AUGUST 28//GOLD AND SILVER HAD A STELLAR DAY AS OTC OPTIONS EXPIRE// GOLD UP $38.20 TO $1965.60//SILVER UP $.48 TO $27.48//GOLD TONNAGE STANDING AT THE COMEX: 152.5 TONNES/WE MIGHT GET 50 MILLION OZ OF SILVER STANDING FOR SEPT//CHINA VS USA/ABE RESIGNED FROM OFFICE IN JAPAN/ CORONAVIRUS UPDATES GLOBE//MANY USA STORIES FOR YOU TONIGHT//SWAMP STORIES AS WELL//

GOLD:$1965.60  UP $38.20   The quote is London spot price

 

 

 

 

 

Silver:$27.48 UP$0.48   London spot price ( cash market)

 

TODAY I HAD A MASSIVE CRASH AND I TRIED TO PUT ALL THE PIECES BACK TOGETHER.  IT IS PROBABLY A LITTLE DISJOINTED BUT ALL THE MAJOR STORIES ARE THERE.
OPTIONS EXPIRY FINISHED TODAY
FIRST DAY NOTICE IS ON MONDAY
GOLD/SILVER SHOULD PROCEED TO ABOVE 2000, THIS COMING WEEK
HAVE A GREAT WEEKEND

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Closing access prices:  London spot

i)Gold : $1965.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $27.52//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

SEPT GOLD:   $1963.30  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $3.30//) SCARCITY//

OCT GOLD:  $1966.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $0.60//CONTANGO//$2.40 BELOW NORMAL CONTANGO

 

 

DEC. GOLD  $1974.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $8.60/ CONTANGO   ($3.40 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $27.58…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 10 cent contango//7 CENTS ABOVE NORMAL contango)

SILVER DECEMBER  CLOSE:     $27.76  1:30  PM SPREAD SPOT/FUTURE DEC.       : 28  CENTS PER OZ  CONTANGO ( 14 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today: 1/92

issued 34

EXCHANGE: COMEX
CONTRACT: AUGUST 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,921.600000000 USD
INTENT DATE: 08/27/2020 DELIVERY DATE: 08/31/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 34
657 H MORGAN STANLEY 57
661 C JP MORGAN 34 1
685 C RJ OBRIEN 1
686 C INTL FCSTONE 1 3
690 C ABN AMRO 14
737 C ADVANTAGE 3
905 C ADM 5
991 H CME 31
____________________________________________________________________________________________

TOTAL: 92 92
MONTH TO DATE: 49,026

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 92 NOTICE(S) FOR 9200 OZ  (0.2861 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  49026 NOTICES FOR 4,902600 OZ + 2400 oz enhanced standing  =  49050 notices  or 4,905,000 oz  (152.566 tonnes

 

 

SILVER

 

 

1 NOTICE(S) FILED TODAY FOR 5,000  OZ/

total number of notices filed so far this month: 1295 for 6.475 MILLION oz

 

BITCOIN MORNING QUOTE  $11,468  UP 138

 

BITCOIN AFTERNOON QUOTE.: $11,492 UP 163

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $38.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

STRANGE!!

A SMALL CHANGE IN GOLD INVENTORY AT THE GLD/// // A WITHDRAWAL OF 0.59 TONNES FROM THE GLD

 

 

 

 

GLD: 1,251.50 TONNES OF GOLD//

 

 

WITH SILVER UP 48 CENTS TODAY: AND WITH NO SILVER AROUND:

 

A MASSIVE CHANGE IN INVENTORY AT THE SLV///  A PAPER DEPOSIT OF 4.652 MILLION OZ INTO THE SLV

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 571,071  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 HUMONGOUS SIZED 13,040 CONTRACTS FROM 182,760 DOWN TO 169,720, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE HUGE LOSS IN OI OCCURRED WITH OUR 28 CENT FALL  IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS PRIMARILY DUE TO OUR HUGE  SILVER SPREADER LIQUIDATION , CONSIDERABLE  BANKER SHORT COVERING  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, MINIMAL 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 11,051 CONTRACTS, WITH THE MAJORITY 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 1989 DEC:  0, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1989 CONTRACTS. WITH THE TRANSFER OF 1989 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 1989 EFP CONTRACTS TRANSLATES INTO 9.945 MILLION OZ  ACCOMPANYING:

1.THE 28 CENT LOSS IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ INITIAL STANDING IN AUGUST

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL 28 CENTS) ).. 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:

22031 CONTRACTS (FOR 21 TRADING DAY(S) TOTAL 22,031 CONTRACTS) OR 110.155 MILLION OZ: (AVERAGE PER DAY: 1049 CONTRACTS OR 5.245 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 110.155 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 15.74% 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:          1,380.41 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                         110.155  MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

 

 

 

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 13,040, DESPITE OUR  28 CENT LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY AS ONE A NET BASIS, NOBODY REALLY 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 1989 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 101,051 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR 28 CENT LOSS IN PRICE)//AND AS MENTIONED ABOVE, ALL OF THE LOSS WAS DUE TO SPREADER LIQUIDATION.

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1989 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 13,040 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR 28 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.01 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.852 BILLION OZ TO BE EXACT or 121% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 1 NOTICE(S) FOR 5,000 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 FAIR SIZED 3179 CONTRACTS TO 544,096 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE HUGE LOSS IN COMEX OI OCCURRED WITH OUR FALL IN PRICE  OF $17.50 /// COMEX GOLD TRADING// THURSDAY//WE HAD CONSIDERABLE BANKER SHORT COVERING, A GOOD SIZED INCREASE IN GOLD TONNAGE STANDING AT THE COMEX FOR AUGUST, ALONG WITH SOME MINOR LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR STRONG LOSS IN PRICE OF $17.50. 

 

 

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 FAIR SIZED 1201 CONTRACTS  (3.735 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 4380 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 4380; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 4380.  The NEW COMEX OI for the gold complex rests at 544,096. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1201 CONTRACTS: 3179 CONTRACTS DECREASED AT THE COMEX AND 4380 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1201 CONTRACTS OR 3.735 TONNES. THURSDAY, WE HAD A LOSS OF $17.50 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 3.735 TONNES!!!!!! THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $17.50).  WE  HAD A CONSIDERABLE BANKER SHORT COVERING  OPERATION BUT JUDGING FROM THE GOOD GAIN IN TOTAL OI  WITH THE GOOD 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 GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4380) ACCOMPANYING THE  FAIR SIZED LOSS IN COMEX OI  (3179 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1201 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) FAIR COMEX OI GAIN AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR LOSS IN GOLD PRICE TRADING//THURSDAY//$17.50.

 

 

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 : 45,016, CONTRACTS OR 4,501,600, oz OR 140.01 TONNES (20 TRADING DAY(S) AND THUS AVERAGING: 2250 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAY(S) IN  TONNES: 140.01 TONNES

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

THUS EFP TRANSFERS REPRESENTS 140.01/3550 x 100% TONNES =3.94% 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   3,400.07  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;                 140.01 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 HUGE SIZED 13,040 CONTRACTS FROM 182,760, DOWN TO 169,720 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 1989 CONTRACTS

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

 SEPT: 1989 AND DEC. 0 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1989 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 13,040  CONTRACTS TO THE 1989 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A CONSIDERABLE SIZED LOSS OF 11,051 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 55.255 MILLION  OZ, OCCURRED DESPITE OUR 28 CENT LOSS 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 53.69 POINTS OR 1.60%  //Hang Sang CLOSED UP 140.91 POINTS OR 0.56%   /The Nikkei closed DOWN 326.31 POINTS OR 1.41%//Australia’s all ordinaires CLOSED DOWN .79%

/Chinese yuan (ONSHORE) closed UP  at 6.8631 /Oil UP TO 43.02 dollars per barrel for WTI and 45.50 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.8631 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8606 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED/CORONAVIRUS PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY A FAIR SIZED 3179 CONTRACTS TO 544,096 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 FAIR COMEX INCREASE OCCURRED DESPITE OUR STRONG LOSS OF $17.50 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A GOOD EFP ISSUANCE (4380 CONTRACTS),.  THUS,  WE HAD AGAIN 1) HUGE BANKER SHORT COVERING AT THE COMEX.  THEY ORCHESTRATED ANOTHER RAID BUT JUDGING FROM THE GAIN IN TOTAL OI (DESPITE THE WHACK IN PRICE),, 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 GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 1201 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 GOOD SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4380 EFP CONTRACTS WERE ISSUED:  AUG  0 , OCT: 0  DEC 4380; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4380  CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 1201 TOTAL CONTRACTS IN THAT 4380 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 3179 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 DEPARTED //

 

 

 

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $17.500).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS 

AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  3.735 TONNES  DESPITE THE HUGE WHACK IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 1201, CONTRACTS OR 120,100 OZ OR 3.735 TONNES.

 

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

THUS IN GOLD WE HAVE THE FOLLOWING:  544,096 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.40 MILLION OZ/32,150 OZ PER TONNE =  1692 TONNES

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

 

 

Trading Volumes on the COMEX TODAY: 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

FINAL STANDING FOR AUGUST GOLD

 

 

Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
405.573 oz
HSBC
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

4822.465

OZ

DELAWARE

 

 

150

KILOBARS

No of oz served (contracts) today
92 notice(s)
 9200 OZ
(0.2861 TONNES)
No of oz to be served (notices)
0 contracts
(0 oz)
0 TONNES
Total monthly oz gold served (contracts) so far this month
49050 notices
4,905,000 OZ
152.566 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  HSBC: 405.573  OZ

 

 

 

 

total withdrawals;  405.573   oz

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 1 //

dealer to customer

i) Out of BRINKS  96,577.326 oz

 

 

 

The front month of AUGUST registered a total of 92 CONTRACTS as we LOST 75 contracts. We had 83 notices served on THURSDAY so we GAINED A STRONG contracts or an additional 800 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 121 contracts to stand at 3056.  Oct GAINED 287 contracts UP to 64,021

 

The big December contract LOST 4557 contracts UP to 401,062 contracts…(it is here where some of our short side bankers tried to bail and failed//newbie longs entered the arena at lower prices)

 

 

 

We had 92 notices filed today for  9200 oz

 

FOR THE AUGUST 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  34 notices were issued from their client or customer account. The total of all issuance by all participants equates to 92 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 (49,050) x 100 oz , to which we add the difference between the open interest for the front month of  AUGUST (92 CONTRACTS ) minus the number of notices served upon today (92 x 100 oz per contract) equals 4,905,000 OZ OR 152.566 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 (49,050, x 100 oz + (92 OI) for the front month minus the number of notices served upon today (92) x 100 oz which equals 4,905,000 oz standing OR 152.556 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 8 contracts or 800 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

51,084.609 oz Pledged August 21/regular account 1.588 tonnes jpm

total pledged gold:  1,111,079.092 oz                                     34.55 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 469.53 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 152.556 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,206,555.381 oz or 504.09 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;  51,084.609 oz  (1.599 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:  1,111,079.092 oz or 34.55 tonnes
thus:
registered gold that can be used to settle upon:  15,095,476.0  (469.53 tonnes)
true registered gold  (total registered – pledged tonnes  15,095,476.0 (469.53 tonnes)
total eligible gold:  20,965,743.763 oz (652.122 tonnes)

total registered, pledged  and eligible (customer) gold;   37,152,299.144 oz 1,155.59 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1029,25 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 28/2020

And now for the wild silver comex results

 

FINAL STANDINGS

AUGUST SILVER COMEX CONTRACT MONTH//INITIAL STANDINGS

 

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 10,987.740 oz
CNT

 

DELAWARE

 

Deposits to the Dealer Inventory
597,036.000 oz
BRINKS

 

Deposits to the Customer Inventory
1,793,885.390 oz
CNT
JPM,
No of oz served today (contracts)
1
CONTRACT(S)
(5,000 OZ)
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  1295 contracts

6,475,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into  Brinks:  597,036.000 oz
I

total dealer deposits: 597,036.000   oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 2 deposits into the customer account

i)into JPMorgan:  1,194,699.500 oz

ii) Into CNT:  599,185.890 oz

 

 

 

 

 

 

 

 

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

JPMorgan now has 167.320 million oz of  total silver inventory or 48.71% of all official comex silver. (167.320 million/342.247 million

 

total customer deposits today: nil   oz

we had 2 withdrawals:

 

 

i) Out of Delaware; 10,087.740 oz

ii) Out of CNT; 984.04

 

 

 

 

 

 

total withdrawals;  10,987.740    oz

We had 2 adjustments  both dealer to customer

JPMorgan:  5,400,049.235 oz

and Scotia: 3,699,295.830 oz

 

Total dealer(registered) silver: 133.381 million oz

total registered and eligible silver:  342.247 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of August registered an open interest of 1 contracts and thus we lost 12 contracts.  We had 12notices filed on THURSDAY 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  14,746 contracts down to 14,265. November saw another gain of 27 contracts to stand at 570.

