SEPT 18//GOLD UP $10.50 TO $1954.70//SILVER IS DOWN 7 CENTS//HUGE INCREASE IN GOLD STANDING AT THE COMEX: 13.7 TONNES/AND IN SILVER 153.8 MILLION OZ//HUGE OI IN OCT GOLD AS THIS MONTH REFUSES TO CONTRACT IN NUMBERS//CORONAVIRUS UPDATES//CHINA VS USA (TIK TOK)//ANDREW MAGUIRE ..A MUST LISTEN TO TAPE//NO CLOSER TO ANOTHER STIMULUS PKG//MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1954.70  UP $10.50   The quote is London spot price

 

 

 

 

 

Silver:$26.85 DOWN  $0.07   London spot price ( cash market)

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Closing access prices:  London spot

 

i)Gold : $1950.00  LONDON SPOT  4:30 pm

 

ii)SILVER:  $26.79//LONDON SPOT  4:30 pm

CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1952.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $2.50 BACKWARD//

 

 

 

DEC. GOLD  $1961.60   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $7.10/ CONTANGO   ( 0.50 BELOW NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $27.31…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 46 CENT CONTANGO// 46 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $27.05  1:30  PM SPREAD SPOT/FUTURE DEC.       : 20  CENTS PER OZ  CONTANGO ( 8 CENTS ABOVE NORMAL CONTANGO)

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

 

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

receiving today:   1/3

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,940.000000000 USD
INTENT DATE: 09/17/2020 DELIVERY DATE: 09/21/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 1
657 H MORGAN STANLEY 1
661 H JP MORGAN 1
905 C ADM 3
____________________________________________________________________________________________

TOTAL: 3 3
MONTH TO DATE: 4,322

issued 0

 

 

 

 

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  $10988  UP 48

 

BITCOIN AFTERNOON QUOTE.: $10,939 DOWN 14

 

GLD AND SLV INVENTORIES:

WITH GOLD UP $18.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD//

 

GLD: 1,246.99 TONNES OF GOLD//

 

 

WITH SILVER DOWN $0.07  TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT THE SLV//

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 555.212  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A STRONG 941 CONTRACTS FROM 162,351 UP TO 163,292, AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  $0.31 FALL IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO ATTEMPTED BUT FAILED BANKER  SILVER SHORT COVERING..  COUPLED AGAINST A GOOD EXCHANGE FOR PHYSICAL :   ZERO  LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 2079 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

WE WERE  NOTIFIED  THAT WE HAD A GOOD  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  905, AS WE HAD THE FOLLOWING ISSUANCE:  SEP 0;  DEC:  905, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  905 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  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

53.785 MILLION OZ INITIALLY STANDING IN SEPT

 

THURSDAY, 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 $0.31) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS AS WE HAD A VERY STRONG GAIN IN OUR TWO EXCHANGES. 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 GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A VERY STRONG GAIN IN SILVER OZ STANDING  FOR SEPTEMBER, 3) STRONG COMEX GAIN AND 4) ZERO LONG LIQUIDATION.  YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 

 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

SEPT.

 

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

9385 CONTRACTS (FOR 13 TRADING DAY(S) TOTAL 9385 CONTRACTS) OR 46.93 MILLION OZ: (AVERAGE PER DAY: 721 CONTRACTS OR 3.609 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 46.93 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.70% 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:          1,426.63 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                                46.93 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1941, DESPITE OUR STRONG $0.31 FALL IN SILVER PRICING AT THE COMEX ///THURSDAY(WICKED RAID).THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 905 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

 

 

TODAY WE GAINED A STRONG SIZED 1845 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.31 FALL IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 905 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 941 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR 31 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.92 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.808 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: 397 NOTICE(S) FOR 1,985,000 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. 53.785 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 FELL BY A CONSIDERABLE SIZED 5454 CONTRACTS TO 576,899 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE SIZED LOSS IN COMEX OI OCCURRED  WITH OUR LOSS IN PRICE  OF $18.05 /// COMEX GOLD TRADING// THURSDAY//WE HAD ATTEMPTED BUT FAILED BANKER SHORT COVERING AS, DESPITE THE RAID, WE HAD A SMALL GAIN ON OUR TWO EXCHANGES (1238 CONTRACTS)… NOBODY LEFT THE GOLD ARENA.  WE ALSO HAD A STRONG ADVANCE IN TONNAGE STANDING AT THE GOLD COMEX FOR SEPTEMBER ACCOMPANYING A GOOD EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR FALL IN PRICE OF $18.05. 

 

 

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

 

 

WE GAINED A SMALL SIZED 1344 CONTRACTS  (4.180 TONNES) ON OUR TWO EXCHANGES DESPITE THE RAID.

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A HUGE SIZED 6798 CONTRACTS:

CONTRACT . OCT: 250 DEC: 6548; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 6798.  The NEW COMEX OI for the gold complex rests at 576,899. 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 SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1,344 CONTRACTS: 5454 CONTRACTS DECREASED AT THE COMEX AND 6798 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 1,344 CONTRACTS OR 3.8506 TONNES. THURSDAY, WE HAD A LOSS OF $18.05 IN GOLD TRADING……

AND WITH THAT LOSS IN  PRICE, WE HAD A SMALL SIZED GAIN IN TOTAL/TWO EXCHANGES GOLD TONNAGE OF 4.180 TONNES!!!!!! THE BANKERS WERE SUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT FELL $18.05).  WE HAD AN ATTEMPTED BUT FAILED BANKER SHORT COVERING OPERATION AS OUR BANKER FRIENDS COULD NOT FLEECE ANY LONGS FROM THEIR POSITIONS DURING THEIR VICIOUS RAID YESTERDAY.

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (6798) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (5454 OI): TOTAL GAIN IN THE TWO EXCHANGES:  1,344 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 LOSS AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  ...ALL OF THIS WAS COUPLED WITH OUR LOSS IN GOLD PRICE TRADING//THURSDAY//$18.05.

 

 

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 : 37,990, CONTRACTS OR 3,799,000 oz OR 118.16 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 2922 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 118.16 TONNES

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

THUS EFP TRANSFERS REPRESENTS 118.16/3550 x 100% TONNES =3.32% OF GLOBAL ANNUAL PRODUCTION

 

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:                       118.36 TONNES

 

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

 

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 941 CONTRACTS FROM 162,351, UP TO 163,292 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 STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)  ATTEMPTED BUT FAILED BANKER SHORT COVERING  , 2) A GOOD  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 905 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. 905 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 905 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 941 CONTRACTS TO THE 905 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 1845 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 9.225 MILLION  OZ, OCCURRED WITH OUR 31 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 67.66 POINTS OR 2.07%  //Hang Sang CLOSED UP 114.56 POINTS OR 0.47%   /The Nikkei closed UP 40.93 POINTS OR 1.97%//Australia’s all ordinaires CLOSED DOWN .16%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7724 /Oil UP TO 40.65 dollars per barrel for WTI and 42.88 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7724 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7718 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC  : /ONSHORE YUAN TRADING BELOW 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 CONSIDERABLE SIZED 5,454 CONTRACTS TO 576,899 MOVING FURTHER FROM  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 COMEX DECREASE OCCURRED WITH OUR STRONG  FALL OF $18.05 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A FAIR EFP ISSUANCE (6,798 CONTRACTS),.  THUS,  WE HAD  1)  ZERO BANKER SHORT COVERING AS WE HAD A SMALL GAIN IN THE TWO EXCHANGES OF 1344 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 OUR SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 1,344 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. YESTERDAY WAS THE FIRST TIME IN QUITE SOME TIME THAT WE WITNESSED A HUGE INCREASE IN EFP ISSUANCE. TODAY , A FAIR AMOUNT WAS ISSUED.  THE REASON THE BANKERS ARE AGAIN ISSUING THESE ENTITIES IS THE FACT THAT THE FRONT MONTH IN GOLD IS BACKWARD AND THUS NOT AS COSTLY TO THE BANKERS TO CARRY THEM. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS..

 

 

 

(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 FAIR SIZED  TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 6798 EFP CONTRACTS WERE ISSUED:   OCT: 250  DEC 6548; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 6798  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: 1,344 TOTAL CONTRACTS IN THAT 6798 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 5560 COMEX CONTRACTS.   

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $18.05).  BUT, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A POSITIVE  4.180 TONNES  DESPITE THE  WICKED FALL IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 1344, CONTRACTS OR 134,400 OZ OR 4.180 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:  576,899 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.68 MILLION OZ/32,150 OZ PER TONNE =  1794 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1794/2200 OR 81.54% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 171,453 contracts// volume  poor

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  289,290 contracts//  volume: fair //raid //most of our traders have left for London

 

 

SEPT 18 /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
132,285.903 oz
MALCA
HSBC
SCOTIA
(SCOTIA 43 KILOBARS)
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz  

224,938.399

OZ

BRINKS

JPMORGAN

 

 

 

No of oz served (contracts) today
3 notice(s)
 300 OZ
(0.00933 TONNES)
No of oz to be served (notices)
85 contracts
(8500 oz)
0.2643 TONNES
Total monthly oz gold served (contracts) so far this month
4322 notices
432200 OZ
13.4432 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 2 deposit into the customer account

i) Into Brinks:  94,427.490 oz

ii) Into JPMorgan: 130,500.900 oz

 

 

total customer deposit:  224,928.399     oz

 

 

we had 3 gold withdrawals from the customer account:

 

i) Out of Malca: 130,500.909 oz
ii) Out of HSBC:  402.604 oz
iii) Out of Scotia: 1382.455 oz

 

 

total withdrawals; 132,285.963     oz

 

 

 

 

We had 1  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

The front month of SEPT registered a total of 88 contracts for a LOSS of 79 contracts.  We had 111 notices filed on Thursday, so we gained a strong 32 contracts or an additional 3,200 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 8 days.

WOW!!! Oct AGAIN GAINED A WHOPPING 517 contracts UP to 62,723.  Two major points on this:

a) nobody wants to leave the gold arena

b) we can now safely confirm that a major entity is behind October’s numbers.

Probably Goldman Sachs who has been identified as the major player in the new physical platform at the LME is the one who is accumulating gold in a similar fashion to JPMorgan’s accumulation of silver.  Goldman Sachs needs gold to provide liquidity for that new physical exchange.

November gained 32 contracts to stand at 148.

The big December contract lost 6339 contracts down to 427,145 contracts..

THE BIG STORY AGAIN TODAY IS THE HUGE OI GAIN 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 SOME MAJOR ENTITY JUST CANNOT WAIT FOR DECEMBER AS THEY ARE MAKING THEIR MOVE ON OCTOBER FOR PHYSICAL METAL.

 

 

 

 

 

 

We had 3 notices filed today for  300 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 3 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped/ Received) by j.P.Morgan//customer account and 0 notices by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the SEPT /2020. contract month, we take the total number of notices filed so far for the month (4322) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (88 CONTRACTS ) minus the number of notices served upon today (3 x 100 oz per contract) equals 440,700 OZ OR 13.707 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 (4322, x 100 oz +x OI) for the front month minus the number of notices served upon today (3) x 100 oz which equals 440,700 oz standing OR 13.707 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 32 contracts or an additional 3200 oz will try their luck searching for metal on this side of the pond. Somebody today again 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 447.06 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 13.707 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  15,647,132.613 oz or 486.69 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: 14,373,298.0  (447.06 tonnes)
true registered gold  (total registered – pledged tonnes  14,372,520.0 (447.06 tonnes)
total eligible gold:  20,867,745.837 oz (649.07 tonnes)

total registered, pledged  and eligible (customer) gold  36,514,878.450 oz 1,135.766 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1009,43 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 18/2020

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
 0 oz

 

 

Deposits to the Dealer Inventory
541,171.637 oz
Brinks

 

Deposits to the Customer Inventory
1503,160.341 oz
Brinks
CNT
JPMorgan
No of oz served today (contracts)
397
CONTRACT(S)
(1,985,000 OZ)
No of oz to be served (notices)
511 contracts
 2,555,000 oz)
Total monthly oz silver served (contracts)  10,246 contracts

51,230,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposit into the dealer:
i) Into Brinks dealer  541,171.637 oz

total dealer deposits: 541,171.637      oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 3 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  595,232.300 oz

ii) into Brinks  252,542.700 oz

iii) Into CNT:  655,385.341 oz

 

 

 

 

 

 

 

 

JPMorgan now has 178.101 million oz of  total silver inventory or 48.79% of all official comex silver. (178.101 million/365.007 million

 

total customer deposits today:  1,503,160.341   oz

we had 0 withdrawals:

 

total withdrawals; nil    oz

We had 2 adjustments/

Brinks: dealer to customer:  438,015.580 ox

CNT: customer to dealer:  397,924.950

 

 

Total dealer(registered) silver: 140.718 million oz

total registered and eligible silver:  365.007 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 908 contracts thus losing 146 contracts.  We had 305 notices filed on THURSDAY so we GAINED a strong 159 contracts or an additional 795,000 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 165 contracts to stand at 1733.November GAINED 1 contract to stand at 14,

The big December contract month saw its OI GAIN by 683 contracts up to 140,882

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 397 contract(s) FOR 1,985,000, 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 10,246 x 5,000 oz = 51,230,000 oz to which we add the difference between the open interest for the front month of SEPT(908) and the number of notices served upon today 397 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 10,246 (notices served so far) x 5000 oz + OI for front month of SEPT  (908)- number of notices served upon today (397) x 5000 oz of silver standing for the SEPT contract month.equals 53,798,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We GAINED  159 contracts or AN ADDITIONAL 795,000 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 : 52,621 CONTRACTS // volume weak//

 

 

 

 

 

FOR YESTERDAY   98,962.  ,CONFIRMED VOLUME// strong/raid

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 98,962 CONTRACTS EQUATES to 0.494 billion  OZ 70.2% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 1.99% ((SEPT 18/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -.28% to NAV:   (SEPT 18/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/1.99%

(courtesy Sprott/GATA

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

NAV 20.44 TRADING 20.01///NEGATIVE 2.09

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 18/WITH GOLD UP $10.50 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS THIS WEEKEND AT: 1246.99 TONNES

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 18/ GLD INVENTORY 1246.99 tonnes*

LAST;  904 TRADING DAYS:   +307.49 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 804 TRADING DAYS://+486.02  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 18. WITH SILVER DOWN 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 555.212 MILLION OZ/

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 18.2020:

SLV INVENTORY RESTS TONIGHT AT

555.212 MILLION OZ

 

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

I see that one of JPMorgan’s finest has just been sent to the pokey

Ex-JPMorgan trader sentenced to prison for currency rigging; CEO Jamie Dimon remains free

 Section: 

By Jonathan Stempel
Reuters
Thursday, September 17, 2020

NEW YORK — A former JPMorgan Chase & Co. foreign exchange trader was sentenced today to eight months in prison, following his November 2019 conviction for conspiring with traders at other banks to rig currency trades.

Akshay Aiyer, 37, was also sentenced to two years supervised release and fined $150,000 by U.S. District Judge John Koeltl in Manhattan.

end

Ronan Manly and Chris Powell talk about the gold rigging

(GATA/RonanManly)

 

 

Bullion Star’s Ronan Manly covers gold rigging with GATA secretary

 Section: 

12:24p ET Thursday, September 17, 2020

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly interviewed your secretary/treasurer a few days ago, the discussion covering, among other topics:

— The extensive documentation of central bank rigging of the gold market.

— The camouflage provided to this market rigging by the Bank for International Settlements.

… 

..Why commercial banks caught in corruption are allowed to stay in business.

 

— Why mainstream financial news organizations refuse to report critically about central banking and gold.

— Why nearly all gold and silver mining companies and the World Gold Council avoid the market manipulation issue.

— Why GATA keeps pursuing the issue despite the huge obstacles to publicizing what long has been going on.

