SEPT 11//GOLD DOWN $14.80 TO $1955.80//SILVER DOWN 39 CENTS TO $26.67//GOLD STANDING AT THE COMEX; ALMOST 13 TONNES//OCTOBER GOLD OI REMAINS EXTREMELY HIGH//USA VS CHINA ESCALATES AGAIN//CHINA BUZZES TAIWAN IN THE TAIWAN STRAITS//UK SIGNS WITH JAPAN IN AN HISTORIC FREE TRADE AGREEMENT//UK MAY LEAVE THE EU WITH A HARD BREXIT//ISRAEL TO HAVE DIPLOMATIC RELATIONS WITH BAHRAIN//USA ECONOMIC DATA//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1955.80  DOWN $14.80   The quote is London spot price

 

 

 

 

Silver:$26.67 DOWN  0.39   London spot price ( cash market)

 

 

 

 

 

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Closing access prices:  London spot

i)Gold : $1942.20  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.77//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1938.80  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $2.20 BACKWARD

 

 

 

DEC. GOLD  $1947.40   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $6.40/ CONTANGO   ($0.40 ABOVE NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $26.74…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 7 CENT CONTANGO// 4 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $26.83  1:30  PM SPREAD SPOT/FUTURE DEC.       : 16  CENTS PER OZ  CONTANGO ( 4 CENTS ABOVE NORMAL CONTANGO)

 

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COMEX DATA

 

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

receiving today: 11/187

 

issued:  0

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,954.200000000 USD
INTENT DATE: 09/10/2020 DELIVERY DATE: 09/14/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
624 C BOFA SECURITIES 132
657 C MORGAN STANLEY 7 39
657 H MORGAN STANLEY 175
661 C JP MORGAN 10
661 H JP MORGAN 1
686 C INTL FCSTONE 2
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 3
800 C MAREX SPEC 3
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 187 187
MONTH TO DATE: 3,991

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 187 NOTICE(S) FOR 18,700 OZ  (0.5816 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  3991 NOTICES FOR 399100 OZ  (12.413 tonnes) 

 

 

SILVER

 

 

3 NOTICE(S) FILED TODAY FOR 15,000  OZ/

total number of notices filed so far this month: 9107 for 45.535 MILLION oz

 

BITCOIN MORNING QUOTE  $10265  DOWN 26

 

BITCOIN AFTERNOON QUOTE.: $10,323 DOWN 12

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $8.85 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGES IN GOLD INVENTORY AT THE GLD…A DEPOSIT OF 2.92 TONNES INTO THE GLD..

 

 

 

GLD: 1,252.96 TONNES OF GOLD//

 

 

WITH SILVER UP $0.16  TODAY: AND WITH NO SILVER AROUND:

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

A MASSIVE WITHDRAWAL OF 2.607 MILLION OZ  (PROBABLY USED IN THE RAIDS THESE PAST FEW DAYS)

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 558.562  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

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IN SILVER THE COMEX OI ROSE BY A STRONG 1511 CONTRACTS FROM 159,358 UP TO 160,869, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE  GAIN IN OI OCCURRED WITH OUR  $0.16 RISE IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO ATTEMPTED BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A VERY WEAK EXCHANGE FOR PHYSICAL ISSUANCE, ZERO  LONG LIQUIDATION, A GOOD INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT..  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 2665 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:  847, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  487 CONTRACTS. WITH THE TRANSFER OF 847 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 847 EFP CONTRACTS TRANSLATES INTO 4.235 MILLION OZ  ACCOMPANYING:

 

1.THE $0.16 CENT RISE IN SILVER PRICE AT THE COMEX AND

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

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

52.100 MILLION OZ INITIALLY STANDING IN SEPT

 

THURSDAY, 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 $0.16) ).. AND, OUR OFFICIAL SECTOR/BANKERS  WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS. THE RAIDS THESE PAST SEVERAL 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 THURSDAY’S TRADING….   WE ALSO HAD  ii)  A VERY WEAK ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL GAIN IN SILVER OZ STANDING  FOR SEPTEMBER, 3) STRONG COMEX GAIN AND 4) 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:

6767 CONTRACTS (FOR 8 TRADING DAY(S) TOTAL 6767 CONTRACTS) OR 33.84 MILLION OZ: (AVERAGE PER DAY: 845 CONTRACTS OR 4.2293 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 33.84 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.83% 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:          1,419.91 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                                33.84 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1511, WITH  OUR  $0.16 RISE IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A  WEAK SIZED EFP ISSUANCE OF 847 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 STRONG SIZED 2358 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.16 GAIN IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 847 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 1511 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.16 CENT GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.06 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.804 BILLION OZ TO BE EXACT or 115% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 3 NOTICE(S) FOR 15,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

 

 

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

  1. HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY  (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ  MAY: 36.285 MILLION OZ ; JUNE/2018  (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ   )  FOR AUGUST 6.065 MILLION OZ. , SEPT:  A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz  NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ   JANUARY AT  5.825 MILLION OZ.AND FEB 2019:  2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/  APRIL AT 3.875 MILLION OZ/ A MAY:  18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ//   NOV: 2.630 MILLION OZ//DEC:  20.970 MILLION OZ; JAN:  5.075 MILLION OZ.//FEB 1.480 MILLION OZ//MAR: 23.005 MILLION OZ/APRIL 4.660 MILLION OZ//MAY  45.220 MILLION OZ//JUNE: 2.205 MILLION OZ// JULY 86.470 million oz//AUGUST 6.475 MILLION OZ//SEPT. 52.100 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 ROSE BY A STRONG SIZED 5589 CONTRACTS TO 570,504 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 $8.55 /// COMEX GOLD TRADING// THURSDAY//WE HAD  FAILED  BANKER SHORT COVERING AS WE HAD  A STRONG GAIN ON OUR TWO EXCHANGES… NOBODY HAS LEFT THE GOLD ARENA.  WE ALSO HAD A HUMONGOUS 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 $8.55. 

 

 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  127//

 

 

WE GAINED A STRONG SIZED 6863 CONTRACTS  (21.34 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1274 CONTRACTS:

CONTRACT . OCT: 0 DEC: 1024; FEB: 250  ALL OTHER MONTHS ZERO//TOTAL: 1274.  The NEW COMEX OI for the gold complex rests at 570,048. 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 6,863 CONTRACTS: 5589 CONTRACTS INCREASED AT THE COMEX AND 1274 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 6863 CONTRACTS OR 21.34 TONNES.  THURSDAY, WE HAD A GAIN OF $8.85 IN GOLD TRADING……

AND DESPITE THAT GAIN IN  PRICE, WE HAD A STRONG SIZED GAIN IN TOTAL/TWO EXCHANGES GOLD TONNAGE OF 21.34 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $8.85).  WE HAD A FAILED BANKER SHORT COVERING OPERATION . WE ALSO HAD SMALL ISSUANCE IN EXCHANGES FOR PHYSICAL. THE BANKERS COULD NOT FLEECE ANY OF OUR SPECULATOR LONGS FROM THEIR POSITIONS

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1274) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (5589 OI): TOTAL GAIN IN THE TWO EXCHANGES:  6863 CONTRACTS. WE NO DOUBT HAD 1 ) FAILED BANKER SHORT COVERING ,2.)A HUMONGOUS 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//THURSDAY//$8.85.

 

 

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 : 12,969, CONTRACTS OR 12,969, oz OR 40.33 TONNES (8 TRADING DAY(S) AND THUS AVERAGING: 1621 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 40.33 TONNES

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

THUS EFP TRANSFERS REPRESENTS 40.33/3550 x 100% TONNES =1.13% 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   3,440.50  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:                       40.33 TONNES  (AGAIN EXCHANGE FOR PHYSICAL NUMBERS IN FULL 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 STRONG SIZED 1511 CONTRACTS FROM 159,358, UP TO 160,869 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 STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)  FAILED BANKER SHORT COVERING  , 2) A  WEAK ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG GAIN IN OUNCES STANDING FOR SILVER AT THE COMEX FOR SEPT., AND 4) ZERO LONG LIQUIDATION,

 

 

 

 

EFP ISSUANCE 847 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. 405 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 847 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 1818 CONTRACTS TO THE 847 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 2665 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 13.325 MILLION  OZ, OCCURRED WITH OUR 16 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 25.72 POINTS OR 0.79%  //Hang Sang CLOSED UP 189.77 POINTS OR 0.78%   /The Nikkei closed UP 171.02 POINTS OR 0.74%//Australia’s all ordinaires CLOSED DOWN .84%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8369 /Oil UP TO 37.34 dollars per barrel for WTI and 39.93 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8369 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8391 TRADE TALKS STALL////TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC/TRADE WARS  : /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%

 

i

 

 

 

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 5,589 CONTRACTS TO 570,504 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 $8.85 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1274 CONTRACTS),.  THUS,  WE HAD  1)  FAILED BANKER SHORT COVERING AS WE HAD A  STRONG GAIN IN THE TWO EXCHANGES OF 6863 CONTRACTS,…….. , PLUS WE HAD 2)  ZERO LONG LIQUIDATION  AND 3)  ANOTHER 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 7319 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 0    4 -GC VOLUME//open interest REMAINS AT 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 1274 EFP CONTRACTS WERE ISSUED:   OCT: DEC 1024; FEB// ’21 250 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1274  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: 6863 TOTAL CONTRACTS IN THAT 1274 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 5589 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 THURSDAY’S TRADING WE HAD 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 SEVERAL DAYS… 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 $8.85).  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  21.34 TONNES  WITH THE  RISE IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 6863, CONTRACTS OR 686300 OZ OR 21.34 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:  570,048 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.00 MILLION OZ/32,150 OZ PER TONNE =  1773 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1773/2200 OR 80.58% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 202,670 contracts// volume EXTREMELY POOR

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  288,812 contracts//  volume: poor  //most of our traders have left for London

 

 

SEPT 11 /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
129,757.160
oz
Brinks
Deposits to the Dealer Inventory in oz 25,752.951 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

2,957.892

OZ

 

 

No of oz served (contracts) today
187 notice(s)
 18,700 OZ
(0.5816 TONNES)
No of oz to be served (notices)
177 contracts
(17,700 oz)
0.505 TONNES
Total monthly oz gold served (contracts) so far this month
3991 notices
399,100 OZ
12.413 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 1 deposit into the dealer

i) Into Brinks:  25,752.951 oz

total deposit: 25,752.951 oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 1 deposit into the customer account

i) Into Delaware:  2957.892 oz

 

 

total customer deposit:  2957.892     oz

 

 

we had 1 gold withdrawals from the customer account:

 

i) Out of Brinks:  129,757.160 oz

 

 

 

 

 

total withdrawals;  129,757.160    oz

 

 

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 1 //

i) Out of JPM:  9797.737 oz leaves the dealer and enters the customer account of JPMorgan

 

 

 

The front month of SEPT registered a total of 364 contracts for a GAIN of 97 contracts.  We had 243 notices filed on Thursday, so we gained a strong 340 contracts or an additional 34,000 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 6 days.

Oct GAINED A CONSIDERABLE 344  contracts UP to 61,819  ( STRANGELY NOBODY HAS LEFT THE ARENA ON OUR FRONT MONTH OF OCTOBER).  November gained 8 contracts to stand at 77.

The big December contract GAINED 5134 contracts UP to 424,520 contracts..

 

 

 

 

 

 

We had 187 notices filed today for  18700 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 2187 contract(s) of which 10  notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 0 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the SEPT /2020. contract month, we take the total number of notices filed so far for the month (3991) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (364 CONTRACTS ) minus the number of notices served upon today (187 x 100 oz per contract) equals 416,800 OZ OR 12.964 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 (3991, x 100 oz + 364 OI) for the front month minus the number of notices served upon today (187) x 100 oz which equals 416,800 oz standing OR 12.964 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 340 contracts or an additional 34,000 oz will try their luck searching for metal on this side of the pond.

 

 

 

 

 

NEW PLEDGED GOLD:  BRINKS

 

144,088.952 oz NOW PLEDGED  JAN 21.2020/HSBC  5.4807 TONNES

 

42,548.308.00 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234 tonnes

deleted Int. Delaware pledge July 7  (600 tonnes)

261,958.320 oz  (some deleted august 3)         JPM  8.14 TONNES

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

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

total pledged gold:  1,122,021.426 oz                                     34.899 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 469.11 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 12.964 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,204,020.148 oz or 504.01 tonnes
which  includes the following:
a) pledged gold held at HSBC   which cannot settled upon   144,088.952 oz x ( 4.4817 TONNES)//
b) pledged gold held at JPMorgan (SOME  DELETED JUNE 24 2020/SOME JULY 9; SOME JULY 22/July 03/august 3) which cannot be settled upon:  261,958.320 oz (or 8.14 tonnes)
total pledged gold:
b 2 pledged gold JPMorgan august 21/2020;  63,187.561 oz  (1.965 tonnes)
c)  pledged gold at Scotia: 1.3234 tonnes or 42,548.308 oz which cannot be settled  (1.3234 tonnes)
d) pledged gold at Manfra:  DELETED  MAY 26.2020
e) pledged gold at int.Del.    DELETED:   JULY 7.2020
f) pledged gold at Brinks:  DELETED july 2 and july 21
g) pledged gold at Brinks: 610,238.285 oz added which cannot be settled:  18.980 tonnes
total weight of pledged:  1,122,021.426 oz or 34.89 tonnes
thus:
registered gold that can be used to settle upon:  15,081,999.0  (469,11 tonnes)
true registered gold  (total registered – pledged tonnes  15,081,999.0 (469.311 tonnes)
total eligible gold:  20,325,021.426 oz (632.19 tonnes)

total registered, pledged  and eligible (customer) gold  36,529,934.651 oz 1,136.23 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1009,89 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 11/2020

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
 601,615.430 oz
DELAWARE
LOOMIS

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,1785,842.220 oz
CNT
JPMorgan
No of oz served today (contracts)
3
CONTRACT(S)
(15,000 OZ)
No of oz to be served (notices)
1313 contracts
 5,565,000 oz)
Total monthly oz silver served (contracts)  9107 contracts

45,535,000 oz)

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

total dealer deposits: NIL     oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan: 1,186417.260 oz  (the JPMorgan continues to add silver to its inventory//6TH DAY IN A ROW)

ii) Into CNT: 599,424.960 oz

 

 

 

 

 

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

JPMorgan now has 175.223 million oz of  total silver inventory or 48.97% of all official comex silver. (175.223 million/357/772 million

 

total customer deposits today:  1,785,842.220   oz

we had 2 withdrawals:

 

i) Out of Delaware: 982.430 OZ

ii) Out of Loomis: 600,633.000 oz???