SEPT OI IS VERY HIGH AND WE WILL HAVE A DANDY AMOUNT OF SILVER STANDING AT THE COMEX.  WE HAVE 1 MORE READING DAYS BEFORE FIRST DAY NOTICE AUGUST 31/2020 (MONDAY): PROBABLY 50 MILLION OZ//

 

 

 

The big December contract month saw its OI rise by good 1379 contracts up to 138,891

 

 

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(12) 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 : 190,142 CONTRACTS // volume huge

 

 

 

FOR YESTERDAY: 493,934.  ,CONFIRMED VOLUME//volume huge.++++++++++++++++++++++++++++++++++++++++++++  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 493,934CONTRACTS EQUATES to 2.469 billion  OZ 352% 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- 1.91% ((AUGUST 28/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.39% to NAV:   (AUGUST 27/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/1.91%

(courtesy Sprott/GATA

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

NAV 20.77 TRADING 20.36///NEGATIVE 1.80

END

 

 

And now the Gold inventory at the GLD/

AUGUST 28/WITH GOLD UP $38.20 TODAY, WE SURPRISINGLY HAD A .59 TONNE WITHDRAWAL//INVENTORY RESTS AT 1251,50 TONNES

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 28/ GLD INVENTORY 1251.50 tonnes*

LAST;  891 TRADING DAYS:   +312.00 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 791 TRADING DAYS://+490.53  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

AUGUST 28/WITH SILVER UP 48 CENTS TODAY: A MASSIVE PAPER DEPOSIT OF 4.652 MILLION OZ ENTERS THE SLV//INVENTORY RESTS AT 571.071 MILLION OZ

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 28.2020:

SLV INVENTORY RESTS TONIGHT AT

571.071 MILLION OZ

 

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

 

end

ii) Important gold commentaries courtesy of GATA/Chris Powell

A must view

Andrew Maguire on Scotia and what is going on with our criminal bankers

(courtesy Andrew Maguire)

Scotiabank will nail JPMorganChase for metals market rigging, London trader Maguire says

 Section: 

12:28a ET Friday, August 28, 2020

Dear Friend of GATA and Gold:

The fine of $124 million that Scotiabank has agreed to pay the U.S. government for manipulating the gold and silver markets with “spoofing” is tiny compared to the offense, London metals trader Andrew Maguire says in his interview this week with Shane Morand of Kinesis Money, but that’s because the fine is not the end of the case against the bullion bank.

… 

Scotiabank, Maguire says, remains vulnerable to criminal charges of wire fraud and so is cooperating with the U.S. Justice Department in prosecution of the biggest gold and silver market-rigger of all, JPMorganChase.

 

Further, Maguire adds, the prosecution is linked to a pending “reset” of gold and silver prices.

In connection with that “reset,” Maguire says, the Bank for International Settlements has built an unprecedentedly large unallocated foreign-exchange gold position as it distributes desperately needed metal to banks around the world.

Behind the extraordinary recent volatility of the gold and silver markets, Maguire says, the banks are striving to shake out speculators while getting long themselves.

Maguire’s interview is 31 minutes long and can be viewed at YouTube here:

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

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

end

Always a good read..

Pam and Russ Martens/Wall Street on Parade

Pam and Russ Martens: As retirees anguish over low Treasury rates, U.S. companies suspend dividends

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Friday, August 28, 2020

Thanks to the behemoth banks on Wall Street that engineered the largest Inside Job in the history of global banking and cratered the economy in 2008, retirees are now looking at a yield of 0.75 percent on a 10-year U.S. Treasury note. That paltry yield compares to the 4 percent or higher that retirees have been able to get throughout much of the last century on a T-Note.

The Federal Reserve is directly responsible for these unprecedented low yields.

For much of the past 12 years, the Fed has been manipulating interest rates lower by buying up trillions of dollars in bonds (quantitative easing) in order to avoid crashing the Wall Street banks. The Wall Street banks are holding tens of trillions of dollars in interest-rate derivative bets — betting that rates won’t rise substantially or will drift lower. So the Fed has to make sure that’s what happens even if struggling Americans have to choose between paying rent or going hungry.

 

Consider the math. Let’s say you are a widow living on Social Security and a small pension. Let’s say you had a nest egg before the Wall Street crash in 2008 of $150,000 on which you earned 4 percent ($6,000 a year) from a T-Note. But you’ve had to dip into that principal over the past decade to make ends meet. You have just $125,000 left and the 4 percent T-Note has matured. If you roll that over at 0.75 percent, the going rate on a 10-year T-Note, your supplemental income shrinks from the pre-crisis $6,000 to a post-crisis $937.50.

That’s the kind of income squeeze tens of millions of retired senior citizens in America are facing, thanks to the Federal Reserve’s cozy ties to Wall Street.

Now seniors have another financial worry. Cash dividends on stocks are being suspended or cut at a rate not seen since the last financial crisis. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/08/as-retirees-anguish-over-a-sub-on…

end

Andrew Bailey still states that negative rates are still in the cards

(GATA/Andrew Bailey)

Bank of England governor says negative rates are in policy toolbox

 Section: 

By Lucy Meakin and David Goodman
Bloomberg News
Friday, August 28, 2020

The Bank of England has plenty of room to add more monetary stimulus to fight the U.K.’s economic slump, including negative interest rates if needed, Governor Andrew Bailey said.

“We are not out of firepower by any means,” he said at the Federal Reserve’s annual policy symposium, being held virtually instead of the traditional venue at Jackson Hole, Wyoming. “To be honest it looks from today’s vantage point that we were too cautious about our remaining firepower pre-Covid.”

Since the pandemic struck, the Bank of England has unleashed a raft of stimulus measures, including slashing the benchmark rate to a record-low 0.1% and raising its asset purchase target to 745 billion pounds ($985 billion). …

 

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-08-28/bailey-says-negative-…

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8807/ GETTING VERY DANGEROUSLY CLOSE TO 7:1

//OFFSHORE YUAN:  6.8834   /shanghai bourse CLOSED DOWN 30.52 POINTS OR 1.04%

HANG SANG CLOSED DOWN 131.51 POINTS OR 0.46%

 

2. Nikkei closed DOWN 422.94 POINTS OR 1.97%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 97.24/Euro FALLS TO 1.1219

3b Japan 10 year bond yield: FALLS TO. –.13/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ 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:: 57.21 and Brent: 64.13

3f Gold DOWN/JAPANESE Yen PU 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 RISES TO -.32%/Italian 10 yr bond yield DOWN to 1.53% /SPAIN 10 YR BOND YIELD DOWN TO 0.39%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 2.09

3k Gold at $1421.50 silver at: 16.13   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 10/100 in roubles/dollar) 62.99

3m oil into the 57 dollar handle for WTI and 64 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 107.85 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 .9875 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1077 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 0.32%

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 2.05% early this morning. Thirty year rate at 2.57%

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

6.  TURKISH LIRA:  UP  TO 5.6988..

S&P Futures Hit Record Above 3,500 As Dollar Tumbles To 27 Month Low

 

Markets surging as high as 3,509 during Trump’s acceptance speech, the E-Mini S&P future faded some of its gains even as it remained green for a seventh straight day as investors worried about a lack of detail in the U.S. Federal Reserve’s policy shift which assured super low interest rates for years to come. Despite continued US levitation European and Asian markets were mixed, while Japanese markets were roiled as Prime Minister Shinzo Abe resigned for health reasons (again) sending the Yen surging. The dollar was headed for its worst daily decline in a month.

Futures initially jolted higher as investors bet interest rates would remain low for longer and more stimulus was likely. But markets have since been choppy, with some traders disappointed that the Fed did not reveal more details about how the new framework will work or provide any clues as to what it will do at its next policy meeting.

“It’s not so much about what to do about inflation when it comes but about getting inflation above target. The challenge is to get inflation up to target and not very much was said about that,” said Colin Asher, a senior economist at Mizuho.

The S&P 500 and the Nasdaq are on track for their fifth consecutive week of gains, but the Dow is still about 3.6% from its February all-time high. The Fed on Thursday unveiled a new policy aim for 2% inflation on average so that too low a pace would be followed by an effort to lift inflation “moderately above 2% for some time” and to restore the economy to full employment. In the previous session, the Dow briefly turned positive on the year, while the S&P 500 closed at a record level even as the U.S. economy struggles to recover, forcing the Fed to adopt an unprecedented policy of accepting inflation overshoots for an unknown period of time.

In further proof that technology companies are booming in the pandemic, business software provider Workday jumped 11.2% in premarket trading after raising its annual subscription forecast. Dell Technologies gained 4.5% after reporting quarterly profit that beat expectations as remote working and online learning boosted demand for its notebooks and software products.  Cosmetics retailer Ulta Beauty Inc ULTA.N jumped 15.1% after posting quarterly profit ahead of market expectations.

The Euro Stoxx 50 recovered from earlier losses and was last up 0.03%, while Germany’s DAX slid 0.49%. Britain’s FTSE 100 was 0.4% higher.

Earlier, Asian stocks were little changed, with communications falling and finance rising, after falling in the last session. Asian shares outside of Japan limped higher, with the MSCI’s broadest index of Asia-Pacific shares outside Japan gaining 0.19%. Markets in the region were mixed, with Shanghai Composite and Singapore’s Straits Times Index rising, and Australia’s S&P/ASX 200 and Japan’s Topix Index falling. The Topix declined 0.7%, with TerraSky and Airtrip falling the most. Japanese shares dropped, with the Nikkei 225 down 1.4%. Abe resigned on Friday because of a chronic health condition, saying he would stay as prime minister until a new leader was appointed.

“This is a negative for Japanese stocks because it raises questions about what polices come next. We do see the familiar pattern of falling stocks pushing up the yen,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo. The yen, seen as a safe-haven currency to buy in times of uncertainty, surged to 105.32, gaining 150 pips on the session.

The Shanghai Composite Index rose 1.6%, with Western Superconducting and Whirlpool China posting the biggest advances.

In rates, Treasuries pared overnight losses as the US session gets underway after bear-steepening during Asia session, extending the response to Fed Chair Powell’s comments Thursday. A selloff in Aussie bonds weighed initially, with impact fading during European morning as U.S. stock futures pulled back from record highs. Treasuries remain cheaper by more than 1bp at long end while yields out to 10-year are richer on the day; bunds lag by ~1bp while gilts keep pace. The 5s30s curve steepened as much as 5.5bp to 125bp, highest since June 5 when it reached 128.5bp, steepest since 2006; 2s10s peaked at 62.5bp, steepest since June 9.

