SEPT 9//ANOTHER STRONG UPSIDE DAY REVERSAL: GOLD UP $19.55 TO $1945.95//SILVER UP 6 CENTS TO $26.90//GOLD TONNAGE STANDING AT THE COMEX: 11.43 TONNES//TWO IMPORTANT READS: HUGO SALINAS PRICE AND MIKE WHITNEY//SWAMP STORIES FOR YOU TONIGHT

GOLD:$1946.95  UP $19.55   The quote is London spot price

 

 

 

 

Silver:$26.90 UP $.06   London spot price ( cash market)

 

 

 

Well again for the 5th consecutive day, the crooks tried to raid again trying to prove Einstein’s definition of insanity is incorrect as they were hoping for a positive outcome. Gold refused to buckle and by the end of day it rose  $19.55 to $1946.95.  Silver rose 6 cents to $26.90.  We have almost 11.5 tonnes of gold standing at the comex.  In another development we are witnessing a lot fewer exchange for physicals being underwritten by our bankers.  They are afraid of being bitten as Londoners are exercising these serial forwards  for metal.

 

Let us see if the crooks decide on making it 6 days in a row raiding our precious metals.

 

here is your data for today.

H

 

 

 

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Closing access prices:  London spot

i)Gold : $1947.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.98//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1946.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $.65 BACKWARD  //

 

 

DEC. GOLD  $1954.50   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $7.75/ CONTANGO   ($4.45 BELOW NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.91…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 1 CENT BACKWARD)

SILVER DECEMBER  CLOSE:     $27.09  1:30  PM SPREAD SPOT/FUTURE DEC.       : 19  CENTS PER OZ  CONTANGO ( 7 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

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

receiving today:  33/104

issued  0

DLV615-T CME CLEARING

BUSINESS DATE: 09/08/2020 DAILY DELIVERY NOTICES RUN DATE: 09/08/2020
PRODUCT GROUP: METALS RUN TIME: 21:06:27

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,933.000000000 USD
INTENT DATE: 09/08/2020 DELIVERY DATE: 09/10/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
132 C SG AMERICAS 1
355 C CREDIT SUISSE 1
657 C MORGAN STANLEY 36
657 H MORGAN STANLEY 101
661 C JP MORGAN 33
661 H JP MORGAN 26
709 C BARCLAYS 2
737 C ADVANTAGE 3 2
905 C ADM 3
____________________________________________________________________________________________

TOTAL: 104 104
MONTH TO DATE: 3,561

 

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 104 NOTICE(S) FOR 10400 OZ  (0.3234 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  3564 NOTICES FOR 356400 OZ  (11.0762 tonnes) 

 

 

SILVER

 

 

286 NOTICE(S) FILED TODAY FOR 1,430,000  OZ/

total number of notices filed so far this month: 9100 for 45.500 MILLION oz

 

BITCOIN MORNING QUOTE  $10227  UP 100

 

BITCOIN AFTERNOON QUOTE.: $10,286 UP 160

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $19.55 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 $0.06  TODAY: AND WITH NO SILVER AROUND:

WE HAD A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

A MASSIVE WITHDRAWAL OF 3.63 MILLION OZ  (PROBABLY USED IN THE RAIDS THESE PAST FEW DAYS)

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 561.169  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A TINY 247 CONTRACTS FROM 158,744 UP TO 159,177, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE  GAIN IN OI OCCURRED WITH OUR  $0.27 RISE IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A VERY WEAK EXCHANGE FOR PHYSICAL ISSUANCE, ZERO  MINOR LONG LIQUIDATION, A SMALL DECREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT..  WE HAD A SMALL NET GAIN IN OUR TWO EXCHANGES OF 722 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:  475, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  475 CONTRACTS. WITH THE TRANSFER OF 475 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 475 EFP CONTRACTS TRANSLATES INTO 0.250 MILLION OZ  ACCOMPANYING:

1.THE $0.27 CENT RISE IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

51.900 MILLION OZ INITIALLY STANDING IN SEPT

 

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.27) ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS. THE RAIDS THESE PAST 4 DAYS WERE ORCHESTRATED BY THE BIS WITH MEGA ASSISTANCE FROM OUR CRIMINAL BANKERS. THEIR CHIEF AIM WAS TO REMOVE SPECULATORS FROM THEIR LONG POSITIONS.THEY FAILED AGAIN WITH TUESDAY’S TRADING….   WE ALSO HAD  ii)  A VERY WEAK ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL LOSS IN SILVER OZ STANDING  FOR SEPTEMBER AND 3) ZERO LONG LIQUIDATION.  YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

SEPT.

 

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

5515 CONTRACTS (FOR 6 TRADING DAY(S) TOTAL 5515 CONTRACTS) OR 27.580 MILLION OZ: (AVERAGE PER DAY: 918 CONTRACTS OR 4.5958 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 27.580 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 3.94% 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:          1,413.66 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                                27.580 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A TINY SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 247, DESPITE  OUR STRONG $0.27 RISE IN SILVER PRICING AT THE COMEX ///TUESDAY.…THE CME NOTIFIED US THAT WE HAD A VERY WEAK SIZED EFP ISSUANCE OF 433 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 GAINED A SMALL SIZED 722 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR STRONG $0.27 GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 475 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 247 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.27 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.84 // TUESDAY’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. 0.786 BILLION OZ TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 286 NOTICE(S) FOR 1,430,000 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. 51.900 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 STRONG SIZED 6,186 CONTRACTS TO 557,457 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 STRONG SIZED GAIN IN COMEX OI OCCURRED WITH OUR CONSIDERABLE RISE IN PRICE  OF $8.20 /// COMEX GOLD TRADING// TUESDAY//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  RISE IN PRICE OF $8.20. 

 

 

WE HAD A VOLUME OF 9    4 -GC CONTRACTS//OPEN INTEREST  127//

 

 

WE GAINED A STRONG SIZED 8,499 CONTRACTS  (26.43 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 2313 CONTRACTS:

CONTRACT .; AUG 0 AND OCT: 0 DEC: 2313; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 2313.  The NEW COMEX OI for the gold complex rests at 557,457. 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 8499 CONTRACTS: 6186 CONTRACTS INCREASED AT THE COMEX AND 2313 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 8499 CONTRACTS OR 26.43 TONNES. TUESDAY, WE HAD A GAIN OF $8.20 IN GOLD TRADING……

AND DESPITE THAT GAIN IN  PRICE, WE HAD A STRONG SIZED GAIN IN TOTAL/TWO EXCHANGES GOLD TONNAGE OF 26.43 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $8.20)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 4TH RAID IN A ROW .

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2313) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (6,186 OI): TOTAL GAIN IN THE TWO EXCHANGES:  8499 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) STRONG COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  …ALL OF THIS WAS COUPLED WITH OUR GAIN IN GOLD PRICE TRADING//TUESDAY//$8.20.

 

 

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 : 10,311, CONTRACTS OR 10,311, oz OR 32.07 TONNES (6 TRADING DAY(S) AND THUS AVERAGING: 1718 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 6 TRADING DAY(S) IN  TONNES: 32.07 TONNES

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

THUS EFP TRANSFERS REPRESENTS 32.07/3550 x 100% TONNES =0.903% 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:                       32.07 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, ROSE BY A TINY SIZED 247 CONTRACTS FROM 158,744, UP TO 158,991 AND CLOSER TO 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 TINY SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)   SOME ATTEMPTED BUT FAILED 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) ZERO LONG LIQUIDATION,

 

 

 

 

EFP ISSUANCE 475 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. 475 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 475 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 247 CONTRACTSTO THE 475 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED GAIN OF 722 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.610 MILLION  OZ, OCCURRED WITH OUR 27 CENT GAIN 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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 61.79 POINTS OR 1.86%  //Hang Sang CLOSED DOWN 155.41 POINTS OR 0.63%   /The Nikkei closed DOWN 241.59 POINTS OR 1.04%//Australia’s all ordinaires CLOSED DOWN 2.12%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8466 /Oil UP TO 37.18 dollars per barrel for WTI and 40.00 for Brent. Stocks in Europe OPENED MOSTLY GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8466 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8476 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A STRONG SIZED 6186 CONTRACTS TO 557,457 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 WITH OUR  GAIN OF $8.20 IN GOLD PRICING /TUESDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (2313 CONTRACTS),.  THUS,  WE HAD  1) ATTEMPTED (EARLY) BUT FAILED BANKER SHORT COVERING AS WE HAD A  STRONG GAIN IN THE TWO EXCHANGES OF 9545 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 9545 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 COMEX INITIATED VEHICLES, ARE BITING OUR BANKERS BACK AND PUTTING A NOOSE AROUND THEIR NECKS.

 

 

 

(SEE BELOW)

 

 

WE  HAD 9    4 -GC VOLUME//open interest LOWERS TO 127

 

 

 

 

 

 

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: DEC 2313; JUNE// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2313  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: 8499 TOTAL CONTRACTS IN THAT 2313 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 6186 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. WITH TUESDAY’S TRADING WE HAD ATTEMPTED AND FAILED BANKER SHORT COVERING,  AS OUR BANKERS HAVE BEEN CAUGHT TERRIBLY OFFSIDE ON THEIR SHORT POSITIONS..AND THUS THE REASON FOR OUR CONSTANT RAIDS, THESE PAST 4 CONSECUTIVE DAYS…. SURPRISINGLY AGAIN NOBODY LEFT THE GOLD ARENA AS WE HAD A STRONG GAIN IN OI ON OUR TWO EXCHANGES. (SEE BELOW)

 

 

 

 

 

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $8.20).  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  26.43 TONNES  WITH THE  RISE IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 8499, CONTRACTS OR 849900 OZ OR 26.43 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:  557,457 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.74 MILLION OZ/32,150 OZ PER TONNE =  1733 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1733/2200 OR 78.80% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 221911 contracts// volume poor

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  441,173 contracts//  volume: good//outside day reversal  //most of our traders have left for London

 

 

SEPT 9 /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
111,615.400 oz
3.471 TONNES
INCLUDES
96 KILOBARS
AND 3,000 KB.
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

NIL

OZ

 

 

No of oz served (contracts) today
104 notice(s)
 10,400 OZ
(0.3234 TONNES)
No of oz to be served (notices)
112 contracts
(11,200 oz)
0.348 TONNES
Total monthly oz gold served (contracts) so far this month
3564 notices
356,400 OZ
11.0762 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

 

We had 0 deposit into the dealer

 

total deposit: nil oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account

 

 

total customer deposit:  NIL     oz

 

 

we had 3 gold withdrawals from the customer account:

i) Out of HSBC:   12,076.000 oz ???

ii) Out of Loomis: 3086.000 oz  (96 kilobars)

iii) Out of Manfra:  96,453.000 oz  (3,000 kilobars)

 

 

total withdrawals;  111,615.400    oz

 

 

 

 

 

We had 2  kilobar transactions  +

 

ADJUSTMENTS: 3 //

i) Dealer to customer

Brinks:  6462.351 oz

ii) Customer to dealer:

a) JPMorgan:  10,000.175 oz

b) Malca 33,758.55 OZ

 

 

 

 

The front month of SEPT registered a total of 216 contracts for a LOSS of 168 contracts.  We had 274 notices filed on Tuesday, so we gained a strong 106 contracts or an additional 10,600 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 4 days.

Oct LOST A TINY 253  contracts DOWN to 61,388  (HARDLY ANYBODY LEFT THE ARENA ON OUR FRONT MONTH OF OCTOBER).  November gained 18 contracts to stand at 32.

The big December contract GAINED 5340 contracts UP to 413,059 contracts…(NOBODY LEFT HERE AS WELL)

 

 

 

 

 

 

We had 104 notices filed today for  10,400 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 104 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 33 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 (3561) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (216 CONTRACTS ) minus the number of notices served upon today (104 x 100 oz per contract) equals 367,600 OZ OR 11.433 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 (3561, x 100 oz + 216 OI) for the front month minus the number of notices served upon today (104) x 100 oz which equals 367,600 oz standing OR 11.433 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 117 contracts or an additional 11,700 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)

271,956.8057 oz  (some deleted august 3)         JPM  8.45 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:  1,132,018.163 oz                                     35.21 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 468.31 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 11.433 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,188,261.34 oz or 503.52 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:  271,956.057 oz (or 8.45 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:  1,132,018.163 oz or 35.21 tonnes
thus:
registered gold that can be used to settle upon:  15,056243.0.0  (468,31 tonnes)
true registered gold  (total registered – pledged tonnes  15,056,243.0 (468.31 tonnes)
total eligible gold:  20,431,802.764 oz (635.51 tonnes)

total registered, pledged  and eligible (customer) gold  36,620,067.698 oz 1,139.03 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1012,69 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 9/2020

And now for the wild silver comex results

And now for the wild silver comex results

 

INITIAL STANDINGS

SEPT. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
 1,316,158.066 oz
DELAWARE
HSBC
Scotia

 

 

Deposits to the Dealer Inventory
588,600.100 oz
CNT

 

Deposits to the Customer Inventory
2,651,352.900 oz
CNT
JPM
Scotia
No of oz served today (contracts)
286
CONTRACT(S)
(1,430,000 OZ)
No of oz to be served (notices)
1280 contracts
 6,400,000 oz)
Total monthly oz silver served (contracts)  9100 contracts

45,500,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into   CNT:  588,600.100 oz

total dealer deposits: 588,600.100     oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 3 deposits into the customer account

i)into JPMorgan: 1,181,504.500 oz  (the crook JPMorgan continues to add silver to its inventory)

ii) Into CNT: 869,966.800 oz

iii) Into Scotia:  598,411.500 oz

 

 

 

 

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

JPMorgan now has 172/867 million oz of  total silver inventory or 48.64% of all official comex silver. (172.867 million/355.400 million

 

total customer deposits today:  2,651,352.800   oz

we had 3 withdrawals:

 

i) Out of Delaware: 26,570.113 oz

ii) Out of HSBC: 485,004.603 oz

iii) Out of Scotia:  804,583.350 oz

 

 

total withdrawals;  1.316.158.066    oz

We had 0 adjustments//both customer to dealer

 

 

Total dealer(registered) silver: 140.946 million oz

total registered and eligible silver:  355.400 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 1566 contracts thus losing 477 contracts.  We had 359 notices filed on TUESDAY so we LOST 118 contracts or an additional 590,000 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 202 contract to stand at 1257.November lost 0 contract to stand at 13,

The big December contract month saw its OI GAIN by 359 contracts DOWN to 137,943

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 286 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 9100 x 5,000 oz = 45,500,000 oz to which we add the difference between the open interest for the front month of SEPT(1356) and the number of notices served upon today 286 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 9100 (notices served so far) x 5000 oz + OI for front month of SEPT  (1356)- number of notices served upon today (286) x 5000 oz of silver standing for the SEPT contract month.equals 51,900,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We LOST 118 contracts or AN ADDITIONAL 590,000 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 : 57,908 CONTRACTS // volume fair//

 

 

 

 

FOR YESTERDAY: 146,173.  ,CONFIRMED VOLUME//volume huge//yesterday//outside day reversal  

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 146173 CONTRACTS EQUATES to 0.730 billion  OZ 104.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.50% ((SEPT 9/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.85% to NAV:   (SEPT 9/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.50%

(courtesy Sprott/GATA

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

NAV 20.47 TRADING 19.93///NEGATIVE 2.62

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 9/WITH GOLD UP $19.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1250.04 TONNES

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 9/ GLD INVENTORY 1250.04 tonnes*

LAST;  897 TRADING DAYS:   +310.54 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 797 TRADING DAYS://+489.07  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 9/WITH SILVER UP 6 CENTS TODAY: STRANGE: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.63 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 561.169 TONNES

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 9.2020:

SLV INVENTORY RESTS TONIGHT AT

561.169 MILLION OZ

 

 

 

 

 

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

Video: Equity Options to Trigger the Next Financial Crash

 

Turbulence in financial markets continues with tech equity markets particularly effected.

