OCT 13F//GOLD DOWN $31.70 to $1891.50//SILVER DOWN $1.05 TO $24.05 ON OFFICIAL SECTOR RAID//GOLD STANDING AT THE COMEX INCREASES TO 102.354 TONNES/SILVER STANDING UP TO 10 MILLION OZ//CORONAVIRUS UPDATES: GLOBE//LOCKDOWNS ARE WRONG ACCORDING TO WHO//BIDEN NOW STATES THAT HE IS “NOT A FAN” OF SUPREME COURT PACKING//MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1891.50 DOWN  $31.70   The quote is London spot price

Silver:$24.06 DOWN $1.05    London spot price ( cash market)

 

Today’s raid was official sector led by the BIS/Fed and their purpose was to cool the jets of gold/silver pricing.

your data…

 

Closing access prices:  London spot

i)Gold : $1892.00  LONDON SPOT  4:30 pm

ii)SILVER:  $24.12//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1888.00  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $3.50  BACKWARD//

DEC. GOLD  $1893.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.70/ CONTANGO   ( $1.30  BELOW NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.14…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 8 CENTS CONTANGO/    8 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $24/12  1:30  PM SPREAD SPOT/FUTURE DEC.       :  6  CENTS PER OZ  CONTANGO (   3 CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

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

receiving:   350/1517

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,922.500000000 USD
INTENT DATE: 10/12/2020 DELIVERY DATE: 10/14/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333 78
099 H DB AG 34
104 C MIZUHO 29
118 H MACQUARIE FUT 53
132 C SG AMERICAS 7
159 C ED&F MAN CAP 1
323 C HSBC 13
332 H STANDARD CHARTE 77
355 C CREDIT SUISSE 10
435 H SCOTIA CAPITAL 6
624 C BOFA SECURITIES 1
657 C MORGAN STANLEY 104
657 H MORGAN STANLEY 207
661 C JP MORGAN 294
661 H JP MORGAN 56
686 C STONEX FINANCIA 1
690 C ABN AMRO 9
709 C BARCLAYS 217
709 H BARCLAYS 245
732 C RBC CAP MARKETS 1
737 C ADVANTAGE 1
800 C MAREX SPEC 18 33
880 C CITIGROUP 18
880 H CITIGROUP 1166
905 C ADM 22
____________________________________________________________________________________________

TOTAL: 1,517 1,517
MONTH TO DATE: 30,118

 
 

ISSUED:0

GOLDMAN SACHS STOPPED 78 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 1517 NOTICE(S) FOR 151,700 OZ  (4.718 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  30,118 NOTICES FOR 3,011,800 OZ ( 93.679 tonnes) 

SILVER//OCTOBER CONTRACT

 

24 NOTICE(S) FILED TODAY FOR 120,000  OZ/

total number of notices filed so far this month: 1920 for 9600,000  oz

BITCOIN MORNING QUOTE  $11489  DOWN 51

BITCOIN AFTERNOON QUOTE.:  DOWN $11,393  140DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $31.70  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY 

GLD: 1,277.65 TONNES OF GOLD//

WITH SILVER DOWN 105 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT 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 FELL BY A TINY SIZED 312 CONTRACTS FROM 158,991 DOWN TO 158,679, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR VERY STRONG $0.28 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 AN UNBELIEVABLE ZERO EXCHANGE FOR PHYSICAL (0 CONTRACTS). WE ALSO HAD ZERO LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A TINY NET LOSS IN OUR TWO EXCHANGES OF 312 CONTRACTS  (SEE CALCULATIONS BELOW).

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

10.035 MILLION OZ INITIALLY STANDING IN OCT.

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.28) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A TINY LOSS IN OUR TWO EXCHANGES (77 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A ZERO ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A VERY STRONG GAIN IN SILVER OZ  STANDING  FOR OCTOBER, iii) TINY COMEX LOSS 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 9 TRADING DAY(S) TOTAL 2851 CONTRACTS) OR 14.225 MILLION OZ: (AVERAGE PER DAY: 316 CONTRACTS OR 1.583 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 2.03% 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 TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 312, WITH OUR  $0.28 GAIN IN SILVER PRICING AT THE COMEX ///MONDAY.…THE CME NOTIFIED US THAT WE HAD A ZERO SIZED EFP ISSUANCE OF 0 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A VERY TINY SIZED 312 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.28 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 0 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 312 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.28 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.83 // MONDAY’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: 24 NOTICE(S) FOR  120,000 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 FELL BY A TINY 601 CONTRACTS TO 558,107 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE TINY SIZED LOSS IN COMEX OI OCCURRED DESPITE OUR  GAIN IN PRICE  OF $2.00 /// COMEX GOLD TRADING// MONDAY. WE PROBABLY HAD CONSIDERABLE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR TINY 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 $2.00. 

