SEPT 1//ANOTHER RAID LATE IN THE MORNING COOLS GOLD AND SILVER JETS : GOLD STILL UP $7.10 TO $1972.70//SILVER UP 9 CENTS TO $28.28//CORONAVIRUS UPDATE FOR TODAY//RIOTING CONTINUES IN THE USA: TOM LUONGO: A MUST READ…//CHINA VS USA//REPUBLICANS OFFER A 500 BILLION STIMULUS PKG BUT THE DEMS WANT 2.2 TRILLION TO BASICALLY BAIL OUT AILING DEMOCRATIC STATES//MORE SWAMP STORIES FOR YOU TONIGHT///

GOLD:$1972.70  UP $7.10   The quote is London spot price

 

 

 

 

 

Silver:$28.28 UP$0.09   London spot price ( cash market)

 

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Closing access prices:  London spot

i)Gold : $1971.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $28.15//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

SEPT GOLD:   $1968.40  CLOSE  1::30 PM  SPREAD SPOT/FUTURE AUG  (BACKWARD  $4,30//) SCARCITY//

OCT GOLD:  $1971.00  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $1.70//BACKWARD//

 

 

DEC. GOLD  $1978.50   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $5.80/ CONTANGO   ($6.20 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $28.50…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 13 cents contango//12 CENTS ABOVE NORMAL contango)

SILVER DECEMBER  CLOSE:     $28.64  1:30  PM SPREAD SPOT/FUTURE DEC.       : 27  CENTS PER OZ  CONTANGO ( 15 CENTS ABOVE NORMAL CONTANGO)

 

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COMEX DATA

 

 

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

receiving today: 3/287

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,967.600000000 USD
INTENT DATE: 08/31/2020 DELIVERY DATE: 09/02/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 3
355 C CREDIT SUISSE 7
435 H SCOTIA CAPITAL 207
624 C BOFA SECURITIES 24
657 C MORGAN STANLEY 56
657 H MORGAN STANLEY 83
661 C JP MORGAN 3
690 C ABN AMRO 1
709 C BARCLAYS 134
709 H BARCLAYS 18
732 C RBC CAP MARKETS 3 5
737 C ADVANTAGE 3 3
800 C MAREX SPEC 16 6
905 C ADM 2
____________________________________________________________________________________________

TOTAL: 287 287
MONTH TO DATE: 2,215

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 287 NOTICE(S) FOR 28700 OZ  (0.8926 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  2215 NOTICES FOR 221,500 OZ  (6.889 tonnes) 

 

 

 

SILVER

 

 

708 NOTICE(S) FILED TODAY FOR 3,540,000  OZ/

total number of notices filed so far this month: 7253 for 36.265 MILLION oz

 

BITCOIN MORNING QUOTE  $11,886  UP 241

 

BITCOIN AFTERNOON QUOTE.: $11,957 UP 308

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $7.10 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY AT THE GLD//

 

 

 

GLD: 1,251.50 TONNES OF GOLD//

 

 

WITH SILVER UP 9 CENTS TODAY: AND WITH NO SILVER AROUND:

 

NO CHANGE IN INVENTORY AT THE SLV///

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 574.053  MILLION OZ./

 

 

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Let us have a look at the data for today

 

 

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IN SILVER THE COMEX OI FELL BY A STRONG SIZED 2825 CONTRACTS FROM 168,368 DOWN TO 165,543, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE  LOSS IN OI OCCURRED DESPITE OUR STRONG 80 CENT RISE IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE ENTIRE LOSS IN COMEX OI IS PRIMARILY DUE TO OUR MASSIVE BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, ZERO LONG LIQUIDATION, WITH A POWERFUL INITIAL STANDING IN SILVER AT THE COMEX FOR SEPT..  WE HAD A CONSIDERABLE NET LOSS IN OUR TWO EXCHANGES OF 1636 CONTRACTS, WITH THE MAJORITY OF THE COMEX LOSS DUE TO OUR BANKER SHORT COVERING…  (SEE CALCULATIONS BELOW).

 

 

 

 

WE HAVE ALSO WITNESSED A STRONG 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 0;  DEC:  1189, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1189 CONTRACTS. WITH THE TRANSFER OF 1189 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 1189 EFP CONTRACTS TRANSLATES INTO 5.945 MILLION OZ  ACCOMPANYING:

1.THE 80 CENT RISE 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 FINAL STANDING IN AUGUST

52.600 MILLION OZ INITIALLY STANDING IN SEPT

 

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 80 CENTS) ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE BASICALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS FROM THEIR POSITIONS AS FEAR STRUCK AS BANKERS AS THE RATS ARE STARTING TO FLEE A SINKING SHIP.  WE ALSO HAD  ii)  A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A HUGE INITIAL SILVER OZ STANDING  FOR SEPTEMBER,  AND 3) ZERO LONG LIQUIDATION.  YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 

 

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

SEPT.

 

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF SEPT:

1189 CONTRACTS (FOR 1 TRADING DAY(S) TOTAL 1189 CONTRACTS) OR 5.945 MILLION OZ: (AVERAGE PER DAY: 1189 CONTRACTS OR 5.945 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF AUGUST: 5.945 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 0.849% 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:          1,392.03 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 EFP                              71.15 MILLION OZ.

JULY EFP                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

AUGUST EFP                         127.46  MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

SEPT EFP                                5.945 MILLION OZ

 

 

 

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2,825, DESPITE OUR STRONG 80 CENT RISE IN SILVER PRICING AT THE COMEX ///MONDAY AS ONE A NET BASIS, NOBODY REALLY LEFT THE SILVER ARENA..AS ALL OF THE LOSS WAS DUE TO BANKER SHORT COVERINGTHE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1189 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 STRONG SIZED 1457 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR STRONG 80 CENT GAIN IN PRICE)//AND AS MENTIONED ABOVE, ALL OF THE COMEX LOSS WAS DUE TO BANKER SHORT COVERING.

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 1189 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 2,646 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR 80 CENT RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $28.29 // MONDAY’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. 0.843 BILLION OZ TO BE EXACT or 120% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 708 NOTICE(S) FOR 3,540,000 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//SEPT. 52.600 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 3806 CONTRACTS TO 544,006 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE FAIR SIZED LOSS IN COMEX OI OCCURRED DESPITE OUR GOOD RISE IN PRICE  OF $5.90 /// COMEX GOLD TRADING// MONDAY//WE HAD HUMONGOUS  BANKER SHORT COVERING, A STRONG ADVANCE IN STANDING AT THE GOLD COMEX FOR SEPT, ALONG WITH ZERO LONG LIQUIDATION ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR GOOD GAIN IN PRICE OF $5.90. 

 

 

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

 

WE LOST A STRONG SIZED 2926 CONTRACTS  (9.101 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 880 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 880; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 880.  The NEW COMEX OI for the gold complex rests at 544,006. 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 STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2926 CONTRACTS: 3806 CONTRACTS DECREASED AT THE COMEX AND 880 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 2926 CONTRACTS OR 9.101 TONNES. MONDAY, WE HAD A GOOD GAIN OF $5.90 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A STRONG SIZED LOSS IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 9.101 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $5.90)WE HAD HUMONGOUS BANKER SHORT COVERING  OPERATION  WITH SMALL ISSUANCE IN EXCHANGES FOR PHYSICAL. THEY BANKERS COULD NOT FLEECE ANY OF OUR SPECULATOR LONGS.

 

 

 

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (880) ACCOMPANYING THE  FAIR SIZED LOSS IN COMEX OI  (3806 OI): TOTAL LOSS IN THE TWO EXCHANGES:  2926 CONTRACTS. WE NO DOUBT HAD 1 )HUMONGOUS BANKER SHORT COVERING ,2.)A STRONG ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) ZERO NET LONG LIQUIDATION; 4) FAIR COMEX OI GAINAND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR GOOD GAIN IN GOLD PRICE TRADING//MONDAY//$5.90.

 

 

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.

 

EXCHANGE FOR PHYSICALS//OUTLINE

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCH OVER TO SILVER ON OCT  1)

 

 

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 GOLD  AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT.

 

 

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 SILVER..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  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 GOLD 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 SEPT. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT FOR GOLD:

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF SEPT. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), 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 IN 2020 INCLUDING TODAY

SEPT.

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 880, CONTRACTS OR 88,000, oz OR 2.737 TONNES (1 TRADING DAY(S) AND THUS AVERAGING: 880 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 1 TRADING DAY(S) IN  TONNES: 2.737 TONNES

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

THUS EFP TRANSFERS REPRESENTS 2.737/3550 x 100% TONNES =0.07% 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   3,413.56  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;                 150.78 TONNES  FINAL (AGAIN: RETREATING IN NUMBERS)

SEPT TOTAL EFP ISSUANCE:                       2.737 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 STRONG SIZED 2825 CONTRACTS FROM 168,368, DOWN TO 165,543 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)   HUMONGOUS BANKER SHORT COVERING  , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUGE INITIAL STANDING FOR SILVER AT THE COMEX FOR SEPT.,  AND  4) ZERO LONG LIQUIDATION, 

 

 

 

 

EFP ISSUANCE 1189 CONTRACTS

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

 SEPT: 0 AND DEC. 1189 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1189 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 2825 CONTRACTS TO THE 1189 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 1636 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 8.180 MILLION  OZ, OCCURRED DESPITE OUR STRONG 80 CENT GAIN IN PRICE///

HOWEVER IT MUST BE POINTED OUT THAT THE ENTIRE LOSS IN OI ON THE COMEX WAS DUE TO HUMONGOUS BANKER SHORT COVERING.

 

 

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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 14.93 POINTS OR 0.44%  //Hang Sang CLOSED UP 7.80 POINTS OR 0.03%   /The Nikkei closed DOWN 1.69 POINTS OR 0.01%//Australia’s all ordinaires CLOSED DOWN 1.64%

/Chinese yuan (ONSHORE) closed UP  at 6.8191 /Oil UP TO 43.06 dollars per barrel for WTI and 45.87 for Brent. Stocks in Europe OPENED MOSTLY GREEN EXCEPT LONDON//  ONSHORE YUAN CLOSED UP // LAST AT 6.8191 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8213 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 ABOVE 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 3806 CONTRACTS TO 544,006 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 DECREASE OCCURRED DESPITE OUR GOOD GAIN OF $5.90 IN GOLD PRICING /MONDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (880 CONTRACTS),.  THUS,  WE HAD AGAIN 1) HUMONGOUS BANKER SHORT COVERING.  IN TOTAL OI, THEY WERE TOTALLY UNSUCCESSFUL IN CLOSING OUT MUCH OF THOSE SHORTS WITH A RISING PRICE…… , PLUS WE HAD 2)  ZERO LONG LIQUIDATION  AND 3)  A POWERFUL INITIAL TONNAGE  STANDING AT THE GOLD COMEX//SEPT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 2926 CONTRACTS AS BANKER FRIENDS ARE RUNNING TO THE EXIT DOORS. 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. THE COMEX IS THE SCENE FOR AN ASSAULT ON GOLD AS LONDONERS EXERCISE THEIR EXCHANGE FOR PHYSICALS AND TURN THEM INTO REAL METAL.

 

 

 

(SEE BELOW)

 

 

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 134

 

 

 

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF JULY..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 880 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 880; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 880  CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 2926 TOTAL CONTRACTS IN THAT 880 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 3806 COMEX CONTRACTS.  THE BANKERS ARE NOW NOT ONLY LOATHE TO SUPPLY THE SHORT PAPER BUT THEY HAVE SIGNALED THEIR RETREAT FROM OPEN INTEREST..THEY HAVE HAD ENOUGH!!.  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 HUMONGOUS BANKER SHORT COVERING  AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR HUGE RAIDS THESE PAST 2 WEEKS. TODAY WE WITNESSED A STRONG INITIAL GOLD TONNAGE STANDING FOR SEPT….. NEWBIE LONGS JOINED INTO THE FESTIVITY WITH THE STRONG PRICE ADVANCE.

 

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $5.90).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS BANKER SHORT COVERING 

WAS THE NAME OF THE GAME: 

 THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED  9.101 TONNES  WITH THE GOOD RISE IN  PRICE

 

 

NET LOSS ON THE TWO EXCHANGES :: 2926, CONTRACTS OR 292,600 OZ OR 9.101 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:  544,006 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: 147,433 contracts// volume extremely poor

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  3257,961 contracts//  volume: poor  //most of our traders have left for London

 

 

SEPT 1 /2020

SEPT. GOLD CONTRACT MONTH

INITIAL STANDING FOR SEPT GOLD

 

 

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

 

 

 

Deposits to the Customer Inventory, in oz  

nil

OZ

 

 

 

 

 

 

 

No of oz served (contracts) today
287 notice(s)
 28,700 OZ
(0.8926 TONNES)
No of oz to be served (notices)
895 contracts
(89500 oz)
2.78 TONNES
Total monthly oz gold served (contracts) so far this month
2215 notices
221,500 OZ
6.889 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 0 gold withdrawals from the customer account:

 

 

 

total withdrawals;  nil    oz

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 2 //

dealer to customer

i) Out of BRINKS  1736.154 oz

i

 

customer to dealer:

Scotia: 20,993.880 oz

 

 

 

 

 

The front month of SEPT registered a total of 1182 contracts for a loss of 1888 contracts.  We had 1928 notices filed on Monday, so we gained  40 contracts or an additional 4,000 oz will stand for delivery in this non active month of Sept.

Oct LOST 636 contracts DOWN to 62,836.  November gained its first contract to stand at l.

The big December contract lost 1202 contracts down to 402,774 contracts…(it is here where we have a huge amount of banker short  accompanied by a strong newbie longs entering the gold arena.  Bankers leaving far outshined newbies coming in.

 

 

 

 

 

We had 287 notices filed today for  28700 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 287 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 3 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 SEPT /2020. contract month, we take the total number of notices filed so far for the month (2215) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (1182 CONTRACTS ) minus the number of notices served upon today (287 x 100 oz per contract) equals 311,000 OZ OR 9.673 TONNES) the number of ounces standing in this active month of JUNE

thus the INITIAL standings for gold for the SEPT/2020 contract month:

No of notices filed so far (2215, x 100 oz + (1182 OI) for the front month minus the number of notices served upon today (287) x 100 oz which equals 311,000 oz standing OR 9.673 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a SEPT delivery month (a NON active delivery month).

 

 

THE NAME OF THE GAME TODAY IS  BANKER SHORT COVERING AS FINALLY FEAR BECAME THEIR CENTRAL FOCUS. YOU CAN VISUALIZE THIS LAST NIGHT AND TODAY WITH GOLD’S STRONG ADVANCE IN TUESDAY’S COMEX.

