AUGUST 10//GOLD UP $11.45 TO $2029.80//SILVER UP A STRONG $1.87 TO $29.46//GOLD TONNAGE ADVANCES AGAIN UP TO 150.4 TONNES//CHINA VS USA ESCALATES WITH RESPECT TO TIK TOK AND TAIWAN/HONG KONG MEDIA MOGUL LAI ARRESTED BY MAINLAND CHINA//CORONAVIRUS UPDATES: SATURDAY, SUNDAY AND TODAY//LEBANONESE GOVERNMENT FALLS//BEIRUT HUGE PROTESTS//ERDOGAN AGAINST STOKING FLAMES AS HE WANTS TO DRILL IN GREEK/CYPRUS TERRITORIAL WATERS// CHICAGO PROTESTS LAST NIGHT AND THIS MORNING//TRUMP SIGNS EXECUTIVE ORDER TO PROVIDE UNEMPLOYMENT BENEFITS //SWAMP STORIES FOR YOU TONIGHT///

GOLD:$:  $2,029.80  UP $11.45  The quote is London spot price (cash market)

 

 

 

 

 

Silver:$29.46// UP $1.87   London spot price ( cash market)

 

 

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Closing access prices:  London spot

i)Gold : $2027.40  LONDON SPOT  4:30 pm

 

ii)SILVER:  $29.15//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $2024.00  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $5.80)

OCT GOLD:  $2028.00  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $1.80//BACKWARD

 

 

DEC. GOLD  $2040.40   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $10.60   ($ BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $29.24…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  0 CENTS  PER OZ  ( BACKWARDS)

SILVER DECEMBER  CLOSE:     $29.46  1:30  PM SPREAD SPOT/FUTURE DEC.       : 22  CENTS PER OZ  ( 10 CENTS ABOVE NORMAL CONTANGO)

 

COMEX DATA

 

 

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

receiving today:  48/156

ISSUED 139

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 2,010.100000000 USD
INTENT DATE: 08/07/2020 DELIVERY DATE: 08/11/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 26
104 C MIZUHO 12
159 C ED&F MAN CAP 6
332 H STANDARD CHARTE 5
657 C MORGAN STANLEY 3
657 H MORGAN STANLEY 20
661 C JP MORGAN 139 31
661 H JP MORGAN 17
686 C INTL FCSTONE 2
690 C ABN AMRO 1 3
700 C UBS 4
709 C BARCLAYS 13
737 C ADVANTAGE 5 2
800 C MAREX SPEC 3
880 H CITIGROUP 20
____________________________________________________________________________________________

TOTAL: 156 156
MONTH TO DATE: 43,921

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 156 NOTICE(S) FOR 15600 OZ  (0.4852 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  43921 NOTICES FOR 4,392,100 OZ  (136.61 TONNES)

 

 

SILVER

 

FOR AUGUST

 

 

25 NOTICE(S) FILED TODAY FOR 125,000  OZ/

total number of notices filed so far this month: 1131 for 5.655 MILLION oz

 

BITCOIN MORNING QUOTE  $11,744  UP 61

 

BITCOIN AFTERNOON QUOTE.: $11,864 UP 182

 

GLD AND SLV INVENTORIES:

WITH GOLD $11.45 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A BIG CHANGE IN GOLD INVENTORY AT THE GLD/// A WITHDRAWAL OF 5.85 TONNES FROM THE GLD///

 

 

 

 

GLD: 1,262/12 TONNES OF GOLD//

 

 

WITH SILVER UP $1.87 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE  SLV: A WITHDRAWAL OF 3.538 MILLION OZ//

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 569.491  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

For the past few decades, we have been experiencing constant raids orchestrated by our bankers, and these raids are criminal but they are given a green light by the regulators as these operations are official sanctions in nature (through the BIS) and are always aided by the bankers are they front run the scheme.

There are three reasons why bankers raid:

  1. when the President or Chairman of the Fed speak they always raid.  Gold must not rise while these guys are speaking
  2.  on options expiry.  There are 3 expiry issues :

a) equity issues and the only ones we are concerned with is the GLD and SLV options

b) comex gold/silver options expiry..and that occurs 4 trading days before first day notice.

c) London gold/silver//OTC expiry and expiry ends on first day notice:  10 am est.

especially b and c) occur always with much force and tenacity every month driving our precious metals down  and in some cases decimate their pricing.

The reason for banks whacking gold/silver during the last week of the month is to ensure that underwritten options (underwritten by the banks) become worthless. This is also criminal!

3. on FOMC jobs report on the first Friday of every month.

The whacking on the jobs report does not occur with the same frequency as options expiry but when it does occur it too can be very forceful  in price. (The selling of naked contracts has no concern for profit..they are only concerned in lowering the price of the metals).

Reason for the whacking:  speculators have built up enormous long positions which of course is countered by our banker friends huge short positions. The raid is done to lessen speculators longs and also to provide an opportunity for the bankers to cover some their short positions.

In this report Alasdair Macleod has concluded that the total short position of gold on Comex and LBMA is north of 200 billion dollars.

Modus operandi:

the crooks send signals as to when a raid is forthcoming.  It could either be a weak silver price when gold is very strong. If we witness this, say, on a Thursday, then Friday is the raid day,  If both silver and gold are strong, then it is weak trading of equity gold/silver shares one day prior to raid which sends the signal. The raid on Friday was the latter.

(The crooks also use the liquidation of spreading contracts on the comex to aid in options expiry. I have given a separate explanation of this below).

This brings us to Friday’s raid.  I think most of the gold bugs knew on Thursday that a raid was coming and I certainly telegraphed that to my friends. The gold/silver equity shares were very weak despite a strong precious metals price.  We knew that FOMC was next day, so the odds for a raid was close to 100%

The raid caused much harm in price but the crooks were only interested in removing longs from their ownership. As you will see from the data below below , the bankers failed miserably as net longs refused to budge. Demand for gold and silver is just too strong.

On Monday morning, I can imagine a huge amount of buyers of contracts whether on Comex or London will be turning them into real metal..

 

 

 

 

 

 

 

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A SMALL SIZED 426 CONTRACTS FROM 207,490 DOWN TO 207,064, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE  GAIN IN  OI OCCURRED DESPITE OUR STRONG $0.69 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE SMALL LOSS IN COMEX OI IS PRIMARILY DUE TO A FAILED  BANKER SHORT COVERING PLUS A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, ACCOMPANYING  A STRONG INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A GOOD NET GAIN IN OUR TWO EXCHANGES OF 894 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 1320 DEC:  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1320 CONTRACTS. WITH THE TRANSFER OF 1320 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 1320 EFP CONTRACTS TRANSLATES INTO 9.439 MILLION OZ  ACCOMPANYING:

1.THE 69 CENT LOSS IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.400 MILLION OZ INITIAL STANDING IN AUGUST

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 69 CENTS ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE GOOD GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG INCREASE IN SILVER OZ STANDING  FOR AUGUST,  A FAILED BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A GOOD NET GAIN OF 894 CONTRACTS OR 4.470 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:

7373 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 7373 CONTRACTS) OR 36.865 MILLION OZ: (AVERAGE PER DAY: 1228 CONTRACTS OR 6.144 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 36.865 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.32% 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:          1,308.25 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                         36.865  MILLION OZ (EXCHANGE FOR PHYSICALS INCREASING)

 

 

 

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 426, DESPITE OUR STRONG 69 CENT LOSS  IN SILVER PRICING AT THE COMEX ///FRIDAYTHE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1320 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A GOOD SIZED OI CONTRACTS ON THE TWO EXCHANGES:  894 CONTRACTS (DESPITE OUR  $0.69 LOSS IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1320 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A GOOD SIZED DECREASE OF 426 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED DESPITE A 69 CENT LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.57 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST 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: 25 NOTICE(S) FOR 125,000 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 6.400 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 2621 CONTRACTS TO 550,509 AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL LOSS OF COMEX OI OCCURRED DESPITE OUR HUGE FALL IN PRICE  OF $38.30 /// COMEX GOLD TRADING// FRIDAY//WE  HAD A FAILED BANKER SHORT COVERING, A GOOD SIZED INCREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A GOOD EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR HUGE LOSS IN PRICE OF $38.30

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  53

 

WE GAINED A GOOD SIZED 3580 CONTRACTS  (11.13 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 6201 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 1155 DEC: 4873; JUNE: 173  ALL OTHER MONTHS ZERO//TOTAL: 6201.  The NEW COMEX OI for the gold complex rests at 551,509. 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 GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3580 CONTRACTS: 2621 CONTRACTS DECREASED AT THE COMEX AND 6201 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 3580 CONTRACTS OR 11.13 TONNES. FRIDAY, WE HAD A HUGE LOSS OF $38.30 IN GOLD TRADING……

AND DESPITE THAT LOSS IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 11.13 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  WERE LOATHE TO SUPPLY SHORT GOLD COMEX PAPER. THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $38.30) AS IT SEEMS THAT OUR BANKER FRIENDS WERE NOT HAPPY AS WE HAD A HUGELY FAILED BANKER SHORT COVERING AS OPEN INTEREST ON BOTH EXCHANGES ROSE AND WE LOST ONLY A SMALL COMEX OI. 

 

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS  (6201) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (2621 OI): TOTAL GAIN IN THE TWO EXCHANGES:  3580 CONTRACTS. WE NO DOUBT HAD 1 )A FAILED BANKER SHORT COVERING, 2.)A GOOD INCREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO LONG LIQUIDATION; 4) SMALL COMEX OI LOSS AND 5) GOOD EXCHANGE FOR PHYSICAL ISSUANCE  AND  …ALL OF THIS WAS COUPLED WITH OUR VERY STRONG LOSS IN GOLD PRICE TRADING//FRIDAY//$30.30.

 

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 : 13,419, CONTRACTS OR 1,341,900, oz OR 41.73 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 2236 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 37.07 TONNES

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

THUS EFP TRANSFERS REPRESENTS 41.73/3550 x 100% TONNES =1.18% 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   3,301.97  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;                 41.73 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, FELL BY A SMALL SIZED 426 CONTRACTS FROM 207,490 DOWN TO 207,064 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

 

EFP ISSUANCE 1320 CONTRACTS

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

 SEPT: 1320 AND DEC. 0 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1320 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS  OF 426  CONTRACTS TO THE 1320 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 894 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.470 MILLION  OZ, OCCURRED DESPITE OUR 69 CENT LOSS 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 25.22 POINTS OR 0.75%  //Hang Sang CLOSED DOWN 154.19 POINTS OR 0.62%   /The Nikkei closed DOWN 88,21 POINTS OR 0.39%//Australia’s all ordinaires CLOSED UP 1,66%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9720 /Oil UP TO 41.77 dollars per barrel for WTI and 44,76 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9720 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9716 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC//  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A SMALL  SIZED 2621 CONTRACTS TO 550,509 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 SMALL COMEX DECREASE OCCURRED DESPITE OUR VERY STRONG LOSS OF $38.30 IN GOLD PRICING /FRIDAY’S COMEX TRADING//). WE ALSO HAD A GOOD EFP ISSUANCE (6201 CONTRACTS),.  THUS, THE ONLY EXPLANATION IS THAT WE HAD 1) A FAILED 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 GOOD GAIN ON OUR TWO EXCHANGES OF 4703 CONTRACTS DESPITE GOLD’S VERY STRONG LOSS 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 50    4 -GC VOLUME//open interest REMAINS AT 53

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6201 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 1155  DEC 4873; JUNE 21 173 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6201 CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 3580 TOTAL CONTRACTS IN THAT 6201 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 2621 COMEX CONTRACTS.  THE BANKERS ARE NOW LOATHE TO SUPPLY THE SHORT PAPER.  THEY CONTINUE TO ISSUE  SMALLER 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 GOOD INCREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE NO DOUBT HAD ZERO LONG LIQUIDATION DESPITE THE FACT THAT WE HAD A HUGE FALL IN COMEX PRICE OF 38.30 DOLLARS..

 

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $38.30).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  11.130 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 3580, CONTRACTS OR 358,000 OZ OR 11.13 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:  550,509 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.05 MILLION OZ/32,150 OZ PER TONNE =  1712 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1712/2200 OR 77.83% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 251,219 contracts// poor volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  442,976 contracts//  volume excellent //most of our traders have left for London

 

 

AUGUST 10 /2020

AUGUST GOLD CONTRACT MONTH

INITIAL STANDING FOR AUGUST GOLD

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
3153.25 oz
HSBC
Int Delaware
include 50 kilobars Int.Del.
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

86,657,740

OZ

BRINKS

HSBC

Scotia

 

 

 

No of oz served (contracts) today
156 notice(s)
 15600 OZ
(0.4852 TONNES)
No of oz to be served (notices)
4434 contracts
(443,400 oz)
13.79 TONNES
Total monthly oz gold served (contracts) so far this month
43,921 notices
4,392,100 OZ
136.61 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

We had 0 deposit into the dealer

 

 

 

 

 

total deposit: nil oz

 

 

DEALER WITHDRAWAL: 0

 

 

 

 

total dealer withdrawals: nil oz

we had 3 deposit into the customer account

i) Into Brinks: 54,241.00000 oz  ????

ii) Into HSBC 11.995.560 oz

iii) Into Scotia:  20,421.18 oz

 

 

 

 

total deposit:  86,657.740   oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of  HSBC:  1545.700 oz

ii) Out of  Int Delaware:  1607.55  oz  (50 kilobars)

 

 

total withdrawals;  3153.25 oz oz

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 1 //

i) Out of Brinks:  dealer to customer

289.359 oz was adjusted out of the dealer and this lands into the customer account of Brinks

 

 

 

 

 

The front month of AUGUST registered a total of 4590 CONTRACTS as we lost 532 contracts. We had 594 notices served on FRIDAY so we GAINED 62 contracts or an additional 6200 will stand for delivery on this side of the pond as they refused to morph into London based forwards as well as negating a fiat bonus. The boys are scrambling in search of badly needed physical metal.

 

 

 

 

 

After August we have the non active Sept contract month.. Here we saw another LOSS of 273 contracts to stand at 2717.  Oct LOST 1436 contracts DOWN to 68,637

 

The big December contract LOST 3356 contracts down to 405,747 contracts.

 

 

We had 156 notices filed today for  15600 oz

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 139 notices were issued from their client or customer account. The total of all issuance by all participants equates to 156 contract(s) of which 17  notices were stopped (received) by j.P. Morgan dealer and 31 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 26 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 (43,821) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (4590 CONTRACTS ) minus the number of notices served upon today (156 x 100 oz per contract) equals 4,835,500 OZ OR 150.404 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 (43,921, x 100 oz + (4590 OI) for the front month minus the number of notices served upon today (156) x 100 oz which equals 4,835,500 oz standing OR 150.404 TONNES in this  active delivery month. This is a HUGE  amount for gold standing for a AUGUST delivery month (an active delivery month).

We gained 62 contracts or 6200 oz of gold as these guys refused to morph 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 451.07 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 150.404 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  15,554,714.623 oz or 483.81 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:  14,501,796.0  (451.07 tonnes)
true registered gold  (total registered – pledged tonnes  14,501,796.0 (445.07 tonnes)
total eligible gold:  20,946,719.959 oz (651.54 tonnes)

total registered, pledged  and eligible (customer) gold;   36,501,434.582 oz 1,135.34 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1009.00 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 10/2020

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
1,707,852.565 oz
CNT
Delaware
Int Delaware
Loomis

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,1338,681.078 oz
CNT
Delaware
HSBC
No of oz served today (contracts)
25
CONTRACT(S)
(125,000 OZ)
No of oz to be served (notices)
149 contracts
 745,000 oz)
Total monthly oz silver served (contracts)  1131 contracts

5,655,000 oz)

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

total dealer deposits: nil  oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

we had 3 deposits into the customer account

i)into JPMorgan:  nil oz

 

 

 

ii) Into CNT: 733,786.000 oz ??

iii) Into Delaware: 6114.13 o

iv) Into HSBC: 598,780.948 oz

 

 

 

 

 

 

 

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

JPMorgan now has 164.3 million oz of  total silver inventory or 48,79% of all official comex silver. (164.3 million/336.79 million

 

total customer deposits today:  1,338,681.078   oz

we had 3 withdrawals:

 

 

 

i)   Out of CNT:  42,261.940 oz

ii) Out of Delaware:  118,197.726 oz

iii) Out of Int. Delaware: 4969.605 oz
iv) Out of Loomis; 1,542,423.294 oz

 

 

 

 

total withdrawals; 1,707,852.565     oz

We had 0 adjustments

Total dealer(registered) silver: 127.437 million oz

total registered and eligible silver:  336.790 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 174 contracts and thus we GAINED 19 contracts.  We had 6 notices filed on Thursday so we GAINED 25 contracts or 125,000 oz will  stand for delivery as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts…. The bankers are now desperate in their search for badly needed silver whether it is on this side of the pond or the European side.

 

 

 

After August we have the  big September contract month and here we see a lost 7697 contracts down to 124,171. November saw another gain of 49 contracts to stand at 156.

 

The big December contract month saw its OI rise by strong 7125 contracts up to 72,023

Nobody left the silver arena despite the vicious attack, Friday

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 25 contract(s) FOR 125,000, 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 1131 x 5,000 oz = 5,655,000 oz to which we add the difference between the open interest for the front month of AUGUST.(174) and the number of notices served upon today 25 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1131 (notices served so far) x 5000 oz + OI for front month of AUGUST (174)- number of notices served upon today (6) x 5000 oz of silver standing for the AUGUST contract month.equals 6,400,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 25 contracts or an additional 125,000 will  stand for delivery.

 

 

TODAY’S ESTIMATED SILVER VOLUME : 263,417 CONTRACTS // volume huge++++++++++++++/

 

 

FOR YESTERDAY: 338,326.  ,CONFIRMED VOLUME//volume huge+++++++++++++++++++++++++++++/

 

 

YESTERDAY’S CONFIRMED VOLUME OF 338,325 CONTRACTS EQUATES to 1.691 billion  OZ 241% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.22% ((AUGUST 10/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.61% to NAV:   (AUGUST 10/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ 2.22%

(courtesy Sprott/GATA

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

NAV 21.61 TRADING 21.33///NEGATIVE 1.30

END

 

 

And now the Gold inventory at the GLD/

AUGUST 10/WITH GOLD UP $11.35  TODAY, WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.84 TONNES//INVENTORY RESTS AT 1262.12 TONNES

AUGUST 7/WITH GOLD DOWN $38.30 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1267.96 TONNES

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 10/ GLD INVENTORY 1262.12 tonnes*

LAST;  877 TRADING DAYS:   +322.68 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 777 TRADING DAYS://+501.15  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 10/WITH SILVER UP 1.89 TODAY, WE HAVE ANOTHER HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 3.538 MILLION OZ/INVENTORY RESTS AT 569.491  MILLION OZ//

AUGUST 7/WITH SILVER DOWN 69 CENTS TODAY: WE HAVE ANOTHER HUGE CHANGE IN SILVER INVENTORY: A DEPOSIT OF 0.465 MILLION OZ/INVENTORY RESTS AT 573.029 MILLION OZ.

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 10.2020:

SLV INVENTORY RESTS TONIGHT AT

569.491 MILLION OZ.

end

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

A must view….

A. Macleod discusses the huge amount of short as both London and New York totalling around 200 billion dollars…and the bankers have no way of obtaining any physical metal of sizer.

