AUGUST 21//ANOTHER RAID ON OUR PRECIOUS METALS FOILED//GOLD DOWN ONLY 40 CENTS TO $1939.90//SILVER DOWN 30 CENTS TO $26.75//CORONAVIRUS UPDATES//POMPEO BLAST EUROPEANS FOR SIDING WITH IRAN//USA DATA/SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1939.90  DOWN $0.40   The quote is London spot price

 

 

 

 

 

Silver:$26.75 DOWN $0.30   London spot price ( cash market)

Today marks the 6TH day out of the last 9 days that a raid has been orchestrated by the bankers..

 

DEFINITION OF INSANITY:

Insanity is doing the same thing over and over and expecting different results.” That witticism—I’ll call it “Einstein Insanity”—is usually attributed to Albert Einstein.Sep 23, 2015
fits perfectly here with respect to official sector/banker raids

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Closing access prices:  London spot

i)Gold : $1938.40  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.83//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1931.40  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $8.70//)

OCT GOLD:  $1937.90  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $2.00//BACKWARD/

 

 

DEC. GOLD  $1946.50   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $6.60/ CONTANGO   ($5.40 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.78…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 3 cent contango//correct contango)

SILVER DECEMBER  CLOSE:     $27.92  1:30  PM SPREAD SPOT/FUTURE DEC.       : 17  CENTS PER OZ  ( 5 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today: enhanced  24/24

issued:  jpmorgan 24

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 GOLD (ENHANCED DELIVERY) FUTURES
SETTLEMENT: 1,933.800000000 USD
INTENT DATE: 08/20/2020 DELIVERY DATE: 08/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 H MORGAN STANLEY 24
661 C JP MORGAN 24
____________________________________________________________________________________________

TOTAL: 24 24
MONTH TO DATE: 24

and

34/172

issued  89

 

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,933.800000000 USD
INTENT DATE: 08/20/2020 DELIVERY DATE: 08/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 H RAND 5
657 C MORGAN STANLEY 7 11
661 C JP MORGAN 89 34
690 C ABN AMRO 2 98
737 C ADVANTAGE 66 22
905 C ADM 3 7
____________________________________________________________________________________________

TOTAL: 172 172
MONTH TO DATE: 48,710

 

total notices:  48,734   or 4873400 oz or 151.579 tonnes

 

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 196 NOTICE(S) FOR 19600 OZ  (0.60966 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,710 NOTICES FOR 4,8710,000 OZ  (151.579 TONNES)

 

 

SILVER

 

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 1278 for 6.390 MILLION oz

 

BITCOIN MORNING QUOTE  $11,732  DOWN 150

 

BITCOIN AFTERNOON QUOTE.: $11,695 DOWN 162

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $0.40 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD/// //

 

 

 

 

GLD: 1,252.38 TONNES OF GOLD//

 

 

WITH SILVER DOWN $0.26 CENTS TODAY: AND WITH NO SILVER AROUND:

 

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV//

SURPRISINGLY: A DEPOSIT OF 838,000  OZ INTO THE SLV//

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 573.681  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

 

 

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A SMALL SIZED 915 CONTRACTS FROM 192,857 DOWN TO 191,942, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE TINY LOSS IN OI OCCURRED DESPITE OUR STRONG 26 CENT LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO TINY  BANKER SHORT COVERING (IF ANY) COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, WITH A ZERO DECREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1314 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

 

WE HAVE ALSO WITNESSED A HUGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 2149 DEC:  100 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2249 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 2249 EFP CONTRACTS TRANSLATES INTO 11.245 MILLION OZ  ACCOMPANYING:

1.THE 26 CENT LOSS  IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.465 MILLION OZ INITIAL STANDING IN AUGUST

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 26 CENTS ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE BASICALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS. THEY  ENGAGED IN MINOR BANKER SHORT COVERING BUT JUDGING FROM THE HUGE GAIN ON THE TWO EXCHANGES, THEY COULD NOT COVER MUCH… THUS: THE TINY SIZED LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO INCREASE IN SILVER OZ STANDING  FOR AUGUST,  MINOR  BANKER SHORT COVERING (IF ANY)  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A STRONG NET GAIN OF 1314 CONTRACTS OR 6.67 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:

16,434 CONTRACTS (FOR 16 TRADING DAY(S) TOTAL 16,434 CONTRACTS) OR 82.170 MILLION OZ: (AVERAGE PER DAY: 1027 CONTRACTS OR 5.1356 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 82.170 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 11.73% 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:          1,352.46 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                         82.170  MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

 

 

 

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 915, DESPITE OUR STRONG 26 CENT LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY AS ONE A NET BASIS, NOT TOO MANY LEFT THE SILVER ARENA..…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2249 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A STRONG SIZED 1334 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR HUGE 26 CENT FALL IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 2249 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED DECREASE OF 915 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 26 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.05 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.9640 BILLION OZ TO BE EXACT or 138% 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 6.465 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A TINY SIZED 233 CONTRACTS TO 546,461 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE TINY LOSS IN COMEX OI OCCURRED DESPITE OUR STRONG LOSS IN PRICE  OF $23.45 /// COMEX GOLD TRADING// THURSDAY//WE HAD MINIMAL BANKER SHORT COVERING(IF ANY), A STRONG SIZED INCREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG LOSS IN PRICE OF $23.45. 

 

 

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

 

WE GAINED A GOOD SIZED 1669 CONTRACTS  (5.191 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1748 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 1902; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1748.  The NEW COMEX OI for the gold complex rests at 546,461. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1669 CONTRACTS: 233 CONTRACTS DECREASED AT THE COMEX AND 1902 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1669 CONTRACTS OR 5.191 TONNES. THURSDAY, WE HAD A STRONG LOSS OF $23.45 IN GOLD TRADING..….

AND WITH THAT LOSS IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 5.191 TONNES!!!!!! THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $23.45).  WE DID HAVE  MINOR BANKER SHORT COVERING (IF ANY) OPERATION BUT JUDGING FROM THE GAIN IN COMEX OI AND THE GAIN IN EXCHANGES FOR PHYSICAL THEY COULD NOT FLEECE  ON A NET BASIS ANY OF OUR SPECULATOR LONGS.

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1902) ACCOMPANYING THE SURPRISINGLY SMALL SIZED LOSS IN COMEX OI  (233 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1669 CONTRACTS. WE NO DOUBT HAD 1 )TINY BANKER SHORT COVERING (IF ANY), 2.)A STRONG INCREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO LONG LIQUIDATION; 4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR HUGE LOSS IN GOLD PRICE TRADING//THURSDAY//$23.45.

 

 

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 : 34,128, CONTRACTS OR 3,412,800, oz OR 106.15 TONNES (16 TRADING DAY(S) AND THUS AVERAGING: 2133 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES: 106.15 TONNES

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

THUS EFP TRANSFERS REPRESENTS 106.15/3550 x 100% TONNES =2.99% 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   3,366.32  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;                 106.15 TONNES

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, FELL BY A SMALL SIZED 915 CONTRACTS FROM 192,857 DOWN TO 191,942 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE SMALL SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)   MINIMAL BANKER SHORT COVERING , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO DECREASE IN SILVER OZ  STANDING AT THE SILVER COMEX FOR AUGUST,  AND  4) SOME WEAK LONG LIQUIDATION, BUT ON NET ZERO LONG LIQUIDATION. 

 

 

EFP ISSUANCE 2249 CONTRACTS

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

 SEPT: 2149 AND DEC. 100 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2249 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 915  CONTRACTS TO THE 2249 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG GAIN OF 1334 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 6.67 MILLION  OZ, OCCURRED WITH OUR 26 CENT LOSS IN PRICE///

 

 

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

(report Harvey)

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 16.78 POINTS OR 0.50%  //Hang Sang CLOSED DOWN 322.45 POINTS OR 1.30%   /The Nikkei closed UP 39.68 POINTS OR 0.17%//Australia’s all ordinaires CLOSED DOWN .02%

/Chinese yuan (ONSHORE) closed DOWN  at 6.92230 /Oil UP TO 42.28 dollars per barrel for WTI and 44.21 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.92230 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9191 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY A TINY SIZED 233 CONTRACTS TO 546,461 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS COMEX INCREASE OCCURRED DESPITE OUR HUGE LOSS OF $23.45 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1902 CONTRACTS),.  THUS,  WE HAD AGAIN 1) MINIMAL BANKER SHORT COVERING AT THE COMEX (IF ANY),  AS THEY  ORCHESTRATED THEIR RAID BUT JUDGING FROM THE GAIN IN OI THEY WERE NOT SUCCESSFUL IN CLOSING OUT MUCH OF THOSE SHORTS…… , PLUS 2)  ZERO LONG LIQUIDATION  AND 3)  A GOOD INCREASE IN GOLD OZ  STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 2320 CONTRACTS DESPITE GOLD’S STRONG LOSS IN PRICE. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON.

 

 

 

(SEE BELOW)

 

 

WE  HAD 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 1902 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 0  DEC 1902; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1902  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: 1669 TOTAL CONTRACTS IN THAT 1902 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A TINY SIZED 233 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 TINY BANKER SHORT COVERING (IF ANY) AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR HUGE RAIDS LAST WEEK AND THIS WEEK COURTESY OF THE OFFICIAL SECTOR/BIS//BANKERS. TODAY WE WITNESSED A GOOD INCREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE  LOST ZERO SPECULATOR LONGS DESPITE THE NASTY RAID ORCHESTRATED BY THE BIS//

 

 

 

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $23.45).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  5.191 TONNES

 

 

NET GAIN ON THE TWO EXCHANGES :: 1669, CONTRACTS OR 166,900 OZ OR 5.191 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:  546,461 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.64 MILLION OZ/32,150 OZ PER TONNE =  1699 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1699/2200 OR 77.27% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 357,516 contracts// fair volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  409,243 contracts//  volume: good//official sector raid// //most of our traders have left for London

 

 

AUGUST 21 /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
377,510.301 oz
Brinks
JPMorgan
incl. 7000 kilobars
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

43,510.698

OZ

Malca

 

 

 

No of oz served (contracts) today
196 notice(s)
 19600 OZ
(0.6096 TONNES)
No of oz to be served (notices)
783 contracts
(78,300 oz)
2.43 TONNES
Total monthly oz gold served (contracts) so far this month
48,734 notices
4,873,400 OZ
151.579 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

 

 

total deposit: nil oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into Malca: 43,510.698 oz

 

 

 

total customer deposit:  43,510.698    oz

 

 

we had 3 gold withdrawals from the customer account:

i) Out of Brinks:  151,971.031

ii) Out of jPMorgan:  225,057.000 oz (7000 kilobars)

 

 

total withdrawals;  377,510.301  oz

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

 

The front month of AUGUST registered a total of 290 CONTRACTS as we GAINED 1 contracts. We had 40 notices served on THURSDAY so we GAINED A STRONG 41 AND 24 ENHANCED contracts or an additional 6500 OZ will stand for delivery on this side of the pond as they refused to morph into London based forwards as well as negating a fiat bonus. The boys are scrambling in search of badly needed physical metal 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 GAIN of 56 contracts to stand at 2452.  Oct LOST 551 contracts UP to 71,280

 

The big December contract LOST 1217 contracts  down to 398,578 contracts…(it is here where some of our short side bankers tried to bail and failed)

 

 

 

We had 172 notices filed today for  17200 oz REGULAR INVENTORY

AND 24 NOTICES OR 2400 OZ ENHANCED INVENTORY.

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  90 notices were issued from their client or customer account. The total of all issuance by all participants equates to 196 contract(s) of which 34  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 0 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 (48,734) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (314 CONTRACTS ) minus the number of notices served upon today (196 x 100 oz per contract) equals 4,885,200 OZ OR 151.950 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 (48,734, x 100 oz + (314 OI) for the front month minus the number of notices served upon today (196) x 100 oz which equals 4,885,200 oz standing OR 151.950 TONNES in this  active delivery month. This is a HUGE  amount for gold standing for a AUGUST delivery month (an active delivery month).

We gained 65 contracts or 6500 oz of gold as these guys refused to  morph into London based forwards.

THE NAME OF THE GAME TODAY IS   BANKER SHORT COVERING AS FINALLY FEAR BECAME THEIR CENTRAL FOCUS.  THEY ORCHESTRATED A RAID TODAY SO AS TO CAUSE MANY SPECULATORS TO FLEE THE GOLD ARENA. IT LOOKS LIKE THEY FAILED.

 

 

 

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

25,078.004 oz Pledged August 21/regular account  .7800 tonnes

total pledged gold:  1,055,040.900 oz                                     32.81 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 483.25 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 151.748 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,591,809.006 oz or 516.07 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:
b 2 pledged gold JPMorgan august 21/2020;  25,078.004 oz  (7800 tonnes)
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:  1,055,040.900 oz or 32.81 tonnes
thus:
registered gold that can be used to settle upon:  15,536,769.0  (483,25 tonnes)
true registered gold  (total registered – pledged tonnes  15,536,769.0 (483.25 tonnes)
total eligible gold:  20,411,708.202 oz (634.889 tonnes)

total registered, pledged  and eligible (customer) gold;   37,003,517.208 oz 1,150.96 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1024.42 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 21/2020

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
 492,447.430 oz
Brinks
Delaware

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,319,570.215 oz
Malca
Scotia
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
15 contracts
 75,000 oz)
Total monthly oz silver served (contracts)  1278 contracts

6,390,000 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 Malca:  110,732.755 oz

iii) Into Scotia: 1,208,837.460

 

 

 

 

 

 

 

 

 

*** 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 48.64% of all official comex silver. (165.53 million/340.279 million

 

total customer deposits today: 2,319,570.215   oz

we had 2 withdrawals:

 

ii) Out of  Brinks: 490,478.930 oz

iii) Out of Delaware: 1968.560 oz

 

 

 

 

 

total withdrawals;  492,447.430    oz

We had 0 adjustments

 

 

Total dealer(registered) silver: 129.555 million oz

total registered and eligible silver:  340,279 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 15 contracts and thus we LOST 4 contracts.  We had 4 notices filed on THURSDAY so we LOST 0 contracts or an additional NIL 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 4601 contracts down to 66,517. November saw another gain of 1 contract to stand at 306.

