SEPT 17/VICIOUS RAID TODAY: GOLD DOWN $18.05 TO $1944.20 AND SILVER DOWN 31 CENTS TO $26.92//AT THE GOLD COMEX: ANOTHER HUGE INCREASE TO 13.6 TONNES OF GOLD //CORONAVIRUS UPDATES//CHINA VS USA//TRUMP WANTS STIMULUS IN EXCESS OF ONE TRILLION DOLLARS//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1944.20  DOWN $18.05   The quote is London spot price

 

 

 

 

 

Silver:$26.92 DOWN  $0.31   London spot price ( cash market)

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Closing access prices:  London spot

 

i)Gold : $1946.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $27.07//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1941.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $3.00 BACKWARD//

 

 

 

DEC. GOLD  $1950.30   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $6.10/ CONTANGO   ( 1.50 BELOW NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $27.06…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 14 CENT CONTANGO// 12 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $27.14  1:30  PM SPREAD SPOT/FUTURE DEC.       : 22  CENTS PER OZ  CONTANGO ( 12 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

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

receiving today:  21/111

issued 0

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,960.200000000 USD
INTENT DATE: 09/16/2020 DELIVERY DATE: 09/18/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 H RAND 6
435 H SCOTIA CAPITAL 2
624 C BOFA SECURITIES 4
657 C MORGAN STANLEY 33
661 C JP MORGAN 21
661 H JP MORGAN 34
690 C ABN AMRO 110
800 C MAREX SPEC 5
905 C ADM 1 6
____________________________________________________________________________________________

TOTAL: 111 111
MONTH TO DATE: 4,319

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 111 NOTICE(S) FOR 11100 OZ  (0.3452 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  4319 NOTICES FOR 431900 OZ  (13.4339 tonnes) 

 

 

SILVER

 

 

305 NOTICE(S) FILED TODAY FOR 1,525,000  OZ/

total number of notices filed so far this month: 9849 for 49.245 MILLION oz

 

BITCOIN MORNING QUOTE  $10862  DOWN 89

 

BITCOIN AFTERNOON QUOTE.: $10,939 DOWN 14

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $18.05 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .58 TONNES FROM THE GLD

 

GLD: 1,246.99 TONNES OF GOLD//

 

 

WITH SILVER DOWN $0.31  TODAY: AND WITH NO SILVER AROUND:

 

 A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A HUGE PAPER WITHDRAWAL OF 3.537 MILLION OZ FROM THE SLV

RESTING SLV INVENTORY TONIGHT:

 

SLV: 555.212  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

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IN SILVER THE COMEX OI FELL BY A SMALL 46 CONTRACTS FROM 162,380 DOWN TO 162,351, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.02 FALL IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO ATTEMPTED BUT FAILED BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A TINY EXCHANGE FOR PHYSICAL :   ZERO  LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT.  WE HAD A SMALL NET GAIN IN OUR TWO EXCHANGES OF 83 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  100, AS WE HAD THE FOLLOWING ISSUANCE:  SEP 0;  DEC:  100, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  100 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON) ARE  BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO OUR BANKERS IS HIGH BUT THEY HAVE NO CHOICE BUT TO ISSUE THEM!

 

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 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

52.990 MILLION OZ INITIALLY STANDING IN SEPT

 

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.02) ).. 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  TODAY’S TRADING….   WE ALSO HAD  ii)  A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG GAIN IN SILVER OZ STANDING  FOR SEPTEMBER, 3) TINY 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:

8480 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 8480 CONTRACTS) OR 42.400 MILLION OZ: (AVERAGE PER DAY: 706 CONTRACTS OR 3.533 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 42.40 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.05% 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:          1,422.11 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                                42.40 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 17, WITH OUR SMALL $0.02 FALL IN SILVER PRICING AT THE COMEX ///WEDNESDAY.THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 100 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

 

 

TODAY WE GAINED A TINY SIZED 54 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR  $0.02 FALL IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 100 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 46 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR 02 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $27.23 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.808 BILLION OZ TO BE EXACT or 116% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 305 NOTICE(S) FOR 1,525,000 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. 52.990 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 SMALL SIZED 3,428 CONTRACTS TO 582,393 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 SMALL SIZED GAIN IN COMEX OI OCCURRED  OUR GAIN IN PRICE  OF $4.90 /// COMEX GOLD TRADING// WEDNESDAY//WE HAD ATTEMPTED BUT FAILED BANKER SHORT COVERING AS WE HAD  A GOOD GAIN ON OUR TWO EXCHANGES… NOBODY HAS LEFT THE GOLD ARENA.  WE ALSO HAD A STRONG 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 $4.90. 

 

 

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

 

 

WE GAINED A HUGE SIZED 16,582 CONTRACTS  (51.69 TONNES) ON OUR TWO EXCHANGES

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUGE SIZED 13,154 CONTRACTS:

CONTRACT . OCT: 3000 DEC: 9904; FEB: 250  ALL OTHER MONTHS ZERO//TOTAL: 13,154.  The NEW COMEX OI for the gold complex rests at 582,353. 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 HUGE SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16,582 CONTRACTS: 3428 CONTRACTS INCREASED AT THE COMEX AND 13,154 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 16,621 CONTRACTS OR 51.69 TONNES. WEDNESDAY, WE HAD A GAIN OF $4.90 IN GOLD TRADING……

AND WITH THAT GAIN IN  PRICE, WE HAD A GOOD SIZED GAIN IN TOTAL/TWO EXCHANGES GOLD TONNAGE OF 51,69 TONNES!!!!!! THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $4.90).  WE HAD AN ATTEMPTED BUT FAILED BANKER SHORT COVERING OPERATION . WE ALSO HAD A HUGE 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 HUGE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (13,154) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (3428 OI): TOTAL GAIN IN THE TWO EXCHANGES:  16,621 CONTRACTS. WE NO DOUBT HAD 1 ) ATTEMPTED BUT FAILED BANKER SHORT COVERING ,2.)A STRONG ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) ZERO LONG LIQUIDATION;4) SMALL COMEX OI GAIN AND 5) HUGE ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  ...ALL OF THIS WAS COUPLED WITH OUR GAIN IN GOLD PRICE TRADING//WEDNESDAY//$4.90.

 

 

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

THE FACT THAT WE ARE CONTINUALLY SEEING A DROP IN COMEX OPEN INTEREST AND VOLUMES COUPLED WITH LESS EXCHANGE FOR PHYSICALS PROBABLY MEANS THAT OUR LONGS ARE ALREADY DEPARTING NEW YORK FOR THE NEW PHYSICAL PLATFORM AT LONDON’S LME.

 

EXCHANGE FOR PHYSICALS//OUTLINE

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

 

 

OUR SPREADING OPERATION HAS NOW SWITCHED INTO GOLD…..

SPREADING OPERATION FOR OUR NEWCOMERS:

 

FOR NEWCOMERS, HERE ARE THE DETAILS:

 

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD  AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF OCT.

 

 

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR SILVER..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

 

 

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

 

 

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON  ACTIVE DELIVERY MONTH OF SEPT. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF OCT FOR GOLD:

 

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF SEPT. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

SEPT.

 

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF SEPT : 31,192, CONTRACTS OR 3,119,200 oz OR 97.02 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 2599 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 97.02 TONNES

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

THUS EFP TRANSFERS REPRESENTS 97.02/3550 x 100% TONNES =2.73% 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   3,497.17  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 (EFP ISSUANCE EXTREMELY LOW)

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:                       97.02 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, FELL BY A TINY SIZED 46 CONTRACTS FROM 162,397, DOWN TO 162,351 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE TINY SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)  SOME BANKER SHORT COVERING  , 2) A TINY  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 100 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. 100 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 100 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF Q17 CONTRACTS TO THE 100 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A TINY SIZED GAIN OF 54 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES .270 MILLION  OZ, OCCURRED WITH OUR 2 CENT FALL IN PRICE///

 

 

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

(report Harvey)

 

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 13.49 POINTS OR 0.47%  //Hang Sang CLOSED DOWN 348.78 POINTS OR 1.56%   /The Nikkei closed DOWN 156.16 POINTS OR 0.67%//Australia’s all ordinaires CLOSED DOWN 1.26%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7716 /Oil UP TO 40.28 dollars per barrel for WTI and 42.33 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7716 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7728 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL SIZED 3428 CONTRACTS TO 582,392 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 SMALL COMEX INCREASE OCCURRED WITH OUR  GAIN OF $4.90 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A HUGE EFP ISSUANCE (13,154 CONTRACTS),.  THUS,  WE HAD  1)  ZERO BANKER SHORT COVERING AS WE HAD A VERY STRONG GAIN IN THE TWO EXCHANGES OF 16,582 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 HUMONGOUS SIZED GAIN ON OUR TWO EXCHANGES OF 16,582 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. TODAY WAS THE FIRST TIME IN QUITE SOME TIME THAT WE WITNESSED A HUGE INCREASE IN EFP ISSUANCE.THE COMEX IS THE SCENE FOR AN ASSAULT ON GOLD AS LONDONERS EXERCISE CIRCULATING EXCHANGE FOR PHYSICALS AND TURN THEM INTO REAL METAL.

 

 

 

(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 SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A HUGE SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 13,154 EFP CONTRACTS WERE ISSUED:   OCT: 3000  DEC 9904; FEB// ’21 250 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 13,154  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: 16582 TOTAL CONTRACTS IN THAT 13,154 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 3,428 COMEX CONTRACTS.   

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $4.90).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS ALONG WITH SOME MINOR BANKER SHORT COVERING. THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED  51.57 TONNES  WITH THE  RISE IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 16,582, CONTRACTS OR 1,658,200 OZ OR 51.57 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:  582,353 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 58.23 MILLION OZ/32,150 OZ PER TONNE =  1811 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1811/2200 OR 82.32% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 278,194 contracts// volume  fair//raid??

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  314,296 contracts//  volume: fair  //most of our traders have left for London

 

 

SEPT 17 /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
10,352.672 oz
JPMorgan
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

nil

 

No of oz served (contracts) today
111 notice(s)
 11,100 OZ
(0.3452 TONNES)
No of oz to be served (notices)
56 contracts
(5600 oz)
0.1741 TONNES
Total monthly oz gold served (contracts) so far this month
4319 notices
431900 OZ
13.4339 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

 

 

total deposit: nil oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

we had 0 deposit into the customer account

 

 

 

total customer deposit:  nil     oz

 

 

we had 1 gold withdrawals from the customer account:

 

i) Out of JPMorgan:  10,352.622 oz

 

 

total withdrawals; 10,352.672     oz

 

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 4 // the first three adjustments dealer to customer account

i) Out of BRINKS:  778.326 oz

ii) Out of HSBC: 482.25 oz

iii) Out of JPMorgan: 363,817.742 oz (11.316 tonnes)

and the last: customer to dealer:

i) Malca:  20,284.258 oz

 

 

The front month of SEPT registered a total of 167 contracts for a GAIN of 94 contracts.  We had 17 notices filed on Wednesday, so we gained a strong 111 contracts or an additional 11,100 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 7 days.

Oct AGAIN GAINED 13 contracts UP to 62,206  ( STRANGELY NOBODY HAS LEFT THE ARENA ON OUR FRONT MONTH OF OCTOBER).  November gained 25 contracts to stand at 148.

The big December contract GAINED 3126 contracts UP to 433,484 contracts..

THE BIG STORY AGAIN TODAY IS THE HUGE OI FOR OCTOBER AND ITS REFUSAL TO CONTRACT (ROLL TO ANOTHER MONTH). GENERALLY OCTOBER IS A POOR DELIVERY MONTH AS MOST INVESTORS PREFER TO SKIP THIS MONTH AND MOVE STRAIGHT TO DECEMBER.  IT LOOKS LIKE MANY JUST CANNOT WAIT FOR DECEMBER..THEY ARE MAKING THEIR MOVE ON OCTOBER FOR METAL.

 

 

 

 

 

 

We had 111 notices filed today for  11100 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 111 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 21 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 (4319) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (167 CONTRACTS ) minus the number of notices served upon today (111 x 100 oz per contract) equals 437,500 OZ OR 13.608 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 (4319, x 100 oz +167x OI) for the front month minus the number of notices served upon today (111) x 100 oz which equals 437,500 oz standing OR 13.608 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a SEPT delivery month (a NON active delivery month).

 

We gained 111 contracts or an additional 11,100 oz will try their luck searching for metal on this side of the pond. Somebody today was in urgent need of physical gold.

 

 

 

 

 

NEW PLEDGED GOLD:  BRINKS

 

308,004.832 oz NOW PLEDGED  SEPT 15.2020/HSBC  9.5802 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

51,084.609 oz Pledged August 21/regular account 1.588 tonnes jpm

total pledged gold:  1,273,834.354 oz                                     39.62 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 447.04 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 13.608 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  15,646,354.287 oz or 486.66 tonnes
which  includes the following:
a) pledged gold held at HSBC   which cannot settled upon   1,213,834.354 oz x ( 9.5802 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;  51,084,609 oz  (1.588 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:  1,273,834.354 oz or 39.62 tonnes
thus:
registered gold that can be used to settle upon: 14,372,520.0  (447.04 tonnes)
true registered gold  (total registered – pledged tonnes  14,372,520.0 (447.04 tonnes)
total eligible gold:  20,775,881.727 oz (646.2177 tonnes)

total registered, pledged  and eligible (customer) gold  36,422,236.014 oz 1,132.88 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1006,54 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 17/2020

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
 65,556.850 oz
CNT
DELAWARE

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
NIL
No of oz served today (contracts)
305
CONTRACT(S)
(1,525,000 OZ)
No of oz to be served (notices)
749 contracts
 3,745,000 oz)
Total monthly oz silver served (contracts)  9849 contracts

49,245,000 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 0 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  NIL

ii) everybody else: 0

 

 

 

 

 

 

 

 

JPMorgan now has 177.566 million oz of  total silver inventory or 48.91% of all official comex silver. (177.566 million/363.028 million

 

total customer deposits today:  nil   oz

we had 2 withdrawals:

i) Out of CNT:  44,557.504 oz

ii) Out of Delaware:  20,999.350 oz

 

 

total withdrawals; 65,556.850    oz

We had 0 adjustments/

 

 

Total dealer(registered) silver: 140.216 million oz

total registered and eligible silver:  32.963 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 1054 contracts thus losing 82 contracts.  We had 206 notices filed on WEDNESDAY so we GAINED a strong 124 contracts or an additional 620,000 oz will stand in this active delivery month of September  as they refused to  morph into London based forwards and thus they also 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 GAIN of 164 contracts to stand at 1568.November LOST 0 contract to stand at 13,

The big December contract month saw its OI loss by 289 contracts up to 140,195

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 305 contract(s) FOR 1,525,000, 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 9849 x 5,000 oz = 49,245,000 oz to which we add the difference between the open interest for the front month of SEPT(1054) and the number of notices served upon today 305 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 9849 (notices served so far) x 5000 oz + OI for front month of SEPT  (1054)- number of notices served upon today (305) x 5000 oz of silver standing for the SEPT contract month.equals 52,990,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We GAINED  124 contracts or AN ADDITIONAL 620,000 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 : 97,128 CONTRACTS // volume strong//raid//

 

 

 

 

 

FOR YESTERDAY   66,164.  ,CONFIRMED VOLUME// fair

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 66,164 CONTRACTS EQUATES to 0.330 billion  OZ 47.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 1.78% ((SEPT 17/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO +0.02% to NAV:   (SEPT 17/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/1.78%

(courtesy Sprott/GATA

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

NAV 20.46 TRADING 20.10///NEGATIVE 1.77

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 17/WITH GOLD DOWN $18.05 TODAY: A SMALL  CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .58 TONNES FROM THE GLD//INVENTORY RESTS AT 1246.99 TONNES

SEPT 16.WITH GOLD UP $4.90 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1247.57 TONNES

SEPT 15//WITH GOLD UP $2.25 TODAY: A SMALL CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .43 TONNES FROM THE GLD//INVENTORY RESTS AT 1247.57 TONNES

SEPT 14/WITH GOLD  DOWN 90 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.96 TONNES FROM THE GLD////INVENTORY RESTS AT 1248.00 TONNES

SEPT 11/WITH GOLD DOWN $14.80//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1252.96 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 17/ GLD INVENTORY 1246.99 tonnes*

LAST;  903 TRADING DAYS:   +307.49 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 803 TRADING DAYS://+486.02  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 17/WITH SILVER DOWN 31 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.537 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 555.212 MILLION OZ/

SEPT 16//WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.749 MILLION OZ//

SEPT 15/WITH SILVER UP 11 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.793 MILLION OZ INTO THE SLV..//INVENTORY RESTS AT 558.749 MILLION OZ..

