OCT 12G//GOLD UP $2.00 TO $1923.20/SILVER UP 28 CENTS TO $25.11//GOLD STANDING AT THE COMEX ADVANCES AGAIN TO 102.177 TONNES/SILVER STANDING CLOSE TO 10 MILLION OZ//CORONAVIRUS UPDATES GLOBE//WHO FLIP- FLOPS AND NOW STATES LOCKDOWNS ARE BAD!/PELOSI REJECTS TRUMPS’ HIGHER OFFER OF QE/RICH AMERICANS RUSHING TO CHANGE ESTATE PLANS FEARING A BIDEN VICTORY//DAVID SCHOEN AND RAUL MEIJER MUST READS..//MORE SWAMPS STORIES FOR YOU TONIGHT///

GOLD:$1923.20 UP  $2.00   The quote is London spot price

Silver:$25.11 UP $0.28    London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1923.20  LONDON SPOT  4:30 pm

ii)SILVER:  $25.12//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1922.80  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $0.50  BACKWARD//

DEC. GOLD  $1929.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $6.00/ CONTANGO   ( $1.50  ABOVE NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $25.32…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 21 CENTS CONTANGO/    21 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $25.25  1:30  PM SPREAD SPOT/FUTURE DEC.       :  14  CENTS PER OZ  CONTANGO (   10 CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

 
 
 

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

receiving today: 350/1592

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,919.500000000 USD
INTENT DATE: 10/09/2020 DELIVERY DATE: 10/13/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333 83
099 H DB AG 36
104 C MIZUHO 31
118 H MACQUARIE FUT 57
132 C SG AMERICAS 8
135 H RAND 2
323 C HSBC 14
332 H STANDARD CHARTE 82
355 C CREDIT SUISSE 11
435 H SCOTIA CAPITAL 6
624 C BOFA SECURITIES 2
657 C MORGAN STANLEY 111
657 H MORGAN STANLEY 220
661 C JP MORGAN 5 290
661 H JP MORGAN 60
690 C ABN AMRO 71 16
709 C BARCLAYS 232
709 H BARCLAYS 261
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 1
800 C MAREX SPEC 15 32
880 C CITIGROUP 20
880 H CITIGROUP 1166
905 C ADM 18
____________________________________________________________________________________________

TOTAL: 1,592 1,592
MONTH TO DATE: 28,601

ISSUED:5

GOLDMAN SACHS STOPPED 83 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 1592 NOTICE(S) FOR 159200 OZ  (4.9517 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  28601 NOTICES FOR 2,860,100 OZ ( 88.96 tonnes) 

SILVER//OCTOBER CONTRACT

 

161 NOTICE(S) FILED TODAY FOR 805,000  OZ/

total number of notices filed so far this month: 1735 for 8,675,000  oz

BITCOIN MORNING QUOTE  $11263  DOWN 105

BITCOIN AFTERNOON QUOTE.:  UP $11,550  181DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $2.00  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE 6.13 TONNES OF GOLD ADDED INTO THE GLD

GLD: 1,277.65 TONNES OF GOLD//

WITH SILVER UP 28 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE PAPER WITHDRAWAL OF 1.396 MILLION OZ FROM THE SLV///

SLV: 558.867  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 ROSE BY A STRONG SIZED 2182 CONTRACTS FROM 156,809 UP TO 158,991, AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR VERY STRONG $1.00 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING..  COUPLED AGAINST A WEAK EXCHANGE FOR PHYSICAL (675 CONTRACTS). WE ALSO HAD ZERO LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A  STRONG NET GAIN IN OUR TWO EXCHANGES OF 2857 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:  675, AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  675, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  675 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

55.400 MILLION OZ FINAL STANDING IN SEPT

9.820 MILLION OZ INITIALLY STANDING IN OCT.

FRIDAY, 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 $1.00) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A HUGE GAIN IN OUR TWO EXCHANGES (2857 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE 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 OCTOBER, iii) STRONG COMEX GAIN AND iv) ZERO LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

We have now switched to silver for our spreaders!!

 

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

 

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

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

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 GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  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 SILVER 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 OCT. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF OCT. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER 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

OCT

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

2851 CONTRACTS (FOR 8 TRADING DAY(S) TOTAL 2851 CONTRACTS) OR 14.225 MILLION OZ: (AVERAGE PER DAY: 356 CONTRACTS OR 1.780 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 14.225 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 12.03% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,471.30 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP                               95.355 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

MAY EFP FINAL:                     77.27 MILLION OZ

JUNE EFP                              71.15 MILLION OZ.

JULY EFP                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

AUGUST EFP                         127.46 MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

SEPT EFP                                78.360 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

OCT EFP                                 14.225   MILLION OZ (LOOKS LIKE THEY ARE FALLING OFF A CLIFF IN  NUMBERS)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2301, WITH OUR  $1.00 GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY.…THE CME NOTIFIED US THAT WE HAD A WEAK SIZED EFP ISSUANCE OF 675 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A VERY STRONG SIZED 2976 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $1.00 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 675 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A VERY STRONG SIZED INCREASE OF 2301 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $1.00 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.83 // 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. 0.7955 BILLION OZ TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).

FOR THE NEW OCT  DELIVERY MONTH/ THEY FILED AT THE COMEX: 161 NOTICE(S) FOR  805,000 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)

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

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A HUGE 10,601 CONTRACTS TO 558,708 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE HUGE SIZED GAIN IN COMEX OI OCCURRED WITH OUR STRONG  GAIN IN PRICE  OF $31.10 /// COMEX GOLD TRADING// FRIDAY. WE PROBABLY HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR CONSIDERABLE EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD ZERO LONG LIQUIDATION AND ANOTHER STRONG INCREASE IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $31.10. 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  73//

WE HAD A ATMOSPHERIC GAIN OF 16,654 CONTRACTS  (51.800 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A CONSIDERABLE SIZED 5593 CONTRACTS:

CONTRACT . OCT: 0 DEC: 3593; FEB: 2000  ALL OTHER MONTHS ZERO//TOTAL: 5593.  The NEW COMEX OI for the gold complex rests at 558,708. 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 ATMOSPHERIC SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 16,194 CONTRACTS: 10,601 CONTRACTS INCREASED AT THE COMEX AND 5593 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 16,194 CONTRACTS OR 51.370 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A CONSIDERABLE SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5593) ACCOMPANYING THE HUGE SIZED GAIN IN COMEX OI  (10,601 OI): TOTAL LOSS IN THE TWO EXCHANGES:  16,194 CONTRACTS. WE NO DOUBT HAD 1 ) CONSIDERABLE BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)A HUGE INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT OCT. MONTH TO 102.177 TONNES)  3)  ZERO LONG LIQUIDATION ;4) STRONG COMEX OI GAIN AND 5) CONSIDERABLE ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//FRIDAY//$31.10.

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.

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

OCT.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT : 17,310 CONTRACTS OR 1,731,000 oz OR 53.84 TONNES (8 TRADING DAY(S) AND THUS AVERAGING: 2163 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 8 TRADING DAY(S) IN  TONNES: 53.84 TONNES

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

THUS EFP TRANSFERS REPRESENTS 53.84/3550 x 100% TONNES =1.51% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,609.67  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:                       178.49 TONNES (EFP’s AGAIN RISING DUE TO BACKWARDATION/LOWER FUTURE PREMIUMS//THUS LESS COST TO CARRY)

OCT TOTAL EFP ISSUANCE.                        53.84 TONNES (LOOKS LIKE THESE ARE DROPPING IN NUMBERS AGAIN)

 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 2182 CONTRACTS FROM 156,809 UP TO 158,991 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)   CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING , 2) A WEAK ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A STRONG INCREASE IN STANDING  FOR SILVER AT THE COMEX FOR OCT., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 675  CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 OCT: 0 AND DEC. 675 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 675 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 2301 CONTRACTS TO THE 675 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 2857 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 14.285 MILLION  OZ, OCCURRED WITH OUR $31.10  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)MONDAY MORNING/ FRIDAY NIGHT: 

SHANGHAI CLOSED UP 86.39 PTS OR 2.64%   //Hang Sang CLOSED UP 530.66 PTS OR 2.20%    /The Nikkei closed DOWN 61.00 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .48%

/Chinese yuan (ONSHORE) closed DOWN 6.7460 /Oil UP TO 40.07 dollars per barrel for WTI and 42.25 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7414 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A VERY STRONG 10,601 CONTRACTS TO 559,168 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS HUGE  COMEX INCREASE OCCURRED WITH OUR MONSTROUS RISE OF $31.10 IN GOLD PRICING /FRIDAY’S COMEX TRADING/). WE ALSO HAD A CONSIDERABLE EFP ISSUANCE (5593 CONTRACTS).   WE ALSO PROBABLY HAD  1)  HUGE  BANKER//ALGO SHORT COVERING,  2)   ZERO LONG LIQUIDATION  AND 3)  STRONG INCREASE IN GOLD TONNAGE STANDING AT THE  COMEX//OCT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED AN ATMOSPHERIC SIZED GAIN ON OUR TWO EXCHANGES OF 16,654 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. 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.

TODAY THEY HAD NO CHOICE BUT TO ISSUE MORE THAN USUAL EFP’S

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 74

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF OCT..  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 2354 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 3593; FEB// ’21 2000 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5593  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE. TODAY THAT PREMIUM WAS SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES:16,194 TOTAL CONTRACTS IN THAT 5593 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A HUGE SIZED 10,601 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY. ( 102.177 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $31.10).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED AN ATMOSPHERIC   50.370 TONNES,

NET GAIN ON THE TWO EXCHANGES :: 16,194 CONTRACTS OR 1,619,400 OZ OR 50.370 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:  558,708 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.87 MILLION OZ/32,150 OZ PER TONNE =  1737 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1737/2200 OR 78.99% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 152,786 contracts// volume  very poor/

CONFIRMED COMEX VOL. FOR YESTERDAY:  248,309 contracts//  volume:  VERY POOR //most of our traders have left for London

 

OCT 12 /2020

OCT. GOLD CONTRACT MONTH

 
 
INITIAL STANDING FOR OCT GOLD
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
361,490.188 oz
BRINKS
LOOMIS
MANFRA
 
 
 
INC 218 KILOBARS LOOMIS 
AND 1000 KILOBARS MANFRA
 
 
 
Deposits to the Dealer Inventory in oz 144,583,047  oz

 

BRINKS

Deposits to the Customer Inventory, in oz

161,8880.285
OZ

MALCA

No of oz served (contracts) today
 
1592 notice(s)
 
 159200 OZ
(4.9517 TONNES)
 
 
 
 
No of oz to be served (notices)
4249 contracts
(424,900 oz)
13.216 TONNES
 
Total monthly oz gold served (contracts) so far this month
28601 notices
 
2,860,100 OZ
88.96 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:  144,583.047 oz

 
total deposit: 144,583.047 oz

 

total dealer withdrawals: nil oz

 

we had 3 withdrawals from  the customer account

i) Into Brinks: 3210,320.413 oz

ii) Into Loomis:  7008.7 oz  (218 kilobars)

iii) Into Manfra:  32,151.000 oz (1000 kilobars)

total customer deposit:  361,490.188 oz  (11.23 tonnes)

we had 1 deposit into the customer account

  i) Into Malca: 161,880.285 oz

 

total customer deposit:  161,880.285 oz

 

We had 2  kilobar transactions  +

ADJUSTMENTS: 0 // 

The front month of OCT registered a total of 5841 contracts for a LOSS of 1582 contracts. We had 1844 notices filed on Friday so we gained 262 contracts or 26,200 additional oz will stand for delivery in this active delivery month of October. In gold we have not seen queue jumping start so early in the month. Thus you can bet the farm that throughout October, the total number of gold oz standing will increase from this level.

November gained 246 contracts to stand at 1637.

The big December contract GAINED A WHOPPING  9668 contracts UP to 451,310 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (102.177 tonnes). 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. THE MAJOR DIFFERENCE BETWEEN THIS MONTH AND OTHER MONTHS IS THAT THIS GOLD STANDING IN OCTOBER WILL LEAVE THE COMEX AND HEAD FOR LONDON.

We had  1592 notices filed today for  159200 oz OR 4.9517 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  5 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1592  contract(s) of which 60  notices were stopped (received) by j.P. Morgan dealer and 290 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 83 notices received (stopped) by the squid  (Goldman Sachs)
 

To calculate the INITIAL total number of gold ounces standing for the OCT /2020. contract month, we take the total number of notices filed so far for the month (28,601) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (5841 CONTRACTS ) minus the number of notices served upon today (1592 x 100 oz per contract) equals 3,258,800 OZ OR 101.362 TONNES) the number of ounces standing in this active month of Oct

thus the INITIAL standings for gold for the OCT/2020 contract month:

No of notices filed so far (28601, x 100 oz +5841 OI) for the front month minus the number of notices served upon today (1592) x 100 oz which equals 3,285,000 oz standing OR 102.177 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a OCT delivery month (a poor active delivery month).

We gained  262 contracts or an additional 26200 oz will stand on this side of the pond searching for metal.

NEW PLEDGED GOLD:  BRINKS

592,648.822 oz NOW PLEDGED  SEPT 15.2020/HSBC  18.433 TONNES ( A HUGE INCREASE FROM 10.6)

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

67,289.041 oz Pledged August 21/regular account 2.092 tonnes JPM

total pledged gold:  1,590,658.551 oz                                     49.476 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 494.04 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 102.177 tonnes

 

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  17,633.607.917 oz
 
registered gold that can be used to settle upon: 15,898,366.0  (494.04 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  15,890,366.0 (494.04 tonnes)
 
 
 
total eligible gold:  19,686,542.873 oz (612.33 tonnes) dropping in weight
 

total registered, pledged  and eligible (customer) gold  37,320,150.790 oz 1,160.81 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1034.47 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

 

 
 
 
 
OCT 12/2020

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDINGS

OCT. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
956.700 oz
 
 
Delaware
 
 
 
 
 
 
Deposits to the Dealer Inventory
1,190,353.140 oz
Brinks
JPMorgan
Scotia
 
 
 
 
Deposits to the Customer Inventory
1,012,674.220 oz
 
 
JPMorgan
Delaware
Scotia
 
 
 
 
 
 
 
No of oz served today (contracts)
161
 
CONTRACT(S)
(805,000 OZ)
 
No of oz to be served (notices)
68 contracts
 340,000 oz)
Total monthly oz silver served (contracts)  1896 contracts

 

9,480,000 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:  586,941.300 oz

ii) Into  Brinks  4974.84 oz

iii) Into Scotia:  598,437.0000

 

JPMorgan now has 188.45 million oz of  total silver inventory or 49.37% of all official comex silver. (188.45 million/381,722 million

total customer deposits today:  1,190,353.140   oz

we had 1 withdrawals:

i) Out of DELAWARE  956.700 oz
 
 
 
 

total withdrawals; 956.700    oz

We had 1 adjustments/  dealer to customer

CNT:  3,605941.89 oz

Total dealer(registered) silver: 137.903 million oz

total registered and eligible silver:  381.722 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

October had  229 notices outstanding for a GAIN of 43 contracts.  We had 16 notices served upon yesterday so we GAINED 59 contracts or 195,000 additional oz of silver will stand in this non active month of October.

November saw a LOSS of 20 notices DOWN to 375 contracts.

December saw a STRONG GAIN of 1050 contracts up to 132,679 contracts.

 
 

The total number of notices filed today for the OCT 2020. contract month is represented by 161 contract(s) FOR 805,000 oz

 

To calculate the number of silver ounces that will stand for delivery in OCT we take the total number of notices filed for the month so far at 1896 x 5,000 oz = 9,480,000 oz to which we add the difference between the open interest for the front month of OCT( 229) and the number of notices served upon today 16x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 1,896 (notices served so far) x 5000 oz + OI for front month of OCT  (229)- number of notices served upon today (16) x 5000 oz of silver standing for the OCT contract month .equals 9,820,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 59 contracts or 295,000 additional oz will  stand for silver metal on this side of the pond as they refused to morph into a London based forwards.

TODAY’S ESTIMATED SILVER VOLUME : 73,886 CONTRACTS // volume  rather slow//

FOR YESTERDAY 81,284  ,CONFIRMED VOLUME// slower than normal/

YESTERDAY’S CONFIRMED VOLUME OF981,284 CONTRACTS EQUATES to 0.406 billion  OZ 58.0% 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  RISES TO- 3.00% ((OCT 12/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.92% to NAV:   (OCT 12/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.00%

(courtesy Sprott/GATA

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

NAV 19.78 TRADING 19.17///NEGATIVE 3.10

END

And now the Gold inventory at the GLD/

OCT 12/WITH GOLD UP $2.00 TODAY: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.13 TONNES INTO THE GLD////INVENTORY RESTS AT 1277.65 TONNES

OCT 9/WITH GOLD UP $31.10 TODAY/NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1271.52 TONNES

OCT 8/WITH GOLD UP $2.00 TODAY, NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1271.52 TONNES

OCT 7/WITH GOLD DOWN $16.00 DOLLARS TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.88 TONNES FROM THE GLD////INVENTORY RESTS AT 1271.52 TONNES

OCT 6/WITH GOLD DOWN $10.70 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1275.60 TONNES

OCT 5/WITH GOLD UP $12.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.59 TONNES//INVENTORY RESTS AT 1275.60 TONNES

OCT 2/WITH GOLD DOWN $7.30 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD A DEPOSIT OF 9.3 TONNES INTO THE GLD//INVENTORY RESTS AT 1278.19 TONNES

OCT 1/WITH GOLD UP $19.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1268.89 TONNES

SEPT 30//WITH GOLD DOWN $6.80 TODAY, NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1268.89 TONNES

SEPT 29/WITH GOLD UP $19.10//NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1268.89 TONNES

/SEPT 28//WITH GOLD UP $14.30 DOLLARS: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.05 TONNES INTO THE GLD//INVENTORY RESTS AT 1268.89 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

OCT 12/ GLD INVENTORY 1277.65 tonnes*

LAST;  919 TRADING DAYS:   +337.81 NET TONNES HAVE BEEN ADDED THE GLD

LAST 819 TRADING DAYS://+516.74  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

Now the SLV Inventory/

OCT 12/WITH SILVER UP 28 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL 0F 1.396 MILLION OZ//INVENTORY RESTS AT 558.867 MILLION OZ/

OCT 9/WITH SILVER UP $1.00 TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 560.263

OCT 8/WITH SILVER UP 2 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV:A WITHDRAWAL OF 1.303 MILLION OF FROM THE SLV////INVENTORY RESTS AT 560.263 MILLION OZ//

OCT 7/WITH SILVER DOWN 9 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 466,000 OZ INTO THE SLV////INVENTORY RESTS AT 561.566 MILLION OZ/

OCT 6/WITH SILVER DOWN 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.100 MILLION OZ//

OCT 5/WITH SILVER UP 53 CENTS TODAY: A MONSTROUS CHANGE IN SILVER INVENTORY AT THE SLV:A  DEPOSIT OF 11.984 MILLION OZ INTO THE SLV //INVENTORY RESTS AT 561.100 MILLION OZ//

OCT 2/WITH SILVER DOWN 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 549.116 MILLION OZ//

OCT 1/WITH SILVER UP 66 CENTS TODAY, A BIG CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.489 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 549.116 MILLION OZ//

SEPT 30//WITH SILVER DOWN 96 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 186,000 OZ FROM THE SLV.//INVENTORY RESTS AT 550.605 MILLION OZ..

