of course they aren’t – those of us outside defined benefit schemes, and saved our own pension pots face the same problem.. without the benefit of being able to go on strike at the injustice of it all.

It’s going to get worse.  I sometimes wonder if whole UK Government might just be a Ponzi Pension Scheme that’s going to bankrupt us all. Within a few years the UK will be paying about 25% more in gold-plated pensions to government workers than it receives in tax revenues.  Meaning, those of us saving for our own pensions will be taxed more to pay theirs. While I understand the need to ensure the retirement of our brave front line medical and service personnel, I’m struggling to feel much sympathy for bureaucrats.

And that, dear readers, is why the Blain yacht is well stocked, seaworthy and able to flee these shores when the revolution erupts led by angry Torygraph and Guardian readers..

end

This is good for Trump:  Congress’ approval rating drops to 18% but Trump is steady at 41%: Gallup

(Brennan/Gallup)

Congress’ Approval Drops to 18%, Trump’s Steady at 41%: Gallup

By Megan Brenan of Gallup

After hitting 20-year highs in April and May, Americans’ approval of Congress continues its downward slide to 18%. The last time congressional approval was below 20% was in September 2019.

The latest reading is from a Gallup poll conducted July 1-23 as coronavirus cases in the U.S. continued to spike, and Congress worked to negotiate another economic relief package. Congress’ heightened approval ratings in the spring came on the heels of the first relief package, which was well-received by majorities of Americans across party lines.

While partisans’ approval ratings of the legislative branch have declined by double digits since May, Democrats’ approval has fallen the most — from 39% to 20%. At the same time, Republicans’ approval has dropped from 24% to 14% and independents’ from 32% to 21%.

Presidential Approval Rating Stable

As Americans’ approval of Congress drops, President Donald Trump’s approval rating has been steady near 40% in June and July. Still, the current 41% remains well below the 49% earlier this year when the economy was in good shape, and Trump was enjoying a post-impeachment bounce.

The 87-percentage-point gap in Trump’s approval rating between Republicans (91%) and Democrats (4%) remains among the highest measured by Gallup, exceeded only by the 89-point gap in June.

Implications

As the nation continues to simultaneously battle the coronavirus pandemic and the poor economic conditions that resulted from it, Americans appear to be of the “what have you done for me lately?” mindset in assessing Congress.

With the general election just over three months away, the president’s approval rating is in dangerous territory from a historical perspective, and he is running out of time to bounce back to his pre-pandemic highs.

END

The White House has submitted 4 different offers on stimulus and to save pour souls hurt by the coronavirus and all have been ignored by the Dems

(zerohedge)

White House Has Submitted ‘Four Different Offers’ On Stimulus Which Dems Have Ignored: Meadows

While the White House and Congressional Republicans work towards a temporary extension of lapsing unemployment benefits, Democrats continue to reject the stopgap measures according to White House Chief of Staff Mark Meadows.

“At the president’s direction, we have made no less than four different offers” on unemployment insurance as well as a moratorium on evictions, Meadows said at a Friday White House briefing reported by Bloomberg. “They’ve not even been countered with a proposal.”

House Speaker Nancy Pelosi said on Friday that negotiations with Meadows and Treasury Secretary Steven Mnuchin will continue, but that there can be no stopgap measures without significant progress on an overall package.

“The Republicans said they wanted to take a pause. Well, the virus didn’t,” said Pelosi at her own Friday briefing – which she conveniently held at the same time as Meadows was speaking. “Clearly they, and perhaps the White House, do not understand the gravity of the situation.”

The most pressing issue in the talks now is extra federal unemployment benefits of $600 a week that run dry as of Friday, leaving millions of out-of-work Americans without an additional safety net at a time when the jobs market is still staggering.

