AUGUST 27//POWELL PROVIDES THE THUNDER AS AVERAGE INFLATION IS NOW IN: INTEREST RATES WILL NOT RISE FOR 42 YEARS//NEGATIVE INTEREST RATES WILL NOW BE THE NORM; GOLD AND SILVER RAIDED AGAIN: GOLD DOWN $17.50 TO $1927.40//SILVER DOWN 28 CENTS TO $27.00//GOLD TONNAGE AT THE COMEX UP TO 152.5 TONNES//IN SILVER WE WILL HAVE A WHOPPER OF A DELIVERY MONTH IN SEPT//CORONAVIRUS UPDATE, THE GLOBE/CHINA VS USA//TURKEY VS GREECE/ITALY, FRANCE IN THE MED.SEA//TURMOIL IN THE NBA AS GAMES CANCELLED, BUT RE INSTATED FOR TOMORROW//HURRICANE LAURA A WHOPPER//ANDREW MAGUIRE PODCAST//MORE AMERICAN STORIES FOR YOU TONIGHT//SWAMP STORIES AS WELL//

GOLD:$1927.40  DOWN $17.50   The quote is London spot price

 

 

 

 

 

Silver:$27.00 DOWN$0.28   London spot price ( cash market)

 

Today marks the 10TH day out of the last 13 days that a raid has been orchestrated.  The bankers regrouped from yesterday and they whacked again.  They were mildly successful in lowering the price of our precious metals.  However, the risk to them is now great as those purchasers of paper will turn that paper into real metal.

 

Friday is options expiry OTC /London LBMA 10 am.. not Monday, as the 31st is a UK banking holiday.  First day notice is still the 31st of August.

 

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Closing access prices:  London spot

i)Gold : $1929.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $27.02//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

SEPT GOLD:   $1923.40  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $4.00//) SCARCITY//

OCT GOLD:  $1928.00  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $0.60//CONTANGO//$2.40 BELOW NORMAL CONTANGO

 

 

DEC. GOLD  $1935.40   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $8.00/ CONTANGO   ($4.00 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $27.05…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 5 cent contango//2 CENTS ABOVE NORMAL contango)

SILVER DECEMBER  CLOSE:     $27.12  1:30  PM SPREAD SPOT/FUTURE DEC.       : 12  CENTS PER OZ  CONTANGO ( 5 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today: 1/83

issued  0

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,940.700000000 USD
INTENT DATE: 08/26/2020 DELIVERY DATE: 08/28/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 51
657 H MORGAN STANLEY 79
661 C JP MORGAN 1
685 C RJ OBRIEN 1
686 C INTL FCSTONE 5
690 C ABN AMRO 24
905 C ADM 4 1
____________________________________________________________________________________________

TOTAL: 83 83
MONTH TO DATE: 48,934

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 83 NOTICE(S) FOR 8300 OZ  (0.2582 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  48,934 NOTICES FOR 4,893400 OZ + 2400 oz enhanced standing  =  48958 notices  or 4895800 oz  (152.279 tonnes

 

 

SILVER

 

 

12 NOTICE(S) FILED TODAY FOR 60,000  OZ/

total number of notices filed so far this month: 1294 for 6.470 MILLION oz

 

BITCOIN MORNING QUOTE  $11,328  DOWN 131

 

BITCOIN AFTERNOON QUOTE.: $11,463 UP 144

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $17.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/// // A DEPOSIT OF 3.24 TONNES FROM THE GLD

 

 

 

 

GLD: 1,252.09 TONNES OF GOLD//

 

 

WITH SILVER DOWN 28 CENTS TODAY: AND WITH NO SILVER AROUND:

 

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 566.419  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 HUGE SIZED 4871 CONTRACTS FROM 187,631 DOWN TO 182,760, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE HUGE LOSS IN OI OCCURRED DESPITE OUR STRONG  $1.04 GAIN  IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO A HUGE  SILVER SPREADER LIQUIDATION, CONSIDERABLE  BANKER SHORT COVERING  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, WITH A ZERO INCREASE IN SILVER OZ. STANDING AT THE COMEX FOR AUGUST.  WE HAD A CONSIDERABLE NET LOSS IN OUR TWO EXCHANGES OF 3627 CONTRACTS, WITH ALL OF THE LOSS DUE TO THE LIQUIDATION OF OUR CRIMINAL SPREADERS…  (SEE CALCULATIONS BELOW).

 

 

 

 

WE HAVE ALSO WITNESSED A HUGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S.  WE WERE  NOTIFIED  THAT WE HAD A STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 1101 DEC:  62, MARCH  81 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1244 CONTRACTS. WITH THE TRANSFER OF 1244 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 1244 EFP CONTRACTS TRANSLATES INTO 6.220 MILLION OZ  ACCOMPANYING:

1.THE $1.04 GAIN  IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ INITIAL STANDING IN AUGUST

 

WEDNESDAY, 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 ROSE $1.04 ) ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE BASICALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS AS ALTHOUGH WE HAD A STRONG LOSS ON OUR TWO EXCHANGES, THE ENTIRE LOSS WAS DUE TO OUR  SILVER SPREADER LIQUIDATION. THE BANKERS  ENGAGED IN CONSIDERABLE BANKER SHORT COVERING,, BUT THEY COULD NOT COVER MUCH… THUS: THE CONSIDERABLE SIZED LOSS AT THE COMEX WAS ACCOMPANIED BY : i)HUGE  SPREADER LIQUIDATION ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO INCREASE IN SILVER OZ STANDING  FOR AUGUST,  HUGE BANKER SHORT COVERING   AND 4) ZERO LONG LIQUIDATION.  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 AND ALL LAST WEEK

 

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:

20042 CONTRACTS (FOR 21 TRADING DAY(S) TOTAL 20,042 CONTRACTS) OR 100.210 MILLION OZ: (AVERAGE PER DAY: 1002 CONTRACTS OR 5.0105 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 100.210 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 14.31% 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:          1,370.47 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                         100.21  MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

 

 

 

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4871, DESPITE OUR STRONG $1.04 CENT GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY AS ONE A NET BASIS, NOBODY LEFT THE SILVER ARENA..AS ALL OF THE LOSS WAS DUE TO SPREADER LIQUIDATIONTHE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1244 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 LOST A CONSIDERABLE SIZED 3627 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $1.04 IN PRICE)//AND AS MENTIONED ABOVE, ALL OF THE LOSS WAS DUE TO SPREADER LIQUIDATION.

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1244 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 4057 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A STRONG $1.04 IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.28 // WEDNESDAY’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. 0.9460 BILLION OZ TO BE EXACT or 135% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 12 NOTICE(S) FOR 60,000 OZ OF SILVER.

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

 

.

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 2.205 MILLION OZ// JULY 86.470 million oz//AUGUST 6.475 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL  SIZED 2007 CONTRACTS TO 547,275 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL LOSS IN COMEX OI OCCURRED DESPITE OUR HUGE GAIN IN PRICE  OF $27.60 /// COMEX GOLD TRADING// WEDNESDAY//WE HAD CONSIDERABLE BANKER SHORT COVERING, A GOOD SIZED INCREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG GAIN IN PRICE OF $27.60. 

 

 

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 TINY SIZED 110 CONTRACTS  (0.342 TONNES) ON OUR TWO EXCHANGES AS WE HAD CONSIDERABLE BANKER SHORT COVERING.

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1897 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 250 DEC: 1647; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1897.  The NEW COMEX OI for the gold complex rests at 547,275. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 110 CONTRACTS: 2007 CONTRACTS INCREASED AT THE COMEX AND 1897 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 110 CONTRACTS OR 0.342 TONNES. WEDNESDAY, WE HAD A GAIN OF $27.60 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A SMALL SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 0.342 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $27.60).  WE  HAD A CONSIDERABLE BANKER SHORT COVERING  OPERATION BUT JUDGING FROM THE TINY LOSS IN TOTAL OI AND THE STRONG GAIN IN PRICE WITH THE SMALL ISSUANCE IN EXCHANGES FOR PHYSICAL THEY COULD NOT FLEECE ANY OF OUR SPECULATOR LONGS.

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1897) ACCOMPANYING THE  SMALL SIZED LOSS IN COMEX OI  (2007 OI): TOTAL LOSS IN THE TWO EXCHANGES:  110 CONTRACTS. WE NO DOUBT HAD 1 )CONSIDERABLE BANKER SHORT COVERING , 2.)A STRONG INCREASE IN GOLD TONNAGE  STANDING AT THE GOLD COMEX FOR THE FRONT AUGUST MONTH,  3) ZERO NET LONG LIQUIDATION; 4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//WEDNESDAY//$27,60.

 

 

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 : 40,636, CONTRACTS OR 4,063,600, oz OR 126.39 TONNES (21 TRADING DAY(S) AND THUS AVERAGING: 2031 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES: 126.39 TONNES

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

THUS EFP TRANSFERS REPRESENTS 126.39/3550 x 100% TONNES =3.56% 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   3,386.45  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;                 126.39 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 CONSIDERABLE SIZED 4871 CONTRACTS FROM 187,631 DOWN TO 182,760 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 CONSIDERABLE SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO;   1)HUGE  SPREADER LIQUIDATION 2)   CONSIDERABLE BANKER SHORT COVERING  , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN SILVER OZ  STANDING AT THE SILVER COMEX FOR AUGUST,  AND  4) MINOR WEAK LONG LIQUIDATION, BUT ON NET, ZERO LONG LIQUIDATION. 

 

 

 

EFP ISSUANCE 1244 CONTRACTS

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

 SEPT: 1101 AND DEC. 62 AND MARCH:  81  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1244 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 4871  CONTRACTS TO THE 1244 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A CONSIDERABLE SIZED LOSS OF 3627 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 18.135 MILLION  OZ, OCCURRED DESPITE OUR $1.04 GAIN IN PRICE///

HOWEVER IT MUST BE POINTED OUT THAT THE ENTIRE LOSS IN OI ON THE TWO EXCHANGES WAS DUE TO SPREADER LIQUIDATION.

 

 

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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 20.37 POINTS OR 0.61%  //Hang Sang CLOSED DOWN 210.64 POINTS OR 0.83%   /The Nikkei closed DOWN 82.00 POINTS OR 0.35%//Australia’s all ordinaires CLOSED UP .26%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8871 /Oil UP TO 43.09 dollars per barrel for WTI and 45.38 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8871 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8812 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY A SMALL SIZED 2007 CONTRACTS TO 547,275 MOVING FURTHER FROM 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 SMALL COMEX INCREASE OCCURRED WITH OUR STRONG GAIN OF $27.60 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1897 CONTRACTS),.  THUS,  WE HAD AGAIN 1) HUGE BANKER SHORT COVERING AT THE COMEX (WITH HIGHER PRICES).  THEY ORCHESTRATED ANOTHER RAID BUT JUDGING FROM THE GAIN IN TOTAL OI,, THEY WERE NOT SUCCESSFUL IN CLOSING OUT MUCH OF THOSE SHORTS…… , PLUS WE HAD 2)  ZERO LONG LIQUIDATION  AND 3)  A STRONG INCREASE IN GOLD OZ  STANDING AT THE GOLD COMEX//AUGUST DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A TINY SIZED LOSS ON OUR TWO EXCHANGES OF 110 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 REMAINS AT 134

 

WE HAD 24 NOTICES FILED LAST FRIDAY AND THAT NUMBER IS RECORDED IN OUR TOTAL NOTICES. 

 

 

 

 

 

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 1897 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 250  DEC 1647; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1897  CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 110 TOTAL CONTRACTS IN THAT 1897 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 2007 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 CONSIDERABLE BANKER SHORT COVERING  AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR HUGE RAIDS LAST WEEK AND THIS WEEK COURTESY OF THE OFFICIAL SECTOR/BIS//BANKERS. TODAY WE WITNESSED A GOOD INCREASE IN GOLD TONNAGE STANDING FOR AUGUST…..  WE  LOST SOME WEAK HANDED SPECULATOR LONGS WITH THE RAID ORCHESTRATED BY THE BIS BUT ON A NET BASIS ZERO LONGS HARDLY ANYBODY LEFT THE GOLD ARENA//

 

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $27.60).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS 

AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  0.342 TONNES

 

 

NET LOSS ON THE TWO EXCHANGES :: 110, CONTRACTS OR 11,000 OZ OR 0.342 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:  547,275 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.72 MILLION OZ/32,150 OZ PER TONNE =  1702 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1702/2200 OR 77.36% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 474,098 contracts// volume strong// raid foiled

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  369,835 contracts//  volume: fair/good  //most of our traders have left for London

 

 

AUGUST 28 /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
5208.460 oz
Brinks
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

547,853.000

OZ

BRINKS

 

17040  1/2

KILOBARS

No of oz served (contracts) today
83 notice(s)
 8300 OZ
(0.2582 TONNES)
No of oz to be served (notices)
84 contracts
(8400 oz)
0.2612 TONNES
Total monthly oz gold served (contracts) so far this month
48958 notices
4,895,800 OZ
152.279 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 0 deposit into the customer account

 

total customer deposit:  nil    oz

 

 

we had 1 gold withdrawals from the customer account:

i) Out of Brinks: 5208.460 oz

 

 

 

total withdrawals;  5208,460   oz

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 1 //

dealer to customer

i) Out of Malca  68,578.083 oz

 

 

 

The front month of AUGUST registered a total of 167 CONTRACTS as we GAINED 6 contracts. We had 66 notices served on WEDNESDAY so we GAINED A STRONG 72  contracts or an additional 7200 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 for their effort. The boys are scrambling in search of badly needed physical metal as they start to search for metal on the other side of the pond. (the CME is now allowing other refiners as official facilities to supply metal…our regular guys just cannot that which is needed..see report on that below)

 

 

 

 

 

After August we have the non active Sept contract month.. Here we saw another GAIN  of 428 contracts to stand at 2935.  Oct LOST 8058 contracts DOWN to 63,734

 

The big December contract GAINED 5237 contracts UP to 405,619 contracts…(it is here where some of our short side bankers tried to bail and failed//newbie longs entered the arena)

 

 

 

We had 83 notices filed today for  8300 oz

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 83 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 1 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 (48,958) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (167 CONTRACTS ) minus the number of notices served upon today (83 x 100 oz per contract) equals 4,904,200 OZ OR 152.547 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 (48,934, x 100 oz + (167 OI) for the front month minus the number of notices served upon today (83) x 100 oz which equals 4,904,200 oz standing OR 152.547 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 72 contracts or 7200 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 ANOTHER RAID TODAY SO AS TO CAUSE SOME WEAK HAND SPECULATORS TO FLEE THE GOLD ARENA. THEY SUCCEEDED SLIGHTLY.