 

 

 

 

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 466.61 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 9.673 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,112,690.660 oz or 501.17 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:  15,001.611.0  (466,61 tonnes)
true registered gold  (total registered – pledged tonnes  15,001,611.0 (466.61 tonnes)
total eligible gold:  21,031,595.235 oz (654.17 tonnes)

total registered, pledged  and eligible (customer) gold;   37,144,285.895 oz 1,155.34 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1029,00 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

SEPT 1/2020

And now for the wild silver comex results

 

INITIAL STANDINGS

SEPT. SILVER COMEX CONTRACT MONTH//INITIAL STANDINGS

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 661,157.680 oz
CNT
Delaware
HSBC
Manfra

 

 

Deposits to the Dealer Inventory
152,099.600 oz
Manfra

 

Deposits to the Customer Inventory
1,007,024.353 oz
CNT
Delaware
No of oz served today (contracts)
708
CONTRACT(S)
(3,540,000 OZ)
No of oz to be served (notices)
24 contracts
 120,000 oz)
Total monthly oz silver served (contracts)  7253 contracts

36,265,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into Manfra:  152,099.600 oz

total dealer deposits: 152,099.600    oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 2 deposits into the customer account

i)into JPMorgan: nil

 

ii) Into CNT:  933,546.800  oz

iii) into Delaware:  73,477.553

 

 

 

 

 

 

 

 

*** 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 48.42% of all official comex silver. (167.320 million/345.468 million

 

total customer deposits today: 1,007,024.353   oz

we had 4 withdrawals:

 

 

i) Out of Delaware; 2910.600 oz

ii) Out of CNT; 349,963.300 oz

iii) out of HSBC 293,113.200 oz

iv) Out of Manfra; 15,170.000 oz

 

 

 

 

 

 

total withdrawals;  661,157.680    oz

We had 0 adjustments  first two: dealer to customer

 

l

 

Total dealer(registered) silver: 138.250 million oz

total registered and eligible silver:  345.468 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 3978 contracts thus losing 6570 contracts.  We had 6545 notices filed on Monday so we LOST A TINY 25 contracts or an additional 125,000 oz will NOT stand in this active delivery month of September  as they morphed into London based forwards and received a fiat bonus for their efforts.  However this time our London boys are ready to exercise these EFP’s and they will turn them into real physical metal as we now have a full frontal attack on both of our two precious metals.

 

Oct saw another gain of 22 contracts to stand at 694.November gained its first initial contract to stand at 1,

The big December contract month saw its OI rise by good 3160 contracts up to 144,034

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 708 contract(s) FOR 3,540,000, oz

 

To calculate the number of silver ounces that will stand for delivery in SEPT we take the total number of notices filed for the month so far at 7253 x 5,000 oz = 36,7265,000 oz to which we add the difference between the open interest for the front month of SEPT(3978) and the number of notices served upon today 708 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 7253 (notices served so far) x 5000 oz + OI for front month of AUGUST  (3978)- number of notices served upon today (708) x 5000 oz of silver standing for the SEPT contract month.equals 52,600,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We lost a small 25 contracts or 125,000 oz.

 

 

TODAY’S ESTIMATED SILVER VOLUME : 49,950 CONTRACTS // volume fair

 

 

 

FOR YESTERDAY: 98,831.  ,CONFIRMED VOLUME//volume large  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 98,831 CONTRACTS EQUATES to 0.494 billion  OZ 49.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 2.43% ((SEPT 1/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.65% to NAV:   (SEPT 1/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.43%

(courtesy Sprott/GATA

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

NAV 20.93 TRADING 20.60///NEGATIVE 1.59

END

 

 

And now the Gold inventory at the GLD/

SEPT 1/WITH GOLD UP $7.10 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1251.50 TONNES

AUGUST 31//WITH GOLD UP $5.90 TODAY/WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD..//INVENTORY RESTS AT 1251.50 TONNES/

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

SEPT 1/ GLD INVENTORY 1251.50 tonnes*

LAST;  893 TRADING DAYS:   +312.00 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 793 TRADING DAYS://+490.53  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 1//WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 574.053 MILLION OZ//

AUGUST 31/WITH SILVER UP 80 CENTS TODAY: A HUGE CHANGE IN THE SLV//A DEPOSIT OF 2.982 MILLION OZ ENTERS THE SLV/INVENTORY RESTS AT 574.053 MILLION OZ//

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/

 

SEPT 1.2020:

SLV INVENTORY RESTS TONIGHT AT

574.053 MILLION OZ

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

 

Interesting:  Refinitiv Lipper is reporting that stocks have been having a negative outflow of cash.  If the stock market is rising how can this be possible?  Where is the money going?  Pam and Russ discuss this

(Pam and Russ Martens/Wall Street on Parade/Gata)

Pam and Russ Martens: How is stock market rising as investors stampede out?

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Monday, August 31, 2020

The S&P 500 stock index set a new record high on Friday, closing at 3508.01 – the first time it has ever closed above 3500. In fact, the S&P 500 set a record high close every single day last week. …

Refinitiv Lipper has been reporting fund flows into and out of the stock market for the past 18 years. According to Refinitiv Lipper, for the week ending Wednesday, August 26, stock (aka equity) mutual funds and stock ETFs had a combined negative outflow of -$7.8 billion. For the week ending Wednesday, August 19, stock mutual funds and stock ETFs had a negative outflow of -$6.6 billion.

… 

Put the two weeks together and you have investors yanking a net $14.4 billion out of stock funds. Where was the money going? For the most part, it was going into taxable bond funds.

 

So exactly how can a stock market index be setting new record highs when investors are cashing out and the majority of the stock components in the S&P 500 are far from their record highs?

The S&P 500 is made up of approximately 500 companies at any one time. The index is market-capitalization weighted, a system that divides the market cap of a company by the index’s total market capitalization to determine its influence in the index.

When you have six companies that have been dramatically outperforming other stocks this year, and just five of them — Alphabet (parent of Google), Amazon, Apple, Facebook, and Microsoft — make up more than 20 percent of the S&P 500’s total market capitalization, you can get an aberration in the pricing of the broader index.

To put it simply, were it not for these six stocks, the whole S&P 500 index would be negative for the year. DoubleLine’s Jeffrey Gundlach, a veteran market watcher, calls this “classic bear-market-rally activity.”

It is also known as “distribution” on Wall Street. That’s when the little guy is seduced into the stock market on the illusion that it is rocketing to one all-time high after another. This gives the knowledgeable insiders who want out the necessary dumb money on which to dump their shares. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/08/investors-have-stampeded-out-of-s…

END

Two smart gold bugs talking about our precious metal: Ned Naylor Leyland interviewed by Ronan Manly

(Bullionstar)

Gold fund manager Ned Naylor-Leyland interviewed by Bullion Star’s Ronan Manly

 Section: 

11:45a ET Monday, August 31, 2020

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly last week interviewed gold fund manager Ned Naylor-Leyland, discussing prospects for the monetary metals and the possibility of structural changes in the world financial system. The interview is 40 minutes long and can be seen at YouTube here:

https://www.youtube.com/watch?v=oCos4vJ5794

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

END

He is right about New York..but not London.  With the new physical London LME gold/silver exchange, that will become the premier gold trading vehicle in the world and it will all be physical.

(Keller/GATA)

Gold refining veteran dares to say it: ‘GATA has it right’

 Section: 

12:21p ET Monday, August 31, 2020

Dear Friend of GATA and Gold:

Interviewed today by a consulting company in Singapore, a guy who has spent more than 30 years in the gold refining industry made an encouraging comment about GATA while admitting that it wouldn’t do him any good.

The comment was made by gold refinery designer and builder Corey Keller of Keller Gold Consulting in remarks to Southeast Asia Consulting Pte. Ltd.

… 

Keller was asked: “Are you seeing any developments in the industry that you think are worth discussing?”

 

He replied: “Absolutely! But like most people in this industry, we are demonized by old-school traditions, institutions, and general intimidation, so I will take a pass on that question. I will say: GATA has it right and the future of physical does not live in New York or London. I guess my job interview with JP Morgan will now be canceled.”

The interview is headlined “Corey Keller — the Canadian Guy Who Builds Gold Refineries” and it’s posted at Southeast Asia Consulting’s internet site here:

https://seasia-consulting.com/corey-keller-the-canadian-guy-that-builds-…

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

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early TUESDAY 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: 6.8191/ 

 

//OFFSHORE YUAN:  6.8213   /shanghai bourse CLOSED UP 14.93 POINTS OR 0.44%

HANG SANG CLOSED UP 7.80 POINTS OR 0.03%

 

2. Nikkei closed DOWN 1.69 POINTS OR 0.03%

 

 

 

 

3. Europe stocks OPENED MOSTLY GREEN EXCEPT LONDON/

 

 

 

USA dollar index DOWN TO 91.86/Euro RISES TO 1.1985

3b Japan 10 year bond yield: FALLS TO. +.04/ !!!!(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:: 43.06 and Brent: 45.87

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.387%/Italian 10 yr bond yield DOWN to 1.08% /SPAIN 10 YR BOND YIELD UP TO 0.41%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.85: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 1.13

3k Gold at $1989.70 silver at: 28.83   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 45/100 in roubles/dollar) 73.52

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.85 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 .9063 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0866 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to 0.387%

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

4. USA 10 year treasury bond at 0.722% early this morning. Thirty year rate at 1.500%

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

6.  TURKISH LIRA:  UP  TO 7.347..

Futures Coiled Near All Time High As Dollar Tumbles To Fresh Two Year Low

Stocks started September on a positive note on Tuesday, with S&P futures flat after fading earlier gains alongside shares in Europe as global indexes close to all-time highs as data in China and Europe showed manufacturing demand rebounding from coronavirus-induced lows. The dollar tumbled to a two-year low and the Yuan jumped after Chinese manufacturing data indicated that exports are underpinning a recovery.

The MSCI world equity index, which tracks shares in 49 countries, was close to recent highs, while the pan-European Stoxx 600 rose 0.3% in early trading with technology and basic resources climbing the most among sectors. France’s Cac 40 was up 0.2% and Germany’s Dax was up 0.7%. Britain’s FTSE 100 lagged, down 1.4%, hurt by a rising pound. Euro zone manufacturing activity grew last month, though factory managers remained wary about investing and hiring more workers. The French Mfg PMI beat expectations coming at 49.8, above the 49.0 consensus if down from 52.4, while Germany output grew at its fastest pace since February 2018, while in France it contracted.

 

European stocks had opened even higher but pared gains after Germany cut its GDP forecast for 2021. Both shares and the euro, which rose to a two-year high of $1.19975 overnight in New York, were little changed after data showed annual euro zone inflation fell well below expectations in August, turning negative for the first time since May 2016, and a far cry from the European Central Bank’s inflation target of just under 2% (some have mused if the ECB will follow the Fed in announcing AIT as well).

 

“These numbers are clearly inconsistent with the ECB’s target,” said George Buckley, chief European economist at Nomura, who said the low reading will raise questions about whether the ECB should, like the Fed, adopt average inflation targeting. There were however credibility issues with such an approach, if the bank was unable to raise inflation to balance out the periods of lower inflation.

In Asia, China’s yuan touched the highest since 2019 and equities benchmarks in Hong Kong, Shanghai, Taipei and Seoul climbed. The Caixin PMI survey of China’s factory activity rose at the fastest pace in August since January 2011, helped by improving exports and continued domestic recovery, and boosted market sentiment overnight and into the European market open.

 

In rates, 10Y yields rose to 0.72% , up 2bps on the day with treasuries trading heavy led by the long end as month-end bid unwound. Yields were cheaper by up to 3bp at long end of the curve, steepening 2s10s, 5s30s by 1.6bp and 2.7bp; 10-year yields around 0.725%, cheaper by 1.8bp vs Monday’s close while gilts lag by ~1.5bp across the sector. Gilts underperformed, weighing on Treasuries along with a sharp selloff in Aussie bonds during Asia session. Core euro zone bond yields were up around 1 to 2 basis points, with the benchmark German 10-year yield at -0.387%.

In FX, the dollar continued to drop to a fresh two-year low and was down 0.4% at 91.826, dropping below 92 for the first time since May 2018 after a purchasing managers index for China beat estimates to raise optimism over Asia’s economic recovery.

 

“The weakness in the dollar is likely to continue and I suspect it will be substantially weaker from where it is against the euro by the end of the year,” said Savvas Savouri, chief economist at Toscafund Asset Management. “We’ve got the Fed chairman clearly telling us he wants inflation to ratchet upwards, and the only reliable way to achieve this is through the channel of a weaker currency.”

The euro climbed after German unemployment eased for a second month, though gains fell short of reaching $1.20 following the abovementioned deflationary print. At 1025 GMT, the single currency traded at $1.19835, up 0.4% since New York’s close as a dollar sell-off continued. Sterling rose to eight-month highs against the dollar, strengthening to as much as $1.3465 at 1028 GMT, and was up around 0.3% versus the euro.

In commodities, oil prices gained, reversing overnight losses. Brent climbed 56 cents to $45.84 a barrel while WTI futures rose 47 cents to $43.08 a barrel. Gold prices also rose, to their highest in two weeks.

Market Snapshot

  • S&P 500 futures up 0.3% to 3,510.75
  • STOXX Europe 600 up 0.2% to 367.28
  • MXAP up 0.4% to 173.35
  • MXAPJ up 0.5% to 574.03
  • Nikkei down 0.01% to 23,138.07
  • Topix down 0.2% to 1,615.81
  • Hang Seng Index up 0.03% to 25,184.85
  • Shanghai Composite up 0.4% to 3,410.61
  • Sensex up 0.8% to 38,948.09
  • Australia S&P/ASX 200 down 1.8% to 5,953.41
  • Kospi up 1% to 2,349.55
  • German 10Y yield rose 0.9 bps to -0.388%
  • Euro up 0.3% to $1.1971
  • Italian 10Y yield rose 5.0 bps to 0.968%
  • Spanish 10Y yield rose 0.8 bps to 0.417%
  • Brent futures up 1.2% to $45.82/bbl
  • Gold spot up 1.1% to $1,989.57
  • U.S. Dollar Index down 0.3% to 91.91

Top Overnight News from Bloomberg

  • A private gauge of China’s factory activity grew at the fastest rate in August since January 2011, helped by exports and domestic recovery
  • Global trade is expected to rebound faster than after the 2008 financial crisis, according to Germany’s Kiel Institute for the World Economy. The number of coronavirus cases approaches 25.5 million worldwide, while deaths surpass 850,000
  • The euro zone’s inflation rate went negative for the first time since 2016. Meanwhile Germany’s hit from the coronavirus will be less severe than feared, as the government’s efforts to kick start Europe’s largest economy show signs of bearing fruit
  • A closely-watched euro-area interbank borrowing rate fell to a record, dragged down by all the money sloshing around the economy

A quick look at global markets courtesy of NewsSquawk:

Asian equities traded cautiously as the region took its cue from the losses seen across most global counterparts despite Wall St. notching its biggest monthly gain since April and its best August performance in more than 3 decades, while participants also digested encouraging Chinese Caixin Manufacturing PMI data. ASX 200 (-1.8%) underperformed and briefly wiped out all of the prior month’s gains on a collapse below the 6,000 level with the downturn led by hefty losses in tech and energy, while the detention of a Chinese-Australian television anchor further highlighted the souring bilateral relations with China. Nikkei 225 (-0.1%) was indecisive but with downside stemmed by recent currency weakness and political continuity hopes with Chief Cabinet Secretary Suga said to be supported by the largest faction of the ruling LDP and is set to announce an intention to continue with Abenomics and the pandemic response when declaring his candidacy on Wednesday. Elsewhere, Hang Seng (U/C) and Shanghai Comp. (+0.4%) swung between gains and losses as mild support was seen following the strongest Caixin Manufacturing PMI reading since January 2011, but with upside also capped after the PBoC drained CNY 230bln from the interbank market and due to lingering US-China tensions after White House trade adviser Navarro stated the US will go after others not just TikTok and WeChat. Finally, 10yr JGBs were higher following the recent gains in T-notes and indecisive risk tone in the region, although some of the gains were reversed after all metrics pointed showed weaker results at the 10yr JGB auction.

