AUGUST 18//ANOTHER RAID ORCHESTRATED BY OUR CROOKS FAILED AGAIN: GOLD UP $14.60 TO $2003.00//SILVER UP 44 CENTS TO $27.97//COMEX GOLD STANDING FOR DELIVERY: 151.51 TONNES//CORONAVIRUS UPDATES/LOOKS LIKE A COLOUR REVOLUTION UNDERGOING IN BELARUS//POOR RATING FOR DNC CONVENTION//SWAMP STORIES FOR YOU TONIGHT///

GOLD:$2003.00  UP $14.60  The quote is London spot price (cash market)

 

 

 

 

 

 

 

Silver:$27.97 UP $0.44   London spot price ( cash market)

Today marks the 3rd day out of the last 6 days that a raid has been orchestrated by the bankers…all have ended in failure!

expect another raid tomorrow as silver was languishing in the access market compared to gold as well as the gold/silver stocks

h

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Closing access prices:  London spot

i)Gold : $2002.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $27.66//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1993.20  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $9.80//)

OCT GOLD:  $2001.50  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $1.50//BACKWARD/

 

 

DEC. GOLD  $2012.80   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $9.80   ($2.00 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $28.11…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  14 CENTS  PER OZ  ( CONTANGO/ 9 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $28.27  1:30  PM SPREAD SPOT/FUTURE DEC.       : 30  CENTS PER OZ  ( 18 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today:  5/34

issued 0

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,985.000000000 USD
INTENT DATE: 08/17/2020 DELIVERY DATE: 08/19/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 H GOLDMAN 2
152 C DORMAN TRADING 28
657 C MORGAN STANLEY 15
657 H MORGAN STANLEY 3
661 C JP MORGAN 3
661 H JP MORGAN 2
685 C RJ OBRIEN 3
690 C ABN AMRO 3 6
709 C BARCLAYS 1
880 H CITIGROUP 2
____________________________________________________________________________________________

TOTAL: 34 34
MONTH TO DATE: 48,164

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 34 NOTICE(S) FOR 3400 OZ  (0.2954 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,130 NOTICES FOR 4,813,000 OZ  (149.700 TONNES)

 

 

SILVER

 

 

2 NOTICE(S) FILED TODAY FOR 10,000  OZ/

total number of notices filed so far this month: 1274 for 6.370 MILLION oz

 

BITCOIN MORNING QUOTE  $12,224  DOWN 56

 

BITCOIN AFTERNOON QUOTE.: $11,986 DOWN 295

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $14.60 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 4.09 TONNES INTO THE GLD///

 

 

 

 

GLD: 1,252.38 TONNES OF GOLD//

 

 

WITH SILVER UP $0.44 CENTS TODAY: AND WITH NO SILVER AROUND:

 

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV//

A DEPOSIT OF: 2.514 MILLION OZ INTO THE SLV

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 576.567  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

 

 

Let us have a look at the data for today

 

 

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IN SILVER THE COMEX OI ROSE BY A STRONG SIZED 2349 CONTRACTS FROM 193,078 UP TO 195,427, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG $1.26 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS PRIMARILY DUE TO ATTEMPTED  BANKER SHORT COVERING COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, WITH A SMALL INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 2649 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 150 DEC:  150 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  300 CONTRACTS. WITH THE TRANSFER OF 300 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 300 EFP CONTRACTS TRANSLATES INTO 1.50 MILLION OZ  ACCOMPANYING:

1.THE $1.26 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.

6.450 MILLION OZ INITIAL STANDING IN AUGUST

 

MONDAY, 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 $1.26 ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY WEAK SILVER LONGS FROM THEIR POSITIONS. THEY  ENGAGED IN ATTEMPTED BANKER SHORT COVERING. THUS: 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,  ATTEMPTED AND FAILED BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A GOOD NET GAIN OF 2649 CONTRACTS OR 13.245 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:

12,453 CONTRACTS (FOR 13 TRADING DAY(S) TOTAL 12,453 CONTRACTS) OR 62.265 MILLION OZ: (AVERAGE PER DAY: 9579 CONTRACTS OR 4.789 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 62.265 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 8.89% 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:          1,332.56 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                         62.265  MILLION OZ (EXCHANGE FOR PHYSICALS INCREASING)

 

 

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2349, WITH OUR $1.26 GAIN IN SILVER PRICING AT THE COMEX ///MONDAY…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 300 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 2649 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $1.26 RISE IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 300 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 2349 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A $1.26 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.53 // MONDAY’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. 0.9770 BILLION OZ TO BE EXACT or 139% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 2 NOTICE(S) FOR 10,000 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 6.450 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 ROSE BY A SMALL SIZED 3299 CONTRACTS TO 545,677 AND CLOSER TO  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN OF COMEX OI OCCURRED WITH OUR HUGE GAIN IN PRICE  OF $46.30 /// COMEX GOLD TRADING// MONDAY//WE  HAD A ATTEMPTED BANKER SHORT COVERING, A STRONG SIZED INCREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR HUGE GAIN IN PRICE OF $46.30. 

 

 

WE HAD A VOLUME OF 5    4 -GC CONTRACTS//OPEN INTEREST  158

 

WE GAINED A CONSIDERABLE SIZED 5024 CONTRACTS  (15.62 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1725 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 1725; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1622.  The NEW COMEX OI for the gold complex rests at 545,667. 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 CONSIDERABLE SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5,024 CONTRACTS: 3,299 CONTRACTS INCREASED AT THE COMEX AND 1725 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5024 CONTRACTS OR 15.622 TONNES. MONDAY, WE HAD A STRONG GAIN OF $46.30 IN GOLD TRADING..….

AND WITH THAT GAIN IN  PRICE, WE HAD A CONSIDERABLE SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 15.622 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $46.30. HOWEVER WE DID HAVE ATTEMPTED BANKER SHORT COVERING EARLY IN THE SESSION// BUT THAT FAILED SO THEY MUST HAVE COVERED SOME OF THEIR SHORTS AT MUCH HIGHER PRICES…THUS THE REASON FOR THE SMALL GAIN IN COMEX OI AND TOTAL OI FOR THE TWO EXCHANGES!

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1725) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (3299 OI): TOTAL GAIN IN THE TWO EXCHANGES:  5024 CONTRACTS. WE NO DOUBT HAD 1 )ATTEMPTED BANKER SHORT COVERING EARLY IN THE SESSION, 2.)A STRONG INCREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO LONG LIQUIDATION; 4) SMALL COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR HUGE GAIN IN GOLD PRICE TRADING//MONDAY//$46.30. WE NO DOUBT HAD SOME BANKER SHORT COVERING BUT AT MUCH HIGHER PRICES AS THE TRADING SESSION WORE ON.

 

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 : 28,747, CONTRACTS OR 2,874,700, oz OR 89.41 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 2211 EFP CONTRACTS PER TRADING DAY

 

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 84.04 TONNES

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

THUS EFP TRANSFERS REPRESENTS 89.41/3550 x 100% TONNES =2.52% 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   3,349.59  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;                 89.41 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 STRONG SIZED 2349 CONTRACTS FROM 193,078 UP TO 195,427 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   SOME ATTEMPTED BANKER SHORT COVERING EARLY IN THE SESSION , 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, AND THEN BANKER SHORT COVERING LATER IN THE SESSION AT MUCH HIGHER PRICES. 

 

EFP ISSUANCE 300 CONTRACTS

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

 SEPT: 150 AND DEC. 150 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 300 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 2349 CONTRACTS TO THE 300 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 2649 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 13.245 MILLION  OZ, OCCURRED WITH OUR $1.26 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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 12.29 POINTS OR 0.36%  //Hang Sang CLOSED UP 20.04 POINTS OR 0.08%   /The Nikkei closed DOWN 45.67 POINTS OR 0.20%//Australia’s all ordinaires CLOSED UP .81%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9226 /Oil UP TO 42.63 dollars per barrel for WTI and 45.20 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9226 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.92020 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A SMALL SIZED 3299 CONTRACTS TO 545,667 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 COMEX INCREASE OCCURRED WITH OUR HUGE GAIN OF $46.30 IN GOLD PRICING /MONDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1725 CONTRACTS),.  THUS,  WE HAD 1) A HUGE ATTEMPTED BANKER SHORT COVERING AT THE COMEX, EARLY IN THE TRADING SESSION, AS FEAR CONTINUES TO BE THE TOPIC OF DISCUSSION FOR THEM , PLUS 2)  ZERO LONG LIQUIDATION  AND 3)  STRONG INCREASE IN GOLD OZ  STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5024 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. NO DOUBT WE HAD  BANKERS COVER SOME OF THEIR SHORTS BUT AT MUCH HIGHER PRICES. 

 

 

 

(SEE BELOW)

 

 

WE  HAD 5    4 -GC VOLUME//open interest RISES AT 158

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1725 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 0  DEC 1725; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1725  CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 5024 TOTAL CONTRACTS IN THAT 1725 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 3299 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 SOME ATTEMPTED BANKER SHORT COVERING AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THE REASON FOR OUR HUGE RAIDS LAST WEEK COURTESY OF THE OFFICIAL SECTOR/BIS. TODAY WE WITNESSED A GOOD INCREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE  LOST ZERO SPECULATOR LONGS. AND SOME OF OUR BANKERS COVERED THEIR SHORTS BUT AT MUCH HIGHER PRICES.

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $46.30).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  15.62 TONNES

 

 

NET GAIN ON THE TWO EXCHANGES :: 5024, CONTRACTS OR 502400 OZ OR 15.62 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:  545,667 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.56 MILLION OZ/32,150 OZ PER TONNE =  1697 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1697/2200 OR 77.16% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 367,643 contracts// fair volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  315,777 contracts//  volume: fair //most of our traders have left for London

 

 

AUGUST 18 /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
133,098.500 oz
Brinks
JPMorgan
includes 3,000 kilobars sent by JPM
to Brinks
Deposits to the Dealer Inventory in oz 96,453.000 oz

Brinks

 

3,000 kilobars

 

arrived from JPM.

 

 

 

Deposits to the Customer Inventory, in oz  

nil

OZ

 

 

No of oz served (contracts) today
34 notice(s)
 3400 OZ
(0.1057 TONNES)
No of oz to be served (notices)
547 contracts
(54,700 oz)
1.701 TONNES
Total monthly oz gold served (contracts) so far this month
48164 notices
4,816,400 OZ
149.810 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 1 deposit into the dealer

i) Into the dealer Brinks:  96,453.000 oz  (3000 kilobars)

 

total deposit: 96,453,000 oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account

 

 

 

total deposit:  nil   oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Brinks:  36,645.500 oz

 

ii) Out of JPMorgan::  96,453.000 oz

3,000 kilobars: sent to Brinks

 

 

 

total withdrawals;  133,098.500  oz

 

 

 

We had 2  kilobar transactions  +

 

ADJUSTMENTS: 1 //

 

i) Out of JPMorgan:  214,486.266 oz leaves the customer account of JPMorgan and enters the dealer account

 

 

 

 

The front month of AUGUST registered a total of 581 CONTRACTS as we LOST 42 contracts. We had 95 notices served on MONDAY so we GAINED 53 contracts or an additional 5300 OZ 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 10 contracts to stand at 2425.  Oct GAINED 37 contracts UP to 69,690

 

The big December contract GAINED 4297 contracts  UP to 403,573 contracts…

 

 

 

We had 34 notices filed today for  3400 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 34 contract(s) of which 2  notices were stopped (received) by j.P. Morgan dealer and 3 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 2 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the AUGUST /2020. contract month, we take the total number of notices filed so far for the month (48,164) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (581 CONTRACTS ) minus the number of notices served upon today (34 x 100 oz per contract) equals 4,865,800 OZ OR 151.347 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 (48,164, x 100 oz + (581 OI) for the front month minus the number of notices served upon today (34) x 100 oz which equals 4,871,100 oz standing OR 151.511 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 53 contracts or 5300 oz of gold as these guys refused to morph into London based forwards.

THE NAME OF THE GAME TODAY IS ATTEMPTED  BANK SHORT COVERING AS FINALLY FEAR BECAME THEIR CENTRAL FOCUS.  THE PRICE OF GOLD SKYROCKETED SO THEY COULD NOT COVER MUCH.