GoldCore CEO Stephen Flood looks at the effect that the buying of equity derivatives by large “Whales” like Softbank, is having on equity markets.

With stocks like Tesla recording PE ratios over 1,200 are we looking at the pin that will burst the tech equity bubble.

Loose monetary policy is set to remain for the foreseeable future and this coupled with these option based “Gamma Trades” has fueled the rally in tech equities since the March 2020 lows.

As investors continue to look for a home for their money, more and more are returning to gold and the historic safe haven that it provides during times of heightened financial uncertainty.

NEWS and COMMENTARY

Gold under pressure from robust dollar; ECB meeting awaited

Nasdaq falls more than 3% as tech plunges once again, Dow drops 500 points

COMEX’s Gold and Silver Futures Market Trade Data Not Adding Up

We’re Headed toward Stagnation—Unless the Fed Reins In Its Money Printing

Rotbart Sees Upside for Gold, Increased Demand for Silver (Bloomberg TV)

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

08-Sep-20 1920.60 1910.95 1467.72 1466.27 1626.17 1622.40
07-Sep-20 1928.40 1928.45 1463.08 1465.43 1629.88 1631.47
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

Own gold and silver coins and bars in the safest vaults in Zurich, Singapore, London and Dublin with GoldCore.

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

Lately Softbank has been identified as monkeying around manipulating tech stocks. Pam and Russ state that Sotfbank is nothing compared to the real whale: JPMorgan

(Pam and Russ Martens)

Pam and Russ Martens: Softbank is a mere guppy; the market-rigging whale is JPMorganChase

 Section: 

11:45a ET Tuesday, September 8, 2020

Dear Friend of GATA and Gold:

While the Japanese conglomerate Softbank lately has been identified as the “Nasdaq whale” manipulating tech stocks higher, Pam and Russ Martens of Wall Street on Parade today show how Softbank’s market rigging makes it a mere “guppy” compared to the real whale in manipulating markets, JPMorganChase.

Morgan’s history of criminality in the markets, including the monetary metals markets, is, the Martenses write, now so extensive that it seems to be a feature of the bank, not a bug.

 

Their analysis is headlined “The Untold Story of the Nasdaq Whale: SoftBank’s a Guppy, JPMorgan’s a Whale” and it’s posted at Wall Street on Parade here:

https://wallstreetonparade.com/2020/09/the-untold-story-of-the-nasdaq-wh…

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

END

The Fed’s QE has down irreparable damage to the money markets

(Bloomberg)

Money markets have a $750 billion problem in zero-rate world

 Section: 

By Emily Barrett and Katherine Greifeld
Bloomberg News
Monday, September 8, 2020

A $750 billion industry still struggling to bounce back from the last crisis is cracking under the Federal Reserve’s lower-for-longer mantra on U.S. interest rates.

Prime money-market funds — a long-time favorite for anyone seeking a cash-like investment with a little extra yield — are facing an existential challenge, just four years after a regulatory overhaul to restore confidence in the wake of the global financial crisis. Assets in these vehicles dropped 20% in just six weeks this year, spurring talk of new reforms. But some of the industry’s leaders are opting for another solution: Shutting them down.

… 

Vanguard Group, the world’s second-largest asset manager, is converting a $125 billion fund so it buys government debt rather than the short-term corporate notes it has invested in for decades, and Northern Trust Corp. and Fidelity Investments have recently axed funds with a similar focus. The decisions entrench a prolonged decline for prime funds and could hurt a market that thousands of companies rely on for funding.

 

The strategies are collateral damage from the Fed’s aggressive approach to suppressing rates for years to come. The realization that these funds, which are supposed to provide an edge over more-conservative alternatives, aren’t going to get much more attractive any time soon is a grim prospect for investors who must often stomach limits on redemptions — known as gates — to buy them. Asset managers are in turn finding their fees increasingly difficult to justify.

“We’re anticipating a very extended period at the zero lower bound — that’s brutal for money funds,” said BMO Capital Markets rates strategist Jon Hill. “What’s the argument for going into a prime fund, which could get gated and which is less liquid than being in Treasury bills and repo, if you’re only going to pick up a few basis points on yield?” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-08/money-markets-have-a-…

* * *

end

Banks are now worried that their loans on commercial property cannot be repaid..Officesm malls and hotels continue to stand empty

(Armstrong.London’s Financial Times)

U.S. banks signal mounting concern over real estate lending

 Section: 

By Robert Armstrong
Financial Times, London
Monday, September 7, 2020

U.S. banks are increasingly worried about being repaid on loans secured against commercial property, as offices, malls, and hotels continue to stand empty.

The darkening outlook of banks is laid bare by disclosures on so-called criticised loans, which are flashing warning signals about a borrower’s ability to pay.

… 

Among the 10 banks with the largest increases, criticised loans rose by 62 percent in aggregate in the second quarter, but criticised commercial real estate loans rose by 144 percent, to $26 billion, according to an analysis by the Financial Times.

 

The banks with the largest total increases include JPMorgan Chase, Bank of America, and Wells Fargo, three of the four largest banks in the U.S. by assets. Criticised loans at those banks are now equivalent to 9, 13, and 25 percent of Tier 1 equity capital — the core measure of a bank’s financial strength — respectively, according to S&P Market Intelligence. …

… For the remainder of the report:

https://www.ft.com/content/0865e993-d454-40d0-af57-9a75c7016177

* * *

end

iii) Other physical stories:

Sept 8/2020;

Scotiabank Faces Class Action Over Precious Metal Spoofing (1)

Sept. 8, 2020, 4:22 PM; Updated: Sept. 8, 2020, 5:32 PM

The Bank of Nova Scotia has been hit with a proposed class action in the U.S. District Court for the Northern District of Illinois over allegations that it manipulated publicly traded futures contracts for gold and other precious metals from 2008 through July 2016.

The lawsuit, filed Sept. 4, names the Bank of Nova Scotia, Scotia Capital (USA), Scotia Holdings (US), the Bank of Nova Scotia Trust Company of New York, as well as Corey Flaum and 50 “Doe” defendants.

Flaum, a former trader for Scotiabank, pleaded guilty in July 2019 to manipulating the precious metals market from roughly May…

To read the full article log in. To learn more about a subscription click here.
END

https://www.jsmineset.com/2020/09/09/the-men-who-stare-at-money/

The Men Who Stare At Money

Posted September 9th, 2020 at 9:16 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Wednesday Morning Folks,

      Gold is now trading at $1,930.90 down $12.30 from the Comex closed after getting pushed down to $1,926.30 with the high nearby at $1,941.70. Silver is down 1% with the trade at $26.71, off by 28.1 cents after recovering from the low at $26.565 with the high at $27.01. Today, the US Dollar is doing another one of those “you know…things”, with the trade at 93.57, up 12.9 points with a trading range between 93.655 and 93.435 (explained below). Of course, all this happened before 5 am pst, the Comex open, the London close, and after newly reviewed documents show that former FBI agent Peter Strzok and other officials involved in the counter-intelligence probe against Donald Trump’s 2016 presidential campaign are in trouble. The past administration will be fighting against the word “treason” and trying their very best not to have the acronym “MI-5 & 6” used in a military court by the prosecutor.

      Our Emerging Markets watch has gains for Gold but not Silver (yet). Gold under the Venezuelan Bolivar is now priced at 19,284.86, providing the holder an 85.89 Bolivar recovery with Silver at 266.766, showing a loss of 0.849 of a Bolivar. Argentina’s price for Gold is now at 144,110.05 A-Peso’s offering a gain of 719.33 while Silver continues to be pressed with its last price at 1,993.74 reducing the value by 4.64 A-Peso’s. Gold’s price under the Turkish Lira now rests at 14,473.03, giving the holder an 83.95 T-Lira gain while Silver flattens out at 200.207, down by 0.36 of a T-Lira.

      September Silver Delivery Demands now shows a count of 1,566 fully paid for contracts and with a Volume of 55 already up on the board with a trading range between $26.735 and $26.58 with the last buy at the high, which is down 12.9 cents from yesterday’s close. Tuesday’s full day of delivery activity happened in between $27.07 and $26.005 with the very last “buy” at $27 with that Calculated close at $26.864, an end of the day gain of 28.8 cents. A grand total of 545 physical swaps occurred during Tuesday’s trade helping to reduce the delivery count by 477 contracts, that either got receipts here or in London. Yesterday was another “big buy day” for our Resolutes, let’s see if they plan on coming in again while the currency goes toast. Silver’s Overall Open Interest gained 295 more short contracts in order to keep the gains controlled leaving us a total of 159,178 Overnighters to go against the physicals and, it’s helping out the Resolutes too.

      September Gold’s Delivery Demands now shows a count of 216 fully paid for contracts waiting for receipts with a Volume of 7 up on the board with a trading range between $1,927 and $1,924.60 with the last buy at $1,925, down $8 so far from yesterday’s Comex close. Tuesdays swaps totaled 271 contracts with the full day’s range between $1,937.90 and $1,903.10 with the last buy at $1,929.80 with that Calculated Comex Close at $1,933, gaining $9.10 from Friday’s close and reducing the demand count by 168 contracts that may have gotten receipts here or there. Our “tell” is always the numbers behind the price which now proves the shorts are in trouble as the Overall Open Interest gained another round of paper in order to keep Gold’s gains from exploding with the count now at 558,503 Overnighters proving a gain of 3,318 since yesterday. Regardless of their antics, the price is still above 2011s life of contract high, and trading sideways since the new high, with the low in August, still intact.

      The US Dollar is in big trouble! This is a daily chart of our 2020 September US Dollar

      We had a huge drop in value over the past 2 quarters (March and July), and we’re about to see the end of this quarter and fiscal year with another one of those “things” occurring. If one wasn’t paying attention to the daily currency markets like we do, they would miss this completely. This is also the second time I’ve witnessed this sort of activity over the past 2+ decades, let’s just call this rare; for me.

      These organized trades in our US Dollar has to be a “tell”, because this is not, nor ever can be considered, normal. If this wasn’t ordained by the currency priests at the exchange and our governing bodies, like we saw with Crude Oil going negative $40, we would see people arrested with video on CNN. What we are seeing here is a 1-minute tick chart with the high and low, for that minute, making a single vertical line. Each line has an (averaged) 20 point high and low, with my quick count being over 80 times so far today. Yesterday’s activity caused the Dollar to rally 72.2 points and that’s a big day for the currency, and our precious metals, which ended positive as well! So, why is this happening today? Could it be an agreed upon position squaring just before Triple Witch Week (next week) with the Rollover in Currencies occurring next Monday?

      This event in our currency is organized and calculated, by who and why?, I do not know. But it’s happening again, and while we are in the middle of our 2020 election cycle, the Brexit, and as we wait for more data on the past administrations January 7th 2016, executive order 13727 that may turn into treason. Interesting times and timing eh?

      We are the ones that stare at “the monies of mankind” (not goats). That includes all the fiats created against them. It is why we are here, to state once again what better and safer investment can there be, in times like these than Silver and Gold in hand and away from any and all third parties? Hang on tight to the real, know that things are occurring in our markets that are not normal or explained properly, and keep the faith. As always ….

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

More J.Johnson content is available with purchase of a JSMineset subscription

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 WEDNESDAY 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: 6.8466/ 

//OFFSHORE YUAN:  6.8476   /shanghai bourse CLOSED DOWN 61.79 POINTS OR 1.86%

HANG SANG CLOSED DOWN 155,41 POINTS OR 0.63%

 

2. Nikkei closed DOWN 241.59 POINTS OR 1.04%

 

 

 

 

3. Europe stocks OPENED MOSTLY GREEN/

 

 

 

USA dollar index UP TO 93.57/Euro FALLS TO 1.1755

3b Japan 10 year bond yield: FALLS TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 106.15/ 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:: 37.18 and Brent: 40.00

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.493%/Italian 10 yr bond yield DOWN to 1.00% /SPAIN 10 YR BOND YIELD DOWN TO 0.31%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.49: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.14

3k Gold at $1924.30 silver at: 26.54   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 58/100 in roubles/dollar) 75,89

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 106.15 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 .9183 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0791 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 0.493%

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 0.677% early this morning. Thirty year rate at 1.417%

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

6.  TURKISH LIRA:  UP  TO 7.4956..

Futures Rebound, Oil Jumps After Relentless 3-Day Hammering

After three days of furious declines in the market culminating with the worst 3-day stretch for the Nasdaq since the financial crisis which entered a correction, stocks rebounded on Tuesday on the back of oversold conditions which approached the March puke…

… as traders, algos and Gen-Z BTFDers ignored news that AstraZeneca had paused covid vaccine trials after a participant in the UK developed an unexplained illness potentially crippling the race for a vaccine, and causing a “ripple as markets question recent vaccine optimism,” according SVB Leerink analyst Andrew Berens said. Then again, with futures some 20 points higher from Tuesday’s close, it doesn’t seem like pessimism will be allowed today as a 4-day selloff would be catastrophic for market sentiment, and as such look for a green close with the blessings of the Fed.

And with all eyes on the Nasdaq, it was imperative to find some support which is what the 50DMA has conveniently provided.

The rebound was led by the same tech names that tumbled in the past three days, with Nasdaq futures bouncing 1.8% after tumbling another 4.1% on Tuesday, bringing total losses since Sept. 2 to 10%, with declines led by stocks such as Amazon.com, Facebook and Netflix after a rally dominated by the so-called “stay-at-home” winners on the back of SoftBank call buying. Tesla surged 7% in premarket trading after shedding about $80 billion of its market capitalization in the previous session. Lululemon dropped 4.9% after the yogawear maker forecast a drop in current-quarter adjusted profit due to higher marketing expenses.

“A setback like that seen in Nasdaq stocks over the past days has been overdue,” Commerzbank strategist Alexander Kraemer wrote citing excessive valuations. “Nonetheless, the underlying drivers of the recent rally remain in place. We believe that the recent setback will emerge as a buying opportunity for year-end performance.”

European equities also rallied led by telecoms, oil & gas and insurance names. The Eurostoxx rose more than 1%, with the FTSE 100 up 0.8%, but off best levels.

Earlier in the session, Asian stocks fell, led by health care and finance. All markets in the region were down, with Australia’s S&P/ASX 200 dropping 2.2% and Shanghai Composite falling 1.9%. The Topix declined 1%, with ARTNER and Fuji Pharma falling the most. The Shanghai Composite Index retreated 1.9%, with Ningxia Xinri Hengli Steel Wire and Zhejiang Tiantai Xianghe Industrial posting the biggest slides. Softbank once again reversed most of its losses, ending down 2.8% after earlier sliding as much as 7%.

Treasuries erased their increases as equity futures strengthened, paring Asian session gains over early European session, although yields remained slightly cheaper across front-end of the curve. Early risk-off supported a bull-flattening move but gains faded as S&P e-minis recovered and yields eased back higher. U.S. session highlight includes $35b 10-year note reopening, a $6b increase vs. prior reopening. Yields were higher by up to 1bp across long-end of the curve with front- and belly broadly unchanged; 10-year yields around 0.682%. The German curve bear steepens slightly, while peripheral spreads tighten to core. Gilts bear flatten.

In FX, the greenback traded mixed versus G-10 peers as risk sensitive currencies, such as the Australian and New Zealand dollars and the Swedish krona, saw a modest bounce. The pound was the worst performer, and fell for a sixth day, extending its losing streak to the longest since the start of the U.K.’s coronavirus lockdown in March; cable dropped as low as 1.2914 – on worries that talks could collapse over changes to the Brexit withdrawal deal.

In commodities, crude oil climbed back above $40 a barrel in London after tumbling to the lowest level since June, while front month WTI rose 2.25%, back on a $37-handle.

Spot gold drifted in the red below $1,930 as the dollar rose. Base metals grind lower, with LME nickel underperforming.