 

 

 

total withdrawals;  601,615.430    oz

We had 0 adjustments/

 

 

 

Total dealer(registered) silver: 138.703 million oz

total registered and eligible silver:  357.772 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 1316 contracts thus losing 2 contracts.  We had 4 notices filed on THURSDAY so we GAINED 2 contracts or an additional 10,000 oz will stand in this active delivery month of September  as they refused to morph into London based forwards and thus they negated a fiat bonus.  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 LOSS of 2 contracts to stand at 1284.November GAINED 1 contract to stand at 14,

The big December contract month saw its OI GAIN by 1360 contracts up to 139,690

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 3 contract(s) FOR 15,000, 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 9107 x 5,000 oz = 45,535,000 oz to which we add the difference between the open interest for the front month of SEPT(1316) and the number of notices served upon today 3 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 9107 (notices served so far) x 5000 oz + OI for front month of SEPT  (1316)- number of notices served upon today (3) x 5000 oz of silver standing for the SEPT contract month.equals 52,100,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We gained 2 contracts or AN ADDITIONAL 10,000 oz. WILL STAND FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH, AS THEY LOOK FOR METAL ON THE THIS SIDE OF THE POND!

 

 

TODAY’S ESTIMATED SILVER VOLUME : 59,714 CONTRACTS // volume poor//

 

 

 

 

 

FOR YESTERDAY   90,085.  ,CONFIRMED VOLUME//

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 90,085 CONTRACTS EQUATES to 0.450 billion  OZ 64/3% 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- 2.62% ((SEPT 11/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.66% to NAV:   (SEPT 11/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.62%

(courtesy Sprott/GATA

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

NAV 20.35 TRADING 19.89///NEGATIVE 2.28

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 11/WITH GOLD DOWN $14.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1256.96 TONNES

SEPT 10/WITH GOLD UP $8.85 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.92 TONNES INTO THE GLD////INVENTORY RESTS AT 1252.96 TONNES

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 11/ GLD INVENTORY 1252.96 tonnes*

LAST;  899 TRADING DAYS:   +313.46 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 799 TRADING DAYS://+491.99  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 11/WITH SILVER DOWN 39 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.562 MILLION OZ//

SEPT 10/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.607 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 558.562 MILLION OZ.

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 MILLION OZ

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

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 11.2020:

SLV INVENTORY RESTS TONIGHT AT

558.562 MILLION OZ

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Join GATA at this weekend’s SilverFest internet conference

 Section: 

12:33p ET Thursday, September 10, 2020

Dear Friend of GATA and Gold (and Silver):

Silverfest 2020, an internet conference sponsored by Arcadia Economics this weekend, will include many speakers of interest to those who follow the manipulation of the monetary metals markets.

In addition to GATA Chairman Bill Murphy and your secretary/treasurer, speakers will include:

— James Anderson of coin and bullion dealer SD Bullion.

— Silver market newsletter writer Ted Butler.

— Mining analyst Brent Cook.

Financial letter writer Marc Faber.

 

— “The Creature from Jekyll Island” author G. Edward Griffin.

— Rory Hall of The Daily Coin.

— Craig Hemke of the TF Metals Report and Sprott Money News.

— Dave Kranzler of Investment Research Dynamics.

— GoldMoney research director Alasdair Macleod.

— London metals trader Andrew Maguire.

— Bullion Star gold researcher Ronan Manly.

— Silver Investor newsletter editor David Morgan.

— Rick Rule of Sprott U.S. Holdings.

— Andy Schectman of coin and bullion dealer Miles Franklin.

— Peter Spina of GoldSeek.com.

— Mining entrepreneur Eric Sprott.

There will be a silver giveaway and even a couple of great movies will be shown: “Trading Places” and “The Big Short.”

Admission is free with registration. To sign up and review the agenda, visit:

https://hopin.to/events/silver-fest

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

iii) Other physical stories:

 

https://www.jsmineset.com/2020/09/11/how-creature-from-jekyll-island-can-it-get/

 

How “Creature from Jekyll Island” Can It Get?

 

Posted September 11th, 2020 at 9:18 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Friday Morning Folks,

 

The precious metals are still trading sideways with Gold now priced at $1,954, down $10.40 after dipping to $1,944 with the high nearby at $1,957.20. Silver is down as well with the trade at $26.99, off by 30.1 cents and recovering from its low at $26.725 with the high at $27.115, so far today. The US Dollar’s September contract will expire on Monday with the banker’s inventory/balance/count going on throughout the Triple Witch period, with the value now decided at 93.14, down 17.6 points and close to the low at 93.11 with the high at 93.36. Of course, all this happened before 5 am pst, the Comex open, the London close, and after another round of information was released in regards to the MI5 & 6 Pee-Steele dossier and the antics that help prove treason at the highest levels. It’s stated in this article, and it winds up falling right into our topic, “it’s all about the money”. Do these foreign links lead towards the printing presses of the Federal Reserve and the control of the US Treasury (Larry Summers)? How “Creature from Jekyll Island” can it get?

 

Gold in Venezuela is flat to lower with the last swap at 19,515.58 Bolivar, down 36.95 from yesterday’s quote with Silver at 269.563, it too down by 3.845 Bolivar. Argentina’s Peso price for Gold is now at 146,109.78 Peso’s, down only 110.52 overnight with Silver losing almost half of yesterday’s gains at 2,018.17, down 26.69 A-Peso’s. Turkey’s Lira price for Gold lost 29.05 from yesterday’s 154 T-Lira gain with the last trade at 14,598.28. Silver lost a little more than half of Thursday’s gains with the price now at 201.638, down 2.9 T-Lira.

 

September Silver’s Delivery Demands now shows a total of 1,316 fully paid for contracts up on the board and once again with no Price or Volume so far today. Yesterday was a ghost trade day as a total of 66 Contracts got swapped out inside the delivery system with the proof being in the Volume Column and still Comex feels it’s not important to post the values because these are considered “spread trades” which, in their minds, require no prices. This ghost game helped reduce the Overall Demand Count by 2 with that Comex Calculated Closing price at $27.163, a gain of 20.8 cents. Silver’s Overall Open Interest is increasing as more positions are added in order to provide liquidity to go against the physicals, as another 1,608 additional short contracts got added to the mix bringing the total to 161,177 Overnighters.

 

September Gold’s Delivery Demands now show 364 fully paid for contracts up on the board with a Volume of 22 so far this morning with a 10-cent trading range between $1,944 and $1,943.90, down $10.30 helping to prove these sellers are more willing to take the cheaper price instead of a higher. Yesterday’s full day of delivery activity happened in between $1,962.70 and $1,944.10 with the last trade at $1,946, yet the CCC was decided upon at $1,954.20, a gain of $9.50. Also, of note is the final Volume during Thursday’s trades which totaled 698 contracts, giving the demand count, a gain of 97 fully paid for contracts waiting for those promissory bars of purity. Could this be evidence of a Resolute Buyer punking the spreaders! The fear is here as another 4,898 contracts had to be added in order to provide more time for the controllers, bringing the Overall Open Interest in Gold to 570,504 Overnighters to go against the trade as we wade into the deep waters of the Triple Witch. Let’s see how they work it and how the Resolutes respond with their purchases. I got a feeling one day the Triple Witch Fix will be the period of time, when all hell breaks loose, completely upsetting the Pavlov Dog approach the technicians apply to the Quarterly Triple Witch Week.

 

We’re still looking into the US Dollar’s trading anomaly and the obviousness of it all with today’s early morning chart, not showing as much activity as the last 2 sessions. The day ain’t over yet, but here is what we see so far.

 

Those little blips are what we normally see when it comes to the daily trading activity, yet these long 1 minute (of trade) vertical bars, is what has happened, all day long, every day, since Wednesday.

 

What kind of agreement is this “thing” we’re seeing here in the US Dollar? Is this Jay Powell’s idea of control, where the price is kept at one level as the daily chart is proving a sideways move since the beginning of August, and after he stated inflation is their goal at Jackson Hole? Silver and Gold are also coiling inside the high and low of August’s trades and we’re entering into the best time to buy a contract on the TW quarterly dip. Oh yeah, we also have the FOMC meeting starting on TWW-Tuesday, what can go wrong?

 

Of course, it’s all up to the players who trade. Those that hold physical Silver and Gold know it’s the best way to deal with it while we all witness the events, with an occasional chart to prove things are strange in the fiats, that go against the real.

 

Never forget September 11th, Patriots Day! May God Bless America, it’s unsung heroes, and every one of you, as we make it through, this and every day. Keep the faith, a smile on the face, and as always …

 

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

(GATA( Mining entrepreneur and silver bull Sprott buys huge stake in First Majestic

Submitted by cpowell on 03:46PM ET Friday, September 11, 2020. Section: Daily Dispatches

First Majestic Announces C$78 Million Bought Deal Investment by Billionaire Eric Sprott

Company Announcement

Thursday, September 10, 2020

VANCOUVER, British Columbia, Canada — First Majestic Silver Corp. is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as underwriter, pursuant to which the underwriter has agreed to purchase, on a bought deal-basis, 5 million common shares of First Majestic at a price of C$15.60 per share for gross proceeds of C$78 million.

The sole investor under the Offering will be Canadian billionaire businessman Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him. This investment will result in Sprott holding approximately 2.3% of First Majestic’s issued and outstanding common shares, post-closing.

Sprott commented, “We believe there has been a lack of appreciation for First Majestic’s equity in 2020 and we are happy to align ourselves with First Majestic President and CEO Keith Newmyer, who recognizes the mispricing of silver in the marketplace and has been a stalwart for silver.”

Neumeyer commented: “We are very pleased to welcome Mr. Sprott as a significant shareholder in First Majestic. As a fellow silver bull, Eric has been recognized as one of the most influential leaders within the silver investment community and this deal represents his largest treasury investment in a silver producer, let alone the entire silver space.” …

… For the remainder of the announcement:

https://www.firstmajestic.com/investors/news- releases/first-majestic-announces-cdn78-million-bought- deal-investment-by-billionaire-eric-sprott

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8369/ 

//OFFSHORE YUAN:  6.8391   /shanghai bourse CLOSED UP 25.72 POINTS OR 0.79%

HANG SANG CLOSED DOWN 189.77 POINTS OR 0.78%

 

2. Nikkei closed UP 189.77 POINTS OR 0.78%

 

 

 

 

3. Europe stocks OPENED ALL MIXED/

 

 

 

USA dollar index UP TO 93.18/Euro RISES TO 1.1850

3b Japan 10 year bond yield: FALLS TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//

 

 

3c Nikkei now JUST BELOW 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 37.34 and Brent: 39.93

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.46%/Italian 10 yr bond yield DOWN to 1.00% /SPAIN 10 YR BOND YIELD DOWN TO 0.32%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.46: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.13

3k Gold at $1944.30 silver at: 26.75   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 25/100 in roubles/dollar) 74.92

3m oil into the 33 dollar handle for WTI and 37 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 106.16 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 .90925 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0774 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 0.46%

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

4. USA 10 year treasury bond at 0.689% early this morning. Thirty year rate at 1.433%

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

6.  TURKISH LIRA:  UP  TO 7.4702..

Futures Rebound In Shaky Markets With Stocks On Pace For 2nd Weekly Drop

After yesterday’s surprise intraday reversal lower – the third such lurch following last Friday’s and Tuesday’s drubbing – which may or may not have been sparked by a pair of sell programs late in the morning, US equity futures levitated sluggishly in the week’s final session while European shares struggled for momentum on Friday as concerns about extra monetary stimulus and overnight falls in U.S. big tech shares kept investors on edge. The dollar continued its decline while Treasury yields rose.

 

Despite the modest rebound in U.S. futures, global stocks, the S&P 500 and the Nasdaq Composite were course for a second straight week of losses. On Friday, Nasdaq 100 futures were up 1.3% and S&P 500 futures 0.9% firmer. The NYSE Fang+ index of big 10 tech companies has lost 5.4% so far this week, its biggest weekly loss since the market turmoil in March if sustained by the end of Friday. Menwhile, volatility is rising and as the next chart shows, the Nasdaq has moved more than 1% on every day in September.

 

“When you see these short-term, sudden moves after a run-up like we’ve had, it doesn’t mean you avoid the sector, but you have to be prepared that it’s the price of admission of being there,” said Charles Day, a managing director and private wealth advisor at UBS Global Wealth Management. “We still think investors should stay invested, we’re still positive on equities.”

Fears over a messy hard Brexit added to the bearish sentiment, putting sterling on track for its worst-week since March after the European Union told Britain it should urgently scrap a plan to break their divorce treaty. In other political clashes, the U.S. Senate killed a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats seeking far more funding prevented it from advancing. That followed European Central Bank President Christine Lagarde earlier in the day appearing to rule out measures to weaken the euro, even though the ECB’s chief economist followed up this morning warning that a strong euro is dampening inflation.

“Investors were disappointed,” said Milan Cutkovic, market analyst at AxiCorp. “They were hoping that the central bank will boost the stock market rally by paving the way for further stimulus measures and talking down the euro. “But ECB President Christine Lagarde sounded less dovish, and her remarks about the strong euro left markets unimpressed.”

Europe’s Stoxx 600 was rangebound, opening lower before gaining 0.1%. The bank subgroup index fell as much as 1.4% and travel & leisure index dropped 1.1%, after ECB chief economist Philip Lane used a tougher tone than President Christine Lagarde and warned that the euro’s appreciation this year has dampened the inflation outlook, signaling that more monetary stimulus might be needed. After crashing by a record 20% in the second quarter, Britain’s economy grew by 6.6% in July, slower than June’s monthly rate, the Office for National Statistics said.

The European Union is ramping up preparations for a tumultuous end to the four-year Brexit saga after Britain explicitly said this week that it plans to break international law by breaching parts of the Withdrawal Agreement treaty that is signed in January.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%, moving away from a one-month trough touched earlier this week. Markets in Asia were mixed, with Jakarta Composite and Shanghai Composite rising, and Australia’s S&P/ASX 200 and Thailand’s SET falling. The Topix gained 0.7%, with Diamond Electric Holdings and Raksul Inc rising the most. The Nikkei rose after Tokyo dropped its coronavirus alert by one notch from the highest level as COVID-19 cases trend down. The Shanghai Composite Index rose 0.8%, with Yechiu Metal Recycling China and Jiangsu Sinojit Wind Energy Technology posting the biggest advances.

With the world’s stocks still trading near the most expensive levels relative to profit outlook since the 2000 tech bubble, some analysts called for caution.

“Global shares had rallied on expectations of economic recovery from lockdowns. But as the autumn begins (in the northern hemisphere), people wonder if the coronavirus infections could worsen,” said Kozo Koide, chief economist at Asset Management One. “You never know if vaccine deployment is that easy nor if banks need to aside more provisions for struggling firms in hospitality sector. Considering all that, investors are likely to question the current valuations can be justified,” he said.

