AUGUST 14//GOLD DOWN $19.45 TO $1942.10//SILVER DOWN $1.31 TO $26.26//PRICE FALL DUE TO INCREASE IN MARGIN REQUIREMENTS/CORONAVIRUS UPDATE//CHINA VS USA//CHINA’S ECONOMY FALTERING BADLY// ANOTHER GOOD INCREASE IN GOLD TONNAGE STANDING AT THE COMEX/// USA ECONOMIC DATA//MORE SWAMP STORIES FOR YOU TONIGHUT

GOLD::$1,942.10  DOWN $19.45  The quote is London spot price (cash market)

 

 

 

 

 

 

 

Silver:$26.26 DOWN $1.31   London spot price ( cash market)

 

 

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Closing access prices:  London spot

i)Gold : $1944.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.45//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1937.70  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $4.60//)

OCT GOLD:  $1943.30  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $1,20//SLIGHT CONTANGO//BELOW NORMAL CONTANGO/

 

 

DEC. GOLD  $1952.80   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $10.70   ($ BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.35…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  11 CENT  PER OZ  ( CONTANGO/NORMAL)

SILVER DECEMBER  CLOSE:     $26.51  1:30  PM SPREAD SPOT/FUTURE DEC.       : 25  CENTS PER OZ  ( 13 ABOVE NORMAL CONTANGO)

 

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COMEX DATA

 

 

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

receiving today:  9/31

issued: 0

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,956.700000000 USD
INTENT DATE: 08/13/2020 DELIVERY DATE: 08/17/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 4
104 C MIZUHO 2
657 C MORGAN STANLEY 4
657 H MORGAN STANLEY 5
661 C JP MORGAN 6
661 H JP MORGAN 3
690 C ABN AMRO 21
709 C BARCLAYS 2
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 5
800 C MAREX SPEC 5 1
880 H CITIGROUP 3
____________________________________________________________________________________________

TOTAL: 31 31
MONTH TO DATE: 48,035

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 31 NOTICE(S) FOR 3100 OZ  (0.0984 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,035 NOTICES FOR 4,803,500 OZ  (149.409 TONNES)

 

 

SILVER

 

FOR AUGUST

 

 

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

total number of notices filed so far this month: 1270 for 6.350 MILLION oz

 

BITCOIN MORNING QUOTE  $11,747  DOWN 20

 

BITCOIN AFTERNOON QUOTE.: $11,810 UP 35

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $19.45 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

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

 

A STRONG PAPER DEPOSIT OF 1.46 TONNES INTO THE GLD///

 

 

 

 

GLD: 1,252.09 TONNES OF GOLD//

 

 

WITH SILVER DOWN $1.31 CENTS TODAY: AND WITH NO SILVER AROUND:

 

 A HUGE CHANGES IN SILVER INVENTORY AT THE SLV//

A WITHDRAWAL OF 6.894 MILLION OZ

RESTING SLV INVENTORY TONIGHT:

 

SLV: 574.053  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

 

 

Let us have a look at the data for today

Before beginning I would like to point out that we had a huge discrepancy in open interest form the preliminary numbers to the final numbers. Generally on 99.99% of the time, we witness the final numbers lower than the preliminary number.
Today , both in gold and silver, the total final comex numbers were HIGHER  than preliminary.
How this could be possible is anybody’s guess.!!!..and probably played a role in containing our precious metal prices.

 

 

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IN SILVER THE COMEX OI ROSE BY A GOOD SIZED 957 CONTRACTS FROM 196,666 UP TO 197,623, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG $1.76 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO A MASSIVE  BANKER SHORT COVERING PLUS A SMALL EXCHANGE FOR PHYSICAL ISSUANCE, NO LONG LIQUIDATION, ACCOMPANYING  A SMALL INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1259 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 SMALL SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 152 DEC:  150 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  302 CONTRACTS. WITH THE TRANSFER OF 302 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 302 EFP CONTRACTS TRANSLATES INTO 4.700 MILLION OZ  ACCOMPANYING:

1.THE $1.87 GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.430 MILLION OZ INITIAL STANDING IN AUGUST

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $1.76 ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE NOT ONLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS BUT THEY ALSO ENGAGED IN A MASSIVE BANKER SHORT COVERING. THE GOOD SIZED GAIN AT THE COMEX WAS ACCOMPANIED BY : i)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL INCREASE IN SILVER OZ STANDING  FOR AUGUST,  MASSIVE BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A GOOD NET GAIN OF 1259 CONTRACTS OR 6.295 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:

10,703 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 10,703 CONTRACTS) OR 53.515 MILLION OZ: (AVERAGE PER DAY: 1070 CONTRACTS OR 5.3515 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 53.515 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:          1,323.81 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                         53.51  MILLION OZ (EXCHANGE FOR PHYSICALS INCREASING)

 

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 957, WITH OUR $1.87 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAYTHE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 575 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A STRONG SIZED 1259 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $1.87 RISE IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 322 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A GOOD SIZED INCREASE OF 957 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A $1.87 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.66 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.9925 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: 3 NOTICE(S) FOR 15,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 2.205 MILLION OZ// JULY 86.470 million oz//AUGUST 6.445 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 TINY SIZED 768 CONTRACTS TO 548,726 AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED LOSS OF COMEX OI OCCURRED DESPITE OUR STRONG GAIN IN PRICE  OF $23.15 /// COMEX GOLD TRADING// THURSDAY//WE  HAD A MASSIVE BANKER SHORT COVERING, A SMALL SIZED INCREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH MINIMAL LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG GAIN IN PRICE OF $23.15. 

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  138

 

WE LOST A TINY SIZED 193 CONTRACTS  (0.600 TONNES) ON OUR TWO EXCHANGES.(MASSIVE BANKER SHORT COVERING)

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 575 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 575; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 575.  The NEW COMEX OI for the gold complex rests at 548,726. 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 TINY SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 193 CONTRACTS: 769 CONTRACTS DECREASED AT THE COMEX AND 575 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 193 CONTRACTS OR 0.600 TONNES. THURSDAY, WE HAD A STRONG GAIN OF $23.15 IN GOLD TRADING.…..

AND DESPITE THAT GAIN IN  PRICE, WE HAD A TINY SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 0.60 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $23.15). HOWEVER WE DID HAVE A MASSIVE BANKER SHORT COVERING SESSION ON THURSDAY//

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (575) ACCOMPANYING THE TINY SIZED LOSS IN COMEX OI  (769 OI): TOTAL LOSS IN THE TWO EXCHANGES:  193 CONTRACTS. WE NO DOUBT HAD 1 )A MASSIVE BANKER SHORT COVERING, 2.)A SMALL INCREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO LONG LIQUIDATION; 4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR HUGE GAIN IN GOLD PRICE TRADING//THURSDAY//$23.15.

 

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

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

 

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

AUGUST

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF AUGUST : 25,400, CONTRACTS OR 2,540,000, oz OR 79.00 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 2540 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 79.00 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   3,339.19  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;                 79.00 TONNES

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A GOOD SIZED 957 CONTRACTS FROM 196,666 UP TO 197,623 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  GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   MASSIVE BANKER SHORT COVERING , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN SILVER OZ  STANDING AT THE SILVER COMEX FOR AUGUST,  AND  4) ZERO  LONG LIQUIDATION 

 

EFP ISSUANCE 302 CONTRACTS

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

 SEPT: 252 AND DEC. 50 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 302 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN  OF 957 CONTRACTS TO THE 302 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1259 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.295 MILLION  OZ, OCCURRED WITH OUR $1.87 GAIN IN PRICE///

 

 

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

(report Harvey)

 

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 39.37 POINTS OR 1.19%  //Hang Sang CLOSED DOWN 47.66 POINTS OR 0.19%   /The Nikkei closed UP 39.75 POINTS OR 0.10%//Australia’s all ordinaires CLOSED DOWN .61%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9500 /Oil UP TO 42.16 dollars per barrel for WTI and 44.91 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9500 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9498 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED //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 TINY SIZED 769 CONTRACTS TO 548,726 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 TINY COMEX DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $23.15 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A TINY EFP ISSUANCE (575 CONTRACTS),.  THUS,  WE HAD 1) A MASSIVE BANKER SHORT COVERING AT THE COMEX AS FEAR WAS THEIR TOPIC OF DISCUSSION , PLUS 2)  MINOR LONG LIQUIDATION  AND 3)  STRONG INCREASE IN GOLD OZ  STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL LOSS ON OUR TWO EXCHANGES OF 193 CONTRACTS WITH GOLD’S STRONG GAIN  IN PRICE.  WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. 

 

 

 

(SEE BELOW)

 

 

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 138

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED A TINY SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 575 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 0  DEC 575; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 575 CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 193 TOTAL CONTRACTS IN THAT 575 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 768 COMEX CONTRACTS.  THE BANKERS ARE NOW LOATHE TO SUPPLY THE SHORT PAPER.  THEY CONTINUE TO ISSUE  SMALLER AMOUNTS OF EXCHANGE FOR PHYSICAL AS THE COST ON CARRYING SERIAL FORWARDS IN LONDON IS TOO GREAT FOR THEM. WE HAD A HUGE BANKER SHORT COVERING AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THE REASON FOR OUR HUGE RAIDS TUESDAY MORNING , TUESDAY EVENING AND WEDNESDAY EVENING. TODAY WE WITNESSED A GOOD INCREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE PROBABLY LOST A MINIMSL AMOUNT OF LONGS

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $23.15).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING SOME LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  0.600 TONNES (MASSIVE BANKER SHORT COVERING).

 

 

NET LOSS ON THE TWO EXCHANGES :: 193, CONTRACTS OR 19300 OZ OR 0.600 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:  548,726 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.87 MILLION OZ/32,150 OZ PER TONNE =  1706 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1706/2200 OR 77.54% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 241,822 contracts// poor volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  373,355 contracts//  volume: FAIR //most of our traders have left for London

 

 

AUGUST 14 /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
32,633.264
oz
BRINKS
Malca
includes 1,000 kilobars Malca
Deposits to the Dealer Inventory in oz 81,213.426 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

142,720.080

OZ

BRINKS

HSBC

includes 1000 kilobars HSBC

 

 

No of oz served (contracts) today
31 notice(s)
 3100 OZ
(.0964 TONNES)
No of oz to be served (notices)
582 contracts
(58,200 oz)
1.810 TONNES
Total monthly oz gold served (contracts) so far this month
48035 notices
4,803,500 OZ
149.409 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 1 deposit into the dealer

i) Into Brinks dealer: 81,213.426.oz

 

 

 

total deposit: 81,213.426 oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 2 deposit into the customer account

i )into Brinks: 110,569,080 oz

ii) into HSBC:  32,151.0000 oz 1000 kilobars

 

total deposit:  142,720.080  oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Malca:  32151.000 oz  1000 kilobars

ii) Out of Manfra: 482.265 oz

 

 

total withdrawals;  32,633.265  oz

 

 

 

We had 02  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

 

 

 

 

The front month of AUGUST registered a total of 613 CONTRACTS as we lost 251 contracts. We had 253 notices served on THURSDAY so we GAINED 2 contracts or an additional 200 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 43 contracts to stand at 2451.  Oct GAINED 687 contracts UP to 70,421

 

The big December contract LOST 1325 contracts  DOWN to 405,157 contracts…

 

 

 

We had 31 notices filed today for  3100 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 31 contract(s) of which 3  notices were stopped (received) by j.P. Morgan dealer and 6 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 4 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 (48,035) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (613 CONTRACTS ) minus the number of notices served upon today (31 x 100 oz per contract) equals 4,861,700 OZ OR 151.219 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 (48,035, x 100 oz + (613 OI) for the front month minus the number of notices served upon today (31) x 100 oz which equals 4,861,700 oz standing OR 151.219 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 2 contracts or 200 oz of gold as these guys refused to morph into London based forwards.

