SEPT 8//HUGE OUTSIDE DAY REVERSAL IN GOLD AND SILVER TOTALLY UPSETTING OUR BELEAGUERED BANKER CROOKS/// GOLD UP $8.20 TO $1927.40//SILVER UP 27 CENTS TO $26.84//HUGE INCREASE IN GOLD TONNAGE STANDING AT THE COMEX: TO 11 TONNES//CORONAVIRUS UPDATES SAT-TUESDAY/ CHINA VS USA//TURKEY VS GREECE ET AL//USA SENDS TROOPS TO LITHUANIA// INDIA VS CHINA//DOW TUMBLES 632 POINTS//NASDAQ DOWN 465 POINTS//RIOTING IN MAJOR USA CENTRES CONTINUE//MAJOR SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1927.40  UP $8.20   The quote is London spot price

 

 

 

 

 

Silver:$26.84 UP $.27   London spot price ( cash market)

 

On Thursday and Friday I wrote the following to you:

“We are now in the middle of the 3 or 4 day whacking of our precious metals. Tomorrow (Friday) 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””

 

Well again for the 4th consecutive day, the crooks (along with Field General BIS) whacked our precious metals.  However this time, our London boys were waiting in the weeds for the attack. They absorbed everything offered and then continued to buy.  We had a rare outside day reversal.  This occurs when we have a monstrous raid in price but then buying comes in and drives the price above the day’s starting point.  The crooks were terribly mystified and heartbroken as their raid failed again. No doubt they will huddle amongst themselves and try and figure out how on earth they try and extricate themselves from the huge shortfall.

In our commodity report, the gold standing at the comex rose close to 11 tonnes as demand for metal continues unabated.

As per the comex commodity report, I wrote the following on Friday night:

“I would be willing to bet that the preliminary no. released at midnight tonight will also show a gain in oi in gold. Our banker friends are looking into an abyss!”

As you will see in this report, that proved to be correct.

I cannot wait to see midnight’s preliminary report it ought to be a doozy!!

here is your data for today.

H

 

 

 

 

 

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Closing access prices:  London spot

i)Gold : $1932.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.65//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1936.80  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:$1.20 CONTANGO   : $1.80//BELOW NORMAL CONTANGO//

 

 

DEC. GOLD  $1945.00   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $9.40/ CONTANGO   ($2.60 BELOW NORMAL CONTANGO)

 

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.92…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 8 CENTS BACKWARD)

SILVER DECEMBER  CLOSE:     $27.04  1:30  PM SPREAD SPOT/FUTURE DEC.       : 20  CENTS PER OZ  CONTANGO ( 8 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

 

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

receiving today: 134/274

issued 269

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,923.900000000 USD
INTENT DATE: 09/04/2020 DELIVERY DATE: 09/09/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
118 H MACQUARIE FUT 1
135 H RAND 3
435 H SCOTIA CAPITAL 5
657 C MORGAN STANLEY 109
661 C JP MORGAN 269
661 H JP MORGAN 134
709 C BARCLAYS 8
709 H BARCLAYS 1
737 C ADVANTAGE 2 3
800 C MAREX SPEC 3
905 C ADM 10
____________________________________________________________________________________________

TOTAL: 274 274
MONTH TO DATE: 3,457

NUMBER OF NOTICES FILED TODAY FOR  AUGUST CONTRACT: 274 NOTICE(S) FOR 27400 OZ  (0.8522 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  3457 NOTICES FOR 345,700 OZ  (10.752 tonnes) 

 

 

 

SILVER

 

 

359 NOTICE(S) FILED TODAY FOR 1,745,000  OZ/

total number of notices filed so far this month: 8814 for 44.070 MILLION oz

 

BITCOIN MORNING QUOTE  $10020  DOWN 354

 

BITCOIN AFTERNOON QUOTE.: $10,000 DOWN 372

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $8.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD…

 

 

 

GLD: 1,250.04 TONNES OF GOLD//

 

 

WITH SILVER UP $0.27  TODAY: AND WITH NO SILVER AROUND:

WE HAD NO CHANGES IN SILVER INVENTORY AT THE SLV//

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 564.799  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A LARGE  2395 CONTRACTS FROM 161,139 DOWN TO 158,744, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE  LOSS IN OI OCCURRED WITH OUR  $0.15 FALL IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A VERY WEAK EXCHANGE FOR PHYSICAL ISSUANCE, SOME  MINOR LONG LIQUIDATION, A SMALL DECREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT..  WE HAD A STRONG NET LOSS IN OUR TWO EXCHANGES OF 2345 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 WEAK SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:   SEP 0;  DEC:  50, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  50 CONTRACTS. WITH THE TRANSFER OF 50 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 50 EFP CONTRACTS TRANSLATES INTO 0.250 MILLION OZ  ACCOMPANYING:

1.THE $0.15 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

52.490 MILLION OZ INITIALLY STANDING IN SEPT

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.15) ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE  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 WEAK ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL 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:

5041 CONTRACTS (FOR 5 TRADING DAY(S) TOTAL 5041 CONTRACTS) OR 25.205 MILLION OZ: (AVERAGE PER DAY: 1008 CONTRACTS OR 5.041 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 25.205 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 3.600% 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:          1,411.29 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                                25.205 MILLION OZ

 

 

 

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2395, WITH OUR  $0.15 FALL IN SILVER PRICING AT THE COMEX ///FRIDAY.…THE CME NOTIFIED US THAT WE HAD A VERY WEAK SIZED EFP ISSUANCE OF 50 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON  AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER

 

TODAY WE LOST A CONSIDERABLE SIZED 2345 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.15 LOSS IN PRICE)//

 

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 50 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 2395 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.15 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.57 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.821 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: 359 NOTICE(S) FOR 1,745,000 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. 52.490 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 GOOD SIZED 2367 CONTRACTS TO 551,271 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 GOOD SIZED GAIN IN COMEX OI OCCURRED DESPITE OUR CONSIDERABLE FALL IN PRICE  OF $3.80 /// COMEX GOLD TRADING// FRIDAY//WE HAD ATTEMPTED BUT FAILED  BANKER SHORT COVERING AS WE HAD  A STRONG GAIN ON OUR TWO EXCHANGES… NOBODY HAS LEFT THE GOLD ARENA.  WE ALSO HAD A HUGE ADVANCE IN TONNAGE STANDING AT THE GOLD COMEX FOR SEPTEMBER ACCOMPANYING A SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR  FALL IN PRICE OF $3.80

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  136//

 

 

WE GAINED A STRONG SIZED 4704 CONTRACTS  (19.63 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

 

 

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2367 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 2367; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 2367.  The NEW COMEX OI for the gold complex rests at 551,271. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4704 CONTRACTS: 2337 CONTRACTS INCREASED AT THE COMEX AND 2367 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 4704 CONTRACTS OR 19.63 TONNES. FRIDAY, WE HAD A  LOSS OF $3.80 IN GOLD TRADING..….

AND DESPITE THAT LOSS IN  PRICE, WE HAD A STRONG SIZED GAIN IN TOTAL/TWO EXCHANGES GOLD TONNAGE OF 19.63 TONNES!!!!!! THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $3.80).  WE HAD ATTEMPTED BUT FAILED BANKER SHORT COVERING  OPERATION . WE HAD SMALL ISSUANCE IN EXCHANGES FOR PHYSICAL. THE BANKERS COULD NOT FLEECE ANY OF OUR SPECULATOR LONGS DESPITE THE THIRD RAID IN A ROW .

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2367) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (2367 OI): TOTAL GAIN IN THE TWO EXCHANGES:  8618 CONTRACTS. WE NO DOUBT HAD 1 )ATTEMPTED AND FAILED BANKER SHORT COVERING ,2.)A HUGE ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) NO LONG LIQUIDATION;  4) GOOD COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR  LOSS IN GOLD PRICE TRADING//FRIDAY//$3.80.

 

 

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 : 7998, CONTRACTS OR 799,800, oz OR 24.87 TONNES (5 TRADING DAY(S) AND THUS AVERAGING: 1599 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 5 TRADING DAY(S) IN  TONNES: 24.87 TONNES

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

THUS EFP TRANSFERS REPRESENTS 24.87/3550 x 100% TONNES =0.700% 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   3,429.64  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:                       24.87 TONNES  (AGAIN EXCHANGE FOR PHYSICAL NUMBERS IN RETREAT)

 

 

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 2395 CONTRACTS FROM 161,139, DOWN TO 158,744 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 VERY WEAK ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL LOSS IN OUNCES STANDING FOR SILVER AT THE COMEX FOR SEPT.,  AND  4) SOME LONG LIQUIDATION, 

 

 

 

 

EFP ISSUANCE 50 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. 50 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 50 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 2395 CONTRACTS TO THE 50 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A CONSIDERABLE SIZED LOSS OF 2345 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 11.725 MILLION  OZ, OCCURRED WITH OUR 15 CENT  LOSS IN PRICE///

 

 

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

(report Harvey)

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 23.83 POINTS OR 0.72%  //Hang Sang CLOSED UP 34.69 POINTS OR 0.14%   /The Nikkei closed UP 184.18 POINTS OR 0.80%//Australia’s all ordinaires CLOSED UP .98%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8417 /Oil DOWN TO 37.59 dollars per barrel for WTI and 40.54 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8417 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8484 TRADE TALKS STALL////TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC//TRADE WAR WITH CHINA  : /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%

 

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST SURPRISINGLY ROSE BY BY A GOOD SIZED 2337 CONTRACTS TO 555,185 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 STRONG COMEX INCREASE OCCURRED DESPITE OUR  LOSS OF $3.80 IN GOLD PRICING /FRIDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (2367 CONTRACTS),.  THUS,  WE HAD  1) ATTEMPTED BUT FAILED BANKER SHORT COVERING AS WE HAD A  STRONG GAIN IN THE TWO EXCHANGES OF 4704 CONTRACTS,…….. , PLUS WE HAD 2)  ZERO LONG LIQUIDATION  AND 3)  A HUGE  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 4704 CONTRACTS MENTIONED ABOVE.WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. THE COMEX IS THE SCENE FOR AN ASSAULT ON GOLD AS LONDONERS EXERCISE CIRCULATING EXCHANGE FOR PHYSICALS AND TURN THEM INTO REAL METAL. NO DOUBT THAT THIS IS THE REASON FOR OUR BANKERS TO LIGHTEN UP ON THEIR USE  AS OUR LONDON FRIENDS, BY EXERCISING ON THESE VEHICLES, ARE BITING THEM BACK AND PUTTING A NOOSE AROUND THEIR NECKS.

 

 

 

(SEE BELOW)

 

 

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 136

 

 

 

 

 

 

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 2367 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 2367; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2367  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: 4704 TOTAL CONTRACTS IN THAT 2367 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 2337 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 ATTEMPTED AND FAILED BANKER SHORT COVERING, FRIDAY  AS THE BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR CONSTANT RAIDS, INCLUDING WEDNESDAY’S THROUGH FRIDAY’S RAIDS. SURPRISINGLY AGAIN NOBODY LEFT THE GOLD ARENA AS WE HAD A STRONG GAIN IN OI ON OUR TWO EXCHANGES. (SEE BELOW)

 

 

 

 

 

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $3.80).  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  19.63 TONNES  WITH THE  FALL IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 4704, CONTRACTS OR 470400 OZ OR 19.63 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:  551,271 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.12 MILLION OZ/32,150 OZ PER TONNE =  1714 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1714/2200 OR 77.93% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 415505 contracts// volume very good

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  320,064 contracts//  volume: fair  //most of our traders have left for London

 

 

SEPT 8 /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
207,914.970 oz
Brinks
HSBC
(6.4 tonnes)
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

33,758.55

OZ

Malca

 

1050

KILOBARS

No of oz served (contracts) today
274 notice(s)
 27400 OZ
(0.8522 TONNES)
No of oz to be served (notices)
110 contracts
(11000 oz)
0.342 TONNES
Total monthly oz gold served (contracts) so far this month
3457 notices
345,700 OZ
10.752 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

 

total deposit: nil oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into Malca: 22,758.55 oz (1050  kilobars)

 

 

 

total customer deposit:  22,758.55     oz

 

 

we had 2 gold withdrawals from the customer account:

i) Out of Brinks:  206,294;770 oz

ii) Out of HSBC 1620.200 oz

 

 

total withdrawals;  207,914.970    oz

 

 

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

 

 

The front month of SEPT registered a total of 384 contracts for a GAIN of 260 contracts.  We had 59 notices filed on Friday, so we gained a strong 319 contracts or an additional 31,900 oz will stand for delivery in this non active month of Sept. Remember that we have been adding to our gold deliveries despite the raid these past 3 days.

Oct LOST only 8  contracts DOWN to 61,641  (HARDLY ANYBODY LEFT THE ARENA WITH OUR FRONT MONTH).  November gained 0 contracts to stand at 14.

The big December contract GAINED 1499 contracts UP to 407,719 contracts…(NOBODY LEFT HERE AS WELL)

 

 

 

 

 

 

We had 274 notices filed today for  27,400 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  269 notices were issued from their client or customer account. The total of all issuance by all participants equates to 274 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 134 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 (3457) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (384 CONTRACTS ) minus the number of notices served upon today (274 x 100 oz per contract) equals 356,700 OZ OR 11.094 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 (3457, x 100 oz + (384 OI) for the front month minus the number of notices served upon today (274) x 100 oz which equals 356,700 oz standing OR 11.094 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a SEPT delivery month (a NON active delivery month).

October, also looks like we are going to have a strong delivery month.

We gained 319 contracts or an additional 31,900 oz will try their luck searching for metal on this side of the pond.

 

 

 

 

 

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

610,238.285 oz pledged June 12/2020 Brinks/   july 2/july 21               19.017 tonnes

63,187.561 oz Pledged August 21/regular account 1.965 tonnes jpm

total pledged gold:  1,122,018.988 oz                                     34.89 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 466.06 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 11.094 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,150,968.560 oz or 502.36 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;  63,187.561 oz  (1.965 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:  1,122,018.988 oz or 34.89 tonnes
thus:
registered gold that can be used to settle upon:  14,983,950.0  (466,06 tonnes)
true registered gold  (total registered – pledged tonnes  14,983,950.0 (466.06 tonnes)
total eligible gold:  20,580,714.538 oz (640.14 tonnes)

total registered, pledged  and eligible (customer) gold  36,731,683.098 oz 1,142.50 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1016,16 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 8/2020

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
 3793.311 oz
Delaware

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,810,125.770 oz
HSBC
JPMorgan
Loomis
Scotia
No of oz served today (contracts)
359
CONTRACT(S)
(1,745,000 OZ)
No of oz to be served (notices)
1684 contracts
 8,420,000 oz)
Total monthly oz silver served (contracts)  8814 contracts

44,070,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 0 deposit into the dealer:

total dealer deposits: nil     oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 4 deposits into the customer account

i)into JPMorgan: 588,735.310 oz  (the crook JPMorgan continues to add silver to its inventory)

ii) Into HSBC: 580,202.260 oz

 

iii) Into Scotia:  40,555.200 oz

iv) Into Loomis: 600,633.000 oz ???

 

 

 

 

 

 

 

 

 

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

JPMorgan now has 171.686 million oz of  total silver inventory or 48.57% of all official comex silver. (171.686 million/353.426 million

 

total customer deposits today: 1,810,125.770   oz

we had 1 withdrawals:

 

i) Out of Delaware: 3,793.311 oz

 

 

total withdrawals;  3,793.311    oz

We had 0 adjustments//both customer to dealer

 

 

Total dealer(registered) silver: 140.358 million oz

total registered and eligible silver:  353.476 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 2043 contracts thus losing 484 contracts.  We had 440 notices filed on FRIDAY so we LOST 44 contracts or an additional 220,000 oz will NOT stand in this active delivery month of September  as they morphed into London based forwards and accepted a fiat bonus for their effort.  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 280 contract to stand at 1055.November lost 1 contract to stand at 13,

The big December contract month saw its OI FALL by 2565 contracts DOWN to 137,584

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 359 contract(s) FOR 1,745,000, 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 8813 x 5,000 oz = 44,070,000 oz to which we add the difference between the open interest for the front month of SEPT(2043) and the number of notices served upon today 359 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 8814 (notices served so far) x 5000 oz + OI for front month of SEPT  (2043)- number of notices served upon today (359) x 5000 oz of silver standing for the SEPT contract month.equals 52,490,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We LOST 44 contracts or AN ADDITIONAL 220,000 oz. WILL NOT STAND FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH, AS THEY LOOK FOR METAL ON THE LONDON SIDE OF THE POND!

 

 

TODAY’S ESTIMATED SILVER VOLUME : 139,137 CONTRACTS // volume huge//outside day reversal/raid foiled

 

 

 

FOR YESTERDAY: 119,378.  ,CONFIRMED VOLUME//volume huge  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 119378 CONTRACTS EQUATES to 0.596 billion  OZ 85.2% 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- 3.13% ((SEPT 8/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.32% to NAV:   (SEPT 8/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.13%

(courtesy Sprott/GATA

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

NAV 20.28 TRADING 19.77///NEGATIVE 2.53

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 8/WITH GOLD UP $8.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1250.04 TONNES

SEPT 4//WITH GOLD DOWN $3.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1250.04 TONNES

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 1251.50 TONNES

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

AUGUST 28/WITH GOLD UP $38.20 TODAY, WE SURPRISINGLY HAD A .59 TONNE WITHDRAWAL//INVENTORY RESTS AT 1251.50 TONNES

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

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

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

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

AUGUST 21//WITH GOLD DOWN $.40 TODAY: WE HAD NO CHANGE IN GOLD INVENTORY AT THE GLD: /INVENTORY RESTS AT 1252.38 TONNES

AUGUST 20/WITH GOLD DOWN $23.45 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD: .//INVENTORY REST AT  1252.38 TONNES

AUGUST 19//WITH GOLD DOWN $39.65 TODAY: WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1252.38 TONNES

AUGUST 18/WITH GOLD UP $14.60 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY: A DEPOSIT OF 4.09 TONNES//GLD INVENTORY RESTS TONIGHT AT 1252.38 TONNES

AUGUST 17/WITH GOLD UP $46.30  TODAY:  SURPRISINGLY WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL  OF 3.8 TONNES//INVENTORY RESTS AT 1248.29 TONNES

AUGUST 14/ WITH GOLD DOWN $19.45 TODAY: SURPRISINGLY, WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 1.46 TONNES/INVENTORY RESTS AT 1252.63 TONNES.