In FX, the dollar slumped 0.6% against a basket of other currencies, dropped to a more than two year low. The greenback has fallen sharply since June as many analysts are predicting more pain ahead given U.S. rates are likely to stay low for longer and the political uncertainty before the U.S. presidential election in November.

Residual or more month end rebalancing could be a factor behind the renewed Greenback weakness, though the aforementioned Yen revival has certainly contributed to the dollar reversing further from Thursday’s post-Fed chair policy revelation recovery highs to lower lows. The DXY index is now 100+ ticks down at 92.279 and the ytd trough looms (92.124) amidst broad and increasingly heavy losses across the board, as US stock futures continue to rally or consolidate near record peaks. The euro seized on the dollar’s weakness to gallop another 0.7% higher and was last at $1.1905, close to a more than two-year high it recently touched. The yen soared to 105.35 yen per dollar on news of Abe’s resignation.

On the back of dollar weakness, China’s yuan was on pace for a fifth weekly advance, the longest run since November last year, as the greenback stays weak. The currency traded onshore has risen 0.8% over the past five sessions, taking the climb since July 24 to 2.2%. The yuan jumped as much as 0.48% to 6.8612 a dollar on Friday to trade at its highest since January.

In commodities, Crude oil prices dipped as a massive storm raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries. Brent crude fell 0.47% to $44.88 a barrel. U.S. West Texas Intermediate crude dropped 0.49% to $42.83 per barrel. Gold prices bounced 1%, with the spot price at $1,949 an ounce. The precious metal tends to perform well when the dollar is weak and the U.S. central bank sends a dovish message on the future path of interest rates.

Expected data include wholesale inventories and personal income and spending. Big Lots is reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.4% to 3,500.00
  • MXAP up 0.05% to 173.56
  • MXAPJ up 0.2% to 577.53
  • Nikkei down 1.4% to 22,882.65
  • Topix down 0.7% to 1,604.87
  • Hang Seng Index up 0.6% to 25,422.06
  • Shanghai Composite up 1.6% to 3,403.81
  • STOXX Europe 600 down 0.3% to 369.59
  • German 10Y yield rose 2.1 bps to -0.386%
  • Euro up 0.8% to $1.1917
  • Italian 10Y yield rose 0.3 bps to 0.894%
  • Spanish 10Y yield rose 0.4 bps to 0.393%
  • Sensex up 0.9% to 39,453.11
  • Australia S&P/ASX 200 down 0.9% to 6,073.81
  • Kospi up 0.4% to 2,353.80
  • Brent futures down 0.2% to $44.98/bbl
  • Gold spot up 1.4% to $1,956.80
  • U.S. Dollar Index down 0.7% to 92.35

Top Overnight News from Bloomberg

  • Abe announced he plans to step down for health reasons, after eight years at the head of Japan
  • The Jackson Hole symposium is set to continue after Fed Chairman Powell’s speech on Thursday shook the dollar and longer-dated treasuries overnight
  • The number of Americans killed by Covid-19 exceeded 180,000, while the resurgence continues in Europe, with Germany reporting a daily increase in cases close to a four-month high

Snapshot of key global markets courtesy of NewsSquawk:

Asian bourses eventually traded mixed as markets digested the Fed’s shift to an average inflation targeting framework, which briefly lifted the S&P 500 to the 3500 level for the first time ever and the Nasdaq to a fresh record intraday high during Wall Street hours. Some of the moves were then reversed as the dust settled and the recent big tech rally stalled – which dragged the Nasdaq into the red, although US equity futures have since caught a second wind overnight with E-mini S&P taking its turn to breach the 3500 milestone. As such, Nikkei 225 (-1.4%) was initially lifted as exporters benefited from currency weakness, but plunged heading into the cash close amid reports that Japanese PM Abe is planning to resign due to worsening health conditions, while the Hang Seng (+0.6%) and Shanghai Comp. (+1.6%) were supported after this week’s liquidity efforts resulted to a net weekly injection of CNY 200bln and amid a deluge of earnings including blue-chip names PetroChina, and China Vanke, whose shares all traded higher despite posting varied results. Conversely, ASX 200 (-0.9%) bucked the trend as weakness in Australia’s tech and miners spearheaded the declines in the index, with sentiment not helped by the continued deterioration in ties with its largest trading partner China after Canberra’s move to veto the Belt & Road Initiative agreement, while China also suspended imports of beef from Australia’s John Dee after finding a banned substance. Finally, 10yr JGBs were lower amid spill-over selling from USTs which were heavily pressured as participants contemplated over the Fed’s tolerance for overshooting inflation, to push the US 10yr yield to its highest since mid-June, while the unprecedented levels seen in the E-mini S&P and a tepid BoJ Rinban announcement added to the dampened mood for bonds.

Top Asian News

  • New Zealand Deploys Spy Agency as Hackers Hit Stock Market
  • Goldman Pays Malaysia $2.5 Billion; Funds to Repay 1MDB Debt
  • Xiaomi’s Stock Surge a Big Reversal After Post-IPO Struggles
  • SoftBank Group to Sell $12.5 Billion of Wireless Unit Stock

European stocks see choppy price action, although bourses ultimately trade mixed/subdued (Euro Stoxx 50 -0.5%), as the region came under pressure after the cash open and subsequently nursed some of this downside – with little initial follow-through for European bourses from surprise reports that Japanese PM Abe will be stepping down from his position due to ill health. Participants must be wary of month-end rebalancing, although UBS suggests that this August flows are likely to be considerably less eventful than in July; “This month has seen lower levels of dispersion in global equity markets so far, with the model showing only CAD and NZD expected to see tangible buying pressure at month-end as local equity markets have underperformed SPX.” Overall, Core European bourses see little by way of under/outperformers, although peripheries, i.e. Spain’s IBEX (+0.7%) and Italy’s FTSE MIB (+0.2%) stand as the winners aided by their exposures to the financial sector – which is seeing clear outperformance in Europe amid the high yield environment. Overall, European sectors are mostly lower with no clear risk profile to be extrapolated, although tech resides as the laggard following a week of firm gains. In terms of individual movers; Bayer (-3.3%) sees losses after a judge overseeing the Roundup dispute remarks that they may consider lifting the ban on litigation proceedings as a consumer lawyer says Bayer are not abiding by the USD 11bln settlement, according to sources. Enel (+0.2%) is propped up by reports that Macquarie is reportedly working on a binding offer for the Co’s 50% stake in Open Fiber, according to Il Sole 24.

Top European News

  • European Equities Set for Pain if Euro’s Advance Nears $1.30
  • Apartment Prices Surge in Russia, Raising Fears of a Bubble
  • World’s Biggest Wealth Fund to Publish All Vote Plans by 2021
  • Sweden’s Historic Crisis Plan Exposes Central Bank’s Limits

In FX, the yen was in focus after Japanese PM Abe announced that he will stand down before his official term ends due to a recurring health problem. In response, Japanese stocks and bonds have fallen on concerns that his brand of expansive policy may not be replicated by the next leader, while the Yen has rebounded firmly with Usd/Jpy sub-106.00 ansd testing support/underlying bids ahead of 105.50 from almost a big figure above and the headline pair decisively through decent option expiry interest between 106.50-60 (1 bn) in advance of the NY cut.

  • DXY – Residual or more month end rebalancing could be a factor behind the renewed Greenback weakness, though the aforementioned Yen revival has certainly contributed to the Buck reversing further from Thursday’s post-Fed chair policy revelation recovery highs to lower lows. Indeed, the index is now 100+ ticks down at 92.279 and the ytd trough looms (92.124) amidst broad and increasingly heavy losses across the board, as US stock futures continue to rally or consolidate near record peaks. Ahead, PCE price metrics may well take on greater importance given the switch to average inflation targeting with flexibility, but from a more timely activity perspective Chicago PMI and any big revision to final Michigan sentiment will also be worth watching.
  • AUD/NZD/EUR/GBP/CHF/CAD – Understandably, all benefiting from their US rival’s demise, albeit to varying degrees. The Aussie has breached 0.7300 and the Kiwi is edging closer to 0.6700, while the Euro has rotated over 360 degrees again only this time from the low 1.1800 area to 1.1900+. Similarly, Cable is nudging nearer 1.3300 from under 1.3200 at one stage and setting minor new 2020 highs in the process, regardless of latest negative sounding Brexit news like senior EU sources claiming a 2 week ultimatum for UK PM Johnson to salvage post-transition trade and security negotiations. Elsewhere, the Franc is eyeing 0.9000 compared to 0.9100 at the other extreme following a significantly better than forecast Swiss KOF leading index and the Loonie has pared more recent declines to trade circa 1.3060 in the run up to Canadian Q2 GDP.
  • SCANDI/EM – The Sek and Nok have resumed bullish trajectories regardless of Euro strength elsewhere, with the former encouraged by Swedish Q2 GDP contracting a tad less than envisaged, while EM currencies are taking advantage of Usd depreciation almost across the board, as the Zar recovers alongside Gold and even the Try regroups with some assistance from an improvement in Turkish consumer sentiment.

In commodites, WTI and Brent front month futures trade relatively flat in early European hours, with some earlier downside coinciding with losses in stocks in what seems to be a sentiment-driven move; albeit, the magnitude of the price action across the oil complex has been minimal. Focus has now shifted away from developments in the Gulf of Mexico as Hurricane Laura is downgraded to a Tropical Storm and production starts coming back online. Aside from that, news flow for the complex has remained light, with participants eyeing the weekly Baker Hughes Rig Count as the only crude-related scheduled release. WTI October trades on either side of USD 43/bbl, contained within a tight USD 0.3/bbl range, whilst its Brent counterpart similarly oscillates around USD 45/bbl having printed a current 0.4/bbl range. Elsewhere, spot gold and silver gain impetus from the JPY-led USD declines. The yellow metal has reclaimed a USD 1950+/oz status (vs. low 1923/oz), whilst silver eyes USD 27.50/oz to the upside from an overnight base of USD 26.82/oz. Meanwhile, Shanghai copper prices rose 1% and London prices remain supported by the weaker Dollar. Finally, Dalian iron ore futures closed higher by 1.4% amid a softer Buck alongside expectations for firm demand from the steel industry.

US Event Calendar

  • 8:30am: Advance Goods Trade Balance, est. $72.0b deficit, prior $70.6b deficit
  • 8:30am: Retail Inventories MoM, est. -1.05%, prior -2.6%; Wholesale Inventories MoM, est. -0.85%, prior -1.4%
  • 8:30am: Personal Income, est. -0.25%, prior -1.1%; Personal Spending, est. 1.6%, prior 5.6%
  • 8:30am: Real Personal Spending, est. 1.3%, prior 5.2%
  • 8:30am: PCE Deflator MoM, est. 0.4%, prior 0.4%; PCE Deflator YoY, est. 1.0%, prior 0.8%
    • PCE Core Deflator YoY, est. 1.23%, prior 0.9%; PCE Core Deflator MoM, est. 0.5%, prior 0.2%
  • 9:45am: MNI Chicago PMI, est. 52.6, prior 51.9
  • 10am: U. of Mich. Sentiment, est. 72.8, prior 72.8; Current Conditions, est. 82.4, prior 82.5; Expectations, est. 66, prior 66.5

DB’s Henry Allen concludes the overnight wrap

Happy Friday and hope you’ve had a good week. Jim’s taken another day off ahead of the UK bank holiday on Monday, so I’m back again for the second time this week. In fact, with Craig about to go on paternity leave, there’s the chance we might get to talk even more over the coming months. Whether that’s good news or bad I’ll let you decide, but from what Jim was saying I figured that the best route out of this was having a baby. Given the parenting manual I read each day in this email however, I can’t say he’s made it sound attractive.