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 3653 contracts up to 113,172

 

 

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 1278 x 5,000 oz = 6,390,000 oz to which we add the difference between the open interest for the front month of AUGUST(15) 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: 1278 (notices served so far) x 5000 oz + OI for front month of AUGUST  (15)- number of notices served upon today (0) x 5000 oz of silver standing for the AUGUST contract month.equals 6,465,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We lost 0 contracts or an additional nil oz will not stand for delivery as they morphed into London based forwards..

 

 

TODAY’S ESTIMATED SILVER VOLUME : 190,591 CONTRACTS // volume huge++++++++++++++++++++++++++++++++++++++/

 

 

FOR YESTERDAY: 181,832.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++++++++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 181,832 CONTRACTS EQUATES to 0.909 billion  OZ 129% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4.13% ((AUGUST 21/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.59% to NAV:   (AUGUST 21/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.13%

(courtesy Sprott/GATA

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

NAV 20.38 TRADING 19.79///NEGATIVE 2.88

END

 

 

And now the Gold inventory at the GLD/

AUGUST 21//WITH GOLD DOWN $.40 TODAY: WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1252.38 TONNES

AUGUST 20/WITH GOLD DOWN $23.45 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD: .//INVENTORY REST AT  1252.38 TONNES

AUGUST 19//WITH GOLD DOWN $39.65 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1252.38 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 21/ GLD INVENTORY 1252.38 tonnes*

LAST;  886 TRADING DAYS:   +312.88 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 786 TRADING DAYS://+491,41  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 21//WITH SILVER DOWN 30 CENTS TODAY: WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF.838 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 573.843 MILLION OZ..

AUGUST 20/WITH SILVER DOWN $.26 TODAY: WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A WITHDRAWAL OF 3.724 MILLION OZ FROM THE SLV..//INVENTORY REST AT 572.843 MILLION  OZ

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

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

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

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

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

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

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

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

AUGUST 6/WITH SILVER UP $1.52 TODAY, WE HAVE NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 572.564 MILLION OZ///

AUGUST 5/WITH SILVER UP $1.03 TODAY, WE HAVE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A MONSTROUS DEPOSIT OF 5.403 MILLION OZ//INVENTORY RESTS AT 572.564 MILLION OZ//

AUGUST 4/WITH SILVER UP $1.45 TODAY, WE HAVE NO CHANGES IN SILVER INVENTORY: //INVENTORY RESTS AT 367.161 MILLION OZ//

AUGUST 3/WITH SILVER UP 23 CENTS TODAY: WE HAVE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//SURPRISINGLY ANOTHER WITHDRAWAL OF 0.931 MILLION OZ//INVENTORY RESTS AT 367.161 MILLION OZ//

JULY 31/WITH SILVER UP 82 CENTS TODAY: WE HAVE A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: SURPRISINGLY A HUGE WITHDRAWAL OF 3.26 MILLION OZ//INVENTORY RESTS AT 368.092 MILLION OZ//

JULY 30//WITH SILVER DOWN 97 CENTS TODAY: WE HAVE A SMALL CHANGE IN SILVER INVENTORY: A WITHDRAWAL  OF 0.931 MILLION OZ//INVENTORY RESTS AT 571.352 MILLION OZ//

JULY 29/WITH SILVER UP 7 CENTS TODAY, WE HAD A BIG CHANGE IN SILVER INVENTORY//A DEPOSIT OF 5.984 MILLION OZ//INVENTORY RESTS AT 572.283 MILLION OZ//

JULY 28  WITH SILVER DOWN 14 CENTS TODAY, WE HAD A BIG CHANGE IN SILVER INVENTORY: A DEPOSIT OF 7.52 MILLION OZ//INVENTORY RESTS AT 566.299 MILLION OZ//

JULY 27/WITH SILVER UP $2.67 TODAY, WE HAD NO CHANGES IN SILVER INVENTORY: A DEPOSIT OF XX MILLION OZ//INVENTORY RESTS AT 558.779 MILLION OZ//

JULY 24/WITH SILVER DOWN $0.12 TODAY: NO CHANGE IN SILVER INVENTORY//INVENTORY RESTS AT 558.779 MILLION OZ/

JULY 23/WITH SILVER UP $.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A HUMONGOUS PAPER DEPOSIT OF 9.594 MILLION OZ//INVENTORY RESTS AT 558.779 MILLION OZ///

JULY 22/WITH SILVER UP $1.54 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A HUMONGOUS PAPER DEPOSIT OF 7.218 MILLION OZ//INVENTORY RESTS AT 549.185 MILLION OZ/

JULY 21/WITH SILVER UP $1.38 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A HUMONGOUS PAPER DEPOSIT OF 15.368 MILLION OZ////INVENTORY RESTS AT 541.967 MILLION OZ//

JULY 20/WITH SILVER UP 40 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:  A MASSIVE PAPER DEPOSIT OF 3.819 MILLION OZ ‘ENTERED” THE SLV..INVENTORY RESTS AT 526.599 MILLION OZ/

JULY 17/WITH SILVER UP 15 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 1.583 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 522.780 MILLION OZ//

JULY 16//WITH SILVER DOWN 14 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF  5.123 MILLION OZ//INVENTORY RESTS AT 521.197 MILLION OZ..

JULY 15.WITH SILVER  UP 21 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.956 MILLION OZ//INVENTORY RESTS AT 516.074 MILLION OZ//

JULY 14/WITH SILVER DOWN 21 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 514.118 MILLION OZ//

JULY 13//WITH SILVER UP 67 CENTS TODAY: A HUGE CHANGE IN SILVER: A WITHDRAWAL OF 1.677 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 514.118 MILLION OZ//

JULY 10/WITH SILVER UP 7 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 4.844 MILLION OZ INTO THE SLV//INVENTORY RESTS AT  515.795 MILLION OZ

WHAT A FRAUD!!

JULY 9/WITH SILVER DOWN 8 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//A DEPOSIT OF 8.198 MILLION OZ INTO THE SLV/INVENTORY RESTS AT 510.951 MILLION OZ/

JULY 8/WITH SILVER UP 37 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.118 MILLION OZ FROM THE SLV//VERY SURPRISING.//INVENTORY RESTS AT 502.753 MILLION OZ//

JULY 7/WITH SILVER UP 8 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV:/INVENTORY RESTS AT 503.871 MILLION OZ///

JULY 6//WITH SILVER UP 24 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.863 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 503.871 MILLION OZ

JULY 2/WITH SILVER UP 4 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//: A DEPOSIT OF 4.01 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 502.008 MILLION OZ

JULY 1/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 5.403 MILLION OZ//INVENTORY RESTS AT 498.007 MILLION OZ/

 

AUGUST 21.2020:

SLV INVENTORY RESTS TONIGHT AT

573.681 MILLION OZ

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Central banks scale back their dollar lending as demand for dollars continue to wane

(London’s Financial Times/GATA)

Central banks scale back dollar lending operation as demand drops

 Section: 

By Martin Arnold and Eva Szalay
Financial Times, London
Thursday, August 20, 2020

Four leading central banks have further scaled back the U.S. dollar liquidity they offer via emergency swap lines with the Federal Reserve, in the latest illustration of the global financial system’s recovery from the market panic caused by coronavirus earlier this year.

The European Central Bank, the Bank of England, the Bank of Japan, and the Swiss National Bank said Thursday that they would offer short-term dollar funding via the Fed’s swap lines only once a week, instead of three times, because of “continuing improvements in U.S. dollar funding conditions and the low demand” at recent auctions.

 

This is the second time central banks have scaled back their efforts to channel dollars cheaply into their domestic economies. In June they cut back the auctions from every day to three times a week. …

… For the remainder of the report:

https://www.ft.com/content/210ef737-2628-4431-bd6b-456aa65b2024

* * *

END

A must ..

Chris Powell being interviewed by Claudio Grass.  Chris talks about recent changes in the gold market and what is in store for us\(Chris Powell/Claudio Grass

(zerohedge)

GATA secretary reviews prospects for monetary metals in interview with Claudio Grass

 Section: 

11:12a ET Thursday, August 20, 2020

Dear Friend of GATA and Gold:

Major recent changes in the gold market and what they may foretell are discussed in an interview with your secretary/treasurer conducted by market analyst and financial adviser Claudio Grass.

There are many positive signs for monetary metals prices, your secretary/treasurer says, but the rise in assets claimed by gold and silver exchange-traded funds is probably not one of them.

The interview is headlined “Central Banks, Not Elected Governments, Run the World” and it’s posted at ProAurum.com here:

https://proaurum.ch/aktuellwichtig/interview-with-chris-powell-central-b…

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

END

For your interest..

Two giant gold nuggets worth US$250,000 found in Australia

 Section: 

By Jack Guy
Cable News Network, Atlanta
Thursday, August 20, 2020

Gold diggers in southern Australia have found two huge nuggets worth A$350,000 (US$250,000) in historic goldfields.

The pair of nuggets weigh in at a combined 3.5 kilograms (7.7 pounds) and were found on the same day near Tarnagulla in Victoria state, as shown on today’s episode of “Aussie Gold Hunters: on the Discovery Channel.

..Prospectors Brent Shannon and his brother-in-law Ethan West found the nuggets in a matter of hours with the help of West’s father, Paul West, according to a Discovery Channel press release. …

 

… For the remainder of the report and some spectacular photos:

https://www.cnn.com/2020/08/20/asia/australia-gold-nuggets-scli-intl/ind…

end

iii) Other physical stories:

https://www.jsmineset.com/2020/08/21/fedbugs-vs-goldbugs/

FedBugs Vs. GoldBugs

Posted August 21st, 2020 at 9:02 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

      20 minutes before I started writing, Gold began the London Dip to $1,932.70 with the trade now at $1,934.60, down $12 with the high to beat at $1,963.10. Silver is doing the London thing as well with its trade at $27.035, down 26.6 cents after hitting the nearby low at $27.01 with the high to beat at $27.75. The US Dollar, is still getting support with its value pegged at 93.17 up 39.2 points, recovering from yesterday’s 10.2-point drop, and after hitting the London high of 93.24 with the low we expect to eventually be blown out at 92.565. Of course, all this happened before 5 am pst, the Comex open, the London close, and after the Chicago Mayor Lightfoot, tells protestors they are welcome to peacefully burn, loot, and riot, in the city, where taxes are made and drawn, by businesses that are supposed to be protected by the defunded police, that are paid with tax dollars, but not allowed to riot, burn, or loot, on her own homes block. Oh Yeah! and its Trumps fault.

      Venezuela’s price for Gold now sits at 19,321.82 Bolivar, down 91.88 since yesterday with Silver price at 270.012 losing 2.197 Bolivars. Gold in Argentina is now valued at 142,143.31 Peso’s dropping 561.21 A-Peso’s with Silver price getting another 14.35 A-Peso shave with the trade at 1,986.55. Turkey’s Lira now has Gold’s value pegged at 13,958.50 showing another 322.54 T-Lira reduction with Silver’s price at 195.103 T-Lira, pulling back another 5.165.

       August Silver’s Delivery Demands now sit at 15 contracts and with a Volume of 22 already up on the board (Mr. Resolute, is that you?) and there’s a trading range to boot! Between $27.475 and $27.055 with the last swap at $27.125, up 3/10th’s of a penny so far while the London paper swing – does its thing. Yesterday’s Comex deliveries had zero trades but did have 4 contracts finally getting their receipts, reducing the count from 19. Silver’s Overall Open Interest continues to shave the shorts as another 916 pieces of paper exited the scene leaving 192,422 in Open Interest to go against the physicals.

      August Gold’s Delivery Demands now show 290 fully paid for contracts waiting for receipts and with a Volume of 25 up on the board with a trading range between $1,945 and $1,940, until the last London swap “hit the tape” at $1,908.90, now down $24.90, so far today. London’s pull has to be noted here! Just before these 2 sell trades hit the tape, the last Delivered Gold price was at $1,943.40. A positive price proving a gain of $9.40 before the 2 lot sell order hit and after the 23 contracts traded in the positive. The game London plays is taking away their marbles and in time, they will have no choice but to allow the markets to trade freely, in order to find the physicals. Gold’s shorts are continuing to drop out as well as another 892 pieces of paper left the playground leaving a total of 547,112 Overnighters still in play to go against the physicals.

      Our Federal Reserve has now decided to go on the attack during the 2020 presidential campaign, many months after Trump nominated Judy Sheldon to chair one of the open spots on the “reserve”. Of note; whenever our beloved former Congressman Ron Paul brought up a US Silver and Gold backed currency (like we had before the Federal Reserve was created, 12/23/1913) during the  many many televised hearings over the decades he was on the committee, we would see our socialist media services go to commercial, or pop in with a “just in news story” about a cow that crossed the road in an Amish village. We have witnessed the Fed game for too long to believe anything they say because they cannot compete against anyone who understands what came out of that middle of the night illegal act by Congress. IMO, now it appears the Federal Reserve “specialists” are fighting for their jobs (control), by any means possible, as we see the Sheldon nomination aiming to remove the Reserve and place the responsibilities back into the hands of the US Treasury, where it belongs!

       The present story is no different than Andrew Jackson’s, when he too was running for his second term when London’s own Nicholas Biddle, head of the Second Bank of the United States, did anything and everything possible to get Jackson out of office, including threatening to destroy the economy. G. Edward Griffin, who authored the book, The Creature From Jekyll Island, and was interviewed here on JSMineSet, last October, after the September Bond Event, helps clarify what happened back then and it is ironically the same now. After her nomination, Judy Sheldon was called a GoldBug. All she did was laugh hard after being labeled that, and said those that support the Federal Reserve are FedBugs. So now we have a great labeled clarification; FedBugs Vs. GoldBugs, and once again we’re in the fight for control of our countries money that has been taken away from the US Treasury.

      History proves; Paper loses to Rock, Always! So, get as many precious metals rocks in hand and hold them close. We haven’t seen volatility like those in the emerging markets yet, but we will, and when that happens, you will be thankful to be well rocked. So have a great weekend, have a smile on your face and a prayer for all, and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.9223/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9191   /shanghai bourse CLOSED UP 16.78 POINTS OR 0.50%

HANG SANG CLOSED UP 322,45 POINTS OR 1.30%

 

2. Nikkei closed UP 39.68 POINTS OR 0.17%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1781

3b Japan 10 year bond yield: RISES TO. +.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.73/ 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:: 42.28 and Brent: 44.28

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.51%/Italian 10 yr bond yield UP to 0.94% /SPAIN 10 YR BOND YIELD UP TO 0.29%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.45: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.09

3k Gold at $1920.00 silver at: 26.24   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 69/100 in roubles/dollar) 74.52

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.79 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 .9175 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.050 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 0.51%

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 0.632% early this morning. Thirty year rate at 1.36%

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

6.  TURKISH LIRA:  UP  TO 7.2248..

Futures Tumble, Dollar Soars After European PMIs Slump, Putting Recovery In Doubt

US stock index futures dropped, tracking European markets a day after the tech-heavy Nasdaq closed at a record high, as optimism in a virus-vaccine breakthrough and faith in the record tech rally was challenged by concerns over an unexpected frop in Eurozone PMIs which put the biggest recovery narrative in recent months in doubt.

Among US stocks, Deere & Co rose 4.5% premarket after it revised up its full-year earnings forecast and reported a smaller-than-expected decline in quarterly profit. Pfizer rose 1.5% after reporting positive additional data from an early-stage study of its experimental coronavirus vaccine being developed in collaboration with German biotech firm BioNTech. U.S.-listed shares of BioNTech jumped 8.1%. Tesla gained another 1.8% after surging past the $2,000 mark on Thursday for the first time and extending its rally ahead of an upcoming share split.

US stocks finished higher on Thursday as investors continued to bet on tech heavyweights including Apple and Amazon.com to ride out the pandemic as U.S. data painted a picture of a wobbly economic recovery. However the market’s bad breadth is getting extremely narrow: yesterday stocks closed green even though 70% of all companies closed in the red.

U.S. tech darlings “continue to mask the broader concerns spearheading an end-of-week rally,” said Nema Ramkhelawan-Bhana, head of research at Johannesburg-based Rand Merchant Bank. “Wider credit spreads and bond bidding suggest an air of nervousness is starting to creep in.”

Joe Biden accepted his party’s nomination Thursday to challenge President Donald Trump in a speech that cast November’s election as not merely the choice of a president but a fundamental referendum on the nation’s character.

European stocks and the euro slumped after European PMI composite readings unexpectedly declined in August from July, missing expectations even as U.K. data was materially stronger (UK flash composite PMI 60.3 vs 57; est. 56.9). Job losses were a notable feature of the surveys.

As Goldman writes, after a record, better-than-expected cumulative improvement of 41.2pt over May-July, the Euro area composite PMI declined by 3.3pt to 51.6 in August, notably below expectations. The overall decline was heavily skewed towards the service sector, with the manufacturing PMI little changed from July. Across countries, the German and French composite PMIs were also weaker than expected, with the sequential weakening in France broad-based across sectors but solely concentrated in services in Germany. The implicit decline in the composite PMI outside of France and Germany was only marginally smaller than the decline in the Franco-German composite PMI. The weakening in the PMIs suggests that the pace of sequential growth has moderated as the gap in the level of activity relative to pre-Covid narrows (consistent with high-frequency activity indicators):

  • Euro Area Composite PMI (August, Flash): 51.6, consensus 55.0, last 54.9.
  • Euro Area Manufacturing PMI (August, Flash): 51.7, consensus 52.7, last 51.8.
  • Euro Area Services PMI (August, Flash): 50.1, consensus 54.5, last 54.7.
  • Germany Composite PMI (August, Flash): 53.7, consensus 55.0, last 55.3.
  • France Composite PMI (August, Flash): 51.7, consensus 57.0, last 57.3.

The broader miss was led by France whose manufacturing PMI unexpectedly dropped in August after a two-month rebound. The sharp fall put in doubt the country’s recovery and led to a decline in the euro. Meanwhile Germany’s recovery also lost momentum, with mixed PMI figures. PMI for services declined while manufacturing continued to improve

Earlier in the session, Asian stocks gained, led by communications and IT, after falling in the last session. Most markets in the region were up, with Taiwan’s Taiex Index gaining 2% and South Korea’s Kospi Index rising 1.3%, while Australia’s S&P/ASX 200 dropped 0.1%. The Topix gained 0.3%, with Fujikyu and TSUNAGU GROUP HOLDINGS I rising the most. The Shanghai Composite Index rose 0.5%, with Whirlpool China and Ningbo Jifeng Auto Parts posting the biggest advances.

Earlier this week, the S&P 500 clinched a record high, recouping the last of its losses caused by the coronavirus-driven slump and joining the Nasdaq in notching new highs even as investors remained on edge over a stalemate in talks between House Democrats and the White House over the next coronavirus aid bill as about 28 million Americans continued to collect unemployment checks. There was some hope that a deal would be reached tomorrow when a $25BN post office spending proposal is considered.

In FX, the dollar gained against a basket of its peers largely thanks to a sharp drop in the Euro which reversed an early gain that came at the back of hopes over a coronavirus vaccine after the latest PMI data challenged the narrative that euro area growth will outperform the US; the EURUSD slumped after data showed French manufacturing unexpectedly contracted in August after a two- month rebound; German and euro area data also missed expectations. The common currency retreated as much as 0.6% to 1.1780.

The euro poised for first weekly drop in nine; interbank desks fade the dip given Thursday’s rebound after 21-DMA support held, yet short-term traders look for a move toward 1.1750, three traders in Europe said.

The offshore yuan rose to its strongest level in seven months against the dollar, as China’s economic and market rebound from the pandemic has proved one of the world’s fastest.

Elsewhere, Turkey’s lira gained amid speculation President Recep Tayyip Erdogan will announce a major Turkish energy discovery in the Black Sea later Friday.

In rates, Treasuries advanced while European bond yields were flat to 1bp lower across the curves; the 10Y Treasury yield dropped -3bp to 0.6282%, flattening the 2s-10s curve. German 2-yr, 10-yr yields 1bp lower.

In commodities, Brent ($44.72) and WTI ($42.57) traded lower but were on track for a third weekly gain in New York trading. Gold slumped to $1920 as the dollar surged.

Looking ahead, expected data include PMIs and existing home sales. Deere is reporting earnings

Market Snapshot

  • S&P 500 futures little changed at 3,380.00
  • MXAP up 0.8% to 170.76
  • MXAPJ up 0.9% to 562.42
  • Nikkei up 0.2% to 22,920.30
  • Topix up 0.3% to 1,604.06
  • Hang Seng Index up 1.3% to 25,113.84
  • Shanghai Composite up 0.5% to 3,380.68
  • Sensex up 0.8% to 38,515.19
  • Australia S&P/ASX 200 down 0.1% to 6,111.18
  • Kospi up 1.3% to 2,304.59
  • STOXX Europe 600 up 0.3% to 366.72
  • German 10Y yield fell 1.1 bps to -0.507%
  • Euro down 0.4% to $1.1813
  • Italian 10Y yield unchanged at 0.789%
  • Spanish 10Y yield fell 0.2 bps to 0.289%
  • Brent futures down 0.7% to $44.59/bbl
  • Gold spot down 0.8% to $1,932.61
  • U.S. Dollar Index up 0.2% to 92.98

Top US News from Bloomberg

  • France’s manufacturing PMI unexpectedly dropped in August after a two-month rebound. The sharp fall put in doubt the country’s recovery and led to a decline in the euro. Meanwhile Germany’s recovery lost momentum, with mixed PMI figures. PMI for services declined while manufacturing continued to improve
  • Composite PMI fell below estimates in the euro-area.
  • The U.K. economy rebounded to a seven-year high, with composite PMI performing better than expected, while retail sales for July beat estimates, pushing the pound upwards momentarily

Global market snapshot courtesy of NewsSquawk:

Asian equity markets traded mostly positive as the region benefitted from the tech-led gains on Wall St where Apple prodded above the USD 2tln market cap status and as firm gains in Tesla, Microsoft, Intel and Facebook also fuelled the big tech resurgence resulting to outperformance in the Nasdaq, although upside was capped in the broader market amid mixed data releases including higher than expected Initial Jobless Claims. ASX 200 (-0.1%) and Nikkei 225 (+0.2%) both initially took impetus from the constructive handover from US peers but with upside in Australia later retraced following soft PMI data and with weakness seen in defensives as well as the top-weighted financials sector, while the Japanese benchmark contended with the effects of a mixed currency and resistance at the 23,000 level. Hang Seng (+1.3%) and Shanghai Comp. (+0.5%) were underpinned amid the continued PBoC liquidity efforts in which it injected CNY 150bln through 7-day reverse repos and CNY 50bln in 14-day reverse repos. This was the first occasion the central bank utilized the latter instrument in around 2 months, and there was also recent confirmation from China’s MOFCOM that the US and China will be conducting the delayed trade discussions in the approaching days. Finally, 10yr JGBs were flat and continue to eye the 152.00 level to the upside despite the gains in Japanese stocks, with mild support provided by the BoJ’s presence in the market for JPY 870bln of JGBs and the central bank also offered to purchase JPY 200bln in corporate bonds from 25th August with a remaining 3-5yrs to maturity.

Top Asian News

  • Pressure Grows on Hong Kong to Re-Open Economy as Cases Drop
  • Hong Kong to Start Virus Testing Blitz of Whole City on Sept. 1
  • India Slaps New Curbs on Visas, Schools to Stem China Influence
  • Millions Escaped Caste Discrimination. Covid-19 Brought It Back

European equities (Eurostoxx 50 +0.3%) have held onto opening gains despite a brief dip lower in the wake of French PMI metrics. However, the pessimism surrounding the August outturn for France was short-lived for broader European assets with equities paring declines ahead of the German release. The German release painted a slightly less downbeat picture with a firmer manufacturing outturn alongside a softer than expected services, with the eventual EZ-wide release posting a miss on expectations for both sectors but ultimately remaining in expansionary territory. IHS Markit noted “the eurozone stands at a crossroads, with growth either set to pick back up in coming months or continue to falter following the initial post-lockdown rebound”. Nonetheless, sentiment for European equities remains afloat in what has been a relatively choppy week in terms of price action for the region. Sectoral performance in Europe is broadly firmer with the exception of energy names which are tracking crude prices lower. Travel & Leisure names are faring the best thus far with some reprieve been granted to the likes of Ryanair (+1.6%) and easyJet (+1.4%), however, with the UK continuing to add more countries to its quarantine list (albeit, has removed Portugal), it’s difficult to see how much conviction will be placed upon a recovery in the sector. Elsewhere, individual movers include Kingspan (+7.4%) post-earnings, Wirecard (+5.4%) amid reports that it has found a suitor for its UK assets, whilst Accor (+2.6%) shares continue to remain supported alongside talk of a potential bid for InterContinental Hotels. To the downside, laggards are relatively sparse with Maersk (-2.8%) and Saipem (-2%) lower on the day following downgrades at JP Morgan Chase and Bernstein respectively.

Top European News

  • Europe’s Economic Recovery Stumbles After Initial Bounceback
  • U.K. Economy Rebounds With Activity Rising to Seven-Year High
  • Pessimism Returns to Brexit Talks as Hopes for Deal Slip Away
  • Advent Said to Mull Over $1.2 Billion Sale of Health Firm Mediq

In FX, sub-par French Flash PMIs triggered the losses in the Single Currency, with the French manufacturing metric surprisingly falling back into contraction, whilst Germany and EZ held their heads above the 50 threshold, but largely missed forecasts. EUR/USD has receded from its 1.1882 high and took out an interim support area around 1.1840-45 to test 1.1800 to the downside. Participants will now be eyeing any updates on the Belarus front in regard to sanctions, with little on the docket in terms of scheduled events. Conversely, UK Retail Sales and PMIs topped forecasts across the board but gains Sterling were short-lived as the currency succumbs to the Buck, whilst Brexit talks remain in limbo as officials suggest no progress has been made on outstanding points in the latest round of negotiations. Cable has given up its 1.3200 status (vs. high 1.3255) and continues declining in light of pessimistic comments from both the EU and UK Chief Brexit negotiators, with the former nothing that at this stage, a deal seems unlikely and both sides highlight the little progress mate. EUR/GBP has recovered off lows amid the latest Brexit headlines, with the cross initially dipping below the Aug 13th low ~0.8948 before rebounding to session high at 0.8980.

  • DXY – Propped up by the post-PMI Euro – the index is back around 93.000 from an overnight base of 92.570 , with the highs from Wednesday (93.059) and Monday (93.124) the next points of resistance ahead of yesterday’s peak at 93.248. Looking ahead to today, the calendar remains light with US Markit PMIs and Existing Home Sales the only scheduled events.
  • JPY – USD/JPY had been ebbing overnight in light of the weaker Dollar during APAC hours, but the JPY holds onto gains in early EU hours despite the Dollar rebound as PMI-related haven flows keeps the Japanese currency buoyed. USD/JPY dipped below 105.50 from 105.80 at best ahead of the weekly base at 105.104. Note: USD/JPY sees around USD 550mln in options rolling off at 105.00 at the NY cut.
  • AUD, CAD, NZD – All narrowly softer in what is a Dollar story. AUD/USD as dipped back below 0.7200 (vs. high 0.7215), whilst Westpac raised its year-end forecast to 0.7500 from 0.7200 as their case of a momentum stall is still not convincing. NZD/USD remains contained within a tight current range of 0.6525-0.6550, with overnight comments from the RBNZ Chief economy noting that the Central Bank has scope to act aggressively if needed. Similarly, the revival of the Dollar and declines in the crude complex sees the Loonie yield, with USD/CAD testing resistance at 1.3200 (vs. low 1.3159) ahead of Canadian Retail Sales, with today’s option expiries seeing USD 505mln at 1.3225 alongside a sizeable USD 1.7bln between 1.3250-60.
  • EM – Mixed trade across EMs but the Lira stands out as the outperformer after the CBRT lifted the TRY interest rate on swap transactions from 8.25% to 9.75% yesterday to match the lending rate. Furthermore, the Turkish President is expected to announce “good news” today in regard to an energy discover in the black sea, most likely natural gas. USD/TRY has trades sub-7.2500 from a high of 7.3380.

In commodities, WTI and Brent October futures have waned off overnight highs, albeit with the magnitude of price action relatively small thus far. Crude-specific news flow has remained light, but the contracts saw a sentiment-driven leg lower amid the overall down-beat flash PMIs from the EU. Both contracts trade lower by some USD 0.20/bbl apiece, with WTI testing USD 42.50/bbl to the downside (vs. high 42.96./bbl) whilst its Brent counterpart dipped below USD 44.75/bbl  from around USD 45/bbl at best, with only the weekly Baker Hughes rig count slated on the calendar. Elsewhere, spot gold and spot silver yield to the post-PMI Dollar strength, with the former losing further ground below USD 1950/oz (vs. high 1956/oz) whilst latter briefly dipped below USD 27.00 from 27.54 at best. In terms of base metals, copper continued to grind lower with the Shanghai inventories again posting another rise in stocks. Dalian iron ore prices fell overnight as the steel-demand-driven rally somewhat fizzled whilst China’s iron ore portside stockpile rose to four-month highs.

US Event Calendar

  • 9:45am: Markit US Manufacturing PMI, est. 52, prior 50.9
  • 9:45am: Markit US Services PMI, est. 51, prior 50
  • 9:45am: Markit US Composite PMI, prior 50.3
  • 10am: Existing Home Sales, est. 5.41m, prior 4.72m; MoM, est. 14.62%, prior 20.7%

DB’s Jim Reid concludes the overnight wrap

The brief excitement that we got in markets late Wednesday proved to be fairly short-lived in the end with equities at least pretty much back to the status quo again yesterday. Indeed there were more gains for the S&P which nudged up +0.32% with the NASDAQ (+1.06%) once again leading the way and finishing at yet another record high. However, all this came on a foundation of low volumes and pretty thin breadth of gains when you dig below the surface – a theme that’s been fairly consistent all week. A stat that stood out yesterday was that just 30% of the S&P 500 actually advanced with the equal weighted index down -0.55%. In fact, while the benchmark S&P 500 is up +0.38% this week the equal weighted index is actually down -1.43%.

Treasury yields were already a couple basis points lower going into that and they held that level into the evening with 10y yields in particular closing -2.9bps lower. The curve also keeps doing its best to unwind some of last week’s bear steepening with 2s10s and 5s30s curves both -3.1bps flatter yesterday. Meanwhile the USD had a more choppy session but ultimately ended a shade weaker with the dollar index down -0.10%. It’s also down a further -0.16% this morning.

On that, it’s worth noting that yesterday our FX team took profit on their EURUSD trade having nearly reached their 1.20 target earlier this week. They now see a more balanced outlook approaching September, with positioning becoming stretched, virus statistics becoming worse in Europe, and the Fed signalling a less dovish stance for September. This isn’t to say that they’re turning bullish on the dollar all of a sudden, but having nearly reached 1.20 the risks are more evenly balanced in comparison to their strong conviction view earlier this year. See their full note here.

Looking ahead to today, the highlight will likely be the release of the flash PMIs for August, which will give us one of the first indications of global economic performance into the month. Overnight, we’ve already had the Australian and Japanese numbers with Japan’s manufacturing PMI coming in at 46.6 (vs. 45.2 last month) however the services print fell to 45.0 (vs. 45.4 last month). The decline in the services PMI was more pronounced in Australia given the localized lockdowns as it came in at 48.1 (vs. 58.2 last month) but the manufacturing PMI was relatively stable at 53.9 (vs. 54.0 last month). Later today, we’ll hear from Europe and the US, where the consensus is expecting a continued rebound in activity from the lows of the initial lockdowns. Remember though that these are diffusion indices, so they simply ask respondents whether conditions are better or worse than in the previous month, rather than measuring growth itself. As a result they can struggle to capture the extent of any declines or rebounds when the numbers are at extreme levels as they’ve been recently.

This will be important to keep in mind if the current uptick of coronavirus cases persists and causes partial shutdowns of economies in infected areas. Italy reported the most new cases since mid-May yesterday, while weekly cases in the UK have recently risen over 8000 for the first time since early June. However, despite cases rising, German Chancellor Merkel and French President Macron have indicated they oppose nationwide lockdowns, and want the continent to coordinate a strategy for avoiding a further economic slowdown from the virus. In Asia, South Korea’s new infection wave has spread nationwide and the country reported additional 324 cases in the past 24 hours. On the positive side, Pfizer and BioNTech said that their vaccine candidate is on track for regulatory review as early as October, assuming clinical success. Meanwhile, the NHK reported that Japan is set to allow foreign residents shut out by virus-related restrictions back into the country from September.

Asian markets have followed Wall Street’s lead this morning with the Nikkei (+0.43%), Hang Seng (+1.25%), Shanghai Comp (+0.78%) and Kospi (+2.27%) all up. The positive vaccine news mentioned above seems to be aiding sentiment. Futures on the S&P 500 are also up +0.27%. In terms of other data releases, Japan’s July CPI came in line with consensus at +0.3% yoy while both core and core-core CPI came in a shade lower than expectations at unchanged and +0.4% yoy respectively.

In other overnight news, President Trump said that “We will give tax credits to companies to bring jobs back to America, and if they don’t do it, we will put tariffs on those companies, and they will have to pay us a lot of money,” if he gets re-elected.

Back to yesterday, there weren’t any major surprises from the release of the ECB minutes. In terms of things to note, they showed that the Governing Council’s focus was shifting away from market stabilisation as a focus towards price stability. For example, the number of references to “financial conditions” fell to 8 in the latest minutes, having been 23 back in June. There was also more time devoted to the weakness in longer-term inflation expectations, with 3 mentions versus 1 in the last minutes. The STOXX 600 closed down -1.07% in Europe yesterday while bond yields on the continent were 1-3bps lower with the exception of BTPs which finished flat.

In other news, yesterday we got confirmation that China and the US are to have a call soon to discuss the progress of their trade deal, expected in the “near term” although no exact date was given. Kudlow confirmed yesterday that Lighthizer “has said a number of times that he actually is pleased with the progress” on the trade pact. Further evidence therefore of ring-fencing the trade pact in the US-China tit for tat. Staying with US politics, moderate Democrats from swing states are urging Speaker Pelosi and Congressional Republicans to restart stimulus talks that have stalled. However Pelosi also noted that she would not support a ‘skinny bill that only dealt with the unemployment benefits without offering funding help to the states that need it.

As for the remaining data yesterday, August’s Philadelphia Fed business index came in at 17.2 (vs. 20.8 estimated), down from last month’s 24.1 reading. This is the second month in a row that the gauge has fallen, though the ISM adjusted index ticked up higher to 54.1 from 53.6. Over in Europe, the German PPI reading for July was up 0.2% from the previous month (vs. 0.1% expected), while down -1.7% YoY.

To the day ahead now, and the data highlight is likely to be the aforementioned flash PMIs for August. As well as that, we’ll get UK retail sales and public finance data for July, the advance Euro Area consumer confidence reading for June, US existing home sales for July, and Canada’s retail sales for June.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 16.78 POINTS OR 0.50%  //Hang Sang CLOSED DOWN 322.45 POINTS OR 1.30%   /The Nikkei closed UP 39.68 POINTS OR 0.17%//Australia’s all ordinaires CLOSED DOWN .02%

/Chinese yuan (ONSHORE) closed DOWN  at 6.92230 /Oil UP TO 42.28 dollars per barrel for WTI and 44.21 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.92230 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.9191 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

HONG KONG/CHINA
Not good! Hong Kong denies bail to our first pro democracy activist arrested under their new controversial “National Security Law”
(zerohedge)

Hong Kong Denies Bail To First Pro-Democracy Activist Arrested Under Controversial ‘Nat Sec’ Law

A Hong Kong court has just denied bail to the first individual arrested under the new Beijing-imposed national security law, rejecting his lawyers’ argument that the controversial Nat Sec law was invalid because it conflicts with the “Basic Law”, the British-designed constitution that has governed Hong Kong for decades.

Tong Ying-kit, 23, is a waiter who was arrested in July after riding his motorcycle, festooned with flags bearing “illegal” messages about an independent Hong Kong, into a crowd of police officers. He was charged with “inciting separatism and terrorism,” for carrying a flag that read “Liberate Hong Kong Revolution of our Times”.

According to the SCMP, Tong’s application for a writ of habeas corpus hinged on the interpretation of Article 42 of the Nat Sec law, which specifies that “no bail shall be granted…unless the judge has sufficient grounds for believing the criminal suspect or defendant will not continue to commit acts endangering national security.”

His lawyers argued during the hearing that Article 42 is inconsistent with the Basic Law due to what they argued is a “no bail” provision, which enables arbitrary detention and undermines constitutional protections, both of which are guaranteed to Hong Kongers under the Basic Law.

But the court determined that Tong’s detention was lawful, and argued that Hong Kong’s legal system has no provision to invalidate the Nat Sec law.

Tong has been held at Lai Chi Kok Reception Center since July 6, when he became the first person brought to court to face charges of inciting secession and engaging in terrorism after the Nat Sec law came into effect on the day prior to his arrest. He was arrested for the incident we mentioned above on July 1.

end

4/EUROPEAN AFFAIRS

EUROPE/IRAN/USA

Crazy Europe siding with the Iranians? Very foolish…Pompeo rightly angry with them. Europe angry with the USA for additional sanctions on Iran

(zerohedge)

Pompeo Blasts European Allies As “Siding With Ayatollahs” After Rejecting Iran ‘Snapback Sanctions’

Apparently still reeling from last week’s United Nations Security Council vote where the door was forever shut on the US bid to indefinitely extend the UN arms embargo on Iran, Secretary of State Mike Pompeo in Thursday remarks blasted Washington’s European allies at a moment he’sattempting to trigger “snapback sanctions”.

In a news conference from the United Nations Security Council (UNSC), he charged that Germany, France and the UK are hypocritical in supposedly expressing private support for the US position, while at the UN they publicly “chose to side with Ayatollahs” against the controversial procedure to uphold the punitive action rooted in the JCPOA.

It should be recalled in last Friday’s initial vote which triggered what many see as but more Washington desperation while Europe largely stands by the terms of the Obama-era nuclear deal, only the tiny Dominican Republic voted “yes” to extend the weapons embargo alongside the US. What’s more, Europe is now vehemently opposing Pompeo’s controversial procedure to reimpose UN sanctions on Tehran.

 

Pompeo at UN headquarters in New York, via AFP/Getty Images.

He’s specifically responding to the latest actions of Britain, France and Germany, all who say

The US did not have the legal right to trigger the so-called “snapback” of sanctions because it withdrew from the Iranian nuclear accord in 2018.

Ironically, Pompeo is claiming authority to initiate a procedure which is ultimately based on the US still being a participant in the 2015 nuclear deal (JCPOA) with Iran, but obviously the Trump administration withdrew in May 2018.

Pompeo lashed out in response late Thursday, saying:

“No country but US has the courage and conviction to put forward a resolution. Instead, they chose to side with ayatollahs.”

“The United States will never allow the world’s largest state sponsor of terrorism to freely buy and sell planes, tanks, missiles and other kinds of conventional weapons,” Pompeo asserted in New York. “We will never allow the Islamic Republic of Iran to have a nuclear weapon,” he emphasized during the UNSC address.

He did however, praise the Arab Gulf nations of the Gulf Cooperation Council (GCC) for being firm in calling for the extension of a weapons ban in a formal joint statement.

Meanwhile, Iran is boasting of two new longer range missiles on Thursday – one named after the IRGC Quds Force chief killed this year by US drone strike:

It should be noted that both China and Russia have also called out Washington for being in no legal position whatsoever to renew Iran sanctions related to the JCPOA. Russian Deputy Foreign Minister Sergei Ryabkov slammed Washington’s latest push as “absurd.”

And China had this to say through its foreign ministry spokesman: “We have repeatedly said that the US has already withdrawn from the JCPOA and therefore has no right to request the restoration of the UN sanctions regime against Iran.”

The reality remains that with the US formally withdrawn from the 2015 nuclear deal, it’s in a much more difficult position to force its will on the diplomatic front, which is why it’s reverted to increasingly confrontational and aggressive unilateral sanctions enforcement and threats, even lately going so far as seizing fuel-laden Iranian ships on the high seas.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Iran one day after the vote at the UN shows off its muscle with a new ballistic missile.  This angers the USA

(zerohedge)

Iran Unveils New Ballistic Missile Named After Soleimani Days After UN Vote To Drop Arms Embargo

In timing sure to make things awkward at the UN where the Security Council just voted down the United States’ bid to extend the weapons embargo on the Islamic Republic, Tehran has unveiled a new ballistic missile named after Gen. Qassem Soleimani, killed last January in a US drone strike.

“Iran displayed locally made ballistic and cruise missiles – a move certain to anger the United States as it prepares to demand that all UN sanctions be reimposed on the country,” Al Jazeera reports. State media featured a ballistic missile launch test in the desert Thursday.

 

Iranian Defense Ministry handout showing off new missile launch, via Reuters.

The other missile is named after Iraq’s top Shia militia leader who was killed in the same convoy while traveling with Soleimani through the Baghdad airport, Abu Mahdi al-Muhandis.

Defense Minister Amir Hatami touted the ballistic missile’s range of 1,400km (or 600 miles), with the cruise missile at an estimated 1,000km (400 miles), which flies in the face of Washington’s demands that Iran shut down its advanced missile program.

Indeed the Iranians almost seem positively boastful, choosing this moment to show off the new missiles as a thumb in the eye to the United States, given it was only last Friday night the UN vote was announced wherein the US utterly failed to achieve its objective. The only “yes” vote the US could muster in its favor was from the Dominican Republic.

“Missiles and particularly cruise missiles are very important for us… The fact that we have increased the range from 300km to 1,000km in less than two years is a great achievement,” Iran’s President Hassan Rouhani said on the occasion of the new weapons roll out Thursday. “Our military might and missile programs are defensive,” he emphasized.

6.Global Issues

Bill Blain discusses the days events…and its importance…

(Bill Blain)

“…Every Time Someone Says They Don’t Believe In Fiat Money, A Central Banker Loses His Wings”

Authored by Bill Blain via MorningPorridge.com,

“Earlier today apparently a woman rang the BBC and said she had heard that there was a hurricane on the way. Well if you are watching, don’t worry, there isn’t.”

It’s blowing a full hooley out there this morning, which is very bad news for my olive trees as the storm is shaking the ripening fruit off. Shame. It’s the first time our little olive grove has produced what looked likely to become full-sized olives. I was going to add them to Dirty Martinis. Meanwhile, mink farms are being wiped out by coronavirus which is proving 100% fatal to the well-dressed ferrets. Interesting, but what does it mean…?

It’s Friday, which means I am allowed to go off on something of a tangent – so let’s not worry about how long this tech rally continues, the rising tensions in Europe, Apple spending $17bln on stock buybacks, China vs US, or the US election.

What’s got me worried this morning is the headline in the FT: UK Public Debt tops £2 trillion for first time on Covid Spending Boom.

Should we worry or should we not? (Clue: the first one…)

Let me ask the question: how long can governments continue to spend their way out of the Coronavirus crisis? The bills for long-term furlough programmes and sectoral bailouts and support, increased social services as unemployment rises, and the urgent need for health spending are going to come due at some point. Is it going to be a problem, and if yes, how big?

Government debt is rocketing higher – but does it matter? Conventional thinking, based on Reinhart and Rogoff, is when debt/GDP exceeds 77% there will a significant slowdown in growth.

Interest rates are abnormally low (a product of central bank action for the last 10-years) and yields can be controlled via QE infinity monetary policy. In Zero rate environment, at what point does rising government debt start to drag down all other economic activity by a) the discount rate stifling any risk based economic activity, and b) crowding our entrepreneurial animal spirits, and c) acting like cement to create long term stagnation.

Through this crisis we’ve seen helicopter money in action with direct government cheques to individuals to tide them over and spur consumption. We’ve seen direct central bank lending. Governments and central banks assure us they are committed to doing “whatever it takes”. This crisis could drag on for years, in which case we better start believing in the concepts of Modern Monetary Theory – basically the theory sovereign governments using their own currency and printing presses can’t go bust because they will churn out more fiat money to cover their debts.

It requires a bit of suspension of disbelief… but if MMT works – then we have nothing to worry about…

But…

The key thing to understand about Modern Monetary Theory is there is nothing new about it. It’s been tried before.

It’s a fact of history that many of the great economists, bankers and investors are Scottish. Adam Smith is just one in a great line of Scots economic thinkers. (I am quite sure the main reason I got hired by a US investment bank was my Scots accent – they figured out American corporate treasurers would find my soft Edinburgh brogue to be a voice they could trust – more fool them if they did.)

Of course, there are a couple of exceptions to Scotland’s exceptional record of economic productivity – one of whom is John Law. He was a genius, but flawed. Still, he wasn’t all bad; he managed to effectively bankrupt France… which should mean he’s better commemorated with at least a statue somewhere like Waterloo Station. (I should also note, Law was educated in Edinburgh’s Royal High School – the primary school I also attended!)

In 1705, ahead of the Act of Union with England, Law proposed that bankrupt financially-challenged Scotland should fund urgent recovery by printing money via a new central bank, and that money should be raised by selling shares in state controlled monopolies. His theories were rejected by the soon to be defunct Scot’s Parliament – a parcel of rogues soon to be bought out by English gold by the Act of Union in 1707.

Law spent the next 10-years in trade in Europe and saw the opportunity to apply his early take on Modern Monetary Theory in France. After 72 years of the Sun King, Louis XIV, France was in crisis from a shortage of gold, huge national debt after a succession of ill-judged wars, and economic stagnation brought on by an overregulated economy and tax-farming.

After impressing the regent, the Duke d’Orleans, on the gambling tables, Law managed to secure an appointment as Controller General of Finance of France under the young Louis XV. He founded what became the Banque Royale, the first French Central Bank. He funded it by printing paper money – arguing that monetary creation and zero interest loans would stimulate the whole economy. Law’s printed money was backed by gold, but fractionally, so the amount of gold backing money was 20% of money in circulation. It enabled law to leverage up the whole economy.

To an extent Law’s policy worked in terms of economic stimulus. But it also triggered massive market speculation and ultimately inflation as gold remained scarce. Next Law set up monopolies to finance the state, including France’s very own take on the South Sea Bubble, the Mississippi Company – which was offered to investors. It very quickly rose to a bubblicious price before it predicably collapsed and brought France’s first central bank and the whole economy crashing down. Law was forced to flee the country.

If you think there are lessons in the story of John Law.. perhaps there are.. 

The first is confidence. People then and now are confident in Gold. 

Yesterday a porridge reader posted on the website about the Italian Job – the great if highly improbable film where 3 Minis spirit away tons of Bank of Italy gold. Michael Caine’s character says the haul was worth £4 million. Today that would be worth £433 million. Meanwhile, £1 in 1969 would buy you half a dozen pints. Today £1 is worth effectively nothing.

How confident are the people in Fiat money – i.e. money that is backed by the Government’s (central bank) promise to pay, unsecured by gold or silver.  That’s all we’ve had since the final abandonment of Gold standard 49 years ago, although some would say the US dollar effectively became gold. (My problem with Bitcoin is its fiat money unbacked by any meaningful promise (and the fact it looks easy to nick it out of digital wallets.))

The value of fiat currencies goes up and down in the Foreign Exchange markets depending on relative interest rates and the confidence of the markets that the host nation will maintain the “value” of the currency – measured in terms of economic performance, and national deficits. One aspect of FX is a nation borrowing too much will see its currency deteriorate because its tax-revenues are not covering its spending – thus market confidence in that nation’s ability to support its fiat currency will slide.

Tax revenues are actually pretty important in terms of confidence. They demonstrate two things – i) that the nation’s business and commerce is producing taxable revenues, and ii) the government is able to collect it. It’s much easier to be confident in a nation where companies are paying regular, reliable and predictable levels of tax, than it is to be confident in a nation that condones tax-avoidance, is seen to be weak on collection, and where businesses successfully minimise their payments.

Tax revenues are seen as a good indicator of how much the state can pay on public goods like education, health and social care. If they are out of balance, then confidence will slide. For an example compare Germany and Italy.

Is the sudden appetite for Gold – even Warren Buffet is a buyer – a signal of declining confidence in fiat money? Does it matter that confidence in the mighty US Dollar is beginning to waver? Is it the dollar’s decline that’s pushing us back to gold? Is the increasingly scathing condemnation of everything the current UK Conservative government gets wrong – everything – a sign of coming monetary confidence collapse in sterling leading to a debt/FX crisis?

As I said, Modern Monetary Theory is not new. “Money and Trade Considered, With a Proposal for Supplying the Nation With Money” was the tract Law wrote in 1705 proposing Scotland issued paper money and state banking of the whole economy. Many of the concepts he described turn up (unacknowledged) in both Adam Smith and John Maynard Keynes’ later works. The difference is Law’s MMT was based on fractional backing of the currency by gold, today its pure fiat money – which is government/sovereign risk.

I am not a monetary expert. I struggle to understand the complexities… but it strikes me we are getting in an awful pickle with money. 

For instance, it seems remarkably easy to create money. The Bank of England holds (as I write) about £651 billion of UK government bonds – Gilts. There are an asset on the books of the Bank, and a liability of the Treasury. The Bank and Treasury are both UK Inc. Write the matching book entries off with two strokes of the pen, and you just created £651 bln of new money. It’s not even that difficult – the moment the BOE bought the bonds via QE it effectively created the money…

Today’s economy is now based around a vastly speculative stock market fuelled by ultra-low rates and government’s effectively printing money. As I’ve written many times, most of the money created by QE has remained in Financial Assets; stocks and shares, causing massive inflation in prices.

Today we don’t have a South-Sea bubble or Mississippi Company, but we do have an utterly mis-priced corporate bond market, and stocks like Tesla which make even the most expensive Dutch tulip bulb look cheap. I am wondering about the parallels between France in 1720 and the global economy today – which is another reason central banks can’t countenance a market crisis.

If we are confident in our government, banks and our economy, then Magical Monetary Trees will continue to yield new money in abundance. That’s the magic of Fiat Money… But every time you say you don’t believe in Fiat Money… a central banker expires… or something like that…

end

Michael Every

on yesterday’s key events..

(Michael Every)…

Rabobank: Trump Gave A Rally In Joe Biden’s Home Town – This Was 2016 Populist, Bannon-era Trump

By Michael Every of Rabobank

Four more years ago…

We are now entering US election campaign season proper. Up until now there has been talk of 3 November but not so much market focus on it. Expect that to change. Given we live in hyper-partisan times where offence is taken at the drop of a hat, anything but the most anodyne of coverage by objective analysts, or the most partisan by journalists on both sides, is going to be tricky. (On the latter note, Bloomberg today has an Op-ed from Mike Bloomberg ‘Don’t Rehire a Failed President’, which begins “I’ve never been much for partisan politics.” Didn’t Mr Bloomberg just run for president against the incumbent as a Democrat, and has his name not been bandied around as a potential Treasury Secretary in the political equivalent of Fantasy Football?) Nonetheless, given what market swings and geopolitical shifts we saw after the surprise of November 2016, it is something we have to at least try to do.

Joe Biden is now officially the Democratic nominee after giving a pre-recorded speech last night to accept. Market-wise, it was free of policy details but filled with words like “hope”, “light”, and “love”, as well a clear attempt to be bi-partisan; that as a series of George W Bush-era Republican neoconservatives endorsed Biden. There was one allusion to FDR, which obviously brings the fiscal “New Deal” to mind. Yet beforehand there was a social media kerfuffle when the leader of Biden’s transition team stated “When we get in, the pantry is going to be bare. When you see what Trump’s done to the deficit…forget about Covid-19, all the deficits that he built, with the incredible tax cuts. So we’re going to be limited.” That sounds like fiscal contraction rather than expansion (something that will matter to the USD and the global economy hugely). Progressive Democratic Twitter was very quick to show strong disagreement: and the Biden campaign stressed it does still have expansive fiscal plans, to be balanced with top-end tax increases.

Meanwhile, President Trump gave a campaign rally in Joe Biden’s home town of Scranton shortly after news broke that his 2016 campaign manager Steve Bannon had been arrested for fraud. Having watched it (along with the Biden speech), what needs to be underlined was the shift in tone and rhetoric. This was 2016 populist, Bannon-era Trump rather than the staid version recently offering up capital gains tax cuts and talking the stock market, focusing instead on NAFTA, China and US jobs, the Paris Climate Accords, elite abandonment of the working class, immigration, bathroom faucet water pressure, and how he dislikes sharks. Trump also insisted that opinion polls continue to be slanted against him by their composition, and that where he is behind by 4 “we are actually ahead by 6”. Separately, a Rasmussen survey has him at 51% approval among likely voters vs. 48% who disapprove, with strong approval at 38% and strong disapproval at 41%, so a net of -3%. That is up from -16% at the end of May and is actually close to the highest levels of his presidency.

In short, this still looks a very open race in very unusual circumstances rather than the done deal that polls and pundits seemed to be showing until recently. It won’t be a campaign one can assume the outcome of so easily: keep your eye on the ball.

Meanwhile, the international arena will obviously be watching the US election campaign closely.

The Middle East must do, with its new UAE-Israel peace deal and tentative signs of even Saudi-Israeli peace – and as a further US call for UN snapback of sanctions against Iran for breaking the 2015 nuclear deal is rejected. The US had already walked away from the deal, but it interprets the UN Security Council resolution introducing sanctions and the snapback provision as legally valid until it is replaced by a subsequent one, and that it can still ‘snapback’ as an original signatory. Europe, Russia, and China disagree – but the US says it is going to proceed anyway and that 30 days from now, all Iran sanctions will be reimposed. The arms embargo in October then becomes a major issue too. This is one thing that may change after November, but which is likely to cause sparks before then.

Also following the election campaign will be Europe, which is offering milquetoast protests against what is happening in Belorussia; in Russia, as Alexander Navalny is poisoned; over Turkish energy drilling in Greek waters; and about where the US posts its troops inside the EU – and still talking about the need for dialogue with Moscow and Ankara and Tehran and the US.

China will also be watching the US election closely, especially as it is going to be playing a starring role in terms of Trump rhetoric and action. The phase one trade deal review is now apparently going to happen soon after all, after having given Beijing time to catch up on purchases; and speaking of how transactional a world we live in aside from who sits in the White House, the Wall Street Journal alleges China is telling countries they can have access to the Covid-19 vaccine it is working on – provided they recognise its claims to the South China Sea. The implications of that for public health and international relations (and, more gradually, trade relations) are potentially enormous.

The same is true for a Pakistani minister telling the press it will use nuclear weapons against India if pushed (which is an issue increasingly tied to India-China relations): is this peak 2020 yet? Perhaps not.

I started by saying that the market will start to focus on the election and all the implications thereof – but the fact that the USD is still selling off suggests we haven’t got there yet.

Data-wise, the provisional Aussie August manufacturing PMI was 53.9 this morning and services back to 48.1 from 58.2 – that’s what a new lockdown looks like in a services economy.

Japanese CPI was 0.3% y/y and flat y/y excluding food. No inflation for you, BOJ. The Japanese August manufacturing PMI was 46.6, so still sluggish, while services were 45.0, down from 45.4. SO deflation, perhaps?

UK public-sector finances were slightly better than expected but still ugly at GBP25.9bn, while retail sales were up 2.0% m/m ex petrol vs. 0.2% expected. People are bored, and people are shopping online, it seems. I guess if you can’t go on holiday, why not? It’s either that or watch the US election campaign.

end

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1781 DOWN .0008 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 105.73 DOWN 0.048 (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 1.3122   DOWN   0.0096  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3221 UP .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 88 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1781 Last night Shanghai COMPOSITE CLOSED UP 16.78 POINTS OR 0.50% 

 

//Hang Sang CLOSED DOWN 322.45 POINTS OR 1.30%

/AUSTRALIA CLOSED DOWN 0,02%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 322.45 POINTS OR 1.30%

 

 

/SHANGHAI CLOSED UP 16.78  POINTS OR 0.50%

 

Australia BOURSE CLOSED DOWN. 02% 

 

 

Nikkei (Japan) CLOSED UP 39.68  POINTS OR 0.17%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1919.50

silver:$26.65-

Early FRIDAY morning USA 10 year bond yield: 0.632% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.36 DOWN 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early TUESDAY morning: 93.24 UP 48 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.33% UP 1 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.30%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD: 0.94 UP 2 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: FALLS TO –.51% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.45% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1781  DOWN     .0088 or 88 basis points

USA/Japan: 105.92 UP .244 OR YEN DOWN 24  basis points/

Great Britain/USA 1.3093 DOWN .01250 POUND DOWN  125  BASIS POINTS)

Canadian dollar DOWN 22 basis points to 1.3196

 

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The USA/Yuan,CNY: AT 6.9195    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.92092  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.3067 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +04%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from THURSDAY at 0.634 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.35 DOWN 4 in basis points on the day

Your closing USA dollar index, 93.29 UP 50  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 13.22  0.22%

German Dax :  CLOSED DOWN 67.63 POINTS OR .53%

 

Paris Cac CLOSED DOWN 20.576 POINTS 0.42%

Spain IBEX CLOSED DOWN 22.90 POINTS or 0.33%

Italian MIB: CLOSED UP 80.93 POINTS OR 0.41%

 

 

 

 

 

WTI Oil price; 41.84 12:00  PM  EST

Brent Oil: 43.66 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74.86  THE CROSS HIGHER BY 1.02 RUBLES/DOLLAR (RUBLE LOWER BY 102 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –51 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 :  42.25//

 

 

BRENT :  44.29

USA 10 YR BOND YIELD: … 0.637  down 2 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.346..down 4 basis points

 

 

 

 

 

EURO/USA 1.1798 ( DOWN 72   BASIS POINTS)

USA/JAPANESE YEN:105.83 UP .153 (YEN DOWN 15 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.21 UP 41 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3094 DOWN 124  POINTS

 

the Turkish lira close: 7.3389

 

 

the Russian rouble 74.15   DOWN 0.91 Roubles against the uSA dollar.( DOWN 91 BASIS POINTS)

Canadian dollar:  1.3185 DOWN 11 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.51%

 

The Dow closed UP 190.60 POINTS OR 0.69%

 

NASDAQ closed UP 46.85 POINTS OR 0.42%

 


VOLATILITY INDEX:  22.31 CLOSED DOWN .41

LIBOR 3 MONTH DURATION: 2.302%//libor dropping like a stone

 

USA trading today in Graph Form

Value-Rotation ‘Cancelled’ – Small Caps Slammed As Mega-Tech Meltup Accelerates

After a brief moment in sanity (perhaps) that saw headlines proclaiming a “value rotation” was about to begin, growth stocks have been panic bid for 8 straight days…

Source: Bloomberg

Simply put, value-allocators “get nothing”…

Sending growth to a new record high relative to value (note the trajectory of the move is very deja vu all over again)…

Source: Bloomberg

In fact, the last 3 months of growth outperformance has only been outdone by 1932 and 2000…

On the week, Nasdaq soared as Small Caps dumped…

For yet another major swing in the Mega-Tech vs Small Caps weekly performance…

Source: Bloomberg

But breadth continues to confound…

Source: Bloomberg

And Nasdaq is really decoupled…

Source: Bloomberg

Apple shares continued to elevate adding simply stunning gobs of market capitalization every day ($110bn today!!)…

And TSLA won’t stop ahead of its split…

Treasury yields were all lower on the week with the long-end dramatically outperforming…

Source: Bloomberg

10Y Yields are back below 65bps…

Source: Bloomberg

The yield curve flattened notably this week (after last week’s huge steepening)

Source: Bloomberg

The dollar ended the week unchanged after a big roundtrip…

Source: Bloomberg

The dollar actually closed very very marginally lower at its lowest weekly close since June 2018 – making this the 8th weekly drop in a row (the longest streak since Aug 2010)…

Source: Bloomberg

Ugly week for crypto with Ethereum’s worst week since early May…

Source: Bloomberg

Did the DeFi boom just end?

 

Copper outperformed on the week, gold and oil ended around unchanged with silver gaining modestly..

Source: Bloomberg

Gold closed back below $2000..

It seems like someone will stop at nothing to keep WTI above $42…

Finally, since around 2000 – when the world started to be flooded with liquidity – Wall Street has done well… but Main Street “got nothing”…

Source: Bloomberg

Can you handle that truth?

“There’s this massive disconnect between fundamentals and markets,” said Brian Payne, investment officer at the Teachers’ Retirement System of Illinois.

There’s just too much capital chasing investments, the Fed is flooding markets and that leverage isn’t going to the real economy. As we approach the election and concerns over a ‘blue sweep’ grow, that could be the inflection point where people’s bullish sentiment turns bearish.”

Not only is ‘the market’ not the economy, it’s the opposite of the real economy?

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

US PMIs Soar To Highest Since Jan 2019, Despite Drop In Output Expectations

Following this morning’s recovery-narrative-destroying European PMIs, analysts remain upbeat about the US business sentiment surveys (with both Manufacturing and Services expected to continue expanding in preliminary August data). But USA, USA, USA did not disappoint, absolutely crushing expectations…

  • US Manufacturing PMI 53.6 vs 52.0 exp and 50.9 prior
  • US Services PMI 54.8 vs 51.0 exp and 50.0 prior

U.S. private sector firms signaled a strong upturn in business activity in August, with both manufacturers and service providers registering expansions. Notably, it marked the first rise in service sector activity since the start of the year, while goods manufacturers recorded the fastest increase in production since January 2019.

Source: Bloomberg

The US Composite PMI (54.7) is now the strongest of the reported nations in flash August data, its highest since March 2019…

Source: Bloomberg

Commenting on the flash PMI data, Siân Jones, Economist at IHS Markit, said:

“August data pointed to a further improvement in business conditions across the private sector as client demand picked up among both manufacturers and service providers. Notably, the renewed increase in sales among service sector firms was welcome news following five months of declines.

“Encouragingly, firms signalled an accelerated rise in hiring, as greater new business inflows led to increased pressure on capacity. Some also mentioned that time taken to establish safe businesses practices had now allowed them to expand their workforce numbers.

However, expectations regarding output over the coming year dipped slightly from July due to uncertainty stemming from the pandemic and the upcoming election.

“Meanwhile, cost burdens surged higher amid reports of greater raw material prices. Although manufacturers increased their selling prices at a faster rate to help compensate, service sector firms noted that competitive pressures and discounting to attract customers had stymied their overall pricing power.”

Is this good news or bad news? The US economy is back baby… so no ned for Fed pumping and Govt priming?

END

Existing Home Sales Soar By Record To Highest In 14 Years; Median Price Breaches $300K For First Time Ever

As we noted earlier, existing home sales are expected to surge in July (the latest data), playing catch up to the huge rebound in new- and pending-home sales in June.

After a 20.7% MoM surge in June, July’s existing home sales were up a stunning 24.7% MoM (crushing expectations of a 14.6% MoM) and sending home sales up 8.72% YoY

Source: Bloomberg

The SAAR rose from 4.70mm to 5.86mm in July, the highest since Dec 2006…

Source: Bloomberg

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, NAR’s chief economist.

“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

The median existing-home price for all housing types in July was $304,100, up 8.5% from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.

Source: Bloomberg

Total housing inventory at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million).

“The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” he said. “More homes need to be built.”

Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.

“Luxury homes in the suburbs are attracting buyers after having lagged the broader market for the past couple of years,” Yun said.

“Single-family homes are continuing to outperform condominium units, suggesting a preference shift for a larger home, including an extra room for a home office.”

For the second consecutive month, sales for July increased in every region and median home prices grew in each of the four major regions from one year ago.

  • Existing-home sales in the Northeast rocketed 30.6%, recording an annual rate of 640,000, a 5.9% decrease from a year ago. The median price in the Northeast was $317,800, up 4.0% from July 2019.
  • Existing-home sales jumped 27.5% in the Midwest to an annual rate of 1,390,000 in July, up 10.3% from a year ago. The median price in the Midwest was $244,500, an 8.0% increase from July 2019.
  • Existing-home sales in the South shot up 19.4% to an annual rate of 2.59 million in July, up 12.6% from the same time one year ago. The median price in the South was $268,500, a 9.9% increase from a year ago.
  • Existing-home sales in the West ascended 30.5% to an annual rate of 1,240,000 in July, a 7.8% increase from a year ago. The median price in the West was $453,800, up 11.3% from July 2019.

The question is – just how low do rates have to keep going (from already record lows now) to maintain this momentum?

END

iii) Important USA Economic Stories

That escalated fast; used vehicle prices explode to all  time highs after plunging just two months ago

(zerohedge)

Used Vehicle Prices Explode To All Time Highs After Plunging Just Months Ago

When you have the Central Bank back-stopping every industry in the United States, it’s incredible how quickly things can change over the course of less than a quarter.

Less than two months ago we were talking about the unprecedented crash in used car prices that had taken place as a result of the coronavirus pandemic slowing the economy. “Where’s the inflation?” everyone kept asking.

We think we’ve found it. Today, according to new research from Manheim, those prices have exploded to hit new all time highs. The Manheim Used Vehicle Value index climbed to 163.4 in the first 15 days of August from 158.0 in July.

“Prices rose another +3.4% sequentially in the first 15 days of August after rising +5.8% m/m in July,” a new note from J.P. Morgan highlights. It continues: “With the Manheim Index at 163.4 in early August (January 1995 = 100), used prices are now +13.9% higher vs. the then record level in February just prior to the pandemic and are +15.6% y/y.”

J.P. Morgan notes that “Since April, the Manheim Used Vehicle Value index recovered +8.9% m/m in May, +9.0% m/m in June, +5.8% m/m in July, and is now +3.4% m/m in the first 15 days of August. Stronger prices suggest potential gains on sale of off-lease vehicles and higher collateral value, helping reduce loan losses.”

The note predicts that prices should see some respite heading into the fall, as “pent up demand” as a result of the Covid-19 pandemic should subside. Most of this demand has already been satisfied, according to Manheim, and consumers are growing “increasingly frustrated” from the high prices. 

It’s worth noting, however, that these same prognosticators were predicting a “sharp drop” in prices heading into the back end of the summer. That obviously didn’t materialize. Additionally, the same note says that consumers could be waiting for a second round of stimulus to purchase a vehicle. 

Recall, it was just two months ago that we had put out a note highlighting where used car prices were crashing the most in the U.S.

Back in June, Manheim indicated that wholesale prices dropped as much as 11% in April, but also that this price drop hadn’t fully hit the retail market yet. The report predicted at the time that since “dealers have largely avoided purchasing new inventory in recent weeks, they aren’t in a rush to cut prices as a way to move their existing inventory.”

Between January and May, individual U.S. states experienced price drops ranging from 1% to 5%, the report showed.

Those days now seem to be distant memories…

iv) Swamp commentaries)

Hypocrite!

“I Have A Right To Make Sure That My Home Is Secure”: Chicago Mayor Lightfoot Defends Ban On Protesters On Her Block

In the aftermath of the George Floyd killing, protests erupted across dozens of cities in California with hundreds of thousands of people taking to the streets, and despite the raging coronavirus pandemic they were cheered on loudly by the state’s liberal elite with some of the most prominent Hollywood actors taking daily turns to voice their support for the protesters while condemning anyone who did not side with the BLM movement, even when so frequently it devolved into violent rioting and looting of innocent bystanders. All of that abruptly ended, however, when BLM invaded Beverly Hills chanting  “eat the rich.” That’s when the police quickly showed up and immediately cleared out all the protesters.

But while such NIMBY hypocrisy has long been a fixture of the ultra-liberal Golden State, nothing compares to what just happened in Chicago whose Mayor Lori Lightfoot – best known for encouraging local BLM protests, going so far as saying that black lives are “more important that downtown corporations” after the unprecedented looting that took place last week – defended the Chicago Police Department’s ban on protesters being able to demonstrate on the block where she lives, telling reporters Thursday that she and her family at times require heightened security because of threats she receives daily.

Yes, Mayor Lori is all about BLM protests… as long as they are literally not in her back yard.

Lightfoot refused to elaborate on the specific threats according to the Chicago Tribune, but said she receives them daily against herself, her wife and her home. Lightfoot also told reporters that comparisons to how the Police Department has protected previous mayors’ homes, such as Rahm Emanuel’s Ravenswood residence, are unfair because “this is a different time like no other.”

“I think that residents of this city, understanding the nature of the threats that we are receiving on a daily basis, on a daily basis, understand I have a right to make sure that my home is secure,” Lightfoot said, failing to grasp the simplest truth that all citizens of “her” devastated city also have a right to make sure that their home is secure although unlike Lightfoot they don’t have the local police to protect them. Because when it comes to outrageous liberal hypocrisy, things get complicated.

Lightfoot and Chicago police Superintendent David Brown were asked at an unrelated news conference about a Tribune report noting police have banned protesters from demonstrating on her block in the Logan Square neighborhoodordering officers to arrest anyone who refuses to leave. The directive surfaced in a July email from then-Shakespeare District Cmdr. Melvin Roman to officers under his command. It did not distinguish between the peaceful protesters Lightfoot regularly says she supports and those who might intend to be destructive, but ordered that after a warning is given to demonstrators, “It should be locked down.”

Activists and police sources could not cite instances when the city repeatedly locked down her predecessor Emanuel’s block against protesters. The Kenwood block where former President Barack Obama lived with his family when his primary residence was in Chicago was shut down for access only by residents after his election.

But Lightfoot said such comparisons “don’t make any sense,” after Brown referenced the ongoing coronavirus pandemic – which she has repeatedly overriden as a concern when BLM protests are to be held – as well as civil unrest that have flared since the George Floyd killing at the hands of Minneapolis police.

“I’m not going to make any excuses for the fact that, given the threats I have personally received, given the threats to my home and my family, I’m going to do everything I can to make sure they’re protected,” Lightfoot said. “I make no apologies whatsoever for that.”

It wasn’t clear if Lightfoot would apologize to all those millions of Chicago residents who – just like her – are trying to avoid threats against their own families by angry, violent looters; looters whose despicable actions Lightfoot has repeatedly turned her eyes away from in hopes of peak virtue signaling.

According to the Chicago Tribune, since the order, and even for a time just prior to its writing, Chicago cops have repeatedly blocked protesters’ access to the block with groups of officers and barricades. Police have often kept protesters contained at the nearby corner of Kimball and Wrightwood avenues, though one standoff between activists and officers last month saw police go as far as bringing in an armored vehicle in case things got out of hand.

Aside from the expanded police presence to block protesters from reaching her home, Lightfoot already receives 24/7 protection from cops including officers stationed at the residence. Worse, the aggressive overpolicing of the self-absorbed hypocrite mayor has often siphoned away resources from the area’s police district, some sources with knowledge of the situation told the Tribune, leading to quiet grumbling.

Both Lightfoot and Brown noted there are laws on the books banning residential protests, but Brown acknowledged the Police Department does not always enforce them. Brown said the city tries to give “wiggle room” for protesters.

“We have seen very peaceful First Amendment protests for the most part but embedded in each of those protests have been very violent people. And they’re embedded. They put up umbrellas. And they come for a fight,” Brown said. “So we have to prepare for what we’ve seen.”