SEPT 29/WITH SILVER UP 86 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.791 MILLILON OZ//

SEPT 28//WITH SILVER UP 48 CENTS TODAY: A HUGE DEPOSIT OF 3.769 MILLION OZ CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 550.791 MILLION OZ//

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//

OCT 12.2020:

SLV INVENTORY RESTS TONIGHT AT

558.867 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

John Kim: Bullion banks recover some metal but still face big delivery demands

 
 Section: 

 

10:30a ET Saturday, October 10, 2020

Dear Friend of GATA and Gold:

Market analyst John S. Kim reports this week that major bullion banks have used recent smashes in gold futures prices to recover some of their losses of physical gold from their house accounts but are still struggling against big demands for delivery of real metal. Kim’s analysis is headlined “CME Data Reveals that Big Bullion Banks Have Clawed Back Considerable Physical Gold and Silver Losses in Recent Months” and it’s posted at his internet site, Maalamalama.com, here:

https://maalamalama.com/wordpress/bullion-banks-have-clawed-back-conside…

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

END

the gold price suppression scheme is running rampant.

(John Adams/economics.com)

Everybody’s in on gold price suppression, Australian gold advocate John Adams says

 
 Section: 

 

9:45p ET Friday, October 9, 2020

Dear Friend of GATA and Gold:

Bullion Star gold researcher Ronan Manly today interviews Australian economist, political commentator, and gold advocate John Adams —

https://www.adamseconomics.com/

— about the refusal of the Reserve Bank of Australia to be candid about the country’s gold reserves, which appear to be entirely on deposit with the Bank of England in London.

Adams describes how he discovered that some of those reserves, while physically located in London, had been leased to the Perth Mint, the bullion dealer owned by the government of the Australian state of Western Australia, which sells runs unallocated gold accounts.

Central banks, bullion banks, mining companies, futures exchanges, and metal refineries, Adams says are all more of less complicit with central bank strategy to restrain the price of the monetary metal.

The interview is 42 minutes long and can be watched at YouTube here:

https://www.youtube.com/watch?v=Ec634TmNibo

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

END

C Powell is correct: the IMF should write off its bad loans and then keep its non existent gold on its books

(the Guardian/London)

IMF should just write off its bad loans and keep its pretend gold

 
 Section: 

 

Since the International Monetary Fund makes a career out of lending money to countries that can’t repay it, why not just give the money away in the first place and keep the gold? After all, the money lent by the IMF is just a credit without any tangible existence like gold, which is a real asset — at least before it is hypothecated.

Besides, the gold attributed to the IMF does seem to be largely hypothecated itself, a dodgy claim against national gold reserves vaulted in the United States, Britain, France, and India. The metal is not in the IMF’s own vault, since the IMF doesn’t have one.

… 

Campaigners Urge IMF to Sell Gold to Provide Debt Relief

By Larry Elliott
The Guardian, London
Sunday, October 11, 2020

Debt campaigners are calling for the International Monetary Fund to sell some of its stockpile of gold to cover the debt payments owed by the world’s poorest countries for the next 15 months.

With a looming developing world debt crisis high on the agenda at this week’s annual meetings of the IMF, the Jubilee Debt Campaign said gold sales would help the most vulnerable countries cope with the Covid-19 shock and pave the way for a broader debt deal.

he IMF holds 90.5 million ounces of gold, or 2,814 metric tonnes, worth about $175 billion (L134 billion) at current prices.

A sharp rise in the price of the precious metal means that since the start of 2020 the value of the IMF’s gold reserves has increased in value by $38 billion.

The campaign said selling less than 7% of the IMF’s gold would generate a $12 billion profit, which is enough to cancel the debts owed by the 73 poorest countries until the end of 2021 and still leave the Washington-based organisation with $26 billion more gold than it held at the start of the year.

Both the IMF and its sister organisation, the World Bank, have identified the need for a comprehensive debt relief plan for poor countries, which would include debts owed to governments, multilateral organisations, and the private sector.

The campaign said gold sales would act as a catalyst for a broad debt deal and help convince China, a big creditor, that it would not be asked to shoulder a disproportionate share of the relief effort. …

… For the remainder of the report:

https://www.theguardian.com/business/2020/oct/11/campaigners-urge-imf-to…

* * *

END

IMF and the World Bank meet this week with the entire world’s economy in deep recession

(Bloomberg/GATA)

IMF, World Bank meet as world economy is in deep recession

 
 Section: 

 

By Eric Martin
Bloomberg News
Saturday, October 10, 2020

The guardians of the global economy will gather this week under the cloud of the worst recession since the Great Depression, and a recovery dependent on scientists finding a coronavirus vaccine.

The International Monetary Fund and World Bank will hold their annual meetings, with both calling on the Group of 20 largest economies to extend a freeze in debt payments from the world’s poorest nations that’s set to expire at year end.

While the fund last month flagged a “small upward revision” to its 2020 growth forecast from its June outlook, it warned the rebound will be long and uneven. …

The G-20 agreed in April to waive billions of dollars in repayments by poorer nations until the end of the year under the Debt Service Suspension Initiative. The World Bank says this isn’t enough and wants borrowings reduced to prevent a bigger fallout.

The IMF has also been working to figure out how to transfer existing reserve assets known as special drawing rights from rich countries that don’t need them to poorer nations that do. A proposal to create $500 billion in SDRs was blocked in April by the United States, the fund’s biggest shareholder, which criticized the plan as inefficient. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-10-11/imf-meets-with-global…

END

Virtual conference begins this Wednesday.

(GATA)

‘Virtual New Orleans conference starts Wednesday so join GATA there

 
 Section: 

 

11:30a ET Sunday, October 11, 2020

Dear Friend of GATA and Gold:

As you may recall, this year’s New Orleans Investment Conference, to be held next week — Wednesday to Saturday, October 14 to 17 — will be a “virtual” one, conducted entirely on the internet, so we’ll miss the excitement of the great city.

But the conference’s speakers will remain top-notch. In addition to GATA Chairman Bill Murphy and your secretary/treasurer, conference CEO Brien Lundin has announced that Fox News commentator Tucker Carlson — probably the top TV commentator in the country right now — will make a solo presentation as well as participate in a panel discussion.

Brien’s announcement about Carlson’s appearance and other plans for the conference is below. Please consider joining GATA there.

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

* * *

Tucker Carlson Joins ‘The World’s Greatest Investment Event’

By Brien Lundin, CEO
New Orleans Investment Conference
Monday, September 14, 2020

We’re building the most extraordinary investment event seen anywhere, at any time.

I’m pleased to confirm that we’ve just signed Tucker Carlson to provide his inimitable pre-election analysis to New Orleans Conference attendees.

Carlson has agreed not only to provide his typically insightful and entertaining commentary in a solo presentation, but also to join panelists Stephen Moore and Doug Casey on our political panel to deliver their views just days before the presidential election.

Every serious investor needs to participate in New Orleans 2020.

This year’s New Orleans Investment Conference has been radically transformed into much more than “the world’s greatest investment event.” It’s now “the world’s greatest investment club.”

And instead of groaning about the disadvantages of a virtual format, we’re using it to our advantage by reaching out far and wide to bring you a steady parade of extraordinary investment intelligence for months on end, from top experts, wherever they may be.

By going virtual with this year’s conference, we’re able not only to link you up with experts from around the world — many of whom would have great difficulty attending in person — but we also can continue to give you extraordinary events and intelligence for well before the conference and long afterward.

And we’re doing just that. Last week the conference’s first private Zoom call with Rick Rule and Brent Cook was just the start of our parade of value. There’s much more to come.

But let’s not forget the big event itself — when today’s top investors and experts will gather online from Wednesday, October 14, to Saturday, October 17.

In addition to Carlson, this year’s event will feature Robert Kiyosaki, Danielle DiMartino Booth, Jim Rickards, Rick Rule, Peter Schiff, and Grant Williams…

Also, Peter Boockvar, Tavi Costa, Ross Beaty, The Real Estate Guys (Robert Helms and Russ Gray), and Peak Prosperity’s Chris Martenson and Adam Taggart.

And it doesn’t end there. You’ll also hear from:

Mark Skousen, Mary Anne and Pamela Aden, Gary Alexander, Omar Ayales, Brian Bosse, Thom Calandra, Doug Casey, Adrian Day, Gerardo Del Real, Mickey Fulp, Lindsay Hall, Steve Hochberg, Mike Larson, Albert Lu, Bill Murphy, Ned Naylor-Leyland, Chris Powell, Gwen Preston, Dana Samuelson, Ronald-Peter Stoeferle, and Lobo Tiggre.

And Jim Iuorio, Jim Bianco, Jan Nieuwenhuijs, Sean Brodrick, Dave Collum, Dominic Frisby, Lyn Alden, and Rich Checkan.

And believe it or not, there’s even more to come, for I’m still confirming some blockbuster experts, and these announcements will follow soon.

Everyone knows that in a gold bull market, the best place to be is the New Orleans Investment Conference.

Now you don’t have to “be” anywhere, because we’re going to bring this event to you — and for all year long.

So you will get not only the immense value of the New Orleans Conference, but you will get it many times over.

The best news is that registration for this year’s virtual New Orleans Conference is currently just $375.

That’s right. The equivalent of multiple New Orleans Investment Conferences, delivered directly to your computer, for just a few hundred dollars.

Can you imagine your return on that small investment from just one red-hot investment recommendation?

In our Zoom call last week, Rule, Cook, and I not only gave up our most powerful strategies for a metals bull market, we named names — both the best management teams and the best stocks to buy right now.

In fact, we shared six top stock picks, and time’s wasting to buy them before they take off.

The good news is that you can gain immediate access to the recording of this call by registering for New Orleans 2020 now.

And then the flow of investment intelligence will begin for you.

Don’t delay — start enjoying all our market intelligence now. To register, please visit:

https://neworleansconference.com/wp-content/uploads/2020/09/NOICChrisPow…

All the best,

Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference

iii) Other physical stories:

https://www.jsmineset.com/2020/10/12/ag-au-take-off-right-out-of-the-shoot-but-now/

 

Ag/Au Take Off “Right Out of the Shoot” But Now?

 

Posted October 12th, 2020 at 9:24 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Monday Morning Folks,

 

     Gold is now trading at $1,926.80, up 60 cents after reaching $1,939.40, almost right out of the shoot, with the low nearby at $1,923.80. Silver really started to shine before all the calm was applied with the trade now at $25.17, up 6.2 cents with the high to beat at $25.71 with the low at $25.01. The US Dollar’s value is now calculated at 93.235, up 17 points and right there at the 93.255 high with the low down at 93.025. Of course, all this happened already, before 5 am pst, the Comex open, the London close, and after a huge and stunning campaign rally happened yesterday, for team Biden/Harris, which had their gathering in Phoenix, Az.

 

      Gold is continuing its rally under the Venezuelan Bolivar with the last trade at 19,243.92, showing a gain of 45.95 since Friday morning with Silver gaining 6.292 with the last quote at 251.385 Bolivar. Argentina’s Peso now has Gold valued at 148,637.57 A-Peso’s, a gain of 379.43 with Silver’s last price at 1,941.67 A-Peso’s giving the holder an additional 48.98 gain. Turkey’s Lira is showing a pullback in Gold’s price with the last trade at 15,168.23 T-Lira, down 79.90 from Friday’s quote with Silver’s trade at 198.135 T-Lira, proving a 3.469 gain.

 

      October Silver’s Delivery Demands now has a total of 229 fully paid for contracts waiting to get physical and with a Volume of 64 already up on the board with a trading range between $25.46 and $25.285 with the last swap at $25.315, up 24.6 cents while the paper pushes the futures lower, for now. Friday’s full day of delivery activity happened in between $25.235 and $24.32 with the last swap at the high yet the paper controlled the close at $25.069, a gain of $1.232 which also increased the delivery demands by 43 purchases as 123 contracts swapped hands. If Comex Silver positions had more stringent restrictions on the hedgers, we would have seen Silver really explode, as another 2,270 contracts had to be added in order to provide liquidity to control the price, bringing the total papers against the physicals (Overall Open Interest) to 159,111. This game virtually ends when the sellers at these prices, can no longer find physicals. Once the additional smelters run out, Comex will have to either find more product, more smelters, or a much higher price. 

 

      October Gold’s Delivery Demands now has a count of 5,841 contracts waiting for receipts with a Volume of 12 up on the board and a trading range between $1,926.50 and $1,923.30 with the last swap at the low, up $3.80 so far today, oops! Make that a Volume of 64 (which matches Silver’s D-count) with all these additional swaps happening at the London low. Friday’s full day deliveries happened in between $1,929.10 and $1,905.10 with the last buy at $1,927.60 with that Calculated Comex Close at $1,919.50, a gain of $30.90 which also had a Volume of 580 that reduced the standing delivery count by 1,582 contracts that might have gotten receipts somewhere between here and London. Gold’s Overall Open Interest, that goes against the physicals, really jumped from Friday morning with the count right now at 559,168 proving 11,072 more pieces of liquidity had to be added or there would have been a newer LOCH (Life of Contract High).

 

      Here comes “papered currency causes infection” fear again, as the world-famous Coronavirus survives on banknotes for up to 4 weeks, study finds. Why does this bioweapon have the ability to stick on a currency but not a letter? Is not a “paper note” the same as paper currency? In my mind, the CDC has lost all credibility since the beginning of this year. The CDC is no longer the central point for Coronavirus reporting as the Trump administration stripped them of control over Covid data, since they were accused (actually proven) of intentionally filtering in wrongful data that was nowhere near accurate. The Department of Health and Human Services is now in control and the International CDC is not because they act just like the WHO, supporting a one world government and not our country.

 

      The Yuan slides after China makes it easier to short its currency, and signals the CCP’s “discomfort” with its most recent surge. Their print game goes against the US Dollar Index, which is a basket of European currencies, used to control our currency value, imo, not our Federal Reserve, they simply print more upon request. Now consider the Brexit, and the Eurocurrency, and what the change in their values will do to our currency once the Brexit happens? This is the game of controlling currencies which needs to be restructured with many thinking it’s under reconstruction now. Regardless of their game, precious metals is what we hold, as this game of control unfolds, right before our eyes. 

 

     Stay positive no matter what. We have only 3 more weeks till our presidential election, with the idea the virus will die a sudden death on Nov 4th. Btw, tomorrow is the first day for buying Silver Eagle Proofs from the US Mint, at the new higher price. So, keep the faith, and stay resolute, and as always …

 

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

 

 

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

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

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

 

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

 

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

 
 

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.7460 /

//OFFSHORE YUAN:  6.7414   /shanghai bourse CLOSED UP 86.39 PTS OR 2.64%

HANG SANG CLOSED UP 530.55 PTS OR 2.20%

2. Nikkei closed DOWN 61.00 POINTS OR 0.26%

3. Europe stocks OPENED ALL GREEN/

USA dollar index UP TO 93.19/Euro FALLS TO 1.1798

3b Japan 10 year bond yield: FALLS TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.43/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.07 and Brent: 42.25

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.54%/Italian 10 yr bond yield DOWN to 0.71% /SPAIN 10 YR BOND YIELD DOWN TO 0.16%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.25: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.83

3k Gold at $1922.50 silver at: 25.16   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 18/100 in roubles/dollar) 76.94

3m oil into the 40 dollar handle for WTI and 42 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.43 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 .9101 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0739 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 0.55%

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 0.779% early this morning. Thirty year rate at 1.576%

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

6.  TURKISH LIRA:  UP  TO 7.87..

Futures Jump, Near Record High On “Stimulus, Earnings Optimism”

 
 

As Mohamed El-Erian says, this is market that will just keep going up no matter what, and will goalseek whatever narrative it needs to “explain” the levitation catalyzed by $90 trillion in central bank liquidity. Today, that narrative is focusing on – what else – fresh optimism about fiscal stimulus despite there being virtually no hope of Congress reaching a deal before the elections, as well as “improving corporate earnings” with Q3 earnings season set to begin officially tomorrow when US banks start reporting.

All of that combined to push S&P futures 0.5% to fresh five week highs of 3,492 and less than 80 points away from the all time high of 3,568 hit on Sept 2, with the index rising in a straight line for 160 points from its Tuesday lows, while global stocks hit a five-week high led by China’s post-holiday surge as investors bet on a steady recovery for the world’s no. 2 economy, offsetting “worries” about rising COVID-19 cases in Europe and the United States. Oil fell, the dollar rose and Treasuries are closed for Columbus Day. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin are expected to talk more this week about an economic stimulus plan.

“We’re heading for another U.S.-focused week,” said Robert Greil, chief strategist at Merck Finck Privatbankiers AG. “There seems to be a bit more hope on a fiscal program breakthrough before the elections, and hopes for a better-than-consensus-based earnings season to start tomorrow”, he added pointing out the obvious narrative.

European countries were considering adding fresh travel curbs due to rising coronavirus, a contrast to Asia-Pacific countries including Singapore, Australia and Japan, where a gradual easing of some international travel restrictions is under way. Still, global markets traded higher as investors hoped for coronavirus aid in the United States, with the Trump administration on Sunday calling on Congress to pass a stripped-down relief bill, which of course the Democrats have said they won’t consider. But… as El-Erian said, all about the narrative…

On the stimulus front, Nancy Pelosi and Steven Mnuchin were expected to (what else) talk more this week about an economic stimulus plan. Still, even if they manage to strike a deal, there’s almost no chance of getting legislation written and passed by Congress before the election. “There is not a denying of the fact that investors would appreciate easier accessibility to cash and cheaper cash as a result of even more stimulus,” said Jameel Ahmad, director of investment strategy at Naga Group AG in London, also pointing out the obvious.

That painfully boring and repetitive narrative was enough to send Europe’s Stoxx 600 up 0.5%, with insurers and automakers rising the most among sectors. E-commerce retailer Allegro.eu SA shares jumped as much as 61% in its stock market debut, becoming the largest company on the Poland’s main exchange.

The MSCI index of global stocks was back to its early September highs, mainly driven by a 3% gain in Chinese blue chips. China returned from an eight-day Mid-Autumn festival with investors encouraged by a robust rebound in tourism and ebbing coronavirus cases. “China is playing a bit of catch-up still from Golden Week. I actually think as influential was the announcement about the upcoming Shenzhen reform speech by President Xi,” said Chris Bailey, European strategist at Raymond James.

Chinese President Xi will deliver a key speech in Shenzhen on Wednesday to mark the anniversary of the establishment of the country’s first special economic zone in the southern city 40 years ago, according to state media Xinhua. Chinese blue chips have gained 17% this year, compared with an almost 8% gain by the S&P 500, gaining on optimism that President Xi Jinping is planning to further open parts of the economy to foreign investment. Foreigners’ buying of Chinese government bonds hit its fastest pace in more than two years last month. Chinese assets were also boosted by rising chances of Joe Biden’s victory in the U.S. presidential election – an administration seen less likely to incline toward tariffs and trade disputes.

In currency markets, the yuan slumped 0.8% hitting the China-sensitive Australian dollar, on track for its worst single day drop since March after posting the biggest one-day surge since its 2005 de-pegging to the USD, after the People’s Bank of China scrapped a requirement for banks to hold a reserve of yuan forward contracts, removing a guard against depreciation (see more here).

The yuan is up more than 7% since late May and had shot higher on Friday as investors wagered that a Biden presidency would drive smoother relations with the Unites States. It last sat at 6.7437 per dollar in offshore trade. Still, banks expect more yuan upside for now:

  • “We continue to expect a stronger yuan on the back of our expectation of solid Chinese growth and favourable interest rate differentials between China and the U.S.,” Goldman Sachs’ analysts said in a note, with a 12-month yuan forecast at 6.50.
  • “We still see scope for further yuan appreciation, especially with China’s strong growth momentum, wide yield differential and strong inflows in part due to index inclusion,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. in Singapore. “But the authorities want to encourage more two-way flows, and removing the reserve requirement will help.”

