SEPT 21/HUGE RAID ON GOLD/SILVER: GOLD DOWN $47.20 TO $1907.50//SILVER DOWN $2.43 TO $24.42//OCTOBER GOLD OI CONTINUES TO RISE//SUPREME COURT JUSTICE GINSBERG PASSES AWAY SETTING THE STAGE FOR HUGE TURMOIL BETWEEN REPUBLICANS AND DEMOCRATS//DEMOCRATS REFUSE TO FUND AID TO THE FARMERS SETTING THE STAGE FOR CONGRESS TO CLOSE AS THERE WILL BE NO FUNDING//HUGE USA STORIES FOR YOU TONIGHT AS WELL AS SWAMP STORIES.//

GOLD:$1907.50  DOWN $47.20   The quote is London spot price

 

 

 

 

 

Silver:$24.42 DOWN  $2.43   London spot price ( cash market)

Today is seems that the algos were intent to send the Dow and Nasdaq into oblivion.  Lately the stock market has been paired with gold/silver and thus the tanking of the stock market causes the huge fall in our precious metals.  However our London boys were very mindful of the price and they exercised circulating EFP’s and will turn them into physical metal. Switzerland is now out of metal and so is London.  Where are these traders going to locate gold/silver?

 

Closing access prices:  London spot

i)Gold : $1912.30  LONDON SPOT  4:30 pm

 

ii)SILVER:  $24.73//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  $1903.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $4.20 BACKWARD//

 

 

 

DEC. GOLD  $1912.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $4.80/ CONTANGO   ( $1.50 BELOW NORMAL CONTANGO)

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $24.46…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 4 CENT CONTANGO// 4 CENTS ABOVE NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $24.53  1:30  PM SPREAD SPOT/FUTURE DEC.       : 11  CENTS PER OZ  CONTANGO ( 1 CENTS BELOW NORMAL CONTANGO)

 

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COMEX DATA

 

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

receiving today:  5/37

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,952.100000000 USD
INTENT DATE: 09/18/2020 DELIVERY DATE: 09/22/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 H RAND 1
435 H SCOTIA CAPITAL 3
657 C MORGAN STANLEY 7
657 H MORGAN STANLEY 12
661 C JP MORGAN 36 5
661 H JP MORGAN 7
690 C ABN AMRO 1
905 C ADM 1 1
____________________________________________________________________________________________

TOTAL: 37 37

issued 36

 

 

 

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 37 NOTICE(S) FOR 3700 OZ  (0.1151 tonnes)

 

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

 

 

SILVER

 

 

23 NOTICE(S) FILED TODAY FOR 115,000  OZ/

total number of notices filed so far this month: 10,269 for 51,345 MILLION oz

 

BITCOIN MORNING QUOTE  $10420  DOWN 543

 

BITCOIN AFTERNOON QUOTE.: $10,484 DOWN 483

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $47.20 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

SURPRISINGLY A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//A DEPOSIT OF 12.94 TONNES INTO THE GLD ??

 

GLD: 1,259.84 TONNES OF GOLD//

 

 

WITH SILVER DOWN $2.43  TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A WITHDRAWAL OF 1.862 MILLION OZ FROM THE SLV  (PAPER TRANSACTION)

 

 

RESTING SLV INVENTORY TONIGHT:

 

SLV: 553/350  MILLION OZ./

 

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

 

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IN SILVER THE COMEX OI ROSE BY A GOOD 547 CONTRACTS FROM 163,292 UP TO 163,839, AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR  $0.07 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 TINY EXCHANGE FOR PHYSICAL :   ZERO  LONG LIQUIDATION, AND A HUGE  INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT.  WE HAD A GOOD NET GAIN IN OUR TWO EXCHANGES OF 705 CONTRACTS  (SEE CALCULATIONS BELOW).

 

 

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  135, AS WE HAD THE FOLLOWING ISSUANCE:  SEP 0;  DEC:  135, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  135 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 A FEW OF 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

 

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.07) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS AS WE HAD A GOOD 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 TINY ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A HUGE GAIN IN SILVER OZ STANDING  FOR SEPTEMBER, 3) GOOD 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:

9520 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 9520 CONTRACTS) OR 47.60 MILLION OZ: (AVERAGE PER DAY: 680 CONTRACTS OR 3.400 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 47.60 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.80% 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:          1,427.30 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                                47.60 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A GOOD SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 570, DESPITE OUR  $0.07 FALL IN SILVER PRICING AT THE COMEX ///FRIDAY.THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 135 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

 

 

TODAY WE GAINED A GOOD SIZED 705 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.07 FALL IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 135 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A GOOD SIZED INCREASE OF 547 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR 7 CENT FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $26.87 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.819 BILLION OZ TO BE EXACT or 117% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 23 NOTICE(S) FOR 115,000 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. 54.400 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 2837 CONTRACTS TO 579,772 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED GAIN IN COMEX OI OCCURRED  WITH OUR GAIN IN PRICE  OF $10.50 /// COMEX GOLD TRADING// FRIDAY//WE HAD ATTEMPTED BUT FAILED BANKER SHORT COVERING AS, DESPITE THE CONSTANT RAIDS, WE HAD A FAIR SIZED GAIN ON OUR TWO EXCHANGES (3775 CONTRACTS)… NOBODY HAS LEFT THE GOLD ARENA.  WE ALSO HAD A STRONG ADVANCE IN TONNAGE STANDING AT THE GOLD COMEX FOR SEPTEMBER ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. THIS ALL HAPPENED WITH OUR RISE IN PRICE OF $10.50. 

 

 

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

 

 

WE GAINED A FAIR SIZED 3775 CONTRACTS  (11.50 TONNES) ON OUR TWO EXCHANGES DESPITE THE RAID.

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 825 CONTRACTS:

CONTRACT . OCT: 0 DEC: 825; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 825.  The NEW COMEX OI for the gold complex rests at 579,849. 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 FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 3,690 CONTRACTS: 2873 CONTRACTS INCREASED AT THE COMEX AND 825 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 3690 CONTRACTS OR 11.50 TONNES. FRIDAY, WE HAD A GAIN OF $10.50 IN GOLD TRADING……

THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (IT ROSE $10.50).  WE ALSO HAD AN ATTEMPTED BUT FAILED BANKER SHORT COVERING OPERATION AS OUR BANKER FRIENDS COULD NOT FLEECE ANY LONGS FROM THEIR POSITIONS DURING THEIR CONSTANT RAIDS//FRIDAY.

 

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (825) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (2873 OI): TOTAL GAIN IN THE TWO EXCHANGES:  3775 CONTRACTS. WE NO DOUBT HAD 1 ) ATTEMPTED BUT FAILED BANKER SHORT COVERING ,2.)A HUGE ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) ZERO LONG LIQUIDATION;4) SMALL COMEX OI GAIN AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  AND  ...ALL OF THIS WAS COUPLED WITH OUR GAIN IN GOLD PRICE TRADING//FRIDAY//$10.50.

 

 

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 : 38,815, CONTRACTS OR 3,881,500 oz OR 120.73 TONNES (14 TRADING DAY(S) AND THUS AVERAGING: 2773 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 120.73 TONNES

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

THUS EFP TRANSFERS REPRESENTS 120.73/3550 x 100% TONNES =3.40% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,499.73  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:                       120.73 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 GOOD SIZED 547 CONTRACTS FROM 1623,292, UP TO 163,839 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE GOOD SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)  ATTEMPTED BUT FAILED BANKER SHORT COVERING  , 2) A TINY  ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUGE GAIN IN OUNCES STANDING FOR SILVER AT THE COMEX FOR SEPT., AND 4) ZERO LONG LIQUIDATION,

 

 

 

 

EFP ISSUANCE 135 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. 135 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 135 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 547 CONTRACTS TO THE 135 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD SIZED GAIN OF 682 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.410 MILLION  OZ, OCCURRED WITH OUR 7 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 21.15 POINTS OR 0.63%  //Hang Sang CLOSED DOWN 504.72 POINTS OR 2.06%   /The Nikkei closed DOWN 40.93 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN .73%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7809 /Oil UP TO 40.33 dollars per barrel for WTI and 42,26 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7881 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7809 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL SIZED 2873 CONTRACTS TO 579.772 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 DESPITE OUR STRONG RISE OF $10.50 IN GOLD PRICING /FRIDAY’S COMEX TRADING/). WE ALSO HAD A TINY EFP ISSUANCE (825 CONTRACTS),.  THUS,  WE HAD  1)  ZERO BANKER SHORT COVERING AS WE HAD A FAIR GAIN IN THE TWO EXCHANGES OF 3690 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 3609 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. FOR THE PAST TWO DAYS WE HAVE WITNESSED A HUGE INCREASE IN EFP ISSUANCE. HOWEVER TODAY WE REVERTED BACK TO LOWER AMOUNTS ISSUED. 

 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 TINY SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 825 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 825; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 825  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: 3,690 TOTAL CONTRACTS IN THAT 825 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 2873 COMEX CONTRACTS.   

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $10.50).  BUT, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED A POSITIVE  11.50 TONNES  WITH THE  RISE IN  PRICE

 

 

NET GAIN ON THE TWO EXCHANGES :: 3690, CONTRACTS OR 369,000 OZ OR 11.50 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:  579,772 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.97 MILLION OZ/32,150 OZ PER TONNE =  1803 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1803/2200 OR 81.97% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 385,308 contracts// volume  very good/raid

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  185,528 contracts//  volume: poor //most of our traders have left for London

 

 

SEPT 21 /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
nil oz
Deposits to the Dealer Inventory in oz NIL oz

 

 

 

Deposits to the Customer Inventory, in oz 148,410.365

OZ

JPMorgan

 

 

No of oz served (contracts) today
37 notice(s)
 3700 OZ
(0.1151 TONNES)
No of oz to be served (notices)
56 contracts
(5600 oz)
.1741 TONNES
Total monthly oz gold served (contracts) so far this month
4359 notices
435900 OZ
13.588 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

 

 

total deposit: nil oz

 

 

 

 

 

 

 

total dealer withdrawals: nil oz

 

we had 1 deposit into the customer account

 

i) Into JPMorgan: 148,410.365oz

 

 

total customer deposit:  148,410.365     oz

 

 

we had 0 gold withdrawals from the customer account:

 

 

 

total withdrawals; nil     oz

 

 

 

 

We had 0  kilobar transactions  +

 

ADJUSTMENTS: 0 //

 

 

The front month of SEPT registered a total of 93 contracts for a GAIN of 5 contracts.  We had 3 notices filed on Friday, so we gained  8 contracts or an additional 800 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 STRONG 54 contracts UP to 62,777.  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 4 contracts to stand at 184.

The big December contract GAINED 2798 contracts UP to 429,943 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 23 notices filed today for  2300 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  36 notices were issued from their client or customer account. The total of all issuance by all participants equates to 37 contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 5 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 (4359) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (93 CONTRACTS ) minus the number of notices served upon today (37 x 100 oz per contract) equals 441,500 OZ OR 13.732 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 (4359, x 100 oz +93 OI) for the front month minus the number of notices served upon today (37) x 100 oz which equals 441500 oz standing OR 13.732 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 8 contracts or an additional 800 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:  21,016,156.202 oz (653.69 tonnes)

total registered, pledged  and eligible (customer) gold  36,663.288.815 oz 1,140.38 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1014,04 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 21/2020

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
nil

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
1,193,222.800 oz
JPMorgan
No of oz served today (contracts)
23
CONTRACT(S)
(115,000 OZ)
No of oz to be served (notices)
611 contracts
 3,050,000 oz)
Total monthly oz silver served (contracts)  10,269 contracts

51,345,000 oz)

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

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

we had 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  1,193,222.800 oz

 

 

 

 

 

 

 

 

 

JPMorgan now has 179.354 million oz of  total silver inventory or 48.97% of all official comex silver. (179.354 million/366.200 million

 

total customer deposits today:  1,193,222.800   oz

we had 0 withdrawals:

 

total withdrawals; nil    oz

We had 0 adjustments/

 

Total dealer(registered) silver: 140.718 million oz

total registered and eligible silver:  366/200 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 634 contracts thus losing 274 contracts.  We had 397 notices filed on FRIDAY so we GAINED a strong 123 contracts or an additional 615,000 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.  Not only are longs standing for delivery over here but also our London boys  exercising serial forward EFP’s circulating over there and  turning 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 138 contracts to stand at 1871.November lost 1 contract to stand at 13,

The big December contract month saw its OI GAIN by 260 contracts up to 141,142

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 23 contract(s) FOR 115,000, 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 10,269 x 5,000 oz = 51,345,000 oz to which we add the difference between the open interest for the front month of SEPT(634) and the number of notices served upon today 23 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 10,269 (notices served so far) x 5000 oz + OI for front month of SEPT  (634)- number of notices served upon today (23) x 5000 oz of silver standing for the SEPT contract month .equals 54,400,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We GAINED  123 contracts or AN ADDITIONAL 615,000 oz. WILL STAND FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH, AS COMEX LONGS LOOK FOR METAL ON THE THIS SIDE OF THE POND!

 

 

TODAY’S ESTIMATED SILVER VOLUME : 174,789 CONTRACTS // volume strong// raid volume

 

 

 

 

 

FOR YESTERDAY   56.159.  ,CONFIRMED VOLUME// strong/raid

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 56,159 CONTRACTS EQUATES to 0.280 billion  OZ 40.11% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 1.34% ((SEPT 21/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.11% to NAV:   (SEPT 21/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/1.34%

(courtesy Sprott/GATA

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

NAV 19.61 TRADING 19.13///NEGATIVE 2.50

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 21/WITH GOLD DOWN $47.20 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 12.94 TONNES INTO THE GLD///INVENTORY RESTS AT 1259.64TONNES

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 21/ GLD INVENTORY 1259.84 tonnes*

LAST;  905 TRADING DAYS:   +320.43 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 805 TRADING DAYS://+498.96  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 21/WITH SILVER DOWN $2.43 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV A PAPER WITHDRAWAL OF 1.862 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 553.350 MILLION OZ//

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 21.2020:

SLV INVENTORY RESTS TONIGHT AT

553.350 MILLION OZ

 

 

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

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

This is interesting:  the same James Vorley that is now being prosecuted by the uSA Dept of Justice and the CFTC was also a director of both the London Gold Fixing and London Silver Fixing

Amazing how mainstream media miss this entirely.

Ronan Manly/GATA

Ronan Manly: Deutsche trader charged with market rigging was director of London gold and silver fixings

 Section: 

8:15p ET Friday, September 18, 2020

Dear Friend of GATA and Gold:

Bullion Star’s indispensable Ronan Manly reminds us tonight that the corruption of the gold and silver markets long has been comprehensive, even if mainstream financial news organizations and market “analysts” do their damnedest to conceal it.

Manly writes: “The same James Vorley now being prosecuted by the U.S. Department of Justice and Commodity Futures Trading Commission for gold and silver price manipulation on the New York Commodities Exchange from at least May 2008 until July 2013 was, during the same time, a director of both the daily London Gold Fixing and daily London Silver Fixing. How this point has escaped mainstream media attention is mind-boggling, but then again, maybe not if you are the mainstream media, whose jobs depend on not noticing these things.”

 

Manly’s report is headlined “Deutsche Trader Under DoJ Prosecution Was a Long-Time director of London Gold and Silver Fixings” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/deutsche-trader-under-doj-…

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

end

Barrick gives up on the Chilean side of the Pascua Lama project

Reuters/GATA

Barrick Gold accepts Chilean court’s closure ruling on Pascua-Lama project

 Section: 

By Shruti Sonal
Reuters
Friday, September 18, 2020

Barrick Gold Corp. said today it would not appeal a Chilean court’s ruling to uphold the closure order on the Chilean portion of its Pascua-Lama project imposed by the country’s environmental regulator and the sanctions on its unit.

The gold and silver project, which straddles the border between Chile and Argentina, was put on hold in 2013 due to environmental issues, political opposition, labor unrest, and development costs that swelled to $8.5 billion.

The miner said Pascua, the Chilean portion, would now be transitioned from care and maintenance to closure in accordance with the environmental court’s decision. …

… For the remainder of the report:

https://www.reuters.com/article/us-barrick-gold-pascua-lama-idUSKBN2692S.

end

With gold rallying, mining CEOs now state at environmental, social governance scrutiny is intensifying.

With gold rallying, mining CEOs say environmental, social, governance scrutiny intensifies

 Section: 

By Steven Frank, Yvonne Yue Li, and Felix Njini
Bloomberg News
Sunday, September 20, 2020

Skyrocketing gold is providing a welcome windfall to the mining industry, but it’s also attracting a broader base of investors who are demanding greater attention to environmental, social, and governance topics.

Interest in ESG issues has moved to the forefront in conversations with stakeholders in the past year, top executives said in the run-up to the Denver Gold Group’s Americas conference, a key annual event in the precious-metals world. Such talks come as investors snap up billions of dollars in stock offerings from once-shunned gold miners.

… 

Generalists are looking at bullion because of the high prices and “the strong argument that the gold price can go higher,” according to Sean Boyd, chief executive officer of Agnico Eagle Mines Ltd., a top-10 gold producer. And those investors tend to judge mining companies through an ESG lens.

 

“They don’t want to take a lot of risk, and a big part of the risk assessment is the ESG side of things,” Boyd said in a phone interview. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-09-20/with-gold-rallying-mi…

* * *

end

iii) Other physical stories:

Nat Gas Plummets 10%, Slides Under $2 In Biggest One-Day Drop In 20 Months

Natural gas futures tumbled below $2 amid a broad rout in commodity markets and on speculation that Tropical Storm Beta may spur power outages and curtail LNG exports along the Gulf Coast (as Bloomberg notes, Beta is a slow-moving storm that will bring flooding rains in Louisiana as it toward Texas to come ashore near Corpus Christi).