In rates, Treasuries drifted lower led by long end as the curve bear-steepened, with futures near lows of the day in early U.S. trading. 10- and 30-year yields remain below this week’s auction stops, with a 20-year reopening ahead on Tuesday. Yields are cheaper by ~2bp at long end, steepening 5s30s by 1.6bp; 10-year higher by 1.3bp near 0.69%. Government bond yields across the euro area fell after Lane’s comments that inflation will be persistently low in the coming years. Bunds outperformed by ~3.5bp, helped by comments from ECB’s Lane who said the euro’s recent rise dampens the inflation outlook; gilts outperform Treasuries by 2.7bp.

In fx markets, the Bloomberg Dollar Spot Index slipped for a second day as the greenback weakened versus most of its peers as gains in U.S. stock futures dented demand for haven assets. The euro advanced for a third day as investors shrugged off policy makers’ commentary about how the common currency’s strength dims inflation prospects. The EURUSD rose 0.5% to 1.1874 day high, up 0.3% on a weekly basis, after ECB chief economist Philip Lane warned that the euro’s appreciation this year has dampened the inflation outlook, using tougher language than President Christine Lagarde and signaling that more monetary stimulus might be needed. Norway’s krone and antipodean currencies were at the top; the Australian dollar advanced against the greenback to erase a weekly loss after exporters and speculative funds bought spot to cover short term obligations into the weekend. The pound extended this week’s slump and headed for its worst week since March on a deterioration in Brexit negotiations. Dollar-yen stayed in a tight range as investors refrained from taking fresh positions ahead of U.S. inflation data.

In commodities, oil prices were under pressure from a surprise rise in U.S. stockpiles and weak demand due to the coronavirus pandemic. Brent was down 0.4% at $39.91 a barrel after falling nearly 2% on Thursday. U.S. crude dropped 0.2% to $37.23 a barrel, having fallen 2% in the previous session. Despite the continued dollar drop, gold was roughly unchanged at $1,944.75 per ounce after hitting its best level since Sept. 2 on Thursday.

Looking at the day ahead, data highlights include the US CPI reading for August. There are an array of ECB speakers, including chief economist Lane, Schnabel, Mersch, Villeroy and Weidmann. Kroger is reporting earnings.

Market Snapshot

  • S&P 500 futures up 0.9% to 3,370.75
  • STOXX Europe 600 up 0.07% to 367.74
  • MXAP up 0.4% to 170.90
  • MXAPJ up 0.3% to 560.25
  • Nikkei up 0.7% to 23,406.49
  • Topix up 0.7% to 1,636.64
  • Hang Seng Index up 0.8% to 24,503.31
  • Shanghai Composite up 0.8% to 3,260.35
  • Sensex down 0.1% to 38,796.07
  • Australia S&P/ASX 200 down 0.8% to 5,859.42
  • Kospi up 0.01% to 2,396.69
  • Brent futures down 0.2% to $39.97/bbl
  • Gold spot down 0.2% to $1,943.19
  • U.S. Dollar Index down 0.1% to 93.23
  • German 10Y yield fell 3.6 bps to -0.469%
  • Euro up 0.3% to $1.1846
  • Italian 10Y yield fell 1.2 bps to 0.883%
  • Spanish 10Y yield fell 3.0 bps to 0.32%

Top Overnight News from Bloomberg

  • The U.K. secured a free-trade agreement with Japan, its first major post-Brexit accord and a boost to Prime Minister Boris Johnson as negotiations deteriorate with the EU
  • Britain’s economy expanded 6.6% in July compared to June, when it gained a record 8.7%, with activity being boosted by the reopening of restaurants and bars in early July
  • Investors are now paying for the privilege to lend cash to the U.K. government for short periods of time, adding to conviction for rate cuts by the Bank of England
  • JPMorgan Chase & Co. is requiring its most senior sales and trading employees to return to their offices by Sept. 21, the strongest move yet by a U.S. bank to restaff its workplaces
  • French President Emmanuel Macron will meet with his government Friday to discuss how to curb a surge in coronavirus infections without endangering a tentative economic recovery. France recorded close to 10,000 new cases Thursday, the most since the lockdown ended in May
  • Norges Bank will probably raise its main interest rate a good deal earlier than the bank’s own forecasts suggest, according to Norway’s statistics agency

A look at global markets courtesy of NewsSquawk

Asian equity markets trade mixed, but finished mostly positive, as the region partially shrugged-off the weak performance stateside where all major indices declined amid resumed heavy selling in tech and energy, while higher US jobless claims data and the failure to pass the skinny stimulus bill at the Senate added to the downbeat mood. ASX 200 (-0.8%) underperformed with tech and miners leading the broad descent across its sectors, while Rio Tinto shares whipsawed following the announcement of top-level changes with CEO Jacques to exit the Co. when a successor is appointed or by end-March 2021 and iron ore chief Salisbury to step down with immediate effect as a fallout from the destruction of the Aboriginal heritage sites. Nikkei 225 (+0.7%) recovered initial losses with the index helped by mildly favourable currency flows and amid reports Japan is to allocate JPY 1.6tln for coronavirus measures from the reserve fund. Hang Seng (+0.8%) and Shanghai Comp. (+0.8%) were indecisive after this week’s PBoC liquidity efforts resulted to a net weekly injection of CNY 230bln, but with upside restricted after President Trump adamantly dismissed extending the deadline for TikTok and with weakness seen in defense stocks after China and India border tensions eased following a meeting of their foreign ministers in which the sides issued a joint statement that they agreed to honour existing agreements and to not escalate the border situation. Finally, 10yr JGBs were marginally higher as they took their cue from USTs and with the BoJ also present in the market for nearly JPY 1.2tln of JGBs with up to 10yr maturities, although gains were limited by the improvement in risk appetite overnight and with stubborn resistance at the 152.00 level.

Top Asian News

  • Credit Suisse Hires 11 for China Research After JV Control
  • India Survey Suggests Covid-19 Cases Hit 6.4 Million by May
  • Nissan Makes Euro Bond Market Debut After Jumbo Dollar Sale
  • Bank Indonesia Intervenes as Planned Social Curbs Hit Rupiah

Directionless trade thus far and relatively contained in early European hours (Euro Stoxx 50 -0.4%) as the region took the lead from a mixed APAC performance and fluctuates between negative and positive territory amidst a lack of fresh catalysts heading into US CPI. Meanwhile, US index futures see more pronounced gains following yesterday’s tech-led slide. European sectors also see a mixed performance with little to be derived in terms of a risk profile. Healthcare leads the gains – propped up by Pharma behemoths Novartis and Roche, with the latter noting that new data further reinforces Co’s Ocrevus as a highly effective treatment for MS. To the downside, banks feel the ill-effects of a slightly lower European yield environment, whilst Oil & Gas and Travel & Leisure react to dwindling demand prospects. In terms of individual movers, Altice (+24%) tops the charts amid news that it is to be acquired by Next Private in an all cash offer of EUR 4.11/shr; expected to completed in Q1-2021. Meanwhile, Banco de Sabadell (-3%) failed to capitalise on further Spanish banking sector consolidation rumors as merger talks reportedly have not been initiated. Sticking with M&A, LSE (+1.8%) shares are supported by reports that Board of directors of Italy’s CDP and CDP equity have resolved to proceed jointly with Euronext (+1.8) to submit non-binding bid for Borsa Italiana.

Top European News

  • U.K. Agrees Post-Brexit Trade Deal With Japan, Boosting Johnson; U.K. Economy Surges in July But Clouds Gather Over Brexit
  • Sunak Urged to Extend U.K. Job Support, Help Indebted Firms
  • LVMH, Hermes Gain as Morgan Stanley Sees Rosier Luxury Outlook
  • Euronext Joins Italy State Lender CDP in Borsa Italiana Bid

In FX, sterling remains vulnerable heading into Friday’s round of Brexit trade talks, and with UK PM Johnson facing a Conservative Party revolt against the Internal Market Bill on top of the EU backlash following no reassurances about commitment to comply with the WA from yesterday’s extraordinary joint committee meeting. However, Cable briefly clambered back over 1.2800 after positive reports from Japan about agreement on a trade deal with Britain and Eur/Gbp retreated through 0.9250 before rebounding again after the cross catapulted 2 big figures to 0.9270 on Thursday, albeit with the Euro off its post-ECB highs across the board. For the record, no discernible reaction to a raft of UK data that was mixed on balance, but pretty much as expected in terms of GDP, and from a chart perspective the Pound may find underlying bids around 1.2750 vs the Dollar as the 200 DMA sits not far below at 1.2737, while 0.9300 could offer some sentimental support relative to the Euro.

  • AUD/NZD – Broad risk sentiment is still fragile after a resumption of the tech-inspired equity market bull correction on Thursday, but the Aussie and Kiwi have taken comfort from more resilient performances across APAC bourses overnight. Moreover, Aud/Usd and Nzd/Usd will draw encouragement from the fact that their latest pullbacks were shallower, down to around 0.7250 and 0.6650 respectively compared to 0.7200 and 0.6600 on Wednesday, while retesting 0.7300 and 0.6700. Note, however, Aud/Nzd is holding above 1.0900 in wake of softer NZ food prices and the manufacturing PMI only just retaining 50+ status.
  • EUR/CHF/CAD – Also rebounding vs the Greenback, as the DXY meanders between 93.356-129 parameters ahead of US CPI, with the single currency near the top of a 1.1869-14 range and keeping tabs on a host of ECB speakers for anything fresh/pertinent to supplement pretty routine and unchanged guidance from September’s policy meeting. Meanwhile, the Franc has reclaimed 0.9100+ status and the Loonie is pivoting 1.3170 without additional impetus from BoC Governor Macklem who basically repeated Wednesday’s post-meeting statement and merely acknowledged that Usd/Cad has not fallen as much as other pairs in the past month.
  • JPY – Very little deviation in the Yen just under 106.00 against the Buck awaiting next week’s LDP leadership developments and BoJ policy outcome that is now widely touted to culminate in an upgrade to the economic assessment for Japan.

In commodities, WTI and Brent front month futures are flat within tight ranges in the aftermath of yesterday’s decline, as the complex awaits fresh news flow ahead of US CPI metrics. WTI has been contained within USD 0.5/bbl parameters between 37.00-50/bbl and 39.65-15/bbl respectively, with the only scheduled crude-specific data the weekly Baker Hughes rig count which will be released as usual. Next week is poised to be a relatively busy week for crude markets, with the OPEC and IEA MOMRs alongside the JMMC, which collectively should provide some meat on the bone around what is still an uncertain supply/demand outlook. Elsewhere, spot gold and spot silver are uneventful in caged-trade sub-USD 1950/oz and below USD 27/oz, Meanwhile, Shanghai copper closed lower on the day, weighed on by the losses seen across US stock markets, whilst Dalian iron ore rebounded on demand recovery hopes.

US Event Calendar

  • 8:30am: US CPI MoM, est. 0.3%, prior 0.6%; 8:30am: US CPI Ex Food and Energy MoM, est. 0.2%, prior 0.6%
  • 8:30am: US CPI YoY, est. 1.2%, prior 1.0%; 8:30am: US CPI Ex Food and Energy YoY, est. 1.6%, prior 1.6%
  • 8:30am: Real Avg Hourly Earning YoY, prior 3.7%; Real Avg Weekly Earnings YoY, prior 4.3%
  • 2pm: Monthly Budget Statement, est. $235.4b deficit, prior $200.3b deficit

DB’s Jim Reid concludes the overnight wrap

25 years ago today with great trepidation I walked into my graduate training program and started in Investment Banking. My honest plan at that point was to do it for 3-5 years and earn enough money to pursue my dream of becoming a rockstar. I genuinely believed this would happen. The fact that I’m writing this a quarter of a century later suggests my dreams were quashed or alternatively that I’m a very bad analyst. However with Mick Jagger still going strong at 77 maybe there’s hope that I can do this for another 3-5 years and then pursue my dreams of becoming a rockstar! Note that back on this day in 1995, 10yr US, German, UK and Italian yields were 6.22%, 6.61%, 7.89% and 11.51% respectively. I think the first thing I learnt on that training program was that yields and interest rates don’t go negative. So if you’re reading this as a new graduate, ignore the first thing you learn today.

If you really want to look at long-term returns our “The Age of Disorder” (link here) provides you with them spliced and diced numerous ways for global equities, bonds and commodities. This is in addition to our thematic view in the report that we are about to start a new era – the 6th in the last 160 years. The lead topic was one of a likely ongoing deterioration in the US-China relationship. We showed in Figure 3 (and in our CoTD yesterday here) that China is only restoring its historical position that it lost for a century or so post the mid-19th century. That catch up was fine while it was still far behind the size of the US economy but as parity has got closer and as China has resisted conforming to Western ideals, tensions have been and will continue to increase. See the report for a full chapter on this but remember there’s an 8-page executive summary that covers all the report at a high level.

The month of disorder continues in September with yesterday turning into yet another volatile day for investors as a raft of headlines out of Europe coupled with weak labour market data from the US saw swings between gains and losses before the US took a sharp leg lower post the European close led by the tech sector (-2.28%) once again, with the NASDAQ -1.99%. The S&P 500 was flat at noon in New York before finishing -1.76% down on the day. While there was no specific impetus to the selloff, there were a couple of negative headlines that may have reinforced the week-old risk-off sentiment. A slimmed down US stimulus bill failed to pass the Senate (somewhat expectedly), and Microsoft (-2.80%) announced that they had detected new cyberattacks targeting the US elections. With Europe missing the late drop in risk, the STOXX 600 fell a lesser -0.59%. Sovereign bonds diverged as yields on 10yr Treasuries fell (-2.3bps) to 0.677% as investors sought safety in the late risk off. Earlier yields on 10yr bunds (+2.9bps) had moved higher to -0.43%.

One of the bigger FX moves came from sterling, which fell -1.52% against the US Dollar and -1.60% against the euro as Brexit tensions escalated further between the UK and the EU – the biggest daily drops since 18 March during the worst of the pandemic selling. It follows the release on Wednesday of the UK government’s internal market bill, which seeks to override parts of the already-signed Withdrawal Agreement. In terms of the developments in the last 24 hours, an extraordinary meeting of the EU-UK joint committee was held, following which Commission Vice President Šefčovič said that the adoption of the internal market bill by the UK “would constitute an extremely serious violation of the Withdrawal Agreement and of international law.” More notably, the EU called on the UK “to withdraw these measures from the draft Bill in the shortest time possible and in any case by the end of the month”, and that the EU would “not be shy” when it came to using the mechanisms and legal remedies in Withdrawal Agreement to address any violations.

