AUGUST 13//GOLD RISES $23.15 TO $1961.55//SILVER UP $1.76 TO $27.57: THEN AFTER THE MARKET CLOSES, THE CME RAISES SILVER MARGIN BY ANOTHER 15% //LEVERAGE DOWN TO ONLY 9.5 TO ONE///BIG GAIN IN GOLD TONNAGE AT THE COMEX: UP TO 151.2 TONNES ANDREW MAGUIRE: A MUST SEE VIDEO ON WHAT IS GOING ON IN GOLD/SILVER TRADING////CHINA VS USA//KIMBRELL ON THE ORIGINS OF THE COVID 19 VIRUS//TURKEY VS GREECE AND CYPRUS///ISRAEL AND UAE SIGN PEACE TREATY AND WILL EACH HAVE DIPLOMATIC FACILITIES IN BOTH COUNTRIES//IN USA INITIAL JOBLESS CLAIMS LESS THAN ONE MILLION BUT STILL EXTREMELY HIGH//SWAMP STORIES FOR YOU TONIGHT

FROM ANDY BOROWITZ:

 

 

Trump Accuses Kamala Harris of Maliciously Speaking in Complete Sentences

 

 

GOLD::$1,961.55  UP $23.15  The quote is London spot price (cash market)

 

 

 

 

 

 

 

Silver:$27,57 UP 1.76   London spot price ( cash market)

 

 

Your data:

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Closing access prices:  London spot

i)Gold : $1954.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $27.50//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1956.50  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $5.50//)

OCT GOLD:  $1964.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $2.65//SLIGHT CONTANGO//BELOW NORMAL CONTANGO/

 

 

DEC. GOLD  $2072.70   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $16.20   ($ 4.20 ABOVE NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $27.48…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  9 CENT  PER OZ  ( BACKWARD)

SILVER DECEMBER  CLOSE:     $27.69  1:30  PM SPREAD SPOT/FUTURE DEC.       : 12  CENTS PER OZ  ( NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

NEWS TODAY:  THE CME RAISE MARGIN REQUIREMENTS ON SILVER AND GOLD AGAIN:  SILVER 15% AND GOLD 3%//ANNOUNCEMENT TWO HRS BEFORE COMEX CLOSING

NO EFFECT ON PRICE!

FROM JAMES MCSHIRLEY:

Right on cue the CME only waited 72 hours to jack silver margins again, this time for another 15% to $14,520. (initial maintenance margin) This further brings the leverage down to 9.3. Gold leverage is now down to 19.0. If there was ever any doubt that silver IS kryptonite to the cartel this display of leverage punishment says it all. There is NO other commodity, or financial instrument getting this degree of punitive margin attention. There is also NO other commodity or financial instrument getting this LACK of attention by MSM. Note this margin hike came AFTER the big plunge, which was surely orchestrated like everything else. Look for further margin hikes all the way to full margin, if needed. If today’s huge rally is any indication that might be happening SOON. It’s dirty tactics like these which can postpone, but not avoid any official force majeure. It’s always worth noting that lumber futures have went up 250%, and 50% just since July 22nd, yet margins are little changed, and leverage is still at 17-1.

After spending the better part of three weeks in overbought territory the metals pulled back to slightly above neutral at warp speed. The Dec. gold RSI is at 54, Dec. silver at 62. This is actually more good news, in that here we now sit above $1955 and $27 with virtually NO overbought conditions! In fact we could now go much higher before entering into overbought conditions, which again could last for weeks. We know the cartel was itching to bust out another raid but all pullbacks are getting fiercely bought. The OI’s for gold and silver still show much hesitancy in ramping up on the short side. Total gold OI is still 300k contracts from its peak last February. Silver is still 50k below its all time high OI. Trading volume calmed down earlier today, but then accelerated during the afternoon rally.. Gold/silver volumes are at 260k/170k respectively as of 12:30p.

If the margin hikes are backfiring that is terrific news. Unlike Monday’s post-hike swoon today so far has been the exact opposite effect. All in all it’s a RARE day when a margin hike results in a 7% gain in silver. Now there’s a cartel rule violation for ya!

James Mc

COMEX DATA

 

 

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

receiving today:  82/253

ISSUED 0

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,934.900000000 USD
INTENT DATE: 08/12/2020 DELIVERY DATE: 08/14/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 32
104 C MIZUHO 14
135 H RAND 1
323 C HSBC 1
332 H STANDARD CHARTE 5
355 C CREDIT SUISSE 200 1
657 C MORGAN STANLEY 21
657 H MORGAN STANLEY 31
661 C JP MORGAN 61
661 H JP MORGAN 21
685 C RJ OBRIEN 1
686 C INTL FCSTONE 11
709 C BARCLAYS 15
732 C RBC CAP MARKETS 9
737 C ADVANTAGE 23 5
800 C MAREX SPEC 15 6
880 C CITIGROUP 1
880 H CITIGROUP 25
905 C ADM 2 5
____________________________________________________________________________________________

TOTAL: 253 253
MONTH TO DATE: 48,004

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 253 NOTICE(S) FOR 25300 OZ  (0.7869 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,004 NOTICES FOR 4,800,400 OZ  (149.312 TONNES)

 

 

SILVER

 

FOR AUGUST

 

 

88 NOTICE(S) FILED TODAY FOR 440,000  OZ/

total number of notices filed so far this month: 1267 for 6.335 MILLION oz

 

BITCOIN MORNING QUOTE  $11,600  UP 12

 

BITCOIN AFTERNOON QUOTE.: $11,525 DOWN 39

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $23.15 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/// //

THE FOLLOWING MAKES A LOT OF SENSE!!!

A HUGE PAPER WITHDRAWAL OF 7.30 TONNES FROM THE GLD///

 

 

 

 

GLD: 1,250.63 TONNES OF GOLD//

 

 

WITH SILVER UP $1.76 CENTS TODAY: AND WITH NO SILVER AROUND:

TWO HUGE CHANGES IN SILVER INVENTORY AT THE  SLV:

A DEPOSIT OF 2.421 MILLION OZ// AT 2 PM

AND ANOTHER DEPOSIT OF 6.984 MILLION OZ AT 5:20

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 581.037  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

 

 

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 1403 CONTRACTS FROM 198,069 DOWN TO 196,666, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN  OI OCCURRED WITH OUR STRONG  40 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO A SOME ATTEMPTED  BANKER SHORT COVERING PLUS A GOOD EXCHANGE FOR PHYSICAL ISSUANCE, MINIMAL LONG LIQUIDATION, ACCOMPANYING  A SMALL INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A SMALL NET LOSS IN OUR TWO EXCHANGES OF 463 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

WE HAVE ALSO WITNESSED A HUGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 890 DEC:  50 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  940 CONTRACTS. WITH THE TRANSFER OF 904 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 940 EFP CONTRACTS TRANSLATES INTO 4.700 MILLION OZ  ACCOMPANYING:

1.THE 40 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.

6.430 MILLION OZ INITIAL STANDING IN AUGUST

 

WEDNESDAY, 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 40 CENTS ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THE CONSIDERABLE LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL INCREASE IN SILVER OZ STANDING  FOR AUGUST,  SOME ATTEMPTED BANKER SHORT COVERING  AND 4) MINIMAL LONG LIQUIDATION AS  WE DID HAVE A SMALL NET LOSS OF 463 CONTRACTS OR 2.315 MILLION OZ ON THE TWO EXCHANGES! YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..AND THUS THE REASON FOR OUR MASSIVE RAID THIS MORNING!!

 

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:

10,128 CONTRACTS (FOR 9 TRADING DAY(S) TOTAL 10,128 CONTRACTS) OR 50.640 MILLION OZ: (AVERAGE PER DAY: 1125 CONTRACTS OR 5.6266 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 50.64 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:          1,322.02 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                         50.64  MILLION OZ (EXCHANGE FOR PHYSICALS INCREASING)

 

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1403, WITH OUR  40 CENT LOSS IN SILVER PRICING AT THE COMEX ///WEDNESDAYTHE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 940 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 LOST A SMALL SIZED 463 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR 40 CENT LOSS IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 940 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 1403 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 40 CENT LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.79 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.9925 BILLION OZ TO BE EXACT or 141% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 88 NOTICE(S) FOR 440,000 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 6.430 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A CONSIDERABLE SIZED 3851 CONTRACTS TO 553,345 AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE LOSS OF COMEX OI OCCURRED DESPITE OUR GAIN IN PRICE  OF $1.00 /// COMEX GOLD TRADING// WEDNESDAY//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  GAIN IN PRICE OF $1.00. 

 

 

WE HAD A VOLUME OF 132    4 -GC CONTRACTS//OPEN INTEREST  138

 

WE GAINED A SMALL SIZED 2562 CONTRACTS  (7.968 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3705 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 200 DEC: 6213; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 3705.  The NEW COMEX OI for the gold complex rests at 549,494. 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 2562 CONTRACTS: 3,851 CONTRACTS DECREASED AT THE COMEX AND 6413 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2562 CONTRACTS OR 7.968 TONNES. WEDNESDAY, WE HAD A SMALL GAIN OF $1.00 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 7.968 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR  WERE LOATHE TO SUPPLY SHORT GOLD COMEX PAPER. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $1.00). IT SEEMS THAT WE  HAD ANOTHER  FAILED BANKER SHORT COVERING SESSION ON TUESDAY//THE BANKERS  (OFFICIAL SECTOR) HAVE REGROUPED AND INITIATED ANOTHER  RAID ON GOLD/SILVER THURSDAY MORNING WHICH FAILED AGAIN… THE SHORTFALL IN CONTRACTS HELD BY THE BANKERS ARE ENORMOUS AND THUS THE CONSTANT RAIDS BY THE BANKERS TRYING TO EXTRICATE THEMSELVES FROM THEIR MESS. 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6413) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (3851 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2562 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) CONSIDERABLE COMEX OI LOSS AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR SMALL GAIN IN GOLD PRICE TRADING//WEDNESDAY//$1.00.

 

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

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

 

 

 

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 : 24,825, CONTRACTS OR 2,482,500, oz OR 77.21 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 2758 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 77.21 TONNES

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

THUS EFP TRANSFERS REPRESENTS 77.21/3550 x 100% TONNES =2.17% 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   3,337.40  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;                 77.21 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 CONSIDERABLE SIZED 1403 CONTRACTS FROM 198,069 DOWN TO 196,666 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 CONSIDERABLE SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   SOME ATTEMPTED BANKER SHORT COVERING , 2) A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN SILVER OZ  STANDING AT THE SILVER COMEX FOR AUGUST,  AND  4) ZERO OR MINIMAL LONG LIQUIDATION 

 

EFP ISSUANCE 940 CONTRACTS

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

 SEPT: 890 AND DEC. 50 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 940 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 1403 CONTRACTS TO THE 940 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL LOSS OF 463 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.315 MILLION  OZ, OCCURRED WITH OUR 40 CENT LOSS IN PRICE///

 

 

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

(report Harvey)

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 1.46 POINTS OR 0.04%  //Hang Sang CLOSED DOWN 13.25 POINTS OR 0.05%   /The Nikkei closed UP 405.65 POINTS OR 1.78%//Australia’s all ordinaires CLOSED DOWN .53%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9459 /Oil UP TO 42.66 dollars per barrel for WTI and 45.31 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9459 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9440 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 CONSIDERABLE SIZED 3851 CONTRACTS TO 551,600 MOVING FURTHER FROM  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 CONSIDERABLE  COMEX DECREASE OCCURRED DESPITE OUR  GAIN OF $1.00 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A GOOD EFP ISSUANCE (6413 CONTRACTS),.  THUS,  WE HAD 1) ANOTHER 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 2562 CONTRACTS WITH GOLD’S SMALL GAIN  IN PRICE.  WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. 

 

 

 

(SEE BELOW)

 

 

WE  HAD 132    4 -GC VOLUME//open interest RISES TO 138

 

 

 

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 6413 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 200  DEC 6213; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6413 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: 2562 TOTAL CONTRACTS IN THAT 6413 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 3851 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 ANOTHER FAILED BANKER SHORT COVERING AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THE REASON FOR ANOTHER HUGE RAID TUESDAY MORNING , TUESDAY EVENING AND WEDNESDAY EVENING AS OUR BANKER FRIENDS HAVE CALLED IN THE CAVALRY (OFFICIAL SECTOR) TO BOMB OUR PRECIOUS METALS//AS YOU CAN SEE THIS INTERVENTION HAS FAILED AGAIN// TODAY WE WITNESSED A GOOD INCREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE NO DOUBT HAD ON A NET BASIS ZERO LONG LIQUIDATION AS  WE HAD A GOOD GAIN IN BOTH EXCHANGES WITH OUR COMEX PRICE  SMALL GAIN OF 1.00 DOLLARS..

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $1.00).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  7.968 TONNES.

 

 

NET GAIN ON THE TWO EXCHANGES :: 2562, CONTRACTS OR 256200 OZ OR 7.968 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:  549,494 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.94 MILLION OZ/32,150 OZ PER TONNE =  1709 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1709/2200 OR 77.67% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 498,083 contracts// good volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  367,775 contracts//  volume: FAIR //most of our traders have left for London

 

 

AUGUST 13 /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
17,826.843 oz
Brinks
Delaware
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

47,793.410

OZ

BRINKS

HSBC

 

 

 

No of oz served (contracts) today
253 notice(s)
 25,300 OZ
(.7869 TONNES)
No of oz to be served (notices)
611 contracts
(61,100 oz)
1.902 TONNES
Total monthly oz gold served (contracts) so far this month
48004 notices
4,800,400 OZ
149.312 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 2 deposit into the customer account

i )into Brinks: 35,781.800 oz

ii) Into HSBC  12,011.61 oz

 

 

total deposit:  47,793.410   oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Brinks: 13,762.425 oz

ii) Out of Delaware: 4064.420 oz

 

 

total withdrawals;  17,826.843 oz

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 2 //

customer to dealer

i) Brinks: 3954.373 oz

ii) Out of Manfra: 482.265 oz

 

 

 

 

 

 

The front month of AUGUST registered a total of 864 CONTRACTS as we lost 1395 contracts. We had 1471 notices served on WEDNESDAY so we GAINED 76 contracts or an additional 7600 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 328 contracts to stand at 2494.  Oct LOST 607 contracts DOWN to 69,734

 

The big December contract LOST 1480 contracts UP to 406,482 contracts…

 

 

 

We had 253 notices filed today for  25300 oz

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 253 contract(s) of which 21  notices were stopped (received) by j.P. Morgan dealer and 61 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 32 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 (48,004) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (865 CONTRACTS ) minus the number of notices served upon today (253 x 100 oz per contract) equals 4,861,500 OZ OR 151.213 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 (48,004, x 100 oz + (865 OI) for the front month minus the number of notices served upon today (253) x 100 oz which equals 4,861,500 oz standing OR 151.213 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 76 contracts or 7600 oz of gold as these guys refused to morph into London based forwards.

LONG  gold investors refuse to leave the gold arena despite the official sector/banker temper tantrum these past 4 trading days.

 

NEW PLEDGED GOLD:  BRINKS

 

144,088.952 oz NOW PLEDGED  JAN 21.2020/HSBC  5.4807 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  7.2138 TONNES

611,401.341 oz pledged June 12/2020 Brinks/   july 2/july 21               19.017 tonnes

total pledged gold:  1,029,962.895 oz                                     32.03 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 468.02 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 151.213 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,072,531.26 oz or 499.92 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: 611,401.341 oz added which cannot be settled:  19,017 tonnes
total weight of pledged:  1,029,962.896 oz or 32.03 tonnes
thus:
registered gold that can be used to settle upon:  15,042,569.0  (467.88 tonnes)
true registered gold  (total registered – pledged tonnes  15,042,569.0 (467.88 tonnes)
total eligible gold:  20,669,191.360 oz (642.89 tonnes)

total registered, pledged  and eligible (customer) gold;   36,771,722.620 oz 1,143.75 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1017.41 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 13/2020

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
 1,406,000.537 oz
Brinks
CNT
Delaware
HSBC
JPM
Scotia

 

 

Deposits to the Dealer Inventory
442,385.610 oz
Brinks
Manfra

 

Deposits to the Customer Inventory
nil
No of oz served today (contracts)
88
CONTRACT(S)
(440,000 OZ)
No of oz to be served (notices)
19 contracts
 95,000 oz)
Total monthly oz silver served (contracts)  1267 contracts

6,335,000 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 2 deposit into the dealer:
i) Into Brinks: 10,483.110 oz
ii) Into Manfra: 431,902.500 oz

total dealer deposits: 442,385.610  oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

we had 0 deposits into the customer account

 

 

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

JPMorgan now has 165.53 million oz of  total silver inventory or 49.32% of all official comex silver. (165.53 million/335.614 million

 

total customer deposits today: 0   oz

we had 6 withdrawals:

i) Out of CNT:  346,481.450 oz

ii) Out of Delaware: 6,234.440

iii) Out of HSBC: 371,572.277  oz

iv)  Out of Brinks; 30,99.740 oz

v) Out of JPMorgan: 34,850.700 oz

vi) Out of Scotia: 615,941.930 oz

 

 

total withdrawals; 1,406,000.537    oz

We had 0 adjustments

 

 

Total dealer(registered) silver: 128,470 million oz

total registered and eligible silver:  335,614 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 107 contracts and thus we lost 30 contracts.  We had 32 notices filed on WEDNESDAY so we GAINED 2 contracts or an additional 10,000 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 7415 contracts down to 98,615. November saw another gain of 0 contracts to stand at 253.