As the yuan dropped, the dollar gauge advanced as most currency pairs consolidated recent moves versus the greenback, while the Treasury market was closed for Columbus Day. The euro edged 0.2% lower to $1.1805 and the yen firmed to 105.48 per dollar. The kiwi dipped 0.1% with the softer yuan to sit at $0.6661. Most G-10 currencies traded in confined ranges versus the dollar; the Japanese yen led gains while the euro slipped but still held above 1.18 per dollar.

While cash Treasuries are are closed for Columbus Day, Treasury futures were slightly higher across long-end after a lack of weekend progress on a stimulus deal. The German curve bull flattened with long-end yields lower by 1.5bp. Treasury futures imply yields slightly lower across the long-end of the curve, although within a basis point of Friday close.

In commodity markets, oil prices were back under pressure after the resolution of an oilworkers strike in Norway and the resumption of production after a storm in the Gulf of Mexico. Gold held steep Friday gains at $1,929 an ounce.

On the corporate front, earnings from JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Johnson & Johnson are due this week.

Market Snapshot

  • S&P 500 futures up 0.5% to 3,489.75
  • STOXX Europe 600 up 0.6% to 372.41
  • MXAP up 0.6% to 176.47
  • MXAPJ up 1.1% to 586.14
  • Nikkei down 0.3% to 23,558.69
  • Topix down 0.2% to 1,643.35
  • Hang Seng Index up 2.2% to 24,649.68
  • Shanghai Composite up 2.6% to 3,358.47
  • Sensex up 0.2% to 40,603.40
  • Australia S&P/ASX 200 up 0.5% to 6,131.97
  • Kospi up 0.5% to 2,403.73
  • Brent futures down 1.4% to $42.25/bbl
  • Gold spot down 0.3% to $1,924.18
  • U.S. Dollar Index up 0.2% to 93.20
  • German 10Y yield fell 1.3 bps to -0.54%
  • Euro down 0.1% to $1.1813
  • Italian 10Y yield fell 3.5 bps to 0.521%
  • Spanish 10Y yield fell 2.8 bps to 0.148%

Top Overnight News from Bloomberg

  • The Bank of England is seeking information from U.K. financial institutions on their ability to implement negative interest rates without damaging their business
  • A push for a ECB green lending program to help the fight against climate change has run into skepticism amid some board members despite attracting the interest of President Christine Lagarde
  • Boris Johnson will step up efforts to contain the spread of coronavirus, outlining a tiered alert system that would see millions of Britons subject to more stringent curbs on their everyday lives
  • President Donald Trump and House Speaker Nancy Pelosi blamed each other for a lack of progress on a new plan to support the U.S. economy, while a senior White House aide said he expects talks to continue and a Fed official said fiscal help is sorely needed

A quick look at global markets courtesy of NewsSquawk

APAC equity markets kicked the week off mixed as the region initially failed to fully capitalise on Friday’s Wall Street gains, which were further fuelled by NEC Director Kudlow emphasising US President Trump’s desire for a stimulus package, albeit the weekend brought nothing to fruition on a broader deal and talks are set to continue today. However, sentiment somewhat picked up after the Chinese cash open, ASX 200 (+0.5%) was supported by mining names as executives attend the pandemic-delayed “Diggers and Dealers Mining Forum” where the resources sector presents and showcases projects in arguably the most important event for the sectors, whilst the index was also supported by Link Administration whose shares rose some 25% after a consortium presented a bid for the Co. with a sizeable premium. Nikkei 225 (-0.3%) was hampered by the JPY strength seen on Friday, whilst PPI and Core Machinery data was overall mixed. South Korea’s KOSPI (+0.3%) shrugged off North Korea’s new ICBM unveiling and focused on easing COVID-19 restrictions in the country, while chipmakers in Seoul saw a boost after month-to-date data showed semiconductor exports +11.2% YY. Hang Seng (+2.2%) and Shanghai Comp (+2.3%) were bolstered by the PBoC announcement that it will essentially eliminate the 20% RRR on FX forwards for financial institutions, with China A50 rising 4% at one point. Finally, 10yr JGB futures trade relatively flat as it tracks the broader price action across the fixed income futures complex.

Top Asian News

  • China’s Central Bank Sets Yuan Fixing Weaker Than Estimated
  • Top Glove Is Said to Weigh $1 Billion Hong Kong Listing
  • Year’s Biggest Bank Merger Sealed as Saudi Rivals Reach Deal
  • Evergrande’s Top Creditors Are Reducing Loan, Bond Exposure

European equities (Eurostoxx 50 +0.3%) trade with modest gains in what has been a relatively choppy morning thus far. From a macro standpoint, many of the same themes (US stimulus & Presidential Election) remain at forefront of investor focus, however, little in the way of incremental developments have been seen over the weekend. As is stands, President Trump is adamant that he wants to do a deal on stimulus, although, House Speaker Pelosi and Treasury Secretary Mnuchin remain at an impasse in talks. Even if the two were able to broker an agreement, opposition in the Senate remains a key sticking point and as such, the prospects of a pre-stimulus deal remains unlikely. On the election front, polling over the weekend continues to move further in Biden’s favour with his lead extending to 12ppts (prev. 10ppts) against President Trump, according to ABC News/Washington Post. Furthermore, beyond the national headline polling, a Baldwin Wallace University Great Lakes Poll, showed Biden leading Trump by 5-7ppts in swing states such as Michigan, Wisconsin, and Pennsylvania. As such, absent a tightening of the race, increased weight will likely be placed on the prospect of a “blue wave”. From a European perspective, it has been a somewhat uneventful session thus far with performance across indices relatively contained. The main outlier, to the upside is the AEX (+0.7%) amid gains in KPN (+7.3%) with the Co. subject to potential takeover interest from EQT. Elsewhere from a sectoral standpoint, travel & leisure names lag peers as COVID-19 cases across the region continue to climb, whilst energy names are also seen lower, in-fitting with price action in the complex. Daimler (+1.3%) are providing some reprieve to the auto sectors after being upgraded to buy from sell at Goldman Sachs and reiterated overweight at JP Morgan Chase. Stateside, traders will be cognizant of reports noting that EU leaders are said to be drawing up a “hit list” of up to 20 large-cap tech companies, which will likely include Facebook (FB) and Apple (AAPL). The Co.’s on the list will reportedly have to comply with more stringent regulations compared to smaller competitors, sources stated.

Top European News

  • Europe Braces for Tighter Virus Curbs Amid ‘Tipping Point’ Fears
  • ECB Doubters Rebuff Green Loan Proposal Despite Lagarde Interest
  • France Must Avoid General Lockdown by All Means, Castex Says
  • British Airways Chief Cruz Steps Down in Shakeup at Parent IAG

In FX, the Renminbi has retreated from multi-month peaks against the Dollar around 6.9000 in wake of the PBoC’s decision to slash the RRR on FX Forwards to zero from 20% with immediate effect before regaining some momentum from the latest midpoint fix that was significantly firmer, albeit below expectations at 6.1726 from 6.7796 vs 6.7052 forecast. However, the Lira has not derived any lasting traction from yet more drastic CBRT action to try and arrest its slide via a hike in the rate on reserves to 7% from 5% as Usd/Try trades near the top of a 7.9130-7.8570 band amidst the ongoing Turkish stand-off with Greece, its involvement in the Armenian-Azeri spat and looming test of Russian S-400 missile system.

  • USD – Notwithstanding the gains noted above, the Greenback spent much of the morning on the backfoot with the DXY initially struggling to keep its head above the 93.000 level within a tight partial-US holiday 93.168-012 range, close to last Friday’s 92.997 low ahead of US CPI data tomorrow, and with no material progress on the fiscal relief front. However, most recently the DXY has gained some traction and printed fresh session highs of 93.227.
  • CHF – The G10 laggard irrespective of Swiss sight deposits showing a decline in domestic balances and the latest SECO GDP updates revealing a marked upward revision to 2020 GDP, as the Franc pivots 0.9100.
  • CAD/GBP/NZD/EUR/AUD – All marginally softer relative to their US counterpart, or rather off recent highs with the Loonie hovering below 1.3100 in wake of last Friday’s stellar Canadian jobs report and with the nation observing Thanksgiving today, while Sterling has faded from 1.3050+ peaks amidst more zero and negative rate inferences from the BoE awaiting commentary from Haskel and Governor Bailey, but also monitoring the outcome of further UK-EU trade talks before this week’s Summit. Meanwhile, the Kiwi is straddling 0.6650, Euro holding around 1.1800 where the 50 DMA resides and Aussie retaining 0.7200+ status with support from decent option expiry interest at the strike (1 bn). Back to the Pound, but in the context of the Eur/Gbp cross that is meandering from 0.9076 to 0.9049, technical markers may be influential ahead of the aforementioned Brexit negotiations and Summit in Brussels as the 50 and 100 DMAs are in close proximity at 0.9060 and 0.9036 respectively.
  • JPY – The Yen has extended recovery gains from sub-106.00 through the 50 DMA (105.78) and away from 1.4 bn expiries at the round number firmer than anticipated Japanese machinery orders, but Usd/Jpy has not made a sustained break of 105.50 to expose last week’s circa 105.23 low.
  • SCANDI/EM – Softer crude prices are not hampering the Norwegian Crown and perhaps in recognition of the fact that the country’s labour union and oil firms reached a pay deal on Friday to end strike action. Eur/Nok is sub-10.8000 vs Eur/Sek either side of 10.4000 in the run up to Swedish CPI on Tuesday. Elsewhere, buoyant risk sentiment may offer EMs some underlying support, but the Real may miss out given a market holiday in Brazil and the Rand could get some independent impetus from SA manufacturing production.

In commodities, WTI and Brent front month futures have for the most part continued the overnight performance which saw the benchmarks under modest pressure as supply-side developments remain in focus; although, most recently crude prices have stabilised off lows a touch. WTI and Brent are softer by just shy of USD 1.0/bbl each and in proximity to session lows. Returning to those supply side factors; firstly, as Hurricane Delta has passed offshore production is being restored in the Gulf region with Shell sending units into the area to re-commence operations most recently. Secondly, El-Sharara which is Libya’s largest oil field has now restarted production according to sources, this will initially by at ~40k BPD vs. the fields 300k BPD theoretical capacity – at present, no timeline on when the field will return to full production. Finally, strike action is to conclude in Norway after unions came to a new wage agreement after 10-days of disruptions and amidst concerns that the Johan Sverdrup field, ~470k BPD, could have shut this week if the action continued/intensified. Aside from these factors easing supply constraints and thus hampering prices participants look towards both the IEA & OPEC monthly reports due later in the week and, as ever, on the COVID-19 implications for demand. Moving to metals, spot gold is softer this morning as sentiment overall remains cautiously positive but choppy and given the USD’s grinding upside in the latter half of the session. Elsewhere, reports note that Chinese state-owned energy providers/steel mills have received a verbal notice to stop imports of Australian coal with immediate effect; however, the Australian Gov’t has not been notified of any such formal action – a development to keep on the radar given the already strained relations between Australia & China at present.

US Event Calendar

  • No major earnings releases scheduled

DB’s Jim Reid concludes the overnight wrap

I have to say I had an astonishing round of golf over the weekend. I had 6 birdies, a hole in one but lost four balls in the water and ended up on one hole caught up in a windmill and on another in a pirate ship. Yes I played the first round of crazy golf with my kids. It was chaos. That was Saturday and yesterday evening we had to go down the local Covid test center as one of my twins had a very high temperature. We’ll likely know in the next 24 hours as to whether yet another self isolation stint beckons. That would mean even more chaos at home.

Chaos seems to rule in both politics and the virus planning at the moment. On the US election, we were originally scheduled to have the second presidential debate take place on Thursday, but President Trump last week rejected the Commission on Presidential Debate’s proposals for a virtual format. Biden is expected to take questions instead from voters and Trump is expected to have some kind of rally. More and more attention is focusing on the Senate race as Biden now has a double digit lead in the poll of polls (10.4pp according to fivethirtyeight.com). A Washington Post/ ABC News poll which was released yesterday showed Biden leading by 12 points. At the time of writing, FiveThirtyEight’s model puts the chances of a Biden Presidency at 86%, with Democratic control of the Senate at 69%. The latest on the stimulus bill is that both sides are still blaming each other for a lack of progress. It still feels like an agreement before elections is notably less likely than having one.

In terms of weekend news, the PBoC announced on Saturday they are lowering the reserve requirement for some forwards instruments starting from today. This seems to be on concerns around the recent rapidly rising Yuan which saw its biggest rise against the dollar for 15 years on Friday and to 17-month highs. In response, the onshore yuan is trading down -0.39% this morning to 6.7212 as the rule change would make it easier to bet against the currency. Meanwhile, equity markets in the region have also started the week on front foot with the Shanghai Comp (+2.27%) leading the gains partly on the back of news that Chinese President Xi could unveil plans to further open parts of the economy to foreign investment. The Hang Seng (+2.03%), Kospi (+0.30%) and Asx (+0.28%) are also trading higher while the Nikkei (-0.31%) is bucking the trend. Futures on the S&P 500 are trading up +0.14%.

In other weekend news, the ECB chief economist Philip Lane said in an interview with the WSJ that the ECB isn’t happy with the inflation outlook and will decide “meeting by meeting” whether more monetary stimulus will be needed. He said that “the current inflation level remains far away from our goal and we don’t think that is a satisfactory inflation outlook.” Meanwhile, the governing council member Ignazio Visco said in a separate interview with Il Corriere della Sera that monetary policy “must be expansive and remain so for a long time” while another member Peter Kazimir told the Hospodarske Noviny newspaper the ECB will do “everything” to lift inflation. So, seems like a concerted effort from the ECB but I suppose we’ve heard this before.

On the virus, the UK reported over 100,000 cases last week which was higher than 68103 a week ago. As the virus continues to spread in the UK, further restrictions are expected to be announced today in areas with high cases. France also reported a total of 115604 cases last week compared to 80621 a week ago. Italy (29621 vs. 15459), the Netherlands (39059 vs 27673), Belgium (29308 vs 14820) and Germany (24736 vs. 15234) also reported higher cases this past week. Across the other side of Atlantic, the US also saw 340,894 new cases last week as against 311,428 a week ago. Meanwhile, in Asia, South Korea revised its social distancing alert to its lowest as the second wave has come more under control. See the table below for the latest case numbers. As ever the 7-day rolling number is the best one to follow.

In terms of the highlights for the week ahead, US earnings season kick offs, with a number of financials releasing this week. There will be some attention on the European Council summit on Thursday and Friday at an important point in the UK-EU negotiations. This meeting has previously been Prime Minister Johnson’s self-imposed deadline to reach agreement on a trade deal. It seems progress has been made and if this continues I would expect talks to continue beyond that self imposed UK deadline. Mr Johnson held weekend talks with Macron and Merkel so the right people are talking. The press (Bloomberg) are reporting that the French are digging in their heels over fishing rights and this is now the main issue.

In terms of the regular data and central bank calendar, this week is a fairly quiet one. On the data side, we’ll start to see some hard data from the US for September, with the release of the CPI (Tuesday), retail sales and industrial production figures (both Friday). China will also be releasing their trade balance for September (Tuesday), and we’ll also get the Euro Area’s industrial production for August (Wednesday). On the central bank side, the two G20 decisions expected next week will come from Bank Indonesia on Tuesday and the Bank of Korea on Wednesday, with the consensus expecting rates to stay on hold in both cases. Otherwise there’ll be a number of speakers, including Fed Vice Chairs Clarida and Quarles, and Bank of England Governor Bailey. We will also see the IMF/World Bank annual meetings taking place as well with the latest forecasts out tomorrow.

In terms of US earnings a number of financials will lead the way. As for the highlights, we’ll hear tomorrow from Johnson & Johnson, JPMorgan Chase, Citigroup and BlackRock. Then on Wednesday, we have UnitedHealth Group, Bank of America, ASML, Wells Fargo, Goldman Sachs and United Airlines. Thursday sees releases from Morgan Stanley and Walgreens Boots Alliance. And on Friday we’ll get earnings from Honeywell International and BNY Mellon. See DB earnings’ season preview here.

Staying with advertising, DB will be hosting another Global Macro Client Call with DB Heads of Trading & Research/Strategy on 15th October 2020 at 2:00pm CET. Click here to access registration details.

Elsewhere our corporate credit research team has recently published its latest quarterly list of trade ideas in the European leveraged finance space. A video in which analyst team summarises their trade recommendations can be accessed here.

In terms of recapping last week, US fiscal stimulus dominated market commentary as the President, his advisors, and Congressional leadership all seemed to be at odds on the likelihood of a follow on stimulus package being passed ahead of the election. Though the market was skittish to the various headlines, overall seemed to look through the November election and focus on the increasing probabilities of a Biden administration and the high probability that significant stimulus could come slightly further down the road. The S&P 500 rose +3.84% (+0.88% Friday) on the week, the largest weekly gain since the week ending on July 3. The index is now down just under 3% from all-time highs. The NASDAQ rose +4.56% (+1.39% Friday) for the tech-concentrated index’s third weekly gain in a row. The VIX volatility index fell -1.4pts to 25.0, the lowest level since late August. European equities rose as well with the Stoxx 600 ending the week +2.11% higher (+0.55% Friday), the fourth weekly gain out of the last five weeks. Rising risk sentiment kept equites churning higher even as newly confirmed Covid-19 cases hit new highs across Europe, with the IBEX (+2.91%), FTSE 100 (+1.94%), and CAC (+2.53%) all posting strong weekly equity performances.

The dollar dropped (-0.84%) for a second straight week as risk assets rose to their highest level in over a month. The drop in the dollar saw gold gain +1.61%, with the precious metal rising to $1930/oz and edging back closer to the all time high of $2063.54/oz seen on August 06. With risk assets rising and the dollar falling, oil prices rebounded from the previous week’s precipitous drop. Brent crude prices rose +9.12% to $42.85 and WTI prices rose +9.58% to $40.60. It was the largest move for oil prices since the start of June. Core sovereign bond yields rose as investors turned toward riskier assets last week. US 10yr Treasury yields rose +7.3bps (-1.2bps Friday) to finish at 0.774% and 10yr Gilt yields rose +3.4bps (-0.9bps Friday) to 0.28%, while 10yr Bund yields were up just +0.9bps (-0.4bps Friday) to -0.53%. 10yr BTPs continue to tighten with yields falling -6bps (-3.5bps on Friday). Elsewhere in fixed income, corporate credit spreads tightened on both sides of the Atlantic. US high yield cash spreads tightened -46bps, while IG spreads tightened -8bps. Here in Europe, HY cash spreads were -19bps tighter as IG spreads came in -5bps.

In terms of data released on Friday, UK GDP growth for August came in lower than expected at 2.1% (vs 4.6% expected), which was well below last month’s revised 6.4%. French industrial production was also below expectations at 1.3% (vs 1.7% expected). However in Italy, industrial production surprised to the upside coming in at +7.7% (vs 1.4 % expected) after last month’s reading was revised down to +7.0%. Lastly, August’s reading for wholesale inventories in the US rose 0.4%, just a tenth under expectations.

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ FRIDAY NIGHT: 

SHANGHAI CLOSED UP 86.39 PTS OR 2.64%   //Hang Sang CLOSED UP 530.66 PTS OR 2.20%    /The Nikkei closed DOWN 61.00 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP .48%

/Chinese yuan (ONSHORE) closed DOWN 6.7460 /Oil UP TO 40.07 dollars per barrel for WTI and 42.25 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7414 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

North Korea

Kim unveils a never seen ICBM in a rare military parade.  Kim is trying to show his strength against the west.