(KingworldNews/Alasdair Macleod/)

 

Bullion banks losing billions on shorting gold futures, GoldMoney’s Macleod tells KWN

 Section: 

2p ET Saturday, August 8, 2020

Dear Friend of GATA and Gold:

Futures market data, GoldMoney research director Alasdair Macleod tells King World News, shows that bullion banks and hedge funds have incurred billions of dollars in losses by being short gold as the price has risen lately. Macleod’s data and comments are posted at KWN here:

https://kingworldnews.com/bullion-banks-take-losses-on-124-tonnes-of-sca…

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

END

Watch for platinum to rise as the giant South African mines are in deep trouble  due to the pandemic hitting their huge mines and lack of investment and lack of power and water shortages ,vital for them to operate  .

(Bloomberg/News/GATA)

Platinum mining giant South Africa forced by virus to look into abyss

 Section: 

By Felix Njini and Elena Mazneva
Bloomberg News
Sunday, August 9, 2020

South Africa’s gold industry has been dying slowly for years. As the coronavirus undercuts the already fragile case for investment, its platinum mines may be next.

Beset by power and water shortages, alongside whipsawing government policies, South African producers have cut spending over the past decade on mines responsible for 75% of global platinum supply.

..The virus is accelerating that trend, damping demand for the catalytic converters that are the largest users of the metal, while stimulus packages push automakers to speed a shift to electric vehicles.

A series of mega open-cast projects risk being shelved — depriving a recession-hit economy of essential investment — but the toughest blow may land on the so-called western limb, the traditional heartland of the nation’s platinum belt. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-08-09/platinum-giant-south-…

* * *

END

Perth Mint finds no serious misconduct with respect to the overseas gold scandal.

Perth Mint

Perth Mint probe finds no serious misconduct in overseas gold scandal

 Section: 

By Jarrod Lucas
Australian Broadcasting Corp., Sydney
Monday, August 10, 2020

An investigation into the purchasing practices of the Perth Mint has not found any examples of serious misconduct by the state government-owned metal refiner.

The Perth Mint, which refines more than 90 percent of the gold mined in Australia and Asia, welcomed the findings by the London Bullion Market Association.

… 

The findings followed newspaper reports in June that claimed the Perth Mint had been spending up to $200 million a year on “conflict gold” from a convicted killer in Papua New Guinea.

The Australian Financial Review reported that the dealings with PNG firm Golden Valley, owned by Justin Parker, who was convicted of manslaughter in 2017, breached the mint’s global accreditation and internal policies.

The London Bullion Market Association said it took the allegations “very seriously” but its investigation found no instances of “zero-tolerance non-conformance.”

The association said the mint’s risk assessment processes need to be “strengthened” and it reserved the right to revisit its findings if new information came to light. …

… For the remainder of the report:

https://www.abc.net.au/news/2020-08-10/perth-mint-cleared-of-serious-mis…

END

Gold is now the best performing asset

New York Sun

 

New York Sun: Times says ‘We’re all gold bugs now’

 Section: 

From The New York Sun
Sunday, August 9, 2020

“It seems we’re all gold bugs now,’ announces the op-ed piece in The New York Times. It says that gold is “one of the best performing assets in the world this year.” Of gold, the Times writes: “Its price just topped $2,000 an ounce for the first time.” It concludes by warning that unless “central banks stop printing money frantically and real interest rates start rising again, it is difficult not to be a gold bug now.”

… 

Welcome to the fight, we say. It’s nice to see our esteemed colleagues acknowledge the monetary issue, even if they do so with typical condescension. The phrase “gold bug,” after all, is marked in the Sun’s “Reporter’s Handbook and Manual of Style” as pejorative. The Times’ definition of gold bugs as “investors perpetually bullish on gold” is crosswise with our view; we’re not perpetually bullish on gold and don’t invest in it.

Then again also, the Sun’s style guide defines gold as the basis of monetary value. So the Sun discourages its scribes writing about monetary matters from using in respect of gold the word “price.” This is how the Sun’s manual puts it: “Please avoid referring to the price of gold. The Sun prefers to refer to the value of the dollar.”

What the Times is talking about is not a rise in the price of gold but a collapse in the value of the dollar.

Anyhow, we are glad to see them enter this discussion, even if they had to bring a banker, Ruchir Sharma, from Morgan Stanley into the op ed page to do it. …

… For the remainder of the commentary:

https://www.nysun.com/editorials/were-all-gold-bugs-now/91215/

END

USA Gold now states that gold is the best investment so far this year and it is far superior to holding dollars

(zerohedge)

USAGold’s ‘News & Views’: Gold is tops this year and long beats holding dollars

 Section: 

10p ET Sunday, August 9, 2020

Dear Friend of GATA and Gold:

USAGold’s August “News & Views” letter notes that gold is performing better than all other assets this year and has held value even as the U.S. dollar has been devaluing for decades. The newsletter is posted in the clear at USAGold here:

https://www.usagold.com/cpmforum/nv1021august2020/

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

END

iii) Other physical stories:

This morning:

Gold, Silver, Small Caps, & Bonds Are All Soaring As Nasdaq Tumbles

Buy all the things!!

As the dollar erases overnight gains…

Small Caps and The Dow were suddenly panic-bid at the open as Nasdaq dips)…

Bonds are bid…

Gold futures spiked above $2050…

And Silver futures are surging…

One of these things is not like the other.

end

Bill HOlter being interviewed by SGT
.
Attachments area

https://www.jsmineset.com/2020/08/10/silver-leads-the-percentages/

Silver Leads The Percentages

Posted August 10th, 2020 at 9:42 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

       Nothing starts a Monday off better than a strong-precious-metals move higher with December Gold at $2,038.70, up $10.70 after reaching $2,047.50 with the low at $2,018.90. Silver leads the percentages with the September trade at $28.31 up 77 cents after reaching up to $28.845 with the low down at $27.96. The Continually Overprinted US Dollar is still the lynch pin to it all with the trade at 93.64, up 22.8 points after Friday’s rally with the high at 93.685 with the low that will eventually be blown out at 93.28. Of course, all this happened before 5 am pst, the Comex open, the London close, and after Trump removed the Bickering Party’s say in the negotiations, when he signed the executive order giving the additional cash created by the US Treasury to Americans, in what one professor called “smart politics.” In short, Nancy, Chuckie, Schiff, and the Myth, got sidestepped, LOLOLOLOL!

       Gold’s value under the Venezuelan Bolivar is now priced at 20,361.52 Bolivar, showing a pullback of 271.66 since Friday with Silver gaining 5.642 Bolivar with the last trade at 288.089. Argentina’s currency now has Gold valued at 148,211.93, it too losing about 1,051.06 Peso’s since Friday with Silver doing the opposite with its trade at 2,097.02 A-Peso’s providing the holder a 42.76 rise in price. Turkey’s Lira is standing out all by itself (or is it Au’s price?) with Gold gaining 95.87 Lira’s with the last price at 14,923.25. Silver under the Lira also gained 7.885 T-Lira’s with the last quote at 211.191. Please get used to these price swings, they are expected in the primaries when the exchanges run out of what has already been extracted.

      August Silver Delivery Demands now sit at 174 fully paid for contracts and with a Volume of 4 already up on the board, with a trading range between $28.20 and $28.115 with the last buy at $28.13, up 59.7 cents. Friday’s full day of delivery trades occurred in between a high of $29.53 and the low at $27.525 with the last swap at $27.533, down 85.4 cents yet increasing the demand count by 19 contracts waiting for delivery. Thank you, Mr. Resolute! The shorts continue to pile on, and it does seem they are stressed, as the count increased by only 432 Overnighters, bringing this morning’s total Open Interest to 208,451.

      August Gold’s Delivery Count now sits at 4,590 fully paid for contracts with a trading range between $2,028.30 and $2,022.20 with the last swap at $2,024.40, up $14.30 so far today. Friday’s delivery trades occurred between $2,055 and $2,009.60 with the last buy at $2,010.10 ultimately losing $41.40 by the end of the day and as we witnessed a 532-count reduction as those who wanted receipts, finally got them, maybe. Gold’s Overall Open Interest continues to do the opposite of Silver’s as another 2,041 short contracts got out while they could, leaving 551,632 Overnighters still going against the physicals that the Resolutes are demanding.

      We’re getting into the “mail-in-ballot season” one party thinks will get them respect, with some discomforting news coming from the Customs and Border Protection (CBP) officers working at Chicago O’Hare International Airport having intercepted close to 20,000 counterfeit U.S. driver’s licenses shipped from China, and just ahead of the elections. I wonder who these new voters would be voting for? This event was totally ignored yesterday as Nancy said “China would prefer Joe Biden. Whether they do – that’s their [the IC’s] conclusion, that [China] would prefer Joe Biden.” I still remember 2015’s election run with those people that said “By Any Means Possible” which also meant illegally. What are they afraid of; more disclosures? Are they afraid of that Big Red Disclosure Button on the President’s desk that has been pushed many times already?

     I got a perfectly timed question, regarding the international currency paragraph that might be helpful for all interested, posted this Saturday;

     A query from CIGA Mike.

            Subject: Bolivar, A-Peso & Lira

      Jeremiah:

            I’m sure there is some significance for you posting the gold and silver equivalents of the Bolivar, A-Peso and Lira. However, since I don’t know what this is, I would appreciate (along with others, I’m sure) you explaining this at some point in a future post.

      I read your posts every day, and this is the only paragraph that has me somewhat stumped.

      Be well and stay safe,

      CIGA Mike

      Hello CIGA Mike,

            Thank you for reading and sharing your frustration. I have posted a few times how these currencies were once linked to the US Dollar, one to one, or in variations, before they revalued themselves from their original peg to the US$. I post the precious metals prices, under these already devalued currencies, so people are aware of the international changes in price, and by extension, hoping readers will get used to the price swings we may see in the future, and under our Dollar. In a way, it is preparing one for what may happen in the primary currencies once debt fails, causing the skyrocketing inflation these failed currency nations have lived thru already.

      Take a look at Wikipedia’s storyline of the Argentine Peso for instance, from 1992 to present. The Peso was tied to the Dollar 1 to 1. Now consider where Gold’s price is under that currency and how your purchasing power held, if one had Gold already in possession. What will the price of Gold be in the US when we see our currency value being revalued against the others like Argentina did a few years ago? This can’t be answered yet, but these currencies do give us a path in price projection.

      Admittedly, the little slipped in reminders I put in there, may not be enough. We’re involved in a currency issue, and most don’t want to know how fragile currencies really are. I was hoping this would help those who do not “currency”, learn by reading along to develop the understanding. “Currency” talk is a subject not spoken in kind by most. It is a lonely subject.

     How about this? When Jim and Bill talk about Gold going to $50,000, $80,000, or higher under the US Dollar, is there any form of proof those prices can be reached? All we need to do is look at what happened already in Argentina, and all of a sudden $80,000 is more than possible.

    I deeply appreciate your email, and I hope this helped.

    Keep the faith, smile, positive attitudes and your precious metals close, by any means legally possible! And as always ….

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9720/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9716   /shanghai bourse CLOSED UP 25.22 POINTS OR 0.75%

HANG SANG CLOSED DOWN 154.19 POINTS OR 0.63%

 

2. Nikkei closed DOWN 88.21 POINTS OR 0.39%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 93.67/Euro FALLS TO 1.1748

3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.14/ 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:: 41,77 and Brent: 44.76

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.52%/Italian 10 yr bond yield DOWN to 0.92% /SPAIN 10 YR BOND YIELD DOWN TO 0.26%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.44: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.03

3k Gold at $2031.15 silver at: 28.28   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 5/100 in roubles/dollar) 73.76

3m oil into the 41 dollar handle for WTI and 44 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.14 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 .9187 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0785 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

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

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 0.558% early this morning. Thirty year rate at 1.23%

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

6.  TURKISH LIRA:  UP  TO 7.32..

Futures Shrug Off Latest China Sanctions, Approach All Time Highs

S&P futures edged higher with European stocks, and approached all time highs after President Donald Trump signed 4 executive orders to maintain some assistance, including for unemployment benefits, a temporary payroll tax deferral, eviction protection and student-loan relief, in doing so bolstering investor enthusiasm and helping market shrug off a brief wobble after China announced token sanctions against 11 US politicians over Hong Kong but no members of Trump’s cabinet.

“The fresh stimulus provided by President Trump through executive orders is better than none at all and provides a stop- gap solution,” wrote analysts at MUFG in London.

Trump’s orders, aimed at unemployment benefits and evictions, came after negotiations broke down between the White House and top Democrats in Congress over new stimulus steps to help the US economy.  Trump’s policy announcements come as Democrats and Republicans are still negotiating a broader additional coronavirus relief package. The two sides are still trillions of dollars apart on overall spending and on key issues, including aid to state and local governments and the amount of supplementary unemployment benefits. Still, Nancy Pelosi and Steven Mnuchin said on Sunday they were open to restarting aid talks.

“The fresh stimulus provided by President Trump through executive orders is better than none at all and provides a stopgap solution,” said Lee Hardman, a strategist at MUFG Bank in London. “Pressure remains though on both the Democrats and Republicans to reach a more substantial and durable compromise solution.”

And even though total infections in the country crossing five million and recent data suggesting that an economic recovery was stalling, and markets had few positive cues to trade on, futures still continued on last week’s momentum, approaching within 1% of the 3,387.50 all time high hit on Feb 19, 2020. A better-than-expected earnings season – with P 500 EPS plunging by 34% year/year, but above consensus expectations for -45% growth at the start of earnings season – and hopes of more stimulus put the S&P 500 higher on the day, while the Nasdaq scaled several peaks as its major technology constituents benefited from the pandemic.

Among individual movers, Eastman Kodak plunged 44.3% premarket after its $765-million loan agreement with the U.S. government to produce pharmaceutical ingredients was put on hold due to “recent allegations of wrongdoing.”

Marriott International dropped about 2% and Royal Caribbean Cruises fell 0.6% ahead of their quarterly reports. The No. 1 U.S. mall owner Simon Property Group rose 4.5% after a report that it has been in talks with Amazon.com Inc about turning some of its department-store sites into Amazon fulfillment centers.

European Bank shares rallied and oil advanced after Saudi Aramco said demand will continue to improve. Portugal’s 30-year bond yield fell below 1% for the first time since March. Shares in BP and Royal Dutch Shell rose 2.6% and 1.5% respectively after Saudi Aramco raised optimism about a growth in Asian demand and Iraq pledged to further cut supply.

Earlier in the session Asian shares outside Japan seesawed in holiday-thinned trade, staying below a six-and-a-half-month peak touched last week.  Stronger industrial activity in China offered signs it was recovering from the coronavirus pandemic that outweighed jitters over U.S.-Sino trade tensions. Deflation at China’s factories eased in July, data showed, driven by a rise in global energy prices and as industrial activity climbed back towards pre-coronavirus levels.

Industrial output in China is returning to levels seen before the pandemic paralysed huge swathes of the economy, driven by pent-up demand, government stimulus and surprisingly resilient exports. That bodes well for the global recovery from the coronavirus pandemic, analysts said.

“China is so much in advance in this process of lockdowns and exiting lockdown, that any good signs for the Chinese economy is essential (for the world economy),” said Florian Ielpo, head of macroeconomic research at Unigestion.

In FX, the dollar gained 0.3% to 93.620 against a basket of currencies, rising against most major currencies after Beijing’s retaliation. Markets are also assessing President Donald Trump’s executive orders to bolster the U.S. economy and the chances of Democrats and Republicans making progress on a fresh fiscal stimulus plan. The Norwegian krone sees the biggest gains among the G-10 as oil prices advance, while the Australian dollar trimmed gains, with the Kiwi falling and the yen little changed.

The euro fell for the second session in a row against the greenback as France’s central bank warned the pace of economic recovery is slowing. The common currency was largely bought by speculative-oriented investors such as hedge funds for much of last week, which implies it is now “trading in even more overbought territory, with such conditions keeping corrective downside risk high,” Credit Agricole strategists including Valentin Marinov said.

In commodities, WTI and Brent continued to drift higher in early trade, with the benchmarks underpinned by Saudi Arabia, Iraq and Gulf producers stating that they are encouraged by recent signs of improvement in the global economy and reaffirm commitments to the OPEC+ supply curb deal. Looking ahead, participants are likely to focus on any further US-Sino developments and State-side stimulus talks in the absence of pertinent data releases.

Elsewhere, spot gold remains uneventful on either side of USD 2030/oz, with spot silver eking mild gains above USD 28/oz. In terms of base metals, Dalian iron ore and Shanghai copper both saw losses on Monday as sentiment in the region was dampened by the US’ sanctions on the Hong Kong and Chinese officials in relation to the National Security Law. Meanwhile, analysts at Westpac have lifted their near term iron ore forecast to USD 100/t (Prev. USD 90/t for September) but still see it moderating from there to USD 87/t by end-2021 (unchanged); copper revised higher from USD 6,000/t to USD 6,400/t.

Looking ahead, Canopy Growth and Marriott International are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.1% to 3,349.25
  • MXAP down 0.02% to 167.91
  • MXAPJ up 0.03% to 559.72
  • Nikkei down 0.4% to 22,329.94
  • Topix down 0.2% to 1,546.74
  • Hang Seng Index down 0.6% to 24,377.43
  • Shanghai Composite up 0.8% to 3,379.25
  • Sensex up 0.5% to 38,232.84
  • Australia S&P/ASX 200 up 1.8% to 6,110.20
  • Kospi up 1.5% to 2,386.38
  • STOXX Europe 600 down 0.03% to 363.44
  • German 10Y yield fell 0.7 bps to -0.516%
  • Euro down 0.2% to $1.1763
  • Italian 10Y yield fell 0.3 bps to 0.803%
  • Spanish 10Y yield fell 0.9 bps to 0.269%
  • Brent futures up 1% to $44.84/bbl
  • Gold spot down 0.1% to $2,033.03
  • U.S. Dollar Index little changed at 93.45

Top US News from Bloomberg

  • China said it will sanction 11 Americans including Senators Marco Rubio and Ted Cruz in retaliation for similar measures imposed by the U.S. on Friday, but the list doesn’t include any members of the Trump administration
  • Hong Kong police arrested media tycoon Jimmy Lai and raided the offices of his flagship newspaper, the highest-profile case yet against the city’s democracy activists under a national security law that has fueled U.S.-China tensions
  • Banks operating in Hong Kong are stepping up scrutiny of their customers and at least one U.S. bank is moving to suspend accounts to avoid running afoul of U.S. sanctions slapped on city officials
  • The pace of France’s economic recovery is slowing, the country’s central bank said, confirming expectations of a prolonged period before output catches up with pre-crisis levels

In today’s global recap courtesy of NewsSquawk, Asian equity markets eventually traded mostly higher on what was an indecisive start to the week amid the thinned conditions due to holiday closures in Japan and Singapore, with participants mulling over the recent US NFP beat, firmer than expected Chinese inflation data and last week’s Congressional impasse which prompted US President Trump to sign executive orders over the weekend. ASX 200 (+1.8%) was underpinned with financials and consumer staples frontrunning the broad-based sector gains and as earnings also provided a tailwind. Elsewhere, a rally in Hyundai Motor shares helped fuel the KOSPI (+1.5%) after reports it is to create a family of Ioniq-brand electric vehicles in its pursuit to become the third-largest EV maker by 2025, while Hang Seng (-0.5%) and Shanghai Comp. (+0.8%) were indecisive as participants digested the latest inflation figures from China which were firmer than expected but showed that PPI remained negative and with risk appetite in Hong Kong mired by the arrest of Next Digital’s founder Jimmy Lai who is a main contributor to the pro-democracy camp and the highest-profile arrest under the National Security Law so far which subsequently saw as much as a 16% intraday drop in Next Digital shares.

