SEPT 25//GOLD DOWN $10.80 TO $1863.80//SILVER DOWN 14 CENTS TO $23.01//HUGE ADVANCE IN GOLD STANDING AT THE COMEX TO 15.346 TONNES/ALSO GOOD ADVANCE IN SILVER OZ STANDING//OCTOBER OI IN GOLD HOLDING UP QUITE WELL WITH THE LIQUIDATION OF OUR SPREADERS//CORONAVIRUS UPDATE/HUGE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1863.80  DOWN $10.80   The quote is London spot price

 

 

 

 

 

Silver:$23.01 DOWN  $0.14   London spot price ( cash market)

Comex options expiry is now over and the bankers made out like bandits again.  We still have to deal with the bigger options expiry on Wednesday Sept 30 at 10 am-11 am est

October is going to be a dandy delivery month.  Today we lost 19,000 spreaders and our count of OI is 40,000. We had a huge number of calls exercised yesterday.

 

We will keep you abreast  on that.

Only 100 oz of gold left all comex vaults..very surprising.

In USA economic news, we still do not have any deal between Mnuchin and Pelosi and it is this deal that everybody is waiting for.

 

 

 

 

comex option expiry FRIDAY: Sept 25

LBMA/OTC options expiry:  Sept 30

It is going to be an interesting week…

 

your data…

 

Closing access prices:  London spot

 

i)Gold : $1861.50  LONDON SPOT  4:30 pm

 

ii)SILVER:  $22.92//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

 

 

OCT GOLD:  1857.40  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /: $6.05 BACKWARD//  VERY CHEAP@!! THIS IS A MAGNET TO ATTRACT THOSE WILLING TO PURCHASE AND THEN TAKE DELIVERY OF METAL.

 

 

 

DEC. GOLD  $1865.90   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.40/ CONTANGO   ( $4.60 BELOW NORMAL CONTANGO) //allows for exch. for physical to be issued at lower cost.

 

CLOSING SILVER FUTURE MONTH

 

SILVER SEPT COMEX CLOSE;   $23.05…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 4 CENTS CONTANGO//  NORMAL CONTANGO)

SILVER DECEMBER  CLOSE:     $23.07  1:30  PM SPREAD SPOT/FUTURE DEC.       :   6  CENTS PER OZ  CONTANGO (  NORMAL CONTANGO)

 

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COMEX DATA

 

 

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

receiving today:  163/180

EXCHANGE: COMEX
CONTRACT: SEPTEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,868.300000000 USD
INTENT DATE: 09/24/2020 DELIVERY DATE: 09/28/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 8
657 C MORGAN STANLEY 173
657 H MORGAN STANLEY 7
661 C JP MORGAN 1
661 H JP MORGAN 162
685 C RJ OBRIEN 5
686 C INTL FCSTONE 1
737 C ADVANTAGE 1
800 C MAREX SPEC 1
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 180 180
MONTH TO DATE: 4,889

issued:  0

 

 

NUMBER OF NOTICES FILED TODAY FOR  SEPT CONTRACT: 180 NOTICE(S) FOR 18,000 OZ  (0.5598 tonnes)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  4889 NOTICES FOR 488,900 OZ  (15.2068 tonnes) 

 

 

SILVER

 

 

13 NOTICE(S) FILED TODAY FOR 65,000  OZ/

total number of notices filed so far this month: 11,021 for 55.105 MILLION oz

 

BITCOIN MORNING QUOTE  $10593  DOWN 109

 

BITCOIN AFTERNOON QUOTE.: $10728. DOWN 5

 

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $10.80AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A SMALL WITHDRAWAL OF .3 TONNES FROM THE GLD

 

GLD: 1,266.84 TONNES OF GOLD//

 

 

WITH SILVER DOWN  $.14  TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV.

TWO SEPARATE TRANSACTIONS TODAY:

UNBELIEVABLE:  A HUGE PAPER WITHDRAWAL OF 8.282 MILLION OZ FROM THE SLV//

AND THEN A PAPER DEPOSIT OF 1.861 MILLION OZ INTO THE SLV//

 

SLV: 547.022  MILLION OZ./

 

 

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Let us have a look at the data for today

 

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IN SILVER THE COMEX OI FELL BY A STRONG 2208 CONTRACTS FROM 157,071 DOWN TO 154,863, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR $0.15 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE  LOSS IN COMEX OI IS  DUE TO  CONSIDERABLE BANKER AND ALGO  SHORT COVERING..  COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL. WE ALSO HAD PROBABLE ZERO LONG LIQUIDATION, WITH A VERY STRONG INCREASE IN SILVER OZ  STANDING  AT THE COMEX FOR SEPT.  WE HAD A STRONG NET LOSS IN OUR TWO EXCHANGES OF 1433 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:  775, AS WE HAD THE FOLLOWING ISSUANCE:  SEP 0;  DEC:  775, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  775 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

55.205 MILLION OZ INITIALLY STANDING IN SEPT

 

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.15) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE PROBABLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS EVEN THOUGH WE HAD A CONSIDERABLE LOSS IN OUR TWO EXCHANGES (1290 CONTRACTS). NO DOUBT THE MAJORITY OF THE LOSS IN OI WAS DUE TO BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A VERY STRONG GAIN IN SILVER OZ STANDING  FOR SEPTEMBER, 3) STRONG COMEX LOSS AND 4) MINOR LONG LIQUIDATION (IF ANY).  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:

13,519 CONTRACTS (FOR 18 TRADING DAY(S) TOTAL 13,519 CONTRACTS) OR 67.595 MILLION OZ: (AVERAGE PER DAY: 751 CONTRACTS OR 3.755 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF SEPT: 67.59 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.65% 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:          1,447.29 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                                67.59 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

 

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2208, DESPITE OUR  $0.15 RISE IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 775 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

 

 

TODAY WE LOST A STRONG SIZED 1433 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $0.15 RISE IN PRICE)//

 

 

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 775 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED DECREASE OF 2,208 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.15 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $23.15 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.791 BILLION OZ TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).

FOR THE NEW AUGUST  DELIVERY MONTH/ THEY FILED AT THE COMEX: 13 NOTICE(S) FOR 65,000 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. 55.205 MILLION OZ//
  2. THE  RECORD PRIOR TO TODAY WAS SET IN FEB 25/2018:  244,710 CONTRACTS,  WITH A SILVER PRICE OF $18.90//.
  3. HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/  AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

 

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

 

 

GOLD

 

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GIGANTIC SIZED 17,979 CONTRACTS TO 561,032 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE HUGE SIZED LOSS IN COMEX OI OCCURRED  DESPITE OUR GAIN IN PRICE  OF $9.30 /// COMEX GOLD TRADING// THURSDAY WITH ALL OF THE LOSS DUE TO THE COMMENCEMENT OF SPREADER LIQUIDATION//WE PROBABLY HAD SOME BANKER/ALGO SHORT COVERING. BASICALLY, NOBODY OF IMPORTANCE HAS LEFT THE GOLD ARENA.  WE ALSO HAD A HUGE 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 $9.30. 

 

 

WE HAD A VOLUME OF 10    4 -GC CONTRACTS//OPEN INTEREST  91//

 

 

WE LOST A STRONG SIZED 15,306 CONTRACTS  (47.60 TONNES) ON OUR TWO EXCHANGES. ALL OF THE LOSS WAS DUE TO SPREADER LIQUIDATION.

 

E.F.P. ISSUANCE

 

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 2673 CONTRACTS:

CONTRACT . OCT: 0 DEC: 2673; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 2673.  The NEW COMEX OI for the gold complex rests at 561,032. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 15,306 CONTRACTS: 17,979 CONTRACTS DECREASED AT THE COMEX AND 2673 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 15,306 CONTRACTS OR 47.60 TONNES.

 

 

 

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2673) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI  (17,979 OI): TOTAL LOSS IN THE TWO EXCHANGES:  15,306 CONTRACTS. WE NO DOUBT HAD 1 ) SOME BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)A HUGE ADVANCE IN  STANDING AT THE GOLD COMEX FOR THE FRONT SEPT. MONTH,  3) MINOR LONG LIQUIDATION (IF ANY);4) HUGE COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL AND 6) HUGE SPREADER LIQUIDATION…  AND  ...ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//THURSDAY//$9.30.

OUR SPREADERS TODAY WERE IN FULL FORCE AS THEIR LIQUIDATION PROCESS PROCEEDED INTO HIGH GEAR.

 

 

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.

 

 

FOR DETAILS ON THE SPREADING EXERCISE HERE IS A BRIEF OUTLINE:

 

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 : 50,489, CONTRACTS OR 50,489 oz OR 157,04 TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 2924 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 157.04 TONNES

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

THUS EFP TRANSFERS REPRESENTS 157.04/3550 x 100% TONNES =4.420% OF GLOBAL ANNUAL PRODUCTION

 

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,541,92  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:                       157.04 TONNES (EFP’s AGAIN RISING DUE TO BACKWARDATION/LOWER FUTURE PREMIUMS//THUS LESS COST TO CARRY)

 

 

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

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

 

1.Today, we had the open interest at the comex, in SILVER, FELL BY A STRONG SIZED 2208 CONTRACTS FROM 157,071, DOWN TO 154,863 AND FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)    SOME BANKER SHORT COVERING//ALGO SHORT COVERING  , 2) A SMALL  ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG GAIN IN OUNCES STANDING FOR SILVER AT THE COMEX FOR SEPT., AND 4) MINOR LONG LIQUIDATION (IF ANY,)

 

 

 

 

EFP ISSUANCE 775 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. 760 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 775 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 2208 CONTRACTS TO THE 775 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 1433 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 7,165 MILLION  OZ, OCCURRED WITH OUR $0.15 RISE IN PRICE///

 

 

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURDAY NIGHT: 

SHANGHAI CLOSED DOWN 3.76 POINTS OR 1.04%  //Hang Sang CLOSED DOWN 75.65 POINTS OR 0.32%   /The Nikkei closed UP 116.80 POINTS OR 1.97%//Australia’s all ordinaires CLOSED UP 1.39%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8305 /Oil UP TO 39.84 dollars per barrel for WTI and 41.66 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8305 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8373 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

 

 

 

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

 

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTERES  FELL BY BY A HUGE SIZED 17,979 CONTRACTS TO 561,032 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 $9.30 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (2673 CONTRACTS),.ALL OF THE LOSS DUE TO COMMENCEMENT OF SPREADER LIQUIDATION.    WE  ALSO PROBABLY HAD  1)  SOME BANKER SHORT COVERING,  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 STRONG SIZED LOSS ON OUR TWO EXCHANGES OF 15,306 CONTRACTS. 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 AN INCREASE IN EFP ISSUANCE DUE TO THE LOW PREMIUMS ON THE FUTURE GOLD PRICES AND THUS THE ISSUANCE OF THOSE EFP’S

 

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..WE SAW A BIG NOTICE FILED LAST NIGHT OF 180 NOTICES AS OUR BANKERS MUST FIND GOLD AND SUPPLY OUR LONDONERS WITH THEIR METAL.

 

 

 

(SEE BELOW)

 

 

WE  HAD 10    4 -GC VOLUME//open interest LOWERS TO 91

 

 

 

 

 

 

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE NON  ACTIVE DELIVERY MONTH OF SEPT..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 2673 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 2673; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2673  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 15,306 TOTAL CONTRACTS IN THAT 2673 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A HUGE  SIZED 17,979 COMEX CONTRACTS WITH THE ENTIRE LOSS DUE TO THE SPREADER COMMENCEMENT EXERCISE.   

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $9.30).  AND, THEY WERE  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED   47.600 TONNES, AND ALL OF THAT LOSS WAS SPREADER LIQUIDATION.   

 

 

NET LOSS ON THE TWO EXCHANGES :: 15,306, CONTRACTS OR 1,530,600 OZ OR 47.600 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:  561,032 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.10 MILLION OZ/32,150 OZ PER TONNE =  1744 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1744/2200 OR 79.31% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

 

Trading Volumes on the COMEX TODAY: 129,291 contracts// volume poor/

 

 

 

 

CONFIRMED COMEX VOL. FOR YESTERDAY:  372,386 contracts//  volume: fair //most of our traders have left for London

 

 

SEPT 25 /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 127,703.772 oz

Brinks

 

 

 

Deposits to the Customer Inventory, in oz  

350,017.214

OZ

BRINKS

HSBC

JPMORGAN

 

 

 

No of oz served (contracts) today
180 notice(s)
 18,000 OZ
(.5598 TONNES)
No of oz to be served (notices)
48 contracts
(4800 oz)
0.1493 TONNES
Total monthly oz gold served (contracts) so far this month
4889 notices
488,900 OZ
15.2068 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 1 deposit into the dealer

 

i) Into Brinks dealer:  127,703.772 oz

total deposit: 127,703.772 oz

3.97 tonnes

 

 

 

total dealer withdrawals: nil oz

 

 

we had 3 deposit into the customer account

i) Into Brinks customer account:  230,207.560 oz

ii) Into HSBC 11,977.75 oz

iii) Into JPMorgan; 107,831.904 oz

 

 

 

total customer deposit:  350,017.214     oz

10.88 tonnes

total weight dealer and customer: 14.85 tonnes

 

 

we had 1 gold withdrawals from the customer account:

 

i) Only 100.101 tonnes leaves from JPMorgan

 

total withdrawals; 100.101 oz

 

 

 

We had 2  kilobar transactions  +

 

ADJUSTMENTS: 4 // all customer into the dealer

i) Out of HSBC: 104,458.599 oz customer into dealer

ii) JPMorgan:  15,975.775 oz

iii) Malca:  163,970.100 oz  5100 kilobars

iv) Scotia;  30,671.100 oz  954 kilobars

 

 

 

The front month of SEPT registered a total of 228 contracts for a GAIN of 177 contracts.  We had 2 notices filed on Thursday, so we gained  179 contracts or an additional 17900 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 11 days. The gain of 177 oi contracts no doubt was due to our EFP filings for late gold September delivery.

Oct LOST 19,815 contracts DOWN to 40434. Almost all of this loss was due to spreader liquidation.

 

November gained 134 contracts to stand at 500.

The big December contract GAINED 732 contracts UP to 431,635 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER. 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(GOLDMAN SACHS) JUST CANNOT WAIT FOR DECEMBER AS THEY ARE MAKING THEIR MOVE ON OCTOBER FOR PHYSICAL METAL. GOLDMAN SACHS ONE OF THE LEADERS OF THE NEW LONDON LME EXCHANGE NEEDS THE GOLD INVENTORY FOR LIQUIDITY AND INITIAL CONTRIBUTION WITH OTHER MAJOR PLAYERS.

 

 

 

We had  180 notices filed today for  18000 oz

 

FOR THE SEPT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 180  contract(s) of which 1  notices were stopped (received) by j.P. Morgan dealer and 162 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 (4889) x 100 oz , to which we add the difference between the open interest for the front month of  SEPT (228 CONTRACTS ) minus the number of notices served upon today (180 x 100 oz per contract) equals 493,700 OZ OR 15.356 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 (4889, x 100 oz +228 OI) for the front month minus the number of notices served upon today (180) x 100 oz which equals 493,700 oz standing OR 15.356 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 179 contracts or an additional 17900 oz will try their luck searching for metal on this side of the pond. Goldman Sachs is in urgent need of physical gold tonight.