SEPT 14/WITH SILVER UP 47 CENTS TODAY:  HUGE CHANGES IN SILVER INVENTORY AT THE SLV: 2 WITHDRAWALS A) 1.675 MILLION OZ AND ANOTHER B) 0.931 MILLION OZ/ FROM THE SLV////INVENTORY RESTS AT 555.956 MILLION OZ//

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 17.2020:

SLV INVENTORY RESTS TONIGHT AT

555.212 MILLION OZ

 

 

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

 

The Manipulation of “God’s Money” Gold and Gold at $15,000/oz – Kiyosaki Interviews Powell

 

Watch Interview Here

◆ “Buying physical gold and silver are the most revolutionary acts one can make … there are no real markets anymore, there are just manipulations” – Chris Powell of GATA

 “We love ‘God’s money’ silver and gold, they are real money and they have been manipulated and all markets, currencies and money are manipulated today” – Robert Kiyosaki

◆ Gold is consolidating around $2,000 per ounce, Chris Powell says that gold’s price gains in dollars creates competition for the dollar as people move out of the dollar and into gold.

◆ This episode reveals how it is completely legal for the U.S. government to manipulate the price of gold to keep the competition for the dollar down.

◆ To understand how the Fed can do this, you have to look back at The Gold Reserve Act of 1934 which was passed under President Franklin Roosevelt at the height of the Great Depression to stabilize the money supply in the U.S. It essentially transferred gold from private hands to the U.S. Treasury by requiring the Federal Reserve and all private persons and entities to remit gold over the value of $100 to the government.

◆ Today’s guest Chris Powell, Director of the Gold Anti-Trust Action Committee (gata.org) says, “The Gold Reserve Act of 1934 created the exchange stabilization fund which has the authority to not only intervene in the gold market, it has the authority to intervene on behalf of the U.S. government and any market in the world.”

◆ Hosts Robert and Kim Kiyosaki and guest Chris Powell of GATA discuss how it is legal for the U.S. government to manipulate the price of gold and to do so secretly to deceive investors in other countries.

 Listen here to find out what Chris Powell predicts for gold and the dollar over the next five years. 

NEWS and COMMENTARY

Gold drops as dollar rises on Fed’s upbeat economic view (Reuters)

Fed defends ‘pedal to the metal’ policy and is not fearful of asset bubbles ahead (Reuters)

Currencies, stocks slip after Fed decision (Reuters)

Germany pushes up 2021 debt plans to nearly 100 bln euros

Gold futures settle at highest in 2 weeks (MarketWatch)

U.S.-China investment flows slide to nine year-low as bilateral tensions escalate (Reuters)

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

16-Sep-20 1964.80 1961.80 1521.15 1512.55 1654.56 1656.74
15-Sep-20 1963.55 1949.35 1523.13 1513.09 1652.13 1644.67
14-Sep-20 1942.30 1958.70 1511.69 1518.97 1638.14 1648.83
11-Sep-20 1944.50 1947.40 1519.82 1523.06 1639.41 1644.38
10-Sep-20 1944.80 1966.25 1493.41 1519.71 1643.74 1651.26
09-Sep-20 1928.40 1947.20 1489.69 1496.62 1638.56 1647.14
08-Sep-20 1920.60 1910.95 1467.72 1466.27 1626.17 1622.40
07-Sep-20 1928.40 1928.45 1463.08 1465.43 1629.88 1631.47
04-Sep-20 1937.60 1926.30 1456.49 1459.56 1634.75 1633.12
03-Sep-20 1934.10 1940.45 1453.86 1459.99 1635.28 1637.74
02-Sep-20 1969.00 1947.05 1475.17 1462.43 1659.47 1645.45

 

Access Latest Goldnomics Podcast (Part II) Here

Own gold coins and bars in the safest vaults in Zurich, Switzerland with GoldCore. Learn why Switzerland remains a safe haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

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Mark O’Byrne
Executive Director

ii) Important gold commentaries courtesy of GATA/Chris Powell

Chris Powell is interviewed by the Kiyosakis and he explains in detail the gold market rigging

(Chris Powell)

‘Rich Dad Radio Show’ interviews GATA secretary on gold market rigging

 Section: 

9:13p ET Wednesday, September 16, 2020

Dear Friend of GATA and Gold:

Robert and Kim Kiyosaki of “The Rich Dad Radio Show” recently interviewed your secretary/treasurer about the purposes and mechanisms of gold market manipulation by governments, particularly the U.S. government. The interview is a half hour long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=31Xr7GuE8qs&feature=youtu.be

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

END

iii) Other physical stories:

from the jury trial today:

Spoofing is just 1% of the fraud

Deutsche Bank Gold Manipulator: “Spoofing Was So Commonplace I Figured It Was OK”

We first brought you the fascinating story of Deutsche Bank’s gold spoofer David Liew back in June 2017, when we revealed that the former precious metals-trader turned government star informant was responsible for busting a massive ring of gold manipulators that resulted in numerous arrests and multi-million penalties paid by banks including Deutsche Bank, UBS and HSBC. For those who need a refresher read “Deutsche Bank Trader Admits To Rigging Precious Metals Markets” in which we showed such internal chat board excerpts as the following:

And of course this:

Fast forward to today, when the Former Deutsche Bank analyst David Liew told a Chicago jury he learned how to manipulate gold and silver prices from the two successful senior traders he admired and worked with for about three years. As Bloomberg reports, Liew “said he wanted to be a team player and make money after joining the bank’s Singapore office, so he began doing “spoof” trades the way he was taught by Cedric Chanu and James Vorley” two other Deutsche Bank gold traders who were perp walked in January 2018 as the crackdown on spoofers hit.

According to Liew, “the senior traders often placed buy and sell orders they never intended to execute, a strategy intended to influence prices so they could reap illegal profits.”

 

David Liew

“I saw Mr. Vorley and Mr. Chanu do it,” Liew, the prosecution’s star witness, said Wednesday in federal court. Liew, who has already pleaded guilty to spoofing charges and is cooperating with the government, said he sat next to Chanu in Singapore from 2009 to 2012 and communicated daily on a live video chat with Vorley in London.

And the punchline: while Liew knew manipulating prices was wrong, he said spoofing trades were “so commonplace” in the market and among his co-workers that he figured it was OK.

Indeed it was, and it’s why so many precious metals traders would fume at the irregular price action in precious metals in the 2008-2013 period when the abovementioned banks had honed their manipulation to an art.

As a reminder, Vorley and Chanu are on trial for fraud and conspiracy, accused of issuing multiple bogus trade orders between 2008 and 2013. The case is the latest prosecution of “spoofing” trades brought by the U.S., which has been cracking down on the practice since the so-called “flash crash” a decade ago, according to Bloomberg

Liew described one of the countless trades in which he worked with Vorley to manipulate the gold price:

On Aug. 26, 2010, Liew said he put in an order to sell 15 futures contracts, valued at around $1.8 million based on prices at the time, while Vorley placed an order to buy 80 contracts, which would have been worth about $9.9 million. When prices rose, Vorley canceled his buy order and Liew executed his sell order, Liew said adding that Vorley and Chanu would often help Liew with his spam trades.

If they saw he had an open sell order, they would put in a buy order to help him get a better price, exhibits presented at the trial show. Such coordinated spoofing could also be done by a lone trader placing orders on each side of the market.

It gets better: Liew said he became so familiar with spamming that he could tell when his colleagues were doing it. One day, he noticed Chanu was making such a trade, and Liew sent him a message saying, “be careful … don’t let the buy orders get into the market,” according to a chat log and Liew’s testimony.

In their defense, Vorley and Chanu claim their actions were legal, and that canceling orders is an accepted bluffing strategy in the competitive world of high-frequency trading, where computers use algorithms to execute massive trades in milliseconds. Of course, that’s a lie, but it’s just yet another inadvertent confirmation that the entire edifice of high frequency trading is built on manipulation. The defense lawyers also argued that none of the traders’ actions were flagged by Duetsche Bank’s compliance department. Which speaks volumes about just how rampant and accepted gold manipulation was on Wall Street – even legal departments turned a blind eye.

Another argument used by the defense lawyers was their attempt to discredit the claim that Chanu and Vorley intentionally canceled trades. Liew acknowledged that there might be all sorts of situations that would result in a cancellation, including if the trader goes to lunch or the bathroom. “There’s no button that says what intent is,” defense lawyer Matthew Mazur said while questioning Liew. Of course, that particular line of defense would not fly with spoofing HFT algos which, last time we checked, don’t have bathroom breaks.

In another bizarre defense tactic, Mazure said that Liew must have been aware that his own price-manipulating strategies weren’t legal. In an Aug. 8, 2010, chat message to Chanu, Liew wrote: “Cause Dodd Frank gonna get me fired, Ha Ha,” according to a transcript of the conversation shown to jurors. Well, yes, and that’s why Liew is now a star cooperating witness for the prosecution.

END

Deutsche Bank Spoofer Tells Jury His Bosses Showed Him How

Bloomberg

September 17, 2020, 5:00 AM CDT Updated on September 17, 2020, 9:22 AM CDT

*Star prosecution witness says he helped to manipulate prices

*Chicago trial of traders is latest U.S. spoofing prosecution

Former Deutsche Bank AG analyst David Liew told a Chicago jury he learned how to manipulate gold and silver prices from the two successful senior traders he admired and worked with for about three years.

Liew said he wanted to be a team player and make money after joining the bank’s Singapore office, so he began doing “spoof” trades the way he was taught by Cedric Chanu and James Vorley. The senior traders often placed buy and sell orders they never intended to execute, a strategy intended to influence prices so they could reap illegal profits, Liew said.

Vorley and Chanu are on trial for fraud and conspiracy, accused of issuing multiple bogus trade orders between 2008 and 2013. The case is the latest prosecution of “spoofing” trades brought by the U.S., which has been cracking down on the practice since the so-called “flash crash” a decade ago.

“I saw Mr. Vorley and Mr. Chanu do it,” Liew, a graduate of the London School of Economics and the prosecution’s star witness, said Wednesday in federal court.

Liew, who has pleaded guilty to spoofing charges and is cooperating with the government in return for leniency, said he sat next to Chanu in Singapore from 2009 to 2012 and communicated daily on a live video chat with Vorley in London.

While he knew manipulating prices was wrong, Liew said spoofing trades were “so commonplace” in the market and among his co-workers that he figured it was OK.

In one of several trades Liew described in detail, he worked with Vorley on Aug. 26, 2010, to push up gold prices.

Liew said he put in an order to sell 15 futures contracts, valued at around $1.8 million based on prices at the time, while Vorley placed an order to buy 80 contracts, which would have been worth about $9.9 million. When prices rose, Vorley canceled his buy order and Liew executed his sell order, Liew said.

Vorley and Chanu would often help Liew with his spam trades, he said. If they saw he had an open sell order, they would put in a buy order to help him get a better price, exhibits presented at the trial show. Such coordinated spoofing could also be done by a lone trader placing orders on each side of the market.

Liew became so familiar with spamming that he could tell when his colleagues were doing it. One day, he noticed Chanu was making such a trade, and Liew sent him a message saying, “be careful … don’t let the buy orders get into the market,” according to a chat log and Liew’s testimony.

Vorley and Chanu contend their actions were legal, and that canceling orders is an accepted bluffing strategy in the competitive world of high-frequency trading, where computers use algorithms to execute massive trades in milliseconds. None of the traders’ actions were flagged by Deutsche Bank’s compliance department, the defense lawyers said on Tuesday.

Since anti-spoofing laws were passed under the Dodd- Frank financial reforms in 2010, federal prosecutors have stepped up criminal cases and the U.S. Commodity Futures Trading Commission initiated more civil complaints.

During cross-examination, defense lawyers sought to discredit the claim that Chanu and Vorley intentionally canceled trades. Liew acknowledged that there might be all sorts of situations that would result in a cancellation, including if the trader goes to lunch or the bathroom.

“There’s no button that says what intent is,” defense lawyer Matthew Mazur said while questioning Liew.

Mazure also noted that Liew must have been aware that his own price-manipulating strategies weren’t legal. In an Aug. 8, 2010, chat message to Chanu, Liew wrote: “Cause Dodd Frank gonna get me fired, Ha Ha,” according to a transcript of the conversation shown to jurors.

Liew took the stand late on Tuesday and will continue answering questions from defense lawyers on Thursday.

The case is U.S. v. Vorley 18-cr-35, Northern District of Illinois (Chicago).

-END-

Peter Schiff Warns The World Is Ready To Reject The Dollar Standard

Via SchiffGold.com,

Peter Schiff recently did a presentation at the Endeavour Silver Town Hall Webinar. He talked about the state of the economy, the US dollar, and gold and silver. Peter said he thinks we’re about to see a gold bull market rivaling the 1970s because the world is going to reject the dollar standard and go back to a gold standard.

Peter said we had a peak in gold and silver prices in 2011 because the Federal Reserve managed to convince the world that it could “do the impossible.”

That it could actually normalize interest rates after having kept them at zero for many many years, and it could shrink its balance sheet back down to normal after blowing it up to four-and-a-half trillion.”

The Fed made an effort to normalize monetary policy, but it had to reverse course in the fall of 2018. From there, we saw three rate cuts and a return to QE last year. The debt-ridden bubble economy couldn’t bear 2.5% interest rates.

That’s the problem. When the Fed creates a phony recovery by levering everybody up with debt, they can’t remove the debt. You can’t prop the economy up and then remove the prop.”

When COVID came, the Fed went straight to zero and launched QE infinity.

This backs the Fed into a corner. At this point, there’s no way anybody is going to believe the central bank even if it tries to bluff that it’s going to raise rates or shrink its balance sheet.

So, that is what saved the dollar and put a short-term top on gold. Well, we’ve now built a huge bottom in gold over the last decade and we’re about to explode higher. And the dollar is about to get killed – not only agianst gold, but against all the other world’s fiat currencies. And there’s nothing that’s going to stop it. Because unlike 1980, when that bull market stopped with $800 gold, interest rates were allowed to go to 20% to stop that. They can’t even go to 2% now. We already proved that. Two percent is too high. How are we going to go to 20? So, the Fed is never going to be able to allow rates to rise because of all the debt it enabled everybody to accumulate by keeping them so low for so long.”

The Fed has effectively taken fighting inflation off the table.

The Fed has to surrender to inflation. Inflation wins. It’s a knockout.”

Peter said the dollar will be sacrificed to prop everything else up.

What is about to happen is the world is going to reject the dollar standard and go back to the gold standard. That’s where we’re going. Gold beats all of these fiat currencies hands-down. And so gold was the reserve before the dollar and it will be the reserve after the dollar. That’s the only monetary system that works.”

Peter goes on to explain how this is going to happen.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.7716/ 

//OFFSHORE YUAN:  6.7728   /shanghai bourse CLOSED DOWN 13.49 POINTS OR 0.47%

HANG SANG CLOSED DOWN 348.78 POINTS OR 1.56%

 

2. Nikkei closed DOWN 156.16 POINTS OR 0.67%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 93.20/Euro FALLS TO 1.1809

3b Japan 10 year bond yield: FALLS TO. +01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.63/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.28 and Brent: 42.33

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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.49%/Italian 10 yr bond yield DOWN to 0.97% /SPAIN 10 YR BOND YIELD DOWN TO 0.27%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.46: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.07

3k Gold at $1421.50 silver at: 16.13   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble DOWN 10/100 in roubles/dollar) 62.99

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.65 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 .9102 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1077 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.49%

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

4. USA 10 year treasury bond at 0.666% early this morning. Thirty year rate at 1.424%

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

6.  TURKISH LIRA:  UP  TO 7.5510..

Futures Slide After Fed “Not-Dovish-Enough”, Tech Tumbles On Reflation Rotation Fears

It all started just before 3pm on Wednesday, when during his press conference, Fed chair Jerome Powell said that “more fiscal support is likely to be needed”, sparking concerns that the Fed’s monetary toolkit is running dry and that the next move will be a massive $1.5+ trillion fiscal injection from Congress (not surprisingly, Trump also flipped yesterday and advised Senate republicans to agree with Democrat demands for “much higher numbers.” It also launched a cascade of complaints that the Fed was “not dovish enough” (just as we warned would happen), and as JPM said “there may be increasing calls for the Fed to do more” as the stocks are now habituated to a Fed that constantly caters to their every whim.