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

WE HAD A SMALL LOSS OF 401 CONTRACTS  (1.247 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 200 CONTRACTS:

CONTRACT . OCT: 0 DEC: 200; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 200.  The NEW COMEX OI for the gold complex rests at 558,107. 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 TINY SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 401 CONTRACTS: 601 CONTRACTS DECREASED AT THE COMEX AND 200 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 401 CONTRACTS OR 1.247 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A TINY SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (200) ACCOMPANYING THE TINY SIZED LOSS IN COMEX OI  (601 OI): TOTAL LOSS IN THE TWO EXCHANGES:  401 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 102.354 TONNES)  3)  ZERO LONG LIQUIDATION ;4) TINY COMEX OI LOSS AND 5) TINY ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR  GAIN IN GOLD PRICE TRADING//MONDAY//$2.00.

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 : 17,510 CONTRACTS OR 1,751,000 oz OR 54.46 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 1945 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 0 TRADING DAY(S) IN  TONNES: 54.46 TONNES

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

THUS EFP TRANSFERS REPRESENTS 54.46/3550 x 100% TONNES =1.53% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,610.56  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.                        54.46 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, FELL BY A TINY SIZED 312 CONTRACTS FROM 158,991 UP TO 158,679 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 TINY SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)   CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING , 2) A ZERO 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 0  CONTRACTS.. (FIRST TIME IN 3 1/2 YEARS)

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. 0 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 312 CONTRACTS TO THE 0 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A TINY SIZED LOSS OF 312 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 1.560 MILLION  OZ, OCCURRED DESPITE OUR $2.00  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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 1.29 PTS OR .04%   //Hang Sang CLOSED UP 530.55 PTS OR 2.20%    /The Nikkei closed UP 43.09 POINTS OR 0.18%//Australia’s all ordinaires CLOSED UP 0.90%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.29 dollars per barrel for WTI and 42.54 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7351. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7340 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL 601 CONTRACTS TO 558,107 MOVING FURTHER FROM OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL  COMEX DECREASE OCCURRED WITH OUR  RISE OF $2.00 IN GOLD PRICING /MONDAY’S COMEX TRADING/). WE ALSO HAD A TINY EFP ISSUANCE (200 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 A TINY SIZED LOSS ON OUR TWO EXCHANGES OF 601 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 THE GOLD ISSUE WAS TINY AND THE SILVER ISSUANCE WAS ZERO

(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 200 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 200; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 200  CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 401 TOTAL CONTRACTS IN THAT 200 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A TINY SIZED 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 $2.00).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES A TINY   0.889 TONNES,

NET LOSS ON THE TWO EXCHANGES :: 401 CONTRACTS OR 40,100 OZ OR 1.247 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:  558,107 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.81 MILLION OZ/32,150 OZ PER TONNE =  1735 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1735/2200 OR 78.90% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 262,290 contracts// volume  very FAIR/(RAID)

CONFIRMED COMEX VOL. FOR YESTERDAY:  167,249 contracts//  volume:  VERY POOR //most of our traders have left for London

 

OCT 13 /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
 
nil oz
 
 
 
Deposits to the Dealer Inventory in oz 112,464.198 oz

 

BRINKS

Deposits to the Customer Inventory, in oz

193,484.720
OZ

BRINKS

MALCA

INCL.4000  KILOBARS

MALCA

No of oz served (contracts) today
 
1517 notice(s)
 
 151,700 OZ
(4.718 TONNES)
 
 
 
 
No of oz to be served (notices)
2789 contracts
(278,900 oz)
8.706 TONNES
 
Total monthly oz gold served (contracts) so far this month
30,118 notices
 
3,011,800 OZ
93.679 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:  112,464.198 oz

 
total deposit: 112,464.198 oz

 

total dealer withdrawals: nil oz

 

we had 0 withdrawals from  the customer account

 

total customer deposit:  NIL oz  

 

we had 2 deposit into the customer account

i) Into Malca: 128,604.000 oz 4,000 KILOBARS

ii) Into Brinks:  64,880.720 oz

 

total customer deposit:  193,484.720 oz

We had 1  kilobar transactions  +

ADJUSTMENTS: 1 // 

i) Out of Malca:  33,276.285 oz adjusted out of customer account into the dealer account

The front month of OCT registered a total of 4306 contracts for a LOSS of 1535 contracts. We had 1592 notices filed on Monday so we gained 57 contracts or 5,700 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 96 contracts to stand at 1733.