Republicans want to cut the benefit in the next stimulus package to a portion of lost wages. In an attempt to prevent a lapse in benefits, Republicans including Trump are pressuring Democrats to go along with a stopgap extension of the expanded unemployment benefit as well as a moratorium on evictions while talks continue on a more comprehensive virus relief bill. Meadows said Thursday that the White House was flexible on the amount of the extension-Bloomberg

Still, Pelosi insisted after Thursday’s negotiations that a stopgap extension of federal benefits would be “worthless” unless an agreement is near on a larger package.

At present, the GOP stimulus plan sits at around $1 trillion, while House Democrats are angling for a $3.5 trillion package that would allocate funds for states and local governments struggling due to the COVID-19 pandemic.

END

Trump ready to pull the plug on TikTok..he will order the Chinese parent Bytedance to sell USA operations

(zerohedge)

Time’s Up For TikTok – Trump To Order Bytedance To Sell US Operations

Update (1350ET): While a large dose of salt should be taken, Charlie Gasparino is reporting that MSFT may be a potential buyer…

*  *  *

It appears a decision has been made on the viral social media app TikTok – what Reddit CEO Steve Huffman called ” fundamentally parasitic.

Bloomberg reports that, according to people familiar with the matter, President Trump plans to sign an order to direct China’s ByteDance Ltd.’s to divest its ownership of the popular app.

The U.S. has been reviewing potential national security risks due to the company’s control of the app, and the order could be announced as soon as Friday.

This comes after Josh Hawley and Dick Blumenthal asked for an investigation because of reports of violations of Americans’ civil liberties by sharing private info with the CCP.

“Based on numerous reports, we are extremely concerned that Zoom and TikTok have disclosed private information about Americans to the PRC and engaged in censorship on behalf of the Chinese government,” the letter read.

Snap shares are jumping on the news…

We wonder just how this will be achieved and most importantly, if China will allow it.

end

Crime Is Skyrocketing All Over America And Cops Are Killing Themselves

Authored by Michael Snyder via The End of The American Dream blog,

What did they think was going to happen?  For weeks, the mainstream media and many politicians on the left have been relentlessly praising the chaos, rioting and violence that has been taking place in major cities all across America.  Meanwhile, the mainstream media and many politicians on the left have also been demonizing the police and have been promoting those that are calling for them to be defunded.  It was inevitable that there would be consequences, and they have been quite dramatic.

Crime rates are skyrocketing all over the nation, and demoralized police officers are committing suicide.  And if the mainstream media and many politicians on the left do not end their irresponsible rhetoric, things will get even worse.

Are there bad police officers?  Of course there are, just like there are bad individuals in any profession.  But to demonize all police officers because of the actions of a few is something that no responsible journalist or politician should ever do.

Without the police, our society would rapidly devolve into complete and utter chaos.  I am so thankful for the men and women in blue that put their lives on the line every single day to protect all of us, and I certainly would not want to live in a society that did not have any police.

Over the past couple of months, the entire profession has been relentlessly demonized by the media and by many of our politicians, and this has resulted in a crisis of morale in police departments all over the nation that is absolutely unprecedented.

And as they see the police being publicly trashed on television, many average Americans have decided that it is fair game for them to do the same thing, and this has especially been true in our major cities.  The way that police officers are being treated in many parts of the country has been completely and utterly shameful, and it was inevitable that some officers would be pushed past their breaking points.

On Tuesday, a newly promoted officer in Chicago named Dion Boyd shocked the entire city when he shot himself in the head

A newly promoted Chicago police deputy chief was found dead Tuesday morning of an apparent self-inflicted gunshot wound in the Homan Square police facility on the West Side.

The death of Dion Boyd, 57, was announced at Chicago Police Department headquarters Tuesday afternoon by Supt. David Brown.

And then just one day later, on Wednesday, a police officer in New Jersey named Daniel Pagnotta decided that he couldn’t take any more

A veteran Trenton police officer took his own life in a parking lot Wednesday, officials said.

Sgt. Daniel Pagnotta, a 21-year-veteran of the department, died this morning in Plainsboro, according to a city spokesman.