(zerohedge)

North Korea Unveils “Previously Unseen ICBM” At Rare Military Parade  

 

North Korea held a rare predawn military parade on Saturday, marking the 75th anniversary of the country’s ruling party, reported Reuters.

Tens of thousands of spectators waved mini-North Korean flags and cheered when the country’s leader, Kim Jong Un, emerged from a building between Friday midnight and the early hours of Saturday morning to give a speech.

While much of Kim’s speech has yet to be translated, The Guardian says Kim told the audience he was grateful “not a single person” in the county has contracted COVID-19.

South Korea’s joint chiefs of staff said “large crowds and equipment” had been mobilized to the Pyongyang region ahead of the event.

“There was a sign that North Korea conducted a military parade this morning at Kim Il Sung Square, mobilizing large scale equipment and personnel,” it said in a statement.

“South Korea and U.S. intelligence authorities are closely monitoring developments, including for the possibility that it was the main event.”

Outside observers (N.K. Pro Analyst Ankit Panda and Oryx analyst Joost Oliemans, as well as N.K. News journalists Chad O’Carroll and Jeongmin Kim), streamed the event with commentary on Saturday. They said North Korea unveiled the latest weapons that would concern Washington and its allies in the region.

The event was a show of force ahead of the U.S. presidential elections on Nov. 03, as denuclearization with the Trump administration has stalled.

Reuters said a “previously unseen new intercontinental ballistic missile (ICBM) was at a military parade in Pyongyang on Saturday.”

“Edited footage shown on state television showed an ICBM on a transporter vehicle with at least 22 wheels, larger than anything previously displayed by the nuclear-armed country. It was the first time since 2018 that North Korea has shown ICBMs at a military parade,” Reuters said.

Reuters also noted “commercial satellite imagery” in recent weeks has shown thousands of North Korean soldiers mobilizing in the area.

end

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

 

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE/GERMANY/EUROPE

Anti-Lockdown Protesters Decry Government Restrictions In Berlin As Virus Cases Surge

 
 

Germany recorded a spike in COVID-19 cases last week, promoting Berlin and Frankfurt’s authorities to issue new restrictions to contain the virus spread. The introduction of the restrictions angered residents, as thousands of them were seen protesting across central Berlin Saturday.

Last week, the number of new coronavirus infections had significantly increased, as new measures were announced by the government on Tuesday to limit gatherings and close bars and restaurants early.

“This is not the time to party,” Berlin’s Mayor Michael Muller said on Saturday. “We can and we want to prevent another more severe confinement.”

Several thousand anti-lockdown protesters were seen marching on Saturday. Many said the emergence of new restrictions violated their “human rights.”

“We are a colorful mix of… people from various ethnic and income level groups, who left all their political affiliations behind and who disagree with the politicization of the coronavirus [pandemic] resulting in restriction of our human rights,” the organizers of “Silent March” said.

“A loose column of demonstrators stretched along several major streets of the German capital as they slowly walked from Konrad Adenauer Square in the western part of the city to the Victory Column in the central Tiergarten Park and near the iconic Brandenburg Gate,” RT News said.

Protesters said the pandemic warrants a broader public discussion and end to the “permanent fear campaigns” they say the government has waged on citizens.

Organizers initially estimated 20,000 would attend Saturday’s march, though local police said “several thousand” turned out.

RT notes, the march was mostly “peaceful” and there were “no reports of incidents during the demonstration.

As Germany becomes a coronavirus hotspot, many protesters were seen socially distancing while marching down the street. The turnout was much smaller to the tens of thousands seen in August across the German capital city.

Cases are also jumping in France, Spain, and the UK, along with new cases rising in at least eight US states.

END

CORONAVIRUS UPDATE GREAT BRITAIN/BRUSSELS/CHINA/USA/INDIA

Hundreds Of Bars To Close As BoJo Backs Tough New ‘Localized’ Lockdowns: Live Updates

 

Summary:

  • Trump tweets about “China plague” returning to Europe, Asia
  • UK adds new localized lockdowns; 100s of bars to close across northern England
  • Brussels pushes uniform travel restriction rules
  • China uncovers largest cluster in more than two months
  • the US and India see new cases decline
  • AstraZeneca antibody trial enters final stage

* * *

Update (0755ET): Hours after China reported its biggest cluster in two  months, President Trump took to twitter to comment on the state of the outbreak in Europe.

He added that “vaccines and cures” are coming fast, after being censored for declaring himself “cured” – and calling Regeneron’s antibody drug a “cure”.

Trump’s doctor over the weekend declared that Trump was no longer an infection risk, and that the president has mostly cleared the virus.

* * *

Despite this weekend’s unprecedented flip flop by the WHO, which, after months of urging compliance, turned around and urged world leaders to stop using lockdowns, UK Prime Minister Boris Johnson is reportedly planning to unveil tough new regional lockdown measures that will force hundreds of pubs in northwestern England to close for at least 4 weeks, beginning at 1700 local time on Wednesday.

BoJo expects to expand restrictions by signaling that six boroughs in Liverpool, with a population of 1.6 million people, could be the first to be placed on the highest level of new restrictions. In adition to pubs, gyms, casinos, bookmakers and social clubs will be shut for at least a month, but perhaps for up to 6 months, as BoJo outlined HMG’s post-lockdown COVID-19 policy during a press briefing where he also threatened massive fines for social distancing scofflaws.

Locals leaders aren’t exactly thrilled with the government’s plans. Manchester faces similar restrictions to Liverpool, but was resisting on Sunday night as council leaders threatened legal action unless the Government increased its financial aid. Liverpool council chiefs were also demanding more money. Joe Anderson, the Mayor of Liverpool, accused the government of giving support “on the cheap”, arguing that the measures would be more generous if they affected London, according to the Telegraph.

Source: The Telegraph

BoJo is expected to use a briefing from the Commons to lay out the UK’s new three-tier “local COVID alert levels”, dividing the country into medium, high, and very high-risk categories.

As public health officials focus on ramping up testing and contact tracing, the Army logistics corps has been called up to help with COVID-19 testing and contact tracing in the region through mobile centers staffed by soldiers, and HMG has provided additional money to pay for officials to help enforce the new rules.

Those in the “high risk” tier will continue with pub curfews until 10pm but will be expected to introduce restrictions barring households from mixing indoors, dubbed the “GOBI” approach – Good Outside, Bad Indoors – by officials. The restrictions in the medium tier remain the “rule of six” and 10pm curfews.

Elsewhere in Europe, countries are adopting more travel restrictions, prompting Brussels to propose a common criteria and threshold for deciding on the restrictions which would help EU citizens better understand the rules and how they differ between member states, according to WSJ.

Brussels wants EU members to use a common criteria when deciding whether to open or close their borders. The criteria include the cumulative number of new infections per 100,000 people in a 14-day period and the percentage of positive tests in a seven-day period.

Europe’s attempt to save its tourism season was partly successful, but the cost has been a surge in infections across Italy, France, the UK and Spain, which are logging as many new COVID-19 cases and hospitalizations – sometimes more – as they did during the first wave back in the spring. Since peaking in mid-August, air travel around the Continent has dropped sharply as numbers have rebounded.

Here’s some more news from overnight and Monday morning.

The recent spike in Covid-19 infections in Germany shouldn’t be compared to the spring’s level as testing is now more readily available, the Munich-based ifo institute said on Monday (Source: Bloomberg).

The Czech Republic plans to further tighten social-distancing rules to stem the European Union’s worst coronavirus surge — without repeating the economic paralysis from this spring. The government will on Monday decide on more steps to limit human contacts after it already banned cultural and sports events, closed some schools and ordered bars and restaurants to close at 8 p.m (Source: Bloomberg).

AstraZeneca said its antibody medicine, similar to products from Regeneron and Eli Lilly, is advancing into its final stage of clinical tests, and will be administered to more than 6,000 people starting in the next few weeks. The drug will be evaluated for its ability to prevent infections for up to a year in some people and as a preemptive medicine once patients have been exposed to the virus in others. Other trials will test its potential as a treatment once patients develop symptoms (Source: Bloomberg).

India reported 66,732 new cases on Monday, bringing total infections to 7.12 million, while the daily rate of cases appears to be slowing, India is expected to surpass the US as the world’s worst hit country as soon as early next month. India’s death toll rose to 109,150 (Source: Bloomberg).

The US reported just 44,614 new cases on Sunday, snapping a four-day streak of 50k+ new cases.

China reported a new cluster of cases in the eastern port city of Qingdao, snapping a 2-month streak without local transmission, underscoring the risk of resurgence in countries that have achieved near-eradication of the pathogen. The city in Shandong province said on Sunday that it found three asymptomatic cases linked to a hospital which treats COVID-19 patients coming from abroad.

Expanded testing of hospital patients and staff then found another nine infections. Half of the 12 cases in the cluster were “asymptomatic”. The city will likely assume a “warlike” posture as mass testing and shutdowns are imposed until the outbreak has been definitively stamped out (Source: Bloomberg).

END

 
 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/AZERBAIJAN/ARMENIA

The Russia brokered ceasefire between Armenia and Azerbaijan is on the verge of unraveling.

Russia-Brokered Ceasefire Between Armenia & Azerbaijan Already On Verge Of Unraveling

 

A shaky temporary ceasefire appears to possibly be holding between Armenia and Azerbaijan which began at noon local time (08:00 GMT), however BBC reports that each side has already accused the other of breaking it after barely an hour in.

The truce came in to being following ten hours of Russia-sponsored talks in Moscow after which the Armenian and Azerbaijani foreign ministers signed a joint document initiating the ceasefire to allow for an exchange of prisoners and recovery of bodies in the Nagorno-Karabakh region where fighting has raged since late last month.

Prior Azerbaijani shelling Stepanakert, capital of Nagorno-Karabakh, AFP via Getty Images.

“A ceasefire is declared to begin on October 10 at 12:00 with the humanitarian aim of exchanging prisoners of war and other captured persons as well as to exchange bodies of victims with the facilitation of the International Committee of the Red Cross and in line with its regulations,” Russian Foreign Minister Sergei Lavrov announced early on Saturday.

Multiple hundreds have died and thousands displaced after war in the breakaway ethnic Armenian region, but which is internationally recognized as within Azerbaijan’s borders, began on September 27.

Lavrov further indicated that the temporary truce will lead to the two sides immediately engaging in “substantive” talks, with the ceasefire expected to hold only as long as it takes for the Red Cross and other aid workers to recover bodies.

One of Armenia’s sticking points which is said to be making talks difficult is its demand for regional and international recognition of Nagorno-Karabakh as an independent state.

6.Global Issues

CORONAVIRUS UPDATE/SATURDAY/

Global COVID-19 Cases Surpass Springtime Highs, Deaths Still Lag: Live Updates

 
 

Summary:

  • Global daily cases just shy of record high
  • Russia reports record cases
  • Pelosi warns on vaccines
  • Iran imposes new restrictions

* * *

Earlier this week, the Chinese Communist Party joined a WHO vaccination global effort – remember when President Xi promised to vaccinate the developing world a penance for unleashing SARS-CoV-2? – that is working, with the support of the Gates Foundation, to provide vaccines to every person who needs one.

During Friday press briefing in Geneva, WHO Director-General Dr. Tedros urged the west to contribute to the effort to “vaccinate all in all countries, not all in some countries,” arguing that “sharing and solidarity is in the interest of each and every nation on earth”.

Globally, the world is reporting record numbers of daily cases. On Friday, the world reported 360,685 new cases, missing the record tally from Sept. 24 by 1,000 cases.

Despite the surge in infection, deaths have remained relatively steady since May. Yesterday, Johns Hopkins counted 6,163 deaths.

For the past four months, Dr. Fauci and a legion of scientists in Europe and elsewhere have warned about an impending surge in deaths as the northern hemisphere enters the winter months, even as all available evidence seems to suggest that improving treatment strategies have helped to permanently reduce the virus’s mortality. Again on Saturday, Bloomberg published a story entitled “Covid’s Comeback Is Bigger But Less Deadly, at Least for Now”.

The story included a handy chart showing how the locus of the global outbreak has shifted since March.

In Europe, public health officials have largely blamed reckless young people packing into parties and illegal dance clubs, while families who traveled during the summer months “let down their guard”. Yesterday, in France, daily cases surged to a new record.

France expanded localized COVID-19 rollbacks to more cities after Marseille and Paris both saw their alert levels raised to the max as pubs and restaurants and other non-essential businesses were closed. Over the past month, France has reported 340,000 new cases, roughly half its cumulative total, though deaths have risen by less than 1,800, a rate of roughly 0.5%. Many of the hotspots from the Spring are seeing a second wave, while countries that saw only muted outbreaks in the spring – Poland, and the Czech Republic, which have reported record numbers in recent days as their outbreaks spiral out of control – have seen numbers soar for the first time

As the CDC reaffirmed in the latest update to its guidance, the virus is most often spread in poorly ventilated areas indoors. As the flu season kicks in, doctors are worrying about the impact on people cross-infected with COVID-19 and the flu.

“It is a problem that we know this thing gets transmitted by going inside, with large crowds, for prolonged periods,” said Ezekiel Emanuel, vice provost for global initiatives at the University of Pennsylvania. “And the winter months are all about going inside for prolonged periods of time.”

Across the US, many fear what might happen as college students head home for the Thanksgiving holiday next month, as campuses have become veritable petri-dish breeding grounds for the virus (mortality has been practically zero, fortunately). However, even in Europe, where infections in some hot spots matched or surpassed levels from the spring, largely thanks to a surge in testing, daily deaths remain roughly 1/10th their levels from the spring. The UK has increased testing 10-fold from the spring, when only the symptomatic were likely to be tested.

Nancy Pelosi has said that the US should not approve a Covid-19 vaccine based on data from British trials, amid fears that the Trump administration is planning to rush out an inoculation before election day. The Democratic speaker of the House of Representatives on Friday cast doubt on the British system for testing and approving medicines, further politicising the race to develop a vaccine for Covid-19 (Source: FT).

Russia’s coronavirus cases rose by 12,846 on Saturday, a new daily record since the start of the outbreak early this year. The latest figures pushed the overall total number of infections in the country to 1,285,084. The previous record of 12,126 new cases was registered on Friday. Russia’s coronavirus crisis centre said 197 more deaths were confirmed in the last 24 hours, bringing the official death toll to 22,454 (Source: AJ).

Iran has imposed additional restrictions for capital Tehran and set penalties for people flouting the rules as coronavirus cases continue to surge in the country. A partial shutdown implemented in Tehran a week ago was extended on Saturday until October 16 as the authorities classified the city as red in a colour-coded scale denoting the severity of the pandemic (Source: AJ).

END
 
My goodness:  just look who is now advocating a stop to using lockdowns to
 
COVID:  The World’s Health Organization.
 
(zerohedge)
 

 

WHO Flip-Flops: Urges World Leaders To Stop Using Lockdowns To Fight COVID Contagion

 
 

In a stunning rebuke of the “science” and the “doctors” and leftist politicians and career bureaucrats in the US and across much of The WestThe Epoch Times’ Evan Pentchoukov reports that The World Health Organization’s special envoy on COVID-19 has urged world leaders to stop using lockdowns as the primary control method against the spread of the Chinese Communist Party (CCP) virus, commonly known as the novel coronavirus.

“We in the World Health Organization do not advocate lockdowns as the primary means of control of this virus,” David Nabarro told The Spectator in an interview aired on Oct. 8.

The only time we believe a lockdown is justified is to buy you time to reorganize, regroup, rebalance your resources, protect your health workers who are exhausted, but by and large, we’d rather not do it.”

[ZH: How long before this video is removed by Twitter?]

Nabarro pointed to the collateral damage that lockdowns are having worldwide, especially among poorer populations.

“Just look at what’s happened to the tourism industry, for example in the Caribbean or in the Pacific, because people aren’t taking their holidays. Look what’s happened to smallholder farmers all over the world because their markets have got dented. Look what’s happening to poverty levels. It seems that we may well have a doubling of world poverty by next year. Seems that we may well have at least a doubling of child malnutrition because children are not getting meals at school and their parents, in poor families, are not able to afford it,” Nabarro said.

“This is a terrible, ghastly global catastrophe actually,” he added. “And so we really do appeal to all world leaders: Stop using lockdown as your primary control method, develop better systems for doing it, work together and learn from each other, but remember – lockdowns just have one consequence that you must never ever belittle, and that is making poor people an awful lot poorer.”

Nabarro isn’t the only scientist opposing lockdowns.

A number of medical or public health scientists and medical practitioners have signed the Great Barrington Declaration, which states that “current lockdown policies are producing devastating effects on short and long-term public health.”

The signatories include: “Dr. Martin Kulldorff, professor of medicine at Harvard University and a biostatistician, and epidemiologist with expertise in detecting and monitoring of infectious disease outbreaks and vaccine safety evaluations, Dr. Sunetra Gupta, professor at Oxford University, an epidemiologist with expertise in immunology, vaccine development, and mathematical modeling of infectious diseases, and Dr. Jay Bhattacharya, professor at Stanford University Medical School, a physician, epidemiologist, health economist, and public health policy expert focusing on infectious diseases and vulnerable populations.”

“The most compassionate approach that balances the risks and benefits of reaching herd immunity, is to allow those who are at minimal risk of death to live their lives normally to build up immunity to the virus through natural infection, while better protecting those who are at highest risk,” the declaration states.

With few exceptions, world leaders followed in the footsteps of the Chinese communist regime when responding to the outbreak of the virus, imposing unprecedented lockdowns. Sweden, which did not impose a lockdown, did not experience an adverse outcome compared to some locales and nations that did.

In the United States, President Donald Trump delegated the decisions on lockdown measures to the governors of individual states, but has pushed for the economy to be reopened, and lockdowns lifted.

As William Anderson recently wrote for The Mises Institute,lockdowns only serve the progressive political class…

We have to understand that the political classes and their media have a vested interest in the lockdown status quo, and that includes regular provision of what only can be called disinformation. The mainstream media this past summer dutifully reported a highly questionable (I use that term charitably) report that the Sturgis Bike Rally in South Dakota led to more than a quarter million covid infections and more than $12 billion of medical costs. It should have been obvious on its face that the report was deeply flawed, yet in their desire to fuel the covid-is-killing-us narrative, journalists took this too-good-to-be-true story and ran with it.

As for politicians, the covid crisis has been a godsend for those governmental executives and bureaucrats who see constitutional restrictions that limit their authority as mere obstacles to be easily swept away. Governors such as Gretchen Whitmer of Michigan, Andrew Cuomo of New York, Gavin Newsom of California, and Tom Wolfe of Pennsylvania have received adoring coverage in the media for seizing and employing dictatorial powers, Whitmer even unilaterally deciding that the sale of garden seeds in stores was illegal. Cuomo’s decision to force the housing of covid-19 patients in nursing homes led to the deaths of thousands of people, yet his national media coverage is uniformly positive.

Contrast the affirmative news coverage of Cuomo with the barrage of media attacks on Governor Kristi Noem of South Dakota. Noem has emphasized personal responsibility and did not attempt mass closures of schools and businesses in the state, and the mainstream media erupted with fury. That South Dakota has come through this pandemic relatively well does not matter with the media, as the only acceptable action (to mainstream and elite journalists) in response to covid is for governors to single-handedly seize power and lock down their citizens.