Speaking of manuals, the Federal Reserve released some changes to their own one yesterday as the US central bank announced a revision to their longer-run goals and monetary policy strategy. In terms of the two big changes that stand out, the first is that the FOMC will now look to achieve an inflation rate averaging 2% over time, so that if there’s a period as in recent years when inflation has undershot the target, policy can then aim for an inflation rate above the 2% target for the period afterwards. The other main change is with regard to the Fed’s maximum employment objective, where the new statement says that policy will now be informed by the FOMC’s “assessments of the shortfalls of employment from its maximum level”, as opposed to “deviations from its maximum level” as it previously said. That reflects an evolution of their view in recent years as the unemployment rate has fallen below the levels they had previously estimated it could without generating above-target inflation, particularly as low-income communities were among the biggest beneficiaries of the unemployment rate falling to such low levels.

Our US economists write that both of these dovish revisions were in line with their expectations. However, the release of the results now opens the door wider than previously to the chance of a modification of the FOMC’s rates guidance and balance sheet policy at the September meeting. Their view is that the Committee will reveal enhanced forward guidance next month and adjustments to their asset purchases, most likely in the form of an extension of duration. You can find their piece here for those wanting more depth.

In terms of the market reaction, Treasuries whipsawed between gains and losses after the announcement, with 10yr yields falling to an intraday low of 0.648% in the immediate aftermath. However, we then got a major reversal that saw yields move up by over 10bps to end of the session at a 2-month high of 0.752%, ending the day +6.4bps higher, and this morning they’re up a further +1.8bps at 0.770%. There was also a notable steepening of the yield curve, with the 2s10s curve up +5.6bps at a 2-month high.

Looking at other asset classes, the dollar saw some dramatic moves of its own as it fell to an intraday low of -0.63% following Powell’s announcement, before paring back its losses to close down -0.01%, while gold shed -1.28%. US equities continued to power forward however, and in a line we’ve repeated every day this week, the S&P 500 hit another record high as the index advanced +0.17%, even managing to surpass the 3,500 mark at one point in trading. That said, tech stocks unusually lagged yesterday, with the NASDAQ shedding -0.34%, but the S&P 500’s banks rose +2.50% as they benefited from Powell’s comments.

Updating our screens overnight, there’s every chance we could see yet another rise in the S&P 500 today, with futures up another +0.60% this morning. Meanwhile in Asia, equity markets have seen further advances, with the Nikkei (+0.52%), the Hang Seng (+0.87%), the Shanghai Comp (+0.51%) and the KOSPI (+0.80%) all moving higher. The strong move for the KOSPI came as the South Korean Prime Minister announced that the level 2 social distancing rules would be extended for another week, but stopped short of moving up to the stricter level 3 as the current flareup in new infections continues.

In the political sphere, there were also some further headlines from President Trump’s speech to the Republican National Convention, where he formally accepted his party’s nomination for president. Trump made a number of second-term pledges, including further tax cuts, the creation of 10m jobs in 10 months, as well as ending “our reliance on China”. Opinion polls continue to show Trump lagging behind Democratic candidate Joe Biden however, with the FiveThirtyEight polling average currently showing Biden with an 8.4pt lead over Trump.

With the plethora of headlines yesterday, the coronavirus got somewhat less attention than usual from investors, but the series of negative developments out of Europe continued. In terms of the numbers, multiple countries saw new cases at their highest levels in months, with Spain reporting a 4-month high of 3,781, Italy reporting a 3-month high 1,411, and the UK reported a 2-month high of 1,522. In France, where cases have also been rising recently, it was announced that masks would become compulsory throughout Paris from this morning in order to stem the spread, and comes as the country reported 6,111 cases in the most recent 24 hour period, in the worst day since late March. So definitely a situation worth keeping an eye on in the coming days in case further restrictions are imposed.

Amidst rising coronavirus cases, European equities took a rather different path to the US, with the STOXX 600 down -0.64%, as other European bourses including the DAX (-0.71%), the CAC 40 (-0.64%) and the FTSE 100 (-0.75%) also moved lower. For sovereign bonds however, it was a similar picture to the US as they pared back earlier gains to lose ground on the day. By the close 10yr bunds yields had risen +1.0bps, as they reached their highest level in nearly 2 months.

Over in the US, Hurricane Laura hit the coast of Louisiana yesterday with winds just over 240kmph, matching a record set in 1856. Thankfully the storm lost more than half of its power by midday and was downgraded down from hurricane status to tropical storm, but by that time it had caused major flooding throughout the region. The impacted area contains a number of chemical and liquid natural gas producers, though Brent crude (-1.21%) and WTI (-0.81%) oil prices fell back yesterday as the damage wasn’t as bad as some had anticipated. In our Chart of the Day yesterday, we looked at 170 years of hurricane data, and showed how this Atlantic hurricane season could end up rivalling the most severe on record in 2005, which included Hurricane Katrina. The 170 year average of named storms is just below 10 per season, however in the last 25 years we have only seen 3 years with fewer than 10 and an annual average of 15. The Atlantic has already seen 13 such storms and 5-13 all arrived at the earliest point in any year. See the link here for more.

Finally, in terms of yesterday’s data, the weekly initial jobless claims came in at 1.006m (vs. 1m expected) for the week ending August 22, which represented a fall from the prior week’s 1.104m but was still higher than the 971k the week before that. Meanwhile the continuing claims number for the week ending August 15 fell to a post-pandemic low of 14.535m, though this was also above the 14.4m expected. In somewhat better news, the Q2 contraction in GDP was revised to a shallower annualised decline of -31.7% (vs. -32.9% initial estimate), while pending home sales in July were up +5.9% (vs. +2.0% expected) to reach their highest level since 2005.

To the day ahead now, and the Jackson Hole symposium wraps up, with today’s proceedings including a speech from Bank of England Governor Bailey. Otherwise there are a number of data releases, including the preliminary French CPI reading for August and the final Q2 GDP reading. Meanwhile the European Commission will be releasing their final consumer confidence reading for August and Canada will be releasing their own GDP print for June. From the US, we’ll get July data on personal income and personal spending, along with the final University of Michigan sentiment reading for August, the MNI Chicago PMI for August and preliminary wholesale inventories for July.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 53.69 POINTS OR 1.60%  //Hang Sang CLOSED UP 140.91 POINTS OR 0.56%   /The Nikkei closed DOWN 326.31 POINTS OR 1.41%//Australia’s all ordinaires CLOSED DOWN .79%

/Chinese yuan (ONSHORE) closed UP  at 6.8631 /Oil UP TO 43.02 dollars per barrel for WTI and 45.50 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED UP // LAST AT 6.8631 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8606 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED/CORONAVIRUS PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

Abe resigns with nobody in the wings to take his place

(zerohedge)

Shinzo Abe, Japan’s Longest-Serving Postwar Leader, Resigns As Health Deteriorates

Following repeated hospitalizations over the past few weeks stemming from a flareup of his chronic ulcerative colitis (which causes the PM to have explosive, difficult-to-control, bowel movements that must be controlled with medication), Japanese Prime and Liberal Democrat Party leader Minister Shinzo Abe officially resigned Friday morning, marking the end of his reign – the longest of any postwar leader in the world’s third-largest economy.

Abe called a press conference early Friday morning and announced that he planned to step down as party leader and PM, though he will stay on in a caretaker capacity until a successor is chosen.

Japanese stocks plunged on the news, with the Nikkei 225 falling from 23310 to 22678 within minutes of the first headline, before bouncing off the lows. Abe has no clear successor, and his resignation is expected to set off a heated contest for the premiership at a time when Japan is struggling from the delayed 2020 Olympics and a coronavirus outbreak that refuses to fade.

Party Secretary General for the Upper House of the Diet Hiroshige Seko said that Abe had decided to resign so his health wouldn’t “cause trouble.” The PM, whose term officially ends in September 2021, is expected to stay on until a new party leader is elected and approved by Japan’s parliament, the National Diet.

Abe famously and abruptly resigned from his first stint in office back in 2007 due to his health. But somehow, he made a political comeback years later and was reelected in 2012. Shortly after Abe’s victory in 2012, we predicted that “diarrhea” might be one of the main stumbling blocks of his tenure. And while we perhaps underestimated Abe’s staying power, it looks like, in the end, the prediction proved surprisingly prescient.

His resignation comes just days after he officially bested his great-uncle as Japan’s longest serving prime minister. On Monday, Abe officially clinched the title of Japan’s longest serving prime minister by consecutive days in office, besting the record of his uncle Eisaku Sato, who served 2,798 days from 1964 to 1972 as leader of Japan. Abe’s family has been at the apex of Japanese politics since the postwar period began: his great-grandfather, Nobusuke Kishi, also served as PM.

Abe’s decision to resign in 2007 set off a period in Japanese politics known as “the revolving door” as the country endured 7 leaders in a decade, including Abe himself, until Abe was reelected in 2012. Abe has struggled with the chronic condition since he was a teenager and has said the condition was controlled with treatment. However, after his recent hospital visits were reported, top officials from Abe’s Cabinet and ruling party spoke out to say the PM badly needed time to rest.

He’s leaving on a decidedly low note for his rule, with his approval ratings at their lowest levels ever due to his handling of the coronavirus pandemic, along with the embarrassing flight from justice engineered by Carlos Ghosn, along with a slew of political scandals that have plagued the ruling party.

Abe’s political arch-rival Shigeru Ishiba, a 63-year-old hawkish former defense minister, is favored to be the next leader according to public polling, but he’s less popular within the ruling party, where several other candidates – Yoshihide Suga (Chief Cabinet Secretary), Fumio Kishida (Policy Research Council Chair), Taro Aso (Deputy PM/Minister of Finance), and Shigeru Ishiba (former LDP Secretary-General) – are all seen as potential successors.

The PM’s legacy will have major consequences for the world’s third-largest economy, as the PM sought to combat a prolonged period of tepid growth with his “Abenomics” policy of ultra-loose monetary policy. Under his purview, the BoJ bought up government bonds and even Japanese equity ETFs at an alarming and unprecedented clip. But the “three arrows” of Abenomics – not only failed to stimulate inflation and boost exports via a weakened yen, but it has brought Japan’s banks to the verge of disaster, despite a recent improvement in bank lending.The BoJ has already said that there will likely be “no change” in its monetary policy course now that Abe is gone.

Abe’s economic legacy is probably best represented by this chart.

At this point, policymakers’ focus is now more on keeping its banks on life support by paying them to boost lending, since Japanese banks can’t make any money with interest rates at current levels. To be sure, the literal wall of money printed by the BOJ in recent years has kept a lid on bankruptcies and job losses.

But the country’s prolonged battle with COVID-19 is only adding more strain to Japan’s regional banks, which can no longer survive without more life support from the BoJ. With Japan’s political leaders effectively boxed in by an “unfixable” economy, where structural changes like an aging population have effectively precluded a return to growth, it’s no wonder Abe’s ulcers are acting up. His decision to leave, which was expected, if not quite so soon, bears the unmistakable hint of surrender, an acknowledgment that Japan’s problems are unfixable.

Many westerners who are unfamiliar with Japan’s political system might find themselves wondering: what comes next? Fortunately, Goldman’s research department has that covered.

With Abe staying on as caretaker, the LDP will soon elect a new president of the party. The new party leader is typically appointed Prime Minister, subject to being nominated in both the Upper House and the Lower House (the nominations in the Diet are a mere formality; whoever wins the party leadership contest will be the next PM).

Should the leadership process drag on too long, or should Abe’s health deteriorate markedly,  \one of the deputy PMs could take his place (Deputy Prime Minister/Finance Minister Taro Aso is first in line), but Abe said he would instead remain in his position until a new party leader is confirmed.