The interview is 50 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=U-IdA1BczNo

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

end

Kinross after many years if finally paying its first dividend in 7 years: 3 cents

(Bloomberg/GATA)

Kinross Gold pays first dividend in 7 years as metal rallies

 Section: 

By Steven Frank and Isis Almeida
Bloomberg News
Thursday, September 17, 2020

Canadian miner Kinross Gold Corp. is boosting output and paying its first dividend in seven years after gold prices surged to a record.

The Toronto-based company will give shareholders 3 cents a common share, the first payout since 2013, and resume quarterly dividends of the same amount, taking the total distribution to 12 cents a year, according to a statement today. Production is expected to increase 20% by 2023.

.The move comes after investors flocked to the yellow metal as a safe haven, with the pandemic threatening to derail global economic growth. Spot gold climbed to a record $2,075.47 an ounce in August and while prices have declined since then, they are still up 28% this year, making it the second best performer in the Bloomberg Commodity Index of 22 raw materials.

 

“Our growing production profile, combined with our declining cost structure, is expected to drive strong and growing free cash flow,” Chief Executive Officer J. Paul Rollinson said in the statement. “We are also studying further organic development options given our attractive pipeline of projects and promising exploration results.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-17/kinross-gold-pays-fir…

* * *

end

The virus is playing havoc to our Indian Hindu temples.  They must dig into their vaults to pay bills

(Bloomberg)

India’s Hindu temples start using ‘God’s gold’ to pay bills as pandemic cuts donations

 Section: 

By Swansy Afonso and PR Sanjai
Bloomberg News
Thursday, September 17, 2020

Collectively, Indians own the biggest private stash of gold in the world, and religious adherents have long donated gold to temples, often to honor deities associated with individual temples. Over the centuries, that has made the country’s 3 million religious houses some of the world’s largest holders of the precious metal.

But now India’s temples — shut for months because of the coronavirus pandemic and deprived of donations — are being forced to consider depositing some of their famed stashes of gold with banks to pay mounting bills.

… 

Hindu temples hold as much as 4,000 tons of the precious metal, according to the World Gold Council, a stockpile as big as Fort Knox’s and administered by trusts empowered by Indian law to act on behalf of the deity.

 

The Travancore Devaswom Board, a prominent temple association in the southern state of Kerala, has for the first time decided to deposit some of its treasures with banks — which pay interest on gold deposits of varying terms — to raise funds and pay salaries, according to the board’s president, N. Vasu.

The Mint, an Indian financial newspaper, has reported that the Travancore Trust spends about 500 million rupees ($6.8 million) each month on salaries and other costs. “There is some opposition against using God’s gold to pay wages,” Vasu says. “But we took this tough decision because this is one of the toughest periods we have ever faced.” …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-17/india-s-hindu-temples…

end

Your weekend reading material:  China is killing the USA dollar as it sells some of its hoard

(Alasdair Macleod)

Alasdair Macleod: China is killing the dollar

 Section: 

9p ET Thursday, September 17, 2020

Dear Friend of GATA and Gold:

GoldMoney research director Alasdair Macleod writes today that China appears to be getting more aggressive about reducing its holdings of U.S. dollars and U.S. government bonds and increasing its stockpiling of commodities while the Federal Reserve moves toward infinite money creation.

This, Macleod writes, will drive down the dollar’s value and impair its status as the world reserve currency.

Macleod’s analysis is headlined “China Is Killing the Dollar” and it’s posted at GoldMoney here:

https://www.goldmoney.com/research/goldmoney-insights/china-is-killing-t…

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

end

The big question: who is supplying gold to the USA in August and Sept?

(Hobson/Reuters)

Flood of gold from Switzerland to U.S. stopped in August

 Section: 

By Peter Hobson
Reuters
Thursday, September 17, 2020

https://www.reuters.com/article/us-swiss-trade-gold-idUSKBN2681TZ

LONDON — Swiss exports of gold to the United States all but halted in August while shipments to China and India rose, customs data showed today, suggesting a big transfer of bullion to New York that followed the coronavirus outbreak has run its course.

The pandemic upended the global gold trade, shutting the vast consumer markets of Asia while triggering a rush among western investors to buy what they consider a safe financial asset

Prices of U.S. gold futures surged above prices in other parts of the world, incentivising an unprecedented transfer of gold bars to New York.

 

Switzerland, the world’s biggest gold refining and transit centre, shipped 412.9 tonnes of gold worth $22 billion to the United States between March and July but just 23.7 tonnes to China, Hong Kong and India combined, Swiss customs data shows.

In August, however, U.S. shipments fell to 28.5 tonnes and were almost offset by 26.8 tonnes of gold coming into Switzerland from the United States.

END

Acting as Fed’s agent, Morgan is buying all silver to save Comex, Maguire says

 Section: 

2:10p ET Friday, September 18, 2020

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire today tells the TF Metals Report’s Craig Hemke that the silver inventory of the exchange-traded silver fund SLV must be questioned because so many bars are being quickly credited to it even as the physical market is so tight that no one else can get metal without long delays.

Maguire adds that a new physical gold and silver exchange is being created in London to compete with the London Bullion Market Association and require deliveries to be made within a day from metal already held on the exchange.

Further, Maguire says, on the basis of confidential sources, that JPMorganChase has cornered the physical silver market and has given at least one trading house an unlimited letter of credit to buy silver at any price. This, Maguire says, can be only a Federal Reserve operation to restore liquidity in silver to the New York Commodities Exchange’s silver futures contracts.

Hemke’s interview with Maguire is 42 minutes long and can be heard at the TF Metals Report here:

https://www.tfmetalsreport.com/podcast/10412/thursday-conversation-andre…

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

end

Sprott explains why he bought a big chunk of First Majestic Silver

(Sprott/GATA)

Sprott explains why he bought a big chunk of First Majestic Silver

 Section: 

3:26p ET Friday, September 18, 2020

Dear Friend of GATA and Gold:

Mining entrepreneur Eric Sprott, in his weekly interview with the TF Metals Report’s Craig Hemke for Sprott Money, explains why he has purchased a big chuck of First Majestic Silver.

Sprott praises First Majestic CEO Keith Neumeyer for paying attention to the metal, not just the mine, and for withholding production from sale when the metal’s price is low. Further, Sprott says, First Majestic’s share price has not risen proportionately with the silver price and there is a big short position in the shares, so he thinks the company is undervalued.

Of course like Sprott, Neumeyer is among the few mining executives who has acknowledged and complained about manipulation of the monetary metals markets.

Hemke’s interview with Sprott is 28 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=RP8U9f45H84

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

 

iii) Other physical stories:

A very important tape for you to hear:

Dispatching this now:
end

Another important read for you this weekend

(Egon Von Greyerz)

Institutional Demand Will Drive Gold Ever Higher, Von Greyerz Warns “Central Banks Are Panicking”

Authored by Egon von Greyerz via GoldSwitzerland.com,

Embrace uncertainty has long been one of my personal mottos. Because from this moment on, everything is uncertain whether it is your personal health, the stock market or the economy. Sure, we work with probabilities and the most likely is that the sun will rise tomorrow again and that I won’t die today. But we are now at a point in history when trend extrapolation is going to be not only precarious but also both foolish and impossible.

END OF A MAJOR CYCLE

That we are at the end of a major economic and social cycle is totally clear in my mind. But cycles don’t end overnight, if the world isn’t hit by a massive meteorite or nuclear bomb. Whether we are at the end of a 300 year cycle or a 2,000 year cycle, only future historians can tell the world. What is clear, at least to me, is that the end of this cycle started in 1971 when Nixon closed the gold window. Since then global debt has gone up exponentially and now we are in the very final stage of the cycle. This end of the end, that we are now in, was first evidenced by gold turning up at the beginning of this century.

This significant trend change in gold that started 20 years ago was a clear indicator that we are now seeing the end of the fiat money system. Even though manipulated through a corrupt paper market, gold still reveals the deceitful actions of governments and central banks. There is no better evidence than the fall of fiat in this century.

CENTRAL BANKS ARE PANICKING

Central banks are failing and they are panicking. The price of gold is telling us this. Since 2000, most major currencies are down circa 85% against gold. That is a total condemnation of the central banks and their failed experiments in creating unlimited money that has ZERO value. The fall of fiat money started in earnest in 1971 and since then all currencies have lost 97-99% of their value.

But as the table shows, only in this century, most currencies have lost more than 80%/

THE US ROAD TO PERDITION

The road to perdition for the US really started in 1913 with the creation of the Federal Reserve – a private bank set up for the benefit of private bankers under the disguise of a national bank. The Fed never had the intention of keeping the money supply and the debt under control. Instead their private agenda was always to create as much money as possible for their own benefit.

It is for that reason that the US federal debt has increased virtually every single year since 1930 when the debt was $17b. There have been 4 years with insignificant reduction of the debt (1947-8, 1956-7). But except for those four years, the US has lived above its means for 90 years. Everybody believes the Clinton administration’s rhetoric that they created major surpluses in 1998-2001. One of the objectives of governments is to mislead the people and the Clinton administration certainly succeeded with that. I haven’t met one American who is aware that there were no real surpluses in the Clinton years. Not only did they report surpluses but they were also talking about totally eliminating debt in ensuing years.

Very few people are aware that during the years 1998-2001 when the Clinton administration reported major surpluses, the actual federal debt increased every one of those years. So fake surpluses were created above the line and the actual deficits below the line were never reported. But the increase in debt revealed it all.

Not only were there no surpluses in the final Clinton years but the pipe dream of eliminating the debt didn’t just go up in smoke, but caught fire. Clinton exited with a debt of $5.7t and today it is 5x higher at $26.750t.

US DEBT DOUBLING EVERY 8 YEARS

When Trump was elected president in November 2016, I published the debt and tax revenue graph below. US debt had on average doubled every 8 years since Reagan rose to power in 1981. Thus, I made the simplistic forecast that 8 years after Trump’s victory, the debt would double from $20t to $40t and after the first 4 years the debt would be $28t. Not many believed that forecast. A $8t increase in debt in 4 years seemed totally outrageous. My forecast obviously included a severe economic downturn and this is exactly what the US is in now. Currently the debt is $26.750t and is up $3.5t since the end of March. An increase by $1.25t to at least $28t by the time the new president enters office in January 2021 seems very likely to fulfil my forecast.

As the graph above shows, tax revenue has increased 6x since 1981 whilst the debt has gone up 31x. So here we have a country that has been running a real budget deficit virtually every year since 1930 and can only increase taxes at a fraction of the rate of the deficit growth. How can anyone believe that the US economy, with the real deficit going up every year for 90 years, has a chance of survival.

GOLD IS THE GUARDIAN OF TRUTH

Yes of course the US could maybe survive for yet a few years by massive money printing, bigger deficits and exponentially higher debt. But the real problem will be the dollar. It is already down 98% since 1971 and 85% since 2000. These falls are measured in real terms which is gold of course. The US government can try to fool the people with the so-called strong dollar policy but gold stands as the guardian of the truth and reveals governments’ deceitful actions.

TOTAL DOLLAR ANNIHILATION INEVITABLE

The petrodollar and a strong military has so far prevented the dollar from total destruction in the last 50 years. Still a 98% loss of value since 1971 is as near annihilation as you can get. And the dollar has now started its final journey to ZERO. It has only got 2% to go, measured form 1971 but we must remember that the 2% means a 100% fall from now.

No one must believe that the dollar will avoid the same destiny as the Denarius in the Roman Empire between 190 and 290 AD or the French Franc’s collapse in the 1720s. There are dozens of other examples where currencies have gone to zero, like Weimar, Zimbabwe, Venezuela etc.

The demise of the petrodollar could also be accelerated by massive improvements in battery technology. The Quantum Glass Battery invented by the Nobel Prize winner John Goodenough could be revolutionary. This battery is capable of storing considerable more energy than the lithium-ion battery and can be charged in a fraction of the time. Several companies are now developing the glass battery including Panasonic, Samsung, Tesla & Albemarle. Virtually every car manufacturer in the world is now producing electric cars. As the Quantum Glass Battery comes into production, this will change the transport industry dramatically and put an end to piston engines as well as the petrodollar. It will also fatally wound the oil industry. In the US for example, 70% of all oil consumed is used for transportation. So it won’t be that long before every car, truck and bus will be battery driven.

INSTITUTIONAL GOLD BUYING

Until recently, virtually no major investor has bought gold or gold stocks in quantity. But Warren Buffett broke the ice with his $600 million investment in Barrick Gold. It didn’t take long for the next institutional gold investor to follow. The Ohio Police and Fire Pension Fund recently announced that they are investing 5% of their $16b fund into gold. That means a $800 million investment in gold. The interesting question is if they are going to buy futures, an ETF like GLD or physical gold. Few institutions or advisors understand that futures or ETFs are as far from physical gold as you can get. I have discussed the dangers of investing in these instruments in many articles and most recently in my article “Buyer Beware – Gold ETF’s Like GLD Own No Gold”. Many institutional investors don’t yet understand that gold is not just an investment but it is also the ultimate form of wealth preservation. This is why it should not be held in paper form but in physical gold held outside a precarious financial system. If you hold gold futures or a gold ETF like GLD, you don’t hold physical gold but just a promise to settle in fiat money. It is similar to holding lumber futures rather than investing directly into physical forests.

The interesting point is that institutions have until now not understood gold and not known that it has been the best performing asset class in this century. The first two investments into gold this year by institutional investors are likely to be followed by a flood of funds into the gold sector. Institutions are now smelling inflation and must therefore hedge against this. The problem is that there is neither enough physical gold available nor gold and silver stocks to satisfy the coming demand.

THERE IS NOT ENOUGH PHYSICAL GOLD IN THE WORLD

The 21.7 metre cube below represents all the gold ever mined in history amounting to 197 thousand tonnes or $12 trillion in value. Out of this amount, only 21% or 43 thousand tonnes are investment gold. The rest is gold for jewellery, gold held by central banks, or for industrial use. The gold available for investment has a value of $2.6 trillion.

Total above-ground stocks (end-2019)
Total above-ground stocks (end-2019): 197,576 tonnes

  1. Jewellery: 92,947 tonnes, 47.0%
  2. Private investment: 42,619 tonnes, 21.6%
  3. Official Holdings: 33,919 tonnes, 17.2%
  4. Other: 28,090 tonnes, 14.2%
  5. Below ground reserves: 54,000 tonnes

Annual production of gold is around 3,000 tonnes ($187b) and expected to decline. As the cube above shows, the total gold reserves available underground is 54,000 tonnes which is only 27% of all gold ever mined which means that the world has reached peak gold.

FUTURE GOLD DEMAND CANNOT BE SATISFIED AT THE CURRENT PRICE

If we assume that world financial assets are $500 trillion, the total investment gold of $2.6t represents 0.5% of this amount. The Ohio Police Fund is investing 5% of its fund into gold. If 5% of world financial assets were to be invested into physical gold that would be $25 trillion which is 10x all the investment gold today. Most of his gold is of course not available and certainly not at the current price. But even if just 1% total assets went into gold, that would be $5 trillion which is 2x all the investment gold today. It would be totally impossible to acquire this amount of gold at current prices.

In my view, it is a virtually certain that institutions will be forced by trustees or their boards to inflation proof their assets by holding some gold. The figures above prove that the gold they need is not available at current prices. The only way to satisfy institutional demand will be with a much higher price. So what will happen is that an institution which decides to invest $1 billion in gold will not get it at the current price of $1,940 per ounce but instead at say 10x that price or more. So instead of getting 16 tonnes at $1,940 per ounce, the institution will receive 1.6 tonnes at $19,400 per ounce for the $1 billion invested.

The paper market in gold is likely to collapse at some point in the not too distant future. There is no possibility to deliver physical gold against the outstanding paper claims which are 100-300x times the available physical. Therefore institutions who are intending to buy gold would be extremely unwise to buy anything but physical gold in their own possession.