These men leave behind a lot of people that loved them.  It greatly saddened me to read that Pagnotta was a “father of two who loved soccer”

The statement described Pagnotta as a devoted husband and father of two who loved soccer and making people laugh. His father, also named Dan, is a retired Trenton police officer.

What are those children supposed to do now?

Their father is gone and he is never coming back again.

Sadly, life for police officers in America is only going to get rougher because crime rates are absolutely skyrocketing.

According to reporter Alex Berenson, murder rates are up dramatically “in practically every big city”…

It’s not just a few cities: homicides are up 10-50% year-over-year in practically every big city – Denver, Phoenix, Los Angeles, Boston, Houston, St. Louis, Miami – everywhere.

Forget the crack epidemic. Murder rates haven’t gone this bad this fast since the late 1960s.

But it wasn’t as if someone suddenly flipped a switch at the beginning of January.  The truth is that crime rates didn’t start to explode until the riots came along.

Once everyone saw what the rioters were getting away with and that the media approved, it changed everything.  Criminals all over the country suddenly felt like they had a green light to go absolutely crazy, and that is precisely what we have been witnessing.

The tragic death of George Floyd should have brought us together as a nation and should have caused all of us to value human life more.

Ironically, in the very city where George Floyd died there have already been more murders in 2020 than “in all of 2019”.

The criminals in Minneapolis have become extremely brazen.  Robberies are up 36 percent so far this year, car theft is up 46 percent, and many of these crimes are being committed in broad daylight.

It is not just a coincidence that Democrats run nearly all of the major cities where crime rates are absolutely exploding.

Tolerating the rioting, looting and chaos that the protesters have been engaging in has been a huge mistake, because it just invites even more crime.

The mainstream media and many politicians on the left keep referring to the riots as “peaceful protests” even though everyone can see the violence that is happening.  It is almost as if they believe that if they just say the phrase “peaceful protests” enough that we will all be brainwashed into believing the narrative that they are trying to push.

During a House Judiciary Committee hearing this week, Representative Jim Jordan played a video montage of the violence that is happening during these riots, and that has gotten him a lot of attention.

But even though most of the “journalists” in the mainstream media are criticizing him, I greatly applaud him for having the courage to condemn the rioters.

There is no place in a civilized society for such violence, and it needs to end.

Unfortunately, what we have seen so far is just the beginning, because a lot more civil unrest is coming.

In America today, “right” has become “wrong” and “wrong” has become “right”, and we have raised an entire generation without any moral foundation whatsoever.

Now we are experiencing the consequences for raising our children so poorly, and they are going to be very bitter consequences indeed.

end

iv) Swamp commentaries)

The order to dismiss the case has been “vacated”: case will be heard in August:

Flynn Update: Order To Dismiss Case “Vacated”; Case Will Be Reheard In August

Authored by Sara Carter via SaraACarter.com,

The internal battle in the courts and Department of Justice regarding the case against former national security advisor Michael Flynn has been nothing short of a roller coaster ride. Now it seems the decision by a federal appeals court is prolonging the case.

The full U.S. Court of Appeals for the D.C. Circuit issued the order Thursday that challenged the Department of Justice’s request last month to drop the case against Flynn.

That order will allow the courts to revisit U.S. District Judge Emmet G. Sullivan’s request that the case not be dismissed and the case will be reheard by the full federal appeals court in Washington D.C.

The order to hear the set oral arguments is now scheduled for August 11.

Sidney Powell, Flynn’s defense attorney, could not be immediately reached for comment.

“Further ordered is that the court’s order filed June 24, 2020 be vacated,” stated the order.

It also stated that an “oral argument before the en banc court 9:30 am on Tuesday, August 11.”

U.S. Attorney General William Barr disclosed this week that he has appointed U.S. Attorney John Bash from the Western District of Texas, to investigate the “unmasking” Flynn that led to the national security leak in The Washington Post.