As far as the party leadership process goes, that’s a little more complicated. As Goldman explains, there are two possible routes this whole thing could take.

There are two possible processes for electing a new LDP president, and the LDP will reportedly decide the process on September 1 (August 28 Nikkei). In the usual process, the new president is selected via an LDP leadership election (voting by Diet members and regional members, with each group having 396 votes). However, given the sudden resignation of the president and in order to avoid a vacuum period of power, the LDP may choose to hold a vote at the Party’s Joint Plenary Meeting (with LDP Diet members having 396 votes and regional members 141). If this turns out to be the case, candidates who are popular in the regions would be at a disadvantage, as regional members would have fewer votes.

Whoever wins will serve out the remainder of Abe’s term (with only one year left, they would soon find themselves in campaign mode) as party leader, meaning there could be a rematch of the party leadership contest exactly one year from now. Last time Abe stepped down, a successor was chosen within two weeks.

Goldman believes Abe has every incentive to ensure a smooth transition. Several candidates have been discussed in the media as potential successors, and their names are mentioned above. Whoever wins, Japan’s aggressive monetary and fiscal policy mix will likely be continued by Abe’s successor. But given the current COVID-19 crisis, Japan’s next PM will immediately face a serious health and economic crisis.

3 C CHINA

Top Beijing officials warns the USA that Chinese consumers will abandon i phones if they are blocked from using We chat

(zero hedge)

Top Beijing Official Warns: Chinese Consumers Will ‘Abandon’ iPhones If US Bans WeChat 

In a rare comment about potentially boycotting American products, China’s foreign ministry spokesman warned Friday if the Trump administration goes ahead with a ban on the popular messaging app WeChat, from mid-September on, then it would result in Chinese consumers ditching iPhones and other Apple products.

“If WeChat is banned, then there will be no reason why Chinese shall keep iPhone and apple products,” Foreign Ministry spokesman Zhao Lijan tweeted.

President Trump’s executive order banning WeChat in the coming weeks would not just stoke further tensions between both superpowers, but also could lead to a massive hit for the world’s most valuable company, Apple.

Lijan said, “many Chinese people are saying they may stop using iPhones if WeChat is banned in the U.S.” He accused Washington of “systematic economic bullying of non-US companies” by targeting the popular messaging app.

The comments of a top Chinese official addressing a potential boycott of American products, nevertheless, ones from Apple, sheds light on the spillover of tensions from the blame of the virus pandemic to lack of buying under the Phase One Trade deal to the rapid increase in military activity in the South China Sea.

T.F. International Securities’ Ming-Chi Kuo laid out in a note, the potential impact on Apple sales if a WeChat ban was seen. He said the hit would be absolutely devastating for Apple, resulting in a possible 25-30% annual decline in global phone shipments.

“Because WeChat has become a daily necessity in China, integrating functions such as messaging, payment, e-commerce, social networking, news reading, and productivity, if this is the case, we believe that Apple’s hardware product shipments in the Chinese market will decline significantly. We estimate that the annual ‌iPhone‌ shipments will be revised down by 25–30%, and the annual shipments of other Apple hardware devices, including AirPods, iPad, Apple Watch, and Mac, will be revised down by 15–25%,” Kuo said in an early August note. 

Asia Times quoted Weibo users who said upon a WeChat ban – they would unanimously ditch their iPhones:

“I use Apple, but I also love my country,” one Weibo user said. “It’s not a conflict.”

“No matter how good Apple is, it’s just a phone. It can be replaced, but WeChat is different,” another user said. “Modern Chinese people will lose their soul if they leave WeChat, especially business people.”

While the Trump administration is gung ho about decoupling American and Chinese economies, the American Chamber of Commerce in Shanghai recently warned of an “enormous negative impact” on U.S. companies with international exposure to WeChat’s more than 1.2 billion active users if a ban was seen.

end
Chinese Military claims it expelled uSA destroyer: false news
(zerohedge)

China Military Claims It Expelled US Destroyer From Its Territorial Waters, US Military Counters This Is Fake News

In a bizarre exchange of what may or may not be fake news, today China’s Global Times claimed that the Chinese People’s Liberation Army “expelled a US warship that trespassed into China’s territorial waters in the Xisha Islands in the South China Sea on Thursday, near an ongoing Chinese military exercise zone that reportedly featured live-fire anti-ship ballistic missile launches.”

The USS Mustin, a US Navy guided missile destroyer, trespassed into the China’s territorial waters in the Xisha Islands on Thursday, and the PLA Southern Theater Command dispatched naval and air forces to track, identify and warn it leave, said Senior Colonel Li Huamin, a spokesperson for the PLA Southern Theater Command on early Friday.

The report went on to say that “the US ignored the rules of the international law, repeatedly stirred up troubles in the South China Sea, exercised navigational hegemony in the name of “freedom of navigation,” seriously undermined China’s sovereignty and security interests, and severely sabotaged the international navigation order in the South China Sea.”

The allegation sparked an immediate response from the US military which said that the Global Times claimed was “without evidence” or basically fake news. According to American Military News, the 7th Fleet confirmed the destroyer performed a freedom of navigation operation despite Chinese territorial claims to the island chain.

The press release comes after China’s Global Times state media outlet reported Chinese People’s Liberation Army claims, without evidence, that they expelled the U.S. warship.

The 7th Fleet stated, “On Aug. 27 (local date), USS Mustin (DDG 89) asserted navigational rights and freedoms in the vicinity of the Paracel Islands, consistent with international law. This freedom of navigation operation (“FONOP”) upheld the rights, freedoms, and lawful uses of the sea recognized in international law by challenging the unlawful restrictions on innocent passage imposed by China, Taiwan, and Vietnam and also by challenging China’s claim to straight baselines enclosing the Paracel Islands.

The 7th Fleet statement makes no references to challenges by Chinese forces in the area in which the FONOP occurred. Still, the Global Times quoted PLA Senior Colonel Li Huamin, who said the PLA Southern Theater Command dispatched naval and air forces to track, identify and warn the ship to leave but Li provided no evidence the U.S. warship acted in any way outside of its planned operations.

The US military also accused Li of making similar false comments in past U.S. FONOPs around the Paracel Islands.

In his statements Thursday, Li said, “The U.S. ignored the rules of the international law, repeatedly stirred up troubles in the South China Sea, exercised navigational hegemony in the name of ‘freedom of navigation,’ seriously undermined China’s sovereignty and security interests, and severely sabotaged the international navigation order in the South China Sea.” He added that “we urge the US to stop this kind of provocative action, to strictly manage maritime and aerial military operations and strictly restrain its frontline troops, so as to avoid accidents.”

Separately, the U.S. Department of Defense issued a statement Thursday, criticizing Chinese ballistic missile launches near the Paracel Islands.

“U.S. forces operate in the South China Sea on a daily basis, as they have for more than a century,” the 7th Fleet states. “They routinely operate in close coordination with like-minded allies and partners who share our commitment to uphold a free and open international order that promotes security and prosperity. All of our operations are designed to be conducted in accordance with international law and demonstrate that the United States will fly, sail, and operate wherever international law allows – regardless of the location of excessive maritime claims and regardless of current events.”

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE THE GLOBE

France Reports Post-Lockdown COVID-19 Record As Cases Spike Across Europe: Live Updates

Summary:

  • France suffers post-lockdown record
  • California set to be first state to cross 700,000 cases
  • NY reports new record low positivity
  • India breaks global record for most new cases in a day
  • Russia cases top 980k
  • Merkel warns Germans outbreak will get worse
  • India suffers biggest jump in new cases
  • Indonesia suffers 2nd straight record jump
  • Japan announces plan to stockpile vaccine as Abe resigns
  • South Korea extends social distancing restrictions
  • China reports 9 new imported cases, 12th day with no domestic infections

* * *

Update (1500ET): Interestingly enough, considering its Friday evening on the continent, the focus has shifted back to Europe, after Spain, Italy and – most importantly – France reported alarming numbers on Friday.

France reported a new post-lockdown record of 7,379 new confirmed coronavirus cases, following the 6,111 record reported on Thursday, and just shy of the 7,578 high set on March 31, which was during the peak of the country’s outbreak.

France’s total number of confirmed cases rose to 267,077, while the cumulative number of deaths from COVID-19 rose by 20 to 30,596, the health ministry reported.

Earlier, French President Emmanuel Macron said his government was doing everything possible to avoid another nationwide lockdown. But ruling one out would be “dangerous”.

“We’re doing everything to avoid another lockdown and in particular a nationwide lockdown,” Macron said. “We’ve learned enough to know that nothing can be ruled out. But we’re doing everything to prevent it.”

Spain has diagnosed 3,829 new coronavirus cases in the past day, which was down from a revised count of more than 6,000 the prior day, but still uncomfortably high. Meanwhile. Spanish police said they had arrested a man, who apparently believed the pandemic was a hoax, for spreading hatred and inciting violence. He reportedly urged his followers to attack politicians over “the COVID farce”.

Meanwhile, in the US, Florida reported its biggest increase in coronavirus cases in nearly a week, while deaths climbed by fewer than 100 for the first time in 4 days.

California is set to become the first US state to confirm 700,000 cases of coronavirus since the start of the pandemic, as new infections ticked back above 5,000 on Friday. Cases rose by 5,329 from a 4,430 increase on Thursday that marked the smallest one-day jump since June 22. That compares with an increase of 5,585 last Friday. That took the total number of confirmed cases in the most populous US state to 688,858. California has averaged about 5,500 new infections a day over the past week,

* * *

Update (1140ET): Gov. Andrew Cuomo said Thursday that New York State saw a positivity rate of just 0.65% over the past day, its lowest level yet.

The state has been seeing its testing positivity rate sink further into record low territory over the past two weeks. Cuomo recently said NY would reject new testing guidance saying that states don’t need to test so many people who come into contact with the newly infected. Of course, lowering the number of tests run daily might cause the positivity rate to shoot back up, which wouldn’t be great for Cuomo, politically speaking.

“Fighting COVID-19 requires enormous bravery and discipline from New Yorkers and I thank them for today’s new record-low infection rate. This is evidence that what each of us does to slow the spread – wearing masks, socially distancing and washing hands – makes a real difference,” Cuomo says in the statement.

Eight million coronavirus tests have been run by labs in the state since the outbreak began, and the positivity rate has been under 1% every day for the past 3 weeks.

“Yesterday’s data also shows that we aren’t necessarily finding more positives with more testing, which is a good new development. We aren’t out of the woods yet, so keep it up, be safe and stay New York Tough,” Cuomo said.

There have been at least 25,312 coronavirus-related deaths across New York since the start of the pandemic. Cuomo’s touting of the positivity rate comes as the DoJ investigates whether he and several of his colleagues are responsible for a flurry of nursing home deaths.

* * *

Update (1125ET): As we wait to see if the surge seen in the Midwest over the past week continued on Friday, India has officially topped the United States’ record of coronavirus cases reported in a 24-hour period for two days in a row.

India confirmed 85,687 new cases on Aug. 26 and 77,266 new cases on Aug. 27, both surpassing the US’s highest number of new cases, which was reported on July 16, when the US reported 77,255 new cases, per JHU data.

One reason for the surge is that India has been focusing on ramping up testing. As of Friday, India has conducted more than 39 million tests, according to the Indian Council of Medical Research.

The Union Health Ministry on Thursday urged states to further ramp up testing, ensuring a minimum of 140 tests per million in all districts and to make public information on the availability of beds, ambulances, and more, so vulnerable patients can receive timely care, according to a statement from India’s press information bureau.

The total number of cases of coronavirus in the country stand at 3,387,500 with 61,529 deaths and 2,583,948 recoveries as of Friday, according to the Indian Ministry of Health.

