AUGUST 6//GOLD CONTINUES TO SET NEW RECORDS EVERY DAY: GOLD UP $20.45 TO $2,056.75//SILVER UP ANOTHER STRONG $1.52 TO $28.26//GOLD TONNAGE REMAINS RELATIVELY CONSTANT AT 150 TONNES/SILVER SLIGHTLY ADVANCES//CONSIDERABLE DROP IN GOLD COMEX OI AS BANKERS ARE JUMPING SHIP// ANDREW MAGUIRE VIDEO: A MUST SEE////CORONAVIRUS UPDATE// UPDATE ON THE LEBANON BLAST//TURKISH LIRA COLLAPSES AS THE COUNTRY IS IN SERIOUS TROUBLE//IN THE USA UNEMPLOYMENT BENEFITS STILL ADVANCE ANOTHER ONE MILLION; JOBS REPORT TOMORROW//SWAMP STORIES FOR YOU TONIGHT//

GOLD $:  2,056.75  UP $20.45  The quote is London spot price (cash market)

 

A NEW RECORD HIGH CLOSING

 

 

 

Silver:$28.26// UP $1.52   London spot price ( cash market)

 

 

 

 

 

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.

 

Closing access prices:  London spot

i)Gold : $2063.60  LONDON SPOT  4:30 pm

 

ii)SILVER:  $29.00//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $2051.90  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $4.85)

OCT GOLD:  $2055.40  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   BACKWARD: $1.35//

 

 

DEC. GOLD  $2058.30   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.50   ($ BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $28.30…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  2 CENTS  PER OZ  ( BELOW NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $28.65  1:30  PM SPREAD SPOT/FUTURE DEC.       : 39  CENTS PER OZ  ( 27 CENTS ABOVE NORMAL CONTANGO)

 

COMEX DATA

 

 

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

receiving today: 575/1822

ISSUED 489

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,031.100000000 USD
INTENT DATE: 08/05/2020 DELIVERY DATE: 08/07/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1000 3
072 H GOLDMAN 309
104 C MIZUHO 135
118 H MACQUARIE FUT 17
159 C ED&F MAN CAP 3 1
323 C HSBC 10
332 H STANDARD CHARTE 51
355 C CREDIT SUISSE 12
657 C MORGAN STANLEY 9 25
657 H MORGAN STANLEY 240
661 C JP MORGAN 489 368
661 H JP MORGAN 203
686 C INTL FCSTONE 6 1
690 C ABN AMRO 139 26
700 C UBS 48
709 C BARCLAYS 149
709 H BARCLAYS 3
732 C RBC CAP MARKETS 9
737 C ADVANTAGE 13 12
800 C MAREX SPEC 148 4
880 C CITIGROUP 5
880 H CITIGROUP 190
905 C ADM 15 1
____________________________________________________________________________________________

TOTAL: 1,822 1,822
MONTH TO DATE: 43,171

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 1822 NOTICE(S) FOR 182200 OZ  (5.667 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  43171 NOTICES FOR 4,317,100 OZ  (134.28 TONNES)

 

 

SILVER

 

FOR AUGUST

 

 

3 NOTICE(S) FILED TODAY FOR 15,000  OZ/

total number of notices filed so far this month: 1100 for 5.500 MILLION oz

 

BITCOIN MORNING QUOTE  $11,405  UP 205

 

BITCOIN AFTERNOON QUOTE.: $11,853 UP 111

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $20.455 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/// A DEPOSIT OF 10.23 PAPER TONNES INTO THE GLD

WHAT A MASSIVE FRAUD!!

 

 

 

 

GLD: 1,267.96 TONNES OF GOLD//

 

 

WITH SILVER UP $1.52 TODAY: AND WITH NO SILVER AROUND:

 

SURPRISING:  NO CHANGES IN SILVER INVENTORY AT THE  SLV:

 

 

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 572.564  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A TINY SIZED 10 CONTRACTS FROM 205,527 UP TO 205,537, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE TINY SIZED GAIN IN  OI OCCURRED DESPITE OUR STRONG $1.03 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO A MASSIVE   BANKER SHORT COVERING PLUS A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A VERY TINY INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1424 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

WE HAVE ALSO WITNESSED A HUGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 1264 DEC:  150 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1414 CONTRACTS. WITH THE TRANSFER OF 1414 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 1414 EFP CONTRACTS TRANSLATES INTO 7.070 MILLION OZ  ACCOMPANYING:

1.THE 103 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.300 MILLION OZ INITIAL STANDING IN AUGUST

 

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 103 CENTS ).. AND,OUR OFFICIAL SECTOR/BANKERS  WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE TINY GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL INCREASE IN SILVER OZ STANDING  FOR AUGUST,  MONSTROUS BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A STRONG NET GAIN OF 1424 CONTRACTS OR 7.12 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKER  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER

 

SPREADING OPERATIONS/NOW SWITCHING TO SILVER

 

 

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 SILVER  AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF SEPT.

 

 

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 GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  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 SILVER 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 AUGUST HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF SEPT FOR SILVER:

 

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

AUGUST

 

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

4167 CONTRACTS (FOR 4 TRADING DAY(S) TOTAL 4167 CONTRACTS) OR 20.835 MILLION OZ: (AVERAGE PER DAY: 1042 CONTRACTS OR 5.208 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 20.835 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 2.97% 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:          1,292.22 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)

AUGUST EXP                         20.835  MILLION OZ (EXCHANGE FOR PHYSICALS INCREASING)

 

 

 

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 10, DESPITE OUR STRONG 103 CENT GAIN  IN SILVER PRICING AT THE COMEX ///WEDNESDAY THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1414 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A STRONG SIZED OI CONTRACTS ON THE TWO EXCHANGES:  1424 CONTRACTS (WITH OUR  $1.03 GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1414 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED INCREASE OF 10 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 103 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.74 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.0275 BILLION OZ TO BE EXACT or 146% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 3 NOTICE(S) FOR 15,000  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 WAS 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 6.300 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 7012 CONTRACTS TO 555,048 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 LOSS OF COMEX OI OCCURRED DESPITE OUR HUGE  RISE IN PRICE  OF $33.15 /// COMEX GOLD TRADING// WEDNESDAY// WE  HAD MONSTROUS BANKER SHORT COVERING, A TINY SIZED DECREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR HUGE GAIN IN PRICE OF $33.15. 

 

 

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

 

WE LOST A SMALL SIZED 4010 CONTRACTS  (12.47 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 3002 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 3002; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 2002.  The NEW COMEX OI for the gold complex rests at 554,825. 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 SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4010 CONTRACTS: 7012 CONTRACTS DECREASED AT THE COMEX AND 3002 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 3787 CONTRACTS OR 12.47 TONNES. TUESDAY, WE HAD A HUGE GAIN OF $33.15 IN GOLD TRADING……

AND DESPITE THAT GAIN IN  PRICE, WE HAD A SMALL SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 12.47 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  WERE LOATHE TO SUPPLY SHORT GOLD COMEX PAPER. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $33.15) AS IT SEEMS THAT THE ENTIRE LOSS WAS DUE TO A MONSTER BANK SHORT COVERING.!!

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (3002) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (7012 OI): TOTAL LOSS IN THE TWO EXCHANGES:  4010 CONTRACTS. WE NO DOUBT HAD 1 )HUGE BANKER SHORT COVERING, 2.)A TINY DECREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO LONG LIQUIDATION; 4) CONSIDERABLE COMEX OI LOSS AND .5) SMALL EXCHANGE FOR PHYSICAL ISSUANCE  AND  …ALL OF THIS WAS COUPLED WITH OUR VERY STRONG GAIN IN GOLD PRICE TRADING//WEDNESDAY//$33.15.

 

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.

 

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

AUGUST

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST : 7974, CONTRACTS OR 797,400, oz OR 24.80 TONNES (4 TRADING DAY(S) AND THUS AVERAGING: 1993 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 4 TRADING DAY(S) IN  TONNES: 24.80 TONNES

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

THUS EFP TRANSFERS REPRESENTS 24.80/3550 x 100% TONNES =0.698% 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   3,283.34  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 ..(EXCHANGE FOR PHYSICALS REVERSE COURSE AND ARE NOW INCREASING!)

AUGUST TOTAL EFP ISSUANCE;                 24.80 TONNES

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A TINY SIZED 10 CONTRACTS FROM 205,527 UP TO 205,537 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

 

EFP ISSUANCE 1414 CONTRACTS

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

 SEPT: 1186 AND DEC. 350 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1414 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 10  CONTRACTS TO THE 1414 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1424 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 7.24 MILLION  OZ, OCCURRED WITH OUR 103 CENT GAIN IN PRICE///

NOBODY IS LEAVING  THE SILVER ARENA AND NOBODY IS LEAVING THE GOLD ARENA (EXCEPT OUR BANKERS!!!)

 

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

(report Harvey)

 

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 8.90 POINTS OR 0.26%  //Hang Sang CLOSED DOWN 171.96 POINTS OR 0.69%   /The Nikkei closed DOWN 96.70 POINTS OR 0.43%//Australia’s all ordinaires CLOSED UP .72%

/Chinese yuan (ONSHORE) closed UP  at 6.9493 /Oil UP TO 41.80 dollars per barrel for WTI and 45.13 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9493 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9498 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  : /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 LARGE  SIZED 7912 CONTRACTS TO 555,048 MOVING FURTHER 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 LARGE COMEX DECREASE OCCURRED DESPITE OUR VERY STRONG  GAIN OF $33.15 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING//). WE ALSO HAD A SMALL EFP ISSUANCE (3002 CONTRACTS),.  THUS, THE ONLY EXPLANATION IS THAT WE HAD 1) VERY STRONG BANKER SHORT COVERING AT THE COMEX AND 2)  ZERO LONG LIQUIDATION AND 3)  STRONG INCREASE IN GOLD OZ  STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A CONSIDERABLE LOSS ON OUR TWO EXCHANGES OF 4010 CONTRACTS DESPITE GOLD’S VERY STRONG GAIN IN PRICE.  WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING 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 3002 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: DEC 3002; FEB 00 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3002 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: 4010 TOTAL CONTRACTS IN THAT 3002 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 7012 COMEX CONTRACTS.  THE BANKERS ARE NOW LOATHE TO SUPPLY THE SHORT PAPER.  THEY CONTINUE TO ISSUE  SMALL AMOUNTS OF EXCHANGE FOR PHYSICAL AS THE COST ON CARRYING SERIAL FORWARDS IN LONDON IS TOO GREAT FOR THEM. WE HAD A MASSIVE BANKER SHORT COVERING AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS.. TODAY WE WITNESSED A SMALL DECREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE NO DOUBT HAD ZERO LONG LIQUIDATION AS WE HAD A HUGE RISE IN COMEX PRICE OF 33.15 DOLLARS..

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $33.15).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  12.47 TONNES.

 

 

NET LOSS ON THE TWO EXCHANGES :: 4010, CONTRACTS OR 401,000 OZ OR 12.47 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:  554,825 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.48 MILLION OZ/32,150 OZ PER TONNE =  1725 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1725/2200 OR 78.43% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 309,621 contracts// FAIR volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  406,379 contracts//  volume very good //most of our traders have left for London

 

 

AUGUST 6 /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
276,835.701 oz
Brinks
 Int.Delaware
Deposits to the Dealer Inventory in oz 80,441,802 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

32,151.000

OZ

HSBC

 

1000

KILOBARS

No of oz served (contracts) today
1822 notice(s)
 182200 OZ
(5.667 TONNES)
No of oz to be served (notices)
5042 contracts
(505200 oz)
15.68 TONNES
Total monthly oz gold served (contracts) so far this month
43,171 notices
4,317,100 OZ
134.28 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:  80,441.802 oz

 

 

 

 

 

 

total deposit: 80,441.802 oz

 

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into HSBC: 32,151.0000 oz

1,000 kilobars

 

 

 

total deposit:  32,151.000  oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of  Brinks:  275,195.490 oz

ii) Out of Int. Delaware: 1639.701 oz

 

total withdrawals;  276,855.191 oz

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

 

 

 

The front month of AUGUST registered a total of 6865 CONTRACTS as we lost 1491 contracts. We had 1437 notices served on WEDNESDAY so we LOST 54 contracts or an additional 5400 will NOT stand for delivery on this side of the pond as they morphed into London based forwards as well as accepting a fiat bonus for their effort. Obviously the boys could not find any metal on this side of the pond so they will search for it over there.

 

 

 

 

After August we have the non active Sept contract month.. Here we saw another LOSS of 314 contracts to stand at 2963.  Oct GAINED 533 contracts UP to 70,796

 

The big December contract LOST 6210 contracts down to 409,546 contracts.

(December is generally the go to month for longs.  To see this number contract with a huge 33 dollar gain in price in gold speaks volumes that we had a wicked short covering today.)

 

We had 1822 notices filed today for  182200 oz

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 489 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1822 contract(s) of which 203  notices were stopped (received) by j.P. Morgan dealer and 368 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 2 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the AUGUST /2020. contract month, we take the total number of notices filed so far for the month (43,171) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (6865 CONTRACTS ) minus the number of notices served upon today (1822 x 100 oz per contract) equals 4,821,300 OZ OR 149.96 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 (43,171, x 100 oz + (6865 OI) for the front month minus the number of notices served upon today (1822) x 100 oz which equals 4,821,300 oz standing OR 149.96 TONNES in this  active delivery month. This is a HUGE  amount for gold standing for a AUGUST delivery month (an active delivery month).