Top Asian News

  • New Oriental Is Said to Pick Banks for Hong Kong Second Listing
  • Temasek Unit Scraps $3 Billion Bid for Keppel After Loss
  • Lira Extends Drop in Sign of Further Turkish-Market Turmoil
  • Turkey Lowers Key Banking Ratio to Slow Credit as Lira Falls

European stocks have lost steam since the cash open and now see a mixed performance [Euro Stoxx 50 +0.1%], following on from a similar APAC handover – with downside in the European session emanating from China’s sanctions announcement against some US officials in a tit-for-tat retaliation for US’ move last week over HK Chief Executive Lam alongside ten other Chinese/Hong Kong officials. The move from China was widely expected but reinforces the ever-escalating tensions between the two nations, not to mention the condemned high-level meeting between US and Taiwan on Monday. Broader indices trade without conviction with no major under/outperformers, albeit the region has come off post-China lows. Sectors are also seeing a mixed performance with no clear risk profile to be derived – Energy outperforms amid gains in the complex whilst IT continues to be weighed on by the escalating US-Sino tech landscape. The sectoral breakdown adds little meat to the bones, with Banks outpacing, Travel & Leisure retaining gains and Tech the laggard. Individual movers include Suez (+3.2%) amid reports Co’s Waste division is said to have attracted interest from German billionaire Scharz and could be worth EUR 35bln. Co. could mull an auction for the unit if talks with Scharz collapse, sources stated. Elsewhere, AA (+12.9%) shares soared after Co’s top shareholder Dickson (12% stake) said he believes GBP 0.40/shr very “opportunistic” and argued the stock is worth much more than current price. Finally, Roche (-0.1%) remains subdued after its Phase III study for Etrolizumab met its primary endpoint of inducting remission vs. placebo in only two out of three studies.

Top European News

  • U.K. Bank Stocks Shrug Aside Report of Further PPI Payouts
  • France’s Economic Recovery Loses Pace After Initial Surge
  • Pharming Enrolls First Patient in Covid Trial; Shares Surge
  • Italy’s Richest Family Builds $3 Billion Side Bet to Candy Giant

In FX, the Greenback remains on a firmer footing following Friday’s above forecast rise in jobs and lower than expected unemployment rate, but the DXY looks toppy around 93.500 and has not quite been able to emulate its post-NFP peak (93.629) within a 93.601-290 band. Relatively light, lacklustre Monday trading volumes have been compounded by market holidays in Japan (Mountain Day) and Singapore (National Day), while the Buck may be capped by the ongoing stalemate over fiscal stimulus in Washington and some modest unwinding of bear-steepening along the US Treasury curve.

  • GBP – Sterling continues to display a degree of resilience across the board, and aside from a short base Cable seems to be forming a base circa 1.3050 and Eur/Gbp appears intent on a test of 0.9000 given the Euro’s failure to sustain gains through 0.9050 and 0.9100 in line with key round number or psychological level failures vs the Dollar. However, the Pound faces some independent hurdles in wake of last Thursday’s BoE from tomorrow in the form of labour and earnings data before GDP and ip on Wednesday.
  • AUD/JPY/CAD/EUR/NZD/CHF – All weaker against their US rival, albeit mildly and to varying extents as the Aussie pivots 0.7150 amidst bullish iron ore projections from Westpac, the Yen meanders between 106.05-105.73, Loonie pare some losses to reclaim 1.3400+ status and Euro finds some support ahead of 1.1750 having waned circa 1.1800. Note, mega option expiry interest at the big figure (3 bn) could be keeping the headline pair in check, but a decent amount in Usd/Jpy at 105.50 (1.65 bn) appears to be safe ahead of the NY cut. Elsewhere, the Kiwi is hovering just below 0.6600 and lagging its Antipodean peer with Aud/Nzd straddling 1.0850 after deteriorations in ANZ’s business sentiment and activity outlook overnight. Nevertheless, the Franc is the current G10 laggard sub-0.9150 vs the Greenback and under 1.0750 against the single currency as weekly Swiss bank sight deposits increase yet again.
  • SCANDI/EM – A firm start to the week for crude prices via supportive vibes from Saudi Arabia, Iraq and Gulf oil producers has helped the Norwegian Crown rebound further than the Swedish Krona from recent lows, but the former may also be taking note of largely firmer inflation metrics. Conversely, the Turkish Lira has handed back a chunk of Friday’s recovery gains to revisit all time lows under 7.3650 even though the Banking Watchdog has trimmed the asset ratio rate to 95% from 100%

In  commodities, WTI and Brent front month futures continue to drift higher in early trade, with the benchmarks underpinned by Saudi Arabia, Iraq and Gulf producers stating that they are encouraged by recent signs of improvement in the global economy and reaffirm commitments to the OPEC+ supply curb deal. These comments come ahead of the JMMC meeting on August 18th, in which the non-policy-setting panel will review compliance and demand data and make recommendations to the oil producers. Furthermore, Friday’s Baker Hughes rig count also provides some support after active oil rigs declined by four. Looking ahead, participants are likely to focus on any further US-Sino developments and State-side stimulus talks in the absence of pertinent data releases. Elsewhere, spot gold remains uneventful on either side of USD 2030/oz, with spot silver eking mild gains above USD 28/oz. In terms of base metals, Dalian iron ore and Shanghai copper both saw losses on Monday as sentiment in the region was dampened by the US’ sanctions on the Hong Kong and Chinese officials in relation to the National Security Law. Meanwhile, analysts at Westpac have lifted their near term iron ore forecast to USD 100/t (Prev. USD 90/t for September) but still see it moderating from there to USD 87/t by end-2021 (unchanged); copper revised higher from USD 6,000/t to USD 6,400/t.

US Event Calendar

  • 10am: JOLTS Job Openins, est. 5,300, prior 5,397

DB’s Craig Nicol concludes the overnight wrap

While most of the U.K. contends with finding anyway to cool down from these scorching temperatures, with a fairly sparse calendar this week it’s likely that markets will be taking their temperature from the state of play in Washington. So far we’ve shrugged off the disappointment around the lack of agreement on the next US fiscal package, however with each passing day the greater the risk is to consumer confidence and spending as our US economists highlighted over the weekend, especially given that the over 31 million people receiving unemployment insurance as of the week of July 18 are set to see their monthly income decline by 60%-plus in August.

Over the weekend President Trump signed four executive orders amid the impasse over the relief bill, including a temporary payroll tax deferral and continued expanded unemployment benefits however that has been met with criticism by Democrats and also some Republicans. There’s also some question marks around the legalities of Trump’s actions as per Bloomberg. There were
comments from Mnuchin and Pelosi yesterday – both signaling a readiness to resume talks – however neither offered any hints of when they may resume. Nevertheless, S&P 500 futures are up +0.14% in the early going while in Asia the Shanghai Comp (+0.42%), Kospi (+1.43%) and ASX (+1.60%) all up with just the Hang Seng (-0.36%) lower. Markets in Japan are closed for a holiday.

That retreat for the Hang Seng follows news that Hong Kong police have arrested media tycoon and prominent democracy activist Jimmy Lai under the national security law passed in late June, and raided the offices of his flagship newspaper. Police said that seven people aged between 39-72 had been arrested on suspicion of “breaches” of the security legislation, with offenses including collusion with a foreign country or external elements to endanger national security. The move comes after the US sanctioned the City’s Chief Executive Carrie Lam as well as other officials on Friday. A reminder that officials from US and China are due to meet this weekend to review compliance with the trade accord, while today a senior US official is visiting Taiwan for the first time in decades. So expect US-China tensions to also play a role in dictating sentiment this week.

Aside from that, there’s not a huge amount else to report from the weekend. Inflation data in China surprised to the upside (July CPI of 2.7% yoy vs. 2.6% expected) while in Italy Finance Minister Roberto Gualtieri told La Repubblica that the government will work on cutting taxes in fiscal 2021, including personal income taxes, and added that the economy is forecast to grow slightly below 15% in the third quarter given the strong rebound observed.

As for the latest on the virus, case growth in the US has continued to slow with cases growing at an average rate of 1.04% per day over the weekend versus the previous 5 weekends’ average of 1.60%. Meanwhile, in Europe, Paris has mandated masks outdoors in the busiest streets starting today while Germany’s transmission rate (Rt) rose to 1.16 on Friday, the highest level in 10 days. Italy also reported 463 new infections yesterday, the second-highest number in two months after reaching 552 on Friday.

Aside from fiscal developments, the only notable data releases this week in the US are July CPI on Wednesday and July retail sales on Friday. The latest weekly jobless claims print on Thursday is also worth keeping an eye on. In Europe we’ve got Germany’s August ZEW survey on Tuesday and a second look at Q2 GDP for the Euro Area on Friday. In China the highlight is on Friday with the July activity indicators data. Finally, earnings season starts to wind down with the best part of 90% of the S&P 500 having already reported. On that, our asset allocation team published a summary of earnings season so far which you can find here . What’s notable is that the early trends of outsized and broad earnings beats has only continued, with forward estimates also ticking higher.

To recap last week, in equity markets the S&P 500 climbed +2.45% (+0.06% Friday), closing the week roughly 1% below its record high reached in February. Friday’s gain meant the index has now risen for six sessions in a row, the longest such streak since April 2019. The Dow rallied +3.80% (+0.17% Friday), snapping two weeks of losses and the NASDAQ advanced +2.47% (-0.87% Friday). Risk assets in Europe also rose. The STOXX 600 ended up +2.03% (+0.29% Friday) for the week, the largest weekly gain since 19 June.

With risk sentiment rising core sovereign bonds yields rose. US 10yr Treasury yields climbed +3.6bps (+2.8bps Friday) after hitting record closing lows early in the week. The weekly rise in US yields broke a four week streak of yields dipping lower. Gilts rose +3.1bps on Friday, making up the majority of the weekly +3.5bps move while Bunds rose +1.5bps (+2.2bps Friday) to -0.51%. Peripheral spreads also tightened to Bunds in Italy (-10.0bps), Spain (-7.8bps), Portugal (-6.9bps) and Greece (-9.2bps). The BTP-Bund spread ended at the tightest level since the measure started widening in late February as the pandemic spread. Meanwhile, in credit high yield cash spreads in the US (-10bps) and Europe (-16bps) tightened.

In FX, the USD index rose +0.09% on the week, strengthening for the first time since mid-June. That move included a +0.70% gain on Friday after July payrolls surprised to the upside. In commodities, Gold made record highs midweek before
pulling back a bit on Friday. It finished +3.02% on the week (-1.36% Friday), the ninth weekly gain a row.

In terms of data, as hinted above the highlight was the US employment report on Friday. Nonfarm payrolls gained for a third straight month as jobs rose by 1.763m (vs. 1.480m expected) and the unemployment rate fell to 10.2% (vs 10.6% expected) – a near 4pp improvement from the peak of the pandemic. Even average hourly wages rose +0.2% (vs. -0.5% expected). For more on the US labour market, see our US economists’ new chartbook here. Elsewhere, in Germany June industrial output rose +8.9% (vs. +8.2% expected) after it expanded +7.4% the month prior, while France’s industrial production rose 12.7% (vs. +8.4% expected).

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 25.22 POINTS OR 0.75%  //Hang Sang CLOSED DOWN 154.19 POINTS OR 0.62%   /The Nikkei closed DOWN 88,21 POINTS OR 0.39%//Australia’s all ordinaires CLOSED UP 1,66%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9720 /Oil UP TO 41.77 dollars per barrel for WTI and 44,76 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9720 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9716 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC//  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA VS USA//TIK TOK

 

Interesting:  TikTok is now planning to sue the White House over their “national Security” ban
They will fail
(zerohedge)

TikTok Plans To Sue White House Over ‘National Security’ Ban

NPR News, the closest thing we have to a CCP mouthpiece in the US, has gotten a rare scoop: TikTok owner ByteDance is planning to sue the Trump Administration over its executive order barring TikTok & Tencent’s WeChat from the US market by mid-September.

The lawsuit, which will be filed in an American court (the Southern District of California, to be exact), alleges that Trump’s executive order is unconstitutional because it didn’t allow TikTok enough time to respond, while also alleging that Trump’s claims that TikTok is a “national security threat” are “baseless”.

TikTok is planning to sue the Trump administration, challenging the president’s executive order banning the service from the United States.

The video-sharing app hugely popular with the smartphone generation TikTok will file the federal lawsuit as soon as Tuesday, according to a person who was directly involved in the forthcoming suit but was not authorized to speak for the company. It will be filed in the U.S. District Court for the Southern District of California, where TikTok’s American operations are based, the person said.

NPR has learned that the lawsuit will argue that the president’s far-reaching action is unconstitutional because it failed to give the company a chance to respond. It also alleges that the administration’s national security justification for the order is baseless, according to the source.

“It’s based on pure speculation and conjecture,” the source said. “The order has no findings of fact, just reiterates rhetoric about China that has been kicking around.”

The White House declined to comment on the expected litigation, but defended the president’s executive order. “The Administration is committed to protecting the American people from all cyber related threats to critical infrastructure, public health and safety, and our economic and national security,” according to White House spokesman Judd Deere.

Fortunately, the American legal system prioritizes the ‘rule of law’, so much so that it’s one of the few jurisdictions in the world where foreign companies can sue the domestic government and stand a reasonable chance of winning. They can’t say the same about courts in foreign jurisdictions

 

end

 

BYTEDANCE/TIK TOK/USA/BEIJING

 

Bytedance Breaks Off TikTok Deal Talks As Game Of ‘Political Chicken’ With Beijing Intensifies

During what has already been a tense day for Beijing’s deteriorating relationship with the West, a day that has seen the CCP slap sanctions on nearly a dozen GOP lawmakers & China hawks, while arresting a pro-democracy media tycoon with dual British citizenship in Hong Kong, Beijing has just sent the clearest signal yet that it will oppose the sale of TikTok to Microsoft, and likely any other US buyer.

The decision comes amid intense pressure from the Trump Administration pressing ByteDance to sell TikTok, which is believed to have 100 million users in the US, a fraction of its total global user base, or face a ban from the Apple and Android US app stores, an almost-unprecedented move that would severely limit the popularity of the breakout Chinese social media platform.

And the fact that the news is being published by the SCMP, an English-language newspaper controlled by Alibaba founder Jack Ma, who has already been outed as a member of the Communist Party, suggests that this is Beijing’s new official negotiating line. It’s part of a complex and opaque strategy of using leaks to state-controlled and state-sympathetic media and reporters around the world.

Instead of kowtowing to Trump, ByteDance plans to sue the Trump Administration (which we reported a few days ago) and aggressively fight for the right to continue operating. Part of its lawsuit seeks to repudiate the administration’s claim that the app represents a national security threat.

Then again, according to the SCMP, a deal isn’t entirely out of the question: The chances of Microsoft buying TikTok are now “less than 20%”. And the chances of ByteDance striking a deal with Twitter are even smaller.

Meanwhile, ongoing talks with potential suitor Microsoft, as well as reported preliminary talks with social media giant Twitter, are unlikely to end in a deal, said one of the people who has been briefed on the talks but who declined to be named as the information is not public.

The person said the probability of Microsoft buying TikTok is “not higher than 20 per cent” since the initial price offered by the US software giant was akin to “robbing the owner when his house is on fire”.

And the chances of Twitter buying TikTok were said to be even smaller, according to the person, as the US social media platform “just doesn’t have enough money.”

ByteDance declined to comment when approached about the talks with Microsoft and Twitter.

Microsoft was reportedly trying to buy TikTok in the US, Canada and Australia for a price of between $10 and US$30 billion, while other reports claimed Microsoft was considering a deal that would have handed it the entire global business ex-China (to be sure, the China-facing business is run through a separate app, called Douyin).

But since the SCMP can’t come out and say that the deal will be scuttled by opposition from Beijing, as TikTok becomes a political football, the paper reports that the decision not to sell comes from BD’s founder and CEO, Zhang Yiming, an up-and-coming tech superstar in China. Apparently, giving away his golden goose would cripple the company’s ability to grow, dashing Zhang’s dreams of building ByteDance into a global tech conglomerate to rival US behemoths.

“Yiming’s dream is to create a global business,” the person said, referring to Zhang Yiming, the 37-year-old founder of ByteDance. “But if he is set to lose TikTok in the US market either by selling it to a potential competitor or a forced exit, he will have nothing else to lose. Of course he will try every possible way to fight back.”

Meanwhile, the second person familiar with the situation said the Beijing-based company is preparing to harden its legal opposition to US demands, reflecting frustration with previous efforts to accommodate US concerns and public opinion in China which wants it to fight back.

“The initial response of ByteDance to Trump’s threats has earned it a nickname of Byte-kneel [to the US],” the person said. “It’s time for ByteDance to push back since there’s really no room to step back now.”

The Trump Administration has given ByteDance until Sept. 15 to sell TikTok or risk a “national security” ban (which would likely be struck down by the courts anyway). It looks like the company is doing exactly what we expected: Instead of playing ball, it’s fighting back. In theory, it’s a win-win: If TikTok loses, then Beijing can credibly denounce the American courts as corrupt and fundamentally discriminatory toward foreigners.

end

Navarro and Mnuchin get into a huge “brawl” over the Tik Tok ban.  Navarro want a complete ban and wants nobody to take over the company in the USA because of security issues

(zerohedge)

Navarro And Mnuchin Get Into “Knock Down, Drag Out” Oval Office Brawl Over TikTok Ban

In other TikTok-related news, the Washington Post published a lengthy report delineating what was going on inside the West Wing as Trump laid down the executive order, and others who have an interest in getting the deal done.

As Microsoft, under the impression it had the ‘all-clear’, moved ahead with the talks, only to be stymied by Beijing’s fury over Trump’s executive order, which soured the optics of the situation and would have made a sale of TikTok look like a concession on China’s part, others stepped in to intercede with President Trump, who was once again calling the shots while his advisors battled for his ear.

After a succinct refresher on the history of the Trump Administration’s national security concerns regarding TikTok, WaPo identifies VCs with a major investment in ByteDance who stepped in to intercede on the Chinese giant’s behalf, as big-time Silicon Valley dealmakers tried to get closer to the president.

TikTok is considered one of the biggest technological success stories to come out of China. People around the world use the app to make short videos about their lives, pets and dance moves. Parent company ByteDance CEO Zhang Yiming calls it a “window” into the world.

TikTok has 100 million U.S. users, many of whom are under 25 years old. Its success has drawn interest from prominent investors, including Sequoia Capital, a leading Silicon Valley venture capital firm. In 2014, its China arm made a prescient $35 million investment in TikTok’s parent company, giving it a stake that today is reportedly valued at more than $800 million. TikTok’s owner also acquired Musical.ly in 2017 for $1 billion, making it even more attractive to young users.

But with that success came scrutiny. TikTok was first identified as a potential national security threat in summer 2019, when U.S. officials approached ByteDance about concerns regarding its acquisition.

That turned into a formal national security investigation this year. It was led by the Committee on Foreign Investment in the United States (CFIUS), an interagency body that screens foreign investment transactions for national security risks and recommends to the president on security grounds whether certain proposed acquisitions should be rejected.as well as completed acquisitions reversed.

In TikTok’s case, the app has been downloaded more than 175 million times in the United States, and like other apps accesses copious amounts of sensitive personal data, including Internet and browsing activity, location data and search histories. That information is potentially available to the Chinese government under a national intelligence law that requires any Chinese company to “support, assist and cooperate with state intelligence work.”