India has recorded nearly half of its 3.5 million cases during the month of August.

* * *

As we reported last night, the US surpassed 180,000 coronavirus-related deaths last night, by far the largest death toll in the world. Only one other country – Brazil – has a death toll in the six-figure territory. But on Friday morning, Russia’s coronavirus cases surpassed 980,000 after the country reported 4,829 new cases over the past day, cementing its status as the fourth-largest outbreak in the world.

Russia’s coronavirus taskforce added 110 deaths to the official death toll, bringing its total to 16,914, a total that some experts claim has been deliberately suppressed by the government.

Circling back to the US, the country has added 931 new coronavirus deaths in the past 24 hours, bringing the country’s total death toll to 180,527, along with an additional 42,859 new confirmed cases, bringing its overall caseload to 5,860,397.

In Japan, the big news overnight was that PM Shinzo Abe announced his plans to resign as soon as his party, the Liberal Democrats, elects a new leader. Abe leaves Japan with a parting gift: an initiative to stockpile vaccine doses ahead of next summer’s Olympics. Japan is aiming to secure COVID-19 vaccinations for all citizens by the first half of 2021, said Prime Minister Shinzo Abe, who announced the measures to beef up Japan’s vaccine stockpiles ahead of the upcoming flu season, even as he heads for the exits.

In other vaccine, Moderna shared some more procedural news about its clinical trials, while the European Commission said it had signed a contract with British drugmaker AstraZeneca, which is working with Oxford on a vaccine candidate, for the supply of at least 300 million doses of its as-yet-unproven vaccine. It is the first contract signed by the EU with a vaccine maker, and follows the US, UK and Japan in the race to secure supplies of a vaccine.

India reported yet another single-day record jump of 77,266 cases, pushing the country’s total to 3.39 million with the death toll rising to 61,529, up 1,057 since Thursday morning. With the COVID situation still pretty dire, Indian Health Secretary Rajesh Bhushan affirmed Friday that the country is considering manufacturing and testing Russia’s Gameleya Institute-developed vaccine, known as “Sputnik 5”.

“As far as Sputnik V vaccine is concerned, both the countries are in communication,” Indian Health Secretary Rajesh Bhushan told reporters this week when asked whether New Delhi had been formally approached by Moscow over manufacturing the vaccine.

“Some initial information has been shared [with India, and] some detailed information is awaited,” he said, without providing further details, according to Nikkei.

India has plenty of capacity for manufacturing generic drugs and vaccines, plus a massive population upon which to test the vaccine, which is probably why Russia is seek such a partnership.

Globally, cases continued to slow with just under a quarter million reported yesterday.

South Korea extended the current Phase 2 social distancing measures in the Seoul area for at least another week, though the government stopped short of a threatened return to “Phase 3”. South Korea confirmed 371 cases on Friday, down from 441 a day ago, bringing the country’s total to 19,077 with 316 deaths.

China reported nine new cases on Friday, all of them imported, compared with eight a day earlier. It marked the 12th straight day with no domestic transmission.

President Donald Trump promised to “crush” the coronavirus pandemic with a vaccine by the end of the year during his speech accepting the Republican nomination last night.

“We are marshalling America’s scientific genius to produce a vaccine in record time,” Trump said. “We will have a safe and effective vaccine this year and together we will crush the virus.”

Indonesia’s daily new cases notched a new record high for a second consecutive day at 3,003 on Friday. Another 105 new deaths were slso recorded. Indonesia has clocked 165,887 cases and 7,169 deaths, while Jakarta cases have also set a new daily record at 869.

The Philippines confirmed 3,999 additional infections, up from 3,249 a day earlier, bringing the country total to 209,544. It also reports 91 more deaths, pushing the total to 3,325.

As Germany’s new daily COVID-19 numbers continue to climb, Chancellor Angela Merkel told Bloomberg that the coronavirus crisis represents a serious challenge to Germany’s financial health, largely because the virus could be with us for “a long time.”

Which is why it’s so important for Europeans to work together and to use the emergency financing mechanisms that have been set up.

“That is why a large part of the money will certainly go toward what we have already set out to do in the economic stimulus program and what has not yet been fully financed,” she said. During what was one of her final summer press briefings, Merkel warned Germans to buckle up, because cases will likely continue to climb in the coming months as more schools and businesses reopen, since returning to a lockdown isn’t an option, life probably won’t return to normal until a vaccine is in use, Merkel said.

Even though Germany isn’t expected to fully repay debt incurred by these relief measures until 2058, such stimulus measures are essential as the economy could not be allowed to grind to a halt in the meantime, she said.

“This is a serious matter, as serious as it’s ever been, and you need to carry on taking it seriously,” she told a news conference. And even once this is all over, “not everything will be like it was before,” Merkel added.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1219 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 /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 107.85 DOWN 0.074 (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 1.2485   DOWN   0.0052  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3059 UP .0005 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED UP 53.69 POINTS OR 1.60% 

 

//Hang Sang CLOSED UP 140.91 POINTS OR 0.56%

/AUSTRALIA CLOSED DOWN 0,79%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 140.91 POINTS OR 0.56%

 

 

/SHANGHAI CLOSED UP 53.69 POINTS OR 1.60%

 

Australia BOURSE CLOSED DOWN. 79% 

 

 

Nikkei (Japan) CLOSED DOWN 326.31  POINTS OR 1.41%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1961.00

silver:$27.40-

Early FRIDAY morning USA 10 year bond yield: 0.72% !!! DOWN 4 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.50  DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.30 DOWN 70 CENT(S) from  MONDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.38% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.06%  UP 2   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.38%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,04 UP 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 72 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.41% IN BASIS POINTS ON THE DAY//

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

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1903  UP     .0082 or 82 basis points

USA/Japan: 105.36 DOWN 1.288 OR YEN UP 129  basis points/

Great Britain/USA 1.334 UP .0149 POUND UP 149  BASIS POINTS)

Canadian dollar UP 27 basis points to 1.3090

 

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The USA/Yuan,CNY: AT 6.8628    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8606  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.33 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +06%

 

Your closing 10 yr US bond yield DOWN 4 IN basis points from THURSDAY at 0.72 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.50 DOWN 1 in basis points on the day

Your closing USA dollar index, 92.30 DOWN 70  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 36.42  0.91%

German Dax :  CLOSED DOWN 63.16 POINTS OR .48%

 

Paris Cac CLOSED DOWN 13.03 POINTS 0.26%

Spain IBEX CLOSED UP 42.30 POINTS or 0.60%

Italian MIB: CLOSED DOWN 6.37 POINTS OR 0.03%

 

 

 

 

 

WTI Oil price; 42.96 12:00  PM  EST

Brent Oil: 45.85 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    74.08  THE CROSS LOWER BY 0.85 RUBLES/DOLLAR (RUBLE HIGHER BY 85 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.241 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 :  42.96//

 

 

BRENT :  45.85

USA 10 YR BOND YIELD: … 0.72..down 4 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.50 down 1 basis point..

 

 

 

 

 

EURO/USA 1.1903 ( UP 82   BASIS POINTS)

USA/JAPANESE YEN:105.37 DOWN 1.334 (YEN UP 133 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.30 DOWN 70 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3340 UP 149  POINTS

 

the Turkish lira close: 7.330

 

 

the Russian rouble 74.08   UP 0.85 Roubles against the uSA dollar.( UP 85 BASIS POINTS)

Canadian dollar:  1.3090 UP 27 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.41%

 

The Dow closed UP 161.60 POINTS OR 0.57%

 

NASDAQ closed UP 70.80 POINTS OR 0.60%

 


VOLATILITY INDEX:  22.96 CLOSED DOWN 1.51

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

 

USA trading today in Graph Form

Powell Pumps S&P To Best August Since ’86, Dollar & Bonds Puked

August 2020’s 6.89% surge in the major US market index is the largest August gain since 1986 (when the S&P 500 rose 7.12%), but as the chart below shows Trannies almost doubled those gains…

Source: Bloomberg

This is the S&P’s 7th straight daily gain, 5th straight weekly gain, and 5th straight monthly gain…

“Do you want to play this game?”

And that strong month sent The Dow back into the green for 2020…

Source: Bloomberg

All thanks to an epic squeeze in the most-shorted stocks (doubling the S&P’s performance)…

Source: Bloomberg

The 5th month in a row…

Source: Bloomberg

With the strength being concentrated in fewer and fewer stocks…

Source: Bloomberg

As AAPL nears the same size as the entire Russell 2000!!!!

Source: Bloomberg

VIX was lower on the day after ‘unusually’ trading higher along with a higher stock market two days in a row…

Source: Bloomberg

It was an ugly month for bonds with the long-end up over 30bps…

Source: Bloomberg

10Y Yields spiked 20bps on the month – the biggest absolute monthly spike since Sept 2018 – back above 70bps (30Y back above 1.50%)…

Source: Bloomberg

But still some context for this rate move is needed…

Source: Bloomberg

Breakevens ripped higher this month (and up 6 days in a row) to their highest since Jan 2020…

Source: Bloomberg

Real yields ended marginally lower (down from -1.00% to -1.04% on the month)…

Source: Bloomberg

The dollar was pummeled for the 5th straight month to its lowest since May 2018…

Source: Bloomberg

Cryptos were mixed with Ethereum strong (DeFi boom), Bitcoin Cash weak, and Bitcoin flat…

Source: Bloomberg

Copper and Crude had a strong month, gold ended lower, silver the big winner…

Source: Bloomberg

Gold rallied back to yesterday’s Powell-spooked highs today…

But Gold ended the month unchanged…

Source: Bloomberg

But despite a big roundtrip early on, Silver rallied notably on the month…

Source: Bloomberg

Which meant the Gold/Silver ratio cratered (for the 4th month in the last 5)…ending the month at the lowest level (silver strongest relative to gold) since April 2017…

Source: Bloomberg

And finally there’s this!

Source: Bloomberg

And this…

Source: Bloomberg

And this…

  • *BULLARD: WANT TO GUARD AGAINST ASSET BUBBLES GOING FORWARD

Because it’s different this time…

Source: Bloomberg

Probably nothing!

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

Finally somebody got these guys

(zerohedge)

Herbalife Crashes After NY Prosecutors File Criminal Charges Accusing It Of China Bribery Conspiracy

17 months after Ackman finally capitulated on his famous Herbalife short, and 6 years after the legendary brawl between Ackman and Icahn over the fate of Herbalife, it now appears that Ackman may have been right after all, even if his timing was off.

Moments ago, Herbalife stock crashed over 12%, its biggest drop since March, and was halted after federal prosecutors in New York brought criminal charges against the health supplement maker.

In sympathy peer companies Nuskin and Usana, both tumbled on the Herbalife news.

Prosecutors unsealed an indictment Friday in federal court in Manhattan, according to which Herbalife was charged with a China bribery conspiracy.

Specifically, prosecutors unsealed an indictment Friday in federal court in Manhattan alleging that Herbalife from 2007 to 2016 provided corrupt benefits to Chinese officials, including those with government agencies and media outlets, to increase its business in that country. In short, Herbalife was doing precisely what every other US company allowed to operating in China has been doing.

Curiously, earlier this month Carl Ichan presciently sold 14.7 million shares, or $716MM, in Herbalife stock this month, offloading 42% of his position to, while a company director also sold a half-million worth last Friday. The list of top HLF holders is shown below.