The day’s 10% drop was the biggest since Jan 2019.

“Tropical Storm Beta is definitely a big driver,” says Christin Redmond, an analyst at Schneider Electric. “Although overall it’s a short-term effect, each week that we have this lower demand, we get higher storage injections. And with three storms hitting in less than a month, we’re getting those effects building on each other.”

“Although it’s not hurricane strength anymore, it could cause significant flooding and may cause some LNG export facilities to temporarily shut in” Redmond added noting that these storms have resulted in 12% y/y losses in power demand for gas since start of Sept. At the same time, data provider Refinitiv added that the amount of gas flowing to U.S. LNG export plants was on track to slide to a two-week low of 5.2 bcfd on Monday from a four-month high of 7.9 bcfd last week.

As Bloomberg further observes, citing BNEF data, gas demand from power generators is estimated at just under 30 bcf for Monday, lowest for any Sept. 21 since 2015. Scheduled gas flows to LNG export terminals -33% from Sept. 18 to ~5.6 bcf on Monday.

Meanwhile, as Reuters notes, gas speculators increased their net long positions on the New York Mercantile and Intercontinental Exchanges last week for the seventh time in eight weeks to the highest since May 2017 on expectations energy demand will rise as the economy rebounds once state governments lift more coronavirus-linked lockdowns, so there is also forced liquidations to throw into the mix. Those long positions came despite expectations stockpiles will hit record highs by the end of October, which should remove lingering concerns about price spikes and gas shortages this winter.

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 MONDAY 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: 6.7809/ 

//OFFSHORE YUAN:  6.7881   /shanghai bourse CLOSED DOWN 21.15 POINTS OR 0.63%

HANG SANG CLOSED DOWN 504.72 POINTS OR 2.06%

 

2. Nikkei closed DOWN 40.93 POINTS OR 0.18%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 93.26/Euro FALLS TO 1.1795

3b Japan 10 year bond yield: FALLS TO. +.015/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.04/ 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:: 40.33 and Brent: 42.26

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.52%/Italian 10 yr bond yield DOWN to 0.98% /SPAIN 10 YR BOND YIELD DOWN TO 0.28%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.05: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.09

3k Gold at $1921.50 silver at: 26.06   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 51/100 in roubles/dollar) 76.25

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 104.09 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 .9125 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.061 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 0.52%

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 0.661% early this morning. Thirty year rate at 1407%

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

6.  TURKISH LIRA:  UP  TO 7.6100..

European Stocks, 

Global Stocks Plunge On Bank, Election, Virus Fears; Treasuries, Dollar Spike

We said that futures trading ahead of the Monday open would be “fun“, and sure enough they did not disappoint.

Global markets tumbled on Monday, as S&P futures slid below 3,300 after failing to hold 50DMA support on Friday, and with European stocks falling the most since July as investors worried about renewed covid lockdowns across European countries and a report detailing suspicious transactions at international banks, with a lack of U.S. stimulus and concerns about how the death of Ruth Bader Ginsburg would impact what are already set to be extremely contested elections also hit sentiment.

U.S. stock index futures dropped 1.8% on Monday hit by bank stocks following media reports that several global banks moved sums of allegedly illicit funds over nearly two decades. Shares in JPMorgan Chase and Bank of New York Mellon Corp fell 4% and 3.3%, respectively, after a after a report by the International Consortium of Investigative Journalists that said lenders “kept profiting from powerful and dangerous players” in the past two decades even after the U.S. imposed penalties. HSBC Holdings Plc fell to the lowest since 1995 and European bank shares slumped (more here).

Shares of airlines, hotels and cruise operators led declines in premarket trading, tracking their European peers as the UK signaled the possibility of a second national lockdown. Marriott International, Hilton Worldwide and Hyatt Hotels Corp dropped between 1.5% and 3.6%, while casino operators Wynn Resorts, MGM Resorts International and Las Vegas Sands Corp shed between 2.7% and 6.0%. Tech giants including Apple, Facebook and Amazon.com which had dominated Wall Street’s rally since April, slid between 1.5% and 2.6% in early deals.

Nikola crashed 27.9% after its founder Trevor Milton stepped down as executive chairman, as the U.S. electric-truck maker battles allegations from a short-seller that it misled investors and automakers. General Motors which took an 11% stake in Nikola for about $2 billion earlier this month, slipped 3.7%.

Another round of business restrictions would also threaten a nascent recovery in the wider economy, analysts said, and could spark a flight from equities. The first round of lockdowns in March had led the benchmark S&P 500 to suffer its worst monthly decline since the global financial crisis.

The market remains concerned about the broader risk emulating from the U.S: Covid, the Supreme Court fight and the upcoming presidential elections,” said Peter Rosenstreich, head of market strategy at Swissquote Bank SA. “With U.S. tech stocks looking weak, the need to jump right into U.S. assets feels less critical.”

The MSCI world equity index was down 0.5%. European indexes opened lower, with the pan-European STOXX 600 down 1.7% at its lowest in nearly two weeks. London’s FTSE 100 was at a two-week low, down 2.4% and Germany’s DAX fell 2%, led by banking shares which slid after a media report on how several global banks moved large sums of allegedly illicit funds over nearly two decades. HSBC shares tumbled to a 25-year low in Hong Kong.

Investors have also turned more cautious about Europe following a sharp uptick in new COVID-19 cases. European countries including Denmark, Greece and Spain have introduced new restrictions on activity. According to Reuters, Britain is considering a second national lockdown as new cases rise by at least 6,000 per day.  Germany’s health minister said the rising new infections in countries like France, Austria and the Netherlands is worrying. Investors will be looking ahead to flash PMI data on Wednesday for the first hints of how economies have fared in September.

“Concerns are rising that the summer recovery is probably as good as it gets when it comes to the recent rebound in economic activity,” wrote Michael Hewson, chief market analyst at CMC Markets UK. “This reality combined with the growing realisation that a vaccine remains many months away, despite President (Donald) Trump’s claims to the contrary, has made investors increasingly nervous, as we head into an autumn that could see lockdowns reimposed.”

Earlier in the session, Asian stocks fell, led by materials and finance, after rising in the last session. The Hang Seng Index slid 1.5%, while equities in China and Australia also retreated. Taiwan’s dollar strengthened to a level not seen in seven years.The Shanghai Composite Index retreated 0.6%, with Sanxiang Advanced and Shandong Shida posting the biggest slides.

Emerging-market stocks and currencies headed for their biggest declines this month as surging coronavirus cases and uncertainty about additional US fiscal support dented demand for risky assets. The Mexican peso and South African rand led the retreat among peers as the U.S. political battle over who will be the next Supreme Court justice – following the death of Ruth Bader Ginsburg six weeks before Election Day – also weighed on sentiment. South Africa’s stock market was the worst performer, with the main benchmark headed for its longest losing streak since May 2019. The average spread on developing-nation dollar debt widened by 2 basis points.

Seven members of the Fed will speak this week – including chairman Jerome Powell appearing before Congressional committees – so investors will be looking for hints to determine the dollar’s direction. In a House Financial Services Committee hearing on Tuesday, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin are expected to speak about the need for more stimulus.

“There’re too much expectations about U.S. economic resilience,” said Fabrizio Fiorini, chief investment officer at Pramerica SGR SpA. “There is more selloff to come. Election risk is underestimated.”

In FX, the Bloomberg Dollar Spot Index reversed early losses and extended Friday’s advance to rise against all Group-of-10 peers apart from the safe-haven Japanese yen which was in its sixth consecutive session of gains versus the dollar, up around 0.4% at 104.185. Japan has public holidays on Monday and Tuesday this week, meaning volumes are thin in Asian trading. The euro dipped against the dollar, sliding to $1.1791 while the safe Swiss franc rose against both the dollar and euro.

The yuan headed for a third straight daily drop, the longest slide since July, as the greenback advanced. The onshore yuan slipped 0.14% to 6.7793 a dollar as of 5:53 p.m. in Shanghai after earlier rising as much as 0.2%. A measure of the dollar’s strength rose in the afternoon as risk appetite took a hit on concern that the climbing number of virus cases across Europe could lead to travel restrictions and cripple an economic recovery. Despite the retreat over past few days, the onshore yuan has surged 4.3% in the third quarter, on pace for the best performance on record. The rally has come as the greenback is set for its weakest quarter in a decade and amid investor optimism over China economy.

The Turkish lira continued to plumb record lows with Moody’s adding more fuel to the fire warning that the country has almost depleted its buffers against a Balance of Payments crisis.

In rates, Treasuries jumped after risk sentiment deteriorated in global markets. Yields were lower by 5.5bp across long-end of the curve, flattening 2s10s, 5s30s by 3.1bp and 3.5bp; 10-year yields richer by 3.8bp at 0.655%. Treasuries bull flatten from London open after cash markets closed in Asia for Japan holiday. Risk-off backdrop supports long-end of the curve with S&P e-minis lower by 1.6% and Estoxx 50 dropping 3% over European morning session. U.S. 2-, 5-, 7-year sales due this week for comb. $155b, while Fed chair Powell is due to speak three times. In Europe, the benchmark 10-year German bund yield was down 2 basis points at -0.507% with most high-rated euro zone government bond yields down by a similar amount. The European Central Bank will review how long its emergency pandemic bond-purchase scheme should go on, the Financial Times reported. The European Council meets in a summit on Thursday and Friday this week.

Elsewhere, oil prices fell, with Brent crude down 1.8% at $42.39 a barrel while WTI was down 1.9% at $40.34 a barrel. Gold prices slumped, hit by the rising dollar, with spot gold down to $1,931 per ounce at 730am ET>

Data include the Chicago Fed National Activity Index. No major earnings are expected.

Market Snapshot

  • S&P 500 futures down 1.8% to 3,262.75
  • STOXX Europe 600 down 2.2% to 360.69
  • MXAP down 0.6% to 172.88
  • MXAPJ down 1% to 563.47
  • Nikkei up 0.2% to 23,360.30
  • Topix up 0.5% to 1,646.42
  • Hang Seng Index down 2.1% to 23,950.69
  • Shanghai Composite down 0.6% to 3,316.94
  • Sensex down 0.9% to 38,482.09
  • Australia S&P/ASX 200 down 0.7% to 5,822.62
  • Kospi down 1% to 2,389.39
  • Brent futures down 2% to $42.29/bbl
  • German 10Y yield fell 2.6 bps to -0.511%
  • Euro down 0.3% to $1.1807
  • Italian 10Y yield rose 0.7 bps to 0.756%
  • Spanish 10Y yield fell 0.2 bps to 0.283%
  • Gold spot down 0.5% to $1,940.89
  • U.S. Dollar Index up 0.3% to 93.19

Top Overnight News

  • U.S. deaths related to Covid-19 approached 200,000 and the nation’s new cases rose in line with a one-week average. Former FDA Commissioner Scott Gottlieb said he expects the U.S. to experience “at least one more cycle” of the virus in the fall and winter
  • The dollar’s weakest quarter in a decade may get even worse as investors respond to the effects that massive American equity-market gains have had on the composition of their portfolios
  • The European Union will unleash as many green bonds as the world issued last year, testing the level of investor interest in financing a shift toward cleaner economies
  • Democratic presidential nominee Joe Biden blasted Republican efforts to speed through a replacement for the late Justice Ruth Bader Ginsburg on the Supreme Court, warning that such a process would “inflict irreversible damage” on the country
  • Britain is at a “critical point” in the coronavirus pandemic, Prime Minister Boris Johnson will be told on Monday, as concern mounts that a second lockdown may be needed to stop the renewed spread of the disease.
  • The European Central Bank has launched a review of its pandemic bond-buying program to consider how long it should continue and whether its exceptional flexibility should be extended to older programs, the Financial Times reported, citing two Governing Council members that it didn’t identify
  • New Zealand cabinet has confirmed that gathering limits in Auckland will ease from Sept 23 while they will be lifted entirely for the rest of the country tonight, Prime Minister Jacinda Ardern said Monday
  • Oil steadied following its biggest weekly gain since June as a lack of clarity over the global energy demand recovery was balanced by the possibility that Saudi Arabia could press for more OPEC+ output cuts

A quick look at global markets courtesy of NewsSquawk:

Asian equity markets were subdued and US equity futures traded choppy after last Friday’s losses on Wall St amid quadruple witching and continued tech woes, with risk appetite also dampened by holiday conditions as Japanese participants observe a 4-day weekend. ASX 200 (-0.7%) was negative with losses in metal miners and financials underperforming in the broad weakness across its sectors aside from Health Care and Energy, while KOSPI (-1.0%) swung from gains and losses on varied COVID-19 headlines with South Korea to extend level 2 social distancing curbs by an additional week but will also be distributing emergency funds from the 4th extra budget within days. Hang Seng (-2.0%) and Shanghai Composite (-0.6%) were downbeat with HSBC shares slumping to a 25-year low in Hong Kong after a leaked document noted that the bank had permitted GBP 62mln to be moved to Hong Kong in suspicious transactions during 2013-2014 despite being warned by a regulator, while Standard Chartered also declined after being implicated by the ‘FinCEN’ leak, and other reports noted concerns HSBC and Standard Chartered could be frozen out of the US banking system in the event of a further escalation US-China tensions. Elsewhere, Tencent shares were pressured amid uncertainty regarding its US future despite a California judge halting President Trump’s ban on WeChat downloads, while weekend news that President Trump gave his blessing to the TikTok-Oracle-Walmart deal, also did little to spur risk appetite.

Top Asian News

  • Hedge Funds Raise Long Aussie Bets to 2018 High on China Rebound
  • Amundi Sanguine on Indonesian Bonds on Attractive Real Yields
  • China Tried to Dramatize Its Handling of the Virus. It Backfired
  • SCG Packaging Seeks to Raise Up to $1.27 Billion in Thai IPO

Stocks in Europe see deep losses across the board (Euro Stoxx 50 -3%) as the region coat-tailed on the downbeat APAC handover before extending on losses amid an intensifying risk averse tone and a number of sector-specific factors. Firstly, Travel & Leisure resides as the marked underperformer as the resurging cases across Europe trigger warning bells for the sector, with some of the region’s worst performers including the likes IAG (-12%), Tui (-8.6%), easyJet (-8.4%), Carnival (-8.0%), Lufthansa (-7.7%) and Ryanair (-7.1%). Secondly, the European banking sector plumbs the depths in light of a leaked US government document accused HSBC (-5%), Standard Chartered (-4.4%), Barclays (-6.2%), Deutsche Bank (-5.6%), JPM (-3.6% premkt) and BNY Mellon (-2.5% premkt) of moving large sums of illegal cash for shady characters and criminal networks. The documents center around the number of SAR’s (Suspicious Activity Reports) sent to US authorities between 1999 and 2017. The Basic Resources and Oil & Gas sectors are also among the laggards. As such, the UK’s FTSE 100 (-3.4%) underperforms the region despite a softer Sterling, given its heavy exposure to the aforementioned sectors. In terms of other movers and shakers, United Internet (-24%) and 1&1 Drillisch (-27%) reside as the biggest losers in Europe after cutting their respective FY EBTIDA guidance, whilst their spat with Telefonica (-3.6%) intensified over its subsidiary Telefonica Deutschland (-3.4) being accused of raising user costs significantly from July. Elsewhere, Rolls-Royce (-8.5%) holds onto its losses amid reports that the group is planning to raise as much as GBP 2.5bln to brace itself for another demand decline for aircraft engines. As such, Leonardo (-6.0%) continues falling despite an early halt, whilst Safran (-4.4%) is also pressured in sympathy. Finally, the Norwegian government has proposed that its Sovereign Wealth Fund should invest more within the US stock market and less within Europe.

Top European News

  • Unilever’s Dutch Investors Said to Approve Single Headquarters
  • European Stocks Drop Most Since July as HSBC Leads Bank Slump
  • Sweden Loosens Purse Strings With Virus Stimulus Budget
  • U.K. House Prices Up Most Since 2016 as Britons Seek More Space

In FX, although the Dollar has regained some poise amidst more pronounced risk aversion at the start of a new week, Usd/Jpy continues to decline alongside Yen crosses in the absence of Japanese market participants for ‘Old Age Day’. The headline pair has now breached another key chart if not major technical level in the form of July 31’s 104.20 low and there is little in the way of 104.00 to stop a 250+ pip cumulative fall from this month’s early peaks, especially given another holiday on Tuesday (Autumnal Equinox). However, it remains to be seen whether a 103.00 print provokes some verbal intervention from the MoF, and for now greater safe-haven demand for the Jpy is keeping the Usd index relatively capped beyond 93.000 within a 93.322-92.746 band.

  • AUD/CAD/CHF – All succumbing to the increasingly sour tone and deterioration in broad sentiment as the Aussie loses 0.7300+ status vs its US counterpart, the Loonie retreats through 1.3200 with added fuel from a reversal in crude prices and the Franc falls back below 0.9100, albeit holding above 1.0800 against the Euro following latest weekly Swiss bank sight deposit balances showing perhaps surprise declines ahead of the SNB. Question is, are these coincidental or significant in advance of a more official shift in policy to be revealed at Thursday’s quarterly review?
  • NZD/EUR/GBP – The Kiwi is back-pedalling further from Friday’s near 0.6800 peak vs its US peer and 1.0800+ apex on the Aud/Nzd cross even though NZ PM Adern scaled down the country’s COVID-19 alert level outside of Auckland again, while the Euro is retesting bids/support around 1.1800 and Sterling has recoiled over a big figure to sub-1.2850 on the ongoing rise of the pandemic across Europe.
  • SCANDI/EM – A sea of red as risk assets tumble, while the aforementioned downturn in oil takes a heavier toll on the Norwegian Crown compared to the Swedish Krona that seems to be deriving some traction from upbeat commentary by the nation’s Finance Minister. Similarly, the Yuan is drawing a degree of comfort from a steady PBoC Cny fixing, net liquidity injection and unchanged loan prime rates to offset other less favourable issues like the ongoing Sino-US spat and reports from China’s top infectious disease expert warning that a 2nd wave is inevitable. Conversely, diplomatic strains and the retracement in Brent are undermining the Lira and Rouble again, while the Rand has unwounded all and more of its post-SARB gains.

