AUGUST 19//AS PREDICTED: A MASSIVE RAID ON GOLD AND SILVER TODAY: GOLD DOWN $39.65//SILVER DOWN 66 CENTS TO $27.31//FOMC STATES THAT THEY WILL NOT ENGAGE IN YIELD CURVE AND THAT SENDS GOLD, BONDS AND STOCK MARKET LOWER//CORONAVIRUS UPDATES THROUGHOUT THE GLOBE//CHINA PURGES INTO “DEEP STATE”//USA ECONOMY WORSENS//MORE CALIFORNIA BLACKOUTS//SWAMP STORIES FOR YOU TONIGHT///

GOLD:$1963.75  DOWN $39.65  The quote is London spot price (cash market)

 

 

 

 

 

Silver:$27.31 DOWN $0.66   London spot price ( cash market)

Today marks the 4TH day out of the last 7 days that a raid has been orchestrated by the bankers..

 

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Closing access prices:  London spot

i)Gold : $1928.80  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.70//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1960.00  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $3.75//)

OCT GOLD:  $1965.10  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $1.35//CONTANGO/$1.55/BELOW NORMAL CONTANGO/

 

 

DEC. GOLD  $1971.80   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $8.35   ($3.65 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $27.40…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :  9 CENTS  PER OZ  ( CONTANGO/ 6 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $27.55  1:30  PM SPREAD SPOT/FUTURE DEC.       : 24  CENTS PER OZ  ( 12 CENTS ABOVE NORMAL CONTANGO)

 

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COMEX DATA

 

 

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

receiving today:  15/334

jpmorgan issued 0//goldman sachs issued:  333

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,999.400000000 USD
INTENT DATE: 08/18/2020 DELIVERY DATE: 08/20/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333 1
072 H GOLDMAN 8
104 C MIZUHO 3
159 C ED&F MAN CAP 1
226 C DIRECT ACCESS 1
323 C HSBC 1
332 H STANDARD CHARTE 2
355 C CREDIT SUISSE 1
365 C ED&F MAN CAPITA 1
657 C MORGAN STANLEY 70
657 H MORGAN STANLEY 8
661 C JP MORGAN 11
661 H JP MORGAN 4
686 C INTL FCSTONE 1
690 C ABN AMRO 25
709 C BARCLAYS 3
709 H BARCLAYS 1
730 C PTG DIVISION SG 1
880 C CITIGROUP 1
880 H CITIGROUP 6
905 C ADM 1 4
991 H CME 180
____________________________________________________________________________________________

TOTAL: 334 334
MONTH TO DATE: 48,498

 

 

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 334 NOTICE(S) FOR 33400 OZ  (1.038 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,498 NOTICES FOR 4,849,800 OZ  (150.849 TONNES)

 

 

SILVER

 

 

0 NOTICE(S) FILED TODAY FOR 0  OZ/

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

 

BITCOIN MORNING QUOTE  $11,837  DOWN 107

 

BITCOIN AFTERNOON QUOTE.: $11,695 DOWN 248

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $39.65 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 DOWN $0.66 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./

 

 

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Let us have a look at the data for today

 

 

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IN SILVER THE COMEX OI FELL BY A TINY SIZED 530 CONTRACTS FROM 195,427 DOWN TO 194,807, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR STRONG 44 CENT GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO HUGE  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 SMALL NET GAIN IN OUR TWO EXCHANGES OF 32 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 426 DEC:  136 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  562 CONTRACTS. WITH THE TRANSFER OF 562 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 562 EFP CONTRACTS TRANSLATES INTO 2.810 MILLION OZ  ACCOMPANYING:

1.THE 44 CENT GAIN IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.480 MILLION OZ INITIAL STANDING IN AUGUST

 

TUESDAY, 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 44 CENTS ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY WEAK SILVER LONGS FROM THEIR POSITIONS. THEY  ENGAGED IN HUGE BANKER SHORT COVERING. THUS: THE TINY 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,   BANKER SHORT COVERING  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A SMALL NET GAIN OF 32 CONTRACTS OR 0.160 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:

13,015 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 13,015 CONTRACTS) OR 65.075 MILLION OZ: (AVERAGE PER DAY: 9296 CONTRACTS OR 4.648 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 65.075 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.29% 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:          1,335.37 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                         65.075  MILLION OZ (EXCHANGE FOR PHYSICALS INCREASING)

 

 

 

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 530, DESPITE OUR STRONG 44 CENT GAIN IN SILVER PRICING AT THE COMEX ///TUESDAY…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 562 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 SMALL SIZED 32 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR STRONG 44 CENT RISE IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 562 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 530 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 44 CENT RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.97 // TUESDAY’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: 0 NOTICE(S) FOR nil 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 6.480 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1657 CONTRACTS TO 544,010 AND FURTHER FORM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE LOSS OF COMEX OI OCCURRED DESPITE OUR STRONG GAIN IN PRICE  OF $14.60 /// COMEX GOLD TRADING// TUESDAY//WE HAD CONSIDERABLE BANKER SHORT COVERING, A SMALL SIZED DECREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG GAIN IN PRICE OF $14.60. 

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  158

 

WE GAINED A SMALL SIZED 74 CONTRACTS  (0.23 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1731 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 1731; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1731.  The NEW COMEX OI for the gold complex rests at 544.010. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 74 CONTRACTS: 1657 CONTRACTS DECREASED AT THE COMEX AND 1731 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 74 CONTRACTS OR 0.2301 TONNES. TUESDAY, WE HAD A STRONG GAIN OF $14.60 IN GOLD TRADING..….

AND WITH THAT GAIN IN  PRICE, WE HAD A SMALL SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 0.2301 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $14.60. HOWEVER WE DID HAVE CONSIDERABLE BANKER SHORT COVERING// BUT AT MUCH HIGHER PRICES.

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1731) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (1637 OI): TOTAL GAIN IN THE TWO EXCHANGES:  74 CONTRACTS. WE NO DOUBT HAD 1 )CONSIDERABLE BANKER SHORT COVERING LATE IN THE SESSION, 2.)A SMALL DECREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH 3) ZERO LONG LIQUIDATION; 4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR HUGE GAIN IN GOLD PRICE TRADING//TUESDAY//$14.60. WE NO DOUBT HAD  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 : 30,478, CONTRACTS OR 3,047,800, oz OR 94.79 TONNES (14 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 14 TRADING DAY(S) IN  TONNES: 94.79 TONNES

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

THUS EFP TRANSFERS REPRESENTS 94.79/3550 x 100% TONNES =2.67% 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   3,354.97  TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 570.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,098.93  TONNES  (*AND A NEW ALL TIME RECORD ISSUANCE//22 DAYS)

APRIL TOTAL EFP. ISSUANCE:               243.45  TONNES  (EFP ISSUANCE BECOMING A LOT LESS)

MAY TOTAL EFP ISSUANCE:                     248.68 TONNES (EFP ISSUANCE STILL LOW// PREMIUM COST TO THE BANKERS IS HUGE..SO ISSUANCE IS LESS)

JUNE TOTAL EFP ISSUANCE:                     192.06 TONNES

JULY TOTAL EFP ISSUANCE;                       313.09 TONNES ..(EXCHANGE FOR PHYSICALS REVERSE COURSE AND ARE NOW INCREASING!)

AUGUST TOTAL EFP ISSUANCE;                 94.79 TONNES

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, FELL BY A TINY SIZED 530 CONTRACT FROM 195,427 UP TO 194.807 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

 

 

EFP ISSUANCE 562 CONTRACTS

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

 SEPT: 426 AND DEC. 136 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 562 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 530 CONTRACTS TO THE 562 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL GAIN OF 32 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 0.16 MILLION  OZ, OCCURRED WITH OUR 44 CENT 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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 42.96 POINTS OR 1.24%  //Hang Sang CLOSED DOWN 188.47 POINTS OR 0.74%   /The Nikkei closed UP 59.53 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .72%

/Chinese yuan (ONSHORE) closed UP  at 6.9111 /Oil UP TO 42.54 dollars per barrel for WTI and 45.06 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 6.9111 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9042 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A TINY SIZED 1652 CONTRACTS TO 544,010 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 DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $14.60 IN GOLD PRICING /TUESDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1731 CONTRACTS),.  THUS,  WE HAD AGAIN 1) A HUGE  BANKER SHORT COVERING AT THE COMEX,  AS FEAR CONTINUES TO BE THE TOPIC OF DISCUSSION FOR THEM AS THEY START TO BAIL OUT… , PLUS 2)  ZERO LONG LIQUIDATION  AND 3)  A TINY DECREASE IN GOLD OZ  STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 74 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 0    4 -GC VOLUME//open interest REMAINS 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 1731 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 0  DEC 1731; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1731  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: 74 TOTAL CONTRACTS IN THAT 1731 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 1657 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 HUGE BANKER SHORT COVERING AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR HUGE RAIDS LAST WEEK COURTESY OF THE OFFICIAL SECTOR/BIS. TODAY WE WITNESSED A SMALL DECREASE IN GOLD TONNAGE STANDING FOR AUGUST.….  WE  LOST ZERO SPECULATOR LONGS AS SOME OF OUR BANKERS COVERED THEIR SHORTS BUT AT MUCH HIGHER PRICES.

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $14.60).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  0.231 TONNES

 

 

NET GAIN ON THE TWO EXCHANGES :: 74, CONTRACTS OR 7400 OZ OR 0.231 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:  544.010 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.40 MILLION OZ/32,150 OZ PER TONNE =  1692 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1692/2200 OR 76.91% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 379,822 contracts// fair volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  386,156 contracts//  volume: fair //most of our traders have left for London

 

 

AUGUST 19 /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
nil oz
Deposits to the Dealer Inventory in oz 112,560.651 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

86,614.098

OZ

Malca

Scotia

 

 

No of oz served (contracts) today
334 notice(s)
 33400 OZ
(1.038 TONNES)
No of oz to be served (notices)
201 contracts
(20,100 oz)
0.6251 TONNES
Total monthly oz gold served (contracts) so far this month
48,498 notices
4,849,800 OZ
150.849 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:  112,560.651 oz

 

total deposit: 112,560.651 oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 2 deposit into the customer account

i) Into  Malca:  64,237.698 oz

ii) Into Scotia:  22,376.400 oz (696 kilobars)

 

 

total customer deposit:  86,614.098   oz

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

total withdrawals;  nil  oz

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

The front month of AUGUST registered a total of 535 CONTRACTS as we LOST 46 contracts. We had 34 notices served on TUESDAY so we LOST 12 contracts or an additional 1200 OZ will NOT stand for delivery on this side of the pond as they  morphed into London based forwards as well as accepting a fiat bonus for their effort. The boys are scrambling in search of badly needed physical metal as they start to search for metal on the other side of the pond.

 

 

 

 

 

After August we have the non active Sept contract month.. Here we saw another LOSS of 62 contracts to stand at 2363.  Oct GAINED 380 contracts UP to 70,070

 

The big December contract lost 3168 contracts  down to 400,403 contracts…(it is here where some of our short side bankers bailed)

 

 

 

We had 334 notices filed today for  33400 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 334 contract(s) of which 4  notices were stopped (received) by j.P. Morgan dealer and 11 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 1 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 (48,498) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (535 CONTRACTS ) minus the number of notices served upon today (334 x 100 oz per contract) equals 4,866,900 OZ OR 151.474 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 (48,498, x 100 oz + (535 OI) for the front month minus the number of notices served upon today (334) x 100 oz which equals 4,866,900 oz standing OR 151.474 TONNES in this  active delivery month. This is a HUGE  amount for gold standing for a AUGUST delivery month (an active delivery month).

We lost 12 contracts or 1200 oz of gold as these guys  morphed into London based forwards.

THE NAME OF THE GAME TODAY IS   BANKER SHORT COVERING AS FINALLY FEAR BECAME THEIR CENTRAL FOCUS.  THE PRICE OF GOLD ROSE SO WHATEVER THEY COVERED WAS AT HIGHER PRICES.