We lost a tiny 54 contracts or 5400 oz of gold as they guys  morphed into London based forwards.

 

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)

231,924.295 oz  (some deleted august 3)         JPM

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

total pledged gold:  1,052,918.710 oz                                     32.75 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 449.57 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 149.966 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  15,506,777.482 oz or 482.32 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/august 3) which cannot be settled upon:  231,924.295 oz (or 7.2138 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:  1,052,918.710 oz or 32.75 tonnes
thus:
registered gold that can be used to settle upon:  14,453,859.0  (449.57 tonnes)
true registered gold  (total registered – pledged tonnes  14,453,859.0 (445.57 tonnes)
total eligible gold:  20,902,204.773 oz (650.15 tonnes)

total registered, pledged  and eligible (customer) gold;   36,426,982.255 oz 1,133.03 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1006.69 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 July 2018. and it continues to present day.

 

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.

 

 

THE DATA AND GRAPHS:

 

 

 

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

 

END

AUGUST 6/2020

And now for the wild silver comex results

 

 

AUGUST SILVER COMEX CONTRACT MONTH//INITIAL STANDINGS

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,1,378,788.330 oz
CNT
Brinks
JPMorgan

 

 

Deposits to the Dealer Inventory
89,978.800 oz
Brinks

 

Deposits to the Customer Inventory
No of oz served today (contracts)
3
CONTRACT(S)
(15,000 OZ)
No of oz to be served (notices)
160 contracts
 800,000 oz)
Total monthly oz silver served (contracts)  1100 contracts

5,500,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into the dealer Brinks:  89,978.800 oz

total dealer deposits: 89,978.800  oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

i)we had 0 deposits into the customer account

into JPMorgan:   nil oz

 

 

 

ii) Into everybody else: 0

 

 

 

 

 

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

JPMorgan now has 163.181 million oz of  total silver inventory or 48,11% of all official comex silver. (163.181 million/335.007 million

 

total customer deposits today:  nil    oz

we had 3 withdrawals:

 

 

 

i)   Out of CNT:  878,363.120 oz

ii) Out of Brinks: 4737.800 oz

iii) Out of JPMorgan: 495,687.410 oz

 

 

 

total withdrawals; 1,378,788.330    oz

We had 0 adjustments

Total dealer(registered) silver: 126.935 million oz

total registered and eligible silver:  335.007 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 163 contracts and thus we lost 183 contracts.  We had 185 notices filed on Tuesday so we gained 2 contracts or 10,000 oz will  stand for delivery as these guys refused to morph into London based forwards as well as negating a fiat bonus… The bankers are now desperate in their search for badly needed silver and for that matter gold as well one either side of the pond.

 

 

After August we have the  big September contract month and here we see a lost 2029 contracts down to 134,439. November saw another gain of 34 contracts to stand at 102.

For September to contract this big on a strong price gain means we also had a massive shortcovering by our bankers.

The big December contract month saw its OI rise by small 1540 contracts up to 60,892

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 3 contract(s) FOR 15,000, 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 1100 x 5,000 oz = 5,500,000 oz to which we add the difference between the open interest for the front month of AUGUST.(163) and the number of notices served upon today 3 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1100 (notices served so far) x 5000 oz + OI for front month of AUGUST (163)- number of notices served upon today (3) x 5000 oz of silver standing for the AUGUST contract month.equals 6,300,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.(corrected from an error yesterday)

We gained 10 contracts or an additional 10,000 will stand for delivery. Queue jumping is alive and well for both gold and silver this month.

 

 

 

TODAY’S ESTIMATED SILVER VOLUME : 234,557 CONTRACTS // volume huge+++++++/

 

 

FOR YESTERDAY: 233,071.  ,CONFIRMED VOLUME//volume huge+++++++/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 233,071 CONTRACTS EQUATES to 1.165 billion  OZ 166% 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- 2.57% ((AUGUST 6/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.97% to NAV:   (AUGUST 6/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 2.57%

(courtesy Sprott/GATA

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

NAV 21.80 TRADING 21.34///NEGATIVE 2.10

END

 

 

And now the Gold inventory at the GLD/

AUGUST 6/WITH GOLD UP $20.45 TODAY, WE HAVE ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A PAPER DEPOSIT OF 10.23 TONNES INTO THE GLD/INVENTORY RESTS AT 1267.96 TONNES//

AUGUST 5/WITH GOLD UP $ 33.75 TODAY, WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/A DEPOSIT OF 9.35 TONNES INTO THE GLD//INVENTORY RESTS AT 1257.73 TONNES

AUGUST 4//WITH GOLD UP $31.75 TODAY, WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 6.48 TONNES/GLD INVENTORY RESTS AT 1248.38 TONNES

AUGUST 3/WITH GOLD UP $2.20 TODAY, WE HAVE NO CHANGES IN THE GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1241,96 TONNES

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

AUGUST 6/ GLD INVENTORY 1267.96 tonnes*

LAST;  875 TRADING DAYS:   +328.52 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 775 TRADING DAYS://+506.99  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 6/WITH SILVER UP $1.52 TODAY, WE HAVE NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 572.564 MILLION OZ///

AUGUST 5/WITH SILVER UP $1.03 TODAY, WE HAVE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A MONSTROUS DEPOSIT OF 5.403 MILLION OZ//INVENTORY RESTS AT 572.564 MILLION OZ//

AUGUST 4/WITH SILVER UP $1.45 TODAY, WE HAVE NO CHANGES IN SILVER INVENTORY: //INVENTORY RESTS AT 367.161 MILLION OZ//

AUGUST 3/WITH SILVER UP 23 CENTS TODAY: WE HAVE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//SURPRISINGLY ANOTHER WITHDRAWAL OF 0.931 MILLION OZ//INVENTORY RESTS AT 367.161 MILLION OZ//

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//

 

AUGUST 6.2020:

SLV INVENTORY RESTS TONIGHT AT

572.564 MILLION OZ.

end

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

A very important view from Andrew Maguire and Chris Marcus.  Andrew Maguire now states that Goldman has broken away from anti gold cabal forces and will no doubt lead the new LME physical format in London.

a must view

Andrew Maguire/Chris Marcus/Arcadia Economics

Goldman breaks with anti-gold cabal as physical vanquishes derivatives, Maguire tells Arcadia Economics

 Section: 

7:32p ET Wednesday, August 5, 2020

Dear Friend of GATA and Gold:

Investment bank and “vampire squid” Goldman Sachs has broken with the cabal of gold price-suppressing investment banks and central banks and is maneuvering with other central banks so that physical demand for the monetary metals overwhelms the derivatives that have been holding them down.

That’s what London metals trader and Kinesis Money founder Andrew Maguire tells Chris Marcus of Arcadia Economics in the first of a two-part interview this week.

… 

Maguire says his firm cannot obtain prompt delivery for thousand-ounce silver bars “in size” in Europe and instead must pay cash in advance for deliveries not scheduled until January or later next year.

As the physical market overruns the paper market, Maguire says, governments will be forced to revalue the monetary metals, and the Bank of England and UK Treasury are preparing for such a revaluation.

Maguire says his firm’s recent purchase of silver bars through JPMorganChase was accompanied by a bar list in which no serial numbers matched those of the bars delivered.

Whereupon interviewer Marcus pointedly exclaims: “These guys are custodians of SLV” — the big silver exchange-traded fund.

Given JPMorganChase’s long record of financial misconduct, it’s not hard to imagine SLV’s purported silver inventory being used for purposes contrary to the interests of the fund’s investors.

Part 1 of the Arcadia Economics interview with Maguire is a half-hour long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=912UykAeVX0&feature=youtu.be

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

end

Finally gold and silver gets attention that they should have had for quite some time

(Reuters)//GATA

 

Mainstream news organization can’t avoid a positive report about gold

 Section: 

Stunned by Gold’s Record Rise? There’s More to Come, Analysts Say

By Peter Hobson
Reuters
Wednesday, August 5, 2020

LONDON — The speed at which gold has broken above $2,000 an ounce has left some in the market fearing a correction, but many analysts predict more gains as the coronavirus crisis spurs investors to buy into bullion’s relative safety.

The record-breaking rally, which lifted gold XAU= as high as $2,055 on Wednesday, has made the precious metal one of 2020’s best-performing mainstream assets.

… 

It has risen $500 this year, and $200 in the last two weeks alone.

Taking out the totemic $2,000 barrier means investors must change their reference points, said Frederic Panizzutti at Swiss precious metals dealers MKS.

“The adjustment will be higher. We are definitely in a bull run,” he said. …

… For the remainder of the report:

https://www.reuters.com/article/us-gold-price-graphic/stunned-by-golds-r…

iii) Other physical stories:

Spot Silver Surges Above $28, Still Historically Undervalued To Gold

Silver prices were up 25% in July, the second-biggest monthly gain for the white metal on record, anbd are extending gains this week, with spot silver spiking above $28 this morning…

And gold rising too…

But, as SchiffGold.com notes,silver is still significantly undervalued compared to gold.

The spot price of the white metal gained even more than silver futures last month. When gold pushed above its previous record price last week, silver went along for the ride, rising to nearly $26 an ounce. It has settled back and is currently trading in the $24 range. On June 29, silver closed at just over $18 an ounce. That’s a 33% gain on the month. Going back to March, the white metal was below $12.

Former US Mint director Ed Moy told MarketWatch silver is going up for the same reason as gold.

What is driving gold prices now are mainly the fear of inflation due to the magnitude of the monetary and fiscal stimulus worldwide, and the flight to safety due to the uncertainty around how and when the global economy will recover.”

Moy pointed out that the silver-gold ratio remains historically wide. That means either gold is overvalued or silver is undervalued. If silver is underpriced, “there is a lot of money to be made,” he told MarketWatch.

Given the economic dynamics, it seems far more likely silver will climb to close the gap rather than the price of gold dropping.

The silver-gold ratio is simply the number of ounces of silver it takes to buy one ounce of gold. It has been historically high for months. It was well over 100-1 back in March.

It’s dropped to about 75-1 this morning (its lowest since April 2017), but that is still high by historical standards. The modern average over the last century has been between 40 and 60-1. In essence, the wide silver-gold ratio is silver on sale.

Ross Norman, CEO of Metals Daily, told MarketWatch:

“It has been clear for some time that silver was excessively cheap compared to gold.”

He agreed that the ratio is still historically high, “suggesting there is scope for greater gains in silver still.”

Silver is much more volatile than gold due to its industrial role, but at its core, it is still a monetary metal and it tends to track relatively consistently with gold over time. When gold goes up, it almost always takes silver with it. In fact, silver has historically outperformed gold in a gold bull market.

Even with its big gains last month, silver is still a long way from its record highs. The white metal has a double-top of around $50. It first got to that level in 1980 and then again in 2011. Peter Schiff recently said $50 is the real resistance level. Once it breaks through, it will go much higher.

Fifty-dollars looms very large. But there’s an old saying about these double-tops. I think they’re made to be broken, and silver is going to break this double-top. And the fact that it’s been there for so long means that when it does break — look out!”

The supply and demand fundamentals also look good for silver.

Investors have been piling into the white metal since the beginning of the year. Investment demand for silver was up 10% in the first half of 2020, according to the latest data compiled by the Silver Institute.

  • Strong growth in silver ETFs led the way. Gold ETFs have taken in record levels of metal this year and silver funds have followed suit.  As of June 30, global silver holdings in ETFs reached a fresh all-time high of 925 million ounces. That equals about 14 months of mine supply. ETFs added 196 million ounces of silver through the first six months of the year. We have already eclipsed the highest annual inflow of 149 million ounces set back in 2009.
  • Silver coin and bar sales have also helped drive investment demand for silver. Retail bullion coin sales jumped by an estimated 60% year-on-year. Strong demand led to shortages of many silver bullion products, resulting in extended delivery time and higher premiums.
  • Industrial demand has been flat due to the economic slowdown from the coronavirus pandemic. Even so, there are expectations of increasing industrial demand, particularly in the solar energy sector.  Even if the global economy is slow to recover, silver may get a boost from government stimulus as various programs funnel money into “green energy” projects.
  • Meanwhile, silver mine output was already trending downward and it has been further squeezed by mine shutdowns due to COVID-19. Analysts at the Silver Institute say they expect mine supply to continue its four-year slide this year. Even with most mines back online, the institute projects a 7% decline in mine output in 2020. Global mine production fell by 1.3% in 2019.

end

 

Part ii

Andrew Maguire

7:03 AM (2 hours ago)
to Chris, me

Hi Chris,

In this 2nd part,  we talk about GATA ,Bills excitement! & ultimately how gold on the blockchain can be tracked from mine to refiner to buyer,  and how this will ultimately eliminate the LBMA & a need for a gold and silver ‘fix’.

https://www.youtube.com/watch?v=7SX1Pv6foC8&feature=youtu.be

Best

Andrew

end

from Nicholas to us all:

Whilst we are witnessing the ‘nigeriafication’ of South Africa at a frightening pace, it also seems that concurrently USA is morphing into a potent ‘combo’ of both Nigeria and South Africa on steroids. The Minneapolis City Government has issued a strong advisory to people to obey the demands of murderous thugs at all times. It is no coincidence that it is the President of the Minneapolis Fed that recently issued a strong plea for the (re) imposition of a coast to coast lockdown for 6 weeks. Obviously rules for the masses would not apply to a supreme, ex Goldman Sachs insider, Neel Kashkari and it would certainly be more convenient for him and his family if the criminal fraternity was obliged to vacate the local streets. I read the post from Erik reproduced on the JSMINESET site on 5th August. Very true and very troubling. The question that springs to my mind as a USA outsider is how is it even thinkable that such an abomination can continue to issue and underwrite the world’s reserve currency.