Top Asian News

  • Total Enters Giant Korean Floating Wind Projects in Green Push
  • Samsung’s Heir Jay Y. Lee Indicted in Succession Probe
  • Supreme Court Approves 10-Year Rescue Plan for Indian Telcos
  • SoftBank Corp. Is ‘Surprise’ Addition to Japan’s Nikkei 225

Earlier gains across European equities have somewhat faded (Euro Stoxx 50 +0.4%) despite a lack of fresh macro catalysts, with the region now ultimately mixed, whilst losses in UK’s FTSE 100 (-1.3%) persist amid a catch-up play from its long weekend Bank holiday. Sectors performance is also varied with no clear risk profile to be derived: the IT sector outperforms as chip-makers cheer reports that Apple is aiming to launch four new iPhone models next month, with volumes in the 75mln region. Thus, the likes of STMicroelectronics (+1.1%), Dialog Semiconductor (+3.3%), Infineon (+1.2%) remain propped up. On the other side of the spectrum resides Travel & Leisure, alongside Banks and Oil & Gas. In terms of individual movers, Novartis (+3.0%) keeps the healthcare sector afloat on the back of a broker upgrade at Morgan Stanley coupled with an announcement that it has developed new ESG targets in order to ramp up access to medicines and achieve full carbon neutrality. Sticking with the healthcare sector, Sanofi (+0.6%) has largely brushed off its COVID-19 Kevzara vaccine failing to meet primary and key secondary endpoints in its Phase III trials. Meanwhile, AstraZeneca (-0.5%) succumbs to the weakness in the post-bank holiday UK markets but with downside somewhat cushioned by a positive update for its Farxiga, Imfinzi and COVID-19 vaccine deal with Canada. Elsewhere, Shell (-2.0%) and BP (-2.1%) are subdued despite higher oil prices, and with losses more pronounced that its cross-border counterparts amid catch-up play alongside reports UK Chancellor Sunak could increase fuel duty by 5p to help pay for the coronavirus in the Autumn budget.

Top European News

  • U.K. Manufacturing Output Expands at Fastest Pace in Six Years
  • European Factories Brace for Economic Rebound to Falter
  • Russia Passes 1 Million Covid-19 Cases as Epidemic Simmers
  • German Joblessness Falls Again Amid Revival of Economic Activity

In FX, the Dollar is suffering from a post-month end hangover as the DXY slips to a new 2020 low of 91.741 amidst broad losses vs G10 peers and most EM currencies. Confirmation of a firm US manufacturing PMI via the final release and ISM matching expectations for a pick-up in headline activity could conceivably provide the Greenback some respite, but the index remains toppy on rebounds over 92.000 as buoyant risk sentiment counters renewed bear-steepening along the Treasury curve.

  • NZD/CAD/GBP/EUR – The major beneficiaries of ongoing Buck weakness as the Kiwi pivots either side of 0.6750 awaiting NZ terms of trade for Q2 and the Loonie extends through the psychological 1.3000 level with some assistance from firm crude oil. Meanwhile, the Pound has scaled another big figure and briefly breached a mid-December 2019 peak (1.3422), as Eur/Gbp unwinds modest RHS demand for the August/September turn from circa 0.8950 towards 0.8900 irrespective of more negative sounding Brexit news (EU chief negotiator Barnier reportedly unwilling to discuss new UK fishing proposals unless Britain compromises on other contentious issues). Elsewhere, the Euro has tested round number resistance at 1.2000 vs the Dollar, but market contacts note heavy offers related to option expiries and on that note 1.1 bn rolling off between 1.1895-1.1900 at today’s NY cut may keep the headline pair supported given little net reaction to mixed Eurozone manufacturing PMIs and even weak, deflationary inflation.
  • JPY/AUD/CHF – Also firmer against the Greenback, albeit mildly as the Yen hovers midway within a 106.03-105.60 range, the Aussie fades after another 0.7400+ foray and Franc fails to breach 0.9000. For the record, the RBA stuck to the script overnight, though did extend and expand its Term Funding Facility, while July building approvals smashed estimates and the Q2 current account surplus was wider than forecast. However, relations with China are going from bad to worse as barley imports from Australia’s CBH Grain company are suspended.
  • SCANDI/EM – Not much response to rises in Swedish and Norwegian manufacturing PMIs, but China’s stronger than expected Caixin reading has helped the Yuan appreciate further vs the Dollar in contrast to a decline in the Turkish headline index that is weighing on the already lagging Try.

In commodities, WTI and Brent front month futures continue to ebb higher in early European trade, in what is a continuation of price action seen overnight as a function of the weakening Dollar, whilst the complex also remains underpinned by overall risk sentiment. Aside from that, pertinent news flow has been on the light side, although sources reported that UAE’s ADNOC  pumped some 2.693mln BPD of crude in August in order to meet domestic demand – above its quota under the OPEC+ pact. That being said, sources added that the country will compensate for the undercompliance in the months ahead, whilst Iraq submitted a plan to OPEC that proposes additional cuts of 400k BPD in August and September and Kazakhstan plans additional cuts of 95k BPD over the same two-month period, according to sources. Further, Goldman Sachs raised 2020 Brent crude price forecast to USD 43.63/bbl from USD 40.51/bbl and raised 2021 forecast to USD 59.38/bbl from USD 55.63/bbl. WTI October holds its head above USD 43.00/bbl having found an overnight base around USD 42.75/bbl, whilst its Brent counterpart inches higher towards 46/bbl from a low of 45.47/bbl. Elsewhere, the weaker Buck keeps precious metals afloat with spot gold inching higher towards the USD 2000/oz mark (vs. low 1965/oz) whilst spot silver extends gains above USD 28.75/oz (vs. low 28.04/oz). Meanwhile, LME copper prices climbed to levels last seen over two years ago – bolstered by the Chinese Caixin Manufacturing beat coupled with the softer Dollar, whilst Dalian iron ore saw mild gains due to the same factors.

US Event Calendar

  • 9:45am: Markit US Manufacturing PMI, est. 53.6, prior 53.6
  • 10am: ISM Manufacturing, est. 54.8, prior 54.2
  • 10am: Construction Spending MoM, est. 1.0%, prior -0.7%
  • Wards Total Vehicle Sales, est. 15m, prior 14.5m

DB’s Jim Reid concludes the overnight wrap

Never has the restrictions of social distancing felt so liberating. As of today I can break the shackles of two weeks in quarantine. It’s been tedious, tiresome and ponderous. As least during full lockdown we went out for a nice walk once a day and I had heaps of work to occupy me. Of these past 14 days, 10 were spent on holiday at home (or weekends) and 4 at work in my home office. The latter were infinitely more enjoyable and less stressful for me. Much less for my wife. Every morning the twins repeatedly say “Go Mummy car”. They can’t work out why we don’t go out and are very confused. Hopefully they’ll squeal with delight when they realise their wish is finally going to come true.

So with a dull second half of August behind me we welcome in September today. To mark this we are launching our monthly survey this morning as a back to school special. This month’s includes plenty of questions about life around the virus including some questions on whether you will be first up volunteering to take any vaccine, whether you think they should be compulsory and how your understanding is on the effectiveness of vaccines generally. Also a number of other questions. It only takes 3 mins to fill in and results will come in the days ahead. Here is the link. All help filling in the survey very much appreciated.

This morning Henry is publishing the monthly performance review. It was another good month for risk especially for Silver (+15.39%) and the Nasdaq (+9.59%). It was also the best August for the S&P (+7.01%) since 1986 and the best individual month since April – just after the pandemic lows. See the full review in your inboxes soon for more.

Even with the good month, August ended with the S&P 500 slipping slightly, falling -0.16%, as even large gains in tech stocks were unable to keep the index in the green. Roughly 70% of the index was lower on the day after stocks dipped mid-session on reports of China blocking US companies from buying social media company TikTok. In a story that speaks to the power of retail investing in the current market, Apple and Tesla powered the Nasdaq +0.68% higher to another record after their pre-announced stock splits were enacted. The two stocks added +3.39% and +12.57% of value respectively by just lowering the sticker price.

In Europe with the UK markets closed, the Stoxx 600 fell -0.62% during the last session of August, reversing a gain of as much as +0.7% early in the session. This left the index up +2.86% on the month for its best August performance since 2009. Core sovereign bonds diverged much like equities with US 10yr Treasury yields down -1.6bps to finish at 0.705%, while 10yr Bund yields rose +1.2bps to -0.40%. The dollar resumed its slide as well (-0.25%), falling for the fifth session in a row.

Overnight Asian markets are a little directionless with the Nikkei (-0.07%) and Hang Seng (-0.02%) trading flat while the CSI (+0.12%) and Shanghai Comp (+0.04%) are posting modest advances. The Kospi (+1.06%) is leading the way on news that the government is preparing to boost its 2021 budget by 8.5%. In FX, all G-10 currencies are up (0.2-0.6%) against the greenback with the Euro trading closer to the 1.20 handle at 1.1992. Meanwhile the onshore Chinese yuan is up +0.42% to 6.8202, the highest level in over a year. Futures on the S&P 500 are up +0.11% while those on the Nasdaq are up +0.40%. Elsewhere, crude oil prices are trading up c.1% this morning while gold and silver are up +0.91% and +1.81% respectively.

It’s another round of global PMIs today and we’ve already kicked things off in Asia with China’s Caixin manufacturing PMI printing at 53.1 (vs. 52.5 expected and 52.8 last month), the highest reading since Jan 2011 and further emphasising the China recovery story. Yesterday, we saw China’s official August PMIs with manufacturing printing 0.2pts lower than expectations at 51.0 while services were at 55.2 (vs. 54.2 expected). Back to today and Japan’s final manufacturing PMI reading was confirmed at 47.2 (vs. 46.6 in flash). South Korea also showed an improvement at 48.5 (vs. 46.9 last month) while for Taiwan it was at 52.2 (vs. 50.6 last month), the highest reading in 2 years. However, readings for Vietnam (at 45.7 vs. 47.6 last month) and Australia (at 53.6 vs. 53.9 in flash and 54.0 last month) retreated on account of renewed lockdowns during the past month.

Following the policy framework changes laid out by Fed Chair Powell last week, yesterday Federal Reserve Vice Chair Clarida spoke to the possibility of using Treasury yield caps at some point, but suggested that it is not currently in the plans. He also noted that it is appropriate in many circumstances for inflation to overshoot the 2% goal. Markets also heard from the Fed’s Bostic, who said that he was ‘very worried’ about the drop in fiscal support for economy. Given that several participants argued for more accommodation in July, a lack of fiscal response and further gridlock may cause more committee members to opt for additional easing. With the next FOMC in two weeks this meeting will slowly come into the market’s view.

On the coronavirus, yesterday news came that Paris will now offer free testing at various locations throughout the city in order to identify and contain the spread of infections within the French capital. Cases in the country grew by 35,000 in the last week which is almost as many as seen at the country’s April peak, but there has not yet been a significant change in hospitalisations. The pace of new cases in the US continues to slow even as confirmed cases passed 6 million. Earlier this month New York City mayor said that indoor dining would be closed until June 2021, and then yesterday added that any resumption of indoor dining may hinge on a “huge step forward” such as a vaccine. With no guarantee of an effective or widely administered vaccine and colder months coming, this could lead to lower mobility and business output from the largest US city. Across the other side of world, India is now undoubtedly the global epicenter of the virus with the rise in new cases topping 70k on a daily basis. It also has the third highest fatalities now at 64,469. A reminder that we still publish our daily tables in the full pdf if you click on “view report”.

There was a good deal of attention on the US Presidential race this weekend after the conclusion of the Republican National Convention last Thursday night. We will see what kind of polling bounce President Trump receives, if any, by the end of the week as very few polls currently include the final, higher profile nights of the convention. In 2016, President Trump saw a nearly 5pt improvement in head-to-head polls against Secretary Clinton after the RNC. He even led her in polling averages for a small amount of time before seeing the bounce decline within a month. That said, Mr. Trump has seen his poll numbers vs Mr. Biden improve by nearly 2.8ps over the past 6 weeks. The RealClearPolitics polling average measures his nadir at 40pts in mid-summer. Mr. Trump is now back to the head-to-head polling range of 42-44pts he was sitting at following the first wave of outbreaks in the US. Overall RCP measures a +6.9pt spread for Mr. Biden (49.7%) over Mr. Trump (42.8%) but check in later this week to see how the RNC may change that.

Today we get final August manufacturing PMI’s from around the world, along with the ISM readings from the US, which will give us an indication of how the global economy has fared through the month as some economies opened up further and some became more restricted as viral patterns differed around the world. Note that the flash readings for the Euro Area saw a loss of momentum in the early part of August as its composite PMI fell from 54.9 to 51.6. Outside of the PMI’s, we will get July unemployment data out of the Euro Area, Italy and Japan, while seeing August unemployment change from Germany.

Back to this week’s calendar and later in the week the main highlights are the corresponding services and composite PMIs (Thursday) as well as the US jobs report on Friday. On payrolls, consensus on Bloomberg is currently expecting a further +1.518m increase in nonfarm payrolls last month, which would bring the total growth in nonfarm payrolls to 10.797m since April trough. However that would still be less than half of the 22.16m jobs lost in March and April. We have the day by day highlights for the rest of the week at the end.