 

 

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 480.08 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 151.347 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,464,683.952 oz or 512.23 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:  15,434,721.0  (480,08 tonnes)
true registered gold  (total registered – pledged tonnes  15,434,721.0 (480.08 tonnes)
total eligible gold:  20,634,030.952 oz (641.80 tonnes)

total registered, pledged  and eligible (customer) gold;   37,098,714.359 oz 1,153.92 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1027,58 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 18/2020

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
 2072.79 oz

 

Delaware

 

Deposits to the Dealer Inventory
589,515.300 oz
Brinks

 

Deposits to the Customer Inventory
2,581,002.07 oz
CNT
Delaware
No of oz served today (contracts)
2
CONTRACT(S)
(10,000 OZ)
No of oz to be served (notices)
16 contracts
 80,000 oz)
Total monthly oz silver served (contracts)  1274 contracts

6,370,000, oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into Brinks:  589,515.300 oz

total dealer deposits: 589,515.300   oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

we had 2 deposits into the customer account

i)into JPMorgan:  nil oz

 

 

 

ii) Into CNT: 2,534,629.800 oz

iii) Into Delaware:  16,372.270 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 48.75% of all official comex silver. (165.53 million/339.539 million

 

total customer deposits today: 2,581,002.07   oz

we had 1 withdrawals:

i)Delaware: 2072.79

 

 

total withdrawals;  2072.79    oz

We had 0 adjustments

 

 

Total dealer(registered) silver: 129.555 million oz

total registered and eligible silver:  339.539 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 18 contracts and thus we lost 1 contracts.  We had 2 notices filed on MONDAY so we GAINED 1 contracts or an additional 5,000 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 loss 3422 contracts down to 82,220. November saw another gain of 3 contracts to stand at 266.

SEPT OI IS VERY HIGH AND WE WILL HAVE A DANDY AMOUNT OF SILVER STANDING AT THE COMEX.

 

The big December contract month saw its OI rise by good 5749 contracts up to 101,001

 

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 2 contract(s) FOR 10,000, 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 1274 x 5,000 oz = 6,370,000 oz to which we add the difference between the open interest for the front month of AUGUST(18) and the number of notices served upon today 2 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1274 (notices served so far) x 5000 oz + OI for front month of AUGUST  (18)- number of notices served upon today (2) x 5000 oz of silver standing for the AUGUST contract month.equals 6,450,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 1 contracts or an additional 5,000 oz will stand for delivery as they refused to morph into London based forwards..

 

 

TODAY’S ESTIMATED SILVER VOLUME : 235,095 CONTRACTS // volume huge++++++++++++++++++++++++++++++++++++/

 

 

FOR YESTERDAY: 196,739.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 196,739 CONTRACTS EQUATES to 0.986 billion  OZ 141% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.62% ((AUGUST 18/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -1.15% to NAV:   (AUGUST 18/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.62%

(courtesy Sprott/GATA

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

NAV 21.03 TRADING 20.74///NEGATIVE 1.40

END

 

 

And now the Gold inventory at the GLD/

AUGUST 18/WITH GOLD UP $14.60 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY: A DEPOSIT OF 4.09 TONNES//GLD INVENTORY RESTS TONIGHT AT 1252.38 TONNES

AUGUST 17/WITH GOLD UP $46.30  TODAY:  SURPRISINGLY WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL  OF 3.8 TONNES//INVENTORY RESTS AT 1248.29 TONNES

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 18/ GLD INVENTORY 1252.38 tonnes*

LAST;  883 TRADING DAYS:   +312.88 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 783 TRADING DAYS://+491,41  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 18/WITH SILVER UP $.44 TODAY: WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 2.514 MILLION OZ//THE SLV INVENTORY RESTS TONIGHT AT 576.567 MILLION OZ//

AUGUST 17/WITH SILVER  UP $1.27 TODAY: WE HAD NO CHANGES IN SILVER INVENTORY: //INVENTORY RESTS AT 574.053 MILLION OZ//

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 18.2020:

SLV INVENTORY RESTS TONIGHT AT

576.567 MILLION OZ.

 

 

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

There Is No “Gold Bubble” as Retail Investors Are Only Starting To Invest in Gold – Bloomberg Interview GoldCore

Watch on YouTube here and on Bloomberg here

GoldCore Research Director Mark O’Byrne speaks on “Bloomberg Surveillance” about the factors behind the recent sharp fall in the gold price and as gold recovers above $2,000 per ounce, the very positive medium and long term outlook.

The outlook is positive due to significant economic uncertainty due to societal and economic lockdowns as the divisive U.S. election and Brexit loom, negative interest rates on deposits and bonds and looming currency devaluations globally.

NEWS and COMMENTARY

Gold Rebounds Above $2,000 Amid Escalating U.S.-China Tensions (Bloomberg) 

Gold jumps 1% to surpass $2,000/oz as dollar dips (Reuters)

Barrick Gold Shares Surge After Berkshire Hathaway Stake Purchase

Dollar hovers near two-year low as traders push euro longs to record high

New U.S. curbs to slam Huawei, hurt suppliers in short term

Venezuelan central bank’s gold reserves fall to lowest level in 50 years

 

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

17-Aug-20 1949.85 1972.85 1488.13 1505.68 1645.87 1661.53
14-Aug-20 1948.30 1944.75 1491.42 1482.09 1653.33 1643.31
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

 

Access Latest Goldnomics Podcast (Part II) Here

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

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

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

The Fed will soon endorse inflation that has been running wild for years anyway.  Good reason for gold to break 2000 again today.

(Bloomberg)

Fed soon will endorse the inflation that has been running wild for years

 Section: 

Fed Close to Making Its New Inflation Strategy Official

By Christopher Condon and Vivien Lou Chen
Bloomberg News
Monday, August 17, 2020

The Federal Reserve will soon reveal a subtle yet profound shift in how it conducts monetary policy for the world’s largest economy, officially embracing a more relaxed view on inflation.

In addition to helping rescue the U.S. economy amid the coronavirus pandemic, Fed Chair Jerome Powell and colleagues also spent 2020 finishing up the central bank’s first review of how it pursues the goals of maximum employment and price stability set for it by Congress. It’s a process that began in early 2019 and included a nationwide listening tour.

… 

Now they’re close to presenting the results — perhaps as soon as September.

“It will signal clearly to the market that not only will the Fed tolerate inflation temporarily above 2%, but that it favors it, and will try to aim in that direction,” said Mickey Levy, chief economist for the U.S. and Asia at Berenberg Capital Markets.

Several other economists interviewed made precisely the same prediction and agreed that many Fed officials have already been pursuing that strategy for months. Investors also see it coming. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-08-17/fed-close-to-making-i…

end

Venezuelan central bank’s gold reserves fall again to just 98 tonnes but I believe that most of this tonnage is in England and will not be released to ex bus driver Maduro.

(Reuters)

Venezuelan central bank’s gold reserves fall to lowest level in 50 years

 Section: 

From Reuters
Monday, August 17, 2020

CARACAS — Venezuela’s gold reserves fell by seven tonnes in the first half of the year to reach just 98 tonnes, their lowest level in 50 years, according to data published on Monday by the South American country’s central bank.

The drop comes as Venezuela, whose key oil industry is under U.S. sanctions, sells its gold abroad to obtain foreign currency amid an economic crisis. The central bank maintained reserves above 350 tonnes until 2015, when the increasingly cash-strapped government began to use gold as a collateral for loans.

U.S. officials, who are seeking to oust socialist President Nicolas Maduro, have said that Venezuela has used gold to pay for gasoline imports from ally Iran this year as a near-complete breakdown in state oil company Petroleos de Venezuela’s refining network led to widespread fuel shortages. …

 

… For the remainder of the report:

https://www.reuters.com/article/venezuela-gold/venezuela-central-bank-go…

end

iii) Other physical stories:

 

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 TUESDAY 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: 6.9226/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.92204   /shanghai bourse CLOSED UP 12.29 POINTS OR 0.36%

HANG SANG CLOSED UP 20.04 POINTS OR 0.08%

 

2. Nikkei closed DOWN 45.67 POINTS OR 0.20%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index DOWN TO 92.55/Euro RISES TO 1.1905

3b Japan 10 year bond yield: RISES TO. +.104/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.54/ 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:: 42.63 and Brent: 45.20

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.45%/Italian 10 yr bond yield DOWN to 0.95% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.40: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.08

3k Gold at $2007.00 silver at: 28.19   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 55/100 in roubles/dollar) 73.13

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.54 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 .9052 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0776 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.45%

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 0.679% early this morning. Thirty year rate at 1.41%

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

6.  TURKISH LIRA:  UP  TO 7.3946…hopelessly bust..

Futures Inch To Record High After Walmart Earnings Smash Expectations; Dollar Hits 2 Year Low

Equities reversed initial losses in a morning devoid of economic data, which saw the Eurostoxx 50 turn solidly green after having dropped as much as 0.9% in early trading, while S&P futures also turned lower at first, before following Europe’s rebound to trade in the green. However, it was Walmart blowout earnings report at 7am that pushed the Emini back to the edge of all time highs despite fresh tensions between U.S. and China over Huawei. Elsewhere, treasuries edged higher and gold climbed back above $2,000 an ounce. Iron ore futures rallied to highest since 2014.

 

 

Walmart reported non-GAAP earnings per share for the second quarter that beat the highest analyst estimate:

  • Q2 revenue $137.7 million, estimate $135.61 billion
  • Q2 adjusted EPS $1.56, estimate $1.24.
  • Q2 total U.S. comp sales ex-gas +9.9%, estimate +6.2% (CM, average of 11 estimates)

Also of note, Walmart’s U.S. e-commerce sales rose 97% in the quarter, compared with the average analyst estimate of nearly 60%, suggesting that Amazon may be facing some heat as an online retail monopoly. That comes as the coronavirus has catalyzed online purchases, and Walmart has been a primary beneficiary thanks to its revamped website and a new partnership with Shopify to bring more merchants into its fold. Walmart is also planning to introduce a subscription program, dubbed Walmart+, that could challenge Amazon Prime and help it hold onto the millions of new shoppers it has picked up during the pandemic.

U.S. stock index futures edged higher on Tuesday, extending momentum from a tech-fuelled rally in the prior session that saw the Nasdaq hit a record high. Adding to futures upside, Home Depot also rose in pre-market trading after reporting sales growth that was more than double analyst estimates as Americans opened their wallets for home improvement. The home improvement chain rose 2.8% in premarket trade, setting it to hit a record high, after its quarterly comparable same-store sales were much better than expected, as people focused on home repair while staying indoors. Home Depot’s smaller rival Lowe’s and supermarket operator Target will report their quarterly earnings on Wednesday.

In the Stoxx Europe 600 Index, U.K. homebuilder Persimmon Plc was among the biggest gainers after sales reservations increased. The Stoxx 600 erased initial declines, with travel, insurance and banking names leading on the rebound. The FTSE 100 also pared losses to trade flat. The travel subgroup rose 1.1% after falling for two sessions over new travel restrictions imposed on major European countries

Earlier in the session, the S&P 500 futures hit a record high during Asian trade but later lost steam as caution over a Sino-U.S. spat grew after President Donald Trump announced further restrictions on tech giant Huawei Technologies. China firmly opposes the latest U.S. actions against Huawei, Foreign Ministry spokesman Zhao Lijian tells regular news briefing Tuesday in Beijing. Zhao reiterated China’s willingness to retaliate against U.S. actions and said the U.S. move is “nothing short of bullying.”

The latest US-China tensions were not enough to spook Asian markets, which gained, led by health care and communications, after rising in the last session despite slumping chipmakers including Taiwan’s MediaTek, which dropped after the U.S. toughened restrictions on Huawei. Markets in the region were mixed, with Jakarta Composite and India’s S&P BSE Sensex Index rising, and South Korea’s Kospi Index and Taiwan’s Taiex Index falling. The Topix was little changed, with Oisix ra daichi rising and Grace falling the most. The Shanghai Composite Index rose 0.4%, with Amlogic Shanghai and Guangdong Rongtai Industry posting the biggest advances.

In rates, despite the latest stock levitation, treasuries also edged higher although they pared gains as E-Minis flirted with record highs. Treasury futures were off the highs of the day into early U.S. session, although yields remain richer across the curve following continued Asia session buying. Yields were lower by as much as 2bp across long-end of the curve in bull flattening move with front-end yields anchored; both 2s10s, 5s30s spreads subsequently tighter by ~1bp. Treasury 10-year yields around 0.677% with gilts and bunds both little changed, slightly underperforming. Bund, treasury and gilt curves bull flatten; 10s trade off best levels, with treasuries outperforming bunds by 1bp.

In FX, the Bloomberg dollar index slid to the lowest level since 2018, weighed down by disappointing U.S. data and a deadlock in stimulus talks. Demand for the British pound in early London trading from corporate and algo accounts fueled broader dollar weakness, according to two traders in Europe. Sterling may gain further if there are positive developments between between U.K. and European Union officials after Brexit talks resumed Tuesday. The U.K. aside, the lack of news and a thin data calendar has kept the lower-dollar narrative going, spurring direct price action in the cash market. That’s pushed the euro and yen to fresh day highs.