Looking at the day ahead, the main central bank highlight will be the Bank of Canada’s monetary policy decision later. In terms of data, there’s also Japan’s machine tool orders for August, Canada’s housing starts for August and the US JOLTS job openings for July.

Market Snapshot

  • S&P 500 futures up 0.8% to 3,361.00
  • STOXX Europe 600 up 0.8% to 366.64
  • MXAP down 1% to 169.19
  • MXAPJ down 1% to 556.57
  • Nikkei down 1% to 23,032.54
  • Topix down 1% to 1,605.40
  • Hang Seng Index down 0.6% to 24,468.93
  • Shanghai Composite down 1.9% to 3,254.63
  • Sensex down 0.6% to 38,132.85
  • Australia S&P/ASX 200 down 2.2% to 5,878.60
  • Kospi down 1.1% to 2,375.81
  • Brent Futures up 1.2% to $40.27/bbl
  • Gold spot down 0.2% to $1,929.09
  • German 10Y yield fell 0.2 bps to -0.497%
  • Euro down 0.05% to $1.1772
  • Brent Futures up 1.2% to $40.27/bbl
  • Italian 10Y yield fell 1.8 bps to 0.902%
  • Spanish 10Y yield fell 1.1 bps to 0.315%
  • U.S. Dollar Index up 0.09% to 93.53

Top Overnight News from Bloomberg

  • The euro’s rally to a two-year high is making European Central Bank officials nervous, and putting investors and economists on the lookout for some kind of intervention as soon as Thursday’s policy meeting
  • All social gatherings of more than six people will be banned in England, under new limits to be announced by Boris Johnson on Wednesday, as coronavirus cases grow
  • Johnson is facing a backlash from the European Union and from within his own ruling Conservative Party after the U.K. government said it plans to break international law over Brexit

Here is a quick look at global markets courtesy of NewsSquawk

Asian equity markets were lower across the board amid strong headwinds from Wall St where the tech rout intensified on return from the long weekend and the Nasdaq slipped into correction territory with Tesla shares crashing over 21% following the S&P 500 snub, while recent hefty losses in the energy complex and AstraZeneca’s vaccine trial halt due to an adverse reaction, added to the dejected mood and resulted in around a 10% drop in shares of its Indian listed subsidiary. ASX 200 (-2.1%) underperformed on a retreat from the 6,000 level with all sectors in negative territory and the substantial declines led by energy, tech and financials. Nikkei 225 (-1.0%) fell below 23,000 as exporters suffered the brunt of a firmer currency and as SoftBank continued its slump following the recent publicity regarding its large tech bets and amid news its Chief Compliance Officer has exited the Co. Hang Seng (-0.6%) and Shanghai Comp. (-1.9%) conformed to the widespread negative mood due to the tech rout and as tensions persisted with the US penalising Chinese companies accused of using forced labour in which it withheld orders for 3 companies, as well as threatened action on several others, while it was also reported that China is to sanction senior US officials that visit Taiwan and the American companies they have ties with. Finally, 10yr JGBs were higher following the bull flattening in US and with prices supported by the broad risk aversion, but with upside limited by resistance at the 152.00 level and amid the lack of BoJ buying in the market today.

Top Asian News

  • New Zealand’s Three-Year Bond Yield Turns Negative for 1st Time
  • CloudAlpha Capital Makes Long Call on China’s KE Holdings
  • S.Korea Markets Dollar, Euro Bonds, Joining Global Deal Rush
  • SoftBank Buybacks Raise Prospect of Management Buyout: Analyst

Sentiment has seen somewhat of a recovery (Euro Stoxx 50 +0.9%) since the downbeat APAC handover, albeit price action could just mark consolidation from yesterday’s move amidst quiet newsflow. US equity futures meanwhile eke mild gains as contracts drifted higher since the reopen of electronic trade – with the initial gap lower attributed to reports that AstraZeneca (-1.2%) pausing its COVID-19 vaccine trials with the University of Oxford due to an adverse reaction in a UK participant. Sources stated that the nature of the adverse reaction and when it happened were not immediately known, though the participant is expected to recover. It is worth keeping in mind that it is procedural to pause the trials when a patient gets ill from unknown causes, whilst one adverse effect does not deem the vaccine a “failure”. That being said, the safety of vaccines will garner more attention in the coming months as most candidates undergo Phase III trials. Nonetheless, the update has provided support for AstraZeneca’s competitors; with GSK (+2.3%), Sanofi (+2.1%), Diasorin (+3.5%), Merck (+1.7%), Moderna (+4.9% pre-mkt) and BioNTech (+3.5 pre-mkt) all firmer. Back to Europe, bourses see broad-based gains, whilst sectors are mostly higher, with telecoms and Oil & Gas leading the gains, whilst Banks, Autos and Travel & Leisure reside in the red, with the latter also weighed on by Ryanair (-2.5%) after cutting their FY passenger numbers – a move which mimic’s that of easyJet (-5.0%) for the Q4 announced yesterday. In terms of other individual movers, Airbus (-2.6%) is lower alongside the aviation sector, but with EU Trade Commissioner Dombrovskis said the EU will implement tariffs on US goods in response to illegal aid for Boeing (+0.8% pre-mkt) unless the US removes the trade duties imposed in response to Airbus subsidies. Meanwhile, Pandora (+4.2%) was bolstered by a broker upgrade at Citi

Top European News

  • Zara Owner Inditex Faces Short Call by Anatole Investment
  • Ryanair Hammers Government ‘Mismanagement’ of Covid Crisis

In FX, another day, but no real let up in the pressure on the Pound as a confirmed break of 1.3000 in Cable culminated in a breach of the 200 WMA (circa 1.2931) and a test of interim support ahead of 1.2900 in the form of a late July low (1.2912 from the 29th of that month). Meanwhile, Eur/Gbp extended its advance through 0.9100, but held below the next upside chart target (July 28’s 0.9135 peak) awaiting the next chapter in the Brexit saga as the UK prepares to present its Internal Market Bill with annulments to the Withdrawal Agreement (for a primer of the publication expected around 12.30BST check out the headline feed at 8.25BST).

  • AUD/NZD – In contrast to Sterling’s ongoing demise, the Aussie and Kiwi have regained some composure alongside broad risk sentiment and a technical bounce off round number levels at 0.7200 and 0.6600 respectively. Improvements in Westpac consumer optimism, ANZ business confidence and the outlook for activity are also assisting the Antipodean Dollars as Aud/Nzd pivots 1.0900 despite more diplomatic strains between Australia and China.
  • USD – The Buck is off best levels after the DXY extended gains just beyond Tuesday’s peak to 93.617 largely at the expense of the aforementioned ailing Pound, with the index acknowledging a partial recovery in risk appetite ahead of weekly MBA mortgage applications, Redbook sales and JOLTS.
  • CAD/CHF/JPY/EUR – All narrowly mixed vs the Greenback, as the Loonie pares some declines in line with oil before the BoC policy meeting between 1.3259-16 parameters, the Franc holds just above 0.9200 following Swiss jobless rates matching consensus and the Yen ranging from 106.05 to 105.80 and also losing a little safe-haven premium. Similarly, the Euro is restrained in the run up to Thursday’s ECB within a 1.1787-58 range and wary of stops sitting around 1.1750 that would be exposed if the base from August 21 at 1.1754 gave way.
  • SCANDI/EM – No major reaction to a rise in 12 month Swedish CPIF expectations as Eur/Sek continues to straddle 10.4000, but Eur/Nok has retreated from 10.8000 to sub-10.7500 on the back of the rebound in crude prices. Elsewhere, the Rub is also benefiting from Brent regaining a foothold above Usd 40/brl, albeit tentatively, but the Try remains on course if not destined to set a fresh record low at 7.5000.

In commodities, WTI and Brent front month futures eke mild gains, albeit more so a function of stock market action coupled with a waning of the Dollar. Fundamental news-flow for the complex has once again been light, with crude markets consolidating following yesterday’s slide. WTI Oct resides around USD 37.50/bbl (vs. low 36.16/bbl), whilst Brent Nov tested resistance at USD 40.50/bbl (vs. low 39.37/bbl). Note, the JMMC will be holding their next meeting on September 17th with delegates reportedly expressing concern over the lower oil prices. This comes after Russia Energy Minister Novak called on OPEC members to take into account the “demand recovery” just a week ago. ING suggests “If this downward pressure on the market continues, OPEC+ will become increasingly concerned, and there is always the potential that the group look to re-implement the deeper cuts that we saw between May and July” – but again, this will need the backing of Russia whom have historically been more resistant. Looking ahead, participants will be eyeing the EIA STEO later today ahead of the Private Inventory reports – a delayed release on account of US Labor Day. Elsewhere, spot gold and silver remain contained within relatively tight ranges as the precious metals trade in tandem with the Buck around USD 1930/oz and just below USD 26.75/oz. Meanwhile, base metals overnight saw a session of losses, with Shanghai copper closing some 1.3% lower and Dalian iron ore sliding over 3% amid the losses in stock markets coupled with the firmer USD.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior -2.0%
  • 10am: JOLTS Job Openings, est. 6,000, prior 5,889

DB’s Jim Reid concludes the overnight wrap

I should be nice to readers today if I want votes but I must admit that a number of you are quite sneaky. We mentioned yesterday that there’s a competition to work out where in the world the front cover photo for our new Long-Term Study is from. Well, by the precise nature of many of your correct replies I can only suggest that many of you used some kind of google app to get the correct answer. If I’m being unfair I apologise! So congratulations to all the incorrect answers as I know there was no foul play. Or maybe I should castigate your lack of technology skills. Anyway having criticised most of the readers now please still vote for us.

The long term study is called “The Age of Disorder”. In it we split the world of the last 160 years into five eras and suggest we’re entering a new one characterised by amongst other things a deteriorating US/China relationship, reversing globalisation, a make or break decade for Europe, MMT, inequality getting higher first and then improving, Millennial policies likely to take over before the end of this decade (including on climate change) and tech being highly disruptive. We also wonder whether big cities will reduce in importance post peak globalisation and Covid. See the report for more here and there’s still time to guess where the front cover image is from. Up to you whether you use some fancy app algorithm to work it out.

There was a fair amount of disorder in markets yesterday as the US saw it’s first day back after last week’s tech rout. Once again it was US tech stocks that led the moves lower, with the NASDAQ down another -4.11% by the end of the session, which included a sizeable -21.1% decline from Tesla as last Friday evening’s news of the stock not being included in the S&P 500 at this time disappointed investors along with GM taking a stake in another EV competitor. Since last Wednesday’s record close, the NASDAQ is down -10.03%, losing c.$1.77tr of value. While not an apples-to-apples comparison, the Nasdaq has lost the equivalent of around 8.2% of 2019 US GDP over the last three session.

Other sectors weren’t immune to the downward moves, with the broader S&P 500 falling another -2.78% and the Dow Jones down -2.25%. Meanwhile energy stocks plummeted on both sides of the Atlantic as oil prices were another major victim of the risk-off mood. By the close yesterday, Brent Crude was down a further -5.31% to $39.78/bbl, while WTI saw an even larger -7.57% decline to $36.76/bbl, in its biggest move lower since April. The complex was under additional pressure as reports of stalling demand in Asia and further signals of increasing OPEC+ supply – namely Russian tax breaks to boost domestic oil-producers – gave crude a double shock on a day already bad for risk.

The key news overnight is that AstraZeneca has paused research on its coronavirus vaccine, which it has been working on with Oxford University, after a participant in its clinical trial became ill. A company spokesperson noted that, “This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials.” While not stopping the trial, the company will have to review the incident in order to continue the trial, which could elongate the approval process. Meanwhile, Moncef Slaoui, the head of the US Warp Speed initiative, said in a statement that Data Safety Monitoring Boards in the US and UK are “conducting an in-depth review of the company’s vaccine candidate which is standard procedure when an adverse event occurs.” Given that this was seen by many as the leader in the vaccine race, this is a blow. It reminds us why the process is usually multiple times slower than what is occurring with the covid vaccine trials.

Asian markets are trading largely lower this morning. The Nikkei (-1.38%), Hang Seng (-0.97%), Shanghai Comp (-1.07%) and Kospi (-0.68%) are all down but futures on the S&P 500 and Nasdaq are trading up +0.13% and +0.70% respectively. Elsewhere, crude oil prices are down another -1% overnight. Datawise, China’s August CPI came in line with consensus at 2.4% yoy while PPI came in a touch lower than consensus at -2.0% yoy (-1.9% yoy expected).

In terms of other news this morning, geo-politics has dominated with China’s President Xi Jinping saying that the country will enhance cooperative ties with North Korea, a move which is likely to irk US President Trump. Meanwhile, the SCMP is carrying a story this morning citing Global Times Editor Hu Xijin that China is planning to sanction US officials who visit Taiwan. We feel that these tensions are only going to increase over the next few years as we highlight in “The Age of Disorder”.

Amidst the flight from risk, sovereign bonds rallied across the board yesterday as 10yr Treasury yields fell -3.9bps to 0.679% (a further -1bps this morning). It was a similar picture in Europe, where yields continued to fall throughout the day, with those on 10yr bunds (-3.2bps), OATs (-3.1bps) and BTPs (-1.8bps) all moving lower. Gilts were actually the big outperformer amidst the Brexit developments (more on which below), and 2-year gilt yields closed at a record low of -0.13%.

In terms of the latest on the coronavirus, here in the UK there was further concern after another 2,466 cases were reported yesterday, making the 3rd consecutive day in which more than 2,000 cases have been reported. The recent upward trend has led to speculation that further restrictions will be imposed, and overnight it’s been confirmed that the legal limit on gatherings is to be reduced to 6 from Monday. Elsewhere France’s Health minister is expecting hospitalizations and ICU admissions to rise in the coming weeks as daily cases are now hovering around 7000 mark for the first time during the pandemic. The US continues to go the other way with California, Arizona and Florida all seeing the lowest confirmed case count since the start of the summer, and in turn the US is registering its lowest daily case count (<28,000 per week) since the end of June. However, with children returning to school in certain districts in the Northeast and Midwest which have been relatively quiet may be a test over the next month or so. Interestingly, DB’s Robin Winkler updated his mobility map yesterday, which shows that after the summer lull, Europe is re-establishing its lead over the US in terms of reopening. You can see more on that here ( link here ).

There was a flurry of fiscal activity today. The first of which was that both leading Congressional Democrats – Speaker Pelosi and Senate Minority Leader Schumer – said the new Republican stimulus proposal is going in the wrong direction and that it contains ‘poison pills’ that they know Democrats would not support. This seems to be putting any real hope of additional stimulus at further risk with less than two months to the presidential election. The second note was a Bloomberg report that the skinny GOP bill would rescind the Fed’s unspent stimulus funds that were appropriated for lending purposes. Considering that those liquidity facilities were, and remain, a factor in the improvement of risk pricing, any alterations could have major impacts. Overnight reports suggest that the trimmed down bill which is expected to cost anywhere between $500bn to $700bn would be put to a senate vote on Thursday.

Meanwhile the CEOs of 9 companies with leading vaccine candidates signed a public letter in which they said that they would “always make the safety and well-being of vaccinated individuals our top priority” and specifically noted that the FDA “requires that scientific evidence for regulatory approval must come from large, high quality clinical trials that are randomized and observer-blinded”. Moderna, one of the leading candidates was down -13.2% on mix of this news and broad based selling of US biotech (-1.76%).

Sterling slumped another -1.40% against the US dollar yesterday as the negative headlines on Brexit continued to escalate. Following the FT’s report that the government’s Internal Market Bill would seek to override the Brexit Withdrawal Agreement, the UK’s Northern Ireland Secretary Brandon Lewis acknowledged in the House of Commons yesterday that “This does break international law, in a very specific and limited way”. So not something that’s likely to be received well by the EU, particularly given the statements made on Monday, including from the Commission President. We should get further details today when the government actually publish the bill, but yesterday it was announced that the head of the UK government’s legal department had quit, with the FT saying that this was because of the Brexit issue. Notably, even a number of Conservative MPs expressed disquiet with the plans to go against an international treaty, with former Prime Minister Theresa May asking in the House of Commons how the government would reassure future international partners that the UK would abide by its legal obligations.