The big December contract LOST 650 contracts DOWN to 450,660 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (102.354 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  1517 notices filed today for  151,700 oz OR 4.718 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  9 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1517  contract(s) of which 56  notices were stopped (received) by j.P. Morgan dealer and 294 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 78 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 (30,118) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (4306 CONTRACTS ) minus the number of notices served upon today (1517 x 100 oz per contract) equals 3,290,700 OZ OR 101.354 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 (30,118, x 100 oz +4306 OI) for the front month minus the number of notices served upon today (1517) x 100 oz which equals 3,290,700 oz standing OR 102.354 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  57 contracts or an additional 5700 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. 102.354 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  17,779,348.400 oz
pledged gold: 1,590,658.551 oz
 
registered gold that can be used to settle upon: 16,188,690.0  (503.53 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  16,188,690.0 (503.53 tonnes)
 
 
 
total eligible gold:  19,646,751.308 oz (611.09 tonnes) dropping in weight
 

total registered, pledged  and eligible (customer) gold  37,626,099.708 oz 1,170.32 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1043.98 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 13/2020

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
749,873.334 oz
 
BRINKS
Delaware
LOOMIS
 
 
 
 
 
Deposits to the Dealer Inventory
546,552.500 oz
 
Manfra
 
 
 
 
Deposits to the Customer Inventory
596,567.615 oz
 
 
Int.
Delaware
 
 
 
 
 
 
 
No of oz served today (contracts)
24
 
CONTRACT(S)
(120,000 OZ)
 
No of oz to be served (notices)
87 contracts
 435,000 oz)
Total monthly oz silver served (contracts)  1920 contracts

 

9,600,000 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 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into Int. Delaware:  596,567.615 oz

 

 

JPMorgan now has 188.45 million oz of  total silver inventory or 49.37% of all official comex silver. (188.45 million/381,577 million

total customer deposits today:  596,567.615   oz

we had 1 withdrawals:

i) Out of DELAWARE  278,378.434 oz
ii) Out of Brinks:  4,589.100 oz
iii) Out Loomis:  457,905.800 oz
 
 
 
 

total withdrawals; 740,873.334    oz

We had 0 adjustments/  dealer to customer

 

Total dealer(registered) silver: 137.903 million oz

total registered and eligible silver:  381.577 million oz

 

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October had  111 notices outstanding for a LOSS of 118 contracts.  We had 161 notices served upon yesterday so we GAINED 43 contracts or 215,000 additional oz of silver will stand in this non active month of October.

November saw a GAIN of 8 notices UP to 383 contracts.

December saw a LOSS of 884 contracts DOWN to 131,795 contracts.

 
 

The total number of notices filed today for the OCT 2020. contract month is represented by 24 contract(s) FOR 120,000 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 1920 x 5,000 oz = 9,600,000 oz to which we add the difference between the open interest for the front month of OCT( 111) and the number of notices served upon today 24x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 1,920 (notices served so far) x 5000 oz + OI for front month of OCT  111)- number of notices served upon today (24) x 5000 oz of silver standing for the OCT contract month .equals 10,035,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 43 contracts or 215,000 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 : 93,296 CONTRACTS // volume  rather strong//

FOR YESTERDAY 93,296  ,CONFIRMED VOLUME// slower than normal/

YESTERDAY’S CONFIRMED VOLUME OF 93,296 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- 2.66% ((OCT 13/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.06% to NAV:   (OCT 13/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.66%

(courtesy Sprott/GATA

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

NAV 19.31 TRADING 18.73///NEGATIVE 3.00

END

And now the Gold inventory at the GLD/

OCT 13/WITH GOLD DOWN $31.70 DOLLARS: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES.

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 12/WITH GOLD UP $2.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1271.52 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 13/ GLD INVENTORY 1277.65 tonnes*

LAST;  920 TRADING DAYS:   +337.81 NET TONNES HAVE BEEN ADDED THE GLD

LAST 820 TRADING DAYS://+516.74  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

Now the SLV Inventory/

OCT 13/WITH SILVER DOWN 105 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESS AT 558.867 MILLION OZ..

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 558.867MILLION 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 13.2020:

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

The bank of England is asking banks if they are ready for negative interest rates. They do not work

(London Telegraph)

Bank of England asks banks if they are ready for negative interest rates

 
 Section: 

 

By Simon Foy
The Telegraph, London
Monday, October 12, 2020

The Bank of England has asked UK lenders for information about their readiness for the possibility of negative or zero interest rates, raising the prospect of an unprecedented move as the recovery begins to slow.

