SEPTEMBER 3//ANOTHER RAID ORCHESTRATED BY THE BIS: GOLD DOWN $7.50 TO $1931.20/SILVER DOWN 50 CENTS TO $26.72//DOW AND NASDAQ BUBBLE FINALLY BURST: DOWN DOWN 810.87 POINTS//NASDAQ DOWN 598.34 POINTS//ANDREW MAGUIRE A MUST SEE VIDEO//CHINA VS USA ESCALATION//USA VS RUSSIAN VIA GERMANY//TURKEY VS GREECE VIA CYPRUS// TURKEY VS RUSSIA!!//JOBLESS CLAIMS IN USA REMAIN STUBBORNLY VERY HIGH//VIOLENCE CONTINUES IN OUR DEMOCRATIC CITIES//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1931.20  DOWN $7.50   The quote is London spot price

 

 

 

 

 

Silver:$26.72 DOWN $.50   London spot price ( cash market)

We are now in the middle of the 3 or 4 day whacking of our precious metals. Tomorrow is the jobs report and they generally whack around this announcement.  Also Labour day is  Monday and the day following is another day that they whack.  No doubt the bankers are worried about the new physical exchange being developed in London through the auspices of the LME.  The bankers need to be onside and they will do anything to get the speculators off their backs so that they can cover/

I could not deliver the inventory movement of gold and silver as the crooked CME did not provide them. If they do provide it during the night, I will update my commentary.

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Closing access prices:  London spot

i)Gold : $1930.60  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.58//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1931.00  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:   : $0.20//BACKWARD//

 

 

DEC. GOLD  $1938.00   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $7.10/ CONTANGO   ($5.90 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.75…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 3 cents contango//0 CENTS ABOVE NORMAL contango)

SILVER DECEMBER  CLOSE:     $26.89  1:30  PM SPREAD SPOT/FUTURE DEC.       : 17  CENTS PER OZ  CONTANGO ( 5 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today: 12/891

issued: 830

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,934.400000000 USD
INTENT DATE: 09/02/2020 DELIVERY DATE: 09/04/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 11
355 C CREDIT SUISSE 18
435 H SCOTIA CAPITAL 6
624 C BOFA SECURITIES 68
657 C MORGAN STANLEY 46 60
657 H MORGAN STANLEY 202
661 C JP MORGAN 830 12
685 C RJ OBRIEN 1
690 C ABN AMRO 4
709 C BARCLAYS 385
709 H BARCLAYS 53
732 C RBC CAP MARKETS 14
737 C ADVANTAGE 35
800 C MAREX SPEC 22
905 C ADM 15
____________________________________________________________________________________________

TOTAL: 891 891
MONTH TO DATE: 3,124

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 891 NOTICE(S) FOR 89100 OZ  (2.771 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  3123 NOTICES FOR 312,400 OZ  (9.7167 tonnes) 

 

 

 

SILVER

 

 

292 NOTICE(S) FILED TODAY FOR 1,460,000  OZ/

total number of notices filed so far this month: 8015 for 40.075 MILLION oz

 

BITCOIN MORNING QUOTE  $11,211  DOWN 171

 

BITCOIN AFTERNOON QUOTE.: $10,690 DOWN 694

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $7.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD…

 

 

 

GLD: 1,250.04 TONNES OF GOLD//

 

 

WITH SILVER DOWN $0.50  TODAY: AND WITH NO SILVER AROUND:

A HUGE 3.258 MILLION OZ WITHDRAWAL

 

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 568.430  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

 

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IN SILVER THE COMEX OI FELL BY A SMALLER THAN EXPECTED  2,704 CONTRACTS FROM 166,449 DOWN TO 163,745, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE  LOSS IN OI OCCURRED WITH OUR VERY STRONG $1.04  FALL IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO SOME BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A STRONG EXCHANGE FOR PHYSICAL ISSUANCE, SOME LONG LIQUIDATION, A DECREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT..  WE HAD A CONSIDERABLE NET LOSS IN OUR TWO EXCHANGES OF 1481 CONTRACTS  (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 GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 0;  DEC:  693, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  693 CONTRACTS. WITH THE TRANSFER OF 693 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 693 EFP CONTRACTS TRANSLATES INTO 3.465 MILLION OZ  ACCOMPANYING:

1.THE $1.04 CENT FALL 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

52.185 MILLION OZ INITIALLY STANDING IN SEPT

 

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $1.04) ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE BASICALLY SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS. THE RAID YESTERDAY WAS ORCHESTRATED TO REMOVE SPECULATORS FROM THEIR LONG POSITIONS.   WE ALSO HAD  ii)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A GOOD LOSS IN SILVER OZ STANDING  FOR SEPTEMBER,  AND 3) SOME 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:

3547 CONTRACTS (FOR 3 TRADING DAY(S) TOTAL 3547 CONTRACTS) OR 17.735 MILLION OZ: (AVERAGE PER DAY: 1182 CONTRACTS OR 5.911 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 17.735 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:          1,403.82 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                                17.735 MILLION OZ

 

 

 

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2704, WITH OUR HUGE $1.04 FALL IN SILVER PRICING AT THE COMEX ///WEDNESDAY AS ONE A NET BASIS, FEW LONGS  LEFT THE SILVER ARENA.…THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 693 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 2011 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $1.04 LOSS IN PRICE)//

 

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 693 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 2704 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $1.04 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.34 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.821 BILLION OZ TO BE EXACT or 117% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 292 NOTICE(S) FOR 1,4600,000 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. 52.185 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 SURPRISINGLY ROSE BY A FAIR SIZED 1711 CONTRACTS TO 549,415 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE FAIR SIZED GAIN IN COMEX OI OCCURRED DESPITE OUR HUGE FALL IN PRICE  OF $34.00 /// COMEX GOLD TRADING// WEDNESDAY//WE HAD ATTEMPTED  BANKER SHORT COVERING BUT ON A NET BASIS NOBODY LEFT THE GOLD ARENA.  WE HAD A STRONG ADVANCE IN STANDING AT THE GOLD COMEX FOR SEPTEMBER ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR HUGE FALL IN PRICE OF $34.00

 

 

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

 

WE GAINED A GOOD SIZED 3129 CONTRACTS  (9.732 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1418 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 1418; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1418.  The NEW COMEX OI for the gold complex rests at 549,415. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3129 CONTRACTS: 1711 CONTRACTS INCREASED AT THE COMEX AND 1418 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 3129 CONTRACTS OR 9.732 TONNES. WEDNESDAY, WE HAD A STRONG LOSS OF $34.00 IN GOLD TRADING

AND WITH THAT LOSS IN  PRICE, WE HAD A GOOD SIZED GAIN IN  TOTAL/TWO EXCHANGES GOLD TONNAGE OF 12.29 TONNES!!!!!! THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $34.00).  WE HAD SOME 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 (1418) ACCOMPANYING THE  FAIR SIZED GAIN IN COMEX OI  (1711 OI): TOTAL GAIN IN THE TWO EXCHANGES:  3129 CONTRACTS. WE NO DOUBT HAD 1 )ATTEMPTED BANKER SHORT COVERING ,2.)A STRONG ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) NO NET LONG LIQUIDATION; BUT WE DID LOSE SOME MARGINAL WEAK LONGS WITH THE RAID YESTERDAY 4) SURPRISING COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR HUGE LOSS IN GOLD PRICE TRADING//WEDNESDAY//$34.00.

 

 

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 : 3686, CONTRACTS OR 368,600, oz OR 11.465 TONNES (3 TRADING DAY(S) AND THUS AVERAGING: 1228 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 3 TRADING DAY(S) IN  TONNES: 11.465 TONNES

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

THUS EFP TRANSFERS REPRESENTS 11.465/3550 x 100% TONNES =0.322% 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   3,422.28  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:                       11.465 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 2704 CONTRACTS FROM 166,449, DOWN TO 163,745 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)   SOME BANKER SHORT COVERING  , 2) A STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A GOOD LOSS IN STANDING FOR SILVER AT THE COMEX FOR SEPT.,  AND  4) SOME LONG LIQUIDATION, 

 

 

 

 

EFP ISSUANCE 693 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. 693 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 693 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 2,704 CONTRACTS TO THE 693 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 2011 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 10.055 MILLION  OZ, OCCURRED WITH OUR HUGE $1.04  LOSS IN PRICE///

 

 

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

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 19.82 POINTS OR 0.58%  //Hang Sang CLOSED DOWN 112.49 POINTS OR 0.45%   /The Nikkei closed UP 218.38 POINTS OR 0.84%//Australia’s all ordinaires CLOSED UP .79%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8396 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8396 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8408 TRADE TALKS STALL////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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//CHINA VS USA ESCALATION

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST SURPRISINGLY ROSE BY A FAIR SIZED 1711 CONTRACTS TO 549,415 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND ALL OF THIS FAIR COMEX INCREASE OCCURRED DESPITE OUR STRONG LOSS OF $34.00 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1418 CONTRACTS),.  THUS,  WE HAD  1) SOME BANKER SHORT COVERING.  THEY WERE PROBABLY UNSUCCESSFUL IN CLOSING OUT MUCH OF THOSE SHORTS AS WE HAD A STRONG GAIN IN THE TWO EXCHANGES,…….. , PLUS WE HAD 2)  SOME LONG LIQUIDATION  AND 3)  A GOOD  INCREASE IN TONNAGE  STANDING AT THE GOLD COMEX//SEPT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 3952 CONTRACTSWE 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 1418 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 1418; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1418  CONTRACTS.

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

 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 3129 TOTAL CONTRACTS IN THAT 1418 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 1711 COMEX CONTRACTS.  THE BANKERS ARE NOW LOATHE TO SUPPLY THE SHORT PAPER.  THEY CONTINUE TO ISSUE  SMALLER AMOUNTS OF EXCHANGE FOR PHYSICAL AS THE COST ON CARRYING SERIAL FORWARDS IN LONDON IS TOO GREAT FOR THEM. WE HAD SOME BANKER SHORT COVERING  AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR CONSTANT RAIDS, INCLUDING YESTERDAY’S BIG WHACK. SURPRISINGLY NOBODY LEFT THE GOLD ARENA AS WE HAD A GOOD GAIN IN OI ON OUR TWO EXCHANGES. (SEE BELOW)

 

 

 

 

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $34.00).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS BANKER SHORT COVERING 

WAS THE NAME OF THE GAME: 

 THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  9.732 TONNES  WITH THE GOOD RISE IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 3129, CONTRACTS OR 312,900 OZ OR 9.732 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:  549,415 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.95 MILLION OZ/32,150 OZ PER TONNE =  1709 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1709/2200 OR 77.68% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 327,228 contracts// volume fair

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  322,494 contracts//  volume: fair  //most of our traders have left for London

 

 

SEPT 3 /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  

xx

OZ

 

 

 

 

 

No of oz served (contracts) today
891 notice(s)
 89,100 OZ
(2.771 TONNES)
No of oz to be served (notices)
51 contracts
(5100 oz)
0.1586 TONNES
Total monthly oz gold served (contracts) so far this month
3124 notices
312400 OZ
9.7167 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 xx deposit into the dealer

 

total deposit: xxx oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had xx deposit into the customer account

 

i) Into

xx

 

total customer deposit:  xxx    oz

 

 

we had x gold withdrawals from the customer account:

i) Out of

 

 

total withdrawals;  xxx    oz

 

 

 

 

 

We had x  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

 

 

The front month of SEPT registered a total of 942 contracts for a loss of 0 contracts.  We had 18 notices filed on Wednesday, so we gained  18 contracts or an additional 1800 oz will stand for delivery in this non active month of Sept.

Oct GAINED 430 contracts UP to 62,868  (NOBODY LEFT THE ARENA WITH OUR FRONT MONTH).  November gained 0 contracts to stand at 3.

The big December contract LOST A TINY 366 contracts DOWN to 406,836 contracts…(NOBODY LEFT HERE AS WELL)

 

 

 

 

 

 

We had 891 notices filed today for  89,100 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  830 notices were issued from their client or customer account. The total of all issuance by all participants equates to 891 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 12 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 (3124) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (942 CONTRACTS ) minus the number of notices served upon today (891 x 100 oz per contract) equals 317,500 OZ OR 9.875 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 (3124, x 100 oz + (xx OI) for the front month minus the number of notices served upon today (942) x 100 oz which equals 317,500 oz standing OR 9.875 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a SEPT delivery month (a NON active delivery month).

we gained 18 contracts or an additional 1800 oz will try their luck searching for metal on this side of the pond.

 

 

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. TODAY ATTEMPTED BANKER SHORT COVERING WHICH FAILED WITH THE HIGHER PRICES.

 

 

 

 

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:  1,109916.036 oz                                     34.52 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 466.63 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 9.8755 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,112,338.560 oz or 501.16 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: 610,238.285 oz added which cannot be settled:  18.980 tonnes
total weight of pledged:  1,109,916.036 oz or 34.52 tonnes
thus:
registered gold that can be used to settle upon:  15,002.422.0  (466,63 tonnes)
true registered gold  (total registered – pledged tonnes  15,002,422.0 (466.63 tonnes)
total eligible gold:  20,950.045.915 oz (650.23 tonnes)

total registered, pledged  and eligible (customer) gold;   37,062,434.425 oz 1,152.79 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1026,45 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 3/2020

And now for the wild silver comex results

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
 xx oz

 

 

Deposits to the Dealer Inventory
xxoz

 

Deposits to the Customer Inventory
oz
No of oz served today (contracts)
479
CONTRACT(S)
(2,350,000 OZ)
No of oz to be served (notices)
2806 contracts
 14,030,000 oz)
Total monthly oz silver served (contracts)  7723 contracts

38,615,000 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 x deposit into the dealer:
i

total dealer deposits: xxx     oz

i) We had x dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had x deposits into the customer account

i)into JPMorgan: nil

 

ii)

 

 

 

 

 

 

 

 

 

*** 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: xx   oz

we had x withdrawals:

 

 

 

 

 

 

 

 

 

total withdrawals;  xx    oz

We had 0 adjustments

 

 

 

Total dealer(registered) silver: 139.890 million oz

total registered and eligible silver:  347.533 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 2714 contracts thus losing 571 contracts.  We had 470 notices filed on WEDNESDAY so we LOST A GOOD 101 contracts or an additional 505,000 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 59 contract to stand at 754.November gained 0 contract to stand at 14,

The big December contract month saw its OI FALL by 2528 contracts DOWN to 143,075

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 292 contract(s) FOR 1,460,000, 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 8015 x 5,000 oz = 40,075,000 oz to which we add the difference between the open interest for the front month of SEPT(2714) and the number of notices served upon today 292 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 8015 (notices served so far) x 5000 oz + OI for front month of SEPT  (2714)- number of notices served upon today (292) x 5000 oz of silver standing for the SEPT contract month.equals 52,185,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We LOST 101 contracts or AN ADDITIONAL 505,000 oz. WILL NOT STAND FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH, AS THEY LOOK FOR METAL ON THE OTHER SIDE OF THE POND!

 

 

TODAY’S ESTIMATED SILVER VOLUME : 126,806 CONTRACTS // volume huge//raid orchestrated by the BIS

 

 

 

FOR YESTERDAY: 121,269.  ,CONFIRMED VOLUME//volume huge  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 121,269 CONTRACTS EQUATES to 0.606 billion  OZ 86.6% 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- 3.24% ((SEPT 3/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.60% to NAV:   (SEPT 3/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.24%

(courtesy Sprott/GATA

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

NAV 20.25 TRADING 19.54///NEGATIVE 3.52

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 3/WITH GOLD DOWN $7.50 ON THIS 2ND DAY OF A 3 DAY RAID:  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1250.04 TONNES

SEPT 2/WITH GOLD DOWN $34.00 TODAY, WE HAVE 2 SMALL CHANGES IN GOLD INVENTORY AT THE GLD: 2 WITHDRAWALS OF .87 TONNES AND.59 TONNES FROM THE GLD////INVENTORY RESTS AT 1250.04 TONNES

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

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 3/ GLD INVENTORY 1250.04 tonnes*

LAST;  895 TRADING DAYS:   +310.54 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 795 TRADING DAYS://+489.07  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 3//WITH SILVER DOWN 50 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.258 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 568.430 MILLION OZ/./

SEPT 2.WITH SILVER DOWN $1.04 TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.365 MILLION OZ FROM THE SLV///INVENTORY REST AT 571.688 MILLION OZ.

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 3.2020:

SLV INVENTORY RESTS TONIGHT AT

568.430 MILLION OZ

 

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Bank of England tells us the gold price does not tell us what inflation.  It tells us a lot more

(Bloomberg/GATA)

Bank of England official says gold price ‘tells you precisely nothing’

 Section: 

But doesn’t it at least reveal that gold is more in demand than the British pound or Deutschebank shares?

* * *

Gold Is a Terrible Predictor of Inflation, Bank of England’s Vlieghe Says

By Lucy Meakin
Bloomberg News
Wednesday, September 2, 2020

Bank of England policy maker Gertjan Vlieghe warned that it’s a “terrible idea” to look at gold prices as a predictor of inflation.

Investors have piled into bullion this year, pushing the price up 30%, amid speculation that massive government spending worldwide to counter the coronavirus shock will push inflation higher.

But Vlieghe, a former Deutsche Bank AG bond strategist, told U.K. lawmakers today that the record-high price of gold “tells you precisely nothing.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-02/gold-is-a-terrible-pr…

END

Crooks!

Pam and Russ Martens

(WallStreet on Parade)//GATA

Pam and Russ Martens: Wall Street’s felon banks open their own stock exchange this month

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, September 2, 2020

Members Exchange, a new stock exchange, has announced that it will begin live trading of select stocks on September 21 with a full phase-in on September 29.

Criminal histories are apparently no barrier to running a stock exchange in the United States to the deeply conflicted way of thinking of the Securities and Exchange Commission, which issued its approval to operate the exchange on May 5.

… 

Investors in the new stock exchange are some of the most serially-charged Wall Street banks, including JPMorgan, Goldman Sachs, and UBS, along with the hedge fund Citadel Securities.