 

 

 

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)

261,955.892 oz  (some deleted august 3)         JPM  8.1479 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 jpm

total pledged gold:  1,085,072.487 oz                                     33.75 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 473.34 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 152.541 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,303,132.707 oz or 507.09 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:  261,955.892 oz (or 8.1479 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:  1,085,072.487 oz or 33.75 tonnes
thus:
registered gold that can be used to settle upon:  15,218,060.0  (473,34 tonnes)
true registered gold  (total registered – pledged tonnes  15,218,060.0 (473.34 tonnes)
total eligible gold:  20,844,747,360 oz (648.35 tonnes)

total registered, pledged  and eligible (customer) gold;   37,147,880.067 oz 1,155.45 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1029,11 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 27/2020

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
3010.222 oz
Delaware

 

 

Deposits to the Dealer Inventory
25,107.620 oz
Manfra

 

Deposits to the Customer Inventory
1,134,863.019 oz
CNT
Delaware
Scotia
No of oz served today (contracts)
12
CONTRACT(S)
(60,000 OZ)
No of oz to be served (notices)
1 contracts
 120,000 oz)
Total monthly oz silver served (contracts)  1294 contracts

6,470,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into Manfra  25,107.620 oz

total dealer deposits: 25,107.620   oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 0 deposits into the customer account

i)into JPMorgan:  nil oz

 

 

 

ii) Into everybody else  0 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 48.71% of all official comex silver. (165.53 million/339.845 million

 

total customer deposits today: nil   oz

we had 1 withdrawals:

 

 

i) Out of Delaware; 3010.222 oz

 

 

 

 

 

 

total withdrawals;  3,010,222    oz

We had 2 adjustments  both dealer to customer

Brinks:  4,085918.359  oz

CNT:  2,770,480.501 oz

 

Total dealer(registered) silver: 123.622 million oz

total registered and eligible silver:  339.867 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 13 contracts and thus we lostcontracts.  We had 3 notices filed on TUESDAY so we GAINED 0 contracts or an additional nil oz will  stand for delivery as these guys REFUSED TO  morph into London based forwards as well as NEGATING a fiat bonus…. 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 of only 14,364 contracts down to 29,011. November saw another gain of 76 contracts to stand at 543.

SEPT OI IS VERY HIGH AND WE WILL HAVE A DANDY AMOUNT OF SILVER STANDING AT THE COMEX.  WE HAVE 2 MORE READING DAYS BEFORE FIRST DAY NOTICE AUGUST 31/2020 (MONDAY)

THE BANKERS MUST HAVE BEEN NOT OVERJOYED TONIGHT WHEN THEY SAW THE HIGH OPEN INTEREST FOR THE FRONT MONTH OF SEPT…AND NOT CONTRACTING MUCH!!

(for comparison purposes last year we had 33 million oz stand for delivery//with two days to go we had 14,000 open interest still standing. Thus we should have a minimum of 70 million and maybe up to 90 million oz of silver standing for delivery.

 

The big December contract month saw its OI rise by good 5688 contracts up to 137,512

 

 

The total number of notices filed today for the AUGUST 2020. contract month is represented by 12 contract(s) FOR 60,000, oz

 

To calculate the number of silver ounces that will stand for delivery in AUGUST we take the total number of notices filed for the month so far at 1294 x 5,000 oz = 6,470,000 oz to which we add the difference between the open interest for the front month of AUGUST(13) and the number of notices served upon today 12 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the AUGUST/2019 contract month: 1294 (notices served so far) x 5000 oz + OI for front month of AUGUST  (13)- number of notices served upon today (12) x 5000 oz of silver standing for the AUGUST contract month.equals 6,475,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We lost 0 contracts or an additional nil will stand for delivery as they refused to morph into London based forwards..

 

 

TODAY’S ESTIMATED SILVER VOLUME : 232,022 CONTRACTS // volume huge++++++++++++++++++++++++++++++++++++++++++++++++/

 

 

FOR YESTERDAY: 209,295.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 209,295 CONTRACTS EQUATES to 1.046 billion  OZ 1.494% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.07% ((AUGUST 27/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.44% to NAV:   (AUGUST 27/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.07%

(courtesy Sprott/GATA

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

NAV 20.36 TRADING 20.20///NEGATIVE 1.79

END

 

 

And now the Gold inventory at the GLD/

AUGUST 27/WITH GOLD DOWN 17.50 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 3.24 TONNES INTO THE GLD//INVENTORY REST AT 1252.09 TONNES

AUGUST 26/WITH GOLD UP $26.70  TODAY/  WE  HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.53 TONNES FROM THE GLD//RESTS AT 1248.85 TONNES

AUGUST 25/WITH GOLD DOWN $14.60 TODAY, WE  HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//RESTS AT 1252.38 TONNES

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 27/ GLD INVENTORY 1252.09 tonnes*

LAST;  890 TRADING DAYS:   +312.59 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 790 TRADING DAYS://+491.12  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 27/WITH SILVER DOWN 28 CENTS  TODAY// NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.419 MILLION OZ

AUGUST 26//WITH SILVER UP $1.04 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.65 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 566.419 MILLION OZ..

AUGUST 25/WITH SILVER DOWN 21 CENTS: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.607 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 571.074 MILLION OZ//

AUGUST 24//WITH SILVER DOWN 18 CENTS TODAY: WE HAD A NO CHANGES//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 27.2020:

SLV INVENTORY RESTS TONIGHT AT

566.419 MILLION OZ

 

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

Bonds sold, stocks bought as investors eye Jackson Hole

(Reuters) – Traders sold government bonds and bought stocks on Wednesday, placing riskier bets on optimism about U.S.-China trade and expectations of ample central bank stimulus before a key speech by the U.S. Federal Reserve chairman at Jackson Hole.

In early London trading, the yield on U.S. 10-year debt rose as high as 0.7190%, close to a two-month peak, as bond traders begin to price in a return to inflation and growth for major economies.

The broad Euro STOXX 600 turned positive in early trading to gain 0.2%, with indexes in Frankfurt and Paris both up a similar amount, though London fell 0.2%.

The MSCI world equity index, which tracks shares in 49 countries, gained 0.1%. Wall Street futures gauges were flat.

A day earlier, investors had dumped benchmark U.S. debt [.US] and bought stocks after a productive call between top Beijing and Washington officials stoked hopes of smoother trade relations between the world’s two biggest economies.

In another sign of a more positive mood, safe-haven gold fell 0.6%, on course for a fourth straight day of losses.

Euro zone bonds calmed, with safe-haven Bund yields rising a smidgeon after enduring on Tuesday their worst session since May as better German economic data and trade dented hunger for government debt.

For many investors, bets on looser policy – the major driver of a powerful recovery for U.S. stocks from pandemic-driven lows in March – were at the forefront.

Fed Chairman Jerome Powell is due to speak at a virtual Jackson Hole symposium on Thursday, where investors think he could outline a more accommodative approach to inflation which would open the door to easier policy for a long time to come.

“Jackson Hole is a big one,” said Jeremy Gatto, an investment manager at Unigestion in Geneva.

“Investors are expecting a bit more clarity on what the Fed is looking at. We are likely to see a high level of accommodation for some time to come.”

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan traded flat.

 

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

Gold has performed quite well lately but the metal needs more intregration into markets

(Peter Grosskopf/GATA)

Peter Grosskopf: Gold performs spectacularly but needs more integration into markets

 Section: 

11:40a ET Wednesday, August 26, 2020

Dear Friend of GATA and Gold:

Gold long has been performing spectacularly compared to other currencies and financial assets, Sprott CEO Peter Grosskopf writes this week, including some telling charts. But, he adds, to increase its appeal the monetary metal needs more integration into financial markets to achieve full “fungibility.” Fortunately, Grosskopf concludes, the technology for such integration is already available.

Grosskopf’s commentary is headlined “Gold Needs to ‘Glow-Up'” and it’s posted at the Sprott internet site here:

https://sprott.com/insights/a-message-from-the-ceo-gold-needs-to-glow-up…

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

END

Buffet is not longer buying the Fed’s spin as he bought Barrick shares

(Pam and Russ Martens)

Pam and Russ Martens: Buffett isn’t buying Fed’s spin on big banks

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, August 26, 2020

At his press conference on June 10, Federal Reserve Chairman Jerome Powell said this about the U.S. banking system, which includes a little more than 5,000 federally insured banks but is dangerously concentrated in the hands of just five mega-banks on Wall Street.

“You have a banking system that is so much better capitalized, so much stronger, better aware of its risks, better at managing its risks, more highly liquid. You have all of those things and they’ve been lending, they’ve been taking in deposits, they’ve been a source of strength in this situation.”

Warren Buffett, chairman and CEO of Berkshire Hathaway, is apparently not buying the story that Powell is attempting to sell to the public.

 

According to Berkshire Hathaway’s 13F filing with the Securities and Exchange Commission for the quarter ending June 30, Buffett dumped 35.5 million shares of JPMorgan Chase or 61.5 percent of his 57.7 million share holding in the bank.

Buffett also dumped the remainder of his position in Goldman Sachs, which amounted to 1.9 million shares. Buffett had already exited 84 percent of his shares of Goldman Sachs in the first quarter. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/08/when-it-comes-to-jpmorgan-warren-…

end

(GATA) John Kim:

China tightens its squeeze on New York and London gold futures markets

Submitted by cpowell on 03:28PM ET Thursday, August 27, 2020. Section: Daily Dispatches

11:29a ET Thursday, August 27, 2020

Dear Friend of GATA and Gold:

Market researcher John S. Kim of SK Wealth Academy reports today that the Shanghai Futures Exchange has shortened the delivery period for gold futures contracts from five working days to one working day after the last trading day.

Kim adds that the delivery periods for other futures contracts were shortened as well but not as much — from five working days to three.

Kim writes: “Since the change was much tighter in the trading of gold futures than with any other commodity, I believe the purpose of this change was to ensure that all traders who enter trades in the exchange possess the required upfront physical gold amounts to meet delivery without traders worrying that their desire to take physical gold delivery will be unmet due to physical gold supply shortages that are currently being experienced by the Chicago Mercantile Exchange and the London Bullion Market Association.”

Kim’s report is headlined “China Tightens Its Squeeze on New York and London Gold Futures Markets” and it’s posted at his internet site here:

https://maalamalama.com/wordpress/china-tightens-its- squeeze-on-new-york
-and-london-gold-futures- markets-/27/08/skwealthacademy

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

end

iii) Other physical stories:

a must view:….

Andrew Maguire

3:58 PM (12 minutes ago)
to Chris, me

Hi Chris, Harvey

An explainer on what’s going on.

https://www.youtube.com/watch?v=TZEMWROKRGI&feature=youtu.be

 The BIS has accrued an extremely large long unallocated FX gold position. They have never been so long unallocated gold. What this means this is they are long FX gold, essentially bullishly spot indexed while providing physical to the agent banks so they can scramble to meet delivery demands. We discuss how this is all to do with the upcoming gold price reset.

Warm regards

Andrew

 

Attachments area

Preview YouTube video Episode 19: Live from the Vault – Featuring Andrew Maguire & Shane Morand

Episode 19: Live from the Vault – Featuring Andrew Maguire & Shane Morand

end

https://www.jsmineset.com/2020/08/27/its-the-fedbugs-day-in-the-spotlight/

It’s The FedBugs Day In The Spotlight!

Posted August 27th, 2020 at 9:14 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Thursday Morning Folks,

       Gold is trekking lower in the early morning with the December Contract at $1,949 down $3.50 and recovering from the low at $1,944.20 with the high to beat at $1,963.30. Silver is down 3.9 cents with the December Contract at $27.565 after hitting a low of $27.23 with the high to beat at $27.81. Our US Dollar is trading higher with the value pegged at 93.12, a gain of 12.4 points after recovering from a drop down at 92.775 with the high nearby at 93.15. Of course, all this happened already, before 5 am pst, the Comex open, the London close, and just before the Virtual FedBugs day in Jackson Hole, Wyoming. Knock, Knock, Knock, Gold is Money!

      Gold in Venezuela is now priced at 19,465.64, more than doubling yesterday’s drop, gaining 251.69 Bolivar with Silver’s trade at 275.305 Bolivar, adding 9.438, more the quadrupling yesterday’s pull. Argentina’s Peso now has Gold valued at 143,851.60 providing the holder a 1,958.12 A-Peso gain with Silver adding 70.98 A-Pesos overnight with the last trade at 2,034.54. Turkey’s Lira now prices Gold at 14,312.98 proving a gain, just under yesterday’s drop, of 149.47 T-Lira with Silver now at 202.323 T-Lira almost tripling yesterday’s pull by gaining 6.346 overnight.

      August Silver’s Deliver Demands now shows a post of 13 fully paid for 5,000-ounce contracts waiting for receipts, and with no Volume or Price to post so far today. Yesterday’s delivery activity happened in between $27.02 and $26.955, with a closing price above any trade made at $27.43, a gain of $1.175 caused by all the Futures paper. Yesterday’s activity involved 13 more swaps and reducing the delivery count by 3. Of note; today is the last day to buy an August receipt before the Comex close which forces the sellers to deliver that receipt before the next month’s start. Silver’s Overall Open Interest is now at 183,575 Overnighters proving a reduction of 4,861 short contracts during yesterday’s stellar rally, leaving many to wonder what will happen next week when September’s Deliveries start up in earnest?

      August Gold’s Delivery Demands are still proving many want physical now with the count at 167 fully paid for 100-ounce contracts waiting for receipts and with a Volume of 2 up on the board with No Price offered yet. The count proves yesterday’s trades added another 6 contracts with the days physical trading range between $1,950.80 and $1,909.70 with a calculated close at $1,940.70, proving a gain of $28.90. I watched the last trade occur at the high. Before that last purchase the previous buy was at $1,926.60. It makes me wonder if the last trade was a “buy at market” order? In the old days, when there where floor brokers and trading tickets, we used to always hear them say “Never Give New York a Market Order”, this was the reason for that statement back then, and maybe now as well. Apparently, we still can’t trust the NY algos. Yesterday’s rally may have been a surprise for the sellers after they started to reduce their short papers the previous day, as another 903 contracts had to be added in order to provide cover bringing the Overall Open Interest to 550,512 Overnighters going against the physicals.

      Yesterday was something to behold as we watched the prices rally instead of getting the normal beatdown we almost always see on Options Expiration Day. In Silver, the $1.17 gain in price caused another 2,870 Call options to go ITM, bringing the total “In The Money” Call count to 25,141 purchased Call Options that may have required a futures trade to offset the loses, at or just before the respective strike price was breeched. Yesterday’s September Count was at 44,084 contracts in trade with the Volume, way up there above double. Today’s September Count now sits at 29,818 contracts proving a reduction of 14,266 contracts overnight. This may mean more than half of theses Call Purchases required the Call option sellers, to purchase those additional futures contracts, in order to offset the loses they were achieving as the prices rallied as the month progressed. As these options got cleared, so did the Open Interest on the futures side. Many may still think, options don’t matter, but we think otherwise, since it is major part of the Comex money game.

      Here’s a continuing anomaly; remember that December Silver $50 Call I wrote about earlier this month, that was purchased at 4.5 cents in the beginning of the year? Well, back on August 7th, the high spike in futures occurred at $29.915 (Sept), that very same Call option closed that day at 62 cents ($3,100). On August 12th, the lowest price in the September trade happened at $23.58, that very same $50 Call option settled that day at 45 cents ($2,250). With September Silver’s price now at $27.29, in between the high and the low for the month, that same Call options is now priced at 16.5 cents ($825). Go figure! Let us simply say, there is something of interest still happening at the Comex, with our precious metals.

      Will it mean anything after the Fedbugs day in the spotlight? Let us wait, with our physicals in hand, and a positive thought in the head, and a prayer for all. As always …

Stay Strong!