In commodities, WTI and Brent front month futures continue to decline with losses driven by the broader risk averse sentiment coupled with a firmer Dollar and the prospect of dwindling demand given the resurgence of COVID-19 prompting talks of renewed lockdown measures. Furthermore, on the supply side of the equation, Libya’s NOC said it will lift the force majeure at ports and facilities that were deemed safe, with the gradual return of Libyan oil raising questions in terms of an OPEC quota for the country. WTI Nov resides around USD 40.50/bbl, having declined from a high ~41.50/bbl, whilst Brent Nov hovers just under USD 42.50/bbl vs. a high of USD 43.30/bbl. Another thing to keep on the radar – unconfirmed twitter reports noted that Saudi King Salman is reportedly in a critical condition, albeit nothing has been seen since on this front, with participants likely to dwell on the future of the Kingdom’s oil policy should he be replaced. Elsewhere, precious metal prices succumb to the Dollar, with spot gold now losing ground below the USD 1950/oz mark having traded on either side of the level in APAC hours. Spot silver meanwhile extends losses below USD 26.50/oz after printing a high just shy of USD 27/oz earlier in the session. In terms of base metals, LME copper is pressured by the broader equity sell-off and the firmer Buck, whilst Dalian iron ore futures slipped over 2% amid the soured risk tone and sluggish downstream demand.

US Event Calendar

  • 8:30am: Chicago Fed Nat Activity Index, est. 1.2, prior 1.2
  • 12pm: Household Change in Net Worth, prior $6.55t deficit

DB’s Jim Reid concludes the overnight wrap

one of the reasons we have a widening bias for credit into year-end ( see our YE outlook here from a couple of weeks back) is that it seemed inevitable to us that we’d see a second wave causing confusion and chaos to many government’s strategies. Well as we sweltered in a pretty hot late September weekend here in the U.K. (and across much of Europe) the fact that the virus is already spreading quite rapidly is a big worry. It doesn’t feel like fatalities are going to be as big as an issue as they were in the first wave but it really is hard to understand what the strategies of governments are at the moment. They pretty much all don’t want a further wide scale lockdown but they also don’t want the virus to spread. Its not going to be easy to solve for both and as such It’s going to be a pretty difficult few months ahead if September is seeing numbers as high as they are already. I personally didn’t think these type of numbers would take place until well into October. Expect lots more restrictions over the days and weeks ahead, especially in Europe.

The latest on virus is that its spread has continued in the Europe with France reporting 37,282 new cases in the last 3 days, the highest since pandemic began. The 7 day average of new cases for France stands at 10,123,versus 8,161 a week ago. Over in the UK, the 3-day number stands at 12,661, the highest since May 9 with Health Secretary Matt Hancock not ruling out that London office employees might have to work from home again this week as Chief Medical Officer Chris Whitty is set to warn on today that the UK is at a “critical point.” Meanwhile, the LBC radio reported yesterday that London Mayor Sadiq Khan will recommend tightened rules for the capital today. Across the other side of world, South Korea reported 70 new cases yesterday, the lowest since the second wave began. However, the country is set to strengthen social distancing rules from September 28 to October 11, which will be designated as special quarantine period as the country celebrates Chuseok holidays from September 30 to October 4. So restrictions are tightening in even successful virus fighting places.

The weekend political press has also been full of news after US Supreme Court Justice Ruth Bader Ginsburg passed away late Friday night following a long battle with cancer. Afterwards, President Trump said that he would put forth a nominee to fill the seat and Senate Majority Leader McConnell said “President Trump’s nominee will receive a vote on the floor of the United States Senate,” indicating that Republican leadership will try to fill the seat ahead of the election.This represents a turn in the Majority leader’s thinking from 2016, where he did not allow a floor vote for then-President Obama’s nominee in an election year. The nomination and confirmation process will introduce a new element to an election not least because the court can hold sway over highly contentious issues like healthcare, abortion rights and gun law.

It brings lots of fascinating scenarios to the table. If Trump succeeds at getting his nomination through before the election there will be a 6-3 Republican bias to the Supreme Court which as discussed could have policy ramifications for the US for a generation. Democrats are up in arms that the Republicans won’t wait until after the election and are suggesting that may do extraordinary things to address the balance (like adding new judges to the bench) if they gain control of both the Senate and the White House. Congress altered the size of the bench seven times in the first eighty years of the republic (ranging from 5 to 10 justices) but this has not changed since the Judiciary Act of 1869. However getting the current Senate to confirm a nominee won’t be straight forward for Mr Trump as the GOP only hold a 53-47 majority in the Senate (with Vice President Pence serving as the tie-breaker) and a few members have already made noises that they don’t think a new judge should be added this close to the election. So even more drama added to an election campaign.

Another interesting weekend story is of China revealing how it will manage its “unreliable entity list” that aims to punish firms, organizations or individuals that pose a threat or potential threat to China’s sovereignty, national security, development and business interests; and those that discriminate against or harm Chinese businesses, organizations or individuals. According to details, penalties will include restrictions on trade, investment and visas of any company, country, group or person that appears on its “unreliable entity list.” The Global Times has carried an article that HSBC is a possible candidate and is down -2.91% to the lowest level it has traded since the 2008 financial crisis.

In overall trading, the Hang Seng (-0.95%) is leading the declines this morning not helped by this. Other Asian markets have also started the week on a weak footing with the Shanghai Comp (-0.41%), Kospi (-0.29%) and Asx (-0.54%) all down along with S&P 500 futures (-0.21%). In fx, all G-10 currencies are trading strong against the greenback with the US dollar index down -0.21%.

In other news, the FT reported that the ECB has launched a review of its pandemic bond-buying program to consider how long it should continue and whether its exceptional flexibility should be extended to older programs. The report added that the review is expected to be discussed by policy makers next month.

Looking to this week now, the flash PMIs on Wednesday will probably get the most attention due to it being one of the first glimpses of September economic performance around the world. Economic and social restrictions are mounting again in various places due to the virus but it may be a bit too early to see their impact in these numbers.

It’ll also be worth keeping an eye on Germany’s Ifo survey on Thursday, which has so far been rising each month since its April low, even as it remains below its pre-pandemic level. The consensus is looking for a further increase to 93.8, which would be just 2 points below its level in February.

Meanwhile Fed Chair Powell will be speaking three times before congressional committees. He’ll be appearing tomorrow before the House Financial Services Panel about the CARES Act. Then on Wednesday he’ll be appearing on the House Select Subcommittee on the Coronavirus Crisis, before Thursday sees him speak before the Senate Banking Committee on the CARES Act once again. Otherwise, there’ll be remarks from Fed Vice Chair Quarles on the economic outlook, while Bank of England Governor Bailey will be speaking twice next week.

There’ll also a special European Council summit on Thursday and Friday. As well as taking stock of the Covid-19 pandemic, the agenda includes a discussion of the single market, industrial policy and digital transformation, along with the EU’s external relations. Brexit may get a small mention as relationships between the EU and the U.K. are just about hanging by enough of a thread enough to merit it. The day by day calendar of the week ahead is at the end.

Recapping last week now and equity markets continued to feel the pullback in mega-cap tech stocks. The S&P 500 dropped -0.64% (-1.12% Friday) to six week lows, having declined for a third straight week for the first time since October 2019. The index is now down -7.30% from 2 Sept highs. The NASDAQ also fell a third week in a row itself, declining -0.56% (-1.07% Friday) and is now down -10.48% from recent highs. Meanwhile European equities edged higher for a second straight week with the Stoxx 600 ending the week +0.22% higher (-0.66% Friday). While the broader index rose on the week, many individual bourses across Europe finished lower with the DAX (-0.66%), FTSE 100 (-0.42%), FTSE MIB (-1.49%), CAC 40 (-1.11%) and IBEX (-0.19%) all posting losses as Covid-19 caseloads continue to rise throughout western Europe, prompting some restrictions to be reinstated. Asian equities were mixed with the CSI 300 up +2.37% on the week, while the Nikkei (-0.20%) and the Kospi (+0.66%) saw smaller weekly moves.

Similar to risk assets, core sovereign bonds were mixed on the week. US 10yr Treasury yields rose +2.8bps (+0.5bps Friday) to finish at 0.694%, while 10yr Bund yields were down -0.4bps (+0.6bps Friday) to -0.49% and gilts were largely unchanged (+0.1bps) at 0.18%. The dollar fell -0.44% on the week after rising in 3 of the previous 4 weeks. This in part supported gold’s +0.53% rise on the week, while copper gained +2.62%. However, the largest move in commodities was in oil. Brent (+8.34%) and WTI (+10.13%) rose in part on news that Russia and Saudi Arabia would push their fellow OPEC+ members on keeping to quotas.

On the data front from Friday, UK August retail sales rose more than expected and up +0.6% MoM (+0.4% expected) and +4.3% YoY (+4.2% expected). In Germany, August PPI was -1.2% YoY, up from last month’s -1.7% reading and slightly higher than expected (-1.4%). While in the US, the preliminary reading of the University of Michigan Sentiment survey showed an +4.9pt increase to 78.9 (75.0 expected), which is the highest since March.

END

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 21.15 POINTS OR 0.63%  //Hang Sang CLOSED DOWN 504.72 POINTS OR 2.06%   /The Nikkei closed DOWN 40.93 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN .73%

/Chinese yuan (ONSHORE) closed DOWN  at 6.7809 /Oil UP TO 40.33 dollars per barrel for WTI and 42,26 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.7881 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7809 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

 

b) REPORT ON JAPAN

 

3 C CHINA

Saturday/CHINA/USA BYTEDANCE/TIKTOK

Bytedance shocked by Trumps claims that the deal partners will seed 5 billion dollars in a Federal Education Fund

(zerohedge)

ByteDance Shocked By Trump Claims TikTok Deal Partners Will Seed $5BN Federal Education Fund

Update (2240ET): It appears that the “pledge” unveiled earlier by Trump of a $5 billion educational fund set up by TikTok, Oracle and WalMart was nothing more than a mirage. According to wire sources and the Chinese local press, today’s White House/media announcement of this $5 billion education was the first time Bytedance had heard of such an arrangement where it was going to pay the US government:

* * *

In an announcement made during a Saturday White House briefing with reporters, President Trump announced a plan that would effectively satisfy his demands, made during a seemingly improvised comment during a press briefing last month, that the deal include something for the American taxpayer.

Enter: A $5 billlion pledge made collectively by TikTok, Oracle, Wal-Mart and the deal’s other backers that will seed a fund dedicated toward financing American education. The fund would go toward teaching American children “the history of the real America.”

As Bloomberg reminds us, Trump delivered a speech at the National Archives in Washington on Thursday where he attacked the NYT’s pulitzer prize-winning 1619 project. In response, Trump said he wanted to establish “a national commission to promote patriotic education” that he calls the “1776 Commission”.

Reporters immediately responded that this kind of federal intervention was totally inappropriate, and possibly illegal, yet, here we are. How will all this work? It’s not exactly clear. Details were scant.

Trump apparently used “the fund” as fodder for an appearance in North Carolina on Saturday evening that followed the briefing with reporters.

Later, during a campaign rally in Fayetteville, North Carolina, Trump said “we’re going to be setting up a very large fund for the education of American youth.” He told his rally audience that in conversation with leaders of the companies, he said “do me a favor, could you put up $5 billion into a fund for education, so we can educate people as to real history of our country – the real history, not the fake history.”

Of course, President Trump might as well pile it on thick with the election season promises. After all, as a trial balloon published by the SCMP last week suggested, any ‘deal’ that would satisfy Trump, CFIUS and a growing group of GOP senators probably wouldn’t pass muster with Beijing.

As it stands, the Oracle-TikTok deal would involve spinning off TikTok into an independent US-based company with a plan to take it public some time next year. Oracle, Wal-Mart and a handful of American VC funds would be shareholders. ByteDance would also own a minority stake. The exact numbers aren’t clear, and GOP senators are insisting that Chinese ownership in the minority. Beijing also recently introduced new export controls on technology like the TikTok content-recommendation algorithm. Whether the new company would acquire the algorithm, build a new one, or lease back the algorithm from ByteDance, remains unclear.

With all that’s transpired this year, the notion that President Xi would feel inclined to hand Trump another election season victory seems laughable. And Beijing has opposed the “smash & grab deal” from the beginning. So have many Americans – it’s the rare Trump play that has angered many on the left, and the right.

Critics are already slamming the fund as far-fetched, and some have speculated about whether Trump expects the deal to get spiked.

Beijing has made its position pretty clear.

But the CCP isn’t the only threat to the deal. GOP senators working together with AG Barr could still sink the deal between now and tomorrow night. A US court in Washington, where ByteDance has filed its latest complaint about the impending ban, could also step in. In fact, one could argue that by tying the deal to his ‘education’ plan, Trump just sealed its fate in the eyes of the courts.

* * *

During a briefing with reporters at the White House on Saturday, President Trump confirmed that he had signed off on a proposed deal that would involve spinning off TikTok’s global business into a standalone, US-based company owned by Oracle, ByteDance, Wal-Mart, a group of Silicon Valley VC firms and other investors from China.

“I have given the deal my blessing, if they get it done that’s great, if they don’t that’s fine too,” President Trump told reporters at the White House on Saturday.

Trump’s comments come after the Commerce Department on Friday issued regulations prohibiting American companies from providing downloads or updates for TikTok after 11:59 pm on Sunday. The order also applies to WeChat, another popular Chinese-owned messaging and payments app, that will be subjected to the ban – at least in the US market (the administration has promised that any restrictions won’t apply to American companies doing business in foreign markets like China).

In a statement, TikTok said its “proposal” to Washington included “unprecedented levels of transparency.”

During an earlier briefing on Friday, Trump called TikTok “a pretty incredible asset” and said that the companies appeared close to a deal that would ameliorate security concerns from a group of GOP senators.

If the deal is ultimately structured like a spinoff, regulators in Beijing will likely need to sign off as well, which could create problems. However, there’s been some talk about ByteDance selling TikTok without the content recommendation algorithm at its heart. Beijing has already confirmed, via a leak to the SCMP, that it won’t allow an American company to walk away with TikTok’s algorithm.

ByteDance has already sought help from American courts, arguing that President Trump’s ban was illegal under American law. Unfortunately for the company, invoking “national security” gives Trump broad latitude to act; the courts don’t have much latitude to restrain him, according to Bloomberg.

Following the Commerce Department’s latest order, the company filed another lawsuit late Friday seeking to stop the Commerce Department’s order forcing Apple and Alphabet to drop TikTok from their app stores. TikTok owner ByteDance said it dropped its lawsuit against the Trump Administration, which it filed in California, and filed a new lawsuit in Washington. The company argued that Trump’s ban is “political” in nature, and that Trump is only using national security as a ruse.

TikTok also claimed that the ban violates first amendment protections on free speech.

SUNDAY/CHINA/USA/BYTEDANCE/TIKTOK
Trump blesses the deal valued at 60 billion but Bye Dance keeps the secret algorithm.
(zerohedge)

Trump ‘Blesses’ Deal Valuing TikTok At $60 Billion As ByteDance Keeps ‘Secret Sauce’

Last night, TikTok parent ByteDance denied President Trump’s boasts about a $5 billion fund to finance the teaching of ‘the real American history’. Despite this, the deal appears to still be moving forward, at least, according to leaked press reports. Bloomberg revealed Sunday morning that the investors in the deal had agreed on a $60 billion valuation for the new TikTok. That’s 2x the $30 billion number being bandied about back in August.

That’s not all: For the first time, Bloomberg revealed the size of each investors’ stakes. Oracle and Walmart have reportedly agreed to buy 12.5% and 7.5% respectively of a newly established TikTok Global under the deal approved by President Trump. That’s a combined $12 billion tab for Oracle and Wal-Mart.

Beijing’s opposition to the deal has been widely reported in recent weeks. But if accurate, this latest news would suggest these may have been negotiating tactics. It’s not surprising, but this would be just another example of the cooperation and coordination between the CCP and Chinese companies that initially aroused the suspicions of American China hawks.

A $60 billion valuation would leave TikTok with a valuation just shy of now-public Uber, immediately ranking it among the world’s largest ‘unicorns’ – private companies with more than a $1 billion valuation, typically associated with the tech sector and Silicon Valley. At that price, we imagine Beijing would have no problem approving the sale of TikTok’s ‘secret sauce’, a content-recommendation algorithm that Facebook has already emulated with Instagram’s ‘reels’ feature.

Amazingly, it appears ByteDance will retain control of the algorithm, though the Bloomberg report says everything is in flux, even though that was said to be a dealbreaker for Oracle and the other American investors. Even with the algorithm, $60 billion seems high. Without it, such a high valuation seems extremely difficult to justify.

Note: the $60 billion valuation above is for TikTok Global, not solely the US business, but the point stands

Although Bloomberg implied that details surrounding data security and the company’s back-end operations had been settled, it noted that many details of the deal, including the final valuation, aren’t set in stone. And Beijing hasn’t signed off yet.