What happened next was that stocks, which had just hit session highs just before Powell’s statement, tumbled led by tech names on fears a “growth to value” reflation rotation was imminent should Congress kickstart inflation. Emini futures continued to selloff all night, and dropped as much as 100 points sliding as low as 3,310 before rebounding modestly once Europe reopened.

 

“The market was probably hoping for something more tangible on QE,” said Chris Chapman, a portfolio manager at Manulife Investment. “But overall this should be supportive for risk assets longer term.”

Jitters persisted on Thursday when investors braced for data expected to show persistently high levels of weekly jobless claims: the Labor Department’s weekly Initial Claims report, due at 8:30 a.m. ET, was expected to show about 850,000 Americans filing for unemployment benefits in the week ended Sept. 12, a touch lower than 884,000 in the previous week, but still suggesting the labor market’s recovery from the COVID-19 pandemic was stalling. On Wednesday, in justifying the need for trillions in fiscal stimulus, Powell also indicated a long road to “maximum employment” and said the central bank was limited in its capacity to address some of the gaps around wage growth and workforce participation.

As futures dropped, so did Treasury yields, which hammered the big U.S. banks including Goldman Sachs Group, Bank of America Corp, Citigroup and Wells Fargo all of which fell about 1% in thin premarket trading. Carnival dropped 3.8% after its British cruiseline P&O Cruises extended a cancellation in sailings until early 2021. Other cruise operators such as Royal Caribbean Cruises and Norwegian Cruise Line Holdings shed about 2%. On Wednesday, the Nasdaq 100 Index fell 1.7%; Facebook’s 3.3% drop was among the worst amid reports about a potential FTC antitrust lawsuit and more user boycotts; Apple closed down 3%.

It wasn’t just US futures: global equities were in retreat after the Fed’s last policy decision before the US presidential election on Nov. 3 (the next Fed meeting is on Nov 5). In Europe, the Stoxx 600 Technology index declined as much as 2%, among the worst-performing subgroups on the wider benchmark, after U.S. tech giants dropped late Wednesday amid regulatory scrutiny and after the above mentioned Fed disappointment. ASML, SAP and Infineon are the biggest contributors to the sector drop, all down more than 2%. Elsewhere, European automakers slumped after data showed European car sales plunged by nearly a fifth in August. U.K. retailers today warned of grim signs for the economy.

Earlier in the session, Asian stocks also fell, led by materials and IT. All markets in the region were down, with Hong Kong’s Hang Seng Index dropping 1.6% and Australia’s S&P/ASX 200 falling 1.2%. The Topix declined 0.4%, with Diamond Electric Holdings and Shin Nippon Bio falling the most. The Shanghai Composite Index retreated 0.4%, with KraussMaffei and Beijing Dahao Technology posting the biggest slides.

And so, in a world that is now centrally-planned by a handful of clueless technocrats, all eyes remain on central bankers and their role in propping up economies, pardon markets. Cable tumbled after the Bank of England surprised traders when it said they were exploring negative rates to counter ongoing risks to the labor market after voting unanimously to maintain their key interest rate at 0.1%. Earlier the Bank of Japan kept its asset-purchases and bond-yield targets in place.

In FX, the Bloomberg Dollar Spot Index steadied after giving back Asia session gains. The Aussie edged lower after earlier rallying following a strong jobs report. Scandinavian currencies slipped amid a declines in European equities and a dip in oil prices. The yen led G-10 gains against the dollar, with the USDJPY sluiding below 105 overnight.

Elsewhere, weakness spread to commodities as WTI crude oil slipped to around $40 a barrel. Gold declined.

Looking at today’s session, South Africa is expected to cut rates while initial jobless claims in the US are forecast to decelerate. Other data include housing starts and the Philadelphia Fed business outlook. The U.S. sells 4-week and 8-week bills and a 10-year TIPS auction re-opens.

Market Snapshot

  • S&P 500 futures down 1.1% to 3,351.25
  • STOXX Europe 600 down 0.8% to 370.30
  • MXAP down 0.8% to 173.19
  • MXAPJ down 1% to 568.14
  • Nikkei down 0.7% to 23,319.37
  • Topix down 0.4% to 1,638.40
  • Hang Seng Index down 1.6% to 24,340.85
  • Shanghai Composite down 0.4% to 3,270.44
  • Sensex down 0.6% to 39,054.39
  • Australia S&P/ASX 200 down 1.2% to 5,883.22
  • Kospi down 1.2% to 2,406.17
  • Brent Futures down 0.6% to $41.98/bbl
  • Gold spot down 0.8% to $1,944.21
  • U.S. Dollar Index down 0.02% to 93.19
  • German 10Y yield rose 1.4 bps to -0.47%
  • Euro down 0.09% to $1.1805
  • Brent Futures down 0.6% to $41.98/bbl
  • Italian 10Y yield fell 3.0 bps to 0.763%
  • Spanish 10Y yield rose 3.0 bps to 0.291%

Top Overnight News from Bloomberg

  • The ECB offered lenders another round of capital relief to help them maintain the flow of credit to the virus-struck economy
  • Bank of England policy makers have the opportunity on Thursday to signal to investors and economists whether they’re right to predict more monetary stimulus this year
  • After meeting Conservative MPs who were threatening to rebel against him, Boris Johnson agreed to give the House of Commons a veto over whether the government can exercise its proposed powers to override parts of the Brexit divorce treaty
  • European car sales plunged by nearly a fifth in August, dashing hopes that the industry was starting to recover from the pandemic
  • The ECB has to continue providing “ample” stimulus to support the pandemic- scarred euro-area economy, Governing Council member Olli Rehn said

Asian equity markets traded subdued as the soured mood rolled over into the region following the uninspiring finish on Wall St where the major indices whipsawed post-FOMC. At the meeting, the Fed kept rates at 0.00%-0.25% as expected, left its asset purchase schedule and median FFR dot plot forecasts unchanged, while it guided that it expects to maintain an accommodative stance of monetary policy until its goals of maximum employment and inflation at the rate of 2% over the longer run are achieved, which initially boosted risk appetite on the prospects that rates are to remain low for the years ahead. However, stocks then faltered during Fed Chair Powell’s press conference, where despite there being no specific trigger headline, he did suggest the pace of the recovery would slow and that the lack of fiscal aid will eventually hurt the economy, while the dot plots had earlier showed that some policymakers viewed a lift off in 2022 and 2023. As such, ASX 200 (-1.2%) and Nikkei 225 (-0.7%) were weaker as tech stocks succumbed to the underperformance of the sector stateside and with Tokyo trade lacklustre due to adverse currency effects, as well as tentativeness amid the BoJ policy announcement which failed to spark off any major fireworks as the central bank kept policy settings unchanged and although it upped its assessment of the economy, exports and output, this was widely anticipated. Hang Seng (-1.6%) and Shanghai Comp. (-0.4%) were also negative after the PBoC drained liquidity from the interbank market and as participants await TikTok’s fate with President Trump to review the deal on Thursday morning but noted that he doesn’t like that the US part of TikTok would not be sold to Oracle, while reports had also suggested that the proposal did not address US government security concerns. Finally, 10yr JGBs were flat with price action stuck once again at the 152.00 focal point and with a non-committal tone seen after the BoJ policy announcement proved to be a damp squib.

Top Asian News

  • ByteDance Rival Kuaishou Said to Mull $5 Billion Hong Kong IPO
  • Adelson Casino Hires Lawyer to Probe $1 Billion in Transfers
  • Australian Employment Rose 111,000 in Aug.; Est. 35,000 Decline
  • Virus Cases at Dorms Add to Singapore Construction Woes

Stocks in Europe remain in negative territory but have nursed some losses since the cash open (Euro Stoxx 50 -0.8%), in a continuation of the post-Fed global stocks slide. European bourses see broad-based losses with Italy’s FTSE MIB (-1.2%) modestly underperforming given its exposure to banks – with the sector weighed among the laggards, whilst Telecom Italia (-2.5%) resides at the foot of the Italian index after the EU regulator said it is likely to oppose Italy’s plan to create a single national broadband network. Back to sectors, material names are also pressured amid the USD-induced slide in base metal prices, subsequently cushioning losses for the industrial sector. In terms of individual movers, LSE (-1%) shares trade lower as Deutsche Boerse (-0.6%) and Six gear up to submit their bids for LSE’s Borsa Italiana, with reports stating that the exchanges reportedly launched a charm offensive to win the backing of Italian officials. Richemont (-1.6%) and Swatch (-0.9%) are pressured amid another MM contraction in Swiss watch exports; separately, European auto names see broad losses after dismal EU new car registration figures. On the flip side, Next (+6.1%) is among the top gainers in the region post-earnings after raising guidance, after which the CEO suggested profit would be resilient in the event of another national lockdown.

Top European News

  • Europe Autos Index Declines After August Car-Market Setback
  • German Coal-Plant Profit Jumps as Hot Weather Boosts Demand
  • Unibail Raising $4 Billion as Covid Batters Mall Owners
  • Rehn Sees Consequences For ECB Policy From Fed’s Goal Change

In FX, the Yen is back in the ascendency after conceding ground to the Dollar in wake of Fed and BoJ policy meetings, with Usd/Jpy briefly back above 105.00 before reversing to fresh September lows around 104.70. In truth, there was little new or unexpected from either Central Bank, but the former did upgrade its 2020 outlook and another tech-related retreat in US stocks exacerbated the broad Buck bounce that boosted the index beyond 93.500 at one stage. However, the DXY is already fading fast within a 93.614-93.140 range and the Yen has reclaimed safe-haven status following the Nikkei’s overnight decline and a degree of re-flattening along the Treasury curve. At this stage, hefty option expiry interest at the 105.00 strike (1.9 bn) may be losing influence, but could yet come back into play pending US housing data, IJC and the Philly Fed survey.

  • CAD/NZD/GBP – All unwinding more of their pre-FOMC gains relative to the Greenback, as the Loonie extended its post-Canadian CPI downturn towards 1.3250, the Kiwi briefly relinquished 0.6700+ status in wake of Q2 NZ GDP confirming a technical recession, albeit not quite as contractionary as expected and Sterling failed to sustain momentum through 1.3000 in the run up to the BoE at midday (full preview of the event available via the Research Suite).
  • CHF/AUD/EUR – Not much to be gleaned from Swiss trade that revealed a moderately wider surplus, but the Franc is trying to pare losses below 0.9100 against US Dollar and the Aussie is revisiting 0.7300 after holding just above 0.7250 and 1 bn expiries between 0.7240-35, with some underlying support via a significantly better than forecast jobs report. Elsewhere, the Euro has retested 1.1800+ from sub-1.1750 lows, but looking hampered by decent expiry interest at the round number and from 1.1845 to 1.1855 in 1 bn and 1.5 bn respectively, with little independent impetus from final Eurozone inflation data or ECB commentary.
  • SCANDI/EM – Bearish risk sentiment and a pull-back in oil prices are weighing on the Sek and Nok, but the Try and Rub are also feeling increased investor angst over diplomatic issues as the Lira slides to new all time lows beneath 7.5000 and the Rouble is back under 75.0000. Similarly, the Zar is on the backfoot pre-SARB and Brl look set for corrective losses even though the BcB held the Selic rate at 2% as widely anticipated.

In commodities, WTI and Brent front month futures are attempting to nurse overnight losses which were induced by the sentiment deterioration post-Fed, alongside a firmer Dollar heading into today’s JMMC meeting due to commence at 1300BST/0800ET. In terms of the findings from yesterday’s JTC meeting, the OPEC+ panel sees initial signs of a decline in oil inventories and noted that the increase in COVID-19 cases may weigh on economic recovery and oil demand – comments that are in-line with the OPEC MOMR which stated that risks remain elevated and skewed to the downside, particularly in relation to the development of COVID-19 infection cases and potential vaccines. JMMC focus will fall on any commentary surrounding the recent oil price decline and demand outlook alongside compliance. Separately, in the Gulf of Mexico, Sally has weakened to a tropical storm but is still producing torrential rains, according to the NHC WTI Oct meanders around USD 40/bbl (vs. low 39.42/bbl) while its Brent counterpart hovers around USD 42.00/bbl (vs. low 41.50/bbl). Elsewhere, precious metals remain subdued by the USD in the aftermath of the FOMC, with spot gold flatlined throughout the European morning sub-USD 1950/oz (vs. overnight high 1960/oz), whilst spot silver surrendered its USD 27/oz status. In terms of base metals, LME copper also succumbs to the Dollar strength and broader losses in the stock markets, whilst Dalian iron ore futures dipped to the lowest level in over six weeks amid the USD’s movements and the growing prospect for further supply improvements, whilst steel demand in China was not as strong as some had expected.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 850,000, prior 884,000; Continuing Claims, est. 13m, prior 13.4m
  • 8:30am: Housing Starts, est. 1.48m, prior 1.5m; Housing Starts MoM, est. -0.91%, prior 22.6%
  • 8:30am: Building Permits, est. 1.51m, prior 1.5m; Building Permits MoM, est. 1.96%, prior 18.8%
  • 8:30am: Philadelphia Fed Business Outlook, est. 15, prior 17.2

DB’s Jim Reid concludes the overnight wrap

Did the Fed glow last night? Well the initial market reaction was positive as the Fed verbally formalised their extended accommodation. However markets turned during Powell’s press conference. More on that later. As was universally expected, the committee signalled rates would remain near zero through 2023 while keeping QE, through Treasury and MBS purchases, at its current rate. In a slightly dovish development there were only two dissents and only one Fed official supporting rates rising before 2023. As was signalled at Jackson Hole the committee “expects to maintain an accommodative stance of monetary policy” until it achieves inflation averaging 2% over time and longer-term inflation expectations remain anchored at 2%. Therefore, it is noteworthy that in the Summary of Economic Projections inflation is only anticipated to reach 2.0% in 2023, indicating that even with average inflation targeting the committee is not expecting inflation to overshoot until sometime after that date. For more, please see our US economics team’s full review here.

In terms of the overall economy, Chair Powell acknowledged that “the recovery has progressed more quickly than generally expected,” but did caution that the recent pace may slow as “the path ahead remains highly uncertain.” Within their SEP forecasts, they are essentially projecting the economy to reach Q4 2019 pre-covid levels by the end of 2021. The Chair once again stated that further fiscal stimulus would be needed to further support the recovery.

Prior to the FOMC, we got another flurry of fiscal news out of the White House, with the President’s Chief-of-Staff Meadows saying the administration was open to the $1.5 trillion bi-partisan compromise proposed by moderates in the House. This deal is far higher than what Senate Republican leaders have said they would support, with second-ranking GOP senator Thune saying that stimulus of that size would cause “a lot of heartburn” in his caucus. Speaker Pelosi and Senate Minority Leader Schumer were said to be “encouraged” by Trump’s endorsement of higher spending, though the negotiating window gets tighter the closer this drifts into the heart of election season for the President and lawmakers alike.

Prior to the policy decision and Chair Powell’s news conference, risk assets were trading slightly higher with the S&P 500 up +0.5%, climbing to +0.8% in the first few moments of the press conference before dropping around 1% as the chair spoke. Following the whipsaw, the index finished the session -0.46%. Tech in particular drove much of the selling, with the NASDAQ falling -1.25% on the day. While the broad index lagged there was a clear move into cyclical sectors as Financials (+1.01%), Energy (+4.04%) and Industrials (+0.99%) stocks finished higher – though energy was helped by rising crude prices as well. The dollar was flat when the committee decision was announced and rose moderately through the rest of the session to finish up +0.18%, but still below last Friday’s closing levels. On the other hand US 10yr Treasury yields rose +3.5bps after the decision to finish +1.8bps higher on the day at 0.697%.

Overnight in Asia, the Bank of Japan decided to maintain its current policy stance as expected, with the statement saying that “Japan’s economy has started to pick up with economic activity resuming gradually”. We should hear more this morning from Governor Kuroda, who’ll be holding a media briefing at 7:30 UK time. Meanwhile Asian equity markets followed the US lower, with the Nikkei (-0.71%), the Hang Seng (-1.59%), the Shanghai Comp (-0.99%) and the KOSPI (-1.30%) all losing ground. S&P 500 futures are also pointing to a weak session, and are currently -1.07% lower.