To quickly recap last week for those on holiday yesterday, global equity markets continued to rise as the Federal Reserve’s new inflation targeting approach percolated through the financial system late in the week. The S&P 500 finished up +3.26% (+0.67% Friday) over the course of the week, having closed at record highs for 6 sessions in a row. The index has now risen 8 of the last 9 weeks since coronavirus cases rose quickly throughout the Southern and Western United States in June. The tech-focused Nasdaq rose +3.39% (+0.60% Friday) finishing at fresh highs as well and is now up over 30% YTD. In Europe, equities lagged behind their US counterparts, but the Stoxx 600 ended the week +1.02% (-0.52% Friday) higher.

Core sovereign bonds fell significantly on the week, before gaining on Friday with yields near their highest levels since June. The US yield curve steepened significantly following Fed Chair Powell’s statement on Thursday around the policy review and average inflation targeting. US 10yr Treasury yields rose +9.3bps (-3.1bps Friday) to finish at 0.721%, the highest weekly close since late March. Meanwhile 10yr Bund yields rose a similar +9.8bps (-0.2bps Friday) to -0.41% and 10yr Gilts rose +10.5bps (-2.5bps Friday) to 0.31%. The US 2y10y yield curve steepened +10.9bps to the highest levels since early June. In other markets, the dollar fell -0.94% on the week and is set to finish August lower for a fifth straight month.

 

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 14.93 POINTS OR 0.44%  //Hang Sang CLOSED UP 7.80 POINTS OR 0.03%   /The Nikkei closed DOWN 1.69 POINTS OR 0.01%//Australia’s all ordinaires CLOSED DOWN 1.64%

/Chinese yuan (ONSHORE) closed UP  at 6.8191 /Oil UP TO 43.06 dollars per barrel for WTI and 45.87 for Brent. Stocks in Europe OPENED MOSTLY GREEN EXCEPT LONDON//  ONSHORE YUAN CLOSED UP // LAST AT 6.8191 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.8213 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 ABOVE 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

 

3 C CHINA

CHINA VS USA

USA warship again transits the Taiwan Strait with Beijing again warning the USA and visa versa.

(zerohedge)

As US Warship Again Transits Taiwan Strait, Taipei & Beijing Warn Each Other: ‘Risk Of Accidental Conflict Likely’

For the second time in two weeks, the US Navy has sent a warship through the Taiwan Strait in what the Pentagon dubbed a “routine Taiwan Strait transit”.

It happened Sunday, also confirmed by Taiwan’s Defense Ministry, just over a week following a reported Chinese PLA military build-up and war games in the area, especially on the mainland coast.

The Arleigh Burke-class guided-missile destroyer USS Halsey sailed through without incident, though however “routine” the US might want to frame the mission, the potential for an unintended incident or clash with Chinese forces remains high, especially given the recent U-2 spy plane incidentwhich Beijing said breached a ‘no fly zone’ over PLA live fire drills. 

 

US Navy file image, via Facebook/Taiwan News

China warned of the breach a week ago that the US risked causing an “unexpected incident” through its“naked provocation” and unsafe flights in the region of the South China Sea. It fired four cruise missiles into the South China Sea in a rare, significant warning in the form of a “test”.

Concerning the latest US warship transit, US Seventh Fleet representative Reann Mommsen said, “The ship’s transit through the Taiwan Strait demonstrates the U.S. commitment to a free and open Indo-Pacific. The U.S. Navy will continue to fly, sail and operate anywhere international law allows,” according to Reuters.

It took a southerly path and made its way further south, according to Taiwan defense officials.

END

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

CORONAVIRUS UPDATE/RUSSIA/USA/INDIA/GLOBE

Russia 4th Country To Top 1 Million COVID Cases; New US Hotspots Emerge As Sun Belt Outbreak Slows: Live Updates

Summary:

  • Russia cases top 1 million, 4th country to do so
  • New hotspots emerge in Iowa, North Dakota, South Dakota and Alabama
  • India new cases slow after week of record gains
  • Sweden considers new local restrictions
  • WHO warns countries can’t just abandon COVID protections
  • Obese people at much higher risk of death, study shows
  • Hong Kong pressures residents to submit to testing scheme

* * *

Russia has finally surpassed 1 million confirmed COVID-19 cases, becoming the fourth country on earth to pass the 1 million milestone, even as the number of new cases reported daily continues to slow. Public health officials reported 4,729 new infections on Tuesday, bringing the total to 1,000,048. The death toll increased by 123 to 17,299, a strikingly low mortality rate, even as many experts suspect that Russia has dramatically undercounted deaths.

Russia is now behind only the US, Brazil and India for largest outbreak in the world.

Nearly 25.5 million cases of the virus have been confirmed around the world, according to Johns Hopkins University. Overnight, the global death toll topped 850k, as the global death toll as of Tuesday morning was 850,535 people. Some 16.8 million people have recovered.

Epidemiologists and viral disease experts like Dr. Scott Gottlieb have criticized the Trump Administration for shifting toward a “herd immunity” approach that many have said could lead to thousands of unnecessary deaths. On Tuesday, the WHO’s Dr. Tedros warned that “no country can simply pretend the pandemic is over,” an oblique insult to the US.

Despite fears about the CCP collecting and storing DNA from Hong Kong dissidents, Chief Executive Carrie Lam encouraged the city’s 7 million-plus citizens to get tested for COVID-19 via a new mass testing drive organized by the city, with the help of the mainland.

On the mainland, Chinese students began to return to their classrooms following 2 weeks without a single locally transmitted case.

The large-scale testing would help people understand that the screening “isn’t as painful or as difficult as they imagine,” Lam insisted.

After reporting a string of global single-day records for new cases, India’s tally is nearing 3.7 million, as millions of masked students sat for college admission exams after the government refused to delay them. Meanwhile India, which has the third-highest case count and third-worst death toll, reported 69,921 new coronavirus infections on Tuesday, its lowest in six days.

Finally, Obese and overweight people are at high risk of suffering severe cases of the virus, according to a new French study that effectively confirmed what we already knew. Research presented at a conference this week shows how carrying extra pounds can put patients at a higher risk of COVID-induced death.

While it’s tempting to declare victory over the US outbreak as the number of new cases continues to slow along the Sun Belt, it looks like more hot spots are emerging in the Midwest and parts of the deep south, as Alabama, North Dakota, South Dakota and Iowa see record numbers of new cases.

A team of Bank of America analysts pointed out that although the nationwide 7-day average positivity ratio has fallen from 6.2% to 5.8%, state-level data clearly point to outbreaks in Alabama, Iowa, North Dakota and South Dakota. These four states have the most new cases per capita over the last week, as well as the largest seven-day change in new cases per capita – not to mention the highest positivity ratios, north of 18%, which have risen sharply in all four states.

As we head into flu season, if these cases do not drop significantly below current levels, the probability of a large surge increases.

Circling back to Europe, Sweden is ready to impose stricter rules on local communities in the event of sudden Covid-19 outbreaks, but said it remains committed to its broader national strategy of limited restrictions on movement.

As case numbers in France and Spain continue to climb, Sweden has jumped on a European bandwagon favoring locally targeted measures over sweeping national efforts to try and stamp out new infections.

“To deal with the local outbreaks that we fear may happen, regional authorities could issue stricter recommendations if needed,” Johan Carlson, the director-general of Sweden’s Public Health Agency, said on Tuesday.

Guidelines to tackle local outbreaks could include more restrictive work-from-home rules and a return to online education for Sweden’s schoolchildren. Limitations on public gatherings, and closures of public transport, could also factor in.

6.Global Issues

Michael Every on the important events of yesterday and today

(Michael Every)

Rabobank: The Market Is Acting Like A Member Of A Mark Twain Congress

By Michael Every of Rabobank

But I Repeat Myself

“Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.” Mark Twain

One can always find a useful Mark Twain quote. Today’s is not about the US Congress –although who can point to a set of politicians covering themselves in glory at the moment?– but rather about myself. I repeat myself. Yes, I repeat myself. I said I repeat myself. Me? I say the same thing a lot. In doing so, I’m probably also an idiot, but there you go.

Simply put, risks are rising on many fronts and the markets care not a jot about that, or about actual fundamentals. Keep on selling the USD, why not? EUR at over 1.20 beckons. AUD at 0.75. GBP at 1.35. CNY at 6.80. You name the currency, everyone wants to hold it and hold it badly, and at higher and higher prices. Let’s just repeat myself again to recap some of the current backdrop to wanting to hold all other currencies than USD. To do so, here’s the morning summary from Bloomberg – with my comment:

  • Fed No. 2 Richard Clarida left open the possibility of employing Treasury yield caps at some point in the future, though he indicated it’s not likely right now. Yes, he did indeed. He also flagged inflation could well over 2% provided it was “consistent”. Perhaps yield caps might be used one day —after just being rejected in a multi-year strategy review!– and I am sure the Fed would love CPI well over 2%. Good luck getting there. Good luck with the US getting there while everywhere else in the world is performing better economically and behaving better monetarily.
  • South Korea is gearing up for another year of record bond issuance as the government prepares to boost its budget by 8.5% in 2021, setting the country on track for a record debt burdenRecord bond issuance. Record debt burden. Two sets of three magic words that scream “Buy my currency!”
  • Global trade is on course to recover more quickly from the coronavirus pandemic than after the 2008 financial crisis, according to Germany’s Kiel Institute for the World Economy. Not all the data show this, and imports are largely dependent on government hand-outs to maintain consumption that are about to run out. Plus, mercantilism is baaaack. Oh, that’s right. This is a German institute: they know from mercantilism. They just think it’s free trade.
  • Chinese authorities have detained an Australian television anchor as relations worsen between the two over trade and security. Barley, beef, wine, tourism, universities, the Aussie press talking about iron ore too within five years, and a TV host being arrested. Oh, and CoreLogic house prices -0.5% m/m after -0.8% last month. So buy AUD! That said, when the RBA didn’t address the currency today when leaving rates on hold, even as it is up 28% from its March low, perhaps that is the smarter move…in the short term.
  • Looking out to 2050, China’s economy is set for a sustained slowdown, writes Chang Shu. No: way before 2050. Despite the Caixin PMI at 53.1 today, this recovery is again all pump-priming. Debt is soaring. Bank profits are collapsing. The augmented fiscal deficit is goodness knows where. Only mercantilism and a one-off work-from-home export boom is propping up the external accounts, and even then FX reserves are no longer rising. There was also a report yesterday underlining how urbanisation is no longer productive: people drifting to cities for jobs? Good. Building a mega-city and placing people there with no jobs? Not so good – as we have seen over and over all over the world when tried. Still, buy CNY as nothing can go wrong until 2050!
  • Consumer prices are sliding in Europe in the wake of the coronavirus lockdowns: Germany, Italy and Spain all reported negative rates. That’s deflation. On one hand, maybe it’s EUR positive, which is also deflationary of course. On the other hand, is the ECB going to sit there and do nothing? There is always more that can be done. The US is not the only one who will be forced to do so. Hey, buy me some EUR now!
  • As expected, India posted an eye-watering hit to GDP after shrinking 23.9% last quarter — the biggest contraction among major economies — and it could force a fiscal rethink. We have covered the risks of a fiscal rethink in INR and what it could potentially mean: not good, in short. But go long INR!
  • Long-term effects of the pandemic could still affect Germany a decade on from now, says Jamie Rush. But buy EUR, right!
  • GMO says it’s time to give up on US Treasuries in a zero-rate world, suggesting investors consider high-yield corporate bonds and EM debt. Because Treasuries are not needed in the global financial system at all, right? And EM in particular are always going to do well in a world forced to keep bond yields low because the economy is so weak! The track record there is crystal clear THE OTHER WAY ROUND. Unless we presume growth is going to be fine everywhere and it’s just the Fed who will the respond with yield caps and zero rates and every EM will diligently raise rates while the Fed doesn’t. Like that is going to happen!
  • Japan’s economy is struggling to recover from a record contraction, says Yuki Masujima, citing high-frequency data. Capital spending was -11.3% y/y in Q2, for example, and company profits -46.6% y/y. What’s the new post-Abe Abenomics going to be called? And when do we get it? And far does JPY fall as part of that plan?
  • The global recovery could be job-poor due to structural shifts stemming from the Covid crisis, says ANU’s Warwick McKibbin. Which is just *wonderful* for emerging markets, obviously. And everyone around the world, not just the US and the USD.

Moreover, the political consensus still seems to be that President Trump’s re-election odds are improving (or at least the betting market says so). If so, consider the trade-related pledges he has made that would hit CNY and EUR in particular if one joins the dots.

Not entirely unrelated to November, China’s Global Times also states: “If India makes more provocations and launches new border conflicts against China, about 90% of respondents [among Chinese international relations experts surveyed] support China defending itself and striking back at India with force.” That as Indian strategists are also talking about a countdown towards further fighting if China does not back down.

The same paper also noted on Taiwan yesterday: “If the island has made arrangements of take-offs and landings of US military jets, it is crossing the Chinese mainland’s redline to safeguard national unity. This will be very serious. If the mainland has conclusive evidence, it can destroy the relevant airport in the island and the US military aircraft that land there – a war in the Taiwan Straits will thus begin.”

But I repeat myself. In my defense, so does the current market action – and while acting like a member of a Mark Twain Congress.

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 /MOSTLY GREEN

 

 

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 14.93 POINTS OR 0.44% 

 

//Hang Sang CLOSED DOWN 131.51 POINTS OR 0.46%

/AUSTRALIA CLOSED DOWN 1,64%// EUROPEAN BOURSES MOSTLY GREEN EXCEPT LONDON

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT LONDON 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 7.80 POINTS OR 0.03%

 

 

/SHANGHAI CLOSED UP 14.93 POINTS OR 0.93%

 

Australia BOURSE CLOSED DOWN  1.64% 

 

 

Nikkei (Japan) CLOSED DOWN 1.69  POINTS OR 0.01%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1990.20

silver:$28.88-

Early TUESDAY morning USA 10 year bond yield: 0.722% !!! UP 2 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.5007 UP 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 91.86 DOWN 28 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.41% DOWN 1 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.39%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,05 DOWN 5 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 66 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 1.46% 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 TUESDAY

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

Euro/USA 1.1952  UP     .0015 or 15 basis points

USA/Japan: 105.95 DOWN .050 OR YEN UP 5  basis points/

Great Britain/USA 1.3416 UP .0053 POUND UP 53  BASIS POINTS)

Canadian dollar DOWN 1 basis points to 1.3039

 

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The USA/Yuan,CNY: AT 6.8282    ON SHORE  (UP).

 

THE USA/YUAN OFFSHORE:  6.8307  (YUAN DOWN)..