The news of the investigation sent shudders through the halls of Sequoia Capital. Global managing partner Doug Leone took the lead on advocating for TikTok with the Trump administration, telling people he could use his influence with Trump to help the company, according to a person familiar with the discussions who spoke on the condition of anonymity to describe a private conversation. Leone and his wife have given $100,000 to Trump’s reelection bid, and Leone sits on the president’s task force for reopening the economy, according to public records.

As Trump’s anger simmered over the past two weeks, with periods of silence regularly punctuated by threats of a ban, the China trade hawk faction stepped up to try and push back against the horde of wealthy VCs seeking to dissuade Trump from pursuing the ban.

The hawks accused the finance guys of being dangerously sympathetic to the CCP, and ignoring the good of the country for the sake of the bottom line. Things (reportedly) got heated, and Pete Navarro and Steve Mnuchin got into what was described as a “knock down, drag out fight”.

In front of Trump, trade adviser Peter Navarro and other aides late last week, Treasury Secretary Steven Mnuchin began arguing that the Chinese-owned video-sharing service TikTok should be sold to a U.S. company. Mnuchin had talked several times to Microsoft’s senior leaders and was confident that he had rallied support within the administration for a sale to the tech giant on national security grounds.

Navarro pushed back, demanding an outright ban of TikTok, while accusing Mnuchin of being soft on China, the people said, speaking on the condition of anonymity to discuss private discussions freely. The treasury secretary appeared taken aback, they said.

The ensuing argument — which was described by one of the people as a “knockdown, drag-out” brawl — was preceded by months of backroom dealings among investors, lobbyists and executives. Many of these stakeholders long understood the critical nature of establishing close connections with key figures in the Trump administration.

Of course, this isn’t the first time Navarro has reportedly “fought” somebody during a meeting, according to the American press. Remember that time he almost beat up Dr. Fauci?

end

HONG KONG/CHINA
there goes freedom of the press in Hong Kong as Media mogul Jimmy Lai is arrested.
(zerohedge)

Hong Kong Police Arrest Media Mogul Jimmy Lai; Shares Of Pro-Democracy Paper Soar 300%

Mark your calendars, because critics of the CCP are saying that Hong Kong’s press freedom officially died on Monday.

In what appears to be the most high-profile usage of Hong Kong’s new national security law to crack down on Hong Kong civil society for allegedly “colluding with foreign governments” – ie trying to preserve the press freedoms promised by ‘the Basic Law’ – Hong Kong police on Monday arrested Jimmy Lai, a high-profile Hong Kong media mogul and a holder of joint Hong Kong-British citizenship.

This is the second time Lai has been arrested for his political activities this year. Police arrested him in April for his support of Hong Kong protests after he met with US Vice President Mike Pence and Secretary of State Mike Pompeo.

Lai is widely regarded as a traitor by the CCP for his pro-democracy news.

But according to media reports, the charges Lai is currently facing are much more serious, although he has already been released on bail. His sons were also arrested.

Shares of Hong-Kong listed media company Next Digital, which was founded and is currently run by Lai, surged more than 340% on Monday as his supporters bought up shares in a display of defiance following his arrest. Initially, news of Lai’s arrest sent shares of Next Digital, which owns Apple Daily, the most popular Chinese-language paper in the city, spiraling lower.

The company’s shares initially lost 20% of their value on speculation that Lai might be forced to sell Next Digital, a perpetual thorn in the side of the CCP establishment as it seeks to “correct” the “rotten social foundation” of the Hong Kong people.

Reuters reported that the surge was described by locals as only way to show support and they didn’t care if they lost all their money. Some even posted screenshots of their share purchases on Facebook.

“Even if Apple Daily publish a pile of blank paper tomorrow, we would go and buy a copy of it until it’s sold out,” said notorious pro-democracy activist Joshua Wong on Facebook. Pro-democracy lawmaker Ted Hui, meanwhile, urged people to buy copies of the edition no matter what.

END

CHINA VS USA
That is going to “hurt a lot”:  China slaps retaliatory sanctions on Ted Cruz, Marco Rubio and other China hawks. That accomplishes nothing as these guys have no interest whatsoever in the economic affairs of China.
(zerohedge)

China Slaps Retaliatory Sanctions On Ted Cruz, Marco Rubio & Other China Hawks

In retaliation for Washington slapping sanctions on Hong Kong Chief Executive Carrie Lam, along with several mainland officials, China on Monday has slapped sanctions on ten American lawmakers – all Republicans – over their support for the Trump Administration’s decision to strip Hong Kong of its “special status” and America’s hectoring of Chinese (and HK) officials over their support for the new Beijing-imposed national security law.

Critics, including the US, UK and most western Democracies, have accused Beijing of willfully violating international law by imposing these “illegal” changes to the HK Basic Law, a UN-registered international treaty. Now, Beijing is accusing the US of foreign meddling in Hong Kong.

China’s foreign ministry said it was imposing the measures on US senators Marco Rubio, Ted Cruz, Pat Toomey, Josh Hawley and Tom Cotton as well as congressman Chris Smith. Several non-lawmakers were also on the list. They include: Kenneth Roth, executive director of Human Rights Watch, and Michael Abramowitz, president of US government-funded organization Freedom House. Beijing didn’t specify what form the sanctions would take. The order targets a total of 11 US citizens.

“In response to those wrong U.S. behaviors, China has decided to impose sanctions on individuals who have behaved egregiously on Hong Kong-related issues,” Chinese foreign ministry spokesman Zhao Lijian told the press on Monday.

Beijing’s latest round of sanctions is part of an ongoing tit-for-tat battle between Beijing and the Trump Administration that has frayed the bilateral relationship and led to a surge in militaristic chest-thumping in the South China Sea, in the form of military exercises.

Hawley, Rubio and Cotton

Washington announced plans to sanction Lam & company on Friday. Those sanctions freeze any US assets owned by the officials, and bar Americans from doing business with them. By comparison, China’s sanctions targeting the American lawmakers bar them from entering, or doing business in, China. Something that will probably have little impact on their ability to make laws, while having no impact on their investments or economic prospects.

END

china getting ready to invade Taiwan?

(zerohedge)

CHINA VS USA

After Beijing officials have repeatedly charged Washington with violating the decades-long status quo “One China policy”, and amid ratcheting tensions over Taiwan given the highest-level meeting between Washington and the self-ruled island in decades is currently taking place with Health and Human Services secretary Alex Azar meeting government officials in Taipei Monday, the region is on edge after satellite images showing a significant Chinese military build-up near the island have reportedly emerged.

The New Zealand Herald reports the alarming development that “satellite images reportedly show amphibious armored vehicles and mobile missile launchers massing at military bases near the island nation.”

 

Satellite image said to show newly deployed PLA deployed amphibious armored vehicles in the Eastern Theatre Command across the strait from Taiwan. Source: New Zealand Herald

Specifically, according to the report, the images show “the People’s Liberation Army (PLA) moving the military vehicles into the Eastern Theatre Command on China’s coastal cities across the strait from Taiwan, with missile launchers well within range to hit any targets in Taiwan.”

It comes after threats and counter-threats of military build-up between the two, with regional analysts cited in the report saying there’s currently high risk for military clash or incident.

While it’s unclear where the newly published image featured in the New Zealand Herald is sourced from, many are convinced that Beijing is sending a clear signal to Washington and Taipei. However, the satellite image could also simply reveal a military base vehicle storage depot, common at most any nation’s military bases.

Per the NZ Herald report:

The Type 05 amphibious armoured vehicles are designed to deliver troops from the sea across a beachhead battlefield.

“The PLA are also deploying the powerful Type PCL191 multiple launch rocket systems to the ground forces of the Eastern Theatre Command,” Kanwa Asian magazine defence editor Andrei Chang writes. These have a range of some 350km.

“The Taiwan Strait is just 180km across. The PCL191 rocket launchers are able to destroy all military bases and government buildings on the island accurately.”

Meanwhile, Taiwan has responded by sending a company of about 200 marines to reinforce the Pratas Islands national marine park in the South China Sea – 445km from Taiwan and 300km from China.

 

PLA amphibious assault vehicles, file image

Also on Monday morning, several Chinese fighter jets buzzed the island, now a fairly regular occurrence. Taiwan’s defense ministry in its latest statement described that “Chinese fighters’ deliberate harassment has ruined the current cross-strait status and has seriously damaged the safety of the region.”

4/EUROPEAN AFFAIRS

CORONAVIRUS/UPDATE/SUNDAY

Italy, UK Announce Plans To Reopen Schools; Global COVID-19 Cases Near 20 Million: Live Updates

As we reported last night, the US surpassed 5 million confirmed cases (according to data compiled by Johns Hopkins) on Saturday evening (East Coast Time).

The US reported 56,070 cases Saturday, a 1.1% increase over the prior day. Total deaths have reached 162,441, the data show.

As we reported last night, Brazil also passed two critical milestones: it has now confirmed 2 million cases, and more than 100,000 deaths.

Though the numbers have rebounded a bit over the past week, on average, the daily numbers across the US have declined from a recent peak, as the outbreak in the Sun Belt outpaced the outbreak in New York. As the number of new cases in Fla. and Texas and California and Arizona has declined, some northeastern states, like New Jersey and Rhode Island, have seen a slight uptick in recent weeks (which inspired NJ, NY & Conn to add RI to the mandatory quarantine iist).

Globally, the number of confirmed cases is nearing 19.75 million.

Over in the EU, as governments sign more deals with major pharmaceutical companies to guarantee supplies of a vaccine that hasn’t even been proven safe and effective yet, EU Commissioner for Health and Food Safety Stella Kyriakides told Germany’s Handelsblatt in an interview that while a vaccine won’t immediately solve all the world’s problems, it will allow a step-by-step return to normality, the newspaper cited Kyriakides as saying.

 

In contrast, in the US, Dr. Fauci, who has repeatedly reassured Congress (and the American pubic) that a vaccine would be available by the end of the year, admitted yesterday that we really don’t know how effective the vaccine will be: he says it may be only “50% to 60% effective.”

As Australia’s second-most-populous state, Victoria (the home of its second-largest city, Melbourne) continues to struggle with the country’s largest outbreak yet, neighboring New Zealand has just confirmed its 100th straight day without even a single coronavirus transmission.

New Zealand on Sunday marked 100 days since it was able to effectively eliminate the spread of coronavirus.

Here’s JHU’s daily chart reflecting the daily growth rates of the 10 fastest-growing outbreaks in the world.

 

As New York bucks the trend in the US by moving toward a “hybrid” model of in-person learning this fall, more European economies are moving toward fully restarting in-person learning in a few weeks, almost guaranteeing another outbreak, though ideally one that can be swiftly contained with minimal fatalities.

Schools Minister Nick Gibb said in an interview on Times Radio that opening schools is critical for reviving the country’s battered economy, by allowing parents to return to work. Prime Minister Boris Johnson told the Mail on Sunday newspaper the country has a “moral duty” to resume normal teaching and reopening. He called reopening schools a “national priority.”

Italy’s Health Minister Roberto Speranza confirmed in an interview with Italian newspaper Corriere della Sera that Italian schools will reopen Sept. 14.

Another lockdown would do an “enormous damage, and we need to avoid it more than anything” Speranza said in the interview, in a reference to Italy’s battered economy, which will – to be sure – benefit from the pan-European rescue fund.

end

CORONAVIRUS UPDATE/MONDAY

Wearing Masks Outdoors Now Mandatory In Paris As WHO Warns “Majority Of World Still Susceptible” To COVID-19: Live Updates

Summary:

  • World on the cusp of 20 million confirmed COVID cases
  • Paris mandatory outdoor mask rules take effect
  • WHO warns “majority of world still susceptible” to COVID
  • Germany warns of “alarming” rise in new cases
  • Former Indian president tests positive
  • Situation in Pakistan improves as lockdowns ease
  • Lebanon suffers worst jump in infections yet

* * *

As global confirmed COVID-19 cases near 20 million (with potentially millions more that were never catalogued), an uptick in new cases has inspired Paris officials to impose dramatic new restrictions involving mandatory mask wearing. Masks must now be worn in public, even outdoors.

The order was announced over the weekend. it applies to people aged 11 and over, and covers busy outdoor areas in the French capital and more than 100 streets, although tourist sites such as the Eiffel Tower, the Arc de Triomphe and Champs-Elysees boulevard are not included, as French politicians continue to extend concessions to the badly battered tourism industry.

As the BBC points out, the Paris mask rule is part of a trend of localized restrictions sweeping Europe.

The new mask rule in Paris is part of a pattern that is spreading across the country – indeed across Europe – as governments try to stamp down the new virus embers.

It has been obvious for weeks that in some much-frequented parts of the capital, keeping the one-metre (3.2ft) rule is a challenge.

On the Seine quays for example, walkers, joggers and cyclists brush past revellers at the many riverside bars.

Masks are already obligatory in France in all enclosed public spaces – including inside tourist attractions like the Louvre and the Eiffel Tower.

And across the country, well over 1,000 towns and cities have prescribed face coverings in certain streets and neighbourhoods.

The main target of the rules are young people who gather to enjoy the holiday and the sunshine.

All the evidence shows that they are the group among whom infection is growing fastest.

They may be at a lower risk of becoming seriously ill from the virus than older people. It is their role as vectors that is a cause for concern.

A top US health official has praised Taiwan’s response to the coronavirus pandemic, hailing it as “among the most successful in the world”, during a rare diplomatic visit to the island.

Elsewhere in Europe, Germany’s economy minister warned of an “alarming” rise in infections. “We need to flatten the curve and turn this around,” Peter Altmaier told German press as schoolchildren in Berlin return to classrooms for the first time in months. Germany has also seen its single-day case count top 1,000 for the first time in weeks.

With the world on the cusp of reporting 20 million confirmed cases of the coronavirus, the WHO delivered a stark warning during a Monday morning press briefing from Geneva: the majority of the world’s population remains susceptible to infection.

Dr Maria Van Kerkhove, famously the agency’s technical lead on COVID-19 research who once caused an uproar by declaring asymptomatic transmission a “rare” event, and seemingly undercutting the case for compulsory mask-wearing, told reporters on Monday that there was “no indication that there is seasonality with this virus” and urged people to do everything they could, including physical distancing, wearing a mask where appropriate and avoiding crowded settings, to prevent the spread of infection.

Earlier, the WHO’s Director General Dr Tedros Adhanom Ghebreyesus praised the UK’s decision to take “targeted action” by imposing ‘partial lockdowns’ in parts of Leicester and parts of northern England.

Dr. Tedros told the briefing: “Strong and precise measures like these, in combination with utilizing every tool at our disposal, are key to preventing any resurgence in COVID-19 and allowing societies to be reopened safely.”

After crossing the 2 million mark last week, infections in India have slowed slightly as antibody surveillance testing suggests that some of the worst-hit slums in Mumbai and New Delhi have achieved roughly 50% infection rates, not far from levels where ‘herd immunity’ might come into play.

What’s more, on Monday, Pranab Mukherjee, India’s president from 2012-2017, has just announced that he has tested positive for the virus.

But the world’s second-most-populous country hasn’t had nearly as much success as its neighbor, Pakistan, where the outbreak has continued to wane as the country’s ‘partial lockdowns’ have been slowly unwound.

Here’s more on that from the BBC:

With restaurants, cinemas and tourist spots reopening (albeit with some restrictions in place) life in Pakistan is returning to “normal”.

Partial lockdowns have been in place since March, but have been progressively eased.

With just over 6,000 coronavirus deaths in a population of about 230 million, despite the country’s weak healthcare system, Pakistan appears to have fared far better than many in the West.

Finally, as anti-government protesters return to the streets, clashing with security forces, Lebanon reported its highest daily increase in coronavirus infections yet on Monday, compounding the country’s problems after a devastating explosion tore through Beirut last week.

Another 294 cases were recorded on Sunday, bringing the country’s total number of infections to 6,517, per health ministry data.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

LEBANON

Financially bust Lebanon is now in deep turmoil as protesters storm multiple government ministries in Beirut over the weekend

(zerohedge)

“Leave, You Are All Killers!” Protesters Storm Multiple Government Ministries In Beirut

The expected protests and riots have broken out in Beirut at the end of a week in which families mourned the over 150 killed in Tuesday’s blast centered on the port, which it’s now been revealed was the result of years of negligence by authorities who allowed 2,750 metric tons of ammonium nitrate to be unsafely stored right alongside a large stash of impounded fireworks

Like the years-long banking crisis, the government is seen as directly responsible for this week’s epic tragedy, also given the lengthy paper trail showing multiple officials and entities begged the government to do something about the explosive substance stored so near a densely populated area.

But Lebanese now taking to the streets this weekend could care less about the fine points buck passing among the political class as now a tsunami of rage is being unleashed, additionally as the economy is in shambles with record unemployment.

On Saturday local TV stations showed footage of thousands of protesters occupying at least four government ministry buildingsin downtown Beirut.

An estimatedten thousand clashed with police, which reportedly involved shots fired, in mayhem that also left at least one police officer dead.

And Reuters reports that the country’s banking sector remains target of the people’s rage:

“Lebanese protesters stormed government ministries in Beirut and trashed the offices of the Association of Lebanese Banks on Saturday, TV footage showed, as shots were fired in growing protests over this week’s devastating explosion,” according to the report.

 

Martyr’s Square on Saturday, via AFP.

Already the growing number of injuries are an indicator of just how fierce this round of protests promises to be:

The Red Cross said it had treated 117 people for injuries on the scene while another 55 were taken to hospital. A fire broke out in central Martyrs’ Square.

Dozens of protesters broke into the foreign ministry where they burnt a framed portrait of President Michel Aoun, representative for many of a political class that has ruled Lebanon for decades and that they say is to blame for its deep political and economic crises.

It appears that going into the night the ministries now “taken over” the protesters include the Foreign Affairs, Environment, and Energy ministry buildings, as well as the Ministry of Economy.

Chants of “the people want the fall of the regime” as well as the burning of portraits of top Lebanese leaders and politicians, such as of President Michel Aoun could be observed during mass demonstrations at Martyr’s Square.

Responding to the pressure and popular anger, Prime Minister Hassan Diab called for early parliamentary elections and a two month transition period.

“We cannot get out of this crisis without early parliamentary elections,” Diab said in a televised address.

Reuters describes further of Saturday’s mayhem in the streets:

The protesters said their politicians should be hanged and punished over their negligence that they say led to Tuesday’s gigantic explosion that killed 158 people and injured more than 6,000.

The protesters chanted , reprising a popular chant from the Arab Spring uprisings of 2011. They held posters saying “Leave, you are all killers”.

Lebanon is still at the height of abanking and currency crisis which previously saw unprecedented restrictions put on patrons of banks: they couldn’t draw from their own savings accounts on fears of a run on cash (specifically the dollar), and had strict controls put on external transfers out of the country. This as the local Lebanese lira had effectively collapsed.

Lebanese officials estimate that the explosion resulted in between three and five billion dollars worth of destruction, and many thousands of people left homeless given whole buildings were destroyed.

One thing is for certain: expect much more protests and unrest to come.

end

LEBANON

Lebanon’s Prime Minister steps aside clearing the way for a 3rd government in less than one year.

Protests continue

(zerohedge)

Lebanon’s Prime Minister To Step Aside, Clearing Way For 3rd Government In Less Than A Year

As protesters in Beirut storm government buildings, part of a “tsunami of rage” triggered by the historic and deadly explosion that decimated the capital city’s vital and historic port less than a week agoCNN reported, and the government later confirmed, that the Lebanese government is stepping down.