 

The big December contract month saw its OI rise by strong 6006 contracts up to 86,108

 

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 88 contract(s) FOR 440,000, 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 1267 x 5,000 oz = 6,335,000 oz to which we add the difference between the open interest for the front month of AUGUST(107) and the number of notices served upon today 88 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1267 (notices served so far) x 5000 oz + OI for front month of AUGUST  (107)- number of notices served upon today (88) x 5000 oz of silver standing for the AUGUST contract month.equals 6,430,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 2 contracts or an additional 10,000 oz will stand for delivery as they refused to morph into London based forwards..

 

 

TODAY’S ESTIMATED SILVER VOLUME : 299,354 CONTRACTS // volume huge++++++++++++++++++/

 

 

FOR YESTERDAY: 289,508.  ,CONFIRMED VOLUME//volume  HUGE  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 289,508 CONTRACTS EQUATES to 1.447 billion  OZ 206% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4.64% ((AUGUST 13/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.70% to NAV:   (AUGUST 13/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.64%

(courtesy Sprott/GATA

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

NAV 20.66 TRADING 20.06///NEGATIVE 2,92

END

 

 

And now the Gold inventory at the GLD/

AUGUST 13/WITH GOLD UP $23.15 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY: SURPRISINGLY A PAPER WITHDRAWAL OF 7.30 TONNES/INVENTORY RESTS AT 1250.63 TONNES

AUGUST 12/ WITH GOLD UP $1.00 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF 4.19 TONNES//INVENTORY RESTS AT 1257.93 TONNES

AUGUST 11//WITH GOLD DOWN $92.40 TODAY, WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1262.12 TONNES.

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at

AUGUST 13/ GLD INVENTORY 1250.63 tonnes*

LAST;  880 TRADING DAYS:   +311.13 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 780 TRADING DAYS://+489.66  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 13//WITH SILVER UP 1.76 CENTS TODAY: WE HAVE TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV//A PAPER DEPOSIT OF 2.421  MILLION OZ INTO THE SLV AT 2 PM AND ANOTHER DEPOSIT OF 6.984 MILLION OZ AT 5 20 PM/INVENTORY RESTS AT 581.037 MILLION OZ//

AUGUST 12/WITH SILVER DOWN 40 CENTS TODAY: WE HAVE ANOTHER CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF XX MILLION OZ//INVENTORY RESTS AT XX MILLION OZ/

AUGUST 11/WITH SILVER DOWN $3.25 CENTS, WE HAVE ANOTHER CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 2.41 MILLION OZ//INVENTORY RESTS AT 571.632 MILLION OZ//

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/

 

AUGUST 13.2020:

SLV INVENTORY RESTS TONIGHT AT

581.037 MILLION OZ.

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

Failing fiat! Gold and silver lining

It was the biblical economist Norm Franz who said “Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants – but debt is the money of slaves.”

We are living through one of the greatest monetary experiments in modern history where monetizing debt is enslaving millions.

But is there a silver lining to the cloud of massive monetary debasement? Economist and writer David Morgan, alongside Goldcore founder Mark O’Byrne, join host Ross Ashcroft to find out

 

 

NEWS and COMMENTARY

 

Gold swings higher in frothy trading after biggest plunge in 7 years

Gold settles higher, a day after losing more than 4%

U.S. July deficit falls to $63 billion on delayed tax payments

What Is Driving Gold’s Wild Ride?


Fed’s Rosengren says now is the time to take strong fiscal actions

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

12-Aug-20 1931.70 1931.90 1479.10 1483.70 1642.14 1640.57
11-Aug-20 1996.60 1939.65 1524.40 1479.57 1694.51 1646.76
10-Aug-20 2030.30 2044.50 1552.98 1561.38 1725.35 1734.96
07-Aug-20 2061.50 2031.15 1574.37 1559.52 1743.82 1726.88
06-Aug-20 2049.15 2067.15 1555.30 1569.59 1728.87 1743.43
05-Aug-20 2034.45 2048.15 1553.30 1558.03 1718.09 1722.90
04-Aug-20 1972.25 1977.90 1508.77 1519.62 1671.09 1686.56
03-Aug-20 1972.95 1958.55 1509.50 1504.56 1678.39 1670.45
31-Jul-20  1974.70 1964.90 1505.91 1492.54 1666.84 1661.72
30-Jul-20  1952.20 1957.65, 1503.00 1502.10 & 1662.30 1662.44
29-Jul-20  1954.35 1950.90, 1506.80 1502.39 & 1663.54 1659.24
28-Jul-20  1931.65 1940.90, 1499.15 1501.48 & 1647.70 1654.23
27-Jul-20  1940.55 1936.65, 1511.30 1504.78 & 1659.56 1647.70
24-Jul-20  1893.85 1902.10, 1486.67 1490.30 & 1631.55 1638.09
23-Jul-20  1882.35 1878.30, 1480.28 1477.47 & 1624.47 1621.54
22-Jul-20  1851.00 1852.40, 1462.85 1456.91 & 1604.82 1598.44
21-Jul-20 1823.20 1842.55, 1436.86 1449.35 & 1594.21 1608.36

 

Access Latest Goldnomics Podcast (Part II) Here

Own gold and silver coins and bars in the safest vaults in Zurich, Singapore, London and Dublin with GoldCore.

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

Mark O’Byrne
Executive Director

end

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Surprising:  Bloomberg News admits that consumer price data understatees the true inflation that the country is facing

Bloomberg News/ GATA

Bloomberg News admits consumer price data may understate inflation

 Section: 

Inflation Is Actually a Lot Higher Than You Think

By Shuli Ren
Bloomberg News
Wednesday, August 12, 2020

After almost a decade in hibernation, gold bugs are roaming the earth again. A fast drop in the dollar’s real yield and the uptick of a favored gauge of inflation expectations have sent the metal on a wild ride.

Skeptics might say there isn’t enough evidence of rising prices to warrant a neck-breaking run in gold, traditionally seen as a hedge against inflation. (Maybe all that lockdown isolation had bond traders imagining things.)

… 

In July, U.S. consumer prices rose 1% from a year earlier, well below the Federal Reserve’s 2% target. Meanwhile, at 2.7%, the headline figure in China remained in check, even as pork and fresh vegetable prices soared.

 

But here’s a thought: What if our governments aren’t measuring consumer prices correctly? Is it possible that inflation is actually lot higher? …

… For the remainder of the report:

https://www.bloomberg.com/opinion/articles/2020-08-12/inflation-is-highe…

END

A must view..

Andrew Maguire

Raid on gold and silver had ‘surgical precision’ but won’t stop their rise, Maguire says

 Section: 

2:09p ET Thursday, August 12, 2020

Dear Friend of GATA and Gold:

Tuesday’s attack on gold and silver futures prices was a “rigged selloff” aimed at speculative longs with “surgical precision,” London metals trader Andrew Maguire said yesterday in an interview with Kinesis Money’s Shane Morand, but it won’t change the trajectory of the monetary metals.

The instigators of the raid violated futures position limits, Maguire adds, and the CME Group, operator of the New York Commodities Exchange, is “pandering” to the big bullion bank shorts that can’t deliver metal.

… 

Maguire adds that the Bank for International Settlements is trading real metal for unallocated — imaginary — metal to help bullion banks meet the delivery claims giving them trouble.

 

Central banks and bullion banks, Maguire says, are aiming to move gold prices up to $2,500 and silver prices up to $35 soon but had to strike the market on Tuesday because prices were rising too fast for them.

The interview is 24 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=kZcrB489LSc&feature=youtu.be

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

iii) Other physical stories:

Amazing:  still a huge shortage of base metal coins

(zerohedge)

Mnuchin Begs For Coins Amid Shortage; Avoid Depositing These Pennies

Treasury Secretary Steve Mnuchin urged his Twitter followers on Tuesday to swap out their spare coins for cash at banks amid a continuing nationwide coin shortage that appears to be worsening.

If you have extra coins at home, please use them to make purchases— or deposit them at the bank or exchange them for cash. Help get coins moving! 🇺🇸

— Steven Mnuchin (@stevenmnuchin1) August 11, 2020

There’s currently a shortage of pennies, nickels, dimes, and quarters caused by the coronavirus pandemic, which led the Federal Reserve to start rationing coins in June.

Community banks have asked customers to deposit spare change to pump more coins into circulation. Because of the shortage, major retailers have told consumers to pay in cards or exact change.

“Until coin circulation patterns return to normal, it may be more difficult for retailers and small businesses to accept cash payments,” the US Mint said in late July. “For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change.”

Now, before readers start rummaging through their homes, underneath sofa cushions, and under car seats for spare coins to help the country in these challenging times, there are certain coins in circulation that are worth more in scrap than face value.

According to Coinflation.com, pennies from 1909-1982 are approximately 95% copper and have a metal value of about $0.0185. In this instance, once could almost double their money if they took these pennies to a scrapper than the bank. Here’s the complete list of what coins are worth in terms of face value versus metal value.

Another coin to watch is the nickel. It has been nine years since Kyle Bass first suggested the ‘nickel trade’, and the metal value is about 82% of face value. Though the trade is underwater, it’s not far off from the face value breakeven when considering other coins in circulation.

While Bass’ nickel trade underperforms, readers should think twice before depositing pennies from 1909-1982 at the bank because they’re worth way more in scrap.

end

 

———- Forwarded message ———
Subject: Episode 18: Live from the Vault – Featuring Andrew Maguire & Shane Morand – YouTube
To: Harvey Organ <harveyorgan@gmail.com>
end
Mises Institute on gold:

Gold Prices Show There’s A “Big Short” Going On In Official Currencies

Authored by Thorstein Polleit vioa The Mises Institute,

On August 4, 2020, the price of gold surpassed $2,000 per ounce.

While one may say that the price of gold is on the rise, it would actually be more meaningful to say that the purchasing power of the world’s fiat currencies vis-à-vis gold is on the decline…

…because this is what a rising price for gold and silver in, say, US dollars, euros, Chinese renminbi, Japanese yen, or Swiss francs really stands for: The higher the price of this precious metal, the lower the exchange value of official currencies.

Gold isn’t just a good like any other.

It is special: it is the “ultimate means of payment,” the “base money of civilization.”

 Monetary history bears this out: whenever people were free to choose their money, they went for gold. Indeed, gold has all the physical properties that make for sound money: gold is scarce, homogenous, easily transportable, divisible, mintable, durable, and, last but not least, has a relatively high value per unit of weight. Even though officially demonetized in the early 1970s, people haven’t stop appreciating gold’s “moneyish” qualities.

However, it is not only the rising gold price that indicates that the purchasing power of fiat currencies is on the decline. Basically, all other goods prices go up as well, most notably asset prices—the prices of stocks, bonds, housing, and real estate. This means that you can buy fewer and fewer stocks, bonds, and houses with a given official currency unit. From this perspective, you can rightfully conclude that a broad-based debasement is going on as far as the world’s major official fiat currencies are concerned.

Of course, this is not what most people would wish for, as they prefer to hold a kind of money that doesn’t go down in value, money that actually preserves or even increases its purchasing power over time. Actually no one who is in his right mind would wish to hold inflationary money. Unfortunately, however, central banks have been debasing their official fiat currencies over the last decades. To make things even worse, the monetary debasement is gathering speed due to the consequences of the politically dictated lockdown crisis.

Central banks around the world print up ever greater amounts of fiat currencies to make up for lost income and profits. It is against this background that the rise of goods prices in terms of official currencies can be interpreted in a meaningful way: the rise in the quantity of money will, as an economic law, cause the exchange value of the money unit to go down—either in absolute terms or in relative terms (that is by keeping money prices at a higher level when compared to a situation in which the quantity of money has not been increased).

In view of central banks‘ expansion of the quantity of fiat currency, people increasingly seek to hold assets, such as, say, stocks, housing, real estate, and commodities, that are considered to be “inflation protected.” As they exchange fiat currencies for other goods, the money prices of these goods are bid up, and higher money prices are equivalent to a decline in the purchasing power of fiat currencies. Of course, financial market traders will be among the first to react and benefit, while those less informed will get the shaft.

In a world in which central banks not only ramp up the quantity of fiat currency but also push market interest rates to zero, people get hit particularly hard. Saving in traditional instruments (bank deposits, money market funds, etc.) is made impossible. The artificially lowered interest rates also contribute to asset price inflation: the prices of stocks and real estate are driven upward. Those holding fiat currencies suffer losses as far as their purchasing power is concerned, while people who hold assets that gain in price are on the receiving end.

Unfortunately, an end to central banks’ inflationary policies is not in sight. There is the widespread and deeply entrenched belief among people that an increase in the quantity of fiat currency would make the economy richer, and that it would help overcome financial and economic crises. This is, however, a serious mistake, for all an increase in the stock of money does is make some richer at the expense of many others. And an inflation policy can cover up economic and financial problems only for so long.

Ludwig von Mises wrote:

The collapse of an inflation policy carried to its extreme—as in the United States in 1781 and in France in 1796—does not destroy the monetary system, but only the credit money or fiat money of the State that has overestimated the effectiveness of its own policy. The collapse emancipates commerce from etatism and establishes metallic money again.1

Mises’s words should help us to better understand why the appreciation of gold (and lately also silver) vis-à-vis the fiat currency universe has been underway for quite some time now.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9459/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9440   /shanghai bourse CLOSED UP 1.46 POINTS OR 0.04%

HANG SANG CLOSED DOWN 13.25 POINTS OR 0.05%

 

2. Nikkei closed UP 405.65 POINTS OR 1.78%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index DOWN TO 93/12/Euro RISES TO 1.1836

3b Japan 10 year bond yield: FALLS TO. +.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.97/ 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:: 42.66 and Brent: 45.31

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.44%/Italian 10 yr bond yield DOWN to 0.98% /SPAIN 10 YR BOND YIELD DOWN TO 0.33%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.842: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.07

3k Gold at $1922 silver at: 26/10   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 4/100 in roubles/dollar) 73.64

3m oil into the 42 dollar handle for WTI and 45 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.97 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 .9110 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0782 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 0.44%

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 0.68% early this morning. Thirty year rate at 1.367%

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

6.  TURKISH LIRA:  UP  TO 7.33..

Futures Drop From All Time High As Concerns Over Stimulus Stalemate Grow

S&P 500 futures dipped along with European stocks on Thursday, one day after briefly rising above the previous record high and closing just a few points below its all time high close, as the global rally showed signs of faltering as stimulus talks in Washington remained deadlocked. Gold and Treasurys were flat, while the dollar fell before key unemployment data.

Wall Street indexes had rallied on Wednesday with gains across most sectors, bringing the S&P 500 about 0.4% below its intraday record high hit on Feb. 19 before shares faltered as investors continue to wonder when Congress will agree on the much needed fiscal stimulus. The concern is that government lifelines merely deferred even more unemployment.

Cisco Systems dropped 5.8% premarket after forecasting first-quarter revenue and profit below Wall Street estimates and laying out a restructuring plan.

“It seems that the markets have been in glass-half-full mode in the past couple of sessions,” said Jane Foley, a strategist at Rabobank in London. “Even if we did get a new record today, the lack of liquidity in August would detract from the credibility of such a move.”