Elsewhere in Europe, equity markets similarly fell ahead of the ECB’s decision tomorrow, with the STOXX 600 falling -1.15%. The FTSE 100 was the outperformer thanks to sterling’s decline, only losing -0.12%, though the DAX (-1.01%) and the CAC 40 (-1.59%) saw more serious losses. There also wasn’t a great deal of data to guide investors, though Euro Area’s Q2 GDP reading saw a modest upward revision to a -11.8% decline, as opposed to the previous estimate of -12.1%.

To the day ahead now, and the main central bank highlight will be the Bank of Canada’s monetary policy decision later. In terms of data, there’s also Japan’s machine tool orders for August, Canada’s housing starts for August and the US JOLTS job openings for July.

 

 

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 61.79 POINTS OR 1.86%  //Hang Sang CLOSED DOWN 155.41 POINTS OR 0.63%   /The Nikkei closed DOWN 241.59 POINTS OR 1.04%//Australia’s all ordinaires CLOSED DOWN 2.12%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8466 /Oil UP TO 37.18 dollars per barrel for WTI and 40.00 for Brent. Stocks in Europe OPENED MOSTLY GREEN//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8466 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8476 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING 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

4/EUROPEAN AFFAIRS

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Iran is now seeking revenge for the attack on its Natanz nuclear plant. They however are in no shape to attack Israel.

(SouthFront)

Iran Seeks Revenge For Sabotage Attack On Natanz Nuclear Plant

Submitted by SouthFront,

Iran has identified the perpetrators of an act of sabotage at Natanz nuclear facility in the central part of the country in July, according to a spokesperson for the Atomic Energy Organization of Iran. Behrouz Kamalvandi said that while the details of the act of sabotage are still being investigated, the security forces “have detected the agents [who committed the act of sabotage] as well as the motive, methods and manner of the sabotage.”

According to the Iranian side, the saboteurs sought to disrupt the uranium enrichment process at the Natanz facility, but they were not successful in this respect. The act of sabotage reportedly caused no casualties and failed to stop the enrichment work at the facility. The AEOI spokesman likened the current conditions facing the country to the battleground adding that security forces allegedly “succeeded in confronting a large number of cyber attacks on its nuclear facilities.”

The AEOI for the first time described the July 2 incident at the Natanz nuclear facility as a sabotage attack on July 23, and since then pro-Iranian sources have repeatedly vowed to take revenge for the attack.

Meanwhile, Iran’s Defence Minister Amir Hatami announced that the country is working to expand its missile capabilities even further. In particular, the military is working on air-launched cruise missiles that would be able to hit targets in the range of up to 1,400km.

These statements cause expected concern in Israel, the United States and Saudi Arabia, as the main geopolitical opponents of Iran in the region. They also claim that Teheran has been ramping up its proxy efforts against the Saudi-Israeli-US block in Yemen, Iraq, Syria, Lebanon and the Gaza Strip.

Despite loud claims by Iranian officials and state-linked media, Iran is in fact not interested in an open military confrontation with the US-Israeli alliance. Therefore, it is logical that the Iranian response to the Natanz attack will likely be asymmetric. The recently increased IED attacks on US convoys and rocket strikes on US-affiliated facilities in Iraq could be a part of this campaign.

At the same time, Israel has been actively strengthening security measures on the contact lines with Lebanon and Syria, and continues its low intensity bombing campaign against ‘Iranian-linked targets’ in Syria.

end

SYRIA

Syria’s economy has been smashed by USA sanctions, the coronavirus and the civil war.  Assad seeks major Russian investment into the country.

(zerohedge)

Assad Seeks Major Russian Investment As Syria’s Economy Smashed By US Sanctions  

On Sunday a high level Russian delegation arrived in Damascus to meet with Syrian President Bashar al-Assad, where the two sides discussed joint counter-terror efforts and the COVID-19 epidemic facing both countries. It’s being described in regional newspapers as “of special importance, given the political and economic files that will be discussed.”

Crucially the meeting comes after Syria’s already beleaguered war economy has been further smashed by far reaching US sanctions, and as American forces are still occupying oil and gas rich Deir Ezzor province. Foreign Minister Sergei Lavrov and Deputy Prime Minister Yuri Borisov discussed boosting trade ties as Assad called on urgent support from allies needed to shore up the failing economy.

 

Monday’s meeting in Damascus, via the AP.

An unnamed Western diplomat cited in Reuters on the critical timing of the high level meeting said, “Russia turned the tide for Assad and with the regime now facing its gravest challenges, Moscow is in a better position than any other time to further squeeze Assad” — meaning Russia can gain more concessions both militarily and in terms of badly needed investment in rebuilding Syria’s destroyed infrastructure, something China is said to be eyeing as well.

With Russian help, Assad emerged victorious in the nearly decade-long war, but now faces a long battle for the survival of the the economy and currency. Beginning in the summer, as Damascus began feeling the squeeze of Washington’s so-called Caesar Syria Civilian Protection Act, which many critics say is actually immensely increasing the suffering of civilians, the Syrian pound (or lira) began hitting record lows.

The pound lost 67% of its value in the period stretching from mid-May to mid-June. The Caesar Act came into effect on June 17, 2020 – at which point one dollar equaled over 2,000 pounds. Before the war (pre-2011), it was 1$=50SYP.

 

Via AFP

To underscore just how important Lavrov’s visit is, it should be remembered that it’s the top Russian diplomat’s first meeting in Damascus since February 2012, though Assad and Putin have personally met multiple times since then.

Geir Pedersen, the UN envoy for Syria, described these new talks as a possible “door-opener” to a final resolution of Syria’s nine-year long war.

However, it remains that Idlib province remains occupied by al-Qaeda, Turkish forces remain on sovereign Syrian soil in northern border areas, and hundreds of American forces are propping up Syrian Kurdish militias in the northeast.

END
BELARUS
Lukashenko raises the possibility of fresh elections as the country is in an economic standstill especially its capital Minsk
(zerohedge)

Embattled Lukashenko Raises Possibility Of Fresh Elections In First Hint At Compromise

Embattled Belarusian President Alexander Lukashenko has remained defiant after weeks of mass protests have brought parts of the country, especially the capital of Minsk, to a standstill, following his disputed August 9 reelection to a sixth term. He’s actually been seen walking the presidential compound grounds in combat fatigues while holding an automatic rifle, to show just how serious he is about resisting the unrest increasingly at the gates of his residence.

But on Tuesday he showed the first signs he might be willing to compromise as both domestic and international pressures grow toward holding a fresh election. The opposition claims the Aug.9 election was “rigged” as exiled opposition leader Sviatlana Tsikhanouskaya urges “international pressure on this regime” while issuing regular messages from neighboring Lithuania

Lukashenko was quoted in Interfax as saying Tuesday that he may have “overstayed” his time in office and that he would “not exclude early presidential elections” in a significant first sign of possibly softening his stance.

 

Putin recently indicated he would host Alexander Lukashenko in Moscow “in the next couple of weeks”. Source: AFP

However, he underscored in the comments that he remains the only leader capable of carrying out any need reform, saying the possibility of a rerun of the contested election would only be accomplished after constitutional reform takes place.

“We are ready to carry out the reform of the Constitution; after that I do not exclude early presidential elections,” Lukashenko said according to Interfax news agency.

Notably he also rebuffed calls to hold cooperative dialogue with Belarus’ opposition Coordination Council, saying “I do not know who these people are.” This after European Union leaders are urging “dialogue” between the two sides.

Previously Lukashenko has made statements suggesting a replay of the Ukraine crisis, warning that “NATO is at the gates” and that he’d never given into the demands of foreign forces. At the same time he’s held out the possibility of Russian security services support if the situation unravels and Belarus comes under threat of NATO.

Lithuania’s defense ministry has stressed the war games are “pre-planned and not associated with any events in the region.”

END

6.Global Issues

SWEDEN

Sweden never closed its economy and never had a lockdown.  Now it approaches herd immunity

(Watson Summit News)

Sweden Close To Victory Over Coronavirus; Never Had A Lockdown Or Mask Mandate

Authored by Steve Watson via Summit News,

As the rest of Europe and the world remains under the grip of draconian rules and the threat of new lockdowns, Sweden, which allowed its citizens to remain free throughout the entire pandemic, has pretty much declared victory over the coronavirus.

The country now has one of the lowest infection rates on the planet, and it’s difficult not to admire how it has handled the past year, with no strict lockdown or compulsory face mask rules. All businesses, schools and public places remained open in Sweden for the duration.

“Sweden has gone from being the country with the most infections in Europe to the safest one,” Sweden’s senior epidemiologist Dr. Anders Tegnell commented to Italian newspaper Corriere della Sera.

“What we see now is that the sustainable policy might be slower in getting results, but it will get results eventually,” Tegnell clarified.

“And then we also hope that the result will be more stable,” he added.

Tegnell previously warned that encouraging people to wear face masks is “very dangerous” because it gives a false sense of security but does not effectively stem the spread of the virus.

“The findings that have been produced through face masks are astonishingly weak, even though so many people around the world wear them,” Tengell has urged.

Last week, the European Center for Disease Prevention and Control confirmed Sweden’s drop in infection rate, with only 12 cases per million, compared to 18 in neighbouring Denmark and 14 in nearby Norway.

Graphic: The Sun

At the peak of the Sweden’s outbreak, it was seeing 108 new infections per million people, as it pursued a “herd immunity” strategy.

“We interpret this as meaning there is not currently a widespread infection among people who do not have symptoms,” said Karin Tegmark, deputy head of the Public Health Agency of Sweden.

When compared to the rest of Europe, Sweden’s death rate sits somewhere in the middle. However, officials are confident that playing the long game will see this improve drastically.

END

SWEDEN
If you think it is only the USA experiencing riots guess again:  Sweden is out of control
(Bergman/Gatestone)

Sweden: The Violence Is “Extremely Serious”

Authored by Judith Bergman via The Gatestone Institute,

Things in Sweden have now deteriorated to such a degree that on August 29, the Swedish police published a statement titled “The trends in violence are extremely serious.” It said:

“Recently, there have been serious incidents and serious acts of violence linked to criminal networks, in which several people have been murdered and others seriously injured…

“In Stockholm, two people were murdered in the past week, and in Gothenburg, criminal groups have tried to demonstrate power by controlling vehicles entering certain districts. Earlier in August, an innocent 12-year-old girl was murdered… [during a gang incident], and in other parts of the country there are conflicts between various criminal networks and other ruthless crime, as well. On Friday night, a violent riot also occurred in Malmö where several police officers were injured…”

Sweden’s National Police Chief, Anders Thornberg, made what sounded like a plea for help from the rest of society: “Swedish police are in a tough operational situation. It is now a matter of society joining forces behind the police,” he said.

“We will continue to fight organized crime with all the tools we have available. Other good forces in society, everything from municipal officials and civil society to law enforcement agencies and not least the general public, also need to focus on facing the current situation. The police must ensure that the criminals are arrested and can be prosecuted. The criminals need to disappear from our streets and squares so that no more ruthless crimes are committed…

The everyday life many police officers face when they go to work right now is worrying and very tiring. We work intensively, around the clock, despite this, the severe violence continues. The police are there 24 hours a day, 365 days a year. We do not give up and we do not back down, but the situation is currently very stressful.”

The police statement did not mention that two boys were raped, tortured and nearly buried alive in a cemetery close to Stockholm. The atrocity added to the growing number of so-called “humiliation crimes“. These are crimes where the victim is not only robbed, but also violently humiliated to demonstrate the power of the perpetrator. Another such humiliation crime, for instance, took place in Gothenburg in October 2019, when a criminal gang forced their victim to kiss the gang leader’s feet, while they filmed him. After that, they stomped on his face until he lost consciousness.

“Sweden is losing control of its own territory,” Ivar Arpi, a Swedish columnist, recently told the Danish newspaper Berlingske Tidende.

“These heinous crimes and humiliations are connected to a ghetto culture… Journalists do not like to write about it, politicians do not want to talk about it and researchers do not want to touch it. There is a systematic ignorance.”

In the riot that took place in Malmö on August 28, an estimated 300 people burned car tires, shot fireworks and threw stones at the police. The riot occurred close to Rosengård, a so-called “vulnerable area”, populated mainly by immigrants. Video footage posted to social media showed the rioters shouting “Allahu Akbar” and “Jews, remember Khaybar, the army of Mohammed is returning” — a reference to the massacre of the Jews of Khaybar by the Islamic prophet Mohammed and his followers in the year 628, in what is today Saudi Arabia. The Official Council of Swedish Jewish Communities released a statement in reaction to the riot, saying:

“Unfortunately, this is not the first time a crowd has chanted similar threats against Jews in Malmö. The Council of Swedish Jewish Communities takes this incident extremely seriously and calls on the police and other responsible authorities to prosecute those individuals who have thereby committed incitement against an ethnic group.”

According to Swedish media, the riot was a reaction to the burning of a Koran earlier in the day in one part of Malmö and the kicking of a Koran in a central square in the city by followers of the small Danish anti-Islam party, Stram Kurs. The leader of the party, Rasmus Paludan, has previously toured Denmark with his anti-Islam protests.

Paludan’s demonstrations frequently feature a “Koran stunt.” In it, he either throws a Koran around, burns it or puts bacon on it. Dan Park, a Swedish street artist, who has been convicted of inciting hatred against an ethnic group, had invited Paludan to Malmö to participate in a demonstration. Paludan was stopped at the Swedish border and denied entry by Swedish police, who told him that he was banned from entering the country for two years.

“We believe that his actions and freedom of entry would be a threat to fundamental societal interests,” said Mattias Sigfridsson, Malmö’s Acting Police Chief. Asked whether the decision did not go against the freedom of expression, Sigfridsson said:

“We see it as the opposite. We do our utmost to protect the democratic values ​​that exist. The public gathering for which we have denied permission today would have been a danger to safety and order at the event”.

“I think it is those who react to what I do, who constitute a threat,” Paludan told Swedish media. The decision to ban Paludan’s demonstration was upheld by the Swedish Administrative Court. It held that while the freedom of assembly and demonstration are constitutionally protected rights and that there is therefore a very limited scope to refuse permission to demonstrate, the threat from the demonstration was so serious that it justified banning him. The Koran burning that ensued despite the police decision happened in contravention of the ban. Three people were arrested and charged with incitement, reportedly for kicking around a Koran in central Malmö.

In the Gothenburg suburb of Angered, a criminal gang set up roadblocks and manned them with masked armed men who checked the identities of people driving in and out of the area. According to Berlingske Tidende, the roadblocks were set up by a gang centered around the Ali Khan family, who deal in financial fraud and other crimes. The clan has been reported to the police more than 200 times but the police have had to close almost all cases because the gang threatens the victims and witnesses to stay silent.

Also recently in Gothenburg, a teacher at the Lövgärdes School reported two armed men moving around outside the school and notified the police, but by the time they arrived the men had disappeared. When the teacher drove home from school later that day, he was kidnapped and beaten.

“Several children have died only this year in stabbings and shootings,” Kristersson wrote in a Facebook post.

“This weekend, two boys were subjected to terrible atrocities in a cemetery in Solna for an entire night. On Tuesday, a teacher in Gothenburg was kidnapped and beaten after contacting the police.

“What we now experience almost daily is not normal — not for Sweden or for Europe. Almost all of us who live here know that. The development is destroying Swedish trust and cohesion, the violence is threatening the system. The criminal gangs terrorize entire residential areas and kill children and adults who happen to be in the way. They set up their own roadblocks and control people’s everyday lives. They are like Sweden’s domestic terrorists — and must therefore be met with the full force of our democracy. Pattern-breaking measures that really lead to change, not just adjustments in the margin.