The combination of institutional gold buying and private buying will drive the gold price to levels that few can imagine. The $19,400 price example given above is most probably much too low, especially with the amount of money printing that the world will experience.

Gold at $1,970 today is clearly an absolute bargain.

end

Rickards: The Layoffs Are Just Beginning

Authored by Jim Rickards via The Daily Reckoning,

Unemployment skyrocketed in March and April, during the worst stage of the pandemic and the lockdowns that followed.

The unemployment rate approached 15% in April and total initial claims for unemployment benefits exceeded 59 million between March and August.

This was the worst episode of unemployment since The Great Depression in the early 1930s.

Things have improved since spring. Unemployment fell to about 11% by July and even further in the August unemployment figures released last Friday.

Does this mean the worst is over and the economy is recovering quickly? Not exactly.

No More Payroll Protection Plan

Unemployment would have been much worse in April and May but for the Payroll Protection Plan enacted by Congress.

This Plan appropriated almost $1 trillion in easy-to-get loans for small-and-medium sized businesses. The loans would be forgiven if the proceeds were used to maintain payrolls for two-and-one-half months or to pay rent.

This program acted as a kind of bridge loan from May to July to keep employees on the payroll. It worked. But now, those funds have run out and the lockdowns continue in many parts of the economy.

Businesses that were expecting a reopening and a V-shaped recovery have found that the reopenings have been delayed by new lockdowns and that the recovery is real but weak.

We’re starting to see a second wave of layoffs as the Payroll Protection Plan money runs out and the economy doesn’t recover as hoped.

Meanwhile, states and cities are also planning huge layoffs in the coming weeks as tax revenues dry up and the costs of riots and looting begin to add up.

Putting all of this together reveals that unemployment may actually rise, starting now, after declining from May through August.

Digging Out of a Deep Hole

The reality is, the economy’s in very bad shape. The idea that we’re going to bounce back out of this with all this pent up demand is nonsense. The data is already indicating we’re in a recovery, yes. But if you fall into a 50-foot hole and climb 10 feet up, you’re still 40 feet in the hole.

We’re not going to see 2019 levels of output until 2023 at the earliest. We’re not going to see 2019 low levels of unemployment until probably 2025. We’re not getting back there for three or four or maybe five years. So we’re looking at a long, slow recovery.

And that’s if things don’t get worse from here. But they could, especially if we get a deadly second wave of the virus.

We’ve climbed 10 feet out of the hole. Unfortunately, we could find ourselves right back at the bottom before too long.

Of course, we can’t talk about the economy without mentioning the Fed…

The Powerless Fed

In a highly publicized speech on August 27, 2020 at the Federal Reserve Jackson Hole Conference, Fed Chair Jay Powell declared a new form of monetary policy for the Fed.

For the past 20 years, the Fed has pursued a policy of targeting 2% inflation. They have generally failed miserably at this; inflation has only hit 2% briefly since 2007 and has typically been closer to 1.5% than the 2% target.

Now, the Fed will target average inflation of 2%. This means that if inflation is under 2% for a sustained period (as it has been), then inflation can run above 2% so that the average of the over and under periods will come close to the target.

But there are numerous flaws in this approach, which the Fed does not understand.

The first problem is that if the Fed cannot achieve 2% inflation, why on earth do they believe they can achieve 2.5% inflation to hit the average of 2%? It’s basically meaningless.

Between 2008 and 2014, the Fed created trillions of dollars through quantitative easing (which actually seems like small potatoes compared to what we’re seeing now).

Many analysts sounded the alarm about “inflation” as the inevitable consequence of all that excessive money printing by the Fed. It seemed like a perfectly reasonable warning at the time.

But despite all the fears, nothing bad happened.

Inflation actually fell; there was no serious inflation threat. Interest rates fell. There was no “bond bubble” or rout in the bond market.

That’s why there’s so little resistance to all the monetary programs we’re seeing now.

It’s like the boy who cried wolf. Analysts cried wolf about inflation during the last crisis, but the wolf never materialized. Why should we listen to them now?

It’s About the Velocity, Stupid

As I’ve argued before, and can’t state strongly enough:

Inflation is not caused by money printing alone. It’s caused by the velocity, or turnover, of money.

Velocity is a psychological phenomenon that has nothing to do with the Fed, (in fact, the Fed doesn’t even understand how it works).

The Fed can “print” all the money in the world. But if people don’t actually spend it; but save it instead, it won’t create inflation because there’s no velocity.

And now, because of high unemployment and failing businesses, people are not spending money even when the economy reopens. They’re saving instead.

Now, savings in general is positive. A high savings rate can be good in the long-run, but it kills consumption in the short-run.

It means little money velocity. It means that not much money is turning over.

And since consumption is 70% of the U.S. economy, the immediate aftermath of the pandemic will be slow growth, disinflation and even deflation (disinflation and deflation aren’t the same).

So we’re looking at disinflation and deflation for now, despite all the money creation we’re seeing now.

But that doesn’t mean inflation is dead. The inflation will come, just not yet…

When You’ll See Inflation

Inflation will come when people lose confidence in the dollar and suddenly dump dollars for any hard assets they can find.

Money velocity will accelerate, but it won’t be into consumer goods. It’ll be into hard assets that hold their value over time, gold in particular.

In other words, the best leading indicator of inflation won’t be found in the grocery store or at the gas pump.

It’ll be found in the dollar price of gold.

Clearly, the Fed does not know how to cause inflation. Just saying they have a higher target does nothing actually to hit the target.

“What’s So Great About 2% Inflation?”

The second problem with the Fed’s new inflation policy is: What’s so great about 2% inflation?

That level of inflation cuts the value of the dollar in half in 35 years, and in half again in another 35 years. Your dollar would lose 75% of its value in an average lifetime.

If inflation is only 3%, the 75% dollar devaluation happens in about 45-years; an average career span.

Zero percent inflation is the only appropriate target. And, targeting average inflation using past mistakes as a baseline is looking in the rearview mirror.

Inflation should be targeted on a going-forward basis only and not have to drag with it the fruits of prior blunders.

It’s been clear for decades that the Fed has no idea what it is doing when it comes to monetary policy.

This new announcement by Jay Powell just makes their confusion even more obvious.

The safe havens in the present slow-growth, high unemployment environment are cash, Treasury notes and gold.

Of course, gold is also the asset to own when inflation does arrive.

When gold pushes past $2,000 per ounce toward $3,000 per ounce, that’s your signal that inflation in the price of everything else is not far behind.

Don’t wait until that happens. Buy your (physical) gold now while it’s still affordable.

end
J Johnson’s commodity report

https://www.jsmineset.com/2020/09/18/this-is-one-hell-of-a-ride/

 

This is One Hell of A Ride!

 

Posted September 18th, 2020 at 9:47 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Last Friday of Summer Folks,

 

We start the day off with a rise in precious metals with Gold now priced at $1,960.90, up $11 and close to the London high at $1,964.10 with the low down at $1,951.10. Silver is up as well with the last trade at $27.31, up 21 cents from the Comex close with its high way up at $27.58 with the low down at $27.165. The US Dollar, which has plenty of print in front and behind it, is now valued at 92.89, down 7.9 points with the low at 92.785 and a high at 92.98. Of course, all this happened before 5 am pst, the Comex open, the London close, and after the Triple Witch Week failed to do anything in the charts. We’re still trading sideways.

 

In Venezuela, Gold is now priced at 19,584.49 Bolivar, gaining 86.89 overnight with Silver’s trade adding 2.847 Bolivar with its price at 272.759. Over in Argentina, Gold’s value is now at 147,680.95 A-Peso’s providing yesterday’s buyer a 910.22 gain with Silver at 2,057.10, gaining 25.4 A-Peso’s since yesterday morning. Turkey’s Lira, leads the emerging markets rally as a 90.95 gain was added overnight with the last price for Gold at 14,835.25, almost doubling yesterday’s pull with Silver adding 2.479 T-Lira’s, a bit more than yesterday takeaway with the last price at 206.622 T-Lira.

 

September Silver Deliveries now shows 908 fully paid for 5,000-ounce contracts waiting for receipts and with a Volume of 22 up on the board with a trading range between $27.31 and $27.285 with the last buy at the high, up 32.5 cents which just so happens to be a higher gain than the December contracts (for now). Yesterday’s full day of trade in Silver’s deliveries happened in between $27.235 and $26.53 with the last trade, at the end of the day, at $26.985, proving a loss of 37 cents, with a Volume of 343 reducing the Demands by 146 contracts that got receipts between here and London. So far this week, we’ve had 800 Contracts (4,000,000 ounces) swapping hands in the deliveries as Mr. Resolute see’s the best buy times like we do. Yesterday’s usual price attack had to have an additional 1,145 contracts added to the mix in order to keep this product sideways on the charts bringing the total Open Interest to 163,526 Overnighters willing to trade against the physicals that the Resolutes have to have.

 

September Gold’s Delivery Demands now shows 88 fully paid for 100-ounce contracts standing for deliveries with a Volume of 6 already up on the board inside a tight trading range between $1,950.50 and $1,950.10 with the last buy at $1,950.20, a gain of $10.20 so far this morning. Yesterday’s full day of deliveries happened in between $1,946 and $1,933.70 with the last buy at $1,937.70 with the Calculated Close at $1,940, losing $20.20 from the previous day with a Volume of 67 and reducing the Demands by 79 contracts that got receipts, maybe. Now we are starting to see the pullbacks in the paper shorts after yesterday’s price drop as 5,599 contracts left the field of play leaving 576,793 in Open Interest, and as we get ready for the October Deliveries after next week’s options expiration and the last trading day for September Deliveries and the end of the (USA) fiscal year. So far for this week, we’ve had 326 physical contracts traded (32,600 ounces) which isn’t much but at the same time, it’s not bad for a TW week inside a cereal month for Gold. October is one of the primary months for the metal and a better gauge for this metal.

 

Akshay Aiyer, a former currency trader for JP Morgan, conspired to fix prices and rig bids in Central and Eastern European, Middle Eastern, and African (CEEMEA) currencies, which were generally traded against the U.S. dollar and the euro, from at least October 2010 through at least January 2013, …. the defendant engaged in near-daily communications with his co-conspirators by phone, text, and through an exclusive electronic chat room to coordinate their trades of the CEEMEA currencies in the FX spot market… The Antitrust Division has charged five companies and six individuals in its investigation of collusion in the FX (Foreign Exchange) spot market.  On May 20, 2015, four major banks – Citicorp, JPMorgan Chase & Co., Barclays PLC, and The Royal Bank of Scotland plc – pleaded guilty and agreed to collectively pay more than $2.5 billion in criminal fines for their participation in an antitrust conspiracy in the euro-U.S. dollar FX spot market.

 

In this article, sent last night to those that are members of GATA shows, Aiyer came to the United States back in 2002, and has been trading at JPMorgan at least up till 2013. This man, here in the USA, has been trading all these currencies for JPMorgan and has NEVER BEEN registered with the National Futures Association! He’s not even in FINRA’s registry. Granted there may be other places for this man to be registered, so I’ll leave room for that, but currencies and FX trading, are commodities, and as I understand it, commodities brokers are supposed to pass tests in trading, compliance, money laundering, and be registered under a brokerage, broker dealer, or futures commission merchant. JP Morgan has to be considered one of these, right? What am I missing?

 

In my opinion only, this is a glaring hole that involves the governing bodies who chose to look the other way all these years. The Commodity Futures Trading Commission has many former and current employees that came from major institutions like JPMorgan, so why is there a loophole like this? How can a major bank have unregistered currency traders manipulating, err trading, markets for years and not be required to register as a commodities broker at any level? How many more unregistered traders are there “with clients” that should be legally registered out there, that are not under the watch of this regulatory body? This line of questioning may be why the DOJ is ultimately looking into it all, since the ones that make the rules for our markets seem to have a few holes between itself, and those they are supposed to watch over.

 

In the meantime, holding precious metals is obviously far less risky than swimming the cesspools of the investment world, as we see more questions waiting for answers, and as we all understand the math behind the future life of contract highs in precious metals. So, have a great weekend, keep the faith, and hold on tight! This is one hell of a ride! As always…

 

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.7724/ 

 

//OFFSHORE YUAN:  6.7718   /shanghai bourse CLOSED UP 67.55 POINTS OR 2.07%

HANG SANG CLOSED UP 114.56 POINTS OR 0.47%

 

2. Nikkei closed UP 40.93 POINTS OR 0.18%

 

 

 

 

3. Europe stocks OPENED MOSTLY RED/

 

 

 

USA dollar index DOWN TO 92.93/Euro FALLS TO 1.1832

3b Japan 10 year bond yield: RISES TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.44/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

 

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.65 and Brent: 42.88

3f Gold UP/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 -.50%/Italian 10 yr bond yield DOWN to 0.95% /SPAIN 10 YR BOND YIELD DOWN TO 0.26%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.45: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.06

3k Gold at $1949.50 silver at: 27.00   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

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 42 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 104.44 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9103 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0771 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 0.50%

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 0.670% early this morning. Thirty year rate at 1.413%

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

6.  TURKISH LIRA:  UP  TO 7.5635..

Futures Flat Ahead Of Quad Witching Volume Surge

US equity futures were flat after trading in a narrow overnight range, and European and Asian markets drifted in a volume-light session ahead of Friday’s traditionally volatile quad witching session, when the expiration of options and futures send volumes soaring as big derivatives positions roll over. As Bloomberg notes, “there may be more attention than usual after a month where the red-hot trade in tech stocks wavered and options activity dominated headlines” however since there are fewer expirations this time, it may mute the impact.

 

Tesla rose 2.1% in premarket trading after two analysts raised their price targets on the electric carmaker’s shares ahead of its highly anticipated “Battery Day” event next week.

Nasdaq futures rebounded after a sharp two-day selloff in technology stocks while worries about rising coronavirus cases and the economic recovery weighed on S&P 500 and Dow futures. The S&P and Nasdaq have also come under pressure from investors rotating out of high-flying tech-related stocks and into industrial and transportation firms after Powell failed to reassure investors that more monetary stimulus was on deck. Of the 11 major S&P indexes, industrials, materials and energy have gained more than 2% so far this week, while communication and consumer discretionary posted the biggest declines.

Europe’s Stoxx 600 Index was little changed after opening modestly lower, with the gauge weighed down by declines in travel and leisure shares on the threat of wider restrictions to stem the spread of coronavirus. Although activity on major gauges was modest, there were bigger moves in single-name stocks swept up in a bout of M&A.

Asian stocks gained, led by materials and IT, after falling in the last session. Most markets in the region were up, with Shanghai Composite gaining 2.1% and Japan’s Topix Index rising 0.5%, while Australia’s S&P/ASX 200 dropped 0.3%. The Topix gained 0.5%, with Alleanza Holdings Co Ltd and Sysoft rising the most. The Shanghai Composite Index rose 2.1%, with Shuangliang Eco-Energy Systems and Qibu posting the biggest advances.

Investors remain on the lookout for more U.S. fiscal stimulus after the Federal Reserve disappointed stimulus junkies even as it indicated that interest rates will stay low for at least 3 years. Meanwhile, as Bloomberg notes, data continues to show a patchy recovery path around the world as coronavirus infections surge. France’s daily cases rose by more than 10,000 to the highest since the end of lockdown in May.

“The market is somehow uninspired following recent central bank meetings,” said Robert Greil, chief strategist at Merck Finck Privatbankiers AG. “It is waiting for the next support step, be it from their side or regarding the U.S. fiscal program to be agreed finally.”