In commodities, WTI and Brent front month futures oscillate between gains and losses as prices recover from overnight lows alongside the stock markets’ grind higher. The weekly API Private Inventory report is due today, with forecasts for headline crude inventories to have fallen ~2.9mln barrels over the last week. Elsewhere, spot gold and spot silver trade on a firm footing above USD 2000/oz and 26/oz respectively, aided by a softer USD. Base metals overnight continued to be bolstered by the PBoC’s recent liquidity injection, with Dalian iron ore rising some 3%.

Meanwhile, traders remain preoccupied with the prospect for more government stimulus. Democrats and Republicans have been deadlocked in negotiations over a stimulus package and the S&P 500 has stalled just below its February closing record.

“A lot of investment professionals as well as retail investors are on the sidelines partially because they are waiting for this second stimulus package,” Erin Gibbs, president and chief investment officer at Gibbs Wealth Management, said on Bloomberg TV. “It’s not a full-on risk-on environment just yet.”

Looking ahead, investors will get further hints on the state of the U.S. housing market when July housing starts data is published later on Tuesday.  Expected data include housing starts. Home Depot, Kohl’s, Walmart and Agilent are reporting earnings.

Market Snapshot

  • S&P 500 futures little changed at 3,382.50
  • STOXX Europe 600 up 0.1% to 369.79
  • MXAP up 0.3% to 172.06
  • MXAPJ up 0.2% to 568.09
  • Nikkei down 0.2% to 23,051.08
  • Topix up 0.06% to 1,610.85
  • Hang Seng Index up 0.08% to 25,367.38
  • Shanghai Composite up 0.4% to 3,451.09
  • Sensex up 1.1% to 38,463.56
  • Australia S&P/ASX 200 up 0.8% to 6,123.36
  • Kospi down 2.5% to 2,348.24
  • German 10Y yield fell 0.8 bps to -0.459%
  • Euro up 0.2% to $1.1895
  • Italian 10Y yield fell 5.7 bps to 0.805%
  • Spanish 10Y yield fell 0.9 bps to 0.317%
  • Brent futures down 0.1% to $45.33/bbl
  • Gold spot up 1% to $2,005.05
  • U.S. Dollar Index down 0.3% to 92.60

Top Overnight News

  • Face-to-face Brexit negotiations are resuming Tuesday in Brussels. Both sides seek to find an agreement by the start of October, but so far neither the U.K. nor the EU have made enough concessions to reach a breakthrough.
  • Germany recorded its highest number of new daily Covid-19 cases in almost four months. The country’s infection rate held above the threshold of 1.0 — meaning the spread of the virus is accelerating — fueling fears about European virus resurgence. South Korea’s prime minister announced worship services and large gatherings are now banned in greater Seoul, as cases are rising in the capital and threatening to spread nationwide.
  • U.K. retailer Marks & Spencer announced plans to cut 7,000 jobs — a tenth of its workforce — in the next three months as a result of coronavirus impact.
  • China called the Trump administration’s decision to impose fresh restrictions on Huawei “nothing short of bullying” and said the move can only backfire.

Asian equity markets traded mixed following a similar indecisive performance for stocks on Wall St amid a lack of fresh developments on the macro front and with participants tentative ahead of the risk events later in the week. ASX 200 (+0.8%) and Nikkei 225 (-0.2%) were varied with Australia kept afloat by strength in healthcare, tech and metal miners as gold made its way back closer towards the USD 2000/oz level, although gains were capped for the index by disappointing earnings with financials pressured after Westpac scrapped its dividend citing a highly uncertain outlook and BHP shares were subdued by weaker results. Furthermore, consumer staples suffered after Coles reported a slump in pre-tax profits and with Treasury Wine Estates the worst performing stock due to China launching anti-dumping investigations on imports of Australian wine. Conversely, the Japanese benchmark was negative with exporters hampered by a stronger currency, while Hang Seng (+0.1%) and Shanghai Comp. (+0.4%) remained positive after the PBoC continued its liquidity efforts and with Hong Kong set to announce a 3rd round of COVID-19 relief, although tensions persisted as reports suggested the delay in trade review talks was likely due to a lack of atmosphere and the US also recently tightened restrictions on Huawei’s access to US technology and semiconductors. Finally, 10yr JGBs were higher amid weakness in Japanese stocks and following the gains seen in T-notes, but with further gains restricted by mostly weaker results at the 30yr JGB auction in which the bid to cover and accepted prices declined from prior.

Top Asian News

  • Singapore Leads on Libor Replacement in Asia With Note Sale
  • China DNA Firm Unit Said to Consider $1 Billion Shanghai IPO
  • Jack Ma’s Ant Group Is Said to Plan Consumer Finance Firm
  • Turkey’s Lenders May Have to Borrow at Highest Central Bank Rate

European bourses trade mostly firmer [Euro Stoxx 50 +0.5%] after recovering from broad-based losses seen at the cash open, despite a lack of fresh catalysts and against the backdrop of thinner August volumes. The initial defensive bias seen across sectors has somewhat faded, with broader sectors now mostly higher with no clear risk profile to be derived. The detailed breakdown sees Travel & Leisure and Autos the top performers, whilst Banks and Financial Services hold onto losses amid a lower yield environment, whilst ECB’s VP de Guindos also noted that banks are unlikely to fully recovery from the pandemic before 2022. In terms of individual movers, Clariant (+5.2%) holds onto opening gains with traders citing reports yesterday that the group and China’s Chemtex have agreed on a biofuel partnership, in which the two parties will collaborate to market and sell Clariant’s sunliquid technology licenses, as well as services and supplies for advanced biofuel plants in China. Elsewhere, mining-giant BHP (-1.5%) remains subdued post-earnings after missing analyst expectations across a number of metrics, albeit share prices have lifted off lows alongside the broader markets, with BHP losses potentially cushioned by the announcement of thermal coalmine sales within two years. Meanwhile, AstraZeneca (+0.5%) outperforms the healthcare sector as the Co’s Imfinzi has been grated priority review in the US. Finally, the Bank of America August Global Fund Manager Survey showed that investors say long US tech was most crowded trade, then long gold, whilst top tail risks are COVID-19 second wave followed by US-China trade war and the US election.

Top European News

  • EU Is Most Preferred Equity Region Globally, BofA Survey Shows
  • Nordic Capital Said to Raise About $5.9 Billion For New Fund
  • U.K. Hits Online Realtor Purplebricks With Money-Laundering Fine
  • Pandora Sees 2020 Sales Falling as Much as 20% Amid Pandemic

In FX, another retreat in real rates for Gold bugs to embrace and reload long positions to the broad detriment of the Dollar, as the index retreats further to fresh ytd lows (92.469) after a failing to sustain gains above 93.000 in listless seasonal trade. Ahead, US housing data is highly unlikely to alter the landscape before Wednesday’s FOMC minutes, initial claims and flash PMIs, but tomorrow’s 20 year auction could conceivably impact Treasuries after last week’s Quarterly Refunding prompted pronounced bear-steepening with ramifications for the Greenback and other currencies by default.

  • GBP/CAD/JPY – The Pound has recovered from Monday’s lethargy and rebounded to the top of the major ranks, with Cable establishing a firmer base on the 1.3100 handle and within striking distance of early August highs (1.3186), while Eur/Gbp has drifted back down to pivot 0.9050. Elsewhere, the Loonie is extending advances vs its US counterpart beyond 1.3200 ahead of Canadian CPI tomorrow and not showing any real adverse reaction to news of Finance Minister Morneau’s resignation, while the Yen has made a decisive break through 106.00 to expose recent peaks around 105.32-30 in wake of an improvement in Japan’s Tankan index, albeit still deeply negative.
  • EUR/AUD/CHF – Also firmer against the Buck, as Eur/Usd retests resistance above 1.1900, the Aussie eyes loftier levels over 0.7200 amidst more constructive cross-flows down under and hardly a flinch on the RBA minutes that merely reiterated forward policy guidance (accommodation to continue as long as required alongside 0.25% 3 year yield target for progression towards full employment and inflation remit). Similarly, the Franc registered a new multi-year apex circa 0.9038 before Swiss trade and ip data on Thursday.
  • NZD/NOK/SEK – The G10 laggards, with the Kiwi still reeling from COVID-19 2nd wave concerns and also having to contend another dovish RBNZ call after ANZ joined the chorus anticipating further easing to -0.25% by early Q2 next year. Nzd/Usd is straddling 0.6550, but Aud/Nzd has extended to 1.1040+ following brief retracement through 1.1000 overnight. Meanwhile, the Swedish and Norwegian Krona have both lost impetus vs the Euro around 10.3300 and 10.5100 after a decline in industrial inventories and against the backdrop of waning crude prices.
  • EM – Most regional currencies are retrieving losses or appreciating further vs the Dollar, but yet again the Lira is flagging just above 7.4000 awaiting the latest CBRT rate meeting in stark contrast to the Yuan heading towards 6.9100 irrespective of ongoing US-China tensions outside of Phase 1 trade deal terms that Beijing claims will be adhered to even though the meeting to discuss progress has been delayed.

In commodities, WTI and Brent front month futures oscillate between gains and losses as prices recover from overnight lows alongside the stock markets’ grind higher. That being said, news flow has again remained light for the complex ahead of the JMMC meeting tomorrow – where no major surprises are expected. Meanwhile, Russian Energy Minister Novak has contracted the coronavirus, but is showing no symptoms and will tune in to tomorrow’s meeting via videocall. Before that, the weekly Private Inventory report is due today, with forecasts for headline crude inventories to have fallen ~2.9mln barrels over the last week. Elsewhere, spot gold and spot silver trade on a firm footing above USD 2000/oz and 26/oz respectively, aided by a softer USD. Base metals overnight continued to be bolstered by the PBoC’s recent liquidity injection, with Dalian iron ore rising some 3%. Separately, LME copper continues to grind higher as it tracks the stock markets and with falling LME inventories also supportive for the red metal. Finally, BHP’s outlook notes that there was extremely challenging demand in H1 for its products and expects iron ore prices to ease from current spot levels and China’s growth to moderate over time.

US Event Calendar

  • 8:30am: Housing Starts, est. 1.25m, prior 1.19m; Housing Starts MoM, est. 4.97%, prior 17.3%
  • 8:30am: Building Permits, est. 1.33m, prior 1.24m; Building Permits MoM, est. 5.33%, prior 2.1%

DB’s Craig Nicol concludes the overnight wrap

It may have been another fairly slow summer Monday but yesterday was the closest yet that the S&P 500 (+0.27%) has come to striking a new all-time high on a closing basis. Just over 4 points separate it from a new record now. Yesterday was one of the more dull Monday’s that we’ve had though with the intraday range on the S&P 500 just 8.4pts points (0.25%) – the tightest daily range since the shortened trading day of Christmas Eve 2019 – while the VIX nudged down another -0.7pts to the lowest since February 21 now at 21.4.

The news that we did get included President Trump praising China’s purchases of corn, beef and soybeans, while Peter Navarro, the Director of the Office of Trade and Manufacturing Policy, said that the Phase One deal reached with China was on track. It’s hard to be upbeat about the progress of fiscal talks however, with Senate majority leader Mitch McConnell saying that although discussions were “still going on”, that “I can’t tell you with certainty we’re going to reach an agreement”. That being said, late last night there were reports that Senate Republicans are planning to introduce a new version of the stimulus bill that is more pared down than the $1tn bill already submitted. Overnight, Bloomberg reported that the pared down legislation would include a $300 a week enhanced unemployment benefit, money for small business aid, additional U.S. Postal Service funding and protection for employers against lawsuits stemming from Covid-19 infections.

Speaking of fiscal stimulus, we did hear yesterday about the prospect of further measures in Germany, where finance minister Scholz has proposed extending the country’s job support scheme from 12 to 24 months, in a move that will cost €10bn. A government spokesman said that Chancellor Merkel was open to the programme continuing in principle, and the proposal is interesting when you consider that Germany is set to undergo a more moderate contraction compared with its European partners this year (DB forecasting -6.4% decline in 2020 vs. -11.0% for both France and Italy).

The focus overnight has turned to the US Commerce Department’s decision to impose further restrictions on Huawei aimed at cutting the Chinese company’s access to commercially available chips. The new restrictions built upon the existing ones announced in May by adding 38 Huawei affiliates in 21 countries to an economic blacklist. Despite that news the Shanghai Comp +0.42% and Hang Seng +0.15% are still higher this morning along with the ASX (+0.74%), however the Nikkei -0.23%, Kospi -0.15% and Taiwan’s TAIEX index -0.42% are down. Meanwhile, futures on the S&P 500 are trading flat and yields on 10y USTs are down -1bp.