Keep in mind that the real losses that Americans suffered because of the heavy-handed governmental response to the covid outbreak are permanent. As Robert Higgs so eloquently pointed out in Crisis and Leviathan, governments often create crises or, at the very least, they manipulate events such as natural disasters and use them as opportunities to expand governmental powers. Even after the crises end, governments keep some of their newly self-granted powers—and most people raise little or no concern even when government has curtailed more of their freedoms.

Presumably, this means Joe Biden will now be pushing for lockdowns to be lifted across all blue states?… because he is “listening to the scientists”?

We wonder how long it will be before WHO also urges the end of mask-wearing?

In the end, as Anderson concluded, the only way that the political classes can “make us safe” is for us to do what is necessary to make ourselves safe, or as relatively safe as possible. When a virus is afoot—as is the case most of the time—we do what we can to avoid it and do what we can to treat it. In other words, we appeal to real medical science, not what the political and media classes have cooked up for us.

end
 
Michael Every..
 
on the major events of today…
(courtesy Michael Every)
 

Rabobank: In Epic Flop-Flop The WHO No Longer Supports Lockdowns “Because They Make Poor People Poorer”

 

By Michael Every of Rabobank

Forget that it’s mid-October, or pretend you are in Sydney or Asia or the Med or the equivalent. Flip flops are so hot right now.

First into them, the PBOC. They had been happy to sit back and watch CNY power ahead vs. USD (and even vs. the CFETS currency basket it is actually pegged to). Partly that was just a weaker USD vs. major crosses and China wanting to show it was one too and not an EM. Partly it was the undeniable lack of tourist capital flight (I mean spending), a surge in Chinese exports of laptops and PPE, and a surge of capital inflows from a Wall Street incapable of reading the newspaper. Anyway, CNY had been gaining in a big way, including a 1.6% move on Friday as it resumed trading after a holiday.

Then over weekend, as is its wont, the PBOC removed a two-year old rule designed to prop CNY up, removing the 20% deposit required on FX forward trades. This makes it cheaper and easier to bet against CNY. That and a message from on high that the PBOC doesn’t want to see rapid appreciation, or one way bets, has seen CNY dip, helping USD vs. most other related crosses. It also underlines the message for the umpteenth time that this is not a free market: how many of the FX analysts saying CNY would keep moving towards 6.50 short term were unable to remember that key fact? Stability, stability, stability is always en vogue. The problem, like En Vogue, is that ‘You’re never gonna get it’.

As long argued here, the only way to impose an artificial stability on a currency with an economy so large is for everyone else globally to just accept the ‘externalities‘ – in this case the massive export surpluses China is once again running. Perhaps if CNY kept going to 6 or 5, these would resolve themselves (triggering other forms of instability in China, and hence undesirable). But with no sign of that happening, others are moving politically – and so are supply chains. We just don’t see it right not because of the Covid-19. Despite the ‘never gonna get them’ of prominent Pollyanna-lysts, supply chains are moving out of China: we are just in a holding phase ahead of the US election before the process either continues or accelerates rapidly, depending on the outcome. That’s a strategic flip-flop that will reshape the world as it happens.

Perhaps faster than one thinks too. As we flagged last week, today is the 90-day deadline from the passage of the US’ Hong Kong Autonomy Act to name all individuals responsible, in US eyes, for actions detrimental to that eponymous cause: which then starts a count-down of 30 days minimum to 60 days maximum, after which the financial institutions that have significant dealings with said individuals are named; and then sanctions can then be imposed on those banks; 12 months from 30-60 days from now, five of ten sanctions on those banks are obligatory; after 24 months, all ten, including loss of access to USD, are obligatory. Unless the US, which just cracked down hard with new Iranian sanctions, and where President Trump is talking about China “paying a huge price”, are about to flip flop and let that first legally-imposed deadline slip. One can see the argument for CNY slipping more, in other words, and again dragging other FX with it.

That’s also the case given that across the world, we see more signs of governments doing other flip flops and going back to what are in effect lockdowns. The UK is about to close more pubs, which is seen as a betrayal of Boris’s new Red Wall voters: who apparently all live and work in pubs(?) China has also seen a new outbreak in Qingdao, showing the virus just keeps popping back up again.

We also have news that it can last for weeks on some surfaces, such as bank notes, especially in cooler temperatures. So a wipe down might be in order too. At least our central banks will now have another excuse to dive headlong into the Brave New World of digital currencies. Don’t worry: this won’t be about replacing cash, or economic micro-management, or Orwellian control, or setting rates well below zero to force spending, or even imposing a balkanised global clearing system as in the 1930s. It will be to save us from Covid-19! Is there anything central banks can’t save us from? (Apart from a lack of inflation.)

Except, ironically, that the WHO has just flip-flopped too and now no longer supports lockdowns ‘because they only make poor people poorer’. This is the same WHO which refused to call Covid-19 a global pandemic for weeks in the crucial early stages, and openly encouraged local and global travel, as it is doing again now. The same WHO which told us masks were not any use in the crucial early stages. The same WHO which supported lockdowns. Now it offers up the solution of generic platitudes: “Develop better systems…Work together and learn from each other.” This is not to advocate for or against lockdowns, but demanding a ‘better system’ is pretty loosey goosey from the body we are all supposed to be listening to. Yet one presumes some politicians will now opt to ‘follow the science’, which seems to be the political equivalent of an FX forecast that just chases spot, with all the inherent swings and roundabouts (and losses).

 

 

CDC Wheel of Bullshit (source)

On which segue, this week has another deadline of course: Thursday is the date that the UK and the EU must agree the terms of departure or face the risk of a year-end Hard Brexit. It is unclear if or how BoJo will be able to agree to mutually acceptable terms on fish and on state aid, with France’s Macron apparently very insistent that the ‘level playing field’ argument is applied to the UK, broadly meaning that no industrial policy/levelling up can then be used. The eurosceptic Telegraph reports today that EU countries are apparently war-gaming scenarios for just that No Deal outcome,…which allegedly includes continuing to negotiate after the deadline has passed, rather taking some of the sting out of things if so. Except that the thinking seems to be that a period of “complete chaos” would then focus minds on what is the most logical thing to do next to resolve the problem properly.

 
 

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1798 DOWN .0017 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/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 105.43 DOWN 0.115 (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 1.3028   UP   0.0029  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3128 UP .0030 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro FELL BY 17 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1798 Last night Shanghai COMPOSITE CLOSED UP 86.39 PTS OR 2.64% 

//Hang Sang CLOSED UP 530.55 POINTS OR 2.20% 

/AUSTRALIA CLOSED UP 0,82%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 530.55 PTS OR 2.20% 

/SHANGHAI CLOSED UP 86.39 PTS OR 2.64% 

Australia BOURSE CLOSED UP 0.48% 

Nikkei (Japan) CLOSED DOWN 61.00  POINTS OR 0.26%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1925.40

silver:$25.22-

Early MONDAY morning USA 10 year bond yield: 0.777% !!! DOWN 0 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.576 DOWN 0  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 93.19 UP 13 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.15% DOWN 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.03.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.15%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.68 DOWN 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 53 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.54% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.22% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1806  DOWN     .0010 or 10 basis points

USA/Japan: 105.29 DOWN .260 OR YEN UP 26  basis points/

Great Britain/USA 1.3067 UP .0068 POUND UP 68  BASIS POINTS)

Canadian dollar DOWN 14 basis points to 1.3113

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The USA/Yuan,CNY: closed  6.7459    ON SHORE  (DOWN)..

 

THE USA/YUAN OFFSHORE:  6.750  (YUAN DOWN)..

 

TURKISH LIRA:  7.88  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield UP 0 IN basis points from FRIDAY at 0.777 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.576 UP 0 in basis points on the day

Your closing USA dollar index, 93.06 UP 1  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 15.27  0.25%

German Dax :  CLOSED UP 87.18 POINTS OR .67%

Paris Cac CLOSED UP 32.48 POINTS 0.66%

Spain IBEX CLOSED UP 0.10 POINTS or 0.00%

Italian MIB: CLOSED UP 123.39 POINTS OR 0.63%

WTI Oil price; 39.33 12:00  PM  EST

Brent Oil: 41.62 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    77.11  THE CROSS HIGHER BY 0.34 RUBLES/DOLLAR (RUBLE LOWER BY 34 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.54 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 f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  39.53//

BRENT :  41.79

USA 10 YR BOND YIELD: … 0.777..up 0 basis points…

USA 30 YR BOND YIELD: 1.567 up 0 basis points..

EURO/USA 1.1812 ( DOWN 4   BASIS POINTS)

USA/JAPANESE YEN:105.33 down .212 (YEN up 21 BASIS POINTS/..

USA DOLLAR INDEX: 93.86 UP 1 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3066 UP 66  POINTS

the Turkish lira close: 7.89

the Russian rouble 77.14   DOWN 0.38 Roubles against the uSA dollar. (DOWN 38 BASIS POINTS)

Canadian dollar:  1.3113 DOWN 14 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.54%

The Dow closed UP 250.62 POINTS OR 0.88%

NASDAQ closed UP 296.32 POINTS OR 2.56%


VOLATILITY INDEX:  25.21 CLOSED UP .21

LIBOR 3 MONTH DURATION: 0.224%//libor dropping like a stone

USA trading today in Graph Form

Nasdaq Whale Sparks Mega-Tech Stocks’ Best Day In 6 Months

 

No Deal (as Pelosi shunned The White House offer), the bond market closed for Columbus Day, Washington quietly focused on ACB’s hearing and not making algo-driving headlines, and nothing from The Fed… which all explains the market’s best day since April!

Today’s massive melt-up squeeze in Nasdaq enabled the best day for the tech-heavy index in six months (and on what?) as Small Caps underperformed…

We do note that the Nasdaq/Small Caps ratio reversed modestly in the last hour…

It wasn’t a bottom-up short-squeeze…

Source: Bloomberg

But a gamma-squeeze-driven face-ripper for the record speculative shorts in Nasdaq futures…

 

The Nasdaq Whale reappeared…

 

Nasdaq vol soared today (despite the gains) as Call-buying dominated…

Source: Bloomberg

The S&P was dragged up by the mega-tech names but could not reach record highs…yet…

Source: Bloomberg

Growth stocks massively outperformed value for the second day in a row…

Source: Bloomberg

FANG stocks surged most since August (up 5 of the last 6 days), despite being put on Europe’s “hit list” over monopoly power…

Source: Bloomberg

And amid all this meltup ‘hope’, election uncertainty rose…

Source: Bloomberg

Additionally a modest unwind of the recent reflation trade which traders agreed had gone too far by Friday, exaggerated the relative outperformance of mega-tech vs small-caps

Source: Bloomberg

Amid all this excitement, Treasury futures (cash market was closed) barely budged (implied around a 1bps drop in 10Y Yield)…

Source: Bloomberg

The dollar also ended the day practically unch…

Source: Bloomberg

Bitcoin popped again today, tagging $11,600 intraday…

Source: Bloomberg

Oil tumbled on the back of re-started production in the Gulf and Libya and the collapse of Norways’s oil worker strike…

Silver managed modest gains, bouncing off $25…

 

Finally, greed is really good again…

As Guggenheim’s Scott Minerd told Bloomberg, “many stock investors are not being rational… we’re entering the mania phase… adding that he expects Treasury rates to turn negative.”

end

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

USA economy seems to be growing:  class 8 truck orders soar 145% year over year

(zerohedge)

Class 8 Truck Orders Soar, Up 145% Year Over Year

 
 

Orders for heavy duty Class 8 trucks soared again in September, according to preliminary data released by ACT Research. Orders totaled 31,100 units, up 60% sequentially and up 145% from a year prior. Finalized data will be released during the middle of October.

It is the order book’s highest level since late 2018, according to TT News. It’s also a positive looking trend that continues to make the case for a V-shaped economic recovery. Class 8 orders had seen significant pressure in the beginning of 2020 due to the coronavirus pandemic.

Kenny Vieth, president and senior analyst for ACT Research, commented: “Preliminary data show that September orders for medium- and heavy-duty vehicles posted positive readings for a fourth consecutive month, after 19 consecutive months of negative year-over-year comparisons. In aggregate, Classes 5-8 orders rose 49% from August and improved 88% compared to year-ago September.”

He continued: “As orders rebounded to relatively healthy levels early in Q3, most of those orders were targeted at filling open 2020 build slots. With most of that work done by the end of August, we suspect the lion’s share of September’s orders were booked into 2021.”

 

 

YOY order growth has been accelerating since April

The medium duty market has also seen a ‘rising tide’ as a result, Vieth said:  “There is a symbiotic relationship between heavy-duty freight rates and medium-duty demand, and clearly, the shift in consumer spending from experiences [services] to goods has been good for the providers of local trucking services.”

“My hunch is this is probably the large national guys coming in and doing their annual deal,” said ACT Research Vice President Steve Tam.

 

 

The 2020 recovery from coronavirus-induced lows near April

“I think there is a bit more risk of that happening this time, happening more quickly. The reason is the whole labor dynamic. Their trucks are still out there [parked]. So we don’t need to add as many trucks as it might appear we are going to,” Tam noted said.

Tam concluded that the outlook remained strong: “If our freight forecast is correct, they are going to experience some very solid levels of profitability for the remainder of this year and for next year as well.”

end
 

iii) Important USA Economic Stories

A good explanation as to the delay of putting Clinton and Obama in jail

Tom Luongo

ObamaGate’s Endless Saga – None Dare Call It Obstruction

 

Authored by Tom Luongo via Gold, Goats, ‘n Guns,

Back during the early days of the Democratic primaries I told you that the real story behind the scenes was a three-sided civil war for control of the DNC.

Not quite an equilateral triangle, the two major factions were the Clintons and the Obamas with the Soros-backed squad pushing them both farther and farther left, through the fake Progressivism of Bernie Sanders and Elizabeth Warren.

And with the ascension of Joe Biden as the candidate, triumphing over the inept Hillary-backed challenge from Mini Mike Bloomberg, it was clear that the Obamas won the internal battle.

Hillary eventually bent the knee and endorsed Biden along with everyone else.

After her failure to beat Trump in 2016 it became clear that Obama was the choice by The Davos Crowd to deliver the U.S. into their hands weak, divided, literally on fire and close to irretrievably insane.

In the words of Bush the Lesser, “Mission Accomplished.”

But what’s been sticking in the back of my mind for months was Trump’s tweet from May:

That was the rallying cry from him to repurpose his base’s energy towards the real villain in the RussiaGate story, Obama.

And what’s really clear now with the latest set of releases — specifically Former CIA Director John Brennan’s handwritten notes on a CIA memo — that Obama directed his people to point all the fingers at Hillary for RussiaGate’s worst abuses while keeping Obama neatly above it all.

Just the amount of this document that has been redacted is itself an affront to the idea of government transparency and a free society.

These people work for us and their activities in this affair, at this stage, have no need to be redacted if they exonerate the President of any wrongdoing and implicate former President in any.

What this release indicates is that Obama clearly knew what was going on and gave his blessing to it. As Alex and Alex at The Duran put it so well in a recent video, Obama saw the opportunity to take out both Hillary and Trump.

This conclusion tracks with the speed at which Hillary switched from “I’m in this race” to “I’m here if you need me” to “I back Joe wholeheartedly” culminating in a desperate screed that had even Bill looking for the off ramp.

She’s desperate for a Biden win simply to keep herself out of jail as I’m sure that’s part of the deal she made with Obama in stepping aside as the leader of the DNC.

Remember, it never sat well with Obama that Hillary ran the DNC while he was president. Since, as President, he was supposed to be the leader of the party. But he clearly wasn’t and she treated him as little more than a placeholder for her eventual coronation.

Obama clearly outplayed Hillary and nearly got Trump ensnared in his game at the same time, using Hillary’s avarice against her. But Trump is too disagreeable for this to have worked.

Pat Buchanan noted at the beginning of Trump’s presidency that he would not stand aside like Richard Nixon did ‘for the good of the country.’ Trump, rightly, stood his ground against Obama ‘for the good of the country’ forcing Obama and his minions to grandstand and obfuscate the truth through a complicit quisling media hoping to avoid the consequences and regain control over the White House.

And for four years we have watched a systematic stonewall go up protecting Obama at every turn while grinding the efforts of the Trump administration to a halt.

How else do you explain the behavior of Judge Emmit Sullivan in the Michael Flynn case? Or the bombshell that CIA Director Gina Haspel is the one personally holding the line on connecting the dots of the FBI’s extracurricular activities in setting up Carter Page which formed the basis for the FISA warrants for surveillance of the Trump transition team?

All of this was done to run out the clock in the hopes of deposing Trump and sweeping all of this malfeasance under the rug.

They’ve nearly gotten away with it. We’re less than 30 days to the election and nothing of substance has happened even though it’s all there in the open for everyone to see.

The problem for Obama and all of his underlings is that Trump is going to cruise to re-election next month and it’s clear from the way the Democrats are acting they know this to be true.

Obama has been protected by the highest level of the global oligarchy, using the Coronapocalypse to accelerate their plans for The Great Reset.

The obstruction has come from all the predictable sources — members of Trump’s cabinet who have worked overtime to keep him looking weak howling about collusion while they’re the ones keeping the lid on the entire mess since many of them are implicated.

Moreover, the Swamp collapsed to protect its own, refusing to give Trump any real options for cabinet picks who would carry the ball forward and issue indictments.

We all wondered by clearly horrible people like Haspel, John Bolton and Mike Pompeo were put in place around him when there were dozens of better options available.

It was to ensure that only the illusion of an investigation, the illusion of policy change could take place while not actually getting anything of substance accomplished.

This is why Pelosi and company are now preparing a 25th amendment committee to “help” the Cabinet and the Vice-President make the right decision about protecting the continuity of our systemically rotten government.

Translation: Even if Trump wins the pressure will be on them to remove him from office to finish the coup that began in the summer of 2016 even before the thought of Trump winning was taken seriously by all but the most politically savvy analysts.

Maybe this is all just an elaborate sting operation that Barr has in motion? Maybe. Wake me when that dream comes true at this point.

We all know the saying, when you go after the king you only get one shot. Well, they’ve gotten multiple chances to take down Trump and he’s still standing.

So, he’s clearly not king, Obama is. But time is short, recourse options thin and the end of this pathetic period of U.S. history rests fully on the length of Trump’s coattails in an election that is sure to be even more corrupt than the four years of maneuvering that preceded it.

*  *  *

Join my Patreon if you support truth seeing the light of day. Install the Brave Browser to limit Google’s aspirations of a Big Tech autocracy

end

This will hurt the USA economy:  59 million Americans expect income losses ahead of the Presidential election

(zerohedge)

59 Million Americans Expect Income Losses Ahead Of Presidential Election  

 
 

The Census Bureau’s latest Household Pulse Survey speaks volume to the “K-shaped” recovery, where high-income Americans saw their jobs immediately return and “V-shaped” recoveries for stock and other asset prices, while middle- and lower-class people continue to experience job loss, food insecurity, unable to pay bills, and eviction or foreclosure.

The survey, conducted from Sept. 16-28, shows 59.2 million Americans expect someone in their household to have a loss in employment or take a pay cut ahead of the presidential elections. Bloomberg points out that the working poor, more specifically, minority households continue to struggle the most economically from the coronavirus pandemic.

The survey found 32% of Americans were “somewhat” or “very” concerned about their ability to cover basic household expenses. These figures were alarmingly high for Hispanic and Black households.

Minneapolis Fed President (as well as former Assistant Secretary of the Treasury for Financial Stability under the Bush and Obama administrations, former PIMCO and former Goldman Sachs employee) Neel Kashkari was out this week addressing the dire need for more stimulus to support the economic recovery.