 

 

 

 

 

NEW PLEDGED GOLD:  BRINKS

 

341,002.945 oz NOW PLEDGED  SEPT 15.2020/HSBC  10.606 TONNES

 

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

deleted Int. Delaware pledge July 7  (600 tonnes)

277,934.09 oz  (some deleted august 3)         JPM  8.644 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:  1,322,808.242 oz                                     41.14 tonnes

 

 

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 465.83 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 15.356 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  16,299,364.181 oz or 506.98 tonnes
total weight of pledged:  1,322,808.242 oz or 41.14 tonnes
thus:
registered gold that can be used to settle upon: 14,976,556.0  (465.83 tonnes)
true registered gold  (total registered – pledged tonnes  14,976,556.0 (465.83 tonnes)
total eligible gold:  20,784,605.605 oz (646.48 tonnes)

total registered, pledged  and eligible (customer) gold  37,083,969.423 oz 1,153.46 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1027.12 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 25/2020

And now for the wild silver comex results

And now for the wild silver comex results

 

INITIAL STANDINGS

SEPT. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
601,103.317 oz
CNT

 

 

 

Deposits to the Dealer Inventory
nil oz

 

Deposits to the Customer Inventory
2,105,505.600 oz
Brinks
JPMorgan
Scotia
No of oz served today (contracts)
13
CONTRACT(S)
(65,000 OZ)
No of oz to be served (notices)
20 contracts
 100,000 oz)
Total monthly oz silver served (contracts)  11,021 contracts

55,105,000 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 deposits into the dealer:

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

 

total dealer withdrawals: nil oz

 

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

i)into JPMorgan:  603,072.800 oz

ii) Into Brinks:  354,591.300 oz

iii) Into Scotia: 1,147,841.500 oz

 

 

 

 

 

 

 

 

 

 

JPMorgan now has 183.738 million oz of  total silver inventory or 49.32% of all official comex silver. (183.738 million/372.664 million

 

total customer deposits today:  2,105,505.600   oz

we had 1 withdrawals:

 

i) Out of CNT: 601,103.317

total withdrawals; 601,103.317    oz

We had 1 adjustments/

Out of Loomis  (dealer to customer)

233,971.800 oz

 

Total dealer(registered) silver: 142.345 million oz

total registered and eligible silver:  372.664 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

the front month of SEPTEMBER registered an open interest of 33 contracts thus losing 98 contracts.  We had 107 notices filed on THURSDAY so we GAINED a strong 9 contracts or an additional 45,000 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 1 contract to stand at 1944. November GAINED 37 contracts to stand at 72,

The big December contract month saw its OI contract by 2445 contracts down to 132,068

 

 

The total number of notices filed today for the SEPT 2020. contract month is represented by 13 contract(s) FOR 65,000 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 11,021 x 5,000 oz = 55,105,000 oz to which we add the difference between the open interest for the front month of SEPT( 33) and the number of notices served upon today 13 x (5000 oz) equals the number of ounces standing.

 

Thus the INITIAL standings for silver for the SEPT/2019 contract month: 11,021 (notices served so far) x 5000 oz + OI for front month of SEPT  (33)- number of notices served upon today (13) x 5000 oz of silver standing for the SEPT contract month .equals 55,205,000 oz. ..VERY STRONG FOR AN ACTIVE MONTH.

We GAINED  9 contracts or AN ADDITIONAL 45,000 oz. WILL STAND FOR DELIVERY IN THIS ACTIVE DELIVERY MONTH, AS COMEX LONGS LOOK FOR METAL ON THE THIS SIDE OF THE POND! SOME OF THIS EXTRA SILVER BEING SERVED UPON IS COMING FROM THESE EFP’S OVER FROM LONDON.

 

 

TODAY’S ESTIMATED SILVER VOLUME : 49,212 CONTRACTS // volume  weak//

 

 

 

 

 

FOR YESTERDAY   167,129.  ,CONFIRMED VOLUME// strong/

 

 

 

YESTERDAY’S CONFIRMED VOLUME OF 167,129 CONTRACTS EQUATES to 0.835 billion  OZ 119.0% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

 

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

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

end

 

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 2.58% ((SEPT 25/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.06% to NAV:   (SEPT 25/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.58%

(courtesy Sprott/GATA

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

NAV 18.77 TRADING 18.66///NEGATIVE 3.27

END

 

 

 

And now the Gold inventory at the GLD/

SEPT 25//WITH GOLD DOWN 410.80 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .3 TONNES FROM THE GLD////INVENTORY RESTS AT 1266.84 TONNES

SEPT 24/WITH GOLD UP $9.80 TODAY:NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1267.14TONNES.

SEPT 23//WITH GOLD DOWN $28.00 TODAY//A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 11.68 TONNES FROM THE GLD////INVENTORY RESTS AT 1267.14 TONNES

SEPT 22/WITH GOLD DOWN $4.50 TODAY, A MONSTROUS CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 18.98 TONNES OF PAPER GOLD ENTER THE GLD///// INVENTORY RESTS AT 1278.62TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Inventory rests tonight at

SEPT 25/ GLD INVENTORY 1266.84 tonnes*

LAST;  908 TRADING DAYS:   +327.43 NET TONNES HAVE BEEN ADDED THE GLD

 

LAST 808 TRADING DAYS://+505.96  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

 

end

 

 

Now the SLV Inventory/

SEPT 25/WITH SILVER DOWN 14 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: 2 TRANSACTIONS: A PAPER WITHDRAWAL OF 8.28 MILION OZ FROM THE SLV AND A DEPOSIT OF 1.861 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 547.022 MILLION OZ//

SEPT 24//WITH SILVER UP 15 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 553.443 MILLION OZ//

SEPT 23//WITH SILVER DOWN $1.41: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.048 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 553.443 MILLION OZ///

SEPT 22/WITH SILVER DOWN ONE CENT TODAY: A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.141 MILLION OZ////INVENTORY RESTS AT 555.491 MILLION OZ..

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 553.350MILLION 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//

 

SEPT 25.2020:

SLV INVENTORY RESTS TONIGHT AT

547.022 MILLION OZ

 

 

 

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

Opportunities in Short Term Weakness in Precious Metals [Charts]

Momentum selling took gold and silver through more levels of technical support yesterday the market dealt with a number of negative influences.

The recent increase in volatility has forced a increase in margin requirements which tends to fuel short term selling in precious metals.

This coupled with continuing short term weakness in the equity markets, increased fears about the impact of Covid 19 on employment and the economy and a recent strengthening of the US dollar have all weighed heavily on gold and more so on silver which fell by a further 6.5% yesterday

As you will see from the gold chart, having fallen through support at $1,910 there is no major technical support until $1,810 and below that $1,750. The 200 Day Moving Average, currently sitting at $1,722 will be closely watched by traders and would provide very strong support for gold should the selling continue.

A bounce from here would encounter resistance at $1,910.

Silver has been even more volatile than gold as the white metal hit a low of $21.65 overnight.

Again momentum selling has taken siver through the support levels at $23.00 and $22.50 which will now become resistance on a move back higher.

With no technical support until $19.50 or the 200 Day Moving Average at $19.10 a deeper correction may be on the cards if the selling persists.

Stock markets are looking vulnerable and a further sell-off will effect all markets short term. However, this presents opportunities to establish new long positions in Precious Metals or add new positions at lower levels for those who understand and appreciate the long term benefit and potential for gold and silver.

NEWS and COMMENTARY

Is Gold’s Big Rally Over? Here Are Five Key Charts to Watch

Gold Slides to Two-Month Low as Dollar Gains Embolden Bears

Gold languishes at two-month low as dollar rallies

U.S. stock futures see volatile moves following sell-off on Wall Street

U.S. stock futures see volatile moves following sell-off on Wall Street

 

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

23-Sep-20 1888.10 1873.40 1483.48 1470.06 1611.49 1603.63
22-Sep-20 1903.10 1906.00 1487.46 1493.16 1621.63 1625.25
21-Sep-20 1930.90 1909.35 1503.21 1489.48 1638.18 1624.47
18-Sep-20 1954.75 1950.85 1505.16 1508.01 1647.85 1648.66
17-Sep-20 1936.10 1936.25 1494.67 1499.82 1642.78 1640.20
16-Sep-20 1964.80 1961.80 1521.15 1512.55 1654.56 1656.74
15-Sep-20 1963.55 1949.35 1523.13 1513.09 1652.13 1644.67
14-Sep-20 1942.30 1958.70 1511.69 1518.97 1638.14 1648.83
11-Sep-20 1944.50 1947.40 1519.82 1523.06 1639.41 1644.38
10-Sep-20 1944.80 1966.25 1493.41 1519.71 1643.74 1651.26
09-Sep-20 1928.40 1947.20 1489.69 1496.62 1638.56 1647.14
08-Sep-20 1920.60 1910.95 1467.72 1466.27 1626.17 1622.40
07-Sep-20 1928.40 1928.45 1463.08 1465.43 1629.88 1631.47
04-Sep-20 1937.60 1926.30 1456.49 1459.56 1634.75 1633.12
03-Sep-20 1934.10 1940.45 1453.86 1459.99 1635.28 1637.74

 

Access Latest Goldnomics Podcast (Part II) Here 

 

 

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Mark O’Byrne

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

Pam and Russ Martens: Don’t tell the Fed these ‘strong’ Wall Street banks have tanked 34-48% this year

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Thursday, September 24, 2020

Federal Reserve Chairman Jerome Powell’s oft-repeated mantra this year — that the behemoth Wall Street banks “are a source of strength” in this economic crisis — is melting away faster than a snow cone in July, along with the share prices of these banks. So whom should Americans believe: the composite wisdom of the market or the opinion of a federal regulator whose supervision of these banks has been far from stellar?

The market would seem to have spoken clearly on just how “strong” these banks are. Since the first trading day of the year, January 2, to yesterday’s closing price, here’s the factual reality of just how much common equity capital these banks have bled.

Citigroup is down a stunning 48 percent, losing almost half its common equity capital; Bank of America has lost 35 percent; while JPMorgan Chase, the bank that has perpetually bragged about its “fortress balance sheet,” is down 34 percent year-to-date. And the U.S. is only seven months into what could become a prolonged economic downturn.

 

Powell has to tippy-toe around the Wall Street mega banks’ condition because, as of June 30, according to the Federal Deposit Insurance Corp., Citigroup is sitting on $1.2 trillion of deposits, of which half are foreign and might take flight; Bank of America is sitting on $1.8 trillion in deposits, of which 94 percent are U.S.-based; and JPMorgan Chase holds $2 trillion in deposits, of which $1.7 trillion or 85 percent are U.S.-based.

As of September 10 the FDIC reports that the United States had 5,059 federally insured institutions including banks and savings associations. The three banks named above are holding 30 percent of all deposits held by all 5,059 federally insured financial institutions in the U.S. while representing just 0.059 percent of the number of federally insured institutions. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/09/shhh-dont-tell-the-fed-these-wall…

END

Andrew Maguire:

latest video

 

iii) Other physical stories:

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 6.8305

 

//OFFSHORE YUAN:  6.8373   /shanghai bourse CLOSED DOWN 3.76 POINTS OR 0.12%

HANG SANG CLOSED DOWN 75.65 POINTS OR 0.32%

 

2. Nikkei closed UP 116.80 POINTS OR 0.51%

 

 

 

 

3. Europe stocks OPENED ALL RED/

 

 

 

USA dollar index UP TO 94.57/Euro FALLS TO 1.1680

3b Japan 10 year bond yield: FALLS TO. +01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.46/ 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:: 39.84 and Brent: 41.66

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

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

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

3h Oil 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 UP to .90% /SPAIN 10 YR BOND YIELD UP TO 0.26%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.42: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.03

3k Gold at $1857.80 silver at: 22.78   7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

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

3m oil into the 39 dollar handle for WTI and 41 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 105.46 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 .9283 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.1077 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.52%

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 0.664% early this morning. Thirty year rate at 1.402%

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

6.  TURKISH LIRA:  UP  TO 7.6288..

S&P Futures, Global Stocks Slump As European Banks Crash To All-Time Low

US equity futures and European stocks slumped as investor skepticism for a new American stimulus deal grew against a sharp uptick in global coronavirus cases. Both bonds and the dollar advanced amid the flight from risk. The Emini was down 0.5% last, set to retest Thursday’s lows.

 

Costco Wholesale Corp fell 2.5% as the warehouse chain recorded high coronavirus-related costs for the second straight quarter, overshadowing its better-than-expected results. The FAAMG tech mega-caps headed lower after leading gains on Wall Street in the previous session. Nikola fell another 5.2% in premarket trading, with the stock heading for the worst weekly performance on record, already being down 44% in a rout fueled by the resignation of its founder and executive chairman.

Boeing Co inched higher after Europe’s chief aviation safety regulator said the planemaker’s grounded 737 MAX could receive regulatory approval to resume flying in November and enter service by the end of the year. United Airlines, Southwest Airlines and Alaska Air Group were little changed in premarket trading even as airline unions hoped further aid would be announced before the current program ends on Oct. 1. After weeks of stalemate in talks over a fifth coronavirus relief bill, a key lawmaker said on Thursday Democrats in the U.S. House of Representatives were working on a $2.2 trillion package that could be voted on next week. Failure to reach a deal by then would result in another round of mass furloughs.

As futures slid, the VIX spiked above 30 with amid fears it could surge even more toward the end of the quarter next week as well as the Nov. 3 presidential election.

 

Incidentally, overnight Goldman said investors are overestimating the risk of the U.S. election upending markets, while Republican lawmakers vowed that the presidential transition after November’s election will occur without disruption, in a rebuke to President Donald Trump’s refusal to commit to a peaceful transfer of power.

Investors remain glued to all the latest news from DC where Democrats proposed a new $2.4 trillion stimulus bill to try to break the deadlock with Republicans, but chances of getting it passed before the November election appear slim. The risk of a slowdown in the economic recovery has risen with the lack of another package, prompting Goldman and JPMorgan to cut their forecast for U.S. growth in the fourth quarter.

 

“The odds of Phase 4 stimulus are a close call,” wrote Aneta Markowska, chief economist at Jefferies LLC in New York. “While still possible, there is a high risk that it does not happen this year. Without it, we would expect the economy to hit a major speed bump in Q4.”

In Europe, the Stoxx 600 index tumbled 1% after fluctuating between gains and losses earlier, and was poised for its biggest weekly drop since June. Automotive and travel & leisure companies led the decline with losses of 2.1% and 1.6%, respectively. Airliners including Lufthansa AG, Ryanair Holdings Plc and IAG were among the biggest decliners as European leaders grappled with bringing infections back under control as hospitalizations climb again.

 

Also of note, the Stoxx Europe 600 Banks index dropped to an all time low as banks on the content continued to get punished.

 

Asian stocks were mixed, with materials and finance posting gains, after falling in the last session. The Jakarta Composite and India’s S&P BSE Sensex Index rose, while Hong Kong’s Hang Seng Index and Taiwan’s Taiex Index fell. The Topix gained 0.5%, with Moresco and Niitaka rising the most. The Shanghai Composite Index retreated 0.1%, with New East New Materials and Tianjin Benefo Tejing Electric posting the biggest slides.