The Post’s David Ignatius revealed in January, 2017 the details of a classified telephone conversation between Flynn and former Russian Ambassador Sergey Kislyak. That conversation had been intercepted by U.S. intelligence officials monitoring the Russian Ambassadors communications.

END

Frontline ER Doctor From Viral HCQ Video Fired From Job

Just days after the establishment – via its Big Tech partners and liberal media propagandists – entirely disappeared a viral video of a dozen doctors discussing their real-life experiences of treating COVID-19 (and in some cases using the “extremely dangerous” medicine – if mainstream media is to be believed – hydroxchloroquine) and getting children back to school; the founder of “America’s Frontline Doctors” – Dr. Simone Gold – has been fired from her job as an Emergency Medicine Specialist in Los Angeles, CA.

As we previously noted, in the video, Dr. Gold said:

“We’re here because we feel as though the American people have not heard from all the expertise that’s out there all across our country.”

She is also the head organizer of an open letter signed by more than 600 doctors calling on President Trump to end lockdown. The letter described widespread state orders keeping businesses closed and children home from school as a “mass casualty incident” with “exponentially growing health consequences.”

The video was entirely disappeared from the web (except if you know where to look) within hours, and two days ago, Dr. Gold stated in a recent tweet that:

“Our website host @Squarespace has just completely and arbitrarily shut down our website, claiming a violation of their terms of service.”

Gold had defended her views – which reflected her real-life experience as a board-certified doctor specializing in emergency medicine, not a journalist playing one on TV! – saying in a tweet that “there are always opposing views in medicine,” but that opposition should not be grounds for censorship.

“Treatment options for COVID-19 should be debated, and spoken about among our colleagues in the medical field,” she wrote.

“They should never, however, be censored and silenced.”

But now, Dr. Gold has lost her job after her employer found out about the viral video where she dared to discuss hydroxychloroquine.

“Until what seems like 5 minutes ago I was considered a ‘hero’ [as a frontline emergency physician] with people clapping at what I was doing… but now i have been summarily fired for appearing in what was told to me was ‘an embarrassing video’.”

Watch the full interview here:

We wish her luck in any wrongful dismissal suits.

END

Unsealed Court Docs Suggest Bill Clinton Was On Epstein’s Pedo Island With “2 Young Girls”

Authored by Steve Watson via Summit News,

Court documents were unsealed in the Ghislaine Maxwell case Thursday, and revealed that a witness claims to have seen Bill Clinton on the infamous ‘pedo island’ along with Epstein, Maxwell and “two young girls”.

The claims in the documents echo those previously made by a former worker on Epstein’s island in a Netflix documentary.

The claims run contrary to denials by Clinton that he ever visited the island, which was reportedly the site of multiple sexual assaults of underage women by the convicted pedophile Epstein and his elite guests.

The allegations were made by Steve Scully, a 70-year-old phone and internet specialist worker who was present on the island of Little Saint James, as part of Jeffrey Epstein: Filthy Rich, which features testimony from witnesses and victims of Epstein’s sordid activities.

Scully claims that he saw the Clinton sitting with Epstein in the porch of the island’s villa. Scully did not witness Clinton partaking in any illegal activity, however, and says no other guests were present at the time.

Scully says that he saw other ‘important people’ visiting the island, including Prince Andrew, adding that some would be naked and flanked by topless girls.

“You tell yourself that you didn’t know for sure and you never really saw anything, but that’s all just rationalization,” Scully notes in the program, adding “Jeffrey Epstein, he was a guy who concealed his deviance very well – but he didn’t conceal it that well.”

In separate legal papers, one the Epstein/Maxwell accusers, Virginia Giuffre, has also placed Clinton on the island, claiming she had dinner with the former president, Epstein, Maxwell and two other women from New York on the island on one occasion.

Giuffre also said that she saw Clinton “strolling into the darkness with two beautiful girls around either arm.”