Jeremiah Johnson

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 THURSDAY 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: 6.8871/ 

 

//OFFSHORE YUAN:  6.8820   /shanghai bourse CLOSED UP 20.37 POINTS OR 0.61%

HANG SANG CLOSED DOWN 201.64 POINTS OR 0.83%

 

2. Nikkei closed DOWN 82.00 POINTS OR 0.35%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 93.02/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: RISES TO. +04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.04/ 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:: 43.09 and Brent: 45.38

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.45%/Italian 10 yr bond yield DOWN to 0.98% /SPAIN 10 YR BOND YIELD DOWN TO 0.34%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.43: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.09

3k Gold at $1939.50 silver at: 27.25   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 48/100 in roubles/dollar) 75.17

3m oil into the 43 dollar handle for WTI and 45 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.04 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 .9099 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0750 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

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

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

4. USA 10 year treasury bond at 0.679% early this morning. Thirty year rate at 1.40%

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

6.  TURKISH LIRA:  UP  TO 7.3402..

Futures Dip Ahead Of Powell’s Landmark Speech

US equity futures and global stocks fell on Thursday and the dollar tried to stage a rebound after two days of losses, as tensions between Washington and Beijing dampened the mood ahead and as investors braced for Powell’s speech at the virtual Jackson Hole conference at 910am ET, at which he is expected to unveil the Fed’s “new policy” of tolerating higher inflation.

 

Trading on Thursday was weighed down by U.S. sanctions on China over military action in the disputed South China Sea after both Wall Street and the MSCI World index hit new record highs on Wednesday with the endless supply of cheap cash from central banks pushing up big-cap tech companies. The S&P 500 and the Nasdaq had risen for the past five session to new highs, largely driven by investors pouring into heavyweight technology-related stocks.

Among early movers, Abbott Laboratories soared 9.2% in the premarket after gaining clearance for a portable $5 15-minute Covid test. NetApp jumped 10.2% in premarket trading after it posted better-than-expected quarterly results, powered by demand for its cloud services.

The MSCI world equity index dipped 0.1% while the MSCI’s main European Index was down 0.3%. Europe’s Stoxx 600 was down 0.2% led by losses in the bank and insurance sectors. Rolls-Royce Holdings tumbled, leading decliners across Europe after a record half-year loss and writedown on its main jet-engine arm as the coronavirus crisis battered air travel. WPP Plc climbed after suggesting the pandemic’s worst impact may have passed for the world’s biggest advertising group.

Earlier in the session, Asian stocks were little changed, with energy and utilities falling, after rising in the last session. Markets in the region were mixed, with Shanghai Composite and Jakarta Composite rising, and South Korea’s Kospi Index and Singapore’s Straits Times Index falling. The Topix declined 0.5%, with Takasho and Aeon Fantasy falling the most. The Shanghai Composite Index rose 0.6%, with Whirlpool China and Shanghai Industrial Development posting the biggest advances.

CMC Markets UK analyst David Madden told Reuters the week’s pattern was a classic case of “buy the rumor, sell the fact” as investors unwound their bullish positions from earlier in the week.

“If you’re a trader starting the week on Monday you think Powell is speaking on Thursday, we’re all expecting him to have some sort of dovish stance, so you buy Monday, Tuesday, Wednesday, when he’s actually giving the talk on Thursday you wind down your positions,” he said. “You trade in advance in the expectation that a dovish speech will be delivered and then you square up your position a few hours before hand.”

Powell is likely to make a case for low interest rates and higher inflation in an overhaul of the central bank’s policy approach in his remarks at the Jackson Hole symposium, being held virtually this year. Before his address at 9:10 a.m. EDT investors will get a look at the weekly jobless claims report, the most timely U.S. economic indicator, which is expected to have dipped to 1 million for the week ended Aug. 22.

In rates, benchmark 10-year Treasury yields edged lower in a move eclipsed by European peers. The dollar turned higher versus a basket of its biggest counterparts from a level near its two-year low. European bond yields fell, with Germany’s benchmark 10-year Bund yield down 4 bps at -0.451%.

In FX, the Bloomberg Dollar Index steadied following two days of declines. Against a basket of currencies, it was up 0.1% at 92.955. The riskier Aussie and Kiwi dollars gained versus the U.S. dollar, while the euro was slightly lower at $1.18055. Australia’s Victoria state which has become the epicenter of the nation’s second wave of COVID-19 infections, reported its lowest one-day rise in new cases in nearly two months.

The offshore Chinese yuan hit a 7-month high versus the dollar overnight, but erased losses as the European session progressed.

In commodities, oil prices were mixed, with Brent crude futures for October, which expire on Friday, up 0.1% at $45.61 a barrel by 1055 GMT. U.S. West Texas Intermediate crude futures were down 0.4% at $43.21 a barrel. Oil prices were mixed, with Brent crude futures for October, which expire on Friday, up 0.1% at $45.61 a barrel by 1055 GMT. U.S. West Texas Intermediate crude futures were down 0.4% at $43.21 a barrel. Hurricane Laura, a massive Cat 4 hurricane in the Gulf of Mexico pushed the market higher this week, but the storm is not expected to affect supplies much because oil and product inventories are high. Gold prices fell as investors took profits before Powell’s speech, with spot gold down 0.8% to $1,9340 per ounce.

Looking ahead, a bevy of central bankers and economists speak at the Jackson Hole economic symposium in a few hours via webcast entirely viewable by the public for the first time. Powell’s appearance will be closely watched for insight into the Fed’s new monetary policy framework review. “We think the Fed’s message is clear: it will want to keep rates low across the yield curve, in line with its desire to keep financial conditions ultra-loose,” Mark Haefele, chief investment officer at UBS Global Wealth Management, wrote in a note. “Investors should keep cash holdings to a minimum and will need to search harder for yield.” Also in focus is the conclusion of the Republican National Convention. U.S. President Donald Trump will speak live from the White House on Thursday. Quarterly reports from retailers Abercrombie & Fitch Co, Dollar Tree Inc, Dollar General Corp and cosmetic maker Coty are also due premarket.

Market Snapshot

  • S&P 500 futures down 0.3% to 3,471
  • STOXX Europe 600 down 0.3% to 372.15
  • MXAP down 0.02% to 174.06
  • MXAPJ up 0.2% to 578.36
  • Nikkei down 0.4% to 23,208.86
  • Topix down 0.5% to 1,615.89
  • Hang Seng Index down 0.8% to 25,281.15
  • Shanghai Composite up 0.6% to 3,350.11
  • Sensex up 0.3% to 39,206.14
  • Australia S&P/ASX 200 up 0.2% to 6,126.23
  • Kospi down 1.1% to 2,344.45
  • German 10Y yield fell 3.4 bps to -0.449%
  • Euro up 0.05% to $1.1836
  • Italian 10Y yield fell 0.9 bps to 0.891%
  • Spanish 10Y yield fell 2.8 bps to 0.348%
  • Brent futures little changed at $45.66/bbl
  • Gold spot down 0.5% to $1,945.61
  • U.S. Dollar Index down 0.2% to 92.87

Top Overnight News

  • Hurricane Laura made landfall near Cameron, Louisiana in the early hours of Thursday as one of the most powerful storms to hit the state on record. Authorities ordered evacuations and warned the storm surge will be “unsurvivable”
  • Covid-19 cases surpassed 24 million worldwide with India seeing a record spike and South Korea, Italy and France reporting the most new daily infections in months
  • Japanese Prime Minister Shinzo Abe should be able to serve out his term as party leader ending about a year from now, his top aide said, after concerns about the PM’s health

A quick look around global markets courtesy of newssquawk.com

Asian equity markets traded mixed after failing to take full impetus from the fresh record highs stateside which was led once again by a surge in big tech, with the region kept tentative by ongoing US-China tensions and ahead of the looming Jackson Hole Symposium. ASX 200 (+0.2%) was led higher by metal miners following the prior day’s advances in precious metals and with sentiment also supported amid better than expected Private Capex data which included upward revisions to yearly capex estimates. Conversely, Nikkei 225 (-0.4%) was pressured as exporters suffered from the ill effects of recent currency strength, while the KOSPI (-1.0%) also weakened after virus cases rose by the most since March and following the BoK rate decision where the central bank maintained rates at 0.50% as expected but downgraded its 2020 growth forecast in which it now anticipates a wider contraction of 1.3% for the economy. Elsewhere, Hang Seng (-0.8%) and Shanghai Comp. (+0.6%) were cautious as US-China tensions were stoked after the US blacklisted more Chinese firms including several subsidiaries of China Communications Construction Company which saw shares in the parent drop nearly 5%. Other notable stock movers today included HSBC (-1.6%) which was pressured by recent accusations from US Secretary of State Pompeo that it is aiding Beijing’s crackdown on Hong Kong and continues to provide services to people sanctioned by the US, although Xiaomi (+13.0%) shares have surged after it more than doubled its Q2 profit. Finally, 10yr JGBs were positive following the bull steepening stateside in the wake of a strong 5yr US auction, with the slightly soured Asia-Pac tone also providing a tailwind for bond prices, although some of the gains were later pared after mixed results at today’s 2yr JGB auction.

Top Asian News

  • China Cash Shortages Push Up Funding Costs, Pressuring Bonds
  • Japan’s Abe to Serve Out Term as LDP Leader, Top Aide Says
  • South Korea Extends Ban on Short-Selling Amid Virus Flareup
  • Biggest Malaysian Bank’s Profit Falls to Least in a Decade

Subdued trade across the European equity space (Euro Stoxx 50 -0.5%), as bourses drifted lower since the cash open despite a lack of fresh catalysts and a mixed APAC lead, but with possible positioning/profit-taking ahead of Fed Chair Powell’s address (full Jackson Hole schedule available on the newsquawk headline feed). Participants will be eyeing any nuances regarding the Fed’s framework review and average inflation targets ahead of the September meeting (full preview available in the newsquawk Research Suite). Sectors are mostly lower with a defensive bias, although IT bodes somewhat better than other cyclical names following the tech outperformance on Wall Street yesterday. Meanwhile, Banks reside at the bottom of the pile amid the low-yield environment. In terms of individual movers, WPP (+4.3%) leads the gains in the Stoxx 600 after overall solid earnings. Conversely, Rolls-Royce (-6.8%) resides on the other side of the spectrum after reporting dismal numbers whilst noting the COVID-19 has significantly impacted the group in H1. The newest DAX-component Delivery Hero (-2.9%) is pressured by its earnings which eroded YY. Finally, positive broker moves see Ambu (+1.5%) and Swedbank (+1.0%) in the green.

Top European News

  • Europe Rejects Hardline Lockdowns to Contain Resurgent Virus
  • Hedge Funds Press for Crackdown on Front-Running Loophole in EU
  • The Hut Group’s Planned $1.2 Billion IPO Breaks London Lull
  • U.K. to Pay People on Low Incomes If Self-Isolating in Pandemic

In FX, the Aussie and Kiwi are outpacing G10 peers, with the former probing resistance around 0.7250 vs its US counterpart in wake of Q2 Capex data showing a less steep decline than anticipated, while Aud/Usd is also deriving more upward momentum from the ongoing incremental strength in the YUAN that is now testing 6.8700 against the Greenback. Meanwhile, Nzd/Usd is eyeing 0.6650 next having established a firmer base above 0.6600 and gleaning some support from latest reports on the COVID-19 situation in Auckland as NZ’s Health Minister states that the outbreak is now relatively contained.

  • DXY – The broad Dollar and index have unwound more of Wednesday’s pre and post US durable goods gains after another solid Treasury auction prompted a retreat in yields alongside some curve realignment from pronounced steepening, which in turn helped Gold and other precious metals to rebound sharply (Xau currently back up around Usd 1950/oz compared to just above Usd 1900 at one stage). In fact, the DXY is now hovering shy of 93.000 within a 92.991-783 range awaiting top tier data, Fed speakers at the symposium and the final issuance of the week, while also conscious of the fact that today is spot month end and portfolio rebalancing models are negative on balance for the Buck.
  • CHF/EUR/GBP/JPY/CAD – All narrowly mixed vs the Greenback, as the Franc holds above 0.9100 and perhaps takes heed of Swiss Q2 GDP not contracting quite as much as expected, while the Euro continues to bang its head against 1.1850 and the 200 HMA in close proximity, but hold above 1.1800 and around the 21 DMA with a decent spread of option expiries outside of those parameters (from 1.1750-60 through 1.1900 to 1.19050-55). Elsewhere, the Pound is consolidating at newfound higher levels – Cable around 1.3200 and Eur/Gbp either side of 0.8950 – the Yen is straddling 106.00 and Loonie pivoting 1.3150 ahead of Canadian current account data and average earnings.
  • SCANDI/EM – Retail sales beats and improvements in Swedish sentiment (both industrial and consumer) haven’t given the Nok or Sek much lasting impetus, as the respective Eur crosses hover around 10.5300 and 10.3100, though the latter may receive something more sustainable from Riksbank’s Floden shortly . However, EM currencies are largely firmer at the Dollar’s expense, even the Rub awaiting a major interview by Russian President Putin at 12.00BST and the Try despite Turkey announcing live fire drills for next Tuesday and Wednesday in the Eastern Med that is almost certain to irk Greece, the international community and investors.

In commodities, WTI and Brent front month futures remain uneventful within a tight range, albeit near session lows, awaiting the main even later today at the Jackson Hole Symposium. Prices have largely priced in the temporary impacts of Hurricane Laura – which has made landfall near Cameron Louisiana as a Cat 4 hurricane, but has since been technically downgraded to a major Cat 3 hurricane – with BSEE leaving their shuttered production estimates unchanged D/D at 84.3%, equating to around 1.56mln BPD (some 13% of total US output). WTI Oct resides sub-43.50/bbl, having touched the figure to the upside in APAC trade, but remains within a tight USD 0.40/bbl range thus far. Brent Oct similarly trades sideways under USD 46/bbl having had printed an overnight base at 45.57/bbl. Elsewhere, spot gold trades softer at the whim of the Buck just under the USD 1950/oz mark, moving within a USD 20/oz range, whilst spot silver sees similar price action and remains contained under USD 27.50/oz. In terms of base metals, nickel prices hit November highs after solid stainless-steel demand and supply concerns from top producer Indonesia, while copper traded flat overnight in tandem with the mixed risk appetite.

US Event Calendar

  • 8:30am: GDP Annualized QoQ, est. -32.5%, prior -32.9%
    • Personal Consumption, est. -34.2%, prior -34.6%
    • Core PCE QoQ, est. -1.1%, prior -1.1%
  • 8:30am: Initial Jobless Claims, est. 1m, prior 1.11m; Continuing Claims, est. 14.4m, prior 14.8m
  • 9:45am: Bloomberg Consumer Comfort, prior 43.5
  • 10am: Pending Home Sales MoM, est. 2.0%, prior 16.6%; Pending Home Sales NSA YoY, est. 10.75%, prior 12.7%
  • 11am: Kansas City Fed Manf. Activity, est. 5, prior 3

DB’s Jim Reid concludes the overnight wrap

If like me you’ve been in the market for a Canada Goose Jacket for a few years but have balked at their cost then you may want to check out eBay today for some cut price deals. Yes shockwaves will have been felt through that industry as Davos has been moved from its traditional January slot to the summer of 2021. At least those of us going can rejoice at now arriving at a snowless Davos Forum and not be thinking that we’ve contributed to global warming.

From Davos to a virtual Jackson Hole where the Fed host their annual symposium today and tomorrow. I don’t think I’ve ever been asked to speak at a symposium so please invite me if you have one. I looked the word up in the Oxford English Dictionary to get the exact definition and I’ll leave you to decide which is likely to take place over the next two days. 1) A conference or meeting to discuss a particular subject. 2) A drinking party or convivial discussion, especially as held in ancient Greece after a banquet.