In rates, Treasuries gained as stocks slumped. Yields were down by up to 2bp across long-end of the curve, flattening 5s30s by almost 1bp; 10-year yields around 0.655% and richer by 1bp on the day, although underperforming bunds, gilts by 1bp and 1.5bp. German bonds edged higher along with most of the euro area, outperforming Treasuries.

In FX, the dollar recovered from early losses, and was set to conclude its best week since April. The Bloomberg Dollar Spot Index climbed 0.2%, after earlier falling as much as 0.2%, as the euro slipped in early London trading. Risk sensitive Group-of-10 currencies traded mixed against the dollar; the New Zealand dollar held an advance, trimming heavy losses over the week, while the Norwegian krone was the worst performer among peers, extending its slide versus the greenback to a seventh day, the longest since February 2019. The Swiss franc and the yen hovered. The Turkish Lira performed the best in EMFX, rallying sharply after the Turkish banking regulator eased trading restrictions for foreign investors.

In commodities, crude futures return to flat on the day near $40.25, failing twice to breach Wednesday’s highs. Spot gold holds a tight range, trading near $1,862/oz near its Asian lows. Base metals are mixed: LME nickel outperform, lead drops ~1%.

 

Market Snapshot

  • S&P 500 futures up 0.5% to 3,225.25
  • STOXX Europe 600 down 0.1% to 355.40
  • MXAP up 0.5% to 168.48
  • MXAPJ up 0.5% to 547.38
  • Nikkei up 0.5% to 23,204.62
  • Topix up 0.5% to 1,634.23
  • Hang Seng Index down 0.3% to 23,235.42
  • Shanghai Composite down 0.1% to 3,219.42
  • Sensex up 1.8% to 37,193.57
  • Australia S&P/ASX 200 up 1.5% to 5,964.92
  • Kospi up 0.3% to 2,278.79
  • Brent futures up 0.6% to $42.18/bbl
  • Gold spot up 0.2% to $1,871.20
  • U.S. Dollar Index little changed at 94.41
  • German 10Y yield fell 1.6 bps to -0.517%
  • Euro down 0.2% to $1.1655
  • Italian 10Y yield rose 4.3 bps to 0.69%
  • Spanish 10Y yield fell 1.4 bps to 0.237%

Top Overnight News from Bloomberg

  • ECB policy maker Francois Villeroy Galhau signaled that he’s open to letting inflation rise above the institution’s goal and changing the language it has used for nearly two decades to set its objective
  • EU negotiators have agreed not to allow their opposition to Boris Johnson’s plan to break international law distract them from trying to secure a deal over the bloc’s relationship with the U.K. after Brexit
  • Germany’s federal government plans to sell a record of almost 419 billion euros ($489 billion) in bonds and bills in 2021, as it maintains a spending splurge designed to put the economy back on track
  • European leaders are grappling with how to bring the coronavirus back under control as hospitalizations climb following a surge in cases to record levels in some countries
  • Chinese sovereign bonds have won inclusion into FTSE Russell’s benchmark bond index a year after they were rejected
  • Increasingly alarmed at the prospect of a White House without Donald Trump, Russia is trying to determine what that’ll mean for sensitive issues from nuclear arms to relations with China, energy exports, sanctions and far-flung global conflicts, according to people familiar with the efforts

A quick look at global markets courtesy of NewsSquawk

Asian equity markets were mostly higher amid tailwinds from Wall St where stocks finished a choppy session in the green as the tech sector rebounded, but with the gains in the US major indices only marginal amid mixed data which showed higher than expected jobless claimants. Nonetheless, the regional bourses were positive with ASX 200 (+1.5%) outperformance spurred by the largest weighted financials sector as the government seeks to repeal the responsible lending obligations legislation in an effort to spur more lending, while Nikkei 225 (+0.5%) was helped by a softer currency and after reports that Japan is mulling a corporate tax cut for SME’s to encourage M&A. Hang Seng (-0.3%) and Shanghai Comp. (-0.1%) swung between gains and losses despite the recent announcement by FTSE Russell to include China in the World Government Bond Index effective October 2021 and pending confirmation in March, which Morgan Stanley sees to likely spur inflows of as much as USD 90bln from September next year. However, the initial advances in Chinese markets were reversed amid ongoing uncertainty regarding the TikTok deal ahead of looming deadlines with the Trump administration given until 14:30EDT/19:30BST later today to notify the court whether it will postpone the ban set for midnight on Sunday, or file a motion of opposition to the preliminary injunction, which the court would then have to consider on Sunday. There were also jitters caused by China’s second largest developer Evergrande after it warned of a cash crunch that could result to systemic risks if its restructuring/listing plan doesn’t get government approval by January 31st, which saw its shares whipsaw and pressured bond prices to trigger a trading halt of its 5-year bonds in Shanghai due to abnormal fluctuations. Finally, 10yr JGBs were lower amid similar uninspired trade in T-notes with demand sapped by the gains in equities and the lack of BoJ’s presence in the market today.

Top Asian News

  • Evergrande Faces Crisis of Confidence Over $120 Billion Debt
  • Turkey Approaches France to Procure European Missile Defense
  • Thai Parliament Stalls Charter Decision, Angering Protesters
  • HNA Unit CWT Jumps as Trading Resumes After 17-Month Suspension

A tentative session thus far in Europe, major Euro-bourses drift lower in early hours (Euro Stoxx 50 -1.2%) with the overall picture in Europe now lower and bourses remain at session lows, following on from a mixed APAC handover. News-flow in early hours has been light with no real catalysts to spur or influence price action. Nonetheless, the FTSE 100 (-0.2%), AEX (-0.3%) and IBEX (-0.5%) are somewhat cushioned on the back of Consumer Staples, Utilities, and Telecoms– the only sectors in the green. Meanwhile, the DAX (-1.2%) and CAC (-1.1%) are pressured by losses in some large-cap cyclical names such as SAP (-1.8%) and Airbus (-2.3%) as the IT and Industrial sectors post losses. That being said, no real risk profile can be derived from either the broader sectors nor the breakdown, with the latter also seeing Travel & Leisure at the bottom of the pile on COVID-19 fears for the sector as UK and France reported a fresh record number of new cases and further Madrid lockdowns are announced. The sector also sees additional downside from the likes of easyJet (-2.5%) and Ryanair (-5.2%) after the Italian Antitrust regulators opened up a probe into the Cos, among other names, regarding the provision of vouchers and no refunds for consumers with flights cancelled owed to the pandemic. In terms of other movers and shakers, Bayer (-0.5%) shares were initially supported by reports that the Co. is continuing to resolve thousands of cases regarding its Roundup weedkiller, and therefore the prospects for the USD 11bln deal to end litigation is seen to be improving. Meanwhile, Suez (+4.6%) is among the top gainers in the Stoxx 600 after Veolia (+0.7%) CEO said the Co. will present a better offer to Engie (+0.3%) for its Suez stake. Finally, Lagardere (+31%) tops the charts as investor Bernard Arnault revealed he has built up a direct stake in the group.

Top European News

  • Villeroy Says ECB Should Consider Tweaking Its Inflation Goal
  • Veolia CEO Says He Will Raise Offer Price for Suez Stake
  • Russia Weighs Euro Debt Sale by Year-End Despite Volatility
  • Germany Plans Record Gross Borrowing in 2021 to Help Stem Crisis

In FX, it makes some sense that the Kiwi and Aussie are front-running major currency recovery gains vs the Greenback having been amongst the biggest losers when their US counterpart was in the ascendency and DXY reached its 94.601 peak. Nzd/Usd has bounced firmly from yesterday’s low not far from 0.6500 towards the round number above and Aud/Usd is back in the high 0.7000s after shaving the level by a similar margin on Thursday, with some impetus from CBA’s counter view on the RBA holding fire at October’s policy meeting after 2 forecasts for a 15 bp cut. Meanwhile, the US Dollar has regrouped from initial consolidation and resides at the top-end of a current 94.186-94.558 band. Such movement comes ahead of the notoriously erratic durable goods data and 2 scheduled speeches from Fed’s Williams, but still monitoring the broad risk tone for direction, particularly as US participants arrive, after further progress on the stopgap spending bill as the Senate approved the proposal overwhelmingly.

  • GBP – The Pound continues to hold off worst levels with some hope that latest fiscal support will cushion the UK economy against further COVID-19 collateral damage. Cable is hovering just above 1.2700 after failing to sustain a 1.2800+ push, while Eur/Gbp has rebounded from a breach of 0.9150 amidst conflicting Brexit reports, as Britain’s chief negotiator Frost and EU peer Barnier are said to have laid foundations for formal negotiations next week. but some in the UK press suggest that Brussels is still not optimistic and indeed gloomy after latest informal talks.
  • CHF/CAD/JPY/EUR – All narrowly mixed vs the Greenback in fairly subdued, aimless trade compared to the whippy sessions to date this week, as the Franc pivots 0.9260 (and 1.0800 against the Euro) following little fresh inspiration from the SNB, the Loonie straddles 1.3350 and Yen flirts with a key Fib retracement at 105.53 that looks more inclined to keep it compressed than more decent option expiry interest at the 105.00 strike (1.3 bn rolling off at Friday’s NY cut). Elsewhere, the Euro has regained some poise around the 1.1650 mark, but remains technically weak under 1.1700, a Fib and the 50 HMA at 1.1691 and 1.1670 respectively.
  • SCANDI/EM – Some calm for the underperforming Swedish Krona, but the Norwegian Crown is struggling to stop the rot after the Norges Bank pushed back rate hike intentions in stark contrast to the CBRT that has backed up its monetary policy aggression with a 50 bp hike in swap rates, while increasing limits between local and foreign banks. Hence, Usd/Try has tested support into 7.5000 from record highs circa 7.7160 pre-2 full percent blanket tightening. Conversely, Usd/Mxn is hovering above 22.1500 after Banxico eased 25 bp and noted ample slack in the economy.
  • Turkish Banking Watchdog says they have increased TRY swap limits of local banks with foreign entities. Additionally, CBRT increase TRY swap market rates to 10.25% vs. Prev. 9.75%. (Newswires)

In commodities, WTI and Brent front month futures are essentially unchanged at present, in what looks to be a continuation of APAC price action, but with complex-specific newsflow rather scarce; most recently, price action has deteriorated in-line with the broader market sentiment. In terms of where we stand, the demand side of the equation continues to be clouded by the COVID-19 resurgence in Europe and elsewhere, with eyes remaining on fuel demand as air travel falters. Meanwhile on the supply-side, eyes remain on any OPEC+ commentary in relation to the COVID-19 case rises alongside the situation in Libya and production ramp ups and exports are underway, with the country expected to output some 260k BPD by next week. OPEC earlier this week noted that the situation will be monitored for continuity, in which the OPEC member will then likely be issued am output quota as it is currently exempt. WTI resides around the 40.30/bbl mark (vs. low 40.13/bbl), while its Brent counterpart resides north of USD 42/bbl (vs. low 47.75/bbl). Precious metals meanwhile are uneventful and largely trade in tandem with a caged USD, with spot gold around the 1865/oz mark and spot silver just above USD 22/oz. In terms of base metals, LME copper gave up earlier gains in sympathy of downside seen in European stocks, whilst Dalian iron ore futures ended the day lower amid a lacklustre performance in China.

US Event Calendar

  • 8:30am: Durable Goods Orders, est. 1.4%, prior 11.4%; Durables Ex Transportation, est. 1.0%, prior 2.6%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.95%, prior 1.9%; Cap Goods Ship Nondef Ex Air, est. 0.8%, prior 2.4%

Central Bank Speakers

  • 9am: Fed’s Williams Talks With Community Development Leaders
  • 12:15pm: Fed’s George to Speak about Community Banks
  • 3:10pm: Fed’s Williams Discusses the Covid-19 Job Market

DB’s Jim Reid concludes the overnight wrap

The NASDAQ rose +0.37% as tech (+0.62%) took a back seat to Utilities (+1.17%), Consumer Staples (+0.76%) and Materials (+0.70%) stocks. Europe lagged behind however as it caught up with the US slide the previous evening, with the FTSE 100 (-1.30%), the CAC 40 (-0.83%) and the DAX (-0.29%) all moving lower. The STOXX 600 was also down -1.02% and at a 3-month low, and there was a further widening in both sovereign bond and corporate credit spreads. For reference European Crossover widened +21bps and is now +63bps above its intra-day post pandemic tights seen on September 16th. The same numbers for US CDX HY were +3bp yesterday and +54 wider from the absolute tights. In sovereign bond markets, there was a selloff later in the European session, and by the close yields on 10yr bunds (+0.4bps), OATs (+1.8bps) and BTPs (+4.3bps) had all moved higher. US Treasuries made a modest advance, and 10yr yields fell -0.8bps, though there was another decline in inflation expectations, as 10yr breakevens fell -2.0bps to 1.584%, their lowest since early August. The dollar fell in the New York afternoon for the first time all week, after the dollar index had reached a 2-month high. It finished -0.04%.

As discussed above, the coronavirus pandemic dominated the agenda, and with it concerns that a spike in cases would hamper the economic recovery. Yesterday’s news didn’t give much cause for hope on that front, with Europe being a source of concern once again. Indeed, the ECDC released their latest risk assessment, which found that non-pharmaceutical interventions such as social distancing had not been sufficient when it came to reducing or controlling exposure to the virus, and the Commissioner for Health and Food Safety warned that “This might be our last chance to prevent a repeat of last spring.” The numbers didn’t offer much cause for optimism either. Italy, which has been protected from the second wave so far, reported 1,786 new cases (vs. 1,640 the previous day) and is slowly edging higher. Meanwhile Poland (1,136), France (16,096) and the UK (6,648) all recorded record one day rises in new cases albeit with a much higher level of testing than during the first wave. In the US weekly cases have risen to over 300,000 again after falling under that level back at the end of August. The country may be seeing the start of another round of infections. On the vaccine front, New York Governor Andrew Cuomo said he didn’t trust the Trump administration and that the state would review any vaccine authorised by the federal government. Meanwhile, President Trump said overnight that Americans in the Medicare program for the elderly and disabled will be sent $200 discount cards for prescription drugs within weeks. Trump didn’t explain in his speech what program or authority would allow the government to provide the cards which are likely to cost c. $6.6bn, according to Bloomberg.

When it came to policy support, there were some promising noises on a stimulus in the US yesterday, with Treasury Secretary Mnuchin saying that “If the Democrats are willing to sit down, I’m willing to sit down anytime for bipartisan legislation, let’s pass something quickly”. On the Democratic side, Speaker Pelosi also said that “We’ll be, hopefully soon, going to the table with them”. So the question will be whether the public willingness of both sides to talk to each other will translate into actual talks. It could be both sides are preparing to blame the other when talks don’t go anywhere.

It was also reported that the House Democrats were drafting a stimulus proposal of $2.4 trillion late yesterday, which is far more than Senate Republicans have said they are comfortable with, but is closer to the $1.5 trillion plan the President has shown support for. We will know far more on Monday, after the President names a Supreme Court nominee, about how serious the sides are on stimulus and if something can get done or whether the confirmation process becomes too distracting.

Here in the UK we did get some concrete fresh measures, as Chancellor Sunak announced a package to boost employment heading through the winter. The main policy was a new Job Support Scheme that will come into place at the start of November for 6 months once the furlough scheme finishes. This will see the government subsidise workers’ wages, so long as they’re working at least a third of their usual hours. For the hours not worked, both the government and the employer will each pay a third of the employee’s normal salary, subject to a cap on government contributions. This new scheme will run for 6 months, and is available to small and medium-sized businesses, as well as large ones that can demonstrate they’ve been adversely affected by the pandemic. In addition, the temporary VAT reduction for the hospitality sector has been extended to the end of March, and has also extended four temporary loan schemes for businesses.