AUGUST 13/WITH GOLD UP $23.15 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY: SURPRISINGLY A PAPER WITHDRAWAL OF 7.30 TONNES/INVENTORY RESTS AT 1250.63 TONNES

AUGUST 12/ WITH GOLD UP $1.00 TODAY: WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A WITHDRAWAL OF 4.19 TONNES//INVENTORY RESTS AT 1257.93 TONNES

AUGUST 11//WITH GOLD DOWN $92.40 TODAY, WE HAD NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1262.12 TONNES.

AUGUST 10/WITH GOLD UP $11.35  TODAY, WE HAD A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.84 TONNES//INVENTORY RESTS AT 1262.12 TONNES

AUGUST 7/WITH GOLD DOWN $38.30 TODAY, WE HAVE NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1267.96 TONNES

AUGUST 6/WITH GOLD UP $20.45 TODAY, WE HAVE ANOTHER HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A PAPER DEPOSIT OF 10.23 TONNES INTO THE GLD/INVENTORY RESTS AT 1267.96  TONNES//

AUGUST 5/WITH GOLD UP $ 33.75 TODAY, WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/A DEPOSIT OF 9.35 TONNES INTO THE GLD//INVENTORY RESTS AT 1257.73 TONNES

AUGUST 4//WITH GOLD UP $31.75 TODAY, WE HAVE A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 6.48 TONNES/GLD INVENTORY RESTS AT 1248.38 TONNES

AUGUST 3/WITH GOLD UP $2.20 TODAY, WE HAVE NO CHANGES IN THE GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1241,96 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at

SEPT 8/ GLD INVENTORY 1250.04 tonnes*

LAST;  896 TRADING DAYS:   +310.54 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 796 TRADING DAYS://+489.07  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 8/WITH SILVER UP 27 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 564.799 TONNES

SEPT 4//WITH SILVER DOWN 15  CENTS TODAY: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 3.631 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 564.799 MILLION OZ//

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//

 

SEPT 4.2020:

SLV INVENTORY RESTS TONIGHT AT

564.799 MILLION OZ

 

 

 

 

 

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

Powell says low interest rates could last for years

(CNBC) Interest rates are likely to stay low for years as the economy fights its way back from the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said in remarks published Friday afternoon.

“We think that the economy’s going to need low interest rates, which support economic activity, for an extended period of time,” Powell told NPR in an interview after the nonfarm payrolls report was released earlier in the day. “It will be measured in years.”

“However long it takes, we’re going to be there. We’re not going to prematurely withdraw the support that we think the economy needs,” he added.

The statement aligns with comments from Powell and other Fed officials over the past week or so.

In a major change to its approach to monetary policy, the central bank now has set a stated directive that inflation will be allowed to float above the Fed’s 2% target for a period time after running below, as has been the case for most of the past decade.

The move effectively means that the Fed no longer will hike rates in order to head off inflation that historically had come with lower unemployment rates.

Though he did not list any specific measures, Powell said the Fed may not be done with its accommodation.

“We’ve done a lot of the things we can do, but we can do more and we will do them as we see the need for that,” he said.

Powell called the Friday jobs report “a good one.” Nonfarm payrolls rose by 1.37 million and the unemployment rate slid to 8.4%, still higher than anything since the early days of the financial crisis recovery but a good deal better than the pandemic peak of 14.7%.

Powell again tied the progress of the economy to the coronavirus, and he encouraged following safety guidelines like wearing masks and maintaining social distancing.

“There’s actually enormous economic gains to be had nationwide from people wearing masks and keeping their distance,” he said.

 

NEWS and COMMENTARY

JPMorgan’s COMEX Silver Stash: Another New Record High

Gold gains as global growth worries lend support

Beware what comes after the easy money binge

Gold is Still Considered the Best Long Term Investment

Oil drops more than $1 after Saudi price cuts, demand optimism fades

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

04-Sep-20 1937.60 1926.30 1456.49 1459.56 1634.75 1633.12
03-Sep-20 1934.10 1940.45 1453.86 1459.99 1635.28 1637.74
02-Sep-20 1969.00 1947.05 1475.17 1462.43 1659.47 1645.45
01-Sep-20 1987.95 1972.35 1479.83 1469.60 1661.33 1651.45
28-Aug-20 1955.85 1957.35 1471.97 1472.91 1642.72 1647.31
27-Aug-20 1938.80 1923.85 1467.87 1458.86 1638.87 1632.39
26-Aug-20 1918.50 1932.95 1458.83 1465.95 1624.39 1636.05
25-Aug-20 1925.45 1911.15 1468.35 1455.15 1626.43 1616.26
24-Aug-20 1947.55 1943.95 1484.03 1485.57 1646.26 1643.61

Access Latest Goldnomics Podcast (Part II) Here

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Receive Our Award Winning Market Updates In Your Inbox – Sign Up Here

Mark O’Byrne
Executive Director

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Interesting:  higher prices are playing havoc for insurers insuring higher priced gold in vaults

(Bloomberg/GATA)

Record gold prices create insurance headache for vault keepers

 Section: 

By Eddie Spence
Bloomberg News
Saturday, September 5, 2020

Surging demand for gold means business is booming at the companies that store and protect the world’s bullion. But record prices come with a catch: All those piles of yellow bars are suddenly much trickier to insure.

For centuries, gold has been an irresistible target of heists both real and fictional. And though theft on a major scale is rare, it can be hugely expensive. When armed burglars made off with about 3 tons of gold from a warehouse near Heathrow Airport in 1983, Lloyd’s of London paid out for the lost metal, which at today’s prices would be worth more than $180 million.

… 

The difficulty is that insurers place a cap on how much financial exposure they’ll assume for each vault. As the price of gold rises—it gained as much as 37% this year — the number of insurable ounces at each site naturally shrinks.

 

That’s not a concern for holders of the biggest stashes of bullion, worth tens of billions of dollars, because those hoards are too valuable to insure fully anyway. Large commercial banks such as JPMorgan Chase & Co. and HSBC Holdings that run some of London’s biggest gold vaults assume the rest of the liability themselves.

But for other storage facilities around the world, including the businesslike hangars near Heathrow and strongrooms buried deep in the Swiss Alps, surging gold prices can require a juggling act to ensure that the value of the gold they hold doesn’t exceed their coverage. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-05/gold-gets-trickier-to…

END

The Philippines Central bank adopts a policy of active gold trading and wishes a little higher ratio to that suggested by the World Bank

(Bloomberg/GATA)

Philippines central bank adopts policy of active gold trading

 Section: 

By Ditas B Lopez
Bloomberg News
Saturday, September 5, 2020

https://www.bloomberg.com/news/articles/2020-09-05/philippines-central-b…

The Philippine central bank is shifting to active gold trading as the monetary authority seeks to better manage the country’s international reserves, Governor Benjamin Diokno said on today.

The bank has moved from “passive” gold trading because of a change in the price dynamics of the metal, a new law that makes purchases of it from small miners more attractive, and the country’s record-high reserves, Diokno said in a mobile-phone message to reporters.

Studies show that the optimal portfolio mix of gold to reserves should be 9.8%, while a World Bank survey suggested around 9.55%, according to Diokno. The Philippines’ ratio exceeds 10%.

 

The Bangko Sentral ng Pilipinas “will always be opportunistic in its reserves management,” the central bank chief said. The country posted gross international reserves of $98 billion at end-July.

* * *

end

Warner has it correct that the B.of E’s gold sales were meant to rescue some major banks who had shorted gold

(London Telegraph)

Jeremy Warner: When money dies, gold comes into its own

 Section: 

11:38a ET Sunday, September 6, 2020

Dear Friend of GATA and Gold:

Today’s London Telegraph has a surprisingly if begrudgingly favorable commentary on gold by the newspaper’s assistant editor and economics columnist, Jeremy Warner. Those who follow GATA and gold may find his main point only obvious — that gold performs splendidly when government-issued money is being devalued — but then such devaluation is yet to be widely understood by the great mass of users of government money.

… 

Those who do follow gold may be most interested by Warner’s acknowledgment that the British government’s gold sales that began in 1999 were meant to “rescue a number of banks from ruinous short positions in the metal.” This point was made at the time by gold price manipulation litigator and GATA consultant Reginald Howe

 

http://www.goldensextant.com/Complaint.html#anchor3130

— but has yet to be accepted by other establishment market analysts.

Unfortunately Warner repeats a common error, asserting that the economist John Maynard Keynes called gold a “barbarous relic” when in fact Keynes reserved that term for the gold standard in currencies.

Warner concludes: “A rising gold price reflects, above all other things, a loss of trust in the value of fiat currencies, for which there is good reason right now. But for the metal to really come into its own requires a prolonged period of relatively high inflation, similar to what occurred in the 1970s after the United States came off the gold standard and President Nixon effectively opted for money printing and inflation over tax rises to pay for the Vietnam war.

“For the moment, the presiding consensus view remains the opposite — that we are heading into a great deflation. I’m not so sure. The least painful way of dealing with a big debt overhang is to inflate it away. Who knows? The gold bugs might actually be on to something.”

For anyone in a mainstream financial news organization, Warner’s commentary today is enough to earn a tinfoil hat.

Because of some left-wing totalitarian vandalism that hampered publication of this weekend editions of Britain’s major newspapers —

https://www.telegraph.co.uk/news/2020/09/05/right-free-speech-telegraphs…

— the pay wall has been removed from the Telegraph’s content today and Warner’s commentary, headlined “When Money Dies, the Barbarous Relic — Gold — Comes into Its Own,” can be read here:

https://www.telegraph.co.uk/business/2020/09/06/money-dies-barbarous-rel…

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

END

Ned Naylor Leyland has been a silver bug for 18 years and now is vindicated for the abuse he took. He now sees a fiat crash

(Spence/Bloomberg)

Silver’s brilliant year validates bugs’ enthusiasm

 Section: 

By Eddie Spence
Bloomberg News
via MSN.com
Sunday, September 6, 2020

Ned Naylor-Leyland has been all-in on silver for 18 years, earning derision along the way from fellow investors favoring the more glamorous gold. Now, with silver’s price skyrocketing 51% this year, he’s got reason to feel vindicated.

The manager of the $1 billion Merian Gold and Silver Fund in London proudly calls himself a “silver bug,” a term describing an investor whose fervor for the precious metal is more extreme than the typical bullion enthusiast’s.

The bugs foresee a crash of the fiat cash system in the aftermath of unprecedented monetary stimulus, putting silver back in play as a viable currency. Their core tenet is that gold’s cheaper, more volatile cousin will continue surging in value.

 

“I’ve been waiting since 2002 for the inevitable demise of this monetary system,” Naylor-Leyland said. “I’ve been standing there waving on the top of a hill for the last 20 years, and suddenly everyone’s pointing at me saying, ‘That man’s a genius.'” …

… For the remainder of the report:

https://www.msn.com/en-us/money/other/silver-s-brilliant-year-validates-…

END

Lambourne notes higher BIS activity in the gold market..exactly what we have been telling you.  The BIS has their footprints on gold trading lately.

(Robert Lambourne/GATA)

Robert Lambourne: BIS activity in gold market rose again in August

 Section: 

By Robert Lambourne
Monday, September 7, 2020

Use of gold swaps by the Bank for International Settlements increased again in August, according to the bank’s statement of account for the month:

https://www.bis.org/banking/balsheet/statofacc200831.pdf

The bank’s gold swaps rose by 10 tonnes from July to an estimated 484 tonnes. The swaps are used to gain access to gold supplies from bullion banks and the gold is then deposited in BIS gold sight accounts at major central banks, such as the Federal Reserve.

The use of gold swaps and derivatives by the BIS has been extensive so far this year, with August’s level being the highest since August 2018, as highlighted in the table below. By contrast, in May 2019 the bank was carrying only 78 tonnes in swaps.

 

The August estimate of the bank’s gold swaps is also higher than any level of swaps reported by the BIS at its March year-end since March 2010. Hence it is possible that the gold swaps as of August 2020 are the most ever for the bank.

The swap transactions create a mismatch at the BIS, which ends up being long unallocated gold — the gold held in BIS sight accounts at major central banks — and short allocated gold — gold due to be returned to counterparties.

This mismatch has not yet been identified as such in the bank’s annual reports.

The BIS refuses to explain the purposes of its activity in the gold market, nor for whom the bank is acting —

http://www.gata.org/node/17793

— though the bank is almost certainly acting for central banks, as they are the BIS’ only members and control its Board of Directors.

This refusal to explain prompts some observers to believe that the BIS acts as a broker for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with cover against exposure of their interventions.

The table below reports the estimated swap levels since August 2018. It shows that the BIS is actively involved in trading gold swaps and other gold derivatives with changes from month to month in excess of 100 tonnes in this period.

———-

Month ….. Swaps
& year … in tonnes

Aug-20…../ 484
Jul-20 ….. / 474
Jun-20 …. / 391
May-20 …. / 412
Apr-20 …. / 328
Mar-20 …. / 326*
Feb-20 …. / 326
Jan-20 …. / 320
Dec-19 …. / 313
Nov-19 …. / 250
Oct-19 …. / 186
Sep-19 …. / 128
Aug-19 …. / 162
Jul-19 …… / 95
Jun-19 …. / 126
May-19 …. / 78
Apr-19 ….. / 88
Mar-19 …. / 175
Feb-19 …. / 303
Jan-19 …. / 247
Dec-18 …. / 275
Nov-18 …. / 308
Oct-18 …. / 372
Sep-18 …. / 238
Aug-18 …. / 370

* The estimate originally reported by GATA was 332 tonnes, but the BIS annual report says 326 tonnes. It is believed that this difference arose because the gold price used to calculate GATA’s estimate was lower than the price used by the BIS. GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.

—–

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

end

iii) Other physical stories:

LAWRIE WILLIAMS: Russian gold policy paying off

Readers will recall that the Russian central bank announced that it would cease adding to its gold reserves, perhaps temporarily, as from April this year. Previously Russia had been by far the biggest buyer of gold for its reserves with a policy which had taken them to a fraction under 2,300 tonnes – the world’s fifth largest gold reserve as reported to the IMF. That left it close behind Italy and France, the third and fourth largest holders, both of which report holding between 2,400 and 2,500 tonnes, but well short of Germany which has reported gold reserves of 3,367.9 tonnes and the U.S. with 8,133.5 tonnes, all as tabulated by the IMF. China is in sixth place with reported holdings of .2,141 tonnes, but the nation has not been fully transparent over its gold holdings in the past and many believe them to be far higher.

Russia reportedly has held off buying gold for its official reserves in favour of allowing its gold production (Russia is believed to be the world’s second largest gold producer – after China) to be sold on international markets, and this seems to be paying off hugely in terms of export earnings. Gold is now reported to be the nation’s largest export earner, ahead of natural gas which used to be the country’s No.1, helping give the country a positive balance of payments despite U.S. generated economic sanctions which, in theory should have adversely affected Russia’s international trade figures. Indeed the Russian central bank has just reported a record level of foreign exchange reserves, now totalling US$ 594.422 billion at the end of August, of which its gold holdings are worth a new record of US$144.588 billion due to the rise in the price of gold on international markets.

Thus Russia, which has also been badly hit by the global COVID-19 coronavirus outbreak (it currently lies in fourth place for total numbers of confirmed virus cases after the U.S., India and Brazil at well over 1 million), looks to be in a far better place than most other virus- affected countries which have run up enormous debts to counter the virus’s economic impact. In this respect Russia seems to be coming out of the virus situation in a stronger economic position than most Western nations, and its gold policy has to be seen as one of the principal reasons behind this performance.

According to the analysts at Metals Focus on behalf of the World Gold Council, Russia produced 329.5 tonnes of gold in 2019 as compared with China’s 383.2 tonnes in first place, and Australia’s 325.1 tonnes in third. Russia seems to be closing the gap on China, where production has been falling due primarily to stricter environmental controls on its gold mining operations. Should this pattern continue – and reports suggest that Russian gold production is rising further this year – it may not be long before Russia usurps China’s first place position at the head of the global gold production table. Australian production also seems to be rising and with gold output growing at these two major gold mining nations this is, at least in part, serving to counterbalance falls elsewhere in the world.

Both Russia and China seem to feel that gold will be of increasing importance in defining any new global financial order which may arise over the next few years and their respective places as the top two gold producing nations should stand them in good stead in this respect. The likely future fallout from the coronavirus pandemic, which has caused most Western nations to run up huge debts, may well lead to a global financial reset sooner rather than later which should leave Russia and China particularly well-placed.

08 Sep 2020

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8417/ 

 

//OFFSHORE YUAN:  6.8484   /shanghai bourse CLOSED UP 23.83 POINTS OR 0.72%

HANG SANG CLOSED UP 34.69 POINTS OR 0.14%

 

2. Nikkei closed UP 184.18 POINTS OR 0.80%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 93.27/Euro FALLS TO 1.1801

3b Japan 10 year bond yield: FALLS TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.25/ 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:: 37.59 and Brent: 40.54

3f Gold DOWN/JAPANESE Yen UP 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 -.49%/Italian 10 yr bond yield DOWN to 1.03% /SPAIN 10 YR BOND YIELD DOWN TO 0.33%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.52: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.177

3k Gold at $1916.50 silver at: 26.45   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 59/100 in roubles/dollar) 76.33

3m oil into the 37 dollar handle for WTI and 40 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 106.25 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 .9172 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0821 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 0.49%

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

4. USA 10 year treasury bond at 0.689% early this morning. Thirty year rate at 1.425%

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

6.  TURKISH LIRA:  UP  TO 7.49....DEADLY TO TURKEY

Nasdaq Futures Tumble, Stocks Slide As SoftBank Unwinds, Dollar Jumps

If SoftBank’s presence in the public markets was enough to send global markets to 9 consecutive all time highs while stretching tech valuations to unprecedented levels, then it is to be expected that SoftBank’s unwind of its notorious “Nasdaq Whale” trade as we reported yesterday, would send risk tumbling and sure enough Nasdaq futures plunged over 2% on Tuesday, leading a drop in European stocks and S&P futures, while the dollar jumped as the euro dropped and the pound weakened for a fifth day amid Brexit fears.