In rates, treasuries gained led by the long-end of the curve as cross-market flows emerge over Asia session, adding support. Yields were lower by up to 2bp across long-end of the curve with front-end broadly anchored, flattening 2s10s, 5s30s by 1.2bp and 0.8bp; 10-year yields around 0.672% and trading in line with bunds and gilts. The IG credit issuance slate is empty today with nearly $1.6 trillion in deal priced YTD – an all time high; nine deals brought $6.4b Thursday to push weekly volume past $40b projected.

In FX, the dollar was mixed against G10 peers and in tight ranges as traders wait for U.S. data releases amid a thin calendar and low volumes. Interbank desks look to sell dollar rallies versus the euro, the pound and the yen, Bloomberg said citing three Europe-based traders. The pound was little changed around $1.2980 as pressure from Bank of England communique fades given Brexit uncertainty remains; options-related interest in cable circa 1.2950, with sizable bidding interest just below 1.2900.

In commodities, WTI and Brent futures trimmed overnight gains and trade flat during early European hours, with little by way of fresh catalysts to induce the pullback. Still, oil is poised for its  biggest weekly advance since early June. Futures in New York are up almost 11% this week as Saudi Arabia ratchets up the pressure on OPEC+ members to adhere to the group’s production cuts.

Looking at the day ahead, we’ll get the preliminary September reading of the University of Michigan’s consumer sentiment index, the August leading index, as well as the Q2 current account balance. In terms of central bank speakers, we’ll hear from the ECB’s de Guindos, Schnabel and Hernandez de Cos, along with the Fed’s Bullard and Bostic.

Market Snapshot

  • S&P 500 futures little changed at 3,348.25
  • STOXX Europe 600 down 0.1% to 370.84
  • MXAP up 0.5% to 173.94
  • MXAPJ up 0.5% to 570.32
  • Nikkei up 0.2% to 23,360.30
  • Topix up 0.5% to 1,646.42
  • Hang Seng Index up 0.5% to 24,455.41
  • Shanghai Composite up 2.1% to 3,338.09
  • Sensex up 0.3% to 39,076.05
  • Australia S&P/ASX 200 down 0.3% to 5,864.50
  • Kospi up 0.3% to 2,412.40
  • Brent futures up 0.2% to $43.39/bbl
  • German 10Y yield rose 0.3 bps to -0.488%
  • Euro up 0.04% to $1.1853
  • Italian 10Y yield fell 1.4 bps to 0.749%
  • Spanish 10Y yield rose 1.2 bps to 0.276%
  • Gold spot up 0.5% to $1,953.88
  • U.S. Dollar Index down 0.1% to 92.86

Top Overnight News from Bloomberg

  • U.K. Health Secretary Matt Hancock declined to rule out a second national lockdown and said the acceleration of coronavirus cases and hospital admissions across the U.K. represents a “big moment” for the country
  • The U.K. government said a round of informal EU trade talks this week were “useful,” as European Commission President Ursula von der Leyen told the Financial Times she’s “convinced” a deal is possible
  • European regulators are moving closer to lifting a de-facto ban on bank dividend payments at the start of next year. Several members of the European Central Bank’s supervisory board, who supported initial requests that banks forgo dividends, see further extensions of the ban doing more harm than good, according to people familiar with the matter
  • The volume of goods sold in U.K. stores and online rose 0.8% from July, the Office for National Statistics said Friday. It marked a fourth month of growth following an unprecedented slump in April, after the government ordered most stores to close to help fight the spread of coronavirus. Sales excluding auto fuel rose 0.6%, stronger than economists forecast
  • France’s daily coronavirus cases rose by more than 10,000 to the highest since the end of lockdown in May and Health Minister Olivier Veranwarned that the disease “is again very active” in the country

A quick look at global markets courtesy of NewsSquawk

Asian equity markets were mildly positive after shrugging off the weak lead from the US where the Nasdaq led the retreat once again to extend on the losses following the FOMC policy announcement and heading into quadruple witching. ASX 200 (-0.3%) and Nikkei 225 (+0.2%) were rangebound after failing to build upon opening momentum with strength in Australia’s commodity-related sectors offset by losses in the broader market including the top-weighted financials, while the Japanese benchmark treaded water amid a lack of fresh catalysts to instigate price action and with the latest inflation data all conforming to expectations. Hang Seng (+0.5%) and Shanghai Comp. (+2.1%) were initially indecisive with outperformance eventually seen in the mainland following the PBoC’s liquidity efforts in which it utilized both 7-day and 14-day reverse repos for the first time this month, although some cautiousness remains after recent mixed reports concerning the Oracle-TikTok deal heading into President Trump’s verdict which sources suggested could be within the next couple of days, while substantial pressure was also seen in Tencent shares due to recent underperformance in the tech sector and with its gaming stakes said to draw US national security scrutiny. Finally, 10yr JGBS were higher after recently breaking through the stubborn resistance at the 152.00 level, but with gains limited by the improving risk tone and following slightly weaker demand at the enhanced liquidity auction for 2yr-20yr JGBs.

Top Asian News

  • Tesla Battery Maker’s Split-Off Angers Korean Retail Investors
  • Foreign Judge Resigns Amid Hong Kong Security Law Concerns
  • Taiwan Dollar Rises Most in 6 Months as Central Bank Eases Grip
  • Thailand Reports First Coronavirus Death Since Early June

Stocks in Europe see a mixed session thus far (Euro Stoxx 50 -0.1%), whilst US equity futures also see no conviction amid a somewhat of a similar lead from APAC, with fundamental news-flow light on quadruple witching day (full schedule available on the headline feed). The regional bourses see a mixed performance, with Switzerland’s SMI (+0.5%) outperforming as the Healthcare sector is propped up by Pharma-giants Roche (+2.1%) and Novartis (+1.8%), with the former announcing its phase III EMPACTA study met primary endpoints in regards to COVID-associated pneumonia, whilst also rolling out a new antibody test for countries accepting the CE mark. On the other side of the spectrum resides Spain’s IBEX (-1.5%), weighed on by the banking sector in the aftermath of the formal merger agreement between Caixabank (-1.5%) and Bankia (-4.3%); with Caixabank’s CEO stating it is out of question that the merger with Bankia will allow for potentially higher dividend. Meanwhile, Banks more broadly saw fleeting upside on reports that EU regulators have moved closer to lifting the ban on dividends in 2021, nonetheless the sector remains in the red. Overall, European sectors trade mixed with no risk profile to be derived. In terms of individual movers, Covestro (+6.9%) holds onto a bulk of its opening gains amid speculation that Apollo is said to be mulling a USD 10bln takeover bid for the group, albeit the Co. said it is not in any discussions. Sticking with M&A, LSE (+0.7%) has accepted Euronext’s (+4.8%) bid for Borsa Italiana, despite it being the lowest offer, but the deal did offer a sweetener as Euronext teamed up with Italy’s sovereign wealth fund CDP and Intesa Sanpaolo (-0.1%) on its bid, with Rome keen to keep a tight grip on Borsa Italiana. Finally, Ryanair (-5.2%) is pressured after cutting its October capacity by a further 20% on top of the already announced 20% in mid-August with similar capacity cuts potentially in the pipeline for winter – also weighing on the likes of easyJet (-8.3%), IAG (-12.1%), Lufthansa (-4.7%) and Air France-KLM (-3.9%) in sympathy, with the airline sector already bearing the brunt of the European COVID-19 resurgence.

Top European News

  • Tesla Battery Used For First Time to Balance U.K. Power Grid
  • ECB Moves Closer to Lifting Bank Dividend Ban by Next Year
  • France Warns Virus ‘Very Active’ as Cases Rise Across Europe
  • Giant Glencore Coal Mine Faces Threat as Fund Refuses Backing
  • Hancock Refuses to Rule Out New Lockdown as Covid Surges in U.K.

In FX, the rationale or catalyst is far from clear, but disappointment in wake of NZ Q2 GDP has been relatively short-lived for the Kiwi, and remarks from Finance Minister Robertson overnight noting that the economy is rebounding from contraction may have helped along with his assurance that the RBNZ is committed to maintaining the OCR at 0.25% until Q1 next year when it will reassess the situation. Confirmation of the latter could come from next week’s policy meeting in addition to any response to the latest review of pandemic containment measures in Auckland and the rest of the country. Nzd/Usd has extended its recovery to just shy of 0.6800 vs almost 0.6600 last Wednesday, while Aud/Nzd has retreated through 1.0800 as the Aussie stalls above 0.7300 against its US counterpart following somewhat contrasting comments from Treasurer Frydenberg downplaying Thursday’s stellar jobs data by describing the labour market as still very challenging. Note also, Aud/Usd may be feeling the gravitational pull of 2.4 bn option expiry interest at the 0.7300 strike.

  • JPY/DXY – Not the biggest index component, but the Yen continues to exert considerable influence on the broad Dollar and DXY as it probes a Fib retracement level ahead and 104.50 following this month’s respective Fed and BoJ policy meetings, even though Japan’s Finance Minister contends that monetary easing has helped Usd/Jpy to stabilise within a 105.00-110.00 range. However, the Buck is unwinding more of its fleeting FOMC gains vs G10s in general and July 31’s 104.20 trough looms as the DXY hovers below 93.000 and not far from last week’s 92.695 base between 92.772-973 parameters.
  • GBP/EUR – Modest m/m beats on the UK retail sales front may be propping up the Pound, but is appears that Cable’s latest look at 1.3000 and Eur/Gbp’s pull-back from yesterday’s highs are due to renewed hopes of a Brexit trade deal given European Commission President von der Leyen’s purported confidence that an accord can yet be forged. Indeed, the short end of the UK yield curve is still tipped in favour of sub-zero rates after guidance from the BoE, while the Euro is also on a firmer footing against the Greenback, albeit tethered to 1.1850 with decent option expiries capping the upside at 1.1900 and 1.1950, while the 100 HMA is in close proximity at 1.1844.
  • CAD/CHF – The Loonie has pared more lost ground vs its US rival to straddle 1.3150 before Canadian retail sales, while the Franc is idling just above 0.9100 and looking further forward to September’s quarterly SNB policy review for any tweaks to the language of currency’s valuation.
  • EM – The Rand has extended post-SARB upside towards 16.1000 vs the Dollar with some extra impetus from the SA Government pledging Zar 10.5 bn extra funds to state carrier SAA, but the Rouble is treading cautiously into the CBR amidst expectations for a 25 bp rate cut and the Lira has slipped to another all time low. Elsewhere, the NBH has launched its first Eur/Huf swap funding facility.

In commodities, WTI and Brent front month futures have trimmed overnight gains to the point futures trade somewhat flat during early European hours, with little by way of fresh catalysts to induce the pullback. Prices yesterday saw support from the Saudi Energy Minister’s commentary, who noted that OPEC does not have to wait until December to react and will be pro-active, whilst warning oil speculators not to bet against the oil producers. Elsewhere, Tropical Depression 22 resides in the western Gulf of Mexico and is forecast to evolve to a Tropical Storm later today; although, current projections show the Depression to become a short-lived hurricane but will steer clear of major oil and gas infrastructures. WTI Nov retains a USD 41/bbl handle but resides closer to session in proximity to the psychological levels, whilst its Brent counterpart trades sub-43.50/bbl having printed a current range of USD 43.12-80/bbl. Elsewhere, precious metals eke mild gains amid the softer Buck, with spot gold meandering just north of the USD 1950/oz mark and spot silver holding onto the USD 27/oz handle. Meanwhile, LME copper hit an over-2yr peak due to the softer Dollar and optimism surrounding Chinese demand, whilst Dalian iron ore snapped a three-session loss streak as industrial data showed that the pace of portside inventory builds slowed.

 

US Event Calendar

  • 8:30am: Current Account Balance, est. $160.0b deficit, prior $104.2b deficit
  • 10am: U. of Mich. Sentiment, est. 75, prior 74.1; Current Conditions, est. 83.1, prior 82.9; Expectations, est. 67.2, prior 68.5
  • 10am: Fed’s Bullard Discusses the Covid Recovery Challenge
  • 12pm: Fed’s Bostic Discusses Racial Justice
  • 3pm: Fed’s Kashkari Discusses Too Big to Fail

DB’s Jim Reid concludes the overnight wrap

Global equity markets continued to lose ground yesterday as weak economic data coupled with renewed concerns over the coronavirus dampened investor sentiment. In the US, the S&P 500 fell -0.84% in its second straight decline, with 20 of 24 industry groups finishing lower. The NASDAQ saw an even larger -1.27% decline as tech stocks underperformed the broader index. However the two indices were -1.66% and -2.41% respectively at the lows so there was a recovery especially in the last hour of trading. Earlier in Europe the STOXX 600 fell -0.51% as the index came off its one-month high the previous day.

There wasn’t a single headline that sent stocks lower, though a drip-feed of negative data didn’t help. The weekly initial jobless claims from the US through September 12 came in at 860k (vs. 850k expected), while the previous week’s number was revised up by 9k. In addition, both housing starts at 1.416m (vs. 1.488 expected) and building permits at 1.47m (vs. 1.512 expected) came in lower than consensus. Meanwhile in Europe, new EU car registrations fell -18.7% yoy in August, having been down just -5.7% yoy in June and July. With the hard data for August coming in weaker than hoped, this has added to investor jitters about the state of the global economy moving into the winter months in the northern hemisphere.

Asian markets are largely trading higher this morning outside of the Nikkei (+0.02%) and Kospi (-0.04%) which are broadly flat. The Hang Seng (+0.31%), Shanghai Comp (+0.57%) and India’s Nifty (+0.37%) are all up. However, futures on the S&P 500 are down -0.26% while those on the Nasdaq are flat. In Fx, the onshore yuan is up +0.11% to 6.7565 while the British pound is down -0.12% to 1.2958. In terms of data, Japan’s CPI and Core CPI both came in line with consensus at +0.2% yoy and -0.4% yoy respectively.

In overnight news, the Fed has said that it will decide in the next two weeks whether to prolong the limits on dividend payments and share buybacks that it imposed on the biggest US banks. Meanwhile, Bloomberg has reported that the White House has asked gaming companies where Chinese technology giant Tencent Holdings is a major shareholder, to provide information about their data-security protocols.

In terms of the coronavirus, there were further concerning signs out of Europe. Here in the UK, where there’ve been issues with testing capacity, the head of the NHS Test and Trace program said that the numbers calling the helpline and visiting the website were around 3-4 times the number of tests available. It came as a further 3,395 cases were reported yesterday, which sent the 7-day average up to its highest level since May 17. One of the biggest problems in the U.K. is that as people have been encouraged back to school and work they’ve been exposed to more minor ailments that can share Covid type symptoms. As such many have been trying to get tests to rule out Covid and to stop them being forced to self isolate. This has overwhelmed the laboratory system’s ability to process all the tests and therefore tests are effectively being rationed – albeit at relatively high daily levels still but clearly not high enough for demand.This is a warning sign of the type of things to come in the coming months.

Meanwhile in Portugal, 770 new cases were reported, which was the highest number since April, albeit with higher testing now. Over in Austria meetings indoors were restricted to a maximum of 10 people, and the Czech government officials sought tighter social-distancing measures after the country posted a daily record of 2100 new infections. France reported over 10,000 daily cases for the second time in the last week, while the 7-day average of new cases per day has steadily risen over the past month to a pandemic-high of 8800. French Health Minister Veran noted that they are, “now seeing the number of Covid patients in intensive care go up in a worrying way,” though they still remain far behind the initial springtime surge.

In the US, New York City delayed the reopening of classes for in-person learning until September 29 for elementary school students and October 1 for middle- and high-school students. Cases in NY state have been stable since mid-June, with cases increasing by between 0.15% and 0.2% on average per day. Elsewhere, Texas eased some restrictions across much of the state, citing rapidly falling hospital occupancy. Restaurants, retail stores, office buildings, factories, gyms and museums will all be allowed to function at 75% of capacity starting next Monday (Sept 21). There were more worrying signs out of Florida, where weekly cases have risen to 19,300 – the highest since the start of September. The uptick aligns with overall cases in the US rising slightly over the past two weeks after falling for much of the previous two months. These trends are possibly tied to schools and colleges reopening. Meanwhile, Reuters has reported overnight that the US government is planning to authorize more than 6 rapid antigen tests by the end of October in a bid to rapidly increase overall testing capacity to more than 200mn by year end. This will likely enable schools and workplaces to significantly expand testing.