On the UK side however, there was no sign of the government backing down, with their legal defence issued yesterday saying that “Parliament is sovereign as a matter of domestic law and can pass legislation which is in breach of the UK’s Treaty obligations.” Questions have been raised however as to whether the legislation could successfully pass through Parliament, since although the government has an 80-seat majority in the House of Commons (The Times this morning suggest that up to 30 Tory MPs could rebel), they don’t have one in the Lords, where even the former Conservative leader and Brexit supporter Michael Howard expressed disquiet over the fact that the UK could breach its treaty obligations.

In a statement from EU chief Brexit negotiator Barnier, he noted “significant differences remain in areas of essential interest for the EU.” This was almost the exact same wording from U.K. counterpart Frost, who said that “a number of challenging areas remain and the divergences on some are still significant.” The negotiators are due to meet again next week but, as Mr Barnier noted, both sides are in essentially the places they started eight rounds of negotiations ago.

With the Brexit saga dominating, the ECB were somewhat lower down the headlines yesterday, particularly as they left policy on hold with nothing new in the statement. One of the big questions was how they’d react to the recent appreciation in the euro’s exchange rate, which crossed over the $1.20 threshold recently for the first time in over two years. On this President Lagarde said that “to the extent that the appreciation of the euro puts negative pressure on prices, we have to monitor carefully such a matter, and this was extensively discussed”. However, it was a Bloomberg headline rather than comments from Lagarde that saw the euro strengthen during her press conference. It basically said that the ECB was said to agree there was no need to overreact to the Euro’s gains. In response the euro appreciated to $1.19 shortly afterwards, before paring back some of its gains by the close to finish up +0.10% at $1.182.

In terms of their latest economic forecasts, they now see a smaller -8.0% contraction in GDP this year (vs. -8.7% in June), before a +5.0% rebound in 2021 (vs. +5.2% in June). And on the inflation side, the recent weak inflation prints didn’t stop them revising their outlook slightly higher, with this year’s HICP forecast remaining at +0.3%, before next year saw an upgrade to +1.0% (vs. +0.8% in June) while 2022 remained at +1.3%.

With the ECB behind us now, central bank attention is fully on the upcoming Fed meeting next week, which will be the first since the new framework was presented at the virtual Jackson Hole symposium. To that end at 14:30 BST today, Matt Luzzetti, our Chief US economist, will be in conversation with David Wilcox (the former chief economist at the Fed) on the next steps for the Fed ahead of the important FOMC next week. To register for this event, please click here.

Overnight in Asia markets are mixed with the Nikkei (+0.29%) and Hang Seng (+0.42%) both up while the Shanghai Comp (-0.21%), Kospi (-0.67%) and Asx (-0.69%) are all down. The Nikkei is trading higher after reversing earlier declines helped by news that Yoshihide Suga, the leading candidate to become Japan’s next leader, said there’s no need to raise the sales tax again in the next decade. This overnight remark is significant after he had said a day prior that a further increase in the tax is inevitable in the future given Japan’s aging population. In Fx, the British pound and euro are both up +0.20% and +0.17% respectively this morning while the US dollar index is down -0.16%. Futures on the S&P 500 and Nasdaq are trading up +0.59% and +0.64% respectively. In terms of data, Japan’s August PPI came in line with consensus at -0.5% yoy.

On the coronavirus, the CEO of AstraZeneca Pascal Soriot said that a vaccine could still be available by the end of the year after their trial was delayed. Meanwhile, the head of the US FDA has said overnight that drug makers seeking an emergency authorization for a Covid-19 vaccine will have to meet a higher standard of efficacy than normally would be required for such clearance.

Onto the virus numbers now and there were further signs that Europe was becoming a renewed area of concern, with the UK reporting a further 2,935 cases in the past 24 hours, which brought the 7-day average up to its highest since May 25 at 2,532 albeit with higher testing levels now. We have been highlighting the transatlantic shift in new cases over the last month – rising in Europe while falling in the US over the past 6 weeks. Yesterday was the first time since early spring that new daily cases in the European Union and the U.K. surpassed those in the US (c.27k vs c.26k). European leaders continue to advocate for targeted measures over national lockdowns, with French President Macron saying, “we have to continue to be rigorous, realistic, without giving in to any kind of panic” as the country is seeing more weekly cases than ever. Elsewhere, Japan and Singapore are planning to open a reciprocal green lane for travel next week in a bid to revive business between the two countries.

Looking at yesterday’s data, both the initial weekly jobless claims and continuing claims surprised to the upside in the US. The initial claims for the week through September 5th came in at 884k (vs. 850k expected), which is unchanged from the previous week’s level, while the continuing claims covering the previous week increased to 13.385m (vs. 12.904m expected). Notably, the uptick in the insured unemployment rate to 9.2% was the first weekly increase since mid-July, and only the second since May. So that’ll add to concerns that labour market progress is slowing, particularly in the absence of another stimulus package in the US.

Chances for that additional stimulus package fell yesterday, as Senate Democrats voted down a ‘skinny’ bill that some Senate Republicans and the President had been pushing. The bill was estimated at $500-700bn targeted at supplemental unemployment insurance benefits and aid to small businesses. It was a big drop from the Democrats’ most recent salvo of $2.2tr and the Republicans’ opening $1tr bill. With fewer than 60 days to the election it is uncertain what the path forward is here, as some Senate Republicans are still unsure if more stimulus is even needed while Democrats may wait to see if they have a stronger negotiating platform in November.

To the day ahead now, and there are an array of ECB speakers, including chief economist Lane, Schnabel, Mersch, Villeroy and Weidmann. Separately, data highlights include the US CPI reading for August and the UK’s GDP reading for July.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 25.72 POINTS OR 0.79%  //Hang Sang CLOSED UP 189.77 POINTS OR 0.78%   /The Nikkei closed UP 171.02 POINTS OR 0.74%//Australia’s all ordinaires CLOSED DOWN .84%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8369 /Oil UP TO 37.34 dollars per barrel for WTI and 39.93 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8369 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8391 TRADE TALKS STALL////TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC/TRADE WARS  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/TAIWAN

Chinese fighter jets buzz Taiwan airspace for the 2nd day in a row..tensions soar\(zerohedge)

Chinese Fighter Jets Buzz Taiwan Airspace For Second Day As Pacific Tensions Soar

For the second day in a row, on Thursday, Chinese military aircraft entered Taiwan’s air defense identification zone (ADIZ), according to an Al Jazeera report.

Taiwan was forced to scramble fighter jets as Chinese warplanes breached the air defense buffer zone off its south-western coast.

Taiwan’s defense ministry urged China to stop “destroying regional peace” as tensions in the unstable Taiwan Strait continue to ramp up ahead of the US presidential election on Nov. 3.

Chinese jets first breached the ADIZ on Wednesday (Sept. 9), then again, on Thursday (Sept. 10), the Taiwanese defense ministry said, adding that Su-30 fighters and Y-8 transport aircraft were among some of the planes that entered the ADIZ on Thursday morning.

“The defense ministry once again urged the Chinese Communist Party must not to repeatedly destroy regional peace and stability,” the Taiwanese defense ministry said, adding that the ADIZ breach by Chinese warplanes triggered hostility among the people of Taiwan.

Beijing claims Taiwan as “sacred” territory and threatens to invade the country if it refuses to unify with Mainland China.

Taiwan President Tsai Ing-wen warned in late August of accidental conflict could occur in the Taiwan Strait, or the South China Sea, as China and the US have ramped up warship sails in both regions.

When it comes to relations between China and the US, well, readers know Sino-US relations are at multi-decade lows as mistrust over the virus pandemic, unfair trade, and disputes over Hong Kong, the South China Sea, and Taiwan have fueled the geopolitical fire. It’s even to the point, President Trump called for economic decoupling of the US and Chinese economies on Monday (Sept. 7).

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

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

To make matters worse, Taiwan recently signed a deal to purchase fighter jets from Lockheed Martin as concerns of a hot conflict could be on the horizon.

China’s growing military presence in the Taiwan Strait, the South China Sea, the East China Sea, and the Philippine Sea continues to suggest regional tensions will increase this year.

END

CHINA/USA

Beijing Says Would Rather See TikTok’s US Business Shuttered Than Sale “Forced” By Trump

Beijing has just upped the ante in its latest game of tit-for-tat brinksmanship with Washington over the fate of TikTok’s US business.

President Trump yesterday insisted that ByteDance must agree to sell TikTok’s US business (potentially along with its business in a handful of other anglophone countries) before his previously-stated deadline of Sept. 15, or his administration would find a way to shut it down.

With US courts apparently unwilling to intervene – at least, thus far – Beijing is insisting that it would rather see Trump shutter the business – and presumably risk the political backlash domestically – than simply cave to Washington and Trump.

Shares of the leading TikTok suitors, a group that, bizarrely, includes Wal-Mart and Microsoft (in a widely remarked-upon bric-and-clicks alliance), declined on the news.

Microsoft shares also dropped, adding to the woes of the major tech giants.

This level of rancor from Beijing is unprecedented for this issue, but Chinese state media has issued threats about Beijing’s unwillingness to tolerate a “smash and grab” deal.

4/EUROPEAN AFFAIRS

UK/JAPAN

UK strikes first with an historic trade deal with Japan.  Brussels threatens to abandon UK-EU talks

(zerohedge)

UK Strikes Historic Free Trade Deal With Japan As Brussels Threatens To Abandon Talks

After a solid nine-month stretch that was blissfully devoid of major Brexit-related news as the global COVID-19 pandemic raged on, we declared last night that Brexit talks “suddenly matter again” as the drop in the pound was blamed – incorrectly, as Bloomberg later determined – for  triggering yesterday’s intraday declines in US markets.

But on Friday morning, American traders awoke to some surprisingly positive trade news out of Great Britain. A trade deal with Japan had been agreed to in principle, which would – if finally ratified by both countries – allow 99% of the UK’s exports to Japan to cross the border tariff-free.

What’s more, the deal even gave Johnson the opportunity to gloat, as Reuters reported the digital and data provisions in the agreement went “far beyond” those in the EU’s trade deal with Japan.

The deal also allowed BoJo to show voters that Brexit is already giving them new options to strike favorable free trade deals.

Though, unsurprisingly, the PM’s critics insist that these deals won’t replace the trade lost from the EU. Though that, of course, remains to be seen.

Critics say such agreements are unlikely to replace exports lost to the EU if a deal cannot be struck with Brussels.

The EU has ordered Britain to scrap a plan to break their divorce treaty, but Johnson’s government has refused, potentially sinking four years of Brexit talks.

Japan wanted to reach broad consensus with Britain on trade this week before a change in government in Tokyo which could have caused the negotiations to drift.

While Britain hailed the deal as a “historic moment”, analysts remained mostly focused on the outlook for talks with Brussels, and most importantly, the outlook for BoJo’s Inter-market bill.

An FT opinion piece suggested that the proposed legislation could once again be “domestic cover for concessions to come.”

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

BEIRUT/LEBANON

Beirut Residents Warned Toxic Smoke Has Settled Over City Following New Port Fire

Coming a little over a month after the deadly Aug.4 ammonium nitrate blast which destroyed Beirut’s busy port and leveled entire neighborhoods in the surrounding downtown area, Thursday’s fire reportedly centered on an oil and tire storage depot at the same location sent residents panicking as they thought they were in for a repeat of the earlier blast which left over 190 dead and more than 6,000 injured.

As of early Friday, Lebanese military and firefighting units have put out the blaze, but health organizations are now warning that the black smoke which thickly settled over the city is likely toxic.

 

The Sept.10 fire over Beirut, via Al Jazeera

Residents are being told to protect themselves, and avoid venturing outdoors until the fumes clear.

“Burning tires produce a lot of fine particulates, visible smoke and ash but also a lot of volatile organic pollutants that can be inhaled even outside the smoke plume,” the environmental Greenpeace said, according to local media.

“The smoke can include highly toxic and carcinogenic compounds, black carbon and other particulates and acid gases,” the statement warned.

The Washington Post’s Liz Sly also observed that “the toxic fumes wrap around the city, 180 degrees, then head out to sea.”

Lebanese atmospheric chemistry specialist Najat Saliba is also warning residents that given continued storage of unknown chemicals in the port area, the air is now potentially dangerous.

“To protect yourselves from smoke please close the windows facing the fire,” Saliba warned on Twitter. “If you have no windows, leave the plastic up.”

However, there are hopes that most of the plume has been blown out across the Mediterranean sea, and not toward the populous mainland.

This is the scene which already traumatized Lebanese woke up to yesterday:

Thousands of homes are still without windows after the Aug.4 blast and pressure wave ripped out entire walls, windows, and balconies.

 

END

ISRAEL/SYRIA

Israel using air bases in Syria to strike Syrian-Iranian missile sites

(zerohedge)

Israeli Warplanes Use American Tanf Base Area To Strike Aleppo

Via AlMasdarNews.com,

The U.S. Al-Tanf Zone in southeastern Homs has once again been used by the Israeli Defense Forces (IDF) to bomb an area in Syria, a source in the Syrian Arab Army (SAA) in Damascus told Al-Masdar News.

According to the source, missiles fired from the Al-Tanf area targeted the town of Al-Safira in southern Aleppo, resulting in a number of explosions and at least two deaths, withReuterslater citing seven killed.

 

Israeli F-16 file image

The source said a number of missiles targeted the the Scientific Studies and Research Center (SSRC), with a few managing to hit the facility (part of a network of government facilities previously accused of being behind Syria’s chemical weapons capabilities).

He would add that the building suffered damage, but it is believed to be minimal at this time.

The U.S.-led Coalition contends that they are using the Al-Tanf Zone to prevent the Islamic State (ISIS/ISIL/IS/Daesh) from returning; however, it is the Syrian Army that has solely faced ISIS in the Homs Governorate.

Thursday night’s attack by the Israeli Defense Forces marks the second time this month and the third time in the last two weeks that they have targeted a site inside of Syria.

The previous attacks targeted the T-4 Airbase in Homs and the Damascus International Airport area.

 

US-occupied Tanf area near the Iraq border, via Wiki Commons.

The attack last night hit the town that has the largest Iranian presence in northern Syria; it has been used by the Islamic Revolutionary Guard Corps (IRGC) to coordinate with its allied forces in Aleppo and the Idlib countrysides.

end

ISRAEL/BAHRAIN
Bahrain establishes relations with Israel
(zerohedge)

Bahrain Follows UAE In Establishing Diplomatic Ties With Israel

Bahrain has followed the UAE in becoming the latest Arab nation to normalize ties with Israel as part of a larger diplomatic push by President Trump to strengthen ties between the Jewish state and other Middle Eastern nations, according to the Associated Press.