Attention will remain on central banks following the Fed and the BoJ, with the Bank of England announcing their latest decision at noon UK time. In terms of what to expect, our UK economist expects both rates and QE will remain on hold at this meeting, but there’s a big chance that today’s decision won’t be unanimous. Our base case is that there’ll be a further £60bn top-up to the QE program in December, though risks are rising that this might be announced slightly earlier at the November meeting. The meeting comes against the backdrop of rising Brexit uncertainty, which will only serve to heighten uncertainty and weaken confidence. Brexit wasn’t mentioned once in the minutes of the August meeting, but it’ll be interesting to see if this changes. Yesterday also saw a notable fall in CPI inflation to +0.2% in August (from +1.0% in July), which was its lowest level since December 2015, though it was a bit higher than the consensus expectation for a 0.0% reading. That fall was supported by the government’s Eat Out to Help Out Scheme, which offered a discount when eating out, along with a fall in air fares.

On the coronavirus, it was a mixed bag of news yesterday. On the positive side, it was reported that the illness which caused the pause in the Oxford vaccine trial was unlikely to be linked to the shot, according to documents that were sent to participants. Nevertheless, we got conflicting timetables as to when a vaccine might be available in the US. The director of the CDC, Robert Redfield, suggesting that “we’re probably looking at late second quarter, third quarter 2021” in terms of availability to the public, though the deputy chief of staff for policy at the Department of Health and Human Services said every American should be able to get one by the end of March. Dr Fauci then later said it was possible but tough to vaccinate everyone by April, and it was more likely there’d be broad access by the middle or end of 2021. This was all before President Trump then said a vaccine could be distributed as early as October, well ahead any of the previous timelines. Vice President Pence then said the administration’s goal is to have 100 million vaccine doses available by year-end.

Meanwhile the number of cases in Western Europe continued to rise, with the UK reporting a further 3,991 cases yesterday, which was the highest number of confirmed cases since May 8. And over in France, weekly cases have now exceeded 60,000 for the first time, compared to the April peak of just over 40,000 cases per week, albeit on lower testing levels. Optically new cases are likely to rival the first wave in many places over the next few weeks but it’s not really a fair comparison. It won’t stop it being made though. Weekly cases in the US have ticked higher over the past few days as well, with over 277,000 newly confirmed cases since last Wednesday compared to 242,000 weekly cases for the period prior. One place to keep an eye on is Wisconsin, a swing state that was very close in 2016 and in which both Mr Trump and Mr Biden are spending quite a lot of resources. The state has seen new cases double in the last week and are currently seeing their highest absolute levels since the start of the pandemic.

Ahead of the Fed’s decision, European markets saw a variable performance yesterday. While the STOXX 600 climbed +0.58% to reach a 3-week high, that was in spite of declines in the UK, where the FTSE 100 (-0.44%) moved lower after paring back its gains from the start of the session. Oil continued its recovery however, with Brent crude up +4.17% to $42.22/bbl, while WTI also rose +4.91%. Finally in the fixed income space, sovereign bonds also performed positively, with yields on 10yr bunds (-0.5bps), OATs (-1.2bps) and BTPs (-2.9bps) all fell.

Looking at yesterday’s other data, the main highlight came from the US retail sales figures. They underperformed expectations, with a +0.6% rise in August (vs. +1.0% expected), as the previous month was revised down three-tenths to +0.9%. Otherwise, the NAHB housing market index rose to a record 83 (vs. 78 expected). Finally, the OECD upgraded their global growth projection for this year, now seeing a smaller contraction in the global economy of -4.5%.

To the day ahead now, and the highlights will include the aforementioned Bank of England decision, as well as monetary policy decisions from the South African Reserve Bank and Bank Indonesia. In terms of central bank speakers, we’ll also hear from the ECB’s de Guindos, Rehn and Muller. On the data front, today’s releases from the US include August’s housing starts and building permits, the weekly initial jobless claims, along with the Philadelphia Fed’s business outlook for September. Meanwhile in Europe, there’s the EU27 new car registrations for August and the Euro Area’s final CPI reading for August.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 13.49 POINTS OR 0.47%  //Hang Sang CLOSED DOWN 348.78 POINTS OR 1.56%   /The Nikkei closed DOWN 156.16 POINTS OR 0.67%//Australia’s all ordinaires CLOSED DOWN 1.26%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7716 /Oil UP TO 40.28 dollars per barrel for WTI and 42.33 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7716 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7728 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /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/INDIA

India controls the major passageway through the Himalayan mountains and this is something that China wants to control

(zerohedge)

China & India In Major Himalayan Border Troop Build-Up Expected To “Extend To Winter”

After a summer of high level military to military talks appear to have unraveled  though they’ve prevented another major border breach like the June 15 brutal hand-to-hand combat clash which saw 20 Indian troops killed — multiple reports confirm a new build-up of thousands of Indian and Chinese troops on either side of the Ladakh region.

Thousands of Indian and Chinese troops are still locked in an impasse across the mountain passes of the Himalayan region of Ladakh and the banks of the glacial lake Pangong Tso, with neither side backing down despite their foreign ministers having agreed five days ago to improve mutual trust and de-escalate tensions,” South China Morning Post reported Tuesday.

And amid the blame game for the renewed mobilization of forces and the potential for more high altitude fighting, China’s state-run Global Times says to expect Sino-Indian border tensions to likely “extend to winter”.

And citing Indian sources, Russia’s Sputnik reports China’s PLA military recently moved 10,000 more troops to the region, despite multiple rounds of talks with the Indian side briefly resulted in a pull-back from the immediate Line of Actual of Control.

“As tensions continue to soar between the two nuclear-powered rivals, China has moved an additional 10,000 troops forward since the past week along the Line of Actual Control (LAC) in Ladakh, government sources in New Delhi revealed,” Sputnik wrote.

“The additional hauling of People’s Liberation Army (PLA) to the border has taken the Chinese deployment to approximately 52,000 with 150 fighter jets and surface-to-air missiles (SAM),” the report added.

There does appear to be heightened build-up in the area based on both local reports and social media videos circulating.

 

Image via The Federal

Meanwhile Reuters has cited India’s defense minister to say the conflict “remains unresolved” with “fears of a broader conflict” remaining high as ever, given that “the scale of deployment of troops and the number of disputed areas was much more than in previous years,” according to the report.

Reuters cited Indian defense minister Rajnath Singh in an interview as saying Tuesday:

As of now, the Chinese site has mobilized a huge number of army battalions and armaments along the LAC and inner areas. Our armed forces have made appropriate counter deployments in response to the actions by China, in eastern Ladakh and [INAUDIBLE] and Kongka La and Pangong Lake’s north and south banks, and many areas where there is friction, so that India’s security interests are fully protected.

Below is rare video showing Indian troops and supplies being transported into the difficult to reach region:

The fact that on both sides troops and supplies have been seen pouring into the region strongly suggests we’re in for a long haul. When winter hits, all roads leading to the area are blocked. It appears the rival militaries are digging in for the long harsh winter. 

end
CHINA VS USA/TIK TOK

Trump To Announce Final Decision On TikTok Deal Within 36 Hours, Opposes China Majority Ownership

With a  presidential briefing scheduled for Thursday, President Trump is expected to make his final decision on the deal to spin off TikTok into an independent US-based company within 24-36 hours, which would leave another 36 hours of ‘wiggle room’ before the Sept. 20 deadline set by the administration – a deadline that Trump has insisted on keeping.

Following the latest round of lobbying by Secretary of State Mike Pompeo and a small but growing group of GOP senators, a new batch of details about the deal, and the breakdown of various ownership stakes, has been leaked to CNBC.

As was first reported days ago, Walmart is also expected to partner with Oracle in the deal; the size of WMT’s stake isn’t clear, but CNBC said Oracle’s is roughly 20%.

President Donald Trump is expected to make a decision on TikTok’s fate in the U.S. in the next 24-36 hours, sources told CNBC’s David Faber. Walmart is also expected to partner with Oracle in a deal where Oracle would own roughly 20% of the social media app, according to the sources.

Trump has been meeting with cabinet members and other advisers as he decides whether or not to approve the deal, according to others familiar with the matter, who asked not to be named because the talks are private.

Trump said Wednesday he objected to the idea that ByteDance would retain a majority stake in TikTok’s U.S. operations. Still, people familiar with the matter say the ownership stake percentages haven’t been a topic of negotiation and are unlikely to change. Walmart chief executive officer Doug McMillon is expected to have a board seat on the newly formed board of directors for TikTok’s U.S. operations. Walmart didn’t immediately respond for comment.

“From the standpoint of ByteDance we don’t like that,” Trump said of the Chinese company retaining a majority stake in the business during a press conference yesterday. “I mean, just conceptually I can tell you I don’t like

Faber said he’s reasonably confident that Wal-Mart is involved in the deal in some way.

“I’m pretty confident that Walmart has rolled in in some fashion to this deal,” he said

He went on to explain that Oracle would also secure a new deal as TikTok’s “web hoster”.

We’ve previously noted that the joint venture structure being championed by the Trump Administration is similar to the forced joint ventures American firms encounter when they enter the Chinese market.

A revised deal that would spin off TikTok as an independent, US-headquartered company was first revealed earlier this week.  However, ByteDance’s insistence on retaining majority Chinese ownership (roughly 40% of the company is owned by US investors, mostly VCs, but the majority control still rests mostly with employees and BD founder Zhang Yiming, who personally owns more than 20% of the company.

This has become a point of friction, since Beijing recently imposed new rules requiring BD to obtain the CCP’s blessing before selling TikTok’s algorithm to a US buyer. It’s not really clear whether China might step in at the last minute to sabotage this deal. At this rate, they may not need to, since China Hawks within Trump’s own administration appear intent on killing the deal, and forcing a shutdown of the trendy social media app, which boasts some 100 million American users.

 

end

4/EUROPEAN AFFAIRS

UK

My goodness:  the Bank of England is signalling negative rates and gold is whacked?

Pound Tumbles After BOE Said It Discussed Implementation Of Negative Rates

There were no initial surprises when the first headlines hit from the BOE’s decision this morning in which, just like the Fed and the BOJE hours before it, the central bank kept its rates on hold and its QE program unchanged at GBP745BN in a 9-0 decision, both as expected.

Echoing the Fed, which pledged not to hike rates until at least 2023, the BOE repeated it pledge not to tighten until U.K. inflation, currently at 0.2%, is sustainably moving to its 2% target. Economists also predict the QE program will be expanded by 50 billion pounds in November.

However, after an initial kneejerk move higher, cable quickly tumbled after algos read all the way to the final bullet #52 in the Monetary Policy Minutes which revealed that the Monetary Policy Committee had been briefed on plans to explore how a negative rate could be implemented effectively should the outlook for inflation and output warrant at some point during this period of lower equilibrium. The Committee had discussed its policy toolkit, and the effectiveness of negative policy rates in particular, in the August Monetary Policy Report, in light of the decline in global equilibrium interest rates over a number of years. Here is the section in question:

The Committee had discussed its policy toolkit, and the effectiveness of negative policy rates in particular, in the August Monetary Policy Report, in light of the decline in global equilibrium interest rates over a number of years. Subsequently, the MPC had been briefed on the Bank of England’s plans to explore how a negative Bank Rate could be implemented effectively, should the outlook for inflation and output warrant it at some point during this period of low equilibrium rates. The Bank of England and the Prudential Regulation Authority will begin structured engagement on the operational considerations in 2020 Q4

In response, the pound clumped to an intraday low, trading down 0.6% at $1.2892.

Officials also said that while recent data has been a little stronger than expected, they still think there is “a risk of a more persistent period of elevated unemployment than in the central projection.”

“The Committee will continue to monitor the situation closely and stands ready to adjust monetary policy accordingly to meet its remit,” the BOE said.

STIR traders were caught offside, as moments before the announcement money markets trimmed bets on interest rate, with traders pricing in the next 10bps rate cut in June compared with February on Wednesday just before the decision, and about 13bps of easing is priced at the end of 2021.

Some more highlights from the report, courtesy of NewsSquawk:

ECONOMIC DEVELOPMENTS

  • 2020 Q3 as a whole, Bank staff expect GDP to be around 7% below its 2019 Q4 level, less weak than had been expected in the August Report
  • CPI inflation is expected to remain below 1% until early 2021, albeit slightly higher than expected at the time of the August Report.
  • Overall, the Committee judged that inflation expectations remained well anchored and consistent with inflation close to the 2% target.
  • The outlook for the economy remains unusually uncertain. The MPC’s central projections in the August Monetary Policy Report assumed that the direct impact of Covid-19 on the economy would dissipate gradually

BREXIT

  • Market contacts had also reported renewed concerns over recent Brexit developments.
  • The sterling exchange rate index has fallen by around 2%, in part reflecting recent Brexit developments.
  • The Committee would consider economic issues relating to Brexit within the context of its wider forecast discussions ahead of the November MPC meeting.

GUIDANCE

  • As in the August Report, there remains a risk of a more persistent period of elevated unemployment than in the central projection.
  • The Committee will continue to monitor the situation closely and stands ready to adjust monetary policy accordingly to meet its remit.
  • The MPC will keep under review the range of actions that could be taken to deliver its objectives.
  • The Committee does not intend to tighten monetary policy until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably.

The U.K. has been facing a resurgence in virus infections and restrictions, as well as fears unemployment could spike when government aid programs are withdrawn next month. Concurrently, Prime Minister Boris Johnson’s threats to redraw his Brexit deal with the European Union could scupper any chance of a trade accord before the Dec. 31 deadline, further boosting economic turmoil.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL

Hamas fires rockets on Southern Israel.  Hamas is furious that they are left at the alter

(zerohedge)

Hamas Rockets Rained Down On Southern Israel At Moment UAE Peace Deal Signed

During the signing of the Abraham Accords Peace Agreement at the White House Tuesday, which is the first ever historic Treaty of Peace, Diplomatic Relations and Full Normalization Between the United Arab Emirates and the State of IsraelHamas rockets rained down on communities in southern Israel.

Thirteen people were injured after two rockets were fired from the Gaza Strip towards Ashkelon and Ashdod in southern Israel on Tuesday,” The Jerusalem Post reports. “Rocket sirens sounded as Prime Minister Benjamin Netanyahu signed normalization deals with the United Arab Emirates and Bahrain. One of the rockets was intercepted by the IDF.”

Israel was quick to respond in airstrikes overnight and into the early hours of Wednesday morning.

 

Israeli retaliatory airstrikes overnight, via Retuers.

Considering that during past volleys of rocket fire out of the Gaza Strip, most projectiles fail to hit any target and instead fall into the desert, the high injury rate from Tuesday night’s attack points to most of these rockets striking residential areas in Israel.

Gaza’s Islamist armed factions confirmed the rocket fire was in response to the Israeli-UAE deal, which includes Bahrain as well, and had declared Tuesday a Palestinian “day of rage”:

Hamas spokesperson Hazem Qassem responded to the normalization deals shortly after the rockets were fired from Gaza, saying that “the normalization agreements between the UAE and Bahrain with the Zionist entity are not worth the ink with which they were written – and our people, with their insistence on the struggle until the full recovery of their rights, will deal with these agreements as if they were non-existent,” according to Palestinian media.

“A question to the United States of America, Israel, Bahrain and the UAE: Will the signing of the normalization agreement at the White House now prevent these missiles from leaving Gaza tonight to Israel?” asked senior Fatah official Monir al-Jaghoub in response to the deals and rocket fire. “Peace begins in Palestine and war begins in Palestine.”

In the early hours of Wednesday morning the Israeli Defense Forces (IDF) confirmed it responded by conducting at least ten air strikes on Hamas targets throughout the strip.

Hamas rockets continued just before dawn on Wednesday, and given the escalating tit-for-tat are likely to continue.

Israeli Prime Minister Benjamin Netanyahu vowed retaliation and charged Hamas with attempting to “turn back the peace”.

“I’m not surprised that the Palestinian terrorists fired at Israel precisely during this historic ceremony,” Netanyahu told reporters before leaving Washington where he had been personally presented a “key to the White House” by President Trump and the first lady after signing the Abraham Accords.