Ahead of this, the recent selloff in core sovereign bonds has paused for now. Although US Treasury yields rose a further +0.5bps to 0.689% yesterday, they are down -1.1bps overnight. They were up over +2bps intra-day yesterday before a late session slide in yields. The recent general move higher in rates continues to be driven by a rise in inflation expectations rather than real yields, with US 10yr breakevens closing up another +2.6bps to 1.73% yesterday. That’s the highest level they’ve been at since January 21st, which incidentally was the first time that the coronavirus pandemic was mentioned in the EMR. The move in yields hasn’t been exclusive to the US however, with the bund-treasury spread having remained within a 10bps range for all of August. Before the small reversal in US bonds, 10yr bund yields were also up +1.6bps yesterday to -0.42%, almost closing at a one-month high.

At the risk of sounding repetitive now, global equity markets had yet another strong performance yesterday, with the S&P 500 up again to reach its 4threcord high in a row, thanks to a +1.02% advance. Tech stocks led the rally, helping the NASDAQ to hit a new high as well, with an even stronger +1.73% move upwards. Europe saw a similarly strong showing, with the STOXX 600 moving up +0.91%, while the DAX’s +0.98% advance put the index less than half a per cent away from moving into positive territory on a YTD basis. The MCSI global equity index also hit a new record, surpassing its 12 Feb highs. Even on a day when there was some positive vaccine news, the risk-on rally saw a growth over cyclical rotation. The Media (+4.43%) and Software (+3.15%) industries led the S&P higher at the expense of Energy (-2.23%), Banks (-1.63%) and Autos (-0.63%). Europe was more of a rising tide lifting all boats market with all but two of the 19 sectors finishing higher, though Tech (+2.20%) led as well.

The drop in US energy stocks comes as the Texas-Louisiana region braces for Hurricane Laura, which has been upgraded to a category 4 storm and is approaching category 5 with maximum winds increasing to 150 mph (241km/hr). It is estimated to make landfall between 12:30 am to 1:30 am CDT (about the time this hits inboxes). The region last saw a Cat-4 storm (Harvey) back in 2017, which caused over $130bn of damages. According to a Bloomberg report, more than 80% of the Gulf of Mexico’s oil production has been shut and the destruction to refineries alone could surpass $5bn. Brent (-0.48%) and WTI (+0.09%) were largely unchanged just ahead of the storm with news of declining stockpiles coinciding with decreased demand from shuttering refineries, though both measures are up over +2.5% on the week.

Overnight, markets in Asia are trading a bit more mixed with the Nikkei (-0.30%), Hang Seng (-0.63%) and Kospi (-0.55%) all down while the Shanghai Comp (+0.29%) and Asx (+0.54%) are up. Futures on the S&P 500 are also trading lower (-0.16%) while those on the Nasdaq 100 are down -0.25%. Spot gold and silver prices are also down -0.71% and -1.41% respectively this morning. Elsewhere, the BoK held its policy rate steady while slashing the 2020 GDP growth forecast to -1.3% yoy (vs. -0.2% yoy earlier) at its monetary policy meeting today. In terms of overnight data, China’s July industrial profits came in at +19.6% yoy (vs. +11.5% yoy last month), however the data series is fairly volatile.

On the virus, Italy recorded a further 1,366 cases in the past 24 hours, which was the highest one day rise since mid-May. However the Italian health minister cited a lack of strain in healthcare services and the low average age (30) of those testing positive in the past two weeks as reasons why the country would not need to impose a new round of national lockdowns. This follows similar comments from Spanish and German officials earlier in the week. France has now reported 5,429 cases in the last 24 hours and have added nearly 29,000 cases in the last week. The country has not seen that many new infections in a week since mid-April and PM Castex will hold a press conference today to discuss the health situation. In more positive news however, a phase 1 trial from Moderna showed that the antibody response among those over 55 was comparable to that experienced by younger adults. The firm’s share price was up +6.42% yesterday in response. In other encouraging news on the virus, Bloomberg reported that Abbott Laboratories has won US clearance for a 15-minute Covid test that will be priced at just $5.

Elsewhere, cases in the US continue to drive lower as the summer hot spots in the Sun Belt continue to see lower case loads, especially Arizona (0.3% average 7-day increase) and Florida (0.6% average 7-Day increase). Across the other side of world, South Korea reported another 441 cases in the past 24 hours, marking the biggest single day gain since early March. In other COVID related overnight news, the FT reported that a WHO team that was meant to investigate the origin of the coronavirus concluded their trip to China without a visit to Wuhan, China’s epicenter of the outbreak, citing the UN agency.

Outside of Jackson Hole, the other main highlight today will come from President Trump’s speech to the Republican National Convention later, which comes with less than 10 weeks to go now until US voters go to the polls. Though early in-person voting starts in less than a month in some US states, including potential swing states like Michigan and Minnesota. We discussed the election in our chart of the day yesterday (see here), where we pointed out how since the Second World War, only one other incumbent president has managed to win re-election with an approval rating as low as President Trump’s is 2 months before an election. Trump’s approval currently stands at 42%, but in the 11 post-WWII elections where an incumbent President has been a candidate, the only one who managed to win with an approval rating lower than this was Harry Truman in 1948 (at 40%). So while there’s still some time left to see a recovery in his numbers before election day, on that measure alone it looks historically challenging for Trump to win re-election on November 3rd.

Looking at yesterday’s data, the main highlight came from the US as July’s durable goods orders rose +11.2% (vs. 4.8% expected), while core capital goods orders excluding aircraft and military hardware was up +1.9% (vs. +1.7% expected). Meanwhile in France, the INSEE’s consumer confidence reading remained stable in August at 94, in line with expectations, though it remained below the 104 readings in January and February before the impact of the pandemic hit.

To the day ahead now, and the aforementioned economic symposium at Jackson Hole will likely be the highlight, including remarks from Fed Chair Powell, ECB chief economist Lane, and Bank of Canada Governor Macklem. Otherwise, data highlights include the Euro Area’s M3 money supply for July, while from the US we’ll get the second estimate of Q2 GDP, July’s pending home sales, August’s Kansas City Fed manufacturing activity index, and the weekly initial jobless claims. Finally, tonight sees President Trump speak at the Republican National Convention.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 20.37 POINTS OR 0.61%  //Hang Sang CLOSED DOWN 210.64 POINTS OR 0.83%   /The Nikkei closed DOWN 82.00 POINTS OR 0.35%//Australia’s all ordinaires CLOSED UP .26%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8871 /Oil UP TO 43.09 dollars per barrel for WTI and 45.38 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8871 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8812 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA VS USA

USA will not cede an inch in the South China seas as the rehtoric escalates

(zerohedge)

Creeping Thucydides Trap: Esper Vows “Won’t Cede An Inch” In South China Sea After 4 PLA ‘Warning’ Missiles

The Pentagon revealed Thursday that China’s People’s Liberation Army (PLA) “warning” to the US on Wednesday involved the firing of “four medium-range missiles into [an] area between Hainan and the Paracel Islands,” a defense official was quoted in FT.

Among them included nuclear-capable DF-26 missile and the anti-ship DF-21D ballistic missile. Beijing said they demonstrated the PLA’s ability to deny outside military access to the South China Sea.

The missiles were fired in response to the major incident from Tuesday, wherein China’s PLA military angrily charged that a US U-2 spy plane entered a ‘no-fly zone’ off China’s coast while the PLA conducted live-fire military drills.

The PLA has since ratcheted up its drills, with FT reporting Thursday the military “announced it was conducting another live fire exercise in waters off the eastern city of Taizhou, bringing the number of drills off its coast this week to five.”

 

Illustrative file image of US Navy warships in region, via Japan Maritime Self Defense Force.

Defense Secretary Mark Esper, meanwhile, vowed the US would never “cede an inch” in the Pacific and accused China of ultimately putting soldiers’ lives at risk with its hugely escalatory actions.

Ironically this is precisely what China accused the US of doing on Tuesday with the U-2 flyover. It’s defense ministry had issued what appeared veiled threat saying an “unexpected incident” could have easily resulted over the US spy plane operation.

Esper said in Wednesday comments: “To advance the CCP’s agenda, the People’s Liberation Army continues to pursue an aggressive modernization plan to achieve a world class military by the middle of the century.”

He said this on the same day the Trump administration blacklisted 24 Chinese companies also along with targeted individuals related to their construction activities which assist the PLA in their South China Sea territorial ambitions and expansionist claims.

“This will undoubtedly involve the PLA’s provocative behavior in the South and East China Seas, and anywhere else the Chinese government has deemed critical to its interests,” Esper added.

With all of this building tension now showing itself in US spy missions and reactionary PLA missile firings into the South China Sea, the situation is indeed dangerous and ripe for a dreaded “unexpected incident” scenario which China watchers have long warned about, or rather, barreling toward a Thucydides Trap.

And if that seems overly alarmist, consider this: “The US Navy has 38 ships under way in the Indo-Pacific region right now, and we will continue to sail, fly and operate wherever international law allows. Our naval forces remain ready to respond to any threat to our allies and partners”  Vice-Admiral Scott Conn, commander of the US Navy’s Third Fleet, boastfully stated.

China

Xi’s anti graft purge is a ploy for more power to him as Chairman

(zerohedge)

Xi’s Fierce Anti-Graft Purge A Ploy To Enshrine Power As Restored “Chairman”

Is China’s powerful president Xi Jinping laying the groundwork to resurrect Mao Zedong’s historic ‘Chairman’ title once again with himself more powerfully ensconced at the Communist Party helm?

 

Illustration: South China Morning Post, Henry Wong

New analysis in FT, citing Beijing-based analysts, says yes concerning a title which hasn’t been used in decades, which like Mao would certainly grant Xi the prestige to permanently enshrine his power (well beyond his presidential mandate) and purge internal rivals and enemies with ease.

Explains FT, this is likely ultimately what’s behind his ongoing his multiyear, anti-corruption battle which has just last month became more intensified. At moment, he enjoys the slightly less impressive title of General Secretary of the Chinese Communist Party.

“It’s preparation to establish Xi’s total authority over the party,” independent commentator and expert on China’s inner-workings, Wu Qiang, said.

“We cannot rule out that there will be further changes to the party charter or that Xi will get a new title to further emphasize his status above other leaders on the politburo standing committee,” he added.

The report details further:

The anti-corruption campaign launched last month to target the party’s legal and domestic security apparatus kicked into a higher gear last week when the Central Commission for Discipline Inspection announced a probe into Gong Daoan, the Shanghai police chief and the highest-ranking official to fall since Mr Xi’s second term began in 2017.

Similar to what’s been speculated of his Russian counterpart Putin’s grand long-term ambitions – and it should be noted the two have been increasingly chummy over the past few years as they find a common enemy in the United States – Xi’s path to a resurrected chairmanship title would ensure his clinging to power far beyond a second term.

END
CHINA/WHO
The WHO spent 3 weeks in Beijing and never went to Wuhan the epicentre of the outbreak.
(zerohedge)

WHO Skips Wuhan During China Trip; “Sat In Beijing For Three Weeks”

A delegation from the World Health Organization tasked with investigating the origins of COVID-19 failed to go to Wuhan, China -‘ground zero’ for the pandemic, and instead “sat in Beijing for three weeks” according to a senior US official, who told the Financial Times that Western governments are skeptical over China’s commitment to identifying the origins of the pandemic.

“Any chance of finding a smoking gun is now gone,” the official continued. Though we’re not sure what any team of investigators would find after China blocked international epidemiologists for eight months after the outbreak began.

Australian MP Dave Sharma told the Times: “The international community is right to have serious concerns about the rigour and independence of the WHO’s early response to this pandemic, and its seeming wish to avoid offending China.

“If this allegation is proven, it is another disturbing incident of the WHO — which is charged with safeguarding global public health — putting the political sensitivities of a member state above the public health interests of the world, in the critical early stages of this pandemic. We are all now bearing the immense costs of such a policy.”

The WHO, meanwhile, says that the three-week visit was ‘merely laying the groundwork in advance of a full international mission,’ but gave no indication when this might happen.

After initially bristling at calls from Australia, the US and other countries for a probe into the outbreak, which has claimed more than 800,000 lives, Chinese president Xi Jinping in May endorsed a WHO-led inquiry.

But the WHO resolution “to identify the zoonotic source of the virus and the route of introduction to the human population” — which was backed by more than 130 countries — has been dogged by concerns over transparency and access. –Financial Times

A two-person WHO team has recently concluded its three-week assignment in China to lay the groundwork for an investigation into the source of the virus. This was in advance of the full mission, therefore, there are no ‘results of the WHO’s recent mission’ to share.”” said the UN agency in a statement last week.

Backing the WHO was China’s foreign ministry, which said on Wednesday that questions over the legitimacy of the WHO inquiry were “totally unjustified,” and that China had acted responsibly by inviting the WHO during a “critical period” of trying to prevent a resurgence of the virus.”

“We hope all relevant countries . . . can be like China to adopt a positive attitude and work together with the WHO,” they added.

Anyone buying this?

US Secretary of State Mike Pompeo predicted in July that the WHO inquiry would be “completely whitewashed,” while President Trump – who terminated US ties with the WHO in May, said the organization was under Beijing’s “total control.”

Even a Council on Foreign Relations senior fellow for global health, Huang Yanzhong, said the investigation would require unrestricted access to Wuhan, along with other parts of China – such as the southwestern Yunnan province, in order to conclude anything.

“It would be unrealistic to expect that the inquiry would be a purely scientific endeavour,” he said, adding that the WHO might focus purely on the animal origin theory of the virus rather than a lab accident.

“In response to questions from the FT this week, the WHO said its advance team had remote conversations with senior scientists from the Wuhan Institute of Virology. It agreed with China that preliminary epidemiological studies around the Wuhan market and the first cluster of cases would be conducted in the coming weeks and months.

The international team will work with Chinese researchers to support these studies initially remotely, and later locally. The exact timing will depend on the advance and preliminary results of the initial studies,” the organisation said.” –Financial Times

Mainstream scientists, particularly those from China, maintain that Sars-Cov-2, the virus which causes COVID-19, originated from horseshoe bats in the southwest region of the country, which were found to carry a coronavirus that is a 96% genetic match.

What most scientists won’t consider, is that the virus could have been cultured by a team of coronavirus experts operating out of Wuhan, who were criticized in 2015 for ‘gain-of-function’ experiments to give bat coronavirus the ability to infect humans.

Sometimes the simplest explanation makes you a conspiracy theorist.

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/FRANCE ITALY/GREECE

France and Italy join Greece in a major naval war game show of force against Turkey.  Turkey is not backing down.  Turkey’s aggression will end when Israel enters the fray to protect its interests in the Meditteranen

(zerohedge)

France & Italy Join Greece In Major Naval War Games ‘Show Of Force’ Against Turkey

President Recep Tayyip Erdogan has vowed to make “no concessions” with Greece amid the rapidly escalating eastern Mediterranean gas exploration dispute, declaring Turkey will “do whatever is necessary” to secure its territorial rights in Wednesday remarks commemorating an ancient battle which saw Seljuk Turks victorious during an engagement with the Byzantine empire in the 11th century.

“We don’t have our eye on someone else’s territory, sovereignty and interests, but we will make no concessions on that which is ours,” Erdogan said, while urging that Greece must “avoid wrongs that will be the path to ruin”. He underscored “We will not compromise what is ours… We are determined to do whatever is necessary.”

This even as Macron’s France has jumped fully onboard to defend Greece and Cyprus’ cause in preventing breach of their maritime territory and Exclusive Economic Zones (EEZ).