After U.S. markets were shut on Monday for Labor Day, S&P 500 futures fell more than 1% reversing gains made in Asian hours, while futures in tech-heavy Nasdaq fell 1.3% after having lost more than 6% late last week. The tech drop was led by Tesla, which plunged over 12% – now trading below Friday’s low – after it failed to make the S&P500 on Friday, having lost a third of its value in the past week dropping to $366 this morning after hitting an all time high of $538.75 last Tuesday…

… while AAPL slumped 3.5% after Goldman analyst Rod Hall said the shares look risky, as the company’s growth potential doesn’t appear strong enough to justify the stock’s valuation, saying “the iPhone is a very tough act to follow,” while Apple’s Services and Wearables businesses are “not likely to be large enough to return the company to growth.”

And here is what happens when a Nasdaq whale exits the market: as Nomura’s Charlie McElligott shows, as of this moment dealer gamma is about to turn negative after being torn apart by Masa Son for the past month. This means that any continued Emini selling is about to become reinforcing.

As a result traders are bracing for another ugly equity day, as Nasdaq 100 futures are down over 2% and S&P 500 contracts are steadily declining to fresh lows.

“The path of least resistance for the market may well be to test the downside,” said Peter Chatwell, head of multi-asset strategy at Mizuho International Plc. “Ultimately, if there is more selloff, I suspect real money investors will take the opportunity to buy the dip.”

Traders also braced for fresh tensions between Washington and Beijing after U.S. President Donald Trump again raised the idea of decoupling the U.S. and Chinese economies to end America’s reliance on the country. Trump also threatened to punish any American companies that create jobs overseas, and to forbid those that do business in China from winning federal contracts. Trump’s remarks followed the possible U.S. blacklisting of China’s largest chip maker, Semiconductor Manufacturing International Corp (SMIC), which has hit many Chinese tech firms listed onshore and offshore.

“I think the market will shrug this off as electioneering but may find the lining up of technology stock sellers harder to process as the U.S. market returns from a holiday yesterday,” said Chris Bailey, European Strategist at Raymond James.

World shares fell 0.2% in early trade, following gains in Asia overnight and a negative start in Europe, where fresh pressure on tech stocks dragged the STOXX 600 benchmark down 0.9% following strong gains on Monday: the FTSE MIB dropped over 1.5% to underperform peers, local back shed 1.4%. Travel, tech and oil & gas names weigh.  In the UK, Royal Mail Plc, the privatized British postal service, surged 15% after saying it wants to overhaul its business and shift service to the parcels market.

Earlier in the session, Asian stocks gained, led by IT and finance, after falling in the last session. The MSCI’s index of Asia-Pacific shares outside Japan rose 0.4% and Japan’s Nikkei ended up 0.8%. China’s blue-chip index and Hong Kong’s Hang Seng meanwhile gained 0.5% and 0.2% respectively, both erasing early losses made after Trump’s remarks. The Shanghai Composite Index rose 0.7%, with Shandong Xinchao Energy and Sichuan Hebang Biotech posting the biggest advances. Australia’s S&P/ASX 200 gained 1.1% and South Korea’s Kospi Index rose 0.7%, while Thailand’s SET dropped 1.2%. The Topix gained 0.7%, with Fuji Pharma and Scinex rising the most. After slumping as much as 5% earlier in the session, SoftBank shares closed just barely in the red as traders reassessed the company’s (non) exposure to derivative positions.

In rates, the 10-year U.S. Treasury yield stood at 0.684%, off a five-month low of 0.504% touched in August. Yields were lower by more than 3bp at long end, flattening 5s30s by 1.5bp, 2s10s by 2.2bp; 10-year yields around 0.69% with gilts outperforming by ~1bp. Treasuries bull-flattened despite a wave of coupon and corporate supply expected this week. Risk-aversion is widespread, with European stocks and U.S. futures lower led by technology companies and oil down more than 5%. Gilts outperform and the pound weakened for a fifth straight day on Brexit concerns. The US Treasury auction cycle starts with $50BN 3-year notes (+$4b vs previous) at 1pm ET, followed Wednesday and Thursday by $35b 10-year and $23b 30-year reopenings (+$6b and +$4b vs previous reopenings).

Price action in FX dominated the European morning, as an early slump in USD reverses, resulting in a broad move toward the dollar in G-10 and EMFX. NOK and GBP are the worst G-10 performers; cable was weighed down by renewed Brexit discord and plans for a tighter limit to home gatherings due to a surge in virus cases. ZAR drops 1% after 2Q GDP fell an annualized 51% q/q alongside downbeat comments from Fitch. The EURUSD continued to drop, and after hitting 1.20 last week – a level which prompted aggressive verbal intervention from the ECB – the pair slumped as low as 1.178 this morning, in line with our expectations. For the Euro, the main focus on this week’s ECB policy meeting, where most analysts do not expect a change in the central bank’s policy stance but are looking at its inflation forecasts and whether it seems concerned by the euro’s strength.

“Rangebound trading will likely remain predominant until Thursday when the ECB meets,” UniCredit analysts said in a note.

Sterling fell to a two-week low against the dollar after the European Union told Britain on Monday there would be no trade deal if London tries to override the Brexit divorce deal it signed in January. The pound slipped more 0.3% at $1.3135 while against the euro it touched 0.90 pence, also a two-week low.

In commodities, Oil fell below $42 a barrel, its fifth session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world. Meanwhile WTI futures fell even more, dropping 5.4% to $37.63 per barrel. Meanwhile, gold prices softened on Tuesday, although rising doubts over the economic recovery from the COVID-19 slump limited losses. Spot gold last traded at $1,912.83 per ounce.

Market Snapshot

  • S&P 500 futures down 1% to 3,375.25
  • STOXX Europe 600 down 0.9% to 364.77
  • MXAP up 0.4% to 171.51
  • MXAPJ up 0.3% to 565.99
  • Nikkei up 0.8% to 23,274.13
  • Topix up 0.7% to 1,620.89
  • Hang Seng Index up 0.1% to 24,624.34
  • Shanghai Composite up 0.7% to 3,316.42
  • Sensex up 0.5% to 38,619.40
  • Australia S&P/ASX 200 up 1.1% to 6,007.84
  • Kospi up 0.7% to 2,401.91
  • Brent futures down 1.5% to $41.37/bbl
  • Gold spot down 0.3% to $1,928.29
  • U.S. Dollar Index up 0.4% to 93.12
  • German 10Y yield unchanged at -0.463%
  • Euro unchanged at $1.1817
  • Italian 10Y yield rose 3.0 bps to 0.92%
  • Spanish 10Y yield rose 0.4 bps to 0.356%

 

 

A Look at global markets courtesy of NewsSquawk

Asian equity markets traded mostly positive, following the upbeat performance in EU counterparts given the lack of handover from US due to Labor Day, but with gains in the region moderated by inconclusive data and after US President Trump suggested the idea of decoupling the US economy from China. ASX 200 (+1.1%) attempted to reclaim the 6,000 level with Healthcare and real estate frontrunning the advances despite mixed data which showed Business Confidence slightly improved but remained in negative territory. Nikkei 225 (+0.8%) was kept afloat as participants digested the better than feared revisions to Q2 GDP which still showed large contractions, while KOSPI (+0.7%) was boosted as index heavyweight Samsung Electronics gains on reports it is to produce Qualcomm chips for 5G phones. Conversely, Hang Seng (+0.1%) and Shanghai Comp. (+0.7%) underperformed after US President Trump upped the anti-China rhetoric in which he said he is thinking about the possibility of decoupling the US economy from China and that it would not lead to monetary losses, while he suggested that China either faces decoupling or massive tariffs. Furthermore, the US is considering a ban on cotton from China’s Xinjiang region over human rights concerns, and China unveiled an initiative to set global data security regulations in an effort to counter US attempts of banning Chinese technology from other countries. Finally, 10yr JGBs were higher in a continuation of Monday’s rebound with prices unfazed by the mostly positive risk tone and with today’s 5yr JGB auction results somewhat inconsequential as it printed relatively inline with the prior.

Top Asian News

  • Jump in Hottest H.K. IPO Reshapes Landscape of China’s Richest
  • Bank of Thailand Chief Plays Down Possibility of More Rate Cuts
  • Currency Decoupling From Virus-Hit Economy to Bank of Israel
  • Thailand Says Revised Gold Trading Rules to Shield Baht Due Soon

Stocks in European have given up the mild gains seen at the cash open and some more (Euro Stoxx 50 -0.8%), as the region failed to sustain the positive APAC lead. US equity futures have also been sliding, with losses more pronounced in NQ as the tech unwind continues – with Apple down almost 3%, Amazon -1.7%, Netflix -2.5% and Tesla -10%. Back to Europe, sectors have somewhat solidified a defensive bias as the US tech downturn has reverberated into the region, with IT the standout underperforming sector; whilst the cushioned healthcare sector sees Switzerland’s SMI (-0.3%) the winner in Europe, but subdued nonetheless. Travel & Leisure also experiences steep losses as easyJet (-6.2%) shares plumb the depths as it now expects to fly less than 40% of planned capacity in Q4 in a sign of reduced demand for travel. Thus, the likes of Ryanair (-2.3%), Lufthansa (-1.9%) and Air-France KLM (-1.6%) are lower in sympathy. In terms of other movers and shakers, Royal Mail (+17.8%) shares top the charts after a trading update in which it reported bolstered business from its parcel deliver service. Swiss Re (+1.7%) is propped up by an update in which it sees a positive outlook for renewals and further market hardening. Volkswagen (-1.2%) is softer as the CEO said they are not seeking a deal with Tesla after a meeting with Elon Musk. Apple (AAPL) are to begin initial production of 5G iPhones in mid-September, reducing the production delay to weeks instead of months, according to Nikkei sources. (Nikkei)

In FX, the Dollar is holding a firm line in wake of Friday’s mostly encouraging labour report and yesterday’s Labour Day market holiday, with the DXY anchored around 93.000 awaiting the NFIB optimism index, employment trends and consumer credit alongside the return of Wall Street to see whether the tech sector correction continues to weigh on broader stock sentiment and keeps Treasuries elevated in futures terms.

  • GBP – Yet more downside pressure and Sterling underperformance as no deal Brexit jitters intensify before the latest round of UK-EU trade negotiations amidst reports that PM Johnson is now questioning the Withdrawal Agreement and wants the deal to be rewritten. In response, Cable has given up the 1.3100 handle and has rebounded firmly beyond 0.9000.
  • AUD – Somewhat mixed impulses via NAB’s August business survey, as confidence improved vs conditions deteriorating, but the Aussie may be deriving some traction or comfort from the latest jobs update given only a 0.4% decline in payrolls over the month to August 22, with a 2% drop in the state of Victoria and 0.1% increase elsewhere. However, Aud/Usd is drifting back from just over 0.7300, while Aud/Nzd is closer to 1.0900 than unusually hefty option expiry interest in the cross residing down at 1.0860 (1.87 bn).
  • CAD/NOK/NZD/CHF – The other major laggards, as the Loonie and Norwegian Krona trade softer with oil sub-1.3100 vs the Greenback and circa 10.6100 against the Euro respectively, with the latter also taking on board softer than forecast monthly mainland GDP. Meanwhile, the Kiwi retreats from 0.6700+ and Franc pivots 0.9170/1.0830 ahead of NZ manufacturing sales later tonight and Swiss jobs tomorrow.
  • EUR/JPY/SEK – The Euro is straddling 1.1800 vs the Buck and largely treading water in advance of Thursday’s ECB policy meeting, while the Yen is even more constrained below 106.00 following minor Japanese GDP revisions and the Swedish Crown seems to be gleaning a degree of underlying support from ip as Eur/Sek meanders either side of 10.3700.
  • EM – The Try’s slide will grab headlines as it slumps to fresh record depths nearer the psychological 7.5000 mark, but other regional currencies are also depreciating, like the Rub on the back of Brent weakness and the Zar after a bigger than expected Q2 GDP contraction (SA economy shrank 50%+ in q/q annualised terms).

In commodities, WTI and Brent front month futures are on a downwards trajectory in what seems to be a sentiment driven move as it coincided with losses in stocks markets and the fixed income bid. UAE’s ADNOC moved in lockstep with Saudi Aramco in lowering their flagship crude grade in a sign that demand is faltering. On this front, easyJet has cut its flights amid the UK government announcing more quarantine measures – a sign of reduced demand for travel and fears that have been flagged by the IEA MOMR last month. Furthermore, crude imports from China have continued to ebb lower from June’s record levels (11.23mln BPD in August vs. 12.13mln BPD in July vs. 12.99mln BPD in June). Meanwhile, Russian Energy Minister Novak also remarked that it is important Russian production, alongside other oil producers, returns quickly or even undertakes an increase in market share upon the oil demand recovery – comments that come ahead of this month’s JMMC meeting. WTI sees more pronounced losses than its Brent counterpart on account of no settlement for the former yesterday given the Labor Day holiday. WTI October resides just under USD 38.50/bbl whilst Brent November lost its USD 41.50+/bbl status (vs. high USD 42.23/bbl). Elsewhere, spot gold and silver move in tandem with the Dollar as the index sees somewhat of a revival from early EU hours. The yellow metal trades closer to session lows around USD 1923/oz whilst spot silver gave up its USD 27/oz handle. Finally, LME copper prices have eased due to the downbeat sentiment coupled with a firmer Buck.

Top European News

  • Merkel Ready to Link Nord Stream With Russian Navalny Response
  • EU Makes Latvia’s Dombrovskis Trade Chief to Deal With U.S.
  • Commerzbank Board Rebukes Retail Head for Turnaround Failure
  • Irish PM Warns Johnson Over Backsliding From Brexit Divorce Deal

DB’s Jim Reid concludes the overnight wrap

So after three days cooling off, the US market reopens today after last week’s late and so far brief tech rout. At the lows on Friday the Nasdaq was down c.10% in just over 24 hours. It did stabilise and recover soon after the Friday open but this will be the first full trading session where specific news of the recent fevered options market activity has been fully revealed to the market. So it’s a big session today. Futures on the S&P 500 and Nasdaq are +0.25% and -0.57% respectively.

Overnight in Asia markets are mostly firm outside of China/HK with the Nikkei (+0.51%), Kospi (+0.67%) and Asx (+0.80%) all up while the Hang Seng (-0.57%) and Shanghai Comp (-0.34%) are down. Its seems like the latter two are underperforming on yesterday’s news that President Trump is intending to decouple the US economic relationship with China as he threatened to punish any American companies that creates jobs overseas and to forbid those that do business in China from winning federal contracts. He added, “Whether it’s decoupling or putting massive tariffs on China, which I’ve been doing already, we’re going to end our reliance on China because we can’t rely on China ”. In FX, the US dollar index is up +0.45% this morning. Yields on 10y USTs are trading down -1.2bps while WTI crude oil price are down -1.9% to $39.02. In terms of overnight data releases Japan’s final Q2 GDP was confirmed at -7.9% qoq, a touch better than consensus of -8.0% yoy while July household spending came in at -7.6% yoy (vs. -3.7% yoy expected).

In other overnight news, the BoE Chief Economist Andy Haldane warned against extending the UK government’s flagship coronavirus furlough program as he said that “Keeping all those jobs on life support is in some ways prolonging the inevitable in a way that actually doesn’t help either the individual or the business.” He added that the UK firms should look to wage restraint or reduced hours as a “less painful way of adapting” than job cuts. Meanwhile, on the economy, he had a bit better view than his colleagues as he said that “Right now the prevailing narrative is a bit gloomier than I think is justified by the data.”

With the US out on holiday yesterday for Labor Day, European equities shrugged off the selloff in risk assets at the end of last week to make solid advances. By the close, the STOXX 600 had climbed +1.67% with every sector moving higher on the day, while the DAX (+2.01%), the CAC 40 (+1.79%) and the FTSE 100 (+2.39%) also saw notable gains. These solid advances came in spite of continued negative news on the coronavirus in Europe, as signs of a rise in cases continued to accumulate as we head towards the winter months. Here in the UK, a further 2,951 cases were reported yesterday, which sent the 7-day average to its highest level in over 3 months. Overnight, the UK government has imposed a 14-day quarantine requirement for travellers arriving from seven Greek islands, thereby taking a regional approach for the first time. Meanwhile in Denmark, restrictions were reintroduced yesterday, with public gatherings now limited to 50, having been 100 before. Across, the other side of world, as new cases in Japan have started to come down, Kyodo has reported this morning that the Japanese government is considering eliminating the cap of 5,000 people it has on event sizes as soon as September 19. Hong Kong’s government is also planning to further ease virus-related restrictions and allow restaurants to seat four people per table instead of the current limit of two.

Amidst the recent rise in cases, a common pattern across multiple countries is that younger people are increasingly contracting the virus. We looked at this in our Chart of the Day yesterday (link here) which showed how the age composition of cases has changed over time. There is an element of increased testing but I still think the trend is valid. At the first peak of the virus in late March (using data from England), 61% of the confirmed cases were among those over 60, while just 12% came from the 20-39 age group. On the latest data however, the over-60s make up just 11% of cases, while the 20-39 group are now at 48%. So a big transition that goes some way to explaining why hospitalisations and deaths have remained subdued relative to the first wave, even as cases have started to rise again.

In foreign exchange markets, sterling slumped against other major currencies yesterday as the spectre of a no-deal Brexit returned to markets following the FT’s report that the UK could seek to undermine parts of the Withdrawal Agreement. In terms of the details, the report said that the UK government’s new internal market bill – which is scheduled for publication tomorrow – will override parts of the Brexit Withdrawal Agreement reached last year, specifically the Northern Ireland protocol that is designed to avoid a hard border between Northern Ireland and the Republic of Ireland. This is potentially very problematic for the ongoing trade negotiations between the two sides, since the Withdrawal Agreement is an international treaty between the UK and the EU that came into force at the end of January, having been signed by Prime Minister Johnson and passed by both houses of the UK Parliament.