The same witness, hought to be Giuffre, also said she had overheard Epstein saying that Clinton owed him “favors,” while noting that she couldn’t tell whether he was joking or not:

In January, pictures emerged of Clinton with his arms around Chauntae Davies, who has said that she was recruited to be Epstein’s personal masseuse and ‘sex slave’.

Clinton has also been pictured on the steps of Epstein’s private plane, dubbed ‘the Lolita Express’ with Maxwell in 2002:

Flight logs have shown that Clinton made 26 trips on the plane from 2001 to 2003.

Clinton was also pictured with Epstein’s housekeeper Jun-Lyn Fontanilla, and another staff member inside Epstein’s New York house:

Polls indicate that the majority of Americans believe Epstein was murdered, and did not commit suicide in prison.

The first image of the noose supposedly used by Epstein contradicted the official story of his alleged “suicide.” It shows a clean cloth with so signs of blood stains despite the fact that Epstein’s neck was bloody.

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

US Q2 GDP plunged a record 9.5% q/q and 32.9% annualized.  Guess which number the MSM hyped?

GDP breakdown at: http://www.consumerindexes.com/2020-07-30_commentary.html

German Q2 GDP tumbled 10.1%.  Coronavirus leads to record drop in German GDP

“This was the sharpest decline since the quarterly GDP calculations for Germany began in 1970,”… Compared with last year, Thursday’s figures were even worse. GDP was down 11.7% for April to June, with an overall collapse of exports and household spending alongside an increase in state spending…  https://www.dw.com/en/coronavirus-leads-to-record-drop-in-german-gdp/a-54374430

US Initial Jobless Claims: 1.434m, 1.445m expected; Continuing Claims: 17.018m, 16.2m expected

California accounted for the biggest jump in claims with 61,154 new workers applying for aid, followed by Virginia (up 25,049), Nevada (14,515) and Oregon (11,013)…

https://www.foxbusiness.com/economy/jobless-claims-coronavirus-pandemic-july-25

@JesseKellyDC: Never in human history has a nation intentionally wiped out its own economy… did so with the consent of the people… we are going to pay dearly for it. Lockdown a country… How stupid.

The release of the German GDP data generated a plunge in ESUs and European stocks.  The decline ended when the US repo market opened at 7:00 ET.  After US GDP and Initial Jobless Claims data was released, ESUs actually rallied a tad.  After trading sideways for about 20 minutes, sellers appeared.  ESUs and US stocks hit a bottom 30 minutes after the NYSE open.

Trump, in a clever ploy/trolling, diverted attention from the dismal GDP report.  DJT called and raised the stakes on the Dem and MSM’s scheme to sanction mail-in voting.  For the remainder of the day, the MSM and Dems fulminated at DJT for asking if the election should be delayed due to Covid.

@realDonaldTrump: With Universal Mail-In Voting (not Absentee Voting, which is good), 2020 will be the most INACCURATE & FRAUDULENT Election in history. It will be a great embarrassment to the USA. Delay the Election until people can properly, securely and safely vote???

@ChloeSalsameda: The Trump Campaign responds to Pres. Trump’s tweet about potentially delaying the election.  “The President is just raising a question about the chaos Democrats have created with their insistence on all mail-in voting.” [In other words, Trump is trolling Democrats on mail-in voting.]

@WayneDupreeShow: Idiot McConnell[Senate Majority Leader, R-KY] fell for Trump’s Election Day delay trigger and decided to release a statement against it.  What a maroon. He can’t respond to Democrats destroying education or China stealing stuff but he can respond to that

McConnell: “Never in the history of this country, through wars, depressions and the Civil War, have we ever not had a federally scheduled election on time. We will find a way to do that again this Nov. 3rd.