 

Joint military drills, via Ekathimerini Drills

France has since confirmed deployment of its ‘Lafayette’ frigate and three Rafale fighter jets to Cyprus, also as what’s being described as a “massive maritime exercise” is underway in the eastern Mediterranean on Wednesday involving Greece, Cyprus, France and Italy.

Called the “Eunomia” military exercise, it’s a clear and firm signal to Turkey meant to – as Greece’s defense minister said, reinforce “the rule of law as part of the policy of de-escalating tensions.”

Defense Minister Nikos Panagiotopoulos spelled out specifically that

“the initiative… aims to demonstrate the commitment of the four European Mediterranean countries to the rule of law as part of the policy of de-escalating tensions.”

The drills are set to run from Wednesday through Friday of this week.

6.Global Issues

CORONAVIRUS UPDATE/GLOBE

As promised, the Covid 19 is slowing down. My bet: by December it will revert to the common cold

(zerohedge)

FDA Approves Abbott Labs Rapid COVID-19 Test As Outbreaks In US, Brazil & Africa See Sharp Declines: Live Updates

Abbott Labs has become the focus of Thursday’s rolling coronavirus coverage, as the FDA’s approval – coming just days after the whole patient plasma approval controversy – of Abbott’s 15-minute rapid COVID-19 test – which will be priced at just $5 a pop – has quelled fears about falling testing numbers along the sun belt. Now, parts of the country where test turnaround times still lag finally have a solid chance of getting up to speed.

What’s more, testing that’s rapid, plentiful and cheap is the centerpiece of what many experts have embraced as a “sustainable” alternative to lockdowns: Regular testing. Even if the rapid tests aren’t as accurate, the logic goes, teachers and students and co-workers will be tested so regularly that nearly all positive cases should be caught before becoming contagious.

Abbott shares are soaring on the triumph, though the FDA has approved other testing innovations like at-home testing kits.

Abbott’s product, BinaxNOW, works without laboratory equipment, and involves using a nasal swab and a small reactive card, which will deliver the result within minutes akin to an at-home drug test. The test can be administered by a range of health-care workers, including, crucially, pharmacists, at almost any location.

Moving on, experts rejoiced on Thursday as the latest batch of global data showed outbreaks in the US and Brazil continuing to slow, while new hotspots in Argentina and elsewhere simply aren’t spreading fast enough to make up for the falling case numbers in the world’s biggest outbreak zones.

Deaths have been declining, too, with some experts proclaiming that the downward trend seen over the past two weeks is likely to hold.

In the US, the average number of new deaths over the past week dipped below 1,000. Perhaps the irony is that the US is now technically worse than Brazil in terms of cases/population.

The US remains no. 1 in practically every other aspect.

Jared Kushner spoke to the press Thursday morning following news of a new deal with AstraZeneca for the Oxford/Astrazeneca vaccine that the US is on track to keep its promise of having 100 million doses of a vaccine by the end of the year.

But perhaps the biggest news in the Americas is that Argentina’s outbreak has now overtaken Iran’s.

Across the US, the outbreak is solidly in decline.

Africa Centers for Disease Control and Prevention’s John Nkengasong reported some optimistic news on Thursday. Fears that Africa’s outbreak was on the cusp of a major escalation have abated as 23 of Africa’s 54 countries have reported a sustained decrease in new confirmed coronavirus cases over the past two weeks.

Meanwhile, in the latest testament to just how difficult COVID-19 can be to stamp out, South Korea’s parliament has closed after a photojournalist covering the governing party tested positive on Wednesday. The closure comes as the country reported 441 additional coronavirus cases (prev. +320). Health officials urged businesses to ask employees to work from home as the new cases were the largest single-day tally since March, the latest in a series of multimonth highs recorded in recent days.

Finally, India recorded another single-day record of new coronavirus cases with 75,760 new infections reported over the past 24 hours. The Indian health ministry also reported 1,023 deaths, pushing the country’s death toll from the pandemic to 60,472.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1814 DOWN .0008 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//coronavirus/pandemic /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 106.04 UP 0.174 (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 1.3202   DOWN   0.0006  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3139 DOWN .0003 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  THURSDAY morning in Europe, the Euro FELL BY 26 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1814 Last night Shanghai COMPOSITE CLOSED UP 20.37 POINTS OR 0.61% 

 

//Hang Sang CLOSED DOWN 210.64 POINTS OR 0.83%

/AUSTRALIA CLOSED UP 0,26%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 210.64 POINTS OR 0.83%

 

 

/SHANGHAI CLOSED UP 20.37 POINTS OR 0.61%

 

Australia BOURSE CLOSED UP. 26% 

 

 

Nikkei (Japan) CLOSED DOWN 82.00  POINTS OR 0.35%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1943.35

silver:$27.32-

Early THURSDAY morning USA 10 year bond yield: 0.679% !!! DOWN 2 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.40 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.02 UP 2 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.40% up 4  in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.40%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,02 UP 0 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 78 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: RISES TO –.40% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.87% 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 THURSDAY

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

Euro/USA 1.1825  DOWN     .0014 or 14 basis points

USA/Japan: 106.51 UP .636 OR YEN DOWN 64  basis points/

Great Britain/USA 1.31289 DOWN .0013 POUND DOWN 13  BASIS POINTS)

Canadian dollar UP 13 basis points to 1.3128

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8937    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8845  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.2428 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +04%

 

Your closing 10 yr US bond yield UP 1 IN basis points from WEDNESDAY at 0.746 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.49 UP 7 in basis points on the day

Your closing USA dollar index, 92.93 DOWN 7  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 THURSDAY: 12:00 PM

London: CLOSED DOWN 45.61  0.75%

German Dax :  CLOSED DOWN 93.79 POINTS OR .71%

 

Paris Cac CLOSED DOWN 32.46 POINTS 0.64%

Spain IBEX CLOSED DOWN 32.30 POINTS or 0.45%

Italian MIB: CLOSED DOWN 289.91 POINTS OR 1.44%

 

 

 

 

 

WTI Oil price; 43.08 12:00  PM  EST

Brent Oil: 45.19 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    75.04  THE CROSS LOWER BY 0.62 RUBLES/DOLLAR (RUBLE HIGHER BY 62 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.40 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 :  42.99//

 

 

BRENT :  45.09

USA 10 YR BOND YIELD: … 0.748.. up 5 basis points.

 

 

 

USA 30 YR BOND YIELD: 1.50..up 8 basis points..

 

 

 

 

 

EURO/USA 1.18228 ( DOWN 17   BASIS POINTS)

USA/JAPANESE YEN:106.56  UP .669 (YEN DOWN 67 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.000 DOWN 1 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3203 DOWN 15  POINTS

 

the Turkish lira close: 7.3486

 

 

the Russian rouble 74.80   UP 0.77 Roubles against the uSA dollar.( UP 77 BASIS POINTS)

Canadian dollar:  1.3127 UP 14 BASIS pts

 

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

 

The Dow closed UP 160.35 POINTS OR 0.57%

 

NASDAQ closed DOWN 39.73 POINTS OR 0.34%

 


VOLATILITY INDEX:  24.41 CLOSED UP 1.41

LIBOR 3 MONTH DURATION: 0.255%//libor dropping like a stone

 

USA trading today in Graph Form

Powell, Pelosi, & Pentagon Pummel Big-Tech, Bonds, & Bullion

Fed Chair Powell’s initial comments spiked stocks:

*POWELL SAYS FED TO SEEK INFLATION THAT ‘AVERAGES’ 2% OVER TIME

…then ‘moderation’ sent them reeling:

*POWELL SAYS ANY INFLATION OVERSHOOTS WILL BE MODERATE

but he later reassured that they would let inflation run and things took off again…

*POWELL: SEEK TO RUN INFLATION ABOVE 2% AFTER PERIODS BELOW 2%

Then Pelosi triggered a drop in stocks (hitting right as Europe closed)…

1129ET *PELOSI SAYS NOT BUDGING ON STIMULUS, REPUBLICANS HAVE TO MOVE

This didn’t help!

1315ET *Kaplan: Markets Need to Understand How to Operate Without Fed Support

And then Pentagon headlines spooked markets a little late on…

1420ET *CHINA MILITARY SAYS U.S. WARSHIP EXPELLED NEAR PARACEL ISLANDS

And then Pelosi again…

1515ET *MEADOWS-PELOSI TALK DOESN’T APPEAR TO YIELD BREAK-THROUGHS

1530ET *PELOSI SAYS SHE IS STICKING TO HER DEMANDS ON STIMULUS

And in the end The Dow notably outperformed as Nasdaq swung around desperately trying to stay green but failed…

The Dow’s big mission was get back to even on the year…

Source: Bloomberg

28,538 was the magic number (green YTD) but the machines failed to hold it…

But there’s a growing chasm between winners and losers…

Source: Bloomberg

But Big-Tech stocks ended lower (after yesterday’s meltup)!!

Source: Bloomberg

“Inconceivable!”

Across the asset classes the volatility was similar (from the Powell headline drop)…

Bonds definitely suffered most…

Source: Bloomberg

with 10Y Yields (which fell immediately after Powell spoke) soaring to 2-month highs…

Source: Bloomberg

And 30Y TSY yields hitting 1.50% for the first time since June…

Source: Bloomberg

Breakevens initially plunged before taking off to its highest since January…

Source: Bloomberg

Real Yields increased (back below -1.00%)…

Source: Bloomberg

Gold ended the day lower despite Powell’s “money printer go brrr” speech but after a big pump and dump…

The dollar mirrored gold, dumping on Powell’s initial comments but then rocketed higher…

Source: Bloomberg

Cryptos were sold today…

Source: Bloomberg

Gold is down on the week as copper leads…

Source: Bloomberg

Oil prices fell, unable to scramble back above $43…

Finally, some context for today’s move in bonds…

Source: Bloomberg

And one wonders what message VIX is sending? Everyone levered long calls or is this protection-overlays beginning?

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/THIS MORNING/POWELL JACKSON HOLE SPEECH/USA

Gold & Bonds Jump, Dollar Dumps After Fed Unveils New ‘Longer-Run Goals’

As Fed Chair Powell appears to be somewhat disappointing investors with his lack of enthusiasm for driving inflation higher fast.

As Bloomberg Intelligence Chief U.S. Rates Strategist Ira Jersey notes:

“With Chair Powell’s prepared remarks at Jackson Hole short on details, the markets appear concerned that the Fed won’t dramatically shift policy as was expected. While it’s still possible for the final framework release to create a bear steepening of the curve, today’s reaction appears to be a reversal of some positions that would have benefited from longer-term inflation and growth expectations rising.”

The markets are reacting ominously with the dollar being dumped…

Stocks kneejerking higher…

But, bonds are bid…

breakevens tumbling..

and gold surging…

Evercore ISI’s Dennis DeBusschere calls this excerpt the “money paragraph”:

Our new statement explicitly acknowledges the challenges posed by the proximity of interest rates to the effective lower bound. By reducing our scope to support the economy by cutting interest rates, the lower bound increases downward risks to employment and inflation. To counter these risks, we are prepared to use our full range of tools to support the economy.”

It would appear credibility is fading fast.

*  *  *

Full Fed Statement:

Following an extensive review that included numerous public events across the country, the Federal Open Market Committee (FOMC) on Thursday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates its approach to monetary policy and serves as the foundation for its policy actions. The updates reflect changes in the economy over the past decade and how policymakers are taking these changes into account in conducting monetary policy. The updated statement is also intended to enhance the transparency, accountability and effectiveness of monetary policy.

“The economy is always evolving, and the FOMC’s strategy for achieving its goals must adapt to meet the new challenges that arise,” said Federal Reserve Chair Jerome H. Powell. “Our revised statement reflects our appreciation for the benefits of a strong labor market, particularly for many in low- and moderate-income communities, and that a robust job market can be sustained without causing an unwelcome increase in inflation.”

Among the more significant changes to the framework document are:

  • On maximum employment, the FOMC emphasized that maximum employment is a broad-based and inclusive goal and reports that its policy decision will be informed by its “assessments of the shortfalls of employment from its maximum level.” The original document referred to “deviations from its maximum level.”
  • On price stability, the FOMC adjusted its strategy for achieving its longer-run inflation goal of 2 percent by noting that it “seeks to achieve inflation that averages 2 percent over time.” To this end, the revised statement states that “following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time.”
  • The updates to the strategy statement explicitly acknowledge the challenges for monetary policy posed by a persistently low interest rate environment. Here in the United States and around the world, monetary policy interest rates are more likely to be constrained by their effective lower-bound than in the past.

The Committee first adopted a framework statement in 2012.

This first public review of the FOMC framework was announced by Chair Powell in November 2018, and involved three distinct components. First, the Federal Reserve hosted a series of 15 Fed Listens events across the country to engage with employee groups and union members, small business owners, residents of low- and moderate-income communities, retirees, and others to hear a wide range of perspectives about how monetary policy decisions affect their communities. A report summarizing all of those events is available here: https://www.federalreserve.gov/publications/files/fedlistens-report-20200612.pdf.

Second, the Federal Reserve in June 2019 convened a research conference at which prominent academic experts addressed economic topics central to the review. That conference program, links to the conference papers and presentations, and links to session videos are available here: https://www.federalreserve.gov/conferences/conference-monetary-policy-strategy-tools-communications-20190605.htm.

Finally, the Committee explored the range of issues that were brought to light during the course of the review in five consecutive meetings beginning in July 2019. Analytical staff work put together by teams across the Federal Reserve System provided essential background for the Committee’s discussions. Minutes of those meetings are available here: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm and a collection of those papers is available here: https://www.federalreserve.gov/monetarypolicy/review-of-monetary-policy-strategy-tools-and-communications-system-analytical-work.htm.

The FOMC reported it would continue its practice of considering the Statement of Longer-Run Goals and Policy each January and that it intends to undertake a public review of its monetary policy strategy, tools, and communication practices roughly every 5 years.

end

The big meaning:  rates will not rise for 42 years

(zerohedge)

“Never-ending Monetary Accommodation”: Here Is The Fed Warning About The Consequences Of What The Fed Just Did

 

, the Fed is now operating under an explicit Average Inflation Targeting platform, with the Fed seeking inflation that averages 2% over time, a step that implies allowing for periods of overshoots, and assures no rate hikes for years to come (according to BofA simulations, a 2% AIT would mean no rate hikes for up to 42 years). At the same time, the Fed’s shift on maximum employment will allow labor-market gains to run more broadly.

Regarding price pressures, the document says the committee will target “inflation that averages 2% over time” and will aim to bring inflation above the 2% target following periods when inflation runs below that level.

“The maximum level of employment is a broad-based and inclusive goal,” Powell said in a speech delivered virtually for the central bank’s annual policy symposium traditionally held in Jackson Hole, Wyoming. “This change reflects our appreciation for the benefits of a strong labor market, particularly for many in low- and moderate-income communities.”

In its statement, the Fed also said its decisions would be informed by its assessment of “shortfalls of employment from its maximum level.” The previous version as Bloomberg notes had referred to “deviations from its maximum level.” The change de-emphasizes previous concerns that low unemployment can cause excess inflation.

To be sure, pragmatic Fed watchers will immediately admit that there is nothing new here: after all the Fed’s implicit core PCE inflation target has already been 2% yet even with a record $7 trillion balance sheet, the Fed failed to hit it for years.

In other words, the Fed failed to even sustainable reach its target, but this time will be different. Yeah right.