“They want to turn back the peace. In that, they will not succeed,” he added. “We will strike at all those who raise a hand to harm us, and we will reach out to all those who extend the hand of peace to us.”

END

QATAR/USA/AL JAZEERA

Trump forces the popular al Jazeera to register as a foreign agent

(zerohedge|)

Trump Administration Forces Qatari News Network Al Jazeera To Register As ‘Foreign Agent’

Earlier this year, the Trump Administration started forcing Chinese state media outlets operating in the US to register as foreign agents. Twitter and other social media companies followed suit by labeling accounts linked to Chinese and Russian state-funded media companies with tags warning of “state affiliated media”.

Pretty soon, Jack Dorsey might be slapping a similar label on accounts associated with Al Jazeera, after the Trump Administration branded the popular media company, which publishes in English and Arabic, as a foreign agent.

Many Americans were first introduced to Al Jazeera in the days after 9/11, as Al Qaeda and Osama bin Laden leaked tapes taking credit for the attacks to the news network, which is financed by the Emir of Qatar. Its international headquarters is in Doha,

Al Jazeera tried to spin the demand as if it were somehow part of a separate deal, signed on Tuesday and brokered by the Trump administration, in which the UAE – Qatar’s biggest regional rival – normalized relations with Israel. However, the UAE ambassador in the US told the NYT that this wasn’t accurate.

Leftwing Magazine Mother Jones broke the news earlier this week.

In its letter, the DoJ alleged that AJ+, primarily a social-media outlet that produces short videos for social media in English as well as Arabic, French and Spanish, engages in “political activities” on behalf of Qatar’s government, which provides practically all of AJ’s financing, and should therefore be subject to the Foreign Agents Registration Act. Qatar also appoints the network’s board of directors.

“Journalism designed to influence American perceptions of a domestic policy issue or a foreign nation’s activities or its leadership qualifies as ‘political activities’ under the statutory definition,” said the letter, which was signed by Jay I. Bratt, the chief of the Justice Department’s counterintelligence division, “even,” the letter added, “if it views itself as ‘balanced.'”

Mother Jones first reported the letter Tuesday afternoon.

END

 

6.Global Issues

CARNIVAL CRUISE LINES

Looks like nobody wants to cruise:Carnival tumbles 4% as cancellations are extended through the the Spring of 21

(zerohedge)

Carnival Shares Tumble 4% As Cruise Cancellations Extended Through Spring 2021

On Tuesday, Carnival Crop announced plans for a $1 billion stock offering, while warning investors about a $2.9 billion loss for Q3, typically its busiest quarter. The latest offering adds to the growing mountain of billions in debt and equity that Carnival has raised since the beginning of March, as the embattled cruise-ship operator struggles to ‘stay afloat’ – no pun intended.

Six months into the pandemic pause, Carnival shares are down 4% in European trading Thursday morning after the international cruiseline operator revealed late Wednesday night that it would extend cancellations through the spring of 2021.

In keeping with the company’s “ongoing ship enhancement program”, Carnival is delaying the return of four ships until enhancements are complete, leading to cancellations into April 2021.

“As we continue to work through issues related to our eventual return to operations, we are committed to providing our guests and travel agent partners with certainty where we can, although we regret disappointing our guests,” said Carnival Cruise Line President Christine Duffy in a release provided by spokesperson Vance Gulliksen.

Here’s a rundown of which ships will be impacted (courtesy of USAToday):

Carnival Magic

  • Itineraries from Miami are canceled until March 13.

Carnival Paradise

  • Itineraries from Tampa are canceled until March 19.

Carnival Valor

  • Itineraries from New Orleans are canceled until April 29.

Carnival Spirit

  • Itineraries from Brisbane are canceled through May 16.
  • The first sailing will be the Singapore to Brisbane voyage on June 12.

The premarket move brought shares back to their August lows.

Although the company is couching these cancellations as “routine maintenance”, it sounds like something the company probably should have probably disclosed to investors a couple of days ago. Though the company is also in the process of selling 18 of its ships amid its unprecedented financial struggles that have become an industry-wide problem.

END

AUSTRALIA

Australia out of control:  Covid riot cops shut down food market

(Watson/SummitNews)

Watch: Australians Chant “Freedom!” As COVID Riot-Cops Shut-Down Food Market

Authored by Paul Joseph Watson via Summit News,

A remarkable video out of Australia shows people chanting “freedom!” as a food market is forcefully shut down by COVID riot cops.

The clip shows dozens of police on horseback and armed with riot gear facing off against market sellers and customers.

Chants of “freedom, freedom!” then break out as one officer directs the riot police to move in.

Cops armed with shields then begin charging and pushing people away while one man is singled out and dragged away by officers.

The state of Victoria has enforced one of the most draconian coronavirus lockdowns in the developed world, with authorities giving themselves the powers to enter homes without a warrant and also seize people’s children.

As we highlighted earlier this month, a pregnant woman was arrested in her home in front of her own kids for the crime of posting about the protest on Facebook.

Police in Melbourne also announced that they would be using surveillance drones to catch people who don’t wear masks and to keep track of cars that travel further than 5km from home.

Journalist Avi Yemini was also dragged to the ground and arrested for merely covering an anti-lockdown protest in Melbourne.

Numerous videos have also emerged of people being forcibly arrested by police for not wearing masks.

*  *  *

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

END
Robert to me

More than half of businesses that closed during the pandemic won’t reopen – CNN

What we are seeing and not believing is nothing short of the demise of civilization as we have grown accustomed to living. The true state of affluence seen by the baby Boomers of which I am one, is gone. We are in process of returning to a economic state not seen for fifty years. It is just that recent attempts in shutdowns and government handouts have not allowed a true picture to emerge. And I suggest we are experiencing a fictional state of existence waiting for the toll of  shutdowns to become apparent.
“Yes, housing prices are rising and may well escalate in the future as people seek their own space while avoiding high rise living as not being desirable as long as those pay Cheques keep coming. And I suggest for many people this will be lessened over the next 12 months. Does that cottage property become less valuable in a time of lessened income growth ? I think we will learn the answer over the next several years. I recall a time in Toronto where Development real estate found no buyers at any price, because banks would not lend. And I think we will test those same conditions in the near future. This does not mean housing will fall; actually it may rise due to a shortage of product and increased demand in desirable pockets.
The economic damage has undermined Western society and our national economies. Look at what is happening to Australia! Are they the canary in the coal mine of what is to come? There will be no miracle recovery, contrary to what governments espouse. We have lost decades of economic advancement, and true unfettered capital is risk averse and limited in abundance. Small businesses the world over have been devastated and these lockdowns have harmed the lower economic classes who mostly provided physical labor from cutting hair to driving trucks. These were the people who could not earn income from being locked down working from home. Some governments like the U.K. ( they are being honest) are now openly saying they cannot afford another shutdown, no matter what. There has been a profound blow to the lower economic classes and the losses of savings for those who operated their small businesses are profound. Banks decline over 70% of loans for small businesses, I am told. That will grow to exceed 90%, if I am correct. Would you lend money to a cheese producer to age cheese for 3 years for a unknown market that currently is in decline? How about the winery ? Would you pay in advance to small business for painting months in advance ? And going forward, I suggest that new development will be substantially lower than what has been experienced. I know of too many builders under real pressure and others who tell me the risks are too high. At the same time, I see wealth moving looking for safe harbor of homes ownership to lower personal risk.
It is likely we will confront a economy not seen since the 60’s going forward and that is something most people just do not understand. If we are lucky, and there is no major global war, we just might make back to where we were just a few short months ago in a decade. I wonder if historians will one day call it a lost decade? “

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

INDIA//CORONAVIRUS UPDATE/GLOBE

India Sees 100k Daily Cases In New Global Record; 30 Million Milestone Nears: Live Updates

One day after crossing the 5 million-case threshold, India has reported yet another record single-day jump in coronavirus cases, with 97,894 reported in the last 24 hours, bringing the country’s total to 5.12 million, as the world is roughly one day away from topping the 30 million case mark.

Indian cases are now climbing at roughly double the rate of the US.

Perhaps the biggest news on Thursday is that Chinese vaccine maker Sinovac Biotech plans to start a clinical trial of its experimental coronavirus vaccine with children and adolescents later this month, yet another round of final-stage testing, as China races to beat both the US and Russia in the race to a mass-produced, internationally-accepted vaccine. In the US, Moderna CEO Stephan Bancel appeared on CNBC’s “Squawk Box” once again Thursday morning as vaccine-makers generally engage in a PR campaign to try and ‘rebuild trust with the public’ after a patient was reportedly sickened during Phase 3 trials of the AstraZeneca-Oxford vaccine candidate. US authorities are looking into the issue, but Oxford said earlier this week that the patient wasn’t sickened during the trial.

China reported nine new cases on Wednesday, down from 12 a day earlier, as the border city of Ruili, situated near Myanmar, remains on lockdown.

In a note to clients published Thursday, analysts at JPM noted that the rise in daily confirmed coronavirus cases in Europe has not shown signs of leading to a rapid increase in hospitalizations across the continent, which is an important sign that this wave likely won’t be anywhere near as deadly.

As is the case in the US and elsewhere around the world, more young people are becoming infected as older individuals keep contact with others to a minimum.

“The disconnect between new cases on the one hand, and hospitalisations and deaths on the other, remains very evident everywhere,” said JPM economist David Mackie.

Finally, South Korea confirmed 153 new coronavirus cases on Thursday, up from 113 a day earlier, bringing the country’s total infections to 22,657, along with 372 deaths. Kia Motors suspended operations at two plants in its Sohari Factory near Seoul, as 10 cases were confirmed among the automaker’s employees and families.

END

 

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

Euro/USA 1.1809 DOWN .0001 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS/CORONAVIRUS PANDEMIC// /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

 

 

USA/JAPAN YEN 104.63 DOWN 0.434 (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 1.2909   DOWN   0.0052  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3184 UP .0009 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 8 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1219 Last night Shanghai COMPOSITE CLOSED DOWN 13.49 POINTS OR 0.41% 

 

//Hang Sang CLOSED DOWN 348.78 POINTS OR 1.56%

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

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 348.78 POINTS OR 1.56%

 

 

/SHANGHAI CLOSED DOWN 13.49 POINTS OR 0.47%

 

Australia BOURSE CLOSED DOWN 1.26% 

 

 

Nikkei (Japan) CLOSED DOWN 156.16  POINTS OR .67%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1946.70

silver:$26.90-

Early THURSDAY morning USA 10 year bond yield: 0.666% !!!DOWN 3 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.424 DOWN 4  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.20 DOWN 1 CENT(S) from  WEDNESDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.29% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.01%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.26%//DOWN13 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD: 0.96 DOWN 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 70 points higher than Spain.

 

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.48% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1824  UP     .0019 or 19 basis points

USA/Japan: 104.76 DOWN .299 OR YEN UP 30  basis points/

Great Britain/USA 1.3204 UP .0024 POUND UP 24  BASIS POINTS)

Canadian dollar DOWN 24 basis points to 1.3204

 

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The USA/Yuan,CNY: AT 67657    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.7634  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.5511 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.01%

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from WEDNESDAY at 0.681 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.431 DOWN 3 in basis points on the day

Your closing USA dollar index, 93.07 DOWN 14  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 28.56  0.47%

German Dax :  CLOSED DOWN 47.25 POINTS OR .36%

 

Paris Cac CLOSED DOWN 34.92 POINTS 0.69%

Spain IBEX CLOSED DOWN 24.60 POINTS or 0.35%

Italian MIB: CLOSED DOWN 224.26 POINTS OR 1.12%

 

 

 

 

 

WTI Oil price; 40.92 12:00  PM  EST

Brent Oil: 43.29 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    75.36  THE CROSS HIGHER BY 0.45 RUBLES/DOLLAR (RUBLE LOWER BY 45 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.49 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 :  40.99//

 

 

BRENT :  43.28

USA 10 YR BOND YIELD: … 0.693..down one basis point…

 

 

 

USA 30 YR BOND YIELD: 1.441..down 2 basis points///..

 

 

 

 

 

EURO/USA 1.1853 ( UP 48   BASIS POINTS)

USA/JAPANESE YEN:104.74 DOWN .323 (YEN UP 32 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 92.91 DOWN 30 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2973 UP 13  POINTS

 

the Turkish lira close: 7.5478

 

 

the Russian rouble 75.00   UP 0.00 Roubles against the uSA dollar.( UP 0 BASIS POINTS)

Canadian dollar:  1.3154 UP 28 BASIS pts

 

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

 

The Dow closed DOWN 130.40 POINTS OR 0.47%

 

NASDAQ closed DOWN 140.19 POINTS OR 1.27%

 


VOLATILITY INDEX:  26.46 CLOSED UP .42

LIBOR 3 MONTH DURATION: 0.233%//libor dropping like a stone

 

USA trading today in Graph Form

“Sell All The Things!” – Tech Wrecked, Dollar Dumped, & SNOW Flaked

Since Powell dropped his statement yesterday – explaining what The Fed hopes will happen but not how it will make it happen – investors have switched into sell-all-the-things mode with the dollar, stocks, bonds, and gold all lower…

Since The FOMC Statement, Nasdaq was down almost 4% overnight, leading the drop among all the major US equity indices (The Dow is the least bad, down around 1%)…

SNOW no mo’…

And MOMO no mo’…

Source: Bloomberg

“Sell, Sell, Sell!”

Nasdaq continues to notably underperform, now at one-month lows relative to Small Caps…

Source: Bloomberg

Also of notes is the fact that, as Bloomberg points out, strip out megacap technology stocks and the S&P 500 Index is doing fine this month.

Source: Bloomberg

The equal-weighted version of the benchmark widened its monthly performance spread over its cap-weighted peer to 3.3 percentage points on Wednesday, enough to put it on track for the best relative gain since April 2009.

Source: Bloomberg

~50% of the NASDAQ-100 Index is now below the 50-day moving average. Trend is over, had the blowoff a few weeks back. Doesn’t mean it has to go down 50% like people want, but it’s not going back above the highs for awhile.

Source: Bloomberg

The S&P 500 and Nasdaq both ended back below the 50DMA…

Source: Bloomberg

Don’t forget, tomorrow is quad witch…

Treasury yields chopped around all day today but ended up very modestly higher in yield on the week…

Source: Bloomberg

Yields tumbled overnight but reversed higher as stocks sold off during the US session (bonds and stocks degrossed?)

Source: Bloomberg

The Dollar was clubbed like a baby seal today after extending its post-Powell gains overnight (perfectly tagging unchanged on the week before dumping)…

Source: Bloomberg

Breaking down to 3 week lows…

Source: Bloomberg

The Yuan is back at its highest since May 2019…

Source: Bloomberg

You can also see the election risk in the term structure of the yuan, which is sensitive to potential changes in U.S. trade policy. The gap between the yuan’s two-month and one-month implied vol is near a record high.

Source: Bloomberg

The Yen is surging (as Abe leaves)…

Source: Bloomberg

The annual weekly correlation between S&P 500 and USD/JPY has flipped to negative, meaning a decline in stocks has been accompanied by depreciation of the yen vs the dollar.

In this new era of lower-for-longer rates, correlation breakdowns may become more common, as Jens Nordvig at Exantedata, noted:

In a world of generally zero rates, it is logical that correlations that were normal for decades, will no longer apply. The world has changed, and risk properties associated with currencies are evolving too.

Cryptos mixed again with Bitcoin leading the week and Litecoin lagging…

Source: Bloomberg

There was something that was bid today – oil! With WTI surging back above $41…

But as oil surged, NatGas was monkeyhammered lower…

Finally, on the one-year-anniversary of the repo crisis, Gold shipments from Switzerland, Europe’s refining hub, to China resumed in August after a five-month break

Source: Bloomberg

And the 1930 dead-cat-bounce called…

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/FOMC EXPLAINED/USA

Rabo: With No Hikes Until 2023, Here Are Some Hobbies The Fed Can Pursue For The Next Three Years

by Michael Every of Rabobank

Inflation [ɪnˈfleɪʃ(ə)n]

Noun

  1. the action of inflating something or the condition of being inflated. “the inflation of a balloon”
  2. a general increase in prices and fall in the purchasing value of money. “policies aimed at controlling inflation”

Hobby [ˈhɒbi]

Noun

an activity done regularly in one’s leisure time for pleasure. “her hobbies are reading and gardening”

Hobby horse [ˈhɒbi hɔː(r)s]

Noun

  1. a child’s toy consisting of a stick with a model of a horse’s head at one end.
  2. a preoccupation or favourite topic. “Brennan admits that the greenhouse effect is a hobby horse of his”

Yesterday’s FOMC meeting, very much as expected, made clear that US rates are on hold until the end of 2023 at the very least, even as the economic projections were actually upgraded relative to the depths they plunged to in June. (Indeed, Q3 GDP is still apparently tracking above 30% q/q annualized.) For Philip Marey’s coverage of the meeting, please see here.