Yesterday Andrew Maguire was on record as stating that wholesale silver is unavailable. When Andrew speaks, I listen carefully (often more than once) because. whilst many informed commentators speak with a viewpoint of anywhere between 30,000 feet and 1,000 feet, Andrew has a knowledge second to none in respect of market conditions on the ground. Until recently there was an almost 100% correlation of a swan dive in the paper markets following key physical market information released to a public constituency by Andrew as the Cartel sought to quell any consequent ‘excitement’. Tomorrow is also the NFP release date for July- a congruence of events that, if inconsequential this time round, would give credence to the informed view that ‘this time it really is different’ (or perhaps otherwise depending on what transpires.) For how long can the chartists and Fed disciples keep on mouthing the insanity that precious metals are ‘over- bought’/due for a correction when the empirical evidence is shouting that all the physical metal has been hoovered up with backlogs in unfulfilled orders (never mind the banquet of consequences stacked up by years of criminal fractional reserving practices and the theft (sorry rehypothecation) on an industrial scale of custodial precious metal over many decades.

Regards
Nicholas

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9493/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9498   /shanghai bourse CLOSED UP 8.90 POINTS OR 0.26%

HANG SANG CLOSED DOWN 171.96 POINTS OR 0.69%

 

2. Nikkei closed DOWN 96.70 POINTS OR 0.43%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 92.89/Euro FALLS TO 1.1847

3b Japan 10 year bond yield: FALLS TO. .+01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 41.86 and Brent: 45.13

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 RISES TO -.52%/Italian 10 yr bond yield DOWN to 0.96% /SPAIN 10 YR BOND YIELD DOWN TO 0.28%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.50: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.01

3k Gold at $2059.10 silver at: 28.10   7 am est) SILVER// AT  28.20//

 

3l USA vs Russian rouble; (Russian rouble DOWN 44/100 in roubles/dollar) 73.41

3m oil into the 41 dollar handle for WTI and 45 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 105.48 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 .9104 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0811 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.52%

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 0.522% early this morning. Thirty year rate at 1.19%

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

6.  TURKISH LIRA:  UP  TO 7.2210..

Futures Slide Ahead Of Jobless Claims As Gold Surge Continues

US stock index futures dropped on Thursday alongside European stocks as investors looked forward to the latest weekly jobless claims report to gauge the pace of a rebound in the labor market, while also anticipating a new fiscal stimulus bill.

The top decliner among components of the Nasdaq 100 index was Western Digital shares, which sank 8.9% pre-market after the hard drive maker reported weaker-than-expected fourth-quarter revenue and forecast a soft current quarter outlook.

In Europe, mining giant Glencore Plc led losses among peers after scrapping its dividend. U.K. broadcaster ITV Plc slumped after saying it wouldn’t provide an outlook for the rest of the year after the pandemic led to its worst-ever drop in advertising sales. Turkey’s lira tumbled to its lowest level against the dollar as interventions by state banks failed to reassure markets.

Earlier in the session, Asian stocks were little changed, with materials and energy rising, after rising in the last session. Most markets in the region were up, with South Korea’s Kospi Index gaining 1.3% and India’s S&P BSE Sensex Index rising 1.1%, while Hong Kong’s Hang Seng Index dropped 0.7%. The Topix declined 0.3%, with Japan Sys Tech and Grace falling the most. The Shanghai Composite Index rose 0.3%, with Sichuan Hongda and Bohai Automative Systems posting the biggest advances. Chinese shares dropped after Secretary of State Pompeo warned of ‘significant threat’ from ‘untrusted Chinese apps’.

“There are some risks of the market relying too heavily on positive news around the fiscal stimulus and an earnings season that still wasn’t that great, even if many companies did beat,” Kerry Craig, global market strategist at JPMorgan Asset Management in Melbourne, said on Bloomberg TV. “There’s a case for markets, in the U.S. particularly, taking a pause from here on out rather than continuing this rally, given how strong it has been.”

Gold pushed further above $2,000 an ounce for a third day before news on whether the U.S. will approve another trillion-dollar aid package (or much bigger) to counter the coronavirus. Silver prices were up 25% in July, the second-biggest monthly gain for the white metal on record, anbd are extending gains this week, with spot silver spiking above $28 this morning…

And gold rising too…

In FX, the dollar index halted its slide after falling for two sessions after California reported its second-deadliest day from the virus and Florida’s tally topped 500,000. Traders are monitoring negotiations for the next virus aid package while Cleveland Federal Reserve President Loretta Mester said more fiscal support is needed after a sharp drop in U.S. employment gains in July.  The pound strengthens as much as 0.5% against the U.S. dollar as the BOE points to the pitfalls of negative rates, and leaves them on hold at a record low of 0.1%. Turkey’s lira tumbled to its lowest level against the dollar as interventions by state banks failed to reassure markets. The Norwegian krone trimmed some of its gains after it reached its highest levels since January on Wednesday as a rally in oil prices falters. Australia’s dollar also trims its gains after rising on an uptick in iron ore prices.

China’s yuan weakened for the first time in three sessions, following a rapid advance a day earlier that some traders saw as excessive. The currency dropped 0.16% to 6.9458 per dollar as of 5:14 p.m. in Shanghai. The slide came after the yuan rallied 0.6% on Wednesday, driven by optimism on China-U.S. relations as senior officials from the two countries planned to discuss the trade deal this month. That hopefulness then faded as the U.S. stepped up its attack on Chinese technology firms. The earlier advance took the yuan’s 14-day relative strength index versus the dollar beyond a level which to some traders signaled the gains were overdone

In rates, treasuries bull-steepen as long-end yields shed up to 4bp, extending slide in early U.S. session as S&P 500 futures fall, led by European stocks on earnings. Yields were lower by 1bp to 4bp across a flatter curve with 2s10s, 5s30s spreads tighter by 2.5bp and 1.4bp; 30-year touched 1.179%, lowest since April. Dip-buying during Asia session and a flurry of futures activity including block trades sparked the move, which continued through European morning.

Looking at today’s initial claims report, consensus expects a 1.415 million Americans filed for state unemployment benefits in the latest week, down slightly after two consecutive weeks of huge increases triggered fears of a stalled recovery in the labor market.

Market Snapshot

  • S&P 500 futures up 0.1% to 3,320.00
  • STOXX Europe 600 down 0.2% to 364.28
  • MXAP up 0.1% to 169.72
  • MXAPJ up 0.4% to 567.44
  • Nikkei down 0.4% to 22,418.15
  • Topix down 0.3% to 1,549.88
  • Hang Seng Index down 0.7% to 24,930.58
  • Shanghai Composite up 0.3% to 3,386.46
  • Sensex up 1.2% to 38,101.69
  • Australia S&P/ASX 200 up 0.7% to 6,042.19
  • Kospi up 1.3% to 2,342.61
  • German 10Y yield fell 0.9 bps to -0.515%
  • Euro down 0.06% to $1.1856
  • Brent Futures down 0.3% to $45.03/bbl
  • Italian 10Y yield rose 2.5 bps to 0.847%
  • Spanish 10Y yield fell 1.3 bps to 0.296%
  • Brent futures down 0.2% to $45.06/bbl
  • Gold spot up 0.7% to $2,051.33
  • U.S. Dollar Index down 0.01% to 92.86

Top Overnight News from Bloomberg

  • Twitter Inc. and Facebook Inc. blocked a video shared by accounts linked to U.S. President Donald Trump for violating their policies on coronavirus misinformation in clip of an interview in which he said children were “virtually immune” from Covid-19
  • German manufacturing continued its recovery in June, with orders rising much stronger than forecast after restrictions to contain the coronavirus were loosened
  • Investors should consider the risk of a successful coronavirusvaccine unsettling markets by sparking a sell-off in bonds and rotation out of technology into cyclical stocks, warned Goldman Sachs Group Inc
  • Glencore Plc won’t pay its deferred dividend after net debt spiked because the commodities giant poured money into its trading business to cash in on volatile price swings

Asian equity markets traded mixed amid a lack of fresh catalysts and with the region failing to take advantage of the mild tailwinds from Wall St where cyclicals led the upside and the DJIA outperformed its major peers after the blue-chip index received a boost from a surge in Disney shares post-earnings and with Boeing also flying high after optimism on its ability to navigate through the aviation crisis. Furthermore, participants continue to hang on COVID-19 relief discussions where the latest headlines suggested that progress must be made by this Friday or else President Trump is ready to take executive action. ASX 200 (+0.7%) was positive with the index kept afloat of the 6000 level, supported by the commodity-related sectors and with the RBA continuing its QE operations for a 2nd consecutive day. Nikkei 225 (-0.4%) was subdued by a firmer currency and as earnings remained in focus with Honda Motor and Mitsui Engineering & Shipbuilding among the worst hit after posting losses during the prior quarter, while KOSPI (+1.3%) benefitted alongside strength in index heavyweight Samsung Electronics after it unveiled a new phablet, foldable smartphone and wearable products. Hang Seng (-0.7%) and Shanghai Comp. (+0.3%) failed to hold on to early gains with sentiment dampened by a continued PBoC liquidity drain and ongoing US-China tensions with the US said to want untrusted Chinese apps removed from US app stores and President Trump criticized that Hong Kong will not be a successful financial exchange anymore in which the city will dry up and fail. Finally, 10yr JGBs were weaker amid spill-over selling from USTs and with prices also dampened by weaker demand at the 10yr inflation-indexed auction.

Top Asian News

  • India’s Central Bank Holds Rates, Focuses on Financial Stability
  • Thailand Picks Ex-Banker as Finance Chief to Fight Crisis
  • Philippines Raises Budget Deficit Ceiling Until 2022
  • Japan Stocks Fall as Traders Shift Holdings Before Summer Break

A choppy day in European stock markets [Euro Stoxx 50 -0.4%] as losses seen at the open where met with a bout of buying – which took most of Europe into positive territory – but price action thereafter reversed. UK’s FTSE 100 (-1.3%) remains the underperformer in the region in the aftermath of the BoE monetary policy decision, which prompted a firmer GBP thus providing unfavourable currency conditions. On the other side of the spectrum, DAX (Unch) has remained somewhat resilient amid post-earning gains from a number of heavyweights including Siemens (+2.7%) and Adidas (+4.0%) who hold 8.3% and 4.4% weightings respectively. Sectors are mostly lower with the exception of industrials – which benefits from the broader losses across materials – but broader sectors do not show a particular risk bias. The breakdown paints a similar picture and sees Industrial Goods & Services leading the gains, with Travel & Leisure now flat after Lufthansa (Unch) trimmed gains, albeit the Co. reported less dire-than-expected numbers. Individual movers again are largely oriented around earnings: Adecco (+1.1%), Credit Agricole (-0.5%), ING (-0.2%), Glencore (-5.9%) – with the latter narrowing its FY20 copper production guidance after reporting deteriorations in both revenue and adj. EBIT.

Top European News

  • Merck KGaA Lifts Profit Outlook as Pandemic Seen Abating
  • Pound Gains, Bonds Fall as Prospect of BOE Negative Rates Fades
  • Lufthansa Rises as Airline Widens Job Cuts, Analysts Cite Beats
  • Hammerson to Raise $1.1 Billion as Covid Hurts Malls

In FX, EUR/GBP – The cross has drifted back down towards 0.9000 following a much more pronounced Euro retreat from post-German data peaks relative to Sterling after a less pessimistic BoE near term outlook via the latest MPC minutes and MPR. Indeed, Eur/Usd has reversed sharply from 1.1915 to circa 1.1840, while Cable is holding firm on the 1.3100 handle between 1.3113-82 even though the Dollar has clawed back losses against most major counterparts and vs GOLD that has been instrumental in terms of the Greenback’s downfall. Back to the Pound, post-policy meeting comments from Governor Bailey underlined the message that NIRP remains under review and in the toolbox, but not currently on the agenda.

  • DXY/NZD/CAD/AUD – Consolidation, short covering and a technical rebound may all be contributing to the broad Buck bounce after the index breached the prior ytd low, but held close to 92.500 at 92.495 in the run up to Friday’s jobs data. However, 93.000 is capping the recovery for now as US Treasury yields and the curve stabilises amidst dip and block buying after Wednesday’s post-Quarterly Refunding bear-steepening and a bumper NFP print could yet prompt renewed Dollar selling given the likely boost to overall risk sentiment. Nevertheless, the Loonie has pared gains from 1.3250+ towards 1.3300, Kiwi is back below 0.6650 and Aussie sub-0.7200 against the backdrop of retracements in crude and commodities.
  • CHF/JPY – Both displaying degrees of resilience in the context of the aforementioned Greenback revival, as the Franc maintains 0.9100+ status and Yen stays comfortable afloat of 106.00 within a raft of hefty option expiries spanning 105.00 to 106.25 – for full details check out the headline feed at 7.30BST. Ahead, Japanese household spending data may provide some independent impetus for the Jpy before the monthly US labour report.
  • SCANDI/EM – The Norwegian and Swedish Crowns have been undermined by waning risk appetite on top of the downturn in oil prices, with Eur/Nok and Eur/Sek hovering around 10.6400 and 10.3100 respectively even though the single currency remains well off early highs, but the Turkish Lira is plunging further below 7.0000 vs the Dollar and looks destined to revisit record lows (7.2690), at least, as the rout continues and some market participants speculate whether the CBRT is compliant if not complicit with Try depreciation as a means of addressing the country’s deteriorating finances having depleted reserves and approaching the limits of monetary easing. Conversely, a Rupee rebound after the RBI confounded consensus for a 25 bp rate cut and remained on hold, while the Czech Koruna is anticipating the CNB to stand pat later.