Perhaps the most perplexing detail is that the deal, as described, would apparently allow ByteDance to retain majority control, something that was supposed to be a dealbreaker for Republican China hawks including Marco Rubio and Josh Hawley.

The final valuation had not been set as the parties worked out the equity structure and measures for data security, the person said. Terms are still in flux and the proposed valuation could still change. Beijing also has yet to approve the deal, though regulators are said to favor any transaction in which ByteDance maintains control of its valuable recommendation algorithms and other proprietary technology.

ByteDance was pressured into a deal for TikTok when Trump threatened to ban the app in the U.S. over national security concerns.

After Microsoft Corp. made a proposal for a full buyout of the service, ByteDance instead turned to Oracle’s offering in which the Chinese parent will maintain a solid majority stake.

“I approved the deal in concept,” Trump told reporters Saturday as he left the White House for a campaign rally in Fayetteville, North Carolina. “If they get it done, that’s great. If they don’t, that’s OK too.”

ByteDance and Oracle representatives didn’t immediately respond to requests for comment.

Trump has said the deal will create 25,000 jobs in the US, and that the new company “will have nothing to do with China.” Whatever happens next, it seems the Sunday night deadline has been abandoned. But we wouldn’t be surprised if fighting over the algorithm ultimately sinks the deal.

end

China/USA

Trump says no the TikTok deal with USA majority ownership

(zerohedge)

Trump Says No TikTok Deal Without US Majority Ownership After ByteDance Touts 80% Stake In New Company

Update (0845ET): It’s starting to seem like nobody has any idea what’s going on when it comes to the deal to spin off TikTok global into a newly independent US company.

Just hours after ByteDance claimed that the terms of the deal with Oracle and the White House would allow it to retain 80% ownership in TikTok Global, President Trump said during a TV interview that “China must give up majority control, or no deal.”

Does that mean the deal is ‘off’ again? It’s not really clear. Because immediately after, Trump said the planned TikTok IPO would dilute China’s ownership to minority status anyway (American investors – a host of VC firms – already own 40% of ByteDance, and with TikTok and Oracle expected to take a combined 20%, it’s not clear how ByteDance’s 80% ownership would break down between Chinese and American investors).

  • TIKTOK IPO WILL BRING DOWN CHINA CONTROL OF U.S. CO.: TRUMP

Minutes later, Axios reported that, contrary to prior reports which gave Oracle and Wal-Mart a combined one-fifth stake in the company (which is being valued at a whopping $60 billion, even as ByteDance is set to keep the ‘secret sauce’ content-recommedation algorithm), the American corporate odd couple would have “no ownership” in the new entity. If that’s the case, then what, exactly, is Wal-Mart even doing?

At this point, investors should take everything they see and read about the Oracle-TikTok deal with a grain of salt.

Except, perhaps, this: In today’s WSJ, the paper’s editorial board slammed the Trump Administration, saying that it would be better to “kill” TikTok than move ahead with this “statist” monstrosity of a deal.

As WSJ reminds us, since the deal was apparently never approved by CFIUS, it could ultimately face a retroactive review like with the Grindr deal, since TikTok collected reams of U.S. user data including IP addresses, geolocation-related data, browsing and search history, and cookies.

* * *

President Trump declared on Saturday that he had given the TikTok-Oracle deal “his blessing”, even as demands made by GOP Senators including Marco Rubio, Ted Cruz and Josh Hawley that ByteDance not retain majority control of the new company appear to have gone unmet.

After remaining conspicuously silent during most of the negotiations, ByteDance spoke up Monday morning to declare that the TikTok-Oracle deal would result in an independent US-based company that would nevertheless be established as a ‘subsidiary’ of ByteDance.

However, according to Reuters, Oracle, Wal-Mart and other US investors are claiming that the deal would leave them with majority control.

Clearly, both can’t be true, especially with ByteDance claiming on Monday that it will own 80% of TikTok, and that reports to the contrary were merely “rumors”.

Accounts of the deal differ. ByteDance said on Monday that it will own 80% of TikTok Global, a newly created U.S. company that will own most of the app’s operations worldwide. Oracle and Walmart, which have agreed to take stakes in TikTok Global of 12.5% and 7.5% respectively, had said on Saturday that majority ownership of TikTok would be in American hands.

ByteDance in its statement on Monday said it was a “rumor” that U.S. investors would be TikTok Global’s majority owners and that ByteDance would lose control over TikTok. Oracle declined to comment on ByteDance’s statement, while Walmart did not respond to a request for comment.

Other sources tried to reconcile this discrepancy to Reuters, saying that 41% of ByteDance is owned by investors, including Sequoia, General Atlantic and other VC funds.

Some sources close to the deal have sought to reconcile the discrepancy by pointing out that 41% of ByteDance is owned by U.S. investors, so by counting this indirect ownership TikTok Global would be majority owned by U.S. parties. One of the sources said the deal with Oracle and Walmart values TikTok Global at more than $50 billion.

Not all of the deal details were contested. ByteDance also confirmed plans for an IPO next year – plans that were first reported last week. And also left the door open for TikTok’s reconstituted board to include a majority of Americans.

TikTok also confirmed plans for an initial public offering of TikTok Global. The Beijing-based firm said TikTok Global’s board of directors will include ByteDance founder Zhang Yiming as well as Walmart’s chief executive Doug McMillon and current directors of ByteDance. The company declined to further comment on who else would be among the directors.

But the most important details from the ByteDance announcement concerned the TikTok algorithm, and the app’s source code. Following reports yesterday that Trump had agreed to allow ByteDance to keep the algorithm, the company affirmed that the deal “does not involve any transfer of algorithms or technologies, and Oralce will be able to inspect TikTok US’s source code”. The division is “akin to US companies such as Microsoft Corp sharing their source code with Chinese technology experts”.

What’s more, after denying Trump’s claims about a plan to seed a $5 billion fund to finance the education of American children, ByteDance on Monday said that it would be paying $5 billion in taxes for TikTok global, which is based on “estimated income and other taxes the company will need to pay over the next few years and has nothing to do with the deal reached with Oracle and Walmart.”

China’s state-run newspaper the Global Times claimed that ByteDance retaining majority ownership of TikTok means it’s “not out of the game” and has “avoided the worst-case scenario” in the US. Another GT article cited a “concerted effort” between the Trump Administration, ByteDance and Beijing came together to hash out a deal that would work for all parties.

Shen Yi, a Fudan University professor, told the GT that if the Trump Administration tried to kill the deal, that it would “encounter direct checks and balances form interest groups of Wall Street”.

Anybody trying to follow the “head-spinning” deal terms could by forgiven for feeling lost. The New York Times pointed out in a story published last night that the TikTok deal has left investors and the general public wondering: What was that all for? Well, Oracle scored a major cloud computing contract, Wal-Mart scored a licensing deal and President Trump can still claim a “victory”, however meager. According to terms revealed yesterday, Oracle and Wal-Mart would own a 20% stake in the new company, which is expected to create 25,000 new US jobs, according to Trump.

TikTok US CEO greeted the news with a tweet proclaiming that TikTok was “here to stay”.

However, one cybersecurity expert quoted by the NYT claimed the deal raises new questions about security threats posed by the company.

Security experts said the national security threat posed by TikTok and other Chinese tech companies was certainly worthy of examination. Chinese law forces companies to cooperate with the government on national intelligence work, and officials from both parties in the United States said there was a risk that Beijing could access Americans’ sensitive data.

Yet the lack of specifics on how the new TikTok Global would handle national security concerns raised new questions on Sunday. “The premise was national security but where is the national security in this quote-unquote deal?” Professor Tobias said.

While the deal has averted what would have been a major crisis for millions of American teens and millennials (who would have been forced to make due with Instagram’s ripoff “reels” feature), the hectic negotiations have definitely taken a toll on the parties. In a humorous example of just how confusing the negotiations became, Wal-Mart published a news release on its website on Saturday that – according to the NYT – “perfectly captured the chaos”.

“This unique technology eliminates the risk of foreign governments spying on American users or trying to influence them with disinformation,” the company said. “Ekejechb ecehggedkrrnikldebgtkjkddhfdenbhbkuk.”

Now, Wal-Mart CEO Doug McMillan will reportedly be joining the board of TikTok Global – though we suspect even he doesn’t have the clearest idea about what’s going on. In the end, did the Trump Administration cave over fears of blowback from Beijing? Or will the $60 billion price tag touted by ByteDance still ultimately sink the deal?

4/EUROPEAN AFFAIRS

Massive amount of suspicious trading in European accounts sends all banking stocks fleeing\

(zerohedge)

European Banks See Biggest Drop In Months After Massive FinCEN Leak

Shares of the world’s biggest banks are tumbling in premarket trade Monday morning after Buzzfeed last night published a lengthy report based on a cache of thousands of leaked SARS – suspicious activity reports – filed by the world’s biggest banks, including JP Morgan, and Deutsche Bank, which were both prominently featured.

JP Morgan shares tumbled 3.5% to their lowest levels since July.

European banks bore the brunt of the selling on Monday, given that many European megabanks featured prominently in the reporting. Deutsche Bank tumbled 8.3% as the report relitigated parts of the Mueller probe and the bank’s involvement with the Trump family, and members of the Trump inner circle. Reports in the files revealed at least $1.3 trillion in suspicious transactions passed through the bank between the late 1990s and late 2010s.

European banks are having their worst session in six months, as HSBC falls 4% to lows unseen in decades. HSBC and Standard Chartered both featured heavily in the report, as transgressions involving both banks from around 2012 were cited as helping spur a massive surge in banks filing SARs.

As a result of dredging up these years-old allegations, HSBC shares – already battered by uncertainty in its biggest market, Hong Kong – have slumped to their lowest level since 1995.

DB, meanwhile, was shown to have processed $1.3 trillion in suspicious transactions between the late 1990s and 2017. All told, the documents obtained by Buzzfeed and shared with the ICIJ showed the banks moving more than $2 trillion in suspicious funds between 1999 and 2017.

The Stoxx Europe 600 banks index dropped 4.6% at its lows, the biggest daily drop in more than 3 months.

European banks are now down roughly 43% so far this year. One banking analyst noted that although the allegations represented in the story are years, even decades, old, the sprawling report is “yet another bad-report card for the banking sector,” wrote Zurcher Kantonalbank analysts in a note to clients.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

Iran furious with the USA declaration of the restoration of all previous Iranian sanctions

(zerohedge)

Iran’s Rouhani Vows “Crushing Response” After Pompeo Declares Restoration Of All Sanctions 

Pompeo on Saturday announced the restoration of all sanctions on Iran, following the expiration of a 30-day window for the Islamic Republic to come back into conformity to the Joint Comprehensive Plan of Action (JCPOA).

But as even America’s European allies point out, Washington is attempting to uphold ‘snapback’ sanctions based on a deal it pulled out of in May 2018. Undeterred, Pompeo announced the re-implementation of “virtually all previously terminated UN sanctions on the Islamic Republic of Iran.”

 

Iranian President Hassan Rouhani, via AP.

“The United States took this decisive action because, in addition to Iran’s failure to perform its JCPOA commitments, the Security Council failed to extend the UN arms embargo on Iran, which had been in place for 13 years,” Pompeo’s statement asserted.

“The Security Council’s inaction would have paved the way for Iran to buy all manner of conventional weapons on Oct. 18. Fortunately for the world, the United States took responsible action to stop this from happening. In accordance with our rights under UNSCR 2231, we initiated the snapback process to restore virtually all previously terminated UN sanctions, including the arms embargo. The world will be safer as a result,” it continued.

Predictably, Iran fired back on Sunday, with President Hassan Rouhani warning that a “crushing response” is coming.

Underscoring America’s extreme isolation related to the UN arms embargo, which last month the UN Security Council refused to extend even amid a full US push to force the issue, Rouhani said Washington is facing “certain defeat”. This also as Russia and China are among significant powers that will help Iran thwart the US-led blockade.

“America is approaching a certain defeat in its sanctions move … It faced defeat and negative response from the international community. We will never yield to US pressure and Iran will give a crushing response to America’s bullying,” Rouhani said in a televised address according to Reuters. He added:

“America’s maximum pressure against Iran, in its political and legal aspects, has turned into America’s maximum isolation.”

The question remains whether UN member states will ultimately cave to US pressure. Pompeo’s announcement put the UN on notice, saying its members must follow through on the following:

  • Arms embargo.
  • Restrictions on uranium enrichment
  • Bans on ballistic missle testing or development
  • Sanctions on the transfer of missile-related technology.

US Sanctions Iranian Nuclear Scientists And Venezuela’s Maduro As World Ignores UN ‘Snap-Back’

Secretary of State Mike Pompeo has just announced new sanctions on Venezuelan President Nicolas Maduro, along with two Iranian scientists working for the Iranian Defense Ministry who are said to be central to the country’s uranium-enrichment efforts.

Late last week, anonymously sourced reports citing senior US officials claimed that the US was preparing to sanction more than 2 dozen people and entities involved with Iran’s nuclear program as the Trump Administration seeks to unilaterally ramp up sanctions on the Iranian regime. Officials also warned that Iran has enough fissile material that it could develop a bomb by the end of the year.

The two Iranians targeted by the sanctions play “an essential role” in the country’s uranium enrichment.

The sanctions against Maduro follow several rounds of sanctions targeting top Venezuelan officials and even members of Maduro’s family (two of Maduros’ male relatives were even arrested by the US in 2015 after allegedly plotting to traffic drugs into the country).

Pompeo touted the ‘Abraham Accords’ – the deal to normalize relations between Israel and the UAE – during a speech unveiling the sanctions. After expounding upon the Trump Administration’s accomplishments in the Middle East, Pompeo accused the Iranian regime of being the world’s “leading state sponsor of terrorism” and the “arm’s dealer of choice” for terrorists and dictators. Fortunately, Trump’s executive order announced Monday gives the US “powerful tools” to enforce an Iranian arms embargo, even if the rest of the world isn’t cooperating.

Regarding the sanctions on Maduro, Pompeo said for years “corrupt officials” in Venezuela have helped Iran violate the US arms embargo.

Last night, Pompeo touted the “snap-back” in UN sanctions on Iran, even as the world “ignores” Washington’s demands, and Iran reportedly claims victory over the US after the Trump Administration failed to sway America’s European allies to back the resumption of sanctions on Iran.

“When we launched the ‘maximum pressure’ campaign, critics said it wouldn’t work. They were wrong,” Pompeo said, citing hundreds of lives saved and the drain on Iran’s economy.

Watch remarks from Pompeo and Treasury Secretary Mnuchin below:

\END

6.Global Issues

CORONAVIRUS UPDATE/SATURDAY

US COVID-19 Outbreak Accelerates With 50k Jump In Cases As France Sees Sudden Jump In Deaths: Live Updates

 

  • US reports nearly 50k cases
  • France sees sudden jump in deaths
  • Russia tops 6k new cases for first time since mid-July
  • UK PM considers whether to “go further” with new restrictions
  • Indonesia reports record jump in new cases

* * *

US cases accelerated again on Friday, with the US adding nearly 50k, or 49,299 new cases (+0.7%), bringing the total for the country to 6,688,827. However , the spike appears to be driven largely by an increase in testing rates, as schools reopen, and states including Texas and Hawaii roll back more social distancing restrictions.

The 0.7% increase is slightly higher than the 7-day average of +0.6% for the daily spike, according to Bloomberg.

Outbreaks are flaring in states across the Midwest including Wisconsin, Missouri and the Dakotas, while some states that have gotten outbreaks under control have seen cases edge higher again. Still, the US outbreak has slowed substantially from its springtime peak.

Globally, cases topped 30 million earlier this week, with the global death toll rapidly closing in on the 1 millions mark. Meanwhile, deaths in the US are right around 200,000 (depending on whose numbers one uses). The chart above, courtesy of the Atlantic’s COVID-19 Tracking Project, includes all probable and confirmed cases.

As the situation worsens in Europe, Germany added more than 2,000 new cases for the second consecutive day. Germany added 2,179 cases on Friday as infections increasing at a pace not seen since April.

In Southeast Asia, Indonesia reported another daily record on Saturday, recording 4,168 new infections, bringing the total figure to 240,687. The death toll, meanwhile, has hit 9,448.

The health ministry reported a sudden jump in the country’s COVID-19 death toll on Friday, reporting 154 new deaths, bringing its total to 31,249. That’s a four-month high in the daily death, according to Reuters, and triple the level of daily deaths from the last three weeks.

That figure included 76 deaths registered in a hospital near Paris, according to an explanatory note issued online by Santé Publique France, the French health agency. This isn’t the first time the country has retroactively added a bunch of deaths all at once, leading to several massive spikes in the country’s daily totals, which must be explained.

“This data catch-up concerns 237 admission files, including 76 deaths…which explains the increase in the number of deaths reported to date,” the health agency said.

Rising daily totals in the UK have prompted London Mayor Sadiq Khan to consider a “local” lockdown, even though the city’s downtown streets remain mostly empty. An upsurge of cases in the UK prompted Scottish leader Nicola Sturgeon to request an emergency four-way meeting of the constituent countries to coordinate their policy response. UK PM Boris Johnson said that he’s weighing whether to “go further” with new COVID-19 restrictions.

Finally, Argentina extended a nation-wide lockdown to Oct. 11, allowing provincial authorities to determine the specific measures. As Argentina struggles, Brazil continued to report nearly 40k new cases (39,797 to be exact), bringing the total to almost 4.5 million, while deaths increased by 858 to 135,793.

President Jair Bolsonaro responded to the news by proclaiming that “stay-at-home is for weak people,” during an event in Mato Grosso state.