“Whatever Congress can do with the executive branch — come together aggressively to put money in the hands of people who have lost their jobs and to support small businesses so that we don’t have this continuing wave of bankruptcies across the economy — it’s just vital that they move quickly,” Kashkari told CNBC.

On Thursday, House Speaker Nancy Pelosi signaled there wouldn’t be any more financial support for airlines without a much larger stimulus package. Meanwhile, Senate Majority Leader Mitch McConnell said many Republican senators believe the economy has already seen enough stimulus.

With stimulus talks stalled, how is it that poor people and minority households continue to suffer while millionaires and billionaires are getting richer and richer?

end
 
Saturday:
 
Pelosi rejects Trumps’ offer of 1.8 trillion relief.  It would never have passed because the Republican senators  were against this huge amount anyway.
(zerohedge)

“One Step Forward, Two Steps Back” – Pelosi Rejects Trump’s Latest COVID Stimulus Offer

 
 

Having reportedly “capitulated” from $500 million, the GOP’s latest $1.8 trillion COVID-Relief package offer has been flatly rejected by House Speaker Nancy Pelosi (whose latest offer was a $2.2 trillion package)… once again.

In a letter to her Democratic colleagues, Pelosi claims the White House offer falls short on COVID-19 testing, worker safety, and child care (all of which she bundles – obviously – under the need for state bailouts, our words, not hers).

Here is the full letter, providing her campaigning colleagues and the media with their talking points to un-blame the Democrats for delaying payments to suffering Americans for tomorrow’s political shows… (emphasis ours)

 

Dear Democratic Colleague,

On Friday, the Trump Administration returned to the table with a proposal that attempted to address some of the concerns Democrats have in the coronavirus relief negotiations. This proposal amounted to one step forward, two steps back. When the President talks about wanting a bigger relief package, his proposal appears to mean that he wants more money at his discretion to grant or withhold, rather than agreeing on language prescribing how we honor our workers, crush the virus and put money in the pockets of workers.

At this point, we still have disagreement on many priorities, and Democrats are awaiting language from the Administration on several provisions as the negotiations on the overall funding amount continue.

A key concern is the absence of any response on a strategic plan to crush the virus. We cannot safely reopen schools, the economy and our communities until we crush the virus with the science-based, national plan for testing, tracing, treatment and isolation, and for the equitable and ethical distribution of a safe and effective vaccine once developed. This strategic plan is contained in the Heroes Act.

Please see the Energy and Commerce memo which is attached.

From start to finish, the Trump Administration refuses to honor our heroes and respect the safety our workforce. The funding for state and local remains sadly inadequate. At the same time, the Trump proposal recklessly leaves behind workers by ignoring the need for strong OSHA protections to keep our workers safe as they risk their lives and jobs to keep us safe and keep the economy running. We are urging the Administration to support our strong OSHA language, which requires OSHA to issue an enforceable emergency temporary standard within seven days that covers all workers from COVID-19 infections. Unfortunately, they have a Liability Provision that is reckless in how it ignores safety in the workplace.

At this point, the Trump proposal is insufficient in meeting families’ needs, in stark contrast to the Heroes Act, which secured tens of  billions for direct relief and refundable credits. At the end of  September, in preparation for the restarting of our negotiations, I had  previously written to you about what the Heroes Act mean for  families at their kitchen tables. For a family of four earning $24,000:

  • Direct Relief — Heroes Act: a total $9,890 when including the Earned Income Tax Credit and Child Tax Credit. Trump proposal eliminate Earned Income Tax Credit, Child Tax Credit and Child Dependent Care Tax Credit.
  • Earned Income Tax Credit — Heroes Act: If the parents lost all of their income in 2020, they could receive up to $5,920 in EITC based on their earnings from 2019. Trump proposal: eliminate.
  • Child Tax Credit and Child Dependent Care Tax Credit — Heroes Act: fully refundable $4,000 for the two children equaling an additional $1,200 in refund. Trump proposal: eliminate.
  • Child Care — Heroes Act: $57 billion to enable parents to work while their children are in the uncertain circumstances of in-person, virtual or hybrid learning. Trump proposal: No movement from $25 billion figure, which is totally inadequate. At the same time. Republicans are insisting on a tax credit for the wealthiest people in America, which is retroactive and therefore not coronavirus related, at the expense of tax credit for the families of our poorest children who are directly affected by coronavirus. At a time when children and families are challenged by uncertainty in whether their schools will be actual, virtual or hybrid, the Trump Administration is underfunding education.
  • Unemployment Insurance — Heroes Act: contains strong funding to protect the five million workers at risk of exhausting all of their regular Unemployment Insurance or Pandemic Unemployment Assistance benefits before January 31. Trump proposal: $200 billion less than what Democrats proposed, which experts tell us is what is needed.

Our Heroes Act is a tribute to the tremendous leadership of Chairwoman Nita Lowey and our Committee Chairs. who once again brought their formidable expertise to assembling a bill that is science, data and evidence-based. Yet. Trump proposal: slash billions of dollars from appropriations.

Despite these unaddressed concerns, I remain hopeful that yesterday’s developments will move us closer to an agreement on a relief package that addresses the health and economic crisis facing America’s families.

As I have said before, the devil and the angels are in the details. With over 213,000 Americans tragically having died, over 7.7 million having been infected and millions having lost jobs and income security, it is long overdue for Republicans to get serious and work with us to defeat this crisis.

These and other issues are unresolved affect lives, livelihoods and the life of our American Democracy. We hope to make progress soon. Updates will continue to be ongoing.

Of course, having used the word “hope” to describe her outlook for a deal every day for the last month, we suspect the market will love this news – no deal means a bigger deal?

Or some such idiotic logic.

 

As a reminder, Alec Phillips, a policy analyst at Goldman Sachs, wrote on Friday that the “renewed urgency” from the Trump administration did lead to an “actual narrowing in positions” but a deal was still unlikely. “For now we still think the odds are against substantial pre-election stimulus even if the situation is murkier than it seemed only a few days ago,” Mr Phillips said.

end

Rich Americans are now scrambling to change estate planning to avoid Biden tax hikes in case he wins

(zerohedge)

Rich Americans Scramble To Change Estate Plans To Avoid Biden Tax Hikes

 

Wealthy Americans are flocking to their estate planning attorneys out of fear that Joe Biden will win the election and raise taxes, according to Reuters.

Of most concern to the affluent would be a “Blue Wave,” in which Democrats win both the White House, control of the Senate and hold the House – which could mean that an exemption allowing individuals to leave up to $11.58 million tax-free to heirs would be cut before it’s set to expire in 2025.

Democrats want to raise estate taxes to the “historical norm,” according to the party’s platform. That could mean slashing the exemption to $5.49 million, the figure in place before Republican President Donald Trump signed a sweeping tax bill that included benefits for corporations and wealthy Americans in 2017, advisers said.

It is unclear how the election will go or what, if any, tax reform will pass. But as Biden has climbed in the polls, rich people are rushing to set up trusts and revise existing ones before year-end to avoid 2021 tax consequences, advisers said. –Reuters

“The $11.58 million question is, ‘What is going to happen to the gift and estate tax exclusion?’” according to Toni Ann Kruse, a NY estate planning attorney who serves ultra-high net worth clients. “We don’t know who will win the election or control the House or Senate – and all of those factors will play into what could happen.”

According to Biden’s campaign website, he would “return the estate tax to 2009 levels” in order to fund paid family and medical leave. He would also raise taxes on long-term capital gains, while those making above $1 million per year would pay a 39.6% income tax on profit, vs. the current tiered approach which maxes out at 20% for those making $441,450 or more.

“Joe Biden is running to rebuild the backbone of this nation – the American middle class – by ensuring that our economy rewards work and not just wealth,” said campaign spokesman Andrew Bates.

According to the report, estate planning attorneys began seeing an uptick in client activity when Biden pulled ahead of Trump in the polls, with several firms reporting an overwhelming volume of requests.

“We are flooded with requests for gift and estate tax appraisals right now,” said Jonathan Miller, CEO at New York-based real estate appraisal firm, Miller Samuel, Inc.

New York estate and tax planning lawyer Philip Michaels has added around 15 high net worth clients during the last several months who are revising estate plans.

Rockefeller Capital Management, a family office in New York, is holding virtual events for customers while working with legal and tax advisers to sort through nuances of possible legislation, said Joe Roberts, Senior Wealth Strategist. –Reuters

“It’s a lot of money to give away,” said Indianapolis estate planning attorney, John Olivieri. “People are struggling with, ‘Do I really want to give this away?’”

end

Scott Gottlieb now states that after the WHO flip flop, there is no reason for another round of lockdowns in the uSA

(zerohedge)

After WHO Flip Flop, Former FDA Chief Says No Reason For Another Round Of Lockdowns In US

 

Dr. Scott Gottlieb appeared on CNBC’s “Squawk Box” Monday morning, as he often does, to comment on the coronavirus-related news of the day. And with many still trying to parse the meaning of this weekend’s latest WHO reversal in its guidance  – though, to be sure, Dr. Gottlieb insisted it wasn’t a “flip flop” – the former FDA head, who led Trump’s campaign against teen vaping, claimed that lockdowns were never well-suited to combating the virus.

“We were in a difficult position back in April and May because we didn’t know where the virus was spreading…we ended up implementing a stay at home order nationally when in fact we could have titrated our mitigation much more effectively but we needed to know where the virus was and was not spreading,” Dr. Gottlieb said.

“Now we do have the diagnostics deployed and I believe we’ll be able to fine tune our response as this epidemic starts to affect other regions of the country.”

“Other regions aren’t similarly affected and targeted interventions, or case-based interventions like tracking and tracing, could still work.”

Looking ahead, Dr. Gottlieb said, there’s little reason for lockdowns to be employed in the US, or anywhere in the developing world.

“I think the idea that we’re going to do national stay at home orders – or even broad stay at home orders in select cities – it’s just not going to happen, the popular will isn’t there for it, the political leadership on a bipartisan basis aren’t going to support it. So those who are saying no more lockdowns here in the United States I think it’s sort of a straw man argument because it’s just not going to happen.”

When historians look back on 2020, the critical failure is that “we were so blind to the spread back in April and May,” Dr. Gottlieb said.

But at this point, testing is widely available across the US. So why are hundreds of thousands of businesses and schools still closed?

And why are big tech companies like Google still censoring the Great Barrington declaration?

Furthermore, maybe Democratic presidential nominee Joe Biden needs to have a little chat with Dr. Gottlieb.

Moving on, Dr. Gottlieb was then asked to comment on the second-most-pressing COVID-19-related issue of the day: Is President Trump contagious?

“He’s probably not,” Dr. Gottlieb concluded.

Trump’s doctor said as much over the weekend but…we’re glad we’ve cleared that up.

end

Big Divide In The Restaurant Industry

 
 

Authored by Mike Shedlock via MishTalk,

Independent restaurants skid towards bankruptcy as large chains recover.

Who’s Booming, Who’s Not?

  • Well-capitalized large chains like McDonald’s, Chipotle and Domino’s are booming 

  • Your neighborhood independent restaurant isn’t

The Covid crisis created a Big Divide in the Restaurant Industry

The coronavirus pandemic is splitting the restaurant industry in two. Big, well capitalized chains like Chipotle Mexican Grill Inc. and Domino’s Pizza Inc. are gaining customers and adding stores while tens of thousands of local eateries go bust.

Larger operators generally have the advantages of more capital, more leverage on lease terms, more physical space, more geographic flexibility and prior expertise with drive-throughs, carryout and delivery.

A similarly uneven recovery is unfolding across the business world as big firms have tended to fare far better during the pandemic than small rivals. In the retail world, bigger chains like Walmart Inc. and Target Corp. are posting strong sales while many small shops struggle to stay open.

Chain Reaction

Smaller chains and independents often use local farms for supplies including organic foods. 

As independents struggle so does the local specialty farm.

The big chains can get a break or extension from creditors. 

 
NEW YORK
 
Security paralyzed in New York by fears of being called “racist” as shoplifting mobs bulldoze luxury New York stores.
(zerohedge)
 

Security Paralyzed By Fears Of Being Called “Racist” As Shoplifting Mobs ‘Bulldoze’ Luxury NY Stores

 

Recall that in late May as George Floyd and Black Lives Matter related protests reached a peak, so did reports of mass theft targeting high end neighborhoods of New York known for luxury boutiques.

In one particular instance the NYPD had over the summer sought looters responsible for stealing $1,511,000 in merchandise from the Celine clothing store. It was similar to other “smash and grab” operations widely reported in SoHo, the East Village and Lower Manhattan throughout the early summer, which sometimes began as brazenly and as simply as someone hurling bricks through store front windows.

But far from a thing of the past, new reporting in the New York Post finds the problem has continued, even now becoming a “weekly” pattern, often with store owners loathe to report the theft for fear they’ll be labeled as racists.

 

 

Via amNewYork

But local shop owners and employees are still infuriated by the seeming carte blanch the thieves and looters have apparently been given by the culture of silence. Apparently to stop a thief walking out with a $2,000 jacket can be chalked up to “white privilege” – and the major brands are apparently most fearful of such an instance going viral on Instagram, rather than recovering expensive stolen merchandise.

One unnamed local said stores like Prada, Moncler, Dior and Balenciaga were being hit “every week” – resulting in some hiring bouncers and other mere  ‘deterrence’ measures meant to create enough of a security presence that thieves move on to another store.

But it doesn’t seem to be working as according one store source: “If they [store personnel] stop them and say anything in the store before they’ve left the building then it often gets turned into a racial accusation.”

“The brands… tell their employees to walk away,” the individual told the Post. “They don’t want to be the next Instagram video claiming they are a racist brand.”

 

 

Police have issued multiple photos and videos over the summer seeking to identify shoplifters who target high-end stores.

Police have reported recent instances of entire groups entering stores to initiate a chaotic grabbing frenzy of ‘free stuff’ which can be described as orchestrated mob action.

The Post cited NYPD Sgt. Joseph Imperatrice as saying “mobs of young, transient groups” have “bulldozed through aisles grabbing as much as their arms can hold.”

Here are some recent examples cited in the Post report:

In the latest incident, thieves twice plundered Moncler on Prince Street — which sells down jackets for nearly $2,000  — on Thursday, Oct. 1, according to the sources.

In the first incident, two individuals grabbed nearly two dozen down jackets, the businessperson told The Post. A few hours later, at 6 p.m., thieves snatched “more than $50,000” in merchandise and sped off in a white Jaguar and a black Audi, the law enforcement source said.

The local restaurateur claimed “16 to 20 people” were involved in the second incident and the heist included a lookout.

In the early summer some of the most aggressive early waves of looting were contained by nightly curfews imposed by police related to growing protest mayhem.

Scenes that played out in early summer:

 

But at this point so long as the big luxury brands in ritzy boutique-lined neighborhoods are paralyzed with fear over the racially charged negative flak, the thieves look ready to take advantage.

END
 
New York City
Over 150,000 in fines handed out during the first weekend of new lockdowns
(zerohedge)
 

NYC Issues Over $150,000 In Fines During First Weekend Of New Lockdown

 

New York City slapped over 62 people, businesses and houses of worship with over $150,000 in fines during the first weekend of newly imposed COVID-19 restrictions against gatherings, as well as a mask mandate and social distancing requirements, according to the city’s Twitter account.

 

 

Illustration via TheRealDeal

Those summoned by the New York City sheriff include at least five houses of worship in the city’s so-called “red zones” where COVID-19 infection rates are the highest. The institutions could face up to $15,000 in fines, according to Sheriff Joseph Fucito (via the NYT).

The Sheriff’s office also broke up an illegal rave in Cunningham Park in Queens, where over 110 people had gathered to party. Officials cited and charged the event’s organizers with health code violations.

New York officials say that large gatherings and poor adherence to social distancing recommendations have resulted in a surge of new cases – many of them in Orthodox Jewish neighborhoods – which resulted in targeted restrictions on large gatherings and nonessential businesses.

On Sunday evening, talk radio host Heshy Tischler – an Orthodox Jewish man who led a protest against the restrictions, was arrested by the NYPD warrants squad. He is expected to be charged with inciting a riot and unlawful imprisonment over an assault on a Jewish journalist during a protest last week.

According to the executive order issued by Governor Andrew Cuomo, houses of worship located in red zones are limited to 25% capacity, or a maximum of 10 people. In the city’s “orange zones,” it’s limited to 33 percent capacity, while “yellow zones” are at 50 percent.

“I understand the desire to hold large religious ceremonies. I understand how important it is to their culture and to their religion,” said Cuomo during a Sunday phone call with reporters. “I also understand that it, as a matter of fact, jeopardizes human life,” he added.

Cuomo urged Jewish leaders to encourage congregants to stay home after reports came in that many synagogues had defied the state’s order and held services anyway. His order, from Tuesday of last week, was issued during the Jewish holiday of Sukkot and right before Simhat Torah – which caused a massive backlash among the city’s Orthodox Jewish community, resulting in a lawsuit filed in federal court challenging the constitutionality of the new rules.

Hundreds of demonstrators took to the streets in Brooklyn’s Borough Park neighborhood, where themostly Orthodox male gathering burned masks in the street.

On Friday, however, a federal court ruled that Cuomo’s new mandates could proceed, citing a responsibility by officials to keep “all New Yorkers” safe.

“How can we ignore the compelling state interest in protecting the health and life of all New Yorkers?” said Brooklyn Federal District Court Judge Kiyo Matsumoto.

Meanwhile, the Catholic Diocese of Brooklyn filed a separate lawsuit challenging the restrictions which they claim will force several churches in the borough to close. The judge in t

iv) Swamp commentaries)

My goodness…

Michigan Homeowner Under Fire For ‘Boobytrapping’ Trump Yard Sign That Kept Getting Stolen

 

A family at a Michigan residence say they grew tired of people stealing Trump campaign signs from their private property, likely often under cover of night, so it appears they decided to make sure the thieves would pay a price.

A homeowner in Commerce Township decided to tape sharp razor blades to the bottom of the next sign they put out. The blades lined the bottom of the Trump-Pence 2020 sign, so that the next vandal would be in for a surprise.

 

Trump sign with razor blades lining the bottom, via Oakland County Sheriff’s Office

A 52-year-old man later did approach the property to remove the sign, getting his fingers sliced open in the process, but it turns out the man was a civic worker who had been ordered by Township Supervisor David Scott to remove the sign for violating town ordinances.

The ordinance specifies how close a political sign can be to a public roadway, and the sign on private property was deemed ten feet too close.

The bizarre incident is now subject of intense controversy, making national news. CNN reports that the town employee had first thought he was being electrocuted when he reached down to pull out the sign:

Scott said his employee thought he was being “shocked electrically” when he went to touch the sign. Instead, three fingers on his left hand were sliced open by a line of razor blades taped to the campaign sign. The man began “aggressively bleeding” and drove himself to a nearby hospital, Scott said.

Although there was no damage to any nerves or tendons in his fingers, the man required a tourniquet on one of his fingers to stop the bleeding and still only has limited use of his hand at this point, Scott said.

A statement by the city alleged that the homeowner had “boobytrapped” the yard sign.

 

Via Oakland County Sheriff’s Office

“You can’t boobytrap them with the intent to hurt, harm or maim someone,” the township supervisor said. “For whatever reason, (someone felt the need to) protect this like it’s the Crown Jewels.”

The local county sheriff’s office is currently investigating the incident. The homeowner has since issued ambiguous statements as why the sign was lined with razors, denying they were behind it. Police later found at least two signs with razors protruding from them:

Two campaign signs on were found with razor blades taped to them, according to the Oakland County Sheriff’s Office.