 

BlackRock, which is up to its neck in the Federal Reserve’s deeply conflicted bailout programs, is also an investor, as are the high-frequency trading firm Virtu Financial and others. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/09/wall-streets-felon-banks-to-go-li…

END

 

iii) Other physical stories:

*Andrew Maguire: Silver Is Being Raided On The COMEX – YouTube

https://www.youtube.com/watch? v=aIEaF7uny_k

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8396/ 

//OFFSHORE YUAN:  6.8408   /shanghai bourse CLOSED DOWN 19.82 POINTS OR 0.58%

HANG SANG CLOSED DOWN 112.49 POINTS OR 0.45%

 

2. Nikkei closed UP 218.38 POINTS OR 0.94%

 

 

 

 

3. Europe stocks OPENED ALL GREEN/

 

 

 

USA dollar index UP TO 93.02/Euro FALLS TO 1.1813

3b Japan 10 year bond yield: FALLS TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.44/ 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:: 40.58 and Brent: 43.55

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.47%/Italian 10 yr bond yield DOWN to 0.96% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.43: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.12

3k Gold at $1934.65 silver at: 26.99   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 7/100 in roubles/dollar) 75.34

3m oil into the 40 dollar handle for WTI and 43 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 106.44 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 .9118 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0779 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.47%

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 0.653% early this morning. Thirty year rate at 1.384%

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

6.  TURKISH LIRA:  UP  TO 7.4365..

S&P Futures Inexplicably Dip As “Magical, Non-Stop Rally” Reverses

After nine consecutive days of record highs and after closing higher on Wednesday for the ninth time in the past 10 sessions, S&P futures have done something they haven’t done in a long time: following a “magical, non-stop rally in stocks continues” as Adam Button of ForexLive dubbed it, futures are down this morning, trading down 0.5% at session lows as of 730am at 3,564, down some 20 points from their all time high hit yesterday.

Chip makers including Nvidia fell in the premarket while banks like JPMorgan Chase and Bank of America on the back of a Deutsche Bank upgrade and as the rotation away from tech stocks looked set to extend. Shares of Apple, Adobe, Nvidia and Netflix, all of which have soared more than 70% this year, slipped about 2% each in premarket trading, following yesterday’s declines as the gamma trade appears to be unwinding. Tesla tumbled 6.6%, falling for the third session after announcing a $5 billion stock offering. PVH Corp rose 2.5% after Calvin Klein owner posted a surprise quarterly profit, boosted by strong online demand for comfortable and casual clothing during the coronavirus-led shift to work from home.

“What we are seeing is a little bit of profit-taking now in the big tech sector as people look to rebalance their portfolios going into the last part of this year,” Ann Berry, partner at Cornell Capital LLC, said on Bloomberg TV. “Folks are trying to go back to basics a little bit as we continue to see these surges and the topping out in the value of the market right now.”

The perplexing decline in Emini futures took place even as European shares jumped the most in a month on the back of continued EURUSD weakness (the pair dipped to 1,1790 after hitting 1.20 two days ago) and after France introduced new stimulus measures to drive the economy and spur job creation.

France plans to spend €100 billion to pull its economy out of a deep coronavirus-induced slump, signalling renewed efforts by President Emmanuel Macron to push through a pro-business reform agenda. The stimulus equates to 4% of GDP, meaning France is plowing more public cash into its economy than any other big European country as a percentage of GDP, an official said ahead of its formal launch later on Thursday. France’s recession, marked by a 13.8% second quarter GDP contraction that coincided with the country’s COVID-19 lockdown and is set to generate an 11% drop in 2020 as a whole, has also been one of Europe’s deepest.

As a result, France’s CAC 40 Index surged as much as 2% amid a broad rally in Europe that showed the stock market advance is continuing to expand beyond the tech sector, while the euro dipped for a third day on signals the European Central Bank is concerned about the currency’s strength (see “With A Record Number Of Bulls, The Euro Is Ripe To Tumble After “Euphoric Run“). Meanwhile, the French Service PMI dipped from 51.9 in July to 51.5 in August, missing expectations of 51.9, even as Germany posted a modest beat (51.9 vs exp. 51.6, last 51.6).

Commenting on the European PMIs, Goldman said that the Euro area composite PMI was revised up by 0.3pt from its flash estimate of 51.6 for August. This reflected a sizeable upward revision to the German composite PMI (concentrated in the service sector), which more than offset the downward flash-to-final revision in France and (implicitly) elsewhere in the Euro area. Both the Italian and Spanish composite PMIs came in below expectations, especially the latter, declining by 3.0 and 4.4pt respectively. The August PMIs across the Euro area indicate a slowdown in the pace of recovery—with a potential contraction in Spain, but also Italy—after a notably stronger-than-expected initial rebound from the April trough.

 

The Stoxx 600 Travel & Leisure Index climbed to the highest since June 10, while the Auto & Parts Index reaches best level since June 8, amid optimism surrounding the quest for a Covid-19 vaccine, fresh economic stimulus in France, and a weaker euro boosting exporters. SXTP up 2.7% leading the Stoxx 600; IAG (+6%), Carnival (+5.7%) and Easyjet (+5.7%) lead SXTP; Peugeot (+4.9%), Renault (+4.8%), Fiat Chrysler (+3.8%) lead SXAP; The first results showing whether a vaccine can stop people from getting the virus could come by mid-September from AstraZeneca, according to Airfinity, an analytics company that tracks drug trials, while two other contenders may also have initial data before a key FDA meeting on Oct. 22

Earlier in the session, Asian stocks were little changed, with energy falling and IT rising, after rising in the last session. Markets in the region were mixed, with South Korea’s Kospi Index and Australia’s S&P/ASX 200 rising, and Jakarta Composite and Shanghai Composite falling. The Topix gained 0.5%, with Fukushima Bank and Solxyz rising the most. China’s Shanghai Composite Index retreated 0.6%, with Bohai Ferry Group Ltd and Jilin Forest Ind posting the biggest slides.

Global stock have been rising on continued central bank stimulus as well as renewed hopes for a coronavirus vaccine, fueling a catch-up trade in markets that had lagged the U.S. The S&P 500 jumped 1.5% yesterday to hit another record and Japanese stocks are trading at the highest since February. Data on Thursday is likely to show the number of Americans filing for weekly jobless claims remained elevated in the latest week, but dipped below the 1 million mark. Separately, reading on ISM’s services index probably edged lower to 57 in August from 58.1. The critical monthly payrolls report by the Labor Department is set for release on Friday. Signs that the U.S. economic recovery is faltering has raised concerns about depleting federal aid. At the same time, investors are hopeful that the next fiscal coronavirus relief bill could be unveiled in the coming days.

“Markets continue to show unrestrained faith in the capacity of central bank liquidity to chart a relatively smooth path for the global economy out of the Covid challenges,” said Stephen Miller, investment strategist at GSFM.

The U.S. Centers for Disease Control and Prevention – after halting eviction – told states to prepare for a Covid-19 vaccine to be ready by Nov. 1, an aggressive goal that suggests availability just before the presidential election.  Anthony Fauci warned of a potential surge in American cases from the coming long holiday weekend.

In FX, the dollar rose against G-10 peers, with the Bloomberg Dollar Spot Index climbing a third day. The euro headed for the biggest three-day decline since June following signals that the ECB is concerned about the strength of the common currency. The pound dropped a second day against the greenback. Norway’s krone and the New Zealand dollar led losses among G-10 currencies.

In rates, Treasury yields were little changed across a steeper curve, off session highs reached during European morning. Yields were cheaper by less than 1bp across the curve, with 2s10s and 5s30s curves marginally steeper; 10-year yields around 0.655% with bunds outperforming and gilts lagging, each by ~1bp. At 11am, the Treasury Department will announce sizes of next week’s three coupon auctions; based on its forecasts in Aug. 5 refunding announcement, expectation is for $50b 3-year new issue (vs $48b last month), $35b 10-year reopening (vs $29b in previous cycle) and $23b 30-year reopening (vs $19b).

In commodities, WTI and Brent continued to drift lower, with Brent down more than 1%, partly weighed on by the firmer USD, while traders kept an eye on the supply side of the equation as Gulf of Mexico production comes back online, while comments from Russian Energy Minister Novak yesterday, regarding oil demand at ~90% of pre-pandemic levels and calling on OPEC to take this into account, hinted at a potential proposal of early tapering of the OPEC+ output curbs. Gold dropped for the third day on the back of continued dollar strength, further decoupling from real rates.

Looking at the day ahead, the ISM services index from the US will be the highlight, as well as the weekly initial jobless claims and the July trade balance from the US. Central bank speakers today include BoE Governor Bailey as well as Deputy Governor Ramsden, along with the ECB’s Schnabel and the Fed’s Evans. Campbell Soup, Ciena, Broadcom and DocuSign are among companies reporting earnings.

Market Wrap

  • S&P 500 futures down 0.1% to 3,575.50
  • STOXX Europe 600 up 1.1% to 375.28
  • MXAP up 0.08% to 174.30
  • MXAPJ down 0.1% to 577.19
  • Nikkei up 0.9% to 23,465.53
  • Topix up 0.5% to 1,631.24
  • Hang Seng Index down 0.5% to 25,007.60
  • Shanghai Composite down 0.6% to 3,384.98
  • Sensex up 0.02% to 39,093.85
  • Australia S&P/ASX 200 up 0.8% to 6,112.61
  • Kospi up 1.3% to 2,395.90
  • German 10Y yield rose 0.5 bps to -0.468%
  • Euro down 0.3% to $1.1823
  • Italian 10Y yield fell 6.3 bps to 0.846%
  • Spanish 10Y yield rose 1.5 bps to 0.346%
  • Brent futures down 1.4% to $43.81/bbl
  • Gold spot down 0.4% to $1,934.71
  • U.S. Dollar Index little changedat at 92.87

Top Overnight News from Bloomberg

  • The euro area’s recovery ran out of steam midway through the third quarter, with gauges of activity pointing to contractions in Italy and Spain. While manufacturing output rose markedly in August, the larger services sectors aw only marginal growth, according to an IHS Markit report. Orders increased at a slower pace, job cuts continued and confidence about the outlook eased
  • Boris Johnson’s officials are urgently working to avert a major border crisis when the U.K. leaves the European Union’s trade regime. According to a leaked document, ministers are asking hauliers and other industry groups for help to avoid chaos at the border when the Brexit transition period expires at the end of the year
  • The U.S. Centers for Disease Control and Prevention told states to get ready for coronavirus vaccine distribution as early as November 1 — days before the presidential election
  • Coronavirus cases surpass 26 million globally while deaths exceed 863,000
  • Sanofi started human trials for its vaccine, aiming for results in December and planning to then move on quickly to late-state trials
  • French President Emmanuel Macron unveiled a 100 billion-euro ($118 billion) stimulus plan to restart the country’s economy after the pandemic, including wage subsidies, tax cuts for businesses and funding for green projects

A quick stroll across global markets, courtesy of NewsSquawk

Asian equity markets ultimately closed mixed after a predominantly positive session following the firm handover from US peers in which the S&P 500 and Nasdaq extended on record highs and DJIA climbed back above 29,000 amid dovish central bank rhetoric and vaccine optimism. ASX 200 (+0.8%) gained from the open with the index led by its top-weighted financials sector and sentiment underpinned by tax cut hopes after Treasurer Frydenberg announced that the government plans to bring forward tax reductions. Nikkei 225 (+0.9%) found support from a favourable currency and after Japan’s Chief Cabinet Secretary Suga confirmed he will run in the party leadership race and will continue with Abenomics policies, while index heavyweight Fast Retailing was also buoyed after its domestic same-store sales surged 29.8% last month. Hang Seng (-0.5%) and Shanghai Comp. (-0.6%) were initially positive after stronger than expected data in which Caixin Services PMI topped estimates and Caixin Composite PMI improved, although upside was later reversed following a relatively tepid liquidity effort by the PBoC which resulted to a daily net injection of CNY 20bln and due to US-China tensions after the US imposed fresh restrictions on Chinese diplomats in the US. Finally, 10yr JGBs were higher as they tracked recent gains in T-notes despite the strength seen in equity markets, with prices kept afloat amid declining yields and following marginal improvement in the 30yr JGB auction results.

Top Asian News

  • Investors Pile Into OCBC’s Biggest Dollar Bond in Six Years
  • Hong Kong Media Mogul Jimmy Lai Acquitted in Intimidation Case
  • China Affirms Right to Approve Tech Deals as TikTok Sale Looms
  • Singapore’s MAS to Boost Access to Dollar Funding for Banks

European equity markets continue on their upwards trajectory (Euro Stoxx 50 +1.2%) in a continuation of yesterday’s price action and following a firm handover from Wall Street, although a divergence is seen between European and US equity futures, with the latter potentially weighed on by the stalemate on Capitol Hill, whilst NQ underperforms in what seems to be an unwind of the recent tech rally. Note: some have attributed the upside in Europe to a piece via the FT noting that ECB members are likely to cut their inflation projections at next week’s meeting amid the recent EUR strength. However, it is worth keeping in mind that price action does not correlate with the timing of the piece, with futures stable until the European cash open, almost three hours after markets picked up on the FT report. Nonetheless, the region experiences a sea of green with some underperformance seen in UK’s FTSE (+0.6) – weighed on by some large-cap miners as metals succumb to the Dollar. Sectors also reside in positive territory across the board with no clear risk bias to be extracted. Basic resources are the laggards whilst Travel & Leisure top the charts, possibly underpinned by vaccine hopes after NIH’s Fauci said there could be a vaccine ready by November or December. The IT sector meanwhile failed to garner much traction from reports that China is said to be mulling broader chip-sector support to battle US President Trump. In terms of individual movers, Sanofi (+0.7%) and GSK (+0.5%) have not deviated much since the cash open despite initiating its Phase 1/2 trial for its protein-based COVID-19 vaccine candidate, with pre-clinical studies showing promising safety and immunogenicity. Iliad (-3.1%) shares have tumbled after reporting a mixed bag of earnings. Finally, Siemens Healthineers (-3.6%) stand as one of the laggards after the group commenced a cash capital increase.

Top European News

  • Europe’s Rebound Lost Momentum With Italy, Spain Shrinking Again
  • Merkel Bloc Backs Plan for Extra Deficit Spending Next Year
  • Merkel Faces Pressure to Drop Russian Pipeline to Punish Putin
  • BOE Talks Up Prospect of Easing as U.K. Faces Triple Threat

In FX, the great Greenback revival seems to have stalled around 93.000 in DXY terms, albeit with the Euro rebounding on the back of a German boost to the pan Eurozone services and composite PMIs after disappointing prints from the periphery and France. Indeed, the Dollar may yet regain the initiative and upward momentum if the services ISM emulates the feats of Tuesday’s manufacturing survey and/or initial claims return to a declining trend. For now, the index is maintaining an underlying bid within a 93.074-92.688 band and taking cues from major counterparts in the main, while US Treasury yields and the curve continue to tick higher and steepen against the backdrop of positive risk sentiment in global stocks vs softer crude and commodity prices.

  • GBP – Sterling has slipped towards the bottom of the G10 ranks, with Cable struggling to keep sight of 1.3300 and Eur/Gbp eyeing 0.8900 after downward revisions to UK services and composite PMIs, but also amidst some re-pricing for zero or negative rates along the Short Sterling strip. However, BoE Governor Bailey may reiterate that NIRP is unlikely to happen anytime soon and MPC member Saunders rounds off this week’s heavy speaker’s schedule tomorrow.
  • AUD/NZD/CAD – Also weaker vs their US rival as the Aussie teeters just above 0.7300 in wake of weak trade data hot on the heels of the record Q2 GDP contraction, the Kiwi pivots 0.6750 and Loonie meanders between 1.3100-1.3040 parameters awaiting Canadian trade and Friday’s labour report.
  • EUR/CHF/JPY – As noted above, the Euro has gleaned some traction from upgrades to final German PMIs that more than offset misses elsewhere, with Eur/Usd back over 1.1800 and within striking distance of the 21 DMA (1.1835), while the Franc has pared declines from circa 0.9142 even though Swiss CPI came in slightly softer than expected and will likely harden the resolve of the SNB to keep rates negative and actively intervening. Similarly, the Yen is trying to contain losses below 106.00 despite more dovish BoJ commentary overnight and Japanese services and composite PMIs staying sub-50.
  • SCANDI/EM – The aforementioned downturn in oil has pushed the Norwegian Crown back under 10.5000 against the Euro and the Yuan is finally succumbing to the Buck’s persistent efforts to recover, but the Lira is underperforming again and sliding to new all time lows following weaker than forecast Turkish inflation and more intense investor anxiety about the nation’s increasingly strained international relations.

In commodities, WTI and Brent front month futures continue to drift lower in early European hours, partly weighed on by the firmer USD, although participants must keep an eye on the supply side of the equation as Gulf of Mexico production comes back online (BSEE estimate 19.9% production shuttered in vs. Prev. 28.4%), whilst comments from Russian Energy Minister Novak yesterday, regarding oil demand at ~90% of pre-pandemic levels and calling on OPEC to take this into account, hinted at a potential proposal of early tapering of the OPEC+ output curbs. Meanwhile, the demand side of the equations continues to eye COVID-19 developments, with the European Centre for Disease Prevention and Control suggesting COVID-19 infections in Europe are “almost back” to March levels. Of course, airline fuel demand will be in focus on this front given the implementation of quarantine rules in the continent, whilst lockdowns are likely to be targeted to specific regions of cluster outbreaks. WTI Oct just below USD 41/bbl (vs. high 41.79/bbl) and Brent Nov under USD 44/bbl (vs. high 44.65/bbl), with the latter approaching USD 43.50/bbl to the downside. Elsewhere, precious metals remain subdued as a function of the Dollar – spot gold found overnight resistance at 1950/oz before trundling lower to ~1925/oz. Spot silver saw losses accelerate after a downwards breach of 27/oz, albeit the metal has since reclaimed the level. In terms of base metals, copper prices eased as disruptions ease in Chile, alongside an overall downbeat performance in China.

US Event Calendar:

  • 7:30am: Challenger Job Cuts 115.762K, vs 262.649K last
  • 8:30am: Nonfarm Productivity, est. 7.5%, prior 7.3%; Unit Labor Costs, est. 12.0%, prior 12.2%
  • 8:30am: Initial Jobless Claims, est. 950,000, prior 1.01m; Continuing Claims, est. 14m, prior 14.5m
  • 8:30am: Trade Balance, est. $58.0b deficit, prior $50.7b deficit
  • 9:45am: Markit US Services PMI, est. 54.7, prior 54.8; Markit US Composite PMI, prior 54.7
  • 10am: ISM Services Index, est. 57, prior 58.1

DB’s Jim Reid concludes the overnight wrap

On the subject of vaccines there are a few questions on this in our monthly survey. We’ve been very happy with the number of responses (very many thanks) so far and as a result we are going to close it a day early this lunchtime. So last few hours to fill it in. Link is here. Results hopefully tomorrow once we count all the ballots up!!