 

 

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 483.58 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 151.474 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,577,244.603 oz or 515.62 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:  15,657,282.0  (483,58 tonnes)
true registered gold  (total registered – pledged tonnes  15,657.282.0 (483.08 tonnes)
total eligible gold:  20,720,644.505 oz (644.49 tonnes)

total registered, pledged  and eligible (customer) gold;   37,297,889.108 oz 1,160.12 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1033.78 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 19/2020

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
 536,900.510 oz
CNT
Delaware
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
451,183.870 oz
Delaware
Malca
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
22 contracts
 110,000 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 0 deposit into the dealer:

total dealer deposits: nil   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: 2020.600 oz

iii) Into Malca:  449,163.270 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/339.453 million

 

total customer deposits today: 451,183.870   oz

we had 3 withdrawals:

i)Delaware: 2002.950 oz

ii) Out of CNT:  85,734.290 oz

iii) Out of Scotia:  449,163.270 oz

 

 

total withdrawals;  536,900.510    oz

We had 0 adjustments

 

 

Total dealer(registered) silver: 129.555 million oz

total registered and eligible silver:  339.453 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 22 contracts and thus we GAINED 4 contracts.  We had 2 notices filed on TUESDAY so we GAINED 6 contracts or an additional 30,000 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 4998 contracts down to 77,222. November saw another gain of 17 contracts to stand at 283.

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 4461 contracts up to 105,462

 

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 0 contract(s) FOR nil, 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(22) and the number of notices served upon today 0 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  (22)- number of notices served upon today (0) x 5000 oz of silver standing for the AUGUST contract month.equals 6,480,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 6 contracts or an additional 30,000 oz will stand for delivery as they refused to morph into London based forwards..

 

 

TODAY’S ESTIMATED SILVER VOLUME : 211,404 CONTRACTS // volume huge++++++++++++++++++++++++++++++++++++/

 

 

FOR YESTERDAY: 249,365.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++++++++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 249,365 CONTRACTS EQUATES to 1.246 billion  OZ 178% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 2.78% ((AUGUST 19/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.61% to NAV:   (AUGUST 19/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.78%

(courtesy Sprott/GATA

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

NAV 20.28 TRADING 20.07///NEGATIVE 1,02

END

 

 

And now the Gold inventory at the GLD/

AUGUST 19//WITH GOLD DOWN $39.65 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT XXX TONNES

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 19/ GLD INVENTORY 1252.38 tonnes*

LAST;  884 TRADING DAYS:   +312.88 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 784 TRADING DAYS://+491,41  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 19/WITH SILVER DOWN $.66 TODAY: WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF XX MILLION OZ//INVENTORY REST AT XXX MILLION

AUGUST 18/WITH SILVER UP $.44 TODAY: WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 2.514MILLION 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 19.2020:

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

end

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Gold and silver are not in a speculative bubble..this is just fiction.

Craig Hemke/Sprott/GATA

Craig Hemke at Sprott Money: ‘Speculative bubble’ in gold and silver is fiction

 Section: 

11:24a ET Wednesday, August 19, 2020

Dear Friend of GATA and Gold:

While some mainstream financial news organizations are reporting that gold and silver prices are in a “speculative bubble,” the TF Metals Report’s Craig Hemke, writing today at Sprott Money, shows that gold and silver futures contract volumes have been contracting steadily amid the recent price increases.

Hemke’s analysis is headlined “The ‘Speculative Bubble’ in Gold and Silver” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/Blog/the-speculative-bubble-in-gold-and-silv…

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

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 WEDNESDAY 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: 6.9111/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9042   /shanghai bourse CLOSED DOWN 42.96 POINTS OR 1.24%

HANG SANG CLOSED DOWN 188.47 POINTS OR 0.74%

 

2. Nikkei closed UP 59.53 POINTS OR 0.26%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 92.32/Euro FALLS TO 1.1932

3b Japan 10 year bond yield: FALLS TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.24/ 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:: 42.54 and Brent: 45.06

3f Gold DOWN/JAPANESE Yen DOWN 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 -.49%/Italian 10 yr bond yield DOWN to 0.91% /SPAIN 10 YR BOND YIELD DOWN TO 0.28%…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 $1988.00 silver at: 27.35   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 35/100 in roubles/dollar) 73.48

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 105.24 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 .9054 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0804 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 0.49%

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 0.653% early this morning. Thirty year rate at 1.37%

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

6.  TURKISH LIRA:  UP  TO 7.37..

Futures At All Time High As Target Reports Record Quarter

S&P futures edged higher, alongside European stocks, flirting with record highs and just shy of 3,400 following blockbuster earnings from retailers Target and Lowe’s, a day after the S&P 500 completed its fastest recovery from a bear market in history. The dollar headed for a sixth daily drop while Treasuries rose again, the 10Y yield sliding to 0.6477%.

Target Corp soared in premarket trade to a record high of $150 after posting its best quarterly comparable sales growth on record and online revenues that nearly tripled. The supermarket operator reported second-quarter sales that smashed analysts’ expectations, brushing off concerns that demand would ebb after consumers spent their relief checks. Comparable sales rose a record 24% in the three months through Aug. 1, Target said Wednesday – the fastest pace in the retailer’s 58-year history, and almost three times higher than the average estimate of 8.6%. Adjusted earnings per share also touched an all-time high at $3,38, more than double the 1.58 expected, while revenue hit $22.98 billion, beating estimates of $19.82 billion. Additionally, the average Q2 transaction amount rose +18.8% vs. +0.90% y/y, while digital sales as share of total sales rose 17.2% in Q2 vs. 7.30% y/y.

Target CEO Brian Cornell said the retailer attracted consumers’ dollars because they couldn’t go on vacation or spend money on typical summer activities during the pandemic. “We’re not on planes. We’re not spending dollars on lodging, so many of those dollars have been redirected into retail,” he said in an interview with CNBC.

Home improvement chain Lowe’s Companies also jumped 2.7% after beating estimates for quarterly same-store sales as it benefited from a surge in demand for its products from consumers stuck indoors. Its larger rival Home Depot and retail behemoth Walmart reported similar results on Tuesday, although they reversed gains after warning that the Q2 selling frenzy was fading as stimulus payments were cut.

On Tuesday, the S&P 500 closed at a new record high, completing a stunning 50% recovery from a dramatic pandemic-led sell-off. The Nasdaq, the first of the three main indexes to confirm a bull market in June, also closed at an all-time high. Only the Dow remains some 6% below February’s record closing high. Yet while trillions of dollars in fiscal and monetary support and a preference for tech-related stocks have helped the benchmark surge about 55% from its March lows, the battered economy is still far from the pre-pandemic levels.

“We have a Federal Reserve that is all in, keeping rates low probably across the curve for as far as the eye can see,” Katie Nixon, chief investment officer at Northern Trust Wealth Management, said on Bloomberg TV. “That is supportive of higher valuations.”

In a positive signal for equities, Nancy Pelosi suggested that Democrats might be willing to make more cuts to their stimulus proposal to seal a deal with Republicans and speed Covid-19 relief. “The lack of fiscal progress has been a big driver of late and has taken the baton from what was initially a more virus-led story,” strategists including Craig Nicol at Deutsche Bank AG wrote in a note.

In Europe, the Stoxx 600 reversed early losses, gaining as health-care firms including AstraZeneca and Roche Holding led the index higher.

Earlier in the session, Asia stocks were mixed: sentiment was dampened after President Donald Trump said he called off last weekend’s trade talks. The State Department is also asking colleges and universities to divest from Chinese holdings in their endowments. Australia’s S&P/ASX 200 and South Korea’s Kospi Index rose; Japan’s Topix also gained 0.2% with Softbrain and TEMONA rising the most. Meanwhile, the Shanghai Composite Index retreated 1.2% pausing after recent gains, with Haiqi Transportation and Yijiahe Tech posting the biggest slides.

In FX, the Bloomberg Dollar index fell for a sixth consecutive day, but failed to breach its lowest level in over two years reached Tuesday as profit taking on short exposure was quickly offset by momentum and hedge funds looking to sell even the shortest of rallies. The pound edged higher amid firmer-than-expected U.K. inflation in July and managed to erase this year’s drop versus the greenback. U.S. corporate names and institutional accounts were among the main sellers of the euro around $1.1950 and the pound at $1.3260 on a take-profit basis.

The Aussie climbed, supported by higher iron ore prices, though rising tensions between Australia and China likely limited gains; the Kiwi led gains among Group-of-10 peers as short positions versus the Aussie were unwound. Japan’s yen halted a three-day gain to trade little changed after earlier strengthening toward 105 per dollar as offshore banks earlier sent the Japanese yen to day highs around 105.10, according to three traders in Europe.

The Yuan enjoyed a firm session as the recent Dollar weakness prompted the PBoC to set the CNY mid-point at a 7-month high, with today’s USD/CNY setting at 6.9168 vs. yesterday’s 6.9325. USD/CNH was driven lower during the APAC session and briefly traded sub-6.9000 for the first time since January.

In rates, Treasuries are higher across the curve led by the long end, while bunds gained amid record demand for 30-year German bond sale. Yields are lower by as much as 2.8bp at long end, 10-year by 2.1bp at 0.648%, with front-end yields little changed, flattening 2s10s and 5s30s by ~1.5bp; S&P 500 futures are little changed after cash index closed at a record high Tuesday. 10-year and 30-year yields, which climbed into last week’s record-size auctions of those tenors, are lower for a third straight day, both at lower yields (higher prices) than buyers in the auction obtained. On deck today, bond market prepares to digest a $25BN 20-year bond auction at 1pm ET.

An hour later, at 2pm the Fed is slated to release minutes of July 29 FOMC meeting, which will offer clues into the policymaker’s view of the economy and its actions in September, where Average Inflation Targeting is expected to be unveiled. The market’s focus will also shift to U.S. presidential elections, which is about 11 weeks away. Democrats on Tuesday formally nominated Joe Biden for president. The Republican National Convention is slated for next week.

Also on today’s calendar, Analog Devices, TJX and Nvidia are among companies reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.1% to 3,391.25
  • STOXX Europe 600 up 0.1% to 367.64
  • MXAP down 0.04% to 172.34
  • MXAPJ down 0.2% to 568.35
  • Nikkei up 0.3% to 23,110.61
  • Topix up 0.2% to 1,613.73
  • Hang Seng Index down 0.7% to 25,178.91
  • Shanghai Composite down 1.2% to 3,408.13
  • Sensex up 0.6% to 38,759.63
  • Australia S&P/ASX 200 up 0.7% to 6,167.64
  • Kospi up 0.5% to 2,360.54
  • Brent futures down 1% to $45.01/bbl
  • Gold spot down 0.6% to $1,989.88
  • U.S. Dollar Index down 0.1% to 92.18
  • German 10Y yield fell 1.9 bps to -0.482%
  • Euro up 0.1% to $1.1943
  • Italian 10Y yield fell 0.4 bps to 0.801%
  • Spanish 10Y yield fell 0.6 bps to 0.304%

Top Overnight News from Bloomberg

  • U.K. inflation accelerated to the fastest in four months in July, an unexpected jump that’s unlikely to last or persuade the Bank of England to ease off the stimulus pedal
  • An auction of 30- year German debt saw the highest demand in the record books, which date back to 1997
  • The Trump administration sees a possibility for Republicans and Democrats to agree on a smaller round of pandemic relief totaling $500 billion that would omit the biggest areas of disagreement, according to a senior U.S. official
  • The $20 trillion U.S. Treasury market is giving the Federal Reserve a thumbs-up for its efforts to revive inflation after the coronavirus pandemic threatened to inflict a damaging bout of deflation on the U.S. economy
  • Japanese exports continued to drop steeply in July even as a recovery in shipments to China helped cushion declines to Europe and other key markets where the coronavirus is spreading rapidly

A quick rundown of global markets courtesy of NewsSquawk.

Asian equity markets sustained the mixed lead from their counterparts on Wall St where the S&P 500 and Nasdaq notched fresh record intraday highs shortly after the open, although the tone briefly soured before picking back up again with participants somewhat tentative and volumes thinner due to the lack of data and risk events ahead. Nonetheless, ASX 200 (+0.7%) was positive with the best performing stocks in the index driven by earnings, while Nikkei 225 (+0.3%) was rangebound as participants digested mixed releases including disappointing Machinery Orders and although trade data printed better than expected, there were still substantial contractions to both Exports and Imports. Elsewhere, Shanghai Comp. (-1.2%) weakened alongside the closure of morning trade in Hong Kong due to a typhoon signal, ultimately, Hang Seng (-0.7%); as well as the continued antagonism between US-China as President Trump noted that he postponed talks with China and does not want to talk with China right now, while he responded “we’ll see“ when questioned if he will pull out of the trade agreement. Finally, 10yr JGBs were choppy with mild pressure seen as Japanese stocks just about remained afloat, but with downside also stemmed amid the BoJ presence in the market for JPY 770bln of JGBs with 3yr-10yr maturities.