THE NAME OF THE GAME TODAY IS A MASSIVE BANK SHORT COVERING AS FINALLY FEAR BECAME THEIR CENTRAL FOCUS

 

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 470.41 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 151.219 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,153,744.686 oz or 502.449 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:  15,123582.0  (470,41 tonnes)
true registered gold  (total registered – pledged tonnes  15,123,582.0 (470.41 tonnes)
total eligible gold:  20,669,191.360 oz (642.89 tonnes)

total registered, pledged  and eligible (customer) gold;   36,963,022.861 oz 1,149.70 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1023,36 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 14/2020

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
 301,895.740 oz
CNT
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,134,863.019 oz
CNT
Delaware
Scotia
No of oz served today (contracts)
3
CONTRACT(S)
(14,000 OZ)
No of oz to be served (notices)
19 contracts
 195,000 oz)
Total monthly oz silver served (contracts)  1270 contracts

6,350,000 oz)

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

total dealer deposits: nil  oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

we had 4 deposits into the customer account

i)into JPMorgan:  1,194,723.050 oz

 

 

 

ii) Into Brinks: 12,569.840 oz

iii) Into Delaware: 992.686 oz

iv) Into Malca: 200,815.810 oz

 

 

 

 

 

 

*** 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 49.15% of all official comex silver. (165.53 million/335.614 million

 

total customer deposits today: 1,409,101.386   oz

we had 3 withdrawals:

i) Out of CNT:  1,546,676.648 oz

ii) Out of Delaware: 17,718.981

iii) Out of HSBC: 83,731.590 oz

 

 

total withdrawals; 1,648,127.219    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 22 contracts and thus we lost 85 contracts.  We had 88 notices filed on THURSDAY so we GAINED 3 contracts or an additional 15,000 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 91,009 contracts down to 91,009. November saw another gain of 3 contracts to stand at 256.

 

The big December contract month saw its OI rise by strong 8393 contracts up to 94,501

 

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 3 contract(s) FOR 15,000, oz

 

To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 1270 x 5,000 oz = 6,350,000 oz to which we add the difference between the open interest for the front month of AUGUST(22) and the number of notices served upon today 3 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1270 (notices served so far) x 5000 oz + OI for front month of AUGUST  (22)- number of notices served upon today (3) x 5000 oz of silver standing for the AUGUST contract month.equals 6,445,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 3 contracts or an additional 15,000 oz will stand for delivery as they refused to morph into London based forwards..

 

 

TODAY’S ESTIMATED SILVER VOLUME : 197,623 CONTRACTS // volume huge++++++++++++++++++/

 

 

FOR YESTERDAY: 196,666.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 196,666 CONTRACTS EQUATES to 0.983 billion  OZ 140% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 3.53% ((AUGUST 14/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -1.39% to NAV:   (AUGUST 14/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.53%

(courtesy Sprott/GATA

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

NAV 20.32 TRADING 19.77///NEGATIVE 2,70

END

 

 

And now the Gold inventory at the GLD/

AUGUST 14/ WITH GOLD DOWN $19.45 TODAY: SURPRISINGLY, WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1.46 TONNES/INVENTORY RESTS AT 1252.63 TONNES.

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 14/ GLD INVENTORY 1252.09 tonnes*

LAST;  881 TRADING DAYS:   +312.59 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 781 TRADING DAYS://+491.12  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 14/WITH SILVER DOWN  $1.31 TODAY, WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 6.984 MILLION OZ// //INVENTORY RESTS AT 574.053 MILLION OZ//

AUGUST 13//WITH SILVER UP $1.76  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 14.2020:

SLV INVENTORY RESTS TONIGHT AT

574.053 MILLION OZ.

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

Gold, Silver Jump After Swings Amid Weak Dollar and Economic Woe

(Bloomberg) Spot gold headed for back-to-back gains as investors weighed the outlook for the metal’s record-setting rally after this week’s dramatic price swings. Silver climbed the most in more than five years.

Rising U.S. bond yields helped spark a sharp selloff in gold and silver Tuesday and early Wednesday, followed by a rebound. Both metals have resumed their uptrend as the dollar falls a second straight day. They remain among the best-performing commodities this year, aided by negative real yields and vast stimulus to combat the fallout from the pandemic.

Gold gained as much as 2.6% on Thursday as concerns over the outlook for economic recovery persist and central banks and governments signal further support for their economies. Two senior Federal Reserve officials said Wednesday that the U.S. failure to control the coronavirus pandemic has undermined the nation’s economic recovery, further bolstering support for precious metals as haven assets.

“We’re not out of this crisis yet,” Jeffrey Currie, global head of commodities research at Goldman Sachs Group Inc., said by phone. “Even if a vaccine is rolled out in November it won’t be rolled out until at best the first quarter of next year, which means you still need to provide stimulus to the global economy. More stimulus means more downside risk in real rates. That’s what drives the upside in gold.”

Spot gold rose 2.4% to $1,962.22 an ounce by 1:46 p.m. in New York. On Tuesday, prices dropped 5.7%, the most in seven years, following a rally to an all-time high last week. Futures for December delivery advanced 1.1% to settle at $1,970.40 on the Comex in New York.

Silver for immediate delivery climbed as much as 8.7% to $27.7207 an ounce, the biggest intraday increase since December 2014. The metal rose 2.9% on Wednesday and slumped 15% on Tuesday.

The Bloomberg Dollar Spot Index headed for a second straight decline.

“The dollar index broke down a bit today, but there’s a lot of people that are on the sidelines that are looking to get back in and are chasing back into gold and silver right now,” Phil Streible, chief market strategist at Blue Line Futures in Chicago, said by phone.

“We still hold a positive view on gold, targeting a retest of the level of $2,000 an ounce by the end of this year,” said Giovanni Staunovo, an analyst at UBS Group AG. “The Fed should reiterate its dovish message and U.S. real yields and the broad U.S. dollar will likely fall further.”

The death toll from the virus continued to climb, with India’s total surpassing the U.K.’s, according to the latest data collated by Johns Hopkins University. There were signs of resilience to the economic harm wrought by the pandemic though. Australia added four times as many jobs as forecast in July, withstanding a fresh lockdown in Victoria and concerns about infection spreading.

Read More: Gold Consumers in India Hug Sidelines Ignoring Steep Price Drop

The scope of the drop in gold prices earlier this week may limit the pace of recovery, some analysts said.

“The extent of this selloff was so severe that I think it’s caused jitteriness about longs getting back in so quickly,” Edward Meir, an analyst at ED&F Man Capital Markets in New York, said by phone. “I think the more likely scenario is we will start a consolidation range. So we might bounce around between $1,850 and $2,050 for the next six weeks or so. Things don’t go up forever.”

You can read the full article at Bloomberg.com

 

 

NEWS and COMMENTARY

 

Gold Fever Spurs Dollar Oddity Not Seen Since Erdogan Took Power

Gold prices set for first weekly decline in 10

Gold Price Is Set To Record Its First Weekly Loss Since June, What Now?

A faltering U.S.-China trade deal is now the nations’ strongest link


U.S. hits fiscal cliff with jobs, economic recovery in the balance

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

13-Aug-20 1931.00 1944.25 1476.06 1482.30 1632.47 1640.17
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

 

Access Latest Goldnomics Podcast (Part II) Here

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Mark O’Byrne

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

We have highlighted this interview yesterday but in case you missed it, I am repeating it:

(courtesy Andrew Maguire/Kinesis/GATA)

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

END

iii) Other physical stories:

J Johnson’s commodity report!

https://www.jsmineset.com/2020/08/14/these-markers-help-prove-the-desperation-at-the-comex/

These Markers Help Prove The Desperation At The Comex

Posted August 14th, 2020 at 9:09 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

      The Precious Metals are trading lower this morning, after another surprise hike in margins was applied, with Gold now at $1,956, down only $14.40 and recovering from the low at $1,945.30 with the high at $1,970. December Silver is trading at $27.085 down 84.4 cents and is recovering from the low at $26.59 with the high so far at $28.03. We’ll be quoting the December Contract from now on because the Open Interest blew past Septembers as the roll overs are occurring faster than normal. The US Dollar is still flat as can be with the trade at 93.19, down 12.7 points after hitting a low of 93.135 with the high at 93.41. Of course, all this happened before 5 am pst, the Comex open, the London close, and after the DOJ found out that Yale illegally and intentionally discriminated against Whites and Asians. What part of Equal Rights requires pigment?

      Even though the margins were raised at the Comex, the precious metals inside the emerging markets continue to trek higher as their currencies increase in quantity, not quality. In Venezuela, Gold is now priced at 19,535.55, showing an increase of 134.83 Bolivars with Silver gaining 5.393 with the current priced at 270.511 Bolivars. Argentina’s currency now has Gold’s value at 142,857.19 Peso’s providing the holder a 1,045.09 gain with Silver now priced at 1,977.90 A-Peso’s, popping in an additional 40.18 overnight. The Turkish Lira’s price for Gold now rests at 14,437.67, showing a gain of 188.58 Lira’s with Silver’s last trade adding 5.211 with the price at 199.920 T-Lira’s.

      August Silver’s Delivery Demands now shows a post of 22 fully paid for contracts waiting for receipts with a Volume of 12 already up on the board with a trading range between $27.685 and $27.205 with the last trade at $27.23, down 45.4 cents while the futures markets, attempt to pump and dump, the prices lower. Yesterday’s delivery activity happened in between $27.525 and $26.38 with the last purchase at $27.38 with the calculated close at $27.694, a gain of $1.739 that included a Volume of 30, reducing the previous days count by 85 contracts that supposedly got receipts somewhere. Silver’s Overall Open Interest lost another round of shorts as 1,289 contracts jumped ship during yesterday’s rally leaving a total of 196,043 Overnighters to go against the physicals. To me, the raising of the margins within 7 trading days, pumping up the Option values, and the adjustments in the delivery price close’s, are all proving to be markers of desperation at the Comex, as the physicals become harder and harder to find everywhere.

      August Gold’s Delivery Demands now shows 613 fully paid for contracts waiting for receipts and with a Volume of 53 up on the board with a trading range between $1,934.40 and $1,938.70 with the last trade at $1,941.90, down $14.80 so far today. Yesterday’s physical trades happened in between $1,957.40 and $1,916.90 with the last registered trade at $1,947 with the higher close at $1,956.70, providing a gain of $21.80 which also reduced the demand count by 251 contracts that got receipts. Adding more to the above paragraphs point, it seems the closing delivery prices are adjusted higher in order to make the next day’s dip look bigger, but if one simply focuses on the purchases and ignoring the closing prices, things really don’t seem to be moving as much as the papers. Gold’s Overall Open Interest is really showing the fear in deliveries as the count dropped 7,682 short contracts leaving 543,918 Overnighters going against a product in heavy demand.

      Things have already been interesting inside the Comex Precious Metals and it appears to be increasing. Comex already replaced those Time Outs (circuit breakers) with a percentage limit (in March, 2020), and that too was totally removed before it could be used. Now they are raising margins quickly, and we expect many more increases (and decreases to create the illusion) to come, as the margins eventually go to 100%. Basically, it’s a wide-open infestation of activity in order to find physicals at all costs to meet the demands. First, they have to reduce the investors count from profitting off the demands. Second, they have to get out of their shorts, and third, Comex is required to find product no matter what the price. It is the last place to get product and many are certain the Comex will default. Will they? Imo, nowhere near these prices, maybe 100’s or 1,000’s of percentage points from here. Reminder; Jim said in one of the weekly interviews, that he was surprised that the Hunt Brothers didn’t sue the Comex back at the Life of Contract High when they no longer allowed the buying of physical! He felt they had a big chance of winning. Will they attempt to do it again and if so, how will the Comex defend their actions when they claim to be physical deliverers of the last resort? How about those inside the governing bodies that support the system?

      Regardless of the future responses coming from Comex, sitting tight with physicals, trumps all the papers. So, keep things real and in hand, have a smile on your face and a prayer for all. Have a Great and Wonderful Weekend and, As Always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

More J.Johnson content is available with purchase of a JSMineset subscription.

 

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9500/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9498   /shanghai bourse CLOSED UP 39.37 POINTS OR 1.19%

HANG SANG CLOSED DOWN 47.66 POINTS OR 0.19%

 

2. Nikkei closed UP 39.75 POINTS OR 0.10%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index DOWN TO 93.23/Euro FALLS TO 1.1809

3b Japan 10 year bond yield: RISES TO. +05/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.67/ 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:: 42.16 and Brent: 44.91

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.41%/Italian 10 yr bond yield DOWN to 1.00% /SPAIN 10 YR BOND YIELD DOWN TO 0.37%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.41: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.12

3k Gold at $1948.90 silver at: 26.82   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 53/100 in roubles/dollar) 73.42

3m oil into the 42 dollar handle for WTI and 44 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.67 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 .9102 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0756 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.41%

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 0.706% early this morning. Thirty year rate at 1.42%

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

6.  TURKISH LIRA:  UP  TO 7.38..

Futures Drop Ahead Of Key Retail Sales Report

After again briefly hitting a new all time high on Thursday, S&P500 futures retreated on Friday after the latest Chinese econ data pointed to a wobbly economic recovery from the COVID-19 pandemic as two out of three key Chinese metrics missed

 

… coupled while new quarantine rules in the UK sent European stocks sliding.