Back to yesterday, where talk of further stimulus didn’t dent the performance of sovereign bonds, which made gains on both sides of the Atlantic. By the close, 10yr yields on US Treasuries (-2.1bps), Bunds (-3.0bps) and Gilts (-2.7bps) had all fallen, and the spread of Italian yields over bunds fell by -2.7bps to their tightest in nearly 6 months. That move for Treasuries also saw the curve bull flatten, with 2s10s actually back down -2.7bps to 53.5bps having struck 56.6bps at the highs last week. Meanwhile, European equities similarly moved higher, with the STOXX 600 up +0.32%, while the dollar lost ground for a 4th straight session (-0.31%), putting it close to its 2-year low reached earlier in the month. The drop in yields and the dollar saw precious metals gain sharply. Gold gained +2.07% yesterday after enduring a weekly loss for the first time since the first week of June, while silver similarly rallied +3.93%.

While equities pushed on, credit was a touch weaker yesterday with IG and HY spreads ending +1bp and +3bps respectively in both USD and EUR. There was a milestone of sorts reached in the USD IG market however, with issuance hitting a new record of $1.34tn, and surpassing 2017’s full year total despite only being 8 months into the year.

In other news, the Democratic convention kicked off, though thanks to Covid-19 it was a much more subdued affair than in previous election cycles. There wasn’t a great deal that was newsworthy in the speeches, but we did get a Washington Post/ABC News poll out yesterday showing Biden with a 53-41 lead over President Trump. Overall, the RealClearPolitics polling average of the last two weeks shows the former Vice President 7.7pts ahead of President Trump.

As for data yesterday, the Empire State manufacturing survey for August came in at a lower-than-expected 3.7 (vs. 15.0 expected). However, it’s not worth over-interpreting the decline since this is a diffusion index, where respondents are simply asked whether conditions have improved or worsened, rather than by how much. The other release from the US was the NAHB housing market index for August, which rose to 78 (vs. 74 expected), matching its record.

Finally, looking at the day ahead, the data highlight will be US housing starts and building permits data for July. From central banks, we’ll hear from ECB Vice President de Guindos, and earnings releases include Walmart and Home Depot.

 

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 12.29 POINTS OR 0.36%  //Hang Sang CLOSED UP 20.04 POINTS OR 0.08%   /The Nikkei closed DOWN 45.67 POINTS OR 0.20%//Australia’s all ordinaires CLOSED UP .81%

/Chinese yuan (ONSHORE) closed DOWN  at 6.9226 /Oil UP TO 42.63 dollars per barrel for WTI and 45.20 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9226 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.92020 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA VS USA
USA launches soft capital control attack on Beijing: it urges colleges to sell all Chinese stocks
(zerohedge)

US Launches Soft Capital Control Attack On Beijing, “Urges” Colleges To Sell Chinese Stocks

One day after Trump activated what Bloomberg described as the “nuclear option” when the US announced that Huawei can’t access US technology directly or indirectly, an action which leaves it in extremely difficult circumstances, the U.S. State Department has escalated the Cold War with China yet again, with Bloomberg reporting that the US is now asking colleges and universities to divest from Chinese holdings in their endowments, “warning schools in a letter Tuesday to get ahead of potentially more onerous measures on holding the shares.

The iShares MSCI China ETF, the MSCI sold off on the news.

 

As Bloomberg explains, “Tuesday’s warning is part of a larger campaign by U.S. officials to slow the money that has flowed from investment funds into Chinese companies. Secretary of State Michael Pompeo told state governors in February that some pension funds are playing into China’s hands.”

“Boards of U.S. university endowments would be prudent to divest from People’s Republic of China firms’ stocks in the likely outcome that enhanced listing standards lead to a wholesale de-listing of PRC firms from U.S. exchanges by the end of next year,” wrote Keith Krach, undersecretary for economic growth, energy and the environment, in the letter addressed to the board of directors of American universities and colleges, and viewed by Bloomberg.

“Holding these stocks also runs the high risks associated with PRC companies having to restate financials,” he said.

The latest broadside against Beijing has seen Trump tightening limits on Chinese university students, ordering new restrictions in June that canceled the U.S. visas of certain graduate students and university researchers; and now he is limiting college exposure to Chinese stocks. Also earlier this month, the US went after two of China’s largest tech companies with executive orders prohibiting U.S. persons and companies from doing business with ByteDance’s TikTok video app and Tencent Holdings’s WeChat messaging service.

As reported previously, US regulators recently urged American stock exchanges to set new rules that could trigger the delisting of Chinese companies, following mounting concerns that investors are being exposed to frauds.

As part of the soft (which is getting “harder” however by the day) capital controls imposed on China, in addition to venture capital, endowments have directed growing portions of their passive investments into Chinese companies that US politicians say are linked to human rights abuses and national security threats. Recently, MSCI added Chinese stocks to its benchmark emerging markets index, amid a chorus of allegations that MSCI is now just another corrupt Chinese puppet.

 

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE FOR TUESDAY//GERMANY//THE GLOBE

German COVID-19 Cases Continue Surge As Pandemic Now No. 3 Cause Of Death In US: Live Updates

Summary:

  • COVID now No. 3 cause of death in US
  • Germany infections surge highest in 4 months
  • South Korea flareup continues
  • Hong Kong imposes 3rd round of restrictions
  • England & Wales celebrate lowest death numbers in 20 weeks

* * *

After focusing on Europe, Southeast Asia and the Asia-Pacific region over the weekend and into Monday, our focus on Tuesday shifts back to the US, where the number of new infections falls across the Sun Belt, with Arizona, Texas, California and even Florida all seeing single-day tallies of new cases decline.

Yesterday, the US reported roughly 40,000 new cases yesterday, the lowest number in weeks, even as deaths continued to climb at an aggressive pace after passing 170,000.

Source: NYT

Even as deaths show some signs of declining, the US has arrived at its latest milestone in the pandemic: COVID-19 has become the third-worst cause of death in the US, according to the CDC.

The pandemic has now surpassed accidents, injuries, lung disease, diabetes, Alzheimer’s and many other causes of deaths – even drug overdoses, which are surging again due to the outbreak.

Elsewhere, Germany continued to report an elevated number of new cases, while an outbreak in Hong Kong showed signs of tapering off, though that didn’t stop Chief Executive Carrie Lam from imposing a third round of anti-COVID restrictions on Monday.

In South Korea, a flareup continued to grow, with 246 more cases reported Tuesday, and the country banned large gatherings in and around Seoul.

In the UK, England and Wales recorded the fewest fatalities in 20 weeks. Deaths in the week ended Aug. 7 fell 21% to 152 vs. the prior week.

While the UK celebrated its milestone of lower deaths, Germany on Tuesday recorded its highest number of new coronavirus infections in nearly four months, the latest in a string of signs that the country’s outbreak is expanding aggressively once again.

There were 1,693 new infections in the 24 hours through Tuesday morning, the most since April 25, bringing Germany’s total to 226,700.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Interesting:  Iran slams the USA action on the high seas as “Pirates of the Caribbean”.  However they insist that the seized tankers and the fuel does not belong to Iran

(zerohedge)

Iran Slams US “Pirates Of The Caribbean” But Insists Seized Tankers & Fuel Didn’t Belong To Them

President Trump confirmed at the White House press conference on Friday: “We have four tankers. They are going to Houston, and they’re there… Iran is not supposed to be doing that. And so we did — we seized the tankers, and we’re moving them, and moved, to Houston.”

Yet details have not emerged as to precisely how the seizure of the fuel aboard four Iranian vessels – the Luna, Panid, Bering, and Bella – went down last Thursday. A US official emphasized to the WSJ last week the vessels were taken “without the use of military force” but provided no further details.

Meanwhile Tehran appears to be disputing that Iranian fuel allegedly bound for Venezuela was taken at all. Foreign Minister Javad Zarif condemned US authorities as “Pirates of the Caribbean” in a tweet, adding that, “Sadly for them, stolen booty wasn’t Iran’s.”

Previously the DOJ said it sought a federal court order “seeking to forfeit all petroleum-product cargo aboard four foreign-flagged oil tankers” and that it was done in accord with US laws targeting sanctions-busting.

As geopolitical commentator Jason Ditz has pointed out:

“It is not clear how exactly the shipment was seized. With US sanctions on Venezuela targeting the maritime industry, it is possible the shipowners werethreatened with the loss of registration or insurance, which could have been enough for them to comply and sail to a US port.”

Iran’s president Hassan Rouhani also slammed US claims of the seizure as “a lie” to cover up the “humiliation” of the UN Security Council failure to extend the Iran arms embargo:

Recall that in late May Iran delivered five tankers laden with fuel to Venezuela at a moment the US was threatening military blockade in the Caribbean. Maduro sent military jets and warships to escort the Iranian tankers, which both countries hailed as a rare, victorious act of defiance against Washington’s plans.

Later in July, when Iran again sent tankers for a second round of deliveries, which the two countries earlier announced would be ‘routine’, US federal prosecutors filed a lawsuit for the seizure of over 1.1 million barrels of gasoline on the four vessels.

 

Iranian tanker, file image via Radio Farda.

A judge issued a warrant for the seizure, but it remained unclear whether this could or would be carried out if the tankers never enter US territorial waters. The ships were most certainly “diverted” to Houston far outside US waters.

Thus far Iranian state media has been mostly mum on the details concerning the precise fate of the tankers, again other than to claim the gasoline on board is not actually their own and that the narrative served the interests of the Washington propaganda campaign against the Islamic Republic.

The cargoes were loaded from Iran, but neither the ships nor the cargoes belonged to Iran, and the U.S. declared victory for itself in the middle of this. The fuel was Iranian but it had been sold to Venezuela and its payment had been cleared,” Iranian Oil Minister Bijan Namdar Zanganeh said Monday.

end

BELARUS

The West is anxious to remove Lukashenko and create a colour revolution in this former Russian state

(Kit Knightly/Off Guardian.org)

Belarus In The Firing Line For A Color Revolution

Authored by Kit Knightly via Off-Guardian.org,

With his refusal to toe the coronavirus line Alexandr Lukashenko has outlived his usefulness, and is being shuffled off the grand chessboard…

Belarus had their presidential election last Sunday, and the incumbent Alexandr Lukashenko apparently won. This was evidently not supposed to happen, or in some other way counter to the Western world’s grand plan – because now we have a little colour revolution happening.

You can always tell an Eastern European colour revolution, because Shaun Walker emerges from his burrow, dragging with him 3000 words of total speculation, unsourced anecdotal evidence and some partisan quotes from Western-backed NGOs. You know, like this.

Another good indication is just how irate Simon Tisdall is, and judging by this column…he’s pretty irate. Granted it’s mostly about Erdogan and Turkey, but he has words for Lukashenko too, and they are not friendly. I wouldn’t be surprised if he broke the keys on his laptop, so furious is his typing.

If you can’t be bothered to read it, I don’t blame you. To sum up: NATO needs to “do something”, or “take action” or “intervene”. He doesn’t use the word “coup”, because our side don’t do those, but he definitely means coup.

The Economist is talking about the “right way to get rid of Lukashenko”, while Chatham House is insisting it’s time to “play hardball” in Belarus.

Europe’s foreign minister, Josep Borrell, has gotten involved too, issuing a statement that Belarus’ elections were “neither free nor fair”, and that “the people of Belarus deserve better”.

I have no idea if the vote was rigged or not. But I do know that none of the people claiming it was have provided any evidence to back that up, and I’m always suspicious when a fact is asserted without proof. Because you know if they had they would use it.

It’s also perfectly true that Europe – and the Western world in general – don’t care in the slightest about elections being fair. Witness the total lack of rebuke for the corrupt mess that was the 2014 Ukrainian election.

As for the police violence against protesters, Lukashenko and Belarus have received more harsh words in the Western press in the last two days, than Macron did during the 18 months of Gilets Jaunes protests, or the Spanish government ever did for their fascist destruction of the Catalan independence movement.

History is very clear in this precedent: Corruption and/or violence would be no obstacle whatsoever to doing business with the West, were Lukashenko willing to be biddable and serve a NATO-backed Deep State agenda. Lukashenko’s coronavirus policy shows he is not, and so twenty-six years of being gently tolerated are over and it’s time for him to go.

All the hallmarks of a narrative roll-out are there.

The sudden widespread and uniform use of terminology (In this case “Europe’s last dictator”), protest placards helpfully being written in English, and the social media-spread accounts of “heroes” overcoming adversity (eg. the woman who can’t live steam the protests so weaves them into a quilt instead. Yes, seriously.)

Maybe the Flower Revolution? The Petal Revolution?

Their options are limited, but whatever they end up with can’t be any worse than “the snow revolution”.

end

6.Global Issues

Not sure about this but supposedly that there is a mutation on our coronavirus that it is making it 10 x more infectious. It is know as the “D-614-G”,  Generally in man made viruses the virus loses its potency as it travels from person A to B to C etc.