Top Asian News

  • Japan Exports Drop Steeply Again as Virus Continues Spread
  • Bank Indonesia Holds Rates Steady to Safeguard Weak Currency
  • China Stocks Post Biggest Loss in Three Weeks on U.S. Tensions

European equities trade with little in the way of firm direction (Eurostoxx 50 +0.3%) with ongoing pessimism surrounding US-China relations and stimulus talks in Washington unable to impose any meaningful sway on summer-thinned European markets. Price action thus far has been more of a case of treading water ahead of the US entrance to market, although Europe has seen a modest pick-up in recent trade as indices across the Atlantic continue to eye record highs. From a sectoral standpoint in Europe, energy names are a laggard in-fitting with price action in with some of the modest losses seen in the complex, albeit downside is relatively small in terms of magnitude. Elsewhere, some of the travel & leisure names such as IAG (+2.9%), easyJet (+0.5%) and Ryanair (+0.9%) began the session on a slightly firmer footing amid reports in UK press that Heathrow could expand its testing capabilities in an attempt to replace the imposition of blanket quarantines. Utility names are seen lower in Europe amid losses in RWE (-4.0%) with the DAX-constituent having completed a USD 2bln share issue to support its expansion into renewable energy. Of note for the DAX, investors are awaiting the release of the updated composition of the index at 21:00BST today with reports suggesting that Wirecard could be replaced by Delivery Hero (+0.8%).  Maersk (+4.7%) have been a standout outperformer thus far following its Q2 earnings release, in which the Co. beat on estimates for profits and subsequently reinstated guidance at a higher level than indicated previously.

Top European News

  • Billionaire Greensill’s German Bank Draws Regulatory Scrutiny
  • Galapagos Suffers Biggest Fall Ever as FDA Fails to Approve Drug
  • The Best Days May Be Over for Europe’s Stock Rally This Year
  • U.K. Is Working on Covid Tests at Airports to Ease Quarantine

In FX, The broader Dollar and index are losing steam as the APAC consolidatory strength, which reverberated into early European hours, fades ahead of the FOMC Minutes (Full preview available in the Research Suite). DXY found an overnight base at 92.150 ahead of the YTD low at 92.124, with the index now residing closer to the middle of the current 92.150-92.388 intraday band.

  • NZD, AUD, CAD – The non-US Dollars posted various degrees of resilience vs. the Buck in overnight trade and have since extended on gains as the Dollar wanes. NZD/USD outperforms in the G10 FX space after finding support at the 0.6600 mark before topping its 21 DMA at 0.6621. AUD/USD gains in tandem after breaching mild resistance around 0.7237-43, but market participants eye a sustained break above the 200 WMA at 0.7255 ahead of the Feb 2019 weekly high at 0.7295. Meanwhile, the Loonie ekes mild gains despite losses in the crude complex with potential technical factors at play – USD/CAD drifted below its 200 DMA (1.3169) overnight before dipping under 1.3150 as it eyes the release of Canadian CPI later today.
  • GBP, EUR – Both marginally firmer against the USD, although the former saw some fleeting strength on the back of UK CPI metrics notably topping forecasts across the board, mainly due to a less significant decline in clothing prices alongside the easing of lockdown restrictions. Cable meanders around mid-range after printing a post-CPI high of 1.3267 (low 1.3230) ahead of the Dec 31st 2019 high of 1.3283. EUR/USD meanwhile remains within recent ranges and moves in tandem with the USD, having had shrugged off Final CPI figures heading into the European summit on Belarusian sanctions, albeit EU diplomats noted that these are unlikely to be agreed on until the end of this week at the earliest. Note: EUR/USD sees a hefty EUR 1.7bln in options expiring at strike 1.1900 at the NY cut.
  • CHF, JPY – Mixed trade between the CHF and the JPY, with the former compliant to USD-action and the latter flat after a choppy APAC session amid mixed data and an absence of clear sentiment. USD/CHF inched closer towards 0.9000 to the downside, with yesterday’s low residing at 0.9008. USD/JPY remains sub-105.50 after rebounding from an overnight base at 105.11, with the pair seeing USD 762mln in options rolling off at 105.00 and USD 800mln scattered between 105.25-30. For the technicians, if 105.00 fails to hold then focus will turn on 104.86 which marks the 76.4% Fib of the Jul-Aug rise.
  • Yuan – A firm session for the Yuan as the recent Dollar weakness prompted the PBoC to set the CNY mid-point at a 7-month high, with today’s USD/CNY setting at 6.9168 vs. yesterday’s 6.9325. USD/CNH was driven lower during the APAC session and briefly traded sub-6.9000 for the first time since January.

In commodities, WTI and Brent October futures have been edging lower in early European trade as participants eye the fallout of the JMMC meeting poised to commence from 15:00BST. Although no fireworks are expected from the meeting, market chatter yesterday noted of a possible recommendation of an early taper of the output cut deal, speculations that were dismissed by Russian Energy Minister Novak last week. Focus will likely fall on the laggards’ compliance levels amid pledges to over-comply to make up for their earlier shortfalls, whilst commentary on the JMMC’s outlook will also garner attention given resurging COVID-19 cases. Alongside the meeting, the weekly EIA inventories will be released, with headline crude forecast to have fallen 2.670mln barrels in the past week after private inventories printed a larger than expected draw of 4mln barrels vs. Exp. -2.7mln – with prices shrugging off the release. Elsewhere, Eastern Libyan authorities are to allow limited and temporary exports from the blockaded oil ports in a bid to free up storage to allow fuel production for fire stations. The blockades have resulted in a build-up in condensates and the reduction of gas production used for power stations. In terms of precious metals, spot gold and silver largely move in tandem with the Dollar amidst a lack of fresh catalysts, with the former meandering just under USD 2,000/oz and the latter just north of USD 27.50/oz. UBS remains constructive on gold over the next 6-month, with its base case is at USD 2,000/oz and an upside case of USD 2,200-2,300/oz, whilst UBS’ silver upside case resides around USD 30-40/oz. Over to base metals, Dalian iron ore continued to rise amid firm demand from China as steel mill outputs remain near record levels. However, analysts at ING note that as uncertainties over Brazilian supply subsides, the bank expects prices to ease. Meanwhile, copper prices gain as mining giant Rio Tinto lowered its copper guidance to 135k-175k tons from 165k-205k tons.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior 6.8%
  • 2pm: FOMC Meeting Minutes

DB’s Craig Nicol concludes the overnight wrap

Much of the focus in markets over the last 24 hours has been on yet another leg lower for the dollar. Indeed the dollar index fell -0.62% yesterday – good for a fifth consecutive daily decline – and to the lowest level since April 2018 with the move fairly broad across most major currency pairs with the euro in particular above $1.19 for the first time since May 2018. The lack of fiscal progress has been a big driver of late and has taken the baton from what was initially a more virus-led story. Mnuchin’s comment yesterday about not knowing why a deal seems so far off didn’t do much to help, as did comments from Walmart’s CFO about potential earnings pressure ahead with the end of stimulus checks.

There was one glimmer of good news on the fiscal front late in the US session though, when House Speaker Pelosi indicated that Democrats could pullback their stimulus demands to cut a deal with Republicans now before introducing additional bills after the November elections. With all that in mind it’ll be interesting to see if the FOMC minutes today change the narrative at all with monetary policymakers recently reiterating the need for further fiscal support.

A reminder that at the meeting, Powell noted that the Committee aims to wrap up the policy review in the “near future”, which would be consistent with our economists’ expectation that the results of this review will be released at the September meeting. The minutes should give a sense as to what kind of issues were discussed at the July meeting and how close the Committee is to announcing any changes to how they conduct monetary policy. So, worth keeping an eye on.

Ahead of that the S&P 500 finally closed at an all-time high last night, finishing up +0.23%. The NASDAQ also hit a fresh record high of its own, following a further +0.73% advance. While the weaker dollar certainly helped, the US housing data for July also played a part. Indeed the number of housing starts rose to an annualised 1.496m (vs. 1.245m expected), while building permits also rose to 1.495m (vs. 1.326m expected), in a move that puts them basically back at their pre-Covid levels. It was a somewhat tentative rally again though, with roughly 67% of the S&P down on the day and the majority of the move was driven by retail and communications stocks.

Of course it wouldn’t be a recap without another round of US-China trade headlines. Late last night, President Trump said that he cancelled last weekend’s talks with China, saying “I don’t want to talk to China right now”. He also said “we’ll see what happens” when addressing whether the US would pull out of the phase one trade deal. Prior to this the US administration said that it wants university endowments to divest Chinese holdings, saying it would be “prudent” to get ahead of potentially more onerous measures on holding the shares including a wholesale de-listing of PRC firms from U.S. exchanges. The State Department letter also warned universities of China’s growing influence on campuses and said the US is accelerating investigations of what it called “illicit PRC funding of research, intellectual property theft and the recruitment of talent”.

The Shanghai Comp -0.30%, Shenzhen Comp -0.86% and CSI -0.54% are all lower in response overnight. In contrast, the Nikkei (+0.37%), Kospi (+0.89%) and ASX (+1.10%) are up while the Hang Seng is yet to reopen as we go to print after scrapping the morning session following a typhoon alert. Futures on the S&P 500 are also up with +0.17% gain while spot gold is back below $2000/oz, and bond markets are a touch stronger.

Back to yesterday, where along with the weaker dollar, treasuries continue to unwind some of last week’s selloff. Indeed 10y yields fell by -2.0bps and measures of the curve including 2s10s and 5s30s have now retraced -3.9bps and -3.4bps of the +12.9bps and +15.0bps respective steepening last week. It was a stronger day for bonds in Europe too where 10y bunds closed -1.2bps lower however equity markets closed at their lows for the session – the STOXX 600 down -0.56% – not helped by the stronger euro and also deteriorating virus news including German Chancellor Merkel warning that the recent increase in cases meant that it wouldn’t be possible to ease restrictions further. German cases doubled in the last 3 weeks and are now seeing the highest daily increases in infections in nearly four months. Elsewhere, Amsterdam has increased scrutiny of bars and restaurants to ensure they adhere to guidelines as the number of new cases is on the rise. In Asia, South Korea reported 297 additional cases in the past 24 hours, marking the biggest daily increase since March.

In other virus news, trackthrecovery.com’s updated small business stats in the US showed a continued downward trend through August 7. Small businesses open are now roughly 20% below pre-virus levels and are near the lowest since mid-May. Job postings, while very volatile, fell to near a low for the recession period being down -36%. These stats lines up well with the NY Fed survey that came out yesterday, which could point to lower ISM service index numbers this month. Cases overall in the US rose 0.8% yesterday, in-line with the 0.9% 7-day average.

To the day ahead now, and the data highlights include the UK’s CPI reading for July, the Euro Area’s current account for June, along with Canada’s CPI for July. From central banks, the Fed will be releasing the minutes from their latest meeting and we’ll hear from Richmond Fed President Barkin. Finally, the Democratic vice presidential nominee Kamala Harris will be speaking at the party’s convention.

 

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 42.96 POINTS OR 1.24%  //Hang Sang CLOSED DOWN 188.47 POINTS OR 0.74%   /The Nikkei closed UP 59.53 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .72%

/Chinese yuan (ONSHORE) closed UP  at 6.9111 /Oil UP TO 42.54 dollars per barrel for WTI and 45.06 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED UP // LAST AT 6.9111 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9042 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING 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

This is telling:  Export centric Japan sees its exports tumble as USA demand collapses

(courtesy Reuters)

Japan’s exports tumble as U.S. demand collapses, order books shrink

TOKYO (Reuters) – Japan’s exports extended their double-digit slump into a fifth month in July as the coronavirus pandemic took a heavy toll on auto shipments to the United States, dashing hopes for a trade-led recovery from the deep recession.

FILE PHOTO: A worker walks between shipping containers at a port in Tokyo, Japan, March 22, 2017. REUTERS/Issei Kato

Meanwhile, core machinery orders, a leading indicator of business spending, unexpectedly fell to a seven-year low in June, dashing hopes domestic demand would make up for some of the slack from sluggish global growth.

The grim data suggests the depressed conditions seen in the world’s third-largest economy in the second quarter showed no signs of rapid improvement in the current quarter, compounding challenges for policymakers as they look to prop up activity.

Total exports fell 19.2% in July from a year earlier, roughly in line with market expectations for a 21.0% decrease, government data showed on Wednesday.