END

CORONAVIRUS UPDATE/SUNDAY

French COVID-19 Outbreak Accelerates At Record Pace; Yangon Locked Down As Cases Surge: Live Updates

Summary:

  • Myanmar locks down Yangon
  • France 7-day average tops 10k for first time
  • Irish cases surge
  • Gottlieb expects another outbreak in US
  • Ireland locks down Dublin
  • Madrid braces for lockdown
  • UK Health Secretary warns action coming
  • US outbreak slows to 41k new cases
  • California, New York cases accelerate
  • Germany sees cases decline
  • Belgium cases top 100k
  • Russia tops 6k again

* * *

Update (1424ET): India’s outbreak continued unabated Sunday as the country reported 92,605 new cases,

After China locked down a border town, Myanmar imposed tighter restrictions on Yangon, its largest province, as the country’s outbreak worsens. Officials record 671 new cases, according to the Central Committee on COVID-19 Control led by de facto leader Aung San Suu Kyi.

France’s daily coronavirus cases rose by 10,569 on Sunday, after surging to more than 13,000 twice in the highest daily increases since the national lockdown ended in May on Saturday. The move drove the seven-day average, which smooths out daily volatility, above 10,000 for the first time, as France’s outbreak accelerates more quickly than it did the first time around.

Ireland recorded 396 new cases on Sunday, the highest since mid-May, with about 2/3rds of the infections in Dublin. The capital city has just finished its first weekend in lockdown, as travel in and out of the city was restricted and indoor dining halted, among other restrictions.

Arizona’s new cases continued to slow after a two-day spike last week, with the state reporting 469 cases, a 0.2% rise, compared with an average 0.4% daily increase in the previous seven days, bringing its total to 214,018.

* * *

After a series of days where the US added just under 50k new cases, the pace of the outbreak cooled notable on Saturday, with the US adding just 41,206 cases, a 0.6% rise, which is in line with the 7-day average. Another 693 people died, bringing the total to 199,258, just under 200,000.

Beneath the top-line data, however, the situation was markedly different: New York saw cases climb to the highest level since the early summer, when the outbreak was in the process of cooling.

California has also seen a slight increase, with the latest numbers climbing above the 14-day averages for both new cases and deaths.

The US just set a one-day record with over 1 million coronavirus diagnostic tests being performed, but the country needs 6 million to 10 million a day to bring outbreaks under control, according to various experts.

The state reported 4,304 new coronavirus cases on Saturday, compared with 14-day average of 3,350. The number of deaths increased by 100, compared with a 91 average. There have been 14,912 fatalities in all.

Over in Europe, nearly a million people in Madrid are bracing for a partial lockdown. Several hundred marched in protest as Spanish authorities seek to try and suppress the second wave.

UK Health Secretary Matt Hancock said the UK has reached a “tipping point” where the country will soon take action to curb a resurgence in new cases, saying that national action is no inevitable.

It comes after Scottish leader Nicola Sturgeon pushing for a pan-UK summit to hash out a new plan, the country reported 4,422 new cases on Saturday, the biggest daily increase since early May, and the latest daily jump north of 4k.

Germany posted 1,685 new cases on Saturday, a daily drop of 23% although levels are still the highest since April. The country has reported a total of 9,390 deaths, along with 241,125 recoveriesNearby, Belgium home to the seat of the EU finally saw its case tally top 100k as its outbreak accelerates.

AsFrance’s daily coronavirus cases surged to the highest since the national lockdown ended in May, another 13,498 cases were reported on Saturday, the second straight day north of 13,000. Though the country’s testing rate has also surged to as much as 5x the average from back in May.

New cases increased by 3,097, compared with 2,845 a day earlier, the latest Health Ministry data showed. The country has reported 24,301 deaths out of 422,140 cases.

Russia is also seeing higher rates of the virus, as it reported more than 6k cases for yet another day. Saturday’s tally was 6,148 new cases, the largest in two months. It brought the tally to 1,103,399, the fourth highest tally in the world, after the US, India and Brazil.

Australia reported 14 new cases on Sunday, its lowest daily total in 3 months following a strict lockdown that has elicited protests.

end

US Set To Pass 200,000 Deaths As UK Scientist Delivers Grim New Warning: Live Updates

Summary:

  • US added 41,206 cases as post-LDW surge slows
  • Death toll across US: 199,531
  • Texas deaths near 15,000
  • India tops 5.5 million cases
  • Iceland closes bars, karaoke parlors
  • 4 more counties in Wales brace for lockdown
  • UK mulls new national restrictions
  • Jakarta scrambles to add beds
  • China says it finds COVID-19 genetic material on Russian frozen squid

* * *

The post-Labor Day Weekend surge in COVID-19 cases across the US – but particularly in certain new hot spots in the Midwest – appears to be abating, if only slightly, while the American death toll – still the highest in the world even as India reports more new deaths-per-day – rests on the cusp of 200,000. As the chart below shows, deaths haven’t yet picked up.

As we first reported last night, the US added 41,206 new cases, a 0.6% rise, on par with the seven-day average, while another 693 people died of virus-related illness, bringing the toll to 199,258 on Sunday morning. At last count, the US had counted 199,531 deaths.

In Europe, Germany’s health minister warned the trend of growing COVID-19 cases is “worrying” as HMG’s top scientific advisor cautioned that the daily rate of new cases could top 50,000 per day – compared to roughly 4k per day currently – a rate that he said “is not a prediction but it is a way of thinking about how quickly this can change.”

Four more counties in South Wales are preparing to reenter lockdown beginning Tuesday evening local time. PM Boris Johnson on Tuesday morning will chair a meeting of the emergency committee – known as “Cobra” – which will also be attended by the leaders of Scotland, Wales and Northern Ireland.

“Cases are increasing, hospitalizations are following. Deaths unfortunately will follow that, and there’s the potential for this to move very fast,” said Chief Scientific Adviser Patrick Vallance.

With India’s outbreak still raging amid a surge in testing, the country’s virus tally is approaching 5.5 million, while Indonesia’s capital city, Jakarta, is adding thousands of beds to house patients as its health system groans under the weight of one of the worst outbreaks in Southeast Asia.

India added almost 87,000 cases to its virus tally Monday, pushing the total to nearly 5.5 million in the nation that already has the world’s second-largest coronavirus outbreak. Deaths increased by 1,130, topping 87,800, according to the India’s health ministry.

After reportedly detecting traces of viral genetic material on packaging of imported seafood products from Norway and South America, Chinese authorities from the northeastern city of Changchun on Monday claimed that they had detected pieces of viral material on packaging of frozen squid from Russia. Russia has seen its outbreak accelerate in recent days, with daily cases climbing more than 6,000.

Circling back to the US, Texas is approaching the 15,000 death threshold after recording 45 new deaths on Sunday, bringing the total to 14,893. Cases climbed by 2,241 to 688,534, the Department of State Health Services said on its website.

Source: COVID Tracking Project

New cases in California topped 4,000 for a 2nd straight day while the number of new deaths tumbled below the 14-day average, according to the health department’s website. There were 4,265 new coronavirus cases, higher than the 14-day average of 3,304. Deaths increased by 75, compared with an average of 91, raising the state’s toll to 14,987.

Source: COVID Tracking Project

France’s daily coronavirus cases rose by 10,569 on Sunday, after surging above13,000 twice in recent weeks, notching the highest daily increases since the national lockdown ended in May on Saturday.

Still, the seven-day average, which smooths out reporting spikes, rose above 10,000 for the first time, indicating a significantly higher pace of infections than just one week ago. The authorities have been calling on the population to step up social distancing measures as new clusters are emerging across the country.

Iceland’s Health Ministry ordered the closure of all pubs and nightclubs until Sept. 27. The decision comes after a number of infections were traced to pubs and karaoke bars in central Reykjavik.

end

The many events that which occurred on the weekend is discussed by Michael Every..
(Michael Everty)

Rabobank: Is The Era Of American Global Hegemony Coming To An End

By Michael Every of Rabobank

Friday saw the death of US Supreme Court justice Ruth Bader Ginsburg at 87. She was a true titan of the law, and leaves a critical (until now very liberal) Supreme Court seat vacant at a time when the US is bitterly divided on all issues. President Trump insists on pressing ahead with a hearing on a new appointment before the election – just as President Obama did before him when the (very conservative) justice Scalia died; Senate Republicans are saying they will proceed, which they wouldn’t in 2016; and the Democrats insist on not proceeding until after the election, which they didn’t in 2016. So business as usual.

However, this makes the US election even more important and heated than it already was – and harder to call. Listen to US commentators and all other topics are now secondary, including both the economy (bad for Trump) and Covid-19 (good for Trump). Republicans and Democrats are incredibly fired up given the outcome of the election could shift the balance of the court for a generation. Imagine if it shifted to 6-3 conservative; also imagine if no judge is appointed and it is then tied 4-4 when having to rule on a key element of what is widely expected to be a legally contested election; imagine the court being increased to 11 by Biden if he were to win; and imagine it going up to 15 or 17 if a Republican wins in 2024. This election was already seen as a potential risk event: arguably far more so now.

Meanwhile, on both Friday and Saturday, over a dozen Chinese fighter jets and bombers breached Taiwanese airspace, forcing defensive scrambles in response, and the Global Times has since threatened Taiwan’s president will be “wiped out” if she makes a misstep. That paper’s editor added on Weibo: “If we have no choice but war, we should avoid direct conflict with the US. We can (instead) severely beat up a US running dog that always crosses our bottom line….to send a warning.” It’s been a while since I’ve heard “running dog of US imperialism”: it isn’t very Davos.

As military strategists note, Taiwan must now allow Chinese military jets to fly unimpeded, not knowing if an attack might come; scramble its jets all the time, and see its far smaller forces become worn down; or respond militarily and provoke a terrible response. At which point the question of the US again enters the picture – unless it is too tied up in its own internal conflicts to focus on the outside world. However, legislation is currently being put forward forcing the US to defend Taiwan if it is attacked. Articles about TWD strength are justified on the macro level, but not so much at the meta level. Meanwhile, on the China-India border forces continue to build, and infrastructure building to allow rapid deployment continues apace even if the financial press has lost interest. The voluble Indian press, however, talk of fears of a surprise attack on US election day, or Xmas.

Against this backdrop, the US has reimposed full sanctions on Iran, which nobody else accepts the validity of – yet US secondary sanctions await anyone who breaks them; and the US reports Iran could have enough fissile material for a nuclear bomb by the end of the year; and that it is cooperating with North Korea to build an ICBM delivery system.

Echoing the hypothetical scenario we put forward in 2018, Iran is arguably happy to escalate this crisis because it believes with Russia, China, and even Europe and the UK unwilling to stand behind the US, the era of American global hegemony is close to a humiliating end, akin to the British at Suez. The bitterly divided US ‘will have to blink’.

And once it has blinked once, it will have to blink again and again, in Asia, in the Middle East, in Europe, etc., etc. One can imagine the kind of consequences that would flow: we might even talking about a new Potsdam and Yalta, even as we are would also be talking about whether the USD could remain top dog.

At the very least, Iran hope a change of president might see a new deal offered to them in January. [Ironically, as the hawkish US Foundation for the Defence of Democracy (FDD) notes, Iran is meantime relying on asset inflation until the US election is out of the way: despite “…recession, currency depreciation, and high inflation, [it is] showing all the signs of a state-initiated, state-sustained bubble.” Who knew the US and Iran had something in common?]

Relatedly, the latest financial scandal –where leaked documents show an alleged USD2 trillion of suspicious/illegal banking transactions– is news today. However, all previous scandals have had no market or political impact, and ‘the system is corrupt’ is hardly man bites dog, sadly. Perhaps the news can even be seen as bullish in that is shows some banks allegedly just ignore the kind of sanctions now back in place on Iran anyway.

Let’s be clear, however: US hegemony is extremely unlikely to go quietly into that good night. Like RBG, it is a fighter to the end. The US can still overcome internal divisions; its military prowess is still unmatched; and its financial architecture is the one in which we all work. True, the gloves may have to come off and sticks replace carrots, but a hegemon it is likely to remain. Such tail risks, the kind the likes of Bloomberg only refer to obliquely because it almost religiously inconvenient for them, are still very USD bullish should they transpire – which we all fervently hope they do not.

Yet we are proceeding down that same path at a more market-friendly pace anyway. TikTok might be saved, but as a de facto US entity, a mirror of how China’s critics say it treats Western tech firms there. However, a certain bank is reportedly going to be first on the newly defined China Unreliable Entity List, entry to which will mean loss of access to the Chinese market. The same bank is ironically also rumoured to be at risk of potential US sanctions for its actions supporting China. Moreover, Beijing is pressing ahead with reforms that mean Communist Party members must now enter into senior positions in all private companies, presumably including foreign firms. Again, this is likely to close off the current market ‘middle way’ of being in China but not ‘of China’, just as one could be in the US but not ‘of the US’ until TikTok.

As all this unfolds, Europe keeps on Europe-ing. The FT reports the EU wants new powers to break up tech giants, which means a head-on clash with the US unless the US comes to the same conclusion independently; the EU has to decide if it will follow US sanctions on Iran or not; it also has to try to decide today on its own sanctions on Belarus and for breaches of the Libyan arms embargo, including on Turkish firms; the EU is considering its own Magnitsky Act; and the ECB is considering reviewing its Covid-related bond buying program next month just as more and more countries see actions resembling a second lockdown more and more.

It’s hard work being a hegemon. Imagine if Europe were one again.

END

CDC

The clowns are at it again:  CDC is now publishing new guidance on the risks of airborn COV!( 19

(zerohedge)

end

7. OIL ISSUES

China finally is slowing down its imports..  maybe running out of strategic reserve space?

(Kennedy/OilPrice.com)

China’s Crude Oil Imports Are Slowing Down

By Charles Kennedy of OilPrice.com

China’s imports of crude oil have been trending much lower in September than in the past four months, while the rest of Asia is also significantly slowing imports this month with demand still under pressure, IHS Markit said on Friday.

Crude oil discharged at Chinese ports in the last two weeks were below 8 million barrels per day (bpd), at levels similar to what China imported in March and April, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade, at IHS Markit, said in an analysis.

So far in the third quarter, China’s crude oil imports have stayed strong, with high congestion at many major crude ports.

“But activity so far in September suggests that the world’s biggest importer of crude oil has been absorbing much less than a month ago,” Katsoulas said.

Earlier this year, China imported record volumes of crude oil in May and June, as the oil-hungry nation attempted to benefit from the low oil prices in April. The record-breaking crude oil imports supported oil prices through the late spring and summer when oil demand recovery in the rest of the world had just started and then wobbled amid concerns of a second COVID-19 wave.

Yet, China’s feast on low oil prices may now be over. In August, China was expected to have imported what could be the last of the bargain cargoes that refiners had snapped up in April.

Refiners in China are now “facing difficulties in absorbing these barrels and find buyers for refined products locally produced. This translates into significantly fewer fresh deals for crude oil, with shipments to China continuing to decline,” IHS Markit’s Katsoulas noted.

The rest of Asia is also importing much less crude oil than in the previous months, with South Korea, Malaysia, and Taiwan particularly weak compared to earlier this year, according to data from IHS Markit Commodities at Sea.

“Overall, oil imports to Asia have extended losses and could report the lowest figure this year, with volumes down between eight and 10% so far this month since August,” Katsoulas said, noting that India’s very slow demand recovery is also weighing on Asia’s crude oil imports and on oil prices.

END

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1795 DOWN .0039 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 104.09 DOWN 0.445 (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 1.2892   DOWN   0.0092  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3225 UP .0042 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  MONDAY morning in Europe, the Euro FELL BY 39 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1795 Last night Shanghai COMPOSITE CLOSED DOWN 21.15 POINTS OR 0.63% 

 

//Hang Sang CLOSED DOWN 504.72 POINTS OR 2.06%

/AUSTRALIA CLOSED DOWN 0,73%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 504.72 POINTS OR 2.06%

 

 

/SHANGHAI CLOSED DOWN 21.15 POINTS OR 0.63%

 

Australia BOURSE CLOSED DOWN. 73% 

 

 

Nikkei (Japan) CLOSED DOWN 40.93  POINTS OR 0.18%

 

 

 

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1921.00

silver:$26.38-

Early MONDAY morning USA 10 year bond yield: 0.661% !!! DOWN 1 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.407 DOWN 1  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 93.26 DOWN 33 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.27% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: -+0.15%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.25%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.94 DOWN 3 points in basis points yield from yesterday./

 

 

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

 

GERMAN 10 YR BOND YIELD: FALLS TO –.53% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.57% 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 MONDAY

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

Euro/USA 1.1741  DOWN     .0094 or 94 basis points

USA/Japan: 104.67 DOWN .141 OR YEN UP 14  basis points/

Great Britain/USA 1.2798 DOWN .0111 POUND DOWN 111  BASIS POINTS)

Canadian dollar DOWN 103 basis points to 1.3295

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8052    ON SHORE  (DOWN)..

 

THE USA/YUAN OFFSHORE:  6.8042  (YUAN DOWN)..

 

TURKISH LIRA:  7.630 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +0.15%

 

Your closing 10 yr US bond yield DOWN 4 IN basis points from FRIDAY at 0.657 % //trading well ABOVE the resistance level of 2.27-2.30%) very problematic USA 30 yr bond yield: 0.1407 UP 3 in basis points on the day

Your closing USA dollDOWN index, 93.71 UP 78  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 MONDAY: 12:00 PM

London: CLOSED DOWN 202.76  03.30%

German Dax :  CLOSED DOWN 573.81 POINTS OR 4.37%

 

Paris Cac CLOSED DOWN 186.14 POINTS 3.74%

Spain IBEX CLOSED DOWN 237.50 POINTS or 3.33%

Italian MIB: CLOSED UP 731.59 POINTS OR 3.78%

 

 

 

 

 

WTI Oil price; 39,06 12:00  PM  EST

Brent Oil: 41.52 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    76.34  THE CROSS HIGHER BY 0.60 RUBLES/DOLLAR (RUBLE LOWER BY 60 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.53 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 :  39.54//

 

 

BRENT :  41.66

USA 10 YR BOND YIELD: … 0.673..down 3 basis points

 

 

 

USA 30 YR BOND YIELD: 1.429…down 3 basis points.