 

And as attention now turns to retail sales, where BofA warned that a miss is virtually assured based on its own internal card spending data, it may explain why both the dollar and Treasury yields are also sliding on the last day of the week.

The S&P has struggled to top its all-time high of 3,393.52, also set on Feb. 19, on growing evidence of a faltering labor market rebound. Data at 8:30 a.m. ET is expected to show retail sales increased 2.1% last month after jumping 7.5% in June, but as we explained last night, the reported number is likely to be well lower.

Also weighing on sentiment are ongoing negotiations between top Democrats and the White House over more stimulus measures to support the economy, which have hopelessly stalled and with Senate now out until September, it appears that a resolution is weeks if not months away. Nonetheless, Bloomberg notes, that traders continue to bank on further fiscal stimulus to help the nascent recovery, after U.S. and Asian stocks erased most of their pandemic-related losses.

On the virus front, Joe Biden said U.S. governors should require masks for the next three months, while New Zealand recorded 12 new confirmed local cases of the coronavirus. Germany added the most new cases since May, while the head of the French Health Agency Jerome Salomon said the situation in his country is worsening.

The Stoxx Europe 600 Index sank after Britain added France, the Netherlands and Malta to its list of countries from which people arriving have to quarantine for 14 days. The Eurostoxx 50 dropped 1.7%, Spain’s IBEX underperformed peers on tourism concerns, dropping over 2.25%. All sectors are in the red with travel, banks and oil & gas names declining the most. The UK’s FTSE 100 drops over 2% to trade back near Monday’s opening levels. EasyJet Plc fell as much as 8% and British Airways owner IAG SA by as much as 7%.

The latest euro area jobs data reflected the scale of the damage the coronavirus crisis has done to the bloc’s economy. The number of people employed fell by 2.8% in the second quarter. Governments now face difficult choices as to how to wind down the furlough programs that have kept the rise in unemployment below that of other countries such as the U.S.

Earlier in the session, Asian stocks were little changed, with energy and materials falling, after rising in the last session. Most markets in the region were down, with Thailand’s SET dropping 1.5% and South Korea’s Kospi Index falling 1.2%, while Shanghai Composite gained 1.2% as margin debt posted its first increase in three days. The Shanghai Composite Index rose 1.2%, with Harbin Xinguang and Haohua Chemical posting the biggest advances. News of China’s unexpected economic disappointment led to stocks rising in Hong Kong and China, on hopes of more stimulus. Japan’s Topix was little changed, with Mynet rising and DS falling the most.

In rates, Bund and Treasuries curves bull flattened slightly. Gilts steepen at the margin with 5s30s the steepest in a year. Treasury futures are higher as U.S. trading gets under way after falling every day this week, leaving yields lower by 1bp-2bp on the day.  Treasury 10-year yields hover around 0.70%, 2bp lower on thee day; gilts lag by 3bp, bunds by 2bp; UST 30-year yields around 1.415%, still around 1bp cheaper than Thursday’s auction stop. Gains during Asia session stalled as gilts underperformed, extending move spurred earlier this week by stronger-than-forecast U.K. growth data and reduced expectations for additional BOE QE. Peripheral spreads widen, BTP futures bounce off Thursday’s worst levels.

In FX, the dollar faded a modest earlier gain even as the euro slipped 0.1%, ending a three-session positive run, after news of the sharp drop in employment for the second quarter.  U.K. gilts edged lower led by the long-end, pushing the curve to its steepest in a year. The New Zealand dollar fell against most of its Group-of-10 peers as a coronavirus outbreak widened and amid indications that the central bank is seeking to slow gains in the currency.

In commodities, gold edged lower following two days of gains, while oil headed for a second weekly advance. Gold was set to post its first weekly drop after 9 consecutive weeks of increases.

Looking at the day ahead, retail sales figures on Friday will offer clues about the health of the consumer recovery following a report that showed weekly jobless claims in the U.S. dropped below 1 million for the first time since March. Other expected data include industrial production, and University of Michigan Consumer Sentiment Index. DraftKings is reporting earnings

Market Snapshot

  • S&P 500 futures down 0.5% to 3,351.00
  • STOXX Europe 600 down 1.7% to 366.20
  • MXAP down 0.09% to 170.90
  • MXAPJ down 0.2% to 563.14
  • Nikkei up 0.2% to 23,289.36
  • Topix down 0.05% to 1,623.38
  • Hang Seng Index down 0.2% to 25,183.01
  • Shanghai Composite up 1.2% to 3,360.10
  • Sensex down 1% to 37,919.13
  • Australia S&P/ASX 200 up 0.6% to 6,126.25
  • Kospi down 1.2% to 2,407.49
  • Brent futures down 1% to $44.50/bbl
  • Gold spot down 0.3% to $1,947.55
  • U.S. Dollar Index down 0.1% to 93.25
  • German 10Y yield fell 0.7 bps to -0.419%
  • Euro down 0.07% to $1.1806
  • Italian 10Y yield rose 4.9 bps to 0.885%
  • Spanish 10Y yield rose 1.2 bps to 0.382%

Top Overnight News From Bloomberg

  • The euro area jobs data reflects the scale of the damage the coronavirus crisis has done to the bloc’s economy. The number of people employed fell by 2.8% in the second quarter. Governments now face difficult choices as to how to wind down the furlough programs that have kept the rise in unemployment below that of other countries such as the U.S.
  • The virus resurgence is gaining momentum in Europe, with Germany recording the highest number of new cases in more than three months while worrying infections figures are recorded in France, which the led the U.K. to impose a quarantine for travelers coming back from France as well as Malta and the Netherlands.
  • The U.K. signed two more deals to expand its vaccine supply, ordering 60 million doses from Novarax Inc. and 30 million from Johnson and Johnson’s Janssen. That brings the total number of potential vaccine doses secured by Britain to 300 million.
  • China’s industrial output for July grew as much as the previous month but didn’t beat estimates. Retail sales fell, reflecting an uneven economic recovery with demand unable to keep up with the factory output rebound.

Asian equity markets head into the weekend mixed as the region took its cue from the lackadaisical performance in global peers after both the S&P 500 and Nasdaq failed to carve out fresh record levels in the US but where downside was stemmed by encouraging initial jobless claims data, while participants also digested disappointing Industrial Production and Retail Sales data from China. ASX 200 (+0.6%) was underpinned by outperformance in tech and healthcare, while the largest weighted financials sector was dragged following a 7% decline in NAB’s cash profit for Q3 although shares in the Big 4 bank itself were kept afloat after its revenue rose 10% for the quarter and as it explores a sale of its MLC wealth business. Nikkei 225 (+0.2%) traded indecisively amid an uneventful currency and the KOSPI (-1.2%) was the worst performer following a flare up of virus cases in which the country posted its largest daily increase in cases since March. Hang Seng (-0.2%) and Shanghai Comp. (+1.2%) were choppy after both Industrial Production and Retail Sales missed expectations, although PBoC efforts resulted to a net weekly injection of CNY 490bln and it announced to conduct a medium-term lending facility operation on Monday, while focus also shifts to the US-China talks set for tomorrow. Finally, 10yr JGBs were lower amid spillover selling from USTs in the aftermath of an abysmal 30yr auction, with prices also dampened by weaker demand at the enhanced liquidity auction for longer-dated JGBs.

Top Asian News

  • Malaysia’s Economy Shrinks Most Since 1998 Asia Financial Crisis
  • Singapore Oil Legend and Hin Leong Founder Charged With Forgery
  • China’s Pouring More Steel Than Ever to Power Virus Rebound
  • China’s Industry-Led Recovery Continues But Retail Stays Weak

European stocks continue to bleed in early trade [Euro Stoxx 50 -1.7%] despite a mostly positive APAC handover, with little by way of fresh catalysts to spur the sell-off, although participants note of possible squaring ahead of the weekend following this week’s rally alongside some positioning ahead of US retail sales. Broad-based losses are seen across major bourses, with DAX cash and Sept futures back below the 13,000-mark, Euro Stoxx 50 cash under 3,300 and CAC cash sub-5,000. Sectors are firmly in the red with energy underperforming, whilst the detailed breakdown sees Travel & Leisure the clear laggard after the UK imposed the 14-day quarantine rule to travelers from France and Netherlands – a move France said will see reciprocal action. As such, pronounced losses are seen across easyJet (-7%), IAG (-6.2%), Tui (-5.2%), Air France-KLM (-5.7%), Ryanair (-4.7%), and Lufthansa (-3.5%).  Upside movers are scarce with only some 9 stocks within the Stoxx 600 in positive territory at the time of writing; Qiagen (+3.2%) are the top mover, supported by a broker upgrade. Some smaller earnings-related movers include Hapag-Lloyd (+11%), Maersk Drilling (-8.4%) and Clas Ohlson (-0.2%). Finally, Atlantia (-3.0%) is pressured after Italian PM Conte noted that there are still details that need ironing out in Autostrade’s agreement with the government. The PM also noted that any deal will not prevent the government from launching legal action against the Co. in the case of “serious negligence”.

Top European News

  • U.K. Expands Covid Vaccine Supplies With Novavax, J&J Deals
  • Spain’s Business Leaders Fear Second Lockdown as Virus Surges
  • Spike in Cigar Use During Lockdown Triggers STG Upgrade
  • East EU Sees Worst Slump Since Communism But Finds Positives

In FX, the 2 renowned safe haven currencies remain in lock-step, but Usd/Jpy continues to respect and reject triple-top resistance around the 107.00 level where Japanese exporters are reported to have selling/hedging interests. This could also be a top line for the MoF and BoJ in similar vein to defences of 105.00 fairly recently, and 104.00 not that long ago. However, the Greenback has survived another test of its own with assistance from significantly higher US Treasury yields, a steeper curve and signs that global stock markets are losing momentum amidst the ongoing spread and re-emergence of COVID-19. Indeed, the DXY is back above 93.000 following Thursday’s fall to 92.922, albeit tentatively heading into more top tier data (retail sales, ip and Michigan sentiment) and Saturday’s US-Sino showdown, while the Yen holds a relatively firm line between 107.03-106.68 parameters.

  • AUD – A very marginal ‘outperformer’ and straddling 0.7150 vs its US counterpart in wake of supportive Aussie jobs data in contrast to Chinese retail sales and ip missing consensus overnight. Resilience also coming after rhetoric from RBA Governor Lowe reaffirming no willingness to intervene directly to weaken the Aud even if he and the Bank would like to see it depreciate, or desire to devalue via negative rates.
  • GBP/EUR/CHF – All marginally weaker against the Buck in comparatively quiet, consolidative trade, as Sterling retreats from 1.3100+ again, the Euro retests bids around 1.1800 and the 200 HMA and the Franc pivots 0.9100. Note, hefty option expiry interest may also be weighing on the single currency given 1.1 bn at 1.1825 and 1.1850 ahead of almost double that size at the 1.1900 strike, though 1.1 bn at 1.1750 should provide some underlying support.
  • CAD/NZD/SEK/NOK – The Loonie also looks bound by big expiries in the absence of any inertia from oil ahead of Canadian manufacturing sales, with 1.5 bn running off at the NY cut very close to the top of the range (1.3250 vs 1.3248) and 1.1 bn below the base (at 1.3175 vs 1.3206). Meanwhile, the Kiwi continues to lag on the back of dovish RBNZ policy guidance and the pandemic resurgence, as Nzd/Usd pulls back further from 0.6600 and under 0.6550, while Aud/Nzd picks up pace beyond 1.0900.
  • EM – No major adverse reaction to the aforementioned disappointing Chinese macro releases as attention is trained on the upcoming US-China meeting and the Yuan hovers around 6.9500, but other EMs are feeling the effects of the mini-Usd revival and a downturn in risk sentiment. In fact the Try has slipped to a new, albeit slender, record low circa 7.3765 after weaker than expected Turkish ip, the Rub has reversed through 73.0000 against the backdrop of softer Brent crude prices and the Mxn is sub-22.0000 following the latest Banxico rate cut, shrugging off 1 dissenter voting for a 25 bp ease rather than -1/2 point.