68 percent concerned with vote tampering for mail-in ballots

https://thehill.com/hilltv/what-americas-thinking/505210-poll-68-percent-of-voters-concerned-with-vote-tampering-issues

Nearly 2/3 of voters say progressive activists will respond with violence if Trump wins reelection

Just 38% of U.S. voters think conservative activists will respond with violence if Democratic candidate Joe Biden wins.  https://justthenews.com/politics-policy/polling/nearly-23-voters-say-progressive-activists-will-respond-violence-if-trump

Yale epidemiologist: Dr. Fauci running ‘misinformation campaign’ against hydroxychloroquine

Accuses prominent doctor of harboring ‘total anti-science viewpoint.’

     Fauci “has been maintaining a studious position that only randomized controlled trial evidence has any value,” Risch said, “and everything else he calls anecdotal.”… Risch shared a 2017 New England Journal of Medicine article… in which the author argued that randomized controlled trials have “substantial limitations” and that “many other data sources can provide valid evidence for clinical and public health action.”… https://justthenews.com/politics-policy/coronavirus/yale-epidemiologist-accuses-fauci-running-disinformation-campaign

@JohnBasham: During Wednesday’s #BigTechHearing on capitol hill, @DeptofDefense officials testified that @Google refuses to work with the American military while doing work in Communist #China that benefits the Chinese military both directly & indirectlyhttps://t.co/EE1avHLLL8

The Fed balance sheet DECLINE $ 15.723B for the week ended on Wednesday.  Currency swaps fell only $ 4.519B.  Is the Fed braying dovish while quietly going inert?  The Fed’s balance sheet is up only $15B (effectively flat) since May 13https://www.federalreserve.gov/releases/h41/current/

Actor @RealJamesWoods: It has been widely suggested that the #CoronaVirus was developed in the Wuhan Virology Lab in Wuhan, China and accidentally leaked into the population. Pure speculation, but if true, this question remains: what was the intended use for this “designer” virus in the first place?

    Ex-NSC @RichHiggins_DC: Check out what Liebner was working on at Harvard.  Using coronavirus to carry nano-based “payloads.”   What those payloads could be?  How they could be activated?…

In dramatic expansion of Russia probe, Senate investigators target CIA, State records

Sens. Johnson and Grassley make sweeping documents requests of CIA, DNI and State in Russia probe.

The chairmen demanded records from Pompeo’s department concerning:

  • Clinton acolyte and former Deputy Secretary of State Strobe Talbott, who has admitted he received and provided copies of the Steele dossier
  • Former Clinton associates Cody Shearer and Sidney Blumenthal. Shearer, a relative of Talbott, wrote a dossier similar to Steele’s that was provided to the former MI-6 agent.
  • Former State officials Victoria Nuland, Jonathan Winer and Kathleen Kavalec, all of whom had contact with Steele as he was developing his dossier…

CIA also was pressed for records concerning the conduct of former Obama-era director John Brennanincluding his contact about the Russia probe with fired FBI Director James Comey and then-Senate Democratic Leader Harry Reid as well as any travel he took to Ukraine, Russia’s neighbor…

https://justthenews.com/accountability/russia-and-ukraine-scandals/dramatic-expansion-russia-probe-senate-investigators

@LeeSmithDC: Why is Susan Rice on the short list of VP candidates? To protect her, as well as Biden & Obama, from Durham investigation into the origins of the discredited Trump-Russia probe. Her fingerprints are all over the scandal.