(zerohedge)

COVID-19 Mutation That’s “10 Times More Infectious” Than The Original Discovered In Malaysia

The English-language press is generally no fan of Philippines’ pseudo-‘Strongman’ Rodrigo Duterte (half of the Americans who know who he is probably mistakenly believe him to be an autocrat due to the general tone of the coverage, although he was Democratically elected). Nonetheless, they’ve begrudgingly given him credit for his military-imposed lockdowns, and for reimposing the restrictive measures in and around Manila. Still, none of this has stopped Southeast Asia’s biggest outbreak from  clearly still has a long way to go to bring COVID-19 to heel.

And as South Korea is showing us right now, the virus can be surprisingly difficult to eradicate completely, just one more reason why the world needs to find a more sustainable way to live with COVID-19, rather than resorting to lockdowns as the only tool in the kit.

But there’s one variable that could upend all of this thinking, and effectively force all vulnerable populations into strict lockdown mode: that would be a mutation that causes it to become even more deadly. As Dr. Fauci once warned, mutations could make the virus more virulent and more infectious, and there’s already some evidence that certain strains of the virus are much deadlier than others.

And as Bloomberg reported on Monday, Southeast Asia – Malaysia specifically – has seen evidence that a certain mutation is more infectious, just like other mutations catalogued in the UK, NY and elsewhere. They call the mutation “D614G“. It’s also the “predominant variation of the virus” seen in Europe and the US – meaning it’s the same “world-conquering” virus we reported on back in June.

Southeast Asia is facing a strain of the new coronavirus that the Philippines, which faces the region’s largest outbreak, is studying to see whether the mutation makes it more infectious.

The strain, earlier seen in other parts of the world and called D614G, was found in a Malaysian cluster of 45 cases that started from someone who returned from India and breached his 14-day home quarantine. The Philippines detected the strain among random Covid-19 samples in the largest city of its capital region.

The mutation “is said to have a higher possibility of transmission or infectiousness, but we still don’t have enough solid evidence to say that that will happen,” Philippines’ Health Undersecretary Maria Rosario Vergeire said in a virtual briefing on Monday.

And now, we can add ‘Southeast Asia’ to its list of conquered territory.

Though the often intransigent WHO has yet to fully acknowledge the mutation’s potential, it “is said to have a higher possibility of transmission or infectiousness, but we still don’t have enough solid evidence to say that that will happen,” Philippines’ Health Undersecretary Maria Rosario Vergeire told BBG.

Keputusan terkini baru diterima dari makmal Institut Penyelidikan Perubatan (IMR): seperti disyaki mutasi jenis D614G…

Posted by Noor Hisham Abdullah on Saturday, August 15, 2020

Some argue the mutation won’t have an impact on vaccines being developed. But we can’t say any of this with 100% certainty, as much as some scientists would like to dismiss the risks out of hand.

One HK University professor told BBG that the mutation “might be a little bit more contagious. We haven’t yet got enough evidence to evaluate that, but there’s no evidence that it’s a lot more contagious,” University of Hong Kong’s Cowling said.

Others have claimed it’s “ten times more infectious” than the original.

Still, as more evidence suggests that the variation is linked to higher levels of mortality, understanding its potential will be key to bringing the vicious pandemic to heel.

end

Michael Every on global events of importance….

(Michael Every..)

Dollar-Bans, Dismal ‘Downunder’ & The Democratic National Unconvention

By Michael Every of Rabobank

More national, more unconventional

As I type, in the US the Democratic National Convention (DNC) is playing out over the internet, reminding us all that we are only 76 days to the US election. Or should it be called the National Unconvention? After all, it’s only on the internet due to Covid-19, and it is featuring a speaker who ran for president as a Republican as recently as 2016, who is not the only Republican present. Unconventional, indeed. As the press state, on day one of four the message is “Trump, Trump, and Trump,” clearly attempting to make the 2020 vote all about Trump himself, which is seen by pundits as the most effective Democrat electoral strategy, rather than Trump vs. Biden. That’s as a CNN poll yesterday placed Trump only 4 points behind Biden nationally, closing the gap by 10 points in two months, and only by 1 in key battleground states; this was also the poll which had led the others in showing a huge swing to Biden in June. However, other polls still show a larger gap: the CNN poll of polls has Biden plus 9 nationally.

Trump himself is doing his own attacks, of course, not just with digital advertising placed around the DNC, which in contrast to a physical convention is now possible, but with his latest actions against Huawei, which Bloomberg describe as a “nuclear option”. From now on China’s flagship tech firm can’t access US technology directly or indirectly, an action which leaves it in extremely difficult circumstances: how do you have a tech product without the tech? It’s a good job that the US-China phase one trade deal review didn’t happen, isn’t it? We now await the Twitter response from the pugnacious editor of the Global Times, who stars in a clip shared on the same medium yesterday giving a speech where he exults “I have to say that China can force the US to an agricultural country,” which gets a round of applause from the audience.

Speaking of agricultural countries, China just hit Australian wine imports with an anti-dumping investigation. This could last up to 18 months and clearly has nothing (nothing!) to do with the deteriorating geopolitical backdrop. That’s now Aussie beef, barley, and wine all subject to various Chinese actions, while Chinese students and tourists can’t arrive at present and are potentially not going to come back at all. Thank goodness for iron ore…but that’s one last big egg in a basket with a handle that’s fraying fast.

And on fraying baskets and nuclear options, Bloomberg Intelligence today says “Hong Kong Banks May Face Fines, Not Dollar Ban” for dealing with individuals sanctioned by the US, noting that this is what happened to two European banks when they violated sanctions on Iran, and that Chinese banks are large enough to be able to afford such fines. So all is well! Perhaps. Then again, European banks are not seen in the same way as Chinese banks by the US, and it would presumably impose a fine specifically large enough to hurt them.

Far more importantly, however, Bloomberg Intelligence don’t seem to have bothered to read the actual Hong Kong Autonomy Act (HKAA). I know, I know, it’s dull to actually go to the source rather than whipping up a precedent that says all ends well. However, let’s be dull. The HKAA specifically states that no later than a year from the imposition of sanctions on HK individuals (which happened on 8 August) then FIVE of the following list of sanctions must be imposed, and a year later ALL of them:

No loans from US financial institutions; Prohibition on designation as US primary dealer; Prohibition on service as a repository of government funds; FX transactions; Banking transactions; Property transactions; Restrictions on exports, re-exports, and transfers; Ban on investment in equity or debt; Exclusion of corporate officers; Sanctions on principal executive officers.

I don’t see “or a large but manageable fine” on that list, which means the most bullish case one can make is that less than a year from now, any bank dealing with individuals sanctioned under the HKAA would be unable to get a loan from a US bank, or be a primary dealer and repository of US government funds, or buy US property, and its executives would be excluded from the US. That would certainly be manageable for a year: but then, on 8 August 2022, it’s the USD and SWIFT.

Meanwhile, in Canada Finance Minister Moreau has had to step down due to his actions over a charity; and in the UK the education secretary is holding on by his fingernails after almost seeing his own government flunk its handling of exam results. He has now decided UK schoolkids can have their results set by their teacher (who has NO self-interest in pushing grades higher in an education system where schools have to compete based on exam results) rather than an algorithm trying to fit outcomes to a bell-curve: which is going to mean everyone gets higher grades rather than lower, of course. Just another area where we don’t have any inflation to add to the list of: private education; health insurance; house prices, and stock prices, etc. The top bureaucrat who had decided an algorithmic bell curve was best apparently used to work for the Financial Times: you’d have thought he would have realized how regulators are supposed to oversee such markets.

Down in Australia, the RBA’s minutes from August show they are worried that cheap funding is not flowing through to growth in borrowing: “…the flow of new commitments has remained well below its peak and was likely to remain subdued…” What? You mean lowering the cost of borrowing does NOT lead to a rise in productive investment? Really?! The mountain of evidence that this is precisely the case, even when rates go negative –as predicted by Kalecki as far back as 1943– has apparently not filtered through to the RBA yet. Then again, should we be surprised given on Friday Governor Lowe stated to parliament “If a bank never makes a loan that goes bad it means it’s not extending enough credit.” Question: what does the RBA have left to throw on the barbie when Kalecki is again shown to be right?

As everywhere: policies that are more “national” and more unconventional.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1905 UP .0030 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 105.54 DOWN 0.463 (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 1.3169   UP   0.0064  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3169 UP .0064 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  TUESDAY morning in Europe, the Euro ROSE BY 30 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1905 Last night Shanghai COMPOSITE CLOSED UP 12.29 POINTS OR 0.36% 

 

//Hang Sang CLOSED UP 20.64 POINTS OR 0.08%

/AUSTRALIA CLOSED UP 0,81%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 20.64 POINTS OR 0.08%

 

 

/SHANGHAI CLOSED UP 12.29 POINTS OR 0.36%

 

Australia BOURSE CLOSED DOWN. 81% 

 

 

Nikkei (Japan) CLOSED DOWN 45.67  POINTS OR 0.20%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 2006.20

silver:$28.16-

Early TUESDAY morning USA 10 year bond yield: 0.679% !!! DOWN 1 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.41 DOWN 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 92.55 DOWN 30 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.34% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +0.04%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.31%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.93 DOWN 1 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: FALLS TO –.45% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.838% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1928  UP     .0053 or 53 basis points

USA/Japan: 105.42 DOWN .581 OR YEN UP 58  basis points/

Great Britain/USA 1.3294 UP .01189 POUND UP 119  BASIS POINTS)

Canadian dollar UP 45 basis points to 1.3177

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9218    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9122  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.3732 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 3 IN basis points from MONDAY at 0.664 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.405 DOWN 3 in basis points on the day

Your closing USA dollar index, 92.36 DOWN 49  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 TUESDAY: 12:00 PM

London: CLOSED DOWN 58.11  0.95%

German Dax :  CLOSED DOWN 60.72 POINTS OR .47%

 

Paris Cac CLOSED DOWN 41.41 POINTS 0.83%

Spain IBEX CLOSED DOWN 59.80 POINTS or 0.84%

Italian MIB: CLOSED DOWN 118.14 POINTS OR 0.59%

 

 

 

 

 

WTI Oil price; 42.68 12:00  PM  EST

Brent Oil: 45.32 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.25  THE CROSS LOWER BY 0.43 RUBLES/DOLLAR (RUBLE HIGHER BY 43 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.45 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 :  42.57//

 

 

BRENT :  45.07

USA 10 YR BOND YIELD: … 0.668..down 2 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.39…down 4 basis points..

 

 

 

 

 

EURO/USA 1.1934 ( UP 59   BASIS POINTS)

USA/JAPANESE YEN:105.37 DOWN .633 (YEN UP 64 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.28 DOWN 57 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3249 UP 142  POINTS

 

the Turkish lira close: 7.38

 

 

the Russian rouble 73.17   UP 0.00 Roubles against the uSA dollar.( UP 0 BASIS POINTS)

Canadian dollar:  1.3162 UP 60 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.45%

 

The Dow closed DOWN 66.84 POINTS OR 0.24%

 

NASDAQ closed UP 81.12 POINTS OR 0.73%

 


VOLATILITY INDEX:  21.51 CLOSED UP .16

LIBOR 3 MONTH DURATION: 0.267%//libor dropping like a stone

 

USA trading today in Graph Form

Gold Jumps, Dollar Dumps As S&P Ends “Shortest Bear Market In History”

…and just like that, it was all over. The S&P 500 ripped up to new record intraday highs at the open this morning – erasing all signs of the dismal economic reality – before plunging (no immediate catalyst for that drop) which was then let with the now ubiquitous armada of liquidity dip-buyers, lifting it back to record highs…BUT the late-day weakness almost left the S&P back below its record close at 3386.15, but the last second saved it…

This completes the end of the shortest bear market in US history.

Of course, the S&P’s resurgence to record highs “proves” that everything will be awesome because markets are “forward-looking” things, right? Just Like in February 2020 and October 2007? All of which is distracting from this shitshow…

Source: Bloomberg

And then there’s this…

Source: Bloomberg

Nothing to see here, move along…

On the day, Nasdaq dramatically outperformed as Small Caps lagged (the un-rotation rotation is over)…

 

And Money Flow drastically diverged lower as stocks rebounded…

 

Source: Bloomberg

The Russell 2000 triggered a ‘Golden Cross’ today (50DMA crosses above the 200DMA)…

 

Source: Bloomberg

KODK exploded higher today amid a short-squeeze but quickly fell back…

 

And TSLA soared above $1900..