In commodities, WTI and Brent futures remain in the doldrums in early European trade as a firmer Dollar and subdued risk sentiment weighs on prices amid a lack of fresh fundamental catalysts for the complex, whilst analysts at JPM have trimmed their H2 2020 pol demand forecast by 1.5mln BPD – potentially on account of second wave woes. On the docket, traders will be eyeing the possible release of Saudi Aramco’s OSPs for September – which could come later this week or early next week according to sources. Expectations point towards an OSP cut to their flagship grade to Asia amid the easing of supply cuts from OPEC+. Elsewhere, spot gold ekes mild gains relative to recent performance and trades on either side of USD 2050/oz, whilst spot silver remains the outperformer, some analysts cite the sharp recovery in global industrial activities coupled with constrained mining activity as factors behind the rally. Finally, Shanghai base metals had. a session of firm gains with prices hitting multi-month highs – with Nickel prices closing higher by almost 3% after a key miner Philippines reimposed lockdown measures, whilst Dalian iron ore rose some 3% on a rosier Chinese steel demand outlook

US Event Calendar

  • 7:30am: Challenger Job Cuts YoY, prior 305.5%
  • 8:30am: Initial Jobless Claims, est. 1.4m, prior 1.43m; Continuing Claims, est. 16.9m, prior 17m
  • 9:45am: Bloomberg Consumer Comfort, prior 44.3

 

3A/ASIAN AFFAIRS

I)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 8.90 POINTS OR 0.26%  //Hang Sang CLOSED DOWN 171.96 POINTS OR 0.69%   /The Nikkei closed DOWN 96.70 POINTS OR 0.43%//Australia’s all ordinaires CLOSED UP .72%

/Chinese yuan (ONSHORE) closed UP  at 6.9493 /Oil UP TO 41.80 dollars per barrel for WTI and 45.13 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED UP // LAST AT 6.9493 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9498 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  : /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

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE/GERMANY/THE GLOBE

Germany Suffers Biggest Jump In COVID-19 Case Since May; Philippines Passes Indonesia As Region’s Biggest Outbreak: Live Updates

Summary:

  • Global cases near 19 million
  • Deaths top 700k
  • Germany reports more than 1,000 new cases for first time since May
  • Philippines now worst outbreak in Southeast Asia
  • Victoria reports another 471 new cases

* * *

The number of new coronavirus cases slowed on Thursday, but the global tally of cases neared 19 million, with the outbreak on track to surpass that number by the end of the week.

The biggest news overnight comes out of Europe, where Germany just suffered its largest jump in new cases since May, with more than 1000 new cases reported in a day.

The Robert Koch Institute reported 1,045 new cases on Thursday, bringing Germany’s total to 213,067. Its death toll is 9,175. This comes as the RKI warns that any figure above 1,000 a day would make it much more difficult for local health authorities to carry out effective tracking and tracing, and to keep the virus under control, Reuters reports.

German schools have begun to reopen in some parts of the country, which has been widely blamed for the uptick in new cases.

Surging case numbers are reviving fears of a return to economically damaging lockdown in Germany.

Health Minister Jens Spahn said on Thursday free compulsory testing would be offered beginning Saturday, although a big factor in the increase on Thursday was a surge in tests being run.

In neighboring Poland, officials will introduce new containment measures against the virus in some of the most badly affected counties after fresh infections set new records in the past weeks. The country will impose limits on restaurants, sport events, mass transportation and weddings in 19 of its 380 counties starting Saturday, said Health Minister Lukasz Szumowski.

Typically quiet Southeast Asia is also seeing some alarming new developments as the Philippines surpasses Indonesia for the biggest outbreak in the region, despite imposing the longest, and most strict, lockdown in the entire region earlier this year.The country reported 3,381 new cases on Thursday (these numbers are reported with a 24 hour delay).

coronavirus cases in the Philippines have now surged to almost 120,000 (119,460 according to Worldometer), eclipsing Indonesia to become the region’s biggest outbreak. The country re-imposed this week a second lockdown on its capital and nearby areas to curb infection spread, even as the economy suffered its deepest contraction on record, shrinking 16.5% in the second quarter from a year ago.

This comes as Q2 GDP data shows Philippines economy shrank 16.5% in the quarter, descending into a deep recession.

FInally, Australia’s Victoria state reported 471 new cases as Premier Daniel Andrews dismissed a report by the Australian newspaper that government modeling showed average daily infections would peak at 1,100 by the end of next week. The state reported a record 725 new cases on Wednesday. Additionally, Aussie PM Scott Morrison warned Thursday that the lockdowns in Victoria (including especially restrictive measures in Melbourne) would shave 2.5% off quarterly growth.

 

UK

Ridiculous!!

(zerohedge)

UK Gives Town Councils Power To Bulldoze ‘Contaminated’ Homes To Contain Outbreak

Britons were shocked and angered this week when an internal government guide meant to inform local councils and town authorities on possible strategies in dealing with rising coronavirus cases throughout the country explored scenarios wherein demolition of ‘contaminated’ homes would be allowed.

It’s unclear if the UK guide, called Covid-19 Contain Framework and produced by the Department of Health and Social Care, was intended to gain broad public circulation, given it contains what’s widely seen as oppressive overkill measures that are absolutely Orwellian and downright tyrannical in terms of the power assumed by local councils.

Here’s the headline in The Telegraph that went viral late in the day Tuesday: Councils can demolish contaminated buildings under powers to stop second coronavirus wave.

 

Illustrative file image, via Inside Edition

This as London fears greater spread from a second wave and hopes to avoid another nationwide lock down. The idea behind the government strategy is that by giving local councils unprecedented powers to curb local spread, more sweeping national measures could be avoided.

But citizens are not impressed, given ‘demolition orders’ could theoretically be issued for the very roofs over people’s heads. The Telegraph report detailed shockingly of the government document:

Local authorities will be able to order the demolition of buildings at the centre of coronavirus outbreaks under draconian powers to contain a potential second wave.

Cars, buses, trains and aeroplanes could also be destroyed subject to the approval of magistrates.

The report flatly states that even retirement or nursing homes and private residences could be “bulldozed” if such interventions are deemed necessary.

The report continues by quoting a passage that seems straight out of some banana republic dictatorship, which it appears the UK is on its way toward becoming (with laws like this):

The document, published by the Department of Health and Social Care, advises councils that, under the Public Health (Control of Disease) Act 1984, they can apply to a magistrate “to impose restrictions or requirements to close contaminated premises; close public spaces in the area of the local authority; detain a conveyance or movable structure; disinfect or decontaminate premises; or order that a building, conveyance or structure be destroyed“.

It raises the possibility that care homes, factories, offices or even private homes could be bulldozed as a last resort if the virus starts to run out of control, although such measures have not been considered necessary during the outbreak.

We wonder, with such immense decision-making authority in the hands of local councils, who will provide checks and balances over those local bodies?

Bulldozers ready to roll through living rooms? It appears that London literally foresees that as a “legitimate” scenario given reference to the Public Health (Control of Disease) Act 1984, and applied within the context of the COVID-19 pandemic.

Currently the UK has over 300,000 confirmed COVID-19 cases, including more than 46,000 deaths. A moderate increase in infections has been observed over the past days, further worrying officials and the public that the next round of drastic lock-down measures are in store.

But hopefully no one’s house is getting bulldozed anytime soon.

END
GERMANY/WIRECARD
Wirecard business partner turns up dead in the Philippines after Mafia links are exposed
(zerohedge)

Key Wirecard ‘Business Partner’ Turns Up Dead In The Philippines After Mafia Links Exposed

Wirecard’s collapse was forestalled for years thanks to Germany’s financial regulator BaFin, which aided the fraud by targeting journalists (most notably the FT’s Dan McCrum) who sought to expose the crude shell game used by the company to mask the fact that 2/3rds of its reported profits were pure make-believe.

Two months after one of Europe’s biggest accounting frauds was exposed by an “independent” report ordered by the company, Wirecard’s ex-CEO is under house arrest as he awaits trial for fraud charges, while his former No. 2, ex-COO (and purported Russian intelligence asset)  Jens Marsalek, remains a fugitive from justice (it’s believed he’s hiding in Russia). FT reporters digging into Wirecard’s shady payments business have recently stumbled upon a disturbing link to one of Italy’s most powerful crime syndicates: The ‘Ndrangheta, a network of organized crime families based in the southern Italian region of Calabria. Apparently, a significant chunk of the “legitimate” profits that Wirecard managed to generate was tied to its work as a de-facto money laundering network for organized crime groups in Italy, Albania and Russia, the FT reports in a story entitled “Wirecard processed payments for Mafia-linked casino”.

Now, one of the owners of a Wirecard “payments partner” based in Manila who received millions of euros in “inward remittances” from the company over his – and was the subject of an FT investigation more than a year ago as the paper was trying to piece together the elaborate shell game being run by the company. That trek took the paper and its reporters to the Philippines, the country where Wirecard claimed to be hiding some $2 billion in profits that auditors never bothered to check.

That man’s name was Christopher Bauer. And as the FT reported Thursday, Bauer, 44, has apparently died under mysterious circumstances just weeks after Philippine authorities said they were investigating Bauer and his wife, Belinda Bauer, in a probe involving Wirecard’s partner businesses.

Bauer and his death was reported to a civil registry in Manila last week. Filipino officials repeatedly told the FT they couldn’t confirm if the Bauer who died was the same one who ran a Wirecard subsidiary that was, apparently, a key player in the company’s sweeping fraud.

Menardo Guevarra, the Philippine secretary of justice, told the Financial Times he had “to determine first if the deceased person is the same person subject of the ongoing investigation”. He would decide whether further investigation into Mr Bauer’s reported death was necessary after obtaining a copy of the death certificate. The Bauers — identified in an Financial Times investigation last year — owned PayEasy as of 2017, according to public filings, and have represented Centurion Online Payment International, a second partner business, in interactions with Wirecard. Mr Bauer in 2015 “reportedly received an inward remittance from Wirecard Asia for consultancy services rendered”, said Mr Guevarra without disclosing an amount.

On closer inspection, Bauer, it appears, was paid hundreds of millions of euros to bring in what appears to be laundered mafia money through digital gaming companies and other clients of PayEasy, the subsidiary that Bauer owned and ran (but was a critical node in Wirecard’s network).

Bauer also appears to have been closely tied to Wirecard’s fugitive COO Jan Marsalek, who is believed to be an operative working with Russian intelligence.

Mr Bauer, who told auditors from KPMG that he was a Wirecard employee before joining PayEasy some 12 years ago, also owned Froehlich Tours, a bus and coach rental business that shares an office with PayEasy in Manila.

At a meeting in Manila in March, Mr Bauer and Wirecard’s fugitive former chief operating officer Jan Marsalek briefed KPMG and EY on PayEasy’s business, telling the auditors that the company specialised in processing payments for “high-risk clients” in online gaming, gambling and porn, according to a special audit by KPMG.

The Philippine authorities are now investigating how immigration records were fabricated to show Mr Marsalek arriving in the country in June and leaving the next day for China. CCTV footage showed no such arrival.

Notices in a German newspaper appear to confirm Bauer’s death, and social media posts made by family members appear to commemorate his death.

On July 27, Mrs Bauer posted an image of a black ribbon on Facebook, while her daughter posted a photo of an urn bearing her father’s name two days later. Mr Bauer’s family on August 1 published a death notice in a regional newspaper in Hesse, Germany, where his parents are living. Mr Bauer’s parents declined to comment. Mr Bauer’s lawyer did not immediately respond to a request for comment. Munich prosecutors, who are leading the criminal probe into Wirecard in Germany, said they had not received any official notice about Mr Bauer’s death. They declined to comment if an arrest warrant against him had been issued.

One shady character hanging out outside Bauer’s home in Manila told a FT reporter that he had died of a “heart attack”. But considering Bauer’s age, that seems unlikely.

Mr Bauer’s cause of death remains unclear. The civil registry declined to comment, citing the data privacy act. A guard at the Bauers’ gated community said he had died of a heart attack. A group of men playing cards outside the Bauers’ house in Manila said the widow could not comment and suggested speaking to her lawyer, whose contact details they declined to disclose. The men were standing by the property’s gate, which was marked by the logo of a local motorcycle club called Iron Cross Sons, whose website features scantily dressed women with Nazi-themed attire.

The men who spoke to the FT reporter at Bauer’s home were apparently members of a motorcycle club based in the Philippines whose members wear Nazi-inspired insignia, according to their website.