 

TURKISH LIRA:  7.3714 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +04%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from MONDAY at 0.694 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.470 DOWN 1 in basis points on the day

Your closing USA dollar index, 92.09 DOWN 5  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 101.52  1.70%

German Dax :  CLOSED UP 28.87 POINTS OR .92%

 

Paris Cac CLOSED DOWN 9.12 POINTS 0.38%

Spain IBEX CLOSED DOWN 12.60 POINTS or 0.63%

Italian MIB: CLOSED DOWN 38.67 POINTS OR 0.05%

 

 

 

 

 

WTI Oil price; 43.14 12:00  PM  EST

Brent Oil: 45.82 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.05  THE CROSS LOWER BY 0.47 RUBLES/DOLLAR (RUBLE LOWER BY 47 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.41 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 :  42.88//

 

 

BRENT :  45.71

USA 10 YR BOND YIELD: … 0.677  down 3 basis points…

 

 

 

USA 30 YR BOND YIELD: 1.429 down 5 basis points

 

 

 

 

 

EURO/USA 1.177 ( UP 49   BASIS POINTS)

USA/JAPANESE YEN:107.27 DOWN .667 (YEN UP 67 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.34 UP 20 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3382 UP 19  POINTS

 

the Turkish lira close: 7.370

 

 

the Russian rouble 73.72   UP 0.01 Roubles against the uSA dollar.( UP 1 BASIS POINTS)

Canadian dollar:  1.3382 DOWN 35 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.39%

 

The Dow closed UP 215.74 POINTS OR 0.76%

 

NASDAQ closed UP 164.21 POINTS OR 1.39%

 


VOLATILITY INDEX:  26.14 CLOSED DOWN .27

LIBOR 3 MONTH DURATION: 0.240%//libor dropping like a stone

 

USA trading today in Graph Form

“Option Insanity” Leads To Furious Meltup: Apple Bigger Than Russell, Emini New Record High

For better or worse, the market continues to be defined by AAPL, which today crossed a historic threshold when thanks to its latest 4% ramp, it surpassed the entire market cap of the Russell 2000.

This is how AAPL now looks compared to all the public small cap companies:

As discussed earlier, the chief reason for the relentless AAPL surge in recent weeks has been the so-called “option insanity” as the company’s implied vol has been rising alongside the stock.

And while the AAPL ramp accelerated, in no small part thanks to another price target increase this time from BofA, the other stock that has come to define market euphoria, Tesla, saw its rally halted after the company announced a $5BN “At the market” equity offering.

Yet even with today’s 4.5% drop, TSLA is now back to levels last seen… yesterday.

Meanwhile, due to the outsized impact of AAPL on the Nasdaq, the tech index was up more than 1% even with a second consecutive day in which decliners far outpaced advancing stocks.

Predictably, Nasdaq breadth continued to sink, with the number of tech companies trading below their 200DMA dropping below 50%, and just over half trading above their 50DMA.

One more chart showing what Michael Krause called the biggest bubble in history: on a dollar basis, the turnover in tech names as retail investors and delta-(un)hedged dealers flood in, is simply stunning.

To be sure, it wasn’t just tech names with Walmart’s 7% surge boosting the Dow Jones Industrial Average which is also rapidly approaching its all time high thanks…

… to a large extent stellar Markit and ISM manufacturing PMI readings which saw the New Orders surge to the highest level since 2004 (even as employment remains deep in contraction)…

… this failed to spark a broad reflation wave, with yields on the 10Y Treasury sliding 3bps and declining for the 3rd day in a row.

And since breakevens actually dropped today despite the strong eco data, this means that real rates also slumped back to their post-crisis lows of -1.08%, hardly the stuff the Fed’s AIT mandate wants to see.

Yet while real rates slumped to new cycle lows, gold – which has tracked real rates very closely for much of the past decade – failed to make a new high above $2,000.

How come? Perhaps due to expectations that the dollar is oversold and will squeeze higher, a glimpse of which we caught today when after sliding to fresh 2 year lows, the Bloomberg dollar index jumped back to green on the day shortly after the EURUSD briefly rose above 1.20

Unfortunately, one can look at the macro until one is blue in the fact in hopes of deciphering the market, the sad reality is that for all intent and purposes, only Apple and Tesla continue to matter, and until there is a decisive breach in the upward trajectory of both, the melt up will only accelerate as we are now well in the blow off top phase, as the action in the EMini in the last minute of trading showed so clear, when the S&P future surged by 10 points in seconds despite a $1.3 billion MOC imbalance for sale, just so the ES could hit a new record high on the back of another massive gamma squeeze.

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

ISM PMI explodes higher

(zerohedge)

US Manufacturing Storms Ahead: ISM Smashes Expectations As New Orders Soar To 16 Year High

Following more rebounds in ‘soft’ manufacturing survey data in Europe and Asia (and LatAm – Brazil Manufacturing PMI exploded to a record in July), both ISM and Markit’s measures of US manufacturing sentiment were expected to continue their v-shaped recovery, and they did just that, when first the Markit PMI printed at 53.1, the highest level since January 2019, followed by the ISM Manufacturing, which smashed expectations, printing at 56.0, the highest since November 2018.

Just like last month, the ISM surge was driven largely by New Orders which spiked from 61.5 to 67.6, the highest level since Jan 2004, and while employment continued to rise, from 44.3 to 46.4, it remains in contraction territory.

Looking across the data, virtually all ISM components improved with the exception of Inventories which dipped for both producers and customers, a sign that destocking is taking place and which is actually bullish for even more future demand.

On ISM, Chair Timothy Fiore said that “The August PMI registered 56 percent, up 1.8 percentage points from the July reading of 54.2 percent. This figure indicates expansion in the overall economy for the fourth month in a row after a contraction in April, which ended a period of 131 consecutive months of growth. The New Orders Index registered 67.6 percent, an increase of 6.1 percentage points from the July reading of 61.5 percent. The Production Index registered 63.3 percent, up 1.2 percentage points compared to the July reading of 62.1 percent. The Backlog of Orders Index registered 54.6 percent, an increase of 2.8 percentage points compared to the July reading of 51.8 percent. The Employment Index registered 46.4 percent, an increase of 2.1 percentage points from the July reading of 44.3 percent. The Supplier Deliveries Index registered 58.2 percent, up 2.4 percentage points from the July figure of 55.8 percent.

Looking ahead, Fiore said : “Don’t see why this can’t continue, maybe not as strong, pretty good shape.”

And while the Fed is desperate to average inflation higher, the ISM confirmed that at the commodity level, virtually everything was more expensive:

Meanwhile, unlike last month, when the Markit PMI unexpectedly missed, this time there was convergence between the two series, with Markit noting that the strongest Mfg PMI since Jan 2019 “was underpinned by stronger new order growth as exports rose at the quickest pace for four years.”

The ISM Survey respondents were mixed even as optimism about the future seemed to prevail (except for airlines), although some expressed concerns about the ongoing covid crisis, while others noted that some weakness is starting to emerge:

  • Watching COVID-19 situations in Mexico, Brazil, Philippines [and] Hong Kong. High rates of COVID-19 surging. Currently, lines of supply no longer impacted by COVID-19 related events.” (Computer & Electronic Products)
  • Business is very good. Production cannot keep up with demand. Some upstream supply chains are starting to have issues with raw material and/or transportation availability.” (Chemical Products)
  • “Airline industry continues to be under great pressure.” (Transportation Equipment)
  • “Current sales to domestic markets are substantially stronger than forecasted. We expected a recession, but it did not turn out that way. Retail and trade customer markets are very strong and driving shortages in raw material suppliers, increasing supplier orders.” (Fabricated Metal Products)
  • Homebuilder business continues to be robust, with month-over-month gains continuing since May. Business remains favorable and will only be held back by supply issues across the entire industry.” (Wood Products)
  • “We are seeing solid month-over-month order improvement in all manufacturing sectors such as electrical, auto and industrial goods. Looking to add a few factory operators.” (Plastics & Rubber Products)
  • Rolling production forecasts are increasing each week compared to prior forecast.” (Primary Metals)
  • “[Production ramp-up] has been a struggle. We have started and stopped lines numerous times at all 18 of our manufacturing plants due to COVID-19 issues. Surprisingly, our direct suppliers have done an excellent job on shipping ingredients and packaging on time.” (Food, Beverage & Tobacco Products)
  • Strong demand from existing and new customers for our products, stable-to-decreasing input costs for our operations, and record numbers of new business opportunities from prospective customers’ reshoring measures. All trends continuing from the first quarter of fiscal year 2017.” (Electrical Equipment, Appliances & Components)
  • Capital equipment new orders have slowed again. Quoting is active. Many customers waiting for the fourth quarter to make any commitments.” (Machinery)
  • We are starting to see parts of our business rebound in August, while other parts remained weak. Some of our export business has come back for the first time since the start of COVID-19; however, domestic portfolios remain mixed.” (Paper Products)

On PMI, Chris Williamson, Chief Business Economist at IHS Markit notes, made an interesting observation: while new export orders surged, “new orders and export sales at smaller manufacturers continued to fall, highlighting an unbalanced recovery in favor of larger firms.

“The manufacturing upturn gained further ground in August, adding to indications that the third quarter should see a strong rebound in production from the steep decline suffered in the second quarter.

Encouragingly, new order inflows improved markedly, outpacing production to leave many companies struggling to produce enough goods to meet demand, often due to a lack of operating capacity. Backlogs of uncompleted work consequently rose at the fastest rate since the early months of 2019, encouraging increasing numbers of firms to take on more staff.

Key to the upturn was a jump in new export orders, which rose at the fastest rate for four yearsreflecting improving demand in many foreign markets, and benefitting larger companies in particular. Disappointingly, new orders and export sales at smaller manufacturers continued to fall, highlighting an unbalanced recovery in favor of larger firms.

Overall a strong report for the month of August which may end up being a problem for the broader economy as it eliminates the need for an urgent intervention by Congress to reboot the fiscal spending that expired on July 31.

iii) Important USA Economic Stories

Rasmussen and Emerson College Polls

These two polls are the more reliable polls out there

(zerohedge)

 

Polling Firm Rasmussen Warns About “National Poll Suppression” As Biden Lead Slumps To Just 2Pts

Update (1700ET): Just as this report was released, a new National Poll did get released from Emerson College that showed Biden’s lead down to just 2pts.

Since the Emerson College July national pollPresident Donald Trump has tightened the presidential race to a two-point margin, and is now trailing former Vice President Joe Biden 49% to 47%.

Spencer Kimball, Director of Emerson College Polling explains “the Republican convention gave Trump his most positive week of news coverage which likely attributes to his bounce in this month’s poll and increasing job approval.”

The spread across voting patterns is dramatic…

For the first time since he’s taken office, Trump’s job approval rating is approaching a majority, at 49% approval and 47% disapproval. This is a jump of four points since July, where Trump had 45% approval and 51% disapproval.

*  *  *

Authored by Paul Joseph Watson via Summit News,

Polling firm Rasmussen claims that “national poll suppression” is taking place in order to hide President Trump gaining on Joe Biden.

“OK folks, no joke, this is now a national poll suppression story,” tweeted the company.

“WHERE. ARE. THE. POLLS. ???”

The tweet featured a screenshot from Real Clear Politics showing that no polls have been released that cover the week after August 25th, which is before the rioting and looting in Kenosha, Wisconsin took place.

As another Twitter user pointed out, “From August 1-15 there were 16 polls that came out. From August 16-31 there have been only 8 and none covering a later date than the 25th.”

While other polls had Biden ahead by 9 points before last week’s riots, Rasmussen had Trump trailing by a single point.

Are polling firms suppressing polls in an attempt to derail Trump’s momentum?

As we previously highlighted, support for Black Lives Matter (which Biden has advocated) in the key swing state of Wisconsin has plummeted from +25 approval to zero amidst the riots in Kenosha.

Anecdotal evidence also suggests that “lifelong Democrats” are now intent on voting for Trump due to the riots.

*  *  *

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

END

J.C.PENNY

It looks like we may be seeing the last of JCPenny as liquidation looks to be what the odds on favourite after Mall talks collapse

(zerohedge)

J.C. Penney On Verge Of Liquidation After Mall Talks Collapse

In a few short years, Gen-Zers and younger generations watching this iconic scene from Spike Like Us will have no clue what this “JC Penney” is that Chevy Chase was referring to.

The reason for that is because the iconic retailer which recently filed for bankruptcy, appears to be headed for liquidation with 70,000 jobs hanging in the balance.

According to Reuters, the company’s talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders at which point the company will simply be unwound.

The discussions between the Plano, TX-based retailer and mall owners Simon Property Group and Brookfield Property Partners stalled over the weekend, said the company’s lawyer Joshua Sussberg during a Monday court hearing which revealed that the negotiations have dragged on over lease terms.

While Sussberg said lenders were still prepared to rescue the 118-year-old company – and its more than 70,000 workers – depending on negotiations over the next 10 days, a lawyer for the lenders, Andrew Leblanc of Milbank, countered that there were “lots of hurdles” to reaching such a deal, describing negotiating an agreement on a short timeframe as a “heavy lift” ahead of the Sept. 10 deadline.

According to Reuters, J.C. Penney, which filed for Chapter 11 protection in May after the coronavirus pandemic forced it to temporarily shutter its nearly 850 stores at the time, is racing to reach a deal that would carve it into three parts: one would be an operating company housing its retail business, including intellectual property and hundreds of stores. Lenders would forgive portions of J.C. Penney’s $5 billion debt load to take control of two real estate investment trusts. One would hold 160 properties, with the other controlling the company’s distribution centers.

J.C. Penney had hoped to reach a deal with Simon and Brookfield to take over the company’s retail operations, but negotiations with the two malls were in the “red zone” earlier this month before hitting roadblocks, including an offer from the company submitted to the landlords over the weekend that received no response. The development would force J.C. Penney to close additional stores that at one point might have been saved, Sussberg said.

U.S. Bankruptcy Judge David Jones had previously urged parties to set aside what he labeled egos and negotiating postures to get a deal done.

“I hope everyone realizes how serious I am about this. I know where this is headed,” Jones said during Monday’s hearing.

He told a shareholder that declining to allow J.C. Penney to continue talks with lenders would result in all the company’s stores closing and “the death of an entity.”

The company’s lenders, which include hedge funds and private-equity firms financing its bankruptcy case, have agreed to explore forgiving debt to also take control of the company’s retail operations in addition to the two real estate investment trusts they envisioned owning.

Previously, LBO giant Sycamore Partners and Saks Fifth Avenue owner Hudson’s Bay also held discussions with JC Penney to take control of its retail business but were unable to reach a deal. The company continued talks with those suitors over the weekend, Sussberg said, though they did not reach any agreement.

end

CHICAGO

Not good!  Street gangs have now warned that they have a pact to shoot on site any police officer that has a weapon drawn on any subject in public

(zerohedge)

 

‘Shoot On-Site’: Chicago Gangs Form Pact To Execute Cops Who Draw Weapons On Suspects, Says FBI

The FBI has warned Chicago-area law enforcement that nearly three-dozen street gangs “have formed a pact to ‘shoot on-site any cop that has a weapon drawn on any subject in public’,” according to ABC7.