In commodities, WTI and Brent front month futures see a session of losses thus far, with the benchmarks pressured on a number of fronts – including the Israel/UAE deal providing some stability in the region, whilst the UK quarantine rule on France and Netherlands further dampens jet fuel demand as flagged by the IEA oil market report yesterday. Furthermore, participants will also be keeping stock of US-Sino sentiment heading into the weekend meeting, which comes against the backdrop of heightened tensions, although very little is expected to develop on the trade front. WTI Sept and Brent October are down some USD 0.50/bbl apiece and trade below 42/bbl and 45/bbl respectively, with eyes on retail sales for a possible sentiment-driven move ahead of the weekly Baker Hughes rig count. Elsewhere, spot gold is uneventful on either side of USD 1950/oz as the yellow metal trades in lockstep with the USD ahead of Tier 1 US data, albeit prices are set for the first weekly decline in ten weeks, whilst spot silver oscillates on either side of USD 26/oz. In terms of base metals, Shanghai copper closed lower amid sub-par Chinese retail sales and industrial output data, coupled with Shanghai warehouse copper stocks rising. Conversely, Dalian iron ore futures closed higher by almost 2% as the metal remains underpinned by steel producers’ demand alongside supply woes. Reports also note that China produced record amounts of crude steel last month amid infrastructure boosts. Finally, China’s aluminium output hit a record high last month as smelters were incentivized to restart production and launch new capacity by the rally in prices.

US Event Calendar

  • 8:30am: Retail Sales Advance MoM, est. 2.05%, prior 7.5%; Retail Sales Ex Auto MoM, est. 1.3%, prior 7.3%
    • Retail Sales Control Group, est. 0.8%, prior 5.6%
  • 8:30am: Nonfarm Productivity, est. 1.5%, prior -0.9%; Unit Labor Costs, est. 6.85%, prior 5.1%
  • 9:15am: Industrial Production MoM, est. 3.0%, prior 5.4%; Capacity Utilization, est. 70.3%, prior 68.6%; Manufacturing (SIC) Production, est. 3.0%, prior 7.2%
  • 9:45am: Bloomberg Aug. United States Economic Survey
  • 10am: Business Inventories, est. -1.1%, prior -2.3%
  • 10am: U. of Mich. Sentiment, est. 72, prior 72.5; Current Conditions, est. 82.3, prior 82.8; Expectations, est. 65.5, prior 65.9

DB’s Jim Reid concludes the overnight wrap

The complete stalemate in fiscal talks won out over better than expected US labour market data yesterday with the S&P 500 (-0.20%) failing to capitalise on Wednesday’s surge. It was the last couple hours of the US session where sentiment appeared to shift however and it coincided with another bear steepening in rates which saw the 2s10s curve jump another +4.4bps to 55.8bps and the highest since June 9th. In fact, 10y yields have risen +21.4bps in the last 7 trading sessions alone after having gone a few months without doing much at all. At the long-end, 30y yields climbed +5.4bps to 1.429% after the market struggled to absorb the largest 30y auction on record in the first sign of indigestion following a busy run of supply.

There was no such struggle for Apple tapping the bond market for the second time since May however, including raising both 30y and 40y bonds, and joining other mega cap and cash rich tech companies like Amazon and Google in raising long-dated debt at ultra-low yields. Credit was slightly weaker yesterday nonetheless with US HY finishing 6bps wider and IG 1bp wider. Elsewhere, the DOW closed down -0.29% though the NASDAQ (+0.27%) did just manage to hold its head above water.

This morning the focus has shifted to China’s July activity data which was slightly disappointing with industrial output rising by +4.8% yoy (vs. +5.2 yoy expected) while retail sales printed at -1.1% yoy (vs. +0.1% yoy expected). Fixed asset investment was in line with expectations at -1.6% yoy and the surveyed jobless rate was unchanged at 5.7%. The Shanghai Comp has given up early gains to trade -0.16% following that while the Hang Seng is -0.19%. The biggest decline has come for the Kospi (-1.63%) following a tick up in virus cases (more on that shortly). There’s better news for the Nikkei (+0.13%) and ASX (+0.56%). S&P 500 futures are largely unchanged.

Back to yesterday, and the data did its best to help risk in the early going with the stronger-than-expected weekly initial jobless claims print in the US, which fell below a million for the first time since the pandemic started. They came in at 963k (vs. 1.1m expected) in the week through August 8, and the report added to hopes that the labour market recovery is continuing into August. This optimism was supported by the continuing claims reading which came in at 15.486m (vs. 15.8m expected), which is its lowest since early April. Nevertheless, to put this progress in some perspective, it’s worth noting that the worst week following the GFC saw initial claims of “only” 665k, so we’re well above that level even now, with a long way to go before we reach pre-Covid normality once again.

In terms of the latest on the stimulus, it was more of the same with House speaker Nancy Pelsoi saying she didn’t know when the next talks with Republicans would take place. Bostic became the latest Fed official to weigh in, saying “I’m hopeful we will see more relief efforts out there to provide that support”. As for the latest on the virus, US cases rose by 53,483 in the past 24 hours (+1.0%) while Florida’s governor warned that more Covid-19 deaths may be coming at nursing homes and assisted-living facilities. Across the other side of Atlantic, Germany recorded the highest number of new cases (1,422) in more than three months, as cases also continue to rise in France (2,669) and Spain (7,550). Meanwhile, the UK imposed a mandatory quarantine requirement for 14 days on travellers from France, the Netherlands and four other countries while at the same time in England theatres, casinos and beauty parlours are allowed to reopen. In Asia, South Korea reported a surge in new cases of 103, almost double from a day prior. New Zealand also recorded 12 new confirmed cases in the past 24 hours with 2 being outside of Auckland.

As for European markets yesterday, sovereign debt lost ground across the continent. 10yr bund yields climbed +3.5bps to reach a one-month high, while 10yr yields on OATs (+4.9bps) and BTPs (+5.0bps) also saw sizeable moves higher. In light of this recent sell-off, our global head of rates research, Francis Yared, wrote in a blog post yesterday that it’s not overdone yet, and there is scope for the correction to continue. He writes that since risky assets are moving in line with rates, financial conditions are holding up, so there’s no reason for central banks to lean against the repricing. Looking forward beyond the correction from stretched valuations however, their view is that a sustained trend higher in rates would require either medical progress on the coronavirus, or a positive resolution in the fiscal negotiations. See the full note here.

Elsewhere, oil prices also came down from their post-pandemic highs, with both WTI (-1.01%) and Brent crude (-1.03%) experiencing declines. The moves came after the International Energy Agency reduced their forecasts for oil demand this year by 140,000 barrels/day, the first downgrade in several months. Their 2021 demand estimate was also revised down by 240,000 barrels/day. Elsewhere in the commodities sphere, gold continued its recovery with a +1.98% advance, with silver also up +7.81%.

In other news, and ahead of the resumption in negotiations next week in Brussels, we got a couple of Brexit headlines yesterday. The first came from the UK’s chief negotiator, David Frost, who tweeted that “Our assessment is that agreement can be reached in September and we will work to achieve this if we can.” The transition period concludes at the end of the year, but with time needed to ratify any agreement, this means that the effective deadline is earlier, and the EU’s chief negotiator, Michel Barnier, has previously pointed to October as the deadline for an agreement. Meanwhile, Prime Minister Johnson met with Irish Prime Minister Martin yesterday, with Martin saying that “It seems to me that there is a landing zone if that will.

Looking at the day ahead, we will get France’s final July CPI and Euro area’s June trade balance, preliminary 2Q employment and preliminary 2Q GDP. In the US, July retail sales advance, preliminary 2Q nonfarm productivity and unit labour costs, July retail sales, July industrial and manufacturing production, preliminary August U. of Michigan sentiment survey are all due.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 39.37 POINTS OR 1.19%  //Hang Sang CLOSED DOWN 47.66 POINTS OR 0.19%   /The Nikkei closed UP 39.75 POINTS OR 0.10%//Australia’s all ordinaires CLOSED DOWN .61%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9500 /Oil UP TO 42.16 dollars per barrel for WTI and 44.91 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9500 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9498 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED //CORONAVIRUS/PANDEMIC : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA VS USA
USA sends B 2 bombers to warn China as the PLA expands its live fire drills exercises off Taiwan
(zerohedge)

US Sends B-2 Stealth Bombers To ‘Warn’ China As PLA Expands Live-Fire Drills Off Taiwan

This week just as major Chinese live-firing naval drills were being conducted north of Taiwan, the US flew three of B-2 stealth bombers to its Diego Garcia base in the Indian Ocean.

British daily The Times describes that the American bomber movements were to address the growing Chinese threat over Taiwan on the very eve the PLA drill kicked off: “It is the first time the nuclear-capable strategic bombers have been sent to the remote island since 2016, in an indication of the growing concern about China’s intentions towards Taiwan,” according to a report Thursday.

 

US B-2 Stealth Bomber, U.S. Air Force photo

China’s People’s Liberation Army (PLA) held a series of multi-branch drills in the Taiwan Strait and northern areas this week. According to a PLA statement it’s in response to external countries sending the “wrong” signals to Taiwan’s pro-independence forces – clearly directed at Washington given the high level American delegation currently visiting Taipei – which Beijing says is a threat to peace and stability.

Washington is sending its own counter-message in its stepped up presence in the Indo-Pacific, as The Times continues: “The bombers flew across the Pacific from Whiteman air force base in Missouri to land at Diego Garcia, part of the British Indian Ocean Territory. With their advanced stealth technology, the B-2s can penetrate enemy territory without alerting air-defence radars.”

This also comes days after New Zealand and Australian based defense sources accused the PLA of building up amphibious assault units along the coast just opposite Taiwan. Satellite images which circulated were presented as depicting additional marine amphibious craft activity near the self-ruled island.

Newsweek and other publications emphasized the drills are significant and aggressive, meant to send a clear signal:

Chinese military-tied media aired footage Monday of troops conducting large-scale air defense drills in southeast Guangdong province, which lies across the Taiwan Strait from the self-ruling island still claimed by the central government in Beijing and borders semi-autonomous Hong Kong, also the subject of international tensions. The exercises involved advanced systems such as the double 35-millimeter-barreled PGZ-09 and the quadruple 25-millimeter-barreled PGZ-95.

Diego Garcia remains a key remote outpost from which the US can deploy rapidly in places ranging from the Middle East to Southeast Asia.

Meanwhile, state-backed Global Times Editor Hu Xijin tweeted that the ongoing PLA drills off Taiwan underscore it “is capable of launching a full-scale attack and capturing the island within hours, leaving US military no time to react. It’s a clear warning to Taiwan”. 

Official PLA military images show expansive drills around Taiwan, including air, naval, and ground forces:

Earlier in the week Taiwan’s defense ministry described that “Chinese fighters’ deliberate harassment has ruined the current cross-strait status and has seriously damaged the safety of the region.” However, this has become a somewhat ‘routine’ occurrence, but now all the more dangerous given the increasing US naval and aerial presence in the area.

 END
CHINA
China’s economic scene continues to deteriorate..both industrial production and retail sales miss
(zerohedge)

Chinese Econ Data Dump Unexpectedly Bombs As Industrial Production, Retail Sales Miss

Was that it for China’s miraculous recovery? While China’s economic releases long ago lost any “data” significance and simply represent whatever the politburo wants it to represent, moments ago we had the traditional monthly data dump and it was extremely ugly, with the key items missing badly, and making one wonder if Beijing is no longer eager to convince the world of just how solid the post-covid recovery is but instead is transitioning into a phase that actually reflect the devastating reality.

Here are the highlights:

  • Industrial output missed at 4.8%, Exp. 5.2%
  • Retail sales not only missed in July but shrank for the 5th months, printing -1.1% Y/Y; vs the Est. 0.1%, failing to recover into the green for the first time since the pandemic began
  • Fixed investment came in line, shrinking by -1.6%, same as the -1.6% expected.
  • Unemployment came in at 5.7%, unchanged from last month and a completely arbitrary number which captures only whatever Beijing wants it to capture.