 

 

 

 

 

EURO/USA 1.1767 ( DOWN 67   BASIS POINTS)

USA/JAPANESE YEN:104.69 UP .148 (YEN DOWN 15 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 93.56 UP 64 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2814 DOWN 95  POINTS

 

the Turkish lira close: 7.63

 

 

the Russian rouble 76.28   DOWN 0.55 Roubles against the uSA dollar.( DOWN 55 BASIS POINTS)

Canadian dollar:  1.3307 DOWN 115 BASIS pts

 

German 10 yr bond yield at 5 pm: ,-0.53%

 

The Dow closed DOWN 510.84 POINTS OR 1.85%

 

NASDAQ closed DOWN 14.49 POINTS OR 0.13%

 


VOLATILITY INDEX:  28.29 CLOSED UP 2.46

LIBOR 3 MONTH DURATION: 0.225%//libor dropping like a stone

 

USA trading today in Graph Form

‘Bad’ Banks, Bader Ginsburg, And Limey Lockdowns Slam Stocks & Silver, USD Soars

RBG’s death ramps up election, and thus stimulus, uncertainty to ’11’; blowback from the FinCEN leaks on the world’s biggest banks did nothing to comfort investors; and the resurgence of COVID across various European nations (and increasing chatter of lockdowns) was the cherry on the top of today’s derisking. Thanks to the magic of post-EU close dip-buying, Nasdaq – rather shockingly – managed to get back to green (up 2% in 70 minutes on nothing)!!!!!

Everything bottomed at 1450ET (no obvious news catalyst for the reverse but perhaps just the 1430ET margin calls were not as aggressive as expected)

And that’s when AAPL went panic-bid (cough buybacks cough)…

VIX was pressured lower in the last hour, back below 28…

From the highs, Nasdaq remains worse and closed in correction. The S&P almost made it down to 10% correction…

The technical picture has deteriorated, especially for the Nasdaq 100. The S&P500 and Nasdaq 100 both closed below their respective 50-day moving averages for the first time since late April. Furthermore, the NDX is breaking-down on a relative basis for the first time since the rally began in March. While corrections in bull markets are to be expected, the 200-day moving average isstill 10-20% lower for many of the leading and most crowded stocks. The S&P 500 and Nasdaq 100 remain vulnerable to a test of their 200-day moving averages, which are 7% and 14% lower, respectively.

Many funds that are long tech/growth have significant P&L to play with and are letting it ride, not to mention this has been the right strategy for the past decade. Morgan Stanley fears that may come into play and provide some fuel for this correction to go a little further than most are expecting.

It all felt a little like this…

The S&P practically erased all its gains YTD…

Source: Bloomberg

Cyclicals and Defensives were both hit hard today (though the former was worse)…

Source: Bloomberg

Banks stocks puked today…

Source: Bloomberg

And European stocks were really ugly as the major financials lagged so hard…

Source: Bloomberg

The weakness in stocks should not be totally surprising since post-September-Quad-Witch suggest this is very normal seasonally…

Source: Bloomberg

Treasury yields slid notably intraday but bonds were sold after the European markets closed…

Source: Bloomberg

30Y Yields fell to 1.38% handle intraday before rising back a little in the afternoon…

Source: Bloomberg

The dollar was panic-bid today (best day since June) as stocks sank…

Source: Bloomberg

And as the dollar surged, cryptos were crushed (led by Ethereum)…

Source: Bloomberg

Silver was clubbed like a baby seal but all commodities were ugly today…

 

Silver futures briefly fell to a $23 handle intraday…

And gold was hit hard as real yields spiked…

Source: Bloomberg

WTI fell back below the $40 handle…

Finally, is the bounce off the March lows officially over?

Source: Bloomberg

And did we just ‘peak’…

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

 

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

iii) Important USA Economic Stories

Movie threatres empty

(zerohedge)

“Nobody Is Here!” – Movie Theaters Reopen, Audiences Stay Away

“If you build it, they will come.” That moto was popularized by Kevin Costner’s character in the 1989 movie Field of Dreams, but such advice today in a post-pandemic world is bullshit.

Take, for, example, Christopher Nolan’s movie Tenet, released on Sept. 3, was supposed to mark the revival of the movie theater industry, according to NYT.

 

Movie Tenet. h/t NYT, Jim Lo Scalzo/EPA, via Shutterstock

Ahead of the opening, Robinhood traders in August piled into movie theater stocks, including Cineworld and AMC, in anticipation Americans would rush back to theaters.

But theater stocks dumped into corrections days after the movie was released, due to the fact the film collected $9.4 million in its first weekend in North America and just $29.5 million over its first two weeks. The disappointing turnout has made one thing clear:

“We have no way of forecasting how long it will take for consumer comfort with indoor movie theaters to return,” Rich Greenfield, a founder of the Lightshed Partners media research firm, wrote in a note on Monday.

Even with theater capacity limited to 50% in most of the country, and 68% of theater chains reopened by Labor Day, the promotion of Tenet still did not entice Americans to return to indoor movie theaters as coronavirus cases continue to rage in late summer, heading into fall.

We noted in May how a massive shift from indoor to outdoor movie theaters would be a hot trend for 2020.

For some comparison, Jeff Goldstein, Warner Bros. president of distribution, said Nolan’s past films – Inception, Interstellar, and Dunkirk – opened in the $50 million range in North America and collected between $527 million and $837 million worldwide. The latest movie sales for Tenet suggest the public is not convinced they should be returning to movie theaters anytime soon.

Movie theaters have yet to persuade customers that indoor theaters are safe. Even before theaters started to reopen in late summer, there should’ve been an information campaign to educate the public about the millions of dollars theater operators spent to upgrade facilities to mitigate the virus spread.

Mark Zoradi, Cinemark’s chief executive, doesn’t expect a “sense of normality” for theaters until 2022, calling 2021 a “transition year.”

“We’ve spent millions and millions of dollars getting this stuff right,” Zoradi said. “If we can convince the consumer that we have done all of these things, they are much more likely to want to come back.

And if readers haven’t figured out, movie theaters will be dead for the next couple of years. Alastair Williamson, who was at a Regal movie theater in the Baltimore metro area on Saturday (Sept. 12), tweeted: “Nobody is here!”

In another tweet, Williamson shows the ticket counter, which by the way, appears to be automated, say goodbye to a few low-wage, low-paying jobs permanently displaced by automation, shows absolutely no one is at the cinema on a primetime Saturday evening.

The moral of the movie theater story is if theaters reopen with top-notch movies by big-time producers, well, the American public is still not interested because they believe facilities are not safe from the virus. To bring consumers back, a lot of convincing by theater operators will be needed.

END

After the death of Ginsburg, Biden still refuses to release his list of Supreme Court contenders.

(zerohedge)

 

Biden Refuses To Release List Of Supreme Court Contenders

It’s no secret that Republicans take filling judgeships much more seriously than Democrats. President Trump released his first list of prospective Supreme Court nominees before he was even elected, back in September 2016, and – in what was taken at the time as a grim harbinger of RBG’s condition – released his most recent revisions/additions earlier this month, just days before RBG died.

But in the latest indication of just how low a priority selecting Supreme Court judges has been for Democrats – after all, they’re not even in power, right? – Democratic presidential candidate Joe Biden is reportedly refusing to release a list of potential nominees, should he ever get the opportunity to fill the vacancy left by the death of Ruth Bader Ginsburg.

Politico reported last night that Biden is taking a “cautious” approach to filling the position. After making his initial statement on Saturday, the Biden campaign has shut down public activity, while Biden and his team retreat to the basement.

Meanwhile, the Trump Campaign has been upping the pressure, calling on Biden to release a list of names. Democrats, including President Obama, have demanded that Republicans delay filling the seat until after the election. Mitch McConnell infamously killed the nomination of Obama’s nominee, Merrick Garland, by refusing to bring a vote to the floor.

While Biden himself was silent publicly, his campaign was laying plans to shift the focus of the looming Supreme Court nomination fight toward a referendum on the Affordable Care Act, according to his advisers. The high court is scheduled to hear the fate of Obamacare after the election.

Against that backdrop Saturday, President Trump’s campaign and even some Democrats demanded that Biden release his own list of potential court nominees — which Biden has steadfastly refused to do. Nor has Biden addressed the mounting pressure in his party to take a position on abolishing the Senate filibuster or packing the U.S. Supreme Court if Senate Republicans confirm Trump’s nominee before Inauguration Day. Biden has opposed ending the filibuster outright and court-packing in the past, though in July he expressed an openness to consider eliminating the filibuster.

Of course, Democrats and Biden’s allies indignantly accused the GOP of disrespecting the mourning period for RBG’s passing.

“That’s sort of a wasted conversation because that concedes defeat right now. And the last thing we should be doing is analyzing how we’re going to recover from this loss,” said Hilary Rosen, an outside Biden campaign adviser and vice president at the SKDKnickerbocker firm, where top Biden adviser Anita Dunn is managing partner.

“Today is an RBG-fired engine. There’s nothing Joe Biden can say today to fire us up more,” Rosen said, adding that Biden also paused from publicly campaigning out of respect for Ginsburg’s passing.

As Politico explained, Biden is being ‘cautious’ because he doesn’t want to get sucked into a Twitter feud with Trump over the nominees. But to Republicans, it looks like just another example of Biden dropping the ball. After all, they should have seen this coming, right?

* * *

Here is the latest full list of potential SCOTUS candidates (Trump has released names on three occasions – Sept 2016, Nov 2017, and most recently Sept 9th 2020)…

1. Bridget Bade, a judge on the United States Court of Appeals for the Ninth Circuit

2. Amy Coney Barrett of Indiana, U.S. Court of Appeals for the Seventh Circuit. Barrett was a finalist for Trump’s second high court nomination, which ultimately went to Brett Kavanaugh

3. Keith Blackwell of Georgia, Supreme Court of Georgia

4. Charles Canady of Florida, chief justice of the Supreme Court of Florida

5. Daniel Cameron, the 51st attorney general of the Commonwealth of Kentucky

6. Paul Clement, a partner with Kirkland & Ellis, LLP, who previously served as solicitor general

7. Steven Colloton of Iowa, U.S. Court of Appeals for the Eighth Circuit

8. Tom Cotton, U.S. senator for Arkansas

9. Ted Cruz, U.S. senator for Texas

10. Stuart Kyle Duncan, judge on the United States Court of Appeals for the Fifth Circuit

11. Allison Eid of Colorado, U.S. Court of Appeals for the Tenth Circuit

12. Steven Engel, assistant attorney general for the Office of Legal Counsel of the United States Department of Justice

13. Noel Francisco, former solicitor general

14. Britt Grant of Georgia, U.S. Court of Appeals for the Eleventh Circuit

15. Raymond Gruender of Missouri, U.S. Court of Appeals for the Eighth Circuit

16. Thomas Hardiman of Pennsylvania, U.S. Court of Appeals for the Third Circuit. Hardiman was also a finalist for the nomination that went to Kavanaugh

17. Josh Hawley, U.S. senator for Missouri. Hawley has already said he would decline the president’s endorsement to the court

18. James Ho, a judge on the U.S. Court of Appeals for the Fifth Circuit

19. Gregory Katsas, judge on the U.S. Court of Appeals for the District of Columbia Circuit

20. Raymond Kethledge of Michigan, U.S. Court of Appeals for the Sixth Circuit

21. Barbara Lagoa, a judge on the U.S. Court of Appeals for the Eleventh Circuit

22. Christopher Landau, U.S. ambassador to Mexico

23. Joan Larsen of Michigan, U.S. Court of Appeals for the Sixth Circuit

24. Mike Lee of Utah, United States Senator

25. Thomas Lee of Utah, Supreme Court of Utah

26. Edward Mansfield of Iowa, Supreme Court of Iowa

27. Federico Moreno of Florida, U.S. District Court for the Southern District of Florida

28. Carlos Muñiz, a justice on the Supreme Court of Florida

29. Kevin Newsom of Alabama, U.S. Court of Appeals for the Eleventh Circuit

30. Martha Pacold, judge on the U.S. District Court for the Northern District of Illinois

31. Peter Phipps, judge on the U.S. Court of Appeals for the Third Circuit

32. Sarah Pitlyk, a judge on the U.S. District Court for the Eastern District of Missouri

34. Allison Jones Rushing, a judge on the U.S. Court of Appeals for the Fourth Circuit

35. Margaret Ryan of Virginia, U.S. Court of Appeals for the Armed Forces

36. David Stras of Minnesota, U.S. Court of Appeals for the Eighth Circuit

37. Diane Sykes of Wisconsin, U.S. Court of Appeals for the Seventh Circuit

38. Amul Thapar of Kentucky, U.S. Court of Appeals for the Sixth Circuit

39. Kate Todd, deputy assistant to the president and deputy counsel to the president

40. Timothy Tymkovich of Colorado, U.S. Court of Appeals for the Tenth Circuit

41. Lawrence VanDyke, a judge on the U.S. Court of Appeals for the Ninth Circuit

42. Robert Young of Michigan, Supreme Court of Michigan (Ret.)

43. Don Willett, U.S. Court of Appeals for the Fifth Circuit

44. Patrick Wyrick, District Court for the Western District of Oklahoma

end
Pelosi on the war path: She does not rule out impeachment over his Supreme Court pick if the voting on his pick is prior to the election
(zerohedge)

“We Have Our Options”: Pelosi Doesn’t Rule Out Impeachment Over Supreme Court Pick

House Speaker Nancy Pelosi (D-CA) didn’t bat an eye when ABC “This Week” host and former Clinton aide George Stephanopoulos floats the idea of impeaching President Trump over filling the vacancy on the Supreme Court following the Friday announcement of the death of Justice Ruth Bader Ginsburg.

Stephanopoulos: “Some have mentioned the possibility if they try to push through a nominee in a lame-duck session that the House could move to impeach President Trump or Attorney General Barr as a way of stalling or preventing the Senate from acting on this nomination.”

Pelosi: “Well, we have our options. We have arrows in our quiver that I’m not about to discuss right now.”

 

Meanwhile, packing the court is another ‘arrow in the quiver’ – simply adding more Justices if and when Biden is elected. Notably, Biden came out against court packing during a July 2019 primary debate, saying “I’m not prepared to go on and try to pack the court, because we’ll live to rue that day.”

The Democrats’ fervent opposition to Trump filling the vacancy is more than a bit awkward considering the number of Democrats who in 2016 advocated for Obama to pick a nominee – including Joe Biden.

President Trump on Saturday said he expects to announce his nominee to replace Ginsburg this week, and he intends to pick a woman for the role.

“It will be a woman — a very talented, very brilliant woman,” Trump told attendees at a North Carolina rally. “We haven’t chosen yet, but we have numerous women on the list.”

Senate Majority Leader Mitch McConnell (R-KY) has been joined by a growing number of Republicans – aside from Sens. Susan Collins (R-ME) and Lisa Murkowski (R-AK) – who say they will support Trump’s nominee rather than waiting until after the election.

At present, Justice Amy Coney Barrett has emerged as a likely frontrunner to fill Ginsburg’s seat.

end
Various scenarios discussed as the markets responds to RBG’s death
(zerohedge)

Here Are The “Fascinating Scenarios” For Markets: Wall Street Responds To RBG’s Death

Over the weekend, in looking at the political and market chaos unleashed by the passing of SCOTUS Justice Ruth Bader Ginsburg, we said markets are now facing a “nuclear scenario” and summarized the lay of the land by as follows:

Simply put, the political quagmire unleashed by the passing of Ruth Bader Ginsburg leaves the market in an even more precarious position since if a contested election was a source of great uncertainty before, a 4-4 SCOTUS extends that uncertainty even further as we already know there will be no concessions for weeks, and the extensions of mail-in ballots will merely add fuel to the fire of what is shaping up as the most contested election in US history.

In short, this is the “worst case scenario” – that JPMorgan just warned about last week  when envisioning a contested election’s impact on markets – on steroidssince The Fed has nothing new to offer and fiscal stimulus will definitely be off the table now until an election decision is made, a decision that may not comes for months without a SCOTUS tiebreaker vote.

Sure enough, this morning a plethora of Wall Street analysts took the stage to confirm our initial take, and explaining in their own words, why the death of RBG is sending futures sharply lower this morning, starting with Rabobank’s Michael Every who had this to say:

The death of US Supreme Court justice Ruth Bader Ginsburg … makes the US election even more important and heated than it already was – and harder to call. Listen to US commentators and all other topics are now secondary, including both the economy (bad for Trump) and Covid-19 (good for Trump). Republicans and Democrats are incredibly fired up given the outcome of the election could shift the balance of the court for a generation. Imagine if it shifted to 6-3 conservative; also imagine if no judge is appointed and it is then tied 4-4 when having to rule on a key element of what is widely expected to be a legally contested election; imagine the court being increased to 11 by Biden if he were to win; and imagine it going up to 15 or 17 if a Republican wins in 2024. This election was already seen as a potential risk event: arguably far more so now.

Next we go to DB’s Jim Reid who summarizes the outcome of RBG’s death as unveiling “lots of fascinating scenarios” to the table.