In short, the Fed, like all central banks, does not understand inflation and cannot control it to either the upside or the downside of any possible target over any credible timeframeIndeed, it no longer seems to have a theory of inflation: inflation just is; or rather isn’t. We can therefore expect rates to be on hold longer than just flagged. And not just in the US, of course. Japan and Europe, the UK, Australia, and New Zealand – all face the same fate. Zero (or lower) rates and zero ideas about how things will get better.

Emerging markets like Brazil have also moved rates to incredibly low levels. Several are already monetizing debt too. The only major central bank that is not openly easing is China, where ‘rates are set’ in three days as per the new normal: but that is only because the level of rates doesn’t matter in traditional market terms (look at the USD500bn in new lending in August); which is now true in the West too, just at a lower nominal level, at least until deflation kicks in, and with none of the same kind of finesse. They have de facto state planning with a market on top: we have state planning with no plan and markets always coming out on top.

Of course, these views are a favorite hobby horse here. Yet after the Fed has made clear what we had long expected to eventually happen, let me offer some suggestions of worthwhile hobbies for central banks and those who watch them to more usefully spend their time on for the next five years:

  • 3D printing (which they do already); Acrobatics ; Acting; Amateur radio (all three are already normal at their press conferences); Animation (they have little of that); Aquascaping (well, liquidity is their thing); Astrology (see their economic forecasts); Astronomy (they are space cadets); Baking (failure into the cake); Baton twirling (for sure!); Blogging (absolutely, and boringly).
  • Building (not so much); Board/tabletop games (Dungeons & Draghis); Book discussion clubs (try Kalecki); Book restoration (their copies of Friedman and Hayek are tatty); Bowling (they can’t pick up that spare); Brazilian jiu-jitsu (they don’t lack muscle, just brain); Breadmaking (for the 1%); Bullet journaling (they are out of them); Cabaret (I can almost see Lagarde open the next ECB meeting with the appropriately fin-de-regime “Willkommen, bienvenue, welcome”: yet note that movie then descends to the always-terrifying “Tomorrow Belongs to Me” **Shudder**).
  • Calligraphy (make their irrelevance look pretty); Candle making (to not light in the darkness); Candy making (for the 1%); Car fixing & building (outsource it!); Card games (3-card Monty); Cardistry (see press conferences); Cheesemaking (so, so much cheese); Cleaning (this is a hobby?!); Clothesmaking (offshore it!); Coffee roasting (more millennial barista jobs!); Collecting (financial assets); Coloring (green, not red); Computer programming (algos!); Confectionery (for the 1%); Cooking (the books); Cosplaying (which is what this whole sham is, just in the drabbest possible costumes); Couponing (which millions are relying on); Craft(y); Creative writing (not the RBA, obviously); Crocheting (see forecasting); Cross-stitch (see FX forecasting); Crossword puzzles (see central bank minutes); Cryptography (see previous); Cue sports (think ‘The Hustler’).
  • Dance (anything that gets actual circulation going would be good); Digital arts (cryptos!); Distro Hopping (fiddling with computers: HFT); DJing (they only have one tune: “The sun will come out tomorrow”); Do it yourself (which is what we will eventually see governments return to as policy); Drama (of the drawn-out, tragi-comic variety); Drawing (see dot plots); Drink mixing (toxic cocktails); Drinking (and boy are they driving us all to that!)

That just covers A-D. But don’t worry, I have five years of the Daily to kill before a rate hike – we will get to the rest.

Of course, the Fed did make clear that the way to avoid me having to write about Zumba is for the government to spend more money, which they will then monetize (even if they won’t say so out loud). On that front, US President Trump is now all in favor of thinking big, reportedly backing at least USD1.5 trillion in further stimulus, and noting “…it all comes back to the USA anyway (one way or another)”.

Which it actually does, apart from the portion that flows to all the countries that produce things that you used to make yourself. So do we have an evolving pro-MMT position from the White House by any other name? That is another hobby horse here, but a discussion with far more relevance to markets than anything major central banks will, or rather won’t, be doing in the next few years. Indeed, imagine the US reflating but not letting those USD flow out to others: and isn’t that what China is trying in some ways and is being cheer-led?

END

 

b)MARKET TRADING/USA/MORNING

SNOW Drops, Tech Tumbles, Bonds Bid

But, but, but… The ‘very successful’ IPO of Snowflake now has everyone who bought after its release yesterday now underwater…

 

The Nasdaq is leading the plunge post-Powell…

 

And bond yields are tumbling

 

And don’t forget, tomorrow is quad-witch options expiry so hold on to your hats for a gamma-geddon in stocks and vol.

ii)Market data/USA

The USA economy going nowhere: another 860,000 initial jobless claims

(zerohedge)

860,000 Americans Filed For First-Time Jobless Benefits Last Week

While some may celebrate the fact that initial jobless claims was below 1 million for the 3rd week in a row, the fact remains that a stunning 860,000 Americans filed for first time unemployment benefits last week…

 

Source: Bloomberg

That is more than four times the pre-COVID ‘normal’ and well above any peak week during the great financial crisis collapse.

And this is 7 months after the lockdowns began! Maybe it’s time for Governors to start opening these states!!

iii) Important USA Economic Stories

The USA badly needs the need stimulus pkg. It will probably settle around 1.65 trillion dollars or so

(zerohedge)

Pelosi Gets Lifeline After Trump Tweet On Stimulus; Meadows Clarifies

After coming under fire from her own party for rejecting a $1.5 trillion ‘moderate’ bipartisan stimulus deal supported by 50 House lawmakers, Speaker Nancy Pelosi (D-CA) was seemingly thrown a lifeline Wednesday thanks to a tweet from President Trump urging GOP lawmakers to “Go for the much higher numbers” amid stalled coronavirus negotiations.

Trump followed up at a White House press conference, saying he liked “the larger numbers” contained in the $1.5 trillion plan, saying “I agree with a lot of it.”

Regardless, Pelosi is digging her heels in at $2.2 trillion, while Republican leaders who say that’s far too high proposed a substantially smaller, $650 billion “skinny” package last week.

Pelosi’s rejection of the subsequent $1.5 trillion bipartisan compromise supported by 50 members of her chamber – leading to a rare public rebuke from rank-and-file Democrats.

Then, Trump fired off his Wednesday tweet urging Republicans to consider a larger package, taking the heat off Pelosi – who conflated Trump’s support of the $1.5 trillion plan with support of her plan in a Wednesday joint statement with Senate Minority Leader Chuck Schumer (D-NY) which pitted Trump’s comments against Senate Republicans, who they say are “shortchanging” the American people.

According to Politico‘s Jake Sherman, attention began to shift back to Pelosi on Wednesday evening, with some GOP considering forcing a “quixotic vote” on removing Pelosi from the speakership – a symbolic move which would be sure to fail.

White House Chief of Staff Mark Meadows added a bit of clarity to Trump’s seeming-support of Pelosi, saying on Thursday that the president would support a bill that supports airline workers and prevents layoffs, and that there are no plans for discussions with Pelosi and Schumer on Thursday regarding further stimulus. On Wednesday, Meadows said that the $1.5 trillion figure in the compromise package wasn’t a “show-stopper.”

Senator John Thune of South Dakota, the party’s No. 2 in the chamber, said that $1.5 trillion would cause “a lot of heartburn” for GOP members. His colleague Ron Johnson of Wisconsin underlined that last Thursday’s $650 billion bill, was the right size. That legislation was blocked by Democrats who called it insufficient. –Bloomberg

Meadows also encouraged lawmakers to work on the deal, saying on Thursday “Take your cameras to DCA today because you’re gonna see members of Congress leaving Washington to go home and pretend like they are working hard on this particular deal.”

Regardless, as Politico‘s Sherman concludes, Pelosi’s “adversaries in the White House and on Capitol Hill seem to be unable or unwilling to let her flail.”

end

CALIFORNIA FIRES

California wildfires are emitting record amount of C02 and some smoke is reaching New York City

(zerohedge)

CA Wildfires Emit Record Amounts Of Carbon Dioxide As Smoke Reaches NYC

Less than two weeks ago, an analysis by Carbon Brief showed that the COVID-19 pandemic was on track to cause the largest ever annual fall in global C02 emissions.

Now, thanks to ‘neglect and mismanagement,’ California – and in fact much of the West Coast, is on fire  and spewing record amounts of carbon dioxide, according to Bloomberg. So much, in fact, the smoke is reaching New York City.

 

PM2.5 spread via windy.com

In some spots, the intensity of fires this year has been up to hundreds of times higher than the average from 2003 to 2019, according to a statement from Europe’s Copernicus Atmosphere Monitoring Service, which observes blazes and the resulting smoke from space. The thick layer of smoke from the fires has crossed the continental U.S., graying out New York skies, and the agency forecasts it will reach northern Europe later this week. –Bloomberg

“The fact that these fires are emitting so much pollution into the atmosphere that we can still see thick smoke over 8,000 kilometers (5,000 miles) away reflects just how devastating they have been in their magnitude and duration,” said Mark Parrington, CAMS senior scientist and wildfire expert.

 

The Bear Fire approaching Oroville, Calif., on Wednesday.Credit…Noah Berger/Associated Press

California fires have emitted an estimated 79.6 million metric tons of CO2 this year through September 14, while Oregon fires have produced 26.8 million metric tons, with Washington coming in third at 5.1 million metric tons, according to CAMS.

In the entire US, wildfire emissions for 2020 have reached 200 million metric tons, some 28% higher than all of 2019.

 

Via Bloomberg

Comparatively speaking, however, the US emitted 4.8 billion metric tons of carbon dioxide in 2019, while the entire world emitted 33.1 billion metric tons, according to the International Energy Agency.

Still, it’s difficult not to point out the irony of California – which has some of the harshest environmental restrictions in the country, has caused over 1/3 of America’s C02 pollution YTD thanks in large part to their own mismanagement.

 END
Trump agrees with Powell that a much higher fiscal stimulus is needed i.e. somewhere around 1.5 trillion dollars…and gold falls on this news?  A must read..
(zerohedge)

Trump Agrees With Powell: “Much Higher” Fiscal Stimulus Is Needed… And Why That Could Crash Stocks

One can clearly see the moment the market’s mood reversed today during Powell’s FOMC press conference: it took place just as Powell warned that “more fiscal stimulus is likely to be needed”, noting that while the recovery has been faster than expected in the past 60 days, “there’s certainly a risk” the economy could slow without more stimulus. After all there are about 11 million people still out of work, small businesses are struggling and state and local governments have seen revenues drop (this is the same Fed that claimed that it is doing $120 billion in monthly QE for the benefit of US households).

Yet this is hardly the first time Powell has made that claim, in fact he has said on countless previous occasions that monetary policy alone would be insufficient (even though for the past 10 years until covid, monetary policy was in fact sufficient if nothing else than at least to push stocks higher), and that the Fed desperately needs Congress to unlock trillions in fiscal stimulus.

Why was this time different? Because in a curious schism within the republican party earlier in the day, none other than president Trump split ranks with the “conservative” republican senators when the White House gave a clear indication on Wednesday that it is willing to increase its pandemic-relief offer in talks with Democrats and that Senate Republicans should go along in order to seal a stimulus deal in the next week to 10 days. After all elections are coming, and Trump desperately needs to talk up the economy – what better way than to flood the middle-class with another trillion. Or $1.5 trillion to be exact.

Trump’s Chief of Staff Mark Meadows said the President is open to the compromise $1.5 trillion stimulus proposal from a bipartisan group of House lawmakers that was an effort to break a months-long deadlock over bolstering the U.S. economy amid the coronavirus pandemic.

Trump himself took to his favorite medium on Wednesday morning, and when he had a clear message for Senate republicans: “Go for the much higher numbers, Republicans, it all comes back to the USA anyway.”

Then on Wednesday evening, during a White House press conference on Wednesday Trump repeated that he liked “the larger numbers” in a compromise $1.5 trillion stimulus proposal from a bipartisan group of House lawmakers that tried (and so far failed) to break a months-long deadlock over bolstering the U.S. economy.

“I agree with a lot of it,” Trump said of the plan. “I heard Nancy Pelosi say she doesn’t want to leave until we have an agreement” and “she’s come a long way.” It’s remarkable how quickly Trump ended up siding with “Crazy Nancy.”

However, even that compromise number – which was about $1 trillion more than the latest official republican proposal – was not be high enough for Nancy Pelosi who called it insufficient, while Senator John Thune of South Dakota, the chamber’s second-ranking Republican, said that large a stimulus would cause “a lot of heartburn” among GOP lawmakers.

After initially proposing a $1 trillion stimulus at the end of July, Senate Republicans attempted to advance a bill providing $650 billion in economic aid, without the direct payments to individuals that the president – and Democrats – want. Naturally, getting thrown under the bus by the president, has left quite a few of the Republicans startled and confused, as Bloomberg reports:

Trump’s new push for a deal highlights continuing divisions among Republicans, some of whom are reluctant to spend more money on stimulus with the national deficit reaching $3.3 trillion this year.

Missouri Republican Senator Roy Blunt said a number higher than $1 trillion could be the basis for an agreement, if it can be done quickly.

“I think there is a deal to be had here,” he told reporters at the Capitol. “My concern is that the window probably closes around the end of this month. And we need to get busy finding out what we can all agree on.”

But other senators resisted the idea.

Ron Johnson of Wisconsin said the Senate GOP bill, which costs about $300 billion when its cuts to Federal Reserve loan authority are counted, is the right amount.

“The president has his opinion. We have ours,” he told reporters.

At the same time, Democrats are understandably playing hardball. House Majority Leader Steny Hoyer said on Tuesday that Democrats shouldn’t agree to less than $2 trillion. A group of House Democratic chairmen issued a statement criticizing the Problem Solvers proposal as inadequate. Pelosi earlier on MSNBC Wednesday reinforced her demand for $2.2 trillion.

And at this rate, Trump may demand a $2+ trillion stimulus as well.

Yet even as the Democrats continued the charade – knowing well they won’t concede to a major Trump poll-boosting stimulus just 48 days before the election – Pelosi and Chuck Schumer took a victory lap and released a statement saying they were “encouraged” by Trump’s endorsement of higher spending. “We look forward to hearing from the president’s negotiators that they will finally meet us halfway,” they said.

And so did Powell, who by now has realized that the Fed is hopeless in sparking the much needed inflation (that the Fed needs to inflate away the debt), and instead is punting to Congress, whose direct stimulus funds have a far higher chance to spark the much desired reflationary wave.

The problem, as the market made it very clear, is that whereas continued deadlock in Congress – with Trump backing Republicans – would mean more monetary stimulus, another $1.5 or $2 trillion in fiscal stimulus actually stands a good chance of generating a sharp (albeit fleeting) reflationary episode. And since the Fed will be there to monetize all the newly issued debt to pay for all this stimulus it’s win-win (for everyone but the US debt which is now exploding at a record pace that has surpassed World War II). In fact, as Bank of America’s Michael Hartnett said last week,a $1.5-$2 trillion fiscal stimulus deal, coupled with an October vaccine represents the most dangerous combo for Treasury and equity bulls and represents “a messy inflection handoff to higher rates, inflation & inflation assets.” In the process, such deflationary assets as tech stocks and Treasurys would get clobbered, something we are already seeing this evening as the Nasdaq slides amid fears that fiscal stimulus-driven inflation may indeed be coming.

But what we find especially paradoxical is that Trump – who has repeatedly touted the repeated records in the stock market as the most objective scorecard of his presidency – is now pushing for precisely the two events, along with an accelerated vaccine, that could catalyze a sharp market correction, if not far worse. In effect, Trump is willing to sacrifice a major market drop in exchange for direct stimulus handouts and the hope that a covid vaccine is here (which is also paradoxical, since most Trump supporters will refuse to be vaccinated).