It’s a landmark day at home as my daughter Maisie migrates from nursery to school today and the twin boys start their first day at nursery at the same school. So cue lots of tears from everyone apart from me. Although I was a little upset to find that nursery didn’t have a boarding option. We plan to take a group photo in uniform at our front door this morning. I suspect there is no chance of them 1) all looking at the camera, 2) all smiling and 3) not fighting. However we may as well make the photos as authentic as possible. The twins do absolutely everything together (including wild fighting) but they are being separated into two classes today so goodness knows how that will turn out. Not our problem. We’ll just leave them at the gates and run.

Even if today is the first day of school for many, global equity markets have been at the top of the class this month already. US equities again hit fresh highs, with the S&P 500 jumping +1.54% as the index remains on track to close higher for the 9th week out of the last 10. It was the largest one day gain for the index since July 6th. The Dow Jones (+1.59%) hit a post-pandemic high as well, though unusually tech stocks lagged behind as the NASDAQ ‘only’ rose +0.98%. 22 of 24 S&P industries were higher with Autos and Utilities up over +3%, while Tech Hardware fell back -1.37% as Apple (-2.07%) retreated after rallying over +7% following its stock split back on Monday.

In Europe the moves were even stronger, with the STOXX 600 up +1.66%, though banks struggled (-0.65%) as bond yields took a sharp turn lower. The DAX (+2.07%) was another to reach a post-pandemic high, though it fell just -0.04% shy of being in positive territory on a YTD basis. Staying with Europe, a reminder that on Tuesday, 8 September at 2pm BST/3pm CET/9am ET, DB’s Mark Wall will be hosting a conversation with Peter Praet, Former Executive Board Member and Chief Economist of the ECB (2011-2019) on ECB policy through the pandemic and beyond. To register for the event, please click here.

Back now to those moves in fixed income yesterday. Yields on 10yr bunds (-5.3bps), OATs (-6.1bps) and BTPs (-6.3bps) fell throughout the session. Even in the US, where Treasury yields had climbed at the start of the day, they finished -1.6bps lower at 0.653%. Elsewhere, it was a pretty mixed performance for other safe havens, with the dollar index (+0.38%) strengthening for a second day running, whilst gold (-1.38%) and silver (-2.36%) saw noticeable falls. The stronger dollar weighed on oil as well, as WTI (-2.92%) and Brent (-2.52%) fell. The other factor pushing crude lower was news of OPEC+ beginning to taper cuts.

Overnight in Asia markets are mostly higher with the Nikkei (+1.31%) and Kospi (+1.41%) both posting strong advances while the Asx is up a more modest +0.77%. The Hang Seng -0.31% and Shanghai Comp -0.06% are down though. In FX, most G-10 and emerging market currencies are trading weak against the US dollar this morning with the euro down -0.35% to 1.1814. Futures on the S&P 500 are -0.08% this morning while yields on 10y USTs are back up +1.2bps.

Looking forward, attention today will turn to the release of the services and composite PMIs from around the world. Overnight we’ve already had the numbers in from Japan/China/Australia, which showed China’s Caixin services PMI stabilising at 54.0 (vs. 54.1 last month and 53.9 expected) while the composite reading moved up to 55.1 (vs. 54.5 last month). Japan’s final services PMI printed in line with the flash at 45.0 while the composite stood at 45.2 (vs. 44.9 in flash). Lastly Australia’s services reading was confirmed at 49.0 (vs. 48.1 in flash). So certainly no nasty data surprises in Asia as we head into European PMIs.

In other overnight news, the US State Department said in a statement that Chinese diplomats in the US will now face new limits on travel and meetings in the US. Under the new rules, senior Chinese diplomats must get approval to visit university campuses or meet with local officials and any Chinese-hosted cultural events outside of consular posts will need approval if the audience is larger than 50 people. The statement also added that the State Department will require that Chinese diplomatic social media accounts are identified as government-controlled. The moves are aimed at matching Communist Party restrictions on American diplomats and impose costs for what it calls unfair treatment.

On the coronavirus, Dr Fauci warned yesterday that the Labor Day holiday coming up could lead to a rise in cases as other summer holidays have in the US. Cases are currently rising at a rate of 290,000 per week in the US, the lowest since just before the July 4th holiday weekend in the states. While new cases are declining in the summer hot spots like Texas, Florida, and Arizona the concern has shifted to states that were less affected in both the first (Northeast) and second waves such as Iowa and the Dakotas, which have seen sharp rises over the past 2 weeks. Back to the topic of vaccines, the CDC in the US told health officials in all 50 states that they should be ready to distribute a vaccine by November 1 to at-risk individuals including healthcare workers and the elderly. As outlined in the vaccine piece linked above, the timeline puts a potential rollout right before the US election and already over 75% of Americans believe the approval process is driven by politics (according to a Stat/Harris poll). This could hamper the initial uptake and politicise it as discussed in our piece.

In the UK, the government had to step back from easing restrictions in some areas of northwest England after pushback from local leaders. On the continent, France reported over 7000 cases in the last day and along with Spain are now seeing more confirmed cases on a weekly basis than they did during their original outbreaks. Hospitalisations continue to lag as countries continue to cite younger populations as being infected in larger quantities. There is also a matter of greater testing, but the increasing numbers before the weather gets cold will mean the probability of some form of restrictions returning in the next few months is high. The question for governments remain how to balance restrictions with the economic impacts.

Ahead of tomorrow’s US jobs report, the ADP’s private payrolls report showed that firms added +428k jobs, which was beneath the +1m reading expected. However as our US economists wrote last week, given their miss last month, this release may be discounted somewhat. As a reminder, their forecast is still for a +1.2m increase in nonfarm payrolls tomorrow. In terms of other data out yesterday, US factory orders in July were up +6.4% (vs. +6.1% expected), though German retail sales in July unexpected fell by -0.9% (vs. +0.5% expected).

Overnight, Fed’s Daly became the latest official to speak on the need for fiscal stimulus in the US. She said “at this point more fiscal would be appropriate” and added if support isn’t restored to its previous levels, it could be a “headwind” to growth with a “disproportionate” effect on those who are struggling the most. She also said, “I think there’s more to do in that Main Street lending program, and we’re actively trying to do it”. On the other hand, Senate Majority Leader Mitch McConnell raised concerns over whether the Congress can get a deal at all after lawmakers return to Capitol post a month long recess. He said, “I don’t know if there will be another package in the next few weeks or not,” while adding that talks between top administration officials and House Speaker Nancy Pelosi haven’t been fruitful, and that any embrace of bipartisanship in the Capitol has “descended” as the elections near.

Here in the UK we actually had a number of headlines yesterday, including an array of Bank of England speakers. On the possibility of further stimulus, Deputy Governor Ramsden said that the BoE had “headroom to do materially more QE if we need to add to it”, though Governor Bailey also said that the BoE’s “best guess” was that inflation probably wouldn’t go negative, since the pass-through of the VAT cut was less than anticipated. Meanwhile on the UK-EU trade negotiations, the EU’s chief negotiator Michel Barnier gave a speech yesterday in which he criticised the UK’s stance on multiple points. He said that “the UK has refused to engage on credible guarantees for open and fair competition”, that they have “not shown any willingness to seek compromises on fisheries”, and that “the UK has been extremely reluctant to include any meaningful horizontal dispute settlement mechanisms in our future agreement”. We’ll likely get some more headlines on this front next week when the next negotiating round takes place in London.

To the day ahead now, and the aforementioned services and composite PMIs from around the world are likely to be the main data highlight, along with the ISM services index from the US. Otherwise, there’s Euro Area retail sales for July, as well as the weekly initial jobless claims and the July trade balance from the US. Central bank speakers today include BoE Governor Bailey as well as Deputy Governor Ramsden, along with the ECB’s Schnabel and the Fed’s Evans.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 19.82 POINTS OR 0.58%  //Hang Sang CLOSED DOWN 112.49 POINTS OR 0.45%   /The Nikkei closed UP 218.38 POINTS OR 0.84%//Australia’s all ordinaires CLOSED UP .79%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8396 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8396 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8408 TRADE TALKS STALL////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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//CHINA VS USA ESCALATION

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

A good one!

Bill Blain discusses what is going on in Japan and why Europe is in worse shape

(Bill Blain)

“Don’t Buy Tickets To Mars… It Will Disappoint”

Authored by Bill Blain via The Morning Porridge blog,

Lessons From Japan

“The Frog in the well knows not the great sea.”

Tesla’s taken a bit of spanking this week in 10% volatile up/down market. Maybe it was the $5 bln cheeky stock sale, or long-term holder Baillie Gifford taking profits? Does that mean it’s now a “buy”? If you think so – shouldn’t you have gone back to school this week? Its a bubble stock and at some point (I suspect sooner than later): the lower Tesla goes, the lower Tesla will go… 

Meanwhile… back in the real world…

Let me start by saying I’m not a Japan expert – just an observer. As Prime Minister Shinzo Abe fades into retirement, I wonder if the Japanese economy might provide some insights into what’s in store for Europe and the US?

Recently, a number of analysts have described Japan as a warning from history. Its an interesting perspective – but I suspect a somewhat flawed one. Japan has problems – Europe’s are likely to prove much worse. 

The perception is Japan’s decades of lost growth since 1991 – despite negative real interest rates and the longest sustained period of monetary experimentation in the form of QE -highlights that artificially low rates and too much debt will repress economic growth.

It’s a fair observation – but needs refinement. Like any nation, Japan has unique problems include its ageing demographics, but also rigid social structures including a fixation on above-the-surface consensus, and social barriers like discouraging women in the workforce. Its’ arcane political system – described as flawed democracy and a one-party state (despite a brief period where the opposition got in)- does not encourage dramatic policy responses. It’s also deeply suspicious of the outside – the recent problems of Carlos Ghosn show Japan is not a place for foreign devils to succeed in business.

On the other hand, Japan is not some decaying backwater. In many way’s its culture, social cohesion and economic stability remain the envy of other nations. I’m wondering if the Japanese may even have stumbled on the secrets of a long-term comfortable slow-economy – but that’s a discussion for another day.

In the 1980s, aided by dollar appreciation, the Japanese economy completed its evolution from a low-cost manufacturer into a leading global economy on the back of cheap and readily available credit. Bubbles erupted as the stock market rose to record levels. The land the Imperial Palace was built on in Tokyo was said to be worth more than the whole of California. Japanese companies were top global brands leading by design; Toyotas were hip, and everyone wanted a Sony Walkman. There was easy money to be made in Japanese equity warrants and a stock market that was only going higher.

But sure enough, in the early 90’s the stock bubble popped. It left Japan’s Zombie debt-addled companies struggling on aimlessly as economic growth stuttered despite the central bank slashing interest rates. Its industrial design lead was overtaken, while productivity crashed and household industrial names became largely irrelevant in the global markets. “Japanification” became a bedtime story to scare the kids.

30 years later Japan does not look like an economy in deep trouble. There is low unemployment, but the economy isn’t close to full capacity. The stock market has gone up and down, while the once vibrant JGB government bond market is largely held by the Bank of Japan (50%), which has also been buying EFTs to try and boost the deflating economy.

Effectively Japan’s economy stalled in 1990, and has never truly recovered the pace of the 1980s. There were moments when growth took hold and the markets showed promise, but each recovery quickly faded. 

Along comes Shinzo Abe – an able and capable politician promising economic renewal.

His “three arrows”: liquidity creation via essentially unlimited monetary policy, fiscal stimulus to rebuild infrastructure and prestige projects, and a dash for growth sounded like genuine policy. But that’s all they ever were – policies that failed to address the rigidities at the heart of Japan.

To be fair.. it didn’t help that natural disasters and an associated nuclear accident compromised growth, and now the pandemic has stifled what little growth shoots were visible. The reality is that Abenomics promised much but achieved little.  It certainly didn’t help that Abe made the mistake of allowing bureaucrats to impose consumption taxes on the economy to pay for his monetary creation and fiscal handouts. Taxing consumption in an economy notorious for thrift and saving was right up there with European Austerity as a really stupid economic mistake.

The failure to ratify TPP – the trade agreement with the US – and with Europe, has pushed Japan outside the Western hegemony and closer to China. Not a problem for Japan – it wants to do deals. But, there are serious doubts on how whomever succeeds Abe can continue to drive the economy. Political leadership seems in short supply – the political system is raddled by factions within the ruling LDP based on patronage rather than talent. Bureaucrats were constrained under Abe, but will likely resume their “overly comfortable” command and control of the economy now he’s gone.

Does that gallop through the treacle that is Japan’s complex political economy trigger any alarm bells? Zombie debt ridden companies? Negative Real Interest Rates? A lack of leadership? 

The shocking truth is Europe may actually be in much worse shape than Japan ever was.

First: Europe faces an employment crisis for young people that Japan did not. 10% Youth Employment seems to have become an acceptable number for Brussels – that’s a social time bomb in cities with large unhappy and disenfranchised emigrant populations, and in decaying rural backwaters – witness the Gillet Jaune in France, the rise of the right and unrest elsewhere.

Second: Japan had the advantage of its own currency and control of its bond market. It matters less that Japan’s debt stands at 240% of GDP and its spending $2 trillion on stimulus measures. This morning France announced a barely there €100 bln economic relaunch. Italy’s stands at 159% – but it’s borrowing in a currency it can’t control and doesn’t own the printing presses. Japan could notionally write off the 50% of JGBs owned by the Bank of Japan while borrowing as much as it requires by pressing the print go-button. If necessary Japan could even target helicopter money to drive domestic consumption. Italy has to go cap-in-hand begging more from Brussels as its economy collapses after the pandemic zero-tourist season.

Third: Japan had Abenomics. It might not have worked, but it was a clearly stated policy. What have we got from Europe’s Eurocracy? Vague promises to spend Euro 750 bln of other countries money on the poorer parts? Agreement on Brussels’ Eurocracy controlling disbursements? The difference is Japan had unified national government. Europe functions on compromise between Brussels and domestic capitals – democratic oversight isn’t clear or transparent.

Fourth: Japan’s industry might have lost ground over the last 30 years, but its still a dominant force in area such as nuclear power and autos. It has policy and an education system capable of producing the skilled workers that will be required for a new tech 4th industrial revolution in terms of robotics, 3-D, and logistics. It already has effective health care and direction. Some Northern European nations get the importance of industrial planning and resource – but the struggling south never adapted or reformed their economies prior to the Euro, and are now paying future taxes away today to keep their heads above water.

Then there is the debt crisis. 

Japan’s 1980’s financial asset bubble created a Zombie economy requiring massive banking bailouts. That was possible for Japan – but it’s proving insurmountably difficult for Europe to agree a common bank resolution format, except for the “do-what-ever-it-takes” mantra. The Americans (and to a lesser extent the Brits) quickly realised banks were the issue and resolved them. The European’s have failed to take difficult decisions.

Meanwhile, despite resolving the banks, its taken 30-years for Japan’s corporates to wean themselves off debt and start to try to re-establish themselves as global lean and mean leaders.

What does the Japanese corporate experience mean for the rest of the West? 

US and European firms are still at the start of the Zombie debt crisis – although you could argue it started 10-years ago with ZIPR and QE. It’s going to take years for effects of corporate indebtedness to cycle through the economy in terms of investment and growth opportunities missed.

I would even go as far as to suggest the corporate structure in the West today explains much of the market’s froth.

Some of the key factors to consider are about hopes that Western Corporate exceptionalism and Tech Company innovation is going to create a new golden age.

The reality is very different:

  • Heavily indebted firms are not delivery quality of life, productivity or product satisfaction.
  • There is a widening disconnect between falling living standards and the financial rape of the middle classes versus growing wealth inequality as the owner and manager classes continue to get richer.
  • There is still a belief that capitalism works, is inventive and can make everyone better off.

The result is dissatisfied workers (including the middle classes, which itself includes many investment managers) look for magic. They invest their hopes and dreams of wealth in likely sounding projects. They congratulate themselves for their wisdom if these play out positively, and scream at rigged markets when they don’t.

The result is that good ideas – like EVs, video-conferencing, promising pharmaceuticals, and even WeWork, get hyped beyond all common sense. America looks on flamboyant entreprenuers like they were rock-stats, and ascribe all kinds of god-like wisdom and financial acumen upon them.

They invest their hopes and dreams in flawed characters because they don’t want to believe the American corporate sector has become flabby, it’s arteries clogged with debt, and is little more than a personal piggy-bank for the management. They want to believe entreprenuers are great visionaries who have the brains and energy to restore American corporate greatness..

Some people are going to be profoundly disappointed.  The peculiar delusional madness of crowds is something some “entrepreneurs” know how to milk very effectively. Do not buy tickets to Mars – it will disappoint.

3 C CHINA

CHINA VS USA

Pompeo unveils extensive new restrictions on Chinese diplomats in the USA

(zerohedge)

Pompeo Unveils Extensive New Restrictions On Chinese Diplomats In US

Secretary of State Mike Pompeo Wednesday morning announced severe new restrictions on Chinese diplomats in the United States.

He cited that American diplomats in China “face constant barriers to their work” and so Washington is responding in a commensurate way.

“Today, the State Department imposed new requirements on senior PRC diplomats conducting meetings and events in the U.S. We will always advocate for fair treatment of our diplomats abroad,” Pompeo introduced.

 

Google Maps Street view of the Chinese embassy in Washington, D.C.

This includes requiring senior Chinese diplomats working in the US to seek formal approval from the State Department in order to visit any American university campus or meet with local or state government officials.

In a press briefing the top US diplomat cited China’s own “opaque approval process” for American diplomatic personnel working in China, which ultimately prevents them from “conducing regular business, attending events, securing meetings, and connecting with the Chinese people.”

He specifically called out restrictions facing US staff when it comes to accessing Chinese university campuses, and even engaging the local population via media or social media.

Even cultural events hosted by the Chinese embassy which are “off campus” – or outside Chinese missions – which include over 50 people will also require formal US approval.

Pompeo’s remarks emphasized that Washington is in essence imposing on China the exact same set of restrictive hurdles routinely facing Americans in Beijing.

This also comes after days ago Pompeo said he hopes the state-sponsored Confucius Institue will be gone from US soil by year’s end.

end

4/EUROPEAN AFFAIRS

GERMANY/RUSSIA

Merkel is pressed to sabotage the critical Russian gas pipeline in retaliation for the Navalny poisoning

(zerohedge)

Merkel Pressed To Sabotage Critical Russian Gas Pipeline In Retaliation For Navalny “Poisoning”

German Chancellor Angela Merkel has frequently been criticized for her ‘realpolitik’ decision to embrace the ‘Nord Stream 2’. As Tom Luongo quipped back in July, “no single project has caused more wailing and gnashing of teeth than Nordstream 2. And since Nordstream 2 is simply the substitute for South Stream, which was supposed to come across the Black Sea into Bulgaria and then feed eastern Europe, this U.S. opposition to another Russian pipeline spans multiple administrations.” Despite obstacles created by US sanctions on Russia, the Gazprom-led gas-pipeline project is on the verge of completion.