European stocks fell, ending their largest four-day rally in two months, with insurers and mining stocks pulled down benchmarks. Dutch insurer Aegon NV tumbled after its profit missed estimates and as it withdrew financial targets over uncertainty from the pandemic. The Stoxx Europe 600 Basic Resources Index led declines, dropping as much as 2.1% the most among sectors in Europe, as the global rally in equities fades and copper, zinc trade lower although th gold rebound continues. Miners fall even as gold pares some of this week’s slump: Rio Tinto -2.9%, Anglo American -3%, BHP Group -2.3%, Glencore -2.3%, ArcelorMittal -2.8%, Antofagasta -2.1%.

Markets continued to hold on to hopes the Democrats and the White House would reach an agreement to pump more money into the economy, with unemployment benefits being a sticking point.

Attention now turns to the weekly U.S. jobless claims data which is expected to show the number of Americans filing for state unemployment benefits dipped slightly from the prior week, printing at 1.1 million, although the labor market continues to struggle due to the pandemic. Last week, the government’s July jobs report showed the economy has regained only 9.3 million of the 22 million jobs lost between February and April.

Meanwhile, as we noted several weeks ago, the most hard-hit U.S. states continued to show signs of improvement, with Texas and California reporting falling hospitalizations from the virus.

In rates, Treasuries were unchanged, reversing a modest gain during the Asian session despite a record $26BN 30-year auction at 1pm ET (WI 30-year yield at ~1.358% is ~3bp cheaper than last month’s, which stopped 2.7bp through the WI yield at the bidding deadline; yesterday’s 10- year auction stopped through by less than 1bp after a selloff). Yields declined during Asia session as demand emerged following two-day selloff, are edging higher in early U.S. trading as dealers prepare to underwrite final event of this week’s auction cycle. Yields richer by 0.5bp to 2bp with 10-year around 0.67%, outperforming bunds by 2.5bp, gilts by 1.5bp. According to Bloomberg, large short base may support a covering bid into the auction, while leaving the sector vulnerable to a squeeze.

In FX, the dollar dipped and the euro and pound both advanced against the greenback, mostly helped by sustained dollar weakness. Sterling was stable against the euro, but it remains vulnerable to the common currency, according to Rabobank’s head of FX strategy Jane Foley.

In commodities, oil steadied after rising earlier on signs of improving demand while gold resumed its advance after the Monday crash.

Looking at the day ahead now, the data highlights include the weekly initial jobless claims from the US along with the final July CPI reading from Germany. Fed speakers include Bostic and Brainard, while the Mexican central bank will also be deciding on rates. Tapestry and Applied Materials are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures little changed at 3,369.25
  • STOXX Europe 600 down 0.5% to 373.17
  • MXAP up 0.5% to 171.17
  • MXAPJ up 0.09% to 564.39
  • Nikkei up 1.8% to 23,249.61
  • Topix up 1.2% to 1,624.15
  • Hang Seng Index down 0.05% to 25,230.67
  • Shanghai Composite up 0.04% to 3,320.73
  • Sensex down 0.1% to 38,331.48
  • Australia S&P/ASX 200 down 0.7% to 6,091.00
  • Kospi up 0.2% to 2,437.53
  • Brent futures little changed at $45.41/bbl
  • Gold spot up 1% to $1,935.22
  • U.S. Dollar Index down 0.3% to 93.14
  • German 10Y yield fell 1.4 bps to -0.461%
  • Euro up 0.4% to $1.1830
  • Italian 10Y yield rose 1.8 bps to 0.836%
  • Spanish 10Y yield fell 0.3 bps to 0.3%

Market Snapshot

  • Virus resurgence across Europe continues with Germany recording the highest number of new cases in more than three months, with daily infections topping 1,000 for three days in a row. Meanwhile two Chinese patients test positive again several months after having recovered, raising fears that the virus could linger and reappear in people previously infected.
  • Around 3.4 million people in England — or 6% of the population — have caught coronavirus, according to a large-scale antibody study. The rate in the capital is twice as high, with 13% of Londoners having contracted the virus.
  • Australian employment rebounded in July, with an additional 114,700 jobs added to the economy, beating estimates. Unemployment lowered to 7.5%.
  • Sweden’s controversial virus policy may have saved the economy from a further 4% drop in GDP, according to Capital Economics. Sweden did not impose a strict lockdown, and the country suffered a higher death rate than comparable countries which did impose a lockdown. The Swedish economy contracted 8.6% in the second quarter.

Asian equity markets began mostly higher as the region took impetus from the tech-led gains on Wall St where the S&P 500 and Nasdaq moved to within close proximity of record highs, fuelled by strength across the big tech names and with Tesla front-running the advances following the recent announcement of a 5-for-1 stock split. However, some of the elation gradually waned overnight as focus turned to the deluge of earnings. ASX 200 (-0.7%) and Nikkei 225 (+1.8%) were mixed with price action for the biggest movers in Australia dictated by results, in particular the worst performers AGL Energy and Telstra after both posting weaker bottom lines for the full year, while the Japanese benchmark outperformed on a breakout above 23,000 to print its highest level since February. Hang Seng (Unch.) and Shanghai Comp. (Unch.) were indecisive with only minimal support seen from another substantial PBoC liquidity injection as geopolitical tensions remain in the background and tentativeness ahead of US-China talks on Saturday to assess the Phase-1 deal in which China will reportedly bring up WeChat and TikTok issues. Furthermore, Hong Kong was also kept indecisive amid choppy trade in index heavyweight Tencent which was eventually pressured despite topping earnings estimates as it refrained from an interim dividend and as it faces the impending WeChat ban in US. Finally, 10yr JGBs traded marginally higher after rebounding from yesterday’s floor and despite the strength in Japanese stocks, while the BoJ were also present in the market today for nearly JPY 1.2tln of JGBs in 1yr-10yr maturities.

Top Asia News

  • China Investors Pick Winners From Xi’s New Economic Mantra
  • Duterte to Use Russian Vaccine After Philippine Human Trials
  • Modi’s Key Ministers Hit by Coronavirus as Pandemic Grips India
  • Australia Employment Surges as Economy Absorbs Victoria Relapse

European equities have largely seen modest broad-based losses [Euro Stoxx 50 -0.2%] after a mixed APAC lead as earnings take focus amid a lack of fresh catalysts. UK’s FTSE 100 (-1.1%) sees more pronounced losses vs. the region amid currency dynamics, but more notably due to a slew of large-cap ex-dividends including the likes of AstraZeneca (-1.5%), BP (-2.4%), Diageo (-1.1%), GSK (-2.4%) and Shell (-2.5%) – together equating to just under a quarter (~24%) of the FTSE 100 by weighting. Sectors are mixed with no clear risk profile to be derived – Energy underperforms, IT remains somewhat afloat after its underperformance yesterday, whilst Telecom names see a firm performance on the back of Deutsche Telekom’s (+2.1%) earnings, which topped revenue and adj. EBITDA forecasts whilst the Co. also raised its FY20 adj. EBITDA AL guidance.  In terms of individual movers, Airbus (-1.4%) shares remain pressured after the US maintained tariffs on the European aviation sector. Thyssenkrupp (-14.3%) shares tumbled at the open amid dismal numbers, whilst Wirecard (-13.8%) follows a close second after Deutsche Boerse has announced that subsequent to approving new rules in light of the Wirecard scandal, the new composition of the DAX will be published on August 19th, the review will see Wirecard removed from the index. Separate reports also noted that the Philippines government is mulling criminal charges for Wirecard executives forging travel data. Other earnings-related movers include RWE (+1.4%), Deutsche Wohnen (Unch), Lanxess (-1.1%), Swisscom (-0.3%) and Carlsberg (-4.8%).

Top European News

  • Zurich Insurance Sticks With Outlook as Virus Hits Profit
  • Sweden May Be Facing a Much Milder Recession Than First Feared
  • Wirecard’s Jan Marsalek Added to Interpol’s Most Wanted List

In FX, the Dollar remains depressed following another dead cat bounce and failure to reach 94.000 in index terms with the aid of firm US inflation data, and a retreat in Treasury yields amidst re-flattening across the curve is not helping the Greenback sustain gains as the DXY slips closer to the round number below. Meanwhile, bouts of risk-off trade due to the lack of progress on fiscal stimulus to replace maturing COVID-19 relief are fleeting and not providing the Buck any safe-haven sustenance, as 2nd wave concerns linger alongside global trade, diplomatic and geopolitical threats to the economic recovery. Ahead, initial claims will be monitored in context of the latter and recent signs that the re-opening return to employment is waning.

  • EUR/GBP/CHF/JPY – All benefiting at the expense of the Dollar, and technically in the case of the Euro as it builds a firmer base above the 200 HMA around 1.1800 eyeing 1.1850 next on the upside, while Sterling has recovered well from successive retreats towards 1.3000, albeit with Cable unable to reach 1.3100 again. Elsewhere, the Franc is probing 0.9100 and Yen has bounced a bit further from 107.00 to sit within a 106.92-57 range on the aforementioned less bearish UST yield/curve backdrop.
  • CAD/AUD/NZD – The Loonie has lost some impetus from crude, but meandering between 1.3256-26 parameters and the Aussie is holding above 0.7150 after better than expected jobs data, albeit mainly due to a jump in temporary workers keeping the overall unemployment rate relatively steady, but the Kiwi is lagging again following an attempt to revisit 0.6600 as the NZ pandemic resurgence continues and PM Ahern warns that the situation could get worse before slowing down again. Moreover, RBNZ Deputy Governor Bascand acknowledges a big risk to the outlook due to the growing cluster and a policy response in the event of an extended lockdown likely in the form of NIRP in tandem with a funding for lending facility.
  • SCANDI/EM – Some consolidation after recent volatile trade, and little reaction from the Nok or Sek to mixed Norwegian consumer sentiment, firmer Swedish 1-year CPIF expectations and NIER’s less recessionary 2020 GDP forecast. However, the Zar may respond to SA Gold and mining production as Eskom projects more load-shedding and the Brl has Brazilian services sector growth to digest.

In commodities, WTI September and Brent October futures eke modest gains after a flat APAC session, with prices on either side of 42.75/bbl and 45.50/bbl respectively. The IEA monthly report trimmed its 2020 demand growth forecast by 140k BPD, citing poor jet fuel demand, whilst also cutting the 2021 metric by 240k BPD. The report chimes more with the OPEC’s monthly report as opposed to the EIA’s STEO, as OPEC also trimmed its 2020 global demand forecast view in light of second wave fears, although IEA specifically mentioned poor jet fuel demand. The IEA and OPEC do however differ in their 2021 view as latter left its forecast unchanged. Elsewhere, Russian Energy Minister Novak pushed back against some speculation that OPEC+ could taper their cuts sooner than agreed on. Novak stated that there has not been any proposals to alter the OPEC+ deal and added the JMMC will not discuss changes to the OPEC+ deal this month when they meet on August 18th. Elsewhere, spot gold remains firmer within recent ranges having had found some interim support at USD 1925/oz, whilst spot silver remains somewhat capped by mild resistance near 26/oz. In terms of base metals, LME copper trades softer despite Shanghai September copper futures closing higher, as the former tracks European stock performance. Shanghai Stainless steel futures also saw a session of gains amid robust demand and recent slump in inventories.

US Event Calendar

  • 8:30am: Import Price Index MoM, est. 0.6%, prior 1.4%; Import Price Index YoY, est. -3.05%, prior -3.8%
  • 8:30am: Export Price Index MoM, est. 0.4%, prior 1.4%; Export Price Index YoY, prior -4.4%
  • 8:30am: Initial Jobless Claims, est. 1.1m, prior 1.19m; Continuing Claims, est. 15.8m, prior 16.1m
  • 9:45am: Bloomberg Consumer Comfort, prior 44.9

DB’s Jim Reid concludes the overnight wrap

Normal service appears to have resumed in markets again with the S&P 500 (+1.40%) doing its best to prove that Tuesday’s move was all but a small blip on its one-way ascent to new record highs. The index momentarily hit new highs yesterday but a move of just +0.18% or more today is all it will take to get it there on a closing basis now. Unlike previous days it was a rotation back into tech stocks which did most of the hard work yesterday, with the NASDAQ (+2.13%) recouping a decent chunk of the move lower in the three days into Tuesday.

To be honest there wasn’t a huge amount for markets to get stuck into. Democratic House Speaker Pelosi reiterated for the umpteenth time that the two sides were “miles apart” on some of the issues in stimulus talks – although markets once again turned a blind eye. Treasury Secretary Mnuchin reiterated the Republican offer of just over $1 trillion in stimulus, telling Fox Business Network that Democratic demands for higher spending could always be done later in the year or in January, and that “we don’t have to do everything at once.” Fed speakers also waded in, with Rosengren saying it would be very bad news it there isn’t additional stimulus. The bottom line is that the main negotiators haven’t spoken since Friday and it’s not clear when talks will resume.

Risk also survived a bumper US inflation print. In fact, the +0.6% mom core CPI reading was the largest monthly rise in almost 3 decades and was well above the +0.2% reading anticipated. In response, US 10-year breakevens rose to 1.666% (up to 1.684% overnight), putting them back at their mid-February levels before worries about the global spread of the pandemic gathered pace. The Treasury curve had already bear steepened prior to the data and in fact if anything, some of the wind was taken out of the sails with 10y yields ending just +3.4bps higher – a record 10y auction also being absorbed with ease – and the 2s10s curve +2.3bps higher at 51.2bps (it did touch 52.7bps at the intraday highs).

Meanwhile, the USD struggled with the Dollar index ending -0.20% (is down a further -0.21% overnight) while the Japanese Yen was the worst-performing G10 currency for a second day running. A host of dovish comments from Fed officials did little to help the Dollar’s case. Gold was one of the exceptions to this safe-haven selloff, seeing a modest recovery from its worst day in 7 years on Tuesday to move +0.21% higher, and silver was also up +2.90%. Gold and silver are building up on yesterday’s advances by being up +0.86% and +0.96% respectively this morning too. Elsewhere in the commodities sphere though, oil prices reached new post-pandemic highs, with Brent crude up +2.09% to reach $45.43/bbl.

In terms of Asia this morning, it’s been a more mixed trading session with Nikkei (+1.87%) leading the advance and the Kopsi (+0.80%) also up but the ASX (-0.76%) and Hang Seng (-0.12%) are down and the Shanghai Comp unchanged. Futures on the S&P 500 are also flat. The only data out this morning came from Japan where July PPI came in at -0.9% yoy (vs. -1.1% yoy expected).

As for the latest on the virus, overnight New Zealand saw another 13 new cases in its fresh outbreak while Singapore quarantined 800 migrant workers after a case was discovered in a dormitory that had been cleared. Meanwhile, in the US, new cases grew by 1.1% in the past 24 hours. Hospitalizations in Texas dropped to a six week low and in New Jersey, Governor Murphy gave the state’s public schools the option of all-remote classes.

Back to markets yesterday, where in Europe the STOXX 600 rallied +1.11% to post its fourth consecutive daily gain. European banks faded into the close but still finished up +0.31% with bonds selling off. Indeed yields on 10yr bunds (+2.9bps), OATs (+2.8bps) and gilts (+3.8bps) all moved higher. However, the tightening of peripheral spreads in Europe continued, with the spread of Italian (-1.3bps) and Spanish (-0.5bps) 10yr yields over bunds falling to their tightest level in almost 6 months.

In terms of other data yesterday, here in the UK, the economic impact of the pandemic was made clear by the Q2 GDP reading showing a -20.4% contraction, a number considerably worse than that already seen for the US, France, Germany and Italy. It was also the largest quarterly contraction since the series begins back in 1955, and comes off the back of a -2.2% decline in Q1. Looking forward however, the June GDP reading did show a month-on-month increase of +8.7%, stronger than the +8.0% reading expected, which continues the recovery from the trough back in April. Furthermore, as our UK economist Sanjay Raja writes (link here ), Q3 is poised for a strong recovery, with high frequency data showing a sizeable rebound in many industries.

The final data point yesterday came from Euro Area industrial production, which missed estimates with a +9.1% increase in June (vs. 10.3% expected). That said, the rebound from the nadir in April continued, with the year-on-year decline now “only” at -12.3%, a long way above the -28.6% yoy fall back in April.

To the day ahead now, and data highlights include the weekly initial jobless claims from the US along with the final July CPI reading from Germany. Fed speakers include Bostic and Brainard, while the Mexican central bank will also be deciding on rates.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 1.46 POINTS OR 0.04%  //Hang Sang CLOSED DOWN 13.25 POINTS OR 0.05%   /The Nikkei closed UP 405.65 POINTS OR 1.78%//Australia’s all ordinaires CLOSED DOWN .53%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9459 /Oil UP TO 42.66 dollars per barrel for WTI and 45.31 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9459 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9440 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

Japan gives up on negative interest rates i.e. it will now pay banks to lend money.