It was, however, smaller than a 26.2% drop in June, which some analysts saw as a sign external demand may have bottomed out.

“Today’s trade data confirmed that external demand hit bottom and is heading toward gradual recovery,” said Masaki Kuwahara, senior economist at Nomura Securities.

“But the pace of recovery remains slow. Given the risk of a second wave of infections, it will take a couple of years before exports and GDP return to pre-pandemic levels,” he said.

Shipments to the United States plunged 19.5% in the year to July as demand for engines and automobile remained weak, a sign Japan was feeling the pinch from the slow U.S. recovery from the pandemic’s pain.

Globally, automakers are taking a heavy hit from the coronavirus, which has shuttered vehicle factories and kept customers out of car dealerships.

Suzuki Motor Corp (7269.T) said this month its operating profit nearly wiped out during the June quarter because of plunging car sales in India, its biggest market.

SLOW RECOVERY

In a glimmer of hope, exports to China – Japan’s largest trading partner – rose 8.2% to mark the first increase in seven months on brisk demand for chip- manufacturing equipment and cars.

But those to the rest of Asia were down 8.2%, the data showed, reinforcing expectations that a full-fledged recovery in regional trade was still some time off.

Core machinery orders, a highly volatile data series regarded as an indicator of capital spending in the coming six to nine months, fell 7.6% in June, confounding market estimates of a 2.0% gain.

Foreign orders dropped 3.9% in June from the previous month, extending declines to a fourth straight month, but slowing from double digit falls seen in April and May.

Total core orders slumped to 706.6 billion yen ($6.72 billion), the lowest since February 2013, forcing the government to downgrade its assessment to say machinery orders were “declining.”

Manufacturers surveyed by the government expect core orders to fall 1.9% in the current quarter after dropping 12.9% in April-June, the data showed.

A decline in July-September would mark the fifth straight quarter of falls, the longest streak of decrease since orders slid for six straight quarters during the 2008 global financial crisis.

Adding to the gloom, a survey from Tokyo Shoko Research on Tuesday showed 8.5% of small firms, or more than 300,000 companies, could go out of business if the pandemic is prolonged. Such firms employ 7 out of 10 workers in Japan.

Analysts expect any rebound in the current quarter to be modest as a resurgence of infections will likely put a lid on demand both at home and abroad.

-END-

3 C CHINA

CHINA

President Xi Jinping launches an historic purge against its “deep state”

(zerohedge)

President Xi Launches Historic Purge Against China’s ‘Deep State’

Just days after Communist Party officials censored a prominent academic who dared to criticize the CCP and its glorious leader, Xi Jinping, more news of what appears to be a mounting purge of dissent in the aftermath of the coronavirus pandemic, as Beijing prepares a Russia-style vaccine rollout.

WSJ reports that one of Xi’s most senior allies has called for a Maoist purge of China’s domestic-security apparatus, insisting last month that it is time to “turn the blade inwards and scrape the poison off the bone.”

Within one week of the call, party “enforcers” launched investigations into at least 21 police and judicial officialsDozens more have been taken down in the weeks since. So far, the most high-profile figure to face charges is the police chief of Shanghai.

In essence, President Xi, who won plaudits for his handling of the COVID-19 pandemic but is nevertheless weakened due to China’s weakened economy and rising tensions with Washington, is launching his own assault on the deep state, mirroring President Trump’s animosity and distrust toward his own intelligence machine.

While it’s true that China’s political system suffers from “endemic corruption”, that’s not the real reason President Xi is doing this now, contrary to what some western media outlets have suggested.

Instead, it appears President Xi is launching his own war against China’s “deep state” by launching a full-blown purge of the state security apparatus.

The ultimate goal of the campaign is simple: create police, prosecutors and judges who are “absolutely loyal, absolutely pure and absolutely reliable”.

During his 8 years in power, President Xi has made a big show of confronting corruption, but critics say he has barely made a dent. Rather, his efforts have had more of a redistributive effect: those who are loyal to the ruler can eat their full from the trough, but those who aren’t may see even a minor slip up cost them everything.

Now that Xi has experienced first hand how unforeseen events can rattle even the authoritarian supreme leader of the CCP, he’s realizing that if he’s going to accomplish his goal of ruling until at least 2035, he’s going to need more leverage over the police and security apparatus, so that when he goes for a third term as Communist Party leader in 2022, nobody will raise a hackle, said Wu Qiang, a Chinese politics researcher and former lecturer at Beijing’s Tsinghua University.

We really couldn’t have put it better ourselves.

end

4/EUROPEAN AFFAIRS

GREECE/CORONAVIRUS UPDATE/THE GLOBE

(zerohedge)

Greece Imposes New Restrictions After Reporting Record COVID-19 Jump: Live Updates

Global COVID-19 cases have passed more than 22 million, with the US and Brazil still leading with the most cases globally. Here’s a quick breakdown of the countries and numbers.

Coronavirus cases:

  1. US – 5,481,557
  2. Brazil – 3,407,354
  3. India – 2,702,742
  4. Russia – 930,276
  5. South Africa – 592,144

Coronavirus deaths:

  1. US – 171,687
  2. Brazil – 109,888
  3. Mexico – 57,023
  4. India – 51,797
  5. UK – 41,466

Meanwhile, global deaths are nearing 800,000, with 781,756 deaths total. A trend of slowing cases has emerged in recent days, but it’s still unclear whether it will hold.

On Tuesday, signs of resurgence continued to appear in Europe and Asia, as the world’s biggest outbreaks in the US, Brazil and India have continued to slow, and it looks like we’re headed for a similar trend on Wednesday.

First, Iran surpassed 20,000 confirmed deaths on Wednesday, according to its health ministry. It’s the highest death toll for any Middle Eastern country. The milestone comes as Iran moves ahead with university entrance exams for more than one million students. Nearby, the UAE, fresh off its landmark deal with Israel, reported a resurgence, reporting 435 new infections on Wednesday, the biggest number in more than a month.

After reporting another alarmingly high number yesterday, South Korea returned with an even bigger number on Wednesday, counting 297 new coronavirus cases, the highest daily tally since March.

As Norway and Denmark ponder reopening their borders to neighboring Swedes, Nordic neighbor Finland has removed most EU countries from its “green travel list,” effectively imposing “Europe’s toughest” border restrictions, with only a handful of arrivals from a small number of states now allowed to enter the country without any restrictions.

Only people coming from Italy, Hungary, Slovakia, Estonia and Lithuania will now be allowed into Finland without proving they have a valid reason for travel. They must also self-isolate for 2 weeks. Arrivals from a number of non-EU countries including Georgia, Rwanda and South Korea will continue to be freely permitted when the new measures take effect on Monday. Hong Kong recorded the lowest number of new coronavirus infections since its latest outbreak started last month.

Since June, the government has said it will allow arrivals from countries with fewer than eight new coronavirus cases per 100,000 population in the last two weeks, although ministers have now made exceptions for some countries with fewer than 10.

China and the US are beginning to ease restrictions on transnational flights, with the US Department of Transportation saying it would allow the four Chinese passenger airlines currently flying to the US to double flights to eight weekly round-trips, as China simultaneously agrees to allow US carriers to double their flights to China.

In today’s dose of vaccine news, Brazil’s health regulator has approved final-stage trials for J&J’s vaccine candidate,  the fourth to win approval for testing in the country.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

BELARUS

The citizens are totally against leader Lukashenko.  He is deploying combat troops at his Western border.  Russia is also ready to defend Belarus

(zerohedge)

“NATO Is At The Gates”: Embattled Lukashenko Says He’s Deployed ‘Combat Ready’ Troops To Western Border

There are unconfirmed breaking reports that Belarus’ embattled President Lukashenko has indicated he’s ordered troops deployed on the country’s western border with “full combat readiness”. This follows his provocatively telling supporters that “NATO is at the gates” while reaffirming that he wouldn’t let Belarus’ fate be dictated from the outside as both mass protests and widespread strikes threaten is continued rule after the contested Aug.9 election which many chrarge was “rigged”.

“NATO troops are at our gates. Lithuania, Latvia, Poland and … Ukraine are ordering us to hold new elections,” he told supporters at a rally in Minsk on Sunday. He further alleged that NATO tanks and aircraft were deployed a mere 15 minutes from the Belarusian border, something which NATO has since denied.

But NATO has rejected this, with Secretary-General Jens Stoltenberg on Monday asserting“NATO does not pose a threat to Belarus and has no military buildup in the region,” according to an official statement.

 

Prior file image of Belarus’ President Alexander Lukashenko in military fatigues, via AP.

Lukashenko also again hinted that Russia stands ready to support him militarily amid an estimated 200,000 taking the streets in the capital demanding that he step down, or that at least a formal recount is conducted under international monitors.

However, there’s growing consensus that the Kremlin is not wedded not wedded to Lukashenko and may be through with him, yet wants a transition in a way that does not create “another anti-Russian, NATO leaning bulwark on its borders”.

Will we witness game-over for Lukashenko’s 26-year long rule this week?

* * *

Here’s RanSquawk’s primer on what’s at stake in Belarus:

EU Response: The bloc, in a joint statement on the 10th August, condemned the improper conduct of the elections and the subsequent social unrest that followed. The EU “considers the results to have been falsified and therefore does not accept the results of the election,”, it said in a press release, “We will continue to closely follow the developments in order to assess how to further shape the EU’s response and relations with Belarus in view of the developing situation”, the statement said. Last Friday, EU Foreign Ministers agreed to commence work on sanctioning Belarusian officials responsible for the electoral results alongside those behind the violent crackdown on peaceful demonstrators. One EU diplomat noted that sanctions are unlikely to be agreed until the end of this week at the earliest. European Council President Michel called for an emergency summit for tomorrow, where a sanctions list is expected to be drawn up.

US Response: A Senior Trump official noted that the mass protests make it clear that Lukashenko’s government can no longer ignore calls for democracy. President Trump called it a “terrible situations”, while senior admin officials said the US is closely watching the developments.

Russia: The Kremlin said Russia is prepared to involve a joint defence treaty with Belarus, following multiple phone calls between the countries’ leaders. Russia said it was ready to help “solve the problems” that have arisen from “external pressure”. A transcript of the call between the leaders noted that Russia “reaffirmed its readiness to render the necessary assistance to resolve the challenges facing Belarus.” The show Russian support followed the Belarusian defence ministry announcing snap military exercises near the Lithuanian border after Lukashenko claimed that Poland, Lithuania and Latvia were conduction a “build up of military might” at the borders.

China:The nation, in contrast to the EU, endorsed Lukashenko as the Belarusian President. Chinese President Xi said he was ready to work with the Belarusian leader to “jointly push forward China-Belarus comprehensive strategic partnership and expand mutually beneficial cooperation between the two countries in various fields”.
COLLISION COURSE: The EU and US urged Russia not to intervene as protesters mounted over the weekend. In the fallout of the summit, EU leaders are also expected to send Russia a formal message to not interfere with matters in Belarus – “There should be no outside interference,” Council President Michel wrote. Furthermore, the EU is also keeping tabs on China’s meddling in what an EU official called “a European affair”, adding that “It would send a very troubling message to EU member states – who are united in the response on Belarus – if China continues to lend Lukashenko support.”

Desks note that the threat of Russian interference could further rile up tensions with the EU; if Lukashenko survives in power, it will be due to heavy-handed crackdowns and repression, backed by the possibility of Russian intervention. Conversely, if the Belarusian leader is ousted, Russia could be strategically radicalised as witnessed in 2014 following the ousting of Ukrainan President Yanukovich. Analysts note that Russia’s strategic cooperation with China has also significantly intensified. “Russian radicalisation in the aftermath of Belarusian destabilisation could therefore paradoxically trigger an intensification of the stand-off between Beijing and pre-election Washington, and by extension between Beijing, Tokyo, Seoul and several Asean capitals – not to mention New Delhi, still smarting from this summer’s clashes,” SCMP writes.

END

6.Global Issues

CANADA

Embattled Prime Minister Trudeau brings on Freeland as its new Finance Minister and then prorogues Parliament.

(zerohedge)

 

Chrystia Freeland Sworn In As Canada’s Finance Minister As Trudeau “Prorogues” Parliament

Chrystia Freeland isn’t quite a household name in the US, although her profile expanded substantially after leading trade talks with both the EU and the US and Mexico. But that could soon change as the avowed Russophobe has just been sworn in as Canada’s Finance Minister in PM Justin Trudeau’s latest cabinet reshuffle.