Merkel has defended NordStream as a necessity to secure adequate fossil fuel supplies, even as Germany and its European allies work toward a ‘fossil fuel-free’ future. In 2017, Germany used up a record 53 billion cubic meters of Russian gas, comprising about 40 percent of Germany’s total gas consumption. Nord Stream 2’s delivery system is designed to carry up to 55 billion cubic meters (1.942 trillion cubic feet) of gas per year.

Berlin and Moscow agreed on the 1,200-kilometer (746-mile) route connecting the Ust-Luga area near Saint Petersburg with Greifswald in northeastern Germany. The pipes would run across the Baltic Sea, for the most part following the route of the pre-existing Nord Stream 1 pipeline, which became operational in 2011.

Source: DW

But now, Merkel’s political rivals, both in the opposition, and within her own party, are already seizing on the Navalny episode and the ‘certainty’ with which Germany’s Bundeswehr laboratory has supposedly ‘confirmed’ that Navalny was poisoned with ‘military-grade’ Novichok, the same Soviet Union-era nerve agent allegedly used to poison former double-agent Sergei and his daughter Yulia Skripal back in 2018.

Some members of Merkel’s Christian Democratic Union who are jockeying to replace her when she leaves office at the end of her current term are seizing on the opportunity to burnish their ‘tough on Russia’ credentials. Norbert Roettgen, head of the German parliament’s foreign affairs committee, tweeted that allowing NS2 to be completed would send the wrong messaging by “rewarding” instead of “punishing” Vladimir Putin.

Brussels has largely opposed NordStream 2 because it’s the biggest obstacle to the EU bureaucrats’ plan to unshackle the Continent from Russian energy dependence. But on Thursday morning, even the European Union issued a statement clarifying that no new sanctions or other diplomatic recriminations should be imposed before an investigation into the Navalny situation can be completed.

Moscow scoffed at Germany’s accusations, insisting that there’s no evidence that Navalny was poisoned with Novichok, and furthermore, his symptoms, and the circumstances surrounding the incident, aren’t consistent with a Novichok attack.

Germany’s allegations have “no basis” in fact, and there’s no reason for Western countries to consider imposing sanctions in the case, Kremlin spokesman Dmitry Peskov said during a conference call with foreign reporters. “There’s no basis for accusations against the Russian state and we aren’t inclined to accept any” “We don’t want our partners in Germany or any other European country to rush to conclusions.”

Even the scientists who developed Novichok, Leonid Rink and Vladimir Uglev, have dismissed Germany’s claims, arguing that Novichok is extremely deadly and that there’s no way Navalny would have survived. Not only that, but if Novichok had been used, the nurses, fellow passengers and other bystanders likely would have been sickened, like we saw in the Skripal case. Russia insisted that the nerve agent

Here’s an excerpt from the NYT’s “explainer” on Novichok:

But for decades, scientists, spies and chemical weapons specialists have known about and feared Novichok. It is a potent neurotoxin, developed in the Soviet Union and Russia in the 1980s and 90s, that can be delivered as a liquid, powder or aerosol, and is said to be more lethal than nerve agents that are better known in the West, like VX and sarin.

The poison causes muscle spasms that can stop the heart, fluid buildup in the lungs that can also be deadly, and damage to other organs and nerve cells. Russia has produced several versions of Novichok, and it is anyone’s guess how often they have actually been used, experts say, because the resulting deaths can easily escape scrutiny, appearing like nothing more sinister than a fatal heart attack.

For more contradictions in the narrative, see here. According to the initial reports, Navalny “collapsed” in his airplane bathroom shortly after takeoff. Before leaving, he consumed a cup of tea at the airport, the only food or drink he says he consumed during the hours before takeoff.

Of course, plenty of Merkel’s allies are skeptical of sabotaging NordStream 2.

After realizing his statement ran counter to Merkel’s position on Nord Stream, he rowed back, saying: “I didn’t construct a direct link between the Navalny case and Nord Stream, but just meant general German-Russian relations and what consequences this might have.”

Still, Merkel sounded uncharacteristically aggressive yesterday when she shared the allegations with the press. She said that repercussions could be announced in the coming days. Are we about to see more sanctions and/or expulsions of diplomats?

Is this just going to keep happening every 2 years or so?

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/CYPRUS/USA/GREECE

Turkey angry that the arms embargo on Cyprus has been lifted

(zerohedge)

“Poisons Regional Peace”: Turkey Enraged After US Lifts Decades-Old Arms Embargo On Cyprus

The timing significantly comes amid Turkey’s Mediterranean gas exploration standoff with Greece and Cyprus, which this past weekend very nearly resulted in shots fired, as the conflict gets increasingly militarized: the US has announced it will lift a decades-old arms embargo on Cyprus.

For now, the US move will only allow “non-lethal” military items to be exported to EU member Cyprus. US Secretary of State Mike Pompeo relayed the change to Republic of Cyprus President Nicos Anastasiades in a Tuesday phone call.

 

French made missiles, via MBDA/UPI

Pompeo further “reaffirmed US support for a comprehensive settlement to reunify the island” – given the arms embargo was imposed in the first place in 1987 in the hope it would encourage reunification, following Turkey’s military invasion and occupation of the northern half of the island since 1974.

President Anastasiades welcomed the temporary sanctions lifting, while predictably Turkey sees it as a direct threat, immediately urging Washington to reverse course:

“It poisons the peace and stability environment in the region,” the Turkish foreign ministry said, adding it does “not comply with the spirit of alliance” between the US and Turkey.

If Washington did not reverse course, the ministry said, “Turkey, as a guarantor country, will take the necessary decisive counter steps to guarantee the security of the Turkish Cypriot people, in line with its legal and historical responsibilities.

But Pompeo reaffirmed on Twitter that “Cyprus is a key partner in the Eastern Mediterranean,” and added, “We will waive restrictions on the sale of non-lethal defense articles and services to the Republic of Cyprus for the coming fiscal year.”

Currently the eastern Mediterranean region is witnessing rival naval drills among Turkey, and Greece and Cyprus and European allies France and Italy.

Despite Turkey being pretty much completely isolated in its actions and expansive interpretation of maritime boundaries (with the exception of the Tripoli government in Libya), it’s remained unmoved.

END

Turkey/Russia

The Turkish lira records to a record low of 7.44 on Russian naval drills in eastern Mediterranean waters claimed by Turkey

(zerohedge)

Lira Sinks To Record Low As Russian Naval Drills To Commence In Mediterranean Waters Claimed By Turkey

In a huge and surprising development, Russian warships will hold live-fire exercises in eastern Mediterranean waters claimed by Turkey starting next week, amid the ongoing and increasingly militarized dispute over maritime boundaries and hydrocarbon drilling rights which has put Turkey and Greece on a war footing.

Russia did not immediately confirm the announcement out of Ankara, subsequently reported by Turkey’s TRT World, which seized upon the news in relation to its controversial gas exploration claims:

The announcement on Wednesday advises sailors not to enter the drilling zone and in areas where ships are conducting research, Turkish Naval Forces Hydrography and Oceanography Department said in a statement.

According to naval alerts, Russian forces will conduct two separate shooting exercises on both sides of Cyprus island.

The two-phased Russia’s shooting exercise in the eastern Mediterranean will take place from September 8-22 and the other from September 17-25.

 

File image via Ekathimerini

It appears Turkey may be attempting to initially frame the development as in its favor, but that’s anything but certain, and actually appears the opposite.

Associated Press noted that “It’s unclear why NATO-member Turkey would announce such drills on Moscow’s behalf” — recent limited military cooperation, for example the transfer of the S-400, notwithstanding.

The drills are being interpreted as an attempt of Russia to remind NATO, locked as it is in a dispute between its two members Greece and Turkey, of its significant naval presence and influence in the eastern Mediterranean.

Turkey’s navy is reportedly urging Moscow not to interfere in its ongoing seismic studies by ships near Greece’s easternmost islands as well as near Cyprus.

According to Bloomberg, this is in no way a signal in favor of Turkey’s maritime claims:

Russian Navy spokesman Igor Dygalo didn’t immediately respond to requests for comment. Igor Korotchenko, head of the Centre for Analysis of World Arms Trade in Moscow, said the exercises were a show of force by Russia against NATO and not an effort to back Turkey.

“We do have strong economic and defense ties with Turkey but our policy is to avoid backing either side in this dispute,” he said by phone. “Turkey is quite capable of looking after its own interests.”

It appears Turkey’s markets agreed, given the lira just dropped to a record low against the dollar, also following rapidly increased inflation in August (year-on-year inflation of 11.77 percent).

Reuters notes the lira “weakened some 0.25% to 7.4100 against the dollar at 0744 GMT, its weakest level on record, from a close of 7.3910 on Wednesday.”

end

RUSSIA
the real truth behind the “poisoning” of Navalny
(Kit Knightly)

Navalny Novichok Poisoning: The (Very Unlikely) Story So Far…

Authored by Kit Knightly via Off-Guardian.org,

For those of you who haven’t been following the news – Russian politician (or “opposition figure”, as he is universally referred to in the Western press) Alexei Navalny was taken ill two weeks ago.

It is now being reported he was “poisoned” with “novichok”.

Here’s a quick rundown of the official story as it currently stands (bearing in mind that, as with most “official stories” it will likely be subject to instant, contradictory and retroactive changes in the coming weeks):

  • Alexei Navalny has never held any elected office, his political party doesn’t have a single MP in the Duma, and he polls at roughly 2% support with the Russian people.
  • Despite this, and in the middle of an alleged “pandemic”, Vladimir Putin deems the man a threat and orders him killed.
  • The State apparatus responsible for unnecessary and seemingly arbitrary acts of political murder decide to use novichok to poison him.
  • This decision is taken in spite of the facts that a) Novichok totally and utterly failed to work in their alleged murder of the Skripals and b) It has already been widely publicly associated with Russia.
  • Rather unsurprisingly, the novichok which didn’t kill its alleged target last time, doesn’t kill its alleged target this time either.
  • Compounding their poor decision making, the Russians not only perform an emergency landing and take Navalny straight to a hospital for medical care.
  • Despite Navalny being helpless and comatose in a Russian hospital, the powerful state-backed assassination team make no further attempts on his life.
  • In fact, seemingly determined to under no circumstances successfully kill their intended victim, the Russian government, allow him to leave the country and get medical help from one of the countries which previously accused them of using novichok.
  • To absolutely no one’s surprise, the Germans claim to have detected novichok in Navalny’s system.
  • Vladimir Putin and the Russian government are immediately blamed for the attempted murder.

If all this seems unlikely to you, don’t worry Luke Harding is here to explain it all.

He doesn’t have any evidence, of course. Instead we get sentences like this one [our emphasis]:

Over the past decade Moscow has produced and stockpiled small quantities, western intelligence agencies believe.

However, never let it be said that Luke isn’t aware of the contradictions in his story:

One other unresolved question is why Moscow granted permission for Navalny to be treated abroad, knowing that sooner or later the novichok inside his body would be detected.

But he has an answer for this:

The logical conclusion: Moscow wants the world to know.

You see, Putin wants everyone to know he did it, so he’s making it obvious. And the Kremlin’s denials are being done with “a wink and smile”. This must be some new meaning of the word “logical” I wasn’t previously aware of.

They couldn’t send him to Berlin then, so who announces the novichok was there? Do they do it themselves?

Oh well, at least now people will have something to talk about that isn’t the rapidly crumbling Covid narrative.

END

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1813 DOWN .0033 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS//PANDEMIC// /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL GREEN

 

 

USA/JAPAN YEN 106.44 UP 0.248 (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 1.3256   DOWN   0.0091  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3111 UP .0063 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 33 basis points, trading now ABOVE the important 1.08 level FALLING to 1.11813 Last night Shanghai COMPOSITE CLOSED DOWN 19.82 POINTS OR 0.58% 

 

//Hang Sang CLOSED DOWN 112.49 POINTS OR 0.45%

/AUSTRALIA CLOSED UP 0,79%// EUROPEAN BOURSES ALL GREEN

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 112.49 POINTS OR 0.45%

 

 

/SHANGHAI CLOSED DOWN 19.82 POINTS OR  0.58%

 

Australia BOURSE CLOSED UP .79% 

 

 

Nikkei (Japan) CLOSED UP 218.38  POINTS OR 0.94%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 14934.20

silver:$27.13-

Early THURSDAY morning USA 10 year bond yield: 0.653% !!! UP 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.384 UP 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.02 UP 17 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

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

JAPANESE BOND YIELD: +.03%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.32%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD  0.99 DOWN 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 67 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.47% 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 THURSDAY

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

Euro/USA 1.1837  DOWN     .0008 or 8 basis points

USA/Japan: 106.10 DOWN .100 OR YEN UP 10  basis points/

Great Britain/USA 1.3274 DOWN  .0075 POUND DOWN 75  BASIS POINTS)

Canadian dollar DOWN 80 basis points to 1.3127

 

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The USA/Yuan,CNY: AT 6.8468    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8475  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.4333 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.03%

 

Your closing 10 yr US bond yield  DOWN 2 IN basis points from WEDNESDAY at 0.629 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.343 DOWN 3 in basis points on the day

Your closing USA dollar index, 92.82 DOWN 3  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 9.09  1.52%

German Dax :  CLOSED DOWN 185.66 POINTS OR 1.40%

 

Paris Cac CLOSED DOWN 22.22 POINTS 0.44%

Spain IBEX CLOSED UP 9.10 POINTS or 0.13%

Italian MIB: CLOSED DOWN 306.73 POINTS OR 1.54%

 

 

 

 

 

WTI Oil price; 41.20 12:00  PM  EST

Brent Oil: 43.90 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    75.40  THE CROSS HIGHER BY 0.03 RUBLES/DOLLAR (RUBLE LOWER BY 3 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.47 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 : 41.31//

 

 

BRENT :  43.94

USA 10 YR BOND YIELD: … 0.632…down 2 basis points

 

 

 

USA 30 YR BOND YIELD: 1.359..down 2 basis points..

 

 

 

 

 

EURO/USA 1.1856 ( UP 11   BASIS POINTS)

USA/JAPANESE YEN:106.13 DOWN .078 (YEN UP 8 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.78 DOWN 7 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3279 down 68  POINTS

 

the Turkish lira close: 7.4408.extremely dangerous

 

 

the Russian rouble 75.26   UP 0.02 Roubles against the uSA dollar.( UP 2 BASIS POINTS)

Canadian dollar:  1.3127 down 81 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.47%

 

The Dow closed DOWN 810.87 POINTS OR 0.01%

 

NASDAQ closed DOWN 598.34 POINTS OR 4.96%

 


VOLATILITY INDEX:  35.22 CLOSED UP 8.65

LIBOR 3 MONTH DURATION: 0.251%//libor dropping like a stone

 

USA trading today in Graph Form

“We Should Be Concerned” – Fed Spooked By Biggest Market Crash Since March

US equity market crashed most since March today (Nasdaq down 6% at its worst and The Dow down over 1000pts at its nadir)…

The S&P 500’s longest streak of intraday all-time-highs since 1998 is now over…

Biggeset sell programs since June…

Source: Bloomberg

The Dow is back in the red YTD and Small Caps are back at one-month lows…

Source: Bloomberg

And VIX exploded to its highest since June…

Newly-minted options gurus suddenly flipped from gorging on calls to panic-buying puts…

Source: Bloomberg

As FANGs were fucked…

Source: Bloomberg

Apple cooked…

AAPL is once again smaller than the entire Russell 2000…

Source: Bloomberg

And Tesla twatted (into a bear market from the highs)…

We suspect this is the scene in more than a few home offices this evening:

But hey, don’t worry, CNBC had some words of advice sprinkled in throughout the session:

“…today’s pullback is a drop in the bucket”

“…what we’ve been waiting for – a healthy pause that refreshes”

“…the damage today is really not as bad as it looks”

– Bob Pisani

The Fed’s speakers didn’t help:

  • 1215ET *BOSTIC: WE SHOULD BE CONCERNED ABOUT THE RISK OF ASSET BUBBLES
  • 1340ET *EVANS: “I MARVEL” AT STOCK MARKET RISE DESPITE UNCERTAINTY

Are they trying to send a signal to the markets?

Credit was weaker but has been signaling an end to the exuberant bounce for over a month…

Source: Bloomberg

It appears bonds were right after all…

Source: Bloomberg

Bonds were bid with 10Y Yields plunging back to 60bps…

Source: Bloomberg

The Dollar managed to hold gains today but was very uninterested in the chaos underway in stocks…

Source: Bloomberg

Cryptos were also dumped today with Bitcoin extending its slide…

Source: Bloomberg

And Ethereum was clubbed back below $400…

Source: Bloomberg

Nothing escaped the selling (apart from bonds of course) as gold was hit (but tried to bounce back)…

 

And silver was hit harder…

Oil also tanked, but tried to bounce back…

And another high-flyer – Lumber – was chopped…

Source: Bloomberg

And finally, don’t say you weren’t warned that time was up…

Source: Bloomberg

As Sven Henrich points out:

“September 3rd marked the top in 1929 following a furious rally fueled by wild optimism, excessive retail speculative behavior and markets disconnecting far above the fundamentals of the economy.”

More to come?

Source: Bloomberg

end

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

Stocks Are Crashing, VIX Spikes As Option-Players Panic-Buy Protection

VIX is back above 30…

…and its put-buying not call-buying this time…

 

The S&P is down over 3% and Nasdaq down 5%…

As yields plunge back to 60bps (10Y)…

Stocks catching down to bonds…

Gold is also dropping…

As the smell of liquidation is back.

end

ii)Market data/USA

Slightly better than expected but still  a huge number of unemployed

(zerohedge)

881,000 Americans Filed For First-Time Unemployment Benefits Last Week

After disappointingly staying above 1 million in the prior week, economists expected less than 1 million (950k) Americans to file for first time unemployment benefits in the last week, and the final print was better than expected (below 1 million) at 881,000…

Source: Bloomberg

Six months into this shitshow driven by the government’s forced lockdown, this is still over four times larger than the average weekly claims data pre-COVID!!

California saw by far the worst jump in claims while Florida, Georgia, and Michigan all saw drops in claims…

Continuing Claims improved again (dropping by 1.238mm last week)…

Source: Bloomberg

Remember these numbers are completely useless since the seasonal adjustments are now completely different (and are not restated historically – thus making the week to week comps like apples-to-carrots).