In Transformational Shift, The BOJ Gives Up On Negative Rates As It Now Pays Banks To Lend

After more than half a decade of disastrous monetary policy which not only failed to stimulate inflation, boost exports or crush the yen, but has brought Japan’s banks to near disaster, the Bank of Japan has come up with an “ingenious” new plan to flood the system with liquidity: it is paying banks hundreds of millions of dollars in bonuses to boost lending, a move analysts say is aimed at easing the side-effects of its negative interest rate policy.

And while record bank lending in recent months suggests the BOJ’s plan is working – a very rare success of late in its losing battle to revive the economy – according to Reuters it is also a sign that policymakers’ focus is now more on supporting banks, rather than keeping rates low.

To be sure, the literal wall of money printed by the BOJ in recent years has kept a lid on bankruptcies and job losses as the economy tips into a deep recession, although it has also meant that banks can not survive without continued life support from the central bank. And the prolonged battle with COVID-19 has only added strains on regional banks.

Needless to say, the local bankers are delighted with this latest indirect transfer from taxpayers to the top 1%: “This is one of the most effective policy moves the BOJ has made in recent years,” said Takehiro Noguchi, senior economist at Mizuho Research who personally stands to benefit from this “effective policy move.

We found his second comment far more illuminating: “The BOJ will likely continue to take steps to alleviate the side-effect of its monetary easing… The BOJ thinks negative interest rates is something it should not have done.”

Oh, so conducting catastrophic experiments with monetary policy that crush savers and the middle class, while making the rich wealthy beyond their wildest dreams is something that “should not have been done”? We agree, and if only the BOJ had listened to us when we said all of this before it launched its idiotic NIRP policy, it would have saved Japan’s population years of misery and pain. Of course, central bankers always “know best”… and then the system collapses.

In any case, it’s too late now to fix anything without a complete systemic reset (and crash), and so the BOJ is forced to engage in increasingly desperate measures to keep it all together. That’s why in March the BOJ cobbled together special “coronavirus relief” operations to help keep cash-strapped companies afloat. Under the scheme, the BOJ lends cash to banks against their lending to the private sector, such as loans and bonds, as collateral.

The operation started off quietly but got a major boost after the BOJ decided in April to add a sweetener by giving banks a bonus of 10 basis points (bps) or 0.1% per year, for using the scheme, a bonanza when 10-year government bonds yield 0.04%.

Yes, if this sounds like a direct money transfer from the central bank to the commercial banks, it’s because that’s exactly what it is. It is also completely illegal in any other context than the one of a “covid emergency.”

Naturally, banks rushed to the plan, gobbling up 27 trillion yen ($250 billion) through the channel by July. And since that is roughly as much as the amount of banks’ deposits on which the BOJ imposes negative interest rates, it appears that banks were quick to use the BOJ’s latest helicopter money scheme to offset the punitive effects of NIRP.

Recall that in 2016 the BOJ went negative in an attempt to weaken the yen and lower corporate borrowing costs (it achieved neither). However, to avoid damaging banks even more, it imposed a minus 0.1% rate on only a small portion of banks’ deposits, amid concerns the policy could squeeze lenders’ margins and possibly reduce the flow of credit to the economy.

Meanwhile, as Reuters notes, the BOJ has paid 0.1% interest to banks on a total of about 208 trillion yen deposits, while the remainder carries zero interest. The complicated, three-tier interest rate system was intended to keep the benchmark interbank lending rate below zero percent while limiting the negative interest banks have to pay to the BOJ.

Of course, as analysts were quick to point out, paying additional interest on the new scheme is undermining the case for negative rates even further, thereby obviating the entire disaster that has been NIRP.

“In the grand scheme of things, we could see this as a policy normalisation as well as enhancing support for banks,” said Katsutoshi Inadome, senior strategist at Mitsubishi UFJ Morgan Stanley Securities.

As a result of the BOJ’s move to increase interest payments to banks, the benchmark interbank overnight interest rate has also edged up, staying mostly above minus 0.05%.

The good news is that for now, the BOJ’s latest helicopter money plan appears to be working. Data this week showed banks’ lending rose by a record 6.3% in July from a year earlier to 572.7 trillion yen ($5.36 trillion). That represents an increase of about 26 trillion yen since March, suggesting the BOJ has effectively back-financed nearly all of the bank lending growth since then.

It also means that while the operation was supposed to be temporary, many now expect that the BOJ will gradually make it permanent as it is extended it beyond its scheduled expiry next March.

More importantly, while backtracking on negative rates could – and will – erode the BOJ’s credibility, frankly it’s not like the BOJ had much to begin with as all that now matters is how much the government will order the BOJ to print under the auspices of helicopter money.

Meanwhile, with the BOJ having effectively nullified NIRP, there is confusion as to how monetary policy will look in the future when Kuroda has to ease further, having admitted that NIRP is a failure and rapidly running out of debt and ETFs to monetize.

“Should the BOJ ever need to cut interest rates further to ease its policy, the central bank will combine it with more bonus schemes like this, to the extent that the net effect becomes unclear,” said Izuru Kato, chief economist Totan Research.

Kato is right, and the final bonus scheme will be the BOJ finding an “excuse” to give money directly to Japan’s population, after which it is game over for fiat as first the yen then every other “developed” currency will implode.

end

3 C CHINA

CHINA

Welcome to the club: China joins all nations in quietly launching its own QE

(zerohedge)

China’s Central Bank Has Quietly Launched Its Own QE

Earlier this week we discussed the striking difference between virtually every western central bank balance sheet – of which the Fed’s is a prime example – all of which have grown at a staggering pace over the past decades and especially since the covid crisis as central banks acquired various securities most notably Treasurys and MBS to ease monetary conditions…

… and that of the PBOC which has been surprisingly steady because – as we explained before – China has been gradually transitioning from a quantity-based monetary policy framework to a price-based one, whereby monetary policy is primarily adjusted via quantity-based instruments such as RRR cuts.

The difference in how policies are conducted – QE purchases for the Fed and RRR cuts for the PBOC – is fundamentally the reason why we haven’t seen PBOC balance sheet behave in the same way as Fed balance sheet during the recent easing cycle.

However, the PBOC’s reluctance to engage in open and explicit QE may now be over, because according to a new report, the People’s Bank of China may have quietly bought government bonds from domestic banks in July, which as Bloomberg puts it, is a rare move that has analysts puzzling over the monetary authority’s policy intentions amid a record amount of government debt issuance.

While there has been no overt change to the PBOC’s policy, tracking sovereign bonds held by “other” investors – a category that includes central banks and clearing houses – showed an increase of 196.5 billion yuan to 1.78 trillion yuan ($256 billion) last month, based on data by China Central Depository & Clearing Co.

The increase, the biggest since Bloomberg data started in late 2018, prompted analysts from Citic Securities to Nomura Holdings and GF Securities to speculate the central bank might have bought some government debt in the month.

If confirmed that the PBOC has finally joined western banks in purchasing bonds in the open market, this would be dramatic reversal to years of convention: in the past, Chinese policy makers have frequently said in the past they do not intend to enact the kind of bond-market purchases seen in developed markets and have restricted stimulus measures throughout the coronavirus crisis to moderate trimming of market interest rates and a more generous liquidity policy. But they have flagged a willingness to support the government’s fiscal policy.

Ironically, just this past May, Ma Jun, a member of the PBOC’s monetary policy committee, wrote in a newspaper article that any proposals that the PBOC should buy government debt directly would, in essence, be asking the central bank to “print money” to finance fiscal deficit.

Monetary financing “will have long-term impact on the macro economy, fiscal sustainability and financial stability,” Ma wrote in the central bank’s Financial News newspaper. Doing so would mean “giving up the last line of defense on government fiscal behavior.”

Monetary financing could cause hyperinflation, asset bubbles, currency weakening, over-borrowing and lower productivity, Ma said.

And while Ma was absolutely correct, in the end China appears to have succumbed for the temptation of CTRL-P, the same as most other central banks.

“There’s a possibility that the central bank has bought sovereign bonds,” Ming Ming, head of fixed-income research at Citic Securities in Beijing, wrote in a note, though he cited the possibility of other factors being behind the rise. The move is more likely to be an effort to “directly finance the real economy” rather than quantitative easing, with the PBOC buying anti-virus bonds that invest in projects with a steady return, he said.

Researchers affiliated with China’s Ministry of Finance had previously suggested the central bank should buy some government debt this year, a step which could help reduce the impact on markets as the government plans a record amount of sales to mitigate growth risks.

None of this should come as a surprise: as Rabobank’s Michael Every sarcastically notes, “it’s not as if the Chinese state does not play a vast role in the economy and markets, is it? The consolidated fiscal deficit was already in double digits even before the virus struck according to the IMF: take a guess as to where it is now – and don’t think the PBOC isn’t ultimately backstopping this, because it is.”

END
CHINA/CHINA STATE RUN BANKS
Believe it or not:  Chinese state run banks are quietly complying with Trump’s Hong kong sanctions
(zerohedge)

Despite The Diplomatic Bluster, China’s State-Run Banks Are Quietly Complying With Trump’s Hong Kong Sanctions

On the surface, there is a non-stop tide of daily diplomatic drama and escalating jawboning between the US and China which – quite theatrically – will be at each other’s throat at least until the conclusion of the Nov 3 election. However, behind the scenes, one can discern just who has the upper hand.

According to Bloomberg, China’s largest state-run banks operating in Hong Kong have taken “tentative steps” to comply with US sanctions imposed on officials in the city, seeking to safeguard their access to crucial dollar funding and overseas networks, and putting their financial future above their patriotic duty to defend questionable Hong Kongers who have fallen in the crossfire. As a reminder, last week Trump sanctioned Chinese and Hong Kong officials including Hong Kong Chief Executive Carrie Lam, Xia Baolong, director of the Hong Kong and Macau Affairs Office of China’s State Council, and Chris Tang, commissioner of the city’s police for their role in implementing a security law in Hong Kong. The officials will have property and assets in the U.S. frozen; they also will be increasingly frozen by their own financial institutions.

 

Hong Kong Chief Executive Carrie Lam

China’s bank giants, most of which have operations in the U.S. including Bank of China, China Construction Bank, and China Merchants Bank have turned cautious on opening new accounts for the 11 recently sanctioned HK officials, including Lam, and at least one bank has suspended such activity. To avoid Trump’s ire, at some banks transactions via the U.S. are banned, while compliance must now review and sign off on others that would previously have been immediately processed, Bloomberg sources said.

At the same time, foreign banks operating in Hong Kong such as Citigroup have already taken aggressive steps to suspend accounts or are increasing scrutiny of Hong Kong clients.

The quick capitulation by China’s biggest lenders once again underscores how Trump has weaponized the greenback and the ability of the U.S. to use the dollar’s dominance in international transactions as a critical pressure point in the standoff with China. And since China’s state-owned lenders need to preserve their access to global financial markets – with the Yuan years if not decades from even thinking about thinking about becoming a global reserve currency – they have quietly bent the knee to Trump to preserve dollar access at a time when Beijing has leaned on them to prop up the economy from the fallout of the coronavirus.

The bottom line is that China’s “big four” banks had $1.1 trillion in dollar funding at the end of 2019; it is that $1.1 trillion that gives Trump virtually unlimited scope to extract any concessions he wishes, and despite Beijing’s angry and belligerent rhetoric, China has no choice but to fall in place.

Not that any of this is a surprise to China: as we reported last week, Yu Yongding, a former adviser to the nation’s central bank, said at a forum this week that China faces a series of threat from a potential financial war with the US, including sanctions on banks, financial ransom, freezing of Chinese assets offshore and a push for a capital flight. Yu recalled when Washington  sanctioned Bank of Kunlun in 2012 for its oil financing dealing with Iran, cutting the small Chinese lender off from the greenback payment system and suffocating its cross-border business.

To save face diplomatically, China on Monday retaliated by sanctioning 11 individuals including U.S. senators Marco Rubio and Ted Cruz, but the retaliation was seen as a paper tiger as Beijing stopped short of putting any senior American government officials on its list. Its top diplomat, Yang Jiechi, on Friday said the door for talks with the U.S. remains open. It didn’t clarify the potential implications for any financial institutions that keep doing businesses with those named.

“China’s position on the U.S. sanctions is clear and consistent,” Foreign Ministry spokesman Zhao Lijian told reporters in Beijing on Wednesday in response to a question about the banks’ move to comply. “The U.S. sanctions are irrational and groundless. They are unanimously opposed and condemned by all Chinese people, including our residents in Hong Kong.”

Sure they are, but none of that matters because the US has the world’s reserve currency and China doesn’t. The rest is just political theater, full of sound and fury, signifying nothing.

Indeed, despite the HKMA’s announcement, “banks that have U.S. operations or conduct dollar businesses may still need to consider their U.S. compliance obligations,” JPMorgan wrote in a note. “Risks for listed China banks are relatively muted, in our view, as the four China officials on the list may obtain banking services with local unlisted Chinese banks that do not have dollar or U.S. businesses.”

END

The truth on the origins of the COVID 19 virus

(Crime Reporter)

Andrew Kimbrell On The Origins of COVID-19

Via Corporate Crime Reporter (emphasis ours),

What are the origins of the COVID-19 virus?

Did it come from nature?

Or did it leak from a lab in Wuhan, China?

The International Center for Technology Assessment is placing its bets on a leak from a lab in Wuhan.

“After considerable research, including a thorough review of the selected research materials and discussions with experts in the field, we have come to agree with the view that the virus causing COVID-19 did not evolve naturally but rather is the product of one of the high-security bio-medical laboratories in Wuhan, China,” the group said in a statement issued last month.  “We believe that there is a preponderance of circumstantial and scientific evidence demonstrating that the ‘laboratory virus’ hypothesis is not only possible but probable. By contrast, recent refutation of the hypothesis that the virus originated at a Wuhan wet market and new findings that the virus has not been found in nature despite significant effort to do so, makes the view that the virus evolved naturally unlikely.”

“No dispositive finding on the virus’ origin can be made without a full review of the records and logs of the Wuhan high security laboratories involved, which the current stance of the government of China makes improbable. Nevertheless, in coming to a conclusion as to the probability of its laboratory origin, ICTA understands that it is critical that any analysis of the origin of this catastrophic contagion be apolitical and constructive. ICTA’s work in this area is not intended to blame individual scientists or any country,  but rather to help provide the insight, and encourage the action needed to spare humanity from a series of future man-made pandemics that could surpass the current one in transmissibility and lethality.”

Andrew Kimbrell is executive director of the International Center for Technology Assessment.

Let’s start with the probability – more likely than not – that the COVID-19 virus is a lab created virus – from one of the two labs in Wuhan China,” Kimbrell told Corporate Crime Reporter in an interview last month.

“Let’s take a look at the virus itself.”

“Is there anything about the virus that would indicate one way or another? The other four categories are more circumstantial. Circumstantial evidence is fine in a court of law.”

“One is – location. Where did it happen?”

“Two – precedent. Has anything like this ever happened before?”

“Three – warnings. Did anybody warn that this might happen?”

“And four – cover-up. Did the labs and the Chinese government try to cover it up?”

“Those are the five categories that I would ask your friends and skeptics to go through carefully before they use words like conspiracy or baloney. And later on I will go through why some of them are using those terms. We will get into the corporate support for these people and why you are getting this misinformation.”

Let’s go through it. It is undisputed thatthis is a chimeric virus that has never been seen before. It’s a hybrid virus.“

“The bat coronaviruses that are closest to COVID-19 are lacking two incredibly important things that COVID-19 has that make it so dangerous. One is the proteins that spike the cell – the spike proteins. The spike proteins that are on COVID-19 are completely different than those on the bat coronaviruses that are closest to it otherwise. Then there is the furin cleavage site. This is something that allows the virus to get inside the cell and have the cell mechanism reproduce it. That does not exist in this group of bat coronaviruses.”

You have a basic bat coronavirus and you have two things that have been added to it. The spike protein is closest to an animal called the pangolin. We do know that somehow this bat virus was infected by at least two other animals and then went into a human host. And for that virus to be the way it is, it had to happen simultaneously.”

“We have a hybrid virus never seen before in nature, it had to have been infected simultaneously with these other elements that make it more dangerous – make it more infective and more transmissible.”