But there are bigger problems with AIT: as BofA wrote earlier this week, explicit AIT could also cripple the Fed’s already waning credibility, not least of all because “it would also bring up difficult issues around the appropriate time period to calculate averages and the maximum realized inflation rates the Fed would tolerate while the average climbs higher.” Indeed, the Fed’s credibility is already on the line given:

  • the market’s pricing of inflation expectations well below 2% for the next 30 years, and
  • its decade-long miss in achieving its inflation mandate

Additionally, as we discussed on Tuesday, the Fed now needs to reveal the specific time period over which PCE inflation is required to average 2% before beginning a policy normalization (hiking) process. This is a problem, because in simulations conducted by the BofA rates team, it found this could in require the Fed to remain on hold for 42 years!

Rabobank’s Michael Every had a more pragmatic criticism:

Does anyone think this will work to generate inflation and jobs in the US economy? No. Is the cost of borrowing really the problem now? No. Is anybody pricing in a rate hike for at least five years? No. If they were to make that ten years would it make a firm any more likely to hire someone right now? No. Has YCC worked to create reflation in Japan? No. Yes, at the margin it’s USD negative in that it implies future yields would not be allowed to rise even if inflation did: but presumably once (IF!) inflation (and WAGES!) rise sustainably, the Fed will just hold another Jackson Hole speech and change its operating framework again.

But the best explanation why AIT could be a disaster comes from none other than the Fed itself which in a January report titled “Raising the Inflation Target: Lessons from Japan”, wrote the following:

… in thinking about whether to raise the inflation target to a certain level, central banks need to take into account whether they are able to raise inflation to the new target level. If a new inflation target is too ambitious, and the central bank fails to attain it, the central bank may lose its credibility, which may render less effective any other policies it pursues. Also, the central bank may face the risk of getting trapped in a never-ending monetary accommodation even when real economic activity is strong or when financial stability risks accumulate.

As events in the past decade have shown, the Fed is already trapped in “never-ending monetary accommodation” – the coronavirus pandemic which boosted the Fed’s balance sheet by $3 trillion only made things worse. As for whether a 2% inflation target is too ambitious, well consider that we saw all of this 7 years ago with Bank of Japan in January 2013, when it adopted a higher inflation target in an effort to end chronic deflation. Nearly a decade later it has been an epic disappointment

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Slight change to the GDP plunge in the 2ns quarter:  now at 31.7% contraction

(zerohedge)

Record GDP Plunge Revised Slightly Higher: US Economy Contracted 31.7% In Q2

One month after the worst ever GDP print in US history revealed that in the 2nd quarter the US economy contracted by -32.9%, moments ago the BEA unveiled in its first revision of GDP that the slowdown was just modestly better than expected, coming in at -31.7%, beating expectations of a -32.5% number.

The decrease in real GDP reflected decreases in consumer spending, exports, business investment, inventory investment, and housing investment that were partially offset by an increase in government spending. Imports, a subtraction in the calculation of GDP, decreased.

The decrease in consumer spending reflected a decrease in services (led by health care) and goods (led by clothing and footwear). The decrease in exports primarily reflected a decrease in goods (led by capital goods). The decrease in business investment primarily reflected a decrease in equipment (led by transportation equipment). The decrease in inventory investment primarily reflected a decrease in retail (led by motor vehicle dealers). The decrease in residential investment primarily reflected a decrease in new single-family housing. The increase in government spending reflected an increase in federal spending related to payments made to banks for processing and administering the Paycheck Protection Program loan applications.

Looking at the 1.2% improvement in the GDP estimate from the original print, it was the result of an increase in government spending reflected an increase in federal spending related to payments made to banks for processing and administering the Paycheck Protection Program loan applications.

Some details:

  • the decline in personal consumption was revised higher from -25.05% to -24.76%
  • the decline in fixed investment was revised from -5.38% to -5.20%; Nonresidential fixed investment, or spending on equipment, structures and intellectual property fell 26% in 2Q
  • the decline in change in private inventories was revised from -3.98% to -3.46%
  • the boost from net trade was revised from 0.68% to 0.90%
  • the contribution from government was unchanged at 0.82%

For those keeping tables on inflation, the GDP price index fell 2% in 2Q after rising 1.4% prior quarter; core PCE q/q fell -1% in 2Q after rising 1.6% prior quarter.

In the first look at corporate profits, the BEA calculates that profits from current production decreased 11.1% at a quarterly rate
in the second quarter after decreasing 12.0% in the first quarter. Corporate profits decreased 20.1% in the second quarter from one year ago.

Profits of domestic non-financial corporations decreased 15.0 percent after decreasing 14.4 percent.Profits of domestic financial corporations increased 9.2 percent after decreasing 8.9 percent. Profits from the rest of the world decreased 20.3 percent after decreasing 8.4 percent.

Overall, while still historic, the GDP number was largely expected within a margin of error, and the question is how far does GDP rebound in the all to key third quarter, the first look of which we will get just days before the presidential election on Nov 3.

end

Initial jobless claims still above one million poor souls

(zerohedge)

Initial Jobless Claims Above 1 Million Again Last Week

For the second week in a row – as the ‘recovery’ ebbs – over 1 million Americans filed for first-time jobless benefits last week…

 

Source: Bloomberg

The 1.006 million print was a very modest improvement over last week’s 1.104 million but is the 22nd of the last 23 weeks where over 1 million Americans have filed.

Continuing Claims dipped very modestly from 14.758 million to 14.535 million as the rebound slows dramatically…

 

Source: Bloomberg

Don’t these people look at the stock market?!!

end

 

iii) Important USA Economic Stories

As expected inflation averaging sends gold and silver through the roof

(zerohedge)

Watch Live: Fed Chair Powell Explains Why Years Of Higher Inflation Is Good For You

Federal Reserve Chairman Jerome Powell is expected to reveal the conclusions of the central bank’s review of its monetary policy framework, and announce new measures to ‘control’ inflation – so-called “Inflation Averaging” at his annual speech on the U.S. central bank’s policy approach during the ‘Virtual’ Jackson Hole symposium this morning.

As Shard Capital’s Bill Blain notes, “this is going to be a profoundly significant moment” for all the Fed-Watchers who have spent years deciphering every syllable and nuance for signs of what policymakers will do next, because “this is basically the end of everything they have have been doing…”

“Although The Fed is going to continue with its 2% inflation target, instead of worrying about its price stability mandate, if inflation looks likely to go above their target, then ‘inflation averaging’ enables The Fed to ‘not’ react.”

Instead, Blain explains, “it will allow inflation to remain higher, for longer, i.e. averaging for the periods that it’s been sub-target.”

This is just words, Blain concludes, “it’s the meaning that’s more important – it means The Fed can ignore inflation and it is signaling that to the market… which means The Fed won’t hike rates if and when the economy overheats and inflation rises.

Simplifying:

Inflation Averaging’ means “don’t worry about rate-hikes, or any normalization of rates, we are so desperate for inflation we are going to encourage it and we want markets to love it… it’s a way of reassuring markets that there’s never going to be another interest rate rise!”

All of which leads to Blain’s final words – “hedge! …with gold… for the inevitability of this all going wrong!”

And Powell is doing this despite a Fed study earlier this year warned that adopting a higher inflation target raises the risk of getting caught in “never-ending monetary accommodation even when real economic activity is strong or when financial stability risks accumulate.”

As Bloomberg’s Laura Copper adds, this time around, it’s central bank credibility that will be at stake with such a policy shift.

We saw this with the Bank of Japan in January 2013, when it adopted a higher inflation target in an effort to end chronic deflation — only to be met with disappointment.

Other potential pitfalls could revolve around policy mechanics. In a working paper published earlier this month on average inflation targeting, the San Francisco Fed noted that it will be challenging to determine how much inflation the central bank would want to see to consider it on target.

There’s also uncertainty over the extent that the Fed is willing to let inflation run hot and for how long — all of which could send mixed signals to the bond market and spur investors to demand greater compensation.

As Blain said – this won’t end well – got gold?

So, without further ado, watch Jay Powell live (starting at around 0910ET) explain how higher inflation for years to come is ‘good’ for America!!

Full Speech:

Powell 20200827 A by Zerohedge

NBA

all games boycotted in protest for “social justice”

All Tonight’s NBA Playoff Games ‘Boycotted’ In “Protest” For Social Justice

Update (1650ET): CNN is reporting that all games have been boycotted tonight…

*  *  *

It appears boycotting entire games is the new “taking a knee”.

At least, that’s what breaking news out of the NBA is making it out to look like. Those who were ready for an afternoon of playoff basketball and were getting set to tune into this afternoon’s Milwaukee Bucks vs. Orlando Magic game 5 are going to be sorely disappointed.

Why? The Milwaukee Bucks are reportedly refusing to play.

The team “never took the floor before the start of Game 5 against the Orlando Magic on Wednesday” according to NBA.com. The same report says that “players across the league have been adamant that more needs to be done to effect social change after the recent police shooting of Jacob Blake in Kenosha, Wisconsin.”

The Orlando Magic followed suit, returning to their locker room since there was nobody to compete against. 

Adrian Wojnarowski of ESPN  has said the Bucks have decided to boycott the entire game.

How long before people in other professions decide to simply walk out on their jobs in the name of “justice”?

END
NBA
LA Lakers and LA Clippers move to end the NBA post season games as LeBron James leads a player strike movement.(zerohedge)

Lakers, Clippers Move To End NBA Post-Season As LeBron James Leads ‘Player’s Strike’ Movement

Despite last night’s announcement from the DoJ that Jacob Blake had a knife stashed in his car, bolstering the officers’ claims that he appeared to be reaching for the weapon when he was shot, NBA players are ready to scrap the whole season as they’re swept up in yet another protest movement for “social justice”.

As we recounted yesterday, it all began Wednesday afternoon when the Milwaukee Bucks (the team closest to Kenosha) announced that the team would be boycotting Game 5 of its first-round playoff series against the Orlando Magic. After they moved, the rest of the league swiftly followed as players scrambled to evade the wrath of the ‘cancel culture’ police, ready as ever to brand any who resist with the scarlet letter of “insufficient woke-ness.”

A late-night meeting between players, coaches and the league ensued, and according to Deadline Hollywood, it didn’t go nearly as well as the owners had probably hoped. The Los Angeles Lakers and Los Angeles Clippers (which still carries the stain of having once been owned by a man outed as a notorious racist) both reportedly voted to end the season without continuing.

Since most NBA players are working men who are operating under the same financial pressures as ordinary people (though they lack the platform of somebody like a Lebron James), the rest of the teams in the league pushed back, arguing that the season should be allowed to continue.

According to Deadline, the end result is that the meeting “failed to reach a consensus” (whatever happened to a majority or super-majority?) and thus the fate of the 2020 post-season is still in jeopardy.

Of course, this isn’t the first time the league’s star players have tried to scuttle the season in the name of “social justice” (preserving their brand). Before teams arrived in the Orlando, Florida “bubble” where they’ve been playing, Brooklyn Nets superstar Kyrie Irving moved to try and boycott the rest of the season (of course, some pedantic leftists are really out there on twitter arguing that the proper terminology is a “strike” not a boycott).

Lol. Since when? But we digress…

Despite Irving’s efforts, the NBA players decided to forge ahead.

But now that the players have been locked up for weeks with their WAGs on restriction and a raft of eliminations coming soon, understandably, the mood has probably shifted somewhat. Still, the majority appear to still support continuing on with the post-season.

LeBron James reportedly walked out of last night’s meeting, prompting the rest of the Lakers players to leave with him.

Of course, the financial repercussions should the season be cancelled will undoubtedly total into the billions, and with the league likely to reject the player’s collective bargaining agreement if the season falls through, it could leave the league with a lockout on its hands as we head into next season.

END

One Day After Mass Boycott, NBA Players Agree To Resume Playoffs

One day after the NBA put the playoffs on hold in an apparent boycott in solidarity with the BLM movement after the shooting of Jacob Blake in Kenosha, Wisconsin, moments ago ESPN reported that in a meeting within the National Basketball Association’s so-called bubble at Disney World in Florida, players voted to continue the remainder of the playoffs, ESPN reported, even though tonight’s three games will still be postponed Thursday night.

On Wednesday night, the Milwaukee Bucks unexpectedly skipped Game Five of their playoff series against the Orlando Magic, sparking what Bloomberg called a “night never before seen in U.S. sports” and prompting LeBron James to lead a charge to end the season, according reports from the LA Times. James first sent an expletive filled tweet that ended with “We demand change. Sick of it,” following the news that the Milwaukee Bucks wouldn’t play the game Wednesday night.

That sudden boycott by NBA teams spread throughout the entire US sports world, with teams in MLB, the WNBA and Major League Soccer all joining NBA players in solidarity, prompting a spate of cancellations.

END

Minneapolis

Rioting in Minneapolis over the Bale shooting

(zerohedge)

“Any Excuse To Riot” – Minneapolis Descends Into Chaos Over Police Shooting “Fake News”

In these heady times, it seems, incidents are quickly magnified and wildly distorted, leading to mass public outrage when really none should be warranted: Case in point, the state of Minnesota was forced to declare a “state of peacetime emergency” in Minneapolis last night after violent protests erupted following the death of a local black man.

Violence erupted once again in the larger of the twin cities last night, with video showing angry “demonstrators” burning down businesses, rioting and looting, following “misinformation” about the killing of a black homicide suspect. Rumors spread online said he had been killed in a police shooting, but really, he shot himself in the head, according to surveillance video.

Before watching the video below, be advised: It depicts a man shooting himself in the head, before a nearby officer rushes to his aid. Then off camera, bystanders can be heard accusing the cops of shooting the now-dead victim.

It later emerged that the man shot himself in the head as police were moving in to make an arrest. He had committed the murder just hours earlier, at around 2pm local time in a nearby parking garage

That was apparently enough to spark a wave of rioting and looting.

Minneapolis Mayor Jacob Frey imposed a curfew following what he described as mass looting of businesses, destruction of property and unrest. Gov Tim Walz, also a Democrat, declared the state of emergency, before taking to twitter to beg those committing the violence to stop.

Minneapolis Police Chief Medaria Arradondo said his officers were not involved in the suicide death, saying it was not officer-related.

“I will not allow to add more trauma to a city that’s still grieving from May 25,” referencing the death of George Floyd, whose death while in Minneapolis police custody sparked ongoing nationwide protests and riots.

One officer was injured in the incident, but not seriously.

Hennepin County Sheriff David Hutchinson said his deputies were helping the Minneapolis Police Department to quell the unrest. He urged people to go home and gather the facts before just jumping to conclusions.

“When the police do things wrong we need to hold them accountable, but this is not the case,” he told reporters. “We as the police, the Sheriff’s Office did nothing wrong tonight.”

Minneapolis Mayor Jacob Frey imposed a curfew across the city after the mass looting, destruction of property and unrest.

 

END

KENOSHA/WISCONSIN

Mostly peaceful protests in Kenosha last night

Night 4 Of Kenosha Protests Mostly Peaceful As City Calls In Reinforcements

Protests in the city of Kenosha Wisconsin remained peaceful Thursday night as city officials and the governor called in more national guardsmen and police from around the state, adding another 500 officers to the small army that stood by and watched the situation descend into mayhem earlier this week.

Last night, 3 men were shot, 2 fatally, and a 17-year-old whom left-wing politicians have tried to tar as a “white supremacist” (based on zero evidence) has been arrested in Illinois and charged with fleeing justice and first degree murder.

Also on Wednesday, state authorities finally released the identity of the officer who shot Blake on Sunday. He is a 7-year department vet named Rusten Sheskey. Sheskey shot Blake while holding onto his shirt after officers first unsuccessfully used a Taser to try and subdue him. Officials said last night that Blake appeared to be reaching for a knife under the seat of his car when he was shot.