Steadily rising global cases was the backdrop as Moderna released the details of its plan to offer increased clarity into the study of its vaccine. The CEO Bancel noted that they, “want to make sure the general public has trust in vaccines by being transparent.” Bancel added “it is extremely unlikely” everyone in the US could get vaccinated by the end of the first quarter of 2021. Overnight, Bancel told CNBC that Moderna may not be able to examine Phase 3 data until December but added that the most likely scenario currently was an interim analysis to be available in November. Hewrapped up saying “Our best plan is October. I think it’s unlikely but it is possible.” This came as President Trump continued to push that the US would be distributing a vaccine to at least some part of the public by early November or just around the election.

President Trump also made headlines by again pushing Republican lawmakers to take up the $1.5 trillion stimulus bill that was put forth in recent days. Though there was again pushback from leading Republicans, with Senate Finance Chairman Grassley saying the President “better be careful of that because I don’t think that will get through the United States Senate.” While the upcoming election is clearly slowing the process, the recent worsening economic data out of the US may eventually focus lawmakers minds more.

From central banks, the main news yesterday came from the Bank of England’s decision, who unanimously voted to keep policy unchanged. Sterling fell after the announcement however, moving to an intraday low of -0.79% as the minutes showed that the MPC had been briefed on plans to “explore how a negative Bank Rate could be implemented effectively”, and that the BoE and the Prudential Regulation Authority would “begin structured engagement on the operational considerations in 2020 Q4.” So there likely won’t be any moves in that direction this year given talks will only start in Q4, but a sign nonetheless that they’re being considered as an option.

Following the meeting, our UK economist Sanjay Raja has now moved up his call for more QE to November, having previously thought December more likely. This is because tighter social restrictions and increased tensions on Brexit in the coming weeks will offer enough ammunition to pull the trigger on additional stimulus earlier than expected. Speaking of Brexit, sterling reversed its losses following the BoE announcement after an FT headline came out saying that European Commission President Ursula von der Leyen was “convinced” that a trade deal with the UK could still be agreed. The big question now is what happens to the UK’s internal market bill. It’s still going through the House of Commons where the government has an 80-seat majority, but the big question is what will happen in the House of Lords, where the government are likely to face fierce resistance.

Over in fixed income, gilts outperformed following the BoE yesterday, with 10yr yields down -2.6bps. Other sovereign bond yields also moved lower, with yields on 10yr Treasuries (-0.8bps) and bunds (-0.7bps) falling back as well. Separately, oil prices continued to make solid gains, with Brent crude up a further +2.56% yesterday, which brings its advance over the last 3 sessions to +9.21% – the best 3-day performance since May. Crude was helped by comments from both Saudi Arabian and Russian officials critiquing noncompliance of some OPEC+ members to agreed upon quotas.

To the day ahead now, and the data highlights include UK retail sales for August, German PPI for August, and the Euro Area current account balance for July. From the US, we’ll get the preliminary September reading of the University of Michigan’s consumer sentiment index, the August leading index, as well as the Q2 current account balance. In terms of central bank speakers, we’ll hear from the ECB’s de Guindos, Schnabel and Hernandez de Cos, along with the Fed’s Bullard and Bostic. Finally, the Central Bank of Russia will make their latest monetary policy decision.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 67.66 POINTS OR 2.07%  //Hang Sang CLOSED UP 114.56 POINTS OR 0.47%   /The Nikkei closed UP 40.93 POINTS OR 1.97%//Australia’s all ordinaires CLOSED DOWN .16%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7724 /Oil UP TO 40.65 dollars per barrel for WTI and 42.88 for Brent. Stocks in Europe OPENED MIXED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7724 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7718 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

CHINA/USA
Beijing reportedly has given blessing to the Tik Tok Oracle deal.  We now await the USA’s decision
(zerohedge)

ByteDance Reportedly Has Beijing’s ‘Blessing’ For TikTok-Oracle Deal

As ByteDance, Oracle and the group of investors scrambled to assuage GOP China Hawks demands to ensure that the CCP will have no access to the personal data of TikTok’s 100 million American users earlier this week, we couldn’t help but wonder whether all these behind-the-curtain negotiations might be in vain.

Not only has Beijing expressed its opposition to a “smash & grab” deal via Chinese state-controlled media, but CCP officials imposed new restrictions on deals involving sensitive AI technology, including the content-recommendation algorithm that lies at the heart of TikTok, and which is said to be its most critical piece of technology, according to Bloomberg.

Finally, Bloomberg has offered us some insight into this question. According to a report published late Thursday night in the US (Friday morning in China), ByteDance has become “more confident” that the deal it has “envisioned” with Oracle (and  Wal-Mart, and a smattering of other, mostly American, investors) will receive Beijing’s stamp of approval.

TikTok-owner ByteDance Ltd. is getting more confident its envisioned alliance with Oracle Corp. will pass muster with China’s regulators, a critical step in the political clash over the popular video app, people familiar with the matter said.

While Beijing has asserted its right to block the sale of critical technologies, it is likely to greenlight a deal as long as it doesn’t involve the transfer of the artificial intelligence algorithms that drive TikTok’s service, they said, asking not to be identified discussing a private deal. That’s true even if ByteDance were to cede majority control over TikTok, they said.

ByteDance struck a deal with Oracle and later made revisions put forward by the Treasury Department aimed at addressing U.S. national security concerns, Bloomberg reported Thursday. The proposal calls for ByteDance to own most of a ringfenced TikTok, with Oracle, Walmart Inc. and venture capital investors holding a minority of a new company that will pursue an initial public offering in about a year. But President Donald Trump has the final word and has said he doesn’t want the Chinese parent to retain majority control.

The Trump Administration made clear that it wasn’t comfortable with ByteDance retaining majority control over the new US-based company (which, according to press reports, would be headed for a blockbuster IPO some time next year). By the looks of it, this could be the only route to a compromise. ByteDance might give up majority control of TikTok, but it will be handsomely compensated by American investors. Meanwhile, the spinoff of TikTok’s global business will confer unprecedented clout, while simultaneously filling the ByteDance’s coffers.

The report also included some new details about the Oracle-TikTok plan. Apparently, the two companies have agreed to oversight controls including an all-American board of directors that must be approved by the US government, as well as Oracle monitoring and approving

The plan revised with Treasury calls for the new TikTok to be headquartered in the U.S. with an independent board, approved by the U.S. government and made up entirely of U.S. citizens. The board would include a national security committee – led by an American data-security expert who would be the primary contact with the Committee on Foreign Investment in the U.S. – which would oversee any issues of concern to Washington.

The new terms include 20 pages of detailed provisions over data and national security, the people said. Under the existing proposal, Oracle has power to review the software or source code underlying the TikTok service, but ByteDance maintains ownership.

That technological division could remain even if American investors end up with control of TikTok’s equity. Oracle and ByteDance have accepted Treasury’s conditions, people familiar with the talks have said.

Also, there might be a role in the new organization for former Instagram head Kevin Systrom, possibly even as CEO. Systrom is best known for his feud with FB CEO Mark Zuckerberg.

ByteDance executives have also spoken to Instagram co-founder Kevin Systrom about a possible role in the new organization, according to another person familiar with the discussions. It’s not clear if the discussions are advanced, the person said.

CNN reports that President Trump is more than happy with the TikTok deal, which he can justifiably say goes further than any prior deal in safeguarding against the threat of Chinese spying. Even Secretary of State Mike Pompeo, whose scepticism was reported earlier in the week, has apparently turned a corner.

Soybean Futures Hit 27-Month High On Increased Chinese Demand 

CBoT soybean futures entered a new bull market in September, soaring 21% in the last five months, with most of the gains (+18%) over the previous 23 sessions as strong demand from China comes online.

According to Reuters, there’s a lot to be excited about in soybean fundamentals as the demand outlook story brightens with China increasing soybean purchases:

  • The U.S. Department of Agriculture confirmed private sales of 327,000 tonnes of U.S. soybeans to China. The USDA has announced U.S. soy sales to China in each of the last nine business days.
  • A Farm Futures producers’ survey conducted in late July and released on Wednesday projected a 4.9% rise in U.S. 2021 soybean seedings and a 0.3% drop in corn acres.

Agriculture leaders, including Jim Sutter, CEO of the U.S. Soybean Export Council, told CNBC’s “Street Signs Asia” on Sept. 10 that “outlook demand for the next six months or so is pretty good.”

Sutter said, “U.S. farmers are feeling much more optimistic than they said, a year or even six months ago,” adding that China has been buying U.S. soybeans as part of the phase one trade deal signed between both countries in January.

“Now, as we get into the time of the year, when China is more typically purchasing soybeans from the northern hemisphere — the United States in particular — we are seeing them make significant purchases … we have a record amount of new crop sales open to China at this time, so we are thinking that it is a successful trade deal,” Sutter said.

China is committed to buying $12.5 billion of U.S. farm products under phase one agreement, with another $19.5 billion in 2021.

“I continue to believe that the phase one agreement is very important and is being executed well,” said Sutter.

We noted, in late August, the “prospects of strong Chinese demand pushed Chicago soybean futures prices to a seven-month high this week.”

“China has been stepping up purchases of American agricultural goods since the end of April, with soybean sales for delivery next season currently running at their highest level for this time of year since 2013.”

And of particular note is the fact that this surge in prices – on apparent demand – is against the typical seasonal pattern in soybean price action…

While China’s demand for U.S. soybeans appears to be increasing, partly because the country’s hog herd numbers are recovering from the African swine fever outbreak, overall trade deal commitments under the phase one deal will likely not be met this year.

China’s increased soybean purchases is good news for President Trump ahead of the presidential elections on Nov. 03.

end

4/EUROPEAN AFFAIRS

UK/BIDEN (USA)

Biden Threatens Boris Johnson: ‘No US Trade Deal Unless Good Friday Accord Respected’

In a sign of just how dire the situation is getting for the EU, which has last pretty much all of its leverage over UK Prime Minister Boris Johnson now that he has put down yet another Tory rebellion and marshalled the support he needs to pass the Intermarket Bill.

Johnson struggled mightily earlier this week, as Sir Richard Keen, a Tory MP and advocate general for Scotland quit the government, saying he found it increasingly difficult to reconcile the government’s goals with the existing law, and nearly 2 dozen Tories said they would oppose the so-called Intermarket Bill – which effectively allows the government to bypass the Brexit withdrawal treaty when it comes to the treatment of Northern Ireland – unless BoJo agreed to a Parliament “lock” – that is, another emergency vote later on down the road that would allow Parliament to trigger the law.

Speaking to the FT, a reported top EU official allegedly said that the EU opposes the Intermarket Bill in its entirety, and that a parliamentary lock simply wouldn’t cut it. “No, no no,” the official said Brussels wanted BoJo to remove all the offending powers, not just “put them in an ’emergency use only box'”.

The bill still has a long way to go before it becomes law, with a more critical phase beginning next week. And Johnson must still contend with the House of Lords, which sees itself as a guardian of the rule of law, and doesn’t take kindly to potential breaches of international treaties.

But in a sign of just how shaken up Brussels is over Johnson’s take-no-prisoners approach, they’ve brought in former Vice President Joe Biden to try and reason with the prime minister. And they managed to bring Biden in by drawing on America’s role in the Northern Ireland peace process.

In a series of tweets, the Democratic presidential candidate warned the UK that it must honour Northern Ireland’s 1998 peace agreement as it withdraws from the EU. If it doesn’t, Biden will ensure that the UK won’t get a trade deal with the US.

Biden (or more likely, Biden’s staff) were responding to a push from Democrat Eliot Engel, the leader of the House Foreign Relations Committee.

The PM, meanwhile, argues that London must violate parts of the withdrawal agreement if it hopes to preserve the 1998 peace accord. Of the two agreements, the Good Friday Accords are clearly the more critical, Johnson argued.

“The PM has been clear throughout that we are taking these steps precisely to make sure that the Belfast Agreement is upheld in all circumstances and any harmful defaults do not inadvertently come into play,” a spokesman for the PM said.

Brussels is threatening to walk away from talks should the UK pass the Intermarket Bill, even with the agreed upon amendments. According to strategists at Societe Generale, this looks inevitable. In a research note published Thursday, the team offered a glimpse of what UK-EU trade under WTO terms would look like.

What would trading under WTO terms look like?

  • A No-Deal Brexit means the EU would trade with the UK under the WTO terms from 1 January 2021. The first obvious implication is that tariffs will apply to goods as defined by the relevant Most Favoured Nation clause. The EU average tariff rate is 5%, but this masks large sectoral differences: 8.9% for consumer goods (and up to 42% for dairy products) vs 2.8% for capital goods – with some goods at 0% (e.g. cotton). However, the tariffs are only part of the problem. Non-tariff barriers will have much larger negative consequences:
  • For goods, customs formalities will apply (supervisions, declarations and controls); VAT will be due for all goods imported in the EU but exempted if exported to the UK; the Sanitary and Phyto-sanitary standards will no longer be in place, therefore livestock and food products would have to be checked at the border. As a result, even though contingency measures are likely to be taken, chaos at the borders and supply chain disruptions look unavoidable, possibly leading to food, medicine or other goods shortages.
  • Services would be subject to several barriers to trade (vs. cross-border trade in the Single Market) ranging from non-recognition of professional qualifications to non-regulatory equivalence. As a result, several sectors will face much larger trade restrictions than currently, in particular in transport, insurance, accounting or legal services. Again, the EU may unilaterally decide to temporarily waive these restrictions.

Source: SocGen

That leaves odds of ‘No Deal’ at 80%, the highest they’ve been during the yearslong trudge toward an EU exit for the UK. But Wall Street banks are all over the place when it comes to Brexit. Analysts at Goldman Sachs, an American bank that doesn’t have the home-field advantage in Europe that SocGen enjoys, has taken the opposite approach, arguing that the market is overpricing the odds of a ‘no deal’ exit.

Traders could make a tidy profit if they’d be willing to sit through some short-term volatility, GS has said.

Then again, Goldman’s FX calls haven’t always worked out so well for its clients.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

“Alone In The World”: US Vows “Full” Iran Sanctions Snapback Begins Saturday Morning

Another Iran showdown is coming at the United Nations at the end of this week after the United States finds itself isolated in claiming authority to impose ‘snapback’ sanctions on Iran:

Virtually alone in the world, the Trump administration will announce on Saturday that U.N. sanctions on Iran eased under the 2015 nuclear deal are back in force. But the other members of the U.N. Security Council, including U.S. allies, disagree and have vowed to ignore the step. That sets the stage for ugly confrontations as the world body prepares to celebrate its 75th anniversary at a coronavirus-restricted General Assembly session next week.

On Wednesday the Trump administration pledged it will move to impose “full” US sanctions on any international entity or arms company doing deals with Iran.

Per the terms of the 2015 nuclear deal brokered under Obama, a 13-year old arms embargo on Iran is set to expire October 18 of this year.

The US failed in a recent bid weeks ago to get the UN Security Council to back its efforts to extend the embargo. On Aug. 20 Secretary of State Mike Pompeo announced at UN headquarters that the US will activate snap back sanctions, which even US allies say it has no authority to do, given Trump withdrew from the deal in May 2018.

“These will be valid U.N. Security Council (actions) and the United States will do what it always does, it will do its share as part of its responsibilities to enable peace,” Pompeo said Wednesday. “We’ll do all the things we need to do to ensure that those sanctions are enforced.”