Lebanon’s government was struggling to contain a wave of unrest, despite a worsening outbreak of SARS-CoV-2, as allegations of corruption, incompetence and foreign interference commingled in the public’s utter lack of faith in their leaders. In their desperation, the country’s leaders turned to China for financial support as the state teetered on the edge of bankruptcy.

Now, apparently, Prime Minister Hassan Diab, who rode into power as a “reformer” back in December, 2 months after an uprising brought down the previous government, has had enough: He’s stepping down with the rest of his cabinet (three ministers have already resigned). His government will soon accept “caretaker” status and saddle the Lebanese people with the responsibility of electing their third government in less than a year.

Lebanon’s government is expected to step down on Monday, two government sources told CNN, less than a week after a massive explosion in Beirut killed more than 160 people and sparked days of violent protests.

A senior ministerial source told CNN he believed the government would be reduced to caretaker status by Monday night. Three cabinet ministers have already quit, along with seven members of parliament.

The news comes as the country reports its biggest jump in daily new COVID-19 cases, heaping injury upon injury.

Clashes over the weekend were some of the most violent seen in recent memory, sources told CNN.

Prime Minister Hassan Diab

Diab’s ministers had repeatedly accused the ruling class of disrupting their plans for reform. Politicians aligned with the country’s banking elite torpedoed the government’s IMF-endorsed economic program, which had been expected to dig into bank profits.

The protests over the weekend were some of the largest and most violent the city has seen in nearly year. The city convulsed with anger as protesters occupied several government ministries and threw stones and shards of glass at security forces. Police fired hundreds of rounds of tear gas as well rubber bullets and, in some cases, live fire.

 

Lebanon is facing a banking crisis, and its currency has tumbled 70% vs the dollar as its economy has cratered this year. Rescue talks with the IMF hit the rocks before last week’s explosion.

As we wait to see how all of this shakes out, we can’t imagine how another power vacuum at the top will help the people of Lebanon. And as Pepe Escobar points out, it’s very likely that the biggest beneficiaries of all of this will be “global financial vultures” aligned with the US, Saudi Arabia and France.

TURKEY/CYPRUS/GREECE/ISRAEL

Bankrupt Turkey is again defiant as it resumes Mediterranean gas exploration in territorial waters owned by Greece and Cyprus

(zerohedge)

Defiant Erdogan Says Turkey Has Resumed Mediterranean Gas Exploration & Drilling

While over a week ago it was looking as if Turkey might back down on its ambitious oil and gas exploration aims in the eastern Mediterranean amidst global pressure, especially coming from the EU and US, President Erdogan is defiant once again, announcing Friday the resumption of energy exploration work that Greece and Cyprus says violates their territorial waters.

Emerging from Friday prayers at Hagia Sophia – which Turkey recently declared a mosque (in another shot aimed at Greece) – Erdogan said: “We have started drilling work again,” and added, “I don’t think we are obligated to talk to those who do not have rights in the areas of maritime powers.”

 

Via Reuters

Erdogan said a seismic survey ship is currently en route to the disputed region to continue its energy exploration.

The Turkish president’s comments were also seen as a firm rejected of a recent Greece and Egyptian deal defining their exclusive economic zones in contradiction to Ankara’s interpretation.

Turkey denied the agreement as “null and void” — which means Turkey’s expansionist claims are being contested by pretty much every Mediterranean country, also including Israel. The exception of course, is the Tripoli-based Libyan Government of National Accord (GNA), which lately inked its own agreement with Turkey defining broad swathes of the Mediterranean as within Turkey’s rights.

Turkey has sought to argue that the so-called Turkish Republic of Cyprus, which remains unrecognized internationally, gives it expansive rights encompassing the whole of Cyprus.

 

Via Anadolu Agency

Meanwhile Greece has complained of weekly illegal Turkish military incursions of its airspace, in a situation that is becoming militarized by the week.

6.Global Issues

Bill Blain gives us his take on the major events of this past week:  England, USA, China

Bill Blain….

Blain: “The Brutal Reality Of Slowdown Is Becoming Clearer”

Authored by Bill Blain via MorningPorridge.com,

Who Pulled the Plug?

“Unnervingly coherent and laughably mindless”

This morning’s opening quote isn’t an independent assessment of the Morning Porridge – but is lifted from a newspaper article on Artificial Intelligence.  It ends on a very scary tag: the AI is asked if it is conscious and responds:

 “To be clear, I am not a person.  I am not self-aware.  I am not conscious.  I can’t feel pain.  I don’t enjoy anything.  I am a cold, calculating machine designed to simulate human response and to predict the probability of certain outcomes.  The only reason I am responding is to defend my honour.”

This is not from some dystopian novel or a reboot of the Terminator series… but from the this morning’s FT!

Should we pull the plug or ask it some more questions?

Back in the real world…

We are now in the depths of the summer doldrums – and markets are showing even less correlation to global events than usual.  Stock and Bond Markets remain chronically distorted by the effects of Central Bank liquidity. China markets have shrugged off the new Trump US sanctions – and Xi has stepped up the arrest of protest figureheads in HK.  Ten-cent has taken a tumble on the back of Trump banning Tik Tok and WeChat – confirming the degree to which individual stocks are vulnerable to shifts in the narrative. Watch for case-by-case wobbles as the China-US rift opens wider – when will China decide to make trouble for Tesla to boost its copy-cars? 

But even the China/US tiff is likely to be something of a sideshow. My first question to the AI machine would be – just how deep is the coming global recession going to be?  Despite some recent strong economic releases, the trend shows the recession is underway. Just read through the news this morning, or open any serious research, and it’s all bad stuff heaped upon yet more depressing noise.  But… when all around are panicking… let me remind you of a critical Blain’s Market Mantra:

“Things are never as bad as you fear, but never as good as you hope.”

Smile. Be hopeful.

The brutal reality of slowdown is becoming clearer.Surveys predict 1/3 of UK companies are going to announce layoffs and zero wage rises.  Unemployment remains stubbornly high in Europe.  Despite the US adding jobs it’s still well below the long-term trend.  Recovery is not going to be driven by consumption.  New Bank NPL provisions in the US and Europe exceed $140 bln – almost as high as losses from 2008!  Even China’s much vaunted virus recovery seems stuck at 80% return to normality. 

As the crisis deepens, the greed stories are beginning to leak out. If you haven’t read about the naked graft and corruption of Kodak reinventing itself as Big Pharma overnight with the help of US Govt loan, or companies paying bosses massive bonuses shortly before they go bust – then catch up. For every scam that’s been uncovered, hundreds are probably occurring – slipping under the radar because of the incessant deluge of bad news.. These stories are inflaming already frustrated voters.

If you were expecting the world to return to its proper place by Christmas… welcome to 1939. It feels more and more like we’re in for a long haul of ongoing government support measures, distorted markets and an ever more difficult search for returns in a null-entropy global economy…. Get used to it.. Adapt. 

The trick to understanding investment flows and opportunities over the coming.. months, years or decades.. (I don’t know how long..), will be to understand how the global economy and governments relate, adapt and function in this new reality.  Wide-range change is inevitable. I suspect it goes on for much longer-than-anticipated…

But I also expect the scale of the ongoing pandemic damage is going to dramatically lessen as we come to understand and cope with Virus.  In time we’ll pretty much forget about COVID-19 as we cope with it’s economic aftermath.

The biggest problem is likely to be Government leadership and critical timing. It’s clear the US administration is barely functional – in election mode they can’t agree on the next stimulus package. Here in the UK it’s just embarrassing noise – there is no sign of any joined-up underlying plan or deep thinking on how the UK is going to adapt, change and cope with the enormous changes the Virus has triggered. Out unmatched ability to “muddle through” is unlikely to help.

We’re anticipating a 22% Q2 decline in UK GDP… dwarfing the scale of slowdown in the US and Europe. In a superb article on Bloomberg, Marcus Ashworth contrasts the doom and gloom being expressed by the banks and business, with the rosy outlook from the Bank of England – which expects an 18% rebound in Q3! I should like a quarter ounce of whatever Mr Bailey is smoking please… The reality is few workers are heading calls to return to work. 

Landlords and Retail tenants have cooked up an interesting solution to the conundrum that shops and restaurants can’t afford to pay their rents – they are asking Government to step in to make up the rental payments. That’s an interesting call.. does government decide to smooth the economy by bailing out commercial property, or does it let evolution take its course? The high-street was already in crisis before the virus. Shopping, and large offices are going to be changed utterly by the Pandemic.

Apparently, there’d been a mini-riot one evening, so the streets were being patrolled by fully tooled up police – who must have been wondering what threat the mobs of inebriated and braying Henrys, Thomases, Casandras and Imogens presented.  The shops and restaurants were mobbed – what recession? (We decided to eat on the boat instead – which worked pretty darn well.) As I read about UK bosses being paid 250x the average worker’s salary and ignoring shareholder votes on bonuses.. I’m wondering just what the rest of miserable Britain is thinking of government bailouts going into the Elites’ pockets…

Meanwhile, I made the mistake of posting a photo of us and the kids on the boat over the weekend. Our local Coronanazi Gauleiter was furious – demanding to know what social distancing was being done, and haranguing me about “Didn’t I Understand the Crisis?”  Our village site is peppered with similar posts about the stupidity of people walking too close to others, or not wearing a mask with filling up their cars with petrol (apparently they might kill the next customer who picks up the nozzle if they breathe on it).

It’s hard to see how the UK will recover from the terror the virus has created.

Is there any point delaying inevitable change via yet more government bailout spending? Or should we just let it happen and invest in the future, rather than bailing out the past… 

Big Problems.. Big Answers.  Move Forward.

end

Michael Every…

Rabo: Once Again The Global Architecture Is At Risk Of Collapse… Which Is Why Markets Will Keep Rising

By Michael Every of Rabobank

Action, sanctions, action,…sanctions

The US Congressional stand-off between Democrats and Republicans over a new stimulus bill was temporarily resolved in controversial fashion by President Trump on Saturday via a series of executive orders which: extend unemployment benefits for two months at a level of USD300 per week, down from USD600, with an additional USD100 top up possible from states by tapping FEMA funding; extend the moratorium on rental evictions, although critics say the wording is too vague to help; extend zero rates and deferments on student loans; and defer payments of payroll taxes backdated to 1 July, with the explicit promise from Trump that if he is re-elected he will make this permanent.

Obviously this is less stimulus than was previously available, which was probably already not enough to stop the economy from slowing –regardless of the good US employment news on Thursday and Friday– and kicks the can at best. However, it is mathematically better than nothing. Markets get to see action – and, crucially, so do voters…and it’s the president taking it. (Yes, this is an election year, and all actions need to be viewed through that lens.) Of course, it is also highly controversial and, Democrats claim, of dubious constitutionality which may be challenged in court. Objectively, however, the measures don’t seem to be any more of a stretch than ones previously taken by the Democrats when in office. It does seem that the door is opening for the White House to dip into the huge Treasury balance it has on hand to keep kicking that can until 3 November.

Meanwhile, if Trump vs. Biden is the lens for most market actions, the other is still the US vs. China. Friday saw the US impose sanctions on Hong Kong CEO Carrie Lam as well as senior members of the Hong Kong government. Markets didn’t like this, presuming as usual that no such boats would be rocked. Indeed, the Hong Kong Autonomy Act (HKAA) allowed Trump far longer to make this decision, and there had been whispers, always wrong in my view, that only small-fry would be targeted rather than the head of government. For the bulls, the new “She’ll be right” mantra is that no *bankswere named and, as China has officially stated, this US action is both an egregious insult and ultimately meaningless.

Yet as the Financial Times’ Simon Rabinovitch tweeted over the weekend, quoting an unnamed executive from the Chinese unit of a major European bank:

“…the impact will begin to be felt on Monday morning. He variously described all officials on the list as “toxic” and as “pariahs” for all foreign banks, not just US banks, who deal with them…his view is that major Chinese banks, afraid of trouble with the US, would themselves comply with the sanctions.”

Indeed, as has been underlined before, the HKAA starts with individuals and then automatically moves to banks, and to the USD. So she won’t be right on this glide path.

Then today anti-Beijing Hong Kong press billionaire Jimmy Lai and his sons were arrested for “collusion with a foreign country, uttering seditious words, and conspiracy to defraud,” according to press reports of the words of an arresting officer. The HQ of Lai’s media empire, the newspaper HK Apple Daily, was also raided by dozens of police, all journalists made to show their IDs, and crates of evidence taken away.

Obviously, this does not help sell Hong Kong as an international media center any more than US sanctions on its government help to sell it as an international banking centre.

Moreover, what are the odds the US escalates sanctions in response to China’s reply to Friday’s action? Be assured if there is one thing feuding Democrats and Republicans have in common it will be anger at what China has just done.

So risk on for Trump’s actions, or risk off for China’s? What is actually happening seems to bear very little relation to what markets do nowadays.

One thing we can say, however, is that with July Chinese CPI at 2.7% y/y, only higher than consensus due to food inflation at 13.2% y/y, with core CPI at the lowest since 2010, and key PPI at -2.4% y/y, deflation is still the name of the game, not inflation; and despite the enormous USD62bn Chinese trade surplus for July, and the lack of outbound tourism, and the assumed gain in valuation in non-USD FX reserves from a weaker USD, China’s FX reserves did not move much in the month from their obligatory “none shall pass!” USD3.1x trillion level. Which means more money flowed out than in even when the USD was being talked about as a busted flush.

Meanwhile, New Zealand, which just celebrated 100 days with no local virus transmission, just saw ANZ business confidence FALL from -31.8 to -42.4 and the business outlook from -8.9 to -17. You can beat Covid-19, but if you are doing it all alone then you are still facing a very hard slog. Wait until nobody turns up for the key summer tourist season and imagine how things will look. Let’s see what the RBNZ has to say when they meet later this week.

And in the northern hemisphere, if it’s Monday it must be another bout of selling in TRY, which was below 7.30 at time of writing. As noted last week, this is a situation which is not going to resolve itself: outside involvement is likely to be needed in terms of foreign exchange. Ironically, today marks the 100th anniversary of the signing of the Treaty of Sevres, which dismantled the Ottoman Empire post-WW1, and which is likely to get far more attention in Turkey than it does in the West –where nobody seems to study history anymore– even as France jostles with Turkey over both Cyprus and Libya. Of course, it is also the date that saw the start of the French mandate in Syria and Lebanon, which coincides with French President Macron’s recent visit to ruined Beirut, a promise that France won’t walk away from it (which will be very expensive, if so), and a Lebanese petition signed by 61,000 people so far demanding the country once again “be placed under a French mandate for the next 10 years.”

Even if that is highly unrealistic, it underlines that once again the global architecture is at risk of collapse as we see realpolitik trump the ‘liberal world order’, huge explosions, warnings of war, political polarization, dubious constitutionality, warnings of election fraud, sanctions, tariffs, and now the arrest of press barons.

You know, the perfect environment for markets to keep rising.

Florida/USA/the Globe/Coronavirus updates//Saturday

Florida Cases, Fatalities Bounce Back After Hurricane As US Deaths Top 160,000: Live Upates

Summary:

  • US reports 1.2% increase in new cases
  • Arizona reports 1,054 new cases
  • US deaths top 160k
  • Florida reports another 187 deaths, cases climb
  • NY cases top 700
  • Hong Kong cases top 4,000
  • Germany “R” rate hits highest in 10 days
  • Denmark says may asks citizens to wear masks more frequently

* * *

Update (1435ET): Now that Arizona and California have reported their latest numbers (both states saw a continued slowdown in new cases), JHU and BBG have published their first preliminary estimate of new cases in the US over the last day. With 59,202 new cases (+1.2%) added, equivalent to the average pace from the last week, it looks like cases continue to trend lower, while deaths were over 1,000 again.

Arizona reported 1,054 new cases (+0.6%), compared with an average 0.9% in the previous seven days. The total for the state is 186,107 cases. Another 56 deaths were reported, compared with 78 the previous day. The positive test rate was 12.5% compared with 15.7% the day before.

* * *

It’s official: The US has passed 160,000 confirmed deaths, according to figures reported by state health authorities and cataloged by Bloomberg, Johns Hopkins and other data providers. According to BBG & JHU, the US added 59,202 new cases (+1.2% ),  on par with the average daily over the previous seven days. Some 1,256 deaths were reported yesterday, the fourth consecutive day with more than 1,000, but fewer than the 1,842 reported the previous day. America has now confirmed 4,941,635 cases (plus thousands more logged as ‘probable’ ones, and potentially millions of “asymptomatic” cases that will never be documented) and 161,347 deaths (plus thousands that have probably gone uncounted).

 

Source: NYT

Of course, every time US deaths pass a big, round number, progressives come out with the pitchforks and conveniently try to “remind” indoctrinate the public to believe these deaths are Trump’s fault, and his alone.

One day after Gov Andrew Cuomo bucked the national Democratic trend and declared that schools in New York would be allowed to reopen, New York reported 703 new cases, a 0.2% rise, which is in line with the average increase from the prior weeks (and months). NY’s state of spread has more or less plateaued at between 500 and 750 cases per day, with few exceptions. Additionally, the state reported five more deaths, the same number as the day before. Total hospitalizations in the state that had been the center of the U.S. outbreak remained low, at 573.

In Florida, health officials reported 187 COVID-19 deaths on Saturday, along with the highest single-day total of new cases in a week with 8,502 cases, though the 7-day average for cases continued to move lower.

Now, 8,238 people have died and 526,577 people have been infected with the virus. The state’s positivity rate declined slightly, but was mostly steady at 9.9.

It’s been three consecutive days of increases in both COVID-19 cases and deaths as both seem to bounce back after the hurricane (though we sincerely doubt the hurricane’s tour stopped people from succumbing to the virus).

Florida reported a record 257 deaths on July 31, when the state’s outbreak appeared to peak.

As we await case and death data from the rest of the US, here’s what else is happening in COVID-19 news world-wide.

Vietnam’s health ministry reported 21 new cases Saturday, of which 20 cases were linked to the coastal city of Danang, and one case was imported. After a lengthy stretch of no infections and deaths, the country has confirmed 353 infections tied to the Danang July 25 outbreak. Vietnam has a total of 810 cases with 10 deaths.

Amid a non-stop flurry of vaccine news out of the US, Europe, China and Russia, Tianjin-based CanSino Biologics, one of the most closely-watched (in the west, and China) Chinese vaccine projects. The company said Saturday it may test its coronavirus vaccine on pregnant women to study its ability to protect groups most vulnerable to virus. The Chinese company, which was the first in the world to start human testing of vaccines against the virus in March, “may include pregnant women and look at the shot’s ability to protect” young people during future clinical trials, said CanSino founder Yu Xuefeng during a webinar hosted by Hillhouse Capital on Saturday.

Belgium, which has emerged as a hotspot in Europe’s nascent “second wave”, said on Saturday that 768 more infections have been detected, after 858 the day before. Five more deaths were reported, bringing the total number of fatalities to 9,866.

Hong Kong reported 69 new cases Saturday, pushing its total north of 4,000. Indonesia posted 2,277 new infections, lifting its tally above 123,500.

Meanwhile, in Denmark, where the country’s committee of experts leading its response have disagreed on the efficacy of masks, said the country likely won’t reopen nightclubs – as it had planned – due to an increase in cases. Prime Minister Mette Frederiksen said Danes may also have to get used to wearing face masks in public (at the moment, they are not mandatory, though Danes are asked to wear them on public transit).