Freeland, a former Rhodes Scholar who previously handled Canada’s Foreign Policy portfolio as Trudeau’s Foreign Minister (and trade minister, among other positions, as well as being an MP), has become the first woman to hold the title of Finance Minister in Canada; she is also a deputy prime minister.

Interestingly enough, Canada’s Globe & Mail, a Liberal-leaning national broadsheet and one of Canada’s most popular newspapers, made no mention of the scandal-plagued departure of Bill Morneau, the Liberal Party politician who resigned today amid a scandal over his failure to repay a charity for associated travel costs (you can read more about that at the BBC).

But by elevating Freeland once again, Trudeau is sending a sign to Russia, and to the broader foreign policy establishment, that as President Trump tries to dismantle the national security and foreign policy “consensus” in the US, his Canadian colleague is doubling down on it.

Ironically, Trudeau is now preparing to try and “prorogue” Canada’s parliament, though the context is slightly different from when Boris Johnson prorogued the British Parliament, effectively shutting it down, as it will effectively act as a “reset” for his agenda following a string of scandals that have roiled Canada’s Liberal Party.

For those who haven’t followed our coverage of Freeland’s rise in Canadian politics, Matthew Ehret once said that “Freeland has become a bit of a living parody of everything wrong with the detached technocratic neo-liberal order which has driven the world through 50 years of post-industrial decay.”

Here’s more from that post.

Freeland Promotes the New Global Elite

Freeland then breaks down the categories of “new plutocrats” into two subcategories: the good, technocratic friendly plutocrats who are ideologically compatible with the New World Order of depopulation, such as Bill Gates, Warren Buffet, George Soros, et al and the “bad” plutocrats who tend not to conform to the British Empire’s program of global governance and depopulation under the green agenda.

In Freeland’s world “good oligarchs” are those who adhere to this agenda, while “bad oligarchs” are those who do not. Trump is a terrible Plutocrat, and – Viktor Yanukovych was a good plutocrat until he decided to not sacrifice Ukraine on the altar of the collapsing European Union and chose to throw Ukraine’s destiny into the Eurasian Economic Union in October 2013.

We imagine Bill Gates and George Soros will be thrilled.

END

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

ARGENTINA

Even after 150 days of lockdown Argentina’ COVID 19 outbreak is still deadlier than ever..its economy is in shatters!

(zerohedge)

After Nearly 150 Days Of Lockdown, Argentina’s COVID-19 Outbreak Is Deadlier Than Ever

With the reform-minded business-friendly conservatives out, and the Peronistas back in power in Argentina, one of South America’s biggest and most troubled economies is struggling to get back on its feet, bolstered by the promise of more rope from the IMF and the country’s other creditors, despite arriving at its 3rd default in 20 years, and its 9th in history – the most of any country.

This unfortunate reputation has led some to joke that only three things in life are certain: death, taxes and another Argentinian sovereign default.

But as the country prepares for yet another refinancing thanks to the IMF, the government has revealed that the country’s already damaged economy has been absolutely hammered by one of the world’s longest, and strictest, lockdowns.

And even as new COVID cases have tapered off somewhat, Argentina’s death toll is quickly climbing the ranks of the deadliest outbreaks in the world.

According to Bloomberg, in the past seven days, Argentina has reported 22.5 deaths per million people compared with 28.1 in Brazil and 23.4 in the US, the homes of the deadliest outbreaks in the world.

Total deaths in Argentina have now surpassed 5,000 since the pandemic began.

The deaths, and the weariness of the Argentina quarantine, which has crushed the country’s economy while doing little to stanch the virus’s spread, have spurred more protests in the country.

Even worse, concerns are mounting that Argentina is undercounting cases and deaths. The positivity rate across the country has been hovering around 40% for the past week, similar levels to Mexico, which suggests that testing levels are insufficient.

But after 146 days of lockdowns, the government is facing pressure to reopen immediately.

Buenos Aires remains the epicenter of the virus. The city had 64% of all cases as of Wednesday, though it is Argentina’s most populous province.

Fortunately, markets remain confident that a bigger fool for the Argentine century bond, issued in 2017, can still be found.

end

 

 

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

Euro/USA 1.1932 DOWN .0014 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 105.24 UP 0.011 (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 1.3203   DOWN   0.0050  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3152 DWN .0006 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  WEDNESDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 42.86 POINTS OR 1.24% 

 

//Hang Sang CLOSED DOWN 188.42 POINTS OR 0.74%

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

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

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

 

 

/SHANGHAI CLOSED DOWN 42.96 POINTS OR 1.24%

 

Australia BOURSE CLOSED UP .72% 

 

 

Nikkei (Japan) CLOSED UP 59.53  POINTS OR 0.26%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1984.15

silver:$27.35-

Early WEDNESDAY morning USA 10 year bond yield: 0.653% !!! DOWN 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.37 DOWN 3  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 92.32 UP 4 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing  WEDNESDAY NUMBERS \1: 00 PM

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

JAPANESE BOND YIELD: +03%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.28%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.91 DOWN 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 63 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.47% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.38% 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 WEDNESDAY

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

Euro/USA 1.1903  DOWN     .0043 or 43 basis points

USA/Japan: 105.69 UP .457 OR YEN DOWN 46  basis points/

Great Britain/USA 1.3198 DOWN .0055 POUND DOWN 55  BASIS POINTS)

Canadian dollar UP 2 basis points to 1.3156

 

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The USA/Yuan,CNY: AT 6.9207    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.90984  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.2929 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +03%

 

Your closing 10 yr US bond yield UP 1 IN basis points from TUESDAY at 0.659 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.384 DOWN 1 in basis points on the day

Your closing USA dollar index, 92.57 DOWN 30  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 38.11  0.563%

German Dax :  CLOSED UP 95.87 POINTS OR .74%

 

Paris Cac CLOSED UP 35.60 POINTS 0.72%

Spain IBEX CLOSED UP 46.00 POINTS or 0.65%

Italian MIB: CLOSED UP 191.89 POINTS OR 0.97%

 

 

 

 

 

WTI Oil price; 42.83 12:00  PM  EST

Brent Oil: 45/35 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    73.12  THE CROSS LOWER BY 0.03 RUBLES/DOLLAR (RUBLE HIGHER BY 3 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.47 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 :  42.80//

 

 

BRENT :  45.15

USA 10 YR BOND YIELD: … 0.689…up 2 basis  points

 

 

 

USA 30 YR BOND YIELD: 1.43..plus 3 basis points…

 

 

 

 

 

EURO/USA 1.1847 ( DOWN 99  BASIS POINTS)

USA/JAPANESE YEN:105.98 UP .744 (YEN DOWN 75 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.89 UP 64 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3111 DOWN 141  POINTS

 

the Turkish lira close: 7.29

 

 

the Russian rouble 73.33   DOWN 0.20 Roubles against the uSA dollar.( DOWN 20 BASIS POINTS)

Canadian dollar:  1.3210 DOWN 52 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.47%

 

The Dow closed DOWN 84.64 POINTS OR 0.30%

 

NASDAQ closed DOWN 64.38 POINTS OR 0.57%

 


VOLATILITY INDEX:  22.53 CLOSED UP 1.02

LIBOR 3 MONTH DURATION: 0.253%//libor dropping like a stone

 

USA trading today in Graph Form

Dollar Has Best Day In 2 Months As Fed Sinks Stocks, Bonds, & Bullion

The Fed Minutes’ message was clear: “Y.C.C., Nay!”

And that did not go down well in bond-land…

Source: Bloomberg

Erasing much of the last two day’s gains…

 

Source: Bloomberg

And steepened the yield curve…

Source: Bloomberg

Which knocked stocks lower… (at the cash open, small caps were bid with Nasdaq dumped but then the machines kicked in and went to new highs before The Fed’s YCC-dismissing Fed Minutes)…  Nasdaq was the day’s biggest loser…

 

The S&P 500 lost its old highs..

 

Sparked the best day in the USDollar in two months…

Source: Bloomberg

Sending precious metals lower with gold back below $2000…

And silver back below $28…

As real yields spiked…

Source: Bloomberg

Cryptos slipped a little more today…

Source: Bloomberg

Oil prices whipsawed in a tight range after inventories data to end almost unch with QTI at $43…

Copper ended higher but tumbled after The Fed Minutes (with futures back below 3.00)…

 

Finally, making all the headlines, Apple reached the stunning level of a $2 trillion market capitalization…

 

Because, fun-durr-mentals…

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

FOMC minutes

FOMC Minutes Show Fed Cooling On Yield Curve Control, Fears ‘Financial Stability Risks’

Since the July 29th Fed Statement, gold is unchanged, stocks are up significantly and bonds and the dollar lower…

Source: Bloomberg

Interestingly, the market’s Fed rate trajectory expectations tightened quite significantly with negative rates now off the table for Dec 2021…

Source: Bloomberg

Although we do note that there is no full hike priced in until 2025!

As we detailed earlier, the July FOMC did not “set the foundation” for future policy tweaks, like enhanced forward guidance or yield curve targeting. Analysts believe this sort of policy detail may only follow the Fed’s strategy review, likely due in September. Accordingly, the minutes will be parsed to see if there is any emerging consensus on a number of themes, like enhanced forward guidance, inflation targeting, the Fed’s mandate, etc.

If it appears as though there is an emerging consensus, it will likely trigger the Fed into shaping its communications accordingly ahead of the Jackson Hole economic symposium, August 27-28, which comes ahead of mid-September FOMC, the last before the November elections.

So, what was the message from today’s narrative-shaping Minutes?

The Minutes confirmed that discussions continue on how the central bank designs additional support this year after cutting interest rates to near zero and expanding sharply its $7 trillion asset portfolio to support an economy reeling from the coronavirus pandemic; and how refining that policy statement could help improve transparency.

At this meeting, they discussed potential changes to the Committee’s Statement on Longer-Run Goals and Monetary Policy Strategy. Participants agreed that, in light of fun-damental changes in the economy over the past dec-ade—including generally lower levels of interest rates and persistent disinflationary pressures in the United States and abroad—and given what has been learned during the monetary policy framework review, refining the statement could be helpful in increasing the trans-parency and accountability of monetary policy. Such re-finements could also facilitate well-informed deci-sionmaking by households and businesses, and, as a re-sult, better position the Committee to meet its maxi-mum-employment and price-stability objectives. Partic-ipants noted that the Statement on Longer-Run Goals and Monetary Policy Strategy serves as the foundation for the Committee’s policy actions and that it would be important to finalize all changes to the statement in the near future

Additionally, Fed officials confirmed thatthe fate of the economy was linked with the uncertain path of the virus.

“In light of the significant uncertainty and downside risks associated with the course of the pandemic and how long it would take the economy to recover, the staff still judged that a more pessimistic projection was no less plausible than the baseline forecast.”

Some officials worried about financial stability risks if the pandemic persisted. The Fed acknowledges to some extent the divergence between the benchmarks and small businesses facing cash crunches…

“In contrast, smaller firms not well represented in the S&P 500 may be experiencing greater effects on their businesses due to the virus — a possibility consistent with the underperformance of the broader Russell 2000 index over the intermeeting period.”

On Inflation-Targeting:

“A few participants noted a risk that longer-term inflation expectations might move below levels consistent with the Committee’s symmetric 2 percent objective. Participants also noted that a highly accommodative stance of monetary policy would likely be needed for some time to support aggregate demand and achieve 2 percent inflation over the longer run.”

And perhaps most critically, on Yield Curve Control:

“A majority of participants commented on yield caps and targets—approaches that cap or target interest rates along the yield curve—as a monetary policy tool. Of those participants who discussed this option, most judged that yield caps and targets would likely provide only modest benefits in the current environment, as the Committee’s forward guidance regarding the path of the federal funds rate already appeared highly credible and longer-term interest rates were already low. Many of these participants also pointed to potential costs associated with yield caps and targets.

Among these costs, participants noted the possibility of an excessively rapid expansion of the balance sheet and difficulties in the design and communication of the conditions under which such a policy would be terminated, especially in conjunction with forward guidance regarding the policy rate. In light of these concerns, many participants judged that yield caps and targets were not warranted in the current environment but should remain an option that the Committee could reassess in the future if circumstances changed…

[Only] a couple of participants remarked on the value of yield caps and targets as a means of reinforcing forward guidance on asset purchases, thereby providing insurance against adverse movements in market expectations regarding the path of monetary policy, and as a tool that could help limit the amount of asset purchases that the Committee would need to make in pursuing its dual-mandate goals.”

end

Pure nonsense!