However, this too may be much ado about nothing. As Bloomberg details, at a hearing Friday, federal prosecutors said they had reached a deferred prosecution agreement with Herbalife relating to one count of conspiracy to violate the U.S. Foreign Corrupt Practices Act. In other words, there is already a settlement in place, which means that the Robinhood BTFD daytrading hordes are about to send the stock green by the end of day.

end

Chaos Erupts In DC After GOP Convention; Rand Paul And Wife Chased Down Street By BLM Protesters

Protesters in Washington DC clashed with police Thursday night and into Friday morning, as the last night of the Republican National Convention turned into a chaotic scene down the street from the White House.

Earlier in the evening, protesters stood outside St. John’s Church chanting “If we don’t get it, burn it down.”

After the GOP convention ended with a fireworks finale, BLM protesters began confronting attendees and had several altercations with the police.

Senator Rand Paul and his wife were followed by a group of BLM protesters. After a man attempted to break through Paul’s police detail, the Kentucky Republican helped steady and officer who had been knocked off balance, before Paul’s wife began trotted down the street, pulling him by the hand.

Paul thanked the DC police following the incident.

Former combat veteran Rep. Brian Mast (R-FL) was also harassed by a group of protesters who began to aggressively ask what he thinks of police killing black men in America, to which he replied that anykilling was unfortunate. To the surprise of no one, they were not satisfied with his answer.

Another GOP Convention attendee and his wife were badgered as they walked down the street towards a parking garage.

More attendees harassed:

At one point, a bus full of RNC attendees was forced to turn around, only to have protesters jump onto it, and a woman open the rear door and jump inside.

Then, a white man in blackface showed up and a police chase ensued after a BLM protester appears to have punched him.

end

‘Empty Highways’ – About 61 Million Americans Have Stopped Commuting In Post-Covid World 

A new survey from ValuePenguin.com, commissioned by LendingTree, found 61 million Americans have stopped commuting to work due to the virus-induced recession. The reduction of motor vehicles on highways will result in deep economic scarring across the entire economy.

The coronavirus has upended nearly every aspect of life in the United States, and Americans’ driving behavior and commutes are no exception. ValuePenguin surveyed drivers to see how their habits have changed. We found a large number of drivers are no longer commuting to the office, whether because they are working from home or have lost employment due to COVID-19. -ValuePenguin

The survey found three in 10 respondents with motor vehicles are no longer making the daily commute to work in a post-COVID-19 world:

About three in 10 consumers with a motor vehicle said they no longer have a commute due to COVID-19, either because they’re working from home (19%) or they temporarily or permanently lost their jobs (10%).

On the other hand, 26% are back to their daily commute as of August, including essential workers (17%) and those whose employers reopened their offices (9%). (The remainder don’t have commutes either because they worked from home prior to the pandemic, or they were not working prior to the pandemic.) -ValuePenguin

Millions of motor vehicles are missing from America’s highways since March. About 38% of respondents said traffic in their respective metro areas remains subdued, and 36% said traffic was reduced but trending back to pre-pandemic levels.

For more color on empty streets and highways, TomTom high-frequency traffic congestion data of New York City shows traffic levels remain subdued.

The decline in travel has resulted in respondents making fewer trips to the gas pump. Almost a third said they’re driving every day, compared to 50% of drivers pre-pandemic. The number of respondents who fill up their tanks every week dropped by 26% in August versus before the pandemic.

While declining fuel consumption and oversupplied markets have subdued gasoline and diesel prices, a reduction in travel has resulted in a quarter of respondents to make cost-cutting changes to their auto insurance.

About 14% switched to another provider that was offering better deals, 12% reduced the amount of coverage since they are driving less and 3% took one of their household’s vehicles off the policy because their family is using fewer cars. –ValuePenguin

The survey’s results of a reduction in commuting were echoed in a recent KPMG International report:

The effects of COVID-19 will be felt for years. The response to the virus has accelerated powerful behavioral changes that will continue to shape how Americans use automobiles. We believe the changes in commuting and e-commerce are here to stay and that the combined effect of reduced commuting and shopping journeys could be as much as 270 billion fewer vehicle miles traveled (VMT) each year in the US. -KPMG

The permanent loss of vehicles on highways will have a tremendous impact across the entire economy and is suggestive that a “V-shaped” recovery is not in the cards for this year or next.

end

Kenosha Shooter Hit With 6 Charges, Including First-Degree Murder

Now that 17-year-old Kyle Rittenhouse has been taken into custody in Illinois after he “fled across state lines” (drove 20 minutes back to his house in Antioch, Illinois), local prosecutors have unveiled the full boat of charges that the 17-year-old is facing, including first degree reckless homicide.

Kenosha County prosecutors charged the teenager with one count each of first-degree intentional homicide, first-degree reckless homicide and one count of attempted first-degree intentional homicide. He was also charged with two counts of reckless endangerment, and with possessing a dangerous weapon as a minor.

Earlier, the names of Rittenhouse’s victims have been released to the media. They are: Joseph Rosenbaum and Anthony Huber.

The Daily News and other MSM outlets are already trying to portray them as “sweet, loving” innocent victims who were “peaceful protesters” not “rioters”.

Here’s more on the charges from Reuters:

Kyle Rittenhouse, the 17-year-old who was arrested in connection with shootings in Wisconsin that led to the death of two people and injury of another, has been charged with six criminal counts, according to the criminal complaint disclosed on Thursday.

The charges against Rittenhouse in Kenosha County include first degree reckless homicide in the death of Joseph Rosenbaum and first degree intentional homicide in the death of Anthony Huber, according to the complaint.

Fortunately for Rittenhouse and his family, powerhouse Attorney Lin Wood, who also represented Covington Catholic high schools student Nick Sandmann in his battle against the MSM media outlets that slandered him, has agreed to take on his case.

As some may know, Wood shot to fame after the 1996 Atlanta Olympics bombing when he represented Richard Jewel, who was falsely accused, and then slandered, by the mainstream press.

Wood made the following statement on his Twitter account.

The shooting victim who survived, Gaige Grosskreutz, 26, is a volunteer medic for Black Lives Matter protests in Milwaukee over the summer. Rittenhouse is being held at a Lake County juvenile detention facility. He will appear in court Friday morning, where he’ll face extradition to Kenosha.

The violence took place in Kenosha on Tuesday night as the town was racked by a third night of violence following the police shooting of Jacob Blake, a black criminal suspect.

end

MGM Resorts To Fire 18,000 Employees, A Quarter Of Its Workforce

While stocks soar to recorder highs by the day, no prosperity is “trickling down” to the leisure and hospitality industry – the sector most hit by the covid shutdowns – and things just went from bad to worse for the US gambling mecca where as CNBC and the WSJ reported, MGM Resorts International intends to send separation letters to 18,000 previously furloughed employees throughout the US. The job cuts start next week, and represent about a quarter of all the company’s pre-pandemic US workforce of 68,000.

“Nothing pains me more than delivering news like this,” MGM’s CEO Bill Hornbuckle wrote in a tear-stained note to accompany the thousands of pinks lips. “The heart of this company is our employees and the world-class service you provide. Please know that your leadership team is working around the clock to find ways to grow our business and welcome back more of our colleagues,” Hornbuckle said.

“While the immediate future remains uncertain, I truly believe that the challenges we face today are not permanent.” Hornbuckle added “The fundamentals of our industry, our company and our communities will not change. Concerts, sports and awe-inspiring entertainment remain on our horizon.”

The company promised to extend health benefits for furloughed employees until September 30.

The “good news” is that MGM said it still plans to rehire those workers as business demand returns, and will maintain a recall list of former employees, and workers who return before the end of 2021 will retain seniority and immediately resume benefits, the company said. Health benefits for cut workers are being extended through Sept. 30.

“Federal law requires workers to be given a separation date if they’re furloughed for longer than six months. Aug. 31 marks six months of administrative separation for the furloughed MGM employees,” said CNBC.

MGM’s Empire City in New York state and Park MGM in Las Vegas remain closed, as casinos in Las Vegas are all operating at limited capacity with large declines in tourism and travel to the Las Vegas Strip. In June, Nevada casinos were allowed to reopen at half occupancy and MGM Resorts phased in casino reopenings over the following weeks. Two of MGM’s 13 Strip resorts, Park MGM and the NoMad, are still closed, and MGM’s Mirage casino reopened this week. MGM Resorts reported a 91% drop in revenue for the three-month period that ended June 30, a similar decrease to other operators on the Strip.

end

Hawaii’s COVID-19 Outbreak Spirals Out Of Control As Gov Revives Lockdown

After initially defying fears that its proximity to Japan and popularity with tourists might lead to a massive outbreak, Hawaii is finally facing its very own COVID-19 reckoning.

The state is now struggling with a genuine surge in the month of August after remaining at or near the bottom of the US league tables for the first four months of the pandemic.

For a small state with just 1.4 million residents, Hawaii has a total of 7,260 confirmed cases, 5,549 of which were confirmed within the last month, according to Johns Hopkins data. The state has gone from last or near last to No. 19 in terms of new cases reported daily over the past few weeks.

From mid-March to mid-June, the state saw an average of just 7.9 new cases reported per day. Last week, that average number climbed to 219.

This is terrible news for a state that, at the end of July, had the highest unemployment rate in the US (more than 13%) due to its reliance on tourism.

Ground zero for the virus is on Oahu, the most populous of the Hawaiian islands and home to the state’s capital and largest city, Honolulu. While 70% of the state’s population lives there, but since the beginning of the outbreak, 91% of its cases have been reported there.

Throughout the spring and early summer, Hawaii ranked nearly last among US states in cases per 100,000 people. Through Tuesday, Hawaii ranked 19th in cases per 100,000 people. More than 70% of Hawaii’s total cases were reported in August and about half of its 51 deaths, the highest in the country on both counts.

One infectious disease specialist says the surge is surprising given Hawaii’s geography, and the plunge in tourism-related traffic.

“As a public health professional, I expect this to look like New Zealand,” he said, referring to the Pacific island nation that isolated itself and had few Covid-19 cases.

Most of Hawaii’s retailers started reopening in May (at least, those that could reopen), and whatever is driving the outbreak isn’t entirely clear. Some speculate that Hawaii’s large multigenerational families who often live together have been holding more public gatherings, creating more opportunities for the virus to spread.

Additionally, the state’s scant resources have apparently worn thin as Hawaii worked to enforce its mandatory quarantine restrictions (one of the few states to do so) and poured resources into contact tracing. Right now, the state can only handle roughly 3 new tracing cases per day, which barely dents the current caseload.

On Tuesday, Hawaii Gov. David Ige ordered all non-essential workers on Oahu to stay home for two weeks; he also prohibited all public gatherings.

To be sure, testing has continued to expand. But the rising positivity rate in the state suggests that it’s facing a genuine outbreak.

It’s just the latest example of a state that supposedly did everything right, from strict lockdowns, to contact tracing to enforcement – and is still struggling with a new wave of cases.

iv) Swamp commentaries)

Powell gave the speech that was leaked.  But, key details were moderately more hawkish than expected.

The Fed leaked to the known universe that Powell would assert that the Fed would allow inflation to ‘run hotter’ than usual.  Traders of all classes loaded up with stuff, mostly Fangs, in anticipation of dopes incontinently buying stuff during or after Powell did a Draghi.  He didn’t.

Powell stated that inflation overshoots would be moderate, and averaged over some number of years.

Powell headlines on Bloomberg

  • Powell says Fed to seek inflation that ‘average’ 2% over time
  • Inflation overshoots will be moderate
  • Fed to undertake public review of policy strategy every 5 years
  • Fed to assess ‘shortfalls’ of employment from max level

Powell announces new Fed approach to inflation that could keep rates lower for longer

https://www.cnbc.com/2020/08/27/powell-announces-new-fed-approach-to-inflation-that-could-keep-rates-lower-for-longer.html

Gold, which had jumped to 1987.00 ten minutes after Powell began his speech, plunged to 1914.70 fifty minutes later.  The Fed’s new inflation standards weren’t as dovish as expected.