Starting Saturday, Germany will test all returning travelers as the country’s “R” value climbs to 1.16 on Friday, its highest level in a week-and-a-half.

Here’s how the worst outbreaks in the world are progressing, per JHU:

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1748 DOWN .0037 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 106.14 UP 0.267 (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 1.3034   DOWN   0.0012  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3384 UP .0026 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1748 Last night Shanghai COMPOSITE CLOSED UP 25,22 POINTS OR 0.75% 

 

//Hang Sang CLOSED DOWN 154.19 POINTS OR 0.63%

/AUSTRALIA CLOSED UP 1,66%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 154.19 POINTS OR 0.63%

 

 

/SHANGHAI CLOSED UP 25.22 POINTS OR 0.75%

 

Australia BOURSE CLOSED UP 1.66% 

 

 

Nikkei (Japan) CLOSED DOWN 88.21  POINTS OR 0.39%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 2031.00

silver:$28.26-

Early MONDAY morning USA 10 year bond yield: 0.558% !!! DOWN 1 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.23 DOWN 1  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 93.67 UP 24 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.27% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -+.01%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.26%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.92 DOWN 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 66 points higher than Spain.

 

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.44% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1747  DOWN     .0038 or 38 basis points

USA/Japan: 105.89 UP .016 OR YEN UP 2  basis points/

Great Britain/USA 1.3077 UP .0031 POUND UP 31  BASIS POINTS)

Canadian dollar UP 20 basis points to 1.3356

 

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The USA/Yuan,CNY: AT 6.9620    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9414  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.2440 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield UP 1 IN basis points from FRIDAY at 0.572 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1,25 DOWN 1 in basis points on the day

Your closing USA dollar index, 93.63 UP 10  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 18.41  0.31%

German Dax :  CLOSED UP 12.65 POINTS OR .10%

 

Paris Cac CLOSED UP 19.99 POINTS 0.41%

Spain IBEX CLOSED UP 103.40 POINTS or 1.49%

Italian MIB: CLOSED UP 135.14 POINTS OR 0.69%

 

 

 

 

 

WTI Oil price; 42.15 12:00  PM  EST

Brent Oil: 45.08 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.47  THE CROSS LOWER BY 0.25 RUBLES/DOLLAR (RUBLE HIGHER BY 25 BASIS PTS)

 

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

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  41.97//

 

 

BRENT :  44.97

USA 10 YR BOND YIELD: … 0.585.. up 2 basis points.

 

 

 

USA 30 YR BOND YIELD: 1.255..up 2 basis points

 

 

 

 

 

EURO/USA 1.1742 ( DOWN 43   BASIS POINTS)

USA/JAPANESE YEN:105.96 UP .079 (YEN DOWN 8 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.59 UP 16 cent(s)/

The British pound at 4 pm   Britain Pound/USA:13975 UP 29  POINTS

 

the Turkish lira close: 7.3217

 

 

the Russian rouble 73,49   UP 0.22 Roubles against the uSA dollar.( UP 22 BASIS POINTS)

Canadian dollar:  1.3352 UP 25 BASIS pts

 

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

 

The Dow closed UP 359.40 POINTS OR 1.31%

 

NASDAQ closed DOWN 42.62 POINTS OR 0.39%

 


VOLATILITY INDEX:  22.35 CLOSED UP .14

LIBOR 3 MONTH DURATION: 0.252%//libor dropping like a stone

 

USA trading today in Graph Form

Silver Soars Amid Momo Meltdown, Apple Almost As Big As Entire Russell 2000

The last two days have seen the biggest plunge in momentum since the early June quant-quake…

Source: Bloomberg

As the reflation trade inflects as money supply falls for two straight weeks…

Source: Bloomberg

…and momentum vs value flips…

Source: Bloomberg

The biggest two day rotation since the June collapse…

Source: Bloomberg

Cyclicals also dominated defensives…

Source: Bloomberg

Source: Bloomberg

All of which sparked a major divergence between Small Caps (and The Dow) and the Nasdaq on the day (though BTFDers diod not allow that to stand for long)…

That is the 7th straight day higher for the Dow and S&P (and 2nd down day in a row for Nasdaq)

Pushing the Russell 2000 to its highest relative to Nasdaq in almost two months…

Source: Bloomberg

Treasuries rollercoastered in a narrow range today, bid during the EU session overnight and sold during the US session…

Source: Bloomberg

Elsewhere in crazy land, the Junk bond market set a record-low coupon today with a Ball Corp deal. The aluminum packaging company, is selling 10-year notes at a 2.875% yield. As Bloomberg notes, about 40% of high-yield deals sold last week priced at a yield of less than 4%.

Source: Bloomberg

The dollar chopped around all day in a tight range and ended marginally higher

Source: Bloomberg

Bitcoin topped $12k before being flash-crashed once again… but staged a valiant recovery…

Source: Bloomberg

Ether also plunged but managed to make it back into the green…

Source: Bloomberg

While gold ended modestly lower after a morning surge above $2060 (futs), silver, copperm and crude all managed solid gains…

Source: Bloomberg

Silver and gold decoupled for a few hours today (between 11amET and 2pmET)…

Silver’s outperformance sent the ratio to gold back below 70 once again…

Source: Bloomberg

And finally, as one wit quipped, Tech is eating the world: The recent surge in Apple shares is pushing the value of the world’s largest company toward that of the entire Russell 2000 Index. The iPhone maker is worth $1.93tn, almost 90% of combined mkt cap of 2,000 US small-cap stocks listed in Russell…

“This is astounding – in the past 40 years, no single stock has come close to dwarfing the value of so many other companies,” wrote Sundial Capital Research Inc. founder Jason Goepfert in a recent note.

Source: Bloomberg

And then there is this…The market value of the world’s equities has risen above the dollar value of the global economy, which some investors say is a sign of overheated markets. As Bloomberg notes, total stock-market capitalization reached $87.83 trillion on Sunday, compared with the 2019 gross domestic product of all countries at $87.75 trillion. With this, stock values have returned to where they were earlier this year, even though the Covid-19 pandemic has dragged many countries into recession.

Source: Bloomberg

It’s a Mad World alright!

END

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

The JOLTS data..

Job Openings Soar Amid Record Surge In Americans Quitting Their Job

With the BLS’s JOLTs, or job openings and labor turnover survey, coming in with an extra month delay, we already knew that both the June and July jobs data would come in well stronger than expected, after the record surge in May (if only after the catastrophic April loss of 20MM jobs), and sure enough that’s what the BLS confirmed moments ago when it revealed that in June the number of job openings jumped from a revised 5.371 million to 5.889 million, smashing expectations 5.3MM job openings, and at 518K, the biggest monthly increase in five years, since July 2015 (however, only after plunging by nearly 2 million in March and April).

Job openings rose in a number of industries with the largest increases in accommodation and food services (+198,000), other services (+69,000), and arts, entertainment, and recreation (+34,000). Job openings decreased in construction (-70,000) and in state and local government education (-26,000). The number of job openings increased in the Northeast and Midwest regions

Separately,  we already knew that the series of 24 consecutive months in which there were more job openings than unemployed workers ended with a thud in March, in April it was an absolute doozy with 18 million more unemployed workers than there are job openings, the biggest gap on record. In June, the gap closed somewhat, with 11.9 million more unemployed than available job openings (after 15.6 million in May).

As a result, there were just over 3 unemployed workers for every job opening.

There was a slight slowdown in the number of hires which after soaring by a record 7.2 million in May (which in turn followed a  decade-low 4 million print in April) dipped by just over 500k to 6.696MM in June which still was the second highest print on record. Hires decreased in a number of industries, with the largest fall in other services (-326,000), followed by health care and social assistance (-282,000), and construction (-181,000). Hires increased in professional and business services (+255,000), accommodation and food services (+78,000), and state and local government, excluding education (+30,000)

As the pace of hires slowed in June, separations rose modestly from 4.2 million to just 4.758 million. Total separations increased in many industries in June 2020 with the largest increases in accommodation and food services (+175,000), retail trade (+103,000), and durable goods manufacturing (+58,000). The number of total separations decreased in state and local government education (-59,000) and federal government (-12,000)

Of these, the number of layoffs and discharges was little changed at 1.9 million and the rate was unchanged at 1.4 percent in June. The rate, which had reached a series high of 7.6 percent in March, declined to 1.4 percent in May, and remains near its pre-pandemic rate of 1.2 percent in February. In June, the layoffs and discharges level decreased in health care and social assistance (-71,000), state and local government, excluding education (-24,000), and federal government (-10,000). Layoffs and discharges increased in accommodation and food services (+70,000) and durable goods manufacturing (+38,000)

But perhaps the most notable aspect of the latest JOLTS reports, and yet another indicator of the strong rebound in the labor market, is that the number and rate of quits – the so-called take this job and shove it indicator – soared to 2.6 million (+531,000) and 1.9 percent, respectively, as Americans felted emboldened enough to quit their current job in hopes or expectations of finding a higher paying job elsewhere. Quits increased in a number of industries with the largest increases in health care and social assistance (+106,000), accommodation and food services (+104,000), and retail trade (+99,000). Quits decreased in state and local government education (-40,000). The number of quits increased in all four regions.

iii) Important USA Economic Stories

Trump signs executive orders on Coronavirus relief giving benefits of 400 dollars per week and a payroll tax cut. Check mate to the Democrats.

(zerohedge)

Trump Signs Executive Orders On Coronavirus Relief, Payroll Tax

With the ‘swamp’ fighting over pork as unemployed Americans die on the vine, President Trump on Saturday announced sweeping executive actions aimed at coronavirus relief – after stimulus Congressional stimulus talks broke down once again last week.

The new orders will:

  • Eliminate the payroll tax
  • Extend unemployment benefits by $400 per week, down from $600
  • Defer student loan repayments through the end of the year
  • Extend protections against evictions

The administration is also looking at cuts to income taxes for lower and middle-income individuals, as well as cuts capital gains taxes.

Update (1640ET): As anticipated, President Trump has announced that he will be signing executive orders to eliminate the payroll tax, extend a block on evictions, and continue to provide supplemental unemployment benefits.

Earlier:

President Trump will be making a major announcement on Saturday which many believe to be linked to rumors of an executive order covering pandemic stimulus funds and other measures.

On Friday evening, Trump said that if a bipartisan agreement isn’t reached on stimulus legislation, he’s prepared to sign executive orders.

end

The big question; will the furious democrats dare to challenge Trump’s stimulus orders.

(zerohedge)

 

Furious Democrats Faced With A Daunting Question: Will They Dare To Challenge Trump’s Stimulus Orders

Three weeks ago, when looking at the staggering amount of cash piled up at the US Treasury thanks to a historic T-Bill issuance spree over the past three months, we said that it’s just a matter of if not when Trump gives the green light to unleash a historic spending spree to put as much of this record $1.8 trillion in the hands of American people and, more importantly, voters ahead of the November 3 election:

Democrats are pushing for a USD3 trillion package while the White House only wants USD1 trillion, and focused on a payroll tax cut rather than an extension to the USD600 weekly extension to unemployment benefits. The clock is ticking given we are days away from income supplements drying up at a time when millions are jobless and one in three Americans is not making a full rent or mortgage payment. Political speed is of the essence.

The US Treasury is of course sitting on a cash balance of USD1.8 trillion at this point. I don’t recall any taxes being paid to raise that sum – almost as if MMT were already a thing. (On which note, please see this report.) One wonders when this massive fiscal firepower is going to be unleashed; because surely no president wants to leave USD1.8 trillion to a successor?

Surely not indeed, and sure enough with some $1.7 trillion in cash still held by the Treasury at the Fed…

… Trump did just as we expected and with Congress squabbling over the details and unable to bridge a $2 trillion gap between the HEALs and HEROs act…

…  gave himself permission to trigger the next fiscal stimulus in what now appears to be a never-ending series of helicopter money.

But now comes the hard part because with Trump having effectively trampled over any leverage the Democrats had to collapse the economy ahead of the elections by withholding money from tens of millions of unemployed workers, the president now faces a barrage of lawsuits from furious Democrats and liberal advocacy groups challenging the executive actions he issued on Saturday providing economic relief measures that many of his fiercest critics actually support, including weekly federal unemployment payments, student loan relief and efforts to protect tenants from eviction during the pandemic.

As we reported last night, late on Saturday Trump unveiled an executive order and series of proposals which plan an extension of the weekly federal unemployment payments that lapsed in July; Trump has proposed financing $400 weekly payments, down from $600 under the original legislation, by redirecting funds from the Federal Emergency Management Agency and calling on the states to cover some of the costs with money left over from the first relief package.

As a result, with the stroke of a pen – literally – Trump wrested core powers away from Congress, after weeks of discussions over a second pandemic rescue package stalled on Friday, putting democrats in the highly unpopular position of being the party that withheld funding from the people. Democrats in turn, claim they were pushing for a much more expansive relief plan – even if they refused to release a small package of much needed fund, and have called the orders an insufficient stopgap that will be difficult to implement.

As a result, unwilling to give up the fight and more than willing to put American financial stability in jeopardy, the president’s directives are likely to get tied up in litigation over whether they violate core constitutional principles like the separation of powers.

“If he could actually help people, that would be great,” said Laurence Tribe, a constitutional law professor at Harvard University. “But the Constitution isn’t a magic wand for the president. Anything as sweeping as what he’s promising is just pie in the sky.”

To critics, Trump’s success in nullifying the influence of the two bickering parties looks illegal end run around Congress, which has spending power under the Constitution. House Democrats sued to prevent a similar effort by the White House to finance the construction of a wall on the Mexican border using funds redirected from the Defense Department, although the Supreme Court last week declined to halt the construction of the wall.

“He’s basically saying he doesn’t need to rely on Congress’s power of the purse — he can simply spend money, and he can spend it on whatever he wants,” Tribe said. “And that’s simply not the law” even though millions of Americans – and countless Democrats – will surely side with the man who just greenlighted $400/weekly into their bank accounts.

But, as Bloomberg puts it, a key question is, who will sue?

While they have criticized the orders as insufficient and impractical, congressional Democrats may view it as politically risky to block payments to Americans in distress.

“It puts the administration in a different position than what they’ve been used to,” said Keith Whittington, an expert on politics and law at Princeton. “It’s smart politics.”

But states that planned to use pandemic relief funds for purposes other than unemployment payments might refuse to comply with Trump’s directive, potentially setting up a legal battle. The president seemed to acknowledge that possibility when he announced the orders on Saturday.

“I guess maybe they’ll bring legal actions. But they won’t win,” he told reporters. “I think this will go very rapidly through the courts.”

One group that will surely sue the administration are landlords as one of the orders Trump issued appears to give federal housing officials broad discretion to prevent evictions.

In a third order, the president said he would defer payroll tax payments from September through December for people making less than $100,000 a year, a proposal that has met bipartisan opposition in Congress because it could endanger funding for Social Security and Medicare. The order also said the Treasury Department would “explore avenues” to eliminate the obligation to pay the tax altogether.

That directive may well draw legal challenges.

“The argument behind the payroll tax seems very aggressive,” said Whittington. “The breadth of the order clearly exceeds what Congress anticipated in giving the Treasury some discretion to delay tax deadlines in disaster areas.”

Trump may have better luck defending the fourth of his executive actions, namely student loan relief. Existing federal statutes allow the secretary of education to temporarily delay loan repayments during periods of economic hardship. It’s unlikely that perennial opponents of Trump like liberal advocacy groups, congressional Democrats and Democratic state attorneys general would want to block that measure, and they might not even have legal standing to sue.

“It is not clear who would be well situated to challenge the administration’s action,” Whittington said.

end
Chicago//Monday morning
Chicago under attack this morning
(zerohedge)

Chaos In Chicago: Bridges Raised To Prevent Gun-Toting Looters Getting Downtown

Hundreds of ‘mostly peaceful protesters’ swept through the Magnificent Mile and other parts of downtown Chicago early Monday, smashing windows, looting stores, confronting police and at one point exchanging gunfire with officers, authorities said.

As The Chicago Tribune reports, officers had stopped several people on Lake Street near Michigan Avenue when shots were fired from a passing car around 4:30 a.m., nearly five hours into the widespread vandalism, according to police spokesman Tom Ahern.

No officers were shot but a squad car was hit, he said. It was not known if anyone in the gunman’s car was shot.

Police made “a lot of arrests” and recovered at least one gun, officials said.

And that escalation, as Summit News’ Paul Joseph Watson details, prompted Chicago authorities took the decision to raise all major bridges in an effort to prevent looters reaching the downtown area after a night of chaos.

Luxury department stores were ransacked as hundreds of looters caused mayhem in response to the police shooting of an armed suspect in Englewood.

Police sent to respond to the looting were physically attacked, prompting authorities to raise major bridges in order to keep more people out of the area.

“All bridges are being raised along the river throughout The Loop,” reports CBS Chicago. “Chicago’s Office of Emergency Management announced street closures throughout areas in the Magnificent Mile, Gold Coast and South Loop.”

Numerous bus and train services have also been suspended, while large areas of downtown Chicago are also closed.

Bridges were previously raised last month in an effort to keep Black Lives Matter protesters away from the business district, but the call to do so this time around appears to have come too late.

end

California

Public Health director suddenly quits after she massively understanding coronavirus cases.

(zerohedge_

California Public Health Director Suddenly Quits After Massive Virus Data Error Discovered

The director of the California Department of Public Health has abruptly resigned just days after the discovery of a computer system failure that resulted in the massive undercounting of COVID-19 cases.

Dr. Sonia Angell who had been in the position for less than a year (and had previously served as deputy commissioner for prevention and primary care at the New York City Department of Health and Mental Hygiene from 2014 to 2019) reportedly resigned via an email sent to the California Health and Human Services Agency.

“Our department has been front and center in what has become an all-of-government response of unprecedented proportions to COVID-19. In the final calculation, all of our work, in aggregate, makes the difference,” Angell reportedly wrote in her resignation letter.

Gov. Gavin Newsom in a statement offered thanks to Angell “for her service to the state and her work to help steer our public health system during this global pandemic, while never losing sight of the importance of health equity.”

However, her departure is shrouded in political questions as the state government reckons with a data glitch that failed to log nearly 300,000 infectious disease testing records (though not all were coronavirus cases and some could be duplicates), clearly impacting decision-making at the highest levels of the California government.

As JustTheNews.com’s Sophie Mann notes, the secretary of California Health and Human Services, Mark Ghaly, recently apologized to state residents for the error.

“Bottom line, our data system failed,” said Ghaly who told The LA Times that he “became aware of the magnitude of the data backlog in the late afternoon on Monday and alerted the governor and his senior staff shortly thereafter.”

With more than half a million reported cases of the virus, California tops the nation for positive diagnoses.

Simply put, if California’s COVID case count is massively undercounted then it suggests California’s mortality/positivity rate may also be drastically overstated.

end

CONNECTICUT

Seems that Connecticut has run out of its unemployment fund and needs an emergency bailout from the Fed

(zerohedge)

Insolvency Looms For Connecticut’s Unemployment Fund Without Emergency Bailout

Is it time for Connecticut’s Democratic Gov. to start sucking up to President Trump?

While investors somehow find solace in the ongoing negotiations between the White House and the Democrats (in case you actually believed that Friday’s ‘deadline’ was actually a hard deadline, well, it wasn’t), a report in the Connecticut Mirror hints at something we suspect markets haven’t entirely priced in – at least not yet.

The Connecticut Mirror’s Keith Phaneuf, an experienced chronicler of the state budget, drew attention to an imminent problem that could leave hundreds of thousands of nutmeggers blindsided when the reserve of money earmarked for unemployment benefits suddenly runs dry.