In a letter to banks, deputy governor Sam Woods wrote: “We are requesting specific information about your firm’s current readiness to deal with a zero bank rate, a negative bank rate, or a tiered system of reserves remuneration — and the steps that you would need to take to prepare for the implementation of these.

* *

The letter is the clearest indication yet that the bank is seriously considering turning rates negative for the first time in its history.

Policymakers have given mixed messages in recent weeks about the possibility of a move to negative rates. …

… For the remainder of the report:

https://www.telegraph.co.uk/business/2020/10/12/bank-england-asks-banks-…

Policymakers have given mixed messages in recent weeks about the possibility of a move to negative rates. …

… For the remainder of the report:

https://www.telegraph.co.uk/business/2020/10/12/bank-england-asks-banks-…

* * *

end

iii) Other physical stories:

 

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

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

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

 

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

 

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

 
 

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

Your early TUESDAY 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 UP  6/7351 /

//OFFSHORE YUAN:  6.7340   /shanghai bourse CLOSED UP 1.29 PTS OR .04%

HANG SANG CLOSED UP 530.55 POINTS OR 2.20%

2. Nikkei closed UP 43.09 POINTS OR 0.18%

3. Europe stocks OPENED ALL RED/

USA dollar index UP TO 93.19/Euro FALLS TO 1.1758

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ 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:: 40.29 and Brent: 42.54

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

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 0.69% /SPAIN 10 YR BOND YIELD DOWN TO 0.16%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.23: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.78

3k Gold at $1922.05 silver at: 24.98   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 10/100 in roubles/dollar) 78.47

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 105.50 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 .9107 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0735 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 0.54%

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 0.759% early this morning. Thirty year rate at 1.550%

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

6.  TURKISH LIRA:  UP  TO 7.90..

 

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 1.29 PTS OR .04%   //Hang Sang CLOSED UP 530.55 PTS OR 2.20%    /The Nikkei closed UP 43.09 POINTS OR 0.18%//Australia’s all ordinaires CLOSED UP 0.90%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.29 dollars per barrel for WTI and 42.54 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7351. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7340 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 STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

Nasdaq Futures Surge Despite Vaccine Setback As Gamma Squeeze Continues

 

Global stocks and S&P futures struggled on Tuesday amid concerns over a Johnson & Johnson vaccine setback, which overshadowed Chinese trade data that pointed to a buoyant recovery, while yields dropped and the U.S. dollar edged away from a three-week low.

S&P 500 contracts were modestly in the red after falling as much as 0.6% after a late Monday report that Johnson & Johnson’s Covid-19 vaccine study has been paused due to an unexplained illness in a participant. BlackRock rose in pre-market trading after earnings beat estimates and assets under management surged to a record, while JPMorgan climbed after revenue and EPS topped expectations as a result of a massive reserve release.

However while the S&P was trading with fractional losses, Nasdaq futures were sharply higher again as the European open appears to have triggered a continuation of yesterday’s gamma squeeze which sent the Nasdaq up as much as 4% in what many believe is another attempt by a Nasdaq whale such as SoftBank to squeeze shorts in either options or NQ futures, as we explained yesterday.

The MSCI world equity index, which tracks shares in nearly 50 countries, fell 0.1%. The Euro STOXX 600 fell 0.4% before trimming losses, with markets in Frankfurt, London and Paris mirroring its moves. It was last down 0.2%, on course to end three straight days of gains.  The travel and leisure and autos sectors suffered, losing 1% and 0.3% respectively after heavier falls in early trading, after the J&J news spooked traders. Investors had seen the quick introduction of a vaccine as key to helping economies recover. J&J’s move comes after AstraZeneca paused late-stage trials of its experimental vaccine in September, also due to a participant’s unexplained illness.

The risk-off mood contrasted with earlier resilience for Asian markets. They recovered losses after Chinese data showed exports rising 9.9% in September, in line with the 10% expected, while imports swung to a 13.2% gain, far higher than expected, versus a 2.1% drop in August.

The data, which suggests Chinese exporters are recovering from the pandemic’s damage to overseas orders, helped MSCI’s broadest index of Asia-Pacific shares outside Japan gain 0.2%. Chinese blue-chip shares added 0.3% after dipping early in the day. Some investors, though, raised questions about how strong consumer demand would prove to be.

“The question is not necessarily how China’s trade is doing per se, but how well will consumers spend on Christmas to give some sense of normalcy amid a period of great stress,” said Nordea Investments’ Sebastien Galy, according to Reuters.