According to an August 26 ‘situation information report’ from Chicago-based FBI officials, “members of these gang factions have been actively searching for, and filming, police officers in performance of their official duties. The purpose of which is to catch on film an officer drawing his/her weapon on any subject and the subsequent ‘shoot on-site’ of said officer, in order to garner national media attention.”

Alerts based on police intelligence, no matter how unspecific, are frequently distributed to law enforcement agencies according to investigators, especially when they involve threats to officers. The FBI’s “Potential Activity Alert” is from “a contact whose reporting is limited and whose reliability cannot be determined.” That could mean the information came from a police street source, a cooperating witness in an ongoing case, or from discussions overheard on a wiretap or other surveillance recording. –ABC7

According to CPD Superintendent David Brown, there is an overall “sense of lawlessness” felt by local police, and the ‘danger to police officers is real and increasing.’

“I think it’s bigger than a suggestion,” said Brown. “I think 51 officers being shot at or shot in one year, I think that quadruples any previous year in Chicago’s history. So I think it’s more than a suggestion that people are seeking to do harm to cops.

The alleged pact comes amid national protests over several high-profile incidents between black suspects and police officers which has resulted in arson, looting, murder and other violent acts in cities across the country sparked by the death of George Floyd – a black suspect who died in police custody after an officer knelt on his neck for over eight minutes.

As ABC7 notes, the warning comes after 54 people were shot in the windy city – including two Chicago PD officers who are expected to live, while 10 victims died according to the report. That said, there is no indication that the officers were targeted as part of the alleged gang assassination pact described in the FBI alert.

The FBI alert, headlined “Pact Made by People Nation Gang Factions to ‘Shoot On-Site’ Any Police Officer with a Weapon Drawn” lists street gangs that have become well-known in Chicago the past five decades, from the Latin Kings and Vice Lords to the El Rukns and Black P Stones.

Supt. Brown said on Monday the spike in attacks on police makes it clear to him that “people are seeking to do harm to cops.”

We need police officers and as community members we need to push back fervently against lawlessness,” Brown said. –

ABC7

Chicago PD told the outlet that they are aware of the gang threat, and take all threats to officers’ safety seriously. Federal authorities have not provided additional information.

end

NEW JERSEY

The most hated state in the union as many flee in record numbers.  The tax on millionaires, the gas tax hike and now the threat of a tax on high frequency trades is forcing many to leave

(zerohedge)

 

New Jersey Is Becoming The Most Hated State As Households Flee In Record Numbers

A new tax on millionaires, a 22.5% gas tax hike  (bringing the total increase to 250% in 4 years), and now a tax on high frequency trades: it is becoming obvious to most – except perhaps the state’s democratic leadership – that New Jersey is now actively trying to drive out its tax-paying population and top businesses with a series of draconian measures to balance its deeply underwater budget, instead of slashing spending. The state-imposed limitations on commerce, mobility and socialization due to the covid pandemic have also not helped. And in case it is still unclear, the trend of New Jersey’s ultra wealthy residents fleeing for more hospitable tax domiciles which started with David Tepper years ago, is now spreading to members of the middle class.

According to the latest data from United Van Lines and compiled by Bloomberg, people have been flooding into Vermont, Idaho, Oregon and South Carolina, eager to flee such financially-challenged, high-tax, protest-swept, Democrat-controlled states as Connecticut, Illinois and New York. But no other state has seen a greater exodus than New Jersey, where out of every 10 moves, 7 have been households leaving the state, or nearly three times as many moved out than moved in.

On the opposite end were bucolic, pastoral states such as Vermont and Idaho, which have seen between 70% and 75% of all inbound moves.

Ina world

A hypothetical move from New York City to Vermont is priced at $773 compared to $236 for the reverse trip, according to a Bloomberg analysis of U-Haul pricing. This price differential is due to numerous variables, one being that more people are moving out of a city than into it

Those claiming this record exodus from the Tri-State area is purely a result of Covid, think again: as United Van Lines reported back in its latest Annual Movers Study held before the coronavirus pandemic struck, the exodus was already present, as New Jersey (68.5 percent), New York (63.1 percent) and Connecticut (63 percent) were all included among the top 10 outbound states for the fifth consecutive year. Primary reasons cited for leaving the Northeast back in January were retirement (26.85 percent) and new job/company transfer (40.12 percent). To that we can now add soaring taxes and stifling covid-linked mandates.

 

end
SANITATION WORKERS
Covid 19 is having a deleterious effect on our garbage collection: garbage is piling up in major USA cities as sanitation workers are quarantined after many hit with the virus
(zerohedge)

“The Smell Of Rotten Meat”: Garbage Is Piling Up Across Major US Cities As COVID Hits Sanitation Workers

Forget about the supply chain of drugs from overseas; we have bigger domestic problems right now.

For example, trash appears to be piling up on streets of several major U.S. cities, as the coronavirus pandemic has more people working from home and as many sanitation workers quarantined due to getting Covid-19, according to the Wall Street Journal.

Two of the hardest hit cities are Baltimore and Philadelphia, but pile-ups are also starting to occur in places like Atlanta and Nashville. In Virginia Beach, garbage men demanding hazard pay went on strike for a day, setting the city back several days. In New York City, trash is also adding up in some commercial corridors due to budget cuts, the article notes.

David Biderman, executive director and chief executive officer of the Solid Waste Association of North America, told the WSJ: “Both large and small cities have been experiencing this double-whammy of increased waste volume as well as staffing shortages.”

This has caused some people, like residents in South Philadelphia to take action on their own. The West Passyunk Neighborhood Association in South Philadelphia has trucked its own trash to city facilities more than once since the pandemic started.

James Gitto of Philadelphia said: “Our streets looked like the city was abandoned. It’s a daunting task when you look out and there is trash everywhere.” He complained about the “smell of rotten meat” and listening to “cats fighting over the spoils” at night. Garbage sat outside for so long, he said, that it stained the sidewalk.

Philadelphia sanitation supervisor Wanda Jones said: “You expect every week, on that day, to get your trash picked up. It’s frustrating for us not to be able to meet the needs.”

She attributed the pile ups to sanitation workers being scared of Covid-19: “In the back of your mind, there is always worry and concern. Am I going to take it home to my children, to my spouse, to my mother?”

Since the middle of the summer, Philadelphia has collected about 14,800 tons of trash a week from houses, which is up from about 10,700 a year prior. Personnel issues for sanitation businesses started in April and have persisted. Now, about 30% of sanitation staff is not working, versus 15% to 20% on average.

Trash complaints in the city are up 90% compared to the same period last year. The city is trying to combat this by hiring temporary workers. Scott McGrath, who oversees sanitation services for the city, said: “We’re slowly catching up. We try to tell people, just try to be patient.”

Nashville is having its own problems. Sharon Smith, assistant public works director, commented: “Nashville hasn’t had staffing shortages but still has grappled with increased residential trash volume.” The city’s trash volume is up about 13%, which has caused some delays in pick ups. “Everything is just taking longer than it normally would have,” Smith concluded.

Baltimore had so many sanitation workers test positive for Covid that public works simply closed its operations center that serves the east side of the city. Then, hot weather started to take its toll on mask-wearing workers, resulting in a slew of injuries and ailments that further crippled the city’s sanitation workers.

Meanwhile, trash volumes in the city keeps growing. Its up 35% since last year while, at the same time, the city has 150 to 160 workers on duty – down from the 210 it usually needs.

END
LOS ANGELES
Another black man shot and killed by police..this time in LA.  They killed an armed man named Dijon Kizzee who was stopped for a hazy bike violation. More rioting developed after videos surfaced on this
(zerohedge)

“They Left His Body Face Down In The Dirt” – Protesters Surround LA Sheriff’s Office After Latest Police Killing Of ‘Armed’ Black Man

Following deadly shootings in Kenosha and Portland over the past week during demonstrations allegedly inspired by the latest police shooting to rock the nation, a black man was shot and killed by a sheriff’s deputy in LA Monday night after the man allegedly punched the deputy before whipping out a handgun, prompting two deputies to fire their weapons.

Now, hundreds have gathered in peaceful protests in LA last night, laying siege to an LA sheriff’s office in the latest tense situation to emerge during the nationwide protest movement which has dragged on for 100 days.

As has become distressingly common in recent weeks, this latest police shooting involving a black man inspired hundreds of people to gather – just like they did after Jacob Blake was shot by police – across south LA to protest this latest “senseless” police killing of a black man before any facts and information have been collected.

The man, identified by family members online as Dijon Kizzee, was observed by deputies riding a bike down along 110th Street and Budlong Avenue in violation of an unspecified vehicle code. The officers made a U-turn in their vehicle to approach him. A police public information office said he was “unable” to specify which vehicle codes Kizzee had been accused of violating before police approaching, apparently not realizing how protesters might seize on this as evidence of police skulduggery.

Kizzee

As officers approached, the suspect fled, but officers later caught up with him. As officers moved in, Dijon allegedly sprinted away, dumping a bundle of clothes he had been carrying. What comes next is a little hazy, but both deputies said they saw a semiautomatic handgun in Kizzee’s possession, which is when both deputies fired their weapons.

“Give us time to conduct our investigation,” Dean said. “We will get all the facts of the case out and eventually present them.”

Kizzee was pronounced dead at the scene, and no deputies were injured.

In the early hours of Tuesday morning, a crowd of around hundreds of ‘people from the neighborhood’, mixed with full-time activists, gathered at the scene of the fatal shooting in Westmont in the latest “demonstration” against lethal use of force by police.

A post on the Black Lives Matter LA Twitter account reportedly galvanized the protesters to gather at the scene before they moved to the sheriff’s office.

Police worried about the situation have taped off the entrance to the sheriff’s office in LA.

One unhinged protester even shouted some surprisingly racist statements at the police.

Unlike LAPD, sheriff’s deputies don’t carry body cameras.

Video from the protest showed a man addressing the crowd through a megaphone, urging them to ‘Say his name’, to which the crowd responded in chorus, ‘Dijon Kizzee.’

No incidents have so far been reported. However, video of officers and protesters getting physical have already emerged on social media.

One streamer is still broadcasting live from outside the sheriff’s office as of early Tuesday morning.

Are we finally about to see a re-run of the LA riots inspired by footage of the beating of Rodney King.

end
CDC
The CDC reports that only 6% of COVID deaths come from only COVID..the rest co morbidity issues
(zerohedge)

Ron Paul On The “CDC Bombshell” – Only 6% Of ‘COVID Deaths’ From Only COVID

Over the weekend the Centers for Disease Control dropped a bombshell report on coronavirus/COVID deaths:

of the approximately 165,000 “COVID deaths”, less than ten thousand died from COVID.

The rest – a vast majority – had on average 2.6 serious additional diseases, with the addition in most cases of extreme advanced age.

In the following Liberty Report discussion, Daniel McAdams and Ron Paul ask:

Is it time to begin litigating the damage done to the US and the world from the lockdown policies?

The two libertarians also discuss that as the “largest protest in German history” took place over the weekend, as an estimated millions turned out to oppose mandatory masks and lockdowns (with similar protests took place in London and in Spain); in the US… there is mostly silence…?

end
Portland Oregon
The doorknob Mayor Wheeler targeted by the mob: Wheeler claims it is all Trump’s fault.
(zerohedge)

Portland Police Declare “Riot,” Use Smoke Grenades, Pepper Balls As Violence Flares Up 

 

Police in Portland declared a “riot” Monday night as protests flared up outside Portland Mayor Ted Wheeler’s residence at a condominium complex in the downtown area, complete with fireworks and other loud, disruptive activities.

The Oregonian reported at least 200 demonstrators “marched to the Pearl District condominium tower where Portland Mayor Ted Wheeler lives to demand his resignation.”

The local newspaper said, “demonstration quickly turned destructive as some in the crowd lit a fire in the street, then placed a picnic table from a nearby business on top of the fire to feed the blaze. People shattered windows and broke into a ground-floor dental office, including a chair, and added to the fire and office supplies.”

Allison Mechanic, a reporter for KATU News, posted a series of videos on Twitter showing police tackling demonstrators and other scenes of generalized chaos.

Fires broke out as Antifa members attempted to burn down the mayor’s apartment building.

“This was the arson fire that prompted a riot declaration tonight,” the Portland Police said on Twitter while quoting a video from The New York Times reporter. “It was critical to secure the area to allow firefighters to respond to this dangerous situation.”

Wheeler has been targeted by several civil rights groups demanding his resignation. The mayor has come out in the last couple of days and said he has no plans to do so, placing blame on the Trump administration for the violence.

Trump has deployed federal forces to the imploding Democratically-controlled city. The president has criticized leaders of these cities and towns, such as ones in Portland, Chicago, and New York City, as unrest continues into late summer and violent crime surges.

Trump has surged in the polls following the Republican National Convention, while enthusiasm for Joe Biden and Democrats slips.

Trump has made it a focal point of his presidential campaign, ahead of the Nov. 3 elections, to bash Democrats for inciting violence across major metro areas. This has given the president a boost in the polls.

end
Senate Republicans going for a narrow $500 billion stimulus bill. The Democrats are demanding 2.2 trillion  of which 915 billion dollars goes to ailing states and local governments.  The Republicans are not going to bail out poorly runned Democratic states.
(zerohedge)

Senate Republicans Push Narrow $500BN Stimulus Bill For Next Week As Overall Talks Stumble

Senate Republicans are assembling a $500 billion ‘narrow’ COVID-19 relief package which will be ready as early as next week, as negotiations on a larger overall package remain at an impasse.

White House Chief of Staff Mark Meadows told CNBC on Tuesday that the biggest stumbling block between Congressional lawmakers is the amount of money allocated for state and local governments – with Democrats insisting on $915 billion out of their overall $2.2 trillion proposal (down from more than $3 trillion), while the GOP is standing firm at $150 billion in new funds on top of $150 billion previously allocated for state and local needs.

“Probably the biggest stumbling block that remains is the amount of money that would go to state and local help,” said Meadows.

The speaker is still at $915 billion dollars, which is just not a number that’s based on reality, and certainly not a number that represents the lost revenues for state and local governments.”

“We actually have talked about giving great flexibility for the $150 billion that was allocated in the previous CARES Act, in addition to another $150 billion that would go there which would overall give $300 billion in terms of flexibility and additional funds to state and local – which should represent the actual loss that we see,” Meadows continued.

“If you take the GDP reduction that we’ve experienced over the last quarter, and based on projections now – that should indicate about a $275 billion loss in revenues.

Meadows added that he expects Senate Republicans to put forth a bill sometime next week that should pass the 60-vote threshold required to pass, which would be “more targeted” than the House Democrats’ proposal, and would include around $500 billion in additional financial aid according to Reuters (though not heard in the clip below).