On the UK side, a spokesman for Prime Minister Johnson said to reporters that “we are fully committed to implementing the Withdrawal Agreement and the Northern Ireland Protocol”, and said that these steps were “minor clarifications in extremely specific areas”, in order to avoid legal confusion. However, the news was not met so positively on the EU side, with Irish foreign minister Coveney tweeting that “This would be a very unwise way to proceed”. Even Commission President von der Leyen weighed in, tweeting that “I trust the British government to implement the Withdrawal Agreement, an obligation under international law & a prerequisite for any future partnership”.

Concerningly for markets however, the reports on the internal market bill come against the backdrop of a broader increase in tensions between the two sides. Over the weekend, the UK’s chief negotiator David Frost gave an interview to the Mail on Sunday, in which he said that the UK was “not going to be a client state. We are not going to compromise on the fundamentals of having control over our own laws.” Meanwhile Prime Minister Johnson said yesterday that there needed to be an agreement by October 15, and that if an agreement weren’t reached by that point, “then I do not see that there will be a free trade agreement between us, and we should both accept that and move on.” So a clear escalation in rhetoric, which was reflected in FX markets as sterling fell by -0.85% against the US dollar (a further -0.14% this morning), being the worst-performer in the G10 yesterday. We should get some more headlines on this later in the week, since the 8th round of negotiations starts today between the two sides, and is due to wrap up this Thursday.

In terms of other markets yesterday, sovereign bonds lost ground somewhat as investors moved into riskier assets. 10yr yields on bunds (+1.1bps), OATs (+1.0bps) and BTPs (+3.0bps) all moved higher. Oil saw declines too, with Brent crude falling to a 2-month low as it fell a further -1.52%. Finally, there was little data to speak of with the US on holiday, but we did get German industrial production for July, which rose for a 3rd consecutive month, but by a less-than-expected +1.2% (vs. +4.5% expected).

To the day ahead now, and as mentioned the 8th round of negotiations kicks off between the UK and the EU on their future relationship. There isn’t a great deal of data, though we will get the German and French trade balances for July, along with Italian retail sales for that month. In the US, we’ll also get the NFIB small business optimism index for August, and July’s consumer credit.

 

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 23.83 POINTS OR 0.72%  //Hang Sang CLOSED UP 34.69 POINTS OR 0.14%   /The Nikkei closed UP 184.18 POINTS OR 0.80%//Australia’s all ordinaires CLOSED UP .98%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8417 /Oil DOWN TO 37.59 dollars per barrel for WTI and 40.54 for Brent. Stocks in Europe OPENED RED/ONSHORE YUAN CLOSED DOWN // LAST AT 6.8417 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8484 TRADE TALKS STALL////TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC//TRADE WAR WITH CHINA  : /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%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

China/uSA

Trump is now doubt aiming to decouple the uSA from China.  He states that if Biden wins the election China will own the USA

(zerohedge)

Trump Mulls Decoupling US From China: “If Biden Wins, China Will Own This Country”

Tapping into the candidate of the 2016 campaign who repeatedly pledged to “bring back” US companies to American soil, the president has made some bombshell Labor Day remarks strongly hinting at decoupling the US and Chinese economies.

“So when you mention the word decouple, it’s an interesting word,” Trump introduced at a White House news conference, and added:

“We lose billions of dollars and if we didn’t do business with them we wouldn’t lose billions of dollars. It’s called decoupling, so you’ll start thinking about it,” he said.

 

Image source: AFP

He had noted that China is buying more US agricultural products, suggesting an American loss wouldn’t be so great if such a dramatic strategy were pursued.

He further teased the possibility that American companies that outsource to China won’t get crucial access to federal contracts, though it appears he’s in the process of “thinking” about it, as many news sources noted.

Furthering this theme, he said of the US economy that if re-elected “we’ll make America a manufacturing super-power.”

He called it “the most important election in history” given that if “Biden wins, China will own this country.”

In perhaps the most bellicose statements he’s made on China thus far, Trump linked China’s expanding military capabilities to its lucrative trade deals and technology it can access from US companies:

“We’ll end our reliance on China once and for all, whether it’s decoupling or putting in massive tariffs like I’ve been doing already. We’re gonna end our reliance on China, because we can’t rely on China. I do not want them to build a military like they are building right now – they’re using our money to build it.”

Speaking of military readiness, another interesting section of the speech indirectly referenced the anonymously sourced claims that Trump recently insulted the troops: “I’m not saying the military’s in love with me. The soldiers are,” Trump said. “The top people in the Pentagon probably aren’t because they want to do nothing but fight wars, so all of those wonderful companies that make the bombs and make the planes and make everything else stay happy.”

END

CHINA/USA

Beijing delays visas for journalists form Wall Street Journal, CNN and Bloomberg: Xi cracks down on dissent

(zerohedge)

Beijing Delays Visas For Journalists From WSJ, CNN & Bloomberg As President Xi Cracks Down On Dissent

In its latest attack on Western journalists that’s part of both a broader “New Cold War” with the US, and a crackdown on dissent in the aftermath of the pandemic, engineered by President Xi, Beijing is throwing up new roadblocks to stop western journalists from Bloomberg, CNN & WSJ from remaining in China.

The delays were couched as retaliation for the Trump Administration’s latest limitations on visa term limits for reporters working in the US on behalf  of state-controlled Chinese press. These organizations have been subjected to myriad new requirements by Trump and the administration in a push to limit electoral interference from Beijing.

Here’s more from Bloomberg:

Chinese authorities delayed renewing the press credentials of some journalists working for American media outlets, including Bloomberg News, CNN and the Wall Street Journal, in response to the Trump administration limiting visa terms for Chinese reporters in the US.

The journalists in Beijing were told their residence permits will at this stage be extended until Nov. 6, which appears to coincide with the date when the 90-day visas given to Chinese press in the U.S. will need to be renewed. Two non-Americans at Bloomberg News received a letter allowing them to work and stay in the country in lieu of having official press credentials, which in the past were normally good for 12 months.

An organization for foreign correspondents put out a statement slamming Beijing’s decision.

A Bloomberg spokesperson declined to comment. The Foreign Correspondents’ Club of China called on Beijing to reverse the move.

“These coercive practices have again turned accredited foreign journalists in China into pawns in a wider diplomatic conflict,” the group said in a statement Monday. “The FCCC calls on the Chinese government to halt this cycle of tit-for-tat reprisals in what is quickly becoming the darkest year yet for media freedoms.”

A spokesperson for China’s Foreign Ministry played down the delays, saying all the reporters affected would be allowed to stay in China for an extended period.

As per usual, Beijing denounced the Trump Administration’s latest crackdown on Chinese state media with characteristically aggressive rhetoric.

At a regular news briefing later Monday, Foreign Ministry spokesman Zhao Lijian accused the U.S. of “kidnapping” journalists and taking “hostages” in the dispute. “For China, all options are on the table,” he said, noting that the U.S. had also refused to rule out any actions.

“If the U.S. truly cares about American journalists in China, it should extend the visas for all Chinese journalists as soon as possible instead of kidnapping Chinese and American journalists out of selfish political purposes,” Zhao said.

Beijing has said the U.S. has expelled more than 60 Chinese media personnel and denied visas to more than 20 others. Meanwhile, the FCCC said the Chinese government had forced a record 17 foreign correspondents to leave in the first half of this year and put at least a dozen more on visas as short as one month.

The Trump Administration has frequently taken the lead on curbing the influence of Chinese state-backed media in the US. Social media companies like Twitter have often been more focused on censoring the President and his allies.

And for all the criticism of Beijing published by NYT and WaPo, they were still more than willing to take the CCP’s ad money.

end

CHINA/INDIA

Explosive: India has the important roads that China wants.

This is very explosive..

Shots Fired On India-China Flashpoint Border As Deescalation Talks Crumble

China and India have each accused the other of firing shots across the border along the contested Line of Actual Control (LAC) in the high altitude flashpoint region of Ladakh.

Line of Actual Control

Beijing charged India with a “severe military provocation” after it claimed Indian troops breached the LAC and entered the Chinese to side. They then “opened fire to threaten the Chinese border defense patrol officers,” according to the PLA charge.

An Al Jazeera correspondent in Beijing reports that “According to the Chinese side, Chinese troops approached the India side for negotiations, and then they say some Indian troops fired at the Chinese side.”

 

Image: AFP

“As a result, China’s military said it was forced to take countermeasures – although we don’t know what those countermeasures were, or if there were any casualties,” the report added.

A series of high level military to military talks have thus far prevented this type of escalation since the June 15 incident which saw the rival sides clash in hand-to-hand combat, resulting in 20 Indian troop deaths and a presumed unknown number of PLA casualties.

But these talks appear to be unraveling, also as China’s state-run English newspaper, Global Times, issues its account of what happened on Monday:

Indian troops again illegally crossed the Line of Actual Control (LAC) into the Shenpao mountain region near the south bank of Pangong Tso Lake on Monday. They then outrageously fired warning shots at Chinese border patrol troops who came to negotiate, and Chinese border patrol troops were forced to take measures to stabilize the area, a spokesperson of the Chinese People’s Liberation Army (PLA) Western Theater Command said early Tuesday.

And this was followed with a stern warning, saying“We must warn India seriously: You have crossed the line! Your frontline troops have crossed the line! Your nationalist public opinion has crossed the line! Your policy toward China has crossed the line! You are over-confidently provoking the PLA and Chinese people – this is like doing a handstand on the edge of a cliff!”

And further, Global Times continues:

Nationalist forces in India should think twice that if the Chinese and Indian armies change their agreement of handling friction along the border area to prioritize the use of gun, then what use of them seizing two commanding heights on the south bank of Pangong Tso Lake? Does commanding height make sense in modern military conflict? Between Indian and China, which country has more weaponry and which country has bigger military budget, can’t Indians count out?

New Delhi immediately threw the accusation back, denying that its own troops carried out the aggression, instead blaming China.

“It is the PLA that has been blatantly violating agreements and carrying out aggressive maneuvers,” the Indian army said Tuesday in an official statement.

“Despite the grave provocation, (our) own troops exercised great restraint and behaved in a mature and responsible manner,” the army added.

end
CHINA/USA
Now Washington slaps an import ban on all Chinese companies using “forced labour” from imprisoned Muslims in the Xinjiang region.  The war with China escalates
(zerohedge)

Washington Slaps Import Bans On Chinese Companies Using “Forced Labor” From Imprisoned Muslims

Washington has announced its latest move to punish Chinese CCP officials and mainland-based companies for enabling human rights abuses in Xinjiang, the far-western region where as many as 1 million Chinese Uighur (a Muslim minority group) have reportedly been interned in a  network of ‘forced labor camps’.

The Trump administration announced Tuesday morning that it has banned imports from three Chinese companies based in the Xinjiang region of China, retaliation for Beijing’s repression of the Uighurs.

US Customs and Border Protection on Aug. 11 issued a “withhold release order”, which is used to combat forced labor in global supply chains, against Hero Vast Group for using “convict labor and forced labor to produce the garments it manufactures.” CBP said in a statement. It issued similar orders against Lop County Meixin Hair Product Co. on June 17 and Hetian Haolin Hair Accessories Co. on May 1, according to the Tuesday announcement.

The US plans to impose similar restrictions on six more firms, targeting cotton, textiles, tomatoes, haircare products and computer parts from the area.Those should arrive by the end of this fiscal year, the CBP said (the new fiscal year for the federal government begins Oct. 1).

END

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE//UK/GLOBE/SUNDAY

UK Reports Most New COVID-19 Cases Since May; India Sees New Record Surge: Live Updates

Summary:

  • India reports new global record
  • UK sees highest case tally since May
  • Jakarta graveyard overflowing with COVID dead
  • France expands COVID warnings
  • Victoria extends lockdown

* * *

While the holiday weekend leads to a drop off in activity in the US, including a decline in COVID-19 testing rates, the UK just reported the highest number of new cases in a single day since May (the latest sign of a coronavirus comeback in Europe) while India cemented a new global daily record after reporting more than 90k new cases.

Britain reported nearly 3,000 new cases, – 2,988 to be exact – on Sunday, its largest daily tally since May 23. The country also saw 2 new deaths, bringing Britain’s death toll to 41,551, and its confirmed case total to 347,152.

A day earlier, the UK reported just 1,813 cases. Daily hospitalizations, meanwhile, have hardly budged from their lows.

Elsewhere in Europe, France placed seven more departments covering major cities including Lille, Strasbourg and Dijon on high alert as the country’s latest outbreaks accelerate. Of France’s 101 mainland and overseas “departments”, 28 are now considered “red zones.” This comes amid a surge in new cases seen over the past week, but especially over the past 2 days.

On Sunday, India topped its own world record when it reported 90,632 daily new cases, the largest daily tally reported anywhere in the world. The new cases brought India’s total confirmed caseload to 4.11 million.

Meanwhile, the number of deaths in the world’s second-most-populous country rose by 1,065 to 70,626.

India is set to pass Brazil on Monday as the second-most affected country by total infections. After that, it will be behind only the US in terms of total cases.

While a recent testing campaign has been blamed for the country’s record-beating numbers, testing isn’t the only issue. India is in second place worldwide when it comes to overall tests administered, with 47,831,145, behind the US, with 86,763,797. But its rate is 35,322 per million compared with the global average of 69,512, the US with 261,844 and Brazil with 67,696.

Despite fervent protests that led to hundreds of arrests the other day, Australia’s coronavirus hotspot state of Victoria on Sunday extended its “hard” lockdown once again, adding another two weeks, which extends it until the end of September as infection rates have declined more slowly than hoped.

State Premier Daniel Andrews on Sunday extended the hard lockdown, in place since August 2, to September 28 with a slight relaxation, and explained how restrictions would gradually decline over the coming two months. The extension comes after Australia slumped into its first recession in decades.

The state on Sunday reported 63 new COVID-19 infections and five deaths, down from a peak of 725 new cases reported on Aug. 5.

Finally, as Philippines and Indonesia cement their status as the worst outbreaks in Southeast Asia, Al Jazeera reports that a cemetery in the Indonesian capital of Jakarta is reportedly running out of space as the number of deaths linked to the coronavirus continues to rise. Unfortunately, in swampy Jakarta, using portable refrigeration trucks might not be feasible, like it was in New York. Indonesia has reported roughly 190,000 cases, and roughly 8,000 dead.

end
CORONAVIRUS UPDATE/TUESDAY/SPAIN/GLOBE

Spain First In Western Europe To Top 500k COVID-19 Cases As “Second Wave” Intensifies: Live Updates

Summary:

  • Spain cases top 500k
  • UK warns “don’t kill grandma” as cases near 3k for 2 days
  • US reports fewest new cases since mid-June, fewest deaths since July 4
  • India reports most new deaths since June
  • South Africa GDP contracts by 51% due to COVID lockdown
  • South Korea says Chinese travelers test positive
  • President Xi defends Chinese COVID numbers
  • Vaccine makers say they will wait for Phase 3 trials to end before seeking emergency approval
  • Another Russian vaccine proved safe for human use

* * *

The US reported the fewest new cases in a single day since mid-June Monday as the labor day weekend led to an expected slowdown in testing.

But while Dr. Fauci and his coterie of experts warn about a looming surge in new cases as students return to schools and more businesses reopen, deaths declined yesterday to the lowest single-day number since – oddly enough – July 4.

Is there something about federal holidays that impacts how COVID-19 deaths are counted? It certainly looks that way. But even more important than the single-day number is the 7-day average, which has declined sharply over the last day as US deaths have slowed markedly.

A similar trend is ongoing in Brazil, which ceded the No. 2 spot to India over the weekend as the number of new cases and deaths being reported per day in Latin America’s biggest economy has continued to slow.

Brazil yesterday reported the fewest new deaths since May 17.

Globally, the number of confirmed cases has reached 27,339,132 total coronavirus cases, while deaths worldwide topped 890k, to 892,443. Critically, the number of new cases reported yesterday declined to 228,588 new cases, the lowest number since Aug. 30, according to Johns Hopkins.

Deaths, on the other hand, increased by 9,104, the highest single-day total since Aug. 14.

India’s surge is largely being driven by a government testing campaign which is intensifying as public transit and subways across the country reopen this week, and other steps to reopen the economy are taken by PM Narendra Modi’s HIndu nationalist government following the worst quarterly contraction in modern Indian history.

Though India’s mortality rate has lagged other major outbreaks, the country reported its largest daily death toll since mid-June on Tuesday, with 1,133 deaths in the last day, according to JHU, lifting the total death toll to 72,775. Other sources, including Reuters, put the country’s daily death tally was the highest in a month.

The latest disappointing batch of economic data was just published by South Africa, which saw its economy contract by a staggering 51% due to a restrictive COVID-19-inspired lockdown, which still didn’t stop South Africa from becoming the worst hit country in Africa, though its daily cases have slowed markedly.

The biggest story this week is undoubtedly Europe’s second wave, which is finally in full swing, with the UK reporting an alarming surge late last week as it continues to ease restrictions on its schools and economy.

Spain reported more than 26,000 new cases over the weekend, according to JHU data, its biggest daily number yet, cementing Spain’s status as the leader of the rebound and the first western European country to surpass 500k confirmed cases.

France reported more than 19,000 new cases over the weekend.

Speaking during a ceremony in Beijing, President Xi insisted that China had been “open and transparent” about the coronavirus.

In Russia, another vaccine could be on its way to government approval, with Siberia’s Vector virology institute completing Phase II, which involves roughly 100 human volunteer test subjects, which suggests the vaccine is safe. Russia registered its first vaccine candidate, developed by Moscow’s Gamaleya Institute, back in August, and is currently aiming to finish up Phase 3 testing by the beginning of November. The final round of trials, involving some 40,000 participants around the world, were launched last week, and on Tuesday. Russia reported 5,099 new coronavirus cases , pushing its national tally to 1,035,789, the fourth largest in the world.

Authorities confirmed 122 deaths in the last 24 hours, bringing the official death toll to 17,993.