 

US President Donald Trump holds a bilateral meeting with Bahrain’s King Hamad bin Isa Al Khalifa, Sunday, May 21, 2017, in Riyadh. (AP Photo/Evan Vucci)

The agreement was announced by President Trump on Friday during a three-way phone call with Israeli Prime Minister Benjamin Netanyahu and King Hamad bin Isa Al Khalifa of Bahrain, after which they issued a six-paragraph joint statement on the deal – which comes on the 19th anniversary of the Sept. 11, 2001 terrorist attacks by Saudi Arabian hijackers.

As AP notes, the deal “represents another diplomatic win for Trump less than two months before the the presidential election and an opportunity to shore up support among pro-Israel evangelical Christians. Just last week, Trump announced agreements in principle for Kosovo to recognize Israel and for Serbia to move its embassy from Tel Aviv to Jerusalem.”

Similar to last week’s full establishment of diplomatic relations between the UAE and Israel, Friday’s deal will normalize diplomatic, commercial, security and other relations between the two nations – a move Bahrain had telegraphed earlier by rolling back a prohibition on Israeli flights using its airspace.

Trump’s son-in-law and senior adviser Jared Kushner noted that the agreement is the second Israel has reached with an Arab country in 30 days after having made peace with only two Arab nations — Egypt and Jordan — in 72 years of its independence.

“This is very fast,” Kushner told The Associated Press. “The region is responding very favorably to the UAE deal and hopefully it’s a sign that even more will come.

The agreement will likely be seen as a further setback to the Palestinians who tried unsuccessfully to have the Arab League condemn normalization with Israel until they have secured an independent state. That was one of the few cards still held by Palestinians in negotiations as peace talks remain stalled. –Associated Press

Bahrain will become the fourth Arab country – following Egypt, Jordan and the UAE, to establish full diplomatic ties with Israel, while Oman and Sudan are believed to be on the cusp of doing the same.

Read the rest of the report here.

end

6.Global Issues

A no brainer:  unprecedented stimuli across the globe is fueling an explosion of fraud

(Nick Corbishley/WolfStreet)

Unprecedented Stimulus Is Fueling An Explosion Of Fraud, Governments Begin To Admit

Authored by Nick Corbishley via WolfStreet.com,

“If you discover at a later stage that there was Mafia involvement, how do you undo what you’ve already done?”

The British government acknowledged on Tuesday that it may end up paying out as much as £3.5 billion of taxpayer funds in fraudulent or wrong claims for its job retention scheme, which covers up to 80% of an employee’s salary while they are on furlough. That’s the equivalent of 10% of all the money disbursed by the furlough program by mid-August.

“We have made an assumption for the purposes of our planning that the error and fraud rate in this scheme could be between 5% and 10%,” Jim Harra, the top civil servant at HM Revenue & Customs (HMRC), told members of parliaments on the Public Accounts Committee, adding that an academic study had estimated that the level of fraud and error could be even higher than 10%.

The jobs retention program is not the only British stimulus program that’s proven to be susceptible to fraud. The Bounce Back Loan program, which was launched to help small businesses survive the lockdown and its lingering aftermath, has been exploited by a minority of applicants to buy luxury cars, property or even premium bonds.

One of the reasons this is happening is that the loans are self-certified, so that they can be granted within 24 hours. They are also fully guaranteed by the State, meaning that banks are not liable for any unpaid debts and are therefore quite happy to release the funds with little in the way of background checks. Much of the debt — 40%-50% according to the Financial Times — will never be repaid, since many of the businesses will collapse.

The program has so far disbursed £31 billion to 1 million small businesses — roughly a fifth of the estimated 5 million registered businesses. The vast majority of these businesses had perfectly legitimate claims to the loans. With the economy brought to a virtual standstill by the government-imposed lockdown, they needed money as quickly as possible. But in all the haste to get credit flowing, juicy opportunities were created for fraudsters to fill the pockets along the way for fraudsters to also fill their pockets.

In July, the Policy Exchange think tank warned that fraud and error could set the government back between £1.3 billion and £7.9 billion. The think tank said the government’s financial rescue scheme was prone to abuse and scams due to the sheer scale of the loan program as well as the speed at which measures were rushed through.

Governments all over the world are beginning to admit that a considerable part of their unprecedented stimulus programs has been dished out on fraudulent or incorrect claims.

In the U.S., a report authored by House Democrats last week warned that $3 billion of the funds rolled out in the taxpayer-funded Paycheck Protection Program (PPP) program went to businesses that had been flagged as potentially problematic by the government. Some applicants received multiple loans — in violation of the program’s rules.

Three billion dollars may seem like a drop in the ocean compared to the $525 billion thus far disbursed by the program, but it could be just the tip of the iceberg. For the moment, there’s little way of knowing, since the Small Business Administration (SBA) and the Treasury Department only manually audit PPP loans of more than $2 million, which account for less than 1% of all the loans approved.

Court records for the fraud schemes uncovered thus far outline how some opportunistic individuals wired money ostensibly intended to fund their payrolls to their personal accounts or those of friends and family. Others splashed out on luxury jewelry, cars and property, while some hoarded bundles of cash or frittered away thousands in PPP funds on strip clubs or in gambling joints.

Questions are now being asked about private banks’ apparent failure to administer the loans. The PPP loans are 100% guaranteed by the State. As such, the banks themselves have zero liability and as such little incentive in ensuring that the loan recipient is credit worthy or even whether their claim appears to be legitimate.

No one has played a bigger role in dishing out PPP loans than America’s biggest bank, JPMorgan Chase, which has issued around 280,000 loans totaling more than $29 billion. In a memo to staff, senior management said they had uncovered “instances of customers misusing PPP Loans, unemployment benefits and other government programs” and that some “employees have fallen short, too.” The firm said the incidents “may even be illegal.”

Another country where concerns have been voiced about stimulus-related fraud is Switzerland, where over 400 criminal proceedings have so far been launched against company executives, often for overstating their company’s turnover in order to receive a bigger loan. Roughly one out of every 300 loans issued is currently suspected of fraud, though that number could rise in the coming months.

In Italy fears are rising that the mafia is finding new innovative ways of tapping the government’s stimulus funds. Given that an estimated 40% of businesses were considered to be at risk of bankruptcy due to the coronavirus crisis, according to the National Institute of Statistics, money had to be injected into the economy as quickly as possible. That meant that the normal anti-mafia checks were jettisoned.

The onus is now on stepping up control efforts after the funds are released. But recovering funds after they’ve been disbursed is a lot harder than checking for fraud before releasing them, says Anna Sergi, a professor at the University of Essex who specializes in organized crime: “If you discover at a later stage that there was Mafia involvement, how do you undo what you’ve already done?”

Back in the UK, a big problem is opacity. The government refuses to disclose the recipients of £52 billion of state-funded coronavirus business loans, including the 516 large companies that received £3.5 billion between them. Without full disclosure, says the editor of The Guardian, the public has no idea whether the money, which is essentially theirs, went to “politically connected insiders”, “firms with thin trading histories or directors previously convicted of fraud”, or whether it ended up in a tax haven.

The recipients also include American oil giant Schlumberger, which was fined $237 million in 2015 for knowingly violating sanctions against Iran and Sudan, and Chemring, a UK arms company that is under criminal investigation by the Serious Fraud Office for bribery, corruption and money laundering. As confirmed by the SFO website, this is still an ongoing investigation. But Chemring was able to pick up a £50-million loan from the BoE.

In this “new normal” pandemic economy, fraud is exploding at all levels. With central banks and governments creating new money in unprecedented volumes and then releasing it into the economy as fast as they can, with little in the way of checks and balances and, in some cases, virtually no transparency, it’s hardly any surprise.

*  *  *

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end

COVID 19/SWEDEN

Robert to me:

Reflection on actions taken in Europe

 

“The other day, I wrote about capital flows and its’ importance to nations and individual country prosperity and the reality that capital is driven by safety, risk, return and flows without being country centric. And it is not important as to asset class as all assets have a time to shine and a time to avoid and no asset class has stood apart fixed in value where capital is only a means of exchange value for one’s labor. History teaches that capital will seek democracy over socialism time and time again as the preferred means of beneficial structure. More recently we have seen how both Russia and China blossomed when losing the cast of socialism to become more mercantile allowing a greater grouping of people to rise in prosperity instead of trying to have one class of people with a tiny group of concentrated wealth. And yes, both countries have long ways to go, but  it is doubtful that either one wants to return to their past. And yet, it seems that there are forces at work to try to force the rest of the world to embrace socialism in a experiment to remake the world by people with agendas.

Let’s examine the outlier in this crazy time of coronavirus. In the case of Sweden, with 10 million citizens with 8-9 million living in non-rural areas, which has proven that Lockdowns and Masks have been a big scam from the beginning. Covid disappeared during summer without Lockdowns and Masks, as the flu seasonality does every summer. Now it will come again to some people as flu season approaches, maybe covid again and maybe just flu because of the world locking down a second time and avoiding herd immunity. Were it not covid, it  would be another virus like year, like the many preceding years.

Covid in Sweden:
• No more total deaths this year than normal.
• No decrease of the average life time this year.
• Covid herd immunity of 20% with anti-bodies achieved during spring/summer.
• Empty intensive care units.
• No cases in August.
• No Lockdowns and a operating economy with minimal impact
• No Masks.

Is this the reason, no one wants to highlight Sweden as the beacon of what to do given the destruction and disruption caused by shutdowns and economic decline where whole industries are at risk of collapse causing long term social and economic strife ?

My take on all of this balderdash Is that the creating OF THIS FAKE Pandemic has been the life-preserver for Europe and the Euro and Brussels. No not  a theory, but an observation of what is really going on beneath the veil.

The Pandemic has masked the European banking crisis and justified the buying of banking stocks, which is the indirect bailout, not previously possible, given the the bail in rules and the elimination of cash in Europe will force everyone to return to the banks. They need this HOAX to cover the banking crisis, but in the process, they have created a huge nightmare which was  not foreseen. Suspending rents and preventing evictions while imprisoned the population with lockdowns has undermined the banking system well beyond what the socialists imagined, Now they are trapped by their own actions. And this is why they are talking behind closed doors about forgiving past rents for tenants. This does not address the collapse in commercial property prices which is causing nightmares for banks and insurance companies carrying mortgages. And it does raise the question of further debt impairment as why does a owner care about a property, if value is destroyed to render the property to be worth less than the a mortgage? This is fueling the bad debt crisis throughout Europe. Clearly, what occurred not so long ago in places like Spain is in the process of being repeated on a much wider scale and will in time offer new opportunities. And it is further fueled by unchecked immigration that has allowed an unprecedented number of displaced people in Europe who cannot contribute; rather they consume resources as a unemployable population living, in new found ghettos, ill afforded, with a wider social and economic impact through violence and crime. This is not say that certain people have not taken the opportunity at a better life by doing work, local citizens care not to do. However, the number of such cases is way too small. This is raising the Marxist mindset that government  should just confiscate those rental properties by nationalizing them with no regard for private ownership as value is imposed by government printing and what I see as confiscation of Private property. Where does this stop? Are shares of companies to be rendered on a podium for government takeovers to employ people? It is what socialists do. Every economic opportunity of profit is wasted to feed the socialist state of mediocrity as opposed to creation of value and everyone is the same without room for individual distinction. Just ask anyone fortunate enough to to have lived under such dictates and escape as to the difference. And I dare say no such person wishes to return to such a dictate.

As time renders its’ view of history being made through this, capital will see through the veil of socialism and I suggest that capital in Europe will be on the run not from wars but from socialism. And this will render more pain on those European countries that fall victim to this and given the cultural differences on people in Europe one can imagine where such efforts will run afoul of differences and thus cause further strife within the Eurozone  itself leading to perhaps more countries looking to depart as opposed to staying in. ”

Cheers

Robert

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1850 UP .0026 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

 

 

USA/JAPAN YEN 106.16 DOWN 0.012 (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 1.2828   UP   0.0021  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3170 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  FRIDAY morning in Europe, the Euro ROSE BY 26 basis points, trading now ABOVE the important 1.08 level RISING to 1.1850 Last night Shanghai COMPOSITE CLOSED UP 25.72 POINTS OR 0.79% 

 

//Hang Sang CLOSED UP 189.77 POINTS OR 0.78%

/AUSTRALIA CLOSED DOWN 0,84%// EUROPEAN BOURSES ALL MIXED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 189.77 POINTS OR 0.78%

 

 

/SHANGHAI CLOSED UP 25.72 POINTS OR 0.79%

 

Australia BOURSE CLOSED DOWN. 84% 

 

 

Nikkei (Japan) CLOSED UP 171,02  POINTS OR 0.74%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1945.00

silver:$26.80-

Early FRIDAY morning USA 10 year bond yield: 0.689% !!! UP 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.433 UP 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early TUESDAY morning: 93.18 DOWN 16 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.33% DOWN 4 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -+02%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.31%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.98 DOWN 3 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: FALLS TO –.48% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.47% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1830  UP     .0007 or 7 basis points

USA/Japan: 106.17 DOWN .026 OR YEN UP 3  basis points/

Great Britain/USA 1.2780 DOWN .0027 POUND DOWN 27  BASIS POINTS)

Canadian dollar UP 7 basis points to 1.3182

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8344    ON SHORE  (UP)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8357  (YUAN UP)..GETTING REALLY DANGEROUS

TURKISH LIRA:  5.6842 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +02%

 

Your closing 10 yr US bond yield DOWN 1 IN basis points from THURSDAY at 0.674 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.425 UP 0 in basis points on the day

Your closing USA dollar index, 93.34 UP 0  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED UP 28.77  0.48%

German Dax :  CLOSED DOWN 6.05 POINTS OR .05%

 

Paris Cac CLOSED UP 10.21 POINTS 0.20%

Spain IBEX CLOSED DOWN 56.00 POINTS or 0.80%

Italian MIB: CLOSED UP 0.53 POINTS OR 0.00%

 

 

 

 

 

WTI Oil price; 37.45 12:00  PM  EST

Brent Oil: 40.07 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:   74.98  THE CROSS HIGHER BY 0.3 RUBLES/DOLLAR (RUBLE LOWER BY 3 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.48 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 :  37.55//

 

 

BRENT :  39.93

USA 10 YR BOND YIELD: … 0.672 down one basis point……

 

 

 

USA 30 YR BOND YIELD: 1.417..down one basis point..