Meanwhile, in a poll conducted by Franklin Templeton and Gallup70% of Americans say they would support the government sending an additional economic impact payment (EIP) to all qualified adults.

Despite deep polarization on a number of policies related to COVID-19, an additional EIP receives strong support among both Democrats and Republicans. Democrats (82%) are most likely to favor the federal government sending another direct payment to all qualified U.S. adults (based on their income level), with about two-thirds of Republicans (64%) and independents (66%) saying the same.

As for the size of the stimulus checks, support for setting maximum payments at $900 or more per month is high on both sides of the aisle. “Two-thirds of Democrats who support an additional EIP (68%) think each qualified adult should receive $900 or more. A majority of Republicans (60%) and independents (65%) who support this policy also believe that the payments should be $900 or more.”

More via CNBC:

Talks between the White House and Democratic congressional leaders broke down last month after the two sides failed to agree on the terms of a fifth package designed to contain the economic fallout caused by the Covid-19 pandemic.

Meadows and Treasury Secretary Steven Mnuchin have represented President Donald Trump in the negotiations with Democrats, who are being led by House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y.

While some aspects of a potential rescue bill, such as direct payments to Americans and more money for small businesses, have bipartisan support, the White House is opposed to spending as much as the Democrats have asked for on items such as unemployment assistance and funding for state and local governments.

Amid the impasse, the GOP has floated the idea of a stopgap “skinny” bill which would carve out only areas on which both sides agree, however Democrats have rejected the idea.

According to Pelosi spokesman Drew Hammill in statements last week, “Democrats have compromised in these negotiations,” adding “We offered to come down $1 trillion if the White House would come up $1 trillion. We welcome the White House back to the negotiating table but they must meet us halfway.”

END
Recent wave of job losses is casting real doubt about the recovery
(zero hedge)

Recent Wave Of Job Losses Casts Shadow On Recovery

The second round of layoffs, something we warned readers in early August, is unfolding across corporate America’s global firms over the last couple of months as the labor market recovery in the U.S. stalls, dashing hopes the world’s largest economy can sustain a V-shaped recovery in the back half of the year.

MGM Resorts International and Coca-Cola Co were some of the latest examples of companies reducing their workforce. Goldman Sachs recently estimated that 25% of the workers temporarily laid off earlier this year wouldn’t be able to find jobs, casting a shadow over President Trump’s narrative of a robust recovery.

“Global corporations have announced more than 200,000 job cuts or buyouts in recent weeks, a worrying sign that more losses will come as furloughs implemented early in the pandemic turn into permanent layoffs,” Bloomberg said.

Here are some of the largest job-cuts and or buyouts announced in the last 30 days:

Bloomberg calculates, since July 24, airline executives had cut, furloughed, or told at least 400,000 employees their jobs were in jeopardy. Last week, airlines were still cutting jobs:

  • American Airlines Group Inc. said it would cut 19,000 workers after federal payroll aid expires, rounding out a 30% workforce reduction since the coronavirus pandemic began.
  • United Airlines Holdings Inc. sees as many as 2,850 pilot furloughs this year without approval for additional government support.

The outlook of the airline industry reflects a recovery that resembles an “L,” and recovery back to 2019 levels that could take years. Airline corporate executives are realizing they don’t need as many workers as they once thought, due to the continuing collapse in travel and tourism.

The consumer goods and retail space could be much worse off than airlines – at least one million workers have been furloughed since early April. Many of these jobs are becoming permanent layoffs, with the trend getting worse in the back half of the year. Here are some of the latest furloughs or job reductions in the industry:

  • Ulta Beauty Inc. said this week it brought back 17,000 of the 33,000 employees furloughed in April. Not all of the remaining workers will be able to return this year.
  • Walgreens Boots Alliance Inc. said in July it planned to cut roughly 4,000 jobs in the U.K.
  • Coca Cola Co. offered early departures to 4,000 workers in North America, with more planned around the globe.
  • Estee Lauder plans to shed 1,500 to 2,000 jobs worldwide, or about 3% of the workforce. 
  • J.C. Penney Co. is cutting its workforce during its bankruptcy proceedings, with plans to close stores and reduce its workforce by about 1,000 corporate, field management, and international positions.
  • Bed Bath & Beyond Inc. will eliminate 2,800 jobs.
  • L Brands Inc., which owns Victoria’s Secret, is preparing to cut 15% of corporate jobs, or roughly 850 positions.
  • Levi Strauss plans to eliminate 700 jobs.

The second round of layoffs is happening as the recovery stalled in late June/July, and a fiscal cliff could result in a plunge in consumption into the end of summer unless more stimulus checks are dished out by the government. Another industry plagued with recent buyouts and job cuts has been the industrial space:

  • Boeing Co. is preparing to offer buyouts to employees for a second time this year, extending workforce cuts beyond the original 10% target unveiled in April.
  • Raytheon slashed 8,000 jobs in its commercial aviation businesses at the end of July.
  • Airbus S.E.’s CEO said early in July that a plan for 15,000 job cuts was not the worst-case scenario, and if the second wave of coronavirus were to emerge, the jet maker would need to adapt again.

The second round of layoffs is more bad news as it will only protract the recovery phase as job loss reduces consumption in an economy that is 70% consumer-based. In every recession, consumers reduce spending on entertainment.

Las Vegas was closed in March, with tens of thousands of folks furloughed. The Vegas strip reopened in June, but with limited travel to the town, many furloughed employees are now being laid off. MGM Resorts announced Friday that it would fire 18,000 employees. None of which is surprising, considering we noted in July that a recovery for the gambling capital of the U.S. could take three years. Bloomberg notes other job cuts in the entertainment industry:

  • NBCUniversal, a unit of Comcast Corp., is eliminating jobs across its broadcast and cable-television businesses, movie studios, and theme parks. The cuts may amount to 10% of its 35,000-person payroll, and the Wall Street Journal reported this month.
  • AT&T Inc., whose WarnerMedia unit includes the Warner Bros. studio and cable channels such as HBO, CNN and TBS, has been making its own reductions.

A recent rise in Americans applying for unemployment could be the result of the second round of layoffs. In August, 32 million people were receiving either state or federal unemployment benefits, with about a quarter of all American personal income derived from the government.

This all suggests permanent job losses are increasing and will result in deep economic scarring.

iv) Swamp commentaries)

Kamala Harris helped bail out two murder suspects and convicted sex offenders

(zerohedge)

Kamala Harris Helped Bail Out Two Murder Suspects And Twice-Convicted Sex Offender

Three months ago, Kamala Harris asked her 3.7 million Twitter followers (now 5.4 million) to contribute to the Minnesota Freedom Fund, whose mission is to ‘help post bail for those protesting on the ground in Minnesota.’

Yet, as Fox 9 News in Minneapolis notes, the MFF has bailed out violent criminals who were rioting in Minneapolis following the death of George Floyd, a black man who had a ‘fatal level‘ of fentanyl in his system when he died in police custodyafter a police officer knelt on his neck for over eight minutes during a stop.

Fox 9 reports (via The Federalist):

Among those bailed out by the Minnesota Freedom Fund (MFF) is a suspect who shot at police, a woman accused of killing a friend, and a twice convicted sex offender, according to court records reviewed by the FOX 9 Investigators.

According to attempted murder charges, Jaleel Stallings shot at members of a SWAT Team during the riots in May. Police recovered a modified pistol that looks like an AK-47. MFF paid $75,000 in cash to get Stallings out of jail.

Darnika Floyd is charged with second degree murder, for stabbing a friend to death. MFF paid $100,000 cash for her release.

Christopher Boswell, a twice convicted rapist, is currently charged with kidnapping, assault, and sexual assault in two separate casesMFF paid $350,00 [sic] in cash for his release.

If Harris ends up as Vice President (or as some speculate, President) of the United States, will she promote initiatives with a similar lack of oversight – or even worse, which are actively working to put violent offenders back on the streets?  The Federalist‘s David Marcus sums it up as follows:

Harris was so eager to be on the rioters’ team that she literally raised money for them in the hopes that they could be released and foster further mayhem.

That on its own would be bad enough. But the fact that she is now attempting to pretend she was against all of this violence, and looting, and arson, and destruction from the get go is an insulting joke. Did Harris really think that peaceful protesters obeying the rules were the ones arrested in Minneapolis? Of course she didn’t. She just assumed that justifying the unrest would help Democrats’ political chances. Now that this has been shown to be false, she is trying to change her position. It’s way too late for that.

(h/t @JackPosobiec)

end

A must read…why Trump will win the election in November

Tom Luongo

Luongo: Did Trump’s Federalism Just Win Him The Election?

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

For months we’ve been told that President Trump has trailed Democrat Joe Biden in the opinion polls. His odds of winning were vanishingly small.

From the moment the George Floyd protests turned into violent riots, Trump refused the call of conservative pundits to invoke the Insurrection Act of 1878 in Minneapolis.

They were wrong to jump the gun. Trump was being goaded into acting like a dictator which the Democrats would have pounced on him for. It was too early in the cycle.

He had to, politically, take a punch in the mouth and allow things to get out of hand. There was no good decision for him back in May.

The people were still fighting with the shock of the Coronapocalypse, stimulus checks were being mailed out and unemployment offices around the country were so overwhelmed they couldn’t process the claims quickly enough to make the weekly report even close to accurate.

Trump, rightly, prioritized that while making his opposition to the looting and rioting plain for everyone to see on his Twitter feed, while allowing the local officials the leeway to deal with the problems as they saw fit.

During two major concomitant crises Donald Trump acted as a President we’re supposed to have, one that governs via the principles of Federalism as laid out in the Constitution, rather than as a dictator.

He may have publicly upbraided New York Governor Andrew Cuomo for his mishandling of the COVID-19 outbreak, but he didn’t usurp Cuomo’s authority.

New York City Mayor Bill DeBlasio may have purposefully allowed parts of his city to burn and undermine the authority and legitimacy of his police force, but Trump didn’t send in Federal troops to quell the situation.

Rather he let DeBlasio and Cuomo hang themselves. Cuomo is done as he is now revealed to be a “Grandma Killer” for political reasons and under Dept. of Justice investigation for his actions.

DeBlasio is now finished, revealed as a hyper-sympathizer with BLM who has now left Manhattan out to dry, sparking a mass exodus out of the city which was already underway thanks to Trump’s SALT deduction removal under the tax cut from 2017 and the new normal of people working from home thanks to the official story that COVID-19 will kill us all.

The same thing happened in Minneapolis with the George Floyd riots and now Trump, according to the latest polling is up 5 points in Minnesota and six mayors of major cities there openly endorsed Trump’s re-election.

This segment from Tim Pool is really good, going over the dramatic shift in the polling (polling stuff begins at 4:16).

Weeks ago, I told you that I thought Trump was set to win re-election based solely on the DNC choosing Sen. Kamala Harris as Joe Biden’s running mate.

At that point, the polling map, according to 270 to Win had Trump with just 107 Electoral College Votes locked down.

Today, after weeks of continued riots and escalating violence which, I hope, crested in Kenosha, Wisconsin last week with Kyle Rittenhouse’s life-changing evening, that map looks completely different. And the Democrats are officially freaking out.

This map is far closer to what the truth was back in July if the polls were anything close to accurate, which they most certainly are not. Between Democrat over-sampling, bad pools of potential respondents and clear suppression of voter preference for fear of reprisal, most of these polls are still skewed between 3 and 5 points in Biden’s favor.

Look, it’s bad for the media’s business if the election narrative is a blow out for either candidate. So the polls are primarily used to shape public opinion rather than reflect it to keep the story relevant.

The last thing the Democrats and their allies in the media actually want is for people to accept as fait accompli that Trump will win.

But with the abject panic on the faces of every major political operative in league with or campaigning as a Democrat, it’s clear this story is one they can’t create out of whole cloth and staged events.

Now Biden is talking about finally coming out of his gimp cellar to campaign in battleground states like Wisconsin, Minnesota, Pennsylvania and Arizona. But it won’t work.

He’s already lost those states to the angry mob he sat back and encouraged. Trapped by his own incompetence, shrinking mental faculties and bad advice Biden is now facing the same problem that Hillary Clinton faced in 2016.

He’s having to play clean up in states he thought he had won rather rather than attack states he needs to win. Biden going to Pennsylvania ensures Florida goes for Trump.

Trump, like he did in 2016, campaigning in Wisconsin, Michigan and Pennsylvania, can now go into supposed Blue Wall states and really force the issue there.

If the DNC has to spend one dollar in places like New Jersey, Oregon or New York, it’s a net win for Trump to go after those places, even if all he does is tweet a bit and show up for an event or two.

Meanwhile, New Mexico comes back into play because Dopey Weed Guy, Gary Johnson, isn’t pulling big numbers away from Trump there.

Sometimes the best thing a leader can do is nothing at all. It flies against modern political doctrine that a leader needs to be seen as pro active and engaged all the time.

By keeping his head in the crisis at hand while staying it in local affairs Trump gained political points with people who were betrayed by the people they voted for.

Remember, all politics is local. Political strategists removed from the scene tend to forget this. They think nationally, as Tim Pool pointed out in the video linked above. They forget that people in Portland Oregon voted for Ted Wheeler. People in New York voted for Bill DeBlasio and Andrew Cuomo.

And voting for someone is a psychological barrier. People vote first for the person they most identify with or aspire to have in their lives. Upper middle class, midwit (H/T Michael Malice), Democrats hate Donald Trump because he is vulgar to them. Their votes won’t change, but at the same time, they also won’t abide someone failing to protect them from looting and rioting.

And there is nothing worse than a voter scorned, especially a female voter scorned. This has been the real dynamic at play here. Trump doesn’t have to turn those folks to his side to win this fight, he just has to allow voters to feel betrayed by their people.

Many of them will stay home, or vote third party. Those less committed will pull the lever for Trump and refuse to vote Democrat locally ever again.

And it was clear that a few of Trump’s advisers understood what was really happening far better than the Twitterati who only play at being strategic thinkers.

Jumping into the fray early, betraying the Constitution and undermining the authority of local officials was the advice of panicky losers, not those with a Gorilla Mindset.

It takes a hard heart to let cities burn and people’s lives be destroyed in the short term to gain a strategic advantage in the longer term. Both sides thought they were doing this. Only one of them would be right about the outcome.

The stage is set, now all that is left is to shore up how the votes are counted to put this insurrection to bed properly, peacefully.

*  *  *

Join my Patreon if you want clear-headed political analysis and not loserthink.  Install the Brave Browser to undermine Google’s panopticon

END
My goodness look what the crook Yovanovich did while she was over in the Ukraine:
(zerohedge)

State Department Illegally Monitored Trump Jr., Hannity, Ingraham, Posobiec And Others From Kiev: FOIA

The US State Department illegally monitored the social media accounts of 13 conservative Americans, including Donald Trump Jr., Sean Hannity, Laura Ingraham, Lou Dobbs and Jack Posobiec, according to Just The News, citing memos scheduled to be turned over to Judicial Watch.