The White House is ready to go it alone, promising that all prior UN sanctions will “snap back” at 8 p.m. EDT on Saturday, according to remarks this week by newly appointed special envoy for Iran Elliott Abrams.

“We expect all U.N. member states to implement their member state responsibilities and respect their obligations to uphold these sanctions,” Abrams said at a Wednesday press briefing.

end

6.Global Issues

 

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1832 DOWN .0015 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MOSTLY RED EXCEPT GERMAN DAX

 

 

USA/JAPAN YEN 104.44 DOWN 0.251 (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 1.2957   DOWN   0.0017  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3177 UP .0027 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 15 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1832 Last night Shanghai COMPOSITE CLOSED UP 67.66 POINTS OR 2.07% 

 

//Hang Sang CLOSED UP 114.56 POINTS OR 0.47%

/AUSTRALIA CLOSED DOWN 0,19%// EUROPEAN BOURSES MOSTLY RED EXCEPT GERMAN DAX

 

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY RED EXCEPT GERMAN DAX 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 114.56 POINTS OR 0.47%

 

 

/SHANGHAI CLOSED UP 67.66 POINTS OR 2.07%

 

Australia BOURSE CLOSED DOWN. 16% 

 

 

Nikkei (Japan) CLOSED UP 40.93  POINTS OR 0.18%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1949.00

silver:$26.95-

Early FRIDAY morning USA 10 year bond yield: 0.670% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.413 DOWN 3  IN BASIS POINTS from THURSDAY night.

USA dollar index early TUESDAY morning: 93.93 DOWN 4 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.30% DOWN 0 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: 0.29%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.97 DOWN 1 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 72 points higher than Spain.

 

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

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

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1857  UP     .0010 or 10 basis points

USA/Japan: 104.44 DOWN .254 OR YEN UP 25  basis points/

Great Britain/USA 1.2952 DOWN .0023 POUND DOWN 23  BASIS POINTS)

Canadian dollar DOWN 30 basis points to 1.3180

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.7693    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.7688  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.574 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 THURSDAY at 0.670 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.447 DOWN 3 in basis points on the day

Your closing USA dollar index, 92.93 down 4  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 FRIDAY: 12:00 PM

London: CLOSED DOWN 42.87  0.71%

German Dax :  CLOSED DOWN 91.87 POINTS OR .70%

 

Paris Cac CLOSED DOWN 61.32 POINTS 1.22%

Spain IBEX CLOSED DOWN 156/40 POINTS or 2.21%

Italian MIB: CLOSED DOWN 214.79 POINTS OR 1.09%

 

 

 

 

 

WTI Oil price; 41.22 12:00  PM  EST

Brent Oil: 43.14 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    75.50  THE CROSS HIGHER BY 0.50 RUBLES/DOLLAR (RUBLE LOWER BY 58 BASIS PTS)

 

TODAY THE GERMAN YIELD RISES  TO –.48 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM :  40.87/

 

 

BRENT :  42.90

USA 10 YR BOND YIELD: … 0.695… plus one basis point

 

 

 

USA 30 YR BOND YIELD: 1.453..plus one basis point…

 

 

 

 

 

EURO/USA 1.177 ( UP 49   BASIS POINTS)

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

 

 

USA DOLLAR INDEX: 92.96 DOWN 1 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2924 UP 51  POINTS

 

the Turkish lira close: 7.5793

 

 

the Russian rouble 75.76   DOWN 0.68 Roubles against the uSA dollar.( DOWN 68 BASIS POINTS)

Canadian dollar:  1.3194 DOWN 44 BASIS pts

 

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

 

The Dow closed DOWN 244.56 POINTS OR 0.88%

 

NASDAQ closed DOWN 117.00 POINTS OR 1.07%

 


VOLATILITY INDEX:  25.67 CLOSED DOWN .67

LIBOR 3 MONTH DURATION: 0.227%//libor dropping like a stone

 

USA trading today in Graph Form

Stocks Suffer Longest-Losing Streak In Over A Year As Dollar Dump Continues

Stocks are down for the 3rd week in a row – yeah we know!!! – leaving levered-call-buying RH’ers facing something they likely haven’t seen in their trading careers (this is the longest losing streak since August 2019)…

 

The Dow ended the week almost perfectly unchanged.

This leaves The Dow down over 3% YTD and the S&P 500 up just over 2% YTD…

Source: Bloomberg

Is it time for The Fed to start “getting back to work” on their balance sheet now that rates are impotent…

Source: Bloomberg

All that ‘work’ and “you get nothing”…

The Nasdaq 100 is down over 12% from record highs (so much for BTFD)…

 

The S&P 500 and Nasdaq closed below their 40DMAs. Small Caps managed to bounce off the 50DMA (after breaking below) and The Dow bounced perfectly off it…

 

FANG Stocks plunged to their lowest since late July (down 17% from the highs)…

 

Source: Bloomberg

Very choppy week in quant-factor land with Value and momentum swapping places day after day…

 

Source: Bloomberg

Notably, Quad Witch sparked some shenanigans in the vol-stock complex today…

 

Source: Bloomberg

And the Gamma pivoted around 270 Strike for Nasdaq QQQ…

 

Despite equity weakness, Treasury yields rose very modestly on the week…

 

Source: Bloomberg

The Dollar Index fell this week, after two weeks of gains…

 

Source: Bloomberg

Cryptos were largely higher on the week (Litecoin lower), led by Bitcoin

 

Source: Bloomberg

Bitcoin was, however, unable to hold on to $11k…

 

Source: Bloomberg

Oil dominated commodity-land with copper also higher and PMs marginally so…

 

Source: Bloomberg

Gold remains increasingly range bound…

 

And a big reversal in WTI (back above $41)…

 

Ags had a huge week as Corn, Soybeans soared on China chatter…

 

Source: Bloomberg

Finally, 1930 called again…

 

Source: Bloomberg

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

Stocks Drop To Session Lows After Pelosi Says She Is Sticking To $2.2 Trillion In Stimulus Bill Demand

A 4th fiscal deal remains far off according to Nancy Pelosi who spoke on Bloomberg TV and said that she is sticking to her demand for at least $2.2 trillion in the next covid relief bill, clarifying that “state and local” is critical and adding that “something is not necessarily better than nothing” on aid, an argument which both millions of people and markets may have an argument with.

And speaking of the latter, stocks legged lower, and after staging a modest rebound in the past hour, dropped back under the 50DMA and to session lows following Pelosi’s comments, while QQQs continuing to slide below the 270 critical level.

 

Some other headlines from the interview:

  • *PELOSI SAYS STIMULUS NEEDS ARE ONLY GROWING AMID PANDEMIC
  • *PELOSI SAYS WORKING OUT DETAILS ON STOPGAP FUNDING BILL
  • *PELOSI: HOPE TO HAVE STOPGAP TODAY, BRING TO FLOOR NEXT WEEK

As a reminder, two days ago Trump made it clear that the White House is now willing to settle at the $1.5 trillion package which was introduced by the Problem Solver caucas, urging Senate republicans to raise their $500BN skinny deal, although Larry Kudlow yesterday said GOPs have sought to cap aid package at $1 trillion. The reason: republicans believe more stimulus would bail out poorly run democratic states, and the delta between the latest GOP bid of $1.5 trillion and the Democratic ask of $2.2 trillion – which would go to fund various states – remains a key sticking point.

In short, the US remains far from any imminent fourth stimulus deal, something which Goldman noted earlier when it said that “the prospects for further fiscal stimulus have dimmed further, as another week has gone by without any progress. At this point, a major stimulus package before the election looks like a long shot and we expect Congress to leave at the end of September without extending the extra unemployment insurance payment, approving another round of stimulus payments, or providing additional support to small businesses or state and local governments.”

As a result of this downbeat admission that it was wrong – again – Goldman concedes that the 9adverse) outcome of the fiscal debate is likely to mean (downward) changes to its forecast for Q4:

Our current forecast assumes a $1 trillion package, including partial extension of the extra unemployment benefit and additional PPP loans. Failure to pass any additional fiscal measures would likely lead us to downgrade our growth estimates for Q4. By contrast, enactment of the sort of package that President Trump or Speaker Pelosi have both endorsed would likely lead us to upgrade our view for Q4.

That said, Goldman concludes that “there is still a fairly good chance for additional stimulus, eventually.” The catalyst: “If Democrats win the White House and both chambers of Congress, we expect them to pass a large fiscal stimulus package, similar to the $2.2 trillion proposal Speaker Pelosi has endorsed, as one of the first orders of business in 2021. This would be in addition to Vice President Biden’s longer-term fiscal expansion plans. Some additional fiscal relief would also be possible under divided government, though the magnitude would likely be much smaller.”

end

Massive Sell Program Slams S&P500 Below 3300

Just as were bringing readers a warning from BMO technician Russ Visch that a drop below 3,310 in the S&P would breach the mid-September support and open a door for a retest of 3,233…

… a massive selling program hit at exactly 1:30pm, which sent the NYSE TICK index (number of securities trading on an uptick less trading on a downtick) to session lows of -1,713…

… which together with yesterday’s morning wholesale dump which saw the TICK open the puke-like -1,897, was the biggest program selling going all the way back to the mid-June dump.

Curiously, just moments before the sell program hit, the VIX – which had been trading rangebound all day despite the market weakness in yet another quirk of quad-witching – spiked, potentially triggering the sharp cross-asset selloff and while bonds remain unchanged even the dollar is starting to move (higher).

The 1:30pm sell program was notable because coming on the already twitchy quad-witching day, it pushed the S&P below 3,300 – almost as if that was the intention – with the EMini suddenly dumping 20 points in bidless action before the S&P future recovered around 3,280, the lowest level since early August.

And so with 3,300 now in the rearview mirror, the onus is now on the Robinhood BTFD crew to show that they can prop up the market in a time when the Fed’s dedication to the bullish cause is suddenly in question.

end

ii)Market data/USA

iii) Important USA Economic Stories

Not good: 2 aides for Republican Lacy Johnson shot, one killed.  Johnson is running against the anti semite Omar

(Steiber/Epoch Times)

2 Aides For Ilhan Omar Challenger Lacy Johnson Shot, 1 Killed

Authored by Zachary Stieber via The Epoch Times,

Two campaign aides for Lacy Johnson, a Republican seeking to unseat Rep. Ilhan Omar (D-Minn.), were shot in Minneapolis in broad daylight this week, including a 17-year-old boy.

The teenager was rushed to the hospital, where he died a short time later from his wounds, a Minneapolis police spokesman said.

Officials haven’t officially identified the deceased but his family and school named him as Andre Conley.

“My nephew Andre did not deserve this,” Conley’s aunt, Fatemah Green, said at a vigil for the boy on Wednesday night, KARE 11 reported.

Johnson said his campaign was in contact with the parents of the victims.

“We are reaching out to provide or help secure resources to meet their needs in such a time of grief, sorrow, and trauma,” he said in a statement.

“We have also been in discussions with members of the community who have detailed knowledge of the sources of the sometimes violence in our community. We’ve been in contact with local/national officials to both sort out the situation and discuss short and long-term solutions.”

His campaign said both victims of the “senseless violence” were paid campaign members.

“Today we are shocked and saddened to learn of this senseless act of violence. It is shocking and unnecessary acts of violence like this that prove why change is more needed than ever in our community. The shootings did not occur during a campaign event or outreach and we do not believe it has any connection to their work for the campaign,” it said.

Shooting victim Andre Conley in an undated photograph. (Let’s show Andre some love./GoFundMe)

Johnson told the local broadcaster that both youths “came to me and told me that they want to do positive things with their lives.”

Patrick Henry High School told members of the school community that Andre, a senior, was killed this week.

Over $4,900 has been raised for Andre’s family through a GoFundMe fundraiser. The organizer of the campaign said Andre “had more ambition than I did at 17” and “was loved by his peers, teachers, and principal.”

Police said the other victim, an adult male in his late teens, was taken for treatment for non-life-threatening wounds.

A preliminary investigation found that people were standing in front of a business when a person, or persons, approached on foot and shot at the group.

The suspect fled the scene prior to the arrival of officers.

Omar has not commented on the shootings.

Rep. Ilhan Omar (D-Minn.) speaks with media gathered outside Mercado Central in Minneapolis, Minn on Aug. 11, 2020. (Stephen Maturen/Getty Images)

The suspect was reportedly taken into custody on Thursday. A police spokesman didn’t immediately return an inquiry.

end
Fox News gets into a squabble with Melissa Francis and Harf, (a total doorknob against Newt Gingrich.  Gingrich is the correct one as he states that Soros is funding all of these radical cities. Soros funded the election of these radical district attorneys who in turn are letting their cities burn.
(zerohedge)

“Not Ideal” – Fox Offers Non-Apology To Newt Gingrich After Awkward George Soros Rebuke

Fox News host Harris Faulkner addressed an awkward moment on Wednesday, when former House Speaker Newt Gingrich correctly pointed out that billionaire George Soros has influenced local races for district attorney around the country, who have in turn been soft on leftist criminals causing violence and mayhem throughout the country.

“Look, the number one problem in almost all these cities is George Soros-elected, left-wing, anti-police, pro-criminal district attorneys who refuse to keep people locked up,” said Gingrich, adding “Just yesterday they put somebody back on the streets who’s wanted for two different murders in New York City.”

“You cannot solve this problem — and both [Kamala] Harris and [Joe] Biden have talked very proudly out what they call ‘progressive district attorneys’. Progressive district attorneys are anti-police, pro-criminal, and overwhelmingly elected with George Soros’s money,” he added. “And they’re a major cause of the violence we’re seeing because they keep putting the violent criminals back on the street.”

Gingrich was then shut down, after commentator Melissa Francis interjected “I’m not sure we need to bring George Soros into this.

He paid for it!” shot back Gingrich, adding “I mean, why can’t we discuss that fact that millions of dollars….”

“No he didn’t,” insisted Marie Harf, another panelist – adding “I agree with Melissa. George Soros doesn’t need to be a part of this conversation.”

“Okay, so it’s verboten,” Gingrich replied. Awkward silence ensued…

Watch:

On Thursday, host Harris Faulkner addressed the incident – saying “So, we had a little incident on the show yesterday that was not smooth.”

“And while I was leading that segment we had interruptions and I sat silently while all of that played out, also not ideal.

Our guest, former House Speaker Newt Gingrich, who is beloved and needed to be allowed to speak with the openness and respect that this show is all about, was interrupted,” Faulkner continued. “Do we debate with fire here? Yes! But we must also give each other the space to express ourselves. As the only original member of this six-year-old amazing daytime ride known as Outnumbered — I especially want to rock and roll with every voice and perspective at the table.”

Faulkner ended with “We don’t censor on this show.”

Meanwhile, Gingrich was right. As we reported in 2016Soros openly expressed his intention to ‘reshape the American justice system’ by pouring funds into ‘powerful’ District Attorney races.

As we noted at the time: “So far, Soros has funneled $3 million into seven local DA races over the past year but his support is “expected to intensify in the next few years, thanks to longer-term planning and candidate recruitment.”  In general, Soros looks to fund progressive DAs running on platforms to “reduce racial disparity in sentencing” and support prison “diversion programs” for drug offenders instead of trials that could result in jail time.

end
Newt Gingrich responds on the Soros cover up
Newt Gingrich

“This Is Ludicrous” – Newt Gingrich Slams ‘The Soros Cover Up’

Authored by Newt Gingrich, op-ed via The American Mind,

Americans can’t let Twitter noise overwhelm political reality…

I have been watching a truly curious phenomenon over the past few days.

It seems there is suddenly a movement in media to silence anyone who speaks out against George Soros– and, specifically, his funding of radical prosecutors seeking to change the criminal justice system by simply ignoring certain crimes.