Overnight in Asia, markets are mostly trading higher outside of the Hang Seng (-0.21%) and Shanghai Comp (-0.24%) which are both down. The Nikkei (+0.38%), Kospi (+0.64%), Asx (+1.18%) and Indian’s Nifty (+1.0%) are all up along with S&P 500 futures which are trading +0.44%. Futures in Europe are also pointing to a positive open with those on the Stoxx 50 +0.41%. In Fx, the onshore yuan is up +0.16% on expected inflows post the FTSE Russell saying overnight that it would include Chinese sovereign bonds in its flagship World Government Bond Index. The inclusion will start in October 2021.

Back to yesterday now, and investor sentiment wasn’t helped by the weak economic data that came through from the US. The weekly initial jobless claims for the week through September 19 were at an above-expected 870k (vs. 840k expected) and the previous week’s number was also revised up +6k. For context, it’s worth remembering that although the 870k reading is well below the peak of 6.867m back in late March, that’s still higher than the pre-Covid record of 695k back in 1982, and exceeds even the worst week of the financial crisis, raising concerns that labour market progress is stalling in the US.

The poor data was the backdrop for a third straight day of Fed Chair Powell testifying before Congress, this time in front of the Senate Banking Committee. The Main Street lending vehicle again came up with Chair Powell indicating that by the end of the year the facility could grow from less than $2 billion now to as much as $10-30 billion in outstanding loans to mid-size companies. When pressed by Republican Senators on the unused funds in some Fed facilities, the Chair indicated the government’s Paycheck Protection Program and additional unemployment benefits would have greater impact. In fact the Chair indicated, like many of his colleagues in the previous 24 hours, that the lack of additional fiscal aid was a ”downside risk” to the economy. But as we indicated above, discussions have yet to restart and there are ample distractions.

Wrapping up with yesterday’s other data now, and the US reported better-than-expected new home sales in August, which rose to an annualised rate of 1.011m (vs. 890k expected). Meanwhile in Germany, the Ifo’s business climate index rose to 93.4 (vs. 93.8 expected). Though this was the 5th consecutive monthly increase, it was also the smallest monthly gain in the reading seen since the trough in April. That said, the expectations reading was at a stronger 97.7, which was the highest since November 2018.

To the day ahead now, and the data highlights include the UK public finances for August, Euro Area M3 money supply for August, and Italy’s consumer confidence index for September. Meanwhile in the US, we’ll get the preliminary readings for August’s durable goods orders and nondefence capital goods orders ex air. From central banks, we’ll hear from the Fed’s Williams, and the ECB’s Villeroy and Hernandez de Cos.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURDAY NIGHT: 

SHANGHAI CLOSED DOWN 3.76 POINTS OR 1.04%  //Hang Sang CLOSED DOWN 75.65 POINTS OR 0.32%   /The Nikkei closed UP 116.80 POINTS OR 1.97%//Australia’s all ordinaires CLOSED UP 1.39%

/Chinese yuan (ONSHORE) closed DOWN  at 6.8305 /Oil UP TO 39.84 dollars per barrel for WTI and 41.66 for Brent. Stocks in Europe OPENED RED//  ONSHORE YUAN CLOSED DOWN // LAST AT 6.8305 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.8373 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS//PANDEMIC  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea/North Korea

Seoul Outraged After North Korean Soldiers Shoot & Burn Body Of “Defector” At Sea

In a bizarre and alarming deadly incident in waters off Korea, a South Korean fisheries official was shot and killed by North Korean soldiers after the official was apprehended at sea.

South Korea’s defense ministry has confirmed the killing while condemning the “outrageous act” despite the belief that the South Korean man was trying to defect to the north.

The official had reportedly disappeared from a boat close to the the western border island of Yeonpyeong, Yonhap news agency reports. He was reportedly set upon by a North Korean patrol vessel while wearing a life jacket. Seoul defense sources told AFP that “circumstances tell us that there was an intent to defect.”

 

North Korean boat patrol police file image, via Reuters.

However, it’s clear the north considered the act deeply suspicious and likely considered he was a spy or attempting to infiltrate the border for nefarious purposes.

Shockingly, after his summary execution at sea his body was burned:

“North Korean soldiers shot dead a suspected South Korean defector after interrogating him at sea, then poured oil over his body and burned it over coronavirus fears, Seoul military officials said Thursday,” AFP reports.

“He was shot dead in the water,” a military official told AFP. “North Korean soldiers poured oil over his body and burnt it in the water.”

The report describes that the man was questioned by North Korean soldiers while he was still in the water, after which they opened fire. The burning of the body is believed related to strict anti-coronavirus measures enforced by North Korea’s military.

“We assess it was carried out under the North’s anti-coronavirus measure,” a military official in Seoul told AFP. And Yonhap said the presumed defector’s killing took place upon orders from higher-ups in Pyongyang.

 

“Atrocious act”: Lt. Gen. Ahn Young-ho of the South Korean military, via Yonhap/NY Times

The north currently has “shoot to kill” orders in place in cases of illegal border breaches as part of its coronavirus lockdown.

The South’s defense ministry “confirmed from the analysis of various intelligence that the North shot our citizen found in its waters and cremated his body,” according to a statement.

The episode underscores that the two sides are still in an active state of war, and that even “defectors” from either side run the risk of being killed on the spot upon breaching the militarized border.

end

NORTH KOREA/SOUTH KOREA

Rare apology by Kim over the killing of a South Korean official

(zerohedge)

“Very Sorry”: Kim Jong-Un Issues Ultra Rare Apology Over Killing Of South Official

North Korean leader Kim Jong-Un has issued an extremely rare apology over the Thursday killing of a South Korean fisheries official who breached the border in the water off the coast while allegedly trying to defect. He had been shot on site by the north’s border patrol in a boat who happened upon the life jacket wearing man, his body also immediately burned on coronavirus fears.

Kim’s message was that the north was “very sorry” over the “unexpected, unfortunate incident” which was expressed in a letter to South Korean President Moon Jae-in.

“Chairman Kim Jong Un asked to convey that he feels very sorry that instead of giving aid to our compatriots in the South who is struggling with Covid epidemic, we have given President Moon and our compatriots in the South a great disappointment with this unseen misfortune in our sea,” the letter read, according to the Blue House.

 

Yeonpyeong Island, via CNN

However Kim did also take Seoul to task for charging Pyongyang with “atrocious acts” before formally inquiring into the matter to learn what had happened.

It further apologized for “an incident that will clearly negatively impact inter-Korean relation” while noting the north had recently upped the intensity of its maritime patrols along the border.

The letter revealed more details about the shocking killing:

In a letter sent to South Korea’s Blue House Friday morning, North Korea said units responded to a call that an unidentified male was found floating on an object in the sea. The letter claims about 10 rounds were fired at the man after he did not comply with a soldier’s demand to identify himself and subsequent warning shots.

North Korea says only a pool of blood remained on the floating object after the shots were fired. After soldiers presumed the man to be dead, they burned the floating object on site per North Korea’s Covid-19 disease prevention measures.

The south’s defense ministry had immediately suspected the ‘shoot first’ reaction by the soldiers had more to do with North Korea’s extreme “shoot to kill” anti-coronavirus measures implemented along all border zones. “We assess it was carried out under the North’s anti-coronavirus measure,” a military official had told AFP.

Seoul defense sources had also said that”circumstances tell us that there was an intent to defect.”

But the surprise apology direct from Kim strongly suggests a new and rare softening out of Pyongyang, which could portend near future major diplomatic openings toward peace.

end

b) REPORT ON JAPAN

 

3 C CHINA

4/EUROPEAN AFFAIRS

UK

Very sad!!  Police officers in London did not carry guns ..only sticks as shootings by guns are very rare.  Somehow a criminal got a hold of a gun and killed this police officer

(zerohedge)

London ‘Shocked And Saddened’ By Rare Fatal Shooting Of Police Officer

In a bizarre and horrifyingly tragic episode, a London police officer was shot and killed during the pre-dawn hours of Friday morning by a criminal in what appears to be the first killing of a police officer in the UK since a London terror attack back in 2017.

Since guns are largely illegal to own in the UK, police officers are typically armed with nightsticks. But somehow, a 23-year-old criminal being detained at Croydon Custody Center in south London apparently managed to get his hands on a gun, and shoot an officer. The name of the officer has not yet been released.

London has been hammered by a wave of stabbings in recent years, something Mayor Sadiq Khan has sought to play down. But shootings are so rare, that investigators are taking extreme caution in releasing information to the public. Details about the incident are unclear. Police only said that the suspect didn’t commit the shooting with a police weapon, but it’s unclear where the gun came from, and how it ended up in the suspect’s possession while he was in custody.

Fellow officers and paramedics treated the officer at the scene, according to a police statement. However, he later died of his injuries at the hospital. Police chiefs from across the UK sent tributes to the fallen officer, and PM Boris Johnson took a brief break from the ongoign COVID-19 emergency to deliver a statement.

UK Prime Minister Boris Johnson said the country owed a “huge debt” to police officers who risk their lives to keep the community safe, and offered “my deepest condolences…to the family, friends and colleagues of the police officer who was killed in Croydon last night.”

UK Home Secretary Priti Patel said she was “shocked and saddened” by news of the shooting, while Mayor Khan said he was “devastated” to learn of the loss.

end
CORONAVIRUS UPDATE SPAIN/GLOBE

Madrid Expands Lockdown To More Than 1 Million People; Global COVID-19 Cases Top 32MN After Record Surge: Live Updates

Summary:

  • Netherlands posts new case record
  • Madrid imposes local lockdown on more than 1 million people
  • China vaccine test subjects have antibodies 6 months later
  • China can produce $1 billion vaccines a year
  • World added more than 361k new cases
  • Poland prepares new restrictions
  • Madrid braces for possible lockdown
  • UK’s Tesco imposes new limits on items like wipes and toilet paper
  • Russia, Iran team up for vaccine production
  • North Dakota, Wisconsin report records, near-records
  • Germany records most new infections since late April

* * *

Update (0825ET): A team of analysts at Deutsche Bank have just put together the rankings showing the biggest outbreaks relative to population around the world over the past week.

Spain, France and Belgium are all among the leaders in terms of the weekly change in proportion to their respective populations.

Meanwhile, the Netherlands just reported 2,777 cases, a new record tally, as Europe’s ‘second wave’ of the outbreak continues to worsen.

* * *

Update (0750ET): Madrid’s regional deputy health minister has just confirmed that the broader Madrid ‘local lockdown’ will be expanded to impact more than 1 million (some 1,025,000) people.

Yesterday, the FT published a deep dive comparing Madrid’s handling of the virus to NYC’s. It appears some Bank of America analysts have followed that up with a chart comparing the various ‘waves’ of outbreaks, Sputnik reported.

In other news, researchers in China reported Friday that some test subjects from a vaccine trial that started way back in March still have evidence of antibodies six months later.

Participants in China’s COVID-19 vaccine clinical trials retain a relatively high level of antibodies six months after inoculation, Zeng Guang, a leading epidemiologist at the Chinese Center for Disease Control and Prevention, said on Friday.

China approved clinical trials of its first coronavirus vaccine on March 16. The vaccine was developed by a team led by Chen Wei, an academician of the Academy of Military Medical Sciences, which headed to Wuhan in January to start research.

“At present, there are already relatively positive results, and serological tests show that the level of antibodies in the very first participants in clinical trials of the COVID-19 vaccine in our country is still quite high,” Zeng said at a briefing.

According to the researcher, “this indicates that the vaccine may have a fairly long protection period.”

China has been carrying out clinical trials of its first COVID-19 vaccine since March 16.

* * *

Within Europe, both the UK and the EU’s biggest economies are all struggling to curb spiking coronavirus cases and mounting hospitalization numbers without resorting to full-scale lockdowns like they did back in the spring. Yesterday, both the UK and France reported record-breaking tallies of new cases.

Now, Europe’s biggest economies are struggling to bring the coronavirus back under control as hospitalizations and newly confirmed cases soar. After announcing new curbs earlier this month, Madrid’s local government is expected to decide on Friday whether to expand restrictions on movement within the city of Madrid and its suburbs, with nearly 40% of ICU beds in the region around the Spanish capital filled with COVID-19 patients. France earlier this week just expanded restrictions in and around Marseilles.

Poland, which has continued to report record after record in terms of new cases, is expected to introduce new restrictions next week to combat the virus.

Globally, cases have surpassed 32 million, while deaths have surpassed 980k. The exact numbers as of 0630ET Friday were 32,261,676 cases and 983,492 deaths. Yesterday, the world saw a record surge, according to JHU data, with more than 361,000 new cases reported.

Another 6,704 deaths were reported, too.

Meanwhile, in the US, cases topped 7 million on Thursday – 20% of the global total – as outbreaks in Midwestern states continue to spread.

Even Sweden is introducing new social distancing guidelines as European cases climb. However, there’s also mounting evidence that lockdowns aren’t effective. Israel confirmed a record 7,527 new cases in a single day, bringing its total to 214,458, including 1,378 fatalities, after PM Benjamin Netanyahu moved ahead with another lockdown as cases in the small Levantine nation surge. Mounting paranoia among Britons fearing another lockdown has led to runs on supermarkets like we saw in March and April. On Friday, British supermarket Tesco introduced new restrictions on certain goods: 3 items per customer for flour, dried pasta, toilet paper, baby wipes, and anti-bacterial wipes.

In China, after reporting its first asymptomatic case in more than a month, authorities said they’re aiming to have 610 million vaccine doses ready by the end of the year, enough to vaccinate roughly half of China’s population. Yesterday, a government scientist warned max vaccination could take up to 2 years. By the end of 2021, it’s believed China will be able to produce up to 1 billion doses.

Here’s a roundup of the other big news this morning:

Sovereign wealth fund of Iran and Russia are discussing a joint production deal for a COVID-19 vaccine. (Source: Nikkei)

The WHO supports China’s decision to start administering experimental coronavirus vaccines to people, even as clinical trials are still underway (Source: Nikkei).

The Japanese government is planning to offer up to 1 million yen ($9,500) to people who move to rural areas while continuing to do their jobs in Tokyo remotely (Source: Nikkei).

Indonesia reported yet another new daily record tally of new cases for the third straight day, with 4,823 new infections and 113 additional deaths. The totals have reached 266,845 cases and 10,218 fatalities from COVID-19 (Source: Nikkei).

Russia’s daily tally of new cases hit its highest level since June 23, as officials reported 7,212 infections across the country, bringing the national tally to 1,136,048. The surge is largely being driven by Moscow, where new cases are up almost 50% overnight to 1,560 from 1,050 (Source: Nikkei).

India reports 86,052 cases in the last 24 hours, slightly down from 86,508 the previous day, bringing the country’s tally to over 5.8 million. The death toll jumped by 1,141 to 92,290. Of India’s total confirmed cases, 16.67% are active patients, while 81.74% have recovered, the health ministry says in its latest update, adding that the country’s COVID-19 mortality rate is at 1.59% (Source: Nikkei).