After the UK reported just under 3k new cases in a single day twice in a row over the weekend…

…HMG is reviving its efforts to encourage young people to behave responsibly. “Don’t kill your gran,” Health Secretary Matt Hancock warned.

In a bombshell accusation that calls China’s COVID-19 numbers into question, South Korea reported that five passengers arriving in South Korea from China have been tested positive for coronavirus since Aug. 16. Among the five, two were South Korean citizens and three were Chinese nationals. All showed no symptoms. However, in a major speech on Tuesday, President Xi insisted that Chinese data were accurate.

Finally, in the US, amid growing pressure on the FDA to ensure that any vaccines receiving emergency approval still meet rigorous standards, the top vaccine makers in the west said Tuesday that they’ll wait until Phase 3 trials have been finished before requesting emergency approval for their vaccines.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/GREECE

Turkey escalates the situation by advancing tanks and armoured troop carriers to the Greek border. Erdogan is out of his mind!

(zerohedge)

Turkey Escalates With Tanks & Armored Troop Carriers Deployed To Greek Border

Amid soaring Turkey-Greece tensions related to the eastern Mediterranean gas exploration spat, which has already resulted in rival fighter jets patrolling airspace off Cyprus, the Associated Press reports Ankara has deployed some 40 tanks and armored vehicles to the border with Greece

The AP/New York Times cites Turkish media reports on Saturday:

Meanwhile, Turkish media reported that tanks were being moved towards the Greek border. The Cumhuriyet newspaper said 40 tanks were being transported from the Syrian border to Edirne in northwest Turkey and carried photographs of armored vehicles loaded on trucks.

There was no immediate official confirmation of the deployment.

But confirmation has come after Turkish news agency İHA posted video showing APC armored troops carriers headed to the border point.

However, tanks were not evident in the video of the large convoy on the Turkish highway, and the deployment could have been pre-planned, though will certainly be noticed and responded to by Athens.

Meanwhile NATO leadership is attempting to mediate the inter-NATO member dispute, which could prove highly embarrassing, also given Russia is about to kick off naval war games around Cyprus, notably in the very disputed waters Turkey is claiming as its own.

 

Edirne border point on Turkish side. Map via Daily Mail

“A Turkish and a Greek frigate collided last month, reportedly causing minor damage to the Turkish frigate but no injuries,” the report adds.

 end
BELARUS, LITHUANIA
USA troops arrive in Lithuania for military drills along the border with Belarus.  I do not think that Russia or the uSA has the stomach to interfere in Belarus
(zerohedge)

US Troops & Abrams Tanks Arrive In Lithuania For Military Drills Along Border With Belarus

Weeks ago NATO formally rejected embattled President Alexander Lukashenko’s claim that the military alliance was busy building up forces along border areas with Belarus. “NATO troops are at our gates. Lithuania, Latvia, Poland and … Ukraine are ordering us to hold new elections,” he previously told supporters at a rally in mid-August.

Lukashenko reportedly deployed Belarusian national troops to the Western border in response, as tens of thousands of demonstrators demanding he step down after what they say was a “rigged” Aug.9 election ensuring the 26-year ruling strongman stays in power.

While it’s unclear the degree to which NATO forces were actually mobilizing or on alert in prior weeks, what is clear as of this weekend is that US troops are indeed next door after having freshly arrived in preparation for two months of joint drills.

 

2019 file image of Abrams tanks transported to Lithuania, via the Ministry of Defense of Lithuania.

Several hundred troops arrived in neighboring NATO member Lithuania for the “pre-planned” military drillsAFP reported Saturday. Crucially the drills are near the border with Belarus, and include dozens of Abrams tanks which earlier crossed the border from Poland to participate in the war games.

While Lukashenko is likely to see it as a self-validating prophecy of sorts, Lithuania’s defense ministry has stressed the war games are “pre-planned and not associated with any events in the region.”

Still, Minsk has viewed Lithuania as an external trouble-maker given it immediately gave refuge to opposition head and Lukashenko rival for president Svetlana Tikhanovskaya. After she fled Belarus she’s given frequent messages of support to the mass anti-Lukashenko movement in the streets.

Meanwhile, the embattled leader which has recently witnessed tens of thousand march to the entrance of his presidential compound, has had to call in military armed vehicles in order to secure the capital amid the swelling protests.

Over the course of August and into September protests, clashes with police have gotten increasingly fierce:

The worst fear is that another Ukraine situation could develop, but at moment it’s unlikely that either Europe or Russia has the stomach to escalate things to that level.

end

6.Global Issues

Michael Every hits on all the major issues of the week. This is an important read..

(Michael Every)

Rabo: Today, The Press Is Waking Up To The Multiple Schisms Simultaneously Threatening Global Markets

By Michael Every of Rabobank

When you assume, you make…

Today, the press seems to be waking up to the multiple schisms that simultaneously threatening global markets. Perhaps because they are starting to get involved directly. Yet many in markets still try to assume this is all just BAU.

US President Trump gave a speech last night in which he promised to sharply scale back the US economic relationship with China if re-elected: firms would be punished if they send jobs offshore and rewarded if they bring them back; the US will become a manufacturing giant again; and China will not be allowed to continue to grow its military with indirect help from the US. Yet is any of this a surprise? It was in a recent list of election pledges – perhaps the press didn’t read them? Of course, one can argue that this was also promised in Trump’s first term, which is true; but does that guarantee that it won’t be pursued far more aggressively in a hypothetical second given the current global backdrop? That’s a fat tail risk to assume away.

China is to refuse to extend visas for all journalists working for US organisations unless the US halts it plan to impose new restrictions on the much higher number of Chinese journalists working in the States: that even includes the Wall Street Journal and “rock no boats” Bloomberg; that is as two Australian journalists were rapidly extracted from China for their own safety, according to the FT, following late-night visits from the police. Consider the world’s two largest economies with nobody, even third parties, on the ground doing any reporting for the other.

The US had already announced that it was pressing ahead with its so-called hi-tech ‘Clean Network’ to its ensure data security from any potential Chinese threats. China has now stated that it will build its own network for itself and like-minded countries in the face of exactly the same threats (from the US?) The new ‘China Network’ was launched yesterday, which looks another huge signpost towards bifurcation of the tech space, as presumably one will not be able to be on both networks simultaneously.

On the China-India border, New Delhi says its troops crossed the Line of Actual Control (LAC) in order to thwart what it says was a looming Chinese incursion, and that warning shots were fired. (Previous casualties were all caused by melee weapons, and guns have absent for decades to reduce tensions.) The Chinese response, from the Global Times, was:

“We must warn India seriously: You have crossed the line! Your frontline troops have crossed the line! Your nationalist public opinion has crossed the line! Your policy toward China has crossed the line! You are over-confidently provoking the PLA and Chinese people – this is like doing a handstand on the edge of a cliff!

Nationalist forces in India should think twice that if the Chinese and Indian armies change their agreement of handling friction along the border area to prioritize the use of gun, then what use of them seizing two commanding heights on the south bank of Pangong Tso Lake? Does commanding height make sense in modern military conflict? Between Indian and China, which country has more weaponry and which country has bigger military budget, can’t Indians count out?

China doesn’t want a border war with India. But if the Indian side misinterprets China’s goodwill and intends to deter the PLA with warning shots, its moves will backfire. China will never concede for the sake of avoiding a war. If India’s frontline troops continue to fire shots recklessly, they must be prepared for the consequences of breaking the rule in the first place – they could be eliminated immediately in case of military conflicts.”

Meanwhile, right next to the EU, Bloomberg notes that “Turkey’s Muscle Flexing in the Med Isn’t Just About Gas” and quotes an expert in Turkish affairs based and national security based at the Naval Postgraduate School in California stating: “Not far below the surface is a much more emotive set of issues, the idea Turkey is the greatest power in the Eastern Mediterranean and should be treated as such. It perceives itself as surrounded by rivals and adversaries and it will use strength to assert itself, because it can.” The article notes Turkey continues to rapidly build up its naval strength: a light aircraft carrier will be launched next year, for example. President Erdogan is certainly not backing down from his rhetorical clash with Greece – and France, who backs it, is now basing its fighter jets in Cyprus. Risks of intra-NATO fighting remain low (hopefully). Yet even preparations are extremely costly for a struggling economy – and for a struggling currency, with TRY nearly 7.46 this morning.

Meanwhile, the UK continues to sail into what may be its own storm, or a storm in a teacup. The pro-Brexit Telegraph reports PM Johnson is to tell the EU the Withdrawal Agreement (WA) he signed “never made sense and must be rewritten”, which is explosive. The pro-EU Guardian reports internal EU warnings that: BoJo is holding back on a compromise until the last moment to achieve a “trade off”; Home Secretary Patel may try to end-run the EU by dealing with its five largest members in a meeting on 22 September; the British really do want 80% of their fish; and Downing Street are behind the kind of anti-EU stories we see in the Telegraph today.

So betrayal, or a very tough negotiating stance? Either way, it escalates the risks of No Deal. Lawyers state the dispute over the WA could end up at the European Court of Justice –the UK not wishing to recognise as having any power over it is all part of this issue– which could impose fines (which presumably the UK would not pay), suspend the WA (which the UK is already doing in a way), or start trade wars/raise tariffs (which seems to be where this would head in a worst-case anyway). Ultimately, we have to know what BoJo really wants before we know where GBP will go.

Just as we have to know the same in terms of the US, China, and India before we know where their currencies will go.

Assume you know what they want, and assume that the outcomes will be good in all cases. Just recall the old military adage: “When you assume, you make an ass out of u and me”. The potential for some sharp FX market moves in particular are still very evident.

end

7. OIL ISSUES

Not good for the uSA and our shade boys\(zerohedge)

Oil Plunges Below $40 In Biggest Drop Since June

With growth stocks getting pummeled, one would think that there is at least some rotation out of growth and into value sectors. Alas, one would be wrong, because the core commodity behind so many “value” strategies, oil, is plunging even more than the Nasdaq, with Brent tumbling below $40 for the first time since June…

… a drop of 5%, its biggest plunge since June 24 and follows a 1.5% drop on Monday.

The drop was sparked by concerns about waning Chinese demand with only four of 10 Asian refiners surveyed by Bloomberg saying they would try to buy more Saudi Arabian crude after the kingdom cut pricing for October as consumption remained below pre-virus levels. Abu Dhabi National Oil Co. also cut prices on Tuesday, the latest response to a sluggish demand backdrop in the world’s biggest oil-consuming region.

“Today’s oil-price move is a clear sign that the market now seriously worries about the future of oil demand,” said Paola Rodriguez-Masiu, senior oil markets analyst at Rystad Energy AS.

Other bearish factors noted by Bloomberg include the end of the U.S. summer driving season and more supply from the OPEC+ alliance. In addition to the plunge in spot prices, Brent’s three-month timespread is nearing the widest contango since late May, “an indication that concerns about oversupply are returning. Equity markets were also weaker on Tuesday, adding to crude’s losses.”

The growing contango in both Brent and WTI, combined with the near record plunge tanker rates, will likely spark another round of loading up oil in floating storage. Storing crude at sea has become profitable again for northwest Europe and the Mediterranean, shipbroker and exchange data compiled by Bloomberg show.

8 EMERGING MARKET ISSUES

CORONAVIRUS UPDATE/SATURDAY

 

India Passes 4 Million Cases, 300 Arrested At Melbourne Anti-Lockdown Protest: Live Updates

Summary:

  • India passes 4 million cases
  • Aussie police arrest 300 people at Melbourne anti-lockdown protest
  • Mexico cases climb
  • Brazil still No. 2 highest case count with 4.09 million
  • Iraqi health care system on the brink as country suffers record spike in cases
  • Italy tries to stop soccer fans from returning to stadiums

* * *

As we noted just the other day, India is on the cusp of passing Brazil to become the country with the second-largest number of confirmed cases of COVID-19. It took yet another step closer late this week as it crossed the 4 million-case threshold.

Now the world’s new virus epicenter, having recorded more cases than any other country during the month of August, as India’s outbreak appeared to accelerate due to an ambitious government-sponsored mass-testing, India added 86,432 infections in 24 hours, pushing the total tally to 4.02 million, according to data released by India’s health ministry Saturday. Over 69,500 people have died from the novel pathogen, making it the third-largest by number of Covid-19 deaths.

Brazil, on the other hand, has confirmed 4,091,801 infections while the United States has 6,200,186 confirmed cases, according to the data from Johns Hopkins University.

India’s health ministry on Saturday also reported 1,089 deaths for a total of 69,561.

The world’s second-most populous country imposed the world’s biggest lockdown as early as March, but began relaxing it in phases from June after millions of Indians were thrust into poverty, sparking a wave of social unrest that rattled the country’s population centers, before spreading throughout India’s vast countryside.

The virus has followed a similar pattern. The increased testing comes as India moves to loosen even more restrictions to try and revive its faltering economy. It’s widely expected that India will eventually surpass both Brazil and the US.

Some other important developments in the global COVID-19 pandemic occurred overnight:

Police in the Australian city of Melbourne arrested about 300 people protesting against the city’s ongoing coronavirus lockdown, which has endured despite showing minimal effectiveness in quashing the region’s still-relatively-tame outbreak. Victoria State, which includes Melbourne as its capital, Australia’s coronavirus hotspot said its death toll rose by 59 – though not all cases actually died over the past day – and there were 81 new cases. 50 of these deaths were people in aged-care facilities who died in July and August, the state health department said.

Mexico saw confirmed cases climbed to 623,090, while deaths reached 66,851.

Iraq has recorded its highest single-day rise in COVID-19 cases since the start of the pandemic, prompting authorities to warn hospitals might “lose control” as new serious cases overwhelm the region’s meager health-care resources, which are heavily centralized in hospitals.

According to the Iraqi health ministry, 5,036 new infections were confirmed within 24 hours on Friday, bringing the total number of cases across the country to 252,075. Of these, 7,359 have died.

The health ministry attributed the spike to recent “large gatherings” – many related to an important holiday in Shia Islam – that violated social distancing recommendations.

“This instils cautious but reasonable optimism,” said spokesman Alberto Zangrillo in a brief statement. Italy’s longest-serving postwar leader is 83.

Around the world, some 26.5 million people have been diagnosed with the virus, while another 872,000 have died. More than 17.6 million people have recovered.

New Jersey yesterday announced that its rate of transmission had popped back above “1”, meaning that the outbreak is spreading once again. Though this has happened several times since the last outbreak slowed.

end

CORONAVIRUS UPDATE/SUNDAY

India Overtakes Brazil As Home To World’s Second-Worst COVID-19 Outbreak: Live Updates

Summary:

  • India surpassed Brazil
  • Delhi metro system reopens after 5 months
  • UK official declares lockdowns must be avoided
  • Australia sets timeline for vaccine
  • Russia says more vaccine testing to begin this week
  • Global cases top 27 million

* * *

Following its latest global record for most new cases of COVID-19 confirmed in a single day on Sunday, India has overnight finally surpassed Brazil as the country with the second-largest outbreak in the world.

As expected, the record 90,802 new cases India reported on Sunday were enough to push its total past Brazil’s. India also reported 1,016 deaths, with Maharashtra, home to the financial capital, Mumbai, remaining India’s worst-affected state. It had nearly 25% of India’s total infections on Sunday as it reported 23,350 new cases.

As promised, Delhi’s metro rail system reopened on Monday morning, despite the city having a five-day rolling average of cases over 2,500. The rail, which is seen as vital to Delhi’s economy, had been shuttered for more than 5 months, and its reopening is part of the broader loosening of COVID-19-related restrictions as PM Narendra Modi shifts his focus to saving India’s battered economy, which has been devastated by the coronavirus pandemic, contracting nearly 24% in the three months to June, its worst performance since records began in 1996. The metro in Lucknow, capital of India’s most populous state of Uttar Pradesh, also reopened on Monday for the first time since India’s lockdown was initially imposed back in March.

India now as 4.2 million cases, compared with Brazil’s 4.12 million.

India’s death toll is just over 71,000, leaving it behind Brazil’s, which is just under 125k.

As new cases in Victoria decline while officials extend a lockdown, Australian officials announced that a vaccine would be delivered by January 2021.

After the UK reported nearly 3,000 new cases yesterday, its biggest daily tally since May., Environment Secretary George Eustice warned Monday that the country would seek to avoid another lockdown “at all costs” during an interview with Sky News, where he emphasized testing, tracing and localized lockdowns as the key tools in the kit.

Over in Russia, which remains in 4th place worldwide for most cases, officials told the TASS newswire that testing on the next batch of subjects would begin this week as Russia seeks international approval of its vaccine. On Friday, the Lancet, a British medical journal, ruled that the Russian vaccine appeared to be “safe and effective.”

Globally speaking, COVID-19 cases topped 27 million on Monday in the US, with global deaths hitting 883,339, per JHU.

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

Euro/USA 1.1801 DOWN .0018 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS CORONAVIRUS//PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 106.25 DOWN 0.046 (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 1.3041   DOWN   0.01199  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3173 UP .0076 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro FELL BY 18 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1801 Last night Shanghai COMPOSITE CLOSED UP 23.83 POINTS OR 0.72% 

 

//Hang Sang CLOSED UP 34.69 POINTS OR 0.14%

/AUSTRALIA CLOSED DOWN 0,42%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 34.69 POINTS OR 0.14%

 

 

/SHANGHAI CLOSED UP 23.83 POINTS OR 0.72%

 

Australia BOURSE CLOSED UP. 98% 

 

 

Nikkei (Japan) CLOSED UP 184.18  POINTS OR 0.80%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1916.20

silver:$26.57-

Early TUESDAY morning USA 10 year bond yield: 0.689% !!! DOWN 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.425 UP 2  IN BASIS POINTS from FRIDAY night.

USA dollar index early TUESDAY morning: 93.27 UP 56 CENT(S) from  FRIDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.36% DOWN 2 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:1,046 DOWN 3 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 73 points higher than Spain.