This happened to me personally this week while I was being interviewed on Fox’s Outnumbered. When I brought up Soros’s plan to get pro-criminal, anti-police prosecutors elected across the country, two of the show’s participants interrupted me and forcefully asserted that Soros was not involved.

Host Harris Faulkner, it seemed, was stunned by the interruptions, and did her part to move the show forward after some awkward silence. The next day, she addressed the strange moment during the show and condemned censorship.

Immediately after the show, Twitter and other social media went crazy. People were alleging that any criticism of Soros’s political involvement is automatically false, anti-Semitic, or both.

This is ludicrous.

Soros’s plan to elect these prosecutors has been well documented already – and it has nothing to do with his spiritual or ethnic background. The Los Angeles Timesthe New York TimesPoliticoUSA Todaythe Washington Postthe Wall Street Journalthe Associated PressCBSthe South Florida Sun-Sentinel – even Fox News itself, among others, have all thoroughly reported on it.

There are plenty of specific examples of Soros’s work in action.

Dallas County District Attorney John Creuzot, who campaigned on the promise that he would not prosecute a host of crimes—including thefts—admitted his campaign was largely funded through Soros or his groups. He has been so dismissive of crime and police that Texas Governor Greg Abbott has had to send in the Texas State Patrol to police large swaths of Dallas.

Soros gave $333,000 to the Safety and Justice PAC in 2016 to support then-Cook County District Attorney candidate Kim Foxx in Illinois—who is currently presiding over terrible violence and mayhem in Chicago, where murders are twice what they were in 2019.

Soros and his organizations spent $1.7 million to help get Philadelphia District Attorney Larry Krasner elected in 2018. Before being elected, Krasner earned a name for himself by suing the Philadelphia Police Department 75 times. Since he took office, dozens of experienced prosecutors have either been fired or resigned. Criminal prosecutions have plummeted and crime has risen. Philadelphia now has the second-highest murder rate among large cities in the country.

Former Hugo Chavez advisor and current San Francisco District Attorney Chesa Boudin was also funded by Soros and his groups. Boudin has called prison “an act of violence” and has refused to prosecute a slew of illegal acts, from public urination to the public solicitation of sex, which he deems to be “quality of life crimes.” By the way, Boudin is the foster child of Bill Ayers and Bernardine Dohrn, of terrorist group Weather Underground fame. His birth parents were convicted and imprisoned for their involvement in an armed robbery-turned-homicide.

One of Soros’s favored PACs spent $402,000 to support a failed San Diego County District Attorney bid by Geneviéve Jones-Wright.

In 2016, a Soros-funded super PAC donated $107,000 to benefit Raul Torrez in his Bernalillo County District Attorney primary—which he won by a 2-to-1 margin. In fact, Soros’s huge funding prompted the Republican running to bow out because it was just too expensive to run against Torrez.

Soros-backed George Gascon is currently challenging Los Angeles County District Attorney Jackie Lacey, who has been targeted and systematically harassed by Black Lives Matter supporters.

I think the heart of this mass denial is that Democrats and the Left are watching the terrible human cost of their misguided, pro-criminal, anti-police justice policies, and they are beginning to worry that the American people will realize who is responsible for them.

Rather than deal with something difficult—or admit they were wrong—the activists of the radical Left are trying to find some way to scream “racist” and get the media to follow suit.

America will suffer if our professional media continue to be overruled by our social media.

end
Goldman Sachs is the latest bank to suffer COVID on its trading floor
(zerohedge)

Goldman Sachs Latest Wall Street Bank To Suffer Trading Floor COVID-19 Outbreak

Goldman Sachs has become the latest megabank to suffer a COVID-19 outbreak in its Manhattan offices. Earlier this month, several JPM traders based in the bank’s Madison Ave. office tower were reportedly sent home after an outbreak on their floor. Still, the incident hasn’t dissuaded JPM from moving all of its traders in NYC and London back into the office by Monday.

Though infection numbers have declined substantially in Manhattan, a trader at Goldman’s offices at 200 West Street tested positive for COVID-19, prompting the bank to send several traders home.

Of course, finance bros who spent the summer out east did’t let the virus stop them from attending parties and other events in the Hamptons summer social scene. As they head back to the city, many are carrying the virus with them.

Goldman’s timeline for moving its most critical workers back into the officer is more measured than JPM’s: GS has told staffers across most divisions to prepare for week-in, week-out rotational shifts” beginning in October.

“Our people’s safety is our first priority, and we are taking appropriate precautions to make sure our workplaces remain safe for those who choose to return,” said Leslie Shribman, a top spokeswoman for Goldman, in a statement released to Bloomberg.

There’s no sign that the virus is spreading within the bank’s headquarters, and the outbreak appears to only affect a small group of traders, according to bank insiders. But Wall Street moving employees back to the office was politicized by President Trump  when he publicly congratulated Jamie Dimon on bringing JPM employees back (a decision that, we speclated at the time, might be driven by a desire to reassure clients, or potential clients, who have been impacted by the ructions in the commercial real estate market).

Just yesterday, reports about an outbreak on a Barclays’ trading floor emerged. On Friday, London Mayor Sadiq Khan said he was seriously considering another ‘lockdown’, which could impede plans devised by American investment banks to bring traders and other personnel based in Europe back to the office.

European banks like Deutsche, on the other hand, have taken a much more relaxed approach, telling staff that it doesn’t expect workers to return to the office until mid-2021.

end

My goodness:  over 1/3 of New Yorkers are considering leaving the city

(Mish Shedlock)

More Than One Third Of All NYC Residents Consider Leaving

Authored by Mike Shedlock via MishTalk,

The cost of living in New York City is so steep that in the past 4 months, 35% have considered leaving.

High Income Flight

A Siena College study shows 44 Percent of Six-Figure Earners in NYC Have Considered Relocating.

The study also states 80% of those living in the city make $100,000 or more, and that translates to 35.2% of all residents.

Key Findings

  1. Of New York City residents who earn $100,000 or more annually, 44% have considered moving out of the city in  the past four months. Looking ahead, 37% say that it is at least somewhat likely that they will not be living in the city within the next two years.
  2. More than two-thirds (69%) are “not confident that New York City will be back to normal anytime soon,” while just 28% believe that the city “will weather this crisis, and things will be back to normal soon.”
  3. Respondents from Staten Island are especially pessimistic: 89% say that they are not confident in a timely return to normalcy.
  4. Some 80% of New Yorkers earning six-figure salaries or higher believe that economic activity in the city will take longer than a year to recover, and just 20% say that the economy will return to normal in the next 12 months.
  5. Older respondents are more pessimistic about the recovery, with 89% of those 65 years and older expecting recovery to be more than a year away
  6. Only 38% of New Yorkers surveyed said that quality of life now was excellent or good, a drop by half, from 79% before the pandemic. Most believe that the city has a long road to recovery: 69% say that it “will take longer than a year” for quality of life to return to normal.
  7. 75% of respondents cited income taxes as a problem, while 72% pointed to traffic and 68% to the reliability of public transportation.
  8. The greatest concern of all was the likelihood of coronavirus spread, with 90% saying that it posed a problem for them.
  9. Among respondents with children who attend public school in New York City, more than half (53%) said that they are very concerned about sending them back to school, including 76% of black respondents. Those in the Bronx (72%) are warier of sending their children to reopened physical schools than those in Manhattan (40%).
  10. Income taxes appear to be a bigger concern for respondents than property taxes (75% to 60%, respectively, saying that these taxes are at least somewhat serious problems). Even for these New Yorkers earning six-figure salaries and above, 89% cite cost of living as a problem.

Governor Cuomo Begs Rich New Yorkers to Return

In an effort to get wealthy New Yorkers to return, Governor Andrew Cuomo says ‘Come over, I’ll cook!’

“I literally talk to people all day long who are now in their Hamptons house who also lived here, or in their Hudson Valley house, or in their Connecticut weekend house, and I say, ‘You got to come back! We’ll go to dinner! I’ll buy you a drink! Come over, I’ll cook!’

“They’re not coming back right now. And you know what else they’re thinking? ‘If I stay there, I’ll pay a lower income tax,’ because they don’t pay the New York City surcharge,” he added, noting the wealthiest 1 percent of the Empire State’s population picks up roughly 50 percent of the state’s tax burden.

NYC Mayor Says ‘I Am Not Going to Beg’

In sharp contrast to governor Cuomo, NYC mayor Bill de Blasio says ‘I Am Not Going to Beg’.

In a briefing from City Hall, de Blasio for a second day in a row sneered at Gov. Cuomo’s suggestion that the Big Apple’s ballooning deficit can only be bridged if rich people who fled at the outset of the pandemic come back and start paying taxes again.

“I am not going to beg anybody to live in the greatest city in the world.”

De Blasio also reiterated his demand for taxing wealthy New Yorkers at a higher rate and said the most “fair” period in American history was in the high-taxed aftermath of World War II.

“We saw much less income inequality,” he said. “We had the model right.”

The Right Model

De Blasio, a true progressive nutcase, wants a 90% income tax rate. 

If he tried that at the city level rather than nationally most of NYC would vacate.

Modern Income Tax

The Modern Income Tax started in 1913 at a modest 1% rate.

By 1918  it was 77% to finance WWI which the US should never have been involved in.

In the name of “fairness” President Franklin D. Roosevelt idiotically proposed a 100% tax on all incomes over $25,000.

In the wake of WWII marginal rates got as high as 94% on incomes above $200,000.

Rates have generally been falling since 1964 when the top rate was lowered to 70%.

END
Support for Black Lives Matter falls further as most Americans see the protests as plain riots
(Watson/SummitNews)

Support For BLM Falls Further; Americans See “Protests” As Riots, Believe There Is A War On Police

Authored by Steve Watson via Summit News,

A series of new polls reveals that the majority of Americans believe there is a war being waged against police officers, and that support for the ‘black lives matter’ movement has dropped even further, with many more now seeing little distinction between the movement’s ‘protests’ and violent riots.

Polls from Pew Research and Fox News reveal that support for BLM has dropped more than ten percentage points in just a few months.

“As racial justice protests have intensified following the shooting of Jacob Blake, public support for the Black Lives Matter movement has declined,” Pew notes.

“A majority of U.S. adults (55%) now express at least some support for the movement, down from 67% in June amid nationwide demonstrations sparked by the death of George Floyd. The share who say they strongly support the movement stands at 29%, down from 38% three months ago.”

The findings also show that “The recent decline in support for the Black Lives Matter movement is particularly notable among White and Hispanic adults.”

“In June, a majority of White adults (60%) said they supported the movement at least somewhat; now, fewer than half (45%) express at least some support,” Pew notes, adding that “The share of Hispanic adults who support the movement has decreased 11 percentage points, from 77% in June to 66% today.”

A corresponding Fox News poll shows that “More voters consider the unrest in three US cities stemming from Black Lives Matter demonstrations to be riots rather than protests.”

“The poll, published Sunday, found that 48 percent of likely voters surveyed described violence in New York, Portland, and Kenosha, Wisconsin to be riots, compared to 40 percent who saw them as protests,” The new York Post noted.

Meanwhile, a third poll, from Rasmussen, reveals that 59% of voters believe there is a war being waged on police officers.

A whopping 80% of Republicans said it is obvious to them that there is a war on police, compared to 39% of Democrats.

In addition, a majority of independents (60%) agreed with the statement.

Previously, in 2018, 43% of respondents believed there is an ongoing war against police, with another previous high of 58% in 2015 also now being eclipsed.

The new poll found that 59% of respondents say they support the institution of ‘Blue Lives Matter’ laws in their state to classify attacks on police and first respondents as hate crimes with harsher punishments. Several states have already implemented such laws since 2016.

The Rasmussen poll reveals that while white voters are most likely to support ‘Blue Lives Matter’ laws (63%), a majority of 52% of black voters also support the idea, in addition to 49% of other minority voters also expressing support.

The poll also found that a huge majority of 84% of black voters expressed concern that attacks on police would lead to a shortage of police officers and a decline in public safety.

end
Poll numbers must be really bad:  After 4 months Pelosi condemns rioting
(Watson)

Four Months Later: Pelosi Condemns Rioting

Authored by Steve Watson via Summit News,

Almost four months after the worst rioting and looting in history took hold in practically every major city in the US, the majority of which are run by Democrats, Nancy Pelosi finally said something about it.

“We support peaceful demonstrations. We participate in them. They are part of the essence of our democracy. That does not include looting, starting fires, or rioting,” Pelosi said Thursday, adding “They should be prosecuted. That is lawlessness.”

Note, that Pelosi did not mention BLM or Antifa, or name any group responsible for the destruction.

Many expressed the same theory about why Pelosi suddenly decided to address the matter:

Stephen L. Miller (@redsteeze) – “Someone’s office got some polling data.”

Indeed, a series of new polls reveals that the majority of Americans believe there is a war being waged against police officers, and that support for the ‘black lives matter’ movement has dropped even further, with many more now seeing little distinction between the movement’s ‘protests’ and violent riots.

end

The fun begins on mail in ballots in key states
(zerohedge)

Michigan Joins Pennsylvania With Mail-In-Ballot Extension

A Michigan judge on ruled on Friday that the state must accept ballots that arrive within two weeks of the election, as long as they are postmarked by November 2nd. The judge also said that the state – which was decided by 10,000 votes in 2016 – cannot restrict who can help voters return an absentee ballot.

Michigan joins Pennsylvania in recent mail-in-ballot rulings, after a top state court on Thursday relaxed a deadline related to accepting ballots as long as they’re postmarked no later than November 3 and arrive within three days (as opposed to two weeks in Michigan).

Here’s how election lawsuits in other key swing-states are shaping up, via The Hill.

In Florida there’s a major dispute over steps which former felons must take in order to regain their right to vote – which could affect nearly 800,000 votes. An estimated two-thirds of affected felons are Black and tend to lean Democrat.

The fight traces back to a 2018 amendment to Florida’s constitution — known as Voting Restoration Amendment 4 — that restored voting rights to those with most types of felony convictions who had completed “all terms” of their sentences.

Florida Gov. Ron DeSantis (R) the following year signed into law a bill that obligated Floridians with felony records to settle all outstanding court debt before their voting rights were reinstated. Democrats and civil rights groups say the law is an unconstitutional modern-day version of a Jim Crow-era poll tax.

The case eventually made its way up to the full 11th U.S. Circuit Court of Appeals. Earlier this month, the Atlanta-based court voted 6-4 to uphold a Florida law requiring indigent former felons to pay off outstanding court fees as a precondition to having their voting rights restored. –The Hill

In Wisconsin, residents filed a class action lawsuit against state election officials and lawmakers over the state’s controversial April 7 primary election – which was fraught with last-minute legal and political wrangling over the state’s alleged failure to create reasonable accommodations for primary voters amid the pandemic which forced thousands to “sacrifice their vote rather than run the risk of in-person voting during America’s worst infectious disease outbreak in more than a century.” Plaintiffs want the court to recognize the state’s past failings and avoid a repeat in November.

In Arizona, a lawsuit over how the state handles ballots cast at the wrong polling location is working its way through their legal system. Currently, election administrators are required to toss ballots which were ‘miscast’ at the wrong location.

Arizona Republicans say out-of-precinct policies are common across the U.S. and help ensure ineligible voters do not cast ballots in local races for officeholders who are running to represent a different geographic area. –The Hill

Another lawsuit in Arizona, H.B. 2023, would criminalize the collection and delivery of someone else’s ballot – which The Hill says is overwhelmingly more likely to affect minority voters than whites.

end

iv) Swamp commentaries)

“Absolutely Terrified” Democrats Demand Emergency Investigation Into Durham Probe

In August, Attorney General William Barr refused to commit to withholding any report by DOJ watchdog John Durham before the November election – causing Congressional Democrats to froth at the mouth over an “October surprise” meant to hurt Joe Biden.