In fact, on a non-seasonally-adjusted basis, initial claims worsened week-over-week…

Source: Bloomberg

end

Government fooling around with data again: jobless claims are now seasonally adjusted..do not take much from the data released today

Two commentaries….

(zerohedge)

The government is making a big change in how it reports jobless claims. Here’s why

Sept. 2, 2020 at 5:59 p.m. ET

New jobless claims may show steep drop under new BLS method

Investors beware: The number of people applying for unemployment benefits could fall sharply when the government reports jobless claims on Thursday, but it won’t necessarily mean far fewer people are losing their jobs.

The Bureau of Labor Statistics said last week it will change its method for adjusting initial jobless claims to account for seasonal swings in employment. That’s a big deal.

As a result, new claims could show a large decline of potentially 200,000 or more in the week ended Aug. 29. The BLS will report the numbers at 8:30 a.m. Eastern.

Why the change?

The agency’s traditional season-adjustment process worked fine when the U.S. experienced regular ups and downs in employment around the holidays or the end of the school year. Tens of thousands of people, for example, are hired before Christmas and left go after the New Year. The claims numbers are adjusted to smooth out these normal swings in employment.

Yet the old approach to seasonal adjustments has been thrown out of whack by a once-in-a-century pandemic. The seasonally adjusted numbers have constantly exceeded the actual number of people applying for benefits, with the gap becoming especially large in the past month.

Consider the most recent week.

The government said new jobless claims in the week ended Aug. 22 rose by 1 million after seasonal adjustments. Yet actual or unadjusted claims increased by a smaller 821,591.

That’s an 18% difference.

The new method of adjustment, based on an additive instead of a multiplicative approach, is complicated to explain. Suffice to say it should result in a much narrower gap between the actual and seasonally adjusted number of new jobless claims.

If so, new claims in the most recent week could fall to 800,000 or below. (If the number actually rises, it would be a bad sign).

Wall Street DJIA, +1.58% economists polled by MarketWatch forecast a 940,000 reading, but not every estimate took into account the government’s change in methodology.

If it’s not confusing enough, the government won’t revise prior figures for jobless claims under the old method of seasonal adjustments.

Not that it matters all that much. Jobless claims soared to record peaks after the coronavirus struck and they are still extremely high by historical standards, even as they continue to decline.

New claims ran in the low 200,000s each week and sat near a 50-year low before the crisis.

-Initial jobless claims fall 130,000 to 881,000, decline tied to change in statistical method

end

 

and then this commentary from zerohedge

About Those Stellar Initial Claims…

To much fanfare, the DOL this morning reported that in the week ended Aug 29, there were “only” 881K new initial jobless claims filed, better than the 950K expected, down from 1.01 million the week prior and the lowest since the covid lockdowns.

The Trump admin was quick to praise these numbers which coming just one day before the suddenly important payrolls report, suggest that August payrolls would be far better than whisper numbers.

There is just one problem: the latest claims report was nothing more than the latest goalseeked government propaganda, boosted this time by a brand new “seasonal adjustment.”

As Goldman explains, the DOL switched from a multiplicative to an additive seasonal factor in this release. If one had applied the historical, multiplicative, seasonal factor, the seasonally adjusted initial claims would have decreased by only 17k to 994k, 44k worse than expected.

Stripping away the seasonal adjustment factor entirely revealed an even uglier picture, as actual initial claims rose from 826K to 833K, a level that has been virtually unchanged for the past 4 weeks.

Furthermore, due to the unprecedented disruption from the covid shutdowns, it is bizarre why one would seek to “seasonally smooth” a historic outlier event which has no precedented in history, and certainly no recurring seasonal component.

And while a state-by-state drilldown showed a modest improvement, with claims decreasing by 12k in Florida, 6k in Georgia, and 5k in Michigan, they soared by 41k in California. These are real claims, not statistically smoothed for political purposes.

It gets worse: when looking at the initial applications under the separate federal Pandemic Unemployment Assistance program  which targets the self-employed, gig workers and others who don’t typically qualify for state programs, here the number jumped by about 152,000 to 759,000, led almost entirely by an increase in California, and some 86% of the entire traditional Initial Claims print.

Meanwhile, on an NSA basis, continuing claims fell by 765k to 13,104k last week, yet applying a multiplicative seasonal adjustment (i.e., the one that was replaced) implies that seasonally adjusted continued claims increased by 368k to 14,860k.

Separately, when adjusting for biweekly filing schedules in Florida and California, Goldman estimates the level of continuing claims was also slightly higher at 13,389k, while for the week ended August 29, initial Pandemic Unemployment Assistance (PUA) claims increased by 152k to 759k.

Finally adding across all the various continuing jobless claims categories, where pandemic benefits have emerged as the biggest component with nearly 15 million in claims between Pandemic Unemployment Assistance and Pandemic Emergency Claims, the total number of persons claiming benefits across all programs rose by 2.2 million, from 27.0 million to 29.2 million. This number was unadjusted so there was no politically-biased jiggering that the DOL could apply to it, although we should note that figure has been likely inflated by states counting multiple retroactive weeks by one person instead as multiple people.

Putting it all together, Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez said that “It’s very difficult to make any hard conclusions about what one particular week’s worth of data means” adding there’s “still quite a huge amount of people out there that are receiving benefits.”

Yes, 30 million certainly qualifies a “quite a huge” number.

Weak ISM service numbers. Remember service is 70% of GDP(zerohedge)

ISM Services Survey Weakens In August Amid “Highly Uncertain Path Ahead”

After US manufacturing ‘soft’ surveys showed more progress in the V-shaped recovery, today’s US Services data was expected to confirm that rebound.

  • Markit US Manufacturing PMI 53.1 – best since Jan 2019
  • ISM US Manufacturing 56.0 – best since Nov 2018
  • Markit US Services PMI 55.0 (vs 54.7 exp) – best since March 2019
  • ISM US Services 56.9 (vs 57.0 exp) – down from July’s 58.1

So take your pick – ISM down, PMI up.

Source: Bloomberg

The Markit Services data was up from the flash print of 54.8 as both the Markit measures rose as the US Macro data overall has rolled over…

Source: Bloomberg

In the ISM Services sub-indices, we saw a notable weakening in new orders and activity.

ISM Service respondents were mixed:

“Our business activity is now thriving again, after modifications to our operations. While supply disruptions remain common, very critical items are more stable than in previous months. Tariff threats have caused more concern than in previous months due to actions in aluminum, and the rapid rise in lumber costs for construction expansions.” (Accommodation & Food Services)

“Overall, we are seeing improvement in the level of activity in the short term. Backlog of orders is inconsistent.” (Construction)

“Continuing pandemic uncertainties are challenging abilities to prepare for fall semester activities, resumption of in-person instruction and the research enterprise. Recent decision to provide all undergraduate instruction online has shifted priorities significantly, including reduced need for testing and increased need for remote teaching infrastructure.” (Educational Services)

“Revenue challenges for our customers still remain a primary challenge.” (Finance & Insurance)

Clear signs of gearing up manufacturing and distribution for an extraordinary e-commerce Christmas. Brick-and-mortar likely closed to crowds. Also, hearing the other shoe is about to drop, probably in first quarter of 2021, on U.S.-China trade. “Get out of China now” is resonating.” (Information)

“We are significantly down from the pre-COVID-19 level. While month-over-month business activity is picking up, the pace is very slow and very slight.” (Wholesale Trade)

“Increase in service- and work-order requests are signs of economic improvement as companies reopen and begin to ramp up employment activity.” (Professional, Scientific & Technical Services)

What is notable is that whereas the Manufacturing New Orders series hit a 16 year high, the Services New Orders unexpectedly stumbled, resulting in one of the biggest deltas in the two New Orders series.

Putting all this together, the US composite index printed 54.6 in August, up from 50.3 at the start of the third quarter, to signal a strong upturn in business activity.

Sentiment about output over the coming year meanwhile edged down slightly from July’s 15-month high. Uncertainty surrounding the pandemic’s future impact on the economy continued to weigh on confidence at manufacturers, contrasting with improved optimism among service providers.

Commenting on the latest survey results, Chris Williamson, Chief Business Economist at IHS Markit, said:

“Surging inflows of new business helped propel service sector activity higher in August, with the sector growing at its fastest rate for almost one and a half years. Firms were often left struggling to meet demand and, despite taking on extra staff at a pace not seen for over six years, backlogs of uncompleted work accumulated at a rate exceeding anything recorded since 2009. The increase in backlogs of work bodes well for robust output growth to persist into September.

“Combined with the stronger picture emerging from manufacturing in August, the improved performance of the vast service sector adds to signs that the third quarter will see an impressive rebound in the economy from the collapse seen in the second quarter.

However, Williamson also notes that the survey also highlights how the rebound is very uneven and the recovery path remains highly uncertain.

“August’s growth was driven by financial and business services as well as tech firms, but consumer-facing sectors such as travel, tourism and recreation remained firmly in decline due to the need for ongoing social distancing.

“Companies across the board also remain concerned about resurgent virus infections and the durability of demand in the coming months after the initial rebound potentially fades, with uncertainty over the Presidential election adding further risks to the outlook for many companies.”

So something there for everyone – good news (but not enough to warrant any Fed pullback), bad news (but not enough to warrant any buy-stonks pullback)… all depends on which side of the boat you’re on.

end

iii) Important USA Economic Stories

CHICAGO, PORTLAND BALTIMORE

UPDATES

(courtesy Michael Snyder)

Chicago, Portland, Baltimore – The Things We’ve Warned About Are Now Starting To Happen Everywhere

Authored by Michael Snyder via TheMostImportantNews.com,

Whether for good or for bad, the United States always sets an example for the rest of the world, and right now people all over the globe are watching violence fill the streets of our major cities.  For years, we could all see anger building to extremely dangerous levels in our society, but I think that most Americans never believed that it would actually cause such an eruption.  It has been heartbreaking to watch Americans fighting Americans, and I wish that all of our politicians would come together and form a united front in calling for an end to the violence.  Instead, they just keep blaming one another, and things just continue to escalate.

And when I use the word “escalate”, I am not exaggerating one bit.  There are more than 100,000 gang members living in the city of Chicago today, and according to the FBI, 30 gangs in the city “have made a pact” to shoot any police officer that draws his or her weapon in public…

A federal intelligence alert from the FBI field office in Chicago, Ill., warned that about 30 gangs in the city have made a pact to shoot police officers if they draw their weapons in public, ABC 7 reported on Monday.

Can you imagine what police officers in Chicago must be feeling right now?

I hope that they are well paid, because they are literally risking their lives on a nightly basis.  This new intelligence report specifically said that these gangs have agreed to “shoot on-sight” any officer that draws a weapon, and the purpose of this violent pact is “to garner national media attention”

The alert states that Chicago gangs have agreed to “shoot on-sight any cop that has a weapon drawn on any subject in public.”

“Members of these gang factions have been actively searching for, and filming, police officers in performance of their official duties,” the alert continues. “The purpose of which is to catch on film an officer drawing his/her weapon on any subject and the subsequent ‘shoot on-sight’ of said officer, in order to garner national media attention.”

Of course a lot of people have been shooting at Chicago police officers already.  According to Chicago police superintendent David Brown, the number of CPD police officers that have been shot at this year has already smashed the all-time yearly record

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.

It is so sad to watch Chicago descend into complete and utter lawlessness.

Each weekend, the violence in Chicago makes national headlines, and last weekend was no exception.  50 people got shot, and that included “a mass shooting at a pancake house”

Brown, now more than four months into his tenure, did not mention the grim milestone while talking to reporters. He also did not dwell on the toll from the weekend: at least 10 people killed and 40 others wounded by gun violence that included a mass shooting at a pancake house on the Far Southwest Side. A man died and four others were wounded as diners with children scattered.

In a little more than three hours beginning around 2 a.m. Sunday, Chicago police responded to 10 separate shootings, including three homicides and an attack on two officers who exchanged gunfire with an armed teen. All three were wounded.

In Portland, we are witnessing a different sort of chaos.

Political protests have been rocking the city on a nightly basis for three months straight, and on Monday night the protesters decided to target the mayor’s house

Protesters in Portland gathered outside Democrat mayor Ted Wheeler’s apartment Monday night to ‘celebrate’ his birthday by letting off fireworks and singing ‘happy tear gas to you’.

A fire was lit in the street outside the 58-year-old’s apartment block in an upmarket area in the north of the city, as around 200 people gathered while blasting music, sounding horns, banging pots and pans, and playing drums.

This is a perfect example that shows why the violence is not going to end no matter who wins the election in November.

Ted Wheeler is not a Republican.

He isn’t even a moderate Democrat.

In fact, he is one of the most far left mayors in the entire country.

But they targeted his home anyway.

As I detail in my new book, so many people warned us in advance that tremendous rioting, looting and violence would erupt in our major cities.  In some instances, these explosions of anger are being fueled by political unrest, but in other cases we are seeing acts of violence that are completely and utterly mindless.  A perfect example of this is an incident which just took place in Baltimore

Video emerged Monday on social media showing a man crossing a street and another man sneaking up behind him and slamming him in the back of the head, which resulted in the victim falling face-first to the sidewalk.

Just before the victim was hit in the head, a voice — presumably from one of the people recording the video across the street — can be heard whispering, “bitch you bet’ not run.” After the victim falls to the sidewalk, at least two people can be heard laughing and hollering in response.

Video of this deeply disturbing attack has been posted on Twitter, and watching it made me incredibly sad.

How evil do you have to be to celebrate when some random person is knocked unconscious by a brick to the head?

I truly wish that the entire country could come together and agree to bring an end to the violence.  But of course that isn’t going to happen.  If anything, societal tensions are likely to get even higher as we approach election day in November.

It should deeply grieve all of us when we see Americans fighting Americans.  There is so much anger and hatred all around us, and any nation that becomes utterly consumed by anger and hatred has no future.

Ultimately, what we really need is to learn how to truly love one another, but unfortunately that is not a very popular message at all these days.

WASHINGTON DC
Protesters are planning a 50 day “siege” on the White House.
(Ben Wilson/Sara Carter)

‘Occupy Lafayette Square’ Protesters Planning 50 Day “White House Siege”, Warn “Things Could Turn Very Ugly”

Authored by Ben Wilson via SaraACarter.com,

On Sep. 17, the ninth anniversary of Occupy Wall Street, protesters are planning to begin a “siege” of the White House that will last fifty days – right up until Nov. 3. The website for the event is planning to bring thousands of protestors into Lafayette Square to “lay siege to the White House.”

The site also warns that “the possibility of a civil war breaking out sometime next year is no joke.”

The organizers are citing two main reasons for the planned occupation:

  • an alleged lack of progress on Wall Street since the 2009 occupation;
  • and that “Trump is trying to steal the election… and things could turn very ugly very quickly as November 3rd approaches.”

One image used depicts the White House on fire and others show large riots directly in front of the building.

The FBI recommended contacting the Secret Service for comment. The Secret Service and the Department of Justice have not responded to this reporter’s requests for comment in time for publication.

The specific demands are not clear but the site raises concerns about President Trump refusing to leave office if he loses and that “white supremacists are waiting in the wings, spoiling for a violent showdown.”

These online ramblings are calling for “#METOOers, #BLM activists, Extinction Rebels, Sunrisers, and CodePinks,” to organize and join in Lafayette Park and to create “pop-up sieges at federal buildings in dozens of cities.”

The site used for the advertisements, Adbusters, is a Vancouver crowd-funded online magazine that gives protestors and occupiers a place to advertise plans.

These planned events follow mass protests across the country, including one riot that turned into a murder when a Trump supporter was shot by an alleged Antifa criminal in Portland.

It has yet to be seen how many individuals will turn up to the occupation on Sep. 17.

END
This is big:  Trump orders Federal government to begin process of defunding New York, Portland and other lawless cities
(zerohedge)

Trump Orders Feds To Begin Process Of Defunding New York, Portland And Other “Lawless” Cities

The feud between Trump and liberal cities which encourage protests which seeking to defund the police escalated sharply on Wednesday, when the President ordered the federal government to begin the process of defunding New York City, Portland, Seattle and Washington, cities where officials allowed “lawless” protests and cut police budgets amid rising violent crime.

In a five-page memo sent to federal agencies on Wednesday whose subject is “Reviewing Funding to State and Local Government Recipients of Federal Funds That Are Permitting Anarchy, Violence, and Destruction in American Cities” and signed by Trump, the president orders them to report to the White House Office of Management and Budget on any funding that could be redirected. New York City, Portland, Seattle and even Washington, DC are among the initial targets of the measure.

“My Administration will not allow Federal tax dollars to fund cities that allow themselves to deteriorate into lawless zones,” Trump says in the memo, which mentions New York Mayor Bill de Blasio by name twice. To ensure the federal funding is not wasted or “spent in a manner that directly violates our Government’s promise to protect life, liberty, and property, it is imperative that the Federal Government review the use of Federal funds by jurisdictions that permit anarchy, violence, and destruction in America’s cities.”

In a tweet late on Wednesday, Trump followed up the memo by saying that his administration “will do everything in its power to prevent weak mayors and lawless cities from taking Federal dollars while they let anarchists harm people, burn buildings, and ruin lives and businesses. We’re putting them on notice today.”

In the memo, Trump writes that the city of Seattle “allowed anarchists and rioters to take over six square blocks of the city, an area the unlawful occupiers renamed the “Capitol Hill Autonomous Zone” and then the “Capitol Hill Occupied Protest.” Notwithstanding the fact that law-abiding citizens live and work in the invaded area, the local government effectively endorsed this lawlessness and taking of property by, among other things, abandoning the Seattle Police Department’s East Precinct building and forbidding the police force from intervening to restore order. Tragically, the Mayor allowed the unlawful occupation to persist until two teenagers were killed and at least two other persons suffered gunshot wounds. On July 1, Seattle declared the protest zone dismantled.” He also denounced the “failed leadership” in Seattle whose Mayor Jenny Durkan tolerated the local anarchists until protesters – led by a city council member – came to her own doorstep.

Likewise for New York, the memo said that the city has refused to prosecute rioters, rejected the offer of federal help, and cut the police budget despite an “unconscionable rise in violence.”

In New York City, officials have allowed violence to spike. In late May and early June, State and local officials allowed looting to take place for over a week, resulting in damage to an estimated 450 businesses. As of August 16, there have been 896 shootings in New York this year, compared to 492 shootings during the same period last year. The shooting victims include children as young as 1 year old. Shootings have been rising in recent weeks, and police reported 244 shootings last month compared to 88 in July 2019 — a 177 percent increase. While violence has surged, arrests have plummeted. In a 28-day period during the months of June and July, arrests were down 62 percent from the same period in 2019. Amidst the rising violence, Mayor Bill de Blasio and the New York City Council agreed to cut one billion dollars from the New York Police Department (NYPD) budget, including by cancelling the hiring of 1,163 officers.