The homeowner, who was also not identified by authorities, said the signs had previously been stolen from their property and when they returned from out of town the signs were back in their yard, according to the Sheriff’s Office.

Local media reports indicated upon being questioned by police, “The homeowner said she didn’t know anything about the razor blades. Some of her signs supporting President Trump had been stolen, she said, then were returned and put back in the yard.”

The township said that civic workers routinely pull up yard signs deemed in violation of ordinances and typically leave them beside trash bins.

Last month the AP reported on a Trump sign in Massachusetts being protected by an electric fence:

 

Via AP: Last month a sign in Bedford, Mass. had been rigged with an electric fence protecting it.

Local media called it an example of “politics getting bloody”:

However, it doesn’t appear there was any attempt to contact and notify the homeowner of the supposed “violation” – which many would argue should be protected free speech in the first place.

Instead, it remains that the worker entered private property with the intent to dispose of someone’s personal possession, getting injured in the process. The final legal outcome of this episode will be interesting, but we don’t expect either the town or police to come down on the side of property rights.

Local media also reports that the homeowner may be facing charges related to endangerment.

end

Ohio

Go figure!!  50,000 voters in Ohio receive the wrong ballots

(zerohedge)

Nearly 50,000 Voters Receive Wrong Ballots In Ohio

 

Just under 50,000 voters in Ohio received incorrect absentee ballots, according to a Friday announcement by elections officials.

According to Franklin County, 49,669 voters out of 237,498 – or just over 20%, received ballots which contained an incorrect congressional race. Others had the correct information but were inadvertently mailed to voters in the wrong precinct, according to Politico.

The process to print, stuff the replacement ballots in envelopes and mail them was underway Friday, the Franklin County Elections Board announced.

The board also said it will mail postcards to all affected voters detailing the situation and highlighting voters’ options moving forward. Those options include voting in-person at the board’s offices on the city’s north side.

The elections board said multiple checks are in place to ensure only one voter can cast a ballot, including rejecting any replacement ballots if someone went ahead and voted in person. –Politico

President Trump took to Twitter to decry the errors, suggesting it’s a “Rigged Election!!!”

On Tuesday, meanwhile, Ohio’s elections chief announced that the state’s 88 elections boards had a record number of applications for absentee ballots – 2,154,235 vs. 1,091,188 in 2016.

end

 

David Schoen is a pollster and a democrat.  He is demanding that the truth behind Hunter Biden’s actions in the Ukraine must be revealed to the public

(David Schoen/SaraCarter.com)

Why The Truth Behind Hunter Biden’s Actions In Ukraine Matters To Us All

 

Authored by David Schoen via SaraACarter.com,

It is understandable that any father would be uncomfortable discussing his son’s personal problems and ethical transgressions.  In that regard, Joe Biden is no different.  But Joe Biden is not just any father – he is the Democratic Party’s candidate for President of the United States.  And his son Hunter’s Ukraine issues are not just personal matters.

What then Vice-President Joe Biden knew about his son Hunter Biden’s dealings in Ukraine at a time when Joe Biden was the Obama administration’s point person for Ukraine, whether the Vice-President helped facilitate his son’s actions, and just what Hunter Biden did are all matters of public importance.  They impacted on the message our country sent around the world with respect to foreign affairs and our efforts to stamp out corruption.  And the underlying facts provide an important window into Democratic Party presidential candidate Joe Biden’s ethical compass.

Calls for a full investigation into just what happened have rung out for many years from a variety of sources.  But not only have those calls been rejected, President Trump was impeached in large part for trying to force the issue and demand an investigation. His political opponents cast his demands that Ukrainian officials publicly investigate once and for all as an unlawful effort to use a foreign government to affect an election, using the excuse that Joe Biden was one of a large field of Democratic Party primary candidates. IN fact, Trump haters in Congress carried this phony claim to the ultimate degree and used it to impeach the President, thereby demeaning the solemnity of the impeachment process and continuing to successfully bury the true facts surrounding the Biden Affair. And so all relevant questions remain unanswered.

The fact of the matter is, Joe Biden should have been leading the charge all of these years to demand a full investigation to clear him and Hunter of the taint that has continued to attend this matter.  Even an avid Trump hater like the Washington Post’s David Ignatius, earlier this year advised Biden to openly address these issues in his quest for the presidency.

The American people deserve no less.  In the recent presidential debate, Mr. Biden dismissed any questions about Hunter and claims of profiteering from his father’s connections to foreign leaders by saying it has all been debunked; but that just is not true and saying so, with some in the media parroting this false claim, there can be no closure.

The American people need a full and thorough airing of the matter before the election so that we can factor this into our evaluation of the character and the politics of one who seeks to be our President.

So what do we know and what more do the American people need to know?

To fully flesh out these underlying facts and circumstances, the American people deserve to hear, under oath, from the most fundamentally important witnesses.  From any perspective, these are Joe Biden, his son Hunter, and Devon Archer, Hunter’s business associate and a close friend of John Kerry’s family.

It was the appointment of Hunter Biden and Mr. Archer to the board of a Ukrainian energy company, without any qualifications, and at a reported compensation package worth some $50,000 per month, that led the Wall Street Journal, on May 13, 2014, to publish a scathing article,  bringing the issue public, and suggesting that the matter raised a number of major red flags for a variety of reasons.

President Trump did not concoct a concern about these circumstances out of thin air to gain advantage in a political battle. The corruption allegations that were the subject of his phone call with Ukraine, long predated his presidency.

Some other mainstream media outlets since have written similar pieces, strongly arguing that the situation was very troubling and demanding further scrutiny and answers.  Recently, the Washington Post reported that John Kerry’s step-son, Chris Heinz, who founded an investment company with Mr. Archer considered the decision to join the Ukrainian company’s board to reflect such poor judgment and the appearance of impropriety so clear that he publicly disassociated himself from Mr. Archer and the company.  Mr. Heinz would be an important witness in any investigation, as would his step-father.

A primary concern that has been raised, of course, is whether then Vice-President Joe Biden, the Obama administration’s point man for the Ukraine, acted inappropriately in continuing to oversee our relationship with the Ukraine and, specifically, for withholding aid to Ukraine based his perspective on how the Ukraine government was addressing corruption, with some charging that Mr. Biden was not happy that the company his son was associated with had come under scrutiny from a Ukrainian corruption prosecutor.  One leading expert on Russia and the region from the University of Wisconsin has written that the appearance of impropriety – specifically the desired appearance by the Ukraine that its policies must be in favor with the United States if the Vice-President’s son is on the board of a leading Ukrainian company – is so problematic that the relationship should have been avoided at all costs.

Surely, no responsible person would argue that Joe Biden and his family should be exempt from scrutiny or should be given license simply by virtue of his candidacy for President. 

Indeed, just the opposite is true. It is in our national interests for all candidates to be fully vetted and for any corruption allegations to be fully investigated.  Again, if he and his son are innocent, Joe Biden who should be demanding a full investigation by our government and the Ukraine to clear his name once and for all, now, while the world is watching.

Does Corruption in Foreign Affairs Really Affect Our National Interests?

Since 1960, study after study on the advisability and impact of American foreign aid has cited corruption within the recipient country as perhaps the greatest determinative factor in whether aid should be given and, if so, what steps should be taken to address concerns about corruption.  Commentators who study such things regularly document the corrosive effect of corruption on several levels.  One recent U.N. Study concluded that roughly 30% of foreign aid money never reaches its intended final destination because of corruption. Corruption in recipient countries is a destructive force that often promotes more corruption, in effect institutionalizing it for generations.

Conversely, of course, foreign aid with strings, and specifically with demands for corruption reform can lead to improvements for the recipient country in both the short and long term and enhances the donor nation’s reputation – and its national security.  If aid is firmly conditioned on specific corruption fighting steps, our dollars are much more likely to reach the intended beneficiaries and theoretically, at least, the quid pro quo – fight corruption or get no aid – filters through politically, to drive from office those who perceive their self-interest as best served through corruption.

We cannot be a party, either actively or by acquiescence, to corruption; nor can we afford to have any country believe they can gain access to the highest levels of our government through corruption.  We must always be vigilant and that means a full investigation must be undertaken each and every time there is some credible reason to believe a recipient country is corrupt.  This is especially so when that corruption might well have affected policy coming from the White House.  That is a primary concern in the Hunter Biden affair.

The issue of Hunter Biden’s financial windfalls from the likes of Russia and China was, of course, front and center during the first debate between Messrs. Trump and Biden and, once again, Mr. Biden dismissed the issue out of hand and unqualifiedly asserted that these stories about his son getting paid millions by Russia or China were “totally false” and has so been proved.  But just last week, the Washington Timesreported Treasury Department records actually confirm Hunter Biden’s receipt of a wire transfer in the amount of $3.5 million from the Mayor of Moscow’s wife – a person the United States suspects of attaining billionaire status through corruption.

There clearly is much more to this story than Mr. Biden’s summary dismissal would suggest and the media does a great disservice to the American electorate by indulging that dismissal.  The American people deserve to know the facts before they fill out their ballots.

end
 
A super commentary which shows that if Trump loses the election, then nobody will watch CNN and the leftist ideologies
 
(Raul Meijer)
 

Only Trump Can Keep America Together

 

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

Nothing partisan today, sorry, and thank you very much, just an observation. Which is that Trump keeps an unparralledly (can I buy a vowel?) divided America together simply because the entire nation focuses on him.

One half out of support, the other out of “hatred”, but still.

Anyone who saw even part of yesterday’s VP debate knows exactly what I mean. Boring! And that’s one thing Trump is not.

There was this headline that said: “Joe Biden will be a president who brings our country together”, and I thought: does anyone believe that, anywhere on the political spectrum? The purpose of Biden is to give the Democrats the power, not to unite the nation, that’s just rubbish. But yeah, they dragged him all the way out to Gettysburg, to claim some sort of link to Abraham Lincoln. Hoping nobody remembers that Lincoln was a member of the Republican party. Joe even quoted the Republican Lincoln verbatim:

‘Again We Are A House Divided’: Biden Calls For Unity In Gettysburg Speech

Joe Biden delivered a forceful appeal for national unity from the battleground state of Pennsylvania on Tuesday, as the nation lurched from crisis to crisis and the president continued to downplay the severity of the coronavirus after being hospitalized for Covid-19. From the storied civil war battlefield of Gettysburg, a symbol of the divisions that nearly tore the nation in two, Biden cast the election as a “battle for the soul of the nation” and emphasized the stakes this November. “Today, once again we are a house divided,” Biden said, framed by a row of American flags with the rolling hills of Gettysburg behind him.

“But that, my friend, can no longer be. We are facing too many crises. We have too much work to do. We have too bright a future to leave it shipwrecked on the shoals of anger and hate and division.” In a sweeping speech – one that drew on Abraham Lincoln’s address at the same spot, the site of one of the war’s bloodiest battles, and Lyndon Johnson’s remarks from there one hundred years later – Biden warned of the “cost of division” and his fears that partisanship threatened to undermine the central pillars of American democracy. Biden vowed to govern as an “American president”, one who would seek bipartisan solutions to the nation’s most consequential problems, including the coronavirus pandemic, racial injustice and economic turmoil.

Joe Biden is a non-entity. Same for Kamala Harris and Michael Pence. They don’t count in a universe that is also home to Donald Trump. Nothing to do with their opinions or politics or plans or whatever, it’s about attention value. If you ask someone who they think people will pay more attention to, Donald Trump or Kim Kardashian, it’s maybe a toss-up, and it depends on age groups. Ask the same for Joe Biden vs Kim Kardashian, and they’re going to say: what the fcuk are you talking about?

Hillary, the press could spin into something, but she lost to Trump once already. It’s all, all of it, about clickbait. Trump generates more of it than anyone, and none of the other protagonists seem to have any clue as to why that is. But the press do.

It’s the anti-Trump media that focuses on him even more than the pro-Trump one. Because they know that’s where the money is. Write about Trump, anything, even anything that is not true, and the money will be flowing in. Call him a rapist, racist, misogynist, fascist, anything’s fair game. I saw the term “Little Mussolini” float by when Trump stood on the White House balcony post-Walter Reed and thought again: you guys have no idea about memes. Trump is 6’3, Mussolini was 5’7, and you’re going with “Little Mussolini”? That’s your best shot?

A few days ago, before the VP debate, a commenter here on the Automatic Earth said:

It doesn’t seem Trump will croak from covid, but this image…

…seems more relevant than this one…

And I said:

“As long as Trump is part of the game, there’s nothing more relevant than Trump. That’s not an opinion. His presence has driven everything for 4+ years. It’s kept the NYT and CNN/MSNBC alive; they would be gone without him. The Dems’ only message 4+ years in is they are not Trump. That’s it, no other message. If he would be voted out, the MSM would be too. Politics would stop attracting viewers and readers by 50-80%.

Trump generates clickbait; Pence and Biden do not. Pence will never win anything. People detest Kamala more than they did Hillary. I’m afraid that even prior to the election, why wait?, there will be the first instances of a civil war in America. The only thing that still ties the nation together is Trump. Love him or hate him.”

The very same people who most “hate” Trump are the ones whose income most depends on him “Being There”. CNN head Jerry Zucker made it very clear to his staff during the so-called impeachment hearings that the only thing he wanted them to report on was impeachment. Not because he hates Trump, but because he knew that’s where the money is in present-day America: Yes, Trump.

CNN, WaPo, NYT, they’re altogether being busy killing their golden goose. You think these outlets, saved from bankruptcy by the appearance of Trump on the scene, don’t understand the dynamics? Of course they do. But they’re too far gone into their anti-Trump game to turn around. They know they themselves potentially initiated their own downfall by going all-out against Trump and for Joe Biden. But they have nowhere left to turn anymore.

If Biden wins, they’re done, nobody cares about him, nobody would read or watch a single thing about him, or about Kamala if she would take over, even if that switcheroo would give them a short attention “span”.

Trump said, coming out of Walter Reed: don’t let COVID19 dominate your life. Which the so-called left wing MSM turned into:“Don’t let tRump DOMINATE your life”. Bit late for that, guys and gals. You volunteered to let him dominate your lives for 4+ years now.

There doesn’t appear to be much of a plan in the Democratic party, and what plans there are differ hugely from each other. The gaps between Biden, Sanders and AOC are huge, on fracking, health care, you name it. They just find themselves together in the same party, for no obvious reason, other than, you guessed it, Trump. They stand for nothing together, there’s just one thing they agree on: Trump. Orange Man Bad: “I’m the one who ran against the socialists” Joe Biden said when asked about whether a vote for him is a vote for the radical left, despite the fact that Bernie campaigned for him in Michigan today”.

You can only keep that sort of thing together with a common enemy. Trump not only keeps the nation together, he literally keeps the Democratic Party together.

*  *  *

We try to run the Automatic Earth on donations. Since ad revenue has collapsed, you are now not just a reader, but an integral part of the process that builds this site. Support the Automatic Earth in virustime, election time, all the time. Click at the top of the sidebars for Paypal and Patreon.

end

Wow !! this is escalating fast!! They have now debunked the theory that the arrests against the kidnapping of Michigan governor Whitmer were “white supremacists.”  One member actually attended a BLM rally.  Actually this group were anarchists who hated any government official

(zerohedge)

‘White Supremacist’ Narrative Unravels: Whitmer Kidnap Suspect Attended BLM Rally, Another Called Trump A ‘Tyrant’

Last week, the FBI says it foiled a plot to kidnap Michigan Governor Gretchen Whitmer (D), after the FBI infiltrated an anti-government militia and arrested 13 members who “talked about murdering ‘tyrants’ or ‘taking’ a sitting governor.”

And while the FBI never suggested a race-based ideology in its criminal complaint, the MSM – as well as Michigan Attorney General Dana Nessel (D), took the ‘white supremacist’ ball and ran with it – hard.

 

On Friday, however, the Washington Post profiled several members of the group. Notably absent were accusations of ‘white supremacy’ – perhaps after acknowledging:

One of alleged plotters, 23-year-old Daniel Harris, attended a Black Lives Matter protest in June, telling the Oakland County Times he was upset about the killing of George Floyd and police violence.”

Another alleged plotter, Brandon Caserta, called President Trump a ‘tyrant’ – adding ‘Trump is not your friend, dude.‘ Caserta notably has an anarchist flag behind him in several videos he’s recorded.

 

Again, there isn’t a shred of evidence included in the FBI’s criminal complaint, nor subsequent reporting, that the men adhered to a white supremacist ideology – a false narrative.

And so, it appears that the FBI busted an anarchist, anti-government militia which plotted violence against elected officials – yet hated both sides of the aisle.

end

 

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

White House Open to Bigger Stimulus Bill as Mnuchin, Pelosi Talk

Pelosi sent a letter to House Democrats Friday morning casting further doubt on negotiations.

“The Administration does not share this priority of crushing the virus. The President does not have the capacity, leadership or plan for testing, tracing, and isolation that is needed,” Pelosi wrote. “Instead, Trump’s delay, denial, distortion of reality and disdain for science has exacted a deadly and preventable human toll…  https://finance.yahoo.com/news/trump-touts-progress-stimulus-talks-125430812.html

 

McConnell says coronavirus relief package ‘unlikely’ before election

Pelosi told reporters Friday that she plans to continue negotiating with Mnuchin and planned to speak with him later in the day…McConnell said Friday that “we do need another rescue package” but added that the “differences of opinion about what is needed at this particular juncture are pretty bad.”..

https://www.politico.com/news/2020/10/09/mcconnell-coronavirus-relief-package-42831

At 11:44 ET, Kudlow surfaced to issue the standard verbal intervention: “Trump has approved a revised stimulus plan.”  Mnuchin and Pelosi are putting ‘the final touches’ on a stimulus deal’ and “Trump would like to do a deal on stimulus”.

https://www.foxbusiness.com/economy/trump-has-approved-revised-coronavirus-relief-package-wants-to-do-a-deal-kudlow

 

White House Preparing New $1.8 Trillion Stimulus Proposal   12:10 ET

Its largest proposal to date…Mr. Mnuchin had previously proposed a $1.6 trillion offer…

https://www.wsj.com/articles/white-house-preparing-new-1-8-trillion-stimulus-proposal-11602259814?st=dij101gktorv525

Trump’s brilliant stimulus ploy rattles Democrats

President Trump confounded the pundits once again when be turned the tables on House Speaker Nancy Pelosi (D-Calif.) and called off further negotiations on stimulus relief… Trump pivoted soon thereafter, challenging Pelosi to accept a stream-lined and targeted relief effort. He tweeted, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?”…

    Americans are disgusted with Congress and its inability to get anything done. In the latest Gallup survey, only 17 percent of the country approved of Congress, while 80 percent disapproved, making Trump’s approval ratings look golden…

    The Blue Dog Democrats wrote a letter to the House speaker recently, in which they urged her “to continue the discussions over the weekend until a deal is achieved.” They further exhorted “Congress [to] stay here in Washington to keep negotiating.”.. Why the prompting from moderates in her own party? Because in 2018, 31 representatives were elected in districts won by President Trump in 2016.   Those candidates, targeted by the GOP in this cycle, are getting heat from their struggling constituents back home. They need a bill. The political stakes are high on both sides…

https://thehill.com/opinion/finance/520234-trumps-brilliant-stimulus-ploy-rattles-democrats

WHO warns against COVID-19 lockdowns due to economic damage [a major reversal by WHO]

“Lockdowns just have one consequence that you must never ever belittle, and that is making poor people an awful lot poorer,” he said…  https://nypost.com/2020/10/11/who-warns-against-covid-19-lockdowns-due-to-economic-damage/

 

Reports indicate that early voting is much lower than expected.  Dems have been pushing the early/mail-in vote gambit to offset Republican’s huge Election Day voting (EDV).  Reports say only 5.2 million early/mail-in ballots have been cast when almost 35.7 million ballots were requested.  Early voting in battleground states is particularly lacking.  Mail-in voting is the Dem’s remedy for lack of enthusiasm for Joe.  Now, it appears that the lack of enthusiasm is worse than feared.

https://twitter.com/RealAPolitics/status/1314237013122519046/photo/1

@CottoGottfried: WI-GOPers are nearly tied with WI-Dems in VBM (vote by mail) voting thus far. That is incredible — truly. If the WI-Dems do not turn things around fast, it is difficult to see how they hold a plausible path to victory. I did not expect WI or MI to be this spectacularly robust for the GOP.