Germany recorded 2,321 new infections, the most since late April and taking the total to 281,346, according to data from Johns Hopkins University. It was the first figure above 2,000 since Saturday. Germany has seen an uptick in new cases since the start of August, though its daily rate remains well below 7,000 (Source: Bloomberg).

New York City health inspectors will start entering private schools in several Brooklyn and Queens neighborhoods experiencing an outbreak, the city health department announced Thursday. Officials are adding enforcement personnel to ensure people comply with mask and social distancing requirements. The city may tighten rules to ban gatherings of more than 10 people in those areas, close schools or impose fines if mask standards aren’t met (Source: Bloomberg).

North Dakota reported eight new deaths, matching the record reached last weekend. Among the total 211 fatalities, 64 have been reported in September. Another 471 new cases were reported in Wisconsin yesterday, among the highest daily tallies yet, pushing the state’s total to a still-meager 19,451 cases. The state also hit a record of active cases, 3,483. However, positive-test rates were 18%, compared with less than 1% in New York (Source: Bloomberg).

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN//VENEZUELA

Here we go again: an Iranian tanker has loaded with Venezuelan crude for sale abroad and the uSA is threatening seizure.

(zerohedge)

Iranian Tanker Loads Venezuelan Crude For Sale Abroad As US Threatens Seizure 

Last month US authorities seized the Iranian fuel aboard four tankers en route to Venezuela and diverted them to Houston over alleged sanctions-busting operations between the two countries.

Despite this incident and further threats by Washington to disrupt the growing bilateral trade between the “rogue states” – in US parlance anyway, Reuters has cited an internal company source and documents to allege state-run PDVSA is preparing a sale of 2 million barrels of heavy Venezuelan crude to Iran. Likely it will be sold somewhere in Asia.

 

Iran tanker file

The sale is said to have been agreed to by the Venezuela’s PDVSA and the state-owned Iranian National Oil Company.

Reuters reports that “The Iranian-flagged very large crude carrier (VLCC) arrived in Venezuela’s main oil port of Jose this month carrying 2.1 million barrels of Iranian condensate to be used as diluent for Venezuela’s extra heavy oil production, according to company documents.” And it plans to now ship the Venezuelan product abroad in defiance of US sanctions.

The Iranian tanker is allegedly trying to conceal its operations:

The tanker, owned and managed by National Iranian Tanker Company (NITC), made the whole trip from the Middle East to PDVSA’s port with its transponder off and has remained offline while in Venezuelan waters, according to Refinitiv Eikon’s tracking data.

It’s as yet unknown when it plans to sail, but the US has threatened to conduct further oil and fuel seizure operations on the high seas, like what happened previously in August.

No doubt the Iranian tanker is “going dark” under threat from US authorities or its allies. What’s more is that another few tankers are currently inbound with badly needed gasoline for Maduro’s Venezuela.

END
IRAN
Middle eastern events;
1. Drones buzz USA aircraft
2 Helicopter crashes in Libya
3. Turkey and its forces fail to take Sirte

Iranian Drones Buzz US Aircraft Carrier; Helicopter With ‘Russian PMCs’ Crashes In Libya

Submitted by SouthFront,

A Libyan National Army (LNA) military helicopter that was transporting Russian private military contractors has crashed near al-Jufra Air Base in central Libya, Brig. Gen. Abdul Hadi Dara, a spokesman for the Sirte-Jufra Operations Room of the Tripoli-based Government of National Accord (GNA), claimed on September 23.

The helicopter, which was also carrying weapons, allegedly crashed near the town of Sawknah, to the southwest of al-Jufra. Several explosions were heard in the region. The GNA spokesman told Turkish state-run Anadolu Agency that at least four Russian PMCs lost their lives in the crash.

These claims were dismissed by the Libyan National Army (LNA), which reported that the helicopter touched the ground with the main rotor during an emergency landing. The aircraft caught fire and burned as a result of the incident. However, there were no casualties.

While a limited presence of Russia-linked PMCs in Libya is no secret, pro-GNA and pro-Turkish sources like to claim that almost every incident, crash or explosion involves the mysterious Russians and led to casualties among them. Likely, this approach is an attempt to compensate for the inability of the Turkish Armed Forces, GNA units and almost 10,000 Turkish-backed Syrian militants deployed in Libya to capture the port city of Sirte from the Libyan National Army. In fact, the mighty Turkish advance on LNA positions virtually ground to a halt after Turkish-led forces secured the countryside of Tripoli. The main reason for this being the red line drawn by Egypt, the main LNA backer along with the UAE, which warned that it will respond with direct military action if Sirte is attacked. At the same time, Russian participation in the ongoing standoff is mostly focused on distant diplomatic support to the UAE-Egypt block and diplomatic work with Turkey. Russian PMCs deployed in the conflict zone represent the interests of various Russian business groups rather than those of the state.

According to the US, there are 3,000 Russia-linked PMCs. Later, AFRICOM even claimed that Russia deployed 14 warplanes in Libya. These warplanes, the US military says, are based out of Al Jufra and Al Khadim airfields. They are allegedly operated by Russian contractors and have engaged in “combat activities”. Nonetheless, the Pentagon provided no evidence to support these claims.

On September 11, Rear Admiral Heidi Berg, AFRICOM’s director of intelligence, said that two Russia-deployed Mig-29 jets had already crashed: one on June 28, another on September 7. The statement came just a few days after an evacuation training video released by a Russian military blog was used by Turkish propaganda and MSM to claim that a Russian warplane had crashed in Libya. So, it looks as if the US military simply once again used sensational, unfounded reports to maintain an artificially created frightening image of Russia.

On September 23, Iran’s Islamic Revolutionary Guard Corps released several close-up photos of the US Navy’s aircraft carrier USS Nimitz and its escort ships in the Persian Gulf. The photos were taken by an IRGC military drone that buzzed the US carrier strike group recently. The USS Nimitz passed through the Strait of Hormuz into the Persian Gulf last week.

On the same day, 188 new naval drones and helicopters were officially added to the IRGC Navy’s fleet of aircraft. During the ceremony, three types of vertical take-off and landing drones, dubbed Sepehr, Shahab-2 and Hodhod-4, were unveiled for the first time. According to an IRGC Navy commander, all three drones can take off from ships. The batch of delivered equipment also included a number of Mohajer-6 combat drones. The Mohajer-6 has a range of 200 km and can be armed with up to four guided missiles.

 

6.Global Issues

“Australia Just Unveiled Something Worse”: Central Planning With No Plan

By Michael Every of Rabobank

Yesterday, I was calling out for someone, anyone with the chutzpah to match Moses and point out that almost everything we are doing political-economy-wise and central-banking-ly needs to improve, both practically and morally.

Well, yesterday got a surprise 200bp rate hike in Turkey, which Piotr Matys sees as a step in the right direction (see here for more); and a 25bp rate cut in Mexico, which Christian Lawrence thinks is still not the end of the line (see here for more); and the Aussie government have really let rip too….As Bloomberg words it:

Australia’s government will loosen responsible lending laws in a bid to boost the flow of credit and help the economy recover from its first recession in almost 30 years….the government will scrap so-called responsible lending obligations for most forms of credit that it says have made banks overly cautious and stifled access to mortgages and other loans….The move is a turnaround from the findings of an inquiry into misconduct in the financial system, which called for banks to more strictly follow lending rules…

In effect, the government has heeded what became known as the ‘wagyu and shiraz’ verdict…[where the]… regulator had argued actual living expenses should be used instead of benchmarks, which have been criticized for underestimating how much people spend. As part of his ruling, Justice Nye Perram said borrowers can change their spending habits to service a mortgage: “I may eat wagyu beef everyday washed down with the finest Shiraz but, if I really want my new home, I can make do on much more modest fare.”

Lenders…will remain subject to APRA’s lending standards, but will no longer be monitored by ASIC for compliance.”

Let’s put this into a broader context. Australia is one of many neoliberal, financialised, consumer-debt saturated, housing-bubble obsessed, low-productivity, low capital investment, infrastructure-poor Western economies. It was already stuck in the linked new normal of low wage, low GDP, and low productivity growth, and the lower quality jobs that come with it, albeit probably being 10-15 years behind the US on social and political polarisation. It is also being hit hard by Covid and a closed border, and by serious trade tensions with China.

The RBA has responded with zero rates and Yield Curve Control out to three years, the latter of which is not stopping the market pricing in more rates cuts next month. The RBA has also said it will be there to support fiscal spending as needed. In short, the government has the ability to expand the fiscal deficit to a threshold determined only by the capacity of AUD to hold up.

And what is the response? To tell banks to return to a housing bubble, exacerbating problems in society, making businesses less price competitive, starving non-housing firms of attention, making the banking system even more reliant on global wholesale money markets and, as the historical track record *everywhere* shows, eventually ending up in bad loans, which will be repackaged and sit with the taxpayer. And making a mockery of the idea of prudent regulation.

THAT is where the fiscal capacity the RBA is offering is going. I long said when the RBA goes full QE, it will be to buy shonky MBS rather than for a fiscal deficit for mega infrastructure projects…and that indeed seems to be the journey we are on.

Central-bank financing of fiscal deficits admittedly takes us to the world of central planning, but here we have something worse: central planning with no plan.

Wagyu, Australia. Wagyu very much.

Of course, this is not an Australia-specific issue. Look at the scale of fiscal deficits looming in the US, UK, Europe, Japan, and even China. Nobody has any idea how these are going to be dealt with – especially not as, in the case of the UK, it becomes clear that a grim winter looms regardless of the latest step to try to keep unemployment down by subsidising the jobs that are salvageable; or as the US initial claims figures, and the Fed, confirm that the V is behind us and things are now going to get worse without further fiscal steps, pronto.

[The Fed’s Williams also stated “structural inequality stifles growth.” Well, of course it does. Try helping everyone, and especially the working class, for once and see what happens. It really, really isn’t rocket science. But of course we can’t do that. “Because markets.”]

Indeed, what we see again and again is the utter failure of the imagination of those leading to realize that the old models no longer work. So many tools are now available to them to do something new – but that means abandoning deep-rooted dogma. As such, they prefer to stick to the tried and tested. Which is like watching someone try to eat the finest wagyu steak with a teaspoon. Or soup with chopsticks.

Hilariously, AUD is slightly up on this news, albeit down from a high of 0.7410 to a low of 0.7022 this week. If the RBA is going to be buying junk MBS to prop up the economy then it won’t be holding a 7 or a 6 handle over time.

Meanwhile, in China a giant property developer is talking about potential debt defaults. The China Beige Book also underlines that while a few major cities and the SOEs closest to Beijing are seeing a strong rebound, most of the economy is still stuck in the doldrums. One would presume that the same arguments that apply to Australia will apply here: when in doubt, just blow those bubbles bigger rather than abandoning any comforting dogma. The currency outlook remains the same there in that case though.

Of course, there is some upside given that against a backdrop of trade war, Cold War, sanctions –some over allegations of major human rights abuses– and rising geopolitical tensions (China’s Global Times says it will start a “just war” if US troops ever return to Taiwan), FTSE Russell has just announced Chinese government bonds will be included into its flagship World Government Bond Index from October 2021. ‘Wagyu. Wagyu very much’ thinking at its absolute finest: but 13 months is a long, looong time in current geopolitics.

7. OIL ISSUES

 

8 EMERGING MARKET ISSUES

 

 

 

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

Euro/USA 1.1635 DOWN .0038 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS/CORONAVIRUS/PANDEMIC /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /ALL RED

 

 

USA/JAPAN YEN 105.46 UP 0.023 (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 1.2730   DOWN   0.0021  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

 

USA/CAN 1.3376 UP .0026 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 38 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1635 Last night Shanghai COMPOSITE CLOSED DOWN 3.76 POINTS OR 0.12% 

 

//Hang Sang CLOSED DOWN 75.65 POINTS OR 0.32%

/AUSTRALIA CLOSED UP 1,39%// EUROPEAN BOURSES ALL RED

 

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED 

 

 

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 75.65 POINTS OR 0.32%

 

 

/SHANGHAI CLOSED DOWN 3.76 POINTS OR 0.12%

 

Australia BOURSE CLOSED UP 1.39% 

 

 

Nikkei (Japan) CLOSED UP 116.80  POINTS OR 0.51%

 

 

 

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1858.25

silver:$22.75-

Early FRIDAY morning USA 10 year bond yield: 0.664% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

 

The 30 yr bond yield 1.402 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 95.57 UP 22 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.27% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.01%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.24%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.90 UP 2 points in basis points yield from yesterday./

 

 

the Italian 10 yr bond yield is trading 66 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 1.43% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

 

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1616  DOWN     .0058 or 58 basis points

USA/Japan: 105.64 UP .192 OR YEN UP 19  basis points/

Great Britain/USA 1.2697 DOWN .0059 POUND DOWN 59  BASIS POINTS)

Canadian dollar DOWN 63 basis points to 1.3414

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

The USA/Yuan,CNY: AT 6.8370    ON SHORE  (DOWN)..GETTING DANGEROUS

THE USA/YUAN OFFSHORE:  6.8365  (YUAN DOWN)..GETTING REALLY DANGEROUS

TURKISH LIRA:  7.6584 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

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

 

Your closing 10 yr US bond yield DOWN 2 IN basis points from THURSDAY at 0654 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.396 DOWN 2 in basis points on the day

Your closing USA dollar index, 94.72 UP 37  CENT(S) ON THE DAY/1.00 PM/

 

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

London: CLOSED DOWN 42.37  0.56%

German Dax :  CLOSED DOWN 113.18 POINTS OR .92%

 

Paris Cac CLOSED DOWN 21.16 POINTS 0.38%

Spain IBEX CLOSED DOWN 58.50 POINTS or 0.63%

Italian MIB: CLOSED UP 11.43 POINTS OR 0.05%

 

 

 

 

 

WTI Oil price; 54.92 12:00  PM  EST

Brent Oil: 61.83 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    63.05  THE CROSS HIGHER BY 0.15 RUBLES/DOLLAR (RUBLE LOWER BY 15 BASIS PTS)

 

TODAY THE GERMAN YIELD FALLS  TO –.24 FOR THE 10 YR BOND 1.00 PM EST EST

END

 

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

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

WTI CRUDE OIL PRICE 4:30 PM :  40.15//

 

 

BRENT :  41.82

USA 10 YR BOND YIELD: … 0.658…  down 1 basis point

 

 

 

USA 30 YR BOND YIELD: 1.402.down one basis point..

 

 

 

 

 

EURO/USA 1.1628 ( DOWN 45   BASIS POINTS)

USA/JAPANESE YEN:105.58 UP 0.141 (YEN DOWN 15 BASIS POINTS/..