 

Momo continued to recover from the brief reflation drama rotation…

 

Source: Bloomberg

Treasuries were bid today with the long-end outperforming (30Y -4bps, 2Y -1bps)…

 

Source: Bloomberg

The dollar was monkey-hammered for the 5th day in a row to a new cycle low today, accelerating lower after it appears a deal is imminent in Washington over stimulus (and that means another $1.5 trillion in debt)…

Source: Bloomberg

The dollar is back at its lowest since May 2008…

Source: Bloomberg

Gold managed solid gains on the day, with futures back above $2,000 (but not before the standard pukefest slam effort)…

Silver followed a similar path, with futures back above $28…

Cryptos suddenly tumbled (along with everything else) this morning, before bouncing back to $12,000…

Source: Bloomberg

On the week, Ethereum is worst and Litecoin best among the bigger coins…

Source: Bloomberg

Finally, Nasdaq Breadth is diverging (bearishly) from the index.

As Bloomberg notes, the share of members trading above their key 50-day moving average has been on the decline since peaking at 99% at the end of May. This means that the largest of the large-cap tech stocks are driving the momentum, which could be an ominous sign if they become too overvalued. It didn’t end well the last time.

Source: Bloomberg

Mainstream media seems oddly quiet about the dramatic slowdown in the rise of US COVID cases…

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

MARKET TRADING//USA

a)Market trading/THIS MORNING’S RAID/USA

Stocks, Gold, & Crypto Tumble; ThinkOrSwim Suffers Another Outage

US equities tagged a new record high this morning for the first time since Feb… and then things escalated to the downside quickly…

But clients of TDAmeritrade’s ThinkOrSwim platform can’t sell…

This is the second day in a row for ThinkOrSwim to suffer outages.

Interestingly, as stocks slump, Gold is also being punched lower…

And Bitcoin…

It seems stocks selling triggering a Dollar ‘buy’ algos and that triggered the drops in PMs and crypto.

end

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

As expected a huge rise in delinquent FHA mortgages soar by a record 60%,,As homeowner budgets implode..they have run out of Trump stimulus cheques

(zerohedge)

Delinquent FHA Mortgages Soar By Record 60% To All Time High, As Homeowner Budgets Implode

Last month we quoted from Wolf Richter to remind readers of something we discussed several months ago when we went over the details of the forbearance process and why so many banks have chosen to use it instead of rushing to admit their balance sheets are hammered with a record surge in delinquencies and defaults. As a reminder, “mortgages that are in forbearance and have not missed a payment before going into forbearance don’t count as delinquent. They’re reported as “current.” And 8.2% of all mortgages in the US, some 4.1 million loans, are currently in forbearance according to the Mortgage Bankers Association. But if they did not miss a payment before entering forbearance, they don’t count in the suddenly spiking delinquency data.”

Everything changed in April when there was a sudden onslaught of delinquencies according to CoreLogic, which came after 27 months in a row of declining delinquency rates. These delinquency rates move in stages – and the early stages are now getting hit, with the Transition from “Current” to 30-days past due suddenly soaring.

To wit, in April, the share of all mortgages that were past due, but less than 30 days, soared to 3.4% of all mortgages, the highest in the data going back to 1999. This was up from 0.7% in April last year. During the Housing Bust, this rate peaked in November 2008 at 2% (chart via CoreLogic):

Fast forward to today, when the dam of pent up mortgage delinquencies cracked some more, with the Federal Housing Administration reporting that its mortgages which represent the affordable path to homeownership for many first-time buyers, minorities and low-income Americans, now have the highest delinquency rate in at least four decades.

The share of delinquent FHA loans rose to 15.7% in the second quarter, up a whopping 60% from about 9.7% in the previous three months and the highest level in records dating back to 1979, the Mortgage Bankers Association said Monday. The delinquency rate for conventional loans, by comparison, was 6.7%.

With million of Americans losing their jobs due to the covid shutdowns, they have become reliant on government stimulus checks which continue thanks to Trump’s executive orders but were notably slashed. It is those Americans on the lower end of the income scale are most likely to have FHA loans, which allow borrowers with shaky credit to buy homes with small down payments.

Still, despite their inability to pay, most remain protected from foreclosure by the federal forbearance program, in which borrowers with pandemic-related hardships can delay payments for as much as a year without penalty. What happens when the program ends finally ends and when several months of payments (or more) are due at once is a world which few want to even imagine.

According to Bloomberg, New Jersey had the highest FHA delinquency rate, at 20%.

The state also had the biggest increase in the overall late-payment rate, jumping to 11% in the second quarter from 4.7%. Following were Nevada, New York, Florida and Hawaii — all states with a high proportion of leisure and hospitality jobs that were especially hard-hit by the pandemic, the MBA said.

At the same time, the delinquency rate for all mortgage loans on one-to-four-unit residential properties soared to 8.22% of all loans outstanding at the end of the second quarter of 2020, according to the Mortgage Bankers Association’s National Delinquency Survey.

The delinquency rate increased nearly 4%, or 386 basis points, from the first quarter of 2020 and was up 369 basis points from one year ago. For the purposes of the survey, MBA asks servicers to report loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage.

What’s even more ominous is that while millions of “forbeared” loans remain delayed from entering the delinquency pipeline,  Walsh said that “there was also a movement of loans to later stages of delinquency, with the 60-day delinquency rate reaching a new survey-high, and the 90+-day delinquency rate climbing to its highest level since the third quarter of 2010.

end
Housing starts and permits explode higher in July: builder sentiment at record levels
(zerohedge)

US Housing Starts, Permits Explode Higher In July With Builder Sentiment At Record

After screaming higher in May and June (after a 3-month collapse), Housing Starts’ rebound was expected to slow drastically in July (while Building Permits were expected to re-accelerate after a disappointing slowdown in June.

However, the analysts could not have been more wrong as both starts and permits exploded higher in July (up 22.6% vs +5% exp, and 18.8% vs +5.4% exp respectively)…

This is the biggest MoM rise in permits since June 2008 (that didn’t end well) and biggest MoM rise in starts since Oct 2016…

Source: Bloomberg

Multi-family Permits surged from 378k SAAR to 467k and single-family permits exploded from 840k SAAR to 983k SAAR (just shy of the record 999k SAAR in Feb 2020)…

This is the biggest MoM rise in multi-family permits since March 2018..

Source: Bloomberg

And the biggest jump in single-family permits since July 1980…

Source: Bloomberg

Multi-family Starts screamed higher from 349k SAAR to its second-highest ever at 547k SAAR (and single-family starts rose from 869k SAAR to 940kl SAAR)…

Bottom line: The permits surge was much higher in single-family which makes sense with rents tumbling… but the surge in starts was led by multi-family units.

The real ‘V’ is soaring as fast as homebuilder sentiment…

Source: Bloomberg

But sentiment among buyers appears decoupled still from that of the builders…

Source: Bloomberg

If we build they will come… despite tightening mortgage loan standards and depression-era unemployment?

As we previously details, the loan standards for most products – such as C&I loans, residential mortgages and credit cards – were hiked so much they nearly matched the standards during the financial crisis when it was virtually impossible to get any new loans.

This was the second quarter in a row in which loan officers reported sharply tighter financial conditions.

iii) Important USA Economic Stories

CHICAGO/NEW YORK

Trump will win the election if this continues:  bloody weekend where dozens shot across Chicago NYC Portland, Denver, Akron etc

(zerohedge)

Bloody Weekend – Dozens Shot Across Chicago, NYC 

The rise in violent crime this summer across some of America’s top metro areas continued over the weekend, with dozens of shootings seen in Chicago and New York.

NBC Chicago reports violent crime surged over the weekend, with some of the highest numbers recorded for the month. More than 60 people were shot and five died of their injuries. The chaos started early Friday evening and continued into Monday morning. The most recent fatal shooting was early Monday when a 29-year-old was gunned down on the 2400 block of South Trumbell.

The weekend before, Chicago observed 40 shootings and four deaths. A noticeable tick up in violent crime has been realized on a week over week basis.

Crime stats website HeyJackass! provides visuals of the crime spike this past weekend. On a 30 day basis, 415 people have been shot, and 69 killed.

Much of the violent crime this year is concentrated in the Southwest, Sout Side, and West Side parts of the metro area.

Someone is shot in Chicagoland every two minutes and ten seconds, while a murder is seen every eleven hours and 30 minutes.

Guns are used in a majority of homicides.

Most of the people shot this year sustained upper body trauma.

While Chicago continues to spiral out of control, New York recorded at least 50 shot and six deaths this past weekend.

As gun violence surges in the Big Apple, President Trump weighed in on Twitter:

“Law and Order,” Trump wrote on Twitter. “If NYC Mayor [Bill de Blasio] can’t do it, we will!”

Chicago, New York, and other top metro areas have seen a jump in violent crime since the virus-induced recession began, followed by months of social unrest. From May to June, homicides in 20 major cities soared by 37%, led by Chicago, Philadelphia, and Milwaukee.

The increases coincide with depressionary unemployment, as liberal-run metro areas implodeforcing people to flee to suburbia.

END
Huge movement of people away from big cities on both coasts
(Michael Snyder)

A Mass Exodus Away From Big Cities On Both Coasts

Authored by Michael Snyder via The Economic Collapse blog,

In all of U.S. history, we have never seen anything like “the mass exodus of 2020”.  Hundreds of thousands of people are leaving the major cities on both coasts in search of a better life.  Homelessness, crime and drug use were already on the rise in many of our large cities prior to 2020, but many big city residents were willing to put up with a certain amount of chaos in order to maintain their lifestyles.  However, the COVID-19 pandemic and months of civil unrest have finally pushed a lot of people over the edge.  Moving companies on both coasts are doing a booming business as wealthy and middle class families flee at a blistering pace, and most of those families do not plan to ever return.

Los Angeles is a perfect example of what I am talking about.  Once upon a time it attracted wealthy and famous people from all over the globe, but in 2020 it is “a city on the brink“…

Today, Los Angeles is a city on the brink. ‘For Sale’ signs are seemingly dotted on every suburban street as the middle classes, particularly those with families, flee for the safer suburbs, with many choosing to leave LA altogether.

British-born Danny O’Brien runs Watford Moving & Storage. ‘There is a mass exodus from Hollywood,’ he says.

Almost half of the entire homeless population of the entire country now lives in the state of California, and a large proportion of them are addicted to drugs.  Needless to say, this has created a nightmarish environment

Junkies and the homeless, many of whom are clearly mentally ill, walk the palm-lined streets like zombies – all just three blocks from multi-million-dollar homes overlooking the Pacific.

Stolen bicycles are piled high on pavements littered with broken syringes.

Could you imagine trying to raise a family in such a community?

I certainly couldn’t.

And the worse economic conditions become, the worse the problem gets.  Crime is skyrocketing in L.A., and some residents have been shocked to discover strangers actually “defecating in their front gardens”

TV bulletins are filled with horror stories from across the city; of women being attacked during their morning jog or residents returning home to find strangers defecating in their front gardens.

Of course Los Angeles is definitely not the only major city dealing with such issues.

On a per capita basis, drug use is even worse in San Francisco, and it is being reported that there is “a mass exodus of people looking to get out of San Francisco real estate”

According to online real estate company Zillow, there is a mass exodus of people looking to get out of San Francisco real estate – as the housing market is on fire in the Bay Area suburbs, all the way to Lake Tahoe.

According to the company’s “2020 Urban-Suburban Market Report,” home prices in the city have fallen 4.9% year-over-year, while inventory has jumped 96% during the same period, as a flood of new listings hit the market.

In the end, a lot of people may have to take losses on their homes, but it will be worth it simply to get out of California.

And the state legislature has apparently decided that the mass exodus is not happening fast enough, because a bill is being introduced that would impose a new “wealth tax” on the very wealthy

Fast forward to today when the ultra-liberal state of California is now ready to take this “socialist” idea from concept to the implementation phase, with the SF Chronicle reporting that a group of CA state lawmakers on Thursday proposed a first-in-the-nation state wealth tax that would hit about 30,400 California residents and raise an estimated $7.5 billion for the general fund.

The proposed tax rate would be 0.4% of net worth (most likely ended up far higher), excluding directly held real estate, that exceeds $30 million for single and joint filers and $15 million for married filing separately.

In the old days, a lot of Californians would just head north to Portland or Seattle, but those two cities are not exactly desirable options at this point.

The civil unrest in Seattle never seems to end, and Acting Department of Homeland Security Secretary Chad Wolf recently said that there had been “twelve official riots” in the first ten days after federal law enforcement officials left Portland.

Sadly, the east coast has experienced plenty of chaos as well, and the mass exodus out of New York City has been particularly dramatic.

In a previous article, I discussed the fact that the the New York Times had reported that 420,000 New Yorkers had moved out of the city between March 1st and May 1st.

But the exodus certainly didn’t end there.

According to the local Fox affiliatebetween May and July there was “a 95 percent year over year increase in interest in moving out of Manhattan”…

According to the most recent data from United Van Lines, between May and July, there was a 95 percent year over year increase in interest in moving out of Manhattan. That compares with a 19 percent increase in moving interest in the U.S., overall.