Visually:

Some additional metrics for the YTD period:

  • Jan.-July Retail Sales -9.9% Y/Y; Est. -9.8%
  • Jan.-July Industrial Output -0.4% Y/Y; Est. -0.4%
  • Jan.-July Property Dev. Investment Rises 3.4% Y/Y
  • End-July Surveyed Jobless Rate Stands at 5.7%

And some commodity metrics:

  • China July Crude Oil Output 16.46M Tons, +0.6% Y/Y
  • China July Natural Gas Output 14.2BCM, +4.8% Y/Y
  • China July Coal Output 317.94M Tons, -3.7% Y/Y

A quick scroll through the various retail sales categories indicate that restaurant and catering fell 11% (actually a slower pace of decline compared to previous months) and there are also falls in clothing, furniture, household electronics and petroleum. One notable observation from Bloomberg’s Ailing Tan: the 12.3% increase in retail sales of automobiles didn’t prop up the headline number, which means that autos are not a good gauge of China’s economic pulse. They have become steadily less correlated to overall economic spending.

As for the “stellar” 5.7% unemployment rates,  BofA reminds us that it leaves out about half the workforce, and we know anecdotally that joblessness among migrant laborers is high and likely dragging down consumption.

In response to the disappointing earnings, Chinese stocks eased back although “China’s Nasdaq”. the tech-heavy ChiNext is holding onto some of its morning gains, trading up 1%. Why? Same as in the US, investors will think that any mildly disappointing news will prompt policy makers to provide liquidity to the financial system, as Bloomberg cheerfully notes. Indeed, Chinese government bonds are rising for a third day, another sign that investors may be expecting this data to inspire policy makers to provide some liquidity to keep the economy on track (or to continue the stealth QE we noted yesterday). The yield on notes due in a decade is down 1 basis point at 2.952%, the lowest in more than a week.

END
CHINA VS USA
The trade deal review which was planned for tomorrow has been delayed indefinitely…there is absolutely nothing to review!
(zerohedge)

Review Of US-China Trade Deal Planned For Tomorrow Delayed Indefinitely… As There Is Nothing To Review

One week ago we presented a remarkable chart from Reuters, which showed that half a year into the so-called “trade deal” with China, Beijing had only bought a tiny fraction, or less than 5%, of the targeted $25.3 billion in energy products under phase one agreement (its soybean  purchase “quota” was just as laughable).

This means that for all of Trump bombast over the “massive” US-China deal, China has not complied with virtually any of its contractual requirements, and was woefully behind on its imports quota.

It’s also why we were amused by the news that this weekend there was a scheduled review of where the US and China currently stand on the “Phase 1” trade deal for the simple reason that there is nothing to review!

Moments ago Reuters confirmed out jaded take when it reported that the review of the U.S.-China trade deal initially slated for Saturday “will be delayed due to scheduling issues, and no new date has been agreed yet, according to sources familiar with the plans.”

U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had been expected to meet via videoconference on Aug. 15, the six-month anniversary of agreement entering into force.

Why the delay? Because whether it is due to covid, or simply because China never intended to comply with the terms of the trade deal, any review of just how little China has complied with would only make the Trump admin look like a joke for allowing China to get away with what is effectively full and total non-compliance.

And speaking of non-compliance, Rabo’s Michael Every writes this morning that “we remain of the view that this deal will still collapse at some point – and probably when most politically expedient to Trump. Which would push stocks down…and perhaps so focus the minds of Congress on the need to agree on a new stimulus package when they return in September. So all is well then!”

end

4/EUROPEAN AFFAIRS

 

EUROPE/STOCK MARKET

Shares tumble in Europe as COVID concerns tumble.  There is talk of tighter travel restrictions

(zerohedge)

European Shares Tumble As COVID Concerns Spark Tighter Travel Restrictions

European main equity indexes were all down to start Friday morning as travel stocks were battered after the U.K. added more countries to its quarantine list, reported Reuters.

The Stoxx Europe 600 plunged nearly 2% after Britain added France, the Netherlands and Malta to a 14-day quarantine list for new arrivals.

The Stoxx Europe 600 Travel & Leisure Index fell 3% as airlines, cruise ships, and hotels were many of the bottom movers.

Stoxx Europe 600 Travel & Leisure Index

“What we have got is a significant amount of uncertainty over the evolution of coronavirus pandemic, which is maintaining a risk premium for the transportation, leisure, and hospitality sectors,” said Alastair George, head strategist at Edison Investment Research.

Meanwhile, MSCI’s World Index drifted lower by about 20bps. Overnight markets were sluggish following China’s retail sales showed a decline in July, while factory numbers appeared to stall, suggesting the shape of the recovery might not be a “V.”

Here are the highlights of China’s economic data dump:

  • Industrial output missed at 4.8%, Exp. 5.2%
  • Retail sales not only missed in July but shrank for the 5th months, printing -1.1% Y/Y; vs the Est. 0.1%, failing to recover into the green for the first time since the pandemic began
  • Fixed investment came in line, shrinking by -1.6%, same as the -1.6% expected.
  • Unemployment came in at 5.7%, unchanged from last month and a completely arbitrary number which captures only whatever Beijing wants it to capture.

Visually:

“There are no more positive than expected earnings and we’re back to the macro background and the checking of the data regularly to see if the recovery is sustainable. Markets are pricing a lot of good news and we will be entering a period of volatility with the U.S. elections coming up,” Savary said.

MSCI World Stocks 

Weakness from Asia and Europe has spilled over into the U.S. The E-Mini S&P 500 is down about 31bps to 3,357. U.S. equity gains could be capped until the economic stimulus is seen as the world’s largest economy is now reversing.

END

CORONAVIRUS UPDATE/PARIS FRANCE/GLOBE

Paris Placed On “Red Alert”, German COVID-19 Cases Spike, As ‘Second Wave’ Fears Rattle Europe: Live Updates

Summary:

  • UK places travel restrictions on France & the Netherlands
  • UK signs vaccine deal
  • Paris and area around Marseilles on “red alert”
  • French new cases top 2k for the 4th time in a week
  • New Zealand expands Auckland lockdown
  • Mexico tops 500,000 cases
  • Tokyo suffers 389 new cases
  • South Korea confirms 103 new cases
  • North Korea lifts lockdown around border region

* * *

As we previewed during a brief update yesterday evening, UK Prime Minister Boris Johnson late Thursday decided to impose new restrictions on travelers from France and the Netherlands, reviving worries about another wave of travel restrictions just as more European countries were tentatively reopening their borders to travelers from within the EU.

Shrugging off groans from returning holidaymakers worried about the impact on work, UK Transport Secretary Grant Shapps said he expects 160,000 British holidaymakers heading back from France to be impacted by the new rules, which take effect Saturday. Travelers were aware of the risks when they decided to leave the country, he insisted. They’ll figure it out.

On the vaccine front, according to ITV, the UK government has secured access to a further 90 million doses of potential coronavirus vaccines, after striking new deals with J&J, Novavax and others.

As cases creep higher across Western and central Europe, France has placed Paris and the Bouches-du-Rhône department around Marseille on “virus red alert,” issuing a decree that allows local officials to impose new social distancing restrictions if need be. The move follows a rapid rise in the number of those testing positive for the virus in recent days. On Thursday, 2,669 people tested positive across France, the 4th time in a week that the number exceeded 2,000.

Jerome Salomon, the head of the French Health Agency, said the situation in his country is “worsening”.

While cases climb in France, most of those infected during this latest wave are young people, many of whom have recklessly attended illegal, or ill-advised, beach parties and other gatherings that risk allowing COVID-19 to spread.

Surprisingly, Sweden reported a surprisingly large drop in GDP on Friday, suggesting that its lockdown-averse approach wasn’t as effective as previously believed. However, as critics like CNBC latched on to the GDP numbers as the latest “proof” that Sweden’s approach was ill-advised, they fail to mention how Sweden’s new cases and deaths have slowed to a crawl.

Critics are already calling on Anders Tegnell, the country’s top epidemiologist to consider more restrictive measures to prevent a “second wave”.

Meanwhile, in the land down under, New Zealand PM Jacinda Ardern announced plans on Friday to extend a new lockdown on Auckland by 12 days as more cases are discovered in the city. In a surprising admission, the NYT on Friday blamed the new outbreaks in Australia and New Zealand – outbreaks that have expanded in defiance of lockdowns – on “border failures,” criticizing both countries for being too lax with tourists, especially passengers from “the Ruby Princess”. The commentary was spurred by Australian prosecutors’ finding that NSW Health made multiple “serious” and “inexplicable” lapses in allowing the cruise ship’s passengers to disembark without being scanned for the virus when they disembarked in Sydney back in March.

So far, the cluster linked to the cruise ship has resulted in 28 deaths, while at least 854 passengers and crew were infected.

Circling back to New Zealand, according to the latest data, the cluster of infections that began in Auckland earlier this week has grown to 30, including a probable case, while two cases were also found in the North Island town of Tokoroa, officials said.

Continuing its streak of rising daily tallies, Germany reported 1,422 new cases in the 24 hours ending Friday morning, up from 1,319 the previous day and bringing its total to 222,281, according to JHU data. Meanwhile, Germany’s infection rate – represented algebraically as “R” – has remained below the key level of 1, above which denotes expansion.

In Latin America, officials in Peru reported that the country’s death toll may have surpassed 50k, while Brazil reported 60,091 new cases on Thursday evening, the biggest daily increase since July 29, according to the Health Ministry. That pushed Brazil’s total north of 3.2 million.

Meanwhile, Mexico reported 7,371 new cases pushing the total to 505,751, according to data released by the Health Ministry. Deaths climbed by 627 to 55,293.

Tokyo confirmed 389 new cases of coronavirus on Friday, up from 206 the day before. The city reported 462 cases last Friday, its biggest daily total yet. Finally, in a particularly alarming development, South Korea has confirmed 103 more cases during 24 hours, nearly double the 56 cases reported a day earlier, per the KCDC. Of these, 85 were locally infected, and 18 were imported.

Across the border, North Korean Supreme Leader Kim Jong Un has lifted a lockdown affecting the border city of Kaesong, which was imposed following worries about a former citizen who fled back to the country after defecting a few years ago possibly spreading COVID to the local population.

END

EUROPE/AIRLINE INDUSTRY

Europe will see at least 7 million jobs at risk as COVID 19 continues to play havoc throughout the continent.

(zerohedge)

Seven Million Jobs At Risk As European Airline Industry Could See “Further Declines” 

The International Air Transport Association (IATA) published a new report Thursday that warns the virus-induced downturn will continue to pressure air passenger numbers, employment and economies across Europe.

IATA said passenger flights are expected to decline by 60% in 2020, resulting in millions of job losses in the aviation and tourism industries.

IATA issued a similar warning of what has been announced by airlines, of which, complete recovery in passenger demand might not be seen until 2024.

The near-term outlook for recovery in Europe remains highly uncertain with respect to the second wave of the pandemic and the broader global economic impact it could have. Passenger demand in Europe is expected to recover gradually and will not reach 2019 levels until 2024. –IATA

IATA’s job loss estimate was increased by 17% from its June report, from 6 million to 7 million, mostly because the highly anticipated V-shaped recovery has failed to materialize.

“It is desperately worrying to see a further decline in prospects for air travel this year, and the knock-on impact for employment and prosperity. said Rafael Schvartzman, IATA’s Regional Vice President for Europe.

Schvartzman said, “It shows once again the terrible effect that is being felt by families across Europe as border restrictions and quarantine continue. It is vital that governments and industry work together to create a harmonized plan for reopening borders.”

IATA’s full-year estimate of jobs supported by aviation (including tourism) at risk in mid-June 

If another wave of the virus were to hit Europe, justifying nationwide lockdowns, it could intensify the recession.

Though the German tabloid newspaper Bild has said: “There will be no second hard lockdown in Europe because that would lead to a monster recession that would not be accepted by the population.”

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

CentCom now urges that Iran is our top priority as evidence surfaces that the bombed out Natanz facility is set to boost nuclear fuel production

(zerohedge)

CentCom Says Iran Is ‘Top Priority’ As Sabotaged Natanz Facility Set To Boost Nuclear Fuel Production

This week CENTCOM chief Gen. Kenneth McKenzie said that Iran is the “top priority” for American forces deployed across the Middle East.

“As I look at the theater, we remain focused on Iran as our central problem. This headquarters focuses on Iran, executing deterrence activities against Iran, and doing those things,” McKenzie said Wednesday at a think tank hosted defense conference.