The memo also cites NYPD Commissioner Dermot Shea’s June disbandment of plainclothes units. “Police officials have cited this decision as a factor contributing to the rise in violence,” the memo says.

In Portland, Oregon “officials have allowed violent anarchists to unlawfully riot and engage in criminal activity on the streets, including the destruction of property.”

These rioters have repeatedly tried to destroy property in the city, including the Federal courthouse. They have attacked Federal law enforcement personnel protecting the Federal courthouse with Molotov cocktails, mortar-style fireworks, hard projectiles, and lasers that can cause permanent blindness. Over several days in July, the rioters set fires in and around the Federal courthouse. To date, at least 140 Federal officers have been injured in Portland.”

Trump then goes on to slam state and local officials in Portland who “have taken insufficient steps to protect the Federal courthouse, and initially rejected offers of Federal law enforcement assistance” even after the apartment building of Portland mayor was set on fire.

The nation’s capital was not spared from Trump’s wrath: he said that “Washington, D.C., Mayor Muriel Bowser allowed rioters and anarchists to engage in violence and destruction in late May and early June, requiring me to call in the National Guard to maintain law and order in the Nation’s Capital.”

Predictably, the memo slam the performance of Democratic mayors in each city, as well as state leaders:

“As a result of these State and local government policies, persistent and outrageous acts of violence and destruction have continued unabated in many of America’s cities, such as Portland, Seattle, and New York.”

OMB Director Russell Vought, who according to the Post “applauded the review in a statement” was told to issue guidance on “restricting eligibility of or otherwise disfavoring, to the maximum extent permitted by law, anarchist jurisdictions in the receipt of Federal grants” within 30 days, while AG Bill Barr was given 14 days to put together a list of “anarchist jurisdictions” that “permitted violence and the destruction of property to persist and have refused to undertake reasonable measures” to restore order.

Vought told the NY Post that “American taxpayers who fund the great programs that our cities rely on deserve to be protected by their local city officials.” He added that the administration was “exploring all options to ensure federal resources flowing to lawless cities aren’t being squandered.”

“The lack of law and order surrounding these riots, and response from local leadership, is a dereliction of duty. Our men and women in blue cannot be handcuffed by local leadership in their efforts to respond to riots and protect their fellow citizens.”

The memo was drafted prior to last week’s incidents following the Republican National Convention, when angry mobs attacked those in attendance, including Senator Rand Paul in part because Bowser refused to allow additional security.

After months of referring to the frequent rioting and looting merely as “peaceful protests,” mainstream media outlets began blaming the riots on Trump after they themselves admitted that it makes Democrats look bad in the polls. Democrat presidential nominee Joe Biden denounced “all violence” earlier this week, but Republicans accused him of in effect threatening Americans with more violence unless they vote for him.

* * *

In response to the memo, New York Gov. Andrew Cuomo wasted no time in slamming President Donald Trump, and in a scathing statement Wednesday night, Cuomo said from the point of view of NYC, President Donald Trump is the worst president in history amid his threats to defund the city.

“Look, the best thing he did for New York City was leave,” Cuomo said. “Good riddance, let him go to Florida, be careful not to get COVID.”

Cuomo “all but threatened” President Trump’s safety if he returns to New York City during an emergency press briefing within a half hour on Wednesday night to tear into Trump for the order.

Cuomo said he doubted the legality of Trump’s five-page memo ordering a review of federal funds that can be redirected from New York City, Portland, Seattle and Washington, DC: “It is more of the same from him. It’s political, it is gratuitous. And it’s illegal. But it is another attempt to kill New York City.”

“President Ford said drop dead. President Trump has been actively trying to kill New York City since he’s been elected,” he said.

Cuomo also slammed Trump’s handling of the COVID pandemic and said he is the cause of coronavirus in New York.

“It is his negligence that brought it here and his arrogance that he won’t provide state and local funding to help states and cities recover from the pandemic that his negligence caused,” Cuomo said. When was asked what would happen if the federal funding goes away, Cuomo said that NYC receives roughly $7 billion a year in federal aid for housing, medical, health and homeland security funding.

“I think it’s because he is from New York City and New York City rejected him always,” Cuomo said. He was dismissed as a clown in New York City.”

He may be a clown, but he is the clown who controls the money, and for the sake of Cuomo, Trump better not get re-elected or else New York will soon transform into hellhole it was for much of the 1970s and 1980s.

END
Trump and Cuomo in a shouting match.  I will put my money on Trump
(zerohedge)

Trump Slams Cuomo Over ‘Nursing Home Scandal’ After Veiled Death Threat

Just days after we reported that New York Gov Andrew Cuomo and his army of bureaucrats were stonewalling a DoJ fact-finding mission into a policy that many suspect may have contributed thousands of undisclosed nursing home deaths (on top of the 6,000 who actually died in their long-term care homes), President Trump delivered an epic taunt.

Not long after Gov Cuomo delivered what some might describe as a “veiled threat”, saying that Trump would need to bring “an army” with him if he ever wanted to walk down Fifth Avenue safely, Trump tweeted that if Cuomo has so much time on his hands, he should go and find the data about nursing home deaths requested by the DoJ.

Trump blamed Cuomo’s “puppet” prosecutors for “illegally” going after Trump and his family for obviously political reason.

But during a hastily arranged press conference on Wednesday evening – called so Cuomo could respond to threats about cutting federal funding to cities like NYC that protect rioters and looter and criminals in the name of “peaceful protesters”. Cuomo responded that New Yorkers “don’t want Trump here”.

But unfortunately, with so many wealthy people fleeing the state, Cuomo now needs this federal money more than ever, which was probably the inspiration for this latest tantrum.

“He can’t come back to New York. He can’t,” said Cuomo, a Democrat. “He’s going to walk down the street in New York? Forget bodyguards, he better have an army if he thinks he’s going to walk down the street in New York.”

A few minutes later, Cuomo clearly thought better of that comment, and sought to make a “clarification” that he doesn’t actually support violence.

“All I’m saying is that he is persona non grata in New York City and I think he knows that and he’ll never come back to New York because New Yorkers will never forget how gratuitously mean he has been to New Yorkers.”

The Gov also tweeted this.

Looks like Cuomo is forgetting “the Golden Rule”: He who has the gold, makes the rules.

end

The rioting in major Democratic cities are causing millions of Americans to buy guns
(McMaken/Mises)

As Kenosha & Minneapolis Burn, Millions Of Americans Buy Guns

Authored by Ryan McMaken via The Mises Institute,

It’s increasingly clear to even the average American that if riots come to your neighborhood, you’re on your own. The message received is increasingly be this:

if your plan is to wait until the police show up to provide “protection,” be prepared to wait a long time.

Consequently, as violence appears to surge in America’s cities, millions of Americans have become first-time gun owners.

Government Officials Aren’t Keeping Us “Safe”

There are two trends at work which are making Americans doubt government law enforcement is reliable and effective.

  • On the one hand, the public is witnessing nightly displays of looting, rioting, and general civil unrest.
  • At the same time, many police officers don’t appear particularly able or willing to defend the public against looters and rioters.

Homicide rates in New York, for example, have surged among accusations of a “police slowdown.” A number of police departments (including those in Los Angeles and Atlanta) are rumored to be using strategies such as the “blue flu” in which police personnel pretend to be ill as a negotiating tactic for obtaining political favors from lawmakers. But even when police personnel are able, there are not enough of them in most cases to truly address ongoing nightly violence in many cities. And in some cases, elected officials, like in Portland and Chicago, appear uninterested in confronting rioters with much enthusiasm at all.

It easy to see how ordinary Americans could look on current events with increasing alarm. On August 29, a man was allegedly murdered by at least one protestor among the many who have been protesting, rioting, and looting in Portland for more than three months. Two weeks ago, a truck driver sustained serious injuries, also in Portland, when he was attacked by a group of “protestors” while reportedly attempting to help a woman who was being robbed. Last week in Kenosha, protestors were seen attacking a teenager who had been attempting to protect businesses from looting and vandalism. The teen reportedly opened fire in self defense.  In Washington, DC, a mob threatened restaurant patrons, and in Minneapolis, dozens of businesses have been burned and looted.

But even before the current rash of arson, looting, and violence, the police response to serious crime was never terribly impressive. For violent crimes, studies have shown police may take up to an hour to respond more than one-third of the time. (This summer, response times fo rthe NYPD are up by four minutes, compared to last year.) And if one survives an attack from violent criminals, one shouldn’t assume justice will be done. Fewer than half of violent crimes are ever “solved” in the United States.

Gun Purchases Are Growing

Meanwhile, gun purchases have surged.

According to new estimates from the National Shooting Sports Foundation, using the FBI’s National Instant Background Check System, “there were over 12 million guns bought in the first seven months of 2020—up more than 70 percent over the same time span in 2019. This number is likely to include nearly 5 million first-time gun owners so far this year.”

Moreover, as noted in an unsigned editorial at the Wall Street Journal,

The FBI’s most recent gun-sale figures are stunning. They show that in July the bureau carried out 3.6 million background checks, the third highest month on record. [T]his translates to 1.8 million gun sales for July 2020—a 122% increase over July 2019. The 12,141,032 gun sales through this July is just shy of the 13,199,172 sales for all of 2019.

Gun retailers saw a 95% increase in firearm sales and a 139% increase in ammunition sales in the first six months of this year compared with the same period in 2019.

Statistically, it remains unclear that life for the average American is much more dangerous this year than it was over the past five years. After all, in 2014, the homicide rate in America hit a 51-year low. But the American public has never been one to sit back and conclude everything is fine just because homicides are relatively low.

After all, gun purchases were already surging even before the apparent killing of George Floyd touched off a wave of protests followed by riots and looting. Gun purchases that had been fueled by general uncertainty and anxiety over the Covid-19 panic soon became gun purchases fueled by far more immediate fears of violent crime.

Also notable is that many new gun owners are outside groups known as the usual suspects, when it comes to gun purchases. The NSSF reported that 58 percent of the new firearms purchases were by black men and women, while “women comprised 40% of first-time gun buyers.

Needless to say, these trends are going very much against the grain of the usual narrative employed by gun control advocates; a narrative that generally employs several main tenets we’ve seen many times. They include:

  • Government police agencies provide better protection than a private firearm ever could.
  • If you’re in danger, it’s best to call 911 and then wait.
  • If you buy a gun, the gun is more likely to kill someone you love, rather than stop a criminal.
  • America would be safer if fewer people had guns.
  • People who buy guns are mostly just rightwing hayseeds. Hillary Clinton calls these people “deplorables.”

And while opponents of private gun ownership rarely say this explicitly, the sum total of their narrative is this: only police and military personnel should own guns. The basic idea here is that private gun owners cannot be trusted, and that government officials will keep us safe. But as so often occurs when there are riots—as happened in both Ferguson (in 2014) and Kenosha (in 2020) police officers and other government “public safety” personnel mostly just protect government property. The private sector must just fend for itself.

Many Americans appear to have gotten the message.

END

Portland

Portland police make arrests as demonstrations continue unabated

(zerohedge)

 

Portland Police Make “Targeted Arrests” As Demonstrations Rage 

For the second night this week, demonstrators took the streets in Portland where some hurled “rocks and projectiles at police,” according to Reuters.

Portland Police did not declare an unlawful assembly nor riot on Wednesday, unlike Monday night when protests flared up outside Mayor Ted Wheeler’s Pearl District condo building in the downtown area, complete with fireworks and other loud, disruptive activities.

Portland Police said crowds gathered outside the North Precinct, located in the 400 block of Northeast Emerson Street. During the march, several support vehicles traveled with demonstrators.

The group shut down Northeast Martin Luther King Jr. Boulevard in both directions.

Police said some in the crowd started throwing rocks and projectiles at officers as “targeted arrests” were made. There were no official reports on how many were arrested. Reuters noted police officers “did not use any crowd control munitions or tear gas.”

Unrest in the streets of Portland has been ongoing since late May following the police killing of George Floyd in Minneapolis. On numerous occasions, police have had to declare riots in Portland’s downtown district as social unrest resulted in looting and building fires.

In a move to get the city under control, Mayor Wheeler ‘denounced the violence’ in a Facebook post this week after a man was shot and killed Saturday following supporters of President Trump clashing with protesters in the downtown areas.

“Everyone deserves to feel safe in their community,” Wheeler wrote Tuesday night. “But last night saw more senseless violence in Portland.”

Trump has deployed federal forces, and Oregon has sent in state police to crack down on the unrest. The president signed a memo on Wednesday that ordered the federal government to begin the process of defunding New York City, Portland, Seattle, and Washington, cities where local officials allowed “lawless” protests and cut police budgets amid rising violent crime.

Democrats spent August referring to the string of rioting and looting as “peaceful protests,” resulting in fed-up Americans to pledge even support for Trump as his polling numbers surged.

Democrat presidential nominee Joe Biden finally denounced the violence this week, Trump has accused Democrats of supporting protesters that threaten the lives of Americans.

end

New Jersey

New Jersey is now planning to pay for their social agena with an HFT tax

(zerohedge)

 

NJ Plans To Use HFT Tax To Pay For “Social Justice” Agenda

After setting the stage for a new millionaire tax, and hiking gasoline taxes by 22.5%, New Jersey – which has emerged as the most hated state in the US – which is home to both the incorrectly named “New York” Stock Exchange (the TV studio may be located in Manhattan but the actual exchange with the microwave and laser towers  is located in Mahwah) and the Nasdaq, proposed a tax on high frequency trading. Yet while both former taxes were meant to shore up the state’s depleted coffers, the purpose of the “hi-freq” tax was a mystery. That mystery was revealed earlier today when senior NJ administration officials said that revenue from a proposed tax on electronic Wall Street trading to expand his “social-justice agenda.”

NJ governor Murphy saw the potential windfall as a shot to expand what he calls his “stronger, fairer” agenda to close New Jersey’s wealth gap, according to the administration officials, who spoke on condition of anonymity because the legislation is in early stages. While to most this simply means even more backroom dealings in one the country’s most corrupt states, to Murphy this is the pursuit of nobility – Murphy prides himself in enacting free county college tuition for undocumented immigrants and expanding no-cost pre-kindergarten in needy communities. And by “free” we of course mean paid for in the form of soaring taxes from all other documented and legal residents.

Perhaps it’s only fitting that those who benefit the most from HFTs end up paying a few pennies on the dollar for every dollar they make frontrunning retail investors via their unofficial subsidiary, Robinhood (something which the regulators finally figured out today).

Additionally, Bloomberg reports that while any proceeds from levies on hundreds of millions of trades processed at data farms inside the state wouldn’t be scored for the fiscal year that starts Oct. 1, the bonanza from the first-of-its-kind state tax could ultimately become a long-term annual source of revenue for New Jersey.

Oh, and it would of course boost progressive appeal for Murphy, a Democrat and retired Goldman Sachs Group senior director, if he campaigns, as expected, for a second term next year. What is it about former Goldman execs – such as Jon Corzine – running the Garden State (right into the ground)? But we digress.

As reported previously, a bill sponsored by Democratic Assemblyman John McKeon calls for a quarter-of-a-cent tax on stocks, options, futures and swaps trading via northern New Jersey electronic data centers. McKeon, in an interview Wednesday, said the state could collect $10 billion annually from entities engaged in at least 10,000 transactions per year, which is about how many transactions HFTs make every second.

Naturally, Wall Street has revolted at the prospect of paying fractions of a cent every time it has to frontrun retail traders, and some industry executives said such a tax would raise nowhere near such projections, predicting it could undermine the functioning of markets and New Jersey’s standing as the center of U.S. financial-data processing. Servers are warehoused in Mahwah, Secaucus, Carteret and other locations.

McKeon, the Assembly sponsor from West Orange, described the quarter-of-a-cent rate as flexible — “a good placeholder, and now conversations take place.” He cast doubt on the ability of data centers to easily move from the Manhattan area, as trading speed can decay over distance.

“It’s not like they can flip a switch, and that’s one motivating factor to get them to work with us,” McKeon said. Within five years, he said, he expected that trades will be done wirelessly, a disincentive to build expensive new centers elsewhere.

In response, the NYSE has already threatened to depart the moment a tax was enacted: “We have data centers in various states and the ability to move trading outside of New Jersey in a business day,” said Hope Jarkowski, co-head of government affairs for New York Stock Exchange parent Intercontinental Exchange. Yes, Hope, but what happens when all the states in which you have data centers follow NJ in establishing a paywall for ultra fast trades which do nothing to make the market more efficient unless one counts surging flash crashes “efficiency.”

The major exchange operators previously have gone to court over proposals that they said would harm markets. NYSE, Nasdaq Inc. and Cboe Global Markets even took the extreme step of suing their main regulator, the U.S. Securities and Exchange Commission, over a transaction-fee pilot program last year. They won.

“A financial transaction tax is a recycled idea with a lousy track record — all over the world,” said the Equity Markets Association, a trade group that represents the three companies.

The move by New Jersey would “cause unintended and irreparable harm to the U.S. capital markets,” Cboe said in a separate statement. “A transaction tax is a direct cost shouldered by investors, who will also end up paying for the price of diminished liquidity and wider spreads in our markets.”

Well of course those who would be taxes by the proposal would say that, and as for diminished liquidity, go shove it: there is already zero “liquidity” in this “market”. If anything, the market parasite that is HFT should be uprooted, Reg NMS should be torn apart, and broken markets should restart from scratch, ideally while eliminated the Fed. But we digress again.

In any case, while the Assembly bill hasn’t had a hearing scheduled, and neither has an identical version, sponsored by Senate President Steve Sweeney, New Jersey’s highest-ranking state lawmaker, at a Monday news conference Murphy said the concept “is something we like a lot,” although fraught with litigation risk.

Murphy said such tax revenue couldn’t be counted on for the coming fiscal year because litigation almost certainly would hold up collections. But if the proposal withstood legal challenges, the administration officials said, it could fund such programs as “baby bonds” — $1,000 investment accounts for infants from lower-income families, to be used for education or to buy a home or start a business.

What was left unsaid is that by the time the babies turn 18, $1,000 won’t be enough to buy a hotdog thanks to the Fed’s new Average Inflation Targeting mandate.

END

Justice department conducting very big voter fraud investigations according to Barr

(Pentchoukov/Epoch Times)

Justice Department Conducting “Very Big” Voter Fraud Investigations, Barr Say

Authored by Ivan Pentchoukov via The Epoch Times,

The Department of Justice is conducting several “very big” voter fraud investigations in multiple states, Attorney General William Barr told CNN in an interview aired on Sept. 2.