The top destinations for people who moved out of New York City between March and August were Florida and California – which together comprised 28 percent of relocations. Texas and North Carolina made up 16 percent of moves.

And it isn’t just residents that are leaving.

Business after business is shutting down, and that includes some of the most iconic retailers in the city

J.C. Penney and Neiman Marcus, the anchor tenants at two of the largest malls in Manhattan, recently filed for bankruptcy and announced that they would shutter those locations.

The Subway restaurant chain has already closed dozens of locations in New York City in recent months,

Le Pain Quotidien has permanently closed several of its 27 stores in the city and plans to leave others closed until more people return to the streets, an executive at the chain’s parent, Aurify Brands, told the Times.

Earlier today, I watched a video that someone had taken of all the boarded up shops along 5th Avenue.

If you have not seen that video yet, you can watch it right here.

I couldn’t believe what I was seeing.  At one time 5th Avenue was a playground for the elite of the world, but now it essentially looks “like a demilitarized zone”

De Blasio’s New York has finally hit an all-time low: the once bustling city is now on the verge of looking like a demilitarized zone. Between the pandemic and the riots in the city, iconic 5th Avenue now looks more like a dystopian nightmare in a recently shot video posted to Twitter.

The video follows a car driving down a deserted 5th Avenue, with almost all of the area’s high end stores boarded up and shut down. There are few people seen on what is usually a busy street.

“Look at everything. Everything’s boarded up. Even the hotel. Boarded up,” the video’s narrator, who is obviously fed up with how the city looks, says.

In about six months, most of the progress that New York City has made since the dark days of the 1970s and 1980s has completely disappeared.

Homelessness and poverty are both exploding, and crime rates are shooting into the stratosphere.

If you can believe it, the number of shootings in July was 177 percent higher than for the same month last year.

If the deplorable conditions in our major cities were just going to be temporary, I don’t believe that we would be seeing such a mass exodus.

But at this point it should be clear to all of us that things aren’t going to turn around any time soon, and many people are convinced that things are just going to continue to get even worse.

Our major cities are degenerating right in front of our eyes, and there doesn’t seem to be any hope of reversing this process now that it has started.

In life, the decisions that we make always have consequences, and the consequences for the decisions that we have made as a nation as a whole will be very bitter indeed.

end
Trump’s new brutal ad on Biden’s mental faculties: Before and after clips
(zerohedge)

New Trump Ad Questions Biden’s Mental Faculties With Sad ‘Before & After’ Clips

“Did something happen to Joe Biden?” – a new Trump campaign ad questions, before going on the attack and highlighting Biden clips ‘past and present’ to make the case his mental faculties are in decline.

The ad was timed to coincide with the virtual Democratic National ConventionThe Hill reports, while Axios’ Jonathan Swan calls it the re-election campaign’s “most brutal ad of the 2020 election”.

“We think it’s very important that voters fully assess Joe Biden’s qualifications and fitness to be president,” a senior campaign official said of the ad to Axios. “Our data show that people are concerned about his ability to do the job.” 

The footage compares Biden speeches in 2015 and 2016, where he appears to present his points articulately and with charisma, while thinking quickly on the spot, to later a much slower, confused looking former VP awkwardly grasping for words during the 2020 campaign and in recent television interviews.

As we described earlier on multiple occasions, DNC insiders are terrified at the prospect of Biden melting down into incoherent commentary during a live face-off with Trump and will likely come up with any excuse possible to avoid a live, in-person debate on a stage with cameras rolling.

The ongoing pandemic could provide the ‘perfect excuse’ to keep him in the basement carrying on with tightly scripted remote interviews. Even those are getting increasingly worse, however.

When asked point blank in a CBS interview two weeks ago whether the 77-year old presumptive Democratic nominee if he’s willing to submit to a “cognitive test” in order to put widespread concerns of his perceived mental decline to rest, he began bizarrely ranting about cocaine before again stumbling over simple words by the end of the segment.

“C’mon man,” Biden responded to CBS Errol Barnett while other panelists looked on. “That’s like saying, ‘You — before you got on this program you took a test where you’re taking cocaine or not, what do you think? Huh? Are you a junkie?’”

Getting closer to November, the question is not going away, and we expect the meltdowns and confused pauses to only get worse.

* *

*A recent viral Trump tweet mocked Biden’s interview and speech difficulties even more harshly:

END
A super ad from a new Baltimore republican running in Elijah Cummings districta must view..(zerohedge)

“Black People Don’t Have To Vote Democrat” – Baltimore Republican Unveils Viral Campaign Ad

Some excitement has been generated around Kimberly Klacik, a nonprofit founder and Baltimore County Republican Central committee member, who is a congressional candidate attempting to fill the vacant seat of late Rep. Elijah Cummings.

Klacik shared a three-minute campaign video Monday on Twitter of her walking the streets of Baltimore City, exposing how decades of Democratic policies have imploded neighborhoods. The tweet reads:

Democrats don’t want you to see this. They’re scared that I’m exposing what life is like in Democrat-run cities. That’s why I’m running for Congress Because All Black Lives Matter Baltimore Matters And black people don’t have to vote Democrat.” 

Maryland’s 7th District, which covers the northern and eastern boundaries of Baltimore County, the majority of Howard, and a decent chunk of eastern and western parts of Baltimore City, has been dominated by Democrates for five decades.

“Do you care about Black lives? The people that run Baltimore don’t…I can prove it. Walk with me,” Klacik said at the beginning of the video.

“This is the reality for black people every single day,” said Klacik while surrounded by rows of abandoned homes.

Klacik said inner-city communities are suffering from “crumbling infrastructure, abandoned homes, poverty, and crime.”

She said it’s not just Baltimore, suggesting that any Democratically controlled metro area in the country is a bad environment for black people.

Readers may recall we’ve pointed this out for years: 

Klacik also said, “Baltimore’s been run by the Democratic Party for 53 years. What is the result of their decades of leadership?”

She then accused the Democrats of betraying black people and said: “Black people don’t have to vote Democrat.”

Klacik will square off against former Rep. Kweisi Mfume in the general election. This seat has never been held by a Republican.

The change Baltimore needs could start with Klacik if she manages to win. The time it would take to turn around a failed city such as Baltimore should be measured in decades.

end

Postmaster General pauses operational changes until after the election

(zerohedge)

Postmaster General Announces Pause To Operational Changes Until After Election, Insists USPS Can Handle Flood Of Ballots

US Postmaster General Louis DeJoy said in a Tuesday statement that the USPS will be able to handle “whatever volume of election mail it receives this fall” despite challenges posed by “keeping our employees and customers safe and healthy as they operate amid a pandemic.”

“We will deliver the nation’s election mail on time and within our well-established service standards.”

DeJoy also noted that the USPS will pause planned organizational changes at the heart of election interference conspiracy theories on the left, according to Reuters.

Earlier this month, DeJoy announced ‘sweeping overhaul’ which Democrats have suggested could hinder mail-in voting and benefit President Trump.

Democrats have cited reductions in overtime, restrictions on extra mail transportation trips and new mail sorting and delivery policies as changes that threaten to slow mail delivery of ballots and other critical mail such as medicines. –Reuters

And on Monday, President Trump denied accusations that he was attempting to interfere with the USPS’s ability to handle the massive influx of mail-in ballots expected due to the coronavirus.

No, we’re not tampering,” Trump told Fox News in a Monday interview. “We want to make it run for less money, much better, always taking care of our postal workers.”

Ohio Attorney General Dave Yost, a Republican, has asked Trump to postpone the operational changes until after the Nov. 3 elections. The post office is a “perennial drain on the Treasury,” he said in a letter. “But making the radical changes only weeks before early voting begins – however fiscally well founded – would place the solvency of the Post Office above the legitimacy of the government itself.” –Reuters

Meanwhile as we reported on Monday, House Speaker Nancy Pelosi (D-CA) put down the ice cream and called on the House to return early from August recess in order to vote on an emergency package for the $25 billion House Democrats included in their coronavirus bill in May – along with an additional $3.6 billion to fund election security.

Full statement:

WASHINGTON, DC — Postmaster General Louis DeJoy issued the following statement today:

“The United States Postal Service will play a critical role this year in delivering election mail for millions of voters across the country. There has been a lot of discussion recently about whether the Postal Service is ready, willing and able to meet this challenge.

I want to make a few things clear:

The Postal Service is ready today to handle whatever volume of election mail it receives this fall. Even with the challenges of keeping our employees and customers safe and healthy as they operate amid a pandemic, we will deliver the nation’s election mail on time and within our well-established service standards. The American public should know that this is our number one priority between now and election day. The 630,000 dedicated women and men of the Postal Service are committed, ready and proud to meet this sacred duty.

I am announcing today the expansion of our current leadership taskforce on election mail to enhance our ongoing work and partnership with state and local election officials in jurisdictions throughout the country. Leaders of our postal unions and management associations have committed to joining this taskforce to ensure strong coordination throughout our organization. Because of the unprecedented demands of the 2020 election, this taskforce will help ensure that election officials and voters are well informed and fully supported by the Postal Service.
I want to assure all Americans of the following:

• Retail hours at Post Offices will not change.

• Mail processing equipment and blue collection boxes will remain where they are.

 • No mail processing facilities will be dosed.

• And we reassert that overtime has, and will continue to be, approved as needed.

In addition, effective Oct. 1, we will engage standby resources in all areas of our operations, including transportation, to satisfy any unforeseen demand.

I am grateful for the commitment and dedication of all the men and women of the Postal Service, and the trust they earn from the American public every day, especially as we continue to contend with the impacts of COVID-19. As we move forward, they will have the full support of our organization throughout the election.”

end

What a joke:  DNC viewership a disaster: From last year to this year, less than half tuned in:

(zerohedge)

 

DNC Viewership Disaster: Less Than Half Tune In To Watch Democratic Convention Compared To 2016

If Trump plans on accusing the Democrats of being low energy, he may be on to something.

In what can only be described as a media disaster, only 5.7 million people tuned in to the first night of the Democratic National Convention on the major broadcast networks, cutting the viewership from 2016 by more than half as the virtual event which many dubbed “as exciting as an infomercial”, proved a dud compared to the traditional live gathering.

According to Nielsen, from 10 p.m. to 11 p.m. Eastern, Monday’s convention debut drew 2.1 million viewers on ABC, 1.9 million on NBC and 1.7 million on CBS. This is less than half the 11.6 million people who watched the first night of the event on those networks four years ago between 10 p.m. and 11:30 p.m., the website TV by the Numbers reported at the time. Cable ratings will be available later Tuesday.

As Bloomberg notes, “the unusual four-day program, which was moved online due to the coronavirus, began with urgent calls from Democrats to elect former Vice President Joe Biden and push President Donald Trump out of office.” And while last night’s telethon featured music videos and speeches from popular figures such as former first lady Michelle Obama and Senator Bernie Sanders, it appears that almost nobody saw them.

By comparison, Obama, Sanders and Warren spoke on the first night in 2016.

iv) Swamp commentaries)

My goodness: The Democrats must be worried:  they are calling to end the Durham investigation even though one has already received a criminal warrant/

Jonathan Turley

“Gosh Almighty”: Democrats Call To End Durham Investigation Despite Proven Criminal Conduct

Authored by Jonathan Turley,

Below is my column in the Hill on the announced criminal plea by former FBI lawyer Kevin Clinesmith and the continued calls by Democratic leaders to end the John Durham investigation. This week I discussed the call of Andrew Weissmann, one of the top prosecutors with Special Counsel Robert Mueller, for DOJ lawyers to refuse to help in the investigation despite his own conflict of interest. When the Clinesmith plea was announced, Weissmann proceeded to deride the charge and make spurious legal and factual claims about its basis.  The Weissmann call for DOJ lawyers to hinder this investigation is unprofessional and unwarranted but hardly uncommon in this rage-filled environment.

Here is the column:

“Gosh almighty.”

Those words from former Vice President Joe Biden sum up plenty about the announced criminal plea by former FBI lawyer Kevin Clinesmith. Of course, Biden was not referring to the implications of the FBI lawyer who lied to the Foreign Intelligence Surveillance Act court for the efforts to continue the surveillance of an adviser to the campaign of Donald Trump. Nor was he referring to growing evidence that the Russia investigation was launched based on false and flawed evidence.

Biden was referring to the federal investigation by United States Attorney John Durham that led to the criminal plea by Clinesmith. Like most other Democrats, Biden previously denounced the investigation and the effort to look into criminality. Now that criminality has been found, Democrats and commentators still insist there are no reasons to continue it.

From the start, Democrats overwhelmingly condemned the investigation despite admitting Durham is a respected prosecutor. Leaders like House Intelligence Committee Chairman Adam Schiff deemed the investigation “tainted” and “political.” Biden mocked the very idea of an “investigation of the investigators” and added, “Give me a break. Gosh almighty.”