 

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.54% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1792  DOWN     .0029 or 29 basis points

USA/Japan: 105.95 DOWN .345 OR YEN UP 35  basis points/

Great Britain/USA 1.3039 DOWN .01212 POUND DOWN 121  BASIS POINTS)

Canadian dollar DOWN 94 basis points to 1.3189

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8464    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8525  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.4821 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from MONDAY at 0.671 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.415 DOWN 6 in basis points on the day

Your closing USA dollar index, 93.37 UP 65  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 7.10  0.12%

German Dax :  CLOSED DOWN 131.95 POINTS OR 1.01%

 

Paris Cac CLOSED DOWN 80.20 POINTS 1.59%

Spain IBEX CLOSED DOWN 125.70 POINTS or 1.78%

Italian MIB: CLOSED DOWN  357.83 POINTS OR 1.81%

 

 

 

 

 

WTI Oil price; 36.25 12:00  PM  EST

Brent Oil: 39.83 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    74,35  THE CROSS HIGHER BY 0.60 RUBLES/DOLLAR (RUBLE LOWER BY 60 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.29 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 :  36.99//

 

 

BRENT :  39.86

USA 10 YR BOND YIELD: … 0.681..down 4 basis points

 

 

 

 

 

USA 30 YR BOND YIELD: 1.43 down one basis  point..

 

 

 

 

 

EURO/USA 1.177 ( UP 49   BASIS POINTS)

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

 

 

USA DOLLAR INDEX: 97.69 DOWN 53 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2554 UP 119  POINTS

 

the Turkish lira close: 7.4851

 

 

the Russian rouble 76.29   DOWN 0.55 Roubles against the uSA dollar.( DOWN 55 BASIS POINTS)

Canadian dollar:  1.3229 DOWN 134 BASIS pts

 

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

 

The Dow closed DOWN 632.42 POINTS OR 2.25%

 

NASDAQ closed DOWN 465.44 POINTS OR 4.11%

 


VOLATILITY INDEX:  31.91 CLOSED UP 1.16

LIBOR 3 MONTH DURATION: 0.241%//libor dropping like a stone

 

USA trading today in Graph Form

Crude Crushed, Tech Wrecked, Banks Battered; Bonds & Bullion Bid

Nasdaq futs are down 11% (correction from their highs last week), and the rest of the majors are down around 5%…

This is Nasdaq’s worst 3-day performance since March (3rd worst 3-day drop since 2001).

Turn the Softbank machines back on!!!!

From Friday’s close, Nasdaq was clubbed like a baby seal and when the 1430ET margin calls hit, stocks legged lower once again…

Small Caps and NASDAQ found support at their 50DMA…

Remember when the collapse/divergence of breadth meant nothing at all?

Source: Bloomberg

All the big momentum trades are reversing hard.

Big Tech…

Source: Bloomberg

FANG stocks…

Source: Bloomberg

TSLA (worst day since 2012) lost around $85bn in mkt cap (oe put another TSLA lost a BlackRock, or an Altria, or a Morgan Stanley)…

AAPL…

Banks…

Source: Bloomberg

“Work from Home” stocks plunged…

Source: Bloomberg

Semis…

Source: Bloomberg

Energy…

Source: Bloomberg

VIX was up today but trapped in a range…

WTI Crude…

But don’t sweat it – CNBC’s Bob Pisani said “We’ve got a healthy correction going on.”

Still a long way to go for stocks to catch down to bonds…

Source: Bloomberg

Not everything was down. Gold gained after rebounding from early weakness…

Bonds were bid all day with the long-end outperforming…

Source: Bloomberg

With 10Y Yields back below 70bps…

 

As Bloomberg noted, freshly-minted bond bears got a harsh lesson in market timing on Tuesday as a precipitous drop in technology shares sent investors in search of havens. Short interest as a percentage of shares outstanding on the $17.2 billion iShares 20+ Year Treasury Bond ETF, ticker TLT, jumped to 9.8% from about 4.4% from the start of last week, according to data from IHS Markit Ltd. That’s the highest level since 2018.

The dollar rallied for the 5th day in the last 6…

Source: Bloomberg

Bitcoin was flatish, hovering around the $10k mark…

Source: Bloomberg

Cable was weak for the 5th day in a row (worst day since March), back below 1.30 amid Brexit uncertainty…

Source: Bloomberg

As downbeat as it is, we give the last word to Liberty Blitzkrieg’s Mike Krieger, who tweeted the following ‘public service announcement’:

The worst thing you can do right now is assume Washington D.C. is going to help you in any way whatsoever. Not happening. The people there hate you and don’t care what happens to you. Focus on local and get your shit together. Nobody’s coming to save you.”

It can’t be that easy can it?

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

Americans Pay Down Credit Cards For 5th Consecutive Month As Post-Covid Deleveraging Continues

After three months of record declines, total US consumer credit posted its first increase in the month of June since the covid crisis, rising by a modest $8.9 billion, a number which has now been revised to $11.4 billion, and in the latest consumer credit report released by the Fed, in July total consumer credit rose again, increasing by $12.9 billion.

 

In total, July consumer credit rose at a 3.6% annual rate to $4.13 trillion according to the Fed’s latest G.19 statement.

What was more notable, however, is that revolving credit – i.e., credit card debt – shrank once again, the 5th consecutive monthly decline, dropping by $293 million to just below $1 trillion.

 

This is the longest stretch of credit card deleveraging since the financial crisis, and confirms that in the post-covid world few are willing to go crazy and charge everything in sight. The date also confirms the latest BofA card data, which showed that while debit card usage is now well above year-ago levels, credit card-funded spending continues to decline.

 

Meanwhile, the trend higher in auto and student loans, i.e., non-revolving credit, continued apace and in July it rose by $12.5 a modest drop from the $13.2 billion increase in June.

 

Finally, when looking at the biggest component of US household debt after mortgages, namely auto loans and student loans, it’s as if nothing every happened, with both series hitting new all time highs: student loans rose by $2.2 billion to $1.6757 trillion as of the end of Q2, while auto loans increased by $11 billion in the three months ended June 30, reaching a record $1.198 trillion.

 

With total credit now once again positive, and revolving credit expect to finally turn green in August (unless the fiscal cliff hammers credit card spending) it appears that life in America – where virtually everyone spends well beyond their means – is back to normal…. at least until the next artificial crisis.

end

iii) Important USA Economic Stories

Buffet continues to sell off all of his bank stocks.  This time he slashes his holding of Wells Fargo by 42%.  He now holds only 136 million shares from 238 million .Heading into Q2 he had 322 million shares.

(zerohedge)

Buffett’s Berkshire Slashes Wells Fargo Stake By 42%

Two weeks after jaws dropped across Wall Street when the latest Berkshire 13F revealed that the Warren Buffett, now 90, had dumped his entire stake in Goldman and trimmed most of his other bank holdings (including cutting his Wells Fargo holdings by about a quarter) while buying Barrick Gold in a bet on “hard assets” that was formerly seen as anathema for Buffett…

… moments ago it emerged that Buffett has continued to pare his bank exposure and according to its latest Berkshire 13G filing, Berkshire Hathaway showed that as of Sept 4 it had sold another 100 million shares of Wells, taking its position to just 136.3 million. The reduction is a 42% drop in Berkshire’s last disclosed position of 237.6 million shares; Berkshire’s stake is now 3.3% of Wells stock, down from 5.96% previously.

Considering that for years Wells Fargo was synonymous with Buffett’s long-running bet on US banks – and on America in general – the move is certainly ominous for all those predicting an imminent bank stock renaissance (and comes at a time when Buffett is also pivoting toward Japan’s largest trading houses).

The 13G showed that in addition to 136.3 million shares held by Berkshire, another 1.2 million shares were held directly by Warren Buffett, and another 7.7 million shares by Nebraska Furniture Mart, The Fechheimer Brothers Company and BH Finance LLC.

As a reminder, heading into Q2, Buffett trimmed his stake from 323.2 million as of March 31 to 237.6 million shares at the end of Q2. The continued liquidation of about 100 million share every month suggests that Buffett is well on its way to dumping his entire Wells stake. The question now is whether Buffett was also dumping other US banks – failing to see a rebound catalyst – or his liquidation was confined solely to the bank which has emerged as the most distressed among US money center banks.

Luongo: A False Flag Is Biden’s Only Chance To Win

Authored by Tom Luongo via The Strategic Culture Foundation,

The Black Revolution is in full swing in the U.S. Over the next sixty days we will be treated to the greatest political show on Earth as the Democrats and their handlers in The Davos Crowd pursue the biggest lie since Climate Change.

The events of 2020 are lining up for a climax to this story that ends with only one outcome, a contested election which fuels a coup attempt after the election results come in on November 3rd.

And because of this now obvious plan, setting up a false flag around the election is the most likely means to produce election results close enough to support this course of action.

I’m not the only one thinking in these terms at this point. Joaquin Flores, writing for Fort Russ, mused similarly last week.

As the polls shift towards Donald Trump and the Democrats run around concocting fairy tales after allowing Joe Biden out of his gimp cellar long enough for people to see how far he has fallen mentally, I’m nearly convinced this is likely.

Color revolutions unfold in predictable stages. The first stage is destroying the local economy. Usually this means the Federal Reserve and the U.S. Treasury pull back on available dollars through tight monetary policy and sanctions to create mass unemployment in the target nation.

Then foment violence from the youth who are disproportionately affected by the economic destruction after NGO’s lay the ideological foundation for revolution. Use the most convenient pretext. In the U.S. it means stoking racism and hatred of ‘the rich.’

Pick a color under which to unite them, in this case black and blame the leader for every single bad thing that happens, which is usually the work of agent provocateurs who amplify the organic frustration into targeted attacks which are then amped up by the media into a news story.

If the leader is stupid he acts like any garden-variety paranoid dictator by clamping down on the violence making him easy prey for the media to brand him a dictator.

Then bringing a mob to the capital is easy, because now there are too many people to be effectively policed and the potential for violence to boil the whole thing into a coup is very real.

All of this works if the oligarchs who run the political system of the target country are on board with this. In the U.S., it’s obvious from the response from all major corporations they approve this message. Note how it failed in Belarus recently for lack of this corporate sponsorship.

Looking at the way the Democrats have positioned themselves for this election it is clear that they are preparing the field for this outcome after election day.

They used the lockdowns to create an army of ready-made protestors with nothing else to do and little hope for the future.

They structured all aid to the middle class the run out during the height of the election campaign while blocking any further assistance even though the Treasury Dept. raised nearly $2 trillion to deploy as support and stimulus.

The media endlessly stoked fear over COVID-19 to push as many voters to consider mailing their votes in (or create the illusion that is what will happen) to delay certification of the election on election night.

But to his credit, President Trump hasn’t acted the way he was supposed to. He has governed this chaos exactly the way a majority of Americans want him to, as a Federalist. Even though he has the authority to do so, he’s refrained from sending Federal troops into rioting cities, laying bare just how much local authorities are aiding the violence.

He didn’t institute national lockdowns and draconian restrictions due to COVID-19, instead offering aid and allowing the data to eventually vindicate him to the point where even the CDC is now backtracking on how dangerous the virus actually is.

And his opponents in New York, for example, now look like out-of-touch, lying grandma murderers.

Eventually crisis fatigue sets in, people adjust to the new circumstances and the worst parts of their fear abates. And even if they don’t look at the new data, they realize enough costs have been born and it’s time to move on with our lives.

That’s what is now showing up in the polling data, even though it is still highly suspect. And this puts Trump in the driver’s seat for the election on November 3rd. As of today, the election looks like it is his to lose.

And yet the Democrats insist that the election will not be resolved on election day. In fact, it’s obvious they are prepping the narrative that Trump will only appear to win on election night but, in fact, the torrent of mail-in ballots will change the outcome of the election over the next few days.

Of course, this would fly in the face of decades of electoral statistics where the outcome of the election is almost certainly decided by the time 25% of the votes have been counted and a run-rate to completion can be calculated.

A report from Axios outlines what we can expect.

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, even if he ultimately loses when all the votes are counted.

Why this matters: Way more Democrats will vote by mail than Republicans, due to fears of the coronavirus, and it will take days if not weeks to tally these. This means Trump, thanks to Republicans doing almost all of their voting in person, could hold big electoral college and popular vote leads on election night….

… By the numbers: Under one of the group’s modeling scenarios, Trump could hold a projected lead of 408-130 electoral votes on election night, if only 15% of the vote by mail (VBM) ballots had been counted.

And that’s what concerns me most. Because if all of this prep work has failed and Trump clearly wins an electoral college victory, but they are planning to harvest votes for days afterwards, how do they shift the dynamic back in Biden’s favor between now and then to keep the election close enough for them to steal?

More violence is how.

We are two weeks away from White House Siege beginning on September 17th. Organized by Adbusters, which is a front for George Soros’ partner in crime, David Brock and Media Matters For America, White House Siege is a planned 50-day protest in Lafayette Square in Washington D.C., ostensibly to protest President Trump ‘stealing the election.’

This is a ready-made recipe for a Maidan-like orgy of violence in the nation’s capital to create a false flag event which reflects badly on Trump. Think snipers on rooftops shooting both protesters and cops similar to what happened on the Maidan square in Kiev in 2014.

Trump can, and in my mind should, as a matter of strategy, take control over D.C. to keep to possibility of violence to a minimum. D.C. mayor Muriel Bowser is trying to walk back her support of the protests after the violence after the Republican National Convention by urging U.S. Attorneys in D.C. to charge the people the police arrest.

This is Bowser trying to publicly keep Trump from doing exactly what I just said he should do. Because with cities looted and burned, with Democrat politicians losing the respect of their constituencies they have no political legs left to stand on.

Governor Andrew Cuomo in New York said in a press conference Trump better bring an army if he plans to set foot in his state. This is tantamount to sedition, for which a case can be made by nearly every major Democrat for statements made in the past six months.

“He better have an army if he thinks he’s gonna walk down the street in New York. New Yorkers don’t want to have anything to do with him,” the Democrat said, all but threatening the commander-in-chief.

Meanwhile Cuomo is now the target of a Dept. of Justice investigation into his handling of the COVID-19 crisis while Trump withholds Federal funds from the state, which prompted Cuomo’s bravado.

Between this and Speaker Nancy Pelosi calling Republicans “domestic enemies of the state” is the kind of language you don’t come back from. The Democrats and the U.S. Deep Stat are all in on removing Trump from office by any means necessary.

I don’t think the worst of the violence is behind us after Kenosha. I think the worst is still in front of us.

end
Rochester New York

BLM rioters take to the streets in Rochester NY, breaking into restaurants and upending tables.  The are protesting the death of a mentally ill black man, Daniel Prude, who was high on drugs

(zerohedge)

“BLM” Rioters “Shut Down” Restaurants In Rochester, Smash Bank Windows In Manhattan, During Latest Night Of Mayhem

While mainstream media outlets like the New York Times largely neglected to cover the goings-on in Rochester, New York, last night, independent and local reporters were on the scene to document the chaos as agitator-fueled unrest engulfed yet another small post-industrial American city.

One reporter who was on-hand to document the scene tweeted video of a gang of “peaceful Black Lives Matter activists” barging into a restaurant, terrifying diners, flipping chairs and screaming at people. Apparently, they did this to multiple establishments across town.

Independent journalist Cassandra Fairbanks also reported on the mayhem.

In keeping with what’s become an established pattern, the “protest” started hours before as a mostly peaceful daytime demonstration, with the real hard-core anarchists and criminals congregating in the evening to create chaos while vandalizing businesses and terrorizing people in what’s become a transparent attempt to sow even more of the “divisiveness” that Democrats routinely attribute to President Trump and his “comrades” in Moscow.

One of the gang’s leaders shouted at guests, claiming it was “time to leave” and that they were “shutting the party down”.

“There’s no need to run, nobody is hurting y’all. We’re just shutting the party down,” the obnoxious “protester” shouted as people flipped tables and threw chairs.

Meanwhile, in NYC, eight people were arrested Friday night when a group of 150 “Black Lives Matter” protesters smashed windows and sprayed graffiti on storefronts.

Windows were smashed at two Starbucks, five banks and a Duane Reade in Lower Manhattan, causing an estimated $100,000 in damage.

At the scene, police recovered two stun guns, smoke grenades, and tools to aid in “burglary and graffiti”, according to the New York Post.  All those arrested were charged with rioting, while some were hit with weapons charges over the “tools” mentioned above.

The New York Times late Friday published a lengthy story accusing Rochester PD of a “cover up” in the death of Prude, who died back in March, although his family just went public with the claims on Wednesday.

end

Rochester Police Chief Suddenly Resigns Over “Attempt To Destroy My Character” – Entire Command Staff Joins

Rochester, NY Police Chief La’Ron Singletary said in a surprise announcement on Tuesday that he will be retiring at the age of 40 after less than 18 months on the job, after controversy erupted over the March death of a black man while in police custody.

His deputy and the city’s entire command staff joined him in leaving, according to ABC News and Bloomberg.

Speaking via Zoom, Mayor Lovely Warren confirmed the moves, adding “The Chief was not asked to give his resignation.”

When asked who would be in charge of the police department this evening in the event of new protests, Warren said she didn’t know and asked for the briefing to be adjourned so that a replacement could be found. As of Sunday, a total of 37 people had been arrested and eight police officers hospitalized amid the unrest.  -Bloomberg

Singletary came under fire following news of the death of Daniel Prude, a mentally ill black man who died of asphyxiation after police attempted to take him into protective custody in March – two months before the death of George Floyd in Minneapolis, yet the incident didn’t become public until last week, according to the Democrat & Chronicle.

Prude, 41, had been suffering from a mental health episode and was running naked throughout the streets. Once officers caught him, a ‘spit hood’ was placed over his head after he began spitting. He was then held face down on the pavement for just over two minutes, after which he stopped breathing. Prude was pronounced DOA to the hospital from asphyxia.

On Monday, naked protesters wore ‘spit hoods’ outside the Rochester police headquarters in protest.

In a Tuesday statement, Chief Singletary said in part: “As a man of integrity, I will not sit idly by while outside entities attempt to destroy my character,” adding “The events over the past week are an attempt to destroy my character and integrity.

No successors have been announced.

END

Pennsylvania

FBI raid the Brighton Rehabilitation and Wellness centre which have seen 73 residents die of the COVID19 and more than 400 residents and staff still infected.