Links to Wirecard’s Russian-intelligence-linked COO? Check. Gangs of Nazis bikers hanging out outside his former home to scare off journalists? Check. Evidence that Bauer was a key link between a multinational corporation once listed on the DAX 30 and organized crime syndicates willing to pay for the privilege of efficiently and safely laundering their money? Check.

We suspect that whatever caused Bauer’s death, it probably wasn’t natural.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

LEBANON/HEZBOLLAH

It seems that Hezbollah has been linked to the stockpiles of Ammonium Nitrate

(zerohedge)

Hezbollah Linked To Stockpiles Of Ammonium Nitrate Uncovered In Europe: Report

In the immediate aftermath of the massive explosion that rocked Beirut yesterday, killing over 100 and leaving more than 4,000 injured while leveling an entire district of the city, and leaving destruction up to miles away, both the Israeli government and Hezbollah denied having anything to do with it, or that it was the result of missile attack, sabotage, or bombing.

The official Lebanese government explanation emerged after the prime minister identified that the blast that produced a shockwave and mushroom cloud that even briefly blocked out the sun, was linked to 2,750 tons of ammonium nitrate which had unsafely sat in storage on the port going back to 2013.

But now Israeli and Western media sources are taking a fresh look at Hezbollah’s activities related to the chemical compound commonly used in fertilizer, and which it should be noted was the same used in the Oklahoma City bombing on April 19, 1995.

 

Via BBC/Reuters: An ammonium nitrate explosion can release toxic gases, feared in the wake of the Beirut explosion that leveled parts of the city.

The Jerusalem Post reports Wednesday:

Hezbollah kept three metric tons of ammonium nitrate, the explosive thought to be behind the mega blast in Beirut this week, in a storehouse in London, until MI5 and the London Metropolitan Police found it in 2015.

The Lebanese terrorist group also stored hundreds of kilograms of ammonium nitrate in southern Germany, which were uncovered earlier this year.

While ultimately the report presents no evidence that Hezbollah stores were involved or to blame in Tuesday’s tragic disaster which wiped out the economically vital port area, Israeli media is strongly suggesting there could be a link.

And the report details further based on UK media sources:

A source was quoted in The Telegraph saying the ammonium nitrate was to be used for “proper organized terrorism” and could have caused “a lot of damage.”

MI5 arrested a man in his 40s for allegedly planning terrorist attacks, but did not find evidence that the terrorists were planning an attack in the UK.

…A foreign government reportedly tipped off MI5 to the explosives stockpile. KAN reported that the Mossad gave the UK the information.

“MI5 worked independently and closely with international partners to disrupt the threat of malign intent from Iran and its proxies in the UK,” an intelligence source told The Telegraph.

The investigation that uncovered alleged Hezbollah stockpiles of ammonium nitrate had the involvement of Mossad as well.

 

Via IRNA

All this suggests of course that the narrative surrounding the precise cause of the blast is anything but settled. In the coming days accusations and counter-accusations will likely continue to grow as old enemies in the region find new suspicions and reasons to accuse.

Given the new UK and Israeli media accusations that Hezbollah has long been seeking and storing highly explosive ammonium nitrate, it will be interesting to see if Pompeo’s State Department runs with any of this. Will the accusations be used to bring Hezbollah in Washington’s cross hairs once again?

However, we struggle to see what Hezbollah could stand to gain in blowing up its own country, where the Shia paramilitary group even has members represented in parliament, and maintains hospitals in Beirut.

END

The explosion in Beirut sinks a nearby cruise ship

\(zerohedge)

Massive Beirut Explosion Sinks Nearby Cruise Ship

Tuesday’s massive explosion in Beirut, Lebanon, has so far claimed the lives of 135 people and injured around 5,000. The cause of the explosion was 2,700 tons of ammonium nitrate, sitting unsecured in a warehouse at the Port of Beirut.

Beirut’s governor, Marwan Abboud, said damage from the blast is widespread and extends over half of the city, with the cost of the damage estimated to be more than $3 billion.

For more color on the sheer destruction, Dutch newspaper De Telegraaf cited Lebanese news agency National News Agency (NNA), which reports the blast also sunk a nearby cruise ship.

The Orient Queen, owned by Abou Merhi Cruises, measures an overall length of 400 feet long, was sunk by the ammonium nitrate explosion.

After the explosion, the vessel was severely left listing to the starboard, with two crew members killed and several injured.

The vessel eventually capsized hours later.

Here’s a video of the capsized vessel.

A satellite image via Maxar captured the sunken cruise ship.

One can only speculate this wasn’t a normal ‘explosion’.  

end
Quite a story:  now we know how the huge amount of ammonium nitrate arrived at the port of Bierut.
(zerohedge)

“He Abandoned The Deadly Cargo”: Meet The Mysterious Businessman At Center Of The Beirut Blast Saga

Thus far an official ongoing investigation by Lebanese authorities into the cause of Tuesday’s Beirut port blast, now considered the largest non-military munitions explosion in history, has dubbed it severe “negligence”.

It’s now well known that over 2,500 tons of ammonium nitrate, an ultra-combustible chemical compound utilized in fertilizers and production of explosives, was allowed to sit at the port in a warehouse going back seven years.

Specifically, President Michel Aoun identified that it was no less than 2,750 metric tons of ammonium nitrate that detonated as it was “stored unsafely” — though port officials reportedly attempted to warn the government for years that it must be moved. A number of port officials have been placed under house arrest pending the investigation.

 

An undated photo of the vessel Rhosus, via The National/EPA

Customs chief Badri Daher has told international media that his agency pleaded with Lebanese courts and high officials to order the chemical removed. Daher says the request for urgent removal was made six times to the judiciary over the years, all denied.

“This did not happen,” he said. The end result after the dangerous chemical — which is the same use in the deadly 1995 Oklahoma City bombing — was stored there since 2013 (also in undiluted form), was the most destructive blast in Lebanese history, killing over 135 people and injuring more than 5,000 – not to mention an estimated three billion dollars in damage.

“Legal documents, court correspondence and statements by public officials now trying to pass the buck shed light on the operations of the port, which has been dogged by allegations of widespread bribery and controlled in large measure by the militant Hezbollah group,” The Washington Post reports.

And the almost unbelievable story of how the explosive substance got there has emerged. It’s centered on a derelict and leaking vessel leased by a Russian businessman living in Cyprus. In 2013 the man identified as Igor Grechushkin, was paid $1 million to transport the high-density ammonium nitrate to the port of Beira in Mozambique. That’s when the ship, named the Rhosus, left the Black Sea port of Batumi, in Georgia.

 

UK Daily Mail and The Siberian Times has published the above photograph of Igor Grechushkin, reported to be still residing in Limassol, Cyprus with his wife. Image: Ren TV

But amid mutiny by an unpaid crew, a hole in the ship’s hull, and constant legal troubles, the ship never made it. Instead, it entered the port of Beirut where it was impounded by Lebanese authorities over severe safety issues, during which time the ammonium nitrate was transferred off, and the largely Ukrainian crew was prevented from disembarking, leading to a brief international crisis among countries as Kiev sought the safe return of its nationals.

Meanwhile, Igor Grechushkin – believed to still be living in Cyprus – reportedly simply abandoned the dangerously subpar vessel he leased, as well as its crew, never to be heard from again.

According to a damning legal briefing at the time:

“…the vessel was abandoned by her owners after charterers and cargo concern lost interest in the cargo. The vessel quickly ran out of stores, bunker and provisions.”

The ammonium nitrate was supposed to be auctioned off, but this never happened. Apparently exasperated customs and dock officials even suggested Lebanese farmers could simply spread it across their fields for a good crop yield. But not even this simple solution was heeded, nor proposals to give it to the Lebanese Army.

 

During the standoff which created a diplomatic rift between Ukraine and Lebanon: the largely Ukrainian crew was prevented from leaving the ship, even at times struggling to get food.

Via The Siberian Times: “The crew – eight Ukrainian and two Russian men – was forced to stay on board of the vessel while the owner Grechushkin declared himself bankrupt and ‘abandoned the ship’. Lebanese authorities agreed to let six out of ten sailors to leave the country, others were left stranded on the ship for almost a year

Instead the deadly substance languished at port, and the Rhosus sank in the harbor years later. The last crew members weren’t allowed to leave the ship and return home until August 2014. Grechushkin may have paid for their return tickets at that time.

WaPo relates:

“Owing to the risks associated with retaining the Ammonium Nitrate on board the vessel, the port authorities discharged the cargo onto the port’s warehouses,” lawyers acting on behalf of creditors wrote in 2015. “The vessel and cargo remain to date in port awaiting auctioning and/or proper disposal,” it added.

And then later, more warnings, which apparently are in writing in legal documents:

“In view of the serious danger posed by keeping this shipment in the warehouses in an inappropriate climate,” Shafik Marei, the director of Lebanese customs, wrote in May 2016, “we repeat our request to demand the maritime agency to re-export the materials immediately.”

Astoundingly, even lawyers which had represented the effectively abandoned crew of the ship (which Ukrainian media at the time said were “hostages” of the Lebanese government) while it had been detained at port warned Lebanese government officials that the sensitive cargo was in danger “of sinking or blowing up at any moment”. 

Yet these series of warnings went unheeded for years amid a notoriously corrupt and inept Lebanese system.

Meanwhile, the fate of the man originally at the center of the saga, whose decision to simply abandon the leaky ammonium nitrate laden ship in the first place, remains somewhat of a mystery and is now largely being overlooked in international media reports. Strangely, it doesn’t even appear that Lebanese law enforcement is eager to talk to him just yet.

Cypriot media is saying Igor Grechushkin is not a Cypriot passport holder but is indeed residing in the EU country. Local authorities have indicated they are ready to bring him in for questioning, but they haven’t received a request from either Lebanese authorities or Interpol. Cypriot police spokesman Christos Andreou announced Thursday: “We have already contacted Interpol Beirut and expressed our readiness to provide them with any assistance they need, if and when our assistance is requested.”

Why hasn’t this happened? So far a few scant details have emerged via a Russia-based English language publication called The Siberian Times. It’s also included what it says is the first photograph to have emerged of Grechushkin.

The publication reports the following details:

‘The owner of the ship Igor Grechushkin effectively abandoned the ship and the remaining crew.’

‘He is not providing us with money, he completely deprived us of all means of communication.

‘He told us that he went bankrupt and while I don’t believe him, the most important thing is that he gave up on both the people and the cargo’, wrote captain Boris Prokoshev back in June 2014 in a desperate plea to international organisations, diplomats, authorities of Ukraine and the authorities of the port of Beirut to release them.

Igor Grechushkin is reported to be still residing in Cyprus with his wife.

The Daily Mail has since republished the photographs of Grechushkin and his wife, writing that the Russian businessman “currently lives in Cyprus with wife Irina – has been accused of abandoning his ship in Beirut loaded with the lethal load.”

Given that Lebanese officials are now decrying a “crime against humanity” in having stored the deadly cargo at the port in the first place, one would think Grechushkin would at least be subject of investigation along with whatever top Lebanese officials willfully ignored the ticking time bomb in their midst

 

.end

War drums? Not a chance of happening
(South Front)

War Drums Beat In The Middle East After Thousands Of Casualties In Beirut Explosion

Submitted by SouthFront

On the evening of August 4th, a massive explosion rocked the port of the Lebanese capital of Beirut, causing devastating damage and leaving thousands of casualties. The explosion sent a shockwave across the city and blew out windows up to 10 kilometers away. It was felt as far away as Cyprus in the Mediterranean Sea.

As of the morning of August 5th, the number of reported fatalities exceeded 100, with at least 4,000 people reported  injured. At least 48 staff members of the United Nations and 27 members of their families were among the injured. 10 rescuers involved in the operation to contain the damage and to help people have been reported killed.

Initial reports suggested that the explosion may have been caused by an incident in the firework storage area. However, later, Lebanon’s Prime Minister Hassan Diab said that 2,750 metric tons of ammonium nitrate, which is typically used as an agricultural fertilizer, had been stored for six years at a port warehouse without proper safety measures, “endangering the safety of citizens.”

This statement was backed by General Security chief Abbas Ibrahim, who said a “highly explosive material” had been confiscated years earlier and stored in the warehouse, just minutes’ walk from Beirut’s shopping and nightlife districts.

It is still unclear what caused the explosion itself thus laying the ground for various speculations in mainstream media outlets and on social media platforms. In particular, reports suggested that a number of Hezbollah members were in the port area at the moment of the explosion. This immediately caused reports that this may have been a result of some Israeli attack, for example sabotage actions or a somehow unnoticed missile strike, and that the site of the explosion was in fact a part of the Hezbollah military infrastructure.

The Israeli Defense Forces did not officially comment on these speculations. Israeli media, which are often eager to promote supposed Israeli military victories, claimed that Israeli forces did not attack Beirut. In their turn, Hezbollah denounced reports that the explosion happened on one of their sites saying that there was no Israeli attack on August 4.

Nonetheless, it seems that the US leadership has a quite different point of view. Commenting on the situation after a meeting with military officials, President Donald Trump claimed that the incident was an attack. “They seem to think it was an attack. It was a bomb of some kind,” Trump said.