Despite the Islamic State long being driven underground, though the Pentagon has lately claimed the terror group is making a comeback, McKenzie went so far as to blame Iran for any resurgent ISIS activity: “The threat against our forces from Shiite militant groups has caused us to put resources that we would otherwise use against ISIS to provide for our own defense and that has lowered our ability to work effectively against them,” the CENTCOM commander said.

 

Getty Images: Technicians work in a uranium conversion facility near Tehran.

Recall that the administration has long argued ISIS is the main reason for a continued US troops presence in northeast Syria. Despite Trump’s “secure the oil” statements, the Pentagon’s official reason for being there is to counter ISIS and ensure it can’t regain a foothold. Across the border in Iraq, there’s growing pressure for all US bases and deployments to exit amid tensions with Iran-backed Iraqi Shia militias.

Meanwhile, following last month’s headline-grabbing fire and explosion at Iran’s Natanz nuclear plant, widely seen as most likely an act of sabotage,Iran is actually moving to boost production of nuclear fuel at the damaged site.

Bloomberg details in a new report that Iranian authorities are transfering new generations of advanced centrifuges used to enrich uranium — the heavy metal needed for nuclear power and weapons — from a pilot facility into a new hall at its primary fuel plant in Natanz, according to a one-page restricted International Atomic Energy Agency document seen by Bloomberg.”

 

Natanz facility aftermath to the July 2 incident.

If the July 2 incident was indeed an act of Israeli or US sabotage, it apparently didn’t do the job of derailing potential uranium enrichment capabilities at the site. There is consensus at this point that it was a covert attack, possibly via cyber operations.

6.Global Issues

SWEDEN//CORONAVIRUS UPDATE

Sweden Hits COVID-19 “Triple Whammy”: No Lockdowns, Low Deaths & Minimal Economic Damage

Perhaps the biggest example of the Western media’s inherent biases surrounding its coverage of Sweden’s approach to tackling COVID-19. Plenty of media outlets decried the country’s “massive” fatality rate compared to its lockdown-favoring neighbors, but failed to add the context necessary to see that the difference was only a couple thousand deaths, and that Sweden’s per capita mortality rate was still lower than Britain’s, and other countries that favored lockdowns.

When Anders Tegnell, the architect of Sweden’s strategy, said during an interview that he would have done things “differently” if given a second chance, the Western press, including the NYT, rushed to frame this as an admission of guilt for failing to order the types of restrictive lockdowns seen in other European countries. Tegnell later clarified that this isn’t what he meant at all.

What’s more, in Sweden, deaths have declined nearly to zero. And since the country’s economy has remained open this whole time, there’s little risk of resurgence when whatever minimal restrictions are still in place are finally lifted.

In a column published Thursday, The Telegraph’s Allister Heath argued that Sweden’s success at fighting the virus while minimizing economic damage elucidates the depth of the British medical establishment’s incompetence, as it was Britain’s health experts whose advice PM Johnson assiduously followed.

Read an excerpt from the column below (courtesy of the Telegraph):

So now we know: Sweden got it largely right, and the British establishment catastrophically wrong. Anders Tegnell, Stockholm’s epidemiologist-king, has pulled off a remarkable triple whammy: far fewer deaths per capita than Britain, a maintenance of basic freedoms and opportunities, including schooling, and, most strikingly, a recession less than half as severe as our own.

Our arrogant quangocrats and state “experts” should hang their heads in shame: their reaction to coronavirus was one of the greatest public policy blunders in modern history, more severe even than Iraq, Afghanistan, the financial crisis, Suez or the ERM fiasco. Millions will lose their jobs when furlough ends; tens of thousands of small businesses are failing; schooling is in chaos, with A-level grades all over the place; vast numbers are likely to die from untreated or undetected illnesses; and we have seen the first exodus of foreigners in years, with the labour market survey suggesting a decline in non-UK born adults.

Pandemics always come with large economic and social costs, for reasons of altruism as well as of self-interest. The only way to contain the spread of a deadly, contagious disease, in the absence of a cure or vaccine, is to social distance; fear and panic inevitably kick in, as the public desperately seeks to avoid catching the virus. A “voluntary” recession is almost guaranteed.

But if a drop in GDP is unavoidable, governments can influence its size and scale. Politicians can react in one of three ways to a pandemic. They can do nothing, and allow the disease to rip until herd immunity is reached. Quite rightly, no government has pursued this policy, out of fear of mass deaths and total social and economic collapse.

The second approach involves imposing proportionate restrictions to facilitate social distancing, banning certain sorts of gatherings while encouraging and informing the public. The Swedes pursued a version of this centrist strategy: there was a fair bit of compulsion, but also a focus on retaining normal life and keeping schools open. The virus was taken very seriously, but there was no formal lockdown. Tegnell is one of the few genuine heroes of this crisis: he identified the correct trade-offs.

The third option is the full-on statist approach, which imposes a legally binding lockdown and shuts down society. Such a blunderbuss approach may be right under certain circumstances – if a vaccine is imminent – or for some viruses – for example, if we are ever hit with one that targets children and comes with a much higher fatality rate – but the latest economic and mortality statistics suggest this wasn’t so for Covid-19.

Almost all economists thought that Sweden’s economy would suffer hugely from its idiosyncratic strategy. They were wrong. Sweden’s GDP fell by just 8.6 per cent in the first half of the year, all in the second quarter, and its excess deaths jumped 24 per cent. A big part of Sweden’s recession was caused by a slump in demand for its exports from its fully locked-down neighbours. One could speculate that had all countries pursued a Swedish-style strategy, the economic hit could have been worth no more than 3-4 per cent of GDP. That could be seen as the core cost of the virus under a sensible policy reaction.

By contrast, Britain’s economy slumped by 22.2 per cent in the first half of the year, a performance almost three times as bad as Sweden’s, and its excess deaths shot up by 45 per cent. Spain’s national income slumped even more (22.7 per cent), and France’s (down 18.9 per cent) and Italy’s (down 17.1 per cent) slightly less, but all three also suffered far greater per capita excess deaths than Sweden. The Swedes allowed the virus to spread in care homes, so if that major failure had been fixed, their death rate could have been a lot lower still.

* * *

Source: Telegraph

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1809 DOWN .0007 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 106.67 DOWN 0.301 (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 1.3102   UP   0.0032  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3240 UP .0019 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 7 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1809 Last night Shanghai COMPOSITE CLOSED UP 39.37 POINTS OR 1.19% 

 

//Hang Sang CLOSED DOWN 47.66 POINTS OR 0.19%

/AUSTRALIA CLOSED DOWN 0,61%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%

 

 

/SHANGHAI CLOSED UP 39.37 POINTS OR 1.19%

 

Australia BOURSE CLOSED DOWN. 61% 

 

 

Nikkei (Japan) CLOSED UP 29.75  POINTS OR 0.10%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1942.90

silver:$26.60-

Early FRIDAY morning USA 10 year bond yield: 0.706% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.42 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 93.23 DOWN 11 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.37% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.05%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.37%//DOWN 1 in basis point yield from yesterday.

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

 

 

the Italian 10 yr bond yield is trading 62 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.42% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.41% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1836  UP     .0020 or 20 basis points

USA/Japan: 106.20 DOWN .382 OR YEN UP 38  basis points/

Great Britain/USA 1.3084 UP .0015 POUND UP 15  BASIS POINTS)

Canadian dollar DOWN 39 basis points to 1.3261

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9503    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9420  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.3812 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.05%

 

Your closing 10 yr US bond yield UP 1 IN basis points from THURSDAY at 0.706 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.44 UP 2 in basis points on the day

Your closing USA dollar index, 93.10 DOWN 23  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 95.58 OR  1.55%

German Dax :  CLOSED DOWN 92.37 POINTS OR .71%

 

Paris Cac CLOSED DOWN 79.45 POINTS 1.58%

Spain IBEX CLOSED DOWN 96.20 POINTS or  1.33%

Italian MIB: CLOSED DOWN 229.20 POINTS OR 1.13%

 

 

 

 

 

WTI Oil price; 42.09 12:00  PM  EST

Brent Oil: 44.84 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.87  THE CROSS LOWER BY 0.01 RUBLES/DOLLAR (RUBLE HIGHER BY 1 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.42 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 :  42.09//

 

 

BRENT :  44.84

USA 10 YR BOND YIELD: … 0.706..down one basis point…

 

 

 

USA 30 YR BOND YIELD: 1.44/up two basis points..

 

 

 

 

 

EURO/USA 1.1836 ( UP 20   BASIS POINTS)

USA/JAPANESE YEN:106.20 DOWN .382 (YEN UP 32 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.10 DOWN 23 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3084 UP 15  POINTS

 

the Turkish lira close: 7.3812

 

 

the Russian rouble 72.87   UP 0.01 Roubles against the uSA dollar.( UP 1 BASIS POINTS)

Canadian dollar:  1.3261 down 39 BASIS pts

 

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

 

The Dow closed UP 34.30 POINTS OR 0.12%

 

NASDAQ closed DOWN 23.20 POINTS OR 0.21%

 


VOLATILITY INDEX:  21.94 CLOSED DOWN .19

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

 

USA trading today in Graph Form

Gold Slips Most Since March As Stocks See Best 100-Day Run… Ever

Safe-havens were dumped and value stocks outperformed this week as equity markets saw notable rotations and real-yields spiked after generally positive economic data and the Russia vaccine headlines…

Gold was down 4.5% this week, breaking a nine-week winning streak and its worst week since the liquidation flush of mid-March (but did stage a decent comeback later in the week)…

Silver was slammed but also bounced back significantly, with futures ending the week above $26…

And bonds were puked with Treasury yields spiked this week by the most since early June with 30Y Yields up 19bps this week (2Y up only 2bps)

Source: Bloomberg

But putting the move in context…

Source: Bloomberg

Small Caps and The Dow are the best performers since last Thursday’s close (when the value/growth rotation began) and Nasdaq is lower… (note this is not the weekly change)…

But the S&P 500 was unable to close above its previous record closing high despite testing it three times…

This completes the best 100-day rally for the S&P 500… ever…

Source: LPLResearch

Value stocks have significantly outperformed growth…

Source: Bloomberg

Momo has had a tough week (worst 2-week drop since June)…

Source: Bloomberg

Real yields spiked this week (inverse in the chart) and while Gold initially tracked them, the relationship has decoupled in the last two days..

Source: Bloomberg

The Dollar ended the week lower – the sixth drop in the last seven weeks…

Source: Bloomberg

Ethereum had a big week – its 4th winning week in a row – pushing to its highest since Aug 2018…

Source: Bloomberg

Copper and Crude rallied on the week while PMs were weak…

Source: Bloomberg

WTI ended the week back above $42…

And supply chain malarkey sent Lumber futures soaring to a new record high…

Source: Bloomberg

Oh, and finally, Nancy Pelosi let slip some ‘truth’ this morning (in an effort to denigrate Trump of course), telling MSNBC that “the stock market is only doing well because The Fed bolsters it.” She is right, of course, but the question is…

Source: Bloomberg

…will she demand The Fed stop printing money when The Dems sweep in November?

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

RETAIL SALES

Retail spending fair led by electronics

(zerohedge)

Electronics Spending Sends US Retail Sales Soaring

Analysts’ expectations were for a notable slowdown in the rebound in retail sales in July and BofA’s credit card spending data suggested things could be even worse, and it was at the headline level.

After a 7.5% MoM surge in June (which came after the 18.2% spike from the depths in May,July headline retail sales rose only 1.2% MoM (notably below the +2.1% expectation), which leaves US retail spending up 2.7% YoY…

Source: Bloomberg

However, the Retail Sales Control Group – used for GDP calculation purposes – was better than expected with a 1.4% rise (almost double the 0.8% rise expected) and up a shocking 8.0% YoY – the most since 1999…

Source: Bloomberg

Under the hood, Electronics (remote learning and home office) and clothing led the charge…

So nobody is paying rent but everyone has a fast laptop and big LCD TV…

Source: Bloomberg

Interestingly, Electronics spending is still down 2.8% YoY…

 

Source: Bloomberg

What happens in August, now that the $600 handouts have stopped?

end

US Manufacturing Production Rebounds More Than Expected In July

iii) Important USA Economic Stories

 

FORD

The automobile industry is not doing too good: Ford is slashing 10,000 positions and closing 6 factory in Europe

(zerohedge)

Ford Is Slashing 10,000 Positions And Closing 6 Factories In Europe

The auto industry continues to grapple with one of the worst recessions ever for the notoriously capital intensive sector. Ford, which feels like it has been in the midst of a yearslong “restructuring” that has never fully panned out or ended (and has involved numerous CEOs), continues to make major changes to its global personnel to try and find the right mix for its business going forward.