(zerohedge)

FBI Raids Pennsylvania Nursing Home Which Saw A Whopping 447 COVID-19 Infections

A nursing home which has seen at least 73 residents die of COVID-19 and more than 400 residents and staff infected has been raided by the FBI late this week after being flagged for rampant health violations, including administering experimental doses of hydroxychloroquine to about half its 435 residents in an attempt to stave off the outbreak, despite not having state health authorities or families’ approval to do so.

Brighton Rehabilitation and Wellness Center, located northeast of Pittsburgh, drove headlines last spring into the summer for seeing the single biggest coronavirus outbreak numbers of any facility in the state.

 

Brighton Rehabilitation and Wellness Center in Brighton Township, Pa. Image: AP

Over three weeks ago Pennsylvania Attorney General Josh Shapiro launched a criminal investigation related to unsafe “conditions and practices” of the nursing home, namely according to a prior statement, that it failed to meet a “high threshold of certain circumstances when the caretaker of a person fails to properly provide for their health, safety and welfare.”

In other press statements “neglect” of patients has been central to the allegations, including abandoning patients for long periods of time, without access to clean clothes, or simple needs like tissues and enough water to drink.

According to police records, local law enforcement had at some point stopped responding to calls to the facility, given the danger to police of potentially catching the virus.

Investigators from the Pennsylvania Attorney’s general office assisted in Thursday’s FBI raid, including at another nearby hard hit care center, the Mt. Lebanon Rehabilitation and Wellness Center outside Pittsburgh.

Essentially all of Brighton’s elder residents caught the disease as well as many staff over a few month period, totaling a whopping 447 residents and staff testing positive, according to Pennsylvania Department of Health data. One staff member had died as well in addition to the 73 deceased residents.

 

FBI at the facility Thursday, KDKA/CBS-2 Pittsburgh

In April NBC News wrote that the entirety of the residents and staff were “presumed infected”:

The Pennsylvania nursing home where all 750 residents and staffers may be infected with the coronavirus was hit last year with a “below average grade” by state inspectors who warned that lax sanitary conditions could lead to the “spread of infection and diseases,” Medicare records revealed.

The report [from Sept. 2019] “identified repeated deficiencies related to proper infection control procedures not maintained during dressage change, improper storage of soiled linens and failure to provide appropriate facilities for hand washing which created the potential for cross contamination and the potential spread of infections and diseases.”

The facility in reaction to the investigation appeared to point the finger at the failed response of state and federal health officials, however, stating: “We will leave the readers to determine why some politicians seek ‘investigations’ into people and facilities instead of looking at governmental response to better their directives.”

END
PORTLAND
Another night of Protests:  Saturday night.

Police Arrest 27 After Another Violent Protest In Portland

Portland police made multiple arrests overnight on Friday during what one independent journalist described as a “violent Antifa riot”. Nearly 100 days have passed since the unrest started, and it looks like the seemingly professional class of demonstrators keeping the unrest alive aren’t slowing down at all.

The night after the suspect in a fatal shooting – a suspect who once described himself on camera as “100% Antifa” – was himself gunned down after pulling a gun on the cops who came to arrest him, violent rioters in Portland once again came out to attack federal property.

According to Reuterspolice arrested 27 people, mostly on charges of interfering with law enforcement or disorderly conduct. Many were arrested for throwing projectiles at officers.

“Officers began to make targeted arrests and in some cases moved the crowd back and kept them out of the street,” according to a press released issued on Saturday.

Here’s a more in-depth description of the protest from the AP, which said a few hundred demonstrators participated. The demonstrators ultimately tried to target the Portland Police Association building.

A few hundred demonstrators had met at Kenton Park before making their way to the Portland Police Association building, where officers warned protesters to stay off the streets and private property. Those who refused could be subject to citation, arrest, the use of tear gas, crowd-control agents or impact munitions, police said.

Around midnight, police ran down the street, pushing protesters out of the area, knocking people down and arresting those who they say were not following orders — as some people were being detained, they were pinned to the ground and blood could be seen marking the pavement. Law enforcement officers used smoke devices and shot impact munitions and stun grenades while trying to get the crowd to disperse, The Oregonian reported.

The Portland Police Bureau issued a statement Saturday morning, saying some officers reported that rocks, a full beverage can and water bottles had been thrown at them, prompting police to declare the gathering an unlawful assembly.

Police said at one woman who was detained was bleeding from an abrasion on her head, and she was treated by medics at the scene before being transported by an ambulance. The Portland Police Bureau said she jumped out of the ambulance and ran away before it left the scene, however.

Most of those arrested were arrested on suspicion of interfering with a peace officer or disorderly conduct, police said.

Portland wasn’t alone: violence, vandalism and looting swept across Rochester and NYC last night, too.

But protesters claimed they had a right to keep coming out following the new revelations of the killing of Daniel Prude revealed on Wednesday, while President Trump signed a memo threatening to cut federal funding to “lawless” cities, including Portland, unless they bring the street violence under control.

And Ngo, the faithful chronicler of the unrest sweeping across the US since the killing of George Floyd, shared video of the latest round of protests from last night, including one scene where protesters nearly hit their “comrades” with thrown projectiles as they were being taken into custody.

One woman who was arrested at the “violent” protest reportedly escaped from an ambulance.

And for all the ‘blue checks’ who insist on soliciting donations to “bail funds”, here’s where that money is going to.;

Finally, as we’ve said before, it’s important to remember that the violence we are seeing is in mostly white cities by mostly white people. Minneapolis is 19% black. Seattle is 7% black and Portland is 6% black. Kenosha is 10% black and close to 80% white. Even LA, which has a larger population of blacks, hasn’t seen riots erupt like Portland, even after the city suffered yet another police shooting of a black man.

END

This hurts: USA economy hemorrhaging $3 billion per week form lost tourism

(zerohedge)

US Hemorrhaging $3 Billion Per Week From Tourism Crash

The U.S. economy is losing a whopping $3 billion per week in lost tourism dollars, with estimates of total losses for the 2020 year around $155 billion, according to a new report via the World Travel and Tourism Council (WTTC).

“The lack of international visitors to the U.S. due to the pandemic could wipe out more than $155 billion from the U.S. economy alone – a loss of $425 million a day – from which it may take years to recover. It could also threaten New York’s position as one of the world’s premier hubs for business and leisure travel,” warned Gloria Guevara, WTTC President & CEO.

This catastrophic loss to the American economy could eliminate upwards of 12 million jobs.

One of the first casualties of the virus-induced downturn crushing the U.S. hotel industry is Hilton Times Square, announcing Aug. 31, it will shutter operations on Oct. 1, laying off more than 200 workers.

WTTC’s Economic Impact Report said 16.8 million jobs in 2019 were supported by the travel and tourism industry, or about 10.7% of the entire US workforce.

Guevara said the downturn impacts millions of households as their livelihoods depend on tourism jobs, but with no “V-shaped” recovery for several years, this is an ominous sign that deep economic scarring and widespread permanent job loss is developing.

“The economic pain and suffering caused to millions of households across the U.S., who are dependent upon Travel & Tourism for their livelihoods, is evident from our latest shocking figures.”

“International coordination to re-establish transatlantic travel would provide a boost for the Travel & Tourism sector. It would benefit airlines and hotels, travel agents, and tour operators and revitalize the millions of jobs in the supply chain, which are dependent upon international travel across the Atlantic.”

“We urgently need to replace blanket quarantine measures with rapid, comprehensive and cost-effective test and trace programs at departure points across the country. This investment will be significantly less than the impact of blunt quarantines which have devastating and far-reaching socio-economic consequences.”

As a recovery in tourism could be years away, hedge funds are starting to build up wagers against CMBX 9, due to the tranche’s significant hotel exposure. The crash in tourism has triggered a hotel bust.

END
Wildfires rage across California:
(zerohedge)

“Historic” Wildfires Rage Across California As “Red Flag Warning” Declared 

California’s record-breaking fire season is becoming absolutely devastating with wildfires raging across the Golden State as a weekend heatwave sent temperatures soaring (Californians used 47K MW at peak over the weekend, versus the 38K summer average). Now, powerful winds could make things a whole lot worse in the coming days by stoking additional fires.

Gov. Gavin Newsom held a press conference on Tuesday afternoon, calling the wildfires “historic.” He said as many as 3,400 building structures have been destroyed with at least 2.3 million acres burned.

Also on Tuesday afternoon, the California Department of Forestry and Fire Protection (Cal Fire) issued a “Red Flag Warning” for much of the state through Wednesday as “strong winds, low humidity, and high temperatures” created the perfect conditions for wildfires to thrive.

A Red Flag Warning is issued for weather events which may result in extreme fire behavior that will occur within 24 hours. A Fire Weather Watch is issued when weather conditions could exist in the next 12-72 hours. A Red Flag Warning is the highest alert. During these times extreme caution is urged by all residents, because a simple spark can cause a major wildfire. A Fire Weather Watch is one level below a warning, but fire danger is still high.

The type of weather patterns that can cause a watch or warning include low relative humidity, strong winds, dry fuels, the possibility of dry lightning strikes, or any combination of the above.

During heightened fire danger, CAL FIRE will place additional firefighters on duty, staff more fire engines and keep more equipment on 24 hours a day to be able to respond to any new fires. CAL FIRE urges Californians to be extremely cautious, especially during periods of high fire danger. It’s important all residents and visitors take steps to prevent wildfires. One less spark could mean one less wildfire. See below for tips on preventing wildfires. – Cal Fire

Heaping on even more aggravation,  Pacific Gas & Electric announced Monday that 22 counties across Northern and Central California have had their power turned off, with the outages set to last several days.

Statewide, some 40,000 customers are without power.

ANd the LATimes reports 39 fires are burning across the state.

Here’s a partial list of all the active wildfires in the state (includes acres burned, how many days, and containment info):

  • Scu Lightning Complex, 396,624 acres burned, Burning for 21 days, 94% contained
  • Lnu Lightning Complex, 375,209 acres burned, Burning for 22 days, 91% contained
  • Creek, 143,929 acres burned, Burning for 4 days, 0% contained
  • Czu Lightning Complex, 86,509 acres burned, Burning for 23 days, 81% contained
  • W-5 Cold Springs, 84,817 acres burned, Burning for 16 days, 98% contained
  • Dolan, 73,089 acres burned, Burning for 20 days, 40% contained
  • Castle, 63,194 acres burned, Burning for 20 days, 1% contained
  • Sqf Complex, 62,887 acres burned, Burning for 18 days, 7% contained
  • Red Salmon Complex, 47,934 acres burned, Burning for 21 days, 20% contained
  • North Complex, 40,843 acres burned, Burning for 21 days, 51% contained
  • Claremont-bear, 40,703 acres burned, Burning for 22 days, no data
  • Apple, 33,424 acres burned, Burning for 39 days, 95% contained
  • Lake, 31,089 acres burned, Burning for 27 days, 95% contained
  • Sheep, 29,570 acres burned, Burning for 17 days, 90% contained
  • Slink, 21,755 acres burned, Burning for 7 days, 36% contained
  • Valley, 17,345 acres burned, Burning for 3 days, 3% contained
  • El Dorado, 10,574 acres burned, Burning for 3 days, contained 16%
  • Bobcat, 8,553 acres burned, Burning for 2 days, no data
  • Woodward, 4,835 acres burned, Burning for 21 days, 95% contained
  • Butte/tehama/glenn Lightning Comple, 2,782 acres burned, Burning for 22 days, 80% contained
  • Round, 2,570 acres burned, Burning for 23 days, 95% contained
  • Ohlone, 1,897 acres burned, Burning for 23 days, 10% contained
  • Oak, 1,000 acres burned, Burning for 1 day, 0% contained
  • Potters, 927 acres burned, Burning for 21 days, 98% contained
  • Butte, Tehama, Glenn Lightning Complex, 926 acres burned, Burning for 22 days, 98% contained
  • Bluejay, 905 acres burned, Burning for 45 days, 15% contained
  • Blue Jay, 850 acres burned, Burning for 21 days, 15% contained
  • Wolf, 599 acres burned, Burning for 28 days, no data
  • Shotgun, 497 acres burned, Burning for 20 days, no data
  • Rattlesnake, 497 acres burned, Burning for 5 days, 95% contained
  • Hobo, 413 acres burned, Burning for 7 days, 90% contained
  • Coyote, 143 acres burned, Burning for 18 days, 20% contained
  • Doe, no data, Burning for 23 days, 23% contained
  • Slater, Started today

The worst of the fire season doesn’t usually start until October, but so far, the state has seen more than 2 million acres burned, the largest amount on record. This figure surpasses all of 2018, according to the California Department of Forestry and Fire Protection.

“Existing fires are displaying extreme fire behavior … and we simply do not have enough resources to fully fight and contain every fire,” said Randy Moore, regional forester for the USDA Forest Service Pacific Southwest Region

Here’s some footage of the wildfires burning across the state:

From the coronavirus pandemic to depressionary unemployment to wildfires, Californians have been grappling with the triple threat from hell this year.

END

v) Swamp commentaries)

 

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

White House’s Kudlow: ‘We can live’ without coronavirus relief deal

Kudlow added that a “smart, well-targeted” package that includes employment assistance, funding to reopen schools and an extension of small-business loans “would be helpful.”  “Do we absolutely need it? No. I’m not going to precondition anything here,” he said, pointing to a Friday report that showed the U.S. unemployment rate fell to 8.4% last month while the country added 1.37 million jobs. “Right now the economy is on a self-sustaining recovery path in my judgment and will continue along those lines, and will continue to surprise on the upside.”…

https://www.msn.com/en-us/news/politics/white-houses-kudlow-we-can-live-without-coronavirus-relief-deal/ar-BB18IjPp

August Employment Report Highlights

The Birth/Death Model added 154k jobs.  95k were added in August 2019.  (Harvey: a complete joke)

BLS: CHANGES TO THE NET BIRTH-DEATH MODEL DUE TO THE COVID-19 PANDEMIC

These two methodological changes are the following: A portion of both reported zeros and returns from zero in the current month from the sample were used in estimation to better account for the fact that business births and deaths will not offset. Current sample growth rates were included in the net birth-death forecasting model to better account for the changing relationships between business openings and closings… https://www.bls.gov/web/empsit/cesbd.htm

Kudlow: Trump administration to unveil aid for airlines in matter of weeks

https://www.reuters.com/article/us-health-coronavirus-usa-airlines/kudlow-trump-administration-to-unveil-aid-for-airlines-in-matter-of-weeks-idUSKBN25V29E

The usual Team Trump verbal intervention on Friday appeared again. The DJTA turned positive at midday on Kudlow’s ‘aid for airlines’ assertion.

After the early plunge on Friday, a midday rally and an afternoon rally appeared.  When the final hour arrived, traders tried to push stuff higher.  However, here were few organic buyers and trader had to liquidate for the holiday weekend. So, ESUs and stocks fell sharply during the final 30 minutes of trading.

Covid tests could be picking up DEAD virus cells and ‘false positives’ could be exaggerating scale of pandemic, claims study – The tests could be picking up dead virus cells from infections that are weeks old… https://www.dailymail.co.uk/news/article-8700649/Covid-tests-picking-DEAD-virus-cells-weeks-old-infections-says-study.html

@andrewbostom: ZERO reported C19 hospitalizations despite >11,000 students testing C19+, i.e., being declared “C19 cases https://twitter.com/andrewbostom/status/1302047711131308032

UArizona: COVID-19 rerun tests reveal some student-athletes, others had false-positive results

https://www.abc15.com/news/region-central-southern-az/tucson/uarizona-covid-19-rerun-tests-reveal-some-student-athletes-others-had-false-positive-results

The sudden spike in Mass. COVID-19 cases was jarring. Now, the company that did the tests is under investigation… for logging hundreds of false positive coronavirus test results…

https://www.thegardnernews.com/news/20200904/sudden-spike-in-mass-covid-19-cases-was-jarring-now-company-that-did-tests-is-under-investigation

It’s now looking like the lockdowns may have been a huge mistake

The 1957-58 Asian flu killed between 70,000 and 116,000 Americans, between 0.04 percent and 0.07 percent of the nation’s population. The 1968-70 Hong Kong flu killed about 100,000, 0.05 percent of the population.  The US coronavirus death toll of 186,000 is 0.055 percent of the current population. It will go higher, but it’s about the same magnitude as those two flus, and it has been less deadly to those under 65 than the flus were Losses have been concentrated on those with low income and little wealth, while lockdowns have added tens of billions to the net worth of Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg… The anti-lockdown blogger (and former New York Times reporter) Alex Berenson makes a powerful case that lockdowns delayed, rather than prevented, infections

https://nypost.com/2020/09/06/its-now-looking-like-the-lockdowns-may-have-been-a-huge-mistake/amp/

52% of young adults in US are living with their parents amid COVID-19

Before 2020, the highest measured value was in the 1940 census at the end of the Great Depression, when 48% of young adults lived with their parents. The peak may have been higher during the worst of the Great Depression in the 1930s, but there is no data for that period…

https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-of-young-adults-in-the-u-s-live-with-their-parents-for-the-first-time-since-the-great-depression/

Tucker: Why Silicon Valley is doing all it can to help the Biden-Harris tick

https://www.youtube.com/watch?v=OEOtF8ZRkzE&feature=youtu.be

 

@bennyjohnson: Facebook CEO Zuckerberg: “What we and the other media need to start doing is preparing the American people that there is nothing illegitimate about this election taking additional days or weeks to make sure all the votes are counted.”  https://twitter.com/bennyjohnson/status/1303115711796121600

 

@TomFitton: @Facebook providing cover for the Left’s plans to steal the election?

 

@RichardGrenell: 67 Democrats refused to attend the Inauguration of a duly elected President. From the beginning, there’s been an undermining of our Democracy by your side. There wasn’t a peaceful transition of power because you all were sore losers!