Kaplan headlines on Bloomberg (commenced 13:11 ET, Kaplan interview on CNBC)

  • Fed will accept only a modest inflation overshoot
  • Markets need to understand how to operate without Fed support
  • Moderate overshoot on inflation probably means 2.25% or 2.5%
  • Important for the Fed to show restraint on emergency support
  • Market need to understand Fed emergency efforts will end

CNBC: Dallas Fed president Kaplan on path of monetary policy

https://www.dallasfed.org/news/Interviews/int200827?d=1&s=tw

Pelosi suggests canceling presidential debates: ‘I don’t think that there should be any’

‘I wouldn’t legitimize a conversation with him nor a debate,’ Pelosi said about President Trump

   House Republican Leader Kevin McCarthy responded… “It’s no surprise that Pelosi wants to keep Biden in the basement,” he wrote on Twitter…. Newt Gingrich weighed in… “The Pelosi suggestion Biden should not debate President Trump is the beginning of Operation Basement Part Two. If only they can keep Biden hidden long enough he might win,” he wrote on Twitter.   https://justthenews.com/government/congress/pelosi-i-dont-think-there-should-be-any-presidential-debates

 

Joe Biden says he’s been advised to debate Trump with fact checker present

[Isn’t it a major purpose of a debate to be able to rebut your opponent?  What is Joe admitting?]

https://t.co/Mh93TmRfkI

 

@IngrahamAngle: As predicted in March in the #IngrahamAngle. They can’t let Biden debate — because he can’t stand for 90 mins toe to toe with Trump on the issues.

 

@DonaldJTrumpJr: As I have said, the left will do anything to hide basement Biden because they know he can’t function outside of the basement teleprompter environment he’s been hiding in.

 

@TrumpWarRoom: Joe Biden is very clearly relying on prepared talking points during his interview with CNN. Keeps looking down to read.  https://twitter.com/TrumpWarRoom/status/1299056481967505408?s=02

 

Kamala Harris issued an anti-Trump statement on Thursday and exited without taking any questions.

 

@TrumpWarRoom: The Biden campaign…doesn’t seem to have much confidence in their candidate or else the counter programming tonight wouldn’t be Kamala Harris giving a speech to counter President Trump. They would put the guy who’s on the top of the ticket to do that.” – @JoeConchaTV

https://twitter.com/TrumpWarRoom/status/1299119227870359552

 

@IngrahamAngle: Now you can see why it was a mistake for the Dems to avoid talking policy last week. Since Biden & Harris said nothing about their plans, the door was open for Pence to define them.  [And Pence defined Joe is a very unflattering light on Wednesday night.]

 

NYT: How Chaos in Kenosha Is Already Swaying Some Voters in Wisconsin

Some voters who were less sure of their choice said the chaos in their city and the inability of elected leaders to stop it were currently nudging them toward the Republicans…“The Democratic agenda to me right now is America is systematically racist and evil and the only people who can fix it are Democrats,” he said. “That’s the vibe I get.”… https://www.nytimes.com/2020/08/26/us/kenosha-wisconsin-trump.html

 

DEMS SHIFTING? Some Top Democrats Worried Ongoing Riots Impacting Joe Biden’s Poll Numbers – “The shooting by police of Jacob Blake was egregious, and adds to a righteous sense of moral outrage about these recurrent horrors. But make no mistake, arson and rioting play right into @realDonaldTrump’s hands and the primal fear message we heard so frequently last night,” posted David Axelrod on Twitter…

https://hannity.com/media-room/dems-shifting-some-top-democrats-worried-ongoing-riots-impacting-joe-bidens-poll-numbers/

 

Rep. Jim Jordan @Jim_Jordan: It wasn’t the crime. It wasn’t the violence. It wasn’t destruction of private businesses. It was the political “focus groups” that forced Democrats to even CONSIDER denouncing the mob. Shows you where their priorities lie.

 

Portland mayor gets fed up with violent protests: ‘Enough is enough’

“They’re intent on creating mayhem and attacking and harming people, not just property,” the mayor said in an online press conference Wednesday night. “That’s a line that we can’t allow our community to cross. Not anymore. Enough is enough.”… https://t.co/dbsSkcTIjj

 

@OregonGovBrown: Let me be clear: It’s time for the violence and vandalism to end so Portland can focus on the important work to be done to achieve real change for racial justice. Those who have committed acts of violence will be held accountable.

 

@AndrewHClark: The Democrat Party today is so radical that a sitting Democrat senator just had to delete and apologize for a tweet acknowledging that “looting and property damage is bad.” This is Joe Biden’s America.

 

Dem Sen @ChrisMurphyCT: I don’t normally delete tweets, but just got rid of one that mistakenly gave the impression that I thought there was an equivalency between property crime and murder. Of course I don’t think that. So I just took it down.

 

Trump says NBA has become like a political organization 

They’ve become like a political organization and that’s not a good thing. I don’t think that’s a good thing for sports or for the country,”…

https://www.reuters.com/article/us-global-race-usa-sports-trump/trump-says-nba-has-become-like-a-political-organization-idUSKBN25N2SW

 

Elderly man defending store during Kenosha riots has jaw broken   https://t.co/HUHKBpCiug

 

The NYT has a comprehensive, well-crafted article on the activity of the suspected Kenosha shooter, before, during and after people were shot.

 

Tracking the Suspect in the Fatal Kenosha Shootings

About 15 minutes before the first shooting, police officers drive past Mr. Rittenhouse, and the other armed civilians who claim to be protecting the dealership, and offer water out of appreciation.  Mr. Rittenhouse walks up to a police vehicle carrying his rifle and talks with the officers.

    He eventually leaves the dealership and is barred by the police from returning. Six minutes later footage shows Mr. Rittenhouse being chased by an unknown group of people into the parking lot of another dealership several blocks away.

    While Mr. Rittenhouse is being pursued by the group, an unknown gunman fires into the air… Mr. Rittenhouse turns toward the sound of gunfire as another pursuer lunges toward him from the same direction.  Mr. Rittenhouse then fires four times, and appears to shoot the man in the head…

    As Mr. Rittenhouse is running, he trips and falls to the ground. He fires four shots as three people rush toward him. One person appears to be hit in the chest and falls to the ground. Another, who is carrying a handgun, is hit in the arm and runs away…

https://www.nytimes.com/2020/08/27/us/kyle-rittenhouse-kenosha-shooting-video.html

 

@firstcitizensam: It looks like Kyle Rittenhouse was about to get a bullet in the head from a handgun from this angle. [Warning: violently graphic video] https://t.co/8yyWKzcpa1

 

‘Video Clearly Shows Justified Acts of Self Defense” – Noted Covington Attorney Lin Wood Announces Intent to Defend Kenosha Shooter Kyle Rittenhouse  https://t.co/98u9vWhPyv

 

@MichaelCoudrey: ALL 3 violent attackers of Kyle Rittenhouse (self-defense shooter) were convicted felons. -1 pedophile sex offender -1 convicted felon (burglary) -1 domestic abuse/strangulation/dangerous weapon All 3 chased Kyle, violently assaulted him and were shot in self-defense. https://t.co/X8FUzY6n7q

 

Police release [graphic] video of suicide [Wanted for murder] that sparked Minneapolis looting, riots 

https://t.co/yYgOyOr6H8

 

@DailyCaller: CNN reporter reports in front of a burning building in Kenosha with a chyron that reads “Fiery But Mostly Peaceful Protests After Police Shooting”  No, really

https://twitter.com/DailyCaller/status/1298833929160593409

 

GOP Governor Kristi Noem @govkristinoem: Violent, lawless mobs are emboldened when good men and women stand by and do nothing. We can either demand the rule of law or expect more cities like Kenosha to fall to the hands of the violent mobs. [It will take drastic action to stop the mobs!]

 

On Wednesday night, ex-acting director of national intelligence, Rich Grenell revealed that there were or are intel whistleblowers to ‘the Obama-Biden surveillance operation on the Trump campaign’.

 

As acting director of national intelligence, I saw the Democrats’ entire case for Russia collusion, and what I saw made me sick to my stomach,” Grenell said during a GOP convention speech Wednesday night.  “The Obama-Biden administration secretly launched a surveillance operation on the Trump campaign, and silenced the many brave intelligence officials who spoke up against it,” Grenell continued. “They presented bogus information as facts. They lied to judges. Then they classified anything that undermined their case.”… [This is the first time the existence of whistleblowers has been revealed.]

https://www.foxnews.com/politics/grenell-slams-obama-biden-administration-rnc-speech.amp

 

Ex-Trump spy chief Richard Grenell says Biden helped target Michael Flynn at RNC

“Former Vice President Joe Biden asked intelligence officials to uncover the hidden information on President Trump’s incoming National Security Advisor [Michael Flynn] three weeks before the inauguration,” Grenell said in a speech to the 2020 Republican National Convention…

https://nypost.com/2020/08/26/rnc-2020-ex-spy-chief-richard-grenell-says-biden-helped-target-michael-flynn/

 

Ex- US Atty for DC Joe diGenova: Brennan appears to be a witness against Comey in Durham inquiry – There’s no doubt that Comey is at the center of the investigation,” he said. “The fact that he has not been interviewed and the fact that the FBI, it is obvious, is now the central focus of the Durham investigation.”… “I’m assuming that Brennan is free, and as a result of that, he has become a witness against James Comey… Not willingly, but I think he’s been forced to become a witness. And I think it’s pretty clear right now that what they are doing is, they’re following up on Bill Barr’s prescription, which is not every abuse of power is a crime. And that is what Brennan got the benefit of.”  https://t.co/gsqyNoYnMq

@JohnWHuber: Mueller testified under oath he did NOT interview with Trump for the job of FBI Director on May 16, 2017.  Yet new FOIA’d emails show DAG Rosenstein sending an email the very next day, May 17, saying that “Mueller” has now “withdrew from consideration for FBI Director…

(Note: Rosenstein appointed Mueller Special Counsel later that same day)

 

We’re not Jared fans, but this is a clever maneuver:

Jared Kushner takes swipe at NBA protests, invites LeBron James to White House

“I think that the NBA players are very fortunate that they have the financial position where they’re able to take a night off from work without having to have the consequences to themselves financially,” Kushner said…“I think with the NBA, there’s a lot of activism, and I think that they’ve put a lot of slogans out. But I think what we need to do is turn that from slogans and signals to actual action that’s going to solve the problem.”… “If LeBron James reaches out to the White House or we reach out to him, we’re happy to talk with him and say let’s both agree on what we both want to accomplish and let’s come up with a common pathway to get there,” he said.

https://nypost.com/2020/08/27/kushner-knocks-nba-protests-invites-lebron-to-white-house/

 

Majority [60%] of voters plan to vote in-person this year despite pandemic, poll finds

Just over a third plan to vote by mail, a significant increase from years past.

https://justthenews.com/politics-policy/polling/poll-majority-voters-plan-vote-person-year-despite-pandemic

 

Ben Carson: Racially ignorant media don’t know most minorities now live in suburbs https://t.co/OfflNNmiL4

 

@MrAndyNgo: The Virginia Senate voted 21-15 to pass Senate Bill 5032, which would allow an assault against a law enforcement officer to be a misdemeanor, instead of a felony.

https://wsls.com/news/virginia/2020/08/26/virginia-senate-passes-bill-allowing-assaulting-a-police-officer-to-be-a-misdemeanor/

 

China reportedly secretly built hundreds of prison camps to hold minority Muslims

[Will the NBA do some kind of boycott or protest over this?]

https://nypost.com/2020/08/27/china-secretly-built-hundreds-of-prison-camps-to-hold-minority-muslims/

 

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