The surveillance operation, which began in March 2019, was run out of the US Embassy in Kiev while under the command of then-Ambassador (and impeachment witness) Marie Yovanovitch, after journalist John Solomon began publishing stories about the embassy’s activities at The Hill and on Fox News, according to Solomon.

When the embassy sought help from the State Department in Washington to use a contractor called Crowd Tangle to continue the social media monitoring, it was advised the activities were “barred by federal law,” an official familiar with the documents told Just the News. The embassy ceased the activities and asked for training about the issue, the official said.

While the released documents will have some information redacted, they will identify the 13 Americans whose accounts were targeted and confirm that some officials were aware of the monitoring, the officials said.

Those monitored also include Trump attorney Rudy Giuliani, Judicial Watch president Tom Fitton, Sebatstion Gorka, and Fox News personalities Sara Carter and Dan Bongino, according to the report.

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

@DineshDSouza: If it’s true that fewer than 10,000 people have died from #Coronavirus alone—and all the other reported deaths were co-morbidities—it follows that this virus by itself is far less lethal than the flu and we have been victimized by an unconscionable scam

 

Dr. Fred @Phreadys: Why are the real coronavirus stats not the #1 MSM story? Why is it not trending everywhere? [We all know why.]

 

Daily Mail: CDC says 94% of All Americans who have died of COVID-19 had at least one other underlying disease https://www.dailymail.co.uk/health/article-8682491/More-90-Americans-died-COVID-19-underlying-conditions.html

 

Numerous people and pundits are buzzing about the CDC data that shows: 1) the Covid-19 fatality with non-comorbidities is only 6% in the US; and 2) Covid deaths and new cases have collapsed.  The US MSM is ignoring the CDC news (When was the last time you heard Dr. Fauci?) because, as the following Bloomberg story notes, Biden’s popularity in the polls directly correlates to new Covid cases.

So far this year, Biden’s chances have improved when [Covid] cases are increasing, and declined when they are falling. The relationship is startlingly close…

https://www.bloomberg.com/opinion/articles/2020-08-31/election-prediction-markets-show-kenosha-is-helping-trump?sref=ZMFHsM5Z

 

@Rasmussen_Poll: This is now a national poll suppression story.  WHERE. ARE. THE. POLLS.  ???

 

Chicago Projects $2 Billion Deficit through 2021 on Pandemic

Mayor Lightfoot warns of layoffs, calls for more federal aid

https://www.bloomberg.com/news/articles/2020-08-31/chicago-projects-2-billion-deficit-through-2021-on-pandemic

 

WSJ: New York City Faces Toughest Fiscal Crisis since the 1970s – New York City faces a $9 billion deficit over the next two years, high levels of unemployment and the prospect of laying off 22,000 government workers if new revenue or savings aren’t found in the coming weeks…

https://www.wsj.com/articles/new-york-city-faces-toughest-fiscal-crisis-since-the-1970s-11598205600

@realDonaldTrump: Joe Biden is coming out of the basement earlier than his hoped for ten days because his people told him he has no choice, his poll numbers are PLUNGING! Going to Pittsburgh… & then back to his basement for an extended period… His problem is interesting. He must always be weak on CRIME because of the Bernie Sanders Radical Left voter. If he loses them, like Crooked Hillary did, he is “toast”, and many will vote for me because of TRADE (Bernie was good on trade). Joe MUST always be weak on crime!

 

Biden blamed the Antifa and BLM violence on Trump.  After Joe read his brief (12 minute) diatribe against Trump, he quickly exited without taking questions.

 

Antifa website redirected to Biden’s campaign site causes right-wing conspiracy meltdown https://www.independent.co.uk/news/world/americas/us-election/antifa-website-joe-biden-donald-trump-conspiracy-a9669806.html

 

@RealMiniAOC: If the riots are really Trump’s fault do you think Democrats and the media would’ve spent the last three months calling them peaceful protests?

 

@FrancisBrennan: Joe Biden traveled all the way to Pittsburgh and still DID NOT take any questions from reporters. Why is Joe Biden afraid of questions?  https://twitter.com/FrancisBrennan/status/1300495734719090688

 

Joe had a very bad moment in his short-lived speech in Pittsburg – even though he used a Teleprompter.

 

@TrumpWarRoom: Joe Biden: “Covid has taken this year, just since the outbreak, has taken more than 100 years, look, here’s, the lives, it’s just, when you think about it…” [This video teemed on social media.]

https://twitter.com/TrumpWarRoom/status/1300494532606390273

 

@JackPosobiec: Joe Biden’s speech in Pittsburgh today [Why did Joe fly to Pitt to speak in front of a few reporters?  [Reuters’ pic of the bizarreness at link] https://twitter.com/JackPosobiec/status/1300588719947350016

 

Team Trump on Biden’s speech: As predicted, Joe Biden today failed to condemn the left-wing mobs burning, looting, and terrorizing American cities. He failed to condemn Antifa… In truth, if you listen to Biden, it’s almost impossible to tell where his campaign ends and Antifa begins.  You won’t be safe in Joe Biden’s America.  https://twitter.com/TimMurtaugh/status/1300500938810167296/photo/1

 

U.S. presidential hopeful Biden says he would not ban fracking [Joe backtracks on fracking.]

In a March Democratic primary debate, he said: “No more – no new fracking

https://www.reuters.com/article/us-usa-election-biden-fracking-idUSKBN25R2NI

 

@TrumpWarRoom: BIDEN: “No more ability for the oil industry to continue to drill. PERIOD. End.  Taking millions of automobiles off the road.  No new fracking!… We have a new green deal…”

https://twitter.com/TrumpWarRoom/status/1300537777235333121

 

Montage of Biden inveighing against fracking: https://twitter.com/SteveGuest/status/1300515551928877057

 

Biden indicates from the debate stage that he would ban all fracking   March 18, 2020

https://www.washingtonpost.com/video/politics/biden-indicates-from-the-debate-stage-that-he-would-ban-all-fracking/2020/03/18/db729c6b-3dd1-41f8-9773-3fe0571112d7_video.html

 

Trump: “Biden is using mafia talking points. The mob will leave you alone if you give them what you want, that’s what it is. That’s what’s happened with the Democrats. I actually think they’ve lost control of these radical left maniacs.”  Trump also said the violence in the US is due to leftwing politicians’ rhetoric that demonized the USA and police.

 

Tucker Carlson and others are slamming Biden for the implicit threat in this tweet: @JoeBiden: Does anyone believe there will be less violence in America if Donald Trump is reelected?

 

Joe is rescinding some positions prized by the left that he previously held.  Will he take a hit in the polls?

 

Reportedly, Biden has purchased ads in four states that Hillary won in 2016: Colorado, Minnesota, Nevada and New Hampshire.  We asserted last week to watch for Team Biden reallocating assets to states that were considered safe for Joe.  The reallocation has already commenced.

 

The GOP needs a net of +17 seats to take the House.  If that would occur, Pelosi, Schiff, Nader, et al would be subject to investigations.  They know Durham’s stuff will soon hit the fan and it cannot be good for Dems.  What will the Dems do now?  The next two months will be very tumultuous.

 

@MSpicuzzaMJS: Wisconsin Trump campaign spokeswoman @AnnaKellyWI replied, “President Donald Trump’s visit to Wisconsin will allow residents to see what a real leader looks like. Governor Evers can go back into his office and shirk his responsibilities. After all, it is what he does best.”

 

Over half the people arrested in Kenosha protests are from out of town

https://nypost.com/2020/08/31/over-half-arrested-in-kenosha-protests-are-from-out-of-town/

 

FOX 6: Kenosha police arrested 175 people from 44 different cities since unrest began week ago

[Ergo, the Kenosha riot was well coordinated and funded.]

 

Antifa/BLM Fundraising Off Saturday Night Murder — Collecting for Bullet-Proof Vests and Kevlar Helmets   https://t.co/2BNFPuADln

 

Pressure mounts on Barr DOJ to identify funders, organizers of violent riots

GOP lawmakers want probe into financing, organization of riots… https://t.co/OLnl3JdvfY

 

GOP Sen. Tom Cotton: Kenosha, Minneapolis carnage will spread until politicians restore order, deter criminals – A return to normalcy won’t come through weakness and passivity, but only by a decisive and overwhelming show of force that convinces these anarchists they can’t blackmail and burn America into submission.  In June, I offered the same advice in a New York Times op-ed, arguing that the National Guard and federal troops, if necessary, ought to be deployed to cities where law and order had broken down. I said that if strong action wasn’t taken to deter future rioters, the forces of anarchy and destruction would be emboldened.  My op-ed sparked a newsroom revolt at the New York Times. Liberal critics dismissed as dangerous or even fascistic my suggestion that a strong show of force could deter chaos…But of course, they were wrong. The chaos and destruction spread to different towns like a wildfire…Kenosha and Minneapolis were the unlucky cities. Next week, it could be your home town.

https://www.foxnews.com/opinion/tom-cotton-kenosha-minneapolis-carnage-spread-order-criminals

 

CIA conduct during Russia assessment may be next boomerang in probe of investigators

An assessment that was portrayed as unanimous when it was made public in early January 2017 was anything but at the analyst level, according to Fred Fleitz, a longtime intelligence officer who was briefed on the House intelligence committee’s concerns when he served as chief of staff in the National Security Council.   “When I was briefed on the House Intelligence Committee report on the January 2017 ICA, I was told that John Brennan politicized this assessment by excluding credible intelligence that the Russians wanted Hillary Clinton to win the 2016 election and ordered weak intelligence included that Russia wanted Trump to win, Fleitz told Just the News.

   “I also was told that Brennan took both actions over the objections of CIA analysts…”

https://justthenews.com/accountability/russia-and-ukraine-scandals/cia-conduct-during-russia-assessment-may-be-next

 

U.S. intelligence won’t answer if it spies on American journalists – ODNI has rejected a FOIA request from Just the News seeking transparency on spy agency monitoring of journalists.  https://t.co/nbH5Fw6HUH

 

Acting Asst. Sec of Defense for Int’l Security Affairs during the Reagan administration and ex-Sen. Cruz advisor @frankgaffney: Rich Higgins is one of our nation’s most astute and skilled political warfare specialists. We are on notice: The revolution is underway and ending our constitutional republic, our freedoms and many of our lives is the perpetrators’ goal. And its realization is now in prospect.

 

Ex-NSC official @RichHiggins_DC: The current domestic political situation has decomposed into a national security issue. The 2020 political cycle is being utilized to mask the extremely hostile revolutionary nature of these events. Even the violence is distraction.  Current intelligence indicates that a siege of the White House may initiate on or about September 17th and culminate in a November 3rd election crisis that carries on past the election

 

@AP: A St. Louis police officer who was shot in the head while responding to a shooting on the city’s south side has died, police said. A fellow officer who was wounded in the leg during the call has been treated and released from the hospital.

 

Father of Teen Killed in Seattle ‘CHOP’ Zone Sues for $3 Billion

Against the city, county, and state, seeking $1 billion from each…

https://www.ntd.com/father-of-teen-killed-in-seattle-chop-zone-sues-for-3-billion_501226.html

 

Will victims of violence start suing donors of those groups?

 

Cold-cocked judge becomes latest victim of senseless NYC violence

Criminal court Judge Phyllis Chu, 56, had just gotten off the Staten Island Ferry and was headed to her job at the downtown courthouse at 100 Centre St. around 9:40 a.m. when she was suddenly slugged in the jaw by a male cyclist at the corner of Wall and Water streets…

https://nypost.com/2020/08/31/cold-cocked-judge-becomes-latest-victim-of-senseless-nyc-violence/

 

@CWBChicago: Getting word that the man who reportedly shot two @Chicago_Police officers early Sunday was free on multiple felony bonds. His most recent arrests, for burglary and possession of a stolen motor vehicle, came in June.

 

Chicago Sun-Times: 55 shot, 10 fatally, in Chicago weekend gun violence [No boycotts or outrage]

 

Tucker Carlson showed this video of a sneak attack in Baltimore: https://twitter.com/RealJamesWoods/status/1300501920029704192

 

Suspect in Murder of Trump Supporter in Portland Was Released After Arrest in Previous Riot

https://thegreggjarrett.com/suspect-in-murder-of-trump-supporter-in-portland-was-released-after-arrest-in-previous-riot/

 

@MrAndyNgo: In June, Reinoehl, the alleged antifa shooter, was arrested in eastern OR w/stash of drugs & illegal pistol. In July, he was arrested at a Portland antifa riot w/an illegal gun. He fought police. Those charges were never pursued. On Sat., he went on to allegedly kill Danielson.

 

Jason Whitlock: American Sports Are Letting Down America

We now see America’s enemies, particularly China, using these modern role models to promote racial division and destabilize our country… Many are unaware that Nike, and not the NBA, controls basketball… Both Nike and the NBA kowtow to China… Nike and the NBA’s China agenda helps explain why Nike pitchmen LeBron James and Colin Kaepernick enthusiastically smear the United States as inherently racist and evil. From Joseph Stalin to Fidel Castro to our own time, the communists’ favorite propaganda tactic has been to paint the West, and the U.S. in particular, as racist…

     This immersion threatens to do permanent damage to American culture as a whole… https://imprimis.hillsdale.edu/american-sports-letting-america/

 

Jason Whitlock: Mike Tomlin [Steeler Head Coach] Delivered a Football-Saving Message.

I hope Roger Goodell [NFL Commissioner] and Troy Vincent [NFL Exec] Saw It

   Rather than damning and vilifying the nation that virtually no black person wants to leave and many black people desperately try to enter, Tomlin called on his players to pray that our nation improves. That’s a message and an action that many Americans can and will support… [Tomlin is black and one of the best head coach in NFL history.]  https://www.outkick.com/mike-tomlin-speech-for-unity-is-what-the-nfl-needs-to-hear/

 

Follow the science? For decades, science told us nothing can go faster than the speed of light.  A few decades ago, scientists acknowledged that the ‘Inflation’ stage of the Big Bang moved at a multiple of the speed of light.  In 2016, the Hubbell Telescope found galaxy GN-z11, in the Ursa Major constellation, is 32 billion light years from earth.  The universe is 13.8 billion years old.  Ergo, GN-z11 is moving at a multiple of the speed of light – and other galaxies are moving faster than the speed of light.

Well that is all for today

I will see you WEDNESDAY night.

2 comments

  1. Henrik Ingwall · · Reply

    “NUMBER OF NOTICES FILED TODAY FOR AUGUST” Arn’t we in September deliveries now?

    Like

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