Durham was appointed by Barr to investigate the Russia investigators – including members of the Obama-Biden administration, the FBI and the DOJ.

Now, days after a top prosecutor on the Durham team resigned – reportedly over what she thought was “pressure from Barr to produce results before the November election,” the Democratic chairs of four House committees have demanded an “emergency investigation” into Durham’s probe, according to the Daily Caller.

“We write to ask that you open an emergency investigation into whether U.S. Attorney General William Barr, U.S. Attorney John Durham, and other Department of Justice political appointees are following DOJ’s longstanding policy to avoid taking official actions or other steps that could improperly influence the upcoming presidential election,” wrote Democrats Adam Schiff (D-CA), Jerry Nadler (D-NY), Zoe Lofgren (D-CA) and Carolyn Maloney (D-NY) in a letter to DOJ inspector general Michael Horowitz.

“Absolutely Terrified” Democrats Demand Emergency Investigation Into Durham Probe

The letter follows a similar demand on Thursday from 10 Democratic members of the Senate Judiciary Committee.

Democrats are questioning the legal authority of the investigation, and whether Durham is allowed to release a public report of the probe before the election.

“Attorney General Barr has signaled repeatedly that he is likely to allow DOJ to take prosecutorial actions, make public disclosures, and even issue reports before the presidential election in November. Such actions clearly appear intended to benefit President Trump politically,” the Democrats wrote. –Daily Caller

House Judiciary Republicans suggested that the Democrats are “absolutely terrified” of the Durham probe, as “They know Barr and Durham are cleaning up the what the Obama/Biden DOJ left behind,” adding “And the results won’t be pretty for them.”

As part of his investigation, Durham has interviewed former CIA Director John Brennan and others, allegedly regarding the CIA’s assessment that Russian President Vladimir Putin was behind interference in the 2016 US election in order to help President Trump.

In an August 13th interview, Barr said he expects “significant” developments to come out of the investigation before the election. Days later, former FBI lawyer Kevin Clinesmith pleaded guilty to fabricating evidence used to obtain surveillance warrants on former Trump adviser Carter Page. Clinesmith -who worked on both the Hillary Clinton email investigation and the Russia probe, was part of Special Counsel Robert Mueller’s team, and interviewed Trump campaign advisor George Papadopoulos.

Meanwhile, earlier this month White House Chief of Staff Mark Meadows suggested that former FBI agent Peter Strzok and other officials involved in the operation against Trump could be in trouble.

“And I use the word unlawful at best, it broke all kinds of protocols and at worst people should go to jail as I mentioned previously,” Meadows said during a virtual appearance on Fox Business’ “Mornings With Maria” on Monday. -via The Epoch Times

If the Obama-Biden DOJ did nothing wrong, what do Democrats have to worry about?

END

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

BOE Steps Up Negative Rates Work as Threats to Economy Multiply

With multiple threats to the outlook looming, the BOE will begin “structured engagement” with U.K. bank regulators on how it might implement negative rates. While officials had previously said they were reviewing the case for such a move, and Governor Andrew Bailey hasn’t ruled it out, the preparation goes beyond anything seen before…

https://www.bloomberg.com/news/articles/2020-09-17/boe-steps-up-talks-on-negative-rates-amid-uncertain-outlook

@lisaabramowicz1: Bank of England is engaging with regulators on how to implement negative rates… The yield on 6-month UK bills hits a record low, at -0.038%.

@Schuldensuehner: Negative is the new normal: UK Yield Curve now negative out to 6yrs as Bank of England weighs negative rates.

New Jersey governor, lawmakers strike deal to hike taxes on millionaires

Under the plan, the state’s gross income tax rate on earnings over $1 million will increase to 10.75% from 8.97%. Wages over $5 million are already taxed at the top marginal rate of 10.75%…

https://www.foxbusiness.com/politics/new-jersey-to-unveil-millionaires-tax-targeting-wealthy-residents

44% of Wealthy New Yorkers Have Considered Moving Out of the City

https://dailycaller.com/2020/09/16/poll-wealthy-new-yorkers-considered-moving-city/

@charliebilello: 19.8% Unemployment Rate in NYC vs. 6.8% in Austin, Texas.

Flood of gold from Switzerland to U.S. stopped in August    http://reut.rs/32GhTLG

AG William Barr: Coronavirus Lockdowns ‘Greatest Intrusion on Civil Liberties’ Since Slavery

While there might be “reasonable and temporary restrictions” on some First Amendment rights for the sake of public health, they should not become an “overbearing infringement.”…

https://www.breitbart.com/politics/2020/09/16/ag-william-barr-coronavirus-lockdowns-greatest-intrusion-on-civil-liberties-since-slavery/

COVID-19 emails from Nashville mayor’s office show disturbing revelation

The coronavirus cases on lower Broadway may have been so low that the mayor’s office and the metro health department decided to keep it secret… [To keep biz shut and exercise power/control over people]

     The discussion involves the low number of coronavirus cases emerging from bars and restaurants and how to handle that and most disturbingly how to keep it from the public…

Glover says he has been contacted by an endless stream of downtown bartenders, waitresses, and restaurant owners. Why would they not release these numbers?  “We raised taxes 34 percent and put hundreds literally thousands of people out of work that are now worried about losing their homes their apartments etcetera and we did it on bogus data. That should be illegal!” he says…

https://fox17.com/news/local/covid-19-emails-from-nashville-mayors-office-show-disturbing-revelation

@charliekirk11: Any politician, like the Nashville Mayor John Cooper, who intentionally covers up data on China Virus deaths in order to keep restaurants and bars closed should be removed from office and tried immediately.

Fox News is laying off staff, with big cuts to hair and makeup. https://t.co/XF02qViBEY

Fox News Cuts Off Newt Gingrich After He Points Out George Soros Role in Electing Prosecutors

https://www.breitbart.com/the-media/2020/09/17/fox-news-cuts-off-newt-gingrich-after-he-points-out-george-soros-role-in-electing-prosecutors/

Tucker Slams Facebook Censorship of Chinese Virologist: “It’s Turning Us into the Soviet Union”

https://www.zerohedge.com/medical/tucker-slams-facebook-censorship-chinese-virologist-its-turning-us-soviet-union

Trump issues 1776 Commission to promote ‘patriotic education’

“A radical movement is attempting to demolish this treasured and precious inheritance. We can’t let that happen. Left-wing mobs have torn down statues of our founders, desecrated our memorials, and carried out a campaign of violence and anarchy,” Trump said… “The left has warped, distorted and defiled the American story with deceptions, falsehoods and lies. There’s no better example than the New York Times’ totally discredited 1619 Project… Students in our universities are inundated with critical race theory. This is a Marxist doctrine holding that America is a wicked and racist nation, that even young children are complicit in oppression, and that our entire society must be radically transformed,” Trump said…  https://nypost.com/2020/09/17/trump-issues-1776-commission-to-promote-patriotic-education/

The Fed balance sheet surge $53.861B on the monetization of $71.663B of securities ($55.436B of MBS) for the week ended on 9/16.  Currency swaps declined $19.795B. https://www.federalreserve.gov/releases/h41/current/

NYT: Attorney General William Barr is said to have suggested sedition charges over violence at protests, as well as possible charges for the Seattle mayor…

https://milled.com/nytimes/breaking-news-attorney-general-william-barr-is-said-to-have-suggested-sedition–_xjx7Jm3jAugjWVK

@MZHemingway: Another indication that BLM riots are continuing to hurt Democrats’ prospects — Pelosi now calling for the prosecution of rioters.

@thehill: Speaker Pelosi: “We support peaceful demonstrations. We participate in them. They are part of the essence of our democracy. That does not include looting, starting fires, or rioting. They should be prosecuted. That is lawlessness.“…   https://twitter.com/thehill/status/1306642824469725185

Majority [59%] of Americans Say There Is A War on Police, Support ‘Blue Lives Matter’ Laws

https://dailycaller.com/2020/09/17/poll-rasmussen-reports-likely-voters-war-on-police-blue-lives-matter/

2 gunmen open fire on home of officers in Camden [NJ]; manhunt underway

The officers and their 10-day old infant were inside their home

https://6abc.com/2-shooters-open-fire-on-home-of-nj-officers;-manhunt-underway/6431214/

Security officer shot [drive-by] outside federal courthouse in Phoenix, suspect in custody

https://www.azfamily.com/news/security-officer-shot-outside-federal-courthouse-in-phoenix-suspect-in-custody/article_8879c550-f786-11ea-9fd1-973ec664a162.html

Two Members of GOP Campaign Team Shot in Minneapolis, One Fatally

Two campaign team members for Republican Lacy Johnson, who is challenging Rep. Ilhan Omar (D), were shot Monday afternoon in Minneapolis, one fatally… [MSM mum for obvious reasons]

https://www.breitbart.com/politics/2020/09/17/two-members-of-gop-campaign-team-shot-in-minneapolis-one-fatally/

Black Lives Matter co-founder teams up with pro-Chinese Communist party group

Alicia Garza is now behind the advocacy group Black Futures Lab, which is backed by the Chinese Progressive Association, according to the website… Black Lives Matter co-founder Patrisse Cullors once described herself and Garza as “trained Marxists.”…  https://trib.al/E2Qi5b5

Barr issues blistering critique of his own Justice Department – insisting on his absolute authority to overrule career staff, whom he said too often injected themselves into politics and went “headhunting” for high profile targets… Asked about suicides amid the pandemic, Barr said a doctor was not a “grand seer” who could set societal policy, and noted that shutdowns came with other consequences – including a rise in opioid overdoses. “All this nonsense about how something is dictated by science is nonsense”…Barr also attacked the Black Lives Matter movement, saying that while he agreed Black lives matter, “They’re not interested in black lives. They’re interested in props, a small number of blacks who are killed by police during conflicts with police – usually less than a dozen a year – who they can use as props to achieve a much broader political agenda.

https://www.stamfordadvocate.com/news/article/Barr-issues-blistering-critique-of-his-own-15573598.php

Remarks by Attorney General William P. Barr at Hillsdale College Constitution Day Event

https://www.justice.gov/opa/speech/remarks-attorney-general-william-p-barr-hillsdale-college-constitution-day-event

Leaked Call Reveals Biden Risked National Security to Sabotage Trump

Biden badmouthed the incoming administration, saying, “The truth of the matter is that the incoming administration doesn’t know a great deal about [Ukraine]” and that they were unprepared for the transition. This in itself is inappropriate, but it was meant to set the stage for Biden’s next statement and future plans.  Biden then told Poroshenko, “I don’t plan on going away. As a private citizen, I plan on staying deeply engaged in the endeavor that you have begun and we have begun.”… https://t.co/isbIrfQMee

Joe struggled to read his Teleprompter again on Thursday.

https://twitter.com/TrumpWarRoom/status/1306696689538019329

@AndrewPollackFL: Joe Biden’s Insightful Rosh Hashanah Wishes: “I, I just think that eh. it’s ah—you know, Shana Tova. Get it done. We we can do this.”…  https://twitter.com/AndrewPollackFL/status/1306737437826150400

@SteveGuest: Jill Biden: “So would you like to say a couple words?”  Joe Biden replies: “Am I supposed to speak now? … I don’t know. I don’t want to get in trouble here.” [Horrible optics, docile Joe.]

https://twitter.com/FrancisBrennan/status/1306703241498046464

Joe’s town hall on the friendly turf of his hometown didn’t go well – and CNN selected the 90 attendees, no Repubs.  https://www.citizensvoice.com/news/no-public-tickets-to-biden-town-hall/article_7932f1b6-a491-5d45-80a5-af8ce2341f80.html

Trump campaign statement on Joe Biden’s CNN town hall – “Virtually every question for Joe Biden was an invitation for him to attack President Trump, while moderator Anderson Cooper offered almost no pushback, giving Biden a total pass on his lies and misrepresentations… This was classic Joe Biden: untethered to the facts, his own record, or reality.”

https://www.donaldjtrump.com/media/trump-campaign-statement-on-joe-bidens-cnn-town-hall/

Joe couldn’t remember ‘mail boxes’.  Joe said he would be the 1st non-Ivy League president.  30 US presidents were non-Ivy League graduates. Joe said China is a competitor, not an opponent.  https://twitter.com/bennyjohnson/status/1306755091320446976

A female farmer asked Joe to explain how he would lessen the regulatory burden on farms and small businesses.  Joe went haywire and talked about how his home state of Delaware was recycling chicken poop and recycling other animals’ manure would create thousands of jobs.  Her expression is revealing.

https://twitter.com/bennyjohnson/status/1306765140289900549

@ArthurSchwartz: When answering a question about the Green New Deal, Biden forgets what he’s talking about and calls for schools to be ventilated. This is what happens when he doesn’t have a teleprompter.  https://twitter.com/ArthurSchwartz/status/1306763522584576015

@SteveGuest: Joe Biden gives confused answer when discussing voting.

https://twitter.com/SteveGuest/status/1306757359088349186

Joe: If the president had done his job, had done his job from the beginning, all the people would still be alive. All the people [Covid deaths] — I’m not making this up. Just look at the data. Look at the data.”

https://twitter.com/RealSaavedra/status/1306763697772085250

DJT at his Mosinee, WI rally: “He’s up there tonight getting softball questions from Anderson Cooper.  They don’t ask me questions like that…”   https://twitter.com/yogagenie/status/1306769138401062918

Biden-Harris Campaign and CBC to Kick Off Virtual Bus Tour on National Black Voter Day

[Virtual bus tour!?!?  It’s a Zoom call! This is not a parody piece.]

https://blavity.com/exclusive-biden-harris-campaign-and-cbc-to-kick-off-virtual-bus-tour-on-national-black-voter-day?category1=politics&category2=news

Twitter public policy director decamps for Biden transition team – He previously served as the director of agency review on the team that prepared in vain for Secretary of State Hillary Clinton’s administrationMonje is also a veteran of the Obama administration… [Does this explain Twitter’s actions?]https://www.politico.com/news/2020/09/17/twitter-public-policy-director-decamps-for-biden-transition-team-417293

Team Trump’s @JennaEllisEsq: So maybe this is why Twitter had no response to our request to apply the same community standards to Biden as they do to President Trump?

The White House Conducted More Than 300 Phone Calls with Individuals Involved with Big 10 Football    https://dailycaller.com/2020/09/16/white-house-big-10-football-300-calls/

CBS News’ Norah O’Donnell says ‘mostly peaceful’ protests caused $1B to $2B in damage from looting and arson https://www.foxnews.com/media/cbs-norah-odonnell-peaceful-protests-looting-arson

The Planet’s Not Angry, But the Pelosi/Newsom/Harris Climate Howlers Are Truly Dangerous

[Everything you wanted to know about climate change but were afraid to ask]

The phony pre-industrial baseline is depicted by the yellow area in the graph for the period 1400-1900. The hockey stick like eruption of the yellow space after 1900, of course, allegedly depicts the man-made temperature rise since the onset of the hydrocarbon age. By contrast, the corrected version is in blue. In this version – which comports with the history of climate oscillations cited above – there is no hockey stick because the shaft never happened; it was invented by computer model manipulations, not extracted from the abundant scientific data bases on which the Mann study was allegedly based…

https://www.lewrockwell.com/2020/09/david-stockman/the-planets-not-angry-but-the-pelosi-newsom-harris-climate-howlers-are-truly-dangerous/

Happy Rosh Hashanah!

 

END

TO  ALL OUR JEWISH FRIENDS OUT THERE:

A HAPPY AND HEALTHY NEW YEAR

Well that is all for today

I will see you MONDAY night.

 

2 comments

  1. Benny Boy · · Reply

    “AND IN SILVER 153.8 MILLION OZ”
    Harvey must mean 53,8 million Oz right?

    Like

  2. Adam Ingwall · · Reply

    U have 153 million ox in headline. But it’s 53.

    Like

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