Stocks, Bonds, & Bullion Tumble As USD Jumps After Fed Minutes Shun Yield Curve Control

It’s hard to argue the Minutes were hawkish but perhaps it was the shying away from Yield Curve Control and fears over financial stability risks that spooked traders (for now). The push back on YCC raises the risk of a rise in nominal yields and it appears stocks don’t like that… with S&P back in the red…

The lack of YCC means, as one wise old market veteran somewhat ironically noted that bonds sell on the higher degree of freedom… which sparks stock selling… which sparks bond buying… and ‘stabilizes’ bond yields?!

Bonds were dumped on the lack of YCC…

Source: Bloomberg

As the yield curve steepens…

Source: Bloomberg

The USD spiked…

Source: Bloomberg

And gold dropped (less easing?)…

As real-yields rise…

Source: Bloomberg

Of course, this could all change dramatically within the next 90 minutes

end

Zero hedge on the above discussion:

Key Takeaways From The FOMC Minutes: Market Spooked By Lack Of Fed Commitment To More QE, “Twist” Or Curve Control

As we noted earlier, treasuries erased gains and fell to session lows after minutes of the FOMC’s July 29 meeting for several reasons: first, the Fed’s assessment of the economy was more downbeat than many had expected; second, the fact that the Fed appeared to cool substantially on any imminent (or even medium-term) implementation of yield curve control; third, the FOMC was silent on the prospect of changes to the size or composition of the central bank’s purchases of Treasury securities. As Bank of America’s Marc Cabana pointed out, “Notable that the minutes had no discussion of extending the duration of asset purchases, ie “twist”. This narrative had built considerably via media & Dudley speech leading into the meeting.”

Cabana is referring to the fact that in news conference that followed the July 29 meeting, Fed Chair Powell said the Fed’s asset purchases – running at an $80 billion a month pace in Treasuries – can be adjusted to increase support for the economy, leading to speculation that an increase in size or duration was discussed.

Tom Roth, head of rates trading at SMBC Nikko Securities echoed Cabana’s reservnations, saying that market reaction to the minutes is to “what is not there,” adding that the minutes also revealed widespread reservations among officials about the use of yield caps and targets.

Following the disappointment from the lack of commitment to more QE, YCC or Twist, yields across the curve reached session highs, led by the long end, steepening the curve; 10-year yield erased what remained of an earlier decline of as much as 2.4bp and climbed as much as 1.8bp on the day to reach 0.687% before stabilizing.

 

The disappointment also propped up the dollar, which extended gains as the minutes revealed that the FOMC saw only a modest benefit from yield caps and plans to keep securities purchases at their current rate.

Putting it all together, here are the five chief takeaways from the FOMC courtesy of Bloomberg:

  • On the whole, the minutes from the Fed’s July meeting painted a dovish picture of the economy. Officials expressed concern about the path of the recovery, and reiterated that the virus is in charge right now.
  • There were some hints that we could see revisions to the Fed’s economic forecasts next month, when the central bank releases fresh estimates, especially as a Covid-19 resurgence this summer has muted the recovery.
  • We likely won’t see more forward guidance at the September meeting, as some market participants had hoped for. A number of Fed officials have publicly said it isn’t necessary at this point, and the minutes seemed to echo that.
  • There is support among policy makers for wrapping up the highly anticipated framework review. Perhaps we’ll see that at next month’s meeting.
  • Although the Fed has been clear that it’s not raising rates any time soon, participants continued to discuss how they should assess when it would be appropriate to do so, and how they would communicate that to markets
end

ii)Market data/USA

iii) Important USA Economic Stories

LAS VEGAS

Fewer people are coming to Las Vegas which contributed to the massive layoff of workers.  Now the city faces at least 1/4 million eviction notices

(zerohedge)

250,000 Las Vegans Face Eviction Next Month 

Las Vegas is expected to become one of the focal points of theeviction crisis as nearly a quarter-million people could be removed from their homes in the coming weeks, reported AP News.

The Las Vegas Review-Journal reports a perfect storm of factors in Clark County including high unemployment, a high percentage of renters, collapsed travel and tourism industry, expiration of the state’s eviction mortarium, and the end of federal unemployment benefits could result in an eviction wave beginning as early as next month.

Las Vegas research group Guinn Center and the COVID-19 Eviction Defense Project in Denver estimates about 250,000 people in Clark County, or approximately 10% of the population, are at risk of eviction in September.

Nancy Brune, Guinn Center executive director, called the situation “a bad confluence of events.” 

Brune said the virus-induced downturn had severely damaged Las Vegas as fewer people are coming to gamble at casinos. Brune said 47% of households in the county are renters, of the renters, about 38% are currently unemployed.

The bust cycle of Las Vegas could linger for a couple of years as the city must shrink to survive.

Las Vegas economic analyst Jeremy Aguero recently warned, an economic recovery in the town could take upward of three years.

“Our economy is in recession,” Aguero said, warning that the velocity of job loss today was much higher than the economic crash a decade ago.

As for the rest of the country, at least 40 million people are at risk of eviction, according to Aspen Institute think tank. President Trump signed an executive order a week ago to stop evictions, though that doesn’t appear to solve the looming crisis among renters at risk of losing their homes.

END
Only 7 states have signed up for Trump’s $300 dollar unemployment stimulus pkg.  They state that they will not participate in the payroll tax plan
(zerohedge)

Only 7 States Have Signed Up For $300 Unemployment Stimulus As Businesses Warn They Won’t Participate In Payroll Tax Plan

With Congress still deadlocked over Phase 4 of the fiscal stimulus – despite a report that Nancy Pelosi was getting closer to the Republican bid of $1 trillion as she was willing to cut the Democrat ask “in half” to reach a deal – according to an update from FEMA, only 7 states, Colorado, Missouri, Utah, Arizona, Iowa, Louisiana and New Mexico, have signed up with FEMA so far to access the additional $300 weekly stimulus for those receiving unemployment benefits under Trump’s Aug 8 Executive Order. Using initial claims data, this accounts for only 6% of Americans receiving unemployment insurance, which means that more than 90% are currently ineligible for the emergency stimulus.

And while more states are expected to continue to sign up, the process will be lagged which will result in delayed payments.

What is interesting, as Citi economists have speculated, is whether states that did not apply to FEMA will end up seeing their unemployment rates fall faster, in other words, will it turn out to be the case that unemployment rate is higher than it would be without the stimulus because some individuals are making more not working?

That said, it is concerning that the single biggest boost to the US consumer which buoyed the economy for much of the past three months – federal stimulus for the unemployed…

… is being delayed both through FEMA but also through Congress not moving on Phase 4.

Meanwhile, in another major setback for Trump’s attempt to single-handedly carry the economy through to the Nov 3 finish line without Congress, a coalition of big-name business groups warned that many employers won’t participate in President Trump’s payroll tax deferral plan.

Calling it “unworkable,” they said in a letter Tuesday to Treasury Secretary Steven Mnuchin that it risks saddling their workers with large postponed tax bills they could have trouble paying back. According to the coalition, someone earning $35,000 would see their biweekly pay go up by $83 this year, the groups wrote, but would owe $751 next year. People earning $75,000 would see a $178-per-paycheck bump now, but would face a $1,609 tax bill next year.

The coalition did has a proposal how to “fix” this: fully suspend the payroll tax so it is not due at some point in the future, to wit: “If this were a suspension of the payroll tax so that employees were not forced to pay it back later, implementation would be less challenging.”

However since this is unlikely, the U.S. Chamber of Commerce, National Retail Federation, National Association of Realtors, and the National Association of Manufacturers, among others, all urged policymakers to instead to return to negotiating over a stalled coronavirus relief package in Congress.

“Many of our members consider it unfair to employees to make a decision that would force a big tax bill on them next year,” they said. “It would also be unworkable to implement a system where employees make this decision.”

“Therefore, many of our members will likely decline to implement deferral.”

The letter came as the department races to fill in the details of Trump’s presidential memorandum, issued 10 days ago. As Politico notes, “frustrated with gridlock in Congress, and hoping to boost the economy before the November elections, the president postponed until next year the deadline for paying the workers’ half of the 12.4 percent Social Security tax. Trump doesn’t have the power to eliminate the levy — only Congress can do that — but he’s betting lawmakers will eventually step in and waive the tax bill.”

“We hope Congress and the administration come together on a path that supports workers instead of burdening hardworking Americans with a large tax bill next year,” the business groups wrote.

In other words, despite Trump’s victory lap over the reduced unemployment benefits and the payroll tax order, it now appears that neither of these approaches to stimulate the economy will have a tangible impact, leaving the ball once again squarely in Congress’ court, where Democrats will be happy to do nothing until Nov 3 if that means an economic trapdoor opens in the coming weeks, sparking a fresh wave of mass layoffs, and makes Trump’s re-election impossible.

end

NIH going after USA operation Eco Health, who may have information on the source of the coronavirus

(zerohedge)

 

NIH Shakes Down Researchers For Information On Mysterious Chinese Lab Where COVID-19 Was Kept

The White House is intensifying its search for evidence that SARS-CoV-2 might have leaked from a Chinese Level 4 BSL laboratory called the Wuhan Institute of Virology in Wuhan. Democrats and their allies in the press have dismissed claims that the virus may have leaked either deliberately or accidentally, from the institute – citing the disappearance of a scientist suspected of being “patient zero” as possible evidence.  (Harvey:  her name is Huang Yangli)

American mainstream media have derided these suspicions as “evidence-free conspiracy theories”, typically neglecting to mention that while there’s only scant evidence of a leak, there seems to be some evidence of a cover-up, including the disappearance of a “whistleblower” scientist believed to be “patient zero” for the outbreak.

But as it tries to root out all the information it can from any organization tied to the WIV, the White House is trying to pressure an American scientific institute known as the EcoHealth Alliance, which the administration alleges has unsavory ties to the WIV. The Trump Administration has suspended a multi-million dollar grant to the EcoHealth Alliance, jeopardizing its research, and is claiming it won’t reinstate the grant until EcoHealth tells the US something about the institute.

According to the WSJ report, the administration, via the NIH, has denied the grant and is seeking a copy of the original coronavirus genome sequence provided by the Wuhan Institute, along with explanations for what happened to whistleblowing scientist we mentioned above. (Yangli)

The NIH also ordered EcoHealth Alliance to explain purported restrictions at the Wuhan institute, including “diminished cell-phone traffic in October 2019, and the evidence that there may have been roadblocks surrounding the facility from October 14-19, 2019.” The request follows a trip by WHO investigators who said they wouldn’t investigate the WIV, despite the fact that samples of the virus were kept there.  A government report in April determined that the lab was “most likely” the source of the virus.

The administration is also demanding that EcoHealth furnish “a response” from the WIV regarding safety protocols that the lab was supposedly following. Readers might remember these “safety protocols” as a reason frequently cited by critics of the theory about a leak by arguing that lab security was tighter than in the US (in fact, there’s plenty of evidence to suspect a leak is a credible possibility.

The mysterious whistleblower, whom Chinese authorities have dismissed as a “grad student” who has already ‘returned home’, two journalists, Chen Quishi and Fang Bin, were disappeared in February after sharing videos unmasking the seriousness of the situation in Wuhan.

For what it’s worth, EcoHealth has insisted that it doesn’t possess any of the information or documents that the administration is seeking. It has also attacked the White House for shutting down their critical research on viral transmission from animals to humans at a time, they say, when that work is especially relevant.

END
Expect more power outages as triple digit temperatures continue in Northern California.  Wildfires continue and will devastate California’s economy.
(zerohedge)

Wildfires Rage In California As Emergency Crews ‘Stretched Thin’, Grid Faces Further Rolling Outages

At least two dozen fast-moving wildfires have forced thousands of people in Northern California to flee their homes Wednesday amid the second week of record-setting temperatures.

California is under a state of emergency following a two-week heatwave, wildfires, and widespread power outages.

“Throughout the state of California right now, we are stretched thin for crews” because of the fires, said Will Powers, a state fire spokesman, who was quoted by CBS News.

Powers said, “Air resources have been stretched thin throughout the whole state.”

A major wildfire is burning in Solano County, where homes and other structures have been torched.

Another fire was burning in the southwest of Silicon Valley. Evacuation orders were seen in Big Basin Redwoods State Park, Año Nuevo State Park, Butano State Park, and Pescadero Creek County Park.