President Trump said that he would put forth a nominee to fill the seat and Senate Majority Leader McConnell said “President Trump’s nominee will receive a vote on the floor of the United States Senate,” indicating that Republican leadership will try to fill the seat ahead of the election. This represents a turn in the Majority leader’s thinking from 2016, where he did not allow a floor vote for then-President Obama’s nominee in an election year. The nomination and confirmation process will introduce a new element to an election not least because the court can hold sway over highly contentious issues like healthcare, abortion rights and gun law.

It brings lots of fascinating scenarios to the table. If Trump succeeds at getting his nomination through before the election there will be a 6-3 Republican bias to the Supreme Court which as discussed could have policy ramifications for the US for a generation. Democrats are up in arms that the Republicans won’t wait until after the election and are suggesting that may do extraordinary things to address the balance (like adding new judges to the bench) if they gain control of both the Senate and the White House. Congress altered the size of the bench seven times in the first eighty years of the republic (ranging from 5 to 10 justices) but this has not changed since the Judiciary Act of 1869. However getting the current Senate to confirm a nominee won’t be straight forward for Mr Trump as the GOP only hold a 53-47 majority in the Senate (with Vice President Pence serving as the tie-breaker) and a few members have already made noises that they don’t think a new judge should be added this close to the election. So even more drama added to an election campaign.

Finally, we present the Monday morning thoughts from Morgan Stanley analyst Michael Wilson who now expects a second leg of a market correction as a result of the mounting Fiscal Cliff concerns (which we have been discussing for the past month), coupled with the “Peak Fed” (as pointed out last night), with RBG’s death serving as the nail in the coffin of any hopes of an immediate rebound: “Fiscal negotiations have made little progress and the Fed failed to appease the doves on QE. The combination means lower equity prices before the correction, led by the Nasdaq, is over.”

He explains further:

We think the market is now faced with the following two potential outcomes:

  1. Congress fails to pass the bill and the recovery stalls or
  2. Congress does pass CARES 2, which is good for the recovery but is also bad for the long-end of the bond market.

In our view, the second outcome is more likely, while the first outcome would be a much greater threat to the bull market. Markets will be forced to watch and wait. At the end of the day, markets wobbling will be part of the pressure required to get a deal done. The question is how much pressure will be necessary.

This correction began on September 2, when equity markets failed to break through formidable longer-term resistance. The reasons are often unimportant at such junctures as the technicals simply take over, much like in August when markets went seemingly parabolic for “no reason.” Speaking of August, at this point, we think everyone understands the speculative drivers from both retail and certain institutional buyer(s) of call options in large cap technology stocks. The subsequent reversal of that speculation was naturally concentrated in those stocks too (Exhibit 2).

Perhaps even more interesting is the fact that the best performers this month have been stocks most levered to a continued economic recovery. In other words, the market does seem to be looking through the near-term risk of congressional legislative wrangling and expects something to get done. This means sustainable growth but higher back end rates – i.e. cyclicals over growth and defensives. Implicit in such a conclusion is our view that higher back end rates due to better growth and higher inflation should dissuade the Fed’s decision to engage in yield curve control.

Finally, the unexpected death of Supreme Court Justice Ruth Bader Ginsburg could stall passage of CARES2 in the near term as Democrats may back away from the bill if the President nominates his Supreme Court choice prior to the election.

In short, we believe the odds of scenario 1 may have just gone up, at least with respect to the timing of the next stimulus, and that could weigh on all equities and rates in the near term.

In conclusion, as the fog of political war lifts and as more clarity about the process of RBG’s replacement emerges, expect to see even more violent reactions in the market as the cascading consequences of the vacant SCOTUS seat flow through both the upcoming highly contested presidential elections, which as JPM already said is the “worst case scenario” for the market, and investor sentiment which is finally realizing that the record post-March rally is finally coming to an end.

end

Trump to make Supreme Court pick on Friday or Saturday

(zerohedge)

Trump To Make Supreme Court Nomination Friday Or Saturday

PJMedia.com’s Matt Margolis reports that  during an exclusive interview on Fox & Friends Monday morning,  President Trump revealed that his list of potential Supreme Court nominees to fill the vacancy left by Ruth Bader Ginsburg has been narrowed down to five and that he’ll announce his choice Friday or Saturday.

“The bottom line is we won the election, we have an obligation to do what’s right and act as quickly as possible,” Trump said.

I think it will be on Friday or Saturday and we want to pay respect. It looks like we will have services on Thursday or Friday, as I understand it, and I think we should, with all due respect for Justice Ginsburg, wait for services to be over.”

Ruth Bader Ginsburg died on Friday from metastatic pancreatic cancer. She was 87 years old.

As we previously detailed, the president’s list has likely been narrowed to two leading candidates, according to people familiar with the matter: federal appellate judges Amy Coney Barrett of the Seventh Circuit, in Chicago, and Barbara Lagoa of the 11th Circuit, in Atlanta.

  • Judge Barrett, 48 years old, was confirmed to the U.S. Circuit Court of Appeals in October 2017 in a 55-43 vote. She is popular among social conservatives and was a finalist for the post in 2018 when Mr. Trump chose Justice Brett Kavanaugh.
  • Judge Lagoa, 52, previously served as the first Hispanic woman on Florida’s high court.

Democrats have vowed to do anything in their power to either stop the nomination or retaliate afterward.

Nancy Pelosi refused to rule out using impeachment as a tactic to tie up the Senate to keep it from confirming a replacement. Chuck Schumer has also threatened to pack the court next year if Trump proceeds with the nomination.

But Democrats were previously all for election-year nominations to the Supreme Court.

“I made it absolutely clear that I would go forward with the confirmation process, as chairman – even a few months before a presidential election – if the nominee were chosen with the advice, and not merely the consent, of the Senate – just as the Constitution requires,” Biden said back in 2016.

“Eight is not a good number for a collegial body that sometimes disagrees.”

Even Ruth Bader Ginsburg said, “There’s nothing in the Constitution that says the president stops being president in his last year.”

*  *  *

Want to support PJ Media so we can continue telling the truth about what the Left is up to? Join PJ Media VIP TODAY and use the promo code LOYALTY to get 25% off your VIP membership

end

Trump vs Biden

a must read,,,

Trump Attacks Biden Over Opposition To Bin Laden Raid, Soleimani Strike

With the presidential debate just eight days away, President Trump has started hammering Joe Biden over his track record on foreign policy – including Biden’s skepticism over the raid that killed Osama bin Laden, his vote against the Iraq war, and his opposition to the January strike that killed Iranian General Qassem Soleimani, according to The Hill.

“No one has been more wrong, more often than Biden,” Trump tweeted late last week. “He voted FOR the Iraq War, he supported the defense sequester that gutted our military, he opposed the mission to take out Osama bin Laden, he opposed killing Soleimani, he oversaw the rise of ISIS, and he cheered the rise of China as a ‘positive development’ for America and the world.”

Trump advisers have declined to say whether the president will knock Biden over the fact that Hillary Clinton backed President Obama’s decision to strike Bin Laden, while Biden ‘was on the other side,’ according to statements made in 2015 by Hillary Clinton’s campaign an her allies.

In January, Biden said that the killing of Soleimani was equivalent to tossing “a stick of dynamite into a tinderbox.”

“Joe Biden has been on the wrong side of history for 47 years,” Trump said during a rally in Nevada last week, adding “He never called it right.

Biden allies say the former VP will be ready for Trump – with one close ally insisting “I think it’s safe to say that we know it’s a line of attack he’s going to use and I’m sure the VP will be ready to answer it when it does come up,” adding “They’re trying to make this an issue because they have nothing else to go on.”

“I’m confident he’ll be preparing for that,” another longtime aide told The Hill.

Whether Biden will be able to articulate his rebuttal in real time, without a teleprompter, is another story altogether.

Former Republican National Committee spokesman Doug Heye said that bringing up Biden’s history on military operations could resonate with military voters who may be on the fence, but “otherwise, the election is dominated by COVID and the economy, and potential flare ups in cities.”

Read the rest of the report here.

END

no surprise here:  New York City Portland and Seattle are labelled as “anarchist jurisdictions” and as such federal aid to those cities are in jeopardy

(zerohedge)

DoJ Labels NYC, Portland, & Seattle As “Anarchist Jurisdictions,” Federal Aid To Cities In Crosshairs

The feud between President Trump and Democratically-controlled cities, which have moved to defund police and enable rioters, sharply escalated Sunday after the Justice Department labeled New York City and three other metro areas as “anarchist jurisdictions,” according to a leaked report in the New York Post.

Portland, Oregon, and Seattle, Washington, were the two other cities identified as “anarchist jurisdictions” in a measure that was approved by Attorney General William Barr. The “anarchist” designations set the pathway for the Trump administration to defund these “lawless” metro areas, which would likely worsen an emerging fiscal crisis.

“When state and local leaders impede their law-enforcement officers and agencies from doing their jobs, it endangers innocent citizens who deserve to be protected, including those who are trying to assemble and protest peacefully,” Barr said in a statement, expected to be released Monday.

“We cannot allow federal tax dollars to be wasted when the safety of the citizenry hangs in the balance,” Barr added.

“It is my hope that the cities identified by the Department of Justice today will reverse course and become serious about performing the basic function of government and start protecting their own citizens,” he said.

In a five-page memo sent to federal agencies on Sept. 2, Trump directed Budget Director Vought to issue the new guidance within a month “to the heads of agencies on restricting the eligibility of or otherwise disfavoring, to the maximum extent permitted by law, anarchist jurisdictions in the receipt of federal grants.”

Trump tweeted on Sept. 2 that his administration “will do everything in its power to prevent weak mayors and lawless cities from taking Federal dollars while they let anarchists harm people, burn buildings, and ruin lives and businesses.”

He added at the end of the tweet: “We’re putting them [liberal cities] on notice today.”

Vought told the Post earlier this month that “American taxpayers who fund the great programs that our cities rely on deserve to be protected by their local city officials.” He added that the administration was “exploring all options to ensure federal resources flowing to lawless cities aren’t being squandered.”

“The lack of law and order surrounding these riots, and response from local leadership, is a dereliction of duty. Our men and women in blue cannot be handcuffed by local leadership in their efforts to respond to riots and protect their fellow citizens.”

iv) Swamp commentaries)

A damning film explores the shady deals orchestrated by the Bidens with the Chinese Military
Biden must not win the 2020 election
(zerohedge)

Hunter Biden Is “Riding The Dragon”: Bombshell Film Explores Shady Deals With China’s Military

In the lead-up to the November election political investigator and author Peter Schweizer, who currently heads the Florida-based Government Accountability Institute, has unveiled a bombshell exposé presenting damning evidence of Hunter and his father Joe Biden’s shady and hidden financial dealings with China.

Directed by Matthew Taylor, whose prior works include Clinton Cash and Creepy Line, the 41-minute film entitled “Riding the Dragon: The Bidens’ Chinese Secrets,” details a pile of corporate records, financial documents, legal briefings as well as court papers which tie Hunter’s firm with a major Chinese defense contractor, namely Aviation Industry Corp. of China (AVIC), and multiple other PLA linked companies.

“It’s a relationship that grew while Joe Biden was vice president of the United States and shortly after he was appointed the point person on U.S. policy towards China,” Schweizer, who narratives the film, described upon the documentary’s release earlier this month. “This new firm started making investment deals that would serve the strategic interests of the Chinese military.”

“It’s the story of the second most powerful man in the world at the time and how his family was striking deals with America’s chief rival on the global stage, the People’s Republic of China,” he added.

Watch the full length “Riding the Dragon” below:

end

As Crime Soars, Furious NYers Paint Giant “F**k Cuomo And De Blasio” Mural On Brooklyn Street

Amid soaring crime and plummeting business sentiment – both laid squarely at the feet of NYC mayor De Blasio and NY Governor Cuomo – New Yorkers sent a stereotypically blunt message to their ‘elected’ officials this weekend

The New York Post reported the mural was created around 1 a.m. Saturday during an annual block party that also served as a “small business owner protest.”

“A few partygoers got the idea to paint in huge [letters, using] yellow paint with rollers on North 15th, ‘F–k Cuomo and de Blasio,’” an unidentified attendee said Sunday.

“The party continued. Everyone took photos. It was a big hit. The crowds cheered, even the cops chuckled.”

As Fox News reports, the street art was written in the style of city-sanctioned projects reading “Black Lives Matter” that popped up during summer protests, including one outside of Manhattan’s Trump Tower, which de Blasio was seen personally helping  create and which also has become a vandalism magnet.

criminal mischief complaint had been filed over the incident the NYPD confirmed and added that an investigation is ongoing.

end
Looks like that they are at an cross roads again with Pelos risking a shutdown after she slashed 30 billion dollars in aid to the farmers.
(zerohedge)

Pelosi Risks Shutdown After Slashing GOP Farm Aid, Child-Nutrition From Bill

House Speaker Nancy Pelosi (D-CA) and House Democrats are risking a federal shutdown – releasing a stopgap government funding bill on Monday which failed to gain the support of the White House or Senate GOP, according to Bloomberg.

The bill extends current levels of funding beyond the Sept. 30 fiscal year deadline until December 11, however it excludes $30 billion in farm aid that the White House demanded, yet which Democrats insist on negotiating as part of separate stimulus negotiations, according to aides in both parties.

Senate Republicans from farm states pushed for the $30 billion to replenish funding for the U.S. Department of Agriculture’s Commodity Credit Corp., a government-owned entity that aims to stabilize farm income. President Donald Trump announced $13 billion in new aid to farmers, drawing from the CCC, at a rally in Wisconsin on Thursday, and the corporation had already projected an increase in demand for agriculture-risk coverage, price-loss coverage, and marketing-assistance loans. –Bloomberg

Pelosi’s stopgap bill, known as a continuing resolution, had been under intense negotiation between Democratic and GOP congressional leaders along with the White House.Democrats had initially pushed an idea to provide the farm aid in exchange for $2 billion in child-nutrition funding on Friday, however Pelosi called Treasury Secretary Steven Mnuchin on to cancel the trade. Instead, the House bill set for Monday release will exclude the child-nutrition money, which is part of a program which runs out at the end of the month.

Earlier this month, Pelosi and Mnuchin agreed to separate discussions on COVID-19 relief and the funding bill, as the pandemic stimulus talks have been at an impasse since August, with both sides around $1 trillion apart from each other.

END

BREAKING: More Photos of Biden Teleprompter Revealed

By Joe Hoft
Published September 21, 2020 at 11:38am
258 Comments

Joe Biden spoke last week in Duluth, Minnesota to a handful of campaign videographers and approved press.  The entire event was staged with Biden reading from his teleprompter and we now have proof.

The entire Duluth, Minnesota presser in Minnesota was a bad joke. 

The entire crowd was either media and Biden handlers.  He could have done it from his basement.

Unfortunately, for Biden a picture of Biden’s teleprompter was leaked from the event:

Of course there were chairs set up for reporters who listened in on the event but were not allowed to ask random questions:

Look at those men of integrity standing around assisting in the Biden production wondering if America will buy their garbage.

What a bunch of clowns.

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

Bullard said the surge in US Government spending is justified; the economic policy response to the pandemic has been ‘quite successful’; it looks like rates will stay low for quite a while; and there’s a good chance that the U.S. will experience an economic boom after the pandemic.  He also warned that inflation could turn hotter than expected.

Bullard: Loose central banks, big deficits could produce inflation

“You have more relaxed central banks…Huge fiscal deficits which historically have been a catalyst for inflation, and you have possible bottlenecks” in global supply chains because of virus-related shut downs… https://www.reuters.com/article/us-usa-fed-bullard/bullard-loose-central-banks-big-deficits-could-produce-inflation-idUSKBN2692E9

Mpls. Fed’s Kashkari explains why he hasn’t turned into a hawk on rates

The Minneapolis Fed chief wants interest rates held low until inflation is shown to be sustained… “until core inflation has reached 2% on a sustained basis.”…

https://www.startribune.com/mpls-fed-s-kashkari-explains-why-he-hasn-t-turned-into-a-hawk-on-rates/572453382/

Kashkari Urges Big Investors to Demand Banks Hold More Capital

“Why am I coming to you? Because you are uniquely positioned to drive much-needed reforms in the banking sector and the broader financial markets that have proven so fragile,”…

https://www.msn.com/en-us/money/markets/kashkari-urges-big-investors-to-demand-banks-hold-more-capital/ar-BB19bzqL

The Fed Bullard rally ended at 10:16 ET.  It was all downhill from there, with Nancy Pelosi accelerating the decline at midday.  By 13:31, ESX had tumbled 83 handles from their high.  Nasdaq was down 2.3%; the NY Fang+ Index was down 1.7%.

Stocks Drop to Session Lows after Pelosi Says She Is Sticking to $2.2 Trillion in Stimulus Bill Demand   https://www.zerohedge.com/markets/stocks-drop-session-lows-after-pelosi-says-she-sticking-22-trillion-stimulus-bill-demand

JPMorgan Warns Of $200 Billion in Forced Month-End Selling

The reason is that in quarters in which stocks outperform bonds – as they have in Q3 – funds need to rebalance by selling stocks to remain in compliance with their position mandates (vice versa in quarters when bonds outperform stocks)… https://www.zerohedge.com/markets/jpmorgan-warns-200-billion-forced-month-end-selling

Iran Would Have Enough Fissile Material for Nuclear Bomb by Year’s End, U.S. Official Says

United States to slap sanctions on over two dozen targets tied to Iran arms on Monday…

https://www.haaretz.com/us-news/u-s-official-iran-to-have-enough-fissile-material-for-nuclear-bomb-by-year-s-end-1.9171345

McConnell: GOP would ‘absolutely’ fill Supreme Court seat next year   09/03/19

He has argued that there was a divided government in 2016, but there would not be in 2019 or 2020 because Republicans control both the Senate and White House… So look, they can whine about this all day long. But under the Constitution, there is co-responsibility for appointments,” McConnell added…

https://thehill.com/homenews/senate/459715-mcconnell-gop-would-absolutely-fill-supreme-court-seat-next-year

Senate Majority Leader Mitch McConnell statement on Friday night: “President Trump’s nominee will receive a vote on the floor of the United States Senate.”  Mitch knows that if there is no vote on a SCOTUS nominee, conservatives will stay home on Election Day and the GOP will lose everything.  The GOP was set to lose a few seats in the 2018 election and control of the Senate.  However, Dem antics in the disgusting Kavanaugh Confirmation Hearings saved the GOP.