“Sweden should start by making it a crime to be part of a criminal gang, in the same way that it should be a crime to be part of a terrorist organization. It would thus give the police new opportunities to act against the activities we have seen in Gothenburg in recent days, such as establishing roadblocks or arranging meetings in which various criminal gangs participate.”

In other news, the Västra Skrävlinge church in Malmö was recently vandalized seven nights in a row. Windows were smashed and statues broken, including a statue of Jesus that was smashed to pieces. The perpetrators are unknown, but the Sweden Democrats Party in Malmö has asked the Church of Swedish to look deeper into the matter, adding in a statement:

“Considering the vandalism of Västra Skrävlinge Church that we have seen and the systematic vandalism we see in our cemeteries, this is an area that the Church of Sweden must work with. Unfortunately, there is a grudge against Christian culture among certain groups and the Church of Sweden in Malmö cannot be passive while the Christian cultural heritage is vandalized.

end

 

CANADA

Canada leaves rates unchanged and continues with 5 billion dollars per week of QE

Hopeless sistuation

(zerohedge)

Loonie Gains After Bank Of Canada Leaves Rates/QE Unch (As Expected)

The Bank of Canada left rates unchanged (at 25bps) and left its bond-buying bonanza unchanged at C$5 billion per week – both as expected – and reiterated its forward guidance (as expected), and the Loonie managed to extend its modest gains from a recent drop to three-week lows…

Source: Bloomberg

While BoC acknowledges the bounce-back in activity in third quarter has been faster than anticipated and as such “core funding markets are functioning well, and this has led to a decline in the use of the Bank’s short-term liquidity programs,” it is careful not to hint at any hawkishness, noting that the QE program will continue “until the recovery is well underway and will be calibrated to provide the monetary policy stimulus needed to support the recovery and achieve the inflation objective.”

As the economy moves from reopening to recuperation, it will continue to require extraordinary monetary policy support. The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved.”

end

The days events…

Michael Every..

A Bear With A Cardboard Box On Its Head

By Michael Every of Rabobank

I have the perfect visual metaphor for a day on which the headlines show:

  • The UK government openly admitting it is going to break international law –but just a little bit– prompting resignations among senior legal staff and pointed questions from a former prime ministers asking how the country can ever be trusted again. Not to worry, Theresa: poisonings, assassinations, dismembering, and kidnappings all seem to have a short political half-life; then it’s back to business as normal – “because markets”. Not so sure it applies to GBP itself though.
  • The Hong Kong justice minister wades into a debate prompted by comments from CEO Carrie Lam over the ‘separation of powers’ to argue it “has no place” there. (The Hong Kong Bar Association rejects this as “unfounded and inconsistent” with the Basic Law.)
  • The US imposes more sanctions on China, again focused on Xinjiang and allegations of forced labor, and this time potentially impacting the entire textile complex, given it covers cotton, and staple foods, given it also covers tomatoes grown there. From the perspective of the market press, spilling a cheap frozen pizza on a cheap cotton T-shirt while day-trading at home may just have become far more expensive.

On which note, stocks were allowed to fall once again yesterday (Dow -2.3%, S&P -2.8%) as tech stocks in particular crumbled and the most favorite of recent favorites most so. Suddenly zillionaires are only jillionaires. Central banks will be watching carefully with fingers on their red buttons at all this dangerous instability!

Indeed, as yields tumble in general, New Zealand rates turned negative for the first time at 3-years: that as the RBNZ considers going the Swedish rates route. Question: when does Australia wake up and do the same? Another question: when do NZD and AUD bulls notice?

Not negative again (yet), oil prices have tumbled markedly too. Just market positioning, or something about underlying demand we don’t want to accept in this K-shaped recovery in which markets not only don’t care about those left behind, but don’t even bother writing about them?

  • Exhibit A for economic confidence: the UK is talking about cancelling Christmas if necessary, surely also breaking international law just a little bit(?), and is again limiting household gatherings to six people as the second virus wave being seen across much of Europe continues to surge. It was only August when folks were being told Mission Accomplished and to go and have fun, wasn’t it? And just consider we are now weeks away from the UK furlough scheme coming to an end and unemployment soaring, or the BOE bank-rolling millions to stay at home and do nothing for another X months while pretending we still live in a market-based system.
  • Exhibit B for economic confidence: Astra-Zeneca is halting trials of the ‘Oxford’ virus vaccine after a test subject suffered an unexplained serious illness. That is standard procedure, but is going to generate concern. Russia and China both seem very happy with their vaccines, however.

Bloomberg is reporting: ‘US-China Showdown Over Big Data to Leave Decades-Long Impact’. This correctly surmises the ‘Clean’ vs. ‘China’ Networks plans underway mean “walls around data [that] would eventually transform supply chains”. As it says, TikTok, WeChat, and Huawei are just the beginning of this process. Will that change breathless tech coverage elsewhere on Bloomberg and the like? Mmmm….

Bloomberg is also reporting: ‘Brave New Words Hint at a Less Democratic Future’, which (selectively) notes party political rhetoric around the West “points away from liberal democracy”. Indeed, in 2019 democratic states were not the global majority for the first time since 2001, it quotes a Swedish study as saying, and one third of mankind is living in a country becoming more autocratic.

Congratulations on seeing (some) of what is going on around you! This is of course something I flagged as a key risk back in early 2016’s ‘Thin Ice’, a time when Bloomberg was selling neoliberal rainbows and unicorns; and again in early 2019’s ‘The Age of Rage’, which warned of… rage!…and rising left and right illiberalism – and of politicized central banks; ‘The Next Normal’, out recently, also showed central banks are inadvertently helping us drift into just that illiberal political-economy with each step they take. Of course, none of that registers in the Bloomberg article (which sits alongside dozens of others urging central banks to do more, “because markets”). Instead, these kind of things ‘just happen’…and hence must presumably be resisted with equally vigorous selective blindness.

Indeed, there was a large leap in Aussie consumer confidence today, up 18% m/m, and a surge in Aussie home loans (up 8.9% in the month vs 2% consensus), which will be welcomed by the RBA. However, it also speaks to a K-shaped recovery. Does anyone actually think the economy suddenly improved markedly? Far more likely than a sudden economic miracle is that this is an echo of what we see elsewhere: white-collar Covid winners on full salary and able to work from home using low rates to move out to the suburbs where they don’t need to meet the scrofulous poor and all their petty unemployment, food on table, and virus concerns. And one wonders why we are in an Age of Rage?

Elsewhere, China’s inflation data were mixed: PPI was again deflationary at -2.0% y/y, so bad for producers, and inflation was 2.4% y/y, down from 2.7%, so still not-so-good for consumers.

So, what’s the perfect visual metaphor I claimed to have for all of this? Something I saw on Twitter last night, which seems very 2020:

In Turkey, a large bear with a cardboard box stuck on its head managed to enter into a military base, and then to climb up to the top of a tall communications tower, from where it stood on high not looking down on anything round it. (The link is here.)

Personally, it works for me on many levels – but taste is of course subjective. (Or at least some people allow it to be.)

As the Tweet concludes: “The animal is reported to be safe and managed to descend on its own.” Somehow, I doubt we will be as lucky.

end

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1755 DOWN .0011 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 /MOSTLY GREEN

 

 

USA/JAPAN YEN 106.15 UP 0.185 (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 1.2915   DOWN   0.0049  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3223 DOWN .0016 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  WEDNESDAY morning in Europe, the Euro FELL BY11 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1755 Last night Shanghai COMPOSITE CLOSED DOWN 61.79 POINTS OR 1.86% 

 

//Hang Sang CLOSED DOWN 155.41 POINTS OR 0.46%

/AUSTRALIA CLOSED DOWN 2,12%// EUROPEAN BOURSES MOSTLY GREEN EXCEPT SPAIN

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN EXCEPT SPAIN 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 155.41 POINTS OR 0.63%

 

 

/SHANGHAI CLOSED DOWN 61.79 POINTS OR 1.86%

 

Australia BOURSE CLOSED DOWN 2.12% 

 

 

Nikkei (Japan) CLOSED DOWN 241.59  POINTS OR 1.04%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1922.00

silver:$26.51-

Early WEDNESDAY morning USA 10 year bond yield: 0.677% !!! DOWN 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.517 DOWN 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 93.57 UP 12 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.36% UP 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +03%  UP 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.34%// UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,03 DOWN 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 69 points higher than Spain.

 

GERMAN 10 YR BOND YIELD: FALLS TO –.46% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.49% 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 WEDNESDAY

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

Euro/USA 1.1816  UP     .0049 or 49 basis points

USA/Japan: 106.25 UP .278  OR YEN DOWN 28  basis points/

Great Britain/USA 1.3010 UP .0046 POUND UP 46  BASIS POINTS)

Canadian dollar UP 80 basis points to 1.3160

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8333    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.3331  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.4877 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield UP 2 IN basis points from TUESDAY at 0.699 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.447 UP 3 in basis points on the day

Your closing USA dollar index, 93.20 DOWN 24  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 WEDNESDAY: 12:00 PM

London: CLOSED UP 82.54  1.39%

German Dax :  CLOSED UP 268.88 POINTS OR 2.07%

 

Paris Cac CLOSED UP 69.46 POINTS 1.40%

Spain IBEX CLOSED UP 65.90 POINTS or 0.95%

Italian MIB: CLOSED UP 391.14 POINTS OR 2.02%

 

 

 

 

 

WTI Oil price; 38.01 12:00  PM  EST

Brent Oil: 40.65 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    75.39  THE CROSS LOWER BY 0.87 RUBLES/DOLLAR (RUBLE HIGHER BY 87 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.46 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 :  38.08//

 

 

BRENT :  40.68

USA 10 YR BOND YIELD: … 0.698…up 2 basis points

 

 

 

USA 30 YR BOND YIELD: 1.452..up 3 basis points…

 

 

 

 

 

EURO/USA 1.1809 ( UP 43   BASIS POINTS)

USA/JAPANESE YEN:106.18 UP .205 (YEN DOWN 21 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.23 DOWN 22 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.30061 UP 41  POINTS

 

the Turkish lira close: 7.4935

 

 

the Russian rouble 75.34   UP 0.92 Roubles against the uSA dollar.( UP 92 BASIS POINTS)

Canadian dollar:  1.3156 UP 84 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.46%

 

The Dow closed UP 439.58 POINTS OR 1.60%

 

NASDAQ closed UP 293.88 POINTS OR 2.71%

 


VOLATILITY INDEX:  28.78 CLOSED DOWN 2.68

LIBOR 3 MONTH DURATION: 0.249%//libor dropping like a stone

 

USA trading today in Graph Form

Stocks Bounce Off Critical Support After Fastest ‘Correction’ From Record High In History

What goes down, must come back with a vengeance in this new normal and so stocks did, but Nasdaq is still down 8% from highs…

After the Nasdaq’s 10% collapse in 3 days (the fastest record high to correction plunge in history)…

Despite bad news on COVD vaccines, everything came roaring back today (best day for Nasdaq since April), with The Dow managing to get back to green from Friday’s close. Note some late day weakness as MSFT/WMT faded on TikTok sale chatter…

 

After Nasdaq and Small Caps bounced perfectly off their 50DMAs…

Just in case you’re shocked, shocked, at the selloff, Morgan Stanley lays out the key catalysts for weakness…

  • Lack of progress on CARES 2 0 (consensus still sees $1.5-$2T getting passed although even Goldman is becoming more skeptical)
  • Gamma reset in megacap Tech due to the Softbank doxxing (massive upside vol structures should begin to roll off, however)
  • Record equity issuance upcoming ($308BN so far YTD in the US or the 100th %-ile back to 2008)
  • September trading seasonality (see MSZZMOMO SEAG on Bloomberg)
  • Diminishing systematic bid (Morgan Stanley now sees only a few $B of global equities to buy vs prior growth estimates)
  • Diminishing bid from retail (next round of stimulus checks may matter)
  • Elevated HE exposure (nets and gross at the 66th and 89th %-ile per MS PB Cotent)
  • Mutual fund year-end (will we finally see outflows/profit-taking if tax-loss-selling was pulled forward in August?)
  • Election permutations (Senate races should remain in focus for those in fear of new tax proposals)
  • US-China re-escalation (hence focus on SMIC over the weekend)
  • Setbacks in the reopening (second wave?)

“Inconceivable!” we know!!

Of course the momo names ruled the rebound…

TSLA up 10%…

 

AAPL bounced too…

 

As stocks surged, bonds were dumped with the long-end underperforming…

 

Source: Bloomberg

10Y Yields reached back up to 70bps after an ugly auction…

Source: Bloomberg

The dollar was monkey-hammered lower (EUR gains)…

 

Source: Bloomberg

And as the dollar tanked, gold futures rallied back above $1950…

 

Silver also rebounded with futures back above $27…

Oil rebounded with WTI back above $38 ahead of tonight’s API inventory data…

 

Cryptos also rebounded with Bitcoin finding support at $10,000 once again…

 

Source: Bloomberg

Finally, it still ain’t cheap!!!

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

JOLTS: USA hiring unexpectedly plunges!

(zerohedge)

JOLTed: US Hiring Unexpectedly Plunges By Most On Record Despite Surge In Job Openings

With the BLS’s JOLTs, or job openings and labor turnover survey, coming in with an extra month delay, we already knew that the August jobs data would come in roughly in line with expectations after the record surge in May (if only after the catastrophic April loss of 20MM jobs), and sure enough that’s what the BLS confirmed moments ago when it revealed that in June the number of job openings jumped from a revised 6.001 million (originally 5.889 million) to 6.618 million, smashing expectations 6MM job openings, and at 617K, this was just shy of June’s 630K surge which was the biggest monthly increase since 2015(however, only after plunging by nearly 2 million in March and April). COmbined, the increase in June and July rise in job openingswas the biggest 2-month increase on record.

 

Job openings rose in a number of industries, with the largest increases in retail trade (+172,000), health care and social assistance (+146,000), and construction (+90,000). The number of job openings increased in the South and Midwest regions.

Separately,  we already knew that the series of 24 consecutive months in which there were more job openings than unemployed workers ended with a thud in March, in April it was an absolute doozy with 18 million more unemployed workers than there are job openings, the biggest gap on record. Since then the the gap has closed somewhat, and in July, there were 9.7 million more unemployed than available job openings (after 11.9 million in June).

As a result, there were just over 2.4 unemployed workers for every job opening, down from 3 last month.

 

What is remarkable is that even as the number of job openings surged by more than 600K, there was an unexpectedly plunge in hiring, and after the BLS reported of 7 million hires in June, in July this number unexpectedly plunged by a record 1.183 million to just 5.787 million in July, the lowest since April.

 

This suggest that an odd bifurcation has opened up in the US labor market, where hiring is tumbling even as the number of job openings reverts slowly to pre-crisis levels.

Hires decreased in a number of industries, with the largest fall in accommodation and food services (-599,000), followed by other services (-143,000), and health care and social assistance (-137,000). Hires increased in federal government (+33,000), largely because of Census hiring. Hires also increased in real estate and rental and leasing (+26,000).

As the pace of hiring plunged by the most on record, the number and rate of total separations was little changed at 5.0 million and 3.6 percent, respectively. Total separations increased in retail trade (+112,000) and in state and local government education (+49,000). The number of total separations decreased in durable goods manufacturing (-44,000).

Of these, the number of layoffs and discharges decreased to 1.7 million (-274,000) and 1.2 percent, respectively in July. The layoffs and discharges level decreased in durable goods manufacturing (-40,000), transportation, warehousing, and utilities (-40,000), and wholesale trade (-21,000). The number of layoffs and discharges decreased in the Northeast and South regions.