Whatever the real cause of the tragedy turns out to be, the Beirut explosions have already fueled tensions in the region. And despite comments by Hezbollah and Israeli media that it was not a military incident, the warring sides are actively accusing each other. Comments by the US President about a supposed attack on the Beirut port do not make the situation any easier.

Taking into account the recent series of military incidents on the Israeli-Lebanese contact line, and in the Israeli-occupied area of the Golan Heights, any new border provocation may easily lead to a larger escalation. The years of war propaganda and military confrontations together with increased tension within Israeli and Lebanese society respectively have already created conditions in which a further, even small, military incident may appear to be enough to provoke a larger war in the region. This large war is in no interest of Tel Aviv or Hezbollah because it will obviously have a devastating impact on both Israel and Lebanon. In this light, it is especially interesting that the Trump administration is making statements that would contribute to this scenario. There is a chance that in a time of a deepening social and political crisis in the US on top of a complicated economic situation in the runup to the next US Presidential election, some hotheads may believe that a new, theoretically ‘victorious’ war in the Middle East, could help them to remain in power.

end
Turkey
Full blown crisis is at hand in Turkey as the lira crashes
(zerohedge)

Turkish Lira Crashes To Record Low, CDS Spike As ‘Plan Z’ Fails

Despite Turkey’s draconian “Plan Z” measures where it effectively nationalizes the FX market,  the world is rejecting Turkish Lira today, sending Erdogan’s currency to a new record low against the dollar…

Additionally, the CDS markets are starting to price in an economy is on the verge of collapse,

A view, as we recently detailed, reaffirmed by the FT which writes that Turkey’s tourism sector – a key source of economic growth – continues to reel due to convid.

At this time of year, Murat Tugay, who runs the 240-room Hotel Aqua in the Mediterranean resort of Marmaris, should be dealing with a packed guestbook and all the challenges of peak season. Instead, the hotel is closed and Mr Tugay is banking on a late summer recovery. “We still have August. We still have September,” he says.

This implosion in Turkey’s tourism sector comes at a time when President Recep Tayyip Erdogan has been desperately seeking to assure the population (and much needed foreign investors) that all is well, hailing a sharp fall in interest rates and praised measures taken to block “malicious” attacks on the Turkish lira. Such steps, he said, were “strengthening the immune system of our economy against global turbulence.”

That could not be further from how most economists see the Turkish picture. The collapse in tourism as a result of the coronavirus pandemic has left a gaping hole in the country’s finances. Foreign investors have fled, pulling out a large volume of funds from the country’s local-currency bonds and stocks over the past 12 months.

In the face of those outflows, the country has burnt through tens of billions of dollars of reserves this year in a bid to maintain an unofficial currency peg – a move that marks a rupture with a two-decade policy of allowing a free float. But, in a sign that those efforts are floundering, as we showed last week, the lira lurched towards a record low against the dollar even as authorities spent billions trying to defend it.

And now, it appears that Turkey is running out of reserves to sell and “control” the lira, and instead it is resorting to the bazooka approach, one which it can use to nuke the occasional short here and there, but which in the longer run will cripple the Turkish economy, and merely accelerate its downfall.

And sure enough, after the lira briefly strengthened in the spot market on Tuesday – as a result of record surge in overnight rates – it has promptly plunged to a new record low again suggesting that it is no longer shorts that are in the driver’s seat, that Turkey’s panicked attempt to punish them will have little impact on the continued decline in the currency, and that a full blown currency crisis in Turkey may be about to hit.

Finally, things are not about to get any better for the ,as we noted recently, it is not surprising that young Turks in the 21st century do not want to be strangled by the unpredictable dictates of an Islamist regime. Erdoğan might sit down and ask himself: Why do the youths whom he wanted to make “devout” want to flee their Muslim country and live in “infidel” lands?

end

6.Global Issues

Michael Every of the falling dollar, the rise of gold and the fall in the Turkishlira

(Michael Every)

Rabo: “Everything Can Appear ‘Hunky-Dory’…Until The Real Money Runs Out”

Authored by Michael Every via Rabobank,

Where’s The Beef In This Word Salad?

It’s summertime, and the living isn’t easy – except for the lazy analysis in the summertime market analysis ‘word salads’ we are being fed, which miss the real beef of what is going on,

The US dollar had another bad day Wednesday. No doubt about it, it was mostly unloved. Not against all EM FX, however. TRY, for example, is this morning at 7.05 at the time of writing, and is likely to test much lower yet if the underlying fundamentals —like not having any FX reserves— don’t change. (Which also means EUR/TRY has moved from 6.67 to 8.42 year-to-date by the way.)

One of the big differences for USD this time round, however, was that the Chinese currency suddenly decided it was a developed currency and not an EM one. It also decided to show that widespread –and very real– concerns about the underlying fundamental of a lack of USDs in its vast economy too (at least in relative terms to is size) are misplaced, honest guv: just look at the never-ever-changing USD3.xx trillion in FX reserves! Indeed, USD/CNY was at 6.94 this morning. (Which means EUR/CNY is handily at 8.24, up from 7.81 at the start of 2020. Europe will love that.)

Here’s some of the beef: CNY or CNH are not markets that operate as other markets do, which today is no longer saying as much as it once did, sadly. Both are a political virtue-signalling device rather than something based on real supply and real demand. And right now it suits China to look virtuous ahead of the 15 August phase one trade deal review.

Here’s the rest of the beef: the same global markets that were so desperate for USD back in March that the USD had to extend hundreds of billions of USD in swap-lines to keep them from crashing are now apparently hating the USD so much that we see report after report about how the Dollar is unloved and it’s day is over.

Provided that we all pretend that our economies have fully healed from Covid-19 with no major structural damage, and that central-bank and government stimulus can carry on paying us 80% of salary to go on holiday as normal, and that the US will continue to always bail everyone out as needed with no questions asked, then yes, feel free to sell USD and kick it while it is down (all the way to the level before the crisis began on broad trade-weighted terms).

Just don’t’ forget what you will come screaming for as soon as we see that there is no proper recovery, that there is major structural damage, that government stimulus cannot carry on paying us 80% of salary forever, and neither can the US will continue to always bail everyone out as needed with no questions asked.

And, delicious as they are in hot weather, please don’t eat the word salads. Bloomberg offers this crunchy green take today, for example, repeated in full here:

USD/CNH is heading lower in the near term and is protected against a sharp correction by the high cost of shorting the yuan. With less than three months to go until the US elections the yuan will be on alert for rhetoric which could weaken it. Yet, thanks to contrasting monetary policies between the Fed and PBOC there is a built in defense mechanism. One year CNH forward points are running at the highest since late 2017, even though spot USD/CNH has been steadily falling for several weeks. The forwards reflect lower USD yields and the PBOC putting rate cuts on hold. And with the PBOC moving away from expansive monetary easing that will sustain relatively high yuan yields. In contrast the Fed is in no position to end its very accommodative policy with the U.S. economy in contraction. Which means it is expensive to short the yuan and that could deter some traders from selling aggressively in the near term. As long as the PBOC continues to maintain an orderly fixing regime the downside for CNH is limited.

Some of the ingredients above are true, and I have seen so, so many reports that are so, so much worse. Pages must be filled I suppose. (Look who’s talking! I just filled a whole in and most of you didn’t notice! J) To dismantle this salad:

Yes, China has higher rates, which strangely didn’t matter in FX two days ago…but it hasn’t slashed rates because it CAN’T; and it can’t because it is trying to hold a soft peg against USD with not enough FX reserves to back it up, relatively even with capital controls. Yes, there is going to be a US election –and a trade deal review– and this is virtue signal to say ‘we are playing nice!’…because they know what happens if they don’t: it isn’t CNY positive at all. Yes, it is expensive to short CNY, just as it is to short TRY, which has not saved it once the US ran out, has it? And, yes, the PBOC certainly has “an orderly fixing regime” – which is another way of saying it IS NOT AN ACTUAL FREE MARKET, but one where we are TOLD what the value is and where capital controls prevent any ‘haggling’. Why is this obvious fact slathered in layers of mayo to try to disguise how unpalatable it actually is?

Is this all clear on a hazy summer day? Allow me to summarise again:

We are deluding ourselves that we are recovering back to the status quo ante. We aren’t. We are deluding ourselves stimulus to shield us can be sustained forever everywhere. It can’t. We are deluding ourselves the US will be there next time for everyone as desired. It won’t be for some. So, yes, word-salad chefs, everything can look hunky dory due to marvellous, magical , magnificent central-bank liquidity, not the day-to-day jiggery-pokery,…right up until the REAL money runs out; which as Turkey and Lebanon prove, and China is desperate not to prove, is still USD and not the local equivalent. (And as Brazil, with rates art just 2% and negative real rates also risks showing – again.)

Or, if you are a real USD bear, then it is gold and not any fiat currency at all. In which case, real businesses should be panicking and markets collapsing, because a wrenching deflationary accounting and international-trade adjustment that will make the Covid crisis look like a normal day in the office is what looms for years during the transition away from fiat. Yes, you can buy stocks and gold in tandem and do well in the short term – but logically it’s word salad as an end-game.

Anyway, I leave you all to ice-cream, sun-cream, cold beer or wine, and what will no doubt be another very generous serving of word salad from the media today.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1847 DOWN .0026 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 105.48 DOWN 0.082 (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 1.3170   UP   0.0046  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3291 UP .0025 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 26 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1847 Last night Shanghai COMPOSITE CLOSED UP 8.90 POINTS OR 0.26% 

 

//Hang Sang CLOSED DOWN 171.96 POINTS OR 0.69%

/AUSTRALIA CLOSED UP 0,72%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 171.96 POINTS OR 0.69%

 

 

/SHANGHAI CLOSED DOWN 8.90 POINTS OR 0.26%

 

Australia BOURSE CLOSED UP. 72% 

 

 

Nikkei (Japan) CLOSED DOWN 96.70  POINTS OR 0.43%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 2052.95

silver:$28.09-

Early THURSDAY morning USA 10 year bond yield: 0.522% !!! DOWN 3 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.190 DOWN 3  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 92.89 UP 2 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.30% DOWN 2 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: 0.28%//DOWN 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD: 0.93 DOWN 4 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 65 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.31% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.46% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1877  UP     .0006 or 6 basis points

USA/Japan: 105.43 DOWN .136 OR YEN UP 14  basis points/

Great Britain/USA 1.3162 UP .0036 POUND UP 36  BASIS POINTS)

Canadian dollar DOWN 13 basis points to 1.3277

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9535    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.94793  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.2173 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.01%

 

Your closing 10 yr US bond yield DOWN 4 IN basis points from WEDNESDAY at 0.518 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.19 DOWN 4 in basis points on the day

Your closing USA dollar index, 92.93 UP 6  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 77,78  1.27%

German Dax :  CLOSED DOWN 68.57 POINTS OR .54%

 

Paris Cac CLOSED DOWN 48,21 POINTS 0.98%

Spain IBEX CLOSED DOWN 81,80 POINTS or 1.15%

Italian MIB: CLOSED DOWN 265.05 POINTS OR 1.34%

 

 

 

 

 

WTI Oil price; 42,31 12:00  PM  EST

Brent Oil: 45.63 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.28  THE CROSS HIGHER BY 0.31 RUBLES/DOLLAR (RUBLE LOWER BY 31 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.53 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 :  42.04//

 

 

BRENT :  45.15

USA 10 YR BOND YIELD: … 0.54..down 2 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.20..down 3 basis points..

 

 

 

 

 

EURO/USA 1.18720 ( DOWN 8    BASIS POINTS)

USA/JAPANESE YEN:105.55 DOWN .015 (YEN UP 2 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.84 DOWN 3 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3142 UP 17  POINTS

 

the Turkish lira close: 7.2194

 

 

the Russian rouble 73.37   DOWN 0.40 Roubles against the uSA dollar.( UP 40 BASIS POINTS)

Canadian dollar:  1.3399 DOWN 35 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.52%

 

The Dow closed UP 185.46 POINTS OR 0.68%

 

NASDAQ closed UP 141.65 POINTS OR 1.25%

 


VOLATILITY INDEX:  22.67 CLOSED DOWN .32

LIBOR 3 MONTH DURATION: 0.242%//libor dropping like a stone

 

USA trading today in Graph Form

The Endless Melt Up: Gold And Silver Soar, Global Stocks Turn Green For 2020; Apple $2 Trillion Any Second

Yesterday we compared this centrally-planned joke of a “market” to a physical class, one in which Newton’s first law was on full display, to wit:

These days Newton’s first law is as applicable in physics as it is in capital markets, because despite growing concerns about a new wave of covid infections, chaos and confusion over the passage of a new stimulus wave, a V-shaped surge in projected earnings, not to mention the all too real possibility that Joe Biden will be US president in 3 months, stocks continue to move in an upward motion, unperturbed by anything, with the Nasdaq hitting its 31 new all time high of 2020 and rising above 11,000 for the first time ever on the back of the 5 FAAMG stocks but mostly the AAPL juggernaut, which despite taking a rest today on a BofA downgrade is up a staggering quarter of a trillion dollar in market cap just since its earnings report last Thursday.

Fast forward to today when there clearly wasn’t a sufficient powerful force to change the market’s inertia, and the meltup has continued across all asset classes, with investors flooding into stocks, bonds, and pet rocks…

… send the MSCI All-Country Index green for the year, as if the biggest economic crash since the Great Depression never happened…

… with AAPL – whose market cap alone is now 7% of the entire S&P500 – is more than 100% higher from its March 23, lows, adding a third of a trillion dollars in market cap in the past week alone, and now just fractions away from a $2 trillion market cap.