Phaneuf’s report about Connecticut’s predicament might help some understand where Nancy Pelosi and Chuck Schumer are coming from. As many blue states focused on trying to shore up funding for their pension obligations, preparations for another economic downturn were lacking.

Of course, as Phaneuf readily points out, American states are allowed to exhaust their emergency funds, and it sometimes happens during a recession. However, when this happens, the state must borrow from the federal government’s unemployment reserve fund, which charges interest in the form of a surtax born by state businesses.

While the Trump Administration hasn’t yet wielded it as such, the fact that states are effectively at the whim of the federal government when they need to borrow like this, is a powerful bargaining chip, and might offer a hint at why Trump has continued to hold out.

But if nothing else, this is just one more example of how state budget troubles might redound on the real economy. Connecticut’s unemployment trust fund is headed for insolvency by the end of the month, or possibly early next month.

Having received an unprecedented, 750,000 applications for unemployment benefits since mid-March, the state agency has paid out about $4.4 billion in benefits to date. Roughly $1.6 billion has involved state benefits, drawn from Connecticut’s unemployment compensation trust, and more than $2.8 billion in various forms of enhanced federal aid via grants from Washington.

As of Monday, about $118 million remains in the state trust, but between $250 million and $350 million will be needed monthly between now and the beginning of next month to extend benefits for the jobless.

Here’s more from the Connecticut Mirror.

“Right now our primary focus is getting our customers, both the unemployed workers and the businesses, through the pandemic,” Deputy Labor Commissioner Daryle Dudzinski told the CT Mirror.

Restaurants, tourism, and other seasonal industries will be the hardest hit by this, lumping even more injury on to their plate.

Unless other provisions are made, businesses in Connecticut would face a higher unemployment assessment from the federal government to repay the principal on any state borrowing. Local businesses also would face a higher state assessment to cover interest costs on these emergency loans.

Connecticut businesses already pay unemployment assessment rates ranging from 1.9% to 6.8% of taxable payroll – the first $15,000 earned annually by each employee – to support the state trust.

Businesses with large numbers of seasonal staff and others routinely laid off for various reasons tend to pay higher rates. Those that traditionally have few layoffs – and whose workers are least likely to draw unemployment benefits – pay the lower rates.

States that want to blunt the burden on businesses have an alternative: Connecticut has used its $1.38 billion federal Coronavirus Relief Fund grant to support COVID-19 testing, buy PPE and help subsidize state health-care providers to make access more readily available, and help towns and cities recoup costs. Some states have shifted their grant money from FEMA and other federal sources to their unemployment funds, in a legally questionable move that has nevertheless been widely allowed.

But ultimately, there’s only one long-term solution: Connecticut will eventually need to reexamine its requirements governing who can receive benefits. Right now, people earning less than $1,000 a year can still qualify.

Whether Connecticut uses its resources to bolster the unemployment trust or not, CBIA also called this week for state officials to reconsider many of these rules, arguing that reforms now could help stabilize the program over the long-term.

These include raising the minimum earnings threshold to qualify for benefits. Currently, any worker earning $600 or more per year can receive unemployment. Most states, Gjede said, set a limit of $3,000 or more.

Connecticut also does not require laid-off workers, in some cases, to exhaust their severance pay before seeking unemployment.

And unemployment benefits currently are calculated based on the worker’s two-highest-earning quarters of the calendar year prior to being paid off. CBIA says it should be reflect at least three quarters, noting that season staff who only work half a year – and normally are unemployed the rest – currently take advantage of this rule and earn the same benefit as a worker paid at the same rate, but who works a full year.

Gjede said these changes have been raised by legislative committees in recent years, but none have gone for a vote before the full House or Senate.

“We could be in a better position for the next [recession] if we made just a few of these simple changes,” he added.

It’s almost as if the GOP and the White House has a point when it says we need to limit the scope of benefits to ensure we don’t unfairly subsidize blue states. Meanwhile, as Gov Andrew Cuomo takes a political swipe at the president, the governor warned that Trump’s EO won’t help dig the state of New York out of its fiscal hole.

But will it help the people dig themselves out of their financial holes?

iv) Swamp commentaries

Strange!! broke and unemployed Hunter Biden slapped with a 450,000 tax lien..suddenly finds the money to pay the iRS

(zerohedge)

Broke And Unemployed’ Hunter Biden Slapped With $450K Tax Lien – Which Was ‘Resolved’ In Six Days

For a guy claiming to be broke and unemployed in Januaryin order to avoid paying child support, Hunter Biden was able to ‘resolve’ a $450,000 tax lien in mid-July, just six days after it was issued.

Although Biden claimed that he was broke, he was living in a $12,000-per-month Hollywood Hills rental home and spotted driving a $129,000 Porsche Panamera in Beverly Hills. After a judge ordered Biden to turn over his financial records and travel to Arkansas for a deposition, the former lobbyist agreed to settle the case with Roberts. –Washington Free Beacon

While fighting with his baby mama, an Arkansas stripper, Biden said in a court filing “I attest that I am unemployed and have had no monthly income since May 2019,” adding “I currently have significant debts (in part as a result of obligations arising from my divorce which was final in April 2017).”

According to the Washington Free Beacon, “The younger Biden owed $238,562.76 in state income taxes from 2017 and $215,328.16 in state income taxes from 2018, according to records from the District of Columbia’s Office of Tax and Revenue. The District of Columbia filed a $453,890 lien against him on July 9.

Yet, six days later on July 15, Hunter was released from the tax lienas confirmed to the Beacon by a spokesman for DC’s Office of the Chief Financial Officer after the “tax issue was resolved.”

Harvey Bezozi, a tax expert who specializes in large-scale tax debt negotiations, said the only way to get a lien released is to pay the settlement in full—often through a payment plan, penalty abatement, or other compromise with the government—or to prove the lien was filed in error. He said liens can take months or years to resolve.

“It drags on,” he said. “Six days had to be some kind of expeditious kind of process for this.” -Washington Free Beacon

This isn’t the first time Hunter has dodged taxes. In 2018, he was slapped with a $112,805 tax lien, which was resolved this March according to the Beacon.

Biden came under scrutiny over his lucrative positions with foreign entities – reportedly raking in over $50,000 per month sitting on the board of directors for Ukrainian energy giant Burisma, and serving on the board of BHR Partners – “a $1.5 billion private equity arm of Chinese investment fund Bohai Capital,” according to the report.

According to Biden’s lawyer, he no longer sits on either board.

Not just Hunter…

The Beacon also reports that the Biden family has been hit with multiple tax liens over the last several decades.

James Biden has had at least five tax liens filed against him between 1995 and 2015, including one for $589,095 filed in 2015 and released one year later. Frank Biden, another brother of the presidential candidate, has had at least three liens for unpaid income taxes. He said in 2011 that a $32,500 lien in Kentucky stemmed from his struggle with alcohol addiction and was being paid off through a monthly plan, according to the Broward Palm Beach New Times. Joe Biden’s sister Valerie and her husband John Owens have faced at least five tax liens, including one for $229,749 in 1990.

Lucky for the Bidens, they’re in the club…

end
This is not good for the FBI as documents now reveal that the FBI totally lied to the Intelligence committe of Congress as to reliability of the Steele dossier
(zerohedge)

“Somebody Needs To Go To Jail”: Graham Erupts After Document Reveals FBI Lied To Congress

Senate Judiciary Committee Chairman Lindsey Graham (R-SC) was furious during a Sunday appearance with Fox News’ “Sunday Futures with Maria Bartiromo,” after his committee released a document revealing that the FBI misled the Intelligence Committee during the Russia probe when it claimed that Christopher Steele’s salacious dossier was backed up by one of its primary sources.

“Somebody needs to go to jail for this,” Graham told Bartiromo, adding “This is a second lie. This is a second crime. They lied to the FISA court. They got rebuked, the FBI did, in 2019 by the FISA court, putting in doubt all FISA applications.”

“A year before, they’re lying to the Senate Intel Committee. It’s just amazing the compounding of the lies,” he added.

According to John Solomon of Just The News:

The document in question contains the draft talking points the FBI used to brief the Senate Intelligence Committee in February 2018, including an assessment that the primary sub-source of the information contained in the Steele dossier had backed up the former MI-6 agent’s reporting.

The primary sub-source “did not cite any significant concerns with the way his reporting was characterized in the dossier to the extent he could identify it,” the FBI memo claimed. “…At minimum, our discussions with [the Primary Sub-source] confirm that the dossier was not fabricated by Steele.”

What’s more, FBI agents were told by Steele’s primary sub-source that much of the content attributed to him in the dossier was in “jest” or uncorroborated.

The agency was also warned by the CIA that the memos contained Kremlin disinformation – and had even assembled a spreadsheet which debunked, or could not corroborate most of the claims.

And according to Graham, the document is so misleading that he wants FBI Director Christopher Wray to identify those involved in the congressional briefing.

“They misled the hell out of them,” he added.

More from Just The News:

There is widespread evidence released by the Judiciary Committee and the DOJ inspector general contradicting the February 2018 FBI briefing memo including that the primary sub-source:

  • told the FBI that he “has no idea” where some of the language attributed to him came from or that his contacts and “never mentioned” some information attributed to him.
  • told the FBI he “did not know the origins” or “did not recall” other information contained in the dossier that was supposedly from his contacts
  • alleged that Steele used “incorrect source characterization” for one of his contacts. told the FBI that the corroboration for the dossier was “zero” and that he takes what the sources for the dossier told him with “a grain of salt.”
  • claimed much of what he told Steele was second-hand or even in jest and never intended it to be treated as intelligence because if was “word of mouth and hearsay” and “conversation that [he] had with friends over beers.”

end

 

Bill Barr blasts the “Bolsheviks”  i.e. Antifa who want socialism and communism in America

(Mark Levin/Bill Barr//Epoch Times)

AG Barr Blasts Antifa “Bolsehviks” Who Want “Socialism, Communism” In America

Authored by Ivan Pentchoukov via The Epoch Times,

Attorney General William Barr on Aug. 9 defined Antifa as a revolutionary group intent on establishing socialism or communism in the United States.

Barr delivered a scathing critique of Antifa in an interview with Mark Levin on Fox News, noting that the group’s organization and tactics make it a difficult phenomenon to deal with.

“They are a revolutionary group that is interested in some form of socialism, communism. They are essentially bolsheviks. Their tactics are fascistic,” Barr said.

Antifa publicly identifies with communist and socialist ideology.

But Sunday marked the first time that the nation’s top law enforcement officer explicitly outlined the group’s nature.

Barr made the comments in response to a question about Antifa’s apparent focus on removing the administration of President Donald Trump. He noted that the extremist group has been engaged with this goal since the first day of the Trump administration.

“They were trying to impeach him from day one. They have done everything they can. They have shredded the norms of our system to do what they can to drive him from office or to debilitate his administration, and I think that’s because of the desire for power,” Barr said.

“The left wants power because that is essentially their state of grace in their secular religion. They want to run people’s lives so they can design utopia for all of us. That’s what turns them on—it’s the lust for power.

“They weren’t expecting Trump’s victory and it outrages them,” he added.

Trump has said that the United States will declare Antifa a terrorist group, but the administration has not taken the formal step of doing so.

Barr had previously said that “the violence instigated and carried out by Antifa and other similar groups in connection with the rioting is domestic terrorism and will be treated accordingly.”

Antifa and other extremists groups hijacked peaceful protests in the wake of the police custody death of black American George Floyd. The extremists provoked violence, vandalism, and looting. Despite the apparently coordinated activity, the Department of Justice has been mum about whether the many arrests made since the riots began are focused on Antifa as an enterprise.

Barr explained that the group’s tactics make it a difficult phenomenon to deal with.

“It’s a new form of urban guerrilla warfare,” Barr said.

They are essentially shielding themselves or shrouding themselves in First Amendment activity. They go into the demonstrations, which are exercising First Amendment activity, and they insinuate themselves in there to shield themselves. That’s where they swim. And what they do is they hijack these demonstrations and they provoke violence and they have various tiers of people from the sort of top provocateurs down through the people who are their minions and sort of run the violent missions.”

“It’s a difficult phenomenon to deal with,” he added.

“They’re highly organized at these demonstrations.”

Barr noted that legacy media outlets are lying to the American people by intentionally not showing the violence taking place at the riots.

end
This is good:  Chairman Johnson subpoena’s FBI director (a deep stater) for Russiagate records and puts the Bidens on notice over their Ukraine dealings
(zerohedge)

Senate Chairman Subpoenas FBI Director Wray For Russiagate Records; Puts Bidens On Notice Over Ukraine Dealings

FBI Director Christopher Wray has been subpoenaed by the Senate Committee on Homeland Security and Governmental Affairs to produce “all documents related to the Crossfire Hurricane Investigation,” which includes “all records provided or made available to the Inspector General” regarding the FISA probe, as well as documents regarding the 2016-2017 presidential transition, according to Politico.

The subpoena was issued by Sen. Ron Johnson (R-WI) as part of his investigation into the origins of Russiagate. It gives Wray until 5 p.m. on Aug. 20 to produce the documents.

Johnson also released a lengthy letter on Monday in which he defended his Committee’s investigation and accused Democrats of initiating “a coordinated disinformation campaign and effort to personally attack” himself and Sen. Chuck Grassley (R-IA) in order to distract from evidence his committee has gathered on Joe and Hunter Biden’s Ukraine dealings.

We didn’t target Joe and Hunter Biden for investigation; their previous actions had put them in the middle of it,” reads the Monday letter, which outlines the timeline and connections between Joe Biden’s policy actions in Ukraine and his son Hunter’s relationship with Burisma Holdings, a Ukrainian natural gas company, according to Just The News.

“Many in the media, in an ongoing attempt to provide cover for former Vice President Biden, continue to repeat the mantra that there is ‘no evidence of wrongdoing or illegal activity’ related to Hunter Biden’s position on Burisma’s board,” wrote Johnson. “I could not disagree more.”

Johnson noted evidence gathered by his committee showed Joe Biden met with his son’s business partner, Devon Archer, in April 2014 and within a month the vice president then visited Ukraine and both his son Hunter and the business partner were put on the Burisma board as the firm faced multiple corruption investigations.

Isn’t it obvious what message Hunter’s position on Burisma’s board sent to Ukrainian officials?” Johnson asked. “The answer: If you want U.S. support, don’t touch Burisma. It also raised a host of questions, including: 1) How could former Vice President Biden look any Ukrainian official (or any other world leader) in the face and demand action to fight corruption? 2) Did this glaring conflict of interest affect the work and efforts of other U.S. officials who worked on anti-corruption measures?” –Just The News

Johnson also denied that he had been on contact with, or received documents from, Russian-tied Ukrainians.

“The only problem with their overblown handwringing is that they all knew full well that we have been briefed repeatedly, and we had already told them that we had NOT received the alleged Russian disinformation,” wrote Johnson. “The very transparent goal of their own disinformation campaign and feigned concern is to attack our character in order to marginalize the eventual findings of our investigation.”

According to the report, Johnson’s committee has secured testimony from at least one State Department official who worked in Ukraine, and says the Bidens’ conduct created the appearance of a conflict of interest.

“The appearance of family profiteering off of Vice President Biden’s official responsibilities is not unique to the circumstances involving Ukraine and Burisma,” wrote Johnson. “Public reporting has also shown Hunter Biden following his father into China and coincidentally landing lucrative business deals and investments there.

“Additionally, the former vice president’s brothers and sister-in-law, Frank, James and Sara Biden, also are reported to have benefited financially from his work as well. We have not had the resources to devote investigatory time to these other allegations, but I point them out to underscore that Ukraine and Burisma seem more of a pattern of conduct than an aberration.”

Johnson also announced that a subpoena was in process for former Obama State Department official Jonathan Winer – who had numerous contacts with debunked dossier author Christopher Steele.

“Mr Winer’s counsel has not responded since Thursday as to whether he would accept service of the subpoena,” Johnson wrote. “If he does not respond by tomorrow, we will be forced to effect service through the U.S. Marshals. More subpoenas can be expected to be issued in the coming days and weeks.”

Johnsons subpoena of Wray comes one day after Senate Judiciary Chairman Lindsey Graham (R-SC) fumed on Fox News, after his committee released a document revealing that the FBI misled the Intelligence Committee during the Russia probe when it claimed that Christopher Steele’s salacious dossier was backed up by one of its primary sources.

“Somebody needs to go to jail for this,” Graham told Fox‘s Maria Bartiromo, adding “This is a second lie. This is a second crime. They lied to the FISA court. They got rebuked, the FBI did, in 2019 by the FISA court, putting in doubt all FISA applications.”

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

Tencent tumbles as much as 10% after Trump signed an executive order banning U.S. residents from doing business with WeChat’s parent company https://trib.al/xOFiMxw

Trump administration announces sanctions against Chinese, Hong Kong officials over China’s crackdown on the once-autonomous city   https://www.washingtonpost.com/national-security/us-sanctions-hong-kong-chief-and-11-others-blamed-for-repression-in-the-city/2020/08/07/5d6e41ba-d8b9-11ea-b9b2-1ea733b97910_story.html

Fox’s @EdwardLawrence: Sen Chuck Schumer says they offered to come down to a total package of $2.4 trillion from $3.4 trillion if Republicans can come up off their $1 trillion number for the next aid package

Democrats want a bailout that is 12.4% to 17.5% of Nominal GDP!!!

Fox’s @ChadPergram: From colleague Jason Donner. Mnuchin arrives for mtg w/Pelosi on coronavirus bill. Says Admin/GOPers coming up by a $1 trillion to meet Dems in $2 trillion range is “a non-starter”

July Employment Report Highlights – Establishment Report (CES)

NFP 1.763m, 1.48m exp; Mfg 26k, 255k exp; Wages 0.2%, -0.5% exp; Workweek 34.5, 34.4 exp; Leisure & Hospitality +592k, Retail +258.3k, Health care & social assistance 191.4km, Gov’t +301k

https://www.bls.gov/news.release/empsit.b.htm

Birth/death Model 241k https://www.bls.gov/web/empsit/cesbd.htm; 148k in July 2019 https://www.bls.gov/web/empsit/cesbdhst.htm

Household Survey

Rate 10.2%, 10.5% exp; Employed +1.35m, Unemployed -1.412m, Not in Labor Force +230k, Labor Force Participation Rate 61.4%, 61.8% exp; Civilian Labor Force -62k, U6 Underemployment Rate 16.5% from 18%    https://www.bls.gov/news.release/empsit.a.htm

The BLS: In the establishment survey, workers who are paid by their employer for all or any part of the pay period including the 12th of the month are counted as employed, even if they were not actually at their jobs… Since March, household survey interviewers have been instructed to classify employed persons absent from work due to temporary, coronavirus-related business closures or cutbacks as unemployed on temporary layoff… https://www.bls.gov/news.release/empsit.nr0.htm

@realDonaldTrump: Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!

@IngrahamAngle: Wake up, America! Check out US Hospitalizations for COVID-19, to the week of 8/1/20. Why are we discussing lockdowns again? We are back to where we were around the beginning of June.   https://twitter.com/IngrahamAngle/status/1291940190978744323/photo/1

 

NYC Councilman credits Hydroxychloroquine for COVID-19 recovery https://trib.al/lF0pQ4v

 

@MichaelCoudrey: Twitter has just locked the account of physician and lawyer @drsimonegold for “sharing misleading information related to COVID-19.”  Twitter employees with no medical degree should not be silencing the perspectives of trained physicians. This is insane.