Finally, while not nearly as large as last month’s record increase, the number of people quitting their job continued its sharp increase in yet another indicator of the strong rebound in the labor market. The number and rate of quits – the so-called take this job and shove it indicator – soared to 2.9 million (+344,000) and 2.1 percent, respectively, as Americans felted emboldened enough to quit their current job in hopes or expectations of finding a higher paying job elsewhere. Quits increased in retail trade (+152,000), professional and business services (+98,000), and state and local government education (+35,000). The number of quits increased in the Midwest and West region.

 

iii) Important USA Economic Stories

NEW YORK

This New York Comptroller who is running for mayor is vowing to hike taxes on the rich

(zerohedge)

New York City Comptroller Vows To Hike Taxes On The Rich If Elected Mayor

It’s as if New York City is trying to become a hellscape right out of the 1970s and in the process kick out all of its wealthiest residents.

Following such reports as “Escape From New York: Wealthy Residents Flee In Droves“, “Slammed NYC Movers Turning Away Business As Residents Flee City“, and of course “Murders Spike In NYC As Residents Flee For Suburbs“, it is clear that New York has not gotten the all too loud and clear message that after New Jersey, it has emerged as the second most hated state in the US…

… and worse, NYC is doing everything in its power to alienate any remaining wealth taxpayers, accelerating the city’s de-evolution.

In a move that can only be described as “surprising” if one wishes to avoid getting banned by some google censorship algo, New York City Comptroller Scott Stringer announced his candidacy for mayor Tuesday, and speaking directly to the city’s roving bands of “peacefully protesting” socialists, communists and marxists, vowed to reduce a projected $4.2 billion budget deficit next year by pushing the state to tax the rich.

“We will ask the most fortunate to pay a bit more in taxes,” Stringer said during a campaign announcement in northern Manhattan putting a bulls eye on the city’s wealthiest who already pay some of the highest state and local taxes across the country. “We asked our frontline workers to be heroes, and we are going to ask the wealthiest among us to do their part, as well.”

And so, just because the frontline workers are doing their job which, which as a reminder, is precisely to be “heroes” during a crisis, New York believes it has a right to demand heroism from all those others who through hard work have achieved some degree of wealth, and crush them with draconian socialist measures. Marx would be proud.

The announcement capped more than a year of Stringer expressing interest in a mayoral candidacy. He’s raised more than $1.3 million in the past two years, according to the city’s Campaign Finance Board.

As he prepared his candidacy over the past year, Bloomberg notes that Stringer has increasingly sparred with Mayor Bill de Blasio, his former ally, pressing for more budget reserves and criticizing the mayor’s performance.

“We needed decisive leadership when he had to close the schools, and we didn’t get it,” Stringer said Tuesday. “We needed decisive leadership when it was time to open the schools, and we didn’t get it.”

Looks like they were fighting over who is a bigger socialist.

He would compete in a June 2021 primary against a large and growing field of announced and potential Democratic candidates. It includes City Council Speaker Corey Johnson, Brooklyn Borough President Eric Adams, former commissioner of Veteran Services Loree Sutton, former Housing and Urban Development Secretary Shaun Donovan, former city Sanitation Commissioner Kathryn Garcia and former counsel to the mayor Maya Wiley.

Stringer has $2.3 million in his campaign treasury. That’s more than any other announced or potential candidate, which probably means that he will be the city’s next socialist mayor.

end
ASTRA ZENECA
Astra Zeneca shares plunge as their COVID 19 vaccine study is put on hold due to adverse reactions
(zerohedge)

AstraZeneca Shares Plunge As COVID Vaccine Study Put On Hold Due To “Adverse Reaction”

Amid the biggest selloff in markets since March, we suspect news from AstraZeneca’s massive Phase 3 COVID-19 study will not help at all.

Stat News reports that the large, Phase 3 study testing a Covid-19 vaccine being developed by AstraZeneca and the University of Oxford at dozens of sites across the U.S. has been put on hold due to a suspected serious adverse reaction in a participant in the United Kingdom.

An individual familiar with the development said researchers had been told the hold was placed on the trialout of “an abundance of caution.”

Full statement from AstraZeneca:

“As part of the ongoing randomized, controlled global trials of the Oxford coronavirus vaccine, our standard review process triggered a pause to vaccination to allow review of safety data.

This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials, while it is investigated, ensuring we maintain the integrity of the trials.

In large trials, illnesses will happen by chance but must be independently reviewed to check this carefully.

We are working to expedite the review of the single event to minimize any potential impact on the trial timeline. We are committed to the safety of our participants and the highest standards of conduct in our trials.

AstraZeneca ADRs are down over 8% after hours…

Perhaps of even greater import, Stat News reports that a second individual familiar with the matter, who also spoke on condition of anonymity, said the finding is having an impact on other AstraZeneca vaccine trials underway – as well as on the clinical trials being conducted by other vaccine manufacturers.

end
Pelosi: “pleased” that AZN stopped its vaccine trial.  What a doorknob
(zerohedge)

Pelosi “Very Pleased” AZN Stopped Vaccine Trial After Patient Experienced Serious Spinal Issues

Update (1230ET): House Speaker Nancy Pelosi felt the need to say something about the pause in AZN’s study, but perhaps could have chosen some more appropriate phrasing…

I’m very pleased that AstraZeneca has stopped their trial because they saw a problem that needs to be investigated. I’m so proud that the pharmaceutical companies have said they won’t market or promote a vaccine unless it is properly approved.”

*  *  *

AstraZeneca has provided more details on reasons for pausing its COVID vaccine study.

As StatNews reports, the participant who triggered the global trial shutdown was a woman in the United Kingdom who experienced neurological symptoms consistent with a rare but serious spinal inflammatory disorder called transverse myelitis, the drug maker’s chief executive, Pascal Soriot, said during a private conference call with investors on Wednesday morning.

Soriot went on to say that while the woman’s diagnosis has not been confirmed yet, she is improving and will likely be discharged from the hospital as early as Wednesday.

Additionally, Soriot confirmed that the company’s clinical trial had been halted once previously in July after a participant experienced neurological symptoms; that participant was diagnosed with multiple sclerosis, deemed to be unrelated to the vaccine treatment

After ramping overnight to erase the losses, AZN shares are sliding back on these new revelations…

end
TIFFANY/LVMH
Tiffany is left at the alter as LVMH walks away
(zerohedge)

“Like A Sudden Thunderbolt”: Tiffany Tumbles As LVMH Walks Away From $16 Billion Deal

Update (0750ET): Nobody enjoys getting dumped at the altar, and Tiffany is no exce[topn. The ringmaker has filed a lawsuit with the Court of Chancery of the State of Delaware against LVMH for ‘failing to complete’ the transaction.

* * *

It’s a shame: Even the blessing of a legion of consolidation-obsessed Wall Street analysts, and the direct financial backing of the ECB – which came to the rescue of Bernard Arnault, the LVMH boss and France’s richest man, during the great fiscal unraveling back in February – wasn’t enough to make the Tiffany deal go.

Bloomberg reported Wednesday morning that the deal between the two luxury businesses simply wouldn’t happen. One analyst described the news as a “thunderbolt from the blue” as a handful of lonely skeptics have once again been justified.

“This is a like a sudden thunderbolt in a blue sky,” Bernstein analyst Luca Solca writes by email. “I wonder if this is move is a definitive decision or only a prelude to a renegotiation of some sort”

Tiffany shares slump 15% on news that the $16 billion merger wouldn’t happen. LVMH dropped 0.5%, erasing earlier gains in Paris. Though the consolidation narrative is certainly a powerful one, this isn’t exactly the first time we’ve heard of trouble in luxury paradise.

Meanwhile, in a world where hedge funds are badly underperforming not only the S&P500 but retail investors too, here is the latest set of losers: the merger arbs and other investors who were long TIF in hopes of collecting pennies in front of a steamroller. Well… the steamroller just arrived.

end
USA Schools
It is about time:  the OECD gives enough reasons why the uSA schools must open now!
(zerohedge)

OECD Exposes 15 Trillion Reasons Why US Schools Need To Open Now!

The Organization for Economic Cooperation and Development (OECD) is out with a dire prediction, saying that America’s economy is facing down a $15 trillion hit.

The study out Tuesday by the intergovernmental economic organization, which includes 37 member countries sought, to evaluate the economic impact of school closures world-wide among member nations, and assumed that current students amid coronavirus shutdowns from last spring into this year would miss up to one-third of the school year total.

The OECD said the economic impact will be long felt even assuming an immediate return of schools to pre-pandemic levels of performance. Specifically, the report projects that in the case of the United States

“if the student cohorts in school during the 2020 closures record a corona-induced loss of skills of one-tenth of a standard deviation and if all cohorts thereafter return to previous levels, the 1.5% loss of future GDP would be equivalent to a total economic loss of USD 15.3 trillion.”

 

Image via USA Today

More broadly the study pointed to the long-term productivity on a country’s GDP of lost time in the classroom due to the pandemic.

“As a result, the total cost of missed schooling could amount to 69% of the current GDP for the typical country, the OECD said,” as summarized by CNBC.

However, total economic growth losses stand to be “proportionately higher” should schools be slow to return to their optimum performance that existed before the pandemic.

The report also took into account the rise homeschooling and and other alternative, distance learning programs internationally. Various polls and media reports have strongly suggested homeschooling in the United States has exploded over the past half-year.

On this, the OECD said that “there are evident benefits to students in expanding their learning time and opportunities beyond the school gate by being able to learn using a variety of distance learning approaches.”

One suggestion in the paper to limit further setbacks in education, in the absence of a widely available vaccine, was to continue to build on the infrastructure for remote learning.

end
Hugo Salinas Price
a must read…

Multi-Billionaire Hugo Salinas Price – We Will See A “Coup” In The U.S. As America Approaches Its “Weimar Moment”

September 09, 2020
Multi-Billionaire Hugo Salinas Price – We Will See A “Coup” In The U.S. As America Approaches Its “Weimar Moment”

 

Multi-billionaire Hugo Salinas Price just issued a dire warning that we will see a “coup” in the U.S. as America approaches its “Weimar moment.”

September 9 (King World News) – Multi-billionaire Hugo Salinas Price:  I have relied on no particular source of information in the process of forming an opinion regarding the causes and the promoters of the present disturbances in the US, and their objectives. I browse the Internet like anyone else. My opinion regarding events in the US is the result of my personality: my opinions are what they are, because I am the way I am. 

I cannot regard events in the US as spontaneous expressions of anger and dissatisfaction regarding present social conditions. Disorderly events of this duration and magnitude cannot possibly be – in my opinion – spontaneous expressions of popular discontent. 

Revolutions always have interested parties at work, and I regard what is going on in the US as the beginning of a Revolution, aided and abetted by a foreign power and its representatives within the US…



The American Revolution II, would transform the dead, flat-broke economy and disintegrating social body of the US into a Military Dictatorship. 

The American President, Mr. Trump, is desperately attempting to put out the flames of Revolution, by the very means which further Revolution: handing out money, hand and fist, right and left, to see if he can quench the flames; but the money put into the hands of the senseless multitude only provides the means for further disturbance of the status quo. A good part of the emergency funds provided to the American People are probably going into the purchase of drugs, hard liquor and guns by an excited rabble. 

The American Democratic System, reliant upon the government of the nation by one of two approved political parties, is coming to an end. Each of those Parties relied on handing out money and contracts for money, to pacify the population, until reaching the point where that policy cannot work to preserve social peace, because the country is bankrupt

When President Nixon “closed the gold window” on August 15, 1971, he did not realize the final consequences of his action: The US proceeded to de-industrialize and closed down its industrial base – in those days, this was called “The Greening of America”. The US had no further use for its industries, since it could purchase absolutely everything it needed, by tendering Dollars, universally accepted by foreign producers. The abandonment of gold, really meant the de-industrialization of the US. But nobody noticed! 

The “Weimar Moment” Is Approaching
The US is approaching its “Weimar moment” – the moment when printing more and more Dollars, by the trillions, is the only recourse left to keep the “US airplane flying” when practically all its motors have been turned off. 

There is a financial element in the US, which clearly understands the situation, and has decided that a new political structure for the US is imperative. 

The financial imperative will remain in place, because things are what they are. Neither next election, subsequent to the election of November 2020, nor further elections of the President of the US, will alter the destiny of the US. 

Inevitably, the fundamental financial and social problems of the US cannot possibly be resolved without the re-industrialization of the US, on the basis of gold as money

US Military, Backed By Wall Street, Will Stage A Coup
The military-industrial complex
: President Eisenhower warned the American people regarding the power and influence of this “complex”.  It seems to me, that, as a result of an insoluble political and economic crisis, the US Military will, at some point, stage a “Coup”, with the consent of “Wall Street”, which always looks for stability.

The transformation of the US Government into a Military Dictatorship, which would be presented as an “emergency measure”, would turn out to be permanent; it would be traumatic, but I have to regard it as inevitable.

The Military Government of the US would issue a decree in the following sense: 

“All citizens of the US, of sound mind and body, male and female, between the ages of 18 and 60 shall report to the local headquarters of the US Army, for the purpose a) of their formal incorporation into the Reserve Militia of the United States, and for the purpose b) of informing in detail regarding firearms in their possession.” Thus, the personal use of firearms without Military approval would constitute rebellion against the Government of the US, and rebels would face military justice. 

There would be no more political parties in the US, only one single Party, with one Leader. Elements of the financial sector, who would be members of the Party, would carry out the “planning” which would be essential to the Military State. 

“Planning” is of course no match for free enterprise, using real money, in the production of wealth. Government plans, practically by definition, are un-economic. However: first things, first: the priority of the Military State would not be economic prosperity, but social control in the first place, with “Free Enterprise” and prosperity as the long-term objective. 

The Return To Gold


Future of the Dollar: The US as a Military State, would return to gold as the International Means of Exchange, which would result in the elimination of the Dollar from its predominant role in the world – a pernicious role that had to result in the de-industrialization of the US. 

The only reason that the world has not already “gone back to gold as money” has been the objection to this measure, on the part of the US, which has insisted on maintaining the irredeemable Dollar as the world’s leading currency. 

The US Government has been oblivious regarding the fact that the mighty but irredeemable Dollar had to result in the de-industrialization of the US, which has reduced a large sector of the US population to serfdom, occupying the lowest stratas of income in the nation, along with chronic unemployment of masses of people – all the while massively enriching a very small sector of the population. 

This action on the part of the US Military State, would be very much to the detriment of China, which has hitherto gorged on Dollars, which it has received from US purchases of Chinese goods. US companies, which are now operating in China, would bring home their factories, as the costs of American wages were reduced. 

The US would provide irredeemable Dollars for the use of the American population, but all exports and imports by the US would be denominated in gold. The gold from exports would be turned over to the US Treasury, and the exporting American entities would receive credits in Dollars.

America Returning To Prosperity
Social peace would become a characteristic of the US. In a few years the US would once again become a prosperous country – as prosperous as any other – but initially, grinding poverty would challenge all the intellectual resources of Americans, to re-establish the US as prosperous and important manufacturing country. All disturbances, racial or otherwise, would be promptly extinguished by severe measures on the part of the Military Government of the US. 

This may possibly be the future of the US of A, as I see it: “Light after Darkness”.

end

Wall Street explains why the second wave in COVID has not caused a spike in deaths.

(zerohedge)

Wall Street Explains Why Despite A “Second Wave” In COVID Cases, Deaths Have Barely Budged

With Wall Street hailing a coronavirus vaccine as a silver bullet to virtually everything that is ailing the global economy – with Goldman recently upgrading its 2021 GDP forecast on the assumption that a covid-19 vaccine will be available in late 2020 and widely used early next year – the reality, as Goldman also wrote in a report earlier this week, is that “even without a vaccine, so far the death toll from the recent virus spike has not risen” suggesting that the rise in cases is “either related to more testing or is occurring in younger, less vulnerable cohorts, in which case it points to evidence of society better protecting vulnerable groups.”