As Bloomberg notes, the pause in the leadership of the mega-cap technology stocks is over, as evidenced by their dominance today. Nearly all of the S&P 500’s 18-point gain can be explained by five stocks: Apple, Facebook, Microsoft, Amazon and Alphabet. That’s how the index can rise even though 54% of its stocks are down at the moment. Among the group on pace for all-time closing highs: Apple, Amazon and Facebook.

However even AAPL’s stunning move pales in comparison to the 150% surge in silver from its March lows.

All of this is happening as expectations of a deflationary singularity have sent the 10Y real rate to a new all time record low of negative -1.10%

Gold has benefited mightily from the collapse in real yields, and has hit another all time high today…

… and up 14 of the past 15 days.

Meanwhile, unlike yesterday when the S&P went catatonic after the overnight ramp, today the Emini which is now just over 1% or some 40 points  away from its all time high, spiked higher in the afternoon, led as usual by the old faithful FAAMGs.

And while there has been a bit of a nudge higher in currency volatility…

… Overall, it was an extremely boring day, in which the VIX dropped to a new post crisis low, which is precisely what one would expect from centrally-planned markets.

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

Initial claims still very high as well as continuing claims

(zerohedge)

Ahead Of “Big Jobs Numbers”, Initial/Continuing Claims Offers ‘Positive’ Surprise

Initial Jobless Claims was above a million last week for the twentieth straight week, but, after two straight week of rising, fell last week from 1.435mm last week to ‘just’ 1.186 million new Americans signing up for jobless claims for the first time.

 

Following yesterday’s plunge in ADP payrolls, Continuing Jobless Claims confounded and fell (improved) after rising last week for the first time in eight weeks…

 

A total of 55.31 million Americans have now applied for jobless benefits for the first time since the pandemic lockdowns began (that’s over 330 layoffs for every COVID death in America), and massively more than the 22.1 million during the great financial crisis.

 

However, as Michael Snyder detailed previously, under the surface of these numbers, things are far from rosy looking forward.

When millions of Americans were losing their jobs at the beginning of this pandemic, we were told not to worry because the lockdowns were just temporary and virtually all of those workers would be going back to their old jobs once the lockdowns ended.  Well, now we are finding out that was not even close to true.  Over the last 18 weeks, more than 52 million Americans have filed new claims for unemployment benefits, and a very large percentage of them are dealing with a permanent job loss.  In fact, one brand new survey discovered that 47 percent of all unemployed workers now believe that their “job loss is likely to be permanent”.  The following comes from a USA Today article entitled “Almost half of all jobs lost during pandemic may be gone permanently”

In April, 78% of those in households experiencing job loss felt that that situation would be temporarily. But now, 47% think that job loss is likely to be permanent, according to The Associated Press-NORC Center for Public Affairs Research.

What that number tells us is that we are facing the worst employment crisis since the Great Depression of the 1930s.

All of those permanently unemployed workers are eventually going to need new jobs, but meanwhile the U.S. economy as a whole is in a free fall that is absolutely stunning.  On Thursday, we are scheduled to get the GDP number for the second quarter, and everyone is expecting that it will be really bad

Data due Thursday are forecast to show U.S. gross domestic product plummeted an annualized 34.8% in the second quarter, the most in records dating back to the 1940s, after the spread of Covid-19 prompted Americans to stay home and states to order widespread lockdowns.

This downturn has been particularly hard on small businesses.  Just check out these numbers

  • Yelp reported 71,500 businesses that were listed on their site have closed for good since March 1.
  • 80% of independent restaurants aren’t sure they’ll survive the COVID-19 pandemic.
  • Nearly half of all small-business members of the San Francisco Chamber of Commerce lost 100% of their sales or closed down completely.

What a nightmare.

But the third quarter was when the U.S. economy was supposed to come roaring back to life.

We were told that it would be the greatest economic comeback in our history, but instead the numbers are telling us that the economy is actually starting to slow down once again.

In fact, U.S. consumer confidence in July is much lower than it was in June…

U.S. CONSUMER confidence fell in July to a reading of 92.6 as coronavirus cases surged around the country, shuttering some bars and other businesses and raising concerns about the future of the economy.

The Conference Board reported Tuesday that the index fell in July from a reading of 98.3 in June. The drop is more significant than economists predicted, and is due mainly to a decrease in consumers’ economic expectations for the short-term future.

In addition, we just witnessed the largest decline in wholesale inventories since the peak of the last financial crisis

June was supposed to be the month of second-derivative beats in economic data, reaffirming the manic bid in stocks. For Wholesale Inventories it was not.

Against expectations of a rebound from a 1.2% drop in May to a 0.5% drop in June, wholesale inventories actually tumbled 2.0% MoM, the worst since the peak of the great financial crisis…

So it doesn’t look like any sort of a “recovery” is happening.

Instead, it appears that we are sliding into the next chapter of this new economic depression.

In June, 19 percent of all U.S. small businesses were closed, but now that number is up to 24.5 percent.

That certainly isn’t progress.

With each passing day, more companies are announcing layoffs.  And every worker that gets laid off is another American that doesn’t have a paycheck to spend.  During the last recession, millions of Americans slid out of the middle class, and we are watching it happen again.

Our elected leaders in Washington are desperate to do something about this, and almost all of them seem to agree that more socialist programs are the answer.  A fifth “stimulus bill” is being put together but remains stuck in gridlock, and the Urban Institute is warning that if Congress does not hurry we could see the poverty rate in this country rise substantially

Millions more Americans will be thrown into poverty if Congress fails to enact three policies meant to help families get through economic hardships related to the pandemic, according to a new study by the Urban Institute.

The report finds that the poverty rate for the last five months of 2020 will rise to 11.9% if expanded unemployment-insurance benefits, a second round of stimulus checks, and increased SNAP allotments are not approved, a significant increase over the projected annual rate of 8.9%.

If the Urban Institute thinks that an 11.9 percent poverty rate is bad, just wait until they see what things will be like in this country a few years from now.

Our entire system is in the process of melting down, but it will take some time for the drama that we are watching to fully play out.  Our leaders in Washington and the bureaucrats over at the Federal Reserve will keep flooding the system with money in a misguided attempt to fix things, and this will result in exceedingly painful inflation.

The cost of everything (including essentials such as food) will be going way up, and that means that your money will increasingly become less and less valuable.

If you could print your way to prosperity, Venezuela and Zimbabwe would be the wealthiest nations on the entire planet today.

At this point, almost everyone in Venezuela is a “millionaire”, but almost everyone is also living in extreme poverty.

History has shown that wildly printing money doesn’t work, but the U.S. is going down the exact same path, and it isn’t going to be pretty.

Even though things are quite crazy out there right now, this is our window of opportunity to get prepared for the troubled times that are ahead, because things are not going to be getting any easier from here on out.

*  *  *

And with the latest round of virus relief continuing to be stuck in gridlock, we suspect things will get depressingly worse before they get better.

end

Job-cut announcements surge 54% in July to third- highest on record: Challenger

Aug. 6, 2020 at 7:30 a.m. ET

MarketWatch

Job cuts announced by U.S.-based employers jumped in July to 262,649, the third-largest monthly total ever, according to global outplacement firm Challenger, Gray & Christmas. July’s total is 54% higher than the 170,219 job cuts announced in June. Last month’s cuts bring the yearly total so far to 1.85 million, up 212% from the 592,556 cuts at this time last year, Challenger said.

-END-

iii) Important USA Economic Stories

That did not take long:  USA cruise operators halt voyages after two ships were hit with outbreaks

(zerohedge)

US Cruise Operators Halt Voyages Until Oct. 31 After 2 Ships Hit By Outbreaks Amid Restart

No doubt among the hardest hit industries globally has remained cruise ships. As late as May and June there were still cruise ships essentially stranded as ports refused them entry while outbreaks on board raged among passengers and crew.

Even as some companies have tepidly tried to resume operations in the past weeks, the moment a single COVID-19 case appears on board, all operations have had to be suspended as we noted days ago with the Amundsen.

“One of the first cruise ships to resume overnight sailing in U.S. waters since the coronavirus shut down the cruise industry earlier this year has reported one case of COVID-19 on board,” USA Today reports Wednesday.

It happened on board UnCruise Adventures’ Wilderness Adventurer ship, and all aboard have been ordered to remain in their rooms on ship “until the State of Alaska deems it safe for them to return home,” according to an alert on the cruise line’s website.

And then there’s this ongoing disaster first reported Monday:

At least 41 passengers and crew on a Norwegian cruise ship have tested positive for Covid-19, officials say.

Hundreds more passengers who travelled on the MS Roald Amundsen are in quarantine and awaiting test results, the company that owns the ship said.

The ship, which belongs to the Norwegian firm Hurtigruten, docked in the port of Tromso in northern Norway on Friday.

That number has since grown, and is expended to rise as more tests come back in.

The fact that already two ships have been hit by separate outbreaks a mere few weeks after the industry attempted to restart has resulted in US cruise operators, through the Cruise Lines International Association (CLIA), jointly agreeing to suspend all ocean voyages with passengers until at least October 31.

Reuters reports of the major Wednesday announcement:

The Cruise Lines International Association said its members, which include the three biggest U.S. cruise operators Carnival Corp, Norwegian Cruise Line Holdings Ltd and Royal Caribbean Group, would revisit a possible further extension on or before Sept. 30.

The U.S. Centers for Disease Control and Prevention (CDC) has a no-sail order for all cruise ships through next month’s end.

The cruise industry has been among the worst hit by the pandemic, with ships in Japan, Australia and California making headlines for the spread coronavirus cases onboard.

“This is a difficult decision as we recognize the crushing impact that this pandemic has had on our community and every other industry,” CLIA said. “CLIA cruise line members will continue to monitor the situation with the understanding that we will revisit a possible further extension,” the statement said. “At the same time, should conditions in the U.S. change and it becomes possible to consider short, modified sailings, we would consider an earlier restart.”

While the airline industry has also suffered major slowdowns and setbacks, passenger airplanes have remained largely immune from the types of clearly traceable outbreaks that have devastated the cruise ship industry.

Many speculate that its not only the long term close quarters nature of a cruise ship, including buffets, tight hallways, and elevators, but also possibly the common ventilation systems aboard.

end

Isasas aftermath still leaves two million without power in the Northeast

(zerohedge)

Isaias Aftermath: 2 Million Still Without Power Across Northeast; At Least 12 Tornados Confirmed

Tropical Storm Isaias is long gone, but there’s widespread damage along the East Coast and more than 2 million homes in the Northeast without power.

According to PowerOutage.US, 2.2 million of the 6.4 million affected electric customers remain without power in the aftermath of Isaias.

PowerOutage.US said utility workers from across the nation have responded to East Coast states to aid in the recovery effort to restore power. So far, 65% of affected customers have seen their lights turned back on.

From the Carolinas to the Delmarva Peninsula to New Jersey to New York City, Isaias unleashed tropical storm conditions earlier this week. For those who are curious, here’s the full track map of the storm:

At one point, nearly 100 tornado warnings were issued across ten states as the storm raced up the East Coast.

Isaias spawned at least a dozen confirmed twisters.

Here’s some video of the damage:

The aftermath of a tornado in Doylestown, Pennsylvania.

Buildings ripped apart in Dover, Deleware.

Tornado touched down in Cape May, New Jersey.

Homes damaged in Maryland.

“Damage from isaias in Courtland va  I worked down there today it was unreal first real tornado damage I’ve seen first hand,” said one Twitter user.

What Americans saw on the news this week…

end

iv) Swamp commentaries)

First Twitter and now Facebook deletes Trump posts

They must stop these clowns!

(zerohedge)

Twitter Follows Facebook, Deletes Trump Campaign Post Over COVID-19 “Misinformation”

Update (2052ET): Hours after Facebook nuked a clip of President Trump telling “Fox & Friends” that children are “almost immune” to COVID-19, Twitter has followed suit – reportedly locking the Trump campaign account and deleting the offending tweet, according to the Washington Post (which erroneously reported that Twitter had banned Trump’s personal account).

Twitter spokesperson Liz Kelley told the Post that the tweet “is in violation of the Twitter Rules on COVID-19 misinformation. The account owner will be required to remove the Tweet before they can Tweet again.”

As of this report, the tweet appears to have been removed from the @teamtrump timeline. It is unclear if the account can post once again.

*  *  *

Just when Mark Zuckerberg really looked to be making inroads with Trump and his inner circle by resisting a corporate ad boycott on the grounds that it was a misguided attempt to push more conservative voices off the world’s most popular social media platform, Facebook on Wednesday removed a post from the president’s page for containing allegedly “false and misleading” information about the coronavirus.

The post that was removed contained a snipped from a Fox & Friends morning interview with Trump from earlier Wednesday where the president claimed young children are “almost immune” to the virus.

“This video includes false claims that a group of people is immune from COVID-19 which is a violation of our policies around harmful COVID misinformation,” a Facebook spokesman said.

Twitter kicked off the trend of tagging, altering or removing Trump’s social media posts, alleging lies and inaccuracies that have always existed in political communication, but are now, for some reason, considered “harmful” or otherwise wrong.