“There is no theory about how they got in there. They used to think it was the wet market. That has been completely debunked, including by the Chinese government. No one believes that anymore. That explanation was a smoke screen put up by the Chinese and Americans who want to support that idea.”

What are the chances it happened naturally?

“Someone will have to come up with a scenario. It sounds almost like a joke. A horseshoe bat, a pangolin and some other creature met in a bar in Wuhan and somehow simultaneously infected them.”

“I haven’t seen any scenario of how that happened or where that happened. But we know that had to happen. It happened somewhere. It either happened in nature or it happened in the Wuhan Institute of Virology or it happened at the CDC lab in Wuhan.”

“That is undisputed. Then at the end of May, Nickolai Petrovsky and his team in Australia said – let’s see if we can find a creature that might have an affinity for this. That way we might find the animals that might have come together to create this virus. Their conclusion was that they could not find it anywhere else in nature. These are objective researchers. They are not Trump supporters. That study made it even more difficult to accept the natural theory.

“Meanwhile, we know that this was exactly the kind of work that was going on at one or both of the Wuhan labs. They call it gain of function research. I call it gain of threat research. They were taking NIH money, through the EcoHealth Alliance to do exactly this. And they did exactly this. They added different kinds of protein spikes. They mixed and matched various viruses. They genetically engineered them. They infected a number of animals. They put them into human cell cultures to increase the threat.”

Why were they doing this research?

The point of the research was to collect all of these bat viruses from 1,000 miles away from Wuhan and bring them back into their labs. The bat coronavirus was also the basis for the first SARS outbreak. They collected the bat viruses and brought them back to the labs. And then we are going to see what it would take for them to become really dangerous. What would it take? The idea was – if we can show what it takes in a laboratory for them to become incredibly dangerous then maybe we can predict that happening in nature. And then maybe we could have vaccines or interventions and be ready for the next pandemic.”

It was a way to develop vaccines?

“No. It was a way to develop a potential pandemic virus that might have occurred in nature at some point in the future. By having it, they would be able to think about what intervention strategies might work against this virus, which is now only in the lab, not in nature.”

“They would say – we’re trying to not have the next pandemic. And there are a couple of problems with that argument. I sent you an article by Marc Lipsitch at Harvard and Tom Inglesby at Johns Hopkins. They pretty much demolished this argument. They say – there are hundreds of combinations of coronaviruses that could happen in nature. The idea that you can pick one or two and that is going to be the one that nature comes up with is like winning the lottery. And then to create a vaccine for a non existent virus – except in your laboratory – no one is going to do that. They are going to wait to see what happens in nature.”

“This whole gain of threat research, there are many reputable scientists now saying – it gives you no information, it’s not useful for vaccines, it’s not useful for anything except for the curiosity and interest of this small group of scientists who do this research.”

“Meanwhile they are creating novel pandemic viruses.

“Let’s get back to the list.”

“Location. Why did this happen in Wuhan? Of all the cities in China. Of all the areas where bats are – and they are nowhere near Wuhan, they are 1,000 miles away. Of all of the cities it could have happened in, of all the small towns it could have happened in, why did it happen in Wuhan? What are the odds of this happening in Wuhan naturally versus happening in Wuhan because researchers there were doing exactly the kind of research that would create it? What are the odds of that? If I was in court, I would say that’s a very strong indicator that it happened in the labs. And in the interview with Shi Zhengli, she was so surprised. Why would this happen in Wuhan? And that’s why she got so nervous. Check that in favor of the lab theory.”

“Two is precedent. Was there any precedent? Yes. In 2003 and 2004, the original SARS virus was leaked four times from Chinese laboratories. It was reported in Science magazine. So, we’ve already had a leak of SARS 1. And a couple of people who worked in that laboratory died in 2004. We have a precedent with the SARS virus.”

“What about warnings? There were numerous warnings. UPMC Center for Health Security looked at ten nations including China. In 2016, they found inadequate training and inadequate safety personnel in China to secure biosecurity.”

“In 2017, there is an article in Nature where scientists say they are very concerned about a biosafety level 4 laboratory in China doing all of this controversial research. We don’t feel they have the experience or the expertise to do that.”

“In 2018, we have the cables from the U.S. State Department saying – we are in this lab in China and we are very concerned that they are not taking appropriate precautions. And we are hoping that the United States government is coming to help them because this could be a very bad result. That was reported on by Josh Rogin in the Washington Post. You can read these cables.”

“In 2019, the Global Health Security Index for the very first time looks at biosecurity for 195 nations. No one has ever done anything that comprehensive. They found that China was not even in the top fifty of the most biosecure countries.”

“NBC reported that in October 2019 there was cell phone silence at the Wuhan lab. They were concerned that might have had something to do with an accident.”

You had all of these warnings. You had precedent. Then you have a massive cover-upMilton Leitenberg in the Bulletin of the Atomic Scientists goes over that cover-up in great detail in an article in June titled “Did the SARS-CoV-2 virus arise from a bat coronavirus research program in a Chinese laboratory? Very possibly.”

“Leitenberg goes over the cover-up in detail. China orders the virus destroyed. They punish those who were publishing stories about it. They refused to make any records from the labs available. They put out disinformation that it came from a U.S. military lab.”

What about the so called batwoman?

“The Chinese virologist Shi Zhengli. She works at the Wuhan Institute of Virology. She says she didn’t sleep a wink for days, fearful that the virus came from her lab. But now she assures us that it didn’t come from her lab. She may be right or she may be wrong. I don’t know. It may have come from the other lab or from someone else working there. But she herself was so frightened about the possibility that her research had created this pandemic that she didn’t sleep a wink for days. That’s enough to say to me – that research should never happen.”

What you call gain of threat research was banned for a while, correct?

“That’s correct. Gain of function research is used for different kinds of research. If you were to be working with a plant and were trying to get the plant to fixate nitrogen better, that would be gain of function for that plant. There is nothing wrong with gain of function research. But to use the term as they do is dishonest. The term gain of function sounds innocuous. Gain of function – that doesn’t sound bad.”

You don’t want to ban gain of function research.

“I don’t want to ban gain of function research. I’m going to take away the double speak and call it what it is – gain of threat research on potential pandemic viruses. That’s what I want to ban. No one in the world should be doing gain of threat research on potentially pandemic viruses. It’s the definition of insanity.”

In 2014, the Obama administration declared a moratorium on any federal funding of gain of threat research. The reason they did this was because two researchers – Ron Fouchier in the Netherlands and Yoshihiro Kawaoka in Wisconsin – were working on the H5N1 bird flu, which had a 60 percent mortality rate, but was not transmissible through the air. It killed a few hundred people, but because it was not transmissible, it didn’t go very far. But they decided they were going to try and turn it into a transmissible virus and publish their results.”

“With a 60 percent mortality rate, if that virus escaped, you have a potential 1.6 billion casualties.”

Did they actually turn it into a transmissible virus?

“According to them, they did yes.”

What are the ethics of turning that into a transmissible virus?

“Marc Lipsitch, professor of epidemiology and director of the Center for Communicable Disease Dynamics at the Harvard School of Public Health said this ‘We have accepted principles, embodied in the Nuremberg Code, that say that biomedical experiments posing a risk to human subjects should only be undertaken if they provide benefits that sufficiently offset the risks – and if there are no other means of obtaining those benefits. Although these experiments don’t involve people directly, they do put human life and well-being at risk.’”

[For the complete q/a format Interview with Andrew Kimbrell, see 34 Corporate Crime Reporter 30(10), Monday June 27, 2020, print edition only.]

end

The virus has been found on frozen chicken wings

(zerohedge)

Chinese City Finds Traces Of COVID-19 On Chicken-Wing Packaging

China is once again implying that “imported” COVID-19 cases may have been caused by imported foodstuffs. First it was shrimp and salmon from Norway and Ecuador, now it’s frozen chicken wings from Brazil.

Reuters reported that authorities in Shenzen found traces of the virus on the packaging of the chicken wings imported from Brazil, a country with one of the worst outbreaks in the world. One day later, a similar discovery was made in Xian City, though this time on packages of frozen shrimp from Ecuador.

Shenzhen’s health authorities did thorough testing and tracing, and eventually said they found no new cases connected to the packaging.

Reports of contaminated food have led supermarkets and markets across the country to ditch fresh salmon and shrimp, destroying millions of dollars of product. However, we’ve started to wonder whether the tests used by the Chinese authorities might be set off by something else in the packaging.

The Brazilian embassy in Beijing did not immediately respond to a request for comment.

“It is hard to say at which stage the frozen chicken got infected,” said a China-based official at a Brazilian meat exporter.

The Shenzhen Epidemic Prevention and Control Headquarters said the public needed to take precautions to reduce infection risks. Meanwhile, the WHO said Thursday that there are no confirmed examples of the virus being “food borne”.

END

4/EUROPEAN AFFAIRS

 

GERMANY/GLOBE/CORONAVIRUS UPDATE

Germany Reports Biggest COVID-19 Tally In 3 Months As Outbreak Spreads “All Over The Country”: Live Updates

Summary:

  • Germany sees new cases hit 3-month high
  • 6% of England has been infected
  • Rural Indians grow weary of wearing masks
  • Philippines joins Brazil, UAE etc in planning Russian vaccine trials
  • South Korea sees cases hit 1-month high
  • Oxford-Astrazeneca vaccine produces “immune response” in test subjects

* * *

As schools reopen in Berlin and elsewhere, Germany has reported another day of 1,000+ COVID-19 cases and the biggest single-day reading in three months, with the health minister warning of outbreaks across the country, blaming the spread on partiers and holiday travelers.

In the country of 83 million, the number of confirmed coronavirus cases climbed by 1,226 to 218,519, according to data from the Robert Koch Institute. That’s the biggest daily increase since May 9. Meanwhile, the number of deaths remained relatively low, increasing by six to a total of 9,207.

Chancellor Angela Merkel and the 16 state governments decided in May to start gradually easing coronavirus restrictions, a balancing act to allow public life and business activity to recover while trying to keep the infection rate low. Though the rate remains low relative to the US and other countries struggling with raging outbreaks, keeping cases at a manageable level requires a careful balancing act.

“This is, no doubt, very worrying,” said Health Minister Jens Spahn during an interview with Deutschlandfunk radio. He added that Germans must remain “very cautious” to avoid spread of the virus.

The fate of the European economy could very well hinge on a V-shaped rebound that economists say might be possible if another round of damaging lockdowns can be avoided. In Spain and the UK, local measures have been favored, like ‘partial lockdowns’ in parts of Manchester and in Catalonia, efforts that the WHO has applauded.

In other news out of Europe, the FT reports that roughly 6% of people in England have been infected already, which is roughly 1/10th of the minimum level of penetration experts believe would be necessary for ‘herd immunity’ to slow the virus.

About 6% of people in England had the virus by the end of June, equating to roughly 3.4 million, a study by Imperial College London found. London was found to have the highest rate of infection in the UK, at 13%, while the South West had the lowest, at 3%. The findings were part of the REACT study, commissioned by the Department of Health and Social Care.

That study incorporated antibody test results from more than 100,000 Britons. The data was roughly in line with surveillance data published by the ONS, which showed that 6.8% of people in England received antibody tests. In Black, Asian and minority ethnic people were 2-3x as likely to have had the virus than white people.

Early data from trials of three potential vaccines showed promise of fighting COVID-19 without serious side effects, while leaders in the United States and European Union pushed for massive stimulus to cushion the economic blow from the pandemic. Coronavirus cases in Spain have risen three-fold over the last three weeks as authorities struggle to contain a rash of fresh clusters. Sweden is changing its contact tracing guidelines to make more of the information gathered self-reported by the infected.

In India, where antibody testing run in the slums has, in at least a few instances, turned up positivity levels north of 50%, many in rural areas, where the virus has largely died out, are growing weary of social distancing requirements like wearing masks, creating a parallel to the mask debate in the US.

In two dozen small towns and villages visited by Reuters reporters in recent weeks, people have largely given up on social distancing and masks after months of sticking to the rules, believing the virus is not such a serious threat.

Here’s more from Reuters:

Harmahan Deka doesn’t wear a mask anymore to avoid the novel coronavirus nor does he try to keep a safe distance from others.

For the 25 men and women he works with in his construction materials business near the small town of Baihata Chariali in India’s Assam state, life is more or less as it used to be, Deka says.

“The virus can’t attack me, it’s weakened,” the 50-year-old diabetic said. “I often hang out at a busy neighbourhood grocery store – without masks, nothing. Both the store owner and I are fine. Maybe we’ve had it already without symptoms.”

In two dozen small towns and villages visited by Reuters reporters in recent weeks, people have largely given up on social distancing and masks after months of sticking to the rules, believing the virus is not such a serious threat.

The change in behaviour in rural India – where two-thirds of its 1.3 billion people live, often with only the most basic health facilities – has come as infections in the countryside have surged.

Health officials are exasperated.

“Sometimes people take it too lightly, as if nothing will happen to them just because they’re breathing fresh air and eating fresh vegetables,” said Rajni Kant, a member of a rapid response team of the state-run Indian Council of Medical Research (ICMR) set up to fight the pandemic.

“Health infrastructure is poor in rural areas, that’s why they have to strictly follow social distancing norms, wear masks, avoid crowded areas and keep washing hands. Otherwise they’ll suffer.”

As we reported earlier, the Philippines has joined a growing list of countries preparing to hold clinical trials for the Russia-approved COVID-19 vaccine developed by the world-renowned Gameleya Institute. As news about the Russian vaccine dominated headlines this week, the usual patter of updates from Western companies working on their own candidates has continued. Here’s a rundown of some recent vax news courtesy of Reuters:

  • An experimental vaccine being developed by AstraZeneca and Oxford University against the new coronavirus produced an immune response in early-stage clinical trials.
  • German biotech BioNTech and U.S. drugmaker Pfizer Inc said data from an early-stage trial of their experimental coronavirus vaccine showed that it prompted an immune response and was well-tolerated.
  • A vaccine developed by CanSino Biologics Inc and China’s military research unit has shown to be safe and induced immune responses in most of the recipients who got one shot.

Finally, moving east, China and Hong Kong have seen infection numbers continue to decline following flareups earlier this month, but in South Korea, health officials reported 47 new locally transmitted cases, a one-month high amid concerns about a new batch of potential clusters.

END

UK

(Bill Blain)

Blain Blasts Bloated Bureaucracy (Not BoJo) For Britain’s “Full-Blown Apocalypse”

Authored by Bill Blain via MorningPorridge.com,

Who To Blame?

“Just doing my job sir…”

I feel a bit of rant coming on… Yesterday’s dismal UK numbers were not a surprise – unless you expected them to be even worse.  A 20% quarter on quarter Q2 decline in GDP, deeper than anywhere else (except possibly Spain), and the deepest and fastest recession on record. Germany was down 12%, while US GDP was down a mere 10.5%. Sweden – which didn’t lockdown, was down 8.6%. Unemployment is going through the roof. Companies are planning redundancies, and no one is going to get Christmas holidays again. Ever.  We have become addicted to government support – the papers say we face a house price collapse next year when stamp-tax holiday ends, and it’s a stark choice of putting everyone on permanent furlough or redundancy.

Why is the UK so shockingly bad?

There are probably good reasons for our miserable performance in terms of the detail of how our retail and services sector works, the density and health of our population, our genetics, even our habit of stopping to chat and greet friends and neighbours.. or it might have been issues like the length of lockdown.  It might also be the way we record data – already the number of Covid Deaths has been revised downwards, and could go lower yet. What the UK did wasn’t so different to what other countries tried – the timing of when we started and finished lockdown was days rather than months, but it has been seized upon as critical evidence of government incompetence.

The result is going to be a witch-hunt. We need someone to blame. 

Whatever the UK did right or wrong, somehow we managed to turn a mere economic catastrophe into a full blown apocalypse. If this was the Olympic COVID Pants Performance competition, we just scored a perfect set of 10s for our sheer crapness.

And it’s unlikely to get much better. Half the nation still believes the Virus is going to kill them given any chance – they have been properly scared. The other half has no interest in returning to work while there are still beaches with pubs on them… assuming their jobs are doomed, so they are enjoying their last furlough cheques before Winter comes a knocking…

It’s very easy to blame government – Boris’s shambolic nature means he’s going to be very easy to scapegoat. But consider the alternatives… it would hardly be fair to inflict even worse politicians on out poor benighted county.  Her Majesty’s Loyal Opposition are braying for blood – but they would have done equally badly, if not worse.