These are the same figures who repeatedly cited plea agreements in the special counsel investigation by Robert Mueller as proof that real crimes were waiting to be found. When the plea by former White House national security adviser Michael Flynn was announced, it was seen as the critical development even though FBI agents said they did not believe Flynn had intentionally lied about his conversations with Russian diplomats.

Many in the media cited the plea by Flynn to disprove the insistence by Trump that the Mueller investigation was a hoax. But they are not citing the plea by Clinesmith to disprove the statement by Biden. Indeed, they have barely covered it. It does not appear to matter that Clinesmith said “viva la resistance” after the 2016 election or that, after claiming he was devastated by the victory of Trump, he lamented that “my god damned name was all over those legal documents investigating his staff.”

But several Democrats and commentators maintained there was never a targeting of the campaign before the special counsel appointment. That was untrue.Declassified documents show that an agent was used with a national security briefing of Trump and his aides during the campaign to gather information for the Russia investigation. Who did the agent report to? Clinesmith and Peter Strzok at the FBI, who infamously referred to his own “insurance” with the chance that Trump might be elected.

This is a plea agreement so it is not known what information Clinesmith may have shared. Moreover, this is just the first public move by Durham, just as Flynn was the early salvo for Mueller. But the date of this criminal false statement is key. In September 2016, administration officials leaked the existence of the classified investigation in the midst of the campaign and suggested Trump adviser Carter Page was a Russian agent.

This secret surveillance started the next month, based on that allegation against Page, when he was in fact an American asset. The FISA court was never told that information in the surveillance application was derived in part from the dossier, or that it was paid for by the opposition campaign. Nor was it told that at the time, FBI agents challenged both the bias and credibility for the dossier author and past British spy Christopher Steele, who was known to have given interviews for the media and claimed that he was trying to defeat Trump and assist the Clinton campaign.

In January 2017, Trump was inaugurated and FBI agents had sought to end their investigation of Flynn, citing no evidence of a crime. However, Strzok evidently wanted the collusion investigation to remain open and, later that month, Clinesmith also sought to renew that surveillance order over Page. His FISA application expressly cited the Steele dossier and described it as credible, despite knowing the different findings by FBI agents.

In February 2017, there were more leaks about alleged collusion by Trump officials with the Russians, a claim that even Strzok said was unsupported. The FBI was finding no evidence of collusion, while there was pressure to end the investigation. In June 2017, Clinesmith falsified an email in a third FISA application. What he was able to hide from the court was incredible. The court was told that Page might be a Russian asset for a conspiracy to influence the election as Clinesmith was told that Page was an American asset who was working by meeting with Russians. Clinesmith altered one critical email to state otherwise and extend the investigation.

With news of the criminal plea by Clinesmith, one might expect the media and our members of Congress to demand the same vigorous investigation from Durham as they did from Mueller. The collusion allegations that were noted to launch the Russia investigation were after all ultimately rejected. Durham is by contrast investigating the bias and misconduct.

So we have a collusion investigation that was shown to be based on false or unreliable information. It was launched and maintained by officials who were accused by an inspector general of misconduct, false statements, or procedural errors. Today we have the actual criminal guilty plea. However, many voices in Washington continue to insist that there are no reasons for Durham to continue digging.

As Biden says, “Gosh almighty.”

end

Protesters attack a New York bakery for making Maga hat shaped cakes

(zerohedge)

Cake Lives Matter: Protesters Descend On New York Bakery For Making MAGA-Hat-Shaped Cake

“Cake lives matter” was actually written on a sign of one of the protesters who showed up outside Coccadotts Cake Shop in New York, just outside of Albany. The bakery drew huge protests over the last couple of days for doing what a bakery does: baking a cake.

But, of course, this wasn’t just any cake. This was a cake with feelings: a super-racist, super-homophobic capitalist cake. And the protesters knew that because it was made in the shape of a red hat that said “Make America Great Again” on it.

The bakery’s owner, Rachel Dott, had posted images of the cake on social media in late July, which catalyzed the protests.

But supporters of the bakery also showed up. According to the Times Union:

The Black Lives Matter protesters, who also alleged a member of the Cocca family was sympathetic to the right-wing group known as the Proud Boys, were equipped with bullhorns but they were greatly outnumbered by anti-protesters who waved American flags and encouraged passing vehicles to honk in support. 

Colonie police officers stood between the two groups keeping them separated as much as possible. State Police troopers and Albany County Sheriff’s deputies also were on the scene.

The two groups got “face-to-face” and were “yelling at each other”, the article says. “Hey, hey, ho, ho, racism has got to go,” the BLM group was shouting (reminder: still about a cake).

One protester said: “They’re able to feel what they feel about their politics. We have issues when it comes to social injustice as in firing someone because they’re gay, wearing ‘All Lives Matter’ masks.”

None of those things were reported to have happened at the bakery they chose to protest at. 

Dennis O’Kane of Delmar showed up in support of the bakery, telling reporters he was there to “support America”. “I’ve known these people for 30 years. These people are really nice,” O’Kane said about the bakery owners.

end

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

Trump campaign counters Democrats’ convention in swing state barnstorm, major digital buy

The president this week will visit Minnesota, Milwaukee, Arizona and Pennsylvania… knocking on doors and launching a digital ad blitz amid the Democratic National Convention that it says will expose rival Joe Biden’s “abject failure” as an elected official and his campaign’s hard-left turn…

https://justthenews.com/politics-policy/elections/trump-campaign-counters-democrats-convention-swing-state-barnstorm-major

 

@GOPChairwoman: RNC & @TeamTrump knocked on over half a MILLION doors on Saturday alone.  Democrats knocked on ZERO.  With over 2,500+ organizing events planned to counter the DNC, it’s clear the grassroots energy is behind @realDonaldTrump!

 

For the past 3+ years, Team Trump has quietly built a formidable ground game, which most Republicans have failed to do.  We have seen no reports of a Team Biden ground plan.

 

Trump: “If left-wing Democrats can’t run a city, why on earth would you let them run your country?

 

US Postal Service Files Blockchain Voting Patent Following Trump Cuts [Effectively a voter ID]

“This development relates to a voting system that also incorporates the use of cryptographic elements, such as blockchains, as are used with cryptographic currencies, to track and secure the vote by mail system,” said a patent filing, dated Aug. 13, 2020… [“A registered voter receives a computer readable code in the mail and confirms identity and confirms correct ballot information in an election. The system separates voter identification and votes to ensure vote anonymity, and stores votes on a distributed ledger in a blockchain.”]… The USPS submitted a concept in 2018 which harnessed Blockchain for identity authentication.  https://cointelegraph.com/news/us-postal-service-files-blockchain-voting-patent-following-trump-cuts

 

The provisional patent for the USPS Blockchain voting patent was filed in February 8, 2019, which was 18.5 months ago and at least nine months before Covid 19 appeared!Team Trump was preparing for mail-in voting.  https://twitter.com/drawandstrike/status/1295501484273131520/photo/1

 

Trump tweet: Why is Congress scheduled to meet (on Post Office) next Monday, during the Republican Convention, rather than now, while the Dems are having their Convention. They are always playing games. GET TOUGH REPUBLICANS!!!”

 

Trump says Amazon may be the biggest problem with USPS – It costs us like $3 to deliver the package for them. Three dollars a package.    We’re losing a fortune, I said, ‘You got to raise the rates, you’re gonna have to raise the rates.’ But Amazon, they build a big plant always near a post office, and then they take a lot of this mail into areas where they could never go because the postal system is massive,” he said…  https://nypost.com/2020/08/17/donald-trump-says-amazon-may-be-the-biggest-problem-with-usps/

 

@realDonaldTrump: Some states use “drop boxes” for the collection of Universal Mail-In Ballots. So who is going to “collect” the Ballots and what might be done to them prior to tabulation? A Rigged Election? So bad for our Country. Only Absentee Ballots acceptable!

 

@tomselliott: In a bid to revitalize the USPS, Dem Rep. @aoc proposes a “national progressive pen pal program” to boost stamp sales. [This is not a parody!]  https://twitter.com/tomselliott/status/1295423528519585801

 

@TheBabylonBee: Brilliant Trump Puts Himself on All Postage Stamps, Forcing Democrats to Push for Abolishing USPS

 

FLASHBACK: US Postal Service Found Guilty of Violating Hatch Act After Postal Union Workers Were Allowed to Assist Hillary Clinton Campaign – And in typical Alinsky fashion they’re painting President Trump as the one who is attempting to steal the election…https://www.thegatewaypundit.com/2020/08/flashback-us-postal-service-found-guilty-violating-hatch-act-postal-union-workers-allowed-assist-hillary-clinton-campaign/

 

@joelpollak: @ScottAdamsSaysmakes a point that should have been obvious: now that the postal *union* has endorsed one of the candidates (@JoeBiden), there is no way an election handled by mail can *ever* be seen as credible. The people handling the ballots want Dems to win. It’s ridiculous.

 

Thousands of USPS mailboxes removed during Obama-Biden administration

Then there was the time Obama said: ‘It’s the post office that’s always having problems’

Between 2011 and 2016, there were roughly 14,000 USPS mailboxes removed, which was during the Obama-Biden administration.  A 2009 Washington Post article stated, “In the past 20 years, 200,000 mailboxes have vanished from city streets, rural routes and suburban neighborhoods – more than the 175,000 that remain.”…  https://www.theblaze.com/news/obama-usps-conspiracy-theory-biden-trump

 

Outraged Democrats Pass Photo around of Locked Mailboxes; Blame Trump; But Photo Is from 2016!  https://www.thegatewaypundit.com/2020/08/outraged-democrats-pass-photo-around-locked-mailboxes-blame-trump-photo-2016/

 

@POStrategies: Just released @NBCNews/@WSJ poll shows @KamalaHarris with lowest net positive rating of any VP candidate when first put on a Dem ticket since ’92. Economy named the most important issue, with @realDonaldTrump holding a 10-point lead on the issue over @joebiden. http://ow.ly/EV4s50B0taX

 

He’s Dialing It In: Joe Biden Has Made Only ONE TRIP Over 100 Miles since March and that Was a Short Jaunt into Pennsylvania https://thegatewaypundit.com/2020/08/dialing-joe-biden-made-made-one-trip-100-miles-since-march-short-jaunt-pennsylvania/

 

Washington Post columnist questioned on conflict-of-interest after disclosing son works for Biden

The columnist wrote a praise-filled article about Biden’s campaign manager, Jennifer O’Malley Dillon…  https://justthenews.com/accountability/media/washington-post-columnist-questioned-conflict-interest-after-disclosing-son

 

@FoxFriendsFirst: HIDING BIDEN? The Biden campaign avoids the Sunday shows ahead of the DNC launch today. Ohio democrat, @thehonorablecsc (Capri S Cafaro, Ohio Senate minority leader) says this is all part of Biden’s ‘do no harm’ approach. [Do no harm to himself?]

 

@TrumpWarRoom: Joe Biden told Cardi B [“WAP” singer] this morning he has five grand kids. He has seven… Cardi B told Joe Biden she wants socialized healthcare.  Biden replied “There’s no reason why we can’t have all of that.”…

 

ABC (of all people!): Police officers killed surge 28% this year and some point to civil unrest and those looking to exploit it   https://abcnews.go.com/US/police-officers-killed-surge-28-year-point-civil/story?id=71773405

 

US intelligence indicates Iran paid bounties to Taliban for targeting American troops in Afghanistan    https://www.cnn.com/2020/08/17/politics/iran-taliban-bounties-us-intelligence/index.html

 

Dems demanded an investigation after dubious reports that Russia paid bounties to the Taliban for US GIs.  Dems will be mum on the Iran bounties because it makes BHO/Biden look foolish and incompetent for catering to and paying off Iran.  Was the Russia bounty story a Dem misdirection attempt?

 

Adam Schiff’s inaccurate Russia tweets raise Twitter double-standard question

While Twitter has flagged some of President Trump’s tweets, they have not done the same with Schiff tweets that declassified memos show are misleading.

    Just the News identified more than a dozen tweets that Schiff has posted since 2017 that are inaccurate or misleading based on the declassified information that has been made public over the last year by the Justice Department, FBI, and intelligence community…

https://justthenews.com/accountability/russia-and-ukraine-scandals/adam-schiffs-inaccurate-tweets-russia-case-raise-double

 

Ex-GOP rep speaking at Dem convention once lobbied Biden office while representing Russia

Former GOP Rep. Susan Molinari is expected to speak in Monday’s convention lineup

https://www.foxnews.com/politics/ex-gop-rep-speaking-at-dem-convention-once-lobbied-biden-office-while-representing-russia

 

BLM mob beat white man unconscious after making him crash truck: video  [He died last night.]

https://trib.al/tSo44WD

Well that is all for today

I will see you WEDNESDAY night.

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