Picking up on this point at a time when many countries in Europe are suffering from a second wave of covid infections (as shown in the chart above) DB’s Jim Reid writes that “in recent days and weeks, concern has risen that Europe could be at the beginning
of a second wave of the pandemic.” He adds that just in his native UK “the number of confirmed cases rose by 2,988 yesterday, which was the largest daily increase since May 22.”

Yet noting the point brought up by Goldman above, Reid then counters that even as case numbers have risen, “hospitalizations and deaths have thankfully not.”

A key reason for this – as we first discussed in July in “The Under-40s Dilemma” – is that it’s now younger people who are more likely to get the virus.

As Reid points out, while most of this evidence has been anecdotal across the world the attached chart from Public Health England provides some telling statistics: back at the peak of the pandemic in late March, 61% of the confirmed cases were among those over 60. But they now make up just 11% of cases. For over 80 year olds it’s dropped from 28% to 3%. For those under 40 it’s the reverse picture with cases increasing from 14% to 67% of the total.

At the same time, cases among the 20-39 years old group has increased from 12% of the total to 48% over the same period: “this cohort seem to be where most of the concern is globally in terms of spreading the virus. They are young enough not to be too scared by the risks and also young enough to be restless from the restrictions.”

As we showed in this chart, unlike the Spanish flu, where young workers were incredibly vulnerable, it is primarily the elderly who’ve been most affected by the covid outbreak.

So will policymakers take into account the demographics of second wave cases or respond more to the inevitability of continually rising raw numbers?

iv) Swamp commentaries)

This is a must must read so that you understand what is happening inside the uSA

(Mike Whitney)

Whitney: Is BLM The Mask Behind Which The Oligarchs Operate?

Authored by Mike Whitney,

Here’s your BLM Pop Quiz for the day: What do “Critical Race Theory”, “The 1619 Project”, and Homeland Security’s “White Supremacist” warning tell us about what’s going on in America today?

  1. They point to deeply-embedded racism that shapes the behavior of white people
  2. They suggest that systemic racism cannot be overcome by merely changing attitudes and laws
  3. They alert us to the fact that unresolved issues are pushing the country towards a destructive race war
  4. They indicate that powerful agents — operating from within the state– are inciting racial violence to crush the emerging “populist” majority that elected Trump to office in 2016 and which now represents an existential threat to the globalist plan to transform America into a tyrannical third-world “shithole”.

Which of these four statements best explains what’s going on in America today?

If you chose Number 4, you are right. We are not experiencing a sudden and explosive outbreak of racial violence and mayhem. We are experiencing a thoroughly-planned, insurgency-type operation that involves myriad logistical components including vast, nationwide riots, looting and arson, as well as an extremely impressive ideological campaign. “Critical Race Theory”, “The 1619 Project”, and Homeland Security’s “White Supremacist” warning are as much a part of the Oligarchic war on America as are the burning of our cities and the toppling of our statues. All three, fall under the heading of “ideology”, and all three are being used to shape public attitudes on matters related to our collective identity as “Americans”.

The plan is to overwhelm the population with a deluge of disinformation about their history, their founders, and the threats they face, so they will submissively accept a New Order imposed by technocrats and their political lackeys.This psychological war is perhaps more important than Operation BLM which merely provides the muscle for implementing the transformative “Reset” that elites want to impose on the country. The real challenge is to change the hearts and minds of a population that is unwaveringly patriotic and violently resistant to any subversive element that threatens to do harm to their country. So, while we can expect this propaganda saturation campaign to continue for the foreseeable future, we don’t expect the strategy will ultimately succeed. At the end of the day, America will still be America, unbroken, unflagging and unapologetic.

Let’s look more carefully at what is going on.

On September 4, the Department of Homeland Security issued a draft report stating that “White supremacists present the gravest terror threat to the United States”. According to an article in Politico:

…all three draft (versions of the document) describe the threat from white supremacists as the deadliest domestic terror threat facing the U.S., listed above the immediate danger from foreign terrorist groups…. John Cohen, who oversaw DHS’s counterterrorism portfolio from 2011 to 2014, said the drafts’ conclusion isn’t surprising.

“This draft document seems to be consistent with earlier intelligence reports from DHS, the FBI, and other law enforcement sources: that the most significant terror-related threat facing the US today comes from violent extremists who are motivated by white supremacy and other far-right ideological causes,” he said….

“Lone offenders and small cells of individuals motivated by a diverse array of social, ideological, and personal factors will pose the primary terrorist threat to the United States,” the draft reads. “Among these groups, we assess that white supremacist extremists …will pose the most persistent and lethal threat.”..(“DHS draft document: White supremacists are greatest terror threat” Politico)

This is nonsense. White supremacists do not pose the greatest danger to the country, that designation goes to the left-wing groups that have rampaged through more than 2,000 US cities for the last 100 days. Black Lives Matter and Antifa-generated riots have decimated hundreds of small businesses, destroyed the lives and livelihoods of thousands of merchants and their employees, and left entire cities in a shambles. The destruction in Kenosha alone far exceeds the damage attributable to the activities of all the white supremacist groups combined.

So why has Homeland Security made this ridiculous and unsupportable claim? Why have they chosen to prioritize white supremacists as “the most persistent and lethal threat” when it is clearly not true?

There’s only one answer: Politics.

The officials who concocted this scam are advancing the agenda of their real bosses, the oligarch puppet-masters who have their tentacles extended throughout the deep-state and use them to coerce their lackey bureaucrats to do their bidding. In this case, the honchos are invoking the race card (“white supremacists”) to divert attention from their sinister destabilization program, their looting of the US Treasury (for their crooked Wall Street friends), their demonizing of the mostly-white working class “America First” nationalists who handed Trump the 2016 election, and their scurrilous scheme to establish one-party rule by installing their addlepated meat-puppet candidate (Biden) as president so he can carry out their directives from the comfort of the Oval Office. That’s what’s really going on.

DHS’s announcement makes it possible for state agents to target legally-armed Americans who gather with other gun owners in groups that are protected under the second amendment. Now the white supremacist label will be applied more haphazardly to these same conservatives who pose no danger to public safety. The draft document should be seen as a warning to anyone whose beliefs do not jibe with the New Liberal Orthodoxy that white people are inherently racists who must ask forgiveness for a system they had no hand in creating (slavery) and which was abolished more than 150 years ago.

The 1619 Project” is another part of the ideological war that is being waged against the American people. The objective of the “Project” is to convince readers that America was founded by heinous white men who subjugated blacks to increase their wealth and power. According to the World Socialist Web Site:

“The essays featured in the magazine are organized around the central premise that all of American history is rooted in race hatred—specifically, the uncontrollable hatred of “black people” by “white people.” Hannah-Jones writes in the series’ introduction: “Anti-black racism runs in the very DNA of this country.

This is a false and dangerous conception. DNA is a chemical molecule that contains the genetic code of living organisms and determines their physical characteristics and development….Hannah-Jones’s reference to DNA is part of a growing tendency to derive racial antagonisms from innate biological processes.where does this racism come from? It is embedded, claims Hannah-Jones, in the historical DNA of American “white people.” Thus, it must persist independently of any change in political or economic conditions…

…No doubt, the authors of The Project 1619 essays would deny that they are predicting race war, let alone justifying fascism. But ideas have a logic; and authors bear responsibility for the political conclusions and consequences of their false and misguided arguments.”

– “The New York Times’s 1619 Project: A racialist falsification of American and world history”, World Socialist Web Site

Clearly, Hannah-Jones was enlisted by big money patrons who needed an ideological foundation to justify the massive BLM riots they had already planned as part of their US color revolution. The author –perhaps unwittingly– provided the required text for vindicating widespread destruction and chaos carried out in the name of “social justice.”

As Hannah-Jones says, “Anti-black racism runs in the very DNA of this country”, which is to say that it cannot be mitigated or reformed, only eradicated by destroying the symbols of white patriarchy (Our icons, our customs, our traditions and our history.), toppling the existing government, and imposing a new system that better reflects the values of the burgeoning non-Caucasian majority. Simply put, The Project 1619 creates the rationale for sustained civil unrest, deepening political polarization and violent revolution.

All of these goals conveniently coincide with the aims of the NWO Oligarchs who seek to replace America’s Constitutional government with a corporate Superstate ruled by voracious Monopolists and their globalist allies. So, while Hannah-Jones treatise does nothing to improve conditions for black people in America, it does move the country closer to the dystopian dream of the parasite class; Corporate Valhalla.

Then there is “Critical Race Theory” which provides the ideological icing on the cake. The theory is part of the broader canon of anti-white dogma which is being used to indoctrinate workers. White employees are being subjected to “reeducation” programs that require their participation as a precondition for further employment The first rebellion against critical race theory, took place at Sandia Labs which is a federally-funded research agency that designs America’s nuclear weapons. According to journalist Christopher F. Rufo:

“Senator @HawleyMO and @SecBrouillette have launched an inspector general investigation, but Sandia executives have only accelerated their purge against conservatives.”

Sandia executives have made it clear: they want to force critical race theory, race-segregated trainings, and white male reeducation camps on their employees—and all dissent will be severely punished. Progressive employees will be rewarded; conservative employees will be purged.” (“There is a civil war erupting at @SandiaLabs.” Christopher F Rufo)

It all sounds so Bolshevik. Here’s more info on how this toxic indoctrination program works:

“Treasury Department …

The Treasury Department held a training session telling employees that “virtually all White people contribute to racism” and demanding that white staff members “struggle to own their racism” and accept their “unconscious bias, White privilege, and White fragility.”

The National Credit Union Administration

The NCUA held a session for 8,900 employees arguing that America was “founded on racism” and “built on the blacks of people who were enslaved.” Twitter thread here and original source documents here.

Sandia National Laboratories

Last year, Sandia National Labs—which produces our nuclear arsenal—held a three-day reeducation camp for white males, teaching them how to deconstruct their “white male culture” and forcing them to write letters of apology to women and people of color. Whistleblowers from inside the labs tell me that critical race theory is now endangering our national security. Twitter thread hereand original source documents here.

Argonne National Laboratories

Argonne National Labs hosts trainings calling on white lab employees to admit that they “benefit from racism” and atone for the “pain and anguish inflicted upon Black people.” Twitter thread here.

Department of Homeland Security

The Department of Homeland Security hosted a Training on “microaggressions, microinequities, and microassaults” where white employees were told that they had been “socialized into oppressor roles.” Twitter thread here and original source documents here.” (“Summary of Critical Race Theory Investigations”, Christopher F Rufo)

On September 4, Donald Trump announced his administration “would prohibit federal agencies from subjecting government employees to “critical race theory” or “white privilege” seminar...

“It has come to the President’s attention that Executive Branch agencies have spent millions of taxpayer dollars to date ‘training’ government workers to believe divisive, anti-American propaganda,” read a Friday memo from the Office of Budget and Management Director Russ Vought. “These types of ‘trainings’ not only run counter to the fundamental beliefs for which our Nation has stood since its inception, but they also engender division and resentment within the Federal workforce … The President has directed me to ensure that Federal agencies cease and desist from using taxpayer dollars to fund these divisive, un-American propaganda training sessions.”

The next day, September 5, Trump announced that the Department of Education was going to see whether the New York Times Magazine’s 1619 Project was being used in school curricula and– if it was– then those schools would be ineligible for federal funding. Conservative pundits applauded Trump’s action as a step forward in the “culture wars”, but it’s really much more than that. Trump is actually foiling an effort by the domestic saboteurs who continue look for ways to undermine democracy, reduce the masses of working-class people to grinding poverty and hopelessness, and turn the country into a despotic military outpost ruled by bloodsucking tycoons, mercenary autocrats and duplicitous elites. Alot of thought and effort went into this malign ideological project. Trump derailed it with a wave of the hand. That’s no small achievement.

Bottom line: “Critical Race Theory”, “The 1619 Project”, and Homeland Security’s “White Supremacist” warning represent the ideological foundation upon which the war on America is based. The “anti-white” dogma is the counterpart to the massive riots that have rocked the country. These phenomena are two spokes on the same wheel. They are designed to work together to achieve the same purpose. The goal is create a “racial” smokescreen that conceals the vast and willful destruction of the US economy, the $5 trillion dollar wealth-transfer that was provided to Wall Street, and the ferocious attack on the emerging, mainly-white working class “populist” movement that elected Trump and which rejects the globalist plan to transform the world into a borderless free trade zone ruled by cutthroat monopolists and their NWO allies.

This is a class war dolled-up to look like a race war. Americans will have to look beyond the smoke and mirrors to spot the elites lurking in the shadows. There lies the cancer that must be eradicated.

end
The stenographer fro Joe Biden explains that Biden’s cognitive ability has declined significantly
(Watson/Summit News)

“Not The Same Joe”: Former Stenographer Says Biden’s Cognitive Ability Has Declined Significantly

Authored by Paul Joseph Watson via Summit News,

Joe Biden’s former White House stenographer says the presidential candidate’s cognitive functioning and speaking ability has deteriorated significantly in the last few years.

Speaking to the Washington Free Beacon, Mike McCormick, who worked as a White House stenographer for 15 years and with Biden from 2011 to 2017, said the presidential candidate is “not the same Joe Biden.”

“He’s lost a step and he doesn’t seem to have the same mental acuity as he did four years ago,” said McCormick.

“He doesn’t have the energy, he doesn’t have the pace of his speaking…he’s a different guy,” he added.

McCormick noted that Biden seems to get “lost” during interviews and has also lost his ability to smoothly go off script and connect naturally with his audience.

“He’d just make a big joke out of it, and go straight from the hip. And notice, he’s not doing that anymore,” he said. “He read that [Democratic National Committee speech] verbatim … it’s not Joe Biden anymore.”

Biden has slipped up innumerable times during interviews and speeches, leading to charges that the former VP is being kept in a “basement” by his campaign managers so as not to further humiliate himself.

Despite CNN’s Brian Stelter suggesting it was “otherworldly” to question Biden’s mental health, a Rasmussen poll released last month found that 59 per cent of likely voters don’t believe he’ll finish a 4 year term in the White House.

Polls also show that 38 per cent of American voters think Biden has “some form of dementia,” including one in five Democrats.

Biden’s cognitive functioning has repeatedly been called into question, including by White House physician Dr. Ronny Jackson.

“I think that he’s old enough now that he’s having cognitive difficulties and that just happens. It’s part of growing old,” said Jackson.

“If [Trump] goes head-to-head with Joe Biden cognitively, there just wouldn’t be much of an assessment. It will be very one-sided.”

*  *  *

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

end
Trump nominated for the Nobel Peace Prize
(Taer/Sara Carter.com)

President Trump Nominated For Nobel Peace Prize

Authored by Jannie Taer via SaraACarter.com,

President Donald Trump has been nominated for the Nobel Peace Prize by Christian Tybring-Gjedde, a member of the Norwegian parliament, according to a Fox News exclusive.

“For his merit, I think he has done more trying to create peace between nations than most other Peace Prize nominees,” Tybring-Gjedde, who is also chairman of the Norwegian delegation to the NATO Parliamentary Assembly, told Fox.

In his nomination letter, Tybring-Gjedde said Trump’s leadership has led to a historic deal with Israel and the United Arab Emirates.

The two countries agreed to normalize diplomatic ties on August 13, an accord brokered as a part of the Trump administration’s plan for Middle East peace. Israel and the UAE are expected to sign a formal deal on September 15 at the White House, announced Tuesday.

“As it is expected other Middle Eastern countries will follow in the footsteps of the UAE, this agreement could be a game changer that will turn the Middle East into a region of cooperation and prosperity,” Tybring-Gjedde wrote to the Nobel committee, according to Fox.

He also cited Trump’s “key role in facilitating contact between conflicting parties and … creating new dynamics in other protracted conflicts, such as the Kashmir border dispute between India and Pakistan, and the conflict between North and South Korea, as well as dealing with the nuclear capabilities of North Korea.”