And blaming government is exactly what the establishment is hoping for. Anything to deflect from the multiple failings of the UK’s bloated, self-serving and unaccountable establishment – the multiple bureaucracies of uncivil service. Poorly advised governments tend to underperform. If there was failure in the UK, then it occurred at the institutional level – not in parliament, but within the apparatus of state that advises and runs the country.  If we want to sort it and avoid repeat.. then it’s time to shake the foundations of the state and introduce the concepts of responsibility and accountability. With prejudice.

Let’s give government some credit for the swift application of furlough and bailouts. It would be easy to blame the BBC for dramatizing crisis, but I stopped watching TV news months ago…. It was just too pointless and depressing.

The Pandemic triggered successive failures across the nation. Heads should be rolling – but not the ones we know. 

  • I want to know why NHS England was so unprepared despite having gamed the Pandemic a few years ago.
  • I want the models investigated.
  • I want to know what idiot thought it was fine for care home staff to continue working in multiple homes – thus the example of a care home in Skye taking on agency staff from London as a virus vector.
  • I want to know who advised government on schools.
  • I want a public enquiry on every aspect of the successive mistakes and escalating cascade of stupidity that characterised the virus in the UK.

Let’s look back at this farrago from start to finish – and let’s have some real accountability. When it is done..  let’s put the guilty up against the proverbial wall.   

The real problem might be even worse. Fish rot from the head down – and I wonder just how fundamentally broken the country is. Once we were the envy of the world. Today we are a nation of petty bureaucrats. This is the country that’s never been conquered (well not since 1066 and all that), that’s taken on every European despot from Louis, Phillipe, Napoleon, The German and Barnier – and bowled them all out no matter how sticky the wicket.

Yet, we now face a far greater enemy – ourselves… 

We’ve got Menshevik teachers in revolt – they’re happy enough to go an sit and drink Lady Petrol on crowded Cornish beaches with the rest of the Garuniad intellectual woke brigades – but ask them to look at the evidence and go back to actually teach kids and it’s no chance… “far too dangerous” they say..

Yesterday my wife tried to speak to her bank re her business accounts. She waited over an hour listening to a voice telling her how unexpectedly busy the bank was at this time.  It suggested she go online – but that’s not pertinent when you need to speak to someone urgently to trace cash that’s gone adrift. Of course the bank in question was Britain’s most embarrassing institution – the People’s Democratic State Bank of Hong Kong and Shanghai – which isn’t picking up the phone to customers because: 1) it doesn’t give a ****, 2) its busily sacking thousands of staff while lecturing clients on how to be ESG, 3) It still doesn’t give a **** and 4) its new masters in Beijing don’t give a **** either.

Or while trying to cheer yourself up and boost the local economy, you go into your favourite restaurant and you are faced with a limited menu – limited because of the requirement of the chefs to socially distance in the kitchens. But actually, the chain is delighted with the limited menu because they can bring in the cheap junior staff to serve stuff your kids will learn to cook in school – if there was any school to go to…. Cheap nosh at full price with half the staff in the hope you will be “understanding about the problems created by the Coronavirus.” It’s a rip.

Of course, there are moments of light humour… like the anxious pub landlady who threw us out her pub and asked us to shout orders from the other side of the road because she was worried by our “London accents”. (I don’t have a London accent… but wtf..) “I can’t take the risk.. I have to think about the staff..” she said.. Congratulations.. your pub will be bust by September, and your staff will all be redundant.. That’s one way of looking after them…

Sadly, the UK has become complicit in our own downfall… 

The decline of STP is symptomatic of where our once proud nation is headed.  In my spare time I am publisher of the world renowned “Sticky-Toffee Pudding International”, the journal of record for STP fans everywhere. Each quarter the top STP features on the front page.

In recent weeks I’ve noted a terrifying trend. Even top STP restaurants are now producing a shallow false shadow of the STP – they are serving Sticky Toffee Cake. FFS!! It’s not a STP without dates. Last time I checked the supply of dates into this island set upon a silver sea was not blocked by the pandemic.. there is no reason to blame the virus for a lack of dates!!! It’s just an excuse… lazy chefs hiding behind pandemic to cut out dates – the core, the essence, the life and very soul of a proper, scrumptious STP!

I am willing, in extemis, to accept this modern fashion of having vanilla ice-cream instead of custard (frankly its daft, but if it leaves more custard for me, I’m delighted.) But STP without dates is like Christmas without Santa, Arsenal without losing, a wedding without a fight, or Eric without Ernie.. What is being served today is simply Sticky Toffee Cake – a travesty of the traditional STP.

It’s wrong and it needs to be stopped. Any chef with STP on the menu who serves up Sticky Toffee Cake should be boiled in their own caramel. I shall be shaming certain restaurants in the October edition of STPI. I have already written to my MP demanding action – but I’m told he’s on a Cornish beach….

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

LEBANON/USA

Despite the huge blast and problems facing Lebanon, the uSA continues to apply maximum pressure on the country due to Hezbollah

(zerohedge)

With Beirut Reeling After Blast, US Prepares ‘Maximum Pressure’ Sanctions On Lebanon

Just a week after the August 4 Beirut port explosion the Trump administration is about to ramp up a “maximum economic pressure” campaign on Lebanon targeting Hezbollah and its allies.

With the country reeling in the wake of the deadly blast – its worst disaster going back to the destruction and death of the 2006 war – Washington is attempting to “drive a wedge between Hezbollah and its allies as part of a broader effort to contain the Shiite force backed by Tehran,” as The Wall Street Journal writes.

 

Pro-Hezbollah rally, Getty Images

Just days ago France’s Emmanuel Macron personally urged Trump to “reinvest” in Lebanon instead of a sanctions campaign, apparently to no avail.

And now on Wednesday, WSJ breaks the following:

President Trump has used sanctions as a central tool in his “maximum pressure” campaign against Iran. Now some in his administration want to see the White House turn the screws in Lebanon.

Specifically the new punitive measures are being described as “anticorruption sanctions against prominent Lebanese politicians and businessmen.” One US official described to WSJ that it’s clearly ‘maximum pressure’ aimed at Lebanon, but ultimately targeting Tehran’s proxies.

The Trump administration hopes to “shape” any future government away from Hezbollah’s influence, or even its allies. Of course, this comes at the worst possible time for the devastated country, also given estimates of at least three billion dollars in damage to hard-hit Beirut districts closest to the impact of last Tuesday’s massive explosion.

As many observers have noted, Hezbollah is deeply involved and embedded in the Lebanese political system, with elected members of parliament, close ties with banks, and even hospitals and public services in various parts of the country, particularly the south.

END

ISRAEL/UAE/USA
Trump has done it again: a huge “historic” Israel-UAE peace pla.
(zerohedge)

President Trump Unveils “Historic” Israel-UAE Peace Plan

President Trump just announced a “historic” deal that will see Israel and the UAEopen full diplomatic relations and Israel suspend its annexation plans in the West Bank.

The shock announcement Thursday marks perhaps the biggest diplomatic development out of the Middle East in decades, after the regime change war against Assad in Syria had for years reportedly brought Saudi-led gulf countries of the GCC into quiet, covert cooperation with Israel. 

Both Israeli Prime Minister Benjamin Netanyahu and President Donald Trump hailed the “historic day” in tweets confirming full normalization of diplomatic relations between prior enemies that had always lacked official recognition. Trump helped to broker the agreement, which also crucially involves Israel agreeing to halt its hugely controversial plans of annexing sections of the West Bank that included the sprawling Jordan Valley.

Though it’s still anything but clear whether Israel will abide by this, Reuters writes of the breaking news that:

Under the agreement, Israel has agreed to suspend applying sovereignty to areas of the West Bank that it has been discussing annexing, senior White House officials told Reuters.

This is a major breakthrough for Israelas Axios notes that the nation does not have diplomatic recognition in many Middle Eastern countries but has been steadily improving relations in the Gulf, largely due to mutual antipathy toward Iran.

The Trump administration announced the deal is being called the “Abraham Accord,” with Senior Adviser Jared Kushner saying Muslims will be welcome in Israel.”

White House officials confirmed, Reuters writes, that “senior adviser Jared Kushner, US Ambassador to Israel David Friedman and Middle East envoy Avi Berkowitz were deeply involved in negotiating the deal, as well as Secretary of State Mike Pompeo and White House national security adviser Robert O’Brien.”

A joint statement issued by the three nations said the three leaders had “agreed to the full normalization of relations between Israel and the United Arab Emirates.”

*  *  *

Joint Statement of the United States, the State of Israel, and the United Arab Emirates

[emphasis ours]

President Donald J. Trump, Prime Minister Benjamin Netanyahu of Israel, and Sheikh Mohammed Bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates spoke today and agreed to the full normalization of relations between Israel and the United Arab Emirates.

This historic diplomatic breakthrough will advance peace in the Middle East region and is a testament to the bold diplomacy and vision of the three leaders and the courage of the United Arab Emirates and Israel to chart a new path that will unlock the great potential in the region. All three countries face many common challenges and will mutually benefit from today’s historic achievement.

Delegations from Israel and the United Arab Emirates will meet in the coming weeks to sign bilateral agreements regarding investment, tourism, direct flights, security, telecommunications, technology, energy, healthcare, culture, the environment, the establishment of reciprocal embassies, and other areas of mutual benefit. Opening direct ties between two of the Middle East’s most dynamic societies and advanced economies will transform the region by spurring economic growth, enhancing technological innovation, and forging closer people-to-people relations.

As a result of this diplomatic breakthrough and at the request of President Trump with the support of the United Arab Emirates, Israel will suspend declaring sovereignty over areas outlined in the President’s Vision for Peace and focus its efforts now on expanding ties with other countries in the Arab and Muslim world. The United States, Israel and the United Arab Emirates are confident that additional diplomatic breakthroughs with other nations are possible, and will work together to achieve this goal.

The United Arab Emirates and Israel will immediately expand and accelerate cooperation regarding the treatment of and the development of a vaccine for the coronavirus. Working together, these efforts will help save Muslim, Jewish, and Christian lives throughout the region.

This normalization of relations and peaceful diplomacy will bring together two of America’s most reliable and capable regional partners. Israel and the United Arab Emirates will join with the United States to launch a Strategic Agenda for the Middle East to expand diplomatic, trade, and security cooperation. Along with the United States, Israel and the United Arab Emirates share a similar outlook regarding the threats and opportunities in the region, as well as a shared commitment to promoting stability through diplomatic engagement, increased economic integration, and closer security coordination Today’s agreement will lead to better lives for the peoples of the United Arab Emirates, Israel, and the region.

Prime Minister Netanyahu and Crown Prince Shah Mohammed bin Zayed Al Nahyan express their  deep appreciation to President Trump for his dedication to peace in the region and to the pragmatic and  unique approach he has taken to achieve it.

* * *

Trump told reporters in the Oval Office on Thursday morning that he expects other Muslim nations to follow the UAE’s lead.

“Things are happening that I can’t talk talk about,” he said.

end

TURKEY/FRANCE/CYPRUS/MED. SEA

Clear message to Erdogan: stay away from the big gas/oil find in the Mediterranean.  France is sending jets to protect the interests of Total, who are drilling for more gas/oil there

(zerohedge)

France Deploys Jets, Warship To East Mediterranean Amid Turkey Gas Tensions

France is getting more deeply involved against Turkey’s eastern Mediterranean ambitions for expanded oil and gas exploration, reportedly sending fighter jets and a naval frigate near Cyprus in order to contest Turkey encroachment on EU members’ territorial waters.

Cypriot media has confirmed that so far two French Rafale fighter jets and a C-130H support plane have landed at a base on the island, with international media noting Paris is further deploying the naval frigate ‘Lafayette’ to the region.

President Emmanuel Macron announced via a Twitter statement Wednesday: “I have decided to temporarily reinforce the French military presence in the eastern Mediterranean in the coming days, in cooperation with European partners, including Greece.”

 

French Air Force Rafale in operations, file image

Earlier this week Turkey conducted its own military drills near Greek waters, off some of Greece’s easternmost islands, at a moment Erdogan confirmed the Oruc Reis seismic exploration ship had been dispatched with a military escort.

Macron had previously slammed Turkey’s expansionist claims, which mostly relies on interpreting waters around all of Cyprus as its own – given its claims over the so-called Turkish Republic of Cyprus – as an act of “unilateral” prospecting.

Greek Prime Minister Kyriakos Mitsotakis has hailed France’s military backing after long urging the EU to take more proactive action against Turkey’s energy exploration ambitions. “Emmanuel Macron is a true friend of Greece and a fervent defender of European values and international law,” Mitsotakis tweeted in French after a phone call with Macron.

 

Defense Ministry of Turkey handout showing the Oruc Reis  vessel escorted by warships.

The Greek prime minister also told the US ambassador that he rejects NATO’s “hands-off approach” to the growing crisis.

“I think within NATO it is very clear that this hands-off approach – that ‘oh we have two NATO partners so we’re not going to go into the details’ – is no longer going to be accepted by me. I raised this with Secretary-General [Jens] Stoltenberg that we’re a NATO contributor and an ally and…when we feel that a NATO ally is behaving in a way that endangers our interests, we cannot expect from NATO a similar approach of ‘we don’t want to interfere in your internal differences.’ This is profoundly unfair for Greece,” Mitsotakis said in Wednesday public comments.

It’s being widely interpreted as a clear “message” to Turkey of just how serious Macron is in backing Greece’s sovereignty over its territorial waters.

end

Our Meshugina  (Yiddish expression for crazy)  Erdogan is engaging Greece, Cyprus and other supporting actors like Israel and Egypt.

Erdogan is way over his head and on top of this, the country is broke

(zerohedge)

Turkey “Responded” To “Attack” On Gas Exploration Ship In Contested Waters: Erdogan

Turkey and Greece are on the brink of military conflict in the eastern Mediterranean, with French military assets also now in the area supporting Cyprus and Greece

President Erdoğan in a televised speech Thursday made an alarming claim, saying the Turkish hydrocarbons exploration ship Oruç Reis has come under some sort of “attack”

Though he didn’t specify details or offer evidence, he said Turkish forces responded. “We have already told them that if they attack Oruç Reis, in response, there would be a heavy price to pay. And we have given the first response today,” Erdogan said in the address, according to state media.

A build-up of Greek Navy ships and Turkish warships – the latter escorting the Oruç Reis – has already been confirmed after official Turkish government sources released earlier photos showing a military escort while the seismic research vessel probes near Greece’s easternmost islands.

If there was an actual exchange of fire, or perhaps a ramming incident, it likely would not have involved the Oruç Reis directly, but instead one among the multiple Turkish military escort vessels.

There have been some Greek media reports suggesting there was a direct, brief encounter between Greek and Turkish warships.

Turkish sources are reporting a Greek frigate was damage after it came too close to the Oruc Reis, while Greek media says merely minor contact – a “kiss” of sorts between the vessels.

Whatever the case, the two sides are now only likely to build-up their forces in the region further, also given Athens has found new confidence in France’s Emmanuel Macron newly pledging to boost French military presence in support of Greece and Cyprus.

 

end

6.Global Issues

New Zealand//Coronavirus update

For 100 days, New Zealand did not record one single case:  now a flare up has occurred and they blame the problem on imported goods.

(zerohedge)

New Zealand Takes A Page Out Of China’s Book, Blames Latest Outbreak On Imported Goods

Remember when local CCP officials and top party health officials in Beijing tried to blame multiple COVID-19 outbreaks on imported shrimp (then later, salmon)? Well, looks like New Zealand – which arrogantly declared “victory” over COVID-19 in June before flinging its borders wide open, only to detect 4 new cases tied to the same Auckland family yesterday – is trying a similar approach.

New Zealand Prime Minister Jacinda Ardern responded to the new cases by ordering a 3-day lockdown, and now New Zealand officials – eager to find a scapegoat – are investigating the possibility that the virus was “imported” via freight.

However, as Reuters pointed out, this line of investigation is something of a last resort, as the outbreak has “baffled” health officials, which suggests the only explanation is probably that it has been spreading slowly, and asymptomatically, this whole time. After all, NZ’s outbreak was never very large, and there are only 26 active cases in the whole country. Most cases detected recently involved travelers screened while entering the country. Of course, there’s always the possibility that some of them slipped through.

But somehow, despite all this, investigators have apparently traced the outbreak to a “questionable” refrigerated container owned by Americold Corp, a multinational that’s big in the shipping business. Apparently, one of the infected patients worked for the company.