This means that 10,000 positions are now being cut across Europe, the automaker disclosed yesterday. Ford is also going to be reducing the number of its plants in Europe to 17 from 23, the company revealed in a JP Morgan conference presentation on Wednesday.

In a slide called “Ford Euope: Road to Sustainable Profitability”, the company also disclosed it would be discontinuing underperforming vehicles, like its C-MAX and Grand C-Max. The company also plans on “leveraging” its relationship with VW.

The company says it is on track to deliver on its 2020-2021 CO2 targets without credits or penalties and 13 new electic vehicles will be on sale by the end of 2020, up from just 5.

This news comes days after it was announced that Ford would be replacing its CEO on relatively short notice.Ford said days ago it had tapped Jim Farley to replace a relatively still-newly appointed Jim Hackett as CEO. Hackett replaced former CEO Mark Fields and, for the most part, has failed to inspire confidence during his tenure at Ford.

This marked the second management change for Ford this year, according to FT. It’ll also be the fourth CEO of Ford since the 2008 financial crisis. The company also saw its former head of its automotive division retire in March. Farley was then promoted to COO and now, he will be CEO and will also join the company’s Board of Directors.

 

Ford is currently in the middle of an $11 billion restructuring that is supposed to help to accelerate its development of new vehicles, including hybrids and EVs. Hackett had only just started with Ford back in 2017 and has said he will retire effective October.

General Motors is following with a C-suite shakeup of its own, as its CFO leaves after just two years to work at a fintech startup.

The company announced earlier this week that John Stapleton, GM North America chief financial officer, has been named its acting global chief financial officer, effective Aug. 15, after the resignation of the company’s current CFO, Dhivya Suryadevara.

 

Both Jim Hackett’s “retirement” and Dhivya Suryadevara’s departure are effective this weekend.

end
Expect chaos as universal mail in voting occurs in New Jersey and other states
(zerohedge)

New Jersey To Become 9th State To Adopt “Universal Mail-In Voting”

It appears media organizations including Bloomberg have corroborated a CNN report published Thursday claiming that New Jersey Gov. Phil Murphy (a former Goldman Sachs executive) is preparing to announce Friday that the state’s November election will be conducted mostly via mail-in ballots.

The announcement, likely the latest bit of political posturing by a governor who clearly craves the national profile enjoyed by his colleague in Albany, comes as President Trump’s political opponents rail against Trump’s remark about defunding the US post office to ensure that mail in voting won’t be an option. Though these appear to be more inflammatory words as Trump continues his strategy of playing purely to his base, many critics on Twitter are complaining about Trump threatening “the last shred of democracy we have left”, even though he later said he “wouldn’t veto” a bill with the funding attached (it’s basically a re-run of when Trump suggested that the election should be delayed).

After conducting its primaries almost entirely by mail, NJ would become the ninth state to move to this type of voting for the Nov. 3 presidential vote. Washington DC also plans to automatically send ballots to registered voters.

News of the plan, which was first reported by a local paper by the New Jersey Globe before it was picked up by CNN, followed the controversy over Trump’s remark by just a few hours.

During an interview on Fox Business yesterday, Trump said that if USPS doesn’t get the $25 billion earmarked in the Democratic stimulus plan, then it won’t have the money to handle mail-in ballots. The Trump Administration has already approved a $10 billion loan to the Post Office back in the spring.

Of course, while liberals like to ignore the possibility for fraud, there are clearly millions of people around the US (many of them misguided leftists) who would have no problem with filling out a few ballots sent to deceased family members, pets, or people who have long since moved and submitting them in the name of “preserving democracy”.

Rigging an election to save Democracy? Sounds like a perfectly logical notion to us. And let’s not forget, NJ’s wave of remote voting earlier this year came with more than its fair share of problems, too.

The turnout expected in the November vote would be much, much larger – even if NJ is widely considered “safe” for the Democrats.

end
Simply terrifying:  thousands of cars line up at a Texas food bank
(zerohedge)

Dramatic Photos: Desperate For Provisions, Thousands Of Cars Line Up At Texas Food Bank

Dramatic images released this week show thousands of cars  stretching for miles, lining up for provisions at a Texas food bank as the state continues to deal with the effects of its coronavirus outbreak.

At a food drive held in Dallas County on Tuesday, cars from “the other side of the state” showed up, according to the Daily Mail. Photographs show cars bumper to bumper while 90 volunteers worked to distribute 10,000 boxes of food. People had started lining up for the food before dawn, hoping to get boxes that included dairy, canned goods, noodles, peanut butter and other basics.

Richard Archer, who showed up at the food bank this week, said: “If it wasn’t for this, we’d probably go hungry. With unemployment benefits cut, [my daughter’s] husband’s been laid off for three months. So, it’s just been a struggle. If it wasn’t for church, and food giveaways, the kids would be going hungry.”

Diana King, another person at the food drive, told CBS: “There’s times I open the refrigerator and there’s little there. We make do with what we have and we make it stretch. It helps pay a bill, so the water doesn’t get turned off. The gas doesn’t get turned off. Mortgage? We are right there on the borderline.”

The scramble for free food comes as about 30 million Americans surveyed last month said that they “didn’t have enough to eat”. This marked about 12% of all people polled. At the same time, the country is mired with record unemployment numbers. 28 million people remain unemployed nationwide as a result of the pandemic.

According to the Daily Mail, the numbers in Texas are dire: “Dallas County has recorded 55,787 cases of coronavirus and 794 deaths. In Texas there are 524,814 cases and 9,552 deaths. The positivity rate in Texas is 24.5 percent – the highest since the start of the pandemic.”

The economic situation in Texas has been deteriorating even as the number of new covid cases in the state peaked one month ago and has been declining ever since (although some blame this on declining testing)

“I actually live in West Dallas. But I came this far just to get the help,” Rene Hightower told CBS Dallas. It goes without saying that if only these people had used their government benefits payments to buy deep out of the money Tesla calls, then everyone would be rich by now.

end

iv) Swamp commentaries)

Trump is onto the crooks:  the USPS mail sorting machines are mysteriously being deactivated ahead of the election

(zerohedge)

USPS Mail-Sorting Machines Are Mysteriously Being Deactivated Ahead Of Election

Democrats are furious with President Trump this week after he rejected demands to fund the United States Postal Service (USPS) ahead of the upcoming 2020 election. The president spoke about withholding funds from the government-run mail service during an interview Thursday with Fox Business’ Maria Bartiromo. On the same day, Vice News’ Motherboard published a report outlining how mail sorting machines, the same ones used for sorting mail-in ballots, were being dismantled across the country for unknown reasons.

“They [the Democrats] want three and a half-billion dollars for something that’ll turn out to be fraudulent — that’s election money basically. They want $25 billion for the post office,” President Trump said.

“Now, they need that money in order to have the post office work so it can take all of these millions and millions of ballots. Now, in the meantime, they aren’t getting there. But if they don’t get those two items, that means you can’t have universal mail-in voting because they’re not equipped to have it.”

President Trump has been on a crusade, criticizing the fraud behind mail-in voting, calling it “rigged” and the “scandal of our times.” Last month, he even suggested the presidential election should be delayed due to the virus pandemic and the prospect of mail-in voting.

Motherboard said the dismantling of sorting machines was widespread, and there was no clear answer behind their removal from processing facilities.

Motherboard identified 19 mail sorting machines from five processing facilities across the U.S. that either have already been removed or are scheduled to be in the near future. But the Postal Service operates hundreds of distribution facilities around the country, so it is not clear precisely how many machines are getting removed and for what purpose.

Even to local union officials, USPS has not announced any policy, explained why they are doing this, what will happen to the machines and the workers who use them. Nor has management provided a rationale for dismantling and removing the machines from the facility rather than merely not operating them when they’re not needed. -Motherboard

Motherboard spoke with USPS employees about the elimination of sorting machines and found no one had an explanation nor could point to any internal policy.

“I’m not sure you’re going to find an answer for why [the machines being removed] makes sense,” said Iowa Postal Workers Union President Kimberly Karol, “because we haven’t figured that out either.”

USPS spokesperson David Partenheimer told Motherboard the remove of the machines is ‘routine’:

“The Postal Service routinely moves equipment around its network as necessary to match changing mail and package volumes. Package volume is up, but mail volume continues to decline. Adapting our processing infrastructure to the current volumes will ensure more efficient, cost-effective operations and better service for our customers.”

Democrats have denounced the president and longtime Republican fundraiser and GOP donor Louis DeJoy, who was recently appointed as Postmaster General.

end
It now begins:  ex FBI lawyer Kevin Clinesmith is the first to plead guilty on one count of making a false statement regarding his involvement in the agency action against Trump
It now goes up the ladder…
(zerohedge).

Ex-FBI Resistance Lawyer To Plead Guilty In Durham’s Trump-Russia Probe

Former FBI lawyer Kevin Clinesmith will plead guilty to one count of making a false statement regarding his involvement in the agency’s actions against the Trump campaign during the 2016 US election, according to the Associated Press.

In November, the New York Times revealed that Clinesmith was under criminal investigation for allegedly doctoring materials used to obtain renewals of the Carter Page surveillance warrant. Clinesmith -who worked on both the Hillary Clinton email investigation and the Russia probe, was part of Special Counsel Robert Mueller’s team, and interviewed Trump campaign advisor George Papadopoulos.

Clinesmith, a 37-year-old graduate of Georgetown Law, “took an email from an official at another federal agency that contained several factual assertions,then added material to the bottom that looked like another assertion from the email’s author, when it was instead his own understanding,” according to the report.

Mr. Clinesmith included this altered email in a package that he compiled for another F.B.I. official to read in preparation for signing an affidavit that would be submitted to the court attesting to the facts and analysis in the wiretap application.

The details of the email are apparently classified and may not be made public even when the report is unveiled. –New York Times

Viva la resistance

Clinesmith was identified by Inspector General Michael Horowitz as one of several FBI officials who harbored animus towards President Trump, after which he was kicked off the Mueller Russia investigation in February 2018. Two other FBI officials removed for similar reasons were Peter Strzok and Lisa Page, both of whom also worked on the Clinton and Trump investigations, and both of whom have similarly left the bureau.

On November 9, 2016 – the day after Trump won the election, Clinesmith texted another FBI employee “My god damned name is all over the legal documents investigating his staff,” adding “So, who knows if that breaks to him what he is going to do.”

A former attorney with the FBI’s National Security and Cyber Law Branch while working under FBI’s top lawyer, James Baker, Clinesmith resigned in September 2019 after he was interviewed by Horrowitz’s office. Horrowitz in turn sent a criminal referral to US Attorney John Durham, who was tasked with investigating the Obama DOJ’s conduct surrounding the 2016 US election.

Durham was appointed by Barr last May to examine the FBI’s actions against the Trump campaign during and after the 2016 US election, code named “Crossfire Hurricane.”

Specifically, Durham has been probing whether Obama administration officials illegally collected intelligence on the Trump campaign, and whether the agency’s surveillance of campaign aides was free of improper motive.

On Thursday night, Attorney General William Barr told Fox News host Sean Hannity that there would be “significant developments” before the election – but that today’s wasn’t going to be “earth-shattering,” and would instead provide “an indication things are going along at a proper pace, as dictated by the facts in this investigation.”

We’re not doing this on the election schedule,” he said, adding “We’re aware of the election. We’re not going to do anything inappropriate before the election. But we’re not being dictated to by this schedule.

Durham’s efforts were deemed a former criminal investigation last October, which undoubtedly spooked many of the spooks involved in the operation against the Trump campaign.

By designating it a criminal investigation, Durham was granted the power to subpoena documents and witnesses, to impanel a grand jury, and to file criminal charges.

Last April, Barr said that he believed “spying” had taken place against the Trump campaign, and that he doesn’t buy former FBI officials’ version of how the collusion investigation began.

The FBI’s Crossfire Hurricane counterintelligence investigation into the 2016 Trump campaign was launched in July 2016 to investigate allegations of Russian interference in the 2016 U.S. presidential elections, including possible links between Russia and any political campaigns.