Tybring-Ghedde added praise of Trump’s efforts to avoid costly wars and to end endless wars, writing, “Indeed, Trump has broken a 39-year-old streak of American Presidents either starting a war or bringing the United States into an international armed conflict. The last president to avoid doing so was Peace Prize laureate Jimmy Carter.”

Tybring-Ghedde is a member of the Norway’s populist party, but says he’s “not a big Trump supporter,” yet he believes the President deserves the prize for accomplishing more than his predecessors, like President Barack Obama, who was awarded the honor during his presidency.

“I’m not a big Trump supporter,” he said.

“The committee should look at the facts and judge him on the facts – not on the way he behaves sometimes. The people who have received the Peace Prize in recent years have done much less than Donald Trump. For example, Barack Obama did nothing.”

[ZH: Someone’s about to get #canceled!!]

END
This is fun:  the left angry with Biden’s pick for immigration
(zerohedge)

Biden’s Immigration Pick Causing Outrage On The Left

Open-border advocates are furious over the addition of former Obama administration immigration expert Cecilia Muñoz to Joe Biden’s transition team, according to The Hill.

Muñoz, formerly with the National Council of La Raza before joining the Obama administration, was harshly criticized by immigration advocates for not doing enough for immigrant rights during her time in the Obama White House – and instead, “too often defended policies that led to the deportation of more than 2 million people.

Huge mistake. Huge. Huge mistake. Worst part? We have no other option. I guess we gotta pick our opponent. That’s what it has come down to,” wrote immigration rights activist Erika Andiola, advocacy director for the Refugee and Immigrant Center for Education and Legal Services.

‘If Biden wins, no one from the Obama administration should be allowed to touch the immigration policy portfolio,” said Pablo Manríquez, a former Democratic National Committee spokesman who’s been overtly critical of Obama on immigration.

“Cecilia Muñoz is the one person besides [Trump White House aide] Steven Miller who has spent years of her public service dedicated to the smooth execution of mass deportation policy at the West Wing level,” he added.

The criticism reflects in part the view that Muñoz did not advocate enough for immigration rights during internal discussions in the Obama White House. Instead, advocates say she too often defended policies that led to the deportation of more than 2 million people.

She was the person in the White House who shielded Obama from all the flak,” said Amy Maldonado, an immigration lawyer whose clients include minors in detention.

The whole reason she was in that room was to give a perspective they weren’t hearing, and instead she covered for them,” added Maldonado.

The criticism comes as Biden continues to underperform with Latino voters, a fact that is alarming to many Democrats. –The Hill

According to an NBC News-Maristpollfrom Tuesday, Biden is trailing Trump among Latino voters in Florida – 50% to 46%. In 2016, Hillary Clinton led Trump with Latinos by 25%, according to exit polls.

And while Biden has publicly tried to distance himself from the Obama administration’s “kids in cages” immigration policy, his addition of Muñoz is giving pro-immigration Democrats tough choices to make. The former Obama adviser has both White House experience and immigration expertise, making her a “natural fit” for Biden’s team according to the report.

A former Capitol Hill staffer with deep knowledge of immigration deliberations during the Obama administration lauded Muñoz, saying “she was advocating for immigration reform and the president leaning in to immigration in a positive way.”

Muñoz remained publicly loyal to Obama when the then-president was referred to by some as the deporter in chief, something perceived by some in the immigration space as a betrayal. –The Hill

“There were lots of moments when people thought she should resign in protest and she didn’t. She stuck with it and it earned her a lot of enemies on the pro-immigrant left,” a former staffer told The Hill.

end

Trump to reduce troops in Iraq to only 3,000

(zerohedge)

Trump’s Iraq Troop Draw-Down To Begin This Month, Top General Announces

Previously the Trump administration said it would aim for a major troop reduction in Iraq by the time of the November election.

It appears that promise — part of the Trump campaign’s longtime pledge to “bring Americans home” from unnecessary “endless” foreign wars and occupations abroad — is on track to be delivered. Head of US CENTCOM, Marine Gen. Frank McKenzie, said while touring a US base in Iraq that troop numbers there will be cut down to 3,000 this month.

Current American troops levels are at about 5,200 — though we should note the tens of thousands of US contractors and other privatized personnel that remain there.

 

File image via Middle East Online

Gen. McKenzie underscored in statements that Washington feels confident that Iraqi forces are now trained to handle any threat from a potentially resurgent ISIS, now long driven underground.

“This reduced footprint allows us to continue advising and assisting our Iraqi partners in rooting out the final remnants of ISIS in Iraq and ensuring its enduring defeat,” McKenzie said.

US training of Iraqi military personnel had reportedly already been scaled back through the course of the coronavirus pandemic, given local as well as international lockdowns and travel restrictions.

During a Labor Day news conference President Trump raised eyebrows in charging top Pentagon commanders of ultimately being beholden to defense contractors.

Speaking of what sectors of the military are supportive of the Commander-in-Chief, Trump said Monday: “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.”

“Some people don’t like to come home, some people like to continue to spend money,” the president added. “One cold-hearted globalist betrayal after another, that’s what it was.”

However, we should point out that Trump has allowed himself to be stymied at every turn when it comes to his stated desire to get out of Syria. It has now turned into an indefinite “oil occupation” under his watch, which he seems in repeat statements to have positively backed, given his touting “we’ve secured the oil”.

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

AstraZeneca Covid-19 vaccine study put on hold due to suspected adverse reaction in participant in the U.K. – The nature of the adverse reaction and when it happened were also not immediately known, though the participant is expected to recover…

https://www.statnews.com/2020/09/08/astrazeneca-covid-19-vaccine-study-put-on-hold-due-to-suspected-adverse-reaction-in-participant-in-the-u-k/

@TrumpWarRoom: Yikes. Even MSNBC says Joe Biden’s campaign “lacks the dynamism, the energy” of a presidential campaign.    https://twitter.com/TrumpWarRoom/status/1303402897170890758

WaPo: Biden’s attempts to please everyone could lead to bitter fights among Democrats

https://www.washingtonpost.com/politics/bidens-flexibility-on-policy-could-mean-bloody-fights-if-he-wins/2020/09/06/b8d66c3c-e622-11ea-bc79-834454439a44_story.html

@ABC: Millions of Americans are receiving absentee ballot applications from outside groups.

It comes with the added cost of confusion to voters and frustration to local election officials who may receive more than one absentee ballot application from a single voter…

https://abcnews.go.com/Politics/millions-americans-receiving-absentee-ballot-applications-groups-heres/story

@seanmdav: Every major left-wing institution is making clear its plans to either steal the election or deny certification of a Trump victory. They want to overload the system with fraud-prone mail-in ballots and then delay until they get the count they want.

Devine: Dems have no intention of accepting second Trump term

‘If you think that they were sore losers in 2016, you ain’t seen anything yet,’ columnist says

   Devine called it “information warfare” to benefit the Biden campaign, citing a Washington Post op-ed by Georgetown law professor Rosa Brooks, who says Americans should prepare for war if the election result is anything short of a Biden landslide.  “It’s just a variation on the theme … when [Biden] said if you don’t vote for him, you ain’t safe,” Devine said. “It’s pretty despicable, but that is everything you need to know.”… “They are being encouraged now by the Democrats to take to the streets by whatever means necessary to make democracy happen, and democracy … from their point of view is only if Joe Biden wins,” she said. “They will not tolerate another Trump win.”

https://www.foxnews.com/politics/biden-trump-election-violence-vote-wapo-miranda-devine-nypost

The Coming Coup? – Democrats are laying the groundwork for revolution right in front of our eyes. – Over the summer a story was deliberately leaked to the press of a meeting at which 100 Democratic grandees, anti-Trump former Republicans, and other ruling class apparatchiks got together (on George Soros’s dime) to “game out” various outcomes of the 2020 election. One such outcome was a clear Trump win. In that eventuality, former Bill Clinton White House Chief of Staff John Podesta, playing Biden, refused to concede, pressured states that Trump won to send Democrats to the formal Electoral College vote, and trusted that the military would take care of the rest…

     Over the summer, two former Army officers, both prominent in the Democrat-aligned “national security” think tank world, wrote an open letter to the Chairman of the Joint Chiefs in which they urged him to deploy the 82nd Airborne Division to drag President Trump from the Oval Office at precisely 12:01 PM, January 20, 2021.  About a month later, Hillary Clinton declared publicly that Joe Biden should not concede the election “under any circumstances.”…

Why are the Democrats—publicly—talking about the conspiracy? Because they know that, for it to succeed, it must not look like a conspiracy. They need to plant the idea in the public mind, now, that their unlawful and illegitimate removal of President Trump from office will somehow be his fault…

The second part of the plan is either to produce enough harvested ballots—lawfully or not—to tip close states, or else dispute the results in close states and insist, no matter what the tally says, that Biden won them…  The Podesta assumption is that the military will side with the Dems. There are reasons to fear they might. The Obama administration spent a great deal of political capital purging the officer corps of anyone not down with the program and promoting only those who are…

https://americanmind.org/essays/the-coming-coup/

@realDonaldTrump: Suburban voters are pouring into the Republican Party because of the violence in Democrat run cities and states. If Biden gets in, this violence is “coming to the Suburbs”, and FAST. You could say goodbye to your American Dream!… The Democrats will open up their states on November 4th, the day after the Election. These shutdowns are ridiculous, and only being done to hurt the economy prior to the most important election, perhaps, in our history!

@TeamTrump: President @realDonaldTrump: If Joe Biden is elected, the suburbs will be overwhelmed with violence and crime.   https://twitter.com/TeamTrump/status/1303370673188941828

Trump accuses Dems of allowing ‘thuggery’ in response to Pittsburgh diner video

Trump has blamed Democrats for turning a blind eye to violence

     President Trump responded to a viral video in which protesters in Pittsburgh appear to be disturbing an elderly white couple dining at a restaurant outdoors, blaming Democrats for allowing such behavior from their supporters to go on… “These Anarchists, not protesters, are Biden voters, but he has no control and nothing to say,” Trump tweeted Tuesday morning…

https://www.foxnews.com/politics/trump-pittsburgh-diner-video-democrats-allowing-thuggery

BLM Protesters Harass People Dining At Pittsburgh Restaurant: “F##% the White People Who Built the System”     https://www.realclearpolitics.com/video/2020/09/07/anti-white_anti-police_thugs_harass_people_dining_at_pittsburgh_restaurant_fuck_the_white_people_who_built_the_system.html

While campaigning in Florida on Tuesday, Trump announced an offshore drilling ban for Florida, Georgia and South Carolina.  Bloomberg reports Biden will soon announce his offshore drilling plan.

@GOP “I’m committed to ensuring that the United States has the cleanest air and cleanest water on Earth.” –@realDonaldTrump [Coopting Dem issueshttps://twitter.com/GOP/status/1303461143487434752

@JoeConchaTV: Hillary Clinton won Miami-Dade by 30 points. Biden’s lead is 13 points lower. Trump won Florida in 2016.

Miami Herald: Biden is struggling to win Miami Latinos, new poll finds. Will it cost him Florida?

The poll of 500 likely Miami-Dade voters, released Tuesday, found Trump far behind Democratic presidential nominee Joe Biden 38% to 55% in Miami-Dade…

https://www.miamiherald.com/news/politics-government/article245495835.html

Flint Democrats Warn Rick Snyder Endorsement of Joe Biden Could Deliver Michigan to Donald Trump – Joe Biden touted the fact that Rick Snyder endorsed him for president… In Flint, a Democratic stronghold, Snyder is considered a murderer.When the city switched water supplies, the new water was killing people. Snyder was accused by community members and others of trying to kill Black people. State Democratic officials are afraid that this alone might cost Biden Michigan…

https://davidharrisjr.com/steven/flint-democrats-warn-rick-snyder-endorsement-of-joe-biden-could-deliver-michigan-to-donald-trump/

Joe has done 4 flip-flops in the past week or so: national mask mandate, fracking, travel/campaigning and now, vaccines.  After Joe and Kamala inveighed against Covid vaccines a few days ago, Joe now says that he would get a Covid vaccine if medical experts say it is safe.

Fox6’s @JasonCalvi: I ask Sen. Kamala Harris, during her first campaign trip as the VP nominee, why she didn’t travel to Milwaukee for the DNC weeks ago, but traveled here today, when COVID numbers are actually up in Wisconsin.  “Well, the decision to travel today was the decision based on the importance of being in Milwaukee and doing it in a safe way, so that’s why the meetings that we had today were, as you can see, all of us wearing our masks, indoors, being at least 6 feet apart, not having as big of a group as we would have liked,” said Harris…

https://fox6now.com/news/my-1st-trip-on-the-ticket-1-on-1-with-kamala-harris-in-milwaukee

‘How About A Word For His Victim?’: Megyn Kelly Unloads On Kamala Harris For Saying She’s ‘Proud’ Of Jacob Blake – “PROUD of him? He’s accused of breaking into a sleeping woman’s house, sexually assaulting her, humiliating her & later returning to harass her. Then the cops she called for help say he resisted arrest, assaulted them & went for his knife. How about a word for his victim, Senator?” Kelly tweeted…  https://dailycaller.com/2020/09/08/megyn-kelly-unloads-kamala-harris-proud-of-jacob-blake/

Biden’s ‘mental acuity’ has diminished in the last 4 years, ex-WH stenographer says: ‘He’s lost a step’ – “He’s lost a step and he doesn’t seem to have the same mental acuity as he did four years ago.”…McCormick… often traveled with Biden and transcribed his speeches, public conversations with foreign leaders, and off-the-record media briefings for the official White House record…

https://www.foxnews.com/politics/joe-biden-stenographer-mental-acuity-public-speaking-white-house

A mysterious destruction of evidence related to Steele’s dossier, State contacts

The infamous dossier author Christopher Steele revealed he had destroyed nearly all the records detailing his dirt-digging on Donald Trump and Russia. “They no longer exist,” Steele told a British court. Now comes word that Steele’s primary and longtime contact inside the Obama State Department, Jonathan Winer, also destroyed records of the former British MI6 agent’s contacts inside that federal agency, including many of the 100-plus unsolicited intelligence reports Steele provided the Obama administration… Destroyed documents. Faulty memories. Foreign influence. The State Department continues to grow as a more important part of the investigation into the Russia investigators.

https://justthenews.com/accountability/russia-and-ukraine-scandals/monammysterious-destruction-evidence-related-steeles

CIA boss Brennan visited Moscow in early March: Interfax

Brennan had meetings at Russia’s Federal Security Service, among other places, and his visit was not linked to the decision by Moscow to start withdrawing its forces from Syria, Syromolotov was quoted as saying. [Looking for asylum?  He used to a commie.]

https://www.reuters.com/article/us-russia-usa-cia/cia-boss-brennan-visited-moscow-in-early-march-interfax-idUSKCN0WU0S5

@paulsperry_: Investigators have learned that Obama CIA Director John Brennan ran a secret task force out of Langley with its own separate budget to investigate Trump campaign and alleged ties to Russia. Task force set up before FBI officially launched its own probe on 07/31/16

Vindman, Not Whistleblower, Was Driving Force Behind Impeachment

New book shows how Lt. Col. Alex Vindman was the real instigator of the Ukraine investigation that formed the pretext for Democrats’ impeachment of President Trump.

    The whistleblower’s information came directly from Vindman, investigators determined…

https://thefederalist.com/2020/09/08/vindman-not-whistleblower-was-driving-force-behind-impeachment/

Court memos detail unethical, unpunished leaks in case handled by potential Biden AG Preet Bharara – knew about FBI leaks two years before his office denied them. No one has been punished.

https://t.co/7adU1D1u0K

Need a pick me up?  https://twitter.com/MontgomerDavid/status/1302693479626276866?s=09

END

Well that is all for today

I will see you THURSDAY night.

One comment

  1. Benny Boy · · Reply

    “NUMBER OF NOTICES FILED TODAY FOR SEPT ”
    GREAT we are finally in September:)

    Like

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