Here’s more from Reuters:

The source of the outbreak has baffled health officials, who said they were confident there was no local transmission of the virus in New Zealand for 102 days.

“We are working hard to put together pieces of the puzzle on how this family got infected,” said Director General of Health Ashley Bloomfield.

Investigations were zeroing in on the potential the virus was imported by freight. Bloomfield said surface testing was underway at an Auckland cool store where a man from the infected family worked.

“We know the virus can survive within refrigerated environments for quite some time,” Bloomfield said during a televised media conference.

The New Zealand unit of Atlanta, U.S.-based, Americold Realty Trust, a refrigerated storage specialist with operations in the United States, Canada, Argentina and Australia as well as New Zealand, identified itself as the owner of the cool store.

Americold NZ Managing Director Richard Winnall told the NZ Herald newspaper the infected man had been on sick leave for several days and all employees had been sent home for tests.

At noon on Wednesday, New Zealand began a three-day period of alert level 2, with Auckland at the higher Level 3. The country has been at Level 1 since June 9, which had mostly allowed life to return to normal.

Under Level 3 restrictions, most businesses and schools in Auckland are closed, and bars and restaurants may only offer takeout.  Interestingly, despite the fact that COVID-19 is almost non-existent in New Zealand, Ardern on Wednesday delayed a critical step that should have kicked off New Zealand’s campaign season ahead of a Sept. 19 general election. She suspended the dissolution of Parliament, which usually marks the start of campaigning. A decision on whether she plans to actually delay the vote will arrive before Monday, she said.

To sum up: New Zealand is potentially scape-goating an American company for “reintroducing” the virus in Auckland, while the PM orders extremely harsh lockdowns – almost certainly overkill while many kiwis are only just getting back on their feet financially – and plans to delay an upcoming election.

Residents of Auckland, home to around 1.7 million people, were given just hours to prepare for the return to level 3 restrictions on Wednesday, requiring people to stay at home unless for essential trips.

“Going hard, going early with lockdown is still the best response,” Ardern said. “Our response to the virus so far has worked … we know how to beat this.”

The rest of the country was placed back into slightly looser level 2 restrictions. The restrictions will initially remain in place until Friday.

Police set up roadblocks to discourage a mass exodus from Auckland, while supermarkets rationed the sale of some staple products amid a rush to the shelves. Long queues formed at COVID-19 testing centres in the city.

Ardern said her cabinet will decide on Friday on the next steps with regards to restrictions.

Now, imagine if Trump did all that.

END

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1836 UP .0043 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 /RED

 

 

USA/JAPAN YEN 106.97 UP 0.123 (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 1.3097   UP   0.0051  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3219 UP .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro ROSE BY 43 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 1.46 POINTS OR 0.04% 

 

//Hang Sang CLOSED DOWN 13.25 POINTS OR 0.05%

/AUSTRALIA CLOSED DOWN 0,53%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 13.25 POINTS OR 0.05%

 

 

/SHANGHAI CLOSED UP 1.46 POINTS OR 0.04%

 

Australia BOURSE CLOSED DOWN. 53% 

 

 

Nikkei (Japan) CLOSED UP 405.65  POINTS OR 1.78%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1930.00

silver:$26.23-

Early THURSDAY morning USA 10 year bond yield: 0.68% !!! UP 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.367 UP 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.12 DOWN 32 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.39% UP 7 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.04%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.38%//UP 7 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD: 1.02 UP 5 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 64 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.41% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.43% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1823  UP     .0029 or 29 basis points

USA/Japan: 106.88 UP ..043 OR YEN UP 4  basis points/

Great Britain/USA 1.3081 UP .0035 POUND UP 35  BASIS POINTS)

Canadian dollar UP 29 basis points to 1.3214

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9451    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.94758  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.3198 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.04%

 

Your closing 10 yr US bond yield UP 0 IN basis points from WEDNESDAY at 0.683 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.37 UP 0 in basis points on the day

Your closing USA dollar index, 93.15 DOWN 30  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 91.50  1.50%

German Dax :  CLOSED DOWN 64.92 POINTS OR .50%

 

Paris Cac CLOSED DOWN 30.93 POINTS 0.61%

Spain IBEX CLOSED DOWN 45.50 POINTS or 0.62%

Italian MIB: CLOSED DOWN 180.05 POINTS OR 0.88%

 

 

 

 

 

WTI Oil price; 42.13 12:00  PM  EST

Brent Oil: 45.05 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.13  THE CROSS LOWER BY 0.54 RUBLES/DOLLAR (RUBLE HIGHER BY 54 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.41 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  42.36//

 

 

BRENT :  45.03

USA 10 YR BOND YIELD: … 0.717…up 3 basis points..

 

 

 

USA 30 YR BOND YIELD: 1.427..up 5 basis points..

 

 

 

 

 

EURO/USA 1.18060 ( UP 11   BASIS POINTS)

USA/JAPANESE YEN:106.95 UP .102 (YEN DOWN 10 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.32 DOWN 13 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3048 UP 2  POINTS

 

the Turkish lira close: 7.3349

 

 

the Russian rouble 73.08   UP 0.60 Roubles against the uSA dollar.( UP 60 BASIS POINTS)

Canadian dollar:  1.3220 UP 23 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.41%

 

The Dow closed DOWN 77.55 POINTS OR 0.28%

 

NASDAQ closed UP 30.27 POINTS OR 0.27%

 


VOLATILITY INDEX:  22.42 CLOSED UP .14

LIBOR 3 MONTH DURATION: 0.250%//libor dropping like a stone

 

USA trading today in Graph Form

Bonds & Stocks Battered After Bombed Auction, Silver Soars

Everything was lining up nicely for a new record high in the S&P 500 this morning after the better than expected claims data (only 963,000 Americans filed for first time claims last week!!)… and then the 30Y auction hit (at 1400ET) and was a disastrophe coinciding with a spike back above the record closing high for the S&P…

Just one ‘wafer-thin mint’ more of fiscal and monetary largesse…?

Triggering weakness in bonds and stocks and a bid for gold and silver…

Nasdaq managed to bounce back from its drop but the rest of the US majors ended red…

The momo/value rotation un-rotation accelerated…

Source: Bloomberg

Value stocks continued to sink after their surge earlier in the week…

Source: Bloomberg

Bonds were clubbed like a baby seal, with the longer-end up around 5bps (2Y unch)…

Source: Bloomberg

30Y Yields are back at the June FOMC Minutes release levels…

Source: Bloomberg

We do note that while this move higher in rates ‘feels’ large, it is of a smaller scale than the early June bear

Source: Bloomberg

And while bonds and stocks were hit, gold was bid on the auction ‘fail’ (though came back and steadied after)…

Silver followed a similar path but was strongly higher on the day…

There was a major divergence between real rates (spiked) and gold (spiked) after the auction chaos…

Source: Bloomberg

Mark Gutman (@MarkGutman9) noted this odd move:

Interesting to see Gold up & Bonds down. Yields are kept low so there isn’t enough demand at the price. Fed will be forced to buy more to keep yields low, in turn pushing fair prices higher thus reducing demand even more – forcing the Fed to buy even more. Cycle of death.

Of course, all this (falling bond and stock prices and rising vol) was bad news for Risk-Parity funds and may lead to some exaggerated swings as forced deleveraging takes place…

The Dollar ended the day lower but rallied as the SHTF this afternoon…

Source: Bloomberg

CNH weakened after Larry Kudlow’s comments…

Source: Bloomberg

Bitcoin trod water on the day, recovering from some overnight weakness…

Source: Bloomberg

Copper continued to tumble…

And oil ended lower…

The Gold/Silver ratio erased most of last week’s spike thanks to silver’s gains today, but stalled again around 70x…

Source: Bloomberg

Finally, is time up?

Source: Bloomberg

And it’s still a long way for bonds and stocks to ‘meet in the middle’…

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Initial new jobless claims: 963,000  (expected 1.1)//continuous claims fall as some are going back to work

\(zerohedge)

After “Big Jobs Numbers”, Initial Jobless Claims Fall Below 1 Million For First Time In 21 Weeks

For the first time in 21 weeks, Initial Jobless Claims for the last week was less than 1 million, printing at 963k (vs 1.1mm exp)

Following last week’s “big jobs numbers”, Continuing Jobless Claims fell (improved) for the second week in a row (after a brief blip higher)…

Nevada, Puerto Rico, and Kansas saw the biggest jumps in jobless claims last week while Florida, New York, and Georgia saw big drops…

A total of 56.29 million Americans have now applied for jobless benefits for the first time since the pandemic lockdowns began (that’s over 360 layoffs for every COVID death in America), and massively more than the 22.1 million during the great financial crisis.

However, Despite today’s relatively positive news (yes 963,000 Americans still filed for first time benefits), following President Trump’s EOs, leaving the latest round of virus relief continuing to be stuck in gridlock, we suspect things will get depressingly worse before they get better.

end

iii) Important USA Economic Stories

A must read:

We are bracing for the worst election in USA history

(Mac Slavo/SHTFPlan.com)

Brace For The Worst Election In US History

Authored by Mac Slavo via SHTFplan.com,

This time, it literally won’t matter who wins, loses, is selected, or elected. The elitists have already made it clear this election will be a contested one that will seal the division they seek in order to conquer us all.  Now they are mixing in a potential world war narrative that should alert everyone that it’s all set up.

Back in April, journalist Caitlin Johnstone began alerting the public to the plans for this “election.” She said, “China’s gonna be so surprised when it finds out it interfered in the November election.” Now, three months ahead of schedule China is already getting its surprise, alongside Iran and Russia.

Mass media throughout the western world are uncritically passing along a press release from the US intelligence community because that’s what passes for journalism in a world where God is dead and everything is stupid. Caitlin Johnstone

We have also been attempting to warn the public that this election is going to be one that will play us like fiddles. And yet, Americans, rather than stand up for real rights, liberty, and justice, will go vote in November, in an election that’s already been decided to they feel like they did their duty the ruling class told them they had to fulfill.  They have already modeled this election, months before it will happen, just like they did with Event 201 for the coronavirus scamdemic.

What this completely unsubstantiated narrative means, of course, is that no matter who wins in November America’s opaque government agencies will have already primed the nation for more dangerous escalations against countries which have resisted being absorbed into the blob of the US-centralized empire. If Trump wins we can expect his administration to continue its escalations against Russia in retaliation for its 2020 “election interference,” and if Biden wins we can expect his cabinet of Obama administration holdovers to ramp up escalations against China in the same way while Joe mumbles to himself off to the side as his brain turns to chowder. Caitlin Johnstone

Can you really not see what’s happening? They are setting up the voting pawns to react regardless of the outcome, with potential violence that could lead to civil war, or even worse, another world war by blaming other countries for the election results. If you are easily triggered by political truths, stop reading here.

The dumbest thing about believing foreign nations are interfering in American democracy is believing America has any democracy to interfere with. The integrity of US elections ranks dead last among all western democracies, public opinion is constantly manipulated by the media-owning plutocratic class which has a vested interest in maintaining the status quo which keeps them rich and powerful, and it’s a two-headed one-party system where both corporate-owned parties advance the same establishment agendas. Caitlin Johnstone

To actually believe your vote matters is the height of delusion. We don’t choose the president or any of the other political puppets. The Federal Reserve does, and they are trying to take over the world right now. To assume they will allow you a say in the matter when they know all they have to do is tell you to vote, is naive. They have already decided which puppet will win the selection.

We are being played like a grand piano and most have no idea.

The mainstream media uses this type of propaganda to control the narrative. They do this for the central banks and political puppets because all of those entities understand that whoever controls the narrative controls the world, and there is no amount of evil they won’t do to ensure that they continue to control the world.

This must change before we will be able to create a healthy world. We all have to wake up to what has been done to us. There’s no other option unless you want to be a slave for the foreseeable future.

The best way to prepare at this point in human history is to be aware that this is a war for your mind. There are no amount of preps I could suggest if you choose to remain blind to the reality that your perception is being altered. This is a spiritual and mental battle. Prepare by exercising critical thinking, and you’ll soon be able to see through the facade.

END

Negotiations are likely to drag well in September:

(zerohedge)

Stimulus Impasse Likely To Drag Into September

The ongoing impasse over the next COVID-19 relief is likely to drag into September, as lawmakers have mostly fled to their home states, the next jobs report is weeks away, and the spotlight has shifted to the upcoming GOP and Democratic conventions, according to The Hill.

As it stands, Democrats have offered to drop $1 trillion off their $3.5 trillion proposed package if Republicans will add roughly the same to their $1.1 trillion plan. The White House, however, is insisting on keeping the final price tag closer to $1 trillion according to Secretary Treasury Steven Mnuchin in a recent interview with Fox Business.

Democrats have no interest in negotiating,” said Mnuchin. “If the Democrats are willing to be reasonable, there’s a compromise. If the Democrats are focused on politics and don’t want to do anything that’s going to succeed for the president, there won’t be a deal.”

And while President Trump upstaged Congress on Saturday with a series of Executive Orders, including extending a federal stimulus boost by $400 per week as well as a moratorium on evictions, businesses (and if Democrats get their way, states and cities), will be cut off from federal assistance for weeks.

When asked about whether a deal would be delayed until September, House Speaker Nancy Pelosi (D-CA) replied “I hope not, no. People will die.:

Several GOP Senators echoed Pelosi’s sentiment, but also blamed Democrats for causing the stalemate.

I’m concerned we’re not getting a deal right now,” aid Sen. John Boozman (R-AK), adding that while he says GOP negotiators want a deal, “you’ve got to have a willing partner.”

“Sen. Roy Blunt (R-MO) said he hopes that talks don’t drag into September, adding “We’ll see,” according to The Hill.

While technically not on August recess yet, the Senate is running on a skeleton crew.

Only a handful of senators have been spotted around the chamber during daily sessions that last less than two hours. The Senate could leave after Thursday, though Majority Leader Mitch McConnell (R-Ky.) has been tight-lipped about his plans. Meanwhile, the House is extending its August break, moving their return date from Sept. 7 to Sept. 14.

McConnell, during an interview this week with Fox News, argued that it was time to restart the negotiations, saying “it doesn’t make any difference who says let’s get together again, but we ought to get together again.” –The Hill

By all outward appearances, there’s nothing indicating the impasse will be broken anytime soon.

On Wednesday, Treasury Secretary Steven Mnuchin spoke with Pelosi via telephone, which only resulted in a joint statement between the Speaker and Senate Minority Leader Chuck Schumer (D-NY) accusing the White House of “not budging,” according to the report.

We have again made clear to the Administration that we are willing to resume negotiations once they start to take this process seriously. The lives and livelihoods of the American people as well as the life of our democracy are at stake,” read the statement.

Mnuchin and White House chief of staff Mark Meadows, the other lead negotiator for the administration, have held daily calls with Senate Republicans this week but given them little indication they see a quick breakthrough in the works.

I think I can say the call wasn’t very long. … Basically, not much new movement,” Blunt said. –The Hill

When asked about the negotiations, Sen. Chuck Grassley (R-IA) said the two sides were “pessimistic about getting back into negotiations.”

end
Huge bankruptcies and unpaid rents are costing mall landlords hundreds of million dollars in Q2
(Retail Drive)

Bankruptcies And Unpaid Rents Cost Mall Landlords Hundreds Of Millions In Q2

By Ben Unglesbee of RetailDive,

  • Mall operators have put numbers to the stresses of COVID-19 on the second quarter, with the ensuing mass closures, negotiations over rent and accelerating retail bankruptcies.
  • Simon Property Group CEO David Simon said his company took a $215 million hit during the quarter from rent abatements and write-offs on bankrupt retailers, according to a Seeking Alpha transcript.
  • For Q2 Taubman Centers logged $32.6 million in uncollectible rent it attributed to tenant bankruptcies and nonpayment during mall closures. Another mall landlord, Washington Prime Group, said that it collected just 44% of owed rent during the quarter while more than 25% of Q2 rent it deemed uncollectible because of bankruptcies or pandemic-related lease modifications.

Among the numbers reported by REITs this week, for perhaps the most tumultuous quarter the industry has experienced in modern memory, here’s a stunner: 10,500. That’s how many total shopping days Simon lost across its portfolio during Q2. 

And yet the company managed to post positive income (to the tune of $254.2 million) in Q2, which is more than a lot of the retailers forced to shut down during the COVID-19 closures can say. Nor did every REIT eek out a profit. Taubman reported a net loss of $41.8 million, down from positive net income of $16.9 million last year. Washington Prime, Macerich and PREIT all also either swung to a loss or expanded their loss in Q2 compared to last year.