“I know there are a number of investigations right now, some very big ones, in states,” Barr said in response to a question about how many voter fraud indictments the Department of Justice (DOJ) has brought on his watch.

Barr said he did not know the exact number.

At least 32 people have been criminally convicted of voter fraud in 2019, according to a database maintained by the conservative Heritage Foundation think tank.

The attorney general made the remarks as part of a tense exchange with CNN anchor Wolf Blitzer about mail-in voting. Barr has repeatedly said that mass mail-in voting is an invitation for voter fraud and coercion. Blitzer pressed the attorney general for evidence that this will be the case in 2020.

Barr pointed to a recent conviction in Texas over 1,700 fraudulent ballots and noted that widespread evidence isn’t available because the United States has never attempted an election with the kind of massive access to mail-in voting available in 2020.

At least 83 percent of American voters, or roughly 100 million people, will be able to vote by mail in the 2020 election, according to a tally by The Washington Post.

“We haven’t had the kind of widespread use of mail-in ballots as being proposed,” Barr said.

“We’ve had absentee ballots from people who request them from a specific address. Now what we’re talking about is mailing them to everyone on the voter list, when everyone knows those voter lists are inaccurate.

Barr referenced the findings of a nonpartisan Commission on Federal Election Reform, co-chaired by former President Jimmy Carter and former Secretary of State James Baker, which determined in 2005 that mail-in voting creates the potential for voter fraud and opens the door to coercion if activists or party workers are allowed to handle ballots.

Carter recently issued a statement to point out that the commission’s key finding was that states should invest in more research on mail-in voting. The former president encouraged states to invest resources to expand voting by mail.

More than 43 percent of likely American voters would not trust in the integrity of an election if all voters automatically received ballots or ballot request forms by mail, according to an Epoch Times National Poll conducted in late August.

“This is playing with fire,” Barr said.

“We’re a very closely divided country here and people have to have confidence in the results of the election and the legitimacy of the government. And people trying to change the rules to this methodology—which as a matter of logic is very open to fraud and coercion—is reckless and dangerous,” Barr said.

President Donald Trump opposes a universal vote-by-mail election, arguing that it’s an invitation for fraud and opens the door to Election Day chaos due to the inefficiency of the U.S. Postal Service.

Democrats are waging a well-funded legal campaign across the nation to make it easier to vote by mail beyond absentee ballots. They are litigating at least 80 of the more than 100 vote-by-mail court cases across the nation.

Democratic presidential nominee Joe Biden said his party has more than 600 lawyers working on election-related cases.

 

END

My goodness! We stayed in that hotel in NY: now they are set to close as COVID is killing the hospitality industry

(zerohedge)

Hilton Times Square Set To Close As COVID Kills Hospitality Industry

Hilton Times Square is the latest causality of the virus-induced downturn that has crushed the global hospitality industry.

A filing with the New York State Department of Labor on Aug. 31 said the iconic 478-room hotel situated on 234 West 42nd Street would ‘permanently close’ on Oct. 1.

WSJ reached out to Sunstone Hotel Investors Inc., the real estate investment trust which manages the hotel for more color on the upcoming closing.

A Sunstone spokesperson responded in an emailed statement by indicating the filing to New York state officials “was not intended to imply that there is a permanent closure.”

The spokesperson said the filing was intended to inform state officials that layoffs would be seen in the coming months as a result of the closing, adding that a “definitive reopening date has not been determined or established and will be impacted by negotiations with our lender, as well as market conditions.”

Last month, Sunstone revealed in an SEC filing that it had missed several months of mortgage payments on the property. The REIT has at least $77 million mortgages coming due on the property in November. It wrote down the value of the property by $107.9 million, to $61.3 million.

The closure of the hotel is an ominous sign of how the virus pandemic has wrecked not just the New York City hotel market but the worldwide travel industry.

A slow recovery is expected for the worldwide hotel industry, with a full recovery not expected until the midpoint of the decade. Readers may recall as travel and tourism remains in a bust cycle, the next Big Short, or Big Short 3.0, is CMBX 9. This is what we wrote:

… with CMBX 6 now done, keep a close eye on CMBX 9. With its outlier exposure to hotels which have quickly emerged as the most impacted sector from the pandemic, this may well be the next big short.

CMBX 9 has the highest concentration of hotel loans with 16.7%…

Could the closure of Hilton Times Square be the domino that ripples across the industry? 

end

U.S. trade deficit surges 18.9% in July

Sept. 3, 2020 at 8:37 a.m. ET

WASHINGTON (MarketWatch) – The U.S. trade deficit jumped 18.9% in July owing to a big snapback in imports, the government said Thursday. The trade gap increased to $63.6 billion from $53.5 billion in the prior month – above the $58.9 billion MarketWatch forecast. Imports shot up 10.9% while exports advanced 8.1%. The increase in both imports and exports is a good sign in many ways, pointing to stronger consumer spending at home and increased demand for American-made goods abroad. Yet global trade is still considerably weaker compared to before the coronavirus pandemic and it will take time to recover. U.S. exports, for example, were 26% lower in July compared to the same month in 2019.

-END-

GOOGLE

It is about time to knock out these criminals.  They knocked me out as I formerly used a Google platform

(zerohedge)

DOJ To File Antitrust Charges Against Google Within Weeks: Report

The Department of Justice will is preparing to slap Google with an antitrust case over the next several weeks, according to the New York Times – which insists, based on five sources, that Attorney General Bill Barr “overruled career lawyers who said they needed more time to build a strong case against one of the world’s wealthiest, most formidable technology companies.”

The Timeis suggesting, based on leaks, that Barr is rushing the case for political purposes and the charges are premature.

The Google case could also give Mr. Trump and Mr. Barr an election-season achievement on an issue that both Democrats and Republicans see as a major problem: the influence of the biggest tech companies over consumers and the possibility that their business practices have stifled new competitors and hobbled legacy industries like telecom and media. -NYT

Some 40 lawyers working on a DOJ antitrust inquiry into Google parent Alphabet were reportedly told to wrap up their work by the end of this month, according to three of the five leakers, who we’re guessing are part of the 40-lawyer team – as “most of the 40-odd lawyers who had been working on the investigation opposed the deadline.” Others said they would not sign the complaint, while several left the case over the summer.

Some argued this summer in a memo that ran hundreds of pages that they could bring a strong case but needed more time, according to people who described the document. Disagreement persisted among the team over how broad the complaint should be and what Google could do to resolve the problems the government uncovered. The lawyers viewed the deadline as arbitrary.

While there were disagreements about tactics, career lawyers also expressed concerns that Mr. Barr wanted to announce the case in September to take credit for action against a powerful tech company under the Trump administration.

But Mr. Barr felt that the department had moved too slowly and that the deadline was not unreasonable, according to a senior Justice Department official. –NYT

Barr has shown a “deep interest” in the Google investigation, requesting regular briefings on the DOJ case, and “taking thick binders of information about it on trips and vacations and returning with ideas and notes.”

The Times notes that antitrust action against Google has bipartisan support from a coalition of 50 states and territories, though Democrats and Republican state attorneys general conducting their own investigations are split on how to move forward.

Republicans have accused Democrats of slow-walking the work in order to bring charges under a potential Biden administration, while Democrats have accused Republicans of wanting Trump to receive credit – a disagreement which could limit the number of states participating in prosecuting the Silicon Valley giant.

When the Justice Department opened its inquiry into Alphabet in June 2019, career lawyers in the antitrust division were eager to take part. Some within the division described it as the case of the century, on par with the breakup of Standard Oil after the Gilded Age. It also offered a chance for the United States to catch up to European regulators who had been aggressive watchdogs of the technology sector.

Alphabet was an obvious antitrust target. Through YouTube, Google search, Google Maps and a suite of online advertising products, consumers interact with the company nearly every time they search for information, watch a video, hail a ride, order delivery in an app or see an ad online. Alphabet then improves its products based on the information it gleans from every user interaction, making its technology even more dominant. –NYT

According to the report, Google controls roughly 90% of web searches worldwide, and has been accused of unfair practices because its search and browsing tools are standard on phones with its Android operating system. They also dominate online advertising – capturing about 1/3 of every dollar spent.

Three people familiar with the case say the DOJ has compiled “powerful evidence of anticompetitive practices.”

Read the rest of the report here.

iv) Swamp commentaries)

Salongate!!

“It Was A Setup”: Pelosi Blames Hair Salon For Covert Blow-Out, Demands Apology

Despite the desperate efforts of the mainstream media and the left’s propaganda artists to suppress the story exposing House Speaker Nancy Pelosi’s “blow-outs for me, but not for thee” caught-in-the-act hair salon visitshe has been forced to make a public statement and face the media this afternoon to “explain.”

Pelosi began in typical politician manner by blaming someone else – the salon owner – for the so-called “set-up” and then “apologized” for being caught in a set-up

“I take responsibility for trusting the word of a neighborhood salon that I’ve been to over the years many times,” Pelosi told reporters on Wednesday.

“When they said they were able to accommodate people one person at a time, I trusted that. As it turns out, it was a setup.

And she’s demanding an apology from the salon owner. Does Mrs. Pelosi mean she was lured to get her hair done against her will?

She then slurred out some anti-Trump “but but but Trump killed hundreds of thousands” talking points that were handed her to on a paper note from an assistant before an intrepid reporter pressed the matter to which she angrily snapped:

“I said, I said I’m not gonna answer. That’s all I’m gonna do! Do you have any questions about the fact that people are dying?!”

Pelosi even had the audacity to claim that she had “been inundated by calls from people who work in the hair industry who have ‘thanked me for bringing attention to this issue’.”

The full, brief presser is below:

Social media lit up as one might imagine with this disingenuous garbage.

San Francisco Mayor Breed quickly ran to Pelosi’s defense… “Did Nancy Pelosi violate San Francisco’s health order?” the mayor was asked.

“So look, Nancy Pelosi has done so much for this city and even this country and in the midst of this pandemic and all the stuff that’s happening amidst this election, she is in Washington D.C. fighting against a tyrant every single day,” Breed said.

“We need to be focused on the issues and the fact that over 180,000 people have died in this country and we have a president that continues to divide us.

“That’s what we should be talking about.”

As The WSJ Editorial Board (bravely) proclaimed:

“What is offensive, however, is our liberal glitterati’s let-them-eat-cake indifference to the nation’s shop owners and wage earners. Do they remember what it means to work for a living?”

Finally, and most typically disgusting for the new normal,  Erica Kious, a single mother of two and owner of eSalon the owner of the salon has been forced to shut down and relocate her business and family due to outrage and threats she is receiving.

A GoFundMe page has been created to help.

We hope the ‘compassionate’ and ‘tolerant’ Pelosi will disavow this action being taken by her followers.

Dinesh D’Souza gets the last word as he sums the whole farcical situation up rather succinctly:

This is interesting:  USA court vindicates the Snowden leaks as it rules NSA mass surveillance “illegal” 
(zerohedge)

US Court Vindicates Snowden Leaks – Rules NSA Mass Surveillance “Illegal” & Officials Lied 

Though we doubt the broader public needed convincing, this is a significant milestone nonetheless, also after last month Trump shocked reporters by suggesting he could take a look at pardoning Edward Snowden:

Seven years after former National Security Agency contractor Edward Snowden blew the whistle on the mass surveillance of Americans’ telephone records, an appeals court has found the program was unlawful – and that the U.S. intelligence leaders who publicly defended it were not telling the truth.

 

From the cover of September 2014 issue of Wired.

From the start supporters of Snowden and the journalists who assisted in breaking the story internationally, such as Glen Greenwald, Laura Poitras and others, said the NSA program was a massive violation of citizens’ 4th Amendment protections.

National security state hawks, however, attempted to focus the story on Snowden himself, saying his ‘traitorous’ actions compromised American spies and assets abroad, and also that it was a boon to Washington’s enemies and rivals like Russia.

“I never imagined that I would live to see our courts condemn the NSA’s activities as unlawful and in the same ruling credit me for exposing them,” Snowden said on Twitter.

And the ACLU said “Today’s ruling is a victory for our privacy rights,” adding that it “makes plain that the NSA’s bulk collection of Americans’ phone records violated the Constitution.”

Crucially, the three judge panel on the 9th Circuit specifically credited Edward Snowden for exposing it, as Politico notes:

Judge Marsha Berzon’s opinion, which contains a half-dozen references to the role of former NSA contractor and whistleblower Edward Snowden in disclosing the NSA metadata program, concludes that the “bulk collection” of such data violated the Foreign Intelligence Surveillance Act.

If Trump were to move on pardoning Snowden, who is still a fugitive in Russia facing US espionage charges, this could actually help Trump make the argument politically, despite AG Barr recently saying he’d vehemently oppose such a pardon.

It was only a couple weeks ago that Trump said “I’m going to take a very good look at it” when asked about a possible Snowden pardon.

The president raised eyebrows and anxiety across the D.C. beltway with his unprecedented remarks: “There are a lot of people that think that he is not being treated fairly. I mean, I hear that.

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

SEPT 2

Op-ed in NYT: It Has Come to This: Ignore the C.D.C. – The agency’s new guidelines are wrong, so states have to step up on their own to suppress the coronavirus. [The CDC isn’t doing what libs what.]

https://www.nytimes.com/2020/08/31/opinion/cdc-testing-coronavirus.html

@seanmdav: The GOP convention ended 5 days ago and the Democrat convention ended 12 days ago, and we’re to see a single post-convention poll (either GOP or Dem) from ABC, NBC, CBS, CNN, MSNBC, or Fox. At this stage in 2016, the networks had conducted 7 (!) polls after either convention.

WaPo: D.C. committee recommends stripping the names of Thomas Jefferson, Benjamin Franklin, Francis Scott Key and others from city government buildings [Got to be DJT secret agents!]

https://www.washingtonpost.com/dc-md-va/2020/09/01/dc-building-school-renaming/

FBI-Chicago warns that gang cabal may be targeting CPD officers

A federal intelligence alert obtained by the ABC7 I-Team has gone out to Chicago-area law enforcement with an ominous warning: nearly three dozen cold-blooded street gangs “have formed a pact to shoot on-site any cop that has a weapon drawn on any subject in public’.

    The “situational information report” from FBI officials in Chicago dated August 26, 2020, states “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.”…  https://abc7chicago.com/chicago-police-department-gangs-fbi-shootings/6397730/?ocid=uxbndlbing

WBAY: A Neenah [Wisconsin] man had a flamethrower, smoke grenades and fireworks during a demonstration in Green Bay Saturday night, according to police and prosecutors.  Matthew Banta, 23, is charged with obstructing an officer and two counts of felony bail jumping.  The criminal complaint says Banta “is known to be a violent Antifa member who incites violence in otherwise relatively peaceful protests.” Police say he’s known as “Commander Red.”… The officer caught Banta, who was carrying the flag, and says Banta “dropped into the fetal position and began crying.”…

https://gray-wbay-prod.cdn.arcpublishing.com/2020/08/31/neenah-man-arrested-at-green-bay-protest-has-ties-to-antifa/

@ABC: Protesters gathered in South Los Angeles Monday night after sheriff’s deputies shot and killed a Black man who they say had a handgun and was fighting with them.

https://abcnews.go.com/US/protesters-gather-la-sheriffs-deputies-shoot-black-man/story

Sen. Rand Paul has called for the DoJ to subpoena all Antifa plane, hotel, travel and funding records.

Trump blasts ‘Democrat-run cities’ as he leaves for Kenosha

Trump said he believed his visit would help ease the divide. “I think it’s helping because I’m about law and order,” Trump said, adding that African American and Hispanic communities value police presence to stop crime. “They don’t want crime, they don’t want to be mugged.  They don’t want any problems,” Trump said… The president also blamed the news media for “fueling” recent unrest. “I think the media is what’s fueling this, more so than even Biden because Biden doesn’t know he’s alive,” Trump said, referring to Democratic nominee Joe Biden. “The press is really fueling this.”…

https://thehill.com/homenews/administration/514606-trump-leaves-for-kenosha-blasting-democrat-run-cities#.X06Cukm7lQY.twitter

In Kenosha, Trump, AG Barr and GOP Sen. Johnson held a law enforcement roundtable with law enforcement officials, local business owners and community leaders.  DJT’s trip was uneventful.  The MSM & Dems were chagrined that it didn’t produce violence that they warned would occur.

@thehill: AG Bill Barr in Kenosha: “We do not allow judgments to be reached because of mob violence.”

ABC News: Barr says before unrest in Kenosha, federal agents in Chicago had information that “violent instigators” from California and Chicago were traveling to city to attack law enforcement

Breitbart’s @joshdcaplan: Pres Trump announces funds of $1 million to Kenosha Police Department, nearly $4 million to help small businesses rebuild, and $42 million for public safety across Wisconsin

Hillary (‘Joe, no matter what, do not concede on Election Night!’), the MSM and some Dems have already notified the country that they will not accept Election Night results and will use mail-in votes to undermine or overturn the election.  This would produce unimaginable political chaos and probably beaucoup violence. The following Axios story is very disturbing.

Dem group warns of apparent Trump Election Day landslide

A top Democratic data and analytics firm told “Axios on HBO” it’s highly likely that President Trump will appear to have won — potentially in a landslide — on election night…Imagine America, with its polarization and misinformation, if the vote tally swings wildly toward Joe Biden and Trump loses days later as the mail ballots are counted… Hawkfish, which is funded by Michael Bloomberg and also does work for the Democratic National Committee and pro-Biden Super PACs, is warning this a very real, if not foreordained, outcome…

https://www.axios.com/bloomberg-group-trump-election-night-scenarios-a554e8f5-9702-437e-ae75-d2be478d42bb.html

@ seanmdav: Democrats haven’t conceded a presidential election on election night since 1988They are now laying the groundwork for endless recounts and litigation to prevent a potential Trump win from being certified before Inauguration Day. [What does this say about their concern for America?]

If Biden is removed from the ticket, are the mail-in ballots printed with Biden as president valid?

The Trump Campaign is slamming Biden for “hiding in his basement to follow the science” while his wife goes on a 10-city campaign tour.

Team Trump’s @abigailmarone: 1. Why does Jill Biden have a more vigorous travel schedule than Joe Biden – the man who’s running for president?  2. Joe said he was avoiding a lot of travel because he was “following the science.” What “science” applies to him, but doesn’t apply to Jill?https://t.co/3Wyb16eVFr

     I’m old enough to remember when Joe Biden didn’t mention violent riots at his convention once. 