Then again, the partisans alleging “harm” here are the same ones who slammed the NYT for “putting black journalists lives in jeopardy” by running an editorial written by a sitting US Senator.

Trump responded to Twitter’s practice of tagging his tweets with an executive order threatening to remove a liability shield from social media platforms that interfere with the content of users.

This is the first time Facebook has removed any content posted by the president’s official or campaign account for allegedly violating the social network’s policies.

 

END
Yates throws Comey under the bus over the Flynn investigation
(zerohedge)

Yates Throws “Rogue” Comey Under The Bus Over Flynn Investigation

Former Deputy Attorney General Sally Yates threw former FBI Director James ‘higher loyalty’ Comey under the bus on Wednesday, telling the Senate Judiciary Committee that the FBI’s January, 2017 interview of former national security adviser Michael Flynn was done without her authorization – and she was upset when she found out about it.

I was upset that Director Comey didn’t coordinate that with us and acted unilaterally,” Yates said.

We would note that Yates wasn’t too upset to warn the incoming Trump administration about Flynn just 48 hours after the FBI launched a perjury trap against him.

Committee Chairman Lindsey Graham (R-SC) asked Yates: “Did Comey go rogue?” – to which Yates replied “You could use that term, yes.

Yates said she also took issue with Comey for not telling her that Flynn’s communications with then-Russian Ambassador Sergey Kislyak were being investigated and that she first learned about this from President Barack Obama during an Oval Office meeting. Yates said she was “irritated” with Comey for not telling her about this earlier.

That meeting, which took place on Jan. 5, 2017, was of great interest to Graham, who wanted to know why Obama knew about Flynn’s conversations before she did. Graham and other Republicans have speculated that Obama wanted Flynn investigated for nefarious purposes. Yates claimed that this was not the case, and explained why Obama was aware of the calls at the time. –Fox News

Yates testified that Obama wanted to find out why the Kremlin suddenly backed down from threats to retaliate against sanctions over 2016 election meddling, leading to the DOJ’s discovery of the communications between Flynn and the ambassador, Sergei Kislyak.

“The purpose of this meeting was for the president to find out whether – based on the calls between Ambassador Kislyak and Gen. Flynn – the transition team needed to be careful about what it was sharing with Gen. Flynn,” said Yates – who suggested that the meeting was not about influencing an investigation, which she added would have “set off alarms for me.

Logan Act

Yates was also asked whether former VP Joe Biden brought up the 1799 Logal Act at a January 5 Oval Office meeting about the Flynn investigation, which prohibits American citizens from communicating with foreign governments or officials without authorization “in relation to any disputes or controversies with the United States, or to defeat the measures of the United States.”

Yates said she couldn’t recall if Biden mentioned it – but had a vague recollection of Comey bringing it up either at the Oval Office meeting or later.

FISA Fiasco

Later during testimony, Yates said that she had no idea that the FISA applications to spy on the Trump campaign were riddled with false evidence – and also denied knowledge that her own deputy, Bruce Ohr, had facilitated meetings between the FBI and UK operative Christopher Steele, who assembled the infamous Clinton-funded dossier which was used to support the FISA warrant against former campaign aide Carter Page.

Yates claimed that if she knew this was the case, she wouldn’t have signed off on the warrant.

END
O’Keefe (Veritas founder) sues the FBI because they denied his application to buy a firearm because he is erroneously listed as a felon
(zerohedge)

Project Veritas Founder James O’Keefe Sues FBI

Project Veritas founder James O’Keefe is suing the FBI after the agency denied his application to buy a firearm because he is erroneously listed as a felon in the NICS criminal background check system maintained by the FBI.

O’Keefe attempted to purchase firearms at several New York gun stores, only to be told he couldn’t complete the transactions. In a lawsuit filed on Thursday, O’Keefe argues that the FBI “has illegally placed Mr. O’Keefe on a federal watch list designed to preclude convicted felons from purchasing firearms by falsely claiming Mr. O’Keefe has in fact been convicted of a felony. 

The agency has “repeatedly, wrongfully, and without justification denied Mr. O’Keefe the ability to purchase a firearm,” states the Thursday filing.

In other words – O’Keefe, a controversial journalist who might someday become the target of leftist violence, is currently unable to legally purchase a firearm to defend himself.

 

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

A prominent ‘captain of industry’ told us years ago that everyone should own gold. When asked ‘how
much’, he said 10% to 20% depending on one’s circumstances.

Yesterday, he told us that gold’s surge is a sign that the market has lost confidence in the Fed and in
coming weeks, the media will realize this. Then, gold will get the ‘star’ treatment that uber-tech stocks
have been procuring for years.

The market lost confidence in the Fed in 1979. Gold and silver went parabolic. US bonds became
persona non grata internationally. Japan asked the US to denominate its debt in yen. Reportedly, Chase
Manhattan Bank CEO and global titan, David Rockefeller, convinced President Jimmy Carter to appoint
Paul Volcker as Fed Chair to restore confidence in the US financial system. The rest is history.

41 years later, we don’t see a ‘Volcker’ in the Fed’s arsenal. The only remaining Fed officials that voice
concern about Fed promiscuity are Cleveland Fed President Loretta Mester (It’s her Wharton background)
and Kansas City Fed President Ester George.

@sentimentrader: Gold has rallied for 13 out of 14 days. That has happened never times before
Tom McClellan @McClellanOsc: Gold has an interesting 26 trading day turning point pattern.
Sometimes a bottom, sometimes a top. Rarely, a whiff. Today’s [Wed.] the day. Now I have ruined it by
talking about it. Probably won’t work anymore.

White House appears to make concessions on unemployment benefit offer in coronavirus relief talk
The Trump administration team offered to extend extra federal unemployment insurance into December at
$400 per week… Democrats and Republicans remain far apart on aid for state and local governments,
funding for schools and assistance for food, rent and mortgage payments, among other topics…
https://www.cnbc.com/2020/08/05/coronavirus-stimulus-bill-updates-white-house-increases-unemployment-offer.html

NYT Quietly Scrubs Chinese Propaganda – A Times spokeswoman told the Washington Free Beacon
that the move is a reflection of a decision to stop accepting ads from state-run media…
https://freebeacon.com/media/nyt-quietly-scrubs-chinese-propaganda/

Fox’s @ChadPergram: Mnuchin: It’s not a question of needing a deal… we’re trying to get a deal that’s
good for the… public… our objective is to try to reach an understanding of the major issues by Friday. If
we can’t reach an agreement on the major issues, it’s going to be hard to complete a deal.

Trump calls Black Lives Matter a ‘Marxist group’ and says NBA players taking a knee during the
national anthem is ‘disgraceful’
https://www.dailymail.co.uk/news/article-8597301/Trump-calls-Black-Lives-Matter-Marxist-group-makes-fun-athletes-taking-knee.html

Gallup: Black Americans Want Police to Retain Local Presence – 81% want police to spend same
amount of or more time in their area…61% — want the police presence to remain the same…
https://news.gallup.com/poll/316571/black-americans-police-retain-local-presence.aspx

Joe Biden will not travel to Milwaukee to accept Democratic nomination
Candidate is reportedly concerned about coronavirus pandemic.
https://justthenews.com/politics-policy/elections/report-joe-biden-will-not-travel-milwaukee-accept-democratic-nomination

Joe Biden Snaps at Black Reporter over Cognitive Test Question: ‘Are You a Junkie?’
During an event with the National Association of Black Journalists, CBS News’ Errol Barnett asked if
Biden has taken a test that would assess his mental fitness, and Biden snapped, “No, I haven’t taken a
test! Why the hell would I take a test? C’mon, man!… That’s like saying you, before you got in this
program, if you take a test where you’re taking cocaine or not, what do you think? Huh? Are you a
junkie?”… https://www.breitbart.com/politics/2020/08/05/watch-joe-biden-snaps-at-black-reporter-over-cognitive-test-question-are-you-a-junkie/

The liberal Huffington Post: DNC Delegates Call Biden Foreign Policy Team ‘A Horror Show’ and
Ask for New Hires – A widely circulated message promoting the letter, which is already signed by more
than 275 delegates — almost all of whom were pledged to Sen. Bernie Sanders (I-Vt.)… The letter,
obtained by HuffPost, attacks the “poor judgment” of former Ambassador to the United Nations Susan
Rice … https://www.huffpost.com/entry/biden-foreign-policy-dnc_n_5f2adbd3c5b64d7a55ed7fd7

Biden confidants see VP choices narrowing to Harris and Rice
Rice is getting a big bounce from Obama people who claim her presence on the ticket would guarantee
the enthusiastic presence of both Barack and Michelle Obama on the campaign trail…
https://www.axios.com/biden-vp-pick-kamala-harris-susan-rice-0e1f7c91-7df2-4d08-a08f-4568e86e6e50.html

Former acting Attorney General Yates acknowledges Comey ‘went rogue’ on Flynn interview
Yates is testifying before the Senate Judiciary Committee
https://justthenews.com/government/congress/former-acting-attorney-general-yates-acknowledges-comey-went-rogue-flynn
@JonathanTurley: Sally Yates just testified that she would not have signed off on the surveillance of
Carter Page if she knew what she knows now. That follows Rod Rosenstein saying the same thing.
Yates also confirmed that the Logan Act was raised in the meeting with President Obama on Flynn.
Yet she stated that the concern was that the Trump national security adviser had undermined the Obama
Administration by encouraging them not to retaliate.
Yates said that you could say that Comey “went rogue” in ordering the Flynn interview. Yates is
struggling with the Logan Act issue since Flynn was speaking as the NS adviser who was coming into
office in less than two weeks. Comey reportedly said the Flynn meeting was “legit.”…

Why haven’t there been any MSM Trump-Biden polls over the past two weeks? Here’s why:
The Hill: New Hill-HarrisX 2020 numbers finds Joe Biden leads Donald Trump by 3 percentage points,
down from a 7 point lead two weeks ago… [Poll of registered voters; likely voter polls add ~3pts to DJT]
https://thehill.com/hilltv/what-americas-thinking/510762-what-americas-thinking-august-5-2020
The latest Rasmussen and Zogby polls shows DJT-Biden spread within the margin of error. Remember,
pundits estimate that Biden has to win the popular vote by more than 3 percentage points to win the
presidency because CA, NY and IL will overwhelmingly vote for Democrats.
Registered Voter Polls Will (Usually) Overrate Democrats
We estimate that on average in midterm years since 1990, registered voter polls have had a 2.6
percentage-point Democratic bias — compared against likely voter polls, which have been unbiased.

Registered Voter Polls Will (Usually) Overrate Democrats

Wasted Votes: Why National Polls Won’t Predict Victory in 2020
In today’s climate, it is possible that a Democrat could win the national popular vote by 2-3% and still
lose the election in the Electoral College… [
https://www.thirdway.org/memo/wasted-votes-why-national-polls-wont-predict-victory-in-2020

Baby boomers score lower on cognitive functioning than members of previous generations, study
finds – The study, published in the Journals of Gerontology, described how the average cognition scores
of adults aged 51 and older have been improving from generation to generation, starting with the greatest
generation (born 1890-1923) to war babies (born 1942-1947). But the study showed there were
significant declines in the scores for early baby boomers (1948-1953) through the mid-baby boomers
(1954-1959)… The pattern of cognitive decline among baby boomers was observed across all types of
groups, including genders, race, ethnicities, education groups, occupations, and income and wealth
brackets… [Illicit and legal drugs, vaccines, food additives and television?]

https://www.fox32chicago.com/news/baby-boomers-score-lower-on-cognitive-functioning-than-members-of-previous-generations-study-finds

Gang member carries out three shootings [Brooklyn] after being freed without bail: prosecutors
https://nypost.com/2020/08/05/gang-member-carries-out-3-shootings-after-being-freed-without-bail/
NYC crime spree knocks on the doorsteps of America’s ultra-rich
New York City’s Upper East Side is seeing a ‘significant uptick’ in robberies, police say

https://www.foxnews.com/us/nyc-crime-spree-americas-ultra-rich-robbery

Protesters sue Seattle, claim they need ‘expensive’ protective gear to safely protest
A lawsuit filed Monday against the city of Seattle argues protesters’ constitutional rights have been
violated by the police department’s “indiscriminate” use of chemical and less-lethal crowd control
tactics, which have forced demonstrators to buy “expensive” protective gear in order to safely bring
their message against police brutality to the streets…
“But the continued misuse of war munitions by SPD against civilians turns the streets – a public forum
and site of protest – into a pay-to-protest racket where only a privileged few who are wealthy enough or
popular enough to crowdsource funds to purchase gear akin to that used by the police department they
fund can truly be in the streets,” the lawsuit claims… [This is not a parody piece. Keep buying gold!]

https://www.kiro7.com/news/local/protesters-sue-seattle-claim-they-need-expensive-protective-gear-safely-protest/EY4KISLXCRGETOMIIEVEFQTKCY/

The Knight Foundation/Gallup poll reveals that 86 per cent of respondents say they see “a great deal” or
“a fair amount” of political bias in the media. This compares to 62 per cent who felt the same way back
in 2007… “Eighty-four percent of Americans say the media is to blame for political division in this
country. Still, 84% also say the media can serve as a healing force.”…

Poll: 84 Per Cent of Americans Blame Media For Political Divisions in the Country

Well that is all for today

I will see you FRIDAY night.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: