AUGUST 24/ANOTHER RAID TODAY: GOLD DOWN $7.20 TO $1932.70//SILVER DOWN 18 CENTS TO $26.45//COMEX GOLD STANDING NORTH OF 152 TONNES//CORONAVIRUS UPDATES FROM SATURDAY -MONDAY//CHINA VS USA//DEVASTATING USA ECONOMIC STORIES//SWAMP STORIES FOR YOU TONIGHT//

GOLD::$1932.70  DOWN $7.20   The quote is London spot price

 

 

 

 

 

Silver:$26.45 DOWN $0.18   London spot price ( cash market)

 

Today marks the 7TH day out of the last 10 days that a raid has been orchestrated by the bankers..

Wednesday is options expiry on the Comex.  A raid tomorrow is all but guaranteed.

Monday is options expiry OTC /London LBMA 10 am. Expect our precious metals prices to be whacked during this time period.

 

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 : $1928.70  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.60//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

AUGUST GOLD:   $1928.20  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $4.50//)

OCT GOLD:  $1931.40  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $1.10//BACKWARD/

 

 

DEC. GOLD  $1939.10   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $6.10/ CONTANGO   ($5.90 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.61…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 16 cent contango//13 CENTS ABOVE NORMAL contango)

SILVER DECEMBER  CLOSE:     $27.77  1:30  PM SPREAD SPOT/FUTURE DEC.       : 32  CENTS PER OZ  ( 20 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today: 3/68

issued 0

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,934.600000000 USD
INTENT DATE: 08/21/2020 DELIVERY DATE: 08/25/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 8 40
657 H MORGAN STANLEY 12
661 C JP MORGAN 3
685 C RJ OBRIEN 1
686 C INTL FCSTONE 11
690 C ABN AMRO 10
737 C ADVANTAGE 46 2
905 C ADM 2 1
____________________________________________________________________________________________

TOTAL: 68 68
MONTH TO DATE: 48,778

 

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 68 NOTICE(S) FOR 6800 OZ  (0.2115 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,778 NOTICES FOR 4,877800 OZ + 2400 oz enhanced standing  =  48002 notices  or 4800200 oz  (151.794 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  $11,796  UP 147

 

BITCOIN AFTERNOON QUOTE.: $11,695 DOWN 162

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $7.20 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 $0.18 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

 

 

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IN SILVER THE COMEX OI FELL BY A SMALL SIZED 851 CONTRACTS FROM 191,942 DOWN TO 191,091, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE SMALL LOSS IN OI OCCURRED DESPITE OUR STRONG 30 CENT FALL 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 GOOD EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, WITH A SMALL INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A FAIR NET GAIN IN OUR TWO EXCHANGES OF 562 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

 

 

WE HAVE ALSO WITNESSED A HUGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 995 DEC:  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  995 CONTRACTS. WITH THE TRANSFER OF 995 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 995 EFP CONTRACTS TRANSLATES INTO 4.975 MILLION OZ  ACCOMPANYING:

1.THE 30 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.

6.470 MILLION OZ INITIAL STANDING IN AUGUST

 

FRIDAY, 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 30 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 (IF ANY) BUT JUDGING FROM THE GAIN ON THE TWO EXCHANGES, THEY COULD NOT COVER MUCH… THUS: THE SMALL SIZED LOSS AT THE COMEX WAS ACCOMPANIED BY : i)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL INCREASE IN SILVER OZ STANDING  FOR AUGUST,  MINOR  BANKER SHORT COVERING (IF ANY)  AND 4) ZERO LONG LIQUIDATION AS  WE DID HAVE A  NET GAIN OF 144 CONTRACTS OR 0.722 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:

17,429 CONTRACTS (FOR 17 TRADING DAY(S) TOTAL 17,429 CONTRACTS) OR 87.145 MILLION OZ: (AVERAGE PER DAY: 1025 CONTRACTS OR 5.126 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 87.145 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 12.44% 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:          1,357.43 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                         87.145  MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

 

 

 

RESULT: WE HAD A SMALL SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 433, DESPITE OUR STRONG 30 CENT LOSS IN SILVER PRICING AT THE COMEX ///FRIDAY AS ONE A NET BASIS, NOBODY LEFT THE SILVER ARENA..…THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 995 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE GAINED A SMALL SIZED 144 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR STRONG 30 CENT FALL IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 995 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED DECREASE OF 851 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 30 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.75 // FRIDAY’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 6.470 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A FAIR TO GOOD SIZED 3,649 CONTRACTS TO 550,566 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN IN COMEX OI OCCURRED DESPITE OUR SMALL LOSS IN PRICE  OF $0.40 /// COMEX GOLD TRADING// FRIDAY//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 SMALL LOSS IN PRICE OF $0.40. 

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  134//  (2400 OZ WAS DELIVERED ON FRIDAY FROM THE ENHANCED GOLD INVENTORY)…

 

WE GAINED A GOOD SIZED 4879 CONTRACTS  (15.175 TONNES) ON OUR TWO EXCHANGES.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1230 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 1230; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1230.  The NEW COMEX OI for the gold complex rests at 550,110. 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 4879 CONTRACTS: 3649 CONTRACTS INCREASED AT THE COMEX AND 1230 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 4879 CONTRACTS OR 15.175 TONNES. FRIDAY, WE HAD A TINY LOSS OF $0.40 IN GOLD TRADING

AND WITH THAT LOSS IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 15.175 TONNES!!!!!! THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $0.40).  WE MAY HAVE HAD A  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 (1230) ACCOMPANYING THE  FAIR SIZED GAIN IN COMEX OI  (4105 OI): TOTAL GAIN IN THE TWO EXCHANGES:  4879 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) FAIR COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR SMALL LOSS IN GOLD PRICE TRADING//FRIDAY//$0.40.

 

 

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 : 35,358, CONTRACTS OR 3,535,800, oz OR 109.97 TONNES (17 TRADING DAY(S) AND THUS AVERAGING: 2079 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES: 109.97 TONNES

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

THUS EFP TRANSFERS REPRESENTS 109.97/3550 x 100% TONNES =3.09% 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   3,370.01  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;                 109.97 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 851 CONTRACTS FROM 191,942 DOWN TO 191,091 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 (IF ANY) , 2) A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN SILVER OZ  STANDING AT THE SILVER COMEX FOR AUGUST,  AND  4) SOME WEAK LONG LIQUIDATION, BUT ON NET ZERO LONG LIQUIDATION. 

 

 

EFP ISSUANCE 995 CONTRACTS

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

 SEPT: 995 AND DEC. 0 AND  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 995 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 851  CONTRACTS TO THE 995 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED GAIN OF 144 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 0.720 MILLION  OZ, OCCURRED DESPITE OUR 30 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 4.96 POINTS OR 0.15%  //Hang Sang CLOSED UP 437.74 POINTS OR 1.74%   /The Nikkei closed UP 65.21 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .47%

/Chinese yuan (ONSHORE) closed UP  at 6.9132 /Oil UP TO 42.66 dollars per barrel for WTI and 44.76 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9132 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9052 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY A FAIR- TO GOOD SIZED 3649 CONTRACTS TO 550,566 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 LOSS OF $0.40 IN GOLD PRICING /FRIDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1230 CONTRACTS),.  THUS,  WE HAD AGAIN 1) MINIMAL BANKER SHORT COVERING AT THE COMEX (IF ANY),  AS THEY  ORCHESTRATED ANOTHER RAID BUT JUDGING FROM THE GAIN IN TOTAL 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 4879 CONTRACTS. 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 LOWERS TO 134 AS WE HAD 24 DELIVERIES (2400 OZ)

THIS DELIVERIES ARE ACCOUNTED FOR IN MY TOTAL DELIVERIES FOR AUGUST.

 

 

 

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 1230 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 0  DEC 1230; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1230  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: 4879 TOTAL CONTRACTS IN THAT 1230 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 3649 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 $0.40).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  16.59 TONNES

 

 

NET GAIN ON THE TWO EXCHANGES :: 5335, CONTRACTS OR 533500 OZ OR 16.59 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:  550,110 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.01 MILLION OZ/32,150 OZ PER TONNE =  1711 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1711/2200 OR 77.77% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 283,148 contracts// poor volume//

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  375,474 contracts//  volume:fair- good//official sector raid// //most of our traders have left for London

 

 

AUGUST 24 /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
1620.975 oz
HSBC
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

18,113.164

OZ

MALCA

 

 

 

No of oz served (contracts) today
68 notice(s)
 6800 OZ
(.2115 TONNES)
No of oz to be served (notices)
142 contracts
(14,200 oz)
0.4416 TONNES
Total monthly oz gold served (contracts) so far this month
48,802 notices
4,880,200 OZ
151.794 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: 18,113.164 oz

 

 

 

total customer deposit:  18,113.164    oz

 

 

we had 1 gold withdrawals from the customer account:

i) Out of HSBC: 16,591.809.006 oz

 

 

 

total withdrawals;  16,591.006  oz

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

 

The front month of AUGUST registered a total of 210 CONTRACTS as we LOST 80 contracts. We had 172 notices served on FRIDAY so we GAINED A STRONG 92  contracts or an additional 9200 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 77 contracts to stand at 2529.  Oct GAINED 272 contracts UP to 72,100

 

The big December contract GAINED 2983 contracts UP to 401,561 contracts…(it is here where some of our short side bankers tried to bail and failed)

 

 

 

We had 68 notices filed today for  6800 oz REGULAR INVENTORY

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 68 contract(s) of which 3  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 (48,802) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (210 CONTRACTS ) minus the number of notices served upon today (68 x 100 oz per contract) equals 4,894,400 OZ OR 152.236 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 (48,802, x 100 oz + (210 OI) for the front month minus the number of notices served upon today (68) x 100 oz which equals 4,894400 oz standing OR 152.236 TONNES in this  active delivery month. This is a HUGE  amount for gold standing for a AUGUST delivery month (an active delivery month). The figures include the 2400 oz delivered upon in the enhanced gold section.

We gained 92 contracts or 9200 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 SOME WEAK HAND SPECULATORS TO FLEE THE GOLD ARENA. IT LOOKS LIKE THEY FAILED  AGAIN.

 

 

 

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. 152.236 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:  20,428,220.391 oz (635.40 tonnes)

total registered, pledged  and eligible (customer) gold;   37,020,029.397 oz 1,151.47 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1025,13 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 24/2020

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
 602,655.111 oz
Delaware
Scotia

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
2945.800 oz
Delaware
No of oz served today (contracts)
0
CONTRACT(S)
(0 OZ)
No of oz to be served (notices)
16 contracts
 80,000 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 ` deposits into the customer account

i)into JPMorgan:  nil oz

 

 

 

ii) Into Delaware:  2945.800 oz

 

 

 

 

 

 

 

 

 

 

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

JPMorgan now has 165.53 million oz of  total silver inventory or 48.73% of all official comex silver. (165.53 million/339.680 million

 

total customer deposits today: 2945.800   oz

we had 2 withdrawals:

 

 

i) Out of Delaware: 1957.21 oz

ii) Out of Scotia: 600,697.870 oz

 

 

 

 

 

total withdrawals;  602,655.111    oz

We had 1 adjustments

i ) Out of CNT:  477,835.055 oz adjusted customer account to dealer account of CNT

 

Total dealer(registered) silver: 130.033 million oz

total registered and eligible silver:  339.680 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 16 contracts and thus we GAINED 1 contracts.  We had 0 notices filed on FRIDAY so we GAINED 1 contract or an additional 5,000 oz will  stand for delivery as these guys refused to morph into London based forwards as well as negating a fiat bonus for their efforts…. The bankers are now desperate in their search for badly needed silver whether it is on this side of the pond or the European side.

 

 

 

After August we have the  big September contract month and here we see a loss 7257 contracts down to 59,260. November saw another gain of 21 contracts to stand at 325.

SEPT OI IS VERY HIGH AND WE WILL HAVE A DANDY AMOUNT OF SILVER STANDING AT THE COMEX.  WE HAVE 5 MORE READING DAYS BEFORE FIRST DAY NOTICE AUGUST 31/2020 (MONDAY)

 

The big December contract month saw its OI rise by good 6245 contracts up to 119.417

 

 

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(16) 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  (16)- number of notices served upon today (0) x 5000 oz of silver standing for the AUGUST contract month.equals 6,470,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

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

 

 

TODAY’S ESTIMATED SILVER VOLUME : 153,841 CONTRACTS // volume huge+++++++++++++++++++/

 

 

FOR YESTERDAY: 200,266.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++++++++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 200,266 CONTRACTS EQUATES to 1.00 billion  OZ 143% 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- 4.80% ((AUGUST 24/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.83% to NAV:   (AUGUST 24/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.80%

(courtesy Sprott/GATA

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

NAV 20.28 TRADING 19.64///NEGATIVE 3.00

END

 

 

And now the Gold inventory at the GLD/

AUGUST 24//WITH GOLD DOWN $7.20 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1258.38 TONNES

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 24/ GLD INVENTORY 1252.38 tonnes*

LAST;  887 TRADING DAYS:   +312.88 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 787 TRADING DAYS://+491,41  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 24//WITH SILVER DOWN 18 CENTS TODAY: WE HAD NO CHANGES IN SILVER INVENTORY AT THE SLV////INVENTORY RESTS AT 573.843 MILLION OZ//

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 24.2020:

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

Columbia sold 2/3 of its gold in June  (75 tonnes)

Colombia sold two-thirds of its gold in June just before a record high

 Section: 

Another rich country insisting on being poor helps those central banks that are trying to keep the gold price down.

* * *

By Oscar Medina
Bloomberg News
Thursday, August 20, 2020

Colombia sold two-thirds of its gold reserves in a single month just as investors seeking havens against global turmoil were about to drive the metal to a record high.

The nation sold 1.8 trillion pesos ($475 million) of its bullion in June, the central bank reported on its website, equivalent to 67% of its holdings at the end of May.

Investors have piled into precious metals this year as yields on other haven assets such as treasuries sank to record lows. The rally even drew in Warren Buffett, a noted gold skeptic, whose Berkshire Hathaway Inc. added miner Barrick GoldCorp. to its portfolio last quarter.

 

Colombian gold once attracted Spanish conquistadors who believed the country to be home to El Dorado, a place of fabulous wealth. But the nation’s central bank doesn’t share the general enthusiasm for the metal.

Gold now accounts for about 0.4% of Colombia’s international reserves, compared to about 77% of Venezuela’s, 42% of Bolivia’s, 9% of Argentina’s, 4% of Mexico’s, 3% of Peru’s, and 1% of Brazil’s. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-08-20/colombia-sold-two-thi…

end

Seems that Fed and former Fed staffers are urging the Senate to reject Judy Shelton’s nomination. Seems that the JPMorgan faction/Fed is coming in conflict with the Goldman Sachs/Treasury faction

(Reuters)

Former Fed staffers urge Senate to reject Shelton nomination

 Section: 

If Shelton is such a threat to the financial establishment, this may be the strongest reason yet for the Senate to confirm her.

* * *

By Jonnelle Marte
Reuters
Thursday, August 20, 2020

A group of former Federal Reserve staffers, including economists, lawyers and bank presidents, sent a letter to U.S. senators Thursday asking them to reject the nomination of Judy Shelton, one of President Donald Trump’s picks for the Federal Reserve Board.

The Fed alumni said Shelton, who has advocated for a return to the gold standard and questioned the need for the central bank, has “a decades-long record of writings and statements that call into question her fitness for a spot on the Fed’s Board of Governors.”

The letter, which is still open for signatures, was signed by 44 former Fed staffers. The list included former vice chairman Alan Blinder and at least three previous Fed bank presidents, including Richard Fisher, former president of the Dallas Fed.

 

“The Fed has serious work ahead of it,” the former Fed staffers wrote. While we applaud the Board having a diversity of viewpoints represented at its table, Ms. Shelton’s views are so extreme and ill-considered as to be an unnecessary distraction from the tasks at hand.”

… For the remainder of the report:

https://www.reuters.com/article/us-usa-fed-shelton/former-fed-staffers-u…

* * *

end

Kim asks about the prosecution of JPMorgan spoofer and crook extraordinaire John Edmonds

John Kim

John Kim: When will the prosecution of JPMorganChase spoofer John Edmonds ever get somewhere?

 Section: 

8p ET Friday, August 21, 2020

Dear Friend of GATA and Gold:

Market analyst Jim Kim today wonders aloud about the federal prosecution of former JPMorganChase gold and silver futures trader John Edmonds, who ages ago pleaded guilty to spoofing those markets and was cooperating with the prosecution in providing evidence against his superiors. But his sentencing keeps being postponed, even as the class-action antitrust lawsuits against his former employer remain suspended at the request of the U.S. Justice Department in the name of protecting the department’s own investigation.

Kim’s commentary is headlined “Eight Unanswered Questions about the Very Curious Case of JPMorgan Gold Spoofer John Edmonds” and it’s posted at Kim’s internet site here:

https://maalamalama.com/wordpress/unanswered-questions-in-the-curious-ca…

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

end

Eric Sprott disgusted with market rigging Scotiabank and the decrepit CFTC

(Sprott/Craig Hemke)

Sprott ‘disgusted’ with market-rigging Scotiabank and ‘loser’ CFTC

 Section: 

10:06p ET Friday, August 21, 2020

Dear Friend of GATA and Gold:

Mining entrepreneur Eric Sprott, in his weekly market review with Craig Hemke for Sprott Money, says he is “disgusted” with Scotiabank on account of the bank’s being heavily fined this week for rigging the gold and silver markets.

Sprott also denounces the U.S. Commodity Futures Trading Commission, calling it “such a loser organization,” for failing to uncover market manipulation when it purported to investigate the silver market years ago. Indeed, Sprott asks, why isn’t the CFTC investigating the strange recent plunges in the silver price?

Sprott and Hemke also discuss the purchase of Barrick Gold shares by Warren Buffett’s Berkshire Hathaway. Sprott remarks that gold and silver mining companies with earnings and dividends remain underpriced.

 

It’s doubtful, Sprott says, that the exchange-traded funds GLD and SLV really possess the metal they claim to have.

Sprott notes the recent sharp decline in the gold-silver ratio and believes that it could continue to decline sharply.

The interview concludes with discussion of a few mining companies in which Sprott has or has had an interest.

The interview is 25 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=0N2VKU3V3E0

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

end

Michael P. Regan: A love letter to the Fed from the adoring stock market

 Section: 

By Michael P. Regan
Bloomberg Businessweek, New York
Friday, August 21, 2020

Dear Fed,

Hey there! It’s me, the stock market. I know it’s weird to write you like this, but I felt like I needed to drop a quick thank-you note for everything you’ve done for me this year.

I mean, your big ol’ balance sheet is almost $3 trillion larger since early March! You’re backing up the truck and loading it with Treasuries and corporate bonds and bond ETFs, all to keep the competition to stocks from fixed-income yields as limited as Jim Cramer’s understanding of me. It’s been a dream come true, honestly. I mean, fess up: Have you been reading my diary?!

… 

Maybe you’ve noticed, but everything else is a royal mess. Covid-19 is still killing people. Parents are dreading the beginning of “school.” U.S. unemployment is still above 10%, higher than it’s been since the 1980s. The country is facing the biggest economic contraction in its history. Corporate profits are plunging. The recession is forecast to continue at least through the first quarter of next year. And me? I’m soaring! Have you seen these record highs I’ve been setting?

 

To be honest with you, it’s getting kind of wild—and I’ve seen plenty of weirdness before. I’m more popular with sports fans than March Madness! Of course, there was no March Madness this year, so that’s not really a fair comparison—kind of like comparing my dividend payouts to yields in the bond market. Amirite, or amirite? LOL! …

… For the remainder of the commentary:

https://www.bloomberg.com/news/features/2020-08-21/a-love-letter-to-the-…

end

trump set to block the controversial Alaska gold mine, Pebble Mine

(Politico/GATA)

Trump set to block controversial Alaska gold mine, Politico says

 Section: 

By Zack Colman and Alex Guillen
Politico, Arlington, Virgnia
Saturday, August 22, 2020

The Trump administration is planning to block the proposed Pebble Mine in Alaska early next week, six people familiar with the plans told Politico, marking a surprise reversal that could be the death knell for the massive copper and gold project.

Environmentalists and conservation groups have warned that the project would threaten world’s largest sockeye salmon fishery, and the move to block it comes after President Donald Trump faced pressure to nix it from an array of interests, including Republican mega-donor Andy Sabin, Bass Pro Shops CEO Johnny Morris, and the his eldest son, Donald Trump Jr.

… 

“With any government, whether it be Obama or Trump, nothing is certain until it happens and that’s just the nature of this beast,” Sabin, who has spoken directly with Trump about the proposed mine, told Politico. “But I’m fairly certain that you’re going to get good news.”

 

The Army Corps of Engineers office in Alaska is planning to hold a conference call Monday with groups connected to the proposed mine to discuss the decision, three people with knowledge of the call told Politico. An administration official confirmed the call. …

… For the remainder of the report:

https://www.politico.com/news/2020/08/22/trump-set-to-block-alaska-pebbl…

end

Bloomberg fails to question the gold and silver vaulting issues

 

Farchy/Bloomberg news/GATA)

Bloomberg notes but fails to question gold and silver ETF vaulting issues

 Section: 

Gold Fever in 2020 Means Exchange-Traded Funds

By Jack Farchy and Eddie Spence
Bloomberg News
Sunday, August 23, 2020

In the 19th century California gold rush, the surest way to a fortune, according to Mark Twain, was to be in the “pick and shovel business.”

If 2020 gold fever has an equivalent, it’s the ETF business.

Exchange-traded funds backed by physical gold and silver accumulated more than $50 billion of bullion this year. ETFs now hold more gold than every central bank with the exception of the Federal Reserve.

… 

That’s generated windfall fees for ETFs and has been a boon for everyone involved in the business of servicing those enormous hoards of shiny metal. That includes the financial firms that provide the funds to investors, through to the banks and security firms responsible for storing hundreds of billions of dollars worth of gold and silver beneath the streets of London. …

GLD is delivering some $300 million of fees a year at current holdings and prices. That’s good news for State Street and also for the World Gold Council — a mining industry-backed group that helped create the ETF — as both take a cut of those fees. …

It’s also benefited the few big banks — principally JPMorgan Chase & Co. and HSBC Holdings Plc — that hold gold and silver on behalf of the ETFs in underground vaults, behind foot-thick reinforced doors. For them it’s a niche business, but as holdings have surged in value, it has become a solid earner.

GLD’s gold is held in HSBC’s vault in London. The last time the vaulting fees were disclosed, in 2015, they amounted to 10 basis points, or 0.1%, per year for the first 4.5 million ounces held, followed by 6 basis points thereafter. HSBC declined to comment. …

The surge in demand has strained the system.

GLD’s quarterly reports reveal that beginning in April, it owned some gold that was not held at HSBC’s vault, but instead at the Bank of England, which trails only the Fed in its store of bullion.

As movements of gold were slowed down by social distancing during the coronavirus pandemic, the BOE couldn’t transport the metal quickly enough to HSBC’s own London vault to meet the ETF’s demand, according to people familiar with the situation. …

The custodian for the largest silver ETF, the iShares Silver Trust or SLV, is JPMorgan. For a long time, the fund’s prospectus included a note explaining that if its holdings increased above 500 million ounces, it would seek an additional custodian. But in July, as SLV’s holdings soared above that level, the clause was quietly dropped. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-08-23/bullion-funds-strike-…

* * *

end

Nick Barisheff explains there is nothing wrong with a portfolio that is entirely bullion

(Nick Barisheff)

Nick Barisheff: Nothing wrong with a portfolio that is entirely bullion

 Section: 

9p ET Sunday, August 24, 2020

Dear Friend of GATA and Gold:

In his new essay, the CEO of bullion fund manager BMG Group, Nick Barisheff, recounts his long struggle with not only the Ontario Securities Commission but also financial advisers and gold and silver mining companies to gain support for his company’s gold and silver bullion funds.

Summarizing his investment outlook, Barisheff writes: “To fully understand gold, you need to know that gold is money, and everything that is referred to as money is actually just debt.

“If you understand that gold is money and you keep it in a safe or a vault, you need to evaluate the risk/reward relationship of taking your money — gold — out of the vault and investing it by giving the proceeds to someone else.

“For that to make sense, you should be convinced that by liquidating your gold and investing it, you will eventually get more ounces of gold back than the ounces you invested. Unless that is the case, at a reasonable level of risk, you might as well leave the gold in the vault.”

Barisheff’s commentary is headlined “100% Gold Portfolio” and it’s posted at the BMG internet site here:

https://bmg-group.com/100-gold-portfolio/

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

END

iii) Other physical stories:

(Kitco News)

All eyes are on the Federal Reserve Chair Jerome Powell’s keynote address on Thursday at the virtual Jackson Hole symposium, according to TD Securities strategists. “We expect the Fed Chair to effectively pre-announce the outcome of the Monetary Policy Framework Review, which suggests the formal adoption of average inflation targeting,” the strategists write. In response, gold and silver could see some new buying interest come into the space. “Precious metals could find support in a change in forward guidance to make clear that the Fed wants inflation to run above the 2% goal as a make-up strategy. While such an announcement by no means would constitute a ground-breaking surprise, the effects of such a policy may not yet be fully priced … The formal announcement could also reinvigorate flows into precious metals, which have slowed substantially following the pullback.” Silver remains TD’s precious metals favorite due to its “clean positioning slate, rising industrial demand, ultimately resilient investment demand, and inventory constraints.”

END

Ronan Manly..

Roman Manly’s latest supports our camp’s contention of how tight the physical gold/silver market are, and reveals further evidence of the sort of trouble The Gold Cartel is in…

LBMA-COMEX collusion intensifies as CME approves 267 LBMA gold and silver bar brands

In a move that has gone entirely unnoticed in the precious metals markets but signals gold and silver bar delivery constraints for the Comex gold and silver futures contracts, the Chicago Mercantile Exchange Group, operator of the New York-based Comex, has quietly and under the radar hugely expanded its lists of eligible refinery gold and silver bar brands that can be delivered against the massively traded flagship GC 100 (100-ounce gold) and SI (5,000-ounce silver) contracts.

https://www.bullionstar.com/blogs/ronan-manly/lbma- comex-collusion-intensifies-as-cme-approves-267-lbma-gold- and-silver-bar-brands/

end

LAWRIE WILLIAMS: Russia still not buying gold but Turkey takes up the slack

One of the several positives for gold has been that central banks, led by Russia and China, had been buying significant quantities of gold. However China ceased reporting any gold reserve additions – or at least reported zero increases – from the end of last year, and Russia announced that its central bank would cease, at least for the time being. Gold purchases from April this year. The latter has just announced its Forex figures for July and these show that indeed it has not added to its gold reserves for four months in a row now. They thus still stand at 2,298.5 tonnes – the world’s fifth highest amount according to figures reported to the IMF.

Russia has seemingly ceased its gold purchases in the face of a hugely positive gold market, but this has enabled its gold miners (it is probably the world’s second largest gold producer after China) to tap the high prices on the global gold market. This will have been helping Russia’s balance of payments numbers which had been severely hit by the fall in global oil and gas prices.

The amounts involved in China and Russia’s cessations of gold purchases are significant. Last year, between them, their central banks amassed over 250 tonnes of gold – equivalent to almost 40% of all central bank gold purchases that year, which totalled, according to the World Gold Council (WGC), a record 650 tonnes. Thus 2020 looks like it will see a sharp reduction in the central bank gold purchase total. But all is not lost – Turkey has been stepping up to fill the apparent shortfall. According to IMF statistics, in the year to end-June, the Turkish central bank had purchased 163.4 tonnes of gold compared with 35.1 tonnes for all of 2019. If this purchasing trend continues for the remainder of the year, the Turkish Central Bank will add some 320 tonnes of gold to its reserves – dwarfing any amount Russia has been purchasing annually over the past several years.

Further to the above, Turkey’s commercial banks have also been buying gold and purchased an additional 170 tonnes in the first 6 months of the current year. So Turkey is currently a hugely significant player in the 2020 global gold supply and demand pattern.

Despite the Turkey central bank’s impressive level of gold purchases in H1, according to the WGC’s half year Gold Demand Trends report total global central bank purchases in H1 came only to 233 tonnes, suggesting perhaps a shortfall of around 30% in total central bank purchases over the full year compared with 2019. This is still an impressive amount but coupled with the decline in Asian consumption this year which is now becoming increasingly apparent. This could have a significant effect on the global supply/demand balance – were it not for the huge inflows we have been seeing into the gold ETF sector.

While ETF inflows so far this year have been vast, they do seem to have been slowing down a little of late and we have even seen the occasional withdrawal so perhaps there will be a bit of a slowdown in H2 given some of the euphoria seems to have gone out of the gold market and prices have fallen back from their recent peaks. It won’t take much for the upwards path to resume once the northern summer is past, but with general equities still looking strong, some of the presumed safe haven demand may be falling away. Nevertheless gold has been a great investment so far this year (up 28%), as we had been predicting – but maybe it’s drawing its breath before the upards momentum kicks in again. The percentage gain has been dwarfed by that in silver (up over 50% year to date) but the latter was starting from a ludicrously reduced level.

22 Aug 2020

-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 MONDAY 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: 6.9132/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.9054   /shanghai bourse CLOSED UP 4.96 POINTS OR 0.15%

HANG SANG CLOSED UP 437.74 POINTS OR 1.74%

 

2. Nikkei closed DOWN 65.21 POINTS OR 0.28%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.71/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 42.66 and Brent: 44.76

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.49%/Italian 10 yr bond yield UP to 0.95% /SPAIN 10 YR BOND YIELD UP TO 0.31%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.44: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.09

3k Gold at $1957.00 silver at: 27.16   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 50/100 in roubles/dollar) 74.32

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 105.71 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 .9087 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0757 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.49%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 0.640% early this morning. Thirty year rate at 1.35%

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

6.  TURKISH LIRA:  UP  TO 7.360..

Futures Soars Above 3,400 To All Time High On Covid Plasma Treatment Approval

You knew it was coming when Trump scheduled his news conference to announce the FDA’s emergency authorization for convalescent plasma as a treatment for Covid-19 at 530pm on Sunday afternoon, half an hour before futures opened, and sure enough shortly after futures levitated to all time highs, hitting a record 3,422 moments ago, with European stocks rallying to a one-week high.

 

The FDA’s decision to use plasma from recovered patients was hailed by President Donald Trump and came a day after he accused it of impeding the rollout of treatments for political reasons. Further aiding market sentiment, was a report that the Trump administration is considering fast-tracking an experimental COVID-19 vaccine being developed by AstraZeneca for use in the United States before election. The news came on the eve of the Republican National Convention in which Trump will be nominated to lead his party for four more years, kicking off the final sprint to Nov. 3 Election Day.

US travel stocks, including American Airlines, United Airlines and Carnival all rose in pre-market trading. Meanwhile, the next phase of coronavirus government aid remained elusive as top Democrats and Republicans continued to blame each other for stalled talks on the legislation.

European equities extended opening gains, following US futures, and driven by the progress of various potential coronavirus treatments. Euro Stoxx 50 saw a broad base for 2.3% gain, with oil & gas, chemical and tech names outperforming. Telecom carrier BT Group jumped after Sky News reported that the board is on alert for takeover approaches.

Asian stocks also gained, led by communications and materials, getting a boost after a report that White House officials have reassured American businesses that a ban on its WeChat app won’t be as broad as feared. WeChat owner Tencent Holdings jumped the most in a month, gaining $37 billion. The Topix gained 0.2%, with TEMONA and St-Care HD rising the most. The Shanghai Composite Index rose 0.1%, with Suzhou Harmontronics and Shenyang Jinshan Energy posting the biggest advances. China’s ChiNext index reverses early drop to jump as much as 2.4% following sizzling tech IPOs and a trading-rule revamp to double daily price limits to 20%.

 

In commodities, Gold shrugged off its earlier losses to climb with copper and oil, while the dollar weakened. Crude was modestly higher with storms Marco and Laura are rolling toward the U.S. Gulf Coast, where they’ll come ashore as hurricanes as soon as Monday. Almost 58% of crude output in the U.S. Gulf of Mexico production has been shut down as the threat prompted evacuations of off-shore energy platforms and set residents and officials on edge from Texas to Florida.

In FX, the dollar fell as much as 0.3% with Goldman saying the case for USD depreciation remaining intact citing factors including USD being overvalued and US real interest rates to remain negative for several years, while it further cited a steady recovery of the economy from the pandemic. However, it also noted factors for consolidation to persist which includes pandemic uncertainty, Fed outlook and US politics.

Scandinavian currencies and the Aussie dollar led G-10 gains. The New Zealand dollar fell against most G-10 peers as a lockdown in the country’s largest city was extended. The country’s benchmark 10-year bond yield fell to hit a record mid- year low, after the central bank QE buying operation fell short of target. The euro held above $1.18 as investors showed interest to buy the common currency on any dips. One-week bullish sentiment in the euro slipped to its lowest in almost two months earlier on, as the dollar’s major peers enter correction mode in the cash market.

A key event this week would be the address by Fed Chair Jerome Powell at the Kansas City Fed Jackson Hole symposium, where he will talk on Thursday about the Fed’s long-awaited monetary policy framework review, which has focused on a new inflation strategy.

“We’re hoping to get some sort of hints as to where their fundamental view is going and there’s a lot of expectations around that,” said Marvin Barth, global head of foreign exchange and emerging markets macro strategy at Barclays Plc.

Also this week we get earnings from companies including, ICBC, PetroChina, HP Inc., Royal Bank of Canada, Best Buy and Dollar General. The U.S. Republican National Convention takes place, with Trump speaking the final day, Aug. 27. On today’s calendar we get the Chicago Fed National Activity Index, while Palo Alto Networks is reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.7% to 3,417.50
  • STOXX Europe 600 up 1.5% to 370.38
  • MXAP up 0.8% to 172.09
  • MXAPJ up 1.1% to 569.42
  • Nikkei up 0.3% to 22,985.51
  • Topix up 0.2% to 1,607.13
  • Hang Seng Index up 1.7% to 25,551.58
  • Shanghai Composite up 0.2% to 3,385.64
  • Sensex up 1% to 38,834.70
  • Australia S&P/ASX 200 up 0.3% to 6,129.57
  • Kospi up 1.1% to 2,329.83
  • German 10Y yield rose 1.8 bps to -0.489%
  • Euro up 0.1% to $1.1813
  • Italian 10Y yield rose 3.0 bps to 0.819%
  • Spanish 10Y yield rose 2.0 bps to 0.318%
  • Brent futures up 0.7% to $44.65/bbl
  • Gold spot up 0.3% to $1,947.09
  • U.S. Dollar Index down 0.2% to 93.03

Top Overnight News from Bloomberg

  • U.S. President Donald Trump said a treatment based on blood plasma donated by people who’ve recovered from Covid-19 will be expanded, even before researchers fully understand how well it works. Infections in the U.S. eased, while Europe is seeing a resurgence of cases
  • The Trump administration is privately seeking to reassure U.S. companies including Apple Inc. that they can still do business with the WeChat messaging app in China, according to several people familiar with the matter, two weeks after President Donald Trump ordered a U.S. ban on the Chinese- owned service
  • Two hurricanes are expected to hit the U.S. gulf coast as soon as Monday. Offshore energy platforms were evacuated as the storms approached

Asian equity markets traded mostly positive and E-mini S&P topped the 3,400 mark following Friday’s tech-fuelled gains on Wall St and the recent emergency use authorization of convalescent plasma for treatment of COVID-19 which was suggested to reduce mortality by 35%, but with gains capped by US-China decoupling concerns following comments by US President Trump. ASX 200 (+0.3%) and Nikkei 225 (+0.3%) were initially indecisive before outperformance in tech then proved to be the deciding factor to keep stocks afloat in Australia and with earnings results the main catalyst for the biggest stock movers, while the Japanese benchmark was also higher as it made another attempt at the 23,000 focal point. Hang Seng (+1.7%) and Shanghai Comp. (+0.2%) were underpinned by another firm liquidity effort by the PBoC, although gains in the mainland were tempered by the ongoing US-China tensions after President Trump raised the prospect of decoupling from China and suggested the US does not have to do business with China. In addition, the People’s Liberation Army are to conduct military drills across 3 major Chinese sea regions in the approaching days which is aimed at deterring Taiwan secessionists and the US, while increased IPO activity also attracts funds from the broader market with 18 firms listing in the ChiNext today as part of reforms in the tech board aimed at fast-tracking IPOs and which saw some of the newly-listed names surge as much as 500%. Finally, 10yr JGBs were positive despite the mild gains in stocks as prices tracked recent upside in T-notes and with the BoJ also present in the market for a total of JPY 450bln of JGBs predominantly concentrated in 3yr-5yr maturities.

Top Asian News

  • Japan’s Abe Visits Hospital Again Amid Speculation About Health
  • AMP Chair Murray Quits, Pahari Demoted After Investor Revolt
  • Delivery Giant Meituan Soars Most Since March After Sales Beat
  • Tourist Hotspot Bali to Stay Closed to Foreign Visitors All Year

European equities kick the week off on a firm footing (Euro Stoxx 50 +1.8%) as the region picked up the baton from a similarly positive APAC session. Some attribute upside in stocks, and generally firmer sentiment, to the US FDA authorising the emergency use of convalescent plasma as a treatment for hospitalised COVID-19 patients, but the FDA indicated that more trials are needed to prove its effectiveness. It is also worth keeping in mind that against the backdrop of global monetary and fiscal stimulus, a lack of “bad news” can be sufficient to support equity sentiment, particularly during thinned holiday trading. Furthermore, the US and the EU have signed a “mini-deal” in which the EU agreed to eliminate tariffs on US lobsters in exchange for the US halving import taxes on around USD 160mln worth of European goods. Although, the size seems relatively small, the deal signals a shift in sentiment between the two nations, which provides scope for further potential agreements between the two sides. A slight dichotomy is seen between the European and US index futures, with the former outperforming the state-side contracts, potentially due to (to some degree) tail risks heading into Fed’s Jackson Hole Symposium, US GDP and PCE releases this week, alongside stalled fiscal stimulus talks. Sectors are all higher but provide little by way of a bias, with Oil & Gas the marked outperformer amid recent gains in the complex, whilst IT follows a close second a continuation of the sector’s rally on Wall Street on Friday. Travel & Leisure names lag as some APAC countries/states/cities mull extending lockdown orders, including South Korea, Australia’s Victoria state and New Zealand’s Auckland. In terms of individual movers: BT (+5.7%) tops the Stoxx 600 board on the back of reports that the Co. is gearing up to defend itself for takeover approaches by Private Equity firms. The Co. is yet to receive a formal bid, but PE firms are reportedly looking into such a move. Meanwhile, AstraZeneca (+3.1%) is supported by reports that the Trump Admin is reportedly considering fast-tracking the Co’s COVID-19 vaccine candidate to have it in use ahead of the November election. Finally, Wirecard (-2.5%) holds its position as a laggard after being formally dropped out of the DAX 30 and replaced by Delivery Hero (+1.3%).

Top European News

  • EU Trade Chief Fights to Keep His Job After Pandemic Stumble
  • Johnson Pleads With U.K. Parents to Send Children to School
  • Italy Lockdown Success Challenged by New Europe Virus Surge
  • Italy’s Unloved Banks Move Closer to Credit-Market Redemption

In FX, the Aussie is benefiting from broad risk appetite and ongoing weakness in the Kiwi on NZ’s COVID-19 related problems and disappointing data in the form of Q2 retail sales. Hence, Aud/Usd is holding relatively firm in the high 0.7100 area, while Aud/Nzd retests 1.1000 and Nzd/Usd languishes below 0.6550 ahead of NZ trade for the first month of the current quarter on Tuesday evening. Back to the cross, a very large 1.4 bn option expiry at the 1.1000 strike may cap the upside ahead of the NY cut.

  • USD/EUR – Not quite role reversal, but a marked change of fortunes as the Dollar loses post-US PMI momentum and the DXY struggles to maintain 93.000+ status within a 93.016-266 range. Accordingly, the Euro has pared losses and is back above 1.1800, albeit tentatively as 2nd waves of the coronavirus spread across the Eurozone.
  • CAD/CHF/GBP/JPY – All narrowly mixed against the Greenback, with the Loonie towards the base of a 1.3186-52 band and deriving some traction from crude prices that are mildly bid on weather induced production cuts and site evacuations. Elsewhere, the Franc is hovering around 0.9100 and 1.0750 vs the Euro after less pronounced increases in Swiss bank sight deposits, Sterling has unwound more UK PMI gains amidst the ongoing Brexit trade stalemate, with Cable under 1.3100 and Eur/Gbp above 0.9000, while the Yen is caught between 105.94-70 parameters and 50/100 HMAs that sit at 105.84 and 105.70 respectively.
  • SCANDI/EM – Bullish risk sentiment and the aforementioned upturn in oil are keeping the Sek and Nok underpinned, while the Cnh has extended advances from a stronger PBoC Cny fix overnight through 6.9050, but the Try is lagging sub-7.3500 in wake of Fitch downgrading Turkey’s sovereign ratings outlook to negative from stable. Elsewhere, the Rub, Zar and Mxn all gleaning degrees of support from underlying commodities, while the Brl awaits Brazilian consumer confidence.

In commodities, WTI and Brent front month futures continue to eke mild gains in early European hours, with prices supported by the overall constructive tone across the market coupled by supply woes as the Gulf of Mexico is poised for a double whammy from Tropical Storms Marco and Laura – with the former set to make landfall later today and the latter on Wednesday. Reports noted that as of Sunday, around 58% of the Gulf of Mexico production has been shuttered, according to the Bureau of Safety and Environmental Enforcement – equating to around 1mln BPD. Desks also point to the fragility of refining activity amidst floods. “Although given the large amount of refined product stocks at the moment, the market would likely be able to handle any disruptions to refined product supply better this time around” analysts at ING conclude. WTI Oct meanders just north of USD 42.50/bbl (vs. low 42.23/bbl) whilst its Brent counterpart similarly resides above USD 44.50/bbl (vs. low 44.29/bbl) – with the WTI/Brent arb tightening on the aforementioned Gulf of Mexico developments. Elsewhere, spot gold and silver have recovered from overnight lows in tandem with losses in the Dollar. The yellow metal eyes USD 1950/oz vs. low 1930.30/oz) to the upside whilst spot silver nurses overnight losses to reclaim a firmer footing above USD 26.50/oz (vs. low 26.25/oz). Turning to base metals, Dalian iron ore futures closed lower by almost 2% with traders citing dampening demand for steel products amid seasonal effects and floods. Conversely, LME copper rises amid the gains in stocks, softer Dollar and with inventories falling to a 13-year low.

US Event Calendar

  • 8:30am: Chicago Fed Nat Activity Index, est. 3.7, prior 4.1

DB’s Henry Allen concludes the overnight wrap

Happy Monday to our readers and hope you all had a good weekend. With Jim having been off the last two weeks and Craig’s wife almost due to give birth, I’ve been super-subbed off the bench to write your favourite email this morning. While I appreciate Jim may be twice the man that I am, or at least twice my age, I just hope you’ll think of me as the rising star of the team rather than the third choice.

The main focus over the weekend continued to be the covid-19 pandemic, as the number of confirmed global deaths surpassed 800,000. In spite of its relative success in suppressing the first wave of the virus, it’s Europe that’s begun to re-emerge as a source of concern in recent days given the latest rises in case numbers, a trend that continued through the weekend. In fact, Sunday saw France report 4,897 cases, the most since mid-April, while Italy reported 1,210, which was the most since mid-May, so investors are likely to be on the lookout for any further increases and what that might mean for the likelihood of further lockdowns or re-imposing restrictions.

In terms of the latest overnight, it was announced by New Zealand Prime Ardern that the lockdown in Auckland would be extended to midnight on August 30, having been until August 26 previously. Meanwhile in South Korea, which reported a further 266 cases in the last 24 hours, there’s concern that the country could move up to Level 3 social distancing, the highest level the country has, that would involve closing schools and recommending employees work from home. It follows a senior health official saying yesterday that the country would review the possibility. In spite of the possibility of further restrictions however, equity markets in Asia are trading higher this morning, with the Hang Seng (+1.47%) leading the way. Other indices are also up, including the Nikkei (+0.17%), Shanghai Comp (+0.18%) and the Kospi (+0.81%). And finally we could see another record high for the S&P 500 today, with futures this morning up +0.26%.

Looking to the week ahead now, the highlight is likely to be the Jackson Hole gathering on Thursday and Friday, where central bankers will be meeting (virtually this year) for the annual economic symposium. This theme on this occasion is “Navigating the Decade Ahead: Implications for Monetary Policy”, and one of the key highlights will be Fed Chair Powell’s speech on Thursday on the topic of the monetary policy review. According to our US economists, while it’s possible that the policy review results will be released along with Powell’s appearance, they think it’s more likely that he summarises the key findings and outlines the likely implications for the Fed moving forward. They think instead the review results won’t be released until the next meeting in mid-September. In addition to Powell, central bank watchers will have plenty of other speakers to look out for at the gathering, including Bank of England Governor Bailey, ECB chief economist Lane, and Bank of Canada Governor Macklem.

Turning to politics, attention will also be on the Republican National Convention taking place this week from Monday to Thursday, even if there aren’t likely to be as many market-moving headlines compared to Jackson Hole. Nevertheless, a CNN report said that President Trump would be appearing on every night of the convention, according to a Republican familiar with the convention planning, on top of his own speech planned for the Thursday night. So that could generate some news depending on the nature of any remarks. There are just over 10 weeks to go now until election day on November 3rd, and according to the polling averages, President Trump continues to lag behind Biden, with FiveThirtyEight’s average giving Biden a 9.2pt lead over Trump.

On the data side, we don’t have many top-tier releases with the US jobs report not until the following week. However, tomorrow will see both the Ifo’s business climate indicator from Germany, as well as the Conference Board’s consumer confidence from the US. On the latter, our economists think that the recent breakdown in fiscal negotiations in Congress could weigh on consumer attitudes, and see the number falling to 92.0 (vs. 92.6 in July).

Looking back to last week now, and US equity markets rose for a fourth straight week on the back of improving economic data and a further subsiding of coronavirus cases. The S&P 500 rose 0.72% (+0.34% Friday) on the week as it rose to a record high, while the tech-focused Nasdaq saw an even stronger performance over the week – up +2.65% (+0.42% Friday) – as the mega-cap growth stocks continue to pull US equities higher. In Europe, the Stoxx 600 ended the week -0.81% lower (-0.15% Friday) as economic data showed some signs of the recovery losing momentum. Other major European bourses similarly moved lower on the week as coronavirus cases continue to rise once again on the continent, with the DAX (-1.06%), CAC (-1.34%), FTSE 100 (-1.45%) and FTSE MIB (-1.66%) all losing ground.

Core sovereign bond yields fell over the course of the week after rising sharply during the week before. 10yr Treasury yields fell -8.1bps (-2.3bps Friday) to finish at 0.628%, while 10yr Bund yields declined -8.6bps (-1.1bps Friday) to -0.51%. Meanwhile the dollar rose marginally (+0.16%) as it recovered from the 2-year low it had set earlier in the week.

Against this backdrop, Friday also saw the latest round of negotiations between the UK and the EU conclude with no further progress on the key outstanding issues. The UK’s chief negotiator Frost blamed the EU’s insistence on the UK accepting continuity with EU state aid and fisheries policy before work could be done on other areas. And the EU’s chief negotiator, Michel Barnier, said that an agreement “seems unlikely” at this stage, and reiterated their existing demand that “The need for a Level Playing field is not going to go away.” The next round of talks takes place from September 7th. We saw a similar stalemate in the US with regards to fiscal stimulus talks. Republican senator Kennedy of Louisiana said late Friday that nothing’s changed on the talks, which could mean that both sides are unlikely to reach a deal even on a skinny deal before lawmakers return from recess in September.

Finally on the data front, the flash Euro Area PMIs lost momentum in August, which confounded expectations for largely unchanged readings. The composite Euro Area PMI fell to 51.6 in August, having been at 54.9 in July, while the French (-5.6pts to 51.7) and German (-1.6pts to 53.7) also saw significant declines. DB’s Peter Sidorov put out a note on Friday about this (link here), where he points out that the market shouldn’t have been that surprised, considering the signals from the recent mobility data. The UK saw a stronger move (+3.3pts to 60.3) but this simply reflects the UK climbing out of a more protracted trough rather than a higher level of activity. Elsewhere, US existing home sales rose to 5.86m (vs. 5.41m expected) from 4.72m in June. This was the strongest pace since 2006 and the highest one month percentage increase on record as low mortgage rates continue to support the real estate market.

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 4.96 POINTS OR 0.15%  //Hang Sang CLOSED UP 437.74 POINTS OR 1.74%   /The Nikkei closed UP 65.21 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .47%

/Chinese yuan (ONSHORE) closed UP  at 6.9132 /Oil UP TO 42.66 dollars per barrel for WTI and 44.76 for Brent. Stocks in Europe OPENED GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.9132 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9052 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA

Rumors fly again after claim that North Korea’s Kim Jong Un is comatose

Aug. 23, 2020 at 10:12 p.m. ET

By Jackie Salo

MarketWatch

Former South Korean official says Kim’s sister is poised to take control

North Korean dictator Kim Jong Un has fallen into a coma, a former South Korean official is claiming on the heels of reports that the northern leader has ceded over some of his power to his younger sister.

Chang Song-min, a former aide to late-South Korean president Kim Dae-jung, has alleged that the Hermit Kindom’s honcho has become seriously ill amid speculation about his limited public appearances this year, the Mirror reported.

“I assess him to be in a coma, but his life has not ended,” he told South Korean media.

The former aide added that the leader’s younger sister, Kim Yo Jong, was poised to help lead the country.

“A complete succession structure has not been formed, so Kim Yo-jong is being brought to the fore as the vacuum cannot be maintained for a prolonged period,” he said.

His claims come after South Korean spies revealed that the 33-year-old sibling now serves as his “de facto second-in-command,” though she has not been designated his successor.

In a closed-door meeting with lawmakers, the National Intelligence Service said the power shift partly seeks to “relieve (Kim’s) stress from his reign and avert culpability in the event of policy failure,” the Yonhap News Agency reported.

“Kim Yo Jong, the first vice department director of the Workers’ Party Central Committee, is steering overall state affairs based on the delegation,” the agency reportedly said.

Kim has only been seen in public a handful of times this year after rumors swirled that he was clinging to life in April due to a botched heart operation.

-END-

South Korea/CORONAVIRUS UPDATE/SATURDAY

South Korea Indefinitely Closes All Nightlife As Global COVID-19 Cases Top 23 Million: Live Updates

Summary:

  • South Korea closes all bars, nightclubs, entertainment venues countrywide
  • JHU Global case total tops 23 million
  • Trump accuses FDA director of being part of ‘deep state’
  • Infections in UK, Rome climb
  • Johns Hopkins reports more than 800k deaths
  • Argentina joins growing list of countries testing one of China’s vaccines
  • Philippines sees 4k+ new cases for 5th day
  • India, Russia see outbreaks move closer to milestones

* * *

Update (1330ET): South Korea said Saturday it would close all entertainment venues such as nightclubs, karaoke bars and internet cafes, and ban spectators from sporting events once again as COVID-19 cases across the country continue to climb.

Beaches across the country will also be closed, and indoor gatherings will be limited to 50 people or under (and outdoor gatherings to 100 or under).

Public health officials detected 332 new cases Friday, Park said Saturday. Imported cases counted for 17 of the total infections. More than 75% of new local cases were found in the Seoul metropolitan area. No deaths were recorded on Friday, Park said Saturday. Seoul has been struggling under these restrictions since Aug. 16, and the new measures simply broaden them to the rest of South Korea.

However, provinces with lower case counts will be allowed to treat these new rules as simply recommendations rather than a mandate. SK has for months been credited with one of the world’s best systems for suppressing the virus.

* * *

Update (1215ET): New cases reported in Europe and the US Saturday morning have helped push the global count north of 23 million, according to numbers from JHU.

The UK reported 1,288 new cases of COVID-19 on Saturday up from 1,033 a day earlier, along with 18 deaths, up from two a day earlier.

The new cases were recorded as the UK scrambles to ramp up testing amid hysteria about a possible resurgence as the UK’s cripple economy and traumatized masses are just finally starting to heal.

As travelers continue to create problems across Europe, leading to dozens of new restrictions and bans as European states seek to stop outbreaks from spreading between countries, officials in the Rome region recorded 215 new cases in 24 hours, mainly because of people returning from vacation. It was the largest jump in the Italian capital since the depths of the lockdown in March.

For the capital area, the figure is a record number and is more than the 208 people infected in a one-day period on March 28, when Rome had come to a virtual standstill to stop the coronavirus spreading.

“Sixty-one percent [of the cases] are linked to people returning from vacation,” said Roman health official Alessio D’Amato, with almost half the new cases returning from Sardinia.

On the political front, President Trump took aim Saturday at FDA commissioner Dr. Stephen Hahn, whom he nominated to replace Dr. Scott Gottlieb when Gottlieb decided to spend more time with his family in CT. Trump accused Dr. Hahn of being part of the “deep state” and demanded that he speed up testing for the virus.

The swipe was enough to get “deep state” trending on Twitter Saturday morning.

* * *

The global coronavirus outbreak reached another grim milestone on Saturday morning: The Johns Hopkins tally of COVID-19 related deaths (which excludes “probable” or “suspected” deaths) has surpassed 800,000.

While the US outbreak is showing more signs of slowing following what appears to have been a ‘peak’ last month, the US still has the most deaths of any country with more than 175,000.

It has counted more than 32,000 of those in New York, nearly 16,000 in New Jersey and almost 12,000 in California.

Globally, Brazil is No. 2 behind the US with more than 113,000 deaths tied to COVID-19 as of Saturday, though Brazil’s outbreak has lately burned more brightly than the outbreak in the US.

Mexico (with 60,000), India (55,000) and the UK (41,500) have also reported a lot of deaths.

Moving on, most of the big news early Saturday is coming out of the emerging world.

Despite its record-setting lockdown, Argentina’s outbreak has continued to worsen and over the last couple of weeks has gotten to the point where hospitals are being overrun as Argentines rally in the streets to demand the end of the Peronista government’s lockdown. Argentina, like the Philippines, Brazil, India and dozens of other desperate nations anxious to bring about an end to the crisis, has turned to China, which has promises to share hundreds of millions of courses with the developing world as it works to cement its status as a super power that feels “responsible” for the virus it “unwittingly” unleashed.

Argentina has joined Peru, Morocco and the UAE in approving a ‘Phase 3’ clinical trial for the China National Biotec Group’s vaccine candidate. More nations are signing on to host trials as the race to produce a vaccine enters its later stages, and the dwindling outbreak in China has created a shortage of potential test subjects.

Meanwhile, the Philippines, still the biggest outbreak in Southeast Asia, reported 4,933 new cases, the fifth straight day reporting a number north of 4,000. It also reported 26 COVID-19 deaths. In a bulletin, the health ministry said total confirmed cases have increased to 187,249, while deaths reached 2,966.

Just as its outbreak was appearing to quiet down, India on Saturday reported a record daily jump of coronavirus infections, bringing the total near 3 million and piling pressure on authorities to curb huge gatherings as a major religious festival began. The 69,878 new infections, the fourth straight day above 60,000, take India’s total number of cases to 2.98 million, on the edge of 3 million and behind only the US and Brazil. India reported another 945 COVID-19 deaths bringing the total to 55,794.

Russia reported 4,921 new cases on Saturday, pushing its confirmed national tally up to 951,897 as it edges inexorably closer to becoming the fourth country to pass 1 million confirmed cases. Officials reported another 121 deaths, bringing the total to 16,310 (though many critics believe this figure is well below the accurate tally).

Finally, Joe Biden on Friday declared that he would “shut down the united states” if a set of doctors told him it would be a good idea.

END
South Korea//Coronavirus update/Sunday

South Korea Confirms Most New COVID-19 Cases Since March; US Deaths Drop Below 1,000: Live Updates

Summary:

  • US deaths below 1k
  • Cases in line with average
  • India passes 3 million
  • Global cases hit 23.1 million
  • South Korea suffers most new cases since March
  • Australia sees new cases as Victoria outbreak slows
  • Beijing reports no new domestic transmission cases for 7th day

* * *

Once again, the US reported fewer than 1,000 deaths on Saturday (998 to be exact), the latest sign that projections calling for another virus-linked surge in US mortality were way off base. The US also confirmed 45,855 new cases on Saturday, matching the 0.8% daily average increase over the previous week.

All of these data show that CDC Director Dr. Robert Redfield’s announcement late last week that the outbreak in the south was slowing, and that the American outbreak was solidly on a downward trajectory, was correct.

But while the debate over mail-in voting and in-classroom education continues to rage (several colleges have already reverted to all-digital learning, and many of the nation’s largest districts are doing all- or mostly- remote learning despite Trump’s demands for in-person education).

As expected, India’s outbreak crossed the three million mark as the disease tears through the world’s second-most populous country.

Infections increased by more than 69,000, and now stand at 3,044,940. The country’s epidemic is one of the world’s fastest-growing, with more than 65,000 new infections reported every day.

Globally, more than 23.1 million people have been diagnosed with COVID-19 around the world, and more than 14.91 million have recovered, while at least 804,400 people have died, according to Johns Hopkins data.

South Korea is back in focus on Sunday as it continues to battle another wave of the virus, reporting 397 new infections on Sunday, its biggest tally since March, and the latest sign that these new clusters are indeed growing.

The latest numbers brings the country’s total to 17,399. And SK has recorded just over 300 deaths.

Meanwhile, Mexico reported 6,482 new infections, bringing the hard-hit country’s total to 556,216, while officials also reported 644 more deaths.

The WHO said this week that Mexico’s limited testing meant the pandemic was “clearly under-recognized,” in the country, and that many more tests should be conducted per day to better capture the scope of the country’s outbreak. Mexico isn’t alone: it’s a problem that’s also affecting a broad swath of Latin America.

Ireland’s parliament is to be recalled from its recess early as public anger grows over a scandal that’s become known as ‘#golfgate’.

Source: Al Jazeera

Moving on to Australia, the country’s Queensland state had two new virus cases the day after tightening restrictions due to an outbreak at a Brisbane youth detention center. Queensland’s case total stands at 1,105. Gatherings at homes and outdoors across the southeast of the state have been limited to 10 people, and 30 people across the rest of Queensland.

Meanwhile, New South Wales reported another 4 cases.

Australia’s biggest hot spot Victoria reported 208 new infections as a lockdown in Melbourne remained in effect. The state also reported 17 more deaths, according to Victoria’s department of health and human.

As China declares one of its vaccine candidates ready to be used under ’emergency use’ guidelines, Russia said Sunday that it expects to produce between 1.5 million and two million doses per month of its COVID-19 vaccine by the year’s end. Eventually it will gradually ramp up production to six million doses a month, according to the RIA news agency, which cited industry minister Denis Manturov.

Meanwhile, last night, Beijing health officials reported 12 new ‘imported’ cases on Sunday, China’s 7th straight day without any local transmission.

Large-scale testing of the vaccine, developed by Moscow’s Gamaleya institute, is due to start in Russia next week, and will also be carried out with partner countries around the world.

The Philippines recorded 2,378 new coronavirus infections, its smallest daily spike in nearly four weeks, but the nationwide tally rose to 189,601, still the highest in Southeast Asia.

In a bulletin, the department of health also reported another 32 deaths, bringing the Philippines’ death toll to 2,998.

b) REPORT ON JAPAN

 

3 C CHINA

China

Tik Tok:  25 days until the Ban comes into effect:

(zerohedge)

Tik-ing Time-Bomb: With 25 Days Until Ban, Tik Tok Scrambles To Reassure Employees, Brands, & Influencers

Tik Tok is now just 25 days away from being banned in the United States due to executive orders issued by President Donald Trump earlier this month.

As “D-Day” is lurching closer, the company has been doing damage control for its 1,500 U.S.-based employees, influencers and brands. The company has already shelved plans to hire 10,000 employees and open new offices in the U.S. as it models out various scenarios of how to continue its business after September 15, according to Bloomberg.

The company is holding “virtual town hall” sessions weekly, where worried employees can ask executives questions like whether or not they will still have a job if the app is banned in the U.S. Tik Tok has pointed to India, where it has been banned but jobs have not been lost.

Patrick Ryan, a technical program manager at TikTok said: “Employees are scared, there’s a lot of questions and concerns. There’s no guide to what to do when the U.S. president says he’s going to eliminate a job you love in 45 days.”

The orders that President Trump issued call on Tik Tok’s parent company, ByteDance, to either sell its U.S. operations or shut down by mid-September, citing national security concerns. Since then, companies like Microsoft, Oracle and Twitter have all been reportedly interested in purchasing the company.

Vanessa Pappas, TikTok’s general manager for the U.S., Canada, New Zealand and Australia said: “Tiktok strongly disagrees with the Trump administration’s stance, and TikTok hadn’t been presented with any evidence to back up claims it shares data with the Chinese government.”

She says the company will remain in the U.S. regardless of Trump’s orders and thinks the company has “multiple paths forward”. “It’s an extremely turbulent time, so our message is really just, ‘let’s focus on the things that you can control, the things that matter,’” Pappas commented. Regardless, Pappas spends her days calming the nerves of employees who can’t help but watch the September 15 deadline creep closer.

At the same time as other apps have seen growth slow, Tik Tok continues growing rapidly. It now has over 2 billion downloads and it is outpacing popular other social media apps. 

One employee told Bloomberg: “So many of us were getting laid off and the economic situation was really rough, but TikTok was still growing. There are so many questions right now, but I don’t think the leadership team would be hiring and working so hard to keep the business going if they didn’t know what they were doing.”

Since hiring has been frozen, Tik Tok’s employees are being pushed to the limit in terms of work hours. More than 66% of the company’s 1,500 employees in the U.S. have been hired since the beginning of 2020 – even amidst the pandemic. 

Advertisers are also making backup plans. “We’re negotiating contracts to give brands a level of comfort that if something does happen to Tiktok, it won’t come out of their budget,” commented Eric Jacks, who works at marketing agency Collab.

One advertiser asked: “Should we be investing in a platform that could get banned?'” 

end
CHINA/USA
Seems the war is on with China and now the uSA under a new bill seeks to ban the use of the title “President” to Xi.  Instead, General Secretary or something of less importance will be used.

US Bill Seeks To Ban Title “President” For China’s Xi Jinping

A new bill introduced in Washington seeks to change the way the federal government refers to the leader of China, prohibiting the use of the term “president”, and will – if passed – lead to a dramatic escalation in already tense relations between the two superpowers. According to the SCMP, the “Name the Enemy Act” would require that official US government documents instead refer to the head of state according to his or her role as head of the Chinese Communist Party (CCP).

The Chinese leader, Xi Jinping, holds three official titles, none of which is “president”: head of state (guojia zhuxi, literally “state chairman”); chairman of the central military commission; and general secretary of the CCP. However, in the English-speaking world, Xi has generally opted for “president”, which critics say “offers unwarranted legitimacy” to an unelected leader.

Introduced by Representative Scott Perry, Republican of Pennsylvania, the House bill would prohibit the use of federal funds for the “creation or dissemination” of official documents and communications that refer to the China’s leader as “president”. A spokesperson for Perry, who sits on the House Foreign Affairs Committee, did not respond to a SCMP request for comment on the extent to which “communications” would include public statements and remarks by US officials.

“Addressing the head of state of the People’s Republic of China as a “president” grants the incorrect assumption that the people of the state, via democratic means, have readily legitimised the leader who rules them,” the legislation states.

The bill singles out China, despite the fact that presidents in numerous countries are either unelected or in power resulting from elections that are not considered free and fair.

The legislation comes as top cabinet officials, led by Secretary of State Mike Pompeo, have begun abandoning the term “president” in favor of “general secretary.” A White House report in May outlining Washington’s strategic approach to China used Xi’s party title exclusively.

The bill “formalises something that we’ve been taking note of in administration statements,” said Anna Ashton, head of government affairs at the US-China Business Council.

While Trump has not followed suit, he has stopped referring to Xi as a “friend” as relations between the two countries continue to sour. “I don’t want to talk to China right now,” he said last Tuesday.

Perry’s bill comes amid strategic efforts by the Republican Party to increase criticism of the Chinese government. In recent months, Perry has introduced a flurry of aggressive and somewhat unlikely bills related to China, including legislation that would cut US funding to the United Nations until the body expels China and recognizes Taiwan, and bills that would authorize the US president to recognize Hong Kong and Tibet as countries independent from China. Those bills have languished upon introduction, failing to gain support from any of Perry’s colleagues.

To be sure, the bill faces an uphill battle in the few months left to this congressional session, with legislative efforts related to the coronavirus pandemic and the November elections looming large on lawmakers’ agendas.

Ashton said that Perry’s bill was less likely to “gain steam” than China-related bills tackling other, more weighty subjects, such as forced labour, supply chains, and regulation of Chinese companies listed on US exchanges.

END

This is of concern to me and others:  Hong Kong confirms reinfection of the Covid 19.  They are 4 1/2 months apart,  Mild symptoms in the first one, asymptomatic in the second.

(zerohedge)

Hong Kong Confirms First Case Of COVID-19 Reinfection Anywhere In The World

Remember when the ‘experts’ warned that there was no credible evidence of coronavirus reinfection, claiming the notion that patients can be reinfected with the virus is categorically absurd? Well, since then, it looks like the New York Times has published stories arguing everything from ‘reinfection is so rare as to make it a non-issue’, to signs that ‘lasting protection might be elusive for some’.

It’s just one more sign of how little scientists know about the virus, and the latest reminder that projections for workable mass-produced vaccines that are also “safe” is an incredibly high bar to set before the end of the year.

Still, the WHO’s official position is that reinfection is possible, and that has been the case since early days of the pandemic. There’s still a lot we don’t know, including the virus’s ability to infect pets/zoo animals. And now, researchers in Hong Kong have reportedly confirmed the first documented case of reinfection that meets certain scientifically rigorous standards.

Here’s more from the NYT:

Researchers in Hong Kong are reporting the first confirmed case of reinfection with the coronavirus.

“An apparently young and healthy patient had a second case of COVID-19 infection which was diagnosed 4.5 months after the first episode,” University of Hong Kong researchers said Monday in a statement.

The report is of concern because it suggests that immunity to the coronavirus may last only a few months in some people. And it has implications for vaccines being developed for the virus.

The 33-year-old man had only mild symptoms the first time, and no symptoms this time around. The reinfection was discovered when he returned from a trip to Spain, the researchers said, and the virus they sequenced closely matched the strain circulating in Europe in July and August.

“Our results prove that his second infection is caused by a new virus that he acquired recently rather than prolonged viral shedding,” said Dr. Kelvin Kai-Wang To, a clinical microbiologist at the University of Hong Kong.

Given that there are millions of cases worldwide, it is not unexpected that a few, or even a few dozen, people might be reinfected with the virus after only a few months, experts have said.

Several cases of reinfection have been discovered in the US and elsewhere, however, scientists weren’t able to use contact tracing tools and other efforts to confirm beyond a reasonable doubt that the case is a genuine reinfection.

Doctors have reported several cases of presumed reinfection in the United States and elsewhere, but none of those cases have been confirmed with rigorous testing. Recovered people are known to shed viral fragments for weeks, which can cause tests to show a positive result in the absence of live virus.

But the Hong Kong researchers sequenced the virus from both rounds of infection and found significant differences in the two sets of virus, suggesting that the patient was infected a second time.

Common cold coronaviruses are known to cause reinfections in less than a year, but experts had hoped that the new coronavirus might behave more like its cousins SARS and MERS, which seemed to produce longer-lasting immunity of a few years.

A study published back in June in the journal Nature Medicine found that antibodies, protective proteins made in response to an infection, may last only two to three months, especially in people who never showed symptoms while infected.

end

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Syria/Turkey/Russia

Syria continues to burn.  Turkish forces are trying to stabilize Idlib but are failing.  It now looks like we are going to have a proxy war over energy supplies in Deir Ezzor

(zerohedge//South Front)

Idlib Is Burning: New Proxy War In Deir Ezzor

By SouthFront,

The series of unfortunate events involving the US-led coalition, Turkey and Turkish proxies continues in Syria’s Greater Idlib.

Late on August 19 and early on August 20, the Syrian Arab Army (SAA) shelled positions of Hayat Tahrir al-Sham near Haranabush and al-Sheikh Bahr in southern Idlib with what pro-opposition sources called “long-range rockets”. Despite multiple claims in pro-opposition media about fierce SAA strikes, no casualties were reported. The SAA likely used BM-27 Uragan or BM-30 Smerch heavy rocket launchers. The BM-27 has a range of 37 km, while the more advanced BM-30 can hit targets up to 90 km away.

On the same day, unidentified gunmen destroyed communication towers used by the Turkistan Islamic Party near the town of Ras Elhisn, which is located right on Turkey’s border. The Turkistan Islamic Party, which as well as Hayat Tahrir al-Sham has an al-Qaeda-like ideology, is an internationally-recognized terrorist group mostly consisting of Uyghur militants. The group has a strong presence in northern Lattakia, western and southern Idlib and is one of the main allies of Hayat Tahrir al-Sham. The terrorist group’s main stronghold is Jisr al-Shughur.

Over the previous few days, the Russian Aerospace Forces conducted a series of airstrikes on positions of Hayat Tahrir al-Sham across Greater Idlib punishing the group for the recent IED attack on the joint Turkish-Russian patrol on the M4 highway. Meanwhile, two US combat drones crashed in the region as a result of a mysterious incident that pro-US sources described as a midair collision.

If the situation in Idlib further deteriorates with such speed, the Turkish attempts to stabilize it by deploying additional troops and equipment there will appear to be not enough to keep Turkish al-Qaeda friends under control in the area.

A Syrian pro-government group known as the Popular Resistance in the Eastern Region (PR-ER) has claimed responsibility for the recent rocket attack on U.S. troops in Deir Ezzor. Three unguided rockets landed in the vicinity of the CONICO gas plant, where U.S. forces are deployed, late in the hours of August 18. The U.S. military confirmed the incident without reporting any losses.

The PR-ER said in a statement that the rocket strike was in response to an earlier attack by U.S. forces at a Syrian Arab Army checkpoint near the village of Tal al-Dhahab in the northern al-Hasakah countryside. The U.S. attack left a Syrian service member, Malik Muhammad al-Muhaimid, dead and injured at least two others.

The PR-ER first surfaced over 2 years ago declaring the aim of fighting the US occupation of northeastern Syria. Since then, it has claimed responsibility for several attacks on US forces. However, the group’s activity remained relatively low recently. The intensification of its actions may be linked with the growing tensions between the Syrians and US forces in the region.

Meanwhile, Turkish proxies also entered the game on the banks of the Euphrates. On August 18, the pro-Turkish armed group “Gathering of Rebels in the Land of Deir Ezzor” released a statement threatening Syrian, Russian, Iranian and Kurdish forces in the province with attacks.

Deir Ezzor province seems to be becoming a center for the new proxy battle for the Syrian energy resources.

end
TURKEY/SYRIA
Belligerent Erdogan  cuts off water supply to one million people in Syria(AlMasdarNews) 

Turkish-Backed Forces Cut Water Supply To 1 Million People In Syria Amid Pandemic

AlMasdarNews.com,

Syria’s permanent representative to the United Nations, Dr. Bashar al-Jaafari, called on the international organization to intervene to end the suffering of the residents of the Syrian city of Hasakah as a result of Turkish authorities’ decision to obstruct the water supply to over 1 million people.

In a phone call with the Secretary-General of the United Nations, Antonio Guterres, Dr. Al-Jaafari briefed him on the tragic situation in the city of Hasakah and its environs, as a result of the Turkish regime’s move to shut off the water supply from the Alouk station.

 

A child in Aleppo drinking from a street pond in 2014 when Turkish-backed militants cut off water there.

The permanent representative of Syria stressed that this Turkish aggressive behavior constitutes a “war crime and a crime against humanity,” adding that the situation resulting from this crime is intolerable, especially in light of the hot climate and the risk of the spread of the coronavirus. Al-Jaafari called on the Secretary-General to intervene immediately and “use his good offices to stop this crime.”

The armed factions loyal to Turkey had stopped pumping water from the Alouk station (the only drinking water source for the city of Hasakah and its suburbs) near the city of Ras al-Ain under its control, since August 13, while several areas in Hasakah were suffering days before that from a water crisis as a result poor pumping.

The Syrian government rushed several tanks of drinking water for the people of Al-Hasakah on Friday, where some neighborhoods have been without water for up to 20 days.

According to the Syrian Arab News Agency (SANA), the Syrian government had installed several tanks to alleviate the suffering of the people of northeast Syria “as a result of the Turkish occupation forces and their terrorist mercenaries continuing to commit the crime of cutting water to more than a million civilians in Al-Hasakah for the ninth consecutive day.”

The situation has become incredibly difficult for the people of Al-Hasakah, as the ongoing COVID-19 pandemic, coupled with the scorching heat, has created a humanitarian emergency in this region of Syria.

The Turkish-backed militants have now cutoff the water supply to the people of Al-Hasakah on two occasions in the last two months; this has prompted the Syrian military to send reinforcements to the region in preparation for a potential operation if this continues to happen.

end
ISIS/Syria
Isis performs a terrorist attack on a major Syrian gas pipeline that triggers a nationwide blackout. So now Syria has a water problem and also must deal with blackouts.
(zerohedge)

ISIS “Terrorist Attack” On Syrian Gas Pipeline Triggers Nationwide Blackout

A massive explosion seen along the Arab Gas Pipeline, outside Damascus early on Monday, resulting in power outages across Syria was likely an attack by Islamic State (formerly ISIS/ISIL), according to Reuters, citing state media and the country’s energy minister.

“Assessments show that the explosion … was the result of a terrorist attack,” Syrian Arab News Agency (SANA) quoted Minister of Petroleum and Mineral Resources Ali Ghanem as saying. There were no further details of how terrorists managed to blow up the 36-inch pipeline.

According to the US envoy for Syrian affairs James Jeffrey, the explosion was likely an attack by the Islamic State: “We are still looking into that. But it was almost certainly a strike by ISIS,” Jeffrey said, as cited by Reuters.

Ghanem said electricity was gradually being restored to the country’s provinces, and some power returned to Damascus.

The location of the damaged pipeline was between the suburbs of Al-Dhumayr and Adra, and caused a rapid decline in gas supply to the country’s top power stations, triggering a nationwide blackout.

Even though the fire was extinguished, blackouts were still seen in the capital, with some power late Monday restored to hospitals and government buildings in Damascus.

Reuters noted the Arab Gas Pipeline system stretches from Egypt into Jordan and Syria.

Syria faces increasing economic instability, and a flare-up in fighting following Trump’s “secure the oil” policy in the country led to a recent skirmish between US occupying forces and the Syrian Army.

END
For the first time, Iran’s Nuclear Agency confirms that the Natanz facility blast on the 2nd of July was a “sabotage operation” with Israel being the prime suspect
(zerohedge)

For First Time, Iran’s Nuclear Agency Confirms Natanz Facility Blast Was “Sabotage Operations”

For the first time, a top Iranian nuclear official has described the July 2nd fire at Natanz nuclear facility as sabotage, and not due to an accident.

“The explosion at Natanz nuclear facility was a result of sabotage operations,” Behrouz Kamalvandi, a spokesman for Iran’s Atomic Energy Organization announced Sunday. “Security authorities will reveal in due time the reason behind the blast,” he added.

 

Badly damaged Natanz facility, via the Atomic Energy Organization of Iran.

Recall that before and after the fire which caused severe damage, setting back the development of advanced uranium enrichment centrifuges, there was a series of ‘mystery’ explosions and fires at various military and industrial sites across Iran, raising suspicions of a major Israeli or even US-backed covert campaign to destabilize the country’s defense infrastructure.

But the Natanz incident stood out as the most likely to have been the result of covert sabotage operations, with even The New York Times citing intelligence sources to say it was the result of “a powerful bomb”:

“A Middle Eastern intelligence official with knowledge of the episode said Israel was responsible for the attack on the Natanz nuclear complex on Thursday, using a powerful bomb,” NYT wrote last month.

 

This satellite image from Planet Labs Inc. showing extent of damage at Natanz, which reportedly destroyed an advanced centrifuge assembly plant.

“A member of the Islamic Revolutionary Guards Corps who was briefed on the matter also said an explosive was used,” the report added.

Iranian media has at the same time suggested a cyber-attack by outside entities, but has stopped short of naming the US or Israel, while also quoting Iranian leaders as saying they would retaliate if proven.

Iranian authorities have until now kept mum on their suspicions in the midst of an investiation; however, they have assured Iran’s enemies on repeat occasions that retaliation is coming, possibly in the form of cyber-warfare or other sabotage against Israel or the US.

 
END
The use of the dollar between Russia and China has now gone from 90% 5 years ago to below 50%. This hurts the value of the dollar as it begins is descent!
(Bitcoin.com

Russia and China De-dollarization Approaching ‘Breakthrough Moment’

https://news.bitcoin.com/russia-china-de-dollarization/

and a special thanks to Robert H for sending this to us

China and Russia are collaborating to reduce their dependence on the U.S. dollar. Trade settlements in USD between the two countries have fallen below 50% for the first time.

 

The dollar’s share of trade between Russia and China was only 46% of settlements in the first quarter, the Financial Times reported Monday, citing recent data from Russia’s central bank and the Federal Customs Service. This was the first time the use of the U.S. dollar for settlement of trades has fallen below 50%. The euro, on the other hand, represented 30% of all settlements and the national currencies 24% — both are all-time highs.

Since the establishment of the Bretton Woods system, the U.S. dollar has been used as the medium for international trade. However, in recent years, a number of countries, including some G20 countries, have been transitioning to trade in national currencies.

Russia and China have been trying to reduce their U.S. dollar use in trade settlement for several years. In 2015, about 90% of their bilateral transactions were conducted in USD, but that figure dropped to 51% last year, the publication continued.

Alexey Maslov, director of the Institute of Far Eastern Studies at the Russian Academy of Sciences, told the Nikkei Asian Review that the Russia-China “de-dollarisation” was approaching a “breakthrough moment.” He believes that it could elevate the two countries’ relationship to a de facto alliance. “Many expected that this would be a military alliance or a trading alliance,” the director elaborated. “But now the alliance is moving more in the banking and financial direction, and that is what can guarantee independence for both countries.”

ING Bank’s chief economist for Russia, Dmitry Dolgin, was quoted as saying:

Any wire transaction that takes place in the world involving US dollars is at some point cleared through a US bank. That means that the US government can tell that bank to freeze certain transactions.

The Swift system, which has traditionally been used for trade settlement, is overwhelmingly controlled by the U.S., so many countries are trying to construct their own alternative payment systems. For example, China launched a cross-border interbank payment system in 2015.

“Global policies for de-dollarization include sharply reducing US debt holdings, dropping US dollar’s status as an anchor currency, increasing non-dollar bulk commodity trade, growing the reserve of non-dollar currencies, and ramping up gold’s hedge against the dollar,” Wang Wen, a professor and executive dean of the Chongyang Institute for Financial Studies at the Renmin University of China, explained in an article he authored in Global Times.

Zhang Xin, a researcher at the Center for Russian Studies at Shanghai’s East China Normal University, noted that the Chinese government and major economic entities have recently begun to worry that they might end up in a similar situation as their Russian counterparts. They are concerned that they may become “the target” of sanctions and “potentially even getting shut out of the Swift system,” he explained.

Russia has been accumulating renminbi reserves at the expense of the U.S. dollar, the publication conveyed. The Bank of Russia revealed early last year that it had slashed dollar holdings by $101 billion, which amounted to over half of its existing dollar assets. The central bank then raised the renminbi’s share of Russia’s foreign exchange reserve from 5% to 15% by investing $44 billion in China’s currency.

end

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

NEW ZEALAND/AUSTRALIA//INDIA,SOUTH KOREA/GLOBE/CORONAVIRUS UPDATE//MONDAY

 

Ardern Extends Auckland Lockdown As Global Cases, Deaths Decline: Live Updates

Summary:

  • Ardern extends Auckland lockdown by 4 days
  • India reports 61k+ new cases
  • South Korea reports 266 new cases, highest since March
  • China reports 16 new ‘imported’ cases
  • Victoria reports 116 new cases

* * *

Perhaps the biggest COVID-19-related story in the anglosphere overnight was an announcement by New Zealand PM Jacinda Ardern, who announced a 4-day extension to Auckland’s strict lockdown, which will now end on Aug. 30, instead of Aug. 26.  Speaking to reporters in Wellington (New Zealand’s capital city), Ardern said Auckland would leave the lockdown at midnight on the 30th.

“These extra four days are believed necessary to allow us to move down a level in Auckland, and stay down,” Ardern said. Auckland is currently at Level 3 COVID alert, though the outbreak in the country has almost certainly been contained due to the country’s overwhelming response, which drove an economy that was recovering nicely from a previous lockdown back into precarious closure.

Economists at Westpac Banking have estimated the Auckland lockdown will reduce GDP by roughly NZ$300 million ($196 million) per week, according to Bloomberg.

“We’ve made a decision around a four-day increase versus the potential that you come out prematurely without the full confidence that we have the cluster and the full perimeter of that cluster well understood,” Ardern said. “You then run the risk of going into another transmission cycle. The idea of yo-yo-ing is very, very unsettling for an economy and comes with a high price.”

Auckland is on track to shift to level 2 on Aug. 31, allowing schools, restaurants and hotels, retail and other businesses to reopen, although gatherings will still most likely be limited.

The remainder of New Zealand will remain at level 2, with a further review of all settings to be made by Sept. 6, Ardern said.

Furthermore, the government plans to mandate face masks on public transport, including taxis and ride-sharing services like Uber, in areas that are in level 2 or higher. The new regulation is effective beginning Aug. 31.

Source: Worldometer

The Auckland cluster has increased to 101 cases, while confounding New Zealand’s contact tracing army.

“This is a contained cluster, but it is our biggest one,” Ardern said. “That means the tail will be long, and the cases will keep coming for a while to come. But we can manage that. What we need to do though, is put ourselves in the best long-term position to manage it successfully, and in the most contained way we can.”

In other news, India reported 61,408 cases in the last 24 hours, down from 69,239 the previous day and bringing the country total to 3.1 million. Fatalities have risen to 57,542, up 836 since Sunday morning.

Source: Worldometer

Seoul requires face masks for both indoor and outdoor public spaces for the first time, as the country battles a surge in cases. In May, the city government had ordered that masks be worn on public transport and taxis, but the latest spike has officials worried that the country may need to impose its highest level of social distancing.

South Korea reported 266 new cases as of midnight Sunday, continuing more than a week of triple-digit daily increases.

China reported 16 new cases for Sunday, all of which were imported, health authorities said. That’s larger than the 12 new cases reported in the day prior, while marking the eighth consecutive day of no reported cases of local transmission. The total number of confirmed cases now stands at 84,967, while the death toll remains unchanged at 4,634.

Australia’s state of Victoria reported 116 cases, it’s lowest daily rise in new infections in seven weeks, fueling optimism that a second wave in the land down under is finally subsiding. Sadly, Victoria also reports 15 deaths from the virus in the past 24 hours.

Globally, both cases…

Source: Worldometer

…and deaths…

Source: Worldometer

…have declined overnight.

END

 

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

Euro/USA 1.1837 UP .0004 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC// /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 105.71 DOWN 0.024 (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 1.3125   DOWN   0.0042  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3145 DOWN .0024 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  MONDAY morning in Europe, the Euro ROSE BY 44 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 4.96 POINTS OR 0.15% 

 

//Hang Sang CLOSED UP 437.74 POINTS OR 1.74%

/AUSTRALIA CLOSED UP 0,47%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 437.74 POINTS OR 1.74%

 

 

/SHANGHAI CLOSED UP 4.96 POINTS OR 0.15%

 

Australia BOURSE CLOSED UP. 47% 

 

 

Nikkei (Japan) CLOSED UP 65.21  POINTS OR 0.28%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1949.00

silver:$26.83-

Early MONDAY morning USA 10 year bond yield: 0.64% !!! UP 1 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.35 UP 1  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 92.93 DOWN 32 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

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

JAPANESE BOND YIELD: +.02%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.32%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.95 DOWN 0 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: RISES TO –.49% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.44% 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 MONDAY

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

Euro/USA 1.18007  UP     .0008 or 8 basis points

USA/Japan: 105.91 UP .147 OR YEN DOWN 15  basis points/

Great Britain/USA 1.30747 DOWN .0009 POUND DOWN 9  BASIS POINTS)

Canadian dollar DOWN 49 basis points to 1.3218

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.9198    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.9137  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.3783 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +02%

 

Your closing 10 yr US bond yield UP 1 IN basis points from FRIDAY at 0.643 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.35 UP 1 in basis points on the day

Your closing USA dollar index, 93.25 UP 0  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 MONDAY: 12:00 PM

London: CLOSED UP 50.49  1.51%

German Dax :  CLOSED UP 298.63 POINTS OR 2.34%

 

Paris Cac CLOSED UP 113.52 POINTS 2.32%

Spain IBEX CLOSED UP 13./30 POINTS or 1.94%

Italian MIB: CLOSED UP 412.07 POINTS OR 2.09%

 

 

 

 

 

WTI Oil price; 42.58 12:00  PM  EST

Brent Oil: 44.99 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.47  THE CROSS LOWER BY 0.35 RUBLES/DOLLAR (RUBLE HIGHER BY 35 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.49 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 :  42.79//

 

 

BRENT :  44.45

USA 10 YR BOND YIELD: … 0.656…up 2 basis points

 

 

 

USA 30 YR BOND YIELD: 1.36..up two basis  points..

 

 

 

 

 

EURO/USA 1.1791 ( DOWN 2   BASIS POINTS)

USA/JAPANESE YEN:105.97 UP .207 (YEN DOWN 21 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93,317 UP 7 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3068 DOWN 15  POINTS

 

the Turkish lira close: 7.3789

 

 

the Russian rouble 74.62   UP 0.19 Roubles against the uSA dollar.( UP 19 BASIS POINTS)

Canadian dollar:  1.3226 DOWN 58 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.49%

 

The Dow closed UP 379.16 POINTS OR 1.36%

 

NASDAQ closed UP 67.92 POINTS OR 0.60%

 


VOLATILITY INDEX:  22.39 CLOSED DOWN .15

LIBOR 3 MONTH DURATION: 0.2500%//libor dropping like a stone

 

USA trading today in Graph Form

AAPLocalypse Now? Nasdaq & S&P Hit Record Highs, Bonds & Bullion Slide

As the anticipated splits of AAPL and TSLA loom, both stocks hit new record highs today (before dumping and pumping.,, and dumping)…

AAPL hit a new record high at $515 today…

TSLA hit a new record high at $2129 today (but ended red ahead of its 4-for-1 split tonight)…

All of which was echoed in the major indices (after their overnight exuberance on COVID treatments faded at the open) which were extremely noisy intraday… Nasdaq lagged but The Dow led…

Energy stocks outperformed today.

“I love the smell of stock splits in the morning”…

But this is what many are starting to get concerned about. Breadth is ugly…

Source: Bloomberg

And the correlation between breadth and the market has collapsed…

Source: Bloomberg

Growth and Value stocks were both bid at the open but growth was sold all day from there…

Source: Bloomberg

Major shift in Value and Momentum today with the latter getting spanked…

Source: Bloomberg

Treasury yields traded in a very narrow range today but ended marginally higher…

Source: Bloomberg

 

 

Source: Bloomberg

The Dollar ended higher on the day, whipsawed once again today around the European close…

Source: Bloomberg

Cryptos managed modest gains from Friday’s close…

Source: Bloomberg

Gold and Silver surged in early trading before being clubbed like a baby seal (copper and crude managed very modest gains)…

Source: Bloomberg

The gold monkeyhammering began right at the London Fix, back below $1950…

Silver also slammed back below $27…

Given the potential impact of the double-whammy of storms looming over Gulf oil production, WTI ended only marginally higher…

And finally, if you thought AAPL was having a good year, Lumber is killing it…

Source: Bloomberg

And gold appears to be shrugging off the renewed pressure lower (a positive for gold) in real yields…

Source: Bloomberg

Time’s Up?

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Nasdaq Plunges Into Red As AAPL, TSLA Tumble

Well that escalated quickly…

AAPL is back below $500…

TSLA is back below $2000…

And Nasdaq is now red for the day after being up over 1.4% at the open…

Is the market finally waking up to the total lack of breadth?

 

ii)Market data/USA

Chicago Fed’s national economic index retreats in July from record-high in prior month

Aug. 24, 2020 at 8:46 a.m. ET

MarketWatch

Index declines to 1.18 from revised 5.33 in June

The numbers: The Chicago Fed’s national activity index fell to 1.18 in July from a revised record-high of 5.33 in June. The index’s three-month moving average, which tries to smooth out volatility, rose into positive territory – moving up to 3.59 from negative 2.78 in the prior month.

A zero value of the index indicates the national economy is expanding at its historic trend rate of growth.

The June index was revised from an initial estimate of 4.11. The May index was revised to 4.24 from 3.50.

What happened: The Chicago Fed index is a weighted average of 85 economic indicators. Fifty-six made positive contributions in July. Still, 60 indicators deteriorated from June’s level.

Production-related indicators contributed 1.09 to the overall index in July, down from 2.21 in the prior month. Employment-related indicators added 0.38, down from 1.94 in June.

Big picture: Economists think the economy has had its initial sharp rebound from the lows of April and May and are worried that growth will move sideways from here.

Market reaction: Futures indicated that stocks would open higher on Monday on optimism about potential coronavirus treatments. The Dow Jones Industrial Average DJIA, +0.68% ended last week with a gain of less than one point at 27,930.

-END-

iii) Important USA Economic Stories

 

As soon as the stimulus money provided by the government runs out, then the economy will surely tank

(zerohedge)

“These Are Staggering Numbers”: Spending By Unemployed Americans Plunges As Fiscal Stimulus Ends

One month ago, with millions of newly unemployed Americans fearful about their future in an economy transformed by the covid pandemic, Deutsche Bank’s Jim Reid made a remarkable observation: “Recessions don’t usually result in personal income soaring, but this one has thanks to government support around the world.” This was shown in the following chart:

This was not a surprise: as Bank of America writes, one of the regular features of US recessions since the 1950s is that they always trigger, with a bit of a lag, an expansion of unemployment benefits. In normal times, benefits in the US are lower than for most other developed market economies, but there is an attempt to close some of the gap during the recession. In recent recessions the additional benefits have tended to be earlier, bigger and last longer. Thus benefits weren’t enhanced until the end of the 2001 recession and provided 13 weeks of additional benefits through Mar 2004. However, for the Great Recession of 2008-9 enhanced benefits were enacted on July 2008, a year before the end of the recession, lasting through December 2013, with the unemployment rate down to 6.7%.

Initially the response to this crisis continued the trend toward stronger responses. Facing a much deeper and faster recession, enhanced benefits were almost immediately implemented and included a large bonus benefit of $600/week. Unfortunately, 4 months later and policy has taken a 180 degree turn: the benefit has been allowed to expire with an unemployment rate still north of 10%. Needless to say, it seems a bit early to declare mission accomplished.

That said, the US is now caught in an unprecedented dilemma – as BofA also notes, “Absent government support disposable income would have fallen the most in history; with that support it has risen the most in history.”

So what’s Congress – and the President – to do?

Well, while the full impact of this economic transformation has yet to be felt across the country, at least for some the government support ended on July 31 when the infamous “fiscal cliff” hit and has yet to be renewed by Congress (executive orders signed by Trump two weeks ago have offset only a modest portion of the stimulus). The group most directly affected are recipients of unemployment insurance (UI) who have seen a notable reduction in income.

To quantify the impact, Bank of America examined spending trends of the population of card holders who receive UI through ACH
(direct deposit) and compared to all other households. What it found was a dramatic divergence as the YOY rate of growth for UI recipients slowed dramatically but increased for the broader population since Aug 1st.

By income, over the past two weeks, the YOY growth rate slowed by 12% for the unemployed cohort (formerly) earning under $50K vs. a roughly 5% drop for the middle and upper income cohorts.

Some more math: a closer look at the US household income statement underscores the resulting hole in household income as a result of the lapsing of the fiscal stimulus. The $600/week benefit was not a small support to the unemployed, it accounted for more than 60% of unemployment benefits in June (Chart 1). As the numbers on the chart indicate, that means a payment equivalent to about 5% of household income just disappeared. We don’t have data yet for July and August, but the daily treasury statement confirms the collapse in payments (Chart 2). In July the average daily outlay was $4.8bn, in the past five working days it has collapsed to $2.3bn, or a drop of more than half from the peak stimulus period.

These charts show just how reliant on the government much of America has become.

To be sure, much has been made about the resilience of the consumer so far in this crisis. Indeed, while services spending remains depressed, retail sales have fully recovered. However, as shown above, this recovery is deeply dependent on fiscal support. The next chart decomposes the various sources of income in recent months-unemployment benefits, other tax and transfer benefits, labor income, proprietors income and other income.

And here is BofA’s remarkable observation: “Absent government support disposable income would have fallen the most in history; with that support it has risen the most in history.” Note that the role of government stimulus is even bigger because the surge in proprietors income was due to another (now fading) federal program-the Paycheck Protection Program.

So just how much of a hit to consumption – which represents 70% of US GDP – is coming?

Well besides the already noted slump in spending by unemployed Americans, it will take time to see the full effect of the lost payments on consumer spending since presumably some recipients have savings or can postpone rent, credit card and other bills. The early evidence suggests “a moderate shock” according to BofA which again notes – see chart 4 above – that among the unemployed, lower income groups were among the hardest hit, with the YOY growth rate slowing by 12% for the cohort earning under $50K vs. a roughly 5pp drop for the middle and upper income cohorts.

While the bank has not done a formal simulation of the impact of the lost fiscal stimulus, a simple illustrative example from the Petersen Institute can give a sense of the magnitude. First, they assume that 20MM people were unemployed at the end of July and that the $600 benefit has a fiscal multiplier of 1.5 (around the midpoint of the CBO’s range of estimates). The expiration of the $600/weekly benefit would therefore remove about $50bn in income from the economy per month. By their estimate, this would result in about a 2.5% decline in GDP, 2MM less jobs over the next year and a 1.2pp increase in the unemployment rate.

As BofA summarizes “while illustrative, these are staggering numbers.” Moreover, based on the latest claims data there were around 15MM people on standard unemployment benefits as of the week ending August 8 with millions more in other programs such as Pandemic Unemployment Assistance (PUA). Thus, the full impact will likely be even more acute than modeled by BofA.

The final question is whether President Trump’s executive orders can offset the shock to incomes.

The other major executive order is the deferral in the employee component of the payroll tax from September 1 until December 31. Objectively, this will provide very little support to consumer spending, and as we also noted earlier, business lobbies are already complaining that the program is “unworkable” – a letter co-signed by a number of groups including the US Chamber of Commerce, the National Retail Federation, the National Association of Manufactures and others argued that (1) the order would result in a significant tax bill in 2021 for employees, (2) the implementation of the order is unworkable and (3) many members expect to decline to actually adopt the deferral.

Even for workers at firms that do implement the deferral the impact on spending will likely be very small. Households that are not in financial distress will save most of the tax cut in anticipation of a big bill at tax year end. Of course, workers that are in distress due to unemployment will not benefit from cutting a tax they are not paying. That leaves a relatively small group of households that remain cash strapped even though they are still employed. Presumably they will spend a good part of the tax cut.

What happens next?

As we have reported almost every day for the past three weeks, Congressional negotiations seem hopelessly bogged down and furthermore, Congress is currently on recess with funding the post office has become a major distraction. Both parties are having their conventions. Both parties are watching to see if the executive orders work. And an election looms.

As BofA’s economists concludes, while they had hoped for a deal this month, “increasingly it looks like one only comes after Labor Day and after demonstrable pain in the economy.” Unfortunately, in a world in which the market no longer reflects the economy, it is unclear just what signal US politicians will seek to determine that the economy is “in pain.” Ironically this will make the disconnect between the soaring market which just hit a fresh all time high and the economy which is about to double dip, even more grotesque.

end
Wells Fargo preparing to cut tens of thousands of jobs this year
(zerohedge)

Wells Fargo Preparing To Potentially Cut Tens Of Thousands Of Jobs

Wells Fargo has certainly led the way in the banking sector when it comes to things like massive scandals and botching Small Business Relief Loans – so why not lead the way when it comes to announcing massive layoffs?

That’s exactly what the bank has done. Under pressure to lower its costs, the bank “quietly ended a moratorium on terminations in recent weeks” according to the LA Daily News. The move is seen as the bank preparing to make deep job cuts.

Beth Richek, a spokesperson for the bank, offered up a perfunctory dodge: “Starting in early August, we resumed regular job displacement activity.”

She continued: “We are at the beginning of a multiyear effort to build a stronger, more efficient company. We expect to reduce the size of our workforce through a combination of attrition, the elimination of open roles and job displacements.”

Chief Executive Officer Charlie Scharf said last month:  “We have a series of employees who’ve been told that their jobs will ultimately go away. But we are going to let some time pass as we got through the initial stages of the COVID crisis.”

Tens of thousands of jobs could be on the chopping block, according to the report. Scharf said: “It’s like an onion: The more we do, the more clearer the next round will become.”

Cuts will begin with people the firm had originally planned to let go this year, prior to the Covid crisis. Those cuts will move on to additional employees and an effort to “thin management ranks” and “remove underperformers”.

Recall, the bank reported its first quarterly loss in over a decade and slashed its dividend by 80% this year. The cuts could open the floodgates for other banks to act accordingly, citing Wells Fargo as their “all clear”.

END
New York landlords are begging businesses to return to work..the lockdowns have driven prices southbound. Also the riots have forced many to flee to other jurisdictions
(zerohedge)

New York Landlords Beg Businesses: “Return To Work And Save The City’s Economy!”

New York property owners are begging the city’s largest businesses to return to work. 

Names like Goldman Sachs and BlackRock have been on the speed dials of New York landlords, who are reportedly reaching out to the businesses begging them to get back to work and, in turn, save the city’s economy. The landlords have formed a “loose coalition” according to a new report by Bloomberg.

The group includes RXR Realty’s Scott Rechler, Rudin Management’s William Rudin and Marc Holliday of SL Green Realty. These landlords, facing a catastrophic collapse in the price of commercial real estate, argue that it’s safe to return to work and that most NYC businesses simply can’t survive a shutdown much longer. Some are even calling it the “patriotic” thing to do. 

So far, the reception hasn’t been overwhelming. And with every day that passes, it becomes a tougher sell. As businesses close up, there becomes less reason to return to work. As a result, landlords could see a major demand drought and prices could crater.

Jeff Blau, the head of Related Cos., said: “I’ve been really pushing the CEOs to bring people back into the office. I’ve been using a little bit of guilt trip and a little bit of coaxing.”

He continued: “I am watching the city decay as nobody is here. Now is not the time to abandon the city and expect it to be in the same way you wanted it when you get back in a year from now.”

The landlords are also reaching out to corporations like law firms and tech companies to assure them that their buildings are safe. They are promising to make whatever concessions renters want in terms of safety and are also petitioning the governor’s office to start a “Get Back To Business” campaign.

But employers have to weigh the risks of sending employees back to work – at the same time that they just figured out the advantages of having their employees work from home. Many businesses have considered keeping the “work from home” model regardless of how the virus pans out.

Landlords argue that every commercial real estate spot also supports adjacent small businesses. Real estate companies are leading by example, recalling half of their workers and expecting the rest to return to work by next July.

“The CEOs of several companies I’ve talked to have mentioned that it’s a patriotic duty to have their people come back to the office,” Rudin commented.

Rechler concluded: “We’re creating our own fate by not bringing people back and restarting the largest economic engine in the country. It’s as much of a civic obligation as anything else.”

END
NEW YORK
Just take a look at New York City..totally comatose..
(Watson/SmmitNews)

New York City Is Dead And It’s “Only Going To Get Worse”

Authored by Paul Joseph Watson via Summit News,

Former hedge fund manager and entrepreneur James Altucher says New York City is dead and it’s not coming back.

Born and bred in New York, Altucher took his family and fled to Florida after the Black Lives Matter riots in June when someone tried to break into his apartment.

Since then, the city has continued to suffer a huge surge in shootings and violent crime as well as an anemic financial recovery from the coronavirus lockdown.

Appearing on Fox News Business, Altucher referred to images that were broadcast during the interview showing 6th avenue to be virtually empty.

“We have something like 30 to 50 per cent of the restaurants in New York City are probably already out of business and they’re not coming back,”he pointed out.

Altucher said that despite offices in midtown being allowed to be open, they’re still largely empty because companies like Citigroup, JP Morgan, Google, Twitter and Facebook are encouraging their employees to work remotely from home “for years or maybe permanently.”

“This completely damages not only the economic eco-system of New York City…but what happens to your tax base when all of your workers can now live anywhere they want to in the country?” asked the entrepreneur, noting that many were fleeing to places that are cheaper to live like Nashville, Austin, Miami and Denver.

Warning that the situation was “only going to get worse,” Altucher said that the old New York was not coming back and that creative and business opportunities would now be dispersed throughout the entire country.

“What makes this different now is bandwidth is ten times faster than it was in 2008 so people can work remotely now and have an increase in productivity,” he added.

As we document in the video below, the blame for all this lies firmly at the feet of two people, Governor Cuomo and Mayor de Blasio.

*  *  *

In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Also, I urgently need your financial support here.

END

CALIFORNIA

The State Of California Is Never Going To Be The Same After This…

Authored by Michael Snyder via The Economic Collapse blog,

The state of California sure has been through a lot this year.  The COVID-19 pandemic hit the state particularly hard, fear of the virus sent the unemployment rate soaring, civil unrest has ripped permanent scars in most of the major cities, and earlier this month a historic heatwave caused rolling blackouts all over the state for the very first time since 2001.  So California certainly didn’t need anything else to deal with in 2020, because it has just been one thing after another all year long.  Unfortunately, it looks like the massive wildfires that have been roaring across the state over the last week are about to get even worse.  A “red flag” warning has been issued for Monday, and just about everyone is expecting this week to be a really, really bad week.

But even if all of the fires ended right now, the devastation that we have already witnessed has been off the charts.  Hundreds of individual wildfires erupted after “12,000 lightning strikes” hit the state, and so far more than a million acres have been burned…

Firefighters have been battling more than 600 blazes – sparked by a staggering 12,000 lightning strikes – for a week. About 1.1 million acres of land has been torched. Most of the damage was caused by three clusters of fire “complexes” ripping through 1,175 square miles of forest and rural areas in the San Francisco Bay Area.

Those numbers are difficult for me to comprehend.

I would think that 12,000 lightning strikes must be some sort of a record for a single week, but I haven’t been able to confirm that.  In any event, that seems like an exceptionally high number.

Similarly, it is hard for me to imagine a million acres that have been completely destroyed by fire.  It is a monumental tragedy that will take a really long time to fully digest.

Of course the fires are still violently raging as I write this article.  In fact, two of the five largest fires in the history of the state are roaring through parts of northern California right now

In nearly a week, firefighters have gotten no more than the 17% containment for the LNU Lightning Complex fire in wine country north of San Francisco. It’s been the most destructive blaze, accounting for five deaths and 845 destroyed homes and other buildings. It and a fire burning southeast of the Bay Area are among the five largest fires in state history, with both burning more than 500 square miles (1,295 square kilometers).

Overall, wildfires in the state have already caused more death and destruction in 2020 than they did in all of 2019.

Something that has been particularly sad to hear is that many redwood trees are being burned.  Some of those trees are over 1,000 years old, and we are being told that Big Basin State Park experienced “significant fire damage”

Biologists are watching closely as the blazes encroach on old-growth redwood trees in Northern and Central California, where some giants are more than 1,000 years old and are known by individual names. While some seem to have been spared, Big Basin State Park — the oldest state park in California — saw significant fire damage.

That is not just a loss for the state of California.

That is a loss for all of us.

Unfortunately, California’s rapidly growing social decay has also been on full display during this crisis.  Looters have been hitting the evacuation zones pretty hard, and at last eight people have already been arrested

At the CZU Lightning Complex fire in the Santa Cruz Mountains. south of San Francisco, authorities said their effort was hindered by people who refused to heed evacuation orders and those who were using the chaos to steal. Santa Cruz County Sheriff Jim Hart said 100 officers were patrolling and anyone not authorized to be in an evacuation zone would be arrested.

“What we’re hearing from the community is that there’s a lot of looting going on,” Hart said. He said eight people have been arrested or cited and “there’s going to be more.”

And one guy that is apparently vying for the title of “biggest scumbag in America” decided that he would steal a firefighter’s wallet out of his work vehicle and completely drain his bank account…

A California firefighter’s wallet was stolen out of his work vehicle and his bank account was drained while he was battling a blaze, officials said. It was the latest robbery to occur amid fear and panic over wildfires in Santa Cruz.

“It’s absolutely disgusting behavior, I can’t, frankly, I can’t believe that somebody would actually have the nerve to break into a firefighter’s vehicle or enter their vehicle to steal something from them when they’re there to protect the community. Honestly it blows me away,” Chief Deputy Chris Clark with the Santa Cruz County Sheriff’s Office said during a press conference on Sunday.

You have to be really, really low to do something like that.

But this is what America has become.  We have become a completely lawless nation where chaos reigns, and things are only going to get worse in the years ahead.

The National Weather Service issued a “red flag” warning through Monday afternoon for the Bay Area and the central coast, meaning extreme fire conditions, including high temperatures, low humidity and wind gusts up to 65 mph, “may result in dangerous and unpredictable fire behavior.”

There was the potential for scattered “dry” thunderstorms over much of Northern California, the weather service said, and lightning could spark new blazes.

For a long time, I have been encouraging people to consider moving out of the state.

The “California Dream” has become an endless California nightmare, and in 2020 we have seen an endless parade of so many of the reasons why millions have already fled for greener pastures.

In the end, it is such a great shame what has happened to the state.  It is blessed with outstanding weather and tremendous natural beauty, but at this point I don’t know why anyone would want to live there.

END

ILLINOIS/COVID 19
This is quite a story as Illinois reports of retirement home deaths as executive orders were not acted upon
(Dabrowski/Klingner/Wirepoints.org)

Illinois Worsens Retirement Home Deaths Fiasco With More Failed Executive Orders

Authored by Ted Dabrowski and John Klingner via Wirepoints.org,

The failure to protect retirement home residents from COVID-19 is one the biggest failures of Gov. J.B. Pritzker administration’s handling of the pandemic. Questions have been raised repeatedly by Wirepoints and others on whether more could have been done. More than 55 percent of the state’s nearly 7,900 COVID-19 deaths have been tied to nursing homes.

Now, reporting by the Chicago Reader and the Chicago Tribune raise other questions as to how and why the Illinois Department of Health (IDPH) handled retirement homes the way it did. At issue are several executive orders issued by Pritzker early on – and renewed as the pandemic worsened – that suspended several core tasks of IDPH. The result of those orders left hundreds of complaints of neglect and abuse uninvestigated for over three months.

Retirement homes have been at the heart of Illinois’s COVID-19 outbreak from the start. In many counties across the state, the majority of deaths reported have come from Long-Term Care facilities. Total COVID-19 deaths by county, and the percentage of those deaths coming from retirement homes are shown in the graphic.

Last month, the Chicago Reader wrote a detailed article on the administration’s handling of COVID-19. The Reader questioned Pritzker’s use of executive orders to suspend the IDPH’s enforcement of health regulations for the sector. It also criticized Pritzker’s grant of broad immunity to facility operators for potential negligence in the middle of the pandemic.

Unfortunately, the Reader article received little attention.

The article appeared shortly after two IDPH directors responsible for regulating retirement homes were replaced. But the apparent reason why the two directors were let go remained unclear – until now. While there is still no official response from the administration, the Chicago Tribune has uncovered a pretty solid reason for the firing.

The paper wrote last week that IDPH failed residents by neglecting their core task of investigating abuse “for nearly 3½ months during the coronavirus pandemic.”

“A health department spokeswoman said top administrators discovered July 8 that agency personnel had not investigated any of the abuse or neglect complaints it had received from mid-March until June 22 as required by state law. The most serious complaints require an investigation to begin within 24 hours, next-worst within seven days and least serious within 30 days.”

So, not only did the state fail to effectively protect retirement home residents from COVID, but in its rush to manage the situation it failed to protect them from neglect and abuse as well.

It’s no wonder then, that the IDPH has resorted to damage control, announcing that an outside firm will conduct a “a top-to-bottom review” of agency procedures and that a former federal prosecutor will examine several of the departments’ investigations.” Notably both will be focused on “recommending best practices” and “improving existing procedures.” Nothing has been said about holding anyone responsible for what happened.

It’s baffling that Pritzker would use executive orders to relax oversight of nursing homes during the worst part of the pandemic. It runs completely contrary to his other executive orders that led to one of the strictest lockdowns in the country.

Keep an eye on this as the story develops.

end

As we have warned:  the USA default bomb has just gone off: we will have a record number of large corporate bankurptcies

(zerohedge)

US Default Bomb Goes Off: 2020 Will Have A Record Number Of Large Corporate Bankruptcies

The disconnect between the all time highs in the stock market and the broader economy has never been greater (with even Janet Yellen, one of the main architects of this disconnect, agreeing), and one of the places where this chasm is most glaring, is in the staggering number of major corporations filing for bankruptcy in 2020. Indeed, this year large US corporate bankruptcy filings are running at a record pace and are set to surpass levels reached during the financial crisis in 2009 (when the S&P was far from an all time high).

According to FT calculations, as of August 17, a record 45 companies each with more than $1 billion in assets has filed for Chapter 11 this year; this compares with 38 for the same period of 2009 during the depths of the financial crisis and is more than double last year’s figure of 18 over the comparable period.

In total, 157 companies with liabilities over $50 million have filed for Chapter 11 bankruptcy this year and as we warned several months ago, many more are coming.

“We are in the first innings of this bankruptcy cycle. It will spread far across industries as we get deeper into the crisis. It’s going to be a bumpy ride,” said Ben Schlafman, chief operating officer at New Generation Research.

The spike in bankruptcies comes despite trillions of dollars in government aid to mitigate the fallout of the coronavirus pandemic on businesses, highlighting the catastrophic and lasting impact Covid-19 is having on the US economy. Or perhaps those trillions in government aid are going to the wrong recipients, and as a result companies that stand to benefit from mass defaults are now sporting record market caps. In fact, the irony is that in its pursuit to crush monopolies such as Amazon and Google, the government has made them bigger and stronger than they have ever been.

Meanwhile, with the US economy driving right over the fiscal cliff as Congress failed to extend emergency covid benefits, sending spending by those receiving Unemployment Insurance sharply lower

… and millions of Americans about to lose their job (again), a new default wave is just waiting to be unleashed.

Ending the $600 per week federal unemployment benefits will push tens of millions of Americans into, or uncomfortably close to, poverty. They won’t have the money to buy billions of dollars worth of goods and services. As a result, the entire economy will suffer. Small businesses will continue to suffer the most because they’re already precarious,” said Robert Reich, Bill Clinton’s labor secretary.

For now, the brunt of the default wave has been felt by oil and gas companies as low (and on one historic occasion, negative) crude prices crippled dozens of businesses. There have been 33 filings to date according to the Oil Patch Bankruptcy Monitor from Haynes and Boone, including Chesapeake, Whiting Petroleum and Diamond Offshore Drilling. There were only 14 last year.

While not quite as bad as the E&P sector, retail businesses with assets of more than $50MM have also been severely affected with 24 filing for bankruptcy, a three-fold jump from last year. They have been among the hardest hit by the government-mandated lockdowns, which prevented stores from opening and drove consumers to online retailers such as Amazon. Burdened by debts, some of which were built up under private equity ownership, several prominent retailers have been forced to file for Chapter 11.

Some of the most iconic names that have filed this year include Neiman Marcus, which struggled for years with a heavy debt burden from its 2005 leveraged buyout by TPG and Warburg Pincus, and which finally filed for bankruptcy in May with liabilities of $6.7bn. JCPenney, also saddled with billions in debt, filed for Chapter 11 bankruptcy in May. Brooks Brothers, the venerable suit retailer that once counted Abraham Lincoln and John F Kennedy among its clients, did the same in July.

“The Covid-19 pandemic is reshaping consumer buying habits. Therefore, we will continue to see large retail, energy, and transportation businesses taking advantage of the tools provided by a formal bankruptcy to restructure to be more profitable and competitive in the long term,” said Deirdre O’Connor, managing director of corporate restructuring at legal services group Epiq.

And while several businesses tried to reopen in late May and June (and some amusingly tried to unfile for bankruptcy just so they were eligible for bailout loans), a recent flare-up in coronavirus cases and deaths in several US states choked the recovery, forcing many business owners to close again.

“It pains me to say this, but bankruptcy is a growth industry in America,” New Generation’s Schlafman dismally concluded.

END
The real truth behind the lockdowns and how it is destroying everything.
(Luongo)

Luongo Exposes Dems’ Strategy: Use COVID To Destroy Everything, Blame Trump

Authored by Tom Luongo via Gold, Goats, ‘n Guns blog,

I was asked for comments by Sputnik News the other day about Democratic Nominee Joe Biden’s assertion he would lock down the entire country if the scientists told him to.

As you can imagine I didn’t hold back.

The idea that the scientists who have been the most vocal in advising President Trump and the other world leaders, would give Biden the honest answer about how to deal with COVID-19 at this point is beyond laughable.

I’m sorry but the official arbiters of “Science!” have done nothing but lie, delay, obfuscate and oversell the threat of this virus. And their miscommunication, intentional, well-meaning, or just incompetent, has cost humanity hundreds of billions if not trillions in accumulated wealth and time.

Those things translate directly into lives lost, opportunities destroyed.

Has Biden not looked around and seen the multiplying protests worldwide against these idiotic and tyrannical lock downs?

Biden’s handlers are telling him to campaign on this because they are trying to hold together The State, the religion of the Left, as the final arbiter of truth and societal best practices while it fails right in front of our eyes.

And I believe this is why they are trying so hard to hold onto these narratives so tightly. No one wants to watch their belief system wither and die on the vine.

No one is comfortable with having their fundamental premises which form their worldview be revealed as inadequate to the task. But that is exactly what is happening to progressives and socialists of all stripes.

All of the social welfare systems are failing from over-promising and imminent failures to produce.

Everything that has been unleashed upon us in 2020 is a direct result of this mad scramble to claw back the power of the White House by any means necessary and it’s woken a lot of people out of their slumber as to what they can expect from their government.

We selected the wrong man for president four years ago and Congress has worked nonstop, on both sides of the political aisle, to ensure he doesn’t achieve anything of lasting significance.

Somehow they think continuing to lie about him and talk down to us will somehow become endearing.

So, in the context of that and the freak show that was this year’s Democratic National Convention I answered Sputnik’s questions with a frankness that, honestly, surprised me.

My full answers via email follow (you be the judge):

President Donald Trump has resisted calls for another shutdown despite a spike in coronavirus cases in many states this summer. Trump and members of his administration have argued a new lockdown would cause irreparable harm to the economy. At the same time, Joe Biden is considering such an option if necessary. What is your opinion on this matter?

I’ve been quite clear that the Democrats have used COVID-19 as an excuse to destroy the U.S. economy and blame it on President Trump.  I’ve written extensively on the subject (here). 

Biden is playing to his base that wrongly believes the path to safety from the virus is more draconian lockdowns rather than building herd immunity, as we’ve seen in places like Sweden.  This is an extension of a concerted effort to destabilize the U.S. and continue a climate of fear over a virus with an effective lethality rate lower than the annual flu.  

We are six months into this planned destruction of all facets of U.S. society, and most of the West for that matter, for the purpose of instituting police state like controls over our everyday lives, undermining the idea of personal rights in a climate of hysterical fear.

President Biden does not have the authority under the Constitution to do this anyway and would have to suspend it in order to ‘legally’ do what he’s suggesting. So, this is a pathetic bluff by desperate people to hold onto a failing narrative that COVID-19 is something so deadly it necessitates wholesale change to our way of life.

​How will a repeated lockdown affect the economy?

It would be further devastating.  Economic conditions are only good on paper now because of the massive stimulus spending from the CARES Act.  That spending is ending.  We’re already seeing it in the consumer spending data. 

Trump has won the showdown over the next round of spending with Speaker Nancy Pelosi caving the other day.  Trump will send out another round of checks between now and the election and the Democrats are desperate to counter this move, which they can’t.  

 Will the country’s economy survive it? 

As I’ve already said, the goal is to destroy the U.S. by engaging in the rankest form of political extortion.  It’s already bad enough that we have to deal with the growing supply disruptions and the first wave of bankruptcies, locking the economy down again would ensure that more people die from stress, abuse, theft and domestic violence than the virus would ever take. 

The people most susceptible to this virus are the ones most vulnerable to basic goods disruptions by locking down the low-risk and the productive.  

Locking down the healthy is honestly moronic, and if I believed for one second that Biden was actually crafting his policy points, then I would present his comments as prima facia evidence of his declining mental capacity.

“We cannot get the country moving until we control the virus. That is the fundamental flaw of this administration’s thinking to begin with”, Joe Biden said.

That’s a nice soundbite. 

Too bad it runs completely counter to thousands of years of human history where the sick and at-risk are protected and/or quarantined while the healthy face the threat and keep society functioning.

Biden is trying to make sound reasonable a policy plank that is nothing less than fear-mongering.  

How likely is it that the economic situation in the country would have been different if Biden had been president? 

They would never have run this COVID-19 scam on us in the first place.

They would have treated it exactly the way Obama did Ebola, something to worry about but the push for universal vaccination, medical passports and the rest would have been done quietly behind the scenes, rather than out front. The threat that Trump’s second term and Brexit represent to the globalist, neoliberals, who I call The Davos Crowd, is palpable and they want control over the White House at any cost.

Biden would still be presiding over a financial crisis, but the political crisis in the U.S. wouldn’t look like it does today with the degradation of the two sides, rioting in cities subsidized by local governments, and counter-productive lockdowns. 

How realistic is his economic programme in this situation?

Completely not realistic at all.  The Green New Deal is nothing more than a bailout for the global financial system which is over-leveraged and on its last legs.  Now they are engineering the destruction of trillions in middle and lower class wealth to ensure there is no opposition to their continued rule, though their perfect technocratic state, The European Union. 

Trump, for all of his faults, understands that the U.S. is being sacrificed here and he’s doing his imperfect best to try and stop it from happening.  But the only way to balance the books now is currency debasement of a type and kind we’ve yet to imagine which will wipe out the middle class in the U.S. even further, erode what’s left of the rule of law and bring about a dark age of humanity.  

That’s what Biden’s been told to say in this statement.  It’s evil and it should be rejected by everyone. 

*  *  *

Join My Patreon if you like good soundbites about government incompetence. Install the Brave Browser if you want to take a piece out of the Google beast.

END

Roubini pounds the table that the Fed is orchestrating the huge gains on Wall Street but ignoring the plight on Main Street

a must read..

(Roubini/zerohedge)

“Main Street Is Struggling Severely” – Nouriel Roubini Warns Wall Street Euphoria Ignores Main Street Crash

Speaking on Bloomberg Television Friday, Nouriel Roubini warned the stock market is completely disconnected from the dire economic outlook of a waning recovery amid continued depressionary pressures.

Roubini told “Bloomberg Surveillance” the global economy is slowing, and another downturn could be ahead if a vaccine is not found in short order.

 

h/t Bloomberg TV 

He said the shape of the recovery is transforming from a “V” and is “becoming a U and the U could become a W if we don’t find a vaccine and don’t have enough stimulus.”

Roubini, the chief executive of Roubini Macro Associates Inc., said the recovery on Wall Street doesn’t reflect the real economy:

 “Main Street is struggling,” he said.

Roubini said Europe’s policies to protect workers are much more robust than the U.S., where tens of millions of folks are jobless, hungry, and face eviction.

“The European system of greater social cohesion gives you better economic outcomes than the one of the United States that is just Wild West capitalism,” he said.”That’s why the unemployment rate barely went up in Germany or even in Italy, while in the U.S. we’ve had double-digit unemployment rate and actually even worse, considering underemployment and so on.”

Jobs data this week showed the U.S. labor market recovery continues to reverse. Another million Americans filed for jobless benefits last week, back above one million and up notably from the 971k (revised higher) last week, and notably worse than the 920k expected…

The Federal Reserve’s minutes on Wednesday from its July meeting highlighted doubts about the “V-shaped” recovery, showing that the swift labor market rebound seen in May and June had likely slowed. Quoting Rabobank’s global strategist Michael Every, he told clients: “Of course, the Fed agreed that the virus is weighing heavily on the economy: is that some kind of surprise? Apparently, it was.”

While it was a surprise to many on Wall Street who have turned a blind eye to the utter destruction of the labor market and small businesses, the Fed’s monetary cannon has injected trillions of dollars into the economy markets to reinflate asset prices and distract everyone from the worst economic crash since the Great Depression in the 1930s.

The party on Wall Street, driven by liquidity via central banks has reinflated financial assets to nosebleed valuations as the labor market implodes.

The party on Wall Street is also concentrated in a handful of technology stocks, about five to be exact. If Facebook, Amazon, Apple, Microsoft, and Google were removed from the S&P500 index, the overall main equity index would be flat on the year, as opposed to +35%.

As for the rest of the world, a resurgence of coronavirus across the Asia Pacific, Europe, and the U.S. have stalled the global recovery. The risk now is the world economy slumps in the back half of the year.

The consequence of central banks saving Wall Street at the expense of main street will result in widening wealth inequality to unimaginable levels that will continue to lead to a socio-economic implosion of the middle class.

END
WALL STREET VS MAIN STREET

Peter Schiff: Main Street’s Pain Is Wall Street’s Gain

Via SchiffGold.com,

The Nasdaq and S&P500 made new all-time highs last week. That leads many people to believe the economy must be doing OK. But as Peter Schiff explained in his podcast, the very thing that’s helping Wall Street boom is crushing the actual Main Street economy.

If you really stop and think about it, the continued stock market climb should be a bit perplexing. After all, the economy was effectively shut down for weeks and governments continue to impose many restrictions to this day. Unemployment has skyrocketed and we remain in the midst of a deep recession. And yet we have a booming stock market. Peter said surging stocks are actually misleading a lot of people into believing that the economy is stronger than it actually is.

Because somehow, this strong stock market must somehow reflect the fact that we have this v-shaped recovery. We don’t. We only have a v-shaped recovery in the stock market. We don’t have any recovery really in the real economy.”

In fact, there are plenty of signs that the economy is going to continue to struggle longterm. We just saw the worst quarter ever in mortgage delinquencies. Meanwhile, businesses are shutting down and bankruptcies are at a 10-year highAmericans owe billions in back rent. There is a rising number of over-leveraged zombie companies. And a tsunami of defaults and bankruptcies are on the horizon.

And yet, analysts say we just experienced the shortest bear market in history. In other words, it was the shortest timespan from a bear market to record highs.

So, this was the shortest bear market ever, yet it’s taking place in arguably maybe the weakest economy ever. So, you really have a divergence between Wall Street and Main Street.”

Some have speculated that the booming stock market has tempered the need for fiscal stimulus. But why do we need a falling stock market to create political pressure for government stimulus? As Peter put it, the only thing the government can actually stimulate is the stock market.

That’s the only place it works. This stimulus doesn’t help Main Street. In fact, it actually hurts Main Street. The only thing they can stimulate is the level of the stock market. Because what happens is the stimulus is just printing money. It’s just artificially low interest rates. That doesn’t do anything for the real economy, but it works magic on Wall Street. That’s what pushes up stock prices. So, the only thing they can stimulate is the stock market. That’s why the stimulus comes into action when the stock market is going down.

Politicians like boosting the stock market because they can point at it as if it is some kind of scorecard. They can create the illusion that the economy is good by propping up stock prices with cheap money — inflation.

Stimulus also creates a wealth effect. It creates asset bubbles. By artificially raising the prices of stocks and real estate, it makes Americans wealthier – at least on paper.

But it’s not just that paper wealth translating into a better feeling or more spending. It’s that paper wealth collateralizes all sorts of loans. So when you have more assets, you can borrow more money against those assets, using those assets as collateral, and that additional debt generates spending that artificially gooses GDP.”

But as Peter points out, the effect is temporary.

But of course, there’s a tradeoff there. We’re simply sacrificing the future to indulge the present. So, there’s no real gain. We’re just pulling consumption forward so we can count it now, but at the expense of having much less consumption in the future when the bills come due.”

In reality, what’s strengthening the stock market is actually weakening the economy. But how can this be? Doesn’t the stock market reflect the earnings of the economy?

Well, no. It reflects the earnings of the companies that are part of the stock market. The vast majority of businesses in America are not publicly traded. They’re not in the Dow 30. They’re not even in the S&P500 or the Wilshire 5,000. They’re privately held companies.”

Consider the companies that are doing really well right now. Many of them are actually benefitting from the overall weakness in the economy. People are shopping on Amazon because they don’t want to go out. People are watching Netflix because they are staying at home and movie theaters are closed. Meanwhile, small businesses, and mom and pop operations are getting decimated.

Since these big companies have less competition from smaller companies, that benefits the stock market. Also, the artificially low interest rates benefit these big publicly traded companies that can tap into the bond market. These small businesses — they have no ability to tap into the bond market. It doesn’t matter how low interest rates are because they can’t borrow. They don’t have the creditworthiness. They don’t have the connections. They’re not able to borrow money the way these big Fortune 500 companies are. So, the artificially low interest rates that are propping up the markets heavily favor these big companies that have all this debt. In fact, they are able to stay in business by selling debt and by selling stocks.”

In reality, the stock market is completely divorced from the real economy. And as Peter put it, if anything, it’s the mirror image of the real economy. The more pain there is on Main Street, the more gain there is on Wall Street.”

All of this is benefitting Wall Street, these big companies, over Main Street. So to say, ‘Oh look, the stock market is booming. That means we have a strong economy.’ We don’t. It is the weakness in the economy that is benefitting the stock market. And the weaker the economy gets, the better it’s going to be for the stock market. Because what happens when the economy is weak? The Fed prints even more money. We get bigger simulus. It does nothing for Main Street. It sedates Main Street. But it continues to pump air into the stock market bubble.”

END

iv) Swamp commentaries)

A good one!! the purpose of the John Brennan interview by Durham and why he is last on the list to be interviewed

(zerohedge)

Was John Brennan Just Put In A Completely Legitimate Perjury Trap?

 

Authored by attorney Shipwreckedcrew via RedState (emphasis ours),

 

John Brennan’s long-time advisor Nick Shapiro put out a statement yesterday at the conclusion of Brennan’s eight-hour interview with John Durham and his investigators.

It might all be true.  All I have are opinions on the text and circumstances.

 

Former CIA Director John Brennan is sworn-in on Capitol Hill in Washington, Tuesday, May 23, 2017, prior to testifying before the House Intelligence Committee Russia Investigation Task Force. (AP Photo/Pablo Martinez Monsivais)

But I also know that the CIA is an institution designed to engage in manipulation using lies and deception — in a good way.  It’s how they accomplish their mission in defense of the country.

John Brennan is an embodiment of the CIA — it’s all he’s ever known.  Its ethos oozes from his pores.

John Brennan wanted to send a message to the world yesterday after he finished his interview with John Durham. Oddly, he chose to do it through Nick Shapiro, and not himself. Nothing about Brennan or his history suggests Shapiro’s message needs be credited with being truthful.

There are several reasons to read this message with a “jaundiced eye” and to recognize the ulterior motives for it.

First, it’s not Brennan’s statement. Shapiro issued the statement to Obama Administration scribe Natasha Bertrand at Politico — guaranteed to dutifully publish anything requested of her by a former Obama era intelligence official now living in fear. Shapiro then posted a string of eight Tweets on Twitter with the same text.

Both are devoid of any words actually spoken by Brennan — there are no quotations — nor is there any support offered for Shapiro’s claims by anyone actually in the room, such as Brennan’s attorneys.

Since when has Brennan been shy about saying anything on Twitter?  Why would Brennan go “third person” and have his thoughts about the interview expressed only in the words of someone else? The most obvious reason is the statements are not going to be exactly accurate. Running them through a third person builds in a level of “deniability” on Brennan’s part. Shapiro wasn’t in the room for the interview. Shapiro is only putting out for public consumption what was told to him, and by phrasing it in the “third person” the way he has, it’s not a statement “by John Brennan” nor is it endorsed by Brennan’s counsel in the room. It is put out by a guy who has historically been in the role of misleading and misdirecting the press and the public on John Brennan’s behalf. Yesterday’s mission was no different.

Second, conducting the interview at the CIA facility is an interesting decision. Why not question him at DOJ or FBI HQ? The CIA is not a law enforcement agency. John Brennan no longer works for the CIA. Any CIA records that may have been needed over the course of the interview could have been made available in a secured facility at both those locations.

But that “records” excuse may have been the very justification given for the selection of the CIA HQ as the location for the interview.

DOJ and the FBI HQ are in Washington DC. CIA Headquarters is in Langley, Virginia.

If you are geographically challenged, you can read the distinction as “United States District Court for the District of Columbia” v. “United States District Court for the Eastern District of Virginia.” If John Brennan offered any false answers to the investigators during the interview, the venue for that “false statement” crime is in the EDVA, not in DC federal court.

Third, Shapiro’s statement claims that Brennan was told by Durham that he is neither a “target” nor “subject,” and that he is only a witness to events under review. Maybe that’s true, but it does not sound true to me. And the statement does not say that comment was made to Brennan yesterday before the interview took place.

I can say that I had several occasions during my career as a prosecutor where criminal defense lawyers asked me similar questions about their client in response to an interview request. I can’t say that I always refused to answer, but as a general matter my response was something that I learned when I was starting out from more experienced federal prosecutors —

“Counsel, this interview today is voluntary. Your client is free to leave right now, and answer none of the questions we have. He’s free to stop answering questions at any time while the interview is underway. He’s free to ask to take a break, step outside the room with you, and then return to answer the question or not answer the question.  What does he want to do?”

John Brennan could have been questioned before a grand jury, without the presence of his attorney in the room. That would be true IF, as suggested by Shapiro’s statement, Brennan was only a “witness”.

To explain that, let’s take a moment to address the whole “Target” v. “Subject” v. “Witness” construct the press is so happy to report about.

Labeling an individual a “target” has a clear meaning in federal criminal prosecutions.  It refers to someone about whom the prosecutor believes there is already sufficient admissible evidence to seek an indictment from a grand jury, and obtain a conviction at trial.  The investigation is ongoing, but the grand jury already has identified a “target” for eventual prosecution.

Anyone who is “not a target” is — “not a target”.  There is no other “classification” of individuals with meaning.  Many people in the business toss around the term “subject”, but that is a “made-up” classification that does not exist.  I have received “Subject” letters from prosecutors on behalf of clients, but those all involve a request to interview my client.

A “Target” letter is different.  When you receive a “Target” letter it advises you that a federal grand jury has already received evidence upon which criminal charges may be issued in the future.  It advises the “Target” that they should seek counsel, and if they cannot afford counsel they should contact the Federal Defender’s Office in their district for legal representation.  Once they have secured counsel, their lawyer should contact the prosecutor to discuss the matter.

The purpose behind a “subject” letter is merely to instill fear in the recipient and to “encourage” them to talk about others before others talk about them — as information from others might push them closer to the “target” category. Unwitting lawyers think there is meaning behind the “subject” designation but there is not.  Fear is a great motivator. “Doing unto others before they do unto you” is sort of a universal maxim among the idiot criminal class.

So if you are not a “target” — meaning there isn’t sufficient evidence at this time to charge you with a crime — then by default you are a “witness.”

But “witnesses” can, and often do talk themselves into being “targets” during such interviews. That was the purpose of the interview, Mr. Brennan, not because you have some wonderful insights to provide Mr. Durham and his investigators to make their job easier.

One important distinction between “target” and “witness” that is not well understood, but might be in play here, is that it is against DOJ policy to issue a grand jury subpoena to someone who is already a “target”.

A grand jury subpoena is a court order, under threat of contempt, to appear and answer questions under oath without the presence of counsel. If a person is already a “Target”, the subpoena intrudes upon their Fifth Amendment right to remain silent and to be represented by counsel while undergoing “custodial” interrogation — they are under subpoena after all. Witnesses before the grand jury are allowed to assert their Fifth Amendment right, but it forces them to assert that right before the grand jurors considering charges against them. The government is not allowed to call a criminal defendant to take the stand in his trial and force him to assert his Fifth Amendment right to remain silent in front of the jury. It is deemed prejudicial, and suggest to the jury that the defendant has something to hide. The same principle applies to calling a “Target” in front of a grand jury and forcing them to assert their right to remain silent in front of the grand jurors without counsel present.

So, if John Brennan isn’t at least a potential “target,” why was he not called to explain historical events to the grand jury?

Finally, John Brennan has many times expressed the belief that any investigation initiated by the Trump Administration into the actions of Obama Administration officials to examine their conduct as it pertains to the investigation of the 2016 campaign, and the aftermath of Trump’s election victory, is illegitimate.  John Brennan has all but declared Trump’s election to be illegitimate — heck, he might have said so outright.

So, it is not surprising at all that Shapiro — not Brennan — would claim:

Brennan questioned why the analytical tradecraft and findings of the ICA are being scrutinized by the Department of Justice, especially since they have been validated by the Mueller Report as well as the bipartisan Senate Select Committee on Intelligence review.

The idea that Brennan “questioned” Durham on this topic does not confirm that Durham had any response to offer to Brennan’s question. I suspect Durham did not react favorably — if it happened at all — to Brennan’s suggestion that Durham’s work was illegitimate or superfluous because of what others might have done, or not done as the case may be.

But John Brennan cannot help himself in this regard. The CIA is rarely put in a position of having to explain or defend its conduct — purposely and by design. But when John Brennan has been in that position in the past, he’s been quite comfortable with lying in his responses. More of the same here.

The purpose of the interview was to get Brennan to confirm or deny information that others have provided up to this point about Brennan, and what he instructed others to do.

John Brennan was placed into a perjury trap yesterday because he’s shown himself willing to perjure himself in the past in order to evade scrutiny.

Yesterday, the ability to avoid the trap was completely within his control — all he had to do was tell the truth.  For the most part, Durham’s investigators knew the truth.

John Brennan doesn’t come from a world of objective “truths” and “lies”. For Brennan, the “truth” is always malleable to fit his needs at any given moment.

That’s CIA tradecraft.  He sees himself as a master of such “dark arts” based on his decades in DC.  Others have long viewed him as a clown.

That’s why, as a prosecutor, you save a liar like John Brennan for last.  He can’t help you because you can’t rely on what he tells you.

So your interview is not done for the purpose of helping your case.

And you do it in Virginia and not DC because of what you plan to do next.

END

Figured she would backpedal over not eliminating private health insurance plans

(zerohedge)

 

Kamala Harris Furiously Backpedals Over Eliminating Private Health Insurance

Sen. Kamala Harris (D-CA) slick-talked her way around the topic of eliminating private health insurance, after she received gentle pushback from ABC News‘ David Muir over her false claim that she doesn’t want to eliminate private health insurance.

“I ask you this because you have pressure from the Left, you have pressure from the center, you’re trying to appeal to Republicans, and so on sort of the evolution on the issues when you talk about health care that you see eye to eye—do you see a day where private insurance would go away as you once proposed?” asked Muir.

No,” Harris claimed, despite her public record of supporting the elimination of private healthcare.

“And in fact that my plan, when I was running, was that we would not eliminate private insurance,” she continued – adding “And Joe and I –”

Even though you signed on for Medicare for All?” Muir interjected – to which Harris performed a whiplash-inducing pivot.

“I signed on to that. I signed on to a number of bills that were about great ideas to fix the problem,” she replied. “I want to fix the problem. And Joe has a plan to fix the problem, and I’m fully supportive of it.”

Watch:

The Daily Wire‘s Ryan Saavedra notes Harris’s very public stance on eliminating private health insurance – which she’s casually discarded heading into the 2020 election (emphasis ours):

*  *  *

Harris was “the first Democrat to announce she’ll co-sponsor Sen. Bernie Sanders’ single-payer health care bill when it’s introduced in September,” CNN reported in 2017.

The New York Times reported in March 2019:

At the heart of the “Medicare for all” proposals championed by Senator Bernie Sanders and many Democrats is a revolutionary idea: Abolish private health insurance. …

But doing away with an entire industry would also be profoundly disruptive. The private health insurance business employs at least a half a million people, covers about 250 million Americans, and generates roughly a trillion dollars in revenues. Its companies’ stocks are a staple of the mutual funds that make up millions of Americans’ retirement savings. …

Senators Cory Booker of New Jersey, Kirsten Gillibrand of New York, Kamala Harris of California, and Elizabeth Warren of Massachusetts co-sponsored Mr. Sanders’s bill in the last Congress. …

The concept, in broad strokes, appeals to many Democratic voters. But overall support diminishes by a third or more when people are told that the plan would involve eliminating private insurance, raising taxes, or requiring waits to obtain medical care, according to surveys from the Kaiser Family Foundation.

During a debate in June 2019, the candidates were asked “Who here would abolish [employer-provided] health insurance in favor of a government-run plan?” Harris raised her hand, but then tried to walk it back the next day.

In an 2019 NBC News report titled, “Kamala Harris wants to end private health insurance, a new Democratic litmus test,” NBC News highlighted remarks that Harris made during a town hall event.

“The idea is that everyone gets access to medical care, and you don’t have to go through the process of going through an insurance company, having them give you approval, going through the paperwork, all of the delay that may require,” Harris said. “Let’s eliminate all of that. Let’s move on.

The next day, Harris again tried to walk back her remarks after facing backlash from other Democrats who said that they did not support it.

*  *  *

In short, they’re trying to play both sides – and the left has begun to notice.

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

Goldman Says Almost a Quarter of Temporary Layoffs in U.S. to Be Permanent

https://www.bloomberg.com/news/articles/2020-08-22/goldman-says-nearly-fourth-of-u-s-virus-layoffs-to-be-permanent

 

Gen. Flynn’s attorneys were involved with a Twitter discussion about how the US reaction to Covid is destroying small businesses and further concentrating wealth in the US.

Atty @molmccann: For some time now, America has been fracturing into the very wealthy and the very poor. Our response to COVID is rapidly accelerating that divide. Reversing this trend–defending and maintaining a robust middle class and upward mobility for the poor–is at the heart of keeping America great and strong. The COVID crisis is not primarily about a virus anymore; it’s a fight for the life of our nation. I wish this were an overly dramatic take, but it isn’t.

Gravity Payments CEO @DanPriceSeattle: Amazon: profit up 100%; Walmart: profit up 80%; Target: profit up 80%; Lowe’s: profit up 74%; Microsoft, Facebook, Apple, Google: stock at record high; Small businesses: 21% closed; revenue for rest down 30%We’re seeing a monumental wealth transfer from mom & pops to conglomerates. My company processes small business payments. In 2008 – the worst recession in 80 years – small biz revenues fell 20%. Now they’re down 30%.  Meanwhile, the stock market is at a record high.  So the biggest corporations are in a record boom and small biz are in a record free fall.  The richest 1% own 52% of the stock market.  The richest 10% own 87% of the stock market.  The poorest 50% own 0.7% of the stock market… [The Fed’s asset bubble strategy is flawed.]

We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both.” — SCOTUS Justice Louis Brandeis

Europe’s Virus Surge Is Looking Less Deadly than Initial Wave

https://www.bloomberg.com/news/articles/2020-08-22/europe-s-virus-surge-is-looking-less-deadly-than-initial-wave

Coronavirus ‘getting less angry’ and we shouldn’t fear second wave, claims doctor [UK]

https://www.mirror.co.uk/news/uk-news/coronavirus-getting-less-angry-shouldnt-22563045

We took mom to one of Chicago’s largest hospitals a week ago.  We asked the tech doing the test what’s going on with Covid.  She said the word around the hospital is that the virus is losing its strength.

Renowned European scientist: COVID-19 was engineered in China lab, effective vaccine ‘unlikely’

France and the United States… provided financial and scientific help to the Chinese as they began to conduct ever more dangerous bioengineering experiments…

     In vaccine development, reverse genetics is used to create viral strains that have reduced pathogenicity but to which the immune system responds by creating antibodies against the virus. But reverse genetics can also be used to create viral strains that have increased pathogenicity.  That is what Dr. Shi, encouraged by PLA bioweapons experts, began increasingly to focus her research on

     When asked why China has refused to provide the complete genome of the China Virus to the WHO or to other countries, Dr. Tritto explained that “providing the matrix virus would have meant admitting that SARS-CoV-2 [China Virus] was created in the laboratory. In fact, the incomplete genome made available by China lacks some inserts of AIDS amino acids, which itself is a smoking gun.”…

    By withholding from the world the original genetic code of the China Virus that it created, the Chinese Communist Party is ensuring that no completely effective vaccine will ever be developed by the West…https://www.lifesitenews.com/blogs/renowned-european-scientist-covid-19-was-engineered-in-china-lab-effective-vaccine-unlikely

@EWoodhouse7: Chicago, Cook County, IL: COVID is over. Season ended. Like flu, “cases” can be detected with effort year-round… Why aren’t we spreading the good news?

Dr. Birx says November in-person voting should be as easy as going to Starbucks

https://justthenews.com/politics-policy/coronavirus/dr-birx-says-november-person-voting-should-be-easy-going-starbucks

Chicago Bears Head Coach Nagy was notified at 2:51 AM CT on Sunday that 9 players/staff had tested positive for Covid.  Cue panic!  When retested the nine players/staff were negative.

@justin_hart: Y’all saw the news of the asteroid coming close to earth the day before the election!?  Space agency says there’s a 0.41% chance of it hitting the earth.  Which means you have a better chance of getting hit by the meteor than dying of COVID19 (0.25%)

Biden to ABC’s David Muir: ‘I would shut [country] down’ to prevent spread of COVID-19 if scientists recommended – “I will be prepared to do whatever it takes to save lives because we cannot get the country moving, until we control the virus,”… [Which scientists?  They are in conflict on Covid!]  https://abcnews.go.com/Politics/biden-abcs-david-muir-shut-country-prevent-spread/story?id=72519690

@GOPChairwoman: It is truly elitist for Joe Biden to threaten to shut the entire country down. That may be easy for Hollywood celebrities and privileged politicians, but millions of Americans need to go to work and live their lives.  We can balance that reality with health and safety.

After spending months screaming that DJT isn’t doing enough Covid testing, a Biden advisor admitted Joe has NOT yet been tested for Covid!  Why not?  https://twitter.com/ThisWeekABC/status/1297526482642907136

Early last night, the FDA announced it approved emergency use authorization (EUA) for convalescent plasma as a treatment for COVID-19.  Trump held a presser to make the announcement.

https://www.fda.gov/news-events/press-announcements/fda-issues-emergency-use-authorization-convalescent-plasma-potential-promising-covid-19-treatment

Biden’s DNC Acceptance Speech Gets 21% Lower Ratings than Clinton in 2016 [-38% vs. DJT]

https://www.breitbart.com/politics/2020/08/21/joe-bidens-dnc-acceptance-speech-gets-21-lower-ratings-than-clinton-2016/

 

@nytimes: Biden urged Americans to have faith that they could “overcome this season of darkness,” and pledged that he would seek to bridge the country’s political divisions in ways President Trump had not

 

Joe read his speech on Thursday with only a few minor flubs.  The MSM and ex-Bush employees on Fox glorified Biden’s ability to read the teleprompter without having a moment.  The 24-minute speech was one of the shortest acceptance speeches in history [BHO 54 min in 2008, 38 min in 2012; Hillary 56 min in 2016].  It was effectively the same speech he gave at the 2008 DNC Convention!

 

Actor @RealJamesWoods (from Michael Moore @mbracemoore): The one time he actually makes it through a speech? Well, he’s been giving the EXACT same speech for over a decade. This is unbelievable: https://twitter.com/RealJamesWoods/status/1297209475837890565

 

@mbracemoore: I made the clip and then sped it up for the Twitter time limit. The exact increase in both years.  If he seems slow to you in 2020, congrats, you are the last person on earth to notice.

 

CNN’s Van Jones: “And we were prepared for it to be a terrible speech. As long as he didn’t embarrass himself, we were going to come out here and praise it!”  https://twitter.com/NickFondacaro/status/1296657488129994754

 

CNN’s @amandacarpenter: I need an honest tally from all you who watched all four nights of the Dem convention telling me the number of times the programming made you cry. Go.  [This is not a parody!]

 

@jsolomonReports: Biden gaffe: ‘Never been anything we’ve been able to accomplish when we’ve done it together’ https://justthenews.com/politics-policy/elections/biden-theres-never-been-anything-weve-been-able-accomplish-when-weve-done

 

Joe Biden faces new plagiarism claim over DNC acceptance speech

Canadian media quickly noted that the former veep’s words were uncannily similar to a message written by Jack Layton, the leader of Canada’s left-wing New Democratic Party, who issued a poignant open letter to his fellow citizens as he lay dying of cancer in 2011…  https://trib.al/7HhIiLG

 

Joe Biden’s lengthy history of fabrication, plagiarism and racial controversy

https://justthenews.com/politics-policy/elections/biden-has-history-controversies-involving-plagiarism-fabricated-stories

 

@AnnCoulter: QUESTION: How do we know Biden’s speech was live? Maybe he was doing different takes all day until they got one where he didn’t stumble all over himself.

 

Leftists were upset that Joe’s speech wasn’t more radical.

 

AOC dings Democratic National Convention targeted to ‘white moderates’

“Muslims has ZERO representation which is just utterly crazy to me — we need the turnout Ilhan [Omar] and Rashida [Tlaib] delivered in their primaries.”… https://trib.al/yrsQUzC

 

@JoeConchaTV: Why is the Dem ticket in Biden & Harris not appearing on any of the Sunday shows for live interviews? The pair will appear in a special on ABC, but that has been pre-taped and packaged.

 

Team Trump pounded Biden for reading a short speech on a Teleprompter, not offering any solutions or specific initiatives except for a nation-wide mask mandate and not answering questions.

 

WH Press Sec @kayleighmcenany: The DNC has ended with 4 days of platitudes and ZERO solutions!…

 

Trump slams Biden for not taking questions, teases RNC

Trump also complained that reporters were unfairly delicate with Biden when they do get a chance to lob their questions.  “The other thing is they’re so nice to him. I mean these reporters are so nice they’ll ask him the simplest questions,” he went on. “I’ve never seen anything like it.”…

https://nypost.com/2020/08/20/trump-slams-biden-for-not-taking-questions-and-teases-live-rnc/

 

@DonaldJTrumpJr: If you can read a Teleprompter you should be able to take questions from a real journalist without having to have them give them to you beforehand. Just saying.

 

@charliekirk11 after the DNC Convention ended: CNN is reporting that Joe Biden may not campaign in-person for the rest of the Fall because it will be “less wear and tear” on the candidate.  If Joe Biden can’t handle the rigors of the campaign trail he can’t handle the rigors of being President.

 

Trump rips Biden’s DNC speech in real-time: ‘He will never change’ https://trib.al/4LvOYgj

 

The ‘Bond King’ noted the absence of solutions, plans or policies in Biden’s speech.

 

Jeffrey Gundlach @TruthGundlach: “You say you want a re-va-loo-sha-uhn we-ell you know.  We’d all love to see that plan”.  If you can, name a single policy initiative Biden advocated tonight.

 

Though the media hosannas for Biden’s pedestrian speech were predictable and expected, some anti-Trump MSM solons were upset with Biden’s speech.  They understand that Joe’s lack of specific economic and personal security initiatives will hurt him with swing voters.

 

Op-Ed in WaPo: The convention shows Democrats have ceded the working class to the GOP

If you were a working-class Obama-Trump voter watching this week’s convention, you heard a lot about gun violence, racial justice and climate change, but not much directed at you. The message you heard was: Democrats are not interested in your support… Not a word about the outsourcing of jobs that has decimated their communities. Not a word about confronting China, the country that unleashed covid-19 on our country and has decimated many economic sectors with unfair trade practices…

    Trump now has the opportunity to do what Biden did not: use his convention next week to reach beyond his base and make a pitch to the 10 to 15 percent of voters who have said they approve of his economic policies but don’t approve of him. It is in their economic self-interest to give him a second term…  https://t.co/sdZruNRcOz

 

The NYT’s David Brooks @nytdavidbrooks [Virulently anti-DJT]: In 2016 Dems neglected Econ conditions on the industrial Midwest. They’ve done exactly the same thing this week. Political incompetence of a very high order.

 

Brooks is upset that Biden and Dem speakers neglected to proffer economic plans that would resonate with Flyover America.  People want leaders to improve living standards and fix major problems.  Research shows that people want leaders to clearly articulate problems and propose reasonable solutions.

 

Dr. Periyakoil: Change Management: The Secret Sauce of Successful Program Building

Once convinced that the problem does exist, most people are willing to adopt reasonable solutions

https://palliative.stanford.edu/pioneers-in-palliative-care/dr-diane-meier/dr-periyakoil-change-management-the-secret-sauce-of-successful-program-building/

 

The best way to attenuate Mr. Trump’s resonating voice is to find other candidates that voice reasonable solutions to the real problems Mr. Trump has had the audacity to expose.

https://www.breitbart.com/politics/2015/07/19/donald-trump-the-good-the-bad-and-the-ugly-of-a-populist-candidates-rise/

 

The words ‘reasonable solutions’ and ‘real problems’ appear constantly in numerous articles on management, leadership and politics.

 

@mtracey: Did anyone notice that nobody brought up Trump’s impeachment at the Dem ConventionFrantically portrayed as of earth-shattering, world-historical importance at the time, but apparently didn’t even warrant a mention [The polling on impeachment must be very bad for Dems!]

 

On Friday, Trump, VP Pence and Team DJT gave a preview of the themes of the GOP Convention.

 

Trump on Friday: “You’ve seen the intelligence reports. China very much wants Joe Biden to win. That would be very insulting if they wanted me to win.”

 

Trump: The Democrats held the darkest, angriest, gloomiest convention in history. They spent 4 straight days attacking America as racist horrible country that must be redeemed.  Joe Biden grimly declared a season of American darkness…”  https://twitter.com/LizRNC/status/1296899148277583872

 

Pence criticizes DNC speeches as presenting “a grim vision for America”

He also specifically criticized Democratic presidential nominee Joe Biden’s speech, saying Biden “amazingly … never mentioned the violence that has beset major cities across this country.”… “Joe Biden said last night the economy’s not going to come back until the coronavirus is over,” he said. “Newsflash to Joe Biden – the economy is coming back. The only real threat to our economy is a Joe Biden presidency.”…   https://www.cbsnews.com/news/pence-democratic-convention-speeches-vision-america/

 

DJT on Friday: “They have spent four years trying to overturn the election… Hillary Clinton, remember, ‘Will you honor the election? The results of the election… She should have asked that question to herself…  She’s like a crazed lunatic… Clinton is much smarter but not a likable.  Joe is not nearly as smart but more likable…”   https://twitter.com/LizRNC/status/1296849669407019011

 

Trump rips Biden for not talking about police, violent protests in DNC acceptance speech

https://www.foxnews.com/politics/trump-rips-biden-for-not-talking-about-police-violent-protests-in-dnc-acceptance-speech

 

 

@realDonaldTrump: Why would Suburban Women vote for Biden and the Democrats when Democrat run cities are now rampant with crime (and they aren’t asking the Federal Government for help) which could easily spread to the suburbs, and they will reconstitute, on steroids, their low income suburbs plan!

 

Pence says economy and ‘law and order’ on ballot as Dems launch ‘ad hominem attacks’ on president – The vice president said Democrats have been ‘overtaken by the radical left’

https://www.foxnews.com/politics/pence-economy-law-and-order-on-ballot

 

Ex-acting Dir of Nat’l Intel @RichardGrenell: I’m disgusted by the Democrat Convention ignoring the riots and violence in Portland and Seattle.  @JoeBiden is silent because these are his supporters.

 

Rep. Elise Stefanik to target Biden’s ‘failed record’ in prime-time GOP convention speech: reports

House member plans to compare Trump’s ‘record of results’ to Biden’s ‘failed’ far-left policies

https://www.foxnews.com/politics/rep-elise-stefanik-to-target-bidens-failed-record-in-prime-time-gop-convention-speech-reports

 

A bevy of women speak at the GOP Convention.  They will be utilized to attack Joe and Kamala to prevent suburban women from being offended by a mean Bad Orangeman.

 

Trump supporters have been holding massive boat parades to display their DJT support.  Biden supporters in retaliation organized an unintentionally mocking tribune for Joe Biden.  Wise guys on social media couldn’t contain their barbs on the symbolism of old-timers in slow-moving golf carts honoring Joe.

 

Biden supporters hold golf cart rally in Florida retirement community https://t.co/DO431NAJul

 

California has its first case of plague in 5 years. How likely are you to catch it?

https://www.cbsnews.com/news/california-bubonic-plague-likely-catch/?ftag=CNM-00-10aab7e&linkId=97758306

 

Shocking betrayal:’ Former Green Beret charged with spying for Russia over 15 years. Started under Clinton, ended under Obama.   https://t.co/gepICjZZTU

 

@seanmdav: DOJ charged a former Army green beret with Russian espionage today. The indictment claims he’d been working with Russian intelligence since 1996. Imagine how much sooner the FBI could’ve found him if it hadn’t wasted so much time framing Carter Page

 

New charges could be looming in Jeffrey Epstein investigation https://t.co/fLnufRHkxM

 

The NYT reports Leon Black will be subpoenaed.

https://www.nytimes.com/2020/08/23/business/jeffrey-epstein-leon-black-virgin-islands.html

 

Ghislaine Maxwell’s Nephew Worked under Hillary Clinton at State Department

A State Department spokesperson told The Daily Beast that Djerassi served as a “Staff Assistant” from May 2009 to June 2012… From September 2007 to June 2008, Djerassi was a policy associate for Hillary Clinton’s presidential campaign…

https://www.thedailybeast.com/hillary-clinton-gave-state-department-job-to-epstein-madam-ghislaine-maxwells-nephew-says-report

 

A virtual U.S. Postal Service hearing saw Delaware Senator Tom Carper drop f-bombs to his aide as he struggled to unmute himself – A spokeswoman for Carper said he “got frustrated with technical difficulties this morning, but that pales in comparison to his frustration with a Postmaster General who’s actively undermining the U.S. Postal Service during a national crisis.”  https://reut.rs/2FDpVfk

 

The above story isn’t notable except for the fact that the loutish and insensitive senator blames the Postmaster General for his f-bomb tirade.

 

Detroit Absentee Ballot Chaos: ‘So Inaccurate We Can’t Even Attempt to Make Right’

https://www.breitbart.com/politics/2020/08/23/detroit-absentee-ballot-chaos-inaccurate-cant-even-attempt-make-right/

 

WaPo: More than 500,000 mail ballots were rejected in the primaries. That could make the difference in battleground states this fall.

 

John Brennan Was Put in a Perjury Trap Yesterday [Friday] — A Completely Legitimate One

Conducting the interview [reportedly 8 hours!] at the CIA facility is an interesting decision.  Why not question him at DOJ or FBI HQ?… DOJ and the FBI HQ are in Washington DC.  CIA Headquarters is in Langley, Virginia… If John Brennan offered any false answers to the investigators during the interview, the venue for that “false statement” crime is in the EDVA, not in DC federal court

    One important distinction between “target” and “witness” that is not well understood, but might be in play here, is that it is against DOJ policy to issue a grand jury subpoena to someone who is already a “target”… The CIA is rarely put in a position of having to explain or defend its conduct — purposely and by design.  But when John Brennan has been in that position in the past, he’s been quite comfortable with lying in his responses The purpose of the interview was to get Brennan to confirm or deny information that others have provided up to this point about Brennan, and what he instructed others to do.  John Brennan was placed into a perjury trap yesterday because he’s shown himself willing to perjure himself in the past in order to evade scrutiny That’s why, as a prosecutor, you save a liar like John Brennan for last… And you do it in Virginia and not DC because of what you plan to do next.

https://www.redstate.com/shipwreckedcrew/2020/08/22/john-brennan-perjury-trap-yeserday-completely-legitimate-one/

 

@MariaBartiromo: @LindseyGrahamSC reveals declassified docs show “a foreign gov”trying to send millions$$ to Clinton campaign March 2015. FBI told her before issuing a fisa warrant so Hillary fired staffer. no fisa but diff strategy w @realDonaldTrump Carter Page FISA

 

@senjudiciary: Senate Judiciary Committee Chairman @LindseyGrahamSC today released newly declassified FBI documents and communications demonstrating the Bureau’s double standard when it came to the Clinton and Trump campaignshttps://t.co/oJwr3mx1bO

 

Why won’t the US government admit Iran funded the Benghazi attacks?

US intelligence agencies are sitting on a treasure trove of documents that detail Iran’s direct, material involvement in the Sept. 11, 2012, attacks in Benghazi, Libya, that cost the lives of four Americans. But until now, deep state bureaucrats have buried them under layers of classification, often without reason…

    For the State Department under Hillary Clinton or John Kerry to admit that this Iranian operative was involved in the Benghazi attacks would have blown the lid off their extraordinary cover-up of Iran’s deadly schemes, which is continued today by deep state operatives who have stonewalled multiple Freedom of Information Act (FOIA) requests to release the Iran Benghazi documents…

https://nypost.com/2020/08/22/why-wont-the-us-government-admit-iran-funded-the-benghazi-attacks/

 

The latest YouGov/@CBSNewsPoll RV poll shows Biden with a 10 point lead.  But get this!  To participate in the poll you have to register with YouGov; and if you accumulate enough points, you get paid!!!  https://twitter.com/lawyer4laws/status/1297604099261816832/photo/1

     The poll is 42% Dem, 30 % GOP; 2016 & 2018 exit polls showed 36% Dem, 33% GOP.

https://twitter.com/RyanGirdusky/status/1297636244294373378

 

Ridicule is the only weapon which can be used against unintelligible propositions.” — Thomas Jefferson

Well that is all for today

I will see you TUESDAY night.

One comment

  1. […] by Harvey Organ, Harvey Organ Blog: […]

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