Jittery Democrats Prod Biden to Pick Up the Pace as Race Tightens

https://www.bloomberg.com/news/articles/2020-09-01/jittery-democrats-prod-biden-to-quicken-pace-as-race-tightens

@RaheemKassam: The Biden campaign called a lid at 9am. In political industry speak, that means no activities, interviews, announcements, or otherwise.  Biden spoke to a room of 6 reporters yesterday and took no questions… [Biden’s difficulty in Pittsburg with a short speech has unnerved Team Biden.]

LEAKED CHATS: Biden Campaign Volunteers Instructed Not to Talk About Actual Policy

They’re supposed to talk about Biden’s “values.”…

https://bigleaguepolitics.com/leaked-chats-biden-campaign-volunteers-instructed-not-to-talk-about-actual-policy/

The first Presidential Debate is 4 weeks from today.  What are the odds that it transpires?  PS – When Hillary went underground after her stumble at the 9/11 memorial service in 2016, Team Hillary explained her absence from campaigning on her preparation for the debates.

@thebradfordfile: Everything that is happening right now is a direct result of Democrats realizing Joe Biden is the weakest presidential candidate in history.

Twitter tightens warning label policy after Biden meme complaints https://t.co/TX4t0RZgBK

RNC says it contacted 9 million voters during week of GOP convention [Ground game in action]

https://www.cnn.com/2020/09/01/politics/rnc-contacted-9-million-voters-rnc/index.html

@realDonaldTrump: It never ends! Now they are trying to say that your favorite President, me, went to Walter Reed Medical Center, having suffered a series of mini-strokes. Never happened to THIS candidate – FAKE NEWS. Perhaps they are referring to another candidate from another Party!

Trump is referring to MSM & Dems spreading rumors that he had a stroke last year.  There were reports before his speech at the RNC Convention that DJT would talk more calmly and less bombastic to persuade suburban women to hate him less.  Now, the MSM & Dems are projecting Biden on him.

Trump on @IngrahamAngle: “Black Lives Matter is a Marxist organization… It’s bad for black people. It’s bad for everybody.”   https://twitter.com/DailyCaller/status/1300620050660028418

Trump tells supporters not to confront protesters, leave to the police

President Trump said he doesn’t want his supporters to confront protesters, saying they should be dealt with by law enforcement.  “No. No, I don’t want them. I want to leave it to law enforcement,” the president said during an interview with Laura Ingraham on Fox News…

https://nypost.com/2020/09/01/trump-tells-supporters-not-to-confront-protesters-leave-to-the-police/

Tucker Carlson: “Democrats will never criticize BLM because Democrats never criticize their own voters period. That’s their one hard and fast rule, one way they’re very different from the Republican Party.

New Jersey makes it a crime to make race-based reports to 911 https://t.co/csLlT188AB

Enemies list? State Department monitored 13 Americans’ social media in possible legal violation Officials in its Kiev embassyillegally monitored 13 Americans’ social media accounts during last year’s Ukraine scandal, including President Trump’s eldest son, Don Jr., and Fox News personalities Sean Hannity, Laura Ingraham and Lou Dobbs… The U.S. embassy in Kiev, under then-Ambassador Marie Yovanovitch, began monitoring the social media accounts of the targets in March 2019 as early stories about the embassy’s activities and Joe Biden’s son Hunter emerged

https://justthenews.com/accountability/russia-and-ukraine-scandals/state-department-release-memos-detailing-illegal-social

Pelosi used shuttered San Francisco hair salon for blow-out, owner calls it ‘slap in the face’

Despite local ordinances keeping salons closed amid the coronavirus pandemic… In security footage obtained by Fox News, and timestamped Monday at 3:08 p.m. Pacific Time, the California powerhouse is seen walking through eSalon in San Francisco with wet hair, and without a mask over her mouth or nose…  https://www.foxnews.com/politics/pelosi-san-francisco-hair-salon-owner-calls-it-slap-in-the-face

Pelosi will cost the Dems some votes due to her hypocrisy and haughtiness.

Fox’s @JaniceDean: Found this picture of someone [Gov. Cuomo] without a mask on the internet today. https://t.co/mWubulugQB

Philadelphia mayor seen dining indoors while city’s restaurants can only serve outside [Laws and regulations are for the little people.] https://www.foxnews.com/us/philadelphia-mayor-seen-dining-indoors

President Trump: Meeting with Big Ten leader about ‘immediately’ starting football ‘productive’

Trump tweeted that he had a conversation with Big Ten commissioner Kevin Warren “about immediately starting up Big Ten football.”…   https://www.detroitnews.com/story/sports/college/big-ten/2020/09/01/donald-trump-meeting-big-ten-kevin-warren-starting-college-football-productive/5680279002/

From source: If conference can pass updated safety measures and procedures, Big Ten targeting Oct. 10 to start football season.” – Dan Patrick

@TCK_Experience: Love him or hate him, @realDonaldTrump just got us BigTen football back.

We’d bet polling, more than DJT, induced Dem governors in Michigan, Wisconsin and Pennsylvania to tell university presidents to get football back.

@BarstoolBigCat: Giants are going 16-0 [Clip that shows why the NFL is great fun; don’t blow it guys! That’s NY Giants’ Head Coach Joe Judge getting the treatment.]

https://twitter.com/BarstoolBigCat/status/1300907557687562240

END

THURSDAY SEPT 3

Ford to Cut 1,400 U.S. Salaried Jobs in Global Reorganization

Ford Motor Co. is cutting about 5% of its U.S. salaried workers as part of a sweeping reorganization, which could include layoffs, in a move to help the automaker reverse its declining fortunes…

https://www.bloomberg.com/news/articles/2020-09-02/ford-to-cut-1-400-u-s-salaried-jobs-in-global-reorganization?sref=Hny5JH2p

Several headlines and stories noted that London bookies now make Trump the favorite to win.  Was the industrial rally on Wednesday an adjustment to perceptions about Trump vs. Biden?

Trump Leads Biden at the Bookies amid Surge in Black Americans’ Support [Atlas Intel poll]

A stunning 28% of black Americans plan on voting for President Trump… [And 41% of Hispanics]

https://www.zerohedge.com/political/trump-leads-biden-bookies-amid-surge-black-americans-support

Goya CEO: ‘Destruction and hatred, tearing down businesses’ driving Latinos to Trump https://t.co/Fv7KVMcZ5V

Fed’s Beige Book: Overall outlook was modestly optimistic

Firms continued to experience difficulty finding necessary labor, a matter compounded by daycare availability, as well as uncertainty over the coming school year and jobless benefits.”… “Manufacturing rose in most districts, consumer spending continued to pick up.”… “Overall outlook among contacts was modestly optimistic but a few districts noted some pessimism.”[Lockdown states?]

https://www.fxstreet.com/news/feds-beige-book-overall-outlook-was-modestly-optimistic-202009021806

Steroids cut death rates among critically ill COVID-19 patients, major study finds

Reduces the risk of death by 20%…  https://t.co/7KMzOcjJXj

@andrewbostom: ZERO reported C19 hospitalizations despite pooled total of ~2500 “positive C19 tests” at Illinois State (1023+), U of Iowa (922+), & Missouri State (549+) https://t.co/q1R8OTrSyl

@AlexBerenson: Lockdowns may be much deadlier than we realize. Why?

1: PCR tests sharply overstate how many people have Sars-COV-2.

2: States use those tests to assign deaths from #COVID. If many people are falsely positive, real COVID-related deaths must be lower than the reported figure

     Early on, many excess deaths occurred in nursing homes in NY, MA, etc. Those deaths were often assigned to COVID EVEN WITHOUT POSITIVE TESTS. But care was disrupted; some people likely died because they weren’t being fed, etc. Family members have reported this to me…The lack of feeding even happened in hospitals, or so family members have said. Remember – families were blocked from seeing patients, and medical staff were terrified…Since April, nursing homes and hospitals are doing better …We now know the testing is leading to some deaths that have nothing to do with COVID to be classified as COVID.

    The @cdcgov 6% #COVID deaths figure is a perfect example of a wrong story being right.  The 9,000 figure is too low, of course. But after six months of media’s hysteria, many people are wondering why they don’t know anyone who has died or even gotten seriously ill from #Covid…

    Wow. They have known all along. The @NEJM report on THE VERY FIRST US PATIENT WITH #SARSCoV2 found that the virus was easily detectable after 18-20 PCR cycles on swabs taken on day 4 even though he had only mild symptoms.  Not 40. Not 30. Fewer than 20.  And the European CDC warned publicly in July that any test result from over 35 cycles could be due to “contamination of reagents” – in other words, simple lab error.  https://twitter.com/AlexBerenson/status/1301179470490087429?s=09

Last yesterday afternoon: CDC tells states to prepare for coronavirus vaccine by November 1 https://cbsn.ws/3jF8IAV  [Was this a reason for the big rally yesterday?]

@realDonaldTrump: The Dow Jones Industrial just closed above 29,000! You are so lucky to have me as your President.  With Joe ‘Hiden it would crash

GOP Sen. Ted Cruz accuses Pelosi, Schumer of keeping economy closed to sway election

https://justthenews.com/politics-policy/coronavirus/ted-cruz-accuses-pelosi-schumer-keeping-economy-closed-sway-election

China boasts world’s largest navy: US DoD report [As US argues over gender pronouns & canceling culture]   https://www.naval-technology.com/features/china-boasts-worlds-largest-navy-us-dod-report/

Bundesbank chief calls for scaling-back of crisis aid

Weidmann signals possible fresh EU split over speed of withdrawal of Covid-19 support

https://www.ft.com/content/1d38cfe1-b7c3-4e71-b527-970c4d6138a2

@realDonaldTrump: Crazy Nancy Pelosi is being decimated for having a beauty parlor opened, when all others are closed, and for not wearing a Mask – despite constantly lecturing everyone else. We will almost certainly take back the House, and send Nancy packing!

Sometimes, a little thing (Dukakis in a tank) will resonate with voters and change their views.

@charliekirk11: If Nancy Pelosi can get her hair done in person you can vote in person. This is your daily reminder that Democrats threw a woman in jail for keeping her hair salon open during a lockdown

Yesterday, Pelosi GREATLY compounded her egregious political mistake by playing the victim card!

Nancy Pelosi demands apology from COVID-shuttered salon ‘for setting me up’ after pics leak of her getting styled   https://www.foxnews.com/politics/pelosi-fights-back-the-salon-owes-me-an-apology-for-setting-me-up

Pelosi’s testy & defiant press conference: https://twitter.com/search?q=%40tomselliott%3A%20&src=typed_query

DLoesch: Did Pelosi secretly make a pact with Trump to help his reelection? Because this “the salon set me up” BS is an absolute disaster for her and her party.

Trump orders review to defund NYC, other ‘anarchist’ cities

To ensure that Federal funds are neither unduly wasted nor spent in a manner that directly violates our Government’s promise to protect life, liberty, and property, it is imperative that the Federal Government review the use of Federal funds by jurisdictions that permit anarchy, violence, and destruction in America’s cities.”… The amounts of money impacted by Trump’s order could be massive. New York City, for example, gets about $7 billion a year in federal aid…

https://nypost.com/2020/09/02/trump-orders-review-to-defund-nyc-other-anarchist-cities/

After slamming DJT’s Kenosha trip as being divisive, Biden will visit Kenosha today.   The Johnny Come Lately optics is bad; but it worsens because Jill will accompany and assist Joe at a community forum as well as a meeting with Jacob Blake’s family.  PS – Joe had some bad moments on Wednesday.

@bennyjohnson BIDEN to TRUMP: “Stop your boast about — never being — seemed at you — you can do anything…”   https://twitter.com/bennyjohnson/status/1301213091544342529

Biden retreated on his national mask mandate.

https://twitter.com/lawyer4laws/status/1301236437967347712

Joe got confused by reporters, possibly due to delayed prodding or conflicting instructions from his staff.

https://twitter.com/RedPillMaC/status/1301253721754660866

@TrumpWarRoom:Biden’s handlers hand-pick which reporters are allowed to ask him questions. “I guess staff is going to call on whoever.”  https://twitter.com/TrumpWarRoom/status/1301215674648461315

@BreitbartNews: Joe Biden is facing scrutiny for an odd moment during a one-on-one interview with a South Florida news station, with the Trump campaign accusing him of reading a line from his teleprompter that was only meant as an instructional note.

    “Would you go back to the Obama policy with Cuba and what is your plan dealing with Venezuela?” Nespral asked the presidential candidate.  Biden appeared flustered from the start…Later in the interview, Biden shifted to Venezuela, where he mistakenly read the words “topline message” before describing President Trump’s existing policy as an “abject failure.”…

https://www.breitbart.com/politics/2020/09/02/topline-message-trump-campaign-accuses-joe-biden-of-reading-script-notes-aloud-from-teleprompter/

Joe’s blunder revealed a campaign ruse that is in cohorts with the media: Questions for Joe are submitted in advance and Team Biden puts the response on the Teleprompter for Joe to regurgitate.

Trump Campaign: BUSTED: Joe Biden Caught Reading off Teleprompter during TV Interview (Again) It’s the latest evidence that Biden regularly relies on scripts, even during TV interviews.

https://www.donaldjtrump.com/media/busted-joe-biden-caught-reading-off-teleprompter-during-tv-interview-again/

@EmeraldRobinson: There were more guns sold this August than in any August on record – Americans are buying so many guns that some stores have run out of bullets for sale. [An election indicator]

@realDonaldTrump: The Unsolicited Ballots Scam is their only hope. Will be the most corrupt election in history, by far!

@joshdcaplan: SACRAMENTO BEE: California to spend $35 million on mail voting campaign run by SKD Knickerbocker, firm with ‘Team Biden’ ties

@LarrySchweikart: It is important to understand that the U.S. Supreme Court, in Bush v Gore by a 5-4 decision, indirectly upheld the Dec. 14 submission of electors by rejecting a recount of FL because it would not be completed by the deadline.  I don’t see how this date moves, period.

@paulsperry_: In heated CNN exchange, Trump campaign spox Hogan Gidley just called out Obama operative-turned-“news” anchor Jim Sciutto for “working in the Obama administration,” to which Sciutto pleaded, “Please don’t get personal. “Sciutto began perspiring as Gidley exposed his bias

Portland Mayor Ted Wheeler moving to avoid rioters targeting his home https://t.co/zin3wlwxv8

OSP troopers federally deputized amid renewed Portland protest response

State police tell KOIN 6 News they’re working with the U.S. Attorney’s Office to review arrests made by troopers assigned to Portland for potential prosecution. The troopers assigned to Portland have been cross-deputized by the U.S. Marshals.  The Multnomah County District Attorney Mike Schmidt previously announced his office would presumptively decline to prosecute certain misdemeanor charges stemming from the protests, a move which resulted in criticism from law enforcement agencies, including state police in mid-August…[Team Barr is bypassing the district attorney.]

https://www.koin.com/news/protests/oregon-state-police-troopers-federally-deputized-amid-renewed-portland-protest-response/

@EricMMatheny: In an age where too many citizens will lazily accept a peaceful form of slavery over challenging the powers that have played us as fools for so long, it’s hard to believe that Americans once waged war against the greatest military superpower of their time over a 3% tax on sugar.

From our marketing director: I had an interesting conversation this evening with a Cook County Sheriff Policeman (African American) while leaving a 7-Eleven near my house.  Told him I appreciated the work he did in the current environment.  He was very appreciative… 3 lines that struck me that he said…

  1. If people would just comply when we are talking to them, no one would get hurt (he said the Milwaukee incident was totally preventable if people would comply).
  2. Referring to The Milwaukee incident, he said no one understands the fear, the unknown, and adrenaline involved in a situation like that.  “A guy says he has a knife and then moves to the other side of the car”.  He said a trained cop (in a tense situation) can and will empty a clip in under 10 seconds.  No one tells you to count [bullets].  “The Milwaukee cop had no choice; that was his training”.
  3. He said his main objective and real job is to “return home every night.”

Last night AG Barr gave an interview to CNN – headlines per Bloomberg

  • Biden is not under investigation
  • Biden call for officers to be charged not appropriate
  • Jacob Blake was armed
  • False narrative that police seek to shoot blacks
  • Many shootings because officer fears for life, not racist
  • Mail-in ballots is “playing with fire”, reckless, vulnerable to counterfeiting, fraud, coercion
  • China is more aggressive in trying to influence the election than Russia
  • Police chiefs identity Antifa “as the ramrod” for the violence in America
  • Reports indicate a large number of people are coming to DC to riot

‘Occupy Lafayette Square’ Protestors Planning 50 Day “White House Siege”, Warn “Things Could Turn Very Ugly” – On Sep. 17, the ninth anniversary of Occupy Wall Street, protestors are planning to begin a “siege” of the White House that will last fifty days—right up until Nov. 3. The website for the event is planning to bring thousands of protestors into Lafayette Square to “lay siege to the White House.” The site also warns that “the possibility of a civil war breaking out sometime next year is no joke.”…https://saraacarter.com/occupy-lafayette-square-protestors-planning-50-day-white-house-siege-say-things-could-turn-very-ugly/

A triggered AG Bill Barr unloading on CNN’s Wolf Blitzer over mail-in voting:

https://twitter.com/dannydeurbina/status/1301284170262614019

Trump encourages North Carolina residents to vote twice to test mail-in system

“So let them send it in and let them go vote, and if their system’s as good as they say it is, then obviously they won’t be able to vote. If it isn’t tabulated, they’ll be able to vote,” Trump said when asked whether he has confidence in the mail-in system in the battleground state… [Trolling mail-in voting advocates]

https://www.cnbc.com/2020/09/02/trump-encourages-north-carolina-residents-to-vote-twice-to-test-mail-in-system.html

Boulder police: Woman assaults 12-year-old boy for carrying Trump campaign sign, tries to steal it

https://kdvr.com/news/local/boulder-police-woman-assaults-12-year-old-boy-for-carrying-trump-campaign-sign-tries-to-steal-it/

Team Biden and their MSM appendage are blaming Russia for spreading disinformation about Biden’s mental health.  You can’t make this up!

Now that Dems and the MSM are blaming Trump for fomenting the violence in the US, Gov. Cuomo reasoned that h could get away with incendiary and threatening rhetoric.

Gov. Cuomo says: Trump ‘better have an army’ to protect him if he comes to NYC

“He can’t have enough bodyguards to walk through New York City, people don’t want to have anything to do with him.”…  https://nypost.com/2020/09/02/cuomo-trump-better-have-an-army-to-protect-him-if-he-comes-to-nyc/

If you can cut the people off from their history, then they can be easily persuaded.” — Karl Marx

Well that is all for today

I will see you FRIDAY night.

2 comments

  1. Where is the “must see” Andrew Maguire video please?

    Like

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