 

 

USA DOLLAR INDEX: 94.60 UP 24 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2744 DOWN 12  POINTS

 

the Turkish lira close: 7.660

 

 

the Russian rouble 78.24   DOWN 1.19 Roubles against the uSA dollar.( DOWN 119 BASIS POINTS)

Canadian dollar:  1.3380 DOWN 38 BASIS pts

 

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

 

The Dow closed UP 358.52 POINTS OR 1.34%

 

NASDAQ closed UP 241.30 POINTS OR 2.20%

 


VOLATILITY INDEX:  26.23 CLOSED DOWN 2.28

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

 

USA trading today in Graph Form

Dow Suffers Worst Week Since June As Dollar Surges Most In Six Months

A mixed picture in the major US equity indices this week with mega-tech-heavy Nasdaq managing gains (busting a three-week losing streak) as The Dow suffered its worst week since June, S&P and Dow down for the 4th week in a row (longest losing streak since Aug 2019)

But, away from index-land, the media US stock is in bear market, down over 20% year-to-date…

Source: Bloomberg

A much uglier week for European stocks…

Source: Bloomberg

The S&P 500 bounced off “unch” for 2020 today…

 

Cyclicals underperformed this week (down the 4th week in a row – longest losing streak since March collapse)

Source: Bloomberg

Uncertainty around the election continued to rise this week…

Source: Bloomberg

Treasury yields were all lower on the week with the long-end outperforming (30Y -5bps, 2Y -1bps)…

Source: Bloomberg

Real yields surged higher on the week, dragging gold lower…

Source: Bloomberg

The dollar ripped higher this week (5th day higher in the last 6 higher) to its best week since March

Source: Bloomberg

Notably the dollar rallied to the March low pivot…

Source: Bloomberg

We note that the net spec positioning across FX futures was extremely short the USD which may explain the week’s squeeze…

Source: Bloomberg

Cryptos were all lower on the week (even with the rally of the last two days) with Bitcoin the least hit and Ethereum worst…

Source: Bloomberg

Silver was on target for its worst week since Sept 2011 before today’s bounce but all the major commodities were weaker on the week amid a soaring USD…

Source: Bloomberg

The last time silver saw such a drop, it screamed higher…

Source: Bloomberg

WTI ended lower but managed to hold back above $40…

Gold has outperformed silver for 5 of the last 6 days – the biggest weekly outperformance since March…

Source: Bloomberg

Finally, there’s this…

Source: Bloomberg

And, this seemed to sum things up nicely…

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

If you look at these new videos of the Rittenhouse case, you will come to the conclusion that the shooting of Rosenbaum was in self defense.

(zerohedge)

Kyle Rittenhouse’s Legal Team Bolsters ‘Self-Defense’ Case In New Viral Footage

This week Kyle Rittenhouse’s defense team published never-before-seen footage from the deadly Kenosha shooting which drove headlines after the Aug.25 incident, which came amid chaos in rioting two nights following the Jacob Blake police-related shooting.

The new clips are featured in an eleven-minute video reconstructing events of that night. While protecting business from looting and arson, the 17-year old shot three attackers, at least one of which brandished a handgun. Two were killed and a third was injured.

A crucial new scene in the video is featured at the 3:57 mark, showing the moment Rosenbaum rushed Rittenhouse and appearing to try and grab his rifle. In those fateful seconds someone else in the nearby crowd fired a pistol, the flash from the barrel of which is visible. After being published on YouTube Tuesday albeit with a restricted ‘viewer warning’ notice, it’s already garnered about 600,000 views:

FOX’s Tucker Carlson also brought attention to the new footage this week on his prime time show, while discussing the multiple felony charges Rittenhouse is facing – despite the clear appearance he acted in self-defense. The charges include:

  • first-degree intentional homicide
  • first-degree reckless homicide
  • attempted first-degree intentional homicide,
  • possession of a dangerous weapon by a person under 18,
  • first-degree reckless endangerment.

Here’s how Carlson introduced the segment on his show Tuesday night:

“His attorneys argue that Kyle Rittenhouse acted in self-defense. Prosecutors in Wisconsin charged him with first-degree murder,” host Tucker Carlson said, “but what is the truth about what happened that night?”

Carlson noted that Rittenhouse had been volunteering with a small group to remove graffiti from a local high school hours before he reportedly went to protect Kenosha businesses from being vandalized…

“That was the day that he found himself in downtown Kenosha in the middle of a riot,” Carlson said. “He wound up face-to-face with a convicted child molester called Joseph Rosenbaum, apparently committing arson.”

“Kyle Rittenhouse fired four shots initially that night,” Carlson added. “Another four were fired. We still don’t know who fired them, no one else has been arrested or charged.”

With more riots unfolding in various cities, especially in Louisville where two police officers have already been shot Wednesday night, the Rittenhouse case and its outcome could have huge repercussions in future instances of armed citizens attempting to protect businesses from mobs, looters, and arsonists. It could perhaps be a scene that unfolds more and more as in some cases police are increasingly forced to retreat from some city sectors amid the mayhem.

end
CALIFORNIA
After 30 years, in Los Angeles, the big Canyon Partners are moving to Texas due to high taxes and congestion
(zerohedge)

After 30 Years In LA, Canyon Partners Plans Move To Texas Due To “High Taxes, Congestion”

Two months ago, Joe Rogan famously questioned why people pay for the “privilege” to live in places like California; where taxes are sky high, likely heading higher, the government is bloated and intrusive and Democratic leadership seems to have no real interest in either being fiscally responsible or (lately) maintaining law and order.

“I’m outta here. I’m gonna go to Texas. I just want to go somewhere in the center of the country, somewhere it’s easier to travel to both places, and somewhere where you have a little bit more freedom.”

“Also I think that um, where we live right here in Los Angeles is overcrowded. And I think, most of the time that’s not a problem. But I think it’s exposing the fact that it’s a real issue, when you look at the number of people that uh, are catching COVID because of this overpopulation issue.”

“When you look at the traffic, when you look at the economic despair, when you look at the homelessness problem that’s accelerated radically over the last six, seven, ten years, I think there’s too many people here,” he continued.

“I think it’s not tenable, I don’t think that it’s manageable. And every mayor does a shit job of doing it because I don’t think anybody could do a great job of it. I think there’s certain things you’re gonna have to deal with when you have a population of whatever the f**k L.A. is, it’s like twenty million plus people,” Rogan said.

Quite a rant… But Rogan is far from alone as the exodus of rich, poor, liberal, conservative California Dreamers has escalated. As we noted at the start of the year, even before the lockdowns forced millions to ‘work from home’ or worse ‘not work’, about 203,000 people left California, a result of the state’s shifting migration patterns and economic strains that are making it harder to afford living here.

The latest high-profile “California leaver” turns out to be $24 billion AUM hedge fund Canyon Partners, which has been a well known fixture in Los Angeles financial circles since its founding in 1990.

As Bloomberg reports, high taxes, congestion, and the fire risks of Southern California, have driven Canyon’s founders, Josh Friedman and Mitch Julis to explore a geographical shift.

According to people familiar with the discussions, Dallas and Austin are the front-runners and the firm expects to make the final decision next month as employees have been pitched the lure of Texas to lead a better life.

Canyon had 177 employees as of the end of 2019, according to its latest regulatory filing.

iv) Swamp commentaries)

A very important read..

this should change your view of Russian interference in the 2016 election

Paul Sperry/

Secret Report Exposes CIA’s Brennan Overruled Dissenting Analysts Who Concluded Russia Favored Hillary

Authored by Paul Sperry via RealClearInvestigations.com,

Former CIA Director John Brennan personally edited a crucial section of the intelligence report on Russian interference in the 2016 election and assigned a political ally to take a lead role in writing it after career analysts disputed Brennan’s take that Russian leader Vladimir Putin intervened in the 2016 election to help Donald Trump clinch the White House, according to two senior U.S. intelligence officials who have seen classified materials detailing Brennan’s role in drafting the document.

John Brennan, left, with Robert  Mueller in 2013: The CIA director’s explosive conclusion in the ICA helped justify continuing Trump-Russia “collusion” investigations, notably Mueller’s probe as special counsel. AP Photo/Bebeto Matthews

The explosive conclusion Brennan inserted into the report was used to help justify continuing the Trump-Russia “collusion” investigation, which had been launched by the FBI in 2016. It was picked up after the election by Special Counsel Robert Mueller, who in the end found no proof that Trump or his campaign conspired with Moscow.

The Obama administration publicly released a declassified version of the report — known as the “Intelligence Community Assessment on Russian Activities and Intentions in Recent Elections (ICA)” — just two weeks before Trump took office, casting a cloud of suspicion over his presidency. Democrats and national media have cited the report to suggest Russia influenced the 2016 outcome and warn that Putin is likely meddling again to reelect Trump.

The ICA is a key focus of U.S. Attorney John Durham’s ongoing investigation into the origins of the “collusion” probe. He wants to know if the intelligence findings were juiced for political purposes.

RealClearInvestigations has learned that one of the CIA operatives who helped Brennan draft the ICA, Andrea Kendall-Taylor, financially supported Hillary Clinton during the campaign and is a close colleague of Eric Ciaramella, identified last year by RCI as the Democratic national security “whistleblower” whose complaint led to Trump’s impeachment, ending in Senate acquittal in January.

John Durham: He is said to be using the long-hidden report on the drafting of the ICA as a road map in his investigation of whether the Obama administration politicized intelligence. Department of Justice via AP

The two officials said Brennan, who openly supported Clinton during the campaign, excluded conflicting evidence about Putin’s motives from the report, despite objections from some intelligence analysts who argued Putin counted on Clinton winning the election and viewed Trump as a “wild card.”

The dissenting analysts found that Moscow preferred Clinton because it judged she would work with its leaders, whereas it worried Trump would be too unpredictable. As secretary of state, Clinton tried to “reset” relations with Moscow to move them to a more positive and cooperative stage, while Trump campaigned on expanding the U.S. military, which Moscow perceived as a threat.

These same analysts argued the Kremlin was generally trying to sow discord and disrupt the American democratic process during the 2016 election cycle. They also noted that Russia tried to interfere in the 2008 and 2012 races, many years before Trump threw his hat in the ring.

They complained Brennan took a thesis [that Putin supported Trump] and decided he was going to ignore dissenting data and exaggerate the importance of that conclusion, even though they said it didn’t have any real substance behind it,”said a senior U.S intelligence official who participated in a 2018 review of the spycraft behind the assessment, which President Obama ordered after the 2016 election.

He elaborated that the analysts said they also came under political pressure to back Brennan’s judgment that Putin personally ordered “active measures” against the Clinton campaign to throw the election to Trump, even though the underlying intelligence was “weak.”

Adam Schiff: Soon after the Democrat took control of the House Intelligence Committee, its review of the drafting of the intelligence community assessment was classified and locked in a Capitol basement safe. AP Photo/J. Scott Applewhite

The review, conducted by the House Intelligence Committee, culminated in a lengthy report that was classified and locked in a Capitol basement safe soon after Democratic Rep. Adam Schiff took control of the committee in January 2019.

The official said the committee spent more than 1,200 hours reviewing the ICA and interviewing analysts involved in crafting it, including the chief of Brennan’s so-called “fusion cell,” which was the interagency analytical group Obama’s top spook stood up to look into Russian influence operations during the 2016 election.

Durham is said to be using the long-hidden report, which runs 50-plus pages, as a road map in his investigation of whether the Obama administration politicized intelligence while targeting the Trump campaign and presidential transition in an unprecedented investigation involving wiretapping and other secret surveillance.

The special prosecutor recently interviewed Brennan for several hours at CIA headquarters after obtaining his emails, call logs and other documents from the agency. Durham has also quizzed analysts and supervisors who worked on the ICA.

A spokesman for Brennan said that, according to Durham, he is not the target of a criminal investigation and  “only a witness to events that are under review.”  Durham’s office did not respond to requests for comment.

The senior intelligence official, who spoke on the condition of anonymity to discuss intelligence matters, said former senior CIA political analyst Kendall-Taylor was a key member of the team that worked on the ICA. A Brennan protégé, she donated hundreds of dollars to Clinton’s 2016 campaign, federal records show. In June, she gave $250 to the Biden Victory Fund.

Andrea Kendall-Taylor: A Brennan protégé, she donated hundreds of dollars to Hillary Clinton’s 2016 campaign, and recently defended the ICA in a “60 Minutes” interview“60 Minutes”/YouTube

Kendall-Taylor and Ciaramella entered the CIA as junior analysts around the same time and worked the Russia beat together at CIA headquarters in Langley, Va. From 2015 to 2018, Kendall-Taylor was detailed to the National Intelligence Council, where she was deputy national intelligence officer for Russia and Eurasia. Ciaramella succeeded her in that position at NIC, a unit of the Office of the Director of National Intelligence that  oversees the CIA and the other intelligence agencies.

It’s not clear if Ciaramella also played a role in the drafting of the January 2017 assessment. He was working in the White House as a CIA detailee at the time. The CIA declined comment.

Kendall-Taylor did not respond to requests for comment, but she recently defended the ICA as a national security expert in a CBS “60 Minutes” interview on Russia’s election activities, arguing it was a slam-dunk case “based on a large body of evidence that demonstrated not only what Russia was doing, but also its intent. And it’s based on a number of different sources, collected human intelligence, technical intelligence.”

But the secret congressional review details how the ICA, which was hastily put together over 30 days at the direction of Obama intelligence czar James Clapper, did not follow longstanding rules for crafting such assessments. It was not farmed out to other key intelligence agencies for their input, and did not include an annex for dissent, among other extraordinary departures from past tradecraft.

Eric Ciaramella: The Democratic national security “whistleblower,” whose complaint led to President Trump’s impeachment, was a close colleague of Kendall-Taylor. It’s not clear if Ciaramella also played a role in the drafting of the January 2017 assessment. whitehouse.gov

It did, however, include a two-page annex summarizing allegations from a dossier compiled by former British intelligence officer Christopher Steele.  His claim that Putin had personally ordered cyberattacks on the Clinton campaign to help Trump win happened to echo the key finding of the ICA that Brennan supported. Brennan had briefed Democratic senators about allegations from the dossier on Capitol Hill.

“Some of the FBI source’s [Steele’s] reporting is consistent with the judgment in the assessment,” stated the appended summary, which the two intelligence sources say was written by Brennan loyalists.

“The FBI source claimed, for example, that Putin ordered the influence effort with the aim of defeating Secretary Clinton, whom Putin ‘feared and hated.’ “

Steele’s reporting has since been discredited by the Justice Department’s inspector general as rumor-based opposition research on Trump paid for by the Clinton campaign. Several allegations have been debunked, even by Steele’s own primary source, who confessed to the FBI that he ginned the rumors up with some of his Russian drinking buddies to earn money from Steele.

Former FBI Director James Comey told the Justice Department’s watchdog that the Steele material, which he referred to as the “Crown material,” was incorporated with the ICA because it was “corroborative of the central thesis of the assessment “The IC analysts found it credible on its face,” Comey said.

Christopher Steele: His dossier allegations were summarized in a two-page annex to the ICA, but dissenting views about the Kremlin’s favoring Hillary Clinton over Trump were excluded. Victoria Jones/PA via AP

The officials who have read the secret congressional report on the ICA dispute that. They say a number of analysts objected to including the dossier, arguing it was political innuendo and not sound intelligence.

“The staff report makes it fairly clear the assessment was politicized and skewed to discredit Trump’s election,” said the second U.S. intelligence source, who also requested anonymity.

Kendall-Taylor denied any political bias factored into the intelligence.

“To suggest that there was political interference in that process is ridiculous,” she recently told NBC News.

Her boss during the ICA’s drafting was CIA officer Julia Gurganus. Clapper tasked Gurganus, then detailed to NIC as its national intelligence officer for Russia and Eurasia, with coordinating the production of the ICA with Kendall-Taylor.

They, in turn, worked closely with NIC’s cybersecurity expert Vinh Nguyen, who had been consulting with Democratic National Committee cybersecurity contractor CrowdStrike to gather intelligence on the alleged Russian hacking of the Democratic National Committee computer system. (CrowdStrike’s president has testified he couldn’t say for sure Russian intelligence stole DNC emails, according to recently declassified transcripts.)