You certainly do, and so do all the other millions of Chicago residents and yet under Lightfoot’s directives it will be a miracle if Chicago has a police force this time next year… besides those cops of course stationed at Lightfoot’s house to protect the (soon to be former) mayor from the protesters she herself has repeatedly egged on.

end

Why Brennan, Strzok, & DOJ Needed Julian Assange Arrested; And Why UK Officials Obliged…

Authored by ‘sundance’ via TheConservativeTreehouse.com,

According to reports in November of 2019, U.S Attorney John Durham and U.S. Attorney General Bill Barr were spending time on a narrowed focus looking carefully at CIA activity in the 2016 presidential election. One recent quote from a media-voice increasingly sympathetic to a political deep-state notes:

“One British official with knowledge of Barr’s wish list presented to London commented that “it is like nothing we have come across before, they are basically asking, in quite robust terms, for help in doing a hatchet job on their own intelligence services””. (Link)

It is interesting that quote came from a British intelligence official, as there appears to be  evidence of an extensive CIA operation that likely involved U.K. intelligence services. In addition, and as a direct outcome, there is an aspect to the CIA operation that overlaps with both a U.S. and U.K. need to keep Wikileaks founder Julian Assange under tight control. In this outline we will explain where corrupt U.S. and U.K. interests merge.

To understand the risk that Julian Assange represented to CIA interests, it is important to understand just how extensive the operations of the CIA were in 2016. It is within this network of foreign and domestic operations where FBI Agent Peter Strzok is clearly working as a bridge between the CIA and FBI operations.

By now people are familiar with the construct of CIA operations involving Joseph Mifsud, the Maltese professor now generally admitted/identified as a western intelligence operative who was tasked by the CIA (John Brennan) to run an operation against Trump campaign official George Papadopoulos in both Italy (Rome) and London. {Go Deep}

In a similar fashion the CIA tasked U.S. intelligence asset Stefan Halper to target another Trump campaign official, Carter Page. Under the auspices of being a Cambridge Professor Stefan Halper also targeted General Michael Flynn. Additionally, using assistance from a female FBI agent under the false name Azra Turk, Halper also targeted Papadopoulos.

The initial operations to target Flynn, Papadopoulos and Page were all based overseas. This seemingly makes the CIA exploitation of the assets and the targets much easier.

One of the more interesting aspects to the Durham probe is a possibility of a paper-trail created as a result of the tasking operations. We should watch closely for more evidence of a paper trail as some congressional reps have hinted toward documented evidence (transcripts, recordings, reports) that are exculpatory to the targets (Page & Papadop). HPSCI Ranking Member Devin Nunes has strongly hinted that very specific exculpatory evidence was known to the FBI and yet withheld from the FISA application used against Carter Page that also mentions George Papadopoulos. I digress…

However, there is an aspect to the domestic U.S. operation that also bears the fingerprints of the CIA; only this time due to the restrictive laws on targets inside the U.S. the CIA aspect is less prominent. This is where FBI Agent Peter Strzok working for both agencies starts to become important.

Remember, it’s clear in the text messages Strzok has a working relationship with what he called their “sister agency”, the CIA. Additionally, Brennan has admitted Strzok helped write the January 2017 Intelligence Community Assessment (ICA) which outlines the Russia narrative; and it is almost guaranteed the July 31st, 2016, “Electronic Communication” from the CIA to the FBI that originated FBI operation “Crossfire Hurricane” was co-authored from the CIA by Strzok…. and Strzok immediately used that EC to travel to London to debrief intelligence officials around Australian Ambassador to the U.K. Alexander Downer.

In short, Peter Strzok appears to be the very eager, profoundly overzealous James Bond wannabe, who acted as a bridge between the CIA and the FBI. The perfect type of FBI career agent for CIA Director John Brennan to utilize.

Fusion-GPS founder Glenn Simpson hired CIA Open Source analyst Nellie Ohr toward the end of 2015; at appropriately the same time as “FBI Contractors” were identified exploiting the NSA database and extracting information on a specific set of U.S. persons.

It was also Fusion-GPS founder Glenn Simpson who was domestically tasked with a Russian lobbyist named Natalia Veselnitskya. A little reported Russian Deputy Attorney General named Saak Albertovich Karapetyan was working double-agents for the CIA and Kremlin. Karapetyan was directing the foreign operations of Natalia Veselnitskaya, and Glenn Simpson was organizing her inside the U.S.

Glenn Simpson managed Veselnitskaya through the 2016 Trump Tower meeting with Donald Trump Jr. However, once the CIA/Fusion-GPS operation using Veselnitskaya started to unravel with public reporting… back in Russia Deputy AG Karapetyan fell out of a helicopter to his death (just before it crashed).

Simultaneously timed in late 2015 through mid 2016, there was a domestic FBI operation using a young Russian named Maria Butina tasked to run up against republican presidential candidates. According to Patrick Byrne, Butina’s handler, it was FBI agent Peter Strzok who was giving Byrne the instructions on where to send her. {Go Deep}

All of this context outlines the extent to which the CIA was openly involved in constructing a political operation that settled upon anyone in candidate Donald Trump’s orbit.

International operations directed by the CIA, and domestic operations seemingly directed by Peter Strzok operating with a foot in both agencies. [Strzok gets CIA service coin]

Recap: ♦Mifsud tasked against Papadopoulos (CIA). ♦Halper tasked against Flynn (CIA), Page (CIA), and Papadopoulos (CIA). ♦Azra Turk, pretending to be Halper asst, tasked against Papadopoulos (FBI). ♦Veselnitskaya tasked against Donald Trump Jr (CIA, Fusion-GPS). ♦Butina tasked against Trump, and Donald Trump Jr (FBI).

Additionally, Christopher Steele was a British intelligence officer, hired by Fusion-GPS to assemble and launder fraudulent intelligence information within his dossier. And we cannot forget Oleg Deripaska, a Russian oligarch, who was recruited by Asst. FBI Director Andrew McCabe to participate in running an operation against the Trump campaign and create the impression of Russian involvement. Deripaska refused to participate.

All of this engagement directly controlled by U.S. intelligence; and all of this intended to give a specific Russia impression. This predicate is presumably what John Durham is currently reviewing.

The key point of all that background is to see how committed the CIA and FBI were to the constructed narrative of Russia interfering with the 2016 election. The CIA, FBI, and by extension the DOJ, put a hell of a lot of work into it. Intelligence community work that Durham is now unraveling.

We also know specifically that John Durham is looking at the construct of the Intelligence Community Assessment (ICA); and talking to CIA analysts who participated in the construct of the January 2017 report that bolstered the false appearance of Russian interference in the 2016 election. This is important because it ties in to the next part that involves Julian Assange and Wikileaks.

On April 11th, 2019, the Julian Assange indictment was unsealed in the EDVA. From the indictment we discover it was under seal since March 6th, 2018:

(Link to pdf)

On Tuesday April 15th more investigative material was released. Again, note the dates: Grand Jury, *December of 2017* This means FBI investigation prior to….

The FBI investigation took place prior to December 2017, it was coordinated through the Eastern District of Virginia (EDVA) where Dana Boente was U.S. Attorney at the time. The grand jury indictment was sealed from March of 2018 until after Mueller completed his investigation, April 2019.

Why the delay?

What was the DOJ waiting for?

Here’s where it gets interesting….

The FBI submission to the Grand Jury in December of 2017 was four months after congressman Dana Rohrabacher talked to Julian Assange in August of 2017: “Assange told a U.S. congressman … he can prove the leaked Democratic Party documents … did not come from Russia.”

(August 2017, The Hill Via John Solomon) Julian Assange told a U.S. congressman on Tuesday he can prove the leaked Democratic Party documents he published during last year’s election did not come from Russia and promised additional helpful information about the leaks in the near future.

Rep. Dana Rohrabacher, a California Republican who is friendly to Russia and chairs an important House subcommittee on Eurasia policy, became the first American congressman to meet with Assange during a three-hour private gathering at the Ecuadorian Embassy in London, where the WikiLeaks founder has been holed up for years.

Rohrabacher recounted his conversation with Assange to The Hill.

“Our three-hour meeting covered a wide array of issues, including the WikiLeaks exposure of the DNC [Democratic National Committee] emails during last year’s presidential election,” Rohrabacher said, “Julian emphatically stated that the Russians were not involved in the hacking or disclosure of those emails.”

Pressed for more detail on the source of the documents, Rohrabacher said he had information to share privately with President Trump. (read more)

Knowing how much effort the CIA and FBI put into the Russia collusion-conspiracy narrative, it would make sense for the FBI to take keen interest after this August 2017 meeting between Rohrabacher and Assange; and why the FBI would quickly gather specific evidence (related to Wikileaks and Bradley Manning) for a grand jury by December 2017.

Within three months of the grand jury the DOJ generated an indictment and sealed it in March 2018. The EDVA sat on the indictment while the Mueller probe was ongoing.

As soon as the Mueller probe ended, on April 11th, 2019, a planned and coordinated effort between the U.K. and U.S. was executed; Julian Assange was forcibly arrested and removed from the Ecuadorian embassy in London, and the EDVA indictment was unsealed (link).

As a person who has researched this three year fiasco; including the ridiculously false 2016 Russian hacking/interference narrative: “17 intelligence agencies”, Joint Analysis Report (JAR) needed for Obama’s anti-Russia narrative in December ’16; and then a month later the ridiculously political Intelligence Community Assessment (ICA) in January ’17; this timing against Assange is too coincidental.

It doesn’t take a deep researcher to see the aligned Deep State motive to control Julian Assange because the Mueller report was dependent on Russia cybercrimes, and that narrative is contingent on the Russia DNC hack story which Julian Assange disputes.

This is critical. The Weissmann/Mueller report contains claims that Russia hacked the DNC servers as the central element to the Russia interference narrative in the U.S. election. This claim is directly disputed by WikiLeaks and Julian Assange, as outlined during the Dana Rohrabacher interview, and by Julian Assange on-the-record statements.

The predicate for Robert Mueller’s investigation was specifically due to Russian interference in the 2016 election. The fulcrum for this Russia interference claim is the intelligence community assessment; and the only factual evidence claimed within the ICA is that Russia hacked the DNC servers; a claim only made possible by relying on forensic computer analysis from Crowdstrike, a DNC contractor.

The CIA holds a massive conflict of self-interest in upholding the Russian hacking claim. The FBI holds a massive interest in maintaining that claim. All of those foreign countries whose intelligence apparatus participated with Brennan and Strzok also have a vested self-interest in maintaining that Russia hacking and interference narrative.

Julian Assange is the only person with direct knowledge of how Wikileaks gained custody of the DNC emails; and Assange has claimed he has evidence it was not from a hack.

This Russian “hacking” claim is ultimately so important to the CIA, FBI, DOJ, ODNI and U.K intelligence apparatus…. Well, right there is the obvious motive to shut Assange down as soon intelligence officials knew the Mueller report was going to be public.

Now, if we know this, and you know this; and everything is cited and factual… well, then certainly AG Bill Barr knows this.

The $64,000 dollar question is: will they say so publicly?

END

Absolute nonsense!!!

Six Democrat states file a lawsuit against USPS impeding free and fair elections

(zerohedge)

Six Democratic States File Lawsuit Against USPS For “Impeding Free & Fair Elections”

As Postmaster General Louis DeJoy takes a grilling before the Senate on Friday, six Democratic-governed states are suing DeJoy, Chairman Robert Duncan, and the USPS itself in yet another lawsuit alleging they broke USPS rules and violated states’ rights to carry out “free and fair” elections.

Here’s a breakdown of some of the highlights from @lovenheim.

During Friday’s hearing, DeJoy insisted it was his “sacred duty” to ensure that voting by mail works in November.

Read the lawsuit in its entirety below

2020.08.21 – Complaint PA v DeJoy by Zerohedge on Scribd

END
It sure looks like the charges against Bannon are phony.  The wall was built and it is not like Bannon to steal 1 million from the fund
(zerohedge)

“I’m Not Gonna Back Down”: Bannon Responds To ‘Total Political Hit Job’ Following Arrest

Former White House strategist Steve Bannon appeared no worse for wear during his “War Room Pandemic” podcast on Friday – just one day after posting $5 million bail after his arrest on charges of wire fraud and money laundering related to his involvement with Build the Wall – a nonprofit organized by wounded Air Force veteran Brian Kolfage, which raised over $25 million via crowdfunding and built a half-mile section of border wall in Hidalgo County, Texas.

Bannon pleaded not guilty, and was in full fight mode during Friday’s podcast.

This fiasco is a total political hit-job. The timing is exquisite” in the run-up to the 2020 election, said Bannon, adding “I think it is probably the most important election of our time because the stakes now are so high.”

I’m not gonna back down,” Bannon added. “Everybody knows I love a fight. I was called a honey-badger for many years. I’m in this for the long-haul. I’m in this for the fight. I’m going to continue to fight. This was to stop and intimidate people that want to talk about the wall. This is to stop and intimidate people that have President Trump’s back on building the wall,” he said.

Speaking of Brian Kolfage, Bannon said:

“One thing I can tell you from the heroic effort we did and really, Brian Kolfage – who’s an American Hero. Brian Kolfage is, I think the most wounded airman in the history of the Air Force, to survive. He’s a triple-amputee. Almost bled out multiple times after he was hit during the Afghan and Iraq war. And just an American hero. The pain and nagging that guy still goes through every day – he has dedicated his life, he had this idea, he has dedicated his life to building this wall.” -Steve Bannon

Bannon also claimed that Thursday’s “War Room Pandemic” broadcast has two million viewers from mainland China.

Watch:

Meanwhile, people have questions:

END

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

Zuckerberg interviewed by FTC as part of antitrust probe into Facebook

https:/ww.politico.com/news/2020/08/20/facebook-ceo-interviewed-by-ftc-as-part-of-antitrust-probe-399492

Facebook bans Antifa accounts, other groups promoting violence   [Why now?  What has changed?]

https://thepostmillennial.com/breaking-facebook-bans-antifa-other-groups-promoting-violence

Pelosi Pressured by Moderate Democrats, GOP on Stimulus Talks

https://www.bloomberg.com/news/articles/2020-08-20/pelosi-pressured-by-moderate-democrats-gop-on-stimulus-talks

Penn State: Initial COVID-19 infection rate may be 80 times greater than originally reported

The study suggests that COVID-19 in the U.S. may have been less deadly but spread at double the rate in the earliest weeks of the pandemic… [As you know, this is what we thought.]

https://news.psu.edu/story/623797/2020/06/22/research/initial-covid-19-infection-rate-may-be-80-times-greater-originally#.XvFU1lJ9264.twitter

Ignorance about Covid-19 Risk Is ‘Nothing Short of Stunning,’ Research Report Says; Huge Age Variance – The Franklin Templeton-Gallup survey found that the general population has a little understanding how heavily the pandemic is focused on the older population. [Thanks to politics!]