None of this comes as a surprise given the upheaval of the quarter. As Jefferies analysts put it in an emailed note, “Unpaid rents, abatements and retailer [bankruptcies] hurt 2Q earnings predictably.” The analysts estimated that average base rent per square foot has dropped 5.9% while leased space has declined by 100 basis points to 93.8% as major retailers close hundreds of stores either or out of bankruptcy.

As with retailers, the blow to mall landlords has hit the weaker players hardest. Mall operators, of course, have their own bills to pay, from facility staff to mortgage payments. CBL Properties teetered on the brink of bankruptcy this summer after missing debt payments on its bonds. However, the company ultimately made the payments and its CEO has said it’s been having “constructive discussions with our lenders.”

Much of the trouble across the market stems directly from the spring store and mall closures. With the largest sales channel closed off to legacy retailers, they did everything they could to raise and preserve cash. Which means they spread the pain around — to their employees, vendors, investors and landlords. Many of the negotiations over rent took place behind closed doors, though some have been made public, in lawsuits and bankruptcy filings.

Nor is the jockeying over rent over. “Well, as you might imagine we’re in active negotiations with all of our retailers,” Simon told analysts this week. He added that the company has amended more than 9,000 leases.

The health of retailers is key to landlords performance going forward. To that end, Simon said that by June, sales volumes of its tenants had reached 80% of their volumes of the year-ago period, while the vast majority — 91% — of all of its tenants were currently open and operating. Taubman CEO Robert Taubman said rent collection has steadily improved as retailers have reopened their stores.

You have to be kidding? Wisconsin Government agency mandates that facemasks must be used for virtual zoom meetings. I guess the coronavirus has now infiltrated computers

(zerohedge)

Peak Idiocy: Wisconsin Government Agency Mandates Facemask Use For Virtual Zoom Meetings

Despite the deluge of data that continues to come in indicating that the coronavirus may not be the death sentence that the mainstream media has made it out to be, the sharp overreaction from those who can’t help but be scared half to death from the virus continues unabated.

The latest example comes to us from the Wisconsin’s Department of Natural Resources, who told its employees that effective August 1, they would have to wear a mask – even for teleconferences. 

Preston Cole of the DNR said in an e-mail to employees: “Also, wear your mask, even if you are home, to participate in a virtual meeting that involves being seen — such as on Zoom or another video-conferencing platform — by non-DNR staff. Set the safety example which shows you as a DNR public service employee care about the safety and health of others.”

Gov. Tony Evers had put a mask order in place effective August 1 that mandates masks are to be worn whenever a person is in an enclosed space other than a private residence. 

DNR spokeswoman Megan Sheridan told the Kansas City Star: “By wearing a mask while video conferencing with the general public, we visually remind folks that masking is an important part of navigating the business of natural resources during this tumultuous time.”

Even the CDC doesn’t recommend wearing a facemask while social distancing at home under most conditions.

Sheridan concluded, justifying the idiotic policy: “We ask staff to wear masks when on externally facing calls is that, taken out of context, a screenshot of a staff person or high ranking department official, if not properly attributed, could be misinterpreted to suggest that state employees are not properly following the Governor’s directive.”

CNBC’s @Lebeaucarnews: Boeing July orders were Negative 52 planes….a sixth straight month with negative orders. 
In 2020, Boeing’s commercial order book has dropped by 836 planes.   July cancellations were all 737 MAX models
So what will they do with inventory that now is unsold and not cleared to fly ? Does an auditor remind them that a charge must be reserved for such inventory? What will it be worth if it sits for two years ?

Dead man walking syndrome. It is only a matter of time before restructuring takes place, with huge write-downs.
Starting this fall, we may well witness 2 years of restructuring activity or more from the reaction to this hyped threat of coronavirus which is the real threat that has found a place to roost. The idea that magically there will be a so called “V” recovery is complete balderdash. Because what is being forgotten in all of this is the sheer magnitude of capital destruction which is not offset by printing of new money to keep the economy functioning. Right now destruction is occurring faster than printing. And we have yet to see how countries will deal with new levels of debt incurred nor is it clear how businesses will fare in what is at best a damaged economy.
When a business sees lower sales, profits decline, sometimes to the point of loss and the value of that business declines accordingly. It this decline of value and its’ corresponding effect that breaks down the ability of sustained consumption which cannot be stimulated by consumption but rather by technology that either lowers the threshold of operational cost or invigorates new activity by productivity enhancement.  This is what creates new employment to fill in what is lost. And in order for this to occur, new capital which is non debt based money is needed to cause such activity as lending is curtailed during such times. As the saying goes banks lend to those who do not need them and not to those who rely on them in turbulent or uncertain times. Sometimes when capital is not availed capital needs to be leveraged in time to increase velocity and thus eliminate the need for what cannot be easily found.
While we have all heard the term “green shoots “ it really will be such new activity that will re-energize the economies of nations. Typically this occurs in national based activity that goes on to be exported. To try and bring back the old to life will be a lost cause. Watch for people to embrace what is called Greenfield development where existing technology is matched to innovation to solve needs in a creative fashion, not within existing industry norms. Many years ago, when I created and built Greenfield Plastics into the largest Injection Molder in Canada, this was the strategy used to change not just manufacturing speeds of products through innovation of process to produce profits, but also by changing distribution dynamics to decrease shipping costs across Canada by plant location to drive volume. While customers like Rubbermaid for decades shipped products from Mississauga across Canada; the location of a world class manufacturing and distribution center in Calgary that produced and shipped to all of their customers from the Ontario to the pacific resulted in that action accounting for 35% of their Canadian profits by reduced shipping costs while securing a captive business base. Today, I know of a similar approach that was recently applied in a company in North Carolina which is now going to be rolled out across the US. These types of new creators of value will take what does not work and change it to new ways of addressing costs. As tomorrow’s profitability comes from either a cost reduction, or a sales increase or a innovation in the process or a combination of all three. It will be these types of companies that will be the new drivers of growth and thus employment in industries both old and new. And the declined state of economies will become none relevant to these innovators.
Imagine the Impossible!
Cheers
Robert

iv) Swamp commentaries)

 

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

@jennfranconews: Trump administration members, including President Trump, participate in ‘Kids First’ event to unveil eight new measures this afternoon for schools across the nation to follow as they reopen to boost protection against the coronavirus pandemic… President Trump says he wants federal aid to “follow the student” to give parents the choice of where their child attends school, if certain schools don’t reopen this fall.  Slams Democrats saying “they want the money to follow the union.”

@CBSNews: Trump is asked if he has words of encouragement for students struggling with online-only learning: “I feel very badly for them. And I have a feeling that on November 4, somebody’s going to announce, ‘Schools are open’…I really believe a lot of it’s done for political reasons.”

Wilmington High School Hosts Major Biden Campaign Event, But Won’t Let Students Attend School in Person

https://thefederalist.com/2020/08/12/wilmington-high-school-hosts-major-biden-campaign-event-but-wont-let-students-attend-school-in-person/

Mnuchin statement after the close: Earlier today, Speaker Pelosi and I spoke by phone. Her statement is not an accurate reflection of our conversation. She made clear that she was unwilling to meet to continue negotiations unless we agreed in advance to her proposal, costing at least $2 trillion.  The Admin is willing to move forward with legislation that allows for substantial funds for schools, child care, food, vaccines, hospitals, PPP for small businesses, rental assistance, broadband, airports, state and local government assistance and liability protection.  The Democrats have no interest in negotiating.

https://twitter.com/stevenmnuchin1/status/1293656675451379713/photo/1

Smithsonian NMAAHC@NMAAHC: Charlotta Bass was the first black woman to run for national office as the V.P. candidate for the Progressive Party (1952). She campaigned with the slogan: “Win or lose, we win by raising the issues.”    https://www.washingtonpost.com/nation/2020/08/12/bass-kamala-first-black-vp/

 

The MSM went into hyper-drive trying to sell Kamala Harris to Americans.  Though Harris is one of the most liberal senators in the USA, the NY Times called her a “pragmatic moderate”.

 

@nytimes: Sen. Kamala Harris of California is Joe Biden’s pick for vice president. A pragmatic moderate, she is the first Black woman on a major party ticket. [Notice the capitalization!]

 

GOP Senator @JohnCornyn: GovTrak ranked Kamala Harris the #1 most liberal Senator for 2019

 

As a Dem presidential candidate, Harris garnered ONE delegate.  Her parents are professors/researchers.

 

Video of CNN’s Don Lemon arguing that Kamala Harris is NOT an African American6/30/2019

https://twitter.com/Woj_Pawelczyk/status/1145441281809821696

 

‘Top Cop’: Bernie Sanders’ Former National Press Secretary Weighs In On Biden Picking Kamala Harris – “We are in the midst of the largest protest movement in American history, the subject of which is excessive policing, and the Democratic Party chose a ‘top cop’ and the author of the Joe Biden crime bill to save us from Trump. The contempt for the base is, wow,” Joy Gray said…

https://dailycaller.com/2020/08/11/bernie-sanders-national-press-secretary-blasts-biden-picking-kamala-harris-vice-president/

 

@RyanGirdusky: “What do we know about…18 to 24 year oldsThey are really stupid… they make really bad decisions.” – Kamala Harris     https://twitter.com/RyanGirdusky/status/1293548662405177347

 

Research shows Harris is correct about youngsters.  But, she stated on a CNN town hall, “I really interested in having that conversation” about allowing 16 year olds to vote.  You can’t make this up!

https://twitter.com/LizRNC/status/1293706325239701504

 

Health questions for Biden off-limits for media, unlike Reagan, McCain and Trump

‘At no time in recent memory has a presidential nominee’s physical and mental health been more important,’ professor says – “He often appears disoriented, and there is no pretense that he has the physical vigor to run for a second term should he be elected… the press needs to do its job and not act as protector of the Democrat nominee.”… The public is entitled to know if this is an election of Joe Biden for president, or Kamala Harris as president-in-waiting to assume office during the first Biden term,” Jacobson said…  https://www.foxnews.com/media/joe-biden-health-questions-reagan-mccain-trump

 

@Doc_0: “Don’t you dare treat Kamala Harris the way we treated Sarah Palin!” – every feminist writer and organization this morning

 

@washingtonpost: Tucker Carlson’s mangling of Kamala Harris’s name was all about disrespect

 

@Liz_Wheeler: Tucker mispronounces Kamala’s name & leftists freak out & accuse him of being racist.  Aaaand then Joe Biden mispronounces Kamala’s name the very next day[You can’t make this up!]

https://twitter.com/Liz_Wheeler/status/1293705392325713920

 

New York Post Editorial: It’s now basically Donald Trump vs. Kamala Harris for president https://trib.al/h5bWu2b

 

The Babylon Bee: Report: Kamala Harris Already Vetting VP Picks

Supporters of Kamala Harris have been eagerly awaiting an announcement on who her VP pick will be when she takes over as president approximately 5 minutes after Joe Biden is inaugurated…

https://babylonbee.com/news/report-kamala-harris-already-vetting-vp-picks/

 

@realDonaldTrump: The “suburban housewife” will be voting for me. They want safety & are thrilled that I ended the long running program where low income housing would invade their neighborhood. Biden would reinstall it, in a bigger form, with Corey Booker in charge!

 

We asserted months ago that Election 2020 will be about suburban women.

 

According to Real Clear Politics (RCP), the average of national polls, some of which are incredibly slanted, shows Trump is 0.4 percentage points better now than at the same time in 2016.

 

@Barnes_Law: This poll (Reuters/IPSO) represents that 52% of voters are Democratic registered voters, with 38% as Republicans. Actual number is about 34% according to most voter-file validated surveys, with Democrats holding slight 3-4 point edge, not a 14 point edge. Hence, the Dem-inflated results…

@Peoples_Pundit: No serious pollster should ever publish such a ridiculous poll in which any party is assumed near a majority.

 

New State memos disclose relentless pressure by Hunter Biden-connected Ukrainian firm

Key Senate chairman vows subpoena after documents provided to Just the News under FOIA, but not Senate investigators.  The memos, released to Just the News under a Freedom of Information Act lawsuit assisted by the Southeastern Foundation, add new significance to a long-running Senate investigation into the Bidens’ activities and perceived conflicts of interest in Ukraine… they show far more contact between Burisma and the U.S. embassy in Kiev than was acknowledged by witnesses during President Trump’s impeachment proceedings earlier this year. One issue in that trial was the more than $3 million Hunter Biden’s firm collected from Burisma while his father supervised Ukraine policy for President Obama… The memos obtained by Just the News also were withheld from Senate investigators…

https://justthenews.com/accountability/russia-and-ukraine-scandals/new-memos-disclose-relentless-pressure-hunter-biden

Ron Johnson says committee Republicans blocking Comey, Brennan subpoenas – “We had a number of my committee members that were highly concerned about how this looks politically,” he says. [Romney is suspected.]https://www.politico.com/news/2020/08/12/ron-johnson-gop-blocking-comey-subpoena-394256

 

A mad rush for the exits as New York City goes down the tubes

The virus was but the last straw; New Yorkers are fed up with the shootings and lootings, homelessness on the streets, sub-par online schools, sky-high taxes and the sheer obliviousness of pols like Mayor Bill de Blasio and Gov. Andrew Cuomo… moving companies are seeing a continuing surge in citywide business that began soon after the COVID outbreak… It’s been “insanely busy,” Roadway Moving president Ross Sapir told Fox. Indeed, he says this has been the busiest summer ever for the company. “For the last three months, we couldn’t keep up with demand.”…

https://nypost.com/2020/08/11/a-mad-rush-for-the-exits-as-new-york-city-goes-down-the-tubes/

 

NY Post: Chicago locals fight off protesters and shut down BLM rally to prevent looting

As access was again blocked to downtown overnight to stop more marauding — with bridges raised and expressway ramps closed — protesters turned to the troubled South Side neighborhood where a man allegedly started a shootout with cops in an arrest that sparked the chaos. But the Englewood locals pushed back, insisting the agitators are nothing to do with the area — and kicking out the protesters from BLM and groups campaigning to defund the police, according to Fox 32…

https://nypost.com/2020/08/12/chicago-locals-fight-off-protesters-and-shut-down-blm-rally/

 

Chicago Sun-Times: Longtime Englewood residents push back against police reform protesters

https://chicago.suntimes.com/2020/8/11/21364438/longtime-englewood-residents-push-back-against-police-reform-protesters

The Chicago media refrained from using ‘Black Lives Matter’ in their stories about black Chicagoans being fed up with the BLM, Antifa and other rioters/looters.

 

@John_Kass: One story from the night of looting in Chicago that doesn’t fit the approved narrativeNational Democrats are silent about the violence in Chicago, about the skyrocketing increase in murders and shootings, and the mobs of looters who pillaged the city’s finest shopping district the other day. There is no political advantage for them in mentioning the violence in Democratic cities. All they care about is getting rid of President Donald Trump… Lomax, 25, was charged with aggravated battery of a police officer. Prosecutors say he has previous narcotics convictions. You might expect him to sit in jail until trial…But this is the new Chicago, with social justice warriors running the prosecutor’s office and the judiciary… He walked out after paying $500 in bond. That’s right…  https://t.co/xy1K1vhwhi

 

Big Ten could lose up to $1B in revenue after canceling fall football   https://trib.al/DlpxA8k

 

@paulsperry_: Isn’t it interesting that the college football conferences that have canceled their seasons — Pac 12 + Big Ten + Ivy League — are mostly blue states freaked out about Coronavirus, while the football conferences playing out the season — SEC, ACC + Big 12 –are mostly red states

 

[SF] Hotel Room Used as COVID-19 Homeless Shelter Turned Into Meth Lab, Police Say

https://www.newsweek.com/meth-lab-hotel-coronavirus-san-francisco-1523335

 

Parents slam Hasbro over ‘disgusting’ Trolls doll that has a hidden button between its legs, which makes her gasp, giggle and say ‘wee!’ – forcing the company to pull it from shelves

    ‘Y’all should be ashamed of yourselves man. The trolls “poppy doll” is absolutely disturbing. It’s disgusting. Whoever was all involved y’all are sick f***s,’ wrote one. ‘They’re conditioning our children to think pedophilia is ok. To make them think when someone touches your private it should be fun,’ wrote another… https://www.dailymail.co.uk/femail/article-8617153/Hasbro-slammed-Trolls-doll-button-legs-makes-doll-giggle.html

Well that is all for today

I will see you FRIDAY night.

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