Durham’s investigators have focused on people who worked at NIC during the drafting of the ICA, according to recent published reports.

No Input From CIA’s ‘Russia House’

The senior official who identified Kendall-Taylor said Brennan did not seek input from experts from CIA’s so-called Russia House, a department within Langley officially called the Center for Europe and Eurasia, before arriving at the conclusion that Putin meddled in the election to benefit Trump.

“It was not an intelligence assessment. It was not coordinated in the [intelligence] community or even with experts in Russia House,” the official said. “It was just a small group of people selected and driven by Brennan himself … and Brennan did the editing.”

The official noted that National Security Agency analysts also dissented from the conclusion that Putin personally sought to tilt the scale for Trump. One of only three agencies from the 17-agency intelligence community invited to participate in the ICA, the NSA had a lower level of confidence than the CIA and FBI, specifically on that bombshell conclusion.

The official said the NSA’s departure was significant because the agency monitors the communications of Russian officials overseas. Yet it could not corroborate Brennan’s preferred conclusion through its signals intelligence. Former NSA Director Michael Rogers, who has testified that the conclusion about Putin and Trump “didn’t have the same level of sourcing and the same level of multiple sources,” reportedly has been cooperating with Durham’s probe.

The second senior intelligence official, who has read a draft of the still-classified House Intelligence Committee review, confirmed that career intelligence analysts complained that the ICA was tightly controlled and manipulated by Brennan, who previously worked in the Obama White House.

It wasn’t 17 agencies and it wasn’t even a dozen analysts from the three agencies who wrote the assessment,” as has been widely reported in the media, he said.

“It was just five officers of the CIA who wrote it, and Brennan hand-picked all five. And the lead writer was a good friend of Brennan’s.”

Brennan’s tight control over the process of drafting the ICA belies public claims the assessment reflected the “consensus of the entire intelligence community.” His unilateral role also raises doubts about the objectivity of the intelligence.

In his defense, Brennan has pointed to a recent Senate Intelligence Committee report that found “no reason to dispute the Intelligence Community’s conclusions.”

“The ICA correctly found the Russians interfered in our 2016 election to hurt Secretary Clinton and help the candidacy of Donald Trump,” argued committee Vice Chairman Mark Warner, D-Va.

“Our review of the highly classified ICA and underlying intelligence found that this and other conclusions were well-supported,” Warner added.

“There is certainly no reason to doubt that the Russians’ success in 2016 is leading them to try again in 2020, and we must not be caught unprepared.”

Brennan, ex-Obama homeland security adviser Lisa Monaco and ex-national intelligence director James Clapper, interviewed by Nicolle Wallace of MSNBC, right, at a 2018 Aspen Instutute event.  Aspen Institute

However, the report completely blacks out a review of the underlying evidence to support the Brennan-inserted conclusion, including an entire section labeled “Putin Ordered Campaign to Influence U.S. Election.” Still, it suggests elsewhere that conclusions are supported by intelligence with “varying substantiation” and with “differing confidence levels.” It also notes “concerns about the use of specific sources.”

Adding to doubts, the committee relied heavily on the closed-door testimony of former Obama homeland security adviser Lisa Monaco, a close Brennan ally who met with Brennan and his “fusion team” at the White House before and after the election. The extent of Monaco’s role in the ICA is unclear.

Brennan last week pledged he would cooperate with two other Senate committees investigating the origins of the Russia “collusion” investigation. The Senate judiciary and governmental affairs panels recently gained authority to subpoena Brennan and other witnesses to testify.

Several Republican lawmakers and former Trump officials are clamoring for the declassification and release of the secret House staff report on the ICA.

“It’s dynamite,” said former CIA analyst Fred Fleitz, who reviewed the staff report while serving as chief of staff to then-National Security Adviser John Bolton.

There are things in there that people don’t know,” he told RCI.

“It will change the dynamic of our understanding of Russian meddling in the election.”

However, according to the intelligence official who worked on the ICA review, Brennan ensured that it would be next to impossible to declassify his sourcing for the key judgment on Putin. He said Brennan hid all sources and references to the underlying intelligence behind a highly sensitive and compartmented wall of classification.

He explained that he and Clapper created two classified versions of the ICA – a highly restricted Top Secret/Sensitive Compartmented Information version that reveals the sourcing, and a more accessible Top Secret version that omits details about the sourcing.

Unless the classification of compartmented findings can be downgraded, access to Brennan’s questionable sourcing will remain highly restricted, leaving the underlying evidence conveniently opaque, the official said.

end

“Suppressing, Misrepresenting, & Lying” – McCabe Allegedly At Center Of Durham Probe

Authored by Sara Carter via SaraACarter.com,

Chairman of the Senate Judiciary Committee Lindsey Graham hinted more than a week ago that more bombshell information regarding the FBI’s handling of its probe into President Donald Trump’s campaign and Russia was about to be public. He was right because it was Graham’s committee that discovered the information.

In a bombshell letter released  Thursday night by Graham’s committee from Justice Department Attorney General William Barr revealed a declassified summary from the bureau indicating that former British spy Christopher Steele’s primary sub-source in his debunked dossier was believed to be a Russian spy. Not only was the sub source believed to be a spy but the FBI knew about it and had conducted a counterintelligence investigation on the individual.

“In light of this newly declassified information, I will be sending the FISA Court the information provided to inform them how wide and deep the effort to conceal exculpatory information regarding the Carter Page warrant application was in 2016 and 2017,” said Graham.

A small group of individuals in the Department of Justice and FBI should be held accountable for this fraud against the court.  I do not believe they represent the overwhelming majority of patriotic men and women who work at the Department of Justice and FBI.”

One of those individuals being investigated by Connecticut Prosecutor John Durham is former FBI Deputy Director Andrew McCabe, who was fired from the FBI by former Attorney General Jeff Sessions for lying to the Inspector General on multiple occasions. He is now in Durham’s crosshairs, along with multiple other former senior FBI officials that were involved in the investigation, according to a source with direct knowledge.

McCabe and others were suppressing information, misrepresenting it or lying about the information that they had in order to purposefully undermine the Trump candidacy and that turned into the predication for undermining the Trump presidency

McCabe, along with other FBI officials, withheld that information from the Foreign Intelligence Surveillance Court, as well as some of the FBI special agents investigating Trump’s campaign and its alleged ties to Russia, according to the source.

“McCabe and others were suppressing information, misrepresenting it or lying about the information that they had in order to purposefully undermine the Trump candidacy and that turned into the predication for undermining the Trump presidency,” said a source with direct knowledge of the situation.

The source, who is familiar with the ongoings of the senior brass at the FBI, told this reporter the FBI Director Christopher Wray, along with Deputy Director David Bowdich, were contacted last week by the DOJ and were warned that a “shit storm was heading their way.”

The source alleged that McCabe is now a central figure in Durham’s investigation, along with several other senior FBI officials who were aware of the information but failed to disclose it. McCabe could not be immediately reached for comment but this story will be updated if and when he responds.

Neither the FBI press office, nor Thomas Carson, a spokesman for Durham’s office commented for this story despite repeated requests.

The explosive information shed even more light on the internal corruption inside the bureau at the highest levels and the purposeful misuse of the agency to target a political presidential opponent. In fact, it raises serious concerns that these actions were not an aberration but could have been occurring for sometime inside the FBI and intelligence community, several U.S. intelligence officials and former FBI officials told this columnist.

“It’s beyond the pale and what’s worse no one has paid the price for attempting to oust – coup – a U.S. president,” said one former senior intelligence official. “What makes it worse is politicians who are using this information for political purposes – they do so at the detriment of the American system and republic.”

Graham (R-South Carolina) released the letter, along wit a declassified summary from the Federal Bureau of Investigation (FBI) revealing the bureau’s investigation.

It just so happened, according to a press release by Graham that the information was revealed during a “request for oversight of the reliability of the Steele dossier,” which led the Justice Department to recently declassify a key footnote in Inspector General Michael Horowitz’s report.

The footnote states Christopher Steele’s Primary Sub-source “was the subject of an FBI counterintelligence investigation from 2009 to 2011 that assessed his/her documented contacts with suspected Russian intelligence officers,” stated the letter.

Graham stated in his press release that the “failure of the FBI to inform the court that the Primary Sub-source was suspected of being a Russian agent is a breach of every duty owed by law enforcement to the judicial system.” 

In fact, the FBI summary provided to the Senate Judiciary Committee revealed that the FBI’s Crossfire Hurricane team was aware of this information in December 2016. Meaning former FBI Special Agent Peter Strzok, and FBI attorney Lisa Page, were aware of the information and failed to inform the Foreign Intelligence Surveillance Court.

Further, they continued to seek three FISA warrant applications using the Steele dossier as a basis and knowing that the information was more than likely Russian disinformation.

The now famous email Susan Rice sent to herself on Inauguration Day where she states that President Obama said that everything has to be done ‘by the book’ has become highly suspect,” said Graham. “If this investigation is ‘by the book,’ then the book we’re using is the Kremlin playbook.

The Sub-Source and Primary Sub-Source

  • Graham’s letter revealed that “a review of FBI databases revealed that the Primary Sub-source had contact in 2006 with the Russian Embassy and known Russian intelligence officers.”
  • “In September 2006, the Primary Sub-source was in contact with a known Russian intelligence officer. During these conversations, the Russian Intelligence Officer invited the Primary Sub-source to the Russian Embassy to see his office.
  • The Primary Sub-source told the Russian Intelligence Officer that he/she was interested in entering the Russian diplomatic service one day. The two discussed a time when the Primary Sub-source was to visit. Four days later, the Russian Intelligence Officer contacted the Primary Sub-source and informed him/her they could meet that day to work “on the documents and then think about future plans.”
  • Later in October 2006, the Primary Sub-source contacted the Russian Intelligence Officer seeking a reply “so the documents can be placed in tomorrow’s diplomatic mail pouch.”
  • FBI information further identified, in 2005, the Primary Sub-source making contact with a Washington, D.C.–based Russian officer. It was noted that the Russian officer and the Primary Sub-source seemed very familiar with each other.”
  • “As part of its investigation, the FBI conducted interviews with the Primary Sub-source’s associates. One individual indicated that the Primary Sub-source was not anti-American but wanted to return to Russia one day. Another described the Primary Sub-source as pro-Russia and indicated that he/she always interjected Russian opinions during policy discussions. While both stated that they did not recall the Primary Sub-source asking directly about their access to classified information, one interviewee did note that the Primary Sub-source persistently asked about the interviewee’s knowledge of a particular military vessel.”

From Graham’s Press Release/ Key takeaways from the FBI’s declassified summary:

  • The Crossfire Hurricane team knew in December 2016 that Christopher Steele’s Primary Sub-source was an individual who the FBI had indicated in 2009 “could be a threat to national security.”
  • In May 2009, Steele’s source reportedly attempted to recruit two individuals connected to an influential foreign policy advisor connected to President Obama, offering that if the two individuals “‘did get a job in the government and had access to classified information’ and wanted ‘to make a little extra money,’ [Steele’s source] knew some people to whom they could speak.”
  • FBI databases revealed Steele’s source “had contact in 2006 with the Russian Embassy and known Russian intelligence officers, [including contacting a known Russian intelligence officer] ‘so the documents can be placed in tomorrow’s diplomatic pouch.’”
  • One individual interviewed by the FBI noted that “the Primary Sub-source persistently asked about the interviewee’s knowledge of a particular military vessel.”
  • Significantly, the “record documenting the closing of the investigation [of the Primary Sub-source] stated that consideration would be given to re-opening the investigation in the event that the Primary Sub-source returned to the United States.”

Key Findings:

  • First, the primary source for the Steele dossier was likely a Russian agent.
  • Second, the Primary Sub-source was suspected by the FBI in 2009 of being a Russian agent, and there had been an active counterintelligence investigation of this individual.  That FBI investigation revealed the Primary Sub-source was suspected of providing information to the Russian Embassy and was in contact with known Russian intelligence officers, and made offers to people connected to incoming Obama Administration officials that any classified information they provided could be paid for.  In addition, during this investigation it was disclosed that the Primary Sub-source persistently asked individuals about a particular military vessel of the United States.
  • Third, the information provided shows that in December 2016, the FBI knew of the previous counterintelligence investigation of the Primary Sub-source and the source’s ties to Russian intelligence services.  However, they failed to inform the FISA Court.  In fact, not only did they not inform the FISA Court the Primary Sub-source was likely a Russian agent, they continued to use the Steele dossier to seek warrants against Carter Page.  They told the court the Primary Sub-source was truthful and cooperative.  Specifically the three FISA applications filed after December 2016 make no mention of the previous counterintelligence investigation against the Primary Sub-source and the last two FISA applications additionally misled the court about the results obtained of the interviews of the Primary Sub-source in January and March of 2017.

 

Wow!! more explosive emails and one FBI agent Barnett says that the Flynn case was politically motivated and a dead end. They also bought misconduct insurance in case they were sued.  The Mueller team was totally corrupt. Sullivan, in his total disdain for Flynn ends end being a hero as new stuff  revealed that Flynn was totally innocent and there was no crime.

(zerohedge0

 

“Get Trump”: FBI Agent From Mueller Team Says Flynn Case Was Politically Motivated “Dead End” – Others Bought Misconduct Insurance

Thanks to Judge Emmet Sullivan refusing the DOJ’s request to drop the Michael Flynn case, a cache of explosive documents has now been released to the public revealing that at least one FBI agent on Special Counsel Robert Mueller’s team thought the case was a politically motivated “dead end,” and others bought professional liability insurance as their bosses were continuing the investigation based on “conspiracy theories.

In one case, FBI agent William J. Barnett said during a Sept. 17 interview that he believed Mueller’s prosecution of Flynn was part of an attitude to “get Trump,” and that he didn’t want to pursue the Trump-Russia collusion investigation because it was “not there” and a “dead end,” according to Fox News.

Barnett, during his interview, detailed his work at the FBI, and his assignment to the bureau’s original cases against Flynn and former Trump campaign chairman Paul Manafort. Barnett said the Flynn investigation was assigned the code name “Crossfire Razor,” which was part of the Crossfire Hurricane investigation — the bureau’s code name for the original Trump-Russia probe.

 

Barnett told investigators that he thought the FBI’s Trump-Russia probe was “opaque” and “with little detail concerning specific evidence of criminal events.”

Barnett thought the case theory was ‘supposition on supposition,’” the 302 stated, and added that the “predication” of the Flynn investigation was “not great,” and that it “was not clear” what the “persons opening the case wanted to ‘look for or at.’”

After six weeks of investigating, Barnett said he was “still unsure of the basis of the investigation concerning Russia and the Trump campaign working together, without a specific criminal allegation.” –Fox News

When Barnett approached agents about what they thought the ‘end game’ was with Flynn – suggesting they interview the former National Security Adviser “and the case be closed unless derogatory information was obtained,” he was cautioned not to conduct an interview, as it may tip Flynn off that he was under investigation.

“Barnett still did not see any evidence of collusion between the Trump campaign and the Russian government,” the 302 states. “Barnett was willing to follow any instructions being given by the deputy director as long as it was not a violation of the law.”

Insurance over “conspiracy theories”?