  • On average, Americans believe that people aged 55 and older account for just over half of total COVID-19 deaths; the actual figure is 92%.
  • Americans believe that people aged 44 and younger account for about 30% of total deaths; the actual figure is 2.7%.
  • Americans overestimate the risk of death from COVID-19 for people aged 24 and younger by a factor of 50; and they think the risk for people aged 65 and older is half of what it actually is (40% vs 80%).

The state’s data say 82% of COVID-19 death victims are 60 or older. Most Illinoisans undoubtedly don’t know that because only broad averages are normally reported.  Many critics of lockdown policies, including Wirepoints, have long argued against one-size-fits all policies. Efforts, instead, should be more focused on those truly at risk – the elderly and those with comorbidities

https://wirepoints.org/ignorance-about-covid-19-risk-is-nothing-short-of-stunning-research-report-says-huge-age-variance-wirepoints/

Covid Confusion Is Largely Intentional

It is hard to escape the conclusion that governments at all levels, along with more or less the entire journalism industry, are intentionally trying to convey an inflated impression of the impact of the Wuhan virus. Further, there is a growing body of empirical evidence, both nationally and internationally, that strongly suggests the cataclysmic shutdowns that have been imposed by governments both here and abroad have been more or less useless. Our governments have made mistakes that have resulted in the devastation of many millions of lives, and our reporters and editors want to keep that fact quiet. This isn’t surprising, of course: we all know what side they are on.

https://www.powerlineblog.com/archives/2020/08/covid-confusion-is-largely-intentional.php

There will be severe political ramifications when a critical mass of people realizes that their businesses, careers, families, personal liberties and mental health were ravaged solely for political purposes.

The COVID-19 Pandemic Is Rolling Over: The Number of US Hospitalizations Is Declining By 1 Percent per Day – BofA also points out, “we continue to see clear signs the Coronavirus is rolling over in the US as the number of people hospitalized due to COVID-19 declines at a rapid pace of about one percent a day (26% in 23 days).”… Goldman notes, “Cases are on the rise in the most populous state of California, which has faced technical difficulties in reporting accurate daily case counts.”

https://www.zerohedge.com/medical/coronavirus-rolling-over-number-us-hospitalizations-declining-1-percent-day

Support for in-person classes in some Chicago western suburbs is strongest with the most affluent and weakest with the least affluent.  https://patch.com/illinois/elmhurst/see-which-elmhurst-areas-backed-person-lessons-most

China’s government has publically endorsed Joe Biden.

@globaltimesnews China state-affiliated media: @JoeBiden is smoother to deal with than Donald Trump. This is the consensus of most countries around the world, including China, said experts, after Biden was officially declared the Democratic presidential candidate. https://globaltimes.cn/content/1198289.shtml

Normally during a party’s convention, that party and its candidate receive a big boost in polls.  For some reason, Trump’s approval rating in Rasmussen’s latest poll jumped 4 points to 51%, even with Dems +4.

https://www.rasmussenreports.com/public_content/politics/trump_administration/prez_track_aug20?s=09

 

@Rasmussen_Poll: Pro Tip: Pollsters are now fielding national surveys for The DNC Convention aftermath & the weekend talk shows… always go directly to the survey details & check sample size, sample type & political party weighting… Our LV weighting is currently D 37, R 33, Ind 30

 

Trafalgar, which called the 2016 election, has Trump tied with Biden in Minnesota.  If Trump wins Minnesota, he can lose Michigan, Pennsylvania and Wisconsin and still win if he keeps his other states.

 

Biden’s policy agenda takes backseat at Democratic convention as speakers hammer Trump on character – Republicans are accusing Democrats of obscuring their ‘radical agenda’

https://www.foxnews.com/politics/biden-policy-convention-speakers-trump

 

The final night (Thursday) of the DNC Convention, of course, will focus on Joe Biden and his family. PS – Trump held an event near Biden’s hometown of Scranton, PA.  There was a huge turnout.

https://twitter.com/wsteaks/status/1296512438528094209

 

Trump in Pennsylvania speech paints grim picture of America under a Biden presidency

‘Joe Biden is a puppet of the radical left movement that seeks to destroy the American way of life,’ Trump said during his speech…”If you want a vision of your life under Biden presidency, think of the smoldering ruins in Minneapolis, the violent anarchy of Portland, the bloodstained sidewalks of Chicago and imagine the mayhem coming to your town and every single town in America,” Trump said…

https://justthenews.com/politics-policy/elections/trump-pennsylvania-speech-paints-grim-picture-america-under-biden

 

Night 3 of the DNC Convention was just more Trump hate fest, a session to whine about what’s wrong with Americans and fear mongering that Trump will kill democracy and everything that’s holy.

 

@ABC: Barack Obama: “This administration has shown it will tear our democracy down if that’s what it takes for them to win. So we have to get busy building it up … by voting like never before for Joe and Kamala and candidates up and down the ticket.” http://abcn.ws/2E87aAf

 

@MarketWatch: Former President Barack Obama called President Donald Trump unfit for office Wednesday night, urging Americans to vote for Joe Biden in order to save democracy. [Full text]

https://www.marketwatch.com/story/read-the-complete-text-of-obamas-speech-at-the-democratic-national-convention-2020-08-19

 

@Julio_Rosas11: [CNN’s] Rachel Maddow: President Obama’s speech tonight slayed me…His warnings that we could potentially be at the end of American democracy scared me, and I found upsetting and hard to watch.  https://twitter.com/Julio_Rosas11/status/1296285532041945090

 

@IngrahamAngle: They wasted Obama. They had him deliver exactly the same type of anti-Trump diatribe that we’ve been hearing for five years.

 

@realDonaldTrump while Obama spoke on Wed night: HE SPIED ON MY CAMPAIGN, AND GOT CAUGHT!  WHY DID HE REFUSE TO ENDORSE SLOW JOE UNTIL IT WAS ALL OVER, AND EVEN THEN WAS VERY LATE? WHY DID HE TRY TO GET HIM NOT TO RUN?

 

NRO and syndicated columnist @davidharsanyi: Obama spied on a Fox journalist — shopping his case to three separate judges, until he found one who let him name reporter James Rosen as a co-conspirator in a crime of reporting the news. He spied on Associated Press reporters. He spied on congress.

 

Several pundits opined that Obama looked weathered, angry and flustered.  Is it Spygate angst?

 

@ABC: Sen. Kamala Harris: “Let’s be clear: there is no vaccine for racism. We’ve got to do the work—for George Floyd, for Breonna Taylor, for the lives of too many others to name. For our children.” https://abcn.ws/2E87aAf

 

DNC Faked Kamala Supporters! – Used Double Images of Kamala Fans in Crowd Shot

Kamala Harris delivered her DNC virtual convention speech on Wednesday night from somewhere.  After she was done there was dead silence and then some women only appeared on a screen and she waved at them. It did not look like they could see her because they did not reactBut the DNC faked the crowd of supporters.  They used double images of the same people to make their crowd shot!

 

@ABC: Kamala Harris and Joe Biden air hug following her keynote address at a #DemConvention marked by social distancing and virtual speeches. https://abcn.ws/31cDAlV

 

@paulsperry_: After their awkward mask-wearing scene at the announcement of Biden’s VP pick last week, the Bidens and the Harrises went on stage tonight without wearing any masks. Yet their platform calls for mandatory mask-wearing.

 

[Trump detester & Fox’s] Chris Wallace: “Other than that phrase ‘I accept your nomination,’ I’m not sure there’s a phrase of Kamala Harris’ [speech] that will be remembered much after tonight.”

 

@IngrahamAngle: They wasted Kamala Harris.  Nothing about how to improve the economy, or what should guide our foreign policy, or how to make anything better.  Nice personal stories.

 

Team Trump’s @jacobkschneider: Watching Crooked H [Hillary] re-litigate her epic loss is both hilarious and traumatic at the same time #DemConvention

 

Hillary Clinton: “Don’t forget: Joe and Kamala can win by 3 million more votes and still lose. Take it from me.  So we need numbers overwhelming.  So Trump can’t sneak or steal his way to victory.”

https://twitter.com/Breaking911/status/1296269286764433409

 

@ABC: Hillary Clinton reflects on 2016, urges strong voter turnout in upcoming election. “This can’t be another woulda-coulda-shoulda election. If you vote by mail, request your ballot now, and send it back right away. If you vote in person, do it early.”  https://abcn.ws/3j0KC3t

 

CBSNews: Hillary Clinton encourages Americans to vote early and get mail-in ballots now, to make sure their votes count: “Look, this can’t be another woulda, coulda, shoulda election”

 

@ColumbiaBugle: Every Democrat speaker is telling you to vote immediately so that you vote before seeing the debates

 

Twitter followers: Joe Biden 8.6 million; Kamala Harris 1.8 million & 5.1 million on VP account

Trump 85.3 million; Pence 5m & 9.3m on VP account [Polls, enthusiasm gap: discuss among yourselves]

Steve Bannon, ‘We Build the Wall’ organizers arrested, charged with defrauding donors

Public statements that 100% of the money would be put toward the wall were false, prosecutors say

    Prosecutors say Bannon [a former adviser to President Trump] and the others used the nonprofit and a shell company to hide the payments to Kolfage “by using fake invoices and sham ‘vendor’ arrangements,” as well as other means of keeping the payments quiet…

https://www.foxnews.com/politics/steve-bannon-among-4-arrested-indicted-in-online-fundraising-scheme-doj-announces

 

@realDonaldTrump Jul 12I disagreed with doing this very small (tiny) section of wall, in a tricky area, by a private group which raised money by ads. It was only done to make me look bad, and perhaps it now doesn’t even work. Should have been built like rest of Wall, 500 plus miles.

 

Veteran readers might recall that a year or so ago we opined that it would be a political benefit for the Trump DoJ to prosecute some Republicans before the Spygate stuff hits the fan.  Is the investigation into the Clinton Foundation is still alive?  Will someone investigate where the reported $1B+ of BLM donations has gone?

 

@RealWayneRoot: We know Clinton Foundation is based offshore. Why would charity that owes no taxes locate offshore?We know Russians gave them $130 million at time of uranium deal. We know 90%+ of “donations” never go to charity. Used to fund Clintons’ lifestyle. Yet no indictment out of NY.

 

NYT: ‘He Stiffed Our Party’: Bloomberg Doubts Resurface Before D.N.C. Speech

Michael Bloomberg’s appearance on the final night of the Democratic convention has reignited questions about his pledge to throw his fortune behind the effort to defeat President Trump.

https://www.nytimes.com/2020/08/20/us/politics/michael-bloomberg-dnc.html

 

The Psychology of Voting

The single most powerful predictor of a person’s vote choice is his or her political party identification …Second, research has shown that voters’ perceptions of candidates’ personalities (their intelligence, their knowledge, their trustworthiness, and their ability to be strong leaders) also predict some people’s votes very well… first impressions are very powerful and inertial…So candidates would get more bang for a buck spent on advertising if they spent it early in a campaign rather than late… political psychologists have found that when Americans begin to learn about a new politician, they approach him or her optimistically, hoping for a “white knight” to appear who will be competent, trustworthy, and effective. [There is no ‘new’ or ‘white knight’ in 2020.]… Voters are especially attuned to unfavorable information about political candidates…

https://pprg.stanford.edu/wp-content/uploads/10-The-psychology-of-voting.pdf

 

W Bush Press Sec @AriFleischer: Michigan held a primary on August 4, two weeks ago.  Almost one million people voted in person. There were 801 new covid cases in MI on 8/4… 653 new cases yesterday. In-person voting can be done safely. Ds & media need to stop scaring people about in-person voting.

 

The GOP has the advantage of holding its convention after the Dems.  They can learn from the mistakes, particularly the problems with holding a virtual convention.  Expect a bevy of GOP women speakers.

 

Ex-State Department Official ‘Destroyed’ Records at Request of Christopher Steele

Jonathan Winer, who served as special envoy to Libya through early 2017…The report quotes Winer saying: “So I destroyed them, and I basically destroyed all the correspondence I had with him.”…

https://dailycaller.com/2020/08/19/christopher-steele-dossier-state-department-jonathan-winer-russia-senate-report/

 

The penalties for the unlawful or accidental removal, defacing, alteration, or destruction of Federal records or the attempt to do so, include a fine, imprisonment, or both (18 U.S.C. 641 and 2071)…

https://www.ecfr.gov/cgi-bin/text-idx?SID=2cb32d56fb6af59e4b4ee022f092b321&mc=true&node=pt36.3.1230&rgn=div5

 

Chicago Mayor Lori Lightfoot trying to defend banning protesters on her block: “I have a right to make sure that my home is secure.”

 

Every father should remember that one day his son will follow his example instead of his advice.” — Charles Kettering

 

end

Let us wrap up the week with this offering courtesy of Greg Hunter

Dem Convention Disaster, Goodyear Chokes, Buffett buys Gold

By Greg Hunter On August 21, 2020

The Democrat convention to nominate Joe Biden for president was a disaster. Who are the Democrats kidding? They know full well that Joe Biden is not well mentally and is deficient. He thinks Arizona is a city, for goodness’ sake. It seems every time Joe is interviewed, it gets interrupted so his handlers can save his bacon from saying incoherent and stupid things. It now looks like Jill Biden is doing most of the public appearances. I’ll be shocked if Joe actually debates President Trump. Total disaster, and the Dems know it. This is why they want “cheat by mail.”

The president of Goodyear had to walk back the company’s support of Black Lives Matter and telling its workers NOT to wear MAGA hats in support of President Trump. Trump responded by tweeting out to his 85 million followers NOT to BUY Goodyear. The stock price was off 6% in a single day, and CEO Rich Kramer took it all back.

Warren Buffett buys a large stake in Barrick Gold, the second largest gold miner in the world. Buffett says he’s buying 20 million shares because of the copper mining in the company. No way, I say. You don’t buy the second biggest gold miner in the world for the copper it digs up. So, where do you think Buffett thinks gold prices are going?

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

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

(To Donate to USAWatchdog.com Click Here)

-END-

Well that is all for today

I will see you MONDAY night.

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