 

Surveillance Camera Captures ‘Huge Pile of Mail’ Dumped in California Parking Lots

https://www.zerohedge.com/political/surveillance-camera-captures-huge-pile-mail-dumped-california-parking-lots

 

Why Disney’s new ‘Mulan’ is a scandal – In the credits, Disney offers a special thanks to more than a dozen Chinese institutions that helped with the film…Disney has thanked four propaganda departments and a public security bureau in Xinjiang, a region in northwest China that is the site of one of the world’s worst human rights abuses.. More than a million Muslims in Xinjiang, mostly of the Uighur minority, have been imprisoned in concentration camps. Some have been released. Countless numbers have died…  https://www.washingtonpost.com/opinions/2020/09/07/why-disneys-new-mulan-is-scandal/

 

UK’s Johnson planning to override parts of Brexit withdrawal agreement

Sections of the internal market bill, due to be published on Wednesday, are expected to “eliminate the legal force of parts of the withdrawal agreement” in areas including state aid and Northern Ireland customs…the move could “clearly and consciously” undermine the agreement on Northern Ireland that Prime Minister Boris Johnson signed last October to avoid a return to a hard border in the region…   https://nypost.com/2020/09/06/uks-johnson-planning-to-override-parts-of-brexit-withdrawal-agreement/

ESUs tumbled during Asian trading on Monday because Chinese stocks sank.  However, they rallied when the pound weakened on the report about Johnson overriding parts of the Brexit agreement.  Numerous traders reflexively buy stocks of a weakening currency.  Plus, many pundits believe European stocks are grossly undervalued versus the bubbled up US stocks.  So, there could be some rotational buying of European issues.

Economy emerges as No. 1 voter issue [31%] as Election Day nears, pandemic concerns wane: poll

https://justthenews.com/politics-policy/polling/economy-emerges-no-1-voter-issue-election-day-nears-pandemic-concerns-wane

 

There is only one more employment report (September, on October 2) before the election; and Q3 GDP will be issued on October 29.  As of now, Q3 GDP is forecast to be in excess of 20%.

 

Trump held a presser on Monday and cut loose on Obama and Biden for spying on this campaign.  He addressed a number of issues with bombastic flair.

 

@thehill: Trump: “They spied on my campaign and that includes Biden and Obama… If we did what they did, you would have many people in jail right now.”   https://twitter.com/thehill/status/1303033797840175107

 

Trump touts big job gains, says the U.S. is ‘rounding the corner’ on the coronavirus

https://www.cnbc.com/2020/09/07/trump-touts-big-job-gains-says-the-us-is-rounding-the-corner-on-the-coronvirus.html

 

Trump says a Biden-Harris administration would ‘destroy’ country, economy – The president, during a Labor Day press conference, slammed Kamala Harris as ‘the most liberal person in Congress’

https://www.foxnews.com/politics/trump-biden-harris-destroy-country-economy

 

@CBSNews: Trump: “I’m not saying the military’s in love with me. The soldiers are. The top people in the Pentagon probably aren’t because they want to do nothing but fight wars, so all of those wonderful companies that make the bombs and make the planes and make everything else stay happy.”

 

Trump: “I was never a fan of John McCain because he wanted the endless wars… and of course he took the fake dirty dossier & gave it over to the FBI… I’m supposed to say he’s a wonderful guy?”

https://twitter.com/FogCityMidge/status/1303029881345773575

 

Trump blasts Biden, Harris for ‘anti-vaccine rhetoric’

https://thehill.com/homenews/campaign/515376-trump-blasts-biden-harris-for-anti-vaccine-rhetoric

 

@RaymondArroyo: Joe Biden held a Labor Day Event in Lancaster, Pan [Apparently with 4 people]

https://twitter.com/RaymondArroyo/status/1303046600273657857

 

Joe Biden threatens ‘personal price’ if business leaders oppose attempts to unionize

“I’m going to hold company executives personally liable for interfering with workers who are attempting to unionize… If they’re part of the problem, they are going to pay a personal price,” Biden said…

https://nypost.com/2020/09/07/biden-threatens-personal-price-if-business-leaders-oppose-unions/

 

Inexplicably, Biden called attention to his health. @JTHVerhovek: Biden to @abc27News on Trump and his campaign’s suggestion he’s “lost a step”.  “Look at how [Trump] steps and look at how I step. Watch how I run up ramps and how he stumbles down ramps, okay?”

https://twitter.com/JTHVerhovek/status/1303099792982183939

 

@TVNewsHQ: Awkward. Kamala Harris just got introduced for media questions and says: “I think we’re all done.”    https://twitter.com/TVNewsHQ/status/1303095018081615873

 

A journalist with over four decades of experience has regularly instructed us that the biggest MSM bias is not in what they report; it’s in what they don’t report.  So, we try to post some of that stuff.

 

Ric Grenell Goes to Town on Idiot Reporters: Maybe You’re Too Young or Dumb to Intelligently Discuss Actual Issues – I’m astounded that what happens in Washington, D.C. and especially in this room… Maybe it’s too complicated of an issue for you all… Today is about Kosovo and Serbia… You guys don’t understand what’s happening outside of Washington, D.C. People aren’t listening to you anymore. It’s really a crisis in journalism and I think it’s because people are too young to understand the issues like Kosovo and Serbia. How about a substantive question?…  https://thefederalist.com/2020/09/04/ric-grenell-goes-to-town-on-idiot-reporters-maybe-youre-too-young-or-dumb-to-intelligently-discuss-actual-issues/#.X1Ksi1rtJ8Y.twitter

 

“The man who reads nothing at all is better educated than the man who reads nothing but newspapers.” — Thomas Jefferson

 

Republican Congressman Receives Death Threat from Retired Teacher

https://arizonadailyindependent.com/republican-congressman-receives-death-threat-from-retired-teacher/?s=09

 

“F@&k the Police!” – Families OUTRAGED After Assistant High School Principal Films Himself Marching with BLM and Cussing Police at Rochester Riots [How many teachers are in the protests?]

https://www.thegatewaypundit.com/2020/09/fck-police-families-outraged-assistant-high-school-principal-films-marching-blm-cussing-police-rochester-riots/

 

@MrAndyNgo: Clara Kraebber, 20, was arrested at the BLM-Antifa riot in NYC & charged with felony riot & more. She comes from an extremely wealthy family in the Upper East Side of Manhattan. She’s a Young Democrat activist at @RiceUniversity.

https://thepostmillennial.com/privilege-wealthy-manhattan-woman-arrested-police-rioting-causing-100k-damage

 

In an SOS on Facebook, Biden warned supporters that DJT is leading in Michigan, 47-45.  [Yet CBS says Biden leads Trump by 10 points nationally!]  https://twitter.com/JFNYC1/status/1302656222613721091/photo/1

 

Young Black voters not excited about Joe Biden-Kamala Harris ticket, analyst says

‘I don’t understand how anyone could be thinking he could fix the injustices when he was the one who created them,’ Gianno Caldwell said  https://www.foxnews.com/politics/young-black-voters-biden-harris

 

Women’s Liberation Front poll of 48.83% Dems, 29.67% Repubs and 18.5% Inds shows Biden ahead of Trump in CALIFORNIA by 17 points.  Hillary won CA by 30 points!

http://womensliberationfront.org/wp-content/uploads/2020/09/Statewide_California_8.25.20-Tables_Only-Tables_Only.pdf

 

Biden lags among Florida Hispanic voters – A new poll finds the Democratic nominee is running behind Hillary Clinton’s pace [by 11 points] in the critical swing state…The poll results jibe with months of criticisms leveled at Biden for doing too little to juice up Hispanic support in Florida, as well as in other battleground states… https://www.politico.com/news/2020/09/04/joe-biden-florida-hispanic-voters-poll-408711

 

Now that Trump is rallying in the polls; Fancy Nancy committed a major political blunder and Biden’s Kenosha sojourn was a bust, the MSM and Dems have gone full DefCon 1 to get Trump.

 

Kamala Harris on Sunday claimed Biden could lose the election due to Russian interference.

https://twitter.com/aaronjmate/status/1302726323576672264

 

The Stunning Synergy of The Atlantic’s Anonymous Attack on Trump

The Atlantic published a story Thursday evening that claimed President Donald Trump called the fallen American soldiers in a World War I cemetery “suckers” and “losers” in 2018. The author, Jeffrey Goldberg, cited four anonymous sources.  Nearly a dozen current and former Trump administration officials disputed the story. One, notably, was John Bolton, the former national security adviser who says he will not vote for Trump. “I was there,” he said, and “I didn’t hear that.”…

     At the end of his presentation, Biden turned to his campaign staff, who chose which reporters would be allowed to ask questions, and in what order. The first question went to Edward-Isaac Dovere, who writes for — surprise! — The Atlantic. overe asked, “When you hear these remarks, ‘suckers,’ ‘losers,’ recoiling from amputees — what does it tell you about Trump’s soul, and the life he leads?” It was a setup for Biden to attack Trump over The Atlantic allegations…It may be no coincidence that retired Gen. Stanley McChrystal — who was fired, ironically, because he had disparaged President Barack Obama and Biden — now advises a firm using military technology to help Democrats produce propaganda to make it the dominant story of the news cycle — on a day when the jobs market rebounded and Trump brokered a historic deal between Israel and Muslim-majority Kosovo

https://www.breitbart.com/politics/2020/09/04/pollak-the-stunning-synergy-of-the-atlantics-anonymous-attack-on-president-donald-trump/

 

Zach Fuentes, Top Aide to John Kelly, Denies Atlantic Story about Trump

Fuentes personally briefed President Trump on the weather situation that led to the trip being canceled. He is also a close personal confidante of former White House Chief of Staff John Kelly… I did not hear POTUS call anyone losers when I told him about the weather…[Kelly is not friendly with DJT].

https://www.breitbart.com/politics/2020/09/07/exclusive-zach-fuentes-top-aide-to-john-kelly-denies-atlantic-story-about-trump/

 

@SharylAttkisson: The Atlantic story allegedly falls apart… Trump didn’t call fallen heroes names after all… he called live generals those names [Widely reported in January 2020]; different time/place. So narrative shifts: “Trump disrespects military leaders!” Original claims? Shoved down memory hole. https://www.cnn.com/2020/01/17/politics/trump-military-afghanistan-2017-pentagon-meeting-tillerson/index.html

 

@FredFleitz: @Foxnews’s @johnrobertsFox was on the 11/18 POTUS trip to France.  He just confirmed he was told by Trump officials at the time that @realDonaldTrump’s trip to the Château-Theirry Belleau Wood monuments was cancelled due to bad weather & (2) John Bolton told him this and added that @realDonaldTrump did not travel to the monuments by motorcade for security reasons… 

 

@SarahHuckabee: The Atlantic story on @realDonaldTrump is total BS. I was actually there and one of the people part of the discussion – this never happened… I am disgusted by this false attack.

 

@DanScavino: I was with POTUS in France, with Sarah, and have been at his side throughout it all. Complete lies by “anonymous sources” that were “dropped” just as he begins to campaign (and surge). A disgraceful attempt to smear POTUS, 60 days before the Presidential Election! Disgusting!!

 

@robcrilly: White House official has sent an image of redacted email apparently showing “bad weather call” was indeed cause of Trump not attending Aisne-Marne American Cemetery in 2018. Dan Scavino and Stephen Miller were also both there – and deny Atlantic story.

https://twitter.com/Techno_Fog/status/1301741080577298437/photo/1

 

Liberal law professor Jonathan Turley notes that document and eyewitness evidence refutes the central allegation from The Atlantic hit piece on Trump.  When presented with this evidence the magazine’s editor-in-chief, Jeffrey Goldberg said, “That all may be true…”

 

@JonathanTurley: I just watched Goldberg’s interview on CNN and was struck by his response to evidence that the flight to the cemetery was canceled for weather. Both Bolton and Pentagon sources have confirmed that reason, and Goldberg says that all may be true, he then pivots to saying that Trump could not understand taking 90 minutes to drive to the cemetery. Bolton said the drive was problematic along side roads for hours and agreed with the decision. This was not exactly a resounding defense of those elements of story by Goldberg.

 

@DineshDSouza: If Trump made wildly insulting remarks about the US military two years ago, why did no one say anything until now?

 

The Atlantic is owned by a Biden megadonor – Laurene Powell Jobs, the widow of  Steve Jobs, is the majority stakeholder in the publication… https://thepostmillennial.com/revealed-the-atlantic-is-owned-by-a-biden-megadonor

 

@paulsperry_: Wife of Jeffrey Goldberg, author of disputed, anonymously sourced hit piece on Trump in “The Atlantic,” worked as a senior adviser to ex-Secretary of State Hillary Clinton & donated the max dollar amount to Hillary’s 2016 campaign. She also gave $1,000 to Biden in March

 

@RoscoeBDavis1: 11 minutes after the Atlantic article went live the Biden Campaign was running a prerecorded ad on the exact claims.  This was 100% coordinated hit piece

 

Conservative activist @ArthurSchwartz: Mattis knows he might end up in prison if Trump’s DoD continues investigating the payments he received to push the $10 billion Amazon cloud contract / Bezos handout.  Dunford is on the board of Lockheed… That’s why we got that nonsense story in The Atlantic.

 

Someone Is Waging a Secret War to Undermine the Pentagon’s Huge Cloud Contract

The dossier insinuates that a top aide to Defense Secretary Jim Mattis worked with Mattis and others to steer the contracting process to favor Amazon Web Services, or AWS — and enrich the aide…

https://www.defenseone.com/technology/2018/08/someone-waging-secret-war-undermine-pentagons-huge-cloud-contract/150685/

 

Mattis attended a dinner in 2017 with an Amazon executive involved in working to secure a multi-billion dollar federal contract, The Wall Street Journal reported in July 2019. He attended the event with Teresa Carlson, vice president of Amazon’s worldwide public sector services. The dinner ultimately helped forge another meeting in August 2017 between Mattis and Amazon founder Bezos, the report noted, citing emails obtained through a Freedom of Information Act request…

https://dailycaller.com/2020/02/10/donald-trump-jeff-bezos-amazon/

 

Obama’s Military Coup Purges 197 Officers in Five Years [Crickets from MSM] 10/29/2013

What the president calls “my military” is being cleansed of any officer suspected of disloyalty to or disagreement with the administration…harmful to our national security posture.  Gen. Carter Ham… was relieved as head of U.S. Africa Command after only a year and a half because he disagreed with orders not to mount a rescue mission in response to the Sept. 11, 2012, attack in Benghazi

    “Obama will not purge a civilian or political appointee because they have bought into Obama’s ideology,” Vallely said. “The White House protects their own. That’s why they stalled on the investigation into Fast and Furious, Benghazi and ObamaCareHe’s intentionally weakening and gutting our military, Pentagon and reducing us as a superpower, and anyone in the ranks who disagrees or speaks out is being purged.”… It is to be “his” military and used only for “his” purposes.

https://www.investors.com/politics/editorials/197-military-officers-purged-by-obama/

 

@DonaldJTrumpJr: Wow, an Air Force vet calls Biden out for voting for the Iraq War. “We are wondering why we should vote for someone who voted for a war & enabled a war that killed thousands of our brothers & sisters?…Their blood is on your hands…My friends are dead because of your policies!”

[Joe reflexively and deceitfully tries to blame the vet for disparaging his son – played the victim card.]

https://twitter.com/DonaldJTrumpJr/status/1302611660314738692

 

Biden Says He Tries Not to Discuss ‘Law & Order’ because it plays into President Trump’s Hands

https://dailycaller.com/2020/09/04/joe-biden-donald-trump-law-and-order-campaign-election-2020/

 

Joe did it again – @SteveGuest: Joe Biden reads “end of quote” after making debunked claim about Social Security. Biden defeated again by the teleprompter.

https://twitter.com/SteveGuest/status/1301935491726684161

 

NY Post Editorial Board: Why is Joe Biden addicted to reading his handlers’ scripts?

Biden seems unable to get through any interview without scripts: During countless TV spots, viewers can see him looking down at his notes while he answers questions — a mistake routinely avoided by politicians…   https://nypost.com/2020/09/07/why-is-joe-biden-addicted-to-reading-his-handlers-scripts/

 

Joe Biden’s Kenosha town hall marred by eyebrow-raising statements

https://nypost.com/2020/09/04/bidens-kenosha-town-hall-marred-by-eyebrow-raising-statements/

 

Biden claims Black man invented light bulb during campaign event

Thomas Edison is the inventor of the light bulb… Lewis Howard Latimer… patented an improved version of an incandescent light bulb in 1881 that could last even longer than Edison’s…

https://www.foxnews.com/politics/biden-claims-black-man-invented-light-bulb-during-campaign-event

 

@RNCResearch: Joe Biden, unable to call on people raising hands, tells staffer to call from pre-written list  https://youtu.be/z9YD8aUZi8U

 

ByronYork: Many of the questions for Joe Biden after his remarks today consisted of reporters asking Biden to elaborate on how bad Trump is. A list (not exact quotes):

https://twitter.com/ByronYork/status/1301938519070461955

 

@TeamTrump: President @realDonaldTrump on the questions the media asked Joe Biden today: “Those questions were meant for a child…smiles on the faces of reporters…

https://twitter.com/TeamTrump/status/1302007977386401792

 

CNN’s Jake Tapper Attempted to Convince GOP’s Sean Parnell to Run in Different District than Against Democrat Conor Lamb – Tapper was an aide to now former Rep. Marjorie Margolies-Mezvinsky (D-PA) on the Democrat’s campaign and then in her congressional office…

https://www.breitbart.com/politics/2020/09/06/exclusive-jake-tapper-attempted-to-convince-gops-sean-parnell-to-run-in-different-district-than-against-democrat-conor-lamb/

 

Washington Post Acknowledges They Misquoted Me, Buries Correction

On Thursday the Washington Post published a 2300 word article about me on the front page of their sports section. The article, which was titled, “Clay Travis is Trump’s Secret Weapon in the Fight over College Football,” featured just 94 words in quotes from me.  All of those quotes were taken out of context and one of them wasn’t accurate at all… It’s important to note what is going on here.

  1. The Washington Post published a dishonest and factually incorrect article about me.
  2. When I published the actual transcript of.., questions and my responses… the paper changed an inaccurate quote and made a notation at the bottom of an online article that almost no one would see.
  3. No one at the paper reached out to acknowledge they’d misquoted me or to apologize for their error…

https://www.outkick.com/washington-post-acknowledges-they-misquoted-me-buries-correction/

 

Well that is all for today

I will see you WEDNESDAY night.

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