We doubt that Trump has realized just what the tradeoffs are in his latest position flip-flop, although if the president indeed sided with the Democrats in seeking a far greater stimulus over that proposed by Senate republicans, the November election outcome will almost certainly be the one that Democrats desire as well.

end

Where we stand 6 months into the Pandemic lockdowns:

(WolfRichter)

 

After 6 Months Of Pandemic Lockdowns… There’s Still A Long Way To Go

Authored by Wolf Richter via WOLF STREET,

The US economy is completing the sixth month of the Pandemic. So how is the recovery going, as seen by the near-real-time indicators that have sprung up as a result of the Pandemic? The raw unadjusted data of these indicators compare daily or weekly data this year to how it was just before the Pandemic, or how it was at the same time last year.

There is some roughness in this data. For example, this year, Labor Day fell on September 7; last year, it fell on September 2 (prior week). So there are some wild fluctuations as Labor Day data gets compared to non-Labor Day data. Independence Day was similar. But that’s raw data.

Restaurants, “seated diners”: -49%

Online reservation service OpenTable provides daily data on “seated diners” – how many people actually sit down in restaurants to eat and drink compared to the same weekday in the same week last year – including walk-ins and those who made reservations online or by calling. This data is based on thousands of restaurants in the US that share that information with OpenTable. I used a 7-day moving average to smoothen out the day-to-day fluctuation. The date-mismatch of Labor Day caused the spike in the chart below. Currently, after six months of Pandemic, “seated diners” are still down 49% through September 14, from where they’d been last year at this time:

In the chart above, that plunge to -100% (meaning zero seated diners) occurred during the lockdown when sit-down restaurants were closed. Then the recovery took off in its uneven manner, including some backtracking after Independence Day.

According to OpenTable data, about 70% of the restaurants that took reservations before the pandemic are now taking reservations again, up from zero percent in April, and there has not been any improvement over the past three weeks, and not a lot of improvement since early July (chart via OpenTable):

Airlines, Airports, & Related Businesses: -68%.

The air passenger count entering the security zones of US airports is still down over 68% (-69.7% on September 14), according to TSA airport screenings. Airport operations, restaurants and shops at airports, airport rental cars, and the rest of the airport ecosystem are on a similar trajectory. Beyond the date-mismatch around Labor Day, demand has improved only slightly since early July:

Going to the Office: -74.4%.

This is a measure of the shift to work-from-home mixed with employment reductions of office workers, and sheds light on what all the businesses face that cater to office workers, such as cafes, restaurants, shops, barbershops, hair saloon, and the like. And it sheds light on what the office segment of commercial real estate is facing.

The data from Kastle Systems, provider of access systems for 3,600 buildings and 41,000 businesses in 47 states, represents a large sample of how many people are entering offices each day. Its “10 City Average” of office occupancy is currently at 24.6% of the pre-Pandemic level in early March, and has not significantly improved in over the past few months, meaning it’s still down by 75.4% (the available average data only goes back to June):

The weekly “Back to Work Barometer” by Kastle shows each of the 10 metros separately: At the high end, the Dallas metro (38.3% of pre-Pandemic) and the Los Angeles metro (32.4% of pre-Pandemic); at the low end, the San Francisco metro (13.7% of pre-Pandemic) and the New York metro (13.8% of pre-Pandemic), meaning that office occupancy in those 10 metros is still down between 61.7% (Dallas) and 86.3% (San Francisco). I added the black horizontal line, reflecting the current value of the top-10-city average (click on chart to enlarge):

To get a feel for what San Francisco’s office situation looks like visually, here are the haunting photos I took during the morning rush hour of the spookily empty Financial District.

Consumer and worker visits to “Places of Commerce.”

How many people are going to stores, malls, restaurants, hotels, movie theaters, airports, hospitals, other places of commerce, and other points of interest, and to work locations? The AEI’s weekly Foot Traffic Index for 40 metro areas tracks this based on cellphone GPS data from Safegraph.com.

Each line, representing one of the 40 metros, compares foot traffic in the current week to where visits were in the week ended January 15. A value of 100% would mean foot traffic is back to the January “old normal.”

The top bold redlines are Kansas City, Jacksonville, Riverside-San Bernardino, Seattle, Los Angeles, San Francisco, in that order, with Kansas City being the red line at the top (77%) and San Francisco being the green line at the bottom (45%). This means visits to places of commerce in Kansas City are 77% of where they were in the week ended January 15; and in San Francisco, visits are 45% of where they were (click on the chart to enlarge it):

These near-real-time measures don’t track the entire economy, such as manufacturing, oil-and-gas drilling, financial services, insurance, and many other aspects. But the data show that certain physical aspects of the economy – where people are physically going to do business in some manner – are still very far from the “old normal.”

*  *  *

Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely.

 END
crooks
(zerohedge)

Facebook Censors Ad On Biden Raising Taxes Despite Fact-Checker Contradicting Its Own “Mostly False” Rating

Facebook has censored a pro-Trump ad despite fact-checker PolitiFact contradicting its own “mostly false” rating with pretzel logic.

As the Daily Wire‘s John Bickley writes, the ad launched on August 4 was given a “mostly false” rating by the partisan fact-checker, and subsequently banned by Facebook.

The ad directly quotes Biden declaring, “If you elect me, your taxes are going to be raised, not cut,” and warns that his plan will raise taxes “on all income groups.” –Daily Wire

Watch the ad:

PolitiFact then goes to great lengths to discredit the ad – calling it “mostly false” because the PAC which produced it, America First, ‘lacked context’ and gave the ‘wrong impression’ about what Biden meant.

The ‘fact-checker’ then inserts their own logic, claiming that only the “biggest earners” would be hit harder by Biden’s plan, while increases on lower-income groups “would be relatively small.”

Except PolitiFact admits: “[S]ome tax experts estimate that Biden’s plan would mean higher taxes on average for all income groups.”

In other words, Biden literally told an audience that their taxes would rise – which “some tax experts” confirmed, yet PolitiFact took it upon themselves to ‘clarify’ – and Facebook has banned the above ad over it.

More via the Daily Wire:

*  *  *

In other words, PolitiFact uses a Democratic talking point about the rich paying more in an attempt to distract from the fact that the ad’s claim is actually true.

Here’s how the fact check begins (emphasis added):

new ad from a pro-Trump super PAC uses out-of-context footage of Joe Biden to claim that the former vice president wants to raise taxes for Americans across the board.

Versions of the ad from America First Action began airing Aug. 4 on Facebook and on TV screens in Wisconsin and North Carolina. They focus largely on a comment Biden made in response to a voter during a February campaign stop in South Carolina.

But the America First Action ad presents that remark out of context. And while some tax experts estimate that Biden’s plan would mean higher taxes on average for all income groups, those increases would be relatively small for all but the biggest earners.

In its attempt to argue that the ad is “mostly false,” PolitiFact specifically cites a “Biden campaign official” as supposed evidence of the Democrat’s intent (emphasis added):

The full exchange shows that Biden was saying his plan would raise taxes for people who, in his words, “benefited from” the GOP’s Tax Cuts and Jobs Act of 2017A Biden campaign official said his point was that the wealthy — not all Americans — would not benefit from his plan.

The ad’s portrayal of the exchange leaves a different impression.

The fact check goes on to make a similarly flimsy case against the ad’s inclusion of Biden warning that his tax increases could “go higher.” The supposed evidence of this being “mostly false” is the following full quote from Biden:

“We should charge people the same tax for their capital gains as their tax rate is,” Biden said. “And I think we should raise the tax rate back to, for example, I take it back to where it was before it was reduced. It could go higher.”

*  *  *

Read the rest of the report here.

end

Wow..take a look at the new uSA smart bullet fired from a tank which can down a cruise missile

(zerohedge)

“Sci-Fi Awesome” – Hypersonic “Smart Bullet” Fired From Tank Downs Cruise Missile 

The U.S. Air Force used a hyper velocity projectile (HVP), capable of traveling Mach 7.3, or about 5,600 mph, fired from an Army M109 howitzer tank, to shoot down a fast-moving cruise missile over a missile range in New Mexico.

“Tanks shooting down cruise missiles is awesome,” Dr. Will Roper, assistant secretary of the Air Force for acquisition, technology, and logistics, told reporters, who was quoted by Asia Times. “Video game, sci-fi awesome.

“You’re not supposed to be able to shoot down a cruise missile with a tank. But, yes, you can, if the bullet is smart enough, and the bullet we use for that system is exceptionally smart,” Roper said.

Main battle tanks, nevertheless a self-propelled 155 mm howitzer, are not designed to destroy fast-moving cruise missiles, suggests the HVP “smart bullet” is ground-breaking technology that could revolutionize the modern battlefield.

 

M-109 fires HVP at a cruise missile on Sept. 2. h/t U.S. Army 

The successful firing of the HVP was conducted at White Sands Missile Range, New Mexico, destroyed a “surrogate” Russian cruise missile target using the Air Force’s Advanced Battle Management System that’s designed to detect incoming missiles.

HVP was initially developed in 2013 to fire out of the electromagnetic railgun. However, the Pentagon’s Strategic Capabilities Office has shifted to firing the HVP out of more conventional guns, such as common artillery pieces found on the battlefield.

The advantage of the HVP over conventional missile defenses is a dramatic decline in cost-per-kill. Each HVP costs around $85,000, opposed to $1.5 million Tomahawk missiles, $155,000 Hellfire rockets, and or $147,000 Javelin shoulder-rocket.

So what does this mean? Well, the Pentagon can shoot a lot more of these smart bullets and not feel bad they’re robbing taxpayers. There’s also a strategic component to HVP, that is, precision-guided short-range defense at hypersonic speeds to take out enemy missiles.

end
Yelp reveals that 60% of all business closures in the USA are now permanent
(zerohedge)

Yelp Reveals 60% Of Business Closures Are Now Permanent 

The virus pandemic shock is generating deep economic scarring, the likes of which many have never seen before. The virus-induced downturn has led the economy into a “liquidity trap,” in which interest rates will likely reside on the zero lower bound until 2023, and monetary policy could have trouble stimulating the real economy besides artificially inflating asset prices. As Washington pumps fiscal injection after fiscal injection into the real economy, creating unstable artificial growth, the latest lapse of fiscal support, now 46 days, has sent the economy into another slump.

For more color on the deep economic scarring, not just a deterioration in the labor market, we turn our attention to a Yelp report published Wednesday that revealed as of Aug. 31, 163,735 businesses have closed on the platform, a 23% increase since mid-July.

Yelp pointed out an increase of permanent business closures over the past six months, now reaching 97,966, or about 60% of closed businesses will never reopen their doors again.

“As of August 31, 163,735 total U.S. businesses on Yelp have closed since the beginning of the pandemic (observed as March 1), a 23% increase since July 10. In the wake of COVID-19 cases increasing and local restrictions continuing to change in many states we’re seeing both permanent and temporary closures rise across the nation, with 60% of those closed businesses not reopening (97,966 permanently closed).”

“Overall, Yelp’s data shows that business closures have continued to rise with a 34% increase in permanent closures since our last report in mid-July,” Justin Norman, Yelp’s vice president of data science, told CNBC.

Yelp notes restaurants, shopping and retail, and beauty and spas have been damaged the most with temporary and permanent closures since March 1. About 32,109 restaurants closed on Yelp, with 19,590 of those permanent, or about 61%. Shopping and retail saw 30,374 business closures, with 58% of those permanent. Beauty and spas saw 16,585 closures, with 42% of which are permanent.

Professional services, like roofing, landscaping, accountants, and lawyers, experienced some of the smallest declines. Meanwhile, restaurants and retail businesses have been struggling the most. Readers may recall, dying restaurants have been panic selling assets on Facebook Marketplace as the industry remains in a bust cycle.

Los Angeles, New York City, and San Francisco were three metro areas that saw the most closures and permanent closures.

And what does this all mean? Well, policy tools, if that is monetary of fiscal, are producing diminishing returns that will likely result in a recovery that does not resemble a “V.” The road to recovery could take years as the latest analysis from Opportunity Insights of US business activity reveals the number of small businesses open is plunging.

And by the way, the fiscal cliff, which we’ve warned about since late July (see: here) – is finally showing up in economic data as online spending growth hit a wall. Lower spending by consumers will pressure businesses and lead to more closures.

What this all means is that America’s coming double-dip recession could be dead ahead

end

 

Despite record builder sentiment housing starts collapse and that includes rental units

(zerohedge)

Despite Record Builder Sentiment, Housing Starts Collapse Led By Rental Unit Crash

After yesterday’s record-high homebuilder sentiment, it may seem odd that analysts’ expectations were for a small drop MoM in Housing Starts (and only a modest rise MoM in Building Permits) in August. July’s massive rebounds in both housing market measures may just have been the peak in the ‘v’-shaped pent-up supply as Housing Starts plunged 5.1% MoM (-0.6% MoM exp) and Building Permits dropped 0.9% MoM (versus +2.0% MoM exp).

Source: Bloomberg

Additionally, the data for July was revised notably lower…

Source: Bloomberg

While single-family home starts rose, the rental units crashed in August…

  • 4.1% jump in single family units from 981K to 1021M
  • 25.4% drop in multi-family units from 503K to 375K

Similar pattern played out in Permits with rental units crashing…

  • 6.0% jump in single-family units to 1.036MM, highest since 2007
  • -17.4% drop in multi-family (rental) units to 381K

Finally, as a reminder, while homebuilders are exuberant about the future, homebuyers (despite a rebound) remain notably less enthused…

Source: Bloomberg

No matter how much the homebuilders build, perhaps the buyers won’t come this time?

end
NEW JERSEY
New Jersey is set to raise raises on millionaires.  This will no doubt force these guys to move to a lower tax state
(zerohedge)

Let The Exodus Begin: New Jersey Raises Tax On Millionaires

In the latest suicidal move by New Jersey, the state which after Illinois is in the direst of financial straits and has the second lowest credit rating in the nation…

… On Thursday morning, Jersey Governor Phil Murphy and Democratic leaders agreed on a budget deal that will raise taxes on millionaires, sparking another exodus from a state which has already seen many of its richest residents – such as David Tepper – depart for more hospitable states.

As the NYT gloats, “Gov. Philip D. Murphy campaigned on a vow to raise taxes on the rich in New Jersey. It took three years and a pandemic to get it done.” Clearly the NYT has any idea just how worse off the state will be in a few years as a result of sliding real estate prices and broadly lower tax revenues.

Murphy, a former Goldman Sachs executive and fervent Democrat who took over as NJ governor from Chris Christie in 2018, was expected to announce on Thursday morning a deal that includes a higher tax rate for residents earning more than $1 million a year. In keeping with Murphy’s social justice warrior ambitions, the agreement also includes a $500 rebate for families with at least one child and an annual income of less than $150,000 a year for couples and $75,000 for single parents. The new tax is expected to generate an estimated $390 million this fiscal year, while the $500 rebate is expected to cost about $340 million a year.

“Blink and you’ll miss the next Trenton tax hike,” the state’s Republican chairman, Doug Steinhardt, said in a statement. “That’s how fast Phil Murphy and his Democrats are spending your money.”

New Jersey must have a budget in place for the Oct. 1 start of the revised fiscal year, a nine-month cycle. The current fiscal year was lengthened by three months amid uncertain revenue during the novel coronavirus pandemic. The new spending plan includes $4 billion in borrowing to plug a revenue gap.

* * *

New Jersey’s move is an early glimpse of what will happen to tax rates across the country should Joe Biden become president: as part of his platform, the former Vice President has proposed raising taxes on people earning more than $400,000 to finance a slate of programs.

In the Garden State, the so-called millionaires tax was an initiative the Democrat-led Legislature had symbolically approved for years before Mr. Murphy took office in 2018, knowing that it would never be signed into law by the former Republican governor, Chris Christie. But Murphy, a self-avowed progressive who arrived in Trenton with few legislative allies, had been unable to win support for the idea from the Senate president, Stephen M. Sweeney, a political rival, or the Assembly leader, Craig J. Coughlin.

Until now.

Facing a fiscal crisis brought on by the urgent health needs of the pandemic and the months-long shutdown of businesses, lawmakers agreed to raise the tax rate on earnings over $1 million to 10.75 percent, up from 8.97 percent. Individuals earning more than $5 million were already taxed at the higher rate.