In a statement, Wisconsin’s Democratic Governor Tony Evers asked those who wanted to exercise their First Amendment rights to “please do so peacefully and safely” and urging others to “please stay home and let local first responders, law enforcement and members of the Wisconsin National Guard do their jobs.”

“A senseless tragedy like this cannot happen again,” Evers said.

Unsurprisingly, CBS News dedicated some of its report on the night’s events to an alleged “eyewitness” (whose testimony contradicts myriad video evidence) peddling a false narrative of Tuesday night’s shooting.

One of the protesters in Kenosha Wednesday night was also there Tuesday night during the shooting. He told CBS Milwaukee affiliate WDJT-TV Kenosha police pushed peaceful protesters into the way of counter-protesters and police should be held accountable for what happened.

“I watched a man get shot down yesterday,” Cairo Thomas said. “I watched that. Nobody chastised him. Nobody was trying to burn down a property. They were literally cutting through the parking lot. And that 17-year-old murderer, which he is, he’s a murderer, that 17-year-old murderer decided to open fire and shoot this man in the head.”

In an interview shared by the Daily Caller, the alleged shooter said he had brought his gun only for “self defense”, and that he hoped to “help people” by treating the injured.

“So people are getting injured, and our job is to protect this business,” the young man said. “And part of my job is to also help people. If there is somebody hurt, I’m running into harm’s way. That’s why I have my rifle – because I can protect myself, obviously. But I also have my med kit.”

 

It’s legal in Wisconsin for people 18 and over to openly carry a gun without a license.

END

Is Andrew Cuomo Responsible For Thousands Of Nursing Home Deaths? The DoJ Is Trying To Find Out

The DoJ is officially considering whether to launch high-profile federal investigations into a handful of mostly Democratic governors who adopted regulations requiring hospitals to return COVID-19 positive patients to nursing homes or other long-term care facilities, a blunder that has been described as perhaps the biggest policy error of the entire US outbreak.

Put another way – the DoJ (which Dems will undoubtedly castigate for ‘bowing to political pressure from the administration’) is trying to prove that Gov Andrew Cuomo really did kill grandma.

In a press release published Wednesday afternoon, the DoJ’s Civil Rights Division said it had requested data from New York, New Jersey, Michigan and Pennsylvania – all states with Democratic governors (though PA and MI are considered swing states) – about the timing of their mandatory return policies, and what input went into establishing them.

Cuomo has answered questions about the policy before; he’s claimed that he reversed it as soon as he was made aware of what was happening. But clearly not fast enough to stop the Empire State from reporting the largest death toll in the country, both per capita and in terms of the standalone total.

New York’s death rate by population is the second highest in the country with 1,680 deaths per million people. New Jersey’s death rate by population is 1,733 deaths per million people – the highest in the nation. In contrast, Texas’s death rate by population is 380 deaths per million people; and Texas has just over 11,000 deaths. According to Worldometer, NY reported a total of 32,984 deaths.

The goal is to determine whether there’s enough there to launch an investigation under the “Civil Rights of Institutionalized Persons Act” (CRIPA), which protects the civil rights of residents in state-run nursing homes. Specifically, they need to determine whether orders to mandate returning sick patients to the homes ultimately contributed to the higher rate of mortality.

Of course, even states like Texas, Florida and California, which are large states like New York, didn’t see such pronounced fatalities – or anything close to it. Those states are all in the ballpark of 10k deaths, and they only just reached that level recently.

Assistant Attorney General Eric Dreiband told the AP that the federal government has a responsibility to ensure that nursing home residents are adequately cared for with “dignity and respect”, and that their lives aren’t put at undue risk.

Cuomo hasn’t said anything about Wednesday’s DoJ announcement – he’s been too busy grandstanding about the new CDC guidelines, which he – and a group of other Democratic governors – claimed was part of a plot by Trump to cover up the coronavirus pandemic…or something like that.

END
Democrats still not budging on the stimulus talks
(zerohedge)

Pelosi On Stimulus Talks: ‘We’re Not Budging’

House Speaker Nancy Pelosi (D-CA) said on Thursday that Congressional Democrats are sticking to their $2 trillion-plus coronavirus relief demands, and has blamed the GOP for refusing to compromise amid the ongoing impasse.

We’re not budging,” Pelosi told Capitol Hill reporters. “They have to move. They have to move.”

(Or, they don’t and President Trump will authorize stimulus extensions until the election)

“Why should there be a bill that has far less [of] what the public needs?” Pelosi added. “We have that responsibility, and they’re just going to have to come up with more money.”

The comments came just hours before Pelosi was scheduled to speak by phone with White House chief of staff Mark Meadows — the first conversation between the sides since the talks broke down on Aug. 7.

That day, Pelosi and Senate Minority Leader Charles Schumer (D-N.Y.) had offered to reduce their initial $3.4 trillion demand by $1 trillion, but only if Republicans were willing to hike their opening bid of $1.1 trillion by the same $1 trillion — a proposal the GOP leaders quickly rejected.

Pelosi warned Thursday that if the Republicans’ position remains unchanged her phone call with Meadows won’t last long. –The Hill

“That could be a very short conversation if they’re not ready to meet in the middle,” Pelosi added.

According to The Hill, Democratic leaders say they had a much easier time negotiating with Treasury Secretary Steven Mnuchin before Mark Meadows joined the conversation.

Meadows, a former congressman from North Carolina, had had no problem walking away from funding bills during his years in office – even when they were endorsed by members of his own party.

Pelosi lashed out at her former colleague on Thursday, characterizing him as ‘Mnuchin’s staffer.’

“This is a conversation only to respect the fact that [he is] the president’s representative — not even the lead negotiator, that would be Mnuchin,” Pelosi said – before the 80-year-old lawmaker forgot Meadows’ name. “We consider whatever his name is — what’s his name? — Meadows there staffing Mr. Mnuchin. And if they are willing to meet us in the middle then we can sit down and talk.”

“So this is: you called me, I’m returning your call. Are you ready to bring much more money to the table?”

Meadows and Pelosi have a call scheduled for 2:30 p.m. according to The Hill.

end

Everything Changes After Kenosha… “Divided We Stand”

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

It would always come to this. At some point there would be a reckoning for BLM and Antifa.

The shootings in Kenosha, WI are a dividing line for America.

This is the moment where normal people finally said, “Enough. There will be consequences. “

This is a war between radicalized lunatics bathed in unquenchable envy and self-pity and those who refuse to act like victims.

But they are victims.

All of us are. On both sides of the divide.

We are victims of a vicious program to divide and conquer the U.S. through a culture war designed to dehumanize each other.

We fight among ourselves over scraps while the people who manipulated events to this point walk away laughing at the destruction.

They want the violence. They love it. They relish it. It brings them power and prestige.

To maintain their power, as the systems they’ve built fail, they have set us against each other: paid looters and rioters to become cannon fodder in their war against common decency, culture, communities and family.

All for control over the levers of political power.

In 2016 we tried to tell them, peacefully, enough was enough. We elected Donald Trump, of all people, to be our standard bearer. We did it the way we were taught was the right way, through the ballot box.

It was supposed to be the hallmark of our enlightenment, the peaceful transfer of power. It’s been anything but.

For four years we’ve endured a non-stop parade of political venality unmatched in modern history. The quest for regaining the power of the White House brooked no holds being barred.

And if Trump wouldn’t go willingly and we didn’t learn our lesson, then they would activate every cell to flood the streets with disaffected and nihilistic youths to loot and rob; using their outrageous sense of entitlement as fuel for their rage against a machine they are, unwittingly, the main cogs of.

But having watched one young man clear in his purpose to defend his town from roving thugs in Kenosha be forced (under clear conditions of self-defense) to kill two people is a dividing line we’re not coming back from.

Wars are only profitable for those that promote them. Those that fight the wars are the real victims. This kid, a hero by my personal reckoning, is also a victim and there’s no coming back from what he’s had to do.

Killing while justified is still killing. It scars you, no matter if you wear a blue uniform, fatigues or a green t-shirt.

The animals I see on the streets under the auspice of what the media calls ‘peaceful protests’ beating people to within inches of their lives for the crime of being white and defending their property have no humanity.

My livestock have more decency than these people.

And yet, in order for us to survive this dark period of history, we will still have to reach out to them and offer them peace and assistance back from the insanity that grips them now.

That will be the hardest thing for us to do, while also maintaining the resolve to do what we feel is necessary to preserve something of what we’ve built.

That is the dividing line for many of us.

Only you know where that limit is. There are a lot of people out there right now confronting that limit for the first time.

As my dad used to say, as NYPD, “I’d rather be judged by twelve than carried by six.”

We are up against people who brook no limit on their behavior. Everything is justified in the pursuit of their righteous cause. You can see in it all the video footage.

And they know it. They know that we’d rather not fight back. That, unfortunately, to people empowered by the mob and turned into bullies, is misinterpreted as weakness.

Having humanity is not weakness. It is strength.

And nothing bursts the bubble of false bravado on display by Anfita/BLM at this point than strength of character, which defines limits, creates boundaries and establishes consequences.

The sad truth is that this is only the beginning of what’s to come. The line is crossed and from town to town, that line will be more difficult to assess than ever before.

The myth of policing is failing. There aren’t enough cops to quell these riots. The State has been revealed as their enablers.

The law has been used against property owners told they shouldn’t defend themselves or their businesses.

They’ve been afraid of being the ones who cross the line while the looters overwhelm the streets. That impulse will continue to wither. This anarcho-tyranny will not stand for much longer.

That’s what we saw it on the streets of Kenosha.

We’ll see more of it, until a new form of order asserts itself.

*  *  *

Join My Patreon to assist rebuilding our communities. Install the Brave Browser to make a dent in Google’s panopticon.

END

HURRICANE LAURA/LOUISIANA//TEXAS

“This Is Insane” – Hurricane Laura Makes Landfall As “Extremely Dangerous” Category 4 Storm

The ‘extremely dangerous’ Hurricane Laura made landfall early Thursday morning as a Category 4 near Cameron, Louisiana, with maximum sustained winds of 150 mph. The eye of the storm pushed inland across southwestern Louisiana around 3:00 ET, with “catastrophic storm surge, extreme winds, and flash flooding,” the National Hurricane Center (NHC) said.

Around 0500ET, the NHC downgraded Laura to a Category 3 storm with winds up to 120 mph. The storm is moving northward through Louisiana as an “unsurvivable storm surge with large and destructive waves” batters the region.

NHC’s Latest Update

It’s too early to speculate the total dollar amount of damage caused by Laura. Still, with floodwaters expected to penetrate 40 miles inland and take “several days” to recede, it could be in the billions of dollars, like other major storms to hammer the region in recent years.

Storm Surge

Storm Surge Map

“Hurricane-force winds and widespread damaging wind gusts will continue to spread well inland into portions of extreme eastern Texas and western Louisiana through the day,” NHC said.

PowerOutage.US shows more than 300,000 customers are without power in Louisiana and a little more than 75,000 in Texas.

Power Outages 

The storm is just north of Lake Charles and is moving north at 15 mph.

Significant damage is being reported in Downtown Lake Charles.

Golden Nugget Lake Charles is damaged.

Forecast flooding depths in Lake Charles.

The long-term model tracker shows the storm could arrive in the Mid-Atlantic region by Saturday afternoon.

END
Not good: with no  buyer in sight, all of the Lord and Taylor stores will be liquidated
(RetailDive)

With No Buyer In Sight, Lord & Taylor Liquidates All Stores

By RetailDive,

It looks like nobody will ever know if the tie-up between an online apparel site and a storied department store would have worked.

  • Bankrupt Le Tote and Lord & Taylor on Tuesday said all 38 department store locations have begun going-out-of-business sales, adding a final few to the 24 already in progress.
  • The company said it is “still entertaining various opportunities” in hopes of selling itself as a going concern, according to an emailed press release.
  • But in a statement, Chief Restructuring Officer Ed Kremer said the liquidations are “prudent” in order to maximize the value of the stores’ inventory.

When Le Tote took over Lord & Taylor last year, several observers scoffed, while others noted it was the first time in a long time that the department store’s parent had any interest in it beyond its real estate. While former owner Hudson’s Bay Co. found willing buyers for Lord & Taylor’s buildings, including its famous Italianate flagship in New York, for example, its merchandising and marketing were left to drift — aside from a placement on Walmart.com three years ago.

Le Tote’s ability to salvage Lord & Taylor, founded in 1826 and one of the strongest retailers in the U.S. for decades, was never a sure thing. But the pandemic managed to scuttle its prospects entirely. The company filed under Chapter 11 earlier this month.

“I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand,” Kremer said. “We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team.”

SAN FRANCISCO

Over Half Of San Francisco Storefronts Closed As Pandemic Downturn Rages

Morgan Stanley’s Michael Wilson warned a “growth scare” for markets could be imminent, if that is in the “next several weeks/months.” If so, then all the instabilities of a slowing recovery, deteriorating labor market, waning consumer sentiment, and small business massacre will come out of the woodwork and shock investors.

On a micro-level, we want to share with readers a genuinely shocking, and deep economic scarring story developing in San Francisco.

According to CBS San Francisco, citing a new survey via the San Francisco Chamber of Commerce, “more than half of all storefronts in San Francisco are no longer in business due to COVID-19.”

The survey showed only 46 percent of storefront businesses in San Francisco that were open at the beginning of the pandemic are still operating,” said Jay Cheng, spokesman of the San Francisco Chamber of Commerce.

Cheng said 1,300 stores have closed in recent months, with about 1,200 still open.

“There’s a lot of reasons for that. If you’re a fitness studio, you can’t open because of the pandemic. If you’re a retail space, you could open, but you might have decided that there isn’t enough foot traffic or enough customer base to make that worthwhile to reopen. So it’s become a very difficult situation,” he said.

Cheng said business closures across the metro area have resulted in depressionary unemployment, with claims nearing 200,000, or four times then what was seen after the financial crash in 2008.

“And what’s really unique is that during the Great Recession, we knew what we had to do to get people back to work. We had to fix the housing market, and we had to get consumer confidence back up. Get people rehiring. Now, most of these 193,000 unemployment claims are unemployed because of the pandemic, said Cheng. “Until we get the public health crisis under control, we can’t get these folks back to work.”

When the growth scare strikes, sending markets into a panic, or mainly a blowoff of technology stocks, investors will search for evidence of deep economic scarring that has morphed the economic recovery from a “V-shaped” to one that resembles a “Nike Swoosh.” They will stumble upon the depressing situation in San Francisco of a business massacre.

END

iv) Swamp commentaries)

As we have been warning you: we may not any presidential debates.  The public are onto the Democrats,  In an open debate Biden cannot put two sentences together.

(zerohedge)

“I Don’t Think There Should Be Any Debates” Says Pelosi, Calling Them An “Exercise In Skullduggery”

Nancy Pelosi has just joined the chorus of prominent Democrats trying desperately to avoid placing Joe Biden in front of the proverbial firing squad in a debate with President Trump.

“I don’t think that there should be any debates,” she said. “I wouldn’t legitimize a conversation with him – nor a debate in terms of the presidency of the United States.

Pelosi said that Trump was “disgraceful” when he ‘stalked’ Hillary Clinton during the 2016 debate by walking near her, and that he will probably “act in a way that is beneath the dignity of the presidency.”

“I think he will also belittle what the debates are supposed to be about. And they’re not to be about skulduggery on the part of somebody who has no respect for the office he holds, much less the democratic process.