Another revelation from documents in the Flynn case comes in the form of text messages released on Thursday in which agents bought liability insurance, fearing they would be sued over an investigation into Flynn based on “conspiracy theories.”

“We all went and purchased professional liability insurance,” one analyst texted on Jan. 10, 2017 – 10 days before Trump was inaugurated, according to Just The News.

“Holy crap,” responded a colleague. “All of the analysts too?”

“Yep,” replied the first analyst. “All the folks at the Agency as well.”

“Can I ask who are the most likely litigators?” responded a colleague. “As far as potentially suing y’all.”

“Haha, who knows….I think the concern when we got it was that there was a big leak at DOJ and the NYT among others was going to do a piece,” the first analyst texted back.

The explosive messages were attached to a new filing by Flynn’s attorney Sidney Powell, who argued to the court that is considering dismissing her client’s guilty plea that the emails show “stunning government misconduct” and “wrongful prosecution.”

A hearing is scheduled for next Tuesday.

There was no case against General Flynn,” Powell wrote in the new motion. “There was no crime. The FBI and the prosecutors knew that. This American hero and his entire family have suffered for four years from public abuse, slander, libel, and all means of defamation at the hands of the very government he pledged his life to defend.” –Just The News

Thanks to Judge Sullivan’s hatred of Flynn, the world now knows how much more corrupt the Mueller investigation was.

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

Mnuchin Expects to Resume Talks with Pelosi on New Stimulus   9:46 AM CDT

https://www.bloomberg.com/news/articles/2020-09-24/mnuchin-expects-to-resume-talks-with-pelosi-on-new-stimulus

At his testimony before the Senate Banking Committee, Powell reiterated the Fed’s latest mantra: “The US economy needs more fiscal stimulus.”

The Mnuchin rally peaked at 13:30 ET.  After a slow rollover, ESZs and stocks headed south at 14:00 ET.

During the final hour of trading this appeared:

House Democrats prepare new $2.4 trillion stimulus plan with unemployment aid, direct payments

https://www.cnbc.com/2020/09/24/coronavirus-stimulus-democrats-prepare-new-relief-bill.html

Pelosi says ‘large number’ of Dems wanted her to shut down gov. to stop GOP filling court vacancy

“A large number of people outside, not in the House, but outside, wanted me to shut down government,” Pelosi said… [Sorry, Nancy, you can’t shut down the Senate; and you would lose the House for sure!]

https://justthenews.com/government/congress/pelosi-says-she-rejects-calls-shut-down-government-way-stop-gop-filling-court

Since Pelosi torpedoed the (bipartisan) compromise $1.5B stimulus package on Friday, stocks have struggled.  The S&P 500 Index has declined 10% from its September 2 high.  The dollar has rallied; precious metals have tumbled.

Twitter: ‘Louisville Will Burn’ Doesn’t Violate Our Rules https://t.co/I0hSL6vH5q

US Attorney’s Office Says Small Number of Mail-In Military Ballots Cast for President Trump Discarded in Luzerne County    https://philadelphia.cbslocal.com/2020/09/24/us-attorneys-office-says-small-number-of-mail-in-military-ballots-cast-for-president-trump-discarded-in-luzerne-county/

 

Mailed-In Ballots Found Tossed in Wisconsin Ditch https://t.co/JJj5YsdLA1

 

Trump Calls Bloomberg ‘Criminal’ for Helping Florida Felons Vote – Bloomberg

Democrats prepare bill limiting U.S. Supreme Court justice terms to 18 years

Some legal observers… say they must be accomplished through an amendment to the U.S. Constitution, which has been interpreted as requiring life tenure for federal judges and justices… [Opens door to deliberate term limits for Congress!] https://news.yahoo.com/democrats-prepare-bill-limiting-u-213533188.html

The Fed balance sheet grew $28.686B on the monetization of $46.788B of securities.  Currency swaps fell $20.324B.   https://www.federalreserve.gov/releases/h41/

Today – Renewed hopes and hype for another stimulus scheme saved stocks yesterday.  Retail traders are back in euphoric mode.  Experienced traders play for Friday rallies due to the propensity of stocks to rally late on Friday.  However, Q3 rebalancing should appear next week.  Furthermore, Team Trump usually appears on Friday to talk up the economy and stocks.  What will pros do during the final minutes?

We’d guess that operators will play for the standard Friday rally; but a majority of pros will probably want to go home flat in case bad news appears over the weekend, especially regarding the stimulus plan.

Flynn case bombshell: FBI analysts bought insurance fearing they’d be sued for misconduct

Flynn probe was supposed to be shut down in November 2016 and analysts became worried when superiors kept it open without cause… We all went and purchased professional liability insurance,” one analyst texted on Jan. 10, 2017, just 10 days before Trump took office.  “Holy crap,” a colleague responded. “All the analysts too?” “Yep,” the first analyst said. “All the folks at the Agency as well.”

https://justthenews.com/accountability/russia-and-ukraine-scandals/flynn-case-bombshell-fbi-analysts-bought-insurance

‘Trump was Right’: Explosive New FBI Texts Detail Internal Furor Over Handling Of ‘Crossfire Hurricane’ Investigation – “[W]e all went and purchased professional liability insurance,” one agent texted on Jan. 10, 2017, the same day CNN leaked details that then-President-elect Trump had been briefed by Comey about the bogus Christopher Steele dossier… “[C]an I ask who are the most likely litigators?” an agent responded. “[A]s far as potentially suing y’all[?]”…

https://thefederalist.com/2020/09/24/trump-was-right-explosive-new-fbi-texts-detail-internal-furor-over-handling-of-crossfire-hurricane-investigation/

@seanmdav: On Jan. 3, 2017, Trump tweeted the FBI was delaying its briefings for him to buy time to cook up evidence against him.  Two days later, as Obama and Comey met in the WH to go over their plans to take out Flynn, one FBI agent texted: “Trump was right.”

    At one point, FBI officials noted that they were in huge trouble if anyone ever FOIA’d the FBI for records, or if a new AG came in and figured out what they were doing.  So what did Obama holdovers do? They forced Sessions, the new AG, to recuse himself

@GeorgePapa19: It has been reported today that the sub source of the Steele Dossier, which the Comey FBI based their illegal spying operation on entirely (Durham is handling Australia) was a “national security risk” and “part of a counter intelligence probe in 2009.” You can’t make this up.

Source of Steele dossier was investigated by FBI for Russian contacts, Barr says

https://www.foxnews.com/politics/fbi-previously-investigated-steele-dossier-source-as-russian-agent

WSJ’s @ KimStrassel: Early in Obama admin, subsource “reportedly attempted to recruit two individuals connected to an influential foreign policy advisor” to Obama. Said if they got jobs in the administration and access to classified information, he could help them “make a little extra money.”…

But here’s the real kicker, per these documents out from @LindseyGrahamSC

The FBI KNEW about this prior CI investigation into the source in DECEMBER OF 2016. It KNEW it was relying on information from a suspected Russian spy!… The same FBI said to be concerned about Russian interference in election, was using information from a suspected Russian spy to probe a presidential campaign… It never told the FISA court about this CI investigation… It vouched for information supplied by a suspected Russian agent… And people wonder why #Durham is looking into all this?  Also, extra-credit question: Wasn’t it Mueller’s job to find sources of Russian disinformation? How do you miss the guy potentially feeding it directly to the FBI?

@ChuckRossDC: This is insane. It’s the biggest revelation [Steele subsource was Russian spy] so far. Steele, Fusion GPS, the FBI, reporters — so many reputations further destroyed by this.

Durham assumed parts of John Huber’s Clinton Foundation review: source

Two sources familiar with Durham’s investigation told Fox News at the time that Durham was working expeditiously to try to finish the probe before Labor Day — which he did not — but that several lines of the investigation had not yet been completed…

https://www.foxnews.com/politics/durham-assumed-parts-of-john-hubers-clinton-foundation-review-source

In Politically Charged Inquiry, Durham Sought Details about Scrutiny of Clintons

John Durham’s team has sought information about the F.B.I.’s handling of the Clinton Foundation investigation, raising questions about the scope of the prosecutor’s review.

    Some former law enforcement officials declined to talk to Mr. Durham’s team about the foundation investigation because they felt the nature of his inquiry was highly unusual, according to people familiar with the investigation… [Some or two cried to the NYT about Durham.  ‘When you’re getting flak, you know that you are over an important target.]

https://www.nytimes.com/2020/09/24/us/politics/durham-clinton-foundation-investigation.html

Federal Agencies Tapped Protesters’ Phones in Portland – Homeland Security has not yet come clean to the public about the full extent of its intelligence operations in Portland.

    A current DHS official described a colleague with expertise in electronic surveillance who was being deployed to Portland. But for what purpose? “Extracting information from protester’s phones,” the DHS official said… “You’re getting an inside view into your targets, who they are, who they’re talking to—the hierarchy,” the former intelligence officer said… Attorney General William Barr, however, recently claimed that antifa is receiving foreign sponsorship — a necessary criterion to formally designating it a terror organization…  https://www.thenation.com/article/politics/homeland-security-portland/

The MSM and some Dems are publically expressing concern about Biden’s lackluster campaign.

‘Something’s in the water’: Florida Republicans see surge in voter registration – Democrats say they feel pressure from Joe Biden’s campaign to refrain from door-to-door canvassing, which is hindering their efforts… https://www.politico.com/news/2020/09/24/florida-republicans-voter-registration-surge-420936

Sen. Tester warns Biden to pick up the pace on campaigning – “I think Joe just needs to get out and talk to people tell them his vision for the country and I think he’ll be fine,” the Montana Democrat said.  https://www.politico.com/news/2020/09/24/tester-warns-biden-on-campaigning-421070

Biden Gives Cautious Answers on Breonna Taylor and the Supreme Court [NYT voices concern]

Asked by reporters about two issues of deep importance to Democrats, the party’s nominee was circumspect. The Biden campaign later released a fuller statement about Ms. Taylor… it underscores the gamble Mr. Biden’s campaign has made for months: that American voters will reward his sober, measured approach to politics that stands in sharp contrast to Mr. Trump’s… But presidential nominees typically are not so circumspect about issues that energize their parties’ bases…

https://www.nytimes.com/2020/09/23/us/politics/biden-supreme-court-trump.html?smid=tw-share

@JustinGomezABCBiden campaign called a lid at 9:20 am today. Harris also has no public events on her schedule. Meanwhile, Trump has events in Charlotte, North Carolina and Jacksonville, Florida. Pence is on a bus tour w/ stops in Eau Claire, Wisconsin and Minneapolis, Minnesota.  [9th lid in 24 days]

@realDonaldTrump: Sleepy Joe Biden just closed down his campaign for the day (Again). Wants to rest! He is a very LOW ENERGY INDIVIDUAL, and our Country cannot make it in these exciting, but complex and competitive times, with a Low Energy President !!!

 

@julie_kelly2: As if you needed any more evidence the national news media is nothing more than a DNC propaganda machine, their refusal to criticize the inactivity of the Democratic candidate for president says it all.

 

House GOP demands FBI investigate, explain inaction on Biden allegations

https://justthenews.com/accountability/russia-and-ukraine-scandals/house-gop-demands-fbi-investigate-explain-inaction-biden

 

CNN, broadcast networks ignore Hunter Biden revelations, others downplay Senate report

There was a widespread blackout of television coverage surrounding the damning revelations from the GOP-led Senate report on Hunter Biden’s foreign financial ties…

https://www.foxnews.com/media/media-avoids-hunter-biden-senate-report

 

‘Biden Center’ at UPenn under Fire over Financial Ties to China

The center has allegedly failed to disclose $70 million in gifts from China since 2017… reportedly accepted a $22 million gift from an anonymous Chinese donor. Under federal law, foreign gifts over $250,000 must be disclosed to the government. Additionally, the name of the donor must be listed in the disclosure…  https://www.breitbart.com/tech/2020/05/27/biden-center-at-upenn-under-fire-over-financial-ties-to-china/

Media Declares “Violence Is Inevitable” As 2 Cops Shot In Louisville; Reporters Arrested In Aggressive Police Crackdown

https://www.zerohedge.com/political/media-declares-violence-inevitable-2-cops-shot-louisville-reporters-arrested-aggressive

 

U-Haul Seen Distributing Shields, Potential Weapons to Louisville Rioters Rented to Holly Zoller of Soros-Connected Louisville Bail Project

https://www.thegatewaypundit.com/2020/09/u-haul-seen-distributing-shields-weapons-louisville-rioters-rented-holly-zoller-louisville-bail-project/

 

@DineshDSouza: On CBS @gayleking announced that peaceful protests “led to” two police officers being shot. What sense can we make of such agitprop? The rioters shot two cops, which means they were not peaceful protesters #BreonnaTaylor

 

Joe Biden appears to side against cops cleared of killing Breonna Taylor – but tells rioters that ‘violence is never acceptable’ – Joe Biden released a statement questioning whether justice ‘could be equally applied in America’

https://www.dailymail.co.uk/news/article-8767331/Joe-Biden-appears-against-cops-cleared-killing-Breonna-Taylor.html

 

Fox’s @ChadPergram: GOP ND Sen Cramer on if there will be a peaceful transfer of power: Democrats have already obviously made it very clear that they don’t intend to do that…they didn’t do it 4 yrs ago…they used the power of the presidency during the transition to spy on the incoming president.

 

Prof compares Black Americans supporting Trump to Jews supporting Hitler

A Northwestern University journalism professor called Black supporters of Donald Trump a “grand display of buffoonery.”…  https://campusreform.org/?ID=15741

Professor put on leave for saying she hopes presidential supporters get COVID-19 and die

https://nypost.com/2020/09/23/professor-put-on-leave-for-saying-she-hopes-presidential-supporters-die-before-election/

 

The Death of Justice Ruth Bader Ginsburg Pushed Me to Join the Satanic Temple

“I am a 40-something attorney and mother who lives in a quiet neighborhood with a yard and a garage full of scooters and soccer balls. I am not the type of person who would normally consider becoming a Satanist, but these are not normal times.” [Not a parody!]

https://www.huffpost.com/entry/rbg-mom-joins-satanic-temple_n_5f6b3565c5b629afbe990c15

Ohio Mother with Asthma Arrested [and tased] For Not Wearing a Mask during Football Game

“Alecia’s mom said that when the officer tased her, the current went through the bleachers and zapped the kid sitting there too,”…  https://dailyrednews.com/video-ohio-mother-with-asthma-arrested-for-not-wearing-a-mask-during-football-game/

 

White House rips ‘appalling’ booing of Trump at RBG memorial

https://nypost.com/2020/09/24/white-house-rips-appalling-booing-of-trump-at-rbg-memorial/

 

Obama to skip Scalia’s funeral

The president’s decision is being played up by some as a snub at a politically fraught time.

https://www.politico.com/story/2016/02/obama-no-scalia-funeral-219384

 

Well that is all for today

AS A LITTLE HEADS UP, I WILL NOT BE DOING MY REGULAR COMMENTARY ON MONDAY AS I WILL BE OUT OF THE LOOP ALL DAY

HOWEVER, I WILL PROVIDE THE ENTIRE COMEX FINAL DATA LATE IN THE EVENING.

I WILL NOT HAVE ENOUGH TIME TO DO MONDAY MORNING AND CLOSING BOURSE DATA.

I will see you VERY LATE MONDAY night.

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