About 20 fires are burning in five counties, including Alameda, Contra Costa, Santa Clara, Stanislaus, and San Joaquin.

Firefighters have been battling flames in a two-week heatwave. The National Weather Service said temperatures in Death Valley reached over 130 degrees this week, possibly the highest temperature ever reliably recorded on Earth.

There is a sign of relief. 

Western Cooling degree days (CDD) appears to have peaked this week and is set for a 45-day slide. What this means is that the amount of energy it takes to cool a structure in California could decline, an indication temperatures are set to fade from triple-digit levels.

The California Independent System Operator (California ISO), which operates the state power grid, announced a Flex Alert on Tuesday afternoon and didn’t trigger rolling blackouts later in the day. The Flex Alert remains in place for Wednesday.

Readers may recall, just days ago, nearly 3.3 million customers in the state experienced rolling blackouts. Residents have been asked by California ISO to conserve electricity.

Excessive heat warnings are expected for many parts of Northern California through Thursday.

The latest heatwave to strike the US appears to be unprecedented (see: America Has Never Experienced A Heatwave Quite Like This). 

end
It no takes 53 weeks of median wages every year to pay for basic needs
(zerohedge)

The Devastation Of The Middle Class: It Now Takes 53 Weeks Of Median Wages Every Year To Pay For Basic Needs

The stock market is back to all time highs, but for ordinary Americans the standard of living has not been worse in decades, if ever.

As Bank of America points out, while the recent covid shutdowns has thrown the economy into disarray with millions laid off and living on government stimulus checks, life for the vast majority of workers – i.e., those who comprise the country’s middle class – was already precarious before the pandemic, and nowhere is this more evident than in the Cost of Thriving Index.

Consider that in 1985 it took 30 weeks at the median wage to pay for big fixed costs like housing, health care, a car, and education; fast forward to today when it takes a mathematically impossible 53 weeks of a 52-week year to buy those things.

In other words, as BofA puts it,“‘thriving’ has become impossible for the average worker” and adds that  “it’s no wonder that the uncertainty of forecasts for future growth remains near record highs.”

Of course, it’s also why millions of Americans are desperately looking forward to another stimulus round, and then another, and another after that, for the simple reason that it was the government’s “pandemic relief” that boosted compensation to artificial, if “one-time” record highs.

The question is whether this “one-time” stimulus which many equate with Universal Basic Income, has become a permanent fixture of American life.

end

iv) Swamp commentaries)

A good one: Lipson comments that the dam will most likely break after Clinesmith’s plea

(Lipson/RealClearPolitics.com)

Will The Dam Break After Clinesmith’s Plea?

Authored by Charles Lipson via RealClearPolitics.com,

News reports have downplayed the significance of former FBI lawyer Kevin Clinesmith’s guilty plea, acknowledging he altered an official document in the government’s Trump-Russia collusion probe. There has been some coverage, mainly because it is so rare to see FBI agents charged with a felony and because it is the first tangible result of U.S. Attorney John Durham’s sprawling investigation of the investigators. But mainstream news outlets have minimized its importance. It’s only one count, they say, and it deals with a relatively minor crime by a mid-level figure.

That’s spin, and it’s wrong. This plea is like finding water seeping from the base of a dam. The problem is not one muddy puddle. The problem is that it foreshadows the dam’s failure, releasing a torrent. That’s what the Clinesmith plea portends.

What Did Clinesmith Admit?

Clinesmith acknowledges he altered an email from the CIA to the FBI, answering a question about Carter Page. Page is an American citizen and a Naval Academy graduate who spent considerable time in Russia. His time abroad raised a question for the FBI’s counter-intelligence division. Was Page a Russian agent? Or was he on our side, helping the U.S. gather intelligence about the Kremlin? The CIA would know.

The answer mattered because the FBI and Department of Justice were preparing warrants to spy on Page as a hostile foreign agent. The CIA gave them a clear answer in August 2016, before the first warrant was issued: Page was working for us. That answer was given to a still-unnamed FBI case agent, and we don’t know what he did with it. Did he show it to those preparing the warrant applications? Why else would he even ask the CIA for the information?

In 2017, after Clinesmith was tasked to the Mueller investigation, their team asked him to clarify Page’s relationship with U.S. intelligence. That’s when he took the CIA document and added a single word, “not.” The altered document said Carter Page was not a CIA asset. It was a deliberate lie.

Clinesmith is pleading guilty to inserting that word and changing the document. That’s a felony. What made his crime more significant is that the altered document was then presented to the secret court overseeing actions taken under the Foreign Intelligence Surveillance Act. The special counsel included it in the fourth FISA application to spy on Page.

All four were chock-full of deception and dishonesty, but misrepresented to the court as “verified.” All of them said there “was probable cause that [Carter Page] was a knowing agent” of Russia. He wasn’t, and the applications’ authors had plenty of reasons to know it.

Why were they so determined to spy on a relatively minor figure like Carter Page? Because he was involved in Trump’s world and knew many others who were. James Comey’s FBI and Barack Obama’s White House wanted to know everything Trump was doing. Page was one window into that world. (Gen. Michael Flynn was an even better one, and we know he was exhaustively investigated.)

The FISA applications were meant to give some legal cover to this domestic espionage. The FBI first tried to get a warrant on Page in summer 2016, but the judges said it lacked sufficient evidence. They fixed that by adding added the now-discredited Steele dossier and got the first warrant in late 2016. The FBI and DoJ never told the FISA judges that the crucial addition was funded by Hillary Clinton and the Democratic National Committee, filled with unverified allegations, and produced by a biased, partisan investigator. Clinesmith’s altered email was a later, and relatively minor, addition to this toxic mix.

What really mattered was less the inclusion of Clinesmith’s false document than the omission of the CIA’s truthful one. The truth would have raised a bright red flag. The judges would likely ask, “If Page has worked closely with the CIA, how can you simply ignore that and say he is a Russian agent?” In other words, an accurate document might have killed the warrant renewal and called the previous three into question. The Mueller team wanted to avoid that, so they never let the FISA judges see the authentic document or know about it. Their omission was fateful and almost certainly criminal.

The Bullet Points That Leave a Bloody Trail

Clinesmith’s plea deal matters mostly because it sheds light on Durham’s broader investigation and the malfeasance he’s uncovering. To see that, let’s focus on the “bullet points,” which leave a bloody trail to larger crimes.

  • It was no surprise to learn last week that Kevin Clinesmith had altered an official document. Inspector General Michael Horowitz had already reported it, without naming the culprit. Durham had that information and could have indicted Clinesmith long ago. He didn’t because he was interviewing others about FISA abuses and didn’t want to give them any information from Clinesmith’s indictment. Releasing that information now shows Durham has completed his work on FISA fraud.
  • Other, more senior FBI officials must have been involved in these FISA abuses, though Durham hasn’t said so yet. Some committed abuse themselves. Others knew about it or should have known. Still others must have discovered the misrepresentations, but failed to report them to the FISA court, as they were required to do. Those failures are felonies.
  • Clinesmith has said he gave other FBI members the true document, not just the altered one. The 23rd paragraph of the charging information says Clinesmith “provided the unchanged C.I.A. email to Crossfire Hurricane agents and the Justice Department lawyer drafting the original wiretap application.” That’s a smoking bazooka.
  • How can Durham prove the CIA’s truthful information was circulated and then hidden? By thoroughly checking the FBI’s internal document system. It should record everyone who received Clinesmith’s accurate (unaltered) document and those they later passed it to. If the agents and lawyers merely discussed the falsification, then prosecutors will need several witnesses to substantiate it.
  • The real leader of the Mueller team, Andrew Weissmann, is still blowing smoke about these mounting legal problems. On Friday, he tweeted, “Clinesmith is charged with adding the words ‘not a source’ to an email about Carter Page, but nowhere does the charge say that is false, i.e. that Page was a source for the CIA.” Notice, Weissmann is not saying he knew nothing or that Page really was a Russian source. He simply saying that a 180-degree change in the document’s wording doesn’t mean what your lying eyes think it means.
  • Weissmann’s comment shows the Mueller team is sticking with their existing disclaimer. Their report says they won’t speculate on “whether the correction of any particular misstatement or omission, or some combination thereof, would have resulted in a different outcome.” In order words, “We don’t see something. We don’t say something. And we don’t know if it matters.”
  • Clinesmith actually worked on Robert Mueller’s team. He was tasked from the bureau to work with that team, which then submitted his falsified document to the FISA court. That’s crucially important. If attorneys on the special counsel team knew about his crime and did nothing to inform the court, if they continued to use a document they knew was fraudulent, they will face charges. That would implicate Mueller’s team for the first time in illegal activity to undermine the Trump presidency. That’s a much bigger matter than writing a biased report.
  • We know from other declassified documents that it wasn’t just Mueller’s FISA application that had false information. All four applications did. Indeed, they depended on it, especially on the Steele dossier. Then-Deputy FBI Director Andrew McCabe testified that, without Steele, the warrants would not have been granted. Yet none of the agents and prosecutors ever told the FISA court about fraud, misrepresentation, and bias from Steele, Clinesmith, or others.
  • The Mueller team must have known Clinesmith’s actions were a problem. They didn’t just get rid him, they tried to shift the blame. That’s the meaning of an opaque footnote in their report, which said that the bureau, not the Mueller team, supervised “an FBI attorney” who worked for the special counsel. Hey, it’s them, not us!
  • This CYA footnote, clever as it is, doesn’t mean the Mueller team was ignorant of Clinesmith’s fraud when they submitted the FISA warrant application. Nor does it absolve them of responsibility for failing to tell the court promptly when they suddenly “discovered” it was inaccurate.
  • Did Clinesmith act alone or did anyone tell him to alter the document? That’s a critical question, and Durham has not answered it yet. Nor has he said who knew what Clinesmith had done. Again, the key to proving that is either a paper trail or multiple cooperating witnesses. We should get Durham’s answers when he issues more indictments.

Who Should Be Nervous?

  • Anyone who worked on Crossfire Hurricane with Clinesmith. You can bet he is telling Durham everything he knows. Any plea deal would require complete disclosure. Durham could have charged him with a more serious crime, requiring a longer prison sentence. Prosecutors don’t grant such leniency without getting something valuable in return (unless they are investigating Hillary Clinton, whose top aides received immunity for free). Durham is no such patsy. He would not go easy on Clinesmith unless he got useful information in return.
  • Real trouble looms for anybody on the Mueller team or elsewhere at the DoJ and FBI who knew that Clinesmith had altered the CIA email to change its meaning. There’s even worse trouble ahead for those who ordered him to commit a crime. To prove those charges, Durham needs documents or multiple eyewitnesses. Clinesmith can point prosecutors in the right direction, but his word alone won’t do.

What Do We Still Need to Know About the FISA Investigation?

  • The main questions are “how wide is this corruption?” and “how high up does it go?” Those go well beyond Clinesmith’s altered document. They include all the other lies in the warrants.
  • Does Durham have enough evidence—and fortitude—to charge senior officials who signed false applications? They will say, as former-Deputy Attorney General Rod Rosenstein did to Congress, that they relied entirely on subordinates to give them complete, honest information. To rebut that, Durham needs hard evidence. He may also feel he needs evidence of intent. The higher up you go, the more evidence you need. We talk, rightly, about equality under the law, but, in practice, prosecutors want stronger, more unequivocal evidence to charge senior officials.
  • Were all the lies and misinformation a concerted effort, a true criminal conspiracy? That will be one of Durham’s toughest calls, and it would need approval from Attorney General William Barr. Such a charge would ignite a political firestorm, fueled by partisan media. But, then, so does everything these days.

To return to the metaphor of the endangered dam… the Clinesmith indictment is a telling puddle where the ground should be dry. It’s a troubling omen for those who violated Carter Page’s rights, spied on the Trump campaign, and systematically abused the powerful tools of law enforcement. They are living downstream, and they should be worried.

END

Stolen Mailboxes? Don’t Fall For Dems’ Latest Conspiracy Theory

Authored by Liz Harrington via RealClearPolitics.com,

Democrats and the media are meddling in our elections again. But this is getting absurd…

Joe Biden peddles fake stories of “tractor trailers picking up mailboxes.” Members of Congress threaten to throw the postmaster general in jail. Soviet-style propaganda posters of mailboxes propagate on social media. Prominent Democrats share grainy photos tweeted by has-been actresses with crackpot theories of MAGA-hat wearing postmen out to steal the election.