“I don’t think that he should dignify that conversation with Donald Trump.”

Pelosi then suggested that each candidate could hold separate ‘conversations’ with voters, saying: “Let that be a conversation with the American people, not an exercise in skulduggery.”

Pelosi is far from the first Democrat trying to avoid a Trump-Biden debate. AsRick Moran wrote via PJMedia earlier this month:

*  *  *

Democrats around the country have begun to pressure the Biden campaign to call off all debates with Donald Trump due to the coronavirus pandemic, they say.

In truth, the reason they don’t want Biden to debate Trump is that they don’t think Trump will play by their rules. The president would take over the debate and make it about what he wants, not what Biden wants.

Democrats are also worried about Biden’s mental stamina and his ability to remain engaged for an hour and a half during a debate.

Newsweek:

Democratic strategists and supporters of Vice President Joe Biden are urging him not to debate President Donald Trump in the lead-up to Election Day, citing Trump’s publicity stunts and disregard for the rules in 2016. Meanwhile Biden backers, including some conservatives, applauded the University of Notre Dame and the University of Michigan for cancelling their scheduled debates over COVID-19 concerns.

Former White House Press Secretary Joe Lockhart joined several Democratic Party strategists in bluntly advising Biden, “whatever you do, don’t debate Trump.” Speaking on CNN Saturday, Lockhart said Trump shouldn’t be given another platform which will enable him to “repeat lies,” which he said occurred in the 2016 debates against Hillary Clinton.

Trump has a knack for exaggeration and hyperbole that Democrats don’t like. It’s very effective in debates and Biden would spend most of his time on the defensive.

 

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

US economy in recession but seeing ‘signs of life’: Fed’s Esther George

“I think my forecast is the economy will continue to grow, given the right supports… I think for now, what we are seeing is signs of life… We are beginning to see the economy come back online. But, of course, that’s tentative at this stage. And so we’re going to need more time. And importantly, we’re going to need to know really the path of the virus and resolution to that before we can really make firm assessments about where the economy is headed.”…  https://money.yahoo.com/us-economy-recession-seeing-signs-110533619.html

Fed Seen Holding Rates at Zero for Five Years in New Policy

  • Fed expected to tolerate faster inflation, lower unemployment
  • Powell to speak Thursday on long-awaited Fed framework review

https://www.bloomberg.com/news/articles/2020-08-26/fed-seen-holding-rates-at-zero-for-five-years-plus-in-new-policy

Gold and silver soared on the blather about the Fed going rogue on inflation.

CNBC’s @Lebeaucarnews: American Airlines to cut 40,000 positions come Oct. 1st. (approx. 29% of the company’s payroll). 19,000 jobs will be cut (including 8,100 Flight attendants and 1,600 pilots being furloughed), while 12,500 employees took early out pkgs and 11,000 took voluntary leave.

De Blasio’s Tale of 2 Brunches: Mayor has no plan for ‘optional’ indoor dining

Mayor Bill de Blasio suggested Tuesday he’s reluctant to restart indoor dining because it’s an activity for middle- and upper-income New Yorkersthat clashes with his pledge to transform the Big Apple’s “tale of two cities” with progressive policies

    Public school students who return to classrooms this fall will eat their lunch inside while restaurants can’t reopen indoor dining… While 10,000 of the city’s 25,000 restaurants are participating in the city’s outdoor eating program, it’s scheduled to end in October when the cold weather comes…De Blasio reiterated Tuesday that he has no concrete plan to resume indoor dining because it’s too high-risk an activity in the age of coronavirus… https://nypost.com/2020/08/25/nyc-has-no-concrete-plan-to-return-indoor-dining-de-blasio/

Dopey de Blasio intends to kill hundreds of thousands of NYC jobs to spite middle and upper class diners and to be more ‘progressive’!  You can’t make this up!

44% of Californians reports clinical levels of anxiety, depression during COVID-19 pandemic

https://ktla.com/news/california/44-of-californians-reports-clinical-levels-of-anxiety-depression-during-covid-19-pandemic/

@andrewbostom: Hydroxychloroquine (HCQ) treatment reduced hospitalization by ~47% among New Jersey outpts w/ mildly symptomatic C-19, & caused no arrhythmias: A multicenter, propensity score-matched (age/comorbidities/sxs) obs study of 1067 pts (97 HCQ/970 no HCQ) https://medrxiv.org/content/10.1101/2020.08.20.20178772v1

@EWoodhouse7: An Illinois nurse tells me hospitals are now seeing an increase in severe COVID-Like Illness symptoms, but it’s bacterial bronchitis.Some patients even needing ICU and vent support.

What do we think that could possibly be attributed to? [Contaminated masks?]

Respiratory infection is much higher among healthcare workers wearing cloth masks compared to medical masks, research shows. Cloth masks should not be used by workers in any healthcare setting, authors of the new study say…  https://www.sciencedaily.com/releases/2015/04/150422121724.htm

Surgical masks as source of bacterial contamination during operative procedures

This study provides strong evidence for the identification that SMs [surgical masks] as source of bacterial contamination during operative procedures…

https://www.sciencedirect.com/science/article/pii/S2214031X18300809

Department of Justice Requesting Data From Governors of States that Issued COVID-19 Orders that May Have Resulted in Deaths of Elderly Nursing Home Residents [Hello, Cuomo!]

New York, New Jersey, Pennsylvania, and Michigan required nursing homesto admit COVID-19 patients to their vulnerable populations, often without adequate testing…The data requests and Soldiers’ Home investigation are not accusations of fault or wrongdoing by the states or any other individual or entity, and the department has not reached any conclusions about these matters.

https://www.justice.gov/opa/pr/department-justice-requesting-data-governors-states-issued-covid-19-orders-may-have-resulted

AG Barr Spokeswoman @KerriKupecDOJ: DOJ is evaluating whether to initiate investigations under “Civil Rights of Institutionalized Persons Act” (CRIPA) & whether the state orders in NY, NJ, PA, and MI requiring admission of COVID-19 patients to nursing homes is responsible for the deaths of nursing home residents. [Don’t forget the tax returns & filings of officials and nursing home donors!]

@DeItaOne: President Trump says he will call for drug tests for both former Vice President Joe Biden and himselfbefore the first candidates’ debate on Sept. 29 [How will Joe respond to this epic trolling?]

Biden gets no convention bounce after Democratic gathering: Reuters/Ipsos poll

That marks a shift from many past election cycles. The previous Democratic nominee, Hillary Clinton, saw a 4-percentage-point gain against Trump after her party’s 2016 convention, while Trump’s support also rose 4 points after his party’s gathering that year… [With Dems +8; should be +3!]

https://mobile.reuters.com/article/amp/idUSKBN25M156?__twitter_impression=true&s=09

The above headline isn’t the whole story!  Trump gained 4 points after the first 2 nights of his convention and Biden lost 4 points with suburban voters – and this was before the Kenosha violence!

Biden’s Polling Lead Has Collapsed [‘Tis why Biden finally issued a statement on the shooting/riots]

A month and a half ago, Rasmussen Reports had Joe Biden 10-points ahead of… Trump in the polls. Now he’s only ahead by one point, within the margin of error.  Even if Biden’s now-slim lead in the polls were to remain frozen as of today, Trump would still have a clear path to an electoral college victory… Rasmussen was among the closest mainstream pollster in approximating the popular vote in the 2016 election. Rasmussen had Hillary Clinton up 1.7 points over Trump on Election Day 2016 [was 2.1%]

https://bongino.com/bidens-polling-lead-has-collapsed

The latest Zogby Analytics poll just shared with Secrets had Trump’s approval at 52%. “The president has recorded his best job approval rating on record,” said pollster Jonathan Zogby. What’s more, his approval rating among minorities was solid and, in the case of African Americans, shockingly high. Zogby said 36% of blacks approve of the president, as do 37% of Hispanics and 35% of Asians…

https://www.washingtonexaminer.com/washington-secrets/trump-pops-to-52-best-job-approval-rating-on-record-up-with-blacks-even-democrats

@Rasmussen_Poll: Last night @donlemon called for the rioting to end, “because it’s showing up in the polling.” What polling? The media polling after the DNC Convention that was never released over the weekend. Yes, folks, it exists. You’re just not allowed to see it.

CNN’s Don Lemon:“Kenosha… is a blind spot for Democrats… They hope it goes away… Joe Biden may be afraid to do it.  He has to come out and talk about it… This rioting has to stop… It’s showing up in the poll; it’s showing up in focus groups”   https://twitter.com/stillgray/status/1298576558605471751

There is a large anti-Trump vote in America, particularly among women.  However, there is a growing anti-Dem governor/mayor and Establishment vote due to the rioting, looting, violence and shutdowns – particularly in Midwestern States.

D.C. Mayor Bowser condemns protesters seen in viral video heckling diners [Why now?  Polls!]

http://hill.cm/Hf8yyR9

CNN panelist Tuesday night: “I thought tonight was a really perfect night.”

https://twitter.com/TrumpWarRoom/status/1298469896435707905

@SteveGuest: Former Obama senior advisor David Axelrod admits: RNC 2020 is “doing pretty well to be honest with you”   https://twitter.com/SteveGuest/status/1298469678696800256

@FrancisBrennan: NBC’s Chuck Todd reports that Joe Biden’s campaign is now worried that President Trump will over-perform with African American men.https://twitter.com/FrancisBrennan/status/1298472432802705409

@TCPigott: CNN’s Wolf Blitzer: the first lady’s speech was “important,” “very moving”

https://twitter.com/TCPigott/status/1298472571608936448

Inquiring minds want to know why the Hollywood-produced and aided DNC Convention, replete with ‘stars’, had inferior production quality than the RNC Convention?

Bette Midler calls Melania Trump ‘illegal alien’ during RNC 2020 tweetstorm

“UGE bore! She can speak several words in a few languages. Get that illegal alien off the stage!… Oh, God. She still can’t speak English,”… awful person.”… https://t.co/GvmJ95IFZ4

People, including self-proclaimed Democrats, savaged Bette.  Midler and others’ attacks on Melania induced wise guys to post barbs about Midler and Michelle Obama.

CNN Analyst Labels Nick Sandmann ‘Snot-Nosed, Entitled Kid [teenager] from Kentucky

CNN Political Analyst Joe Lockhart criticized Nick Sandmann, the Covington Catholic High School graduate who successfully sued the network for defamation, after the teen addressed the Republican National Convention Tuesday night, calling him a “snot-nosed, entitled kid from Kentucky.”  “I’m watching tonight because it’s important. But I don’t have to watch this snot nose entitled kid from Kentucky,” Lockhart, who served as White House press secretary for the Clinton administration, wrote in a tweet… https://www.nationalreview.com/news/cnn-analyst-labels-nick-sandmann-snot-nosed-entitled-kid-from-kentucky/

Biden’s lack of a travel plan worries some Democrats http://hill.cm/Fg2Soxk

The final RNC Convention session is tomorrow.  Trump will be the main event.  Over the weekend, polls and focus groups will tell party leaders the truth about the conventions and the races.

The important thing to watch for after Labor Day, which is usually when campaigns rev up, is if the Democrats start moving assets to states that they thought Biden had secured (MN, VA, CO, NV, PA, MI & WI).  If Trump wins Florida, he needs to capture one of Wisconsin, Minnesota, Michigan or Pennsylvania to win.  Also, after Labor Day, Durham indictments and plea deals will commence according to reports.  If Democrats begin to circle the wagons around key House races, we can infer that they think Biden is sunk and they need to marshal resources to keep the House.

@MSpicuzzaMJS: @WisDOJ confirms that the Kenosha police officer who shot Jacob Blake is Rusten Sheskey & says Blake “admitted that he had a knife in his possession.” [Taser was not successful..]

(Why wasn’t this revealed three days ago?)  https://twitter.com/MSpicuzzaMJS/status/1298759410991456256

Jacob Blake’s Mother Calls for Calm, Apologizes to Trump for Family ‘Outburst’ [& missing call]

https://www.breitbart.com/politics/2020/08/26/nolte-jacob-blakes-mother-calls-for-calm-apologizes-to-trump-for-family-outburst/

Three shot, two dead overnight, as violence intensifies in Wisconsin over police shooting https://t.co/G7XtyHFLni

@WSJ: A 17-year-old Illinois [should’ve been in schoolresident has been arrested in connection with the overnight shooting in Kenosha, Wisconsin, that killed two people and wounded another, police say

@dhookstead: This video from Kenosha is INSANE. Man with a rifle falls down, appears to get attacked and fires several shots… https://twitter.com/dhookstead/status/1298592941049622530

@_WilliamsonBen [on Tuesday]: Local law enforcement in Wisconsin told the White House they need at least 750 National Guard tonight. Governor Evers is only sending 250. Today, Mark Meadows called the Governor and offered 500 additional guard to meet the police needs.

@joshdcaplan: FOX NEWS: [WH Chief of Staff] Mark Meadows says Wisconsin Gov. Tony Evers rejected offer for additional National Guard help to crack down on Kenosha riots

@realDonaldTrump at 13:30 ET Wednesday: We will NOT stand for looting, arson, violence, and lawlessness on American streets. My team just got off the phone with Governor Evers who agreed to accept federal assistance (Portland should do the same!)… TODAY, I will be sending federal law enforcement and the National Guard to Kenosha, WI to restore LAW and ORDER!

@ElijahSchaffer: “It’s emotionally hurtful, but we didn’t do anything to anybody. Why did we deserve it?”  Near tears, a store owner explains how his family business of 40 years was destroyed by BLM & Antifa arsonists last night…  https://twitter.com/ElijahSchaffer/status/1298289845555605505

Ex-fed prosecutor @shipwreckedcrew: The Gov of Wisc was elected in 2018. He’s about 70, and for a decade he was State School Superintendent. Out of touch dope pretending he was prepared to be Gov.

@julie_kelly2: Democrats stole the 2018 election from Scott Walker, magically finding ballots from Milwaukee that gave Evers the edge. He won by 1% and unfortunately Walker didn’t contest the results. I’m sure this disaster in Kenosha would look a lot different if Walker was in charge.

Kenosha [Mostly peaceful?] Protesters Shout ‘Death to America!’ & ‘Kill the Police!

https://www.breitbart.com/law-and-order/2020/08/25/video-kenosha-protesters-shout-death-to-america-kill-the-police/

@CNBCnow: NBA announces “that in light of the Milwaukee Bucks’ decision to not take the floor today for Game 5 against the Orlando Magic, today’s three games…have been postponed.”

Black Leaders in Seattle Condemn Protesters and Praise Police Chief  https://t.co/v3S22e8o7T

When Obama postmaster closed facilities during 2012 election, Democrats sang different tune https://t.co/bY9fyiGSib

@Woj_Pawelczyk: Here’s a postal worker dumping mail into the trash: (But remember: your vote is totally safe) https://twitter.com/Woj_Pawelczyk/status/1298674052907913217

House lawmakers draft bipartisan resolution condemning QAnon and its ‘conspiracy theories’

One QAnon theory is President Trump is secretly saving the world from a satanic cult of pedophiles and cannibals…One theory pushed during the 2016 presidential campaign was that Hillary Clinton campaign manager John Podesta was connected with a Washington, D.C., pizza restaurant that had sex-slave children chained in the basement…

https://justthenews.com/politics-policy/elections/house-lawmakers-draft-bipartisan-resolution-condemning-qanon-and-its

Well that is all for today

I will see you FRIDAY night.

One comment

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

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