 

 

 

 

 

EURO/USA 1.11843 ( UP 19   BASIS POINTS)

USA/JAPANESE YEN:106.08 DOWN .066 (YEN UP 7 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.26 DOWN 7 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.417 DOWN 1 BASIS  POINT

 

the Turkish lira close: 7.48

 

 

the Russian rouble 75.06   UP 0.11 Roubles against the uSA dollar.( UP 11 BASIS POINTS)

Canadian dollar:  1.3184 UP 5 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.48%

 

The Dow closed UP 130.80 POINTS OR 0.47%

 

NASDAQ closed DOWN 66.05 POINTS OR 0.60%

 


VOLATILITY INDEX:  26.65 CLOSED DOWN 3.06

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

 

USA trading today in Graph Form

Big-Tech & Black Gold Battered As Bonds & Bullion Bounce Back

“Margin Calls, Gentlemen!”

Stocks are down for the second week in a row with Nasdaq leading the plunge (worst week in almost six months)…

 

The mega-tech heavy index is now down almost 11% from record highs…

 

The Dow is back down 3% YTD…

 

Source: Bloomberg

In fact, FANGMAN (Facebook, Apple, Netflix, Google, Microsoft, Amazon, Nvidia) has lost over $1tn in market cap this week and still accounts for over 25% of the total market value of all S&P 500 comps.

Interestingly as FANGMAN stocks plunged this week (down 5 of the last 6 days and worst 2-week drop since March), so did Nasdaq’s “VIX” as vol-control/risk-parity are degrossing…

Source: Bloomberg

Nasdaq and Small Caps both ended below their 50DMA. The S&P bounced off its 50DMA. The Dow tested down but never reached it…

Breadth has been abysmal…

Source: Bloomberg

The internals remain ugly…

 

Source: Bloomberg

Stocks continue to catch down to credit’s lack of exuberance…

 

Source: Bloomberg

Bonds were bid on the shortened week with the long-end down around 6bps…

 

Source: Bloomberg

10Y Yields broke back below 70bps…

 

Source: Bloomberg

The Dollar rallied for a second week in a row

 

Source: Bloomberg

Cable crashed this week – worst week since March – amid Brexit anxiety…

 

Source: Bloomberg

Cryptos were all lower on the week (despite a big bounce back from last weekend’s lows)…

 

Source: Bloomberg

Gold managed modest gains on the week as oil was monkeyhammered…

 

Source: Bloomberg

WTI was clubbed like a baby seal this week as inventories rose amid lifted production curbs…

 

Gold futs managed to cling to $1950…

 

Silver futures limped modestly lower on the week, unable to hold $27…

Interestingly, Silver ETFs suffered their biggest weekly outflows in a year…

Source: Bloomberg

And finally, stocks (or bond prices) have a lot of downside if this chasm is ever to converge…

Source: Bloomberg

It can’t be this easy can it?

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

USA CONSUMER PRICES

Prices accelerate in August as used cars and furniture spike..also rent inflation

(zerohedge)

US Consumer Prices Accelerate In August; Used Car & Furniture Prices Spike As Rent Inflation Slows

While yesterday’s producer prices continued to show YoY deflation, this morning’s consumer price data pionted hitter than expected with the headline up 1.3% YoY – the fastest since March.

Source: Bloomberg

Core CPI also surged more than expected, rising 1.7% YoY.

The index for all items less food and energy increased 0.4 percent in August after rising 0.6 percent in July. The index for used cars and trucks increased 5.4 percent in August, its largest monthly increase since March 1969. The shelter index increased in August, rising 0.1 percent, with the indexes for rent and owners’ equivalent rent both rising 0.1 percent.

The recreation index increased 0.7 percent in August after falling in June and July. The index for household furnishings and operations increased 0.9 percent, its largest monthly increase since February 1991, as the index for furniture and bedding rose 1.6 percent and the index for appliances increased 2.0 percent. The apparel index rose 0.6 percent in August, its third consecutive monthly increase.  The index  for motor vehicle insurance rose 0.5 percent, and the index for airline fares increased 1.2 percent over the month.

The index for medical care rose slightly in August, increasing 0.1 percent. The indexes for hospital services and for physicians’ services both rose 0.1 percent, while the index for prescription drugs declined 0.2 percent. The new vehicles index was unchanged in August after rising in July. The education index decreased 0.3 percent in August, the first decline in the history of the index, which dates to 1993.

Source: Bloomberg

Goods Inflation rebounded to a positive (+0.4% YoY) in August as Services inflation slowed very modestly…

Source: Bloomberg

However, there is a silver lining – shelter/rent inflation is slowing (the first rent inflation print below 3.0% since March 2014)

Finally, we note that real average hourly earnings grew at 3.3% YoY (down from 3.7% YoY in July).

END
We have already hit 3 trillion deficit with one more month to go  (end of Sept_
(zerohedge)
 

iii) Important USA Economic Stories

FOOTBALL

NFL Ratings Sacked As Season Opener Fails To Draw Viewers

Last weekend, we noted that primetime ratings for ‘woke’ Major League Baseball dropped over 30% – which joined the ‘woke’ NBA in a ratings disaster.

Now, the NFL appears to be suffering as well – with this year’s socially distanced season opener between the Kansas City Chiefs – the reigning Super Bowl champs, stomping the Houston Texans 34-20 with dismal ratings as well.

According to Deadline:

In early numbers, the primetime NBC game scored a 5.2 among adults 18-49 and 16.4 million viewers between 8 – 11 PM ET.

Now, those numbers for the 8:25 – 11:30 PM ET game itself will certainly be adjusted upward later, but right now that’s a 16.1% drop over the spectacle of the September 5, 2019 season opener among the advertiser rich demographic. In an America still adjusting to the new normal of live sports in the era of COVID-19, last night’s Kansas City victory also fell 16.1% in total sets of eyeballs from last year’s fast affiliate results – but remember, those numbers will change later today. –Deadline

And while that -16.1% figure will undoubtedly improve as more data comes in, one would think viewership would increase after cooped-up Americans spent the last six months heavily consuming TV shows and movies (which were seemingly exhausted by the end of June).

Perhaps wokeness has taken its toll – as even a “racial unity” moment during last night’s game was booed by fans.

Advertisers are not going to look this:  fans boo on “racial unity”.  Seems fans are turned off seeing athletes take a knee etc

(zerohedge)

Watch: NFL Opener ‘Racial Unity’ Moment Sees Stadium Erupt In Boos

Who would have thought that sports fans just want to watch… sports?

Thursday night’s return of the NFL which saw the Kansas City Chiefs host the Houston Texans began with an “End Racism” message of unity (words which were also emblazoned at the end of the field).

As Mediaite details, things went downhill despite the special display: “The Kansas City Chiefs hosted the Houston Texans Thursday evening for the NFL’s opening game of the 2020 season, and intended to provide a show of unity by locking arms with their teammates and opponents before the game — but the solemnity of the moment was ruined by fans booing in the stands.”

Yes it’s confirmed, not just in this latest booing incident, but Gallup polling shows the Great Awokening of professional sports is alienating many, perhaps most:

The sports industry now has a negative image, on balance, among Americans as a whole, with 30% viewing it positively and 40% negatively, for a -10 net-positive score. This contrasts with the +20 net positive image it enjoyed in 2019, when 45% viewed it positively and 25% negatively.

This slide in the sports industry’s image comes as professional and college leagues are struggling, and not always successfully, to maintain regular schedules and playing seasons amid the pandemic. Professional football, baseball and basketball games have also become focal points for public displays of support for the Black Lives Matter movement.

And of course the NFL fans present for the Chiefs-Texans game were later subject of media anger and outrage for the boos which were clearly picked up by NBC’s cameras.

One editorial haranguing the booing crowd even admitted that the Chiefs later tried to edit the audio in Twitter clips to make it look like there was broad “support” among fans in the stadium for the moment of silence and racial unity display:

All the excuses racists had are now used up. Only one member of the Chiefs kneeled during the national anthem. The Texans elected to stay in the locker room, later joining the Chiefs for a show of support — with both teams earning the vitriol of fans for daring to have a voice.

It was an unmistakable and shameful moment that, try as they might, the Chiefs weren’t able to hide. Whether through editing, or questionable audio work, the team’s official Twitter account desperately tried to present to the world an image of fans in attendance cheering players, not booing.

But again maybe, just maybe, fans are tired of having sports fields and arenas become scenes of endless political debate where “to kneel or not to kneel” has somehow become the prime question, which can make or break a season, or a player’s contract and future livelihood.

Or perhaps they also recognize that such corporate sponsored vapid group exercises are intended as minimalist gestures merely to satisfy the PC mob and advertisers.

It seems nowadays that when you purchase a ticket, you should be prepared for part seminar replete with slogans and messaging all around, and part ballgame.

 

Via Yahoo News

As for Thursday’s game, there’s also the theory that the boos were primarily aimed at the Texans, who took the field slightly late as the “unity” message was already underway:

At Thursday’s NFL season opener, the Houston Texans stayed in their locker room for both the pregame playing of “The Star-Spangled Banner” and “Lift Every Voice and Sing,” which is often called the Black national anthem.

Regardless, it’s not at all what the league expected, and certainly NBC and NFL execs looked on in horror worrying more about the advertising revenue bottom line.

END

OREGON/FIRES

Half a million citizens evacuated in Oregon as wildfires spread

(zerohedge)

Half Million People Evacuated in Oregon As Wildfires Spread, Arson Concerns Grow 

Wildfires continue to rage throughout Oregon Friday morning, have killed at least three people and forced more than half a million from their homes.

AP cites data from the Oregon Office of Emergency Management, which shows about 12% of the state’s 4.2 million population, or about 500,000 residents, have been evacuated. As much as 1,400 square miles (3,625 square kilometers) have burned across the state this week. State officials said wildfire activity flourished Thursday afternoon in northwestern Oregon as hot weather and windy conditions fueled the fires.

The Northwest Interagency Coordination Center’s latest fire map shows there are many uncontained wildfires across the state.

Readers may recall the U.S. Climate Prediction Center confirmed a broad shift in a weather pattern across the U.S. last month, called La Nina, which has transformed the western U.S. into a tinder box. 

“We’re already in a bad position, and La Nina puts us in a situation where fire-weather conditions persist into November and possibly even December,” Ryan Truchelut, president of Weather Tiger LLC, told Bloomberg. “It is exacerbating existing heat and drought issues.”

Gov. Kate Brown has declared a state emergency for the wildfires that extends into early November. She said Thursday, “this could be the greatest loss of life and structures due to wildfire in state history. ”

Even though La Nina has been confirmed, or depending on who you speak to, ‘climate change’, these have been some of the mainstream consensus themes of what could be fueling the fires. But, according to a new report via Reuters, arson investigators have been called to investigate fires as suspicion grows on the origins.

Earlier this week, there was at least one instance, according to Oregon State Trooper Ryan Burke, who tweeted a 36-year-old “Puyallup resident” was arrested on Wednesday (Sept. 9) for starting a fire on the “median on SR-167.”

Local TV station, Q13 FOX, reports “Jeff Demologik” was reportedly arrested by state troopers – here’s the man filming his arrest for setting fire in the median on the highway.

In a separate incident, one Twitter user tweets:

“Right wing militia members in Oregon who are convinced anti-fascists set fire to their town set up checkpoints with guns on roads ppl were using to flee. Who had this on their 2020 bingo card?”

It appears possible that some of these wildfires were not just started by lighting strikes or mishaps with utility companies but possibly there’s a chance arson could be involved.

end

HFT/NEW JERSEY PROPOSED TAX

This will no doubt end the New Jersey’s government plan to tax HFT: they will all move out

(zerohedge)

NYSE Signals Plan “To Move Trading Out Of New Jersey” After Governor’s HFT Tax Threat

week after New Jersey Governor Phil Murphy signaled his virtue to the ‘social justice’ agenda-watchers by proposing a tax on high frequency trading, no lesser establishment organization thanThe New York Stock Exchange has passive-aggressively signaled its displeasure by saying in a statement that it will test its ability to operate outside of New Jersey.

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

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

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

And as we noted previously, the NYSE has already threatened to depart the moment a tax was enacted:

We have data centers in various states and the ability to move trading outside of New Jersey in a business day,” said Hope Jarkowski, co-head of government affairs for New York Stock Exchange parent Intercontinental Exchange.

And today, the exchange, in coordination with Nasdaq, Cboe Global Markets, and other industry participants, ramped up the rhetoric, saying that it will conduct a test of all its exchanges operating from their secondary locations on Sept. 26 to “confirm the industry’s ability to seamlessly move live trading out of New Jersey,” according to a statement.

*  *  *

Full NYSE Statement:

Date: September 11, 2020

Audience: NYSE, NYSE AmericanEquities, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Chicago, NYSE National, FINRA/NYSE TRF, and Global OTC Traders

Subject: NYSE exchanges to prepare for potential move from New Jersey datacenter, including temporary relocation of NYSE Chicago on September 28

Numerous NYSE member firms have recently reached out to the Exchange to understand our plans should New Jersey institute its proposed tax on financial transactions processed through electronic infrastructure located in the state. They are concerned, as are we, that any tax imposed will be passed through to NYSE members, and ultimately their clients, who are often the very same Main Street investors who reside in states like New Jersey and elsewhere.

NYSE has the ability to operate all of its markets out of either its primary datacenter in Mahwah, New Jersey or an alternate datacenter. Designed for various disaster recovery scenarios, a change in location can be performed in a matter of minutes, if necessary.

If our members express a strong preference to permanently relocate our trading infrastructure out of New Jersey, the process to do this is well-documented, regularly tested and would not cause any disruption to NYSE operations.

To help test and prepare our members for any such action, NYSE will implement two immediate measures:

1. Relocation of production trading for NYSE Chicago the week of September 28: The NYSE will operate one of its equity exchanges, NYSE Chicago, from its secondary datacenter from September 28th to October 2nd. This will confirm the industry’s ability to seamlessly move live trading out of New Jersey.

2. Weekend test of all markets: The NYSE, in coordination with Nasdaq, Cboe, SIFMA and other industry participants, will conduct a test of all its exchanges operating from their secondary locations on Saturday, September 26, 2020. This controlled test will exercise the industry’s preparedness for a potential wholesale transition out of New Jersey. Details for the weekend test will follow in a separate announcement.

 

Of course, the big question, as we previously noted, what happens when all the states in which NYSE have data centers follow NJ in establishing a paywall for ultra fast trades which do nothing to make the market more efficient unless one counts surging flash crashes “efficiency”?