Never mind every major Postal Service union has endorsed Biden, including the American Postal Workers Union and the National Association of Letter Carriers, which together represent 520,000 active and retired USPS employees. The APWU recently said 2020 is “shaping up to be a major election for our Union,” and view President Trump as a “serious threat.”

Details.

But it can’t be a vast conspiracy theory without Hillary Clinton’s projection. “Nothing stops the mail,” the Chardonnay enthusiast tweeted. Except when USPS partnered with unions to allow mail carriers to take time off to try to get Clinton elected, in “systematic violation” of the law.

There was no Russia collusion in 2016. There were no Julie Swetnick “train rapes” in 2018. And there are no disappearing post boxes in 2020.

KATU, the local ABC affiliate in Portland, discovered the bombshell reason mailboxes were on that truck:

“To replace them because they’re old.”

Whoops.

The truth never stops them whipping up a mob.

Susan Rice, always the reliable spreader of Democrat disinformation, is very concerned, despite the fact the Obama administration took at least 12,000 post office boxes off the streets.

“Where have all the collection boxes gone?” the USPS inspector general asked in September 2016. Democrats were too busy hawking their fake dossier to bother noticing Obama and Biden were, by today’s Democrat standards, “trying to dismantle American democracy.”

Louis DeJoy is their new Gen. Michael Flynn. Just someone to project their hysterical political fantasies onto, no matter the collateral damage. Flynn is an American hero, not a Russian asset. (Neither was Carter Page, as Kevin Clinesmith can attest). DeJoy is a logistics professional who successfully ran multibillion-dollar supply chains, not a mail hatchet man. He wasn’t appointed by President Trump, but was unanimously approved by members of the USPS Board of Governors, including a Democrat, after an extensive search. DeJoy will be smeared because he’s a Republican. Never mind Megan Brennan, the former postmaster general he replaced, is a Democrat.

Democrats’ politicization of the mundane is troubling. The media is trying to taint routine maintenance, like transferring equipment to meet demand. Like everything else, the pandemic has required businesses to adapt, and the post office is no exception. But it’s Democrats who contend we must rest our election results on a service that was losing billions every quarter – before the virus hit. Both Donald Trump and Barack Obama have complained about the post office for years. What’s not routine? Sending millions more ballots out when voters never requested them.

Democrats don’t need to invent conspiracies to find problems with vote-by-mail. They could read the local papers. Or open their eyes.

  • In Indianahundreds of ballot applications were sent with the Democrat box already checked.
  • In Fulton County, Ga., and Washington, D.C., ballots went missing.
  • In Clark County, Nev., Democrats sent out 1,325,934 ballots and “nearly as many were undeliverable as returned: 223,469 and 305,000.” The other 797,465? Many ended up piled in apartment buildings and the trash.
  • The “train wreck” in New York, where it took six weeks to get results few have confidence in.
  • And of course, there is New Jersey. Republicans received ballots with no Republican candidates to choose from. In Paterson, ballots were stolen out of mailboxes, people who never received ballots had votes cast in their name, and the dead voted. Statewide, roughly 10% of ballots were rejected. What Democratic Gov. Phil Murphy calls a “success.” He’s moving forward with mailing over six million ballots in November anyway, and will count them even if they’re returned a week after Election Day. The four indicted for fraud in Paterson were each charged with “unauthorized possession of ballots,” including approaching voters “and collecting their official mail-in ballots” which were not theirs.

There’s another term for this: ballot harvesting.

They wouldn’t have been charged in California, where it’s legal for anyone to possess as many ballots as they want. That’s what Speaker Nancy Pelosi snuck in her legislation masquerading as coronavirus relief and what Marc Elias and left-wing groups are trying to force through the courts in a dozen battleground states.

The media keeps claiming there’s no evidence of fraud, but immediately hopped on the Democrats’ next conspiracy theory wagon about a “war” on the Postal Service, with no evidence. 

The real assault is what Democrats are doing to election integrity with a forced transition to vote by mail overnight. It took the state of Washington five years to switch to vote by mail. How do they prevent fraud? Every voter has to present a photo I.D. to be registered. Safeguards Democrats fight against.

Another fraud: this is all about our health.

Contrary to fearmongering, in-person voting in Wisconsin did not lead to an outbreak. The Centers for Disease Control found social distancing and personal protective equipment works at polling stations. Dr. Anthony Fauci says there is no reason why Americans can’t vote in person in November.

Voting by mail doesn’t prevent you from contracting the Wuhan coronavirus, either. In Wisconsin, there were more cases found in people who voted absentee than in person.

There are many lessons to glean from Democrats’ descent into angry, third-rate conspiracy theorists.

One thing the mob banging pots and pans outside the postmaster general’s door teaches us: they’re not afraid to cast a ballot in person.

end

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

Coronavirus spikes in regions with strict lockdowns re-ignite debate over effectiveness

A lockdown might delay severe cases for a while, but once restrictions are eased, cases will reappear,” Johan Giesecke, the former state epidemiologist for Sweden and the former chief scientist at the European Centre for Disease Prevention and Control, argued in May. “Measures to flatten the curve might have an effect, but a lockdown only pushes the severe cases into the future —it will not prevent them,” he added… https://justthenews.com/politics-policy/coronavirus/coronavirus-cases-spiking-regions-strict-mask-mandates-lockdowns

Facebook’s Sheryl Sandberg says if a Trump post violates standards, ‘it comes down’

“When the president violates our hate speech standards or gives false information about voter suppression or coronavirus, it comes down,” Sandberg said…

https://www.cnbc.com/2020/08/18/facebook-coo-sandberg-well-remove-trump-posts-that-violate-standards.html

Donald Trump Jr. blasts tech giants over report that Facebook, Twitter censor anti-Biden posts

‘They’re willing to engage in blatant election interference,’ Trump Jr. says

https://www.foxnews.com/media/trump-jr-facebook-twitter-censorship-big-tech

@RichardGrenell: We had enthusiastic crowds throughout Nevada – so of course @Twitter suspended our TeamTrumpOnTour account and tried to silence our voices for @realDonaldTrump.

@NicoleSganga: A @Twitter spokesperson tells @CBSNews the @TeamTrumpOnTour account was “mistakenly caught in a spam filter” and has since been reinstated.

@CBSNews: Trump announces he is posthumously pardoning Susan B. Anthony, a leader of the women’s suffrage movement who was arrested for illegally voting in 1872. [It’s all about suburban women now!]

NY Lt. Gov. Kathy Hochul @LtGovHochulNY: As highest ranking woman elected official in New York and on behalf of Susan B. Anthony’s legacy we demand Trump rescind his pardon. She was proud of her arrest to draw attention to the cause for women’s rights, and never paid her fine. Let her Rest in Peace, @realDonaldTrump. [You can’t make up this instance of Trump Derangement Syndrome!]

De Blasio says he didn’t know Democratic National Convention was this week  https://t.co/iwITIsVIsZ

 

@larryelder: Summary of opening day of the DNC Convention: Trump killed 160,000 Americans through Covid-19 and Trump murdered George Floyd. Now you’re caught up

 

@AP_Politics: Viewership was down for the first night of the virtual Dem Convention compared to 2016, according to preliminary estimates from the Nielsen Company. An estimated 18.7 million people watched Monday, off from nearly 26 million viewers four years ago.

 

AP FACT CHECK: Michelle Obama and the kids in ‘cages’

Michelle Obama assailed President Donald Trump on Monday for ripping migrant children from their parents and throwing them into cages … But what she did not say is that the very same “cages” were built and used in her husband’s administration, for the same purpose of holding migrant kids temporarily… https://www.seattletimes.com/nation-world/ap-fact-check-michelle-obama-and-the-kids-in-cages/

 

Trump slams Michelle Obama following DNC speech – “She was over her head.”   https://t.co/Y8wBLG2Gty

 

Trump rebuked Michelle Obama for taping her speech in advance of the convention, which is why she did not mention Kamala Harris.  Trump called her speech “very divisive” and claimed he would not be president if Barack & Biden hadn’t done such a poor job.  https://twitter.com/KarluskaP/status/1295719451996966914

 

New poll in Texas shows Trump with lead over Biden for the first time in a month

The poll, conducted by Texas Hispanic Policy Foundation and Rice University’s Baker Institute for Public Policy, has President Trump with a 7 point lead, 47.5% to 40.5%, over Biden…Joe Biden leads Donald Trump by almost 10 points among Hispanic Texans, according to our new poll, but Trump leads among all voters in the state. The findings suggest Hispanics will play a decisive role in Texas… (If Biden is only 10 points ahead of DJT among Hispanics, he’s in big trouble.)

https://abc7amarillo.com/news/local/new-poll-in-texas-shows-trump-with-lead-over-biden-for-the-first-time-in-a-month

 

    Hispanics favored Democratic candidate Hillary Clinton 65% to 29%, a 36-point difference that helped her secure winning margins in states like Nevada and Colorado and kept her competitive late into the night in other key battleground states.  But that margin, based on exit polling conducted by Edison Research, was smaller than the 71%-27% split that President Obama won in 2012…

https://www.usatoday.com/story/news/politics/elections/2016/2016/11/09/hispanic-vote-election-2016-donald-trump-hillary-clinton/93540772/

 

@SHEPMJS: Biden +6 RV (registered voters) in a D+7 [HarrisX/The Hill] poll so D+4 and LV (likely voters) Trump is tied which means he is ahead in the Electoral College

 

Left-leaning Politico: Trump’s campaign knocks on a million doors a week. Biden’s knocks on zero.

The campaign and the Democratic National Committee think they can compensate for the lack of in-person canvassing with phone calls, texts, new forms of digital organizing, and virtual meet-ups with voters… https://www.politico.com/news/2020/08/04/trump-joe-biden-campaign-door-knockers-391454

 

@TrumpWarRoom: NYT editorial board member says it was “blown away” by how radical Joe Biden’s platform is.  “Biden’s platform is far more liberal than Barack Obama’s was….We were blown away how much more similar it is to Bernie Sanders’s platform.”

https://twitter.com/TrumpWarRoom/status/1295823994113921027

 

@SteveGuest: Joe Biden repeatedly forgets he was first inaugurated as vice president in 2009: “January of 2018…I mean excuse me 2012”  https://twitter.com/SteveGuest/status/1295800165610258440

 

‘Something is not right’ says Obama’s White House doctor about Biden, ‘He’s just lost’

The former White House physician & retired Navy rear admiral says he watched Biden’s decline up close for several years https://justthenews.com/politics-policy/elections/something-not-right-says-obamas-white-house-doctor-about-biden-hes-just

 

WSJ: Postmaster General Louis DeJoy said the U.S. Postal Service is suspending operational changes, like removing mail processing equipment and collection boxes, until after the November election, as the agency tries to reassure Americans that it can handle the anticipated surge in mail-in voting…

https://www.wsj.com/articles/postmaster-general-dejoy-to-testify-before-senate-panel-friday-11597758378

 

MarkSimoneNY: Dr. Fauci says in person voting is safe and “there is no reason why we shouldn’t do in person voting” – and just like that Democrats no longer followed the “Science”: https://realclearpolitics.com/video/2020/08/14/dr_fauci_there_is_no_reason_people_cant_vote_in_person_if_they_follow_safety_guidelines.html

 

MarkSimoneNY: NJ Governor brags he got all the motor vehicle offices open and they have processed 500,000 people, but he claims he can’t do in person voting and is mailing out ballots. Total fraud.

 

MN Governor Quietly Reverses Course on Hydroxychloroquine

The reversal by Walz, a first-term Democrat, clears the way for doctors to prescribe hydroxychloroquine.

https://www.realclearpolitics.com/articles/2020/08/17/mn_governor_quietly_reverses_course_on_hydroxychloroquine__143978.html

 

Chicago cops are retiring at ‘unheard of’ twice the usual rate – The mayor doesn’t back us.. If you have the financial ability to do so, I don’t blame a single soul for leaving…   https://t.co/Ywmd0iiVYG

 

@MrAndyNgo: It’s been a very violent 72 hours in Portland. This happened a few days ago. The next night, roaming thugs beat up people in downtown, including the man who was kicked unconscious. None of these people have been held accountable by the law… I don’t have any update about the victim of the BLM beating in Portland. [Reports on Monday said he died.  Those reports were false.]  @PortlandPolice have finally named Marquise Lee Love, 25, as a suspect in the brutal BLM beating of Adam Haner. Police have made attempts to locate and contact the suspect but have not been successful.

Well that is all for today

I will see you THURSDAY night.

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