WSJ’s @KimStrassel: Democrats will take to every media outlet to claim it will be politically dangerous for GOP senators to move a nominee. The exact opposite is true. In 2018, 4 D senators lost their seats for opposing Kavanaugh: Heitkamp; Donnelly; McCaskill; Nelson.

U.S. Senate should not vote on Supreme Court nominee before election, says Republican Senator Collins [If she votes ‘no’, she will lose on 11/3 because GOP voters will desert her.  Our guess is she is virtue signaling about holding the vote but will vote to confirm if her vote is needed.] http://reut.rs/2Ef7NIm

Trump says a woman is in ‘first place’ to get his nomination for Supreme Court as he praises Hispanic judge Barbara Lagoa – He named… Amy Coney Barrett and Barbara Lagoa as possible nominees… https://www.dailymail.co.uk/news/article-8751529/Trump-says-woman-place-nomination-Supreme-Court.html#comments

@realDonaldTrump: @GOP  We were put in this position of power and importance to make decisions for the people who so proudly elected us, the most important of which has long been considered to be the selection of United States Supreme Court Justices. We have this obligation, without delay!

Senate Judicial Com Chair @LindseyGrahamSC: The two biggest changes regarding the Senate and judicial confirmations that have occurred in the last decade have come from Democrats.

*Harry Reid changed the rules to allow a simple majority vote for Circuit Court nominees dealing out the minority. * Chuck Schumer and his friends in the liberal media conspired to destroy the life of Brett Kavanaugh and hold that Supreme Court seat open.  In light of these two events, I will support President @realDonaldTrump in any effort to move forward regarding the recent vacancy created by the passing of Justice Ginsburg.

 

@CBS_Herridge: Statement from @SenAlexander: “Senator McConnell is only doing what Democrat leaders have said they would do if the shoe were on the other foot.

Majority in poll before Ginsburg’s death supported holding hearings in 2020 – 71 percent of independents, 68 percent of Republicans and 63 percent of Democrats saying confirmation hearings should be held… https://thehill.com/homenews/senate/517207-majority-in-poll-before-ginsburgs-death-supported-holding-hearings-in-2020

@Barnes_Law: The actual precedent – set by Joe Biden in 1992 – was that a split Senate/White House shouldn’t nominate anyone. We don’t have a split in 2020. Trump should nominate a smart, minority woman with a strong Constitutionalist orientation

Dems are threatening violence & impeachment [for exercising a Constitutional right] if a vote to replace RBG occurs. What party benefits from violence? If Lagoa or Barret is nominated as expected, Democrats will have to crucify a Catholic mother of seven, including two adopted children from Haiti or a Cuban mother of three daughters.  Who and what party will this benefit, particularly knowing suburban women are the key factor in the election now.

Ocasio-Cortez: ‘We Must Consider’ Impeaching Trump, Barr to Stop SCOTUS Nomination http://dlvr.it/Rh1FHF

@SteveGuest: Former Clinton aide George Stephanopoulos floats impeaching Trump or AG Bill Barr to Nancy Pelosi to prevent Trump from filling the vacancy on the Supreme Court. Pelosi: “We have our options. We have arrows in our quiver that I’m not about to discuss…”

https://twitter.com/SteveGuest/status/1307677575406379010

AOC urges Left to get ‘radicalized’ by Ginsburg’s death and fight ‘from the streets to the Senate’

https://www.bizpacreview.com/2020/09/19/aoc-urges-left-to-get-radicalized-by-ginsburg-death-and-fight-from-the-streets-to-the-senate-974316

SCOTUS battle prompts threats, calls for arson: ‘Burn Congress down’

‘If they even TRY to replace RBG we burn the entire f—–g thing down.’

https://www.foxnews.com/media/ginsburg-death-burn-it-down-threats

Nadler proposes Senate expand number of SCOTUS justices if Dems win election

https://www.foxnews.com/politics/nadler-senate-expand-scotus-justices-dems-win-election

@ChadPergram: Schumer on Amy Coney Barrett: She stands for all the things Ruth Bader Ginsburg was against and so many things that all that the vast majority of American people are against. I don’t know if she’ll be the nominee, but someone of that philosophy does not belong on the Court [Chuckie is already trashing Barrett.  By MSM & Dem standards, doesn’t this make him a repugnant misogynist?]

Who are the fascists that cannot tolerate losing power and will wreck the USA in an abject temper tantrum if they don’t get their way?  PS- Biden, in June, said he would announce a SCOTUS list.  Now, Joe says he will not announce a prospective SCOTUS nominee list.

@johnfund: The Court must be at a full compliment should any election disputes such as Bush v Gore

Sen. Ted Cruz: “I believe the president should next week nominate a successor to the court and I think it is critical the Senate takes up and confirms that successor before Election Day.”  Cruz noted that Hillary commanded Biden to not concede under any circumstances.

Sen. Cruz: After Ginsburg — 3 reasons why Senate must confirm her successor before Election Day

https://www.foxnews.com/opinion/sen-ted-cruz-ginsburg-senate-election.amp

Biden says he has 600 lawyers ready to fight election ‘chicanery’ by Trump

https://www.usatoday.com/story/news/politics/elections/2020/07/02/joe-biden-600-lawyers-ready-battle-trump-election-chicanery/5362546002/

Soros-Backed Coalition Preparing for Post-Election Day Chaos — ‘We’re Going to Fight Like Hell’

massive network of well-funded left-wing activists and progressive groups are training, organizing, and planning to mobilize millions of Americans should President Trump “contest the election results,” refuse to concede, or claim an early victory.  More than 80 advocacy groups and grassroots organizations have joined in a broad coalition calling itself “Protect the Results” and proclaiming that “we cannot ignore the threat that Trump poses to our democracy and a peaceful transition of power.”…

https://www.breitbart.com/politics/2020/09/17/soros-backed-coalition-preparing-for-post-election-day-chaos-were-going-to-fight-like-hell/

Michigan judge extends deadline for absentee ballots by 2 weeks

The judge also ruled that third-party ballot collection — sometimes pejoratively called “ballot harvesting” — can occur in the days leading up to Election Day. This means Michigan voters can give their ballots to “any third party of his or her choosing,” who will then return the absentee ballot. This process does somewhat increase the risk of fraud, but there are criminal penalties if third parties tamper with or destroy ballots… https://www.cnn.com/2020/09/18/politics/michigan-deadline-extended-for-absentee-ballots/index.html

@realDonaldTrump: The Democrat Trump Hater Secretary of State of Michigan, purposely misprinted Ballots for the Military, putting the wrong names on the Ballot, and actually listing a member of another party as a replacement for Vice President @Mike_Pence. Everybody is totally confused by their egregious behavior, which is just the way they want it. This was not a mistake, it was done illegally and on purpose. We want Mike!

@seanmdav: The time between the formal Supreme Court nomination of Sandra Day O’Connor and her final Senate confirmation was 33 days. (Aug. 19-Sep. 21, 1981).  For John Paul Stevens, the formal process took only 19 days (Nov. 28-Dec. 17, 1975).  There are 46 days until the election.

@TomFitton: Ruth Bader Ginsburg was confirmed 42 days after she was nominated by President Bill Clinton.   @RealDonaldTrump’s nominee should get the same speedy consideration by the Senate.

Sen. @tedcruz: 19 times between 1796 & 1968 presidents have sought to fill a Supreme Court vacancy in a presidential-election year while their party controlled the Senate. 10 of those nominations came before the election; 9 of the 10 were successful.” [Cruz says the GOP has the votes to confirm.]

https://nationalreview.com/2020/08/history-is-on-the-side-of-republicans-filling-a-supreme-court-vacancy-in-2020/

@JohnWHuber: A total of 61 SCOTUS justices have been nominated and confirmed to the Supreme Court since the turn of the last century (1900).  70% of these (43 Justices) were confirmed in *under 46 days* (the amount of time remaining until the Nov 3 Presidential election)

@TomFitton: COUP KARMA: If the Left can impeach and try to remove a president during an election year, a Supreme Court justice can certainly be appointed during an election year.

@paulsperry_: If Pelosi can ram through a sham impeachment, McConnell sure as hell can ram through a legitimate Supreme Court nomination

History lesson time: Biden and the Dems’ character assassination of Reagan SCOTUS nominee Robert Bork in 1987, which torpedoed Bork’s nomination, fostered enmity in US politics that has steadily worsened since that time.

@NanHayworth: And never forget that Joe Biden started us down this ugly road of character assassination masquerading as confirmation hearings when he torpedoed Robert Bork in 1987.

‘Moderate’ Joe Biden Bragged About the Political Hit Job on Robert Bork

The character assassination of Robert Bork first ignited the partisan political warfare that hit a fever pitch with Trump… “When I defeated Robert Bork, I made sure we guaranteed a woman’s right to choose for the better part of a generation.” Biden may be correct. When Reagan failed to confirm Bork in 1987, he nominated Anthony Kennedy, a far more liberal jurist…the “Borking” of Robert Bork helped create the “angry constituency” that spurred on Gingrich’s success…“… liberal lion Ted Kennedy declared to the public in a planned nationally televised speech that Robert Bork, President Ronald Reagan’s nominee to fill a High Court vacancy in 1986, was quite simply a monster. Here’s Kennedy: ‘Robert Bork’s America is a land in which women would be forced into back-alley abortions, blacks would sit at segregated lunch counters, rogue police could break down citizens’ doors in midnight raids, schoolchildren could not be taught about evolution, writers and artists would be censored at the whim of government, and the doors of the federal courts would be shut on the fingers of millions of citizens for whom the judiciary is often the only protector of the individual rights that are at the heart of our democracy.’”…

    “Liberal activist groups had decided, for the first time in American history, to wage an electronic-era political campaign against a Supreme Court candidacy, and the media aided the effort, covering the nomination not as a debate over competing ideas about the role of the American judiciary, but as a battle of good versus evil,”… Stage management was a key part of this made-for-tv political drama, and one of the central cast members was the Senate Judiciary Committee Chairman, Delaware Senator Joe Biden. His former staffers later admitted that Chairman Biden hatched a plan to work with outside advocacy groups to heighten the visibility of the Bork hearingsBiden thought a Supreme Court fight could be a key lever to boosting his name recognition in advance of the 1988 Democratic primary

https://pjmedia.com/news-and-politics/tyler-o-neil/2019/10/19/moderate-joe-biden-bragged-about-the-political-hit-job-on-robert-bork-n69803

CBS’s @weijia on Saturday: There are seven weekends left to campaign before Election Day.  Tonight the President is holding a rally in the battleground state of North Carolina.  The Biden team called a lid at 8:34am, which means we won’t see the former Vice President for the rest of the day.

Despite a ginormous political development, Team Biden called a ‘lid’ on Saturday morning for Joe.  Why sequester Joe with only 44 days until the election?!  Joe did not look well on Friday night.

@Breaking911: Joe Biden struggles to read prepared remarks after passing of Ruth Bader Ginsburg.

“The voters should pick the president & the president should pick the justice for the Senate to consider.”

https://twitter.com/Breaking911/status/1307151318201622528

Team Joe barred local media from his Minnesota rally (Fri.) and “yanked his only one-on-one interview”.

KBJR6 News’ @DanWolfeKBJR: The @JoeBiden camp still hasn’t released info to all media as far as exact time and location. We had to get it from NBC. Also, it’s pool only. No media inside the hall. They also yanked the only one-on-one interviewBegs the question: what’s the point of coming here at all?

Clips from Biden’s rally in Minnesota on Friday; Joe again took no questions

https://twitter.com/TCPigott/status/1307055627731185667   https://twitter.com/KarluskaP/status/1307055809340362755

Joe surfaced in Philly on Sunday.  Biden appeared, feebly read from the Teleprompter for about 15 minutes, made a huge gaffe, a political mistake and then fled to avoid reporters’ questions.

Biden’s disturbing start to his speech:  https://twitter.com/JackPosobiec/status/1307764386824683520

Joe Biden: “It’s estimated that 200 million people will die, probably by the time I finish this talk.”

https://twitter.com/TrumpWarRoom/status/1307752575354261505

Fox News: Biden says ‘I should be the one who nominates Justice Ginsburg’s successor’ during campaign stop in Philadelphia [A great way to unite the GOP and energize their base!]

CNN slammed for soft questions during Biden town hall: ‘The media is broken’

When Politico accuses CNN of a softball Interview, you know there’s a problem…

https://thehill.com/homenews/media/517053-cnn-slammed-for-soft-questions-during-biden-town-hall-the-media-is-broken

 

CNN’s @SteveKrak: Joe Biden and Anderson Cooper are making a point of social distancing during the CNN Town Hall while on the stage. But when they think they’ve gone to commercial break, they get so close to each other that Biden is whispering in Cooper’s ear: https://twitter.com/SteveKrak/status/1306761279365885955

Biden Resurrects False Claim That Helped Ruin His 1988 Presidential Run

Joe Biden is not the first person in his family to attend college. But he has a lengthy history of claiming otherwise, no matter how much the lie gets him in trouble… https://t.co/iFUcY3XWaL

@CharlotteAlter on Sept. 17: Biden: “Guys like me, the first in my family to go to college… we are as good as anybody else, and guys like Trump, who inherited everything and squandered what they inherited, are the people I’ve always had a problem with.

Biden on why the super-wealthy should pay their fair share

https://twitter.com/ColumbiaBugle/status/1306914222601695233

@ArthurSchwartz: When answering a question about the Green New Deal, Biden forgets what he’s talking about and calls for schools to be ventilated [spend $100B to ventilate schools!]. This is what happens when he doesn’t have a teleprompter.  https://twitter.com/ArthurSchwartz/status/1306763522584576015

Biden supporter to Joe: “I look out over my Biden Sign in my front yard and I see a sea of Trump flags and yard signs… What is your plan to build a bridge with voters of the opposing party…”   https://www.youtube.com/watch?v=7t02Chy24h8

“You know there’s that great philosopher, a, and he talked about.  Jill puts notes up on my a, on my mirror when she wants me to… where I shave… a… to get messages, messages across to me.”

https://twitter.com/FogCityMidge/status/1307026324544827392

Fox’s @ChadPergram: Nadler/Schiff/Lofgren ask DoJ IG to open an emergency investigation into whether Attorney General William Barr, U.S. Attorney John Durham. Concerned their comments could improperly influence the upcoming presidential election. [Indictments must be imminent!]

@paulsperry_: The Biden campaign is worried about what Durham may uncover in the Spygate probe. Kamala Harris yesterday signed a letter to IG Horowitz demanding he investigate the investigation of the investigation before Durham can announce any “significant developments” before the election

WaPo: Book excerpt: An FBI sex crimes investigator helped trigger 2016’s ‘October Surprise’

He had told his bosses about the Clinton emails weeks ago. Nothing had happened. Or rather, the only thing that had happened was his boss had instructed Robertson to erase his computer work station

    “I have very deep misgivings about the institutional response of the FBI to the congressional investigation into the Hillary Clinton email matter,”… “Put simply: I don’t believe the handling of the material I have by the FBI is ethically or morally right…“I was told by [Kramer] [Weiner prosecutor] that should I ‘whistleblow,’ I will be prosecuted, and she wished to ‘talk me out of it’…

https://www.washingtonpost.com/national-security/october-surprise-clinton-emails-fbi-/2020/09/17/518ef8a2-f2dc-11ea-b796-2dd09962649c_story.html

The Soros Cover-Up by Newt Gingrich

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…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 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…   https://americanmind.org/post/the-soros-cover-up/

Glenn Beck: Fox Told Me No Talk about God, Israel, or Soros

https://www.newsmax.com/us/glenn-beck-censorship-democrat-funding/2020/09/17/id/987535/

Joe Biden spent decades warning of voter fraud — now called a myth by Dems

https://nypost.com/2020/09/19/biden-spent-years-warning-of-voter-fraud-now-call-a-myth/

Bill de Blasio’s City Hall rife with dysfunction, bombshell emails reveal

https://nypost.com/2020/09/17/bill-de-blasios-city-hall-rife-with-dysfunction-new-emails-show/amp/

 

CNN (Seriously) Claims That Covid Will Spread at Trump Rallies but Not BLM Protests

“At protests many people are aware of the risks and doing everything they can to reduce that risk versus at many of the rallies we are seeing people going in defiance”…

https://summit.news/2020/09/18/video-cnn-seriously-claims-that-covid-will-spread-at-trump-rallies-but-not-blm-protests/

Sen. John Thune (R-SD), an establishment Republican who once urged Donald Trump to drop out of the 2016 presidential race, is slow-walking a Trump nominee to the FCC whose confirmation is critical to tackling Big Tech censorship…[If DJT wins, he will exact retribution on RINOs & the GOP Estab.]

https://www.breitbart.com/tech/2020/09/18/sen-john-thune-delaying-trump-fcc-nominee-critical-to-tackling-big-tech-bias/

Well that is all for today

I will see you TUESDAY night.

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