Market liquidity is already at record lows!

iv) Swamp commentaries)

The FBI handler who started the whole Crossfire Hurricane operation tells all.
Unbelievable..
(Felten/RealClear|Investigations.com)

Steele “Acted Crazy” – FBI Handler Says “People’s Ears Were Bleeding”

Authored by Eric Felten via RealClearInvestigations.com,

“Crazy” was the term the FBI agent used to describe the behavior of Christopher Steele, author of the now-debunked Trump-Russia dossier. “I’ve seen crazy source-related stuff in 20 years in New York and this was one of the craziest,” the veteran agent testified to the Senate Select Committee on Intelligence.

Christopher Steele: “I’m very upset about – we’re very upset – about the actions of your agency,” Steele said, according to Gaeta. Using the first person plural, Steele likely meant himself and his client, Fusion GPS head Glenn Simpson. Victoria Jones/PA via AP

Nevertheless, the FBI continued to rely on Steele’s allegations – that Donald Trump and his team were conspiring with Russians who possessed compromising information – to justify its surveillance of the Trump campaign. Without evidence to verify Steele’s claims, the FBI fell back on its assertion that the former British intelligence agent was reliable.

The previously unreported testimony of FBI agent Michael Gaeta is found on page 900 of the fifth and final volume of the Senate committee’s probe of Russian interference in the 2016 election. It raises new questions about the basis of the FBI’s investigation of the Trump campaign, Crossfire Hurricane, and the declarations it made to the FISA court in four separate applications submitted to spy on American citizens.

Gaeta had a long history with the London-based Steele, who had started his own firm, Orbis Business Intelligence, after leaving the British spy service MI6 in 2009. Between 2013 and 2016, the bureau had paid Steele $95,000 to pass along tidbits on Eurasian organized crime; Gaeta was his contact at the bureau. It was Gaeta whom Steele approached in July 2016 with wild and depraved stories of collusion and kompromat. Gaeta became the “handling agent” for Steele’s participation in Crossfire Hurricane. Among his tasks was to get Steele paid (a process that came along slowly) and to see to it that Steele didn’t violate the FBI’s rules on confidentiality.

This requirement for discretion created a conflict of interest for Steele, who was also being paid for the same information by the Washington-based firm Fusion GPS. Fusion, in turn was being paid by the Democratic National Committee and the Hillary Clinton campaign for opposition research on Trump. The Democrats wanted Steele’s information spread far and wide. They also wanted to be able to claim that the FBI was investigating the allegations. Paid FBI informants, however, are not allowed to tell anyone of their work for the FBI or of the bureau’s investigations.

Gaeta was astonished, then, when shortly before the 2016 election an article appeared in Mother Jones titled “A Veteran Spy Has Given the FBI Information Alleging a Russian Operation to Cultivate Donald Trump.” The sub-headline asked, “Has the bureau investigated this material?” Gaeta was convinced Steele was the source for the article and confronted him about it. Steele readily admitted he was behind the Mother Jones story.

The conversation that followed and its aftermath have been described before, but in bloodless ways that fail to capture the importance of that confrontation in determining Steele’s reliability and credibility. For example, a Justice Department inspector general report says “Handling Agent 1 advised Steele that he must cease collecting information for the FBI, and it was unlikely that the FBI would continue a relationship with him.”

“Listen, Is It About the Money?”

Here’s how Gaeta recounted that conversation to the Senate: “Listen, is it about the money?” Gaeta asked Steele. “Because we have the money now. Is it about the money?” The FBI had promised, but had yet to deliver to Steele, $15,000 for one meeting with Crossfire Hurricane agents. The bureau had further promised Steele he would be paid “significantly” for his Trump-Russia research.

Gaeta assumed at first a delay in payment had made Steele go rogue.

“Yes, I’m owed the money, but that’s secondary,” Steele told Gaeta. “I’m very upset about – we’re very upset – about the actions of your agency.” By the “we” in “we’re very upset” one can reasonably infer that Steele was speaking about himself and his client, Fusion GPS head Glenn Simpson (whose client, not counting cutouts, was Hillary Clinton’s campaign).

The handling agent was shocked: “I had no idea what he was talking about.” Before Gaeta could inquire further, Steele started railing about ”your Director” and his “reopening of the investigation.” This was an apparent reference to former FBI Director James Comey’s decision to reopen the probe into Hillary Clinton’s private email server after 340,000 copies of State Department emails between Clinton and her close personal aide, Huma Abedin, were discovered on a laptop used by Abedin and her husband, Anthony Weiner. He was a disgraced congressman under investigation by the bureau’s New York office for sending sexually explicit messages and photos to an underage girl.

At which point it all became clear to the handling agent:

“I’m now understanding that he did this because he was upset that the Director’s reopening of the investigation was going to negatively affect the election for Hillary Clinton.”

The handling agent described his reaction to Steele’s behavior as “surprise and disbelief.”  Gaeta told the Senate that Steele’s actions and attitude weren’t just “crazy source-related stuff,” but “one of the craziest” the veteran agent had seen in two decades of handling sources. The words are significant: Steele’s behavior with the FBI has been characterized as a sort of professional disagreement, uncomfortable perhaps but not unreasonable. Gaeta’s blunt assessment casts things in a much harsher light and undercuts subsequent efforts by the FBI’s top officials to rehabilitate Steele in order to justify using his “reporting.”

Although it has been downplayed until now, Steele’s acting out – and his overtly declared partisan motivations — constituted  a crisis for the bureau, so much so that the handling agent describes it in violent terms:

“After that point – after everybody digests what happened,” Gaeta told the Senate committee, “[p]hones were ringing at that point; people’s ears were bleeding.”

Bill Priestap, left, with Michael Horowitz, DoJ inspector general. Priestap vouched for Steele’s reliability, and that misrepresentation is important because it was Priestap who was responsible for the official launch of the Crossfire Hurricane investigation in the first place. AP Photo/Jacquelyn Martin

Whose ears would those have been? Gaeta’s first call likely would have gone to Bill Priestap, assistant director of the FBI’s Counterintelligence Division.

He had just been made Gaeta’s point of contact at FBI headquarters.

“Management said we were going to close him,” Gaeta told the Senate.

“At that point it’s just obvious. That’s all you could do.” The “management” was Priestap, according to Inspector General Michael Horowitz. “Priestap decided that Steele had to be closed immediately.” Gaeta drew up the paperwork and Steele was removed from the list of official bureau sources on Nov. 17, 2016.

In the wake of Donald Trump’s election, President Obama ordered a multi-agency “Intelligence Community Assessment” of Russian interference in the presidential campaign. James Comey, the director whose actions had prompted Steele to go outside the bureau in the first place, now pushed for Steele’s “reporting” to be included in the document, even though none of it had been corroborated. Comey called Director of National Intelligence James Clapper.

“I informed the DNI that we would be contributing the [Steele] reporting (although I didn’t use that name) to the IC [Intelligence Community] effort,” Comey reported in an email to his top deputies the next day.

“I told him the source of the material, which included salacious material about the President-Elect, was a former [REDACTED] who appears to be a credible person.”

First in the list of recipients of Comey’s email was Priestap.

Finally, Priestap vouched for Steele’s reliability even though he later admitted to the Justice Department inspector general that he “understood that the information [from Steele] could have been provided by the Russians as part of a disinformation campaign.”

Steele Cast as ‘Person of Integrity’

But that’s not how Steele’s materials were presented to the secret FISA court. Shortly after the election, Priestap went with FBI agent Peter Strzok to London to see if they could rehabilitate Steele’s credibility by gathering the opinions of “persons who previously had professional contacts with Steele.” They found some who described Steele as “smart” and a “person of integrity” But several lamented Steele’s “poor judgment” or “lack of judgment” and his habit of “pursuing people [with] political risk but no intel value.” But because Priestap and Strzok did not find any former colleagues to say Steele made things up out of whole cloth, the Crossfire Hurricane team declared him to be credible for the purpose of justifying surveillance warrants.

The willingness of the assistant director for counterintelligence to misrepresent essential information is important because it was Priestap who was responsible for the official launch of the Crossfire Hurricane investigation in the first place.

Gaeta explained to senators just how serious and irrevocable a break it was to “close” a source: ”Once he’s closed, nobody is allowed – we can’t talk to him.”

In this case, that practice was not followed. Priestap’s apparent rationale was that the decision to close Steele as a source was not made because he offered unfounded claims but because he had violated confidentiality agreements by sharing them with the press. And so, the FBI continued to gather new “reporting” by Steele. One of channels was David Corn, the Mother Jones reporter who had written the article about Steele’s accusations. Corn was a longtime friend of then-FBI General Counsel James Baker. Their children had gone to the same school years before and carpooled. Corn gave Steele memos to Baker and then Baker passed them on to Priestap. Thus the strange situation in which an assistant director of the FBI forbade agents from talking to Steele because of the source’s indiscretion with Mother Jones and then proceeded to gather Steele materials through a back-channel relationship with Mother Jones.

Strange, yes, perhaps even crazy.

END
OBSTRUCTION OF JUSTICE?
(zerohedge)

Mueller’s ‘Angry Democrats’ Scrubbed Cell Phones After Russia Investigation

Over two dozen phones belonging to members of Robert Mueller’s special counsel team were wiped clean before they were handed over to the Inspector General, according to information contained in 87 pages of DOJ records released on Thursday.

Some of the phones were wiped using the Apple operating system’s ‘wrong-password’ failsafe, where the wrong password must be entered ten times – after which the system wipes the drive.

Those who couldn’t seem to remember their password 10 times in a row include ‘attack dog’ lawyer Andrew Weissman, who urged DOJ attorneys to go rogue and ‘not’ help US Attorney John Durham investigate FBI and DOJ conduct during the Trump investigation.

The malarkey continues (via National Review):

A phone belong to assistant special counsel James Quarles “wiped itself without intervention from him,” the DOJ’s records state.

Andrew Weismann, a top prosecutor on Mueller’s team, “accidentally wiped” his cell phone, causing the data to be lost. Other members of the team also accidentally wiped their phones, the DOJ said.

Phones issued to at least three other Mueller prosecutors, Kyle Freeny, Rush Atkinson, and senior prosecutor Greg Andres were also wiped of data.

 

Additionally, the cell phone of FBI lawyer Lisa Page was misplaced by the special counsel’s office. While it was eventually obtained by the DOJ inspector general, by that point the phone had been restored to its factory settings, wiping it of all data. The phone of FBI agent Peter Strzok was also obtained by the inspector general’s office, which found “no substantive texts, notes or reminders” on it.

Have fun with this:  Biden spokesperson melts down over teleprompter issues and Covid questions
(zerohedge)

Biden Spox Melts Down Over Teleprompter, COVID Questions

Joe Biden’s National Press Secretary, TJ Ducklo, just gave a trainwreck of an interview on Fox News – where he shifted between anti-Trump talking points and backpedaling defensively over simple questions, such as Biden’s reliance on teleprompters and what the former VP would have done better than Trump in terms of the national response to COVID-19.

Perhaps the most jaw-dropping moment was when host Bret Baier asked Ducklo a simple question over Joe Biden’s use of teleprompters that goes back to at least July:

Has Joe Biden ever used a teleprompter during local interviews, or to answer Q&A with supporters?” asked Baier, to which Ducklo launched into a defensive tirade – accusing Baier of parroting Trump campaign talking points, and “trying to distract the American people.”

Baier asked two more times to “answer the question,” while Ducklo deflected – scolding the host and accusing the network of ‘funneling Trump campaign questions.’

Ducklo has been answering questions over Biden’s teleprompter use since at least July – when he said the notion that the former VP is using them to answer questions is “laughable, ludicrous, and a lie.

Yet, here he is earlier in the week doing just that:

Last week, Biden read teleprompter cues on multiple occasions.

Earlier in the interview with Ducklo, Baier asked what Biden would have done differently in the early stages of the COVID-19 pandemic – since a new campaign talking point is that President Trump mishandled the virus, the Biden spox went into defensive overdrive – robotically barking anti-Trump talking points without actually answering the question.

Watch the full interview here:

If Biden’s National Press Secretary can’t answer simple questions without deflecting, how will the former Vice President perform in a debate? And as some have half-joked (or not), will Biden even show up?

Petition To Prosecute Pelosi Draws Thousands Of Signatures

Authored by Steve Watson via Summit News,

A petition to prosecute Nancy Pelosi for violating Covid-19 regulations by visiting a hair salon in San Fransisco has attracted thousands of signatures in just 24 hours.

At time of writing, the petition hosted at media action network has garnered over 25,000 signatures.

The petition, addressed to SF Police Chief William Scot, states:

Laws aren’t just for the “little people.”

Not only did Nancy Pelosi knowingly violate health ordinances, but just destroyed a business because she couldn’t take a ounce of responsibility.

The salon owner gets death threats, while Pelosi has paid ZERO price for her hypocrisy.

At a very minimum, Nancy Pelosi must be prosecuted by San Francisco for her flaunting of COVID regulations. Now!

The footage of Pelosi was leaked last week, showing her walking around the salon without a face mask. All the while ‘ordinary’ people are not even allowed to go to hair appointments because salons are still all closed in SF under coronavirus rules.

After several days, instead of apologising, Pelosi claimed that she had been “set up” by the owner of the salon.

I take responsibility for trusting the word of the neighborhood salon that I’ve been to over the years many times, and when they said, ‘We’re able to accommodate people one person at a time.’ I trusted that,” Pelosi told reporters.

So I take responsibility for falling for a setup. And that’s all I’m going to say on that,” Pelosi declared, even adding “I think that this salon owes me an apology, for setting me up.”

If ever there was a time for the old adage ‘one rule for them, another for everyone else’ it is now. Pelosi’s reaction also betrays how over privileged and out of touch Democrats have become.

Protesters have taken to decorating trees outside Pelosi’s home with curlers and blow dryers:

Meanwhile, the owner of the salon has been forced to shut down the business permanently.

“I am actually done in San Francisco and closing my doors, unfortunately,” Erica Kious announced Wednesday .

“I started to just get a ton of phone calls, text messages, emails, all my Yelp reviews… saying that they hope I go under and that I fail,” Kious explained, adding  “So just a lot of negativity towards my business.”

“I’m actually afraid to go back, just because of the messages and emails I’ve been getting,” she continued, explaining that “It’s a little scary and sad. I do have a lot of positive calls and text messages from clients, but other than that, nothing but negativity.”

A GoFundMe page to help Kious has so far raised over $336,000.

Since the incident came to light, Pelosi has continued to hammer President Trump over the coronavirus response, claiming that he isn’t taking it seriously enough, and didn’t act quickly enough back in February and March.

The reality is that Trump was intent on closing the borders and pushing for travel bans, against the will of Democrats, at the end of January, while Pelosi and others were still encouraging mass gatherings well into February.

Pelosi then set about blocking coronavirus funding, while gorging on ice cream from inside her luxurious mansion.