@RealAPolitics: These are both parties’ fire walls [Electoral Votes: DJT 260, Biden 212, Tossups 66]

(Trump needs to win one of: WI, MN, PA or MI; or 2 of NV, NM or CO.)

https://twitter.com/RealAPolitics/status/1314655209549950976

 

Biden says ‘chicanery’ at polls is the only way he could lose US election

[Why is Biden saying this NOW?  What are internal polls showing?]

https://www.foxnews.com/politics/biden-chicanery-polls-only-way-he-could-lose-election

 

Biden did an about face on his ‘chicanery’ comment.  Who pressured Joe?

 

@thehill: Joe Biden: “Understand one of the comments I made was taken out of context.  I’m going to accept the outcome of this election. Period…”  https://twitter.com/thehill/status/1315324759434039298

 

Whitmer says Michigan won’t rush to get results on Election Day, calls it an ‘artificial deadline’

Asked by host Margaret Brennan how long it will take Michigan to declare the winner of the race, Whitmer would not give a definitive timeline… [How can this be happening in the USA?]

https://www.foxnews.com/politics/whitmer-michigan-wont-rush-results-election-day-artificial-deadline

 

The FT: EU targets Big Tech with ‘hit list’ facing tougher rules

Brussels broadens search for extra powers to curb power of digital platforms

https://www.ft.com/content/c8c5d5dc-cb99-4b1f-a8dd-5957b57a7783

 

Today – This is expiry week.  Traders buy Fangs and SPY October call options for the expected upward manipulation.  Ergo, these vehicles must be carefully watched.  With SPY closing at 346 on Friday, the October 350 calls will be the featured call to squeeze.  The Fed as well as repo and bond markets are closed for Columbus Day.  So, barring news, activity could be muted.  Nevertheless, traders will play for the standard Monday rally.

 

ESZs are -7.50 at 20:15 ET on the EU’s new attack on Big Tech and because China made it easier to short the yuan.  The yuan is down 0.6%.  This will induce calls to label China ‘a currency manipulator’ in the US.  It could also provoke Trump to retaliate, which he is dying to do for practical and political reasons.

 

S&P 500 Index 50-day MA: 3380; 100-day MA: 3256; 150-day MA: 3076; 200-day MA: 3117

DJIA 50-day MA: 27,796; 100-day MA: 26,921; 150-day MA: 25,562; 200-day MA: 26,262

 

S&P 500 Index – Trender trading model and MACD for key time frames

Monthly: Trender is negative; MACD is positive – a close above 3920.04 triggers a buy signal

Weekly: Trender andMACD are positive – a close below 3126.07 triggers a sell signal

Daily: Trender andMACD are positive – a close below 3326.69 triggers a sell signal

Hourly: Trender andMACD are positive – a close below 3457.45 triggers a sell signal

Biden, in stunning comment, says voters don’t deserve to know his stance on packing Supreme Court – “Well, sir don’t the voters deserve to know…?” reporter Ross DiMattei asked.  “No they don’t…. I’m not gonna play his game, he’d love me to talk about, and I’ve already said something on court packing, he’d love that to be the discussion instead of what he’s doing now,” Biden said, likely referring to President Trump…  https://www.foxnews.com/politics/biden-voters-deserve-packing-supreme-court

Biden sequestered in his home until the valid polls and germane data (new registration, primary & early votes) showed DJT winning.  Then, he had to get out, despite his professions that ‘he was following the science by staying in his home’.  Thus, Joe’s proclivity to say really outrageous stuff is now operative.

@TrumpWarRoom: A reporter described a Joe Biden event in Arizona as “really not much to see” and “kinda boring.” [“We don’t see people rallying outside.  We don’t see signs… Not a lot of fans here…”]

https://twitter.com/TrumpWarRoom/status/1315406742319226881

@thehill: Joe Biden arrives at event in Las Vegas as Mariachi music plays. [Only a handful of attendees!]

https://twitter.com/thehill/status/1314639304078094346

 

@SteveGuest: You can’t make this up.  Joe Biden just removed his mask to cough in his hand. Talk about unsanitary!   https://twitter.com/SteveGuest/status/1314688491368964098

 

@abigailmarone: Apparently it’s ok to take your masks off and get close together indoors when you’re Joe Biden   https://twitter.com/abigailmarone/status/1314673181358264321

 

@SteveGuest: So much science going on w/ Joe Biden right now. [Mask at half-mast]

https://twitter.com/SteveGuest/status/1314682227436015616

 

@SteveGuest: What’s the point of Joe Biden “wearing” a mask if it doesn’t cover his nose or face?

https://twitter.com/SteveGuest/status/1314685435709456384

 

@TrumpWarRoom: WATCH: Biden again confuses PPP (Paycheck Protection Program) with PPE (personal protective equipment).   https://twitter.com/TrumpWarRoom/status/1314694297510440961

 

@RightlyNews: WATCH: Joe Biden misreads the teleprompter and calls for a 15 million dollar minimum wage   https://twitter.com/RightlyNews/status/1314697697711063044

 

@SteveGuest: After dodging a question about packing the Supreme Court during an interview in Las Vegas, Joe Biden addresses “Arizona”.  Biden forgot what state he was in… again.  https://twitter.com/SteveGuest/status/1314723034805211136

Rasmussen: Only 32% favor increasing the number of justices on the high court, but that’s up from 27% in last year’s survey. 53% are opposed. 14% are undecided… https://www.rasmussenreports.com/public_content/politics/general_politics/september_2020/most_oppose_packing_supreme_court_but_favor_term_limits_for_justices

DJT and Repubs will keep hammering Biden & Dems on “packing the court”.  It is frazzling Biden and Dems.  Plus, the issue is resonating with the media (especially local media) and the public.  The issue is so vexing for Dems, they are claiming that filling the empty SCOTUS seat is “packing the court.”

@ByronYork: New spin from Biden: It’s Republicans who are packing the Supreme Court. Claims GOP move to fill vacant seat is ‘not constitutional.’   https://twitter.com/ByronYork/status/1315019136238530561/photo/1

Sen. Coons [D-Del] tells ‘Fox News Sunday’ that confirming Barrett ‘constitutes court-packing’

“Claiming that court-packing is filling open vacancies that obviously isn’t what court-packing means,” [Sen, R-NE] Sasse said. He also called it “grotesque” that Joe Biden is refusing to answer the “really basic question” of whether or not he will support court-packing as president… What they’re really talking about is the suicide bombing two branches of government,” Sasse added, noting that if Senate Democrats — should they get a majority and Joe Biden be elected president — were to attempt to pack the Supreme Court they would likely have to do away with the legislative filibuster as well…

https://www.foxnews.com/politics/fox-news-sunday-ben-sasse-chris-coons-judiciary-committee-barrett

@ABCPolitics Sunday morning: Biden still won’t say whether he supports court packing https://twitter.com/ABCPolitics/status/1315296342303006720

CNN’s Jake Tapper rebuked Biden Campaign official Bedingfield for Biden and her claim that filling the empty SCOTUS seat is ‘not constitutional’.  When CNN finds something absurd about a Biden claim or tactic, Dems have a serious problem. https://twitter.com/stillgray/status/1315303354503892997

Liberal law prof @JonathanTurley: Sen. Chris Coons just told Chris Wallace on Fox that the Senate confirming Amy Coney Barrett “constitutes court-packing.” That statement is constitutionally unintelligible… Democrats are rationalizing a destructive act of retaliation if they retake the White House and Senate. Ginsburg also denounced court packing as something that would decimate the Court and its legitimacy… It is logically and constitutionally absurd to call the filing of a vacancy on the Court as form of “court packing…

 

GOP Rep @Jim_Jordan: Confirming judges isn’t the same as court packing. It’s not that hard to understand. Unless you’re a Democrat.

 

Leader McConnell @senatemajldr: The far left has been threatening our basic institutions of government since long before this Supreme Court vacancy. When today’s Democrats lose one election or one vote on the Senate floor, they start threatening to tear up the rulebook. [Mitch knows this is a great issue!]

Political pundits say the Supreme Court has supplanted Covid as a top campaign issue.  Thanks to Dems and the media’s braying on filling the seat and packing the court, Americans are now keenly interested in the issue.  Plus, support for Amy Coney Barrett is growing smartly.

Support Grows for Confirming Amy Coney Barrett to the Supreme Court [left-leaning pollsters]

46% of voters back Trump’s nominee, up 9 points from late last month [31% oppose – registered voters which has a 3-4% Dem bias]  https://morningconsult.com/2020/10/07/amy-coney-barrett-supreme-court-polling/

BTW, when polling showed riots hurt Biden, nationwide rioting and protesting stopped.

@ChadPergram: Pelosi on 25th Amdt: This is not about President Trump. He will face the judgment of the voters

So, Pelosi backtracked on ‘getting Trump’, probably because moderate Dems in tough races went postal on her.  On the other hand, numerous pundits noted that Pelosi is trying to pave the way to remove Biden and install her good buddy, Kamala Harris, as president.

Georgetown Law Prof @RandyEBarnett: It’s not an elaborate theory. It’s just them thinking ONE step ahead. In this case, it’s a highly foreseeable step. It’s best for them to start the ball rolling now in the context of Trump so it doesn’t look like it’s aimed at Joe.

@realDonaldTrump: Crazy Nancy Pelosi is looking at the 25th Amendment in order to replace Joe Biden with Kamala Harris. The Dems want that to happen fast because Sleepy Joe is out of it!!!

 

@KellyannePolls: Focus Group of Michigan swing voters: Harris is why I’ll vote for Trump. “Biden’s not going to make it 4 yearsso Kamala Harris is going to be president & I have zero trust she can be president,” Shelley D. From @axios: “EVERYONE ELSE IN THE GROUP AGREED”

https://twitter.com/KellyannePolls/status/1314626735514755072

 

@newtgingrich: Pelosi is talking about 25th amendment replacing incapacitated President as trial run for replacing Biden with Harris next Spring if they win. She can have a San Francisco radical as President (Feinstein is also from San Francisco as is Governor Newsom). Target is Biden not Trump.

@realDonaldTrump: Breaking News: 50,000 OHIO VOTERS getting WRONG ABSENTEE BALLOTS. Out of control. A Rigged Election!!!

Single County in Ohio Sends ‘Wrong Absentee Ballots’ to 50,000 VOTERS

https://hannity.com/media-room/it-starts-single-county-in-ohio-sends-wrong-absentee-ballots-to-50000-voters/

 

Debate moderator Steve Scully raises eyebrows with tweet asking Scaramucci ‘should I respond to Trump’ – Scully’s role as a former intern for Joe Biden sparked backlash

  That message appeared to be directed at former White House communications director Anthony Scaramucci, who was once a supporter of President Trump but has since joined the #Resistance and has been outspoken in favor of Biden’s candidacy…”odd thing for the next debate moderator to tweet,” Politico reporter Alex Thompson reacted.  “This is not going to help the idea that Scully is *in any way* an objective and unbiased journalist and moderator,” NewsBusters managing Curtis Houck wrote…

https://www.foxnews.com/media/debate-moderator-steve-scully-raises-eyebrows-with-tweet-asking-scaramucci-should-i-respond-to-trump

 

Fox News: White House spokesman says debate moderator Steve Scully’s tweet shows he’s not impartial and calls into question debate commission’s judgment  [Scully claims his account was hacked.]

 

NY Post Editorial: “Presidential debates commission proves that it, too, is in the tank for Joe Biden”

https://t.co/acnm485vIo

 

@paulsperry_: Fox News is having Chris Wallace “weigh in” on the “objectivity” of fellow debate moderator Steve Scully. As if Wallace isn’t biased himself and is the arbiter of fairness. What a joke

 

Second presidential debate canceled by organizers

The commission said in a statement Friday that decided a day earlier that the debate would be conducted virtually for “the health and safety of all involved.”… [Can’t have a rigged debate if everyone knows it was going to be rigged!]  https://justthenews.com/politics-policy/elections/breaking-second-presidential-debate-cancelled-reports

 

There is NO medical reason to cancel the 2nd Presidential Debate.  Now, everyone knows the moderator was an ex-Biden intern that is anti-DJT.  Why debate when it can only make DJT look good or maligned?

 

Putin Says He Wants to Work with Biden, Claims ‘Shared Values’ between Democrats and Communism [MSM silent, you can image the reaction if Putin said this about Trump!]

https://www.newsweek.com/vladimir-putin-says-wants-work-joe-biden-claims-shared-values-between-democrats-communism-1537501

 

Mike Pompeo: Clinton emails could be released before election

Secretary of State Mike Pompeo on Friday said his agency was working as fast as it could to release Hillary Clinton’s missing emails… “We’ll get the information out that needs to get out and we’ll do it in a way that protects the intelligence sources that we need to protect,” he went on…

https://nypost.com/2020/10/09/mike-pompeo-clinton-emails-could-be-released-before-election/

 

Barr tells Republicans Durham report won’t be ready by election

Barr is communicating that Durham is taking his investigation extremely seriously and is focused on winning prosecutions…Barr said Durham is working in a deliberate and calculated fashion, and they need to be patient…  https://www.axios.com/barr-durham-report-election-3c02ec6a-7613-4083-b35c-4844de6da16b.html?s=02

 

Durham’s Investigation Has Taken an Interest a Person Named Daniel Jones [former Capitol Hill political operative— The Implications are Uncertain At This Point

    Jones spent nine years as an investigator with the Senate Select Committee on Intelligence, starting in 2007, and became the key Committee staff member for Chairperson Diane Feinstein… In 2017 Jones formed a new company, The Democracy Integrity Project, a nonprofit company… TDIP has been linked in its business operations with FusionGPS and Christopher Steele…

    Durham has taken an interest in subject of the online communications between the marketing company with ties to the Trump Organization and Alfa Bank… Many of those scientists are now being involved in efforts by Alfa Bank lawyers to prove in a lawsuit that the traffic was actually maliciously fabricated to create the impression of a connection which did not actually exist… The suggestion seems to be that Jones company, the Democracy Integrity Project, paid “Max” and “Tea Leaves” for something.  If it is established that “Max” and “Tea Leaves” were actually participants in a malicious scheme to create the computer traffic between the two servers in order to then “discover” and publish the existence of a “relationship” — and they were paid to do so by Jones — well you have another juicy story to chase…

    An investigation of Jones and his organization… could go anywhere — including back to Democrat Senators on the Senate Intelligence Committee.   https://www.redstate.com/shipwreckedcrew/2020/10/09/durhams-investigation-has-taken-an-interest-a-person-named-daniel-jones-the-implications-are-uncertain-at-this-point/

WSJ op-ed by GOP Sen. Ron Johnson: An American Coup Attempt

Time may be running out to expose the effort to overthrow Trump, which began before his election.

The U.S. is in a constitutional crisis. It began on the day of President Trump’s election, when unelected bureaucrats mobilized against his presidency. This is a crisis in the executive branch, perpetrated by subordinate officials who don’t see themselves as answerable to the president. They have effectively established a fourth branch of government—a permanent, unaccountable bureaucracy

Parts of the intelligence community—used their power to sabotage the administration. Their actions can only be described as an attempted coup—as the Ukraine whistleblower’s attorney, Mark Zaid, did in a Jan. 30, 2017, tweet: “#coup has started. First of many steps. #rebellion. #impeachment will follow ultimately.”…  https://www.wsj.com/articles/an-american-coup-attempt-11602181261

 

@aaronjmate: Financial disclosure forms show that Nancy and Paul Pelosi have invested between $500,000 to $1 million in Crowdstrike, the firm that first accused Russia of hacking the DNC.

https://realclearinvestigations.com/articles/2020/

 

Man accused of Gov. Gretchen Whitmer kidnap plot called Trump a ‘tyrant’ https://trib.al/Ax1T1iQ

 

Whitmer Kidnapping Plotter Was a BLM Supporter, Media Narrative Crumbles

https://www.redstate.com/bonchie/2020/10/10/whitmer-kidnapping-plotter-was-blm-supporter-didnt-care-about-trump/

 

Suspect in Whitmer kidnap plot was pardoned in Delaware last year [By Dem Gov]

Barry Gordon Croft Jr… faced a series of charges in Delaware during the mid-1990s, including possession of a firearm during the commission of a felony, assault and burglary…

https://thehill.com/homenews/state-watch/520472-suspect-in-whitmer-kidnap-plot-was-pardoned-in-delaware-last-year

 

The Babylon Bee: Teachers Unions Promise School Will Resume as Soon as the Teachers Are Done Campaigning for Biden

https://babylonbee.com/news/teachers-unions-promise-school-will-resume-as-soon-as-they-are-done-campaigning-for-biden/

 

@DeAngelisCorey: K-12 public school staffing growth since 2000: Teachers +8%, Principals/Asst. Principals +33%, Administrative Staff +75%; Student enrollment growth over the same period: +7%

end

Axel Merk talks with Greg Hunter on markets and the upcoming election

(Greg Hunter/Axel Merk)

Axel Merk: “Markets Are Pricing In Less Tensions, Clear Winner In Election”

 

Via Greg Hunter’s USAWatchdog.com,

Money manager Axel Merk manages about $1 billion in assets.  Surprisingly, the signals he is getting from the markets are relatively calm despite the political storm sweeping the country.

Merk explains, “The markets are not pricing in a panic.  There is also a betting market about when the results are going to be known, and that has priced in less tensions.  The results are going to be known sooner rather than later.  The markets are pricing in a clear winner.”

Maybe the markets are seeing what Merk is seeing no matter who wins in November.  Merk says, “We love one guy and hate the other guy…”

“…I care more about fiscal spending.  As I said earlier, yeah, we are going to spend a boatload of money.  They are going to spend it a little differently and on different priorities, but they are going to spend a boatload of money.  They are politicians, and they can’t help it.  One big difference with Trump is we are going to get a reduction in regulation and regulatory burden, and with Biden we will get an increase.”

Either way, expect deficits and money printing as far as the eye can see or until the US dollar breaks.  Merk says,

What’s going to break the dollar?  Something is going to break it, we don’t know.  Maybe it’s going to be . . . coming from some place we don’t know about.  The states are good candidates, and who knows which state it’s going to be.  If the Democrats have a sweep, maybe they bail out the states…

We have quite a polarized electorate these days, and if we are going to bail out the Democrats, I don’t think the other states are going to like it… Marriages often break up over money, and if we cannot do our budgeting, there is going to be fighting.  Of course, the Fed is probably going to help everybody out, and we are going to patch this thing up longer than we can imagine.”

Merk likes gold because of all the money printing and the eventual inflation that is surely coming from printing all those digital dollars.  He also likes a diversified portfolio, but one of his very favorite investments is gold.  Merk tells me he holds more than some people would and is holding it as a core investment.

His simple advice for the little guy is, “Spend less money than you make so you can save more.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with money manager Axel Merk, founder of Merk Investments.

end

Well that is all for today

I will see you Tuesday

H

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