As the NYT notes, the deal underscores the “shifting political climate and a recognition that the wealthy may need to contribute more to the state’s recovery with so many residents out of work and struggling to feed their families.” And now the wealthy – who are no longer bound to a local office thanks to a Work From Home world – will show Murphy just how easy it is for them to uproot and leave to states with low, or no, state income tax.

In neighboring New York, Democratic Gov. Andrew M. Cuomo, has largely resisted proposals to raise billions by taxing the wealthy, instead consistently calling on the federal government to bail out the state, which he is says needs some $59 billion to cover two years of projected state deficits. It’s a battle he will likely lose. Meanwhile, progressives in Albany have been pushing the governor to consider a variety of bills, including one to raise the tax rate on those earning more than $100 million to almost 12 percent.

The millionaires tax is part of a nine-month, $32.4 billion spending plan that must be adopted by Oct. 1. The proposed budget Murphy released last month also includes about $1.2 billion in spending cuts and $4 billion in new bonding debt.

And now the question is when New Jersey will complete its ritual suicide, hiking taxes on HFTs and frequent fire stock transactions, a move which will not only not boost revenues but lead to the prompt departure of such wealthy residents as the New York Stock Exchange (located, ironically enough, in NJ) and the Nasdaq.

iv) Swamp commentaries)

Now Chris Rock slams Pelosi for letting the pandemic enter the uSA during the impeachment charade

(zerohedge)

Chris Rock Slams Pelosi For ‘Letting The Pandemic Come In’ During Impeachment Charade

Comedian Chris Rock slammed Democratic lawmakers for focusing on impeachment while the pandemic was rapidly spreading throughout Asia.

It was totally up to Pelosi and the Democrats. Their thing was, ‘We’re going to get him impeached,’ which was never going to happen. You let the pandemic come in. Yes, we can blame Trump, but he’s really the 5-year-old,” the New York comedian told the New York Times in a wide-ranging interview.

In fact, as Breitbart‘s David Ng notes, “Democrat leaders showed little to no public interest in the coronavirus pandemic during its early months. In January, when the gravity of the virus was becoming apparent, Congressional Democrats staged a photo-op in which they solemnly walked the articles of impeachment through the Capitol rotunda.”

Later that month, Speaker Pelosi (D-CA) infamously tore up a copy of President Trump’s State of the Union address on live television, even though the address directly referenced the pandemic and promised that the White House “will take all necessary steps to safeguard our citizens from this threat.” Breitbart

Rock also picked apart President Trump, comparing him to the child ruler in The Last Emperor.

Did you ever see that movie The Last Emperor, where like a 5-year-old is the emperor of China? There’s a kid and he’s the king. So I’m like, it’s all the Democrats’ fault. Because you knew that the emperor was 5 years old. And when the emperor’s 5 years old, they only lead in theory. There’s usually an adult who’s like, ‘OK, this is what we’re really going to do,” he said.

The comedian also opined on Blackface and political correctness – suggesting that he’s forced into answering lest he risk becoming outcast by Hollywood:

“If I say they are, then I’m the worst guy in the world. There’s literally one answer that ends my whole career,” said Rock, adding: “Blackface ain’t cool, OK? That’s my quote. Blackface is bad. Who needs it? It’s so sad, we live in a world now where you have to say, I am so against cancer. “I just assumed you liked cancer.” No, no, no, I am so against it. You have to state so many obvious things you’re against.”

end
Minneapolis
I guess you do not know whether to laugh or cry: Minneapolis City Council are baffled over recent crime wave after they defunded the city’s police department
(zerohedge)

“Where Are The Police?” After Voting To Defund Cops, Minneapolis City Council Baffled Over Recent Crime Wave

In the wake of George Floyd’s death while in the custody of the Minneapolis police, the city council – nearly all Democrats, made the brilliant decision to defund the city’s police department and embark on a “police-free future.

 

Minneapolis City Council

“We are going to dismantle the Minneapolis Police Department,” tweeted Council Member Jeremiah Ellison on June 4, pledging to “dramatically rethink” the city’s approach to emergency response.

Now, via The Blaze, a development that we promise isn’t from the Babylon Bee: Minneapolis lawmakers are baffled over the recent crime wave sweeping the city.

“During a two-hour meeting with Minneapolis Police Chief Medaria Arradondo this week, the Democratic city council, in brazen fashion, demanded to know why city police are not responding to the violence with enhanced law enforcement measures,” Writes Chris Enloe.

From Minnesota Public Radio:

The number of reported violent crimes, like assaults, robberies and homicides are up compared to 2019, according to MPD crime data. More people have been killed in the city in the first nine months of 2020 than were slain in all of last year. Property crimes, like burglaries and auto thefts, are also up. Incidents of arson have increased 55 percent over the total at this point in 2019.

Residents are asking, ‘Where are the police?‘” Councilman Jamal Osman said, MPR reported. “That is the only public safety option they have at the moment. MPD. They rely on MPD. And they are saying they are nowhere to be seen.”

Anti-police Council President Lisa Bender claims the cops are being “defiant,” adding “This is not new.”

Democratic council member Phillipe Cunningham called out his colleagues for their hypocrisy.

“What I am sort of flabbergasted by right now is colleagues, who a very short time ago were calling for abolition, are now suggesting we should be putting more resources and funding into MPD,” he said.

Police Chief Arradondo insisted that Minneapolis PD has taken measures to combat the crime wave, such as adding more officers to patrols, devoting additional resources to investigative duties, and discussing the spike in crime with department leadership.

What did they expect?

end

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

@jennfranconews: Press Sec McEnany asked about Pres. Trump’s tweet urging GOP to go for much higher numbers” amid stimulus deadlock in Congress:  Says Pres. was referring to ‘skinny’ $500B Senate GOP bill “that didn’t include direct payments & he’s very keen to see these direct payments.”

Federal Open Market Committee statementhttp://go.usa.gov/xGNMy

The decline on the innocuous FOMC Communique was short lived because the manipulation for the VIX Fix expiration at 14:15 ET beckoned.  ESZs jumped 16 handles for the VIX Fix.  But that was it.  The balance of the session was dependent on Powell’s presser.

Powell Press Conference Highlights

  • Recovery has progressed more strongly than expected, but activity remains lower than pre-Covid
  • Household spending has recovered ¾ of its decline
  • Fiscal stimulus provided timely support to incomes
  • We will omit Powell’s virtue signaling, which included Covid stuff
  • The volume of Powell’s virtue signaling clearly indicates the Fed is very worried that its policies are exacerbating the concentration of wealth and income problem in the USA.

@charliebilello: The Fed Chairman has become a cheerleader for higher inflation while at the same time saying they’re helping the little guy & “watching wealth inequality.” Saying over and over and over again that they will not start normalizing policy until inflation is well above their target.

US August Retail Sales increased 0.6% m/m; 1.0% was expected.  Ex-Autos +0.7%, 1.0% expected; Ex-Autos & Gas 0.7%; 0.9% was expected.

U.S. homebuilder confidence hits record high [83, 78 expected] in September [Urban flight]

Builders, however, remained concerned about rising costs for materials and delivery delays, especially for lumber… the suburban shift for home building is keeping builders busy…  http://reut.rs/3mpPDVD

@zerohedge: Fed says it is doing QE to “support the flow of credit to households and businesses.”  Maybe Powell can explain why just 0.2% of its Main Street Lending Program has been disbursed.

Barr Tells Prosecutors to Consider Charging Violent Protesters with Sedition – DJ

Including potentially plotting to overthrow the U.S. government…In a conference call with U.S. attorneys across the country last week, Mr. Barr warned that… violent demonstrations across the U.S.  could worsen as the November presidential election approaches

Biden panned for playing ‘Despacito’ at Hispanic Heritage Month event

Critics piled on the former VP over the “cringe” moment.

    “Oh my,” CBS News correspondent Ed O’Keefe reacted. “Does @JoeBiden realize that Despacito means ‘slowly’? Fits well with Slow Joe,” Trump campaign senior adviser Mercedes Schlapp quipped…

https://www.foxnews.com/politics/biden-panned-for-playing-despacito-off-his-phone-at-hispanic-heritage-month-event

@realDonaldTrump on video of Biden playing ‘Despacito’: What is this all about?  China is drooling. They can’t believe this!

Whatever staffer had Joe play “Despacito” should be fired.  Not only was the act patronizing to Hispanics, the lyrics inspire images of Joe creeping on young girls that teem on social media.  SlowlyI want to breathe in your neck slowlyLet me murmur things in your ear… Slowly, I want to undress you in kisses slowly… https://www.billboard.com/articles/columns/latin/7873132/despacito-lyrics-translation-english-meaning

@LD25_GOP: CBS stole a Photo from Latinos for Trump in Phoenix and tagged it as a Biden event. #fakenews  https://twitter.com/LD25_GOP/status/1306224239783981057

CBS’s @edokeefe Replying to @LD25_GOP: What you’ve posted is a screengrab from video we used in the piece as we discussed President Trump’s Latinos for Trump event in Arizona. The graphic didn’t line up with the image at that moment[CBS’s excuse] You can see the full report here for yourself:

https://twitter.com/edokeefe/status/1306244788543524864

@JoeBiden: Another 215,000 Americans will die of Covid by November, but if we impose “universal masking,” 100,000 lives could be saved   https://twitter.com/tomselliott/status/1306322927927857152

Team Trump’s @abigailmarone [After Joe’s Covid speech yesterday afternoon, 90 minutes late] Joe Biden says he will take questions and then pulls out a list of pre-selected reporters to call on.  “Number 5″ says Joe Biden while looking at his pre-approved questioner list.  In case you had any doubt that Biden has been given a literal list of reporters to call on, IN ORDER, he just confirmed it for you.

@JFNYC1: Ok guys, This is totally not funny anyone. [Biden calling on reporters]

https://twitter.com/JFNYC1/status/1306325671992582146

Treasury flagged foreign money flowing to Hunter Biden-tied firms as ‘suspicious’

Senate panels investigating whether law enforcement, US intel turned blind eye to concerns.

https://justthenews.com/accountability/russia-and-ukraine-scandals/treasury-flagged-foreign-money-flowing-hunter-biden-tied

Ocasio-Cortez: ‘We can likely push’ Biden ‘in a more progressive direction’ if he’s elected

https://justthenews.com/politics-policy/elections/ocasio-cortez-we-can-likely-push-biden-more-progressive-direction-if-hes

400-plus Michigan overseas ballots list wrong running mate for Trump

https://www.detroitnews.com/story/news/local/michigan/2020/09/15/400-plus-michigan-overseas-ballots-list-wrong-running-mate-trump/5810829002/

@Rasmussen_Poll [1 of few that got 2016 right]: Trump overtakes Biden, 47%-46%, hits 52% approval

Time magazine: Joe Biden is Running an Invisible Digital Campaign in All-Important Michigan. That’s Making Some Democrats Nervous – “I can’t even find a sign,” Sabbe says outside a Kroger’s in Sterling Heights, where surrounding cars fly massive Donald Trump flags that say “No More Bullsh-t” and fellow shoppers wear Trump T-shirts for their weekend grocery runs. “I’m looking for one of those storefronts. I’m looking for a campaign office for Biden. And I’m not finding one.”…

The Biden campaign in Michigan refused to confirm the location of any physical field offices despite repeated requests; they say they have “supply centers” for handing out signs, but would not confirm those locations. The campaign also declined to say how many of their Michigan staff were physically located here… also not doing physical canvassing or events at the moment. When I ask Biden campaign staffers and Democratic Party officials how many people they have on the ground in Michigan, one reply stuck out: “What do you mean by ‘on the ground?’”…  https://time.com/5889093/joe-biden-michigan-campaign/

Jill Biden spokesman @MichaelLaRosaDC: Campaigning in 2020. Yard sign car parades with @DrBiden and @DouglasEmhoff  [Kamala’s hubby]

https://twitter.com/MichaelLaRosaDC/status/1306294995306020864

       @KamVTV: 3 bloody cars. You can’t make this crap up!

       @MaybeAmes: Why would you even post this? This is so embarrassing.

GOP Sen. Josh Hawley @HawleyMO: Since June, 9 police officers have been shot in St. Louis alone. … we should put thousands more cops on the streets. I’ve introduced legislation to do it

@justinbaragona: Newt Gingrich: “The number one problem in almost all the cities is George Soros-elected, left-wing, antipolice pro-criminal district attorneys…” Fox host: “I’m not sure we need to bring George Soros into this.” Newt: “Okay… So, it’s verboten?” Long awkward silence.

https://twitter.com/justinbaragona/status/1306269786469552128

Minneapolis City Council alarmed by crime surge after defunding police

https://nypost.com/2020/09/16/minneapolis-city-council-alarmed-by-crime-surge-after-defunding-police/

Chris Rock: Democrats ‘Let the Pandemic Come In’ While Pushing Impeachment

It was totally up to Pelosi and the Democrats. Their thing was, ‘We’re going to get him impeached,’ which was never going to happen. You let the pandemic come in. Yes, we can blame Trump, but he’s really the 5-year-old,”… Rock also said that the Obama presidency didn’t represent a positive for black Americans. “Obama becoming the president, it’s progress for white people. It’s not progress for Black people.” https://www.breitbart.com/entertainment/2020/09/16/chris-rock-democrats-let-the-pandemic-come-in-while-pushing-impeachment/

Democrats had extensive contact with Ukrainian they now use for ‘red scare’ attack on GOP

Andrii Telizhenko was frequent contact for Obama State Department, DOJ and NSC, U.S. memos show…  https://justthenews.com/accountability/russia-and-ukraine-scandals/dems-had-extensive-contact-ukrainian-they-are-now-using

@dhookstead: The NFL’s TV ratings have crated, and are reportedly down 28% to open the season compared to 2019. This is what happens when you make sports about politics. People stop watching.

https://twitter.com/IAMSEB1964/status/1305540436216492038/photo/1

@QuickTake: Ratings were down for the first weekend of NFL games, with one exception: Tom Brady’s debut with the Tampa Bay Buccaneers. That game drew 25.8 million viewers, making it Fox’s highest opening weekend in four years   https://trib.al/HrVt2PT

Panthers broadcaster says his support for Trump leads to the end of his time working with the team

Luis Moreno Jr. has been posting pro-Trump content on social media since roughly the onset of the coronavirus pandemic – Moreno Jr., 42, came to America from Mexico at the age of 14, officially becoming a U.S. citizen last month, according to the Charlotte Observer…

https://justthenews.com/politics-policy/all-things-trump/panthers-broadcaster-says-his-support-trump-lead-end-his-time

@NBCNews: Nationwide survey shows ‘shocking’ lack of Holocaust knowledge among millennials and Gen Z, 1 in 10 respondents could not recall ever having heard the word “Holocaust” before. https://nbcnews.to/2RyiQzm

@MZHemingway: In speech at Hillsdale’s Constitution Day dinner… Barr says that letting the most junior member of a team set policy might be a good way to run a Montessori preschool but not the Department of Justice…Barr telling people to go to CSPAN and check out Nadler’s condemnation of special counsel back in 1995 or so. “It’s fun to watch.”… Barr critiquing political prosecutions. “I’d like to say we don’t see headhunting in DOJ. That’s not true. I see it every day. It’s a temptation to go after people and not crimes.”  “Political disagreement is not enough. Now you have to call them a criminal.” Says it’s like being in an Eastern European country.  Barr says DOJ has at times acted like a trade association for prosecutors instead of defenders of rule of law.  Barr: Obama admin had some of the same people on Mueller probe writing their SCOTUS briefs, so maybe that was part of their problem.

Barr notes that media had brief period of trying to be objective but that went away “long time ago.” Says “narrative” suggests they don’t believe in objective truth but seek raw power.  Freedom of the press is something “we all have” and says the idea that “the media” have more rights than others is not true.

Asked about Mueller team wiping phones, Barr says he’s not going to discuss.

@LizRNC: AG Barr on why this is the most significant election of our lifetimes: “We are getting into a position where we are going to find ourselves irrevocably committed to a socialist path…there is now a clear fork in the road for our country….the great thought that has inspired our country that undergirds our country that has made our country great, the principles and the thinking behind it have been forgotten by a large segment of the people, not even forgotten because probably they were never taught about it.”

The Babylon Bee: State That Just Voted to Reduce Penalties for Pedophiles Not Sure Why God Keeps Lighting Them on Fire   https://t.co/yl6613UFQg

Well that is all for today

I will see you FRIDAY night.

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