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

Lagarde’s Optimism on Europe’s Economy Triggers Euro Rally

The bank left its policy mix unchanged… “Looking ahead, a further sustained recovery remains highly dependent on the evolution of the pandemic and the success of containment policies,” she said after the policy decision was announced… Many analysts expect the bank to scale up its monetary stimulus by December…  https://izodnews.com/2020/09/10/lagardes-optimism-on-europes-economy-triggers-euro-rally/

Lagarde Says ECB Keeping Eye on Euro without Signaling Alarm

  • Central bank leaves asset purchases, interest rates unchanged
  • Currency surged as president spoke and is near a two-year high

“Clearly to the extent that the appreciation of the euro puts negative pressure on prices, we have to monitor carefully such a matter, and this was extensively discussed,”… Lagarde also revealed new projections, showing policy makers now expect the economy to contract by 8% this year, slightly less bleak than its outlook three months ago, before rebounding by 5% in 2021. Price growth will accelerate slowly and is still seen averaging only 1.3% in 2022, far below the central bank’s goal of just under 2%…  https://www.bloomberg.com/news/articles/2020-09-10/ecb-discussed-euro-strength-said-to-agree-no-need-to-overreact

Sweden has just 13 coronavirus patients in intensive care and has suffered an average of just one death per day in the last 10 despite avoiding lockdown – Stockholm’s strategy of ‘herd immunity’ – once backed by Downing Street – to allow the disease to spread through the population, was criticised as reckless but the data increasingly vindicates the decision…

https://www.dailymail.co.uk/news/article-8717867/Sweden-just-13-coronavirus-patients-intensive-care-despite-avoiding-lockdown.html

 

Stanford expert blasts Covid lockdown failures: ‘We quarantined the healthy… exposed the sick’

Stanford Professor Jay Bhattacharya talks “disastrous decision” of loading COVID patients into nursing homes, failing to follow pandemic playbook…  https://t.co/1AWKahU4CK

Los Angeles County Health Director Says She Expects Schools to Reopen ‘after the Election’

The recording was featured on KFI’s “John and Ken Show,” where the co-hosts… questioned whether Dr. Ferrer was manipulating the date to influence the Presidential race…

https://www.dailywire.com/news/audio-los-angeles-county-health-director-says-she-expects-schools-to-reopen-after-the-election

@TomFitton: Great news! Someone in @HHS trying to protect children from abusive mask requirements and keep schools open. Meanwhile, @Politico, a leftist advocacy group, pushes mask mandate for all children based on no “mainstream” science.

 

Politico: Emails show HHS official trying to muzzle Fauci

“I continue to have an issue with kids getting tested and repeatedly and even university students in a widespread manner…and I disagree with Dr. Fauci on this. Vehemently,” Alexander wrote in one Aug. 27 email, responding to a press-office summary of what Fauci intended to tell a Bloomberg reporter…

     “Can you ensure Dr. Fauci indicates masks are for the teachers in schools. Not for children,” Alexander wrote. “There is no data, none, zero, across the entire world, that shows children especially young children, spread this virus to other children, or to adults or to their teachers. None. And if it did occur, the risk is essentially zero,” he continued…

https://www.politico.com/news/2020/09/09/emails-show-hhs-muzzle-fauci-410861

 

Michigan Governor and Crazed Tyrant Gretchen Whitmer Orders High School Football, Soccer and V-Ball Players to Wear Masks, Even During Competition

https://www.thegatewaypundit.com/2020/09/michigan-governor-crazed-tyrant-gretchen-whitmer-orders-high-school-football-soccer-v-ball-players-wear-masks-even-competition/

 

@RealDealAxelrod: Google has removed almost all of Biden’s videos from the 70s, 80s, 90s, early 2000s.

[Would this be considered interfering in an election?]

 

More than 80% of voters believe police deserve ‘support and respect’

https://justthenews.com/politics-policy/polling/poll-over-80-voters-believe-police-officers-deserve-support-and-respect

 

The Fed balance sheet declined $6.878B on a $16.898 drop in currency swaps.

https://www.federalreserve.gov/releases/h41/current/

 

Bob Woodward: General James Mattis Plotted Overthrow of U.S. Government…

https://theconservativetreehouse.com/2020/09/09/bob-woodward-general-james-mattis-plotted-overthrow-of-u-s-government/

There is something very wrong with some in the top ranks of America’s military

It began to be clear last October that the Obama administration (with some help from Bill Clinton’s presidency) had seeded the Pentagon with leftist generals whose allegiance was to the Deep State, to cultural leftism, and to the infamous and profitable “military industrial complex” that Eisenhower warned about in 1961. In only five years, Obama had conducted a major Pentagon purge, firing almost 200 senior officers who held the old-fashioned belief that the military exists to protect America and should not be a social justice institution with limited firepower… retired military officers, such as the ones I discussed above… have already said that they will support a coup

https://www.americanthinker.com/blog/2020/09/there_is_something_very_wrong_with_some_in_the_top_ranks_of_americas_military.html

@IvanPentchoukov: At least 27 phones used by the Mueller team were wiped before they could be checked for records. Some phones just wiped themselves, in other cases there was mass password amnesia that required resets. Source ppg. 49-52https://justice.gov/oip/foia-libra

@seanmdav: What was Mueller’s team hiding that they were willing to risk charges of felony government record destruction to make sure no one ever saw it?… What are the actual probabilities of more than a dozen top Mueller officials all “accidentally” nuking their phones or accidentally putting them in airplane mode, locking them, and “forgetting” their passwords so the DOJ OIG couldn’t access and examine them? Negative 100,000%?

Woodward dismisses claims he could have saved lives by publishing Trump’s coronavirus remarks sooner – Reporter says nothing Trump told him constituted a public health issue

“Asked directly whether earlier publication of his interviews would have saved lives, Woodward responded, ‘No! How?‘” Wemple wrote. “He pointed out that Trump made that comment on March 19, and he had already made an Oval Office address on March 11. Confirmed cases were taking off.”…

Wemple followed, “Woodward did say that if anything he gathered was a legitimate public health issue, he would have gone to The Post and sought to have it published forthwith. ‘It wasn’t. It wasn’t,’ he told me.”…  https://www.foxnews.com/media/bob-woodward-dismisses-publishing-trump-coronavirus-remarks

@realDonaldTrump: Bob Woodward had my quotes for many months. If he thought they were so bad or dangerous, why didn’t he immediately report them in an effort to save lives? Didn’t he have an obligation to do so? No, because he knew they were good and proper answers. Calm, no panic!

Biden, Dems and the MSM’s Woodward-Trump bashing invited a review of Team Biden and Dem’s downplaying of Covid and their condemnation of DJT for his China and Europe flight bans.

@realDonaldTrump Mar 18: I always treated the Chinese Virus very seriously, and have done a very good job from the beginning, including my very early decision to close the “borders” from China against the wishes of almost all. Many lives were saved. The Fake News new narrative is disgraceful & false!

@JoeBiden: Stop the xenophobic fear-mongering. Be honest. Take responsibility. Do your job.  Mar 18

Biden counsel @RonaldKlainWe don’t have a #COVID19 epidemic in the US but we are starting to see a fear epidemic.  Kudos to @NYCMayor (and others) for standing against that.  Feb 13, 2020

https://twitter.com/NYCMayor/status/1228055475071201282

@TrumpWarRoom: Joe Biden on February 28: “It’s not a time to panic about coronavirus”

https://twitter.com/TrumpWarRoom/status/1303876499897024512

Karl Rove on Hannity Wednesday night recited a long list of Joe and his team downplaying Covid 19 as well as criticizing DJT for the ban on flights from China and Europe.

https://twitter.com/KarluskaP/status/1303896807404167175

Pelosi says ‘no’ regrets after initial downplaying of coronavirus earlier this year

Pelosi said in February there was no evidence of widespread infection in the US

https://www.foxnews.com/politics/pelosi-no-regrets-initial-coronavirus

Pelosi Dismissed Coronavirus Threat in February Chinatown Visit: ‘Everything Is Fine Here’

https://www.breitbart.com/politics/2020/03/30/nancy-pelosi-dismissed-coronavirus-threat-february-chinatown-visit-everything-fine-here/

 

‘I want to be in the Trump party’: GOP rides voter registration surge in key state [Pennsylvania]

The GOP has added almost 198,000 registered voters to the books compared to this time four years ago, whereas Democrats have gained an extra 29,000…

https://www.politico.com/news/2020/09/10/trump-gop-voter-registration-pennsylvania-411232

 

Biden Press Secretary Deflects – Won’t Answer if Joe Biden Is Using TelePrompter During Q-and-A Sessions With Reporters    https://www.thegatewaypundit.com/2020/09/busted-biden-press-secretary-deflects-wont-answer-joe-biden-using-teleprompter-qa-sessions-reporters-video/

 

Biden Spox Melts Down Over Teleprompter, COVID Questions [Next time send an adult!]

Joe Biden’s National Press Secretary, TJ Ducklo, just gave a trainwreck of an interview on Fox News…

    If Biden’s National Press Secretary can’t answer simple questions without deflecting, how will the former Vice President perform in a debate? And as some have half-joked (or not), will Biden even show up?…  https://www.zerohedge.com/markets/biden-spox-melts-down-over-teleprompter-covid-questions

 

More Bad News for Crazed Democrats: Joe Biden Doing Worse in Michigan than Crooked Hillary

Biden flew to Michigan on Wednesday for another bizarre speech to 6 people in circles in a parking lot… Hillary held a 3.6 point lead over Donald Trump in Michigan on Election Day 2016 — 47.0 to 43.4 [Trump won MI]  Biden holds a 3.2 point lead over Trump this year… [RCP average of polls]

https://www.thegatewaypundit.com/2020/09/bad-news-democrats-joe-biden-worse-michigan-crooked-hillary/

 

@TrumpWarRoom: Joe Biden made $15.6 MILLION in the two years after he left office.  But watch him casually lie to Detroit workers yesterday, claiming $400,000 “is more money than I’ve ever made.”

https://twitter.com/TrumpWarRoom/status/1304140827858538497

Biden’s Michigan rally on Wednesday was held in an unfilled high school gym.  Trump’s rally in Michigan yesterday: https://twitter.com/DiamondandSilk/status/1304217201088618498/photo/1

Biden’s interview with CNN did not go well for Joe.

@MarkBednar: CNN chyron: “Biden now says he was against NAFTA, after voting for it.”

https://twitter.com/MarkBednar/status/1304162657050791936

Joe Biden on why he supported China’s entry into the WTO and granting China MFN status: “We want China to grow.  We don’t want to have a war with China.

https://twitter.com/TrumpWarRoom/status/1304215865278296064

Joe on his health and being called ‘Slow Joe’: https://twitter.com/tomselliott/status/1304162232851456000

@bennyjohnson: Jake Tapper to Joe Biden: President Trump “renegotiated NAFTA and you didn’t”

[Joe actually said Pelosi deserves the credit for USMCA, not DJT.  Joe is wrong about having a GOP Congress for the entirety of the Obama/Biden reign.]  https://twitter.com/bennyjohnson/status/1304161970015342598

Another Biden moment: https://twitter.com/LizRNC/status/1304158818969030657

Inside Joe Biden’s history of falsely claiming he predicted 9/11 attacks

Biden’s history of making revisionist remarks has also come under fire after he claimed on last year’s primary campaign trail that he was opposed to the Iraq War which he voted for — drawing the ire of primary opponent Bernie Sanders… In 2012 documentary “The Road We’ve Traveled,” Biden also warned that if Obama made the wrong move, his presidency would have been “over.”  But several months later, the Scranton-born lawmaker said he actually advised Obama, “follow your instincts” — omitting the fact he was opposed to the operation… [Joe’s now revising his Covid history.]

https://nypost.com/2020/09/10/inside-bidens-history-of-falsely-claiming-he-predicted-9-11/

 

Fox News: Legislative Director for Democrat Oregon House Speaker arrested during Portland riot

https://www.foxnews.com/us/staffer-oregon-state-speaker-of-the-house-arrested-portland

 

@ColumbiaBugle: Tucker Carlson Quoting Teddy Roosevelt In His Brilliant Monologue On Anarchists Burning Down Our Country – Teddy: “When compared with the suppression of anarchy, every other question sinks into insignificance. The anarchist is the enemy of humanity, the enemy of all mankind.”

 

CNN’s Jake Tapper urged Republican Sean Parnell not to run against Democrat Rep. Conor Lamb

According to a Twitter direct message obtained by Fox News… “And best of luck in your race. For the record, I wasn’t trying to talk you out of running — I was trying to talk you into running in a safer R district! Lol,” Tapper wrote to Parnell…[Reportedly Tapper denied the charge, before this evidence]

https://www.foxnews.com/media/cnn-jake-tapper-republican-sean-parnell-democrat-conor-lamb

 

Government officials that might have committed crimes or wrongdoing used the whistleblower gambit during Trump’s impeachment.  It worked so well, others might use the whistleblower scheme.

 

DHS removes official who oversaw intelligence reports on journalists    August 1, 2020

The official, Brian Murphy, ran the department’s Office of Intelligence and Analysis.

    Over the last week, news has broken that I&A compiled intelligence reports about journalists covering protests in Portland, including a reporter for the New York Times. And on Friday, The Washington Post reported it also monitored protesters’ electronic communications. Both stories raise legal concerns…

https://www.politico.com/news/2020/08/01/dhs-removes-official-who-oversaw-intelligence-reports-on-journalists-390042

 

D.H.S. Downplayed Threats from Russia and White Supremacists, Whistle-Blower Says   9/9/20

Brian Murphy, the former head of the Department of Homeland Security’s intelligence division, accused senior leaders of warping the agency around President Trump’s political interests.

https://www.nytimes.com/2020/09/09/us/politics/homeland-security-russia-trump.html

 

  1. of Rhode Island to Remove WWII Murals Due to Lack of Diversity

https://www.breitbart.com/tech/2020/09/09/u-of-rhode-island-to-remove-wwii-murals-due-to-lack-of-diversity/

 

Americans’ views of the sports industry take a nosedive, according to Gallup – The industry earned a +20 “net-positive” in 2019, the number sank to -10 this year.  Among political groups the largest decline in net-positive views came from Republicans, as the figure tumbled from +11 in 2019 to -35 in 2020. Independents’ views had a steep drop from +26 last year to -10 this year. Democrats’ views dropped slightly from a +16 net-positive in 2019 to +11 in 2020…The +51 net-positive view held by non-whites in 2019 shrank to just +16 this year. The +4 net-positive view of whites in 2019 fell to -22 this year…

https://justthenews.com/politics-policy/polling/views-sports-industry-take-nosedive-2019-2020-according-gallup

Well that is all for today

I will see you MONDAY night.

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