Sen. Dianne Feinstein (D., Calif.) on Thursday said China is “growing into a respectable nation” and cautioned against holding the country accountable for the coronavirus pandemic[Feinstein’s husband has made tens of millions of dollars doing business with China.  Her long-time driver was a Chinese spy!]

https://freebeacon.com/democrats/feinstein-china-is-growing-into-a-respectable-nation/

When FDR Said ‘Play Ball’ – President Called Baseball a Wartime Morale Booster

In January 1942, Judge Kenesaw Mountain Landis, the legendary commissioner of baseball, sent Roosevelt a handwritten letter, asking if major league baseball should be suspended for the duration of the war.”… Roosevelt’s answer went out the next day. It left no doubt where the former “Bum Base Ball Boy” stood on the matter. “I honestly feel that it would be best for the country to keep baseball going… There will be fewer people unemployed and everybody will work longer hours and harder than ever before. And that means that they ought to have a chance for recreation and for taking their minds off their work even more than before.“… But critics kept up the debate went on throughout the war…

https://www.archives.gov/publications/prologue/2002/spring/greenlight.html

Bottom line: Sports are a distraction from life’s anxieties, frustrations and agonies.  If politics and divisiveness permeate professional sports, there will be consequences.  [See Academy Awards ratings]

Tucker Carlson torched Obama for ‘disgustingly’ politicizing Rep. John Lewis’s funeral.  [Sample at link]

https://twitter.com/bennyjohnson/status/1288899607146176514

Obama Turns John Lewis Funeral into Political Rally

We can only imagine the response if Trump used a Republican’s funeral to propose GOP policies…

https://www.zerohedge.com/political/obama-disgraces-john-lewis-turning-funeral-political-rally

@Breaking911: OBAMA: “…We can witness our federal government sending agents to use tear gas & batons against peaceful demonstrators.”  “There are those in power–undermining the postal service in run-up to an election that’s going to be dependent on mail-in ballots so people don’t get sick!”

https://twitter.com/Breaking911/status/1288911632958132224

Apparently, Obama is panicked about something.  We think we know what it is.  PS – Only two US presidents stayed in DC after their terms: Wilson (incapacitated by a stroke) and Obama.

NBA training academies in China plagued with human rights abuses, bombshell report claims

‘We were basically working for the Chinese government,’ one former employee told ESPN

     ESPN reported on Wednesday that the young participants in the NBA program were physically beaten by Chinese instructors and were not provided proper schooling, despite commissioner Adam Silver’s previous commitment that education would be “central” to the program.  “A former league employee compared the atmosphere when he worked in Xinjiang to ‘World War II Germany,'” ESPN reported…

    According to ESPN, NBA officials asked current and former employees not to speak to the sports network about the exposé with one email from a public relations official reading, “Please don’t mention that you have been advised by the NBA not to respond.”…  https://www.foxnews.com/sports/nba-china-training-academies

Norwegian flag mistaken for Confederate flag removed [This is AP, not a parody site!]

Owners of a Michigan bed and breakfast have removed

Well that is all for today

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

Massive Psyop Continues, Stop Voting Democrat, Economic Update

By Greg Hunter On July 31, 2020

The massive psyop from the mainstream media (MSM) and the so-called “Masters of the Universe” in the tech industry are intensifying.  Twitter accounts of major conservative figures are being suspended, scientific videos are being scrubbed from the Internet and search results for conservative websites are being demolished.  All the while, top tech CEO’s testified in front of Congress and said conservative censorship is not happening.  It is happening.  Bought and paid for Congress, on both sides of the isle, are not doing anything but accepting campaign cash to sell out America.  This intense psyop is all in an effort to defeat President Trump in November.

More “peaceful” violence was brewing in Seattle when a van of explosives and other weapons was found by police.  This is more of the same kind of thing that is continuing, which is violent attacks to have a Marxist/communist overthrow of the government of America.  If you want this sort of thing to stop, then stop voting Democrat.  The Dem Party has clearly moved to be radical Marxists in large part because that’s where the money is coming from.

Another 1.4 million Americans filed for unemployment this week.  The number is well over 50 million, and that is why Congress is going to have yet another Covid 19 stimulus package.  The extra $600 per week unemployment benefit is expiring as is the moratorium on evictions.  On a brighter note, gold is hitting all-time highs as the Fed and Congress spend newly printed money like drunken sailors.  We are about 90 days to the November 3rd election, and there are many economic wild cards in play.

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

-END-

 

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