The investigation was taken over in May 2017 by then-special counsel and former FBI Director Robert Mueller. By April 2019, he concluded that the investigation found no evidence to establish that Trump or his campaign had knowingly conspired or coordinated with the Russian government to sway the outcome of the election, although the Russian government was found to have interfered in the 2016 election. –Epoch Times

On Thursday, Barr told Hannity that “if people crossed the line, if people involved in that activity violated criminal law, they will be charged.”

“They spied on my campaign, which is treason. They spied both before and after I won. Think of that. Using the intelligence apparatus of the United States to take down a president,” Trump said recently during a live phone interview with Fox Business, adding “It’s the single biggest political crime in the history of our country.

end

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

Germany worries as coronavirus infection rate hits 3-month high

The country reported its highest daily increase in COVID-19 infections since May 9…country’s public health agency on Wednesday reported a jump of 1,226 in the number of new coronavirus infections…

https://www.dw.com/en/germany-worries-as-coronavirus-infection-rate-hits-3-month-high/a-54537815

ESUs rallied after Initial Jobless Claims (963k) fell below 1m for the 1st time since March.  Continuing Claims dropped 604k to 15.48m.  1.1m Initial Claims & 15.8m Continuing Claims were expected.

South Florida lab under investigation for holding on to thousands of COVID test results

The Florida Department of Health is investigating a private lab in Miami after it reported more than 14,000 COVID-19 test results in a single day, more than 4,400 of which were positive.  The “data dump” inflated the Miami Dade county[heavily Democratic] and state positivity rate, and raised questions about lab oversight and reliability…”Many of those ‘cases’ were from the end of June and the beginning of July,” Gov. DeSantis said. “If you didn’t know that, you’d think ‘Oh man, Miami Dade has all these new cases. Actually those are old cases.”…

https://cbs12.com/news/coronavirus/south-florida-lab-under-investigation-for-holding-on-to-thousands-of-covid-test-results

Nasal spray could prevent people from catching the coronavirus and be more effective than wearing PPE… Scientists at the University of California created the spray called ‘AeroNabs’

  • They say it has the potential to prevent Covid-19 more than masks and gloves
  • It was shown in laboratory tests to block the coronavirus from entering cells

https://t.co/XmDgVYhjCo

OAN’s @ElmaAksalic: California parents sue Gov. Gavin Newsom to allow schools to openfor in-person learning, citing their children are suffering academically and psychologically.

Donald Trump reveals deal for Israel to ABANDON plan to annex Palestinian territory – in return for full diplomatic relations with the United Arab Emirates

https://www.dailymail.co.uk/news/article-8624101/President-Trump-says-UAE-open-diplomatic-ties-Israel.html

@HeshmatAlavi: U.S. President Donald President said in the Oval Office that he expects other Muslim countries to follow the UAE in normalizing relations with Israel.

Fed balance sheet for week ended on Wed.: +$12.04B, Currency Swaps -$5.881B; Treasuries +$14.442B

https://www.federalreserve.gov/releases/h41/current/

Voters Favor Crackdown on Violent Protests; Most Democrats Disagree

72% of all voters say they are concerned about the growing level of violent protest nationwide, with 43% who are Very Concerned.  62% say the growing level of violent protest is important to their vote in the next election, including 35% who say it is a Very important voting issue…The older the voter, the more concerned they are about the protests…

https://www.rasmussenreports.com/public_content/politics/current_events/racism/voters_favor_crackdown_on_violent_protests_most_democrats_disagree

Hope for Atlanta Officer Rolfe after DA Loses Re-Election [National implications, so MSM ignores]

Officer Garrett Rolfe was maliciously charged with murder and ten other counts in June by then-District Attorney Paul Howard. Last night, Howard was unseated by a tenacious young woman who worked under Howard for 16 years. Fani Willis won in a landslide with 73% of the vote

https://townhall.com/columnists/marinamedvin/2020/08/13/hope-for-atlanta-officer-rolfe-after-da-loses-reelection-n2574302

Reagan Speechwriter: Biden Plagiarized Reagan in Harris Announcement Speech

What began with plagiarizing from Neil Kinnock has migrated over time to Robert Kennedy, John Kennedy and now….Ronald Reagan.

    Said Joe: “We can define America simply in one word: “Possibilities.” Possibilities. Let me say it again; possibilities. That’s America.”…September 3, 1984… Reagan: “… They have said that America is nothing if it isn’t promises. Well, America isn’t about promises; it never has been. America is about promise. It’s about possibility… https://thejeffreylord.com/reagan-speechwriter-biden-plagiarized-reagan-in-harris-announcement-speech/

 

JOE BIDEN: Every single American should be wearing a mask when they are outside for the next three months at a minimum. The estimates by the experts are it will save over 40,000 lives. It’s not about your rights. It’s about your responsibility.  https://twitter.com/Breaking911/status/1293984487492247554

 

@thehill: Joe Biden, Kamala Harris call for nationwide mask mandate. Joe Biden: “Let’s institute a mask mandate nationwide… save 40 thousand lives…”  Sen. Kamala Harris: “That’s what real leadership looks like.”   https://twitter.com/thehill/status/1293985712459710467

New England Journal of Medicine: Universal Masking in Hospitals in the Covid-19 Era   4/1/2020

We know that wearing a mask outside health care facilities offers little, if any, protection from infectionPublic health authorities define a significant exposure to Covid-19 as face-to-face contact within 6 feet with a patient with symptomatic Covid-19 that is sustained for at least a few minutes (and some say more than 10 minutes or even 30 minutes). The chance of catching Covid-19 from a passing interaction in a public space is therefore minimal. In many cases, the desire for widespread masking is a reflexive reaction to anxiety over the pandemic…  https://www.nejm.org/doi/full/10.1056/NEJMp2006372

@TrumpWarRoom: WATCH: As soon as reporters got a chance to ask Joe Biden a question, his handlers swiftly moved to protect Biden and kick them out.Even CNN noticed: “We keep pressing the Biden campaign. There needs to be more questions from reporters.”  What are they so afraid of?

https://twitter.com/TrumpWarRoom/status/1293973630808883200

 

@bennyjohnson: Kamala Harris refers to President Trump as “the current occupant of the White House” and says people should demand to know when they are going to get vaccinated. Even Dr. Fauci has said that progress on the vaccine is coming in ‘record time’. Harris refused to take questions.

https://twitter.com/bennyjohnson/status/1293985171516133377

 

RNCResearch: Both Biden & Harris refuse to take questions from the press: “we’ll talk about that later”

https://youtu.be/cd20b4-f9Ro

Trump slammed Biden for his nationwide mask mandate, saying there is no reason for people in sparsely-populate areas or states without Covid concerns to wear masks.  ‘You can have a one-size fits all.’

@Barnes_Law: In order to appeal to disaffected black voters who might lean toward protest voting (Kanye) or not voting (2016), Democrats ingeniously picked the one black candidate whose parents are not from America, whose ancestors had slaves, and who spent her career locking up black men…”

 

Some Questions for Kamala Harris about Eligibility

The 12th Amendment provides that “no person constitutionally ineligible to the office of President shall be eligible to that of Vice-President of the United States.” And Article II of the Constitution specifies that “[n]o person except a natural born citizen…shall be eligible to the office of President.” Her father was (and is) a Jamaican national, her mother was from India, and neither was a naturalized U.S. citizen at the time of Harris’ birth in 1964 The language of Article II is that one must be a natural-born citizen.  The original Constitution did not define citizenship, but the 14th Amendment does—and it provides that “all persons born…in the United States, and subject to the jurisdiction thereof, are citizens.” Those who claim that birth alone is sufficient overlook the second phrase. The person must also be “subject to the jurisdiction” of the United States, and that meant subject to the complete jurisdiction, not merely a partial jurisdiction such as that which applies to anyone temporarily sojourning in the United States (whether lawfully or unlawfully)… https://www.newsweek.com/some-questions-kamala-harris-about-eligibility-opinion-1524483

 

Bets on Trump to win jumped after Biden selected Harris as VP.  Though Biden owns better odds to win, Trump is garnering more bets to win.  Prior to the Harris selection, 53% of bets were on Trump.  Now, 59% of bets are on DJT.  In 2016, 61% of bets were placed on Trump.  If Durham issues indictments…

 

2020 US Presidential Election Odds: Betting History Suggests Donald Trump Will Beat Joe Biden

In the month leading up to Joe Biden’s announcement, Kamala Harris accounted for 37% of bets, and was again the most popular betting option. .. Just over 73% of all bets placed on the Brexit betting market were on the UK leaving the European Union…  https://www.oddschecker.com/us/insight/specials/politics/20200813-2020-us-presidential-election-odds-betting-history-suggests-donald-trump-will-beat-joe-biden?s=09

 

Trafalgar polling captured Trump’s win in 2016.  Due to the MSM bashing of Trump, they suspected that DJT had hidden voters.  So, Trafalgar asked people how their neighbors would vote.  They discovered: “Hillary’s drop was between 3 and 11 percent while Trump’s increase was between 3 and 7 percent.”  https://www.politico.com/magazine/story/2016/11/donald-trump-2016-polls-upset-214461

 

The latest Fox News Poll, which had Hillary with a 10-point lead in August 2016, shows Biden with a 7-point lead, down from double digits a month ago.  However, the poll shows that 39% said their neighbors back Trump, 34 percent said Biden.  [Link to Fox Poll from August 2016]

https://www.foxnews.com/politics/fox-news-poll-clinton-leads-trump-by-10-points-both-seen-as-flawed

@MariaBartiromo: My sources are telling me that John Durham is interviewing John Brennan this week

 

Various pundits said Brennan will be interviewed by Durham today.

 

Ex-fed prosecutor @WisenbergSol: My guess is Mueller moved under seal for a court order to get the tax info on day one, unless Boente already had it. It’s one of the very first things Mueller-Weissmann would have done if it revealed anything about Trump-Russia conspiracy we’d have seen it in the Report

 

Chicago looters smash Ronald McDonald House with terrified sick kids inside https://t.co/NARsEzok2m

 

#SayHisName Trends after Media Refuse To Report on Murder of 5-Year-Old Cannon Hinnant

https://www.dailywire.com/news/sayhisname-trends-after-media-refuse-to-report-on-alleged-murder-of-5-year-old-cannon-hinnant

 

Tucker Carlson Covering the Horrifying Murder of 5-Year Old Cannon Hinnant in North Carolina

https://twitter.com/ColumbiaBugle/status/1294068007216377856

 

@ClayTravis: Head to head on Monday night on cable: Tucker Carlson viewership: 4.5 million. Lakers-Nuggets viewership: 1.5 million. Head-to-head on Tuesday night: Sean Hannity: 4.6 million, Blazers-Mavs: 930k. Yikes, NBA.

 

Attachments area

Preview YouTube video Both Biden & Harris Refuse To Take Questions From The Press: “We’ll Talk About That Later”

Both Biden & Harris Refuse To Take Questions From The Press: “We’ll Talk About That Later”

end

Let us close up the week with this offering courtesy of Greg Hunter/USAWatchdog

Kamala VP, Violent Protest Crackdown, Stimulus Fight

By Greg Hunter On August 14, 2020

Joe Biden finally announced his running mate for the 2020 Presidential election, and it’s Kamala Harris.  Trump said Harris was his number one pick.  Trumps says she “lied” about a lot of things, and she’s “nasty.”  I am not sure what Harris brings to the ticket.  She was blown out in the Democrat primaries.  She was the least favorite candidate among black voters, but Harris is somehow supposed to bring black voters back to the Dem party.  Go figure.

Attorney General William Barr said Thursday night in an unscheduled appearance on the Sean Hannity show that he is announcing a crackdown on surging violence sweeping Democrat controlled cities such as Chicago, Seattle, Portland, Kansas City and others.  The federal action is called “Operation Legend,” and it’s already started taking violent criminals off the street.

The economy finally posted unemployment initial claims below one million, but just barely.  This means stimulus is coming, and President Trump is going to deliver with or without Democrat help from Congress.  Trump is sitting on $1.8 trillion at the Treasury, and he does not need approval from Congress to spend it.  The stimulus is stalled, and the Democrats want more than $1 trillion just to rebuild the cities they have turned into hell holes.  Trump and his party say that’s not going to happen because they don’t want the stimulus bill to be much more than $1 trillion in total.

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

-END-

 

World economic news:

Well that is all for today

 

I will see you MONDAY night.

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