 

@Adam_Creighton: The great epidemiologist Donald Henderson in 2006: “Communities faced with epidemics respond best and with the least anxiety when normal social functioning is least disrupted[Otherwise] a manageable epidemic could move toward catastrophe.”  #whoops

http://upmc-biosecurity.org/website/resources/publications/2006/2006-09-15-diseasemitigationcontrolpandemicflu.html

 

For weeks, the MSM, Dems & teachers’ unions slammed DJT for wanting to open schools.  This dynamic changed drastically on Friday – probably due to polling data.  PS – 2/3 of Illinoisans’ real estate taxes go to education.  No school, no taxes or tax revolt?  Or exit to private schools – bye-bye teachers’ unions?

 

Fox: Cuomo announces NY schools can reopen this fall, citing low coronavirus infection rates

 

@thehill: Sen. Schumer: “If we don’t open up the schools, you’re going to hurt the economy significantly.”

 

@seanmdav: The sudden U-turn from Cuomo and Schumer on school openings suggests the months-long Democrat position of banning children from going to school was a political disaster for them.

 

NYC moms fleeing Upper West Side amid crime and chaos

Due to increasingly squalid conditions on the Upper West Side, including two new homeless shelters packed with junkies and registered sex offenders, longtime dwellers are departing the Big Apple with no plans to ever return…  https://nypost.com/2020/08/08/nyc-moms-fleeing-upper-west-side-amid-crime-and-chaos/

 

GOP @RepAndyBiggsAZ: Some Arizona parents don’t want to send their children to in-person school. Some Arizona parents do want to send their children to in-person school. Arizona parents should be given choice and opportunity to do what’s best for their families.

 

@profgalloway: The first domino falls–20% of Harvard freshmen defer.  If the best brand in higher ed loses 20%, what will other schools lose?  Fall accelerates the (overdue) reckoning for the University Industrial Complex   https://www.forbes.com/sites/brandonbusteed/2020/08/07/20-of-harvards-first-year-class-has-deferred/#31492e5c14a9

 

On Wednesday, Sen. Rand Paul (R-KY) introduced a bill that would fund families directly using existing federal education funding.

 

WaPo: Ohio Gov. Mike DeWine tests negative for coronavirus after earlier testing positive

 

DeWine tested positive with the swab method but negative with serum-based PCR screening.  What does this tell us about national swab testing for Covid-19?

 

Poll: Three-quarters of all Americans would prefer to live anywhere but a big city

Just 21% of respondents said they want to live in a major urban area [Political implications are huge!]

https://justthenews.com/politics-policy/polling/poll-three-quarters-all-americans-would-prefer-live-anywhere-big-city

 

Due to the bailout impasse, on Saturday Trump signed 4 executive orders that provide economic relief

  • Provide $400 per week in enhanced unemployment benefits through yearend
  • Extended eviction moratorium through yearend
  • Defer student loan payments through yearend
  • Suspended payroll taxes for Americans making less than $100k through yearend

 

For the new $400 per week benefit, states would be on the hook for funding 25 percent to the millions of jobless Americans, while the federal government would pick up 75 percent of the benefit, Trump said…”If we get sued, it’s [from] somebody that doesn’t want people to get money,” Trump said. “And that’s not going to be a very popular thing.”…

https://www.foxnews.com/politics/trump-to-sign-coronavirus-relief-executive-orders-saturday-to-help-unemployed-americans-renters

 

Remarks by President Trump in Press Briefing August 8, 2020

In the current negotiations, we have repeatedly stated our willingness to immediately sign legislation providing expanded unemployment benefits, protecting Americans from eviction, and providing additional relief payments to families.  Democrats have refused these offers; they want to negotiate.  What they really want is bailout money for states that are run by Democrat governors and mayors, and that have been run very badly for many, many years — and many decades, in fact… But what the Democrats primarily want is bailout money.  It has nothing to do with the China virus…

    Nancy Pelosi and Chuck Schumer have chosen to hold this vital assistance hostage on behalf of very extreme partisan demands and the radical-left Democrats, and we just can’t do that…

    Now, why would they want, in this bill — which really has nothing to do with what we’re talking about: stimulus — something banning voter ID?… Why would they want to ban voter ID in all states?  And why would they want to ban requirements for signature verification in federal election?… You know what it’s about?  Fraud.  That’s what they want: fraud.  They want to try and steal this election because, frankly, it’s the only way they can win the election… So, in the bill, they have a bill that requires all states to do universal mail-in balloting, regardless of whether or not they have the infrastructure…

They even want to force states to implement the controversial practice known as “ballot harvesting” — a very dangerous practice — meaning they would allow Democrat Party operatives to deposit thousands and thousands of completed ballots at the post office without any verification of who filled them out, including a verification of signatures on the ballots…

The Democrat bill includes stimulus checks for illegal aliens They also compel the mass release of inmates… And they want to do the Green New Deal, which will decimate our country and decimate — it’s ridiculous, too.  It’s childish.  I actually say the Green New Deal is childish.  It’s for children.  It’s not for adults…  https://www.whitehouse.gov/briefings-statements/remarks-president-trump-press-briefing-080920/

 

Senator John Cornyn @JohnCornyn: Will be interesting seeing Chuck and Nancy suing to stop COVID-19 relief after failing to negotiate in good faith.

 

DJT’s EOs destroyed Pelosi and Schumer’s leverage and attempt to bailout big blue cities and states.

 

Pelosi and Schumer’s statement on DJT’s EOs“Today’s meager announcements by the President show President Trump still does not comprehend the seriousness or the urgency of the health and economic crises facing working families… We’re disappointed that instead of putting in the work to solve Americans’ problems, the President instead chose to stay on his luxury golf course to announce unworkable, weak and narrow policy announcements to slash the unemployment benefits that millions desperately need and endanger seniors’ Social Security and Medicare.

These policy announcements provide little real help to families…Instead of passing a bill, now President Trump is cutting families’ unemployment benefits and pushing states further into budget crises, forcing them to make devastating cuts to life-or-death services.”…

https://abcnews.go.com/Politics/trump-sign-executive-orders-coronavirus-relief/story

 

Law prof @JonathanTurley: Speaker Pelosi just said on CNN that the executive action is “absurdly unconstitutional” but did not say that she was moving to challenge the action. Absurdly unconstitutional is practically constitutional if no one challenges it.  The executive order raises a host of constitutional issues, including the creation of an entire new program without a scintilla of congressional approval. It also has a deferral of a tax, which seems like a Republican version of Obama’s deferring actions under immigration laws…

 

In mid-June, Trump warned that Supreme Court Chief John Roberts and the four liberals on the court opened the door for him to use EOs in a variety of ways, after they said Trump didn’t properly articulate why he wanted to rescind Obama’s DACA EO.  Trump put Democratic leadership, John Roberts and the four liberal Supremes in a very uncomfortable position with his economic EOs.

 

@JasonMillerinDC; Fox’s Chris Wallace to Speaker Pelosi just now (Sunday): “You’re known as a master negotiator, but didn’t you mess this one up?”

 

Mnuchin warns Democrats against challenging Trump’s executive order

If the Democrats want to challenge us in court and hold up unemployment benefits to those hardworking Americans that are out of a job because of COVID, they’re going to have a lot of explaining to do.”…  https://www.foxnews.com/politics/mnuchin-warns-democrats-against-challenging-trumps-executive-orders

 

Pelosi, Mnuchin signal openness to resume COVID-19 aid talks

U.S. House Speaker Nancy Pelosi on Sunday urged a restart of congressional talks on extending coronavirus aid … Let’s pass legislation on things that we agree on,” Mnuchin told Fox News in an interview…  https://uk.reuters.com/article/uk-health-coronavirus-usa-congress-idUKKCN2550LO?taid=5f30316dd7d51b000183526d

 

Buffett bought up his own stock while selling others amid rally

  • Berkshire has record $5.1 billion in share repurchases
  • Company’s $13 billion of net equity sales was highest in year

https://www.bloomberg.com/news/articles/2020-08-08/berkshire-bought-back-record-5-billion-of-stock-last-quarter

TikTok’s fate was shaped by a ‘knockdown, drag-out’ Oval Office brawl – Trump advisers Mnuchin and Navarro fought over TikTok as Silicon Valley dealmakers tried to get closer to Trump

Mnuchin had talked several times to Microsoft’s senior leaders and was confident that he had rallied support within the administration for a sale to the tech giant on national security grounds.

Navarro pushed back, demanding an outright ban of TikTokwhile accusing Mnuchin of being soft on China… The treasury secretary appeared taken aback, they said… “I think Trump’s instincts are to be aggressive toward China,” said one former U.S. official. “Navarro’s like the devil on his shoulder, saying, ‘Do it, do it.’ Mnuchin is more like a governor, trying to slow everything down — ‘What about Wall Street? What about Phase 2 [of the trade deal]?’”…

https://www.washingtonpost.com/technology/2020/08/08/trump-tiktok-mnuchin-navarro/

Today – How will the market react to DJT’s EOs?  Pelosi & Schumer’s grandiose $3.4 trillion bailout is dead; and the GOP surrendering to a $2.4 trillion bailout compromise is improbable.  At 22:00 ET, ESUs are -0.50.  Instead of the usual Sunday night buying for the expected Monday rally, traders are being caution due to uncertainty over how the market will react to the new bailout deal realities.

 

Nevertheless, the usual suspects will try to affect a Monday rally, especially with the S&P 500 Index being only 42.24 points from its all-time high (3393.52).  Traders want to ‘shoot for the number’ in order to instigate buying on an upside breach and unload to patsies.    Gold is +11.60.

 

Expected economic data: June JOLTS Job Openings 5.3m

 

S&P 500 Index 50-day MA: 3165; 100-day MA: 2957; 150-day MA: 3032; 200-day MA: 3055

DJIA 50-day MA: 26,255; 100-day MA: 24,659; 150-day MA: 25,694; 200-day MA: 26,231

 

S&P 500 Index – Trender trading model and MACD for key time frames

Monthly: Trender is negative; MACD is positive – a close above 3920.04 triggers a buy signal

Weekly: Trender is negative; MACD is positive – a close above 3392.61 triggers a buy signal

Daily: Trender and MACD are positive – a close below 3258.28 triggers a sell signal

Hourly: Trender is positive; MACD is negative – a close below 3328.99 triggers a sell signal

 

In the ensuing article, hedge fund consultant and pollster Albert Marko, who predicted DJT’s 2016 win, avers that Team Obama is playing for Michelle in 2024.  BHO picked Joe to be a sacrificial candidate.

 

Joe Biden’s mental ability is a campaign issue that can’t be ignored

Biden wasn’t chosen by popular acclaim. He was anointed by the Democratic Party’s new kingmaker, Barack Obama… not because Biden was the best candidate, but because he can deliver Obama’s third term by proxy and pave the way for Michelle Obama to run in 2024 It’s a win-win for the Obamas, says Florida political consultant Albert Marko, a former pollster who advises hedge funds and predicted Trump’s 2016 victory

    His polling tells him Trump has Florida and Ohio in the bag, with Arizona, North Carolina, Michigan, Pennsylvania and even Wisconsin in play.  The fact that Michelle Obama didn’t run this time, Marko says, is an indication that Democrats know beating Trump is not going to be easy, despite the polls, the pandemic and his media unpopularity…

    Among signs Marko cites that Trump will prevail in November, in Electoral College terms, if not the popular vote, is the fact his campaign has registered 100,000 new Republican voters in the 2020 cycle, more than doubling the numbers from 2016.  Marko also points to the enthusiasm gap between Republicans and Democrats this year, and a Biden deficit with the Latino vote

   As protests have become more violent and intimidating, a growing number of “shy Trump” voters don’t show up in standard polls… Voters will not put up with Biden hiding in the basement until Election Day…

   The violent Black Lives Matter protests might have done wonders for Democratic fundraising but have been lethal for the middle-class vote. Trump has his problems, but nothing like Biden’s.

https://nypost.com/2020/08/05/bidens-mental-ability-a-campaign-issue-that-cant-be-ignored-devine/amp/

 

ABC News: After Joe Biden’s comments on diversity in Black community, some worry blunders could impact support – There are several Black members of Congress, all Democrats, who are immigrants or are the children of immigrants. Most didn’t respond to ABC News’ requests for comment on Biden’s statements…  https://abcnews.go.com/Politics/joe-bidens-comments-diversity-black-community-worry-blunders/story?id=72246145

 

Rasmussen Reports @Rasmussen_Poll: This Is Big! Trump Holds a 36% Approval Rating with Black Voters in the Latest Rasmussen Monthly Approval Summary

 

On Saturday morning, a Fox reporter asked Biden if he had selected a running mate.  Joe said ‘yes’.  When asked who, Joe said you’ll have to wait.  On Saturday evening, a Biden campaign official said Joe was joking about having decided on a running mate.

 

@JonathanTurley: The FBI briefing of the Senate Intelligence Committee was just declassified [by Barr]. It states that the sub-source for Steele confirmed that the information was not fabricated in the Report. By that point, the FBI knew the sub-source ridiculed the Report and the use of his information. The document at best is misleading by omission. At worst, it is untrue by design. The question is who was the briefer and who signed off on the briefing. By 2017, the FBI had already heard from both the CIA and the sub source that the Steele Report was unreliable

 

Epoch Times’ @drawandstrike: The FBI’s Crossfire Hurricane team **deliberately gave a false briefing** to the Senate Intelligence Committee to maintain the RussiaGate hoax…

 

‘SOMEBODY NEEDS TO GO TO JAIL FOR THIS’: Graham Says New Document Shows FBI Deceived Senate during 2018 Briefing on Steele Dossier – “Somebody needs to go to jail for this,” Graham said. “This is a second lie. This is a second crime. They lied to the FISA court. They got rebuked, the FBI did, in 2019 by the FISA court, putting in doubt all FISA applications … a year before, they’re lying to the Senate Intel Committee. It’s just amazing the compounding of the lies.” “I’m gonna’ find out who did that briefing, and whoever it is, they’re in trouble,” Graham vowed.

https://www.thegatewaypundit.com/2020/08/somebody-needs-go-jail-graham-says-new-document-shows-fbi-deceived-senate-2018-briefing-steele-dossier/

 

“There Were a Lot of Republicans Involved” [leaking smears on Team Trump] – Steven Schrage – The Man Who Introduced Deep State Spy Stefan Halper to Carter Page Holds First Interview

https://www.thegatewaypundit.com/2020/08/lot-republicans-involved-steven-shrage-man-introduced-deep-state-spy-stefan-halper-carter-page-holds-first-interview-video/

 

Steven Schrage: The Spies Who Hijacked America – As a doctoral candidate at Cambridge working under “FBI Informant” Stefan Halper, I had a front-row seat for Russiagate

Armed with first-hand knowledge and evidence, I quietly sought to help federal investigators uncover these scandals’ mysteries… a few weeks ago, I asked to speak to the DOJ lead investigator John Durham to give his team a heads up. I would continue to offer help, but my time for waiting for government to act was over. Recently, I had discovered and flagged for Durham disturbing recordings. One involved one of the Cambridge Four, Halper, and raised serious questions about the origins of what has been called the “kill shot” against Trump’s first national security advisor, General Michael Flynn.

    Yet for four years government officials have withheld key materials and blocked individuals like Halper from testifying about the real genesis of these scandals and the felony leak on Flynn

    I know the consequences of my speaking out. America is now in a political “UnCivil War” where individuals—even at outlets like The New York Times and Washington Post that profess objective journalism—are personally attacked if their facts don’t fit entrenched narratives…

    When I listened to my January 10, 2017 recording a few weeks ago, I expected to find boring academic discussions. Instead I found something else.  In the recording Halper laid out what was about to happen to Flynn, something he had no independent reason to know. “I don’t think Flynn’s going to be around long,” he said, adding, “the way these things work” was that “opponents… so-called enemies” of Flynn would be “looking for ways of exerting pressure…that’s how it builds.”… the most disturbing thing is that the Cambridge Four, their FBI/intelligence handlers, and others have been hidden from critical public and government inquiries for over four years… https://taibbi.substack.com/p/the-spies-who-hijacked-america

 

@GeorgePapa19: What is absolutely horrifying is that after it has been now proven that the FBI was willfully involved in a soft coup, no FBI whistleblowers have come forward and Director Wray continues to stonewall the counter investigations. The FBI cannot regain trust without accountability.

 

@paulsperry_: Watergate shocked the conscience of the nation. Spygate is Watergate on steroids. Yet the nation doesn’t know about it. Because the liberal Washington media won’t tell them. Because Watergate was Republicans spying on Democrats, while Spygate is Democrats spying on Republicans.

 

@DailyCaller: REPORTER: “Just in this room, you have dozens of people who are not following the guidelines…”   TRUMP: “It’s a political activity… they have exemptions… and it’s a peaceful protest…”

https://twitter.com/DailyCaller/status/1291892667689902081

 

Half a million incorrect absentee ballot applications sent across Virginia, including to dead people

https://justthenews.com/politics-policy/elections/virginia-absentee-ballot-applications-sent-dead-people-and-wrong

 

@paulsperry_: Rumored Biden vice presidential pick Susan Rice used a private unsecured email server to conduct US government business as Obama’s National Security Adviser

Barr blasts far left for making politics a ‘secular religion,’ calls Dems who excuse violence ‘cowards’

AG tells ‘Life, Liberty & Levin’ left views opposition as ‘evil because we stand in the way of their progressive utopia’

    Barr also reflected on last month’s contentious appearance before the House Judiciary Committee, which Levin said was characterized by “absolutely disrespectful” treatment of the attorney general.  “I think they were afraid to have me speak,” Barr said of the spectacle. “And so they decided to burn up all the time and not give me any time to answer. So I quickly caught on to the tactic.”… I said during my hearing: ‘Can any of you just come out and say it’s not OK to burn down federal courthouses?’ I mean, they talk about the rule of law. They talk about the importance of the federal legal system to protection of civil rights. Well, the heart of that is our court system. And they’re not willing, not one of them piped up to say, ‘No, it’s not OK to be burning down federal courts.'”…

https://www.foxnews.com/politics/barr-far-left-politics-religion-democrats-cowards

 

U.S. Intelligence: China Opposes Trump Reelection; Russia Works Against Biden

Russia, however, has been observed using a number of tactics, including spreading propaganda on social media and Russian television, to denigrate Biden The statement did not refer to any specific cyberattack attempts

https://www.npr.org/2020/08/07/900245813/u-s-intelligence-warns-china-opposes-trump-reelection-russia-works-against-biden

 

Shipment of Nearly 20 Thousand Fake U.S. Drivers Licenses from China Were Just Confiscated at Chicago Airport  https://www.waynedupree.com/2020/08/china-fake-us-drivers-licenses/

 

@DailyCaller: [CNN’s] STELTER: “When you see entire media companies essentially exist to tear down Joe Biden, is there an equivalent of that on the left, tearing down Trump?” GUEST: “There really isn’t.”

[Not a parody!]  https://twitter.com/DailyCaller/status/1292486809776267265

 

University of Georgia Says Students Should ‘Consider Wearing a Mask during Sex’ [Not a parody!] http://dlvr.it/RdJLz7

 

Nashville councilwoman wants attempted murder charges for people who don’t wear face mask, pass on COVID-19 [Not a parody!  Isn’t it disturbing that we have to note parody or not so much now?]

https://www.theblaze.com/news/nashville-councilwoman-wants-attempted-murder-charges-for-people-who-dont-wear-mask-pass-on-covid-19

Well that is all for today

I will see you TUESDAY night.

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