Currency traders were also watching Chinese trade-related issues. Reports that Beijing has stopped taking shipments of Australian coal caused the Australian dollar to drop as much as 0.6% to $0.7165.

In rates, treasuries flattened as cash trading resumes following Monday’s Fed-observed holiday; long-end yields were richer by ~2bps vs Friday’s close. These long-end-led gains flattened the 2s10s, 5s30s by ~1bp; 10-year yields down 1.7bp at 0.757% vs little-changed bunds and gilts. Government bond yields in the euro zone held near recent troughs, with hefty supply failing to dent a market bolstered by expectations for further central bank easing. Germany’s 10-year Bund yield touched -0.538%, its lowest in just over a week. Italian and Greek benchmark 10-year debt both hit record lows.

Meanwhile, despite a total gridlock on fiscal stimulus, markets are now increasingly bulled up that Joe Biden will win the presidential election next month, which the narrative expects to lead to a big stimulus package to help the coronavirus-battered U.S. economy. “Biden effectively leading in the polls is removing some element of uncertainty,” said Jeremy Gatto, an investment manager at Unigestion in Geneva. “In investors’ minds, it’s not a question of if we get a stimulus, but when.”

“The hurdles at the moment come from the uncertainty around the U.S. election and the uncertainty about the timing and effectiveness of a vaccine,” Chris Iggo, chief investment officer at AXA IM Core Investments.

At the same time, many banks such as Goldman Sachs, expect a Biden win to undermine the U.S. dollar, since he’s pledged to raise corporate tax rates. But the dollar rose 0.2% against a basket of other currencies to 93.214, trying to extend a rebound from Friday’s near-three-week low of 92.997. The Chinese yuan fell 0.1% to 6.7466 per dollar after the central bank set a weaker-than-forecast midpoint, offsetting any boost from the trade data, and followed Monday’s drop when the PBOC made it easier to short the currency.

In commodities, WTI & Brent prices have been choppy but at present are supported as attention moves from the trio of supply-side factors that were impacting benchmarks yesterday and turns towards the sessions events with the OPEC MOMR due for release today (timing TBC); ahead of the IEA equivalent due tomorrow. Spot gold is essentially unchanged on the session and has been relatively steady ~USD 1920/oz for the morning given the USD’s rangebound performance and lack of fundamental catalysts thus far. Silver is up notably after the recent upgrade of the precious metal by Goldman Sachs.

Today, the hearings for the Supreme Court nomination of Judge Amy Coney Barrett continue in the Senate Judiciary Committee as Republicans try to cement a conservative majority on the court before the Nov. 3 election. Expected data include inflation. BlackRock, Citigroup, Delta Air, Fastenal, J&J and JPMorgan are among companies reporting earnings

Market Snapshot

  • S&P 500 futures little changed at 3,529.75
  • STOXX Europe 600 down 0.1% to 372.56
  • MXAP up 0.2% to 177.24
  • MXAPJ up 0.2% to 588.52
  • Nikkei up 0.2% to 23,601.78
  • Topix up 0.4% to 1,649.10
  • Hang Seng Index up 2.2% to 24,649.68
  • Shanghai Composite up 0.04% to 3,359.75
  • Sensex down 0.01% to 40,588.00
  • Australia S&P/ASX 200 up 1% to 6,195.75
  • Kospi down 0.02% to 2,403.15
  • Brent futures up 1.6% to $42.39/bbl
  • Gold spot little changed at $1,923.07
  • U.S. Dollar Index up 0.1% to 93.15
  • German 10Y yield fell 0.5 bps to -0.55%
  • Euro down 0.1% to $1.1797
  • Italian 10Y yield fell 4.6 bps to 0.475%
  • Spanish 10Y yield rose 0.3 bps to 0.148%

Top Overnight News from Bloomberg

  • European Union leaders will discuss preparations for the potential collapse of trade talks with the U.K. when they hold a summit later this week after France dug in, questioning whether it could hold Boris Johnson’s government to any agreement
  • Boris Johnson clashed with his own government’s scientific advisers who wanted tougher action against the resurgent coronavirus outbreak in the U.K. in September
  • China’s exports rose for the fourth straight month in September while imports surged, pointing to further recovery in the month for global trade and a robust domestic rebound
  • U.K. job cuts jumped the most on record in the three months through August even as lockdown eased, raising concern that the worst is yet to come. The number of redundancies climbed 114,000 in the June-August period, the most since 1995, the Office for National Statistics said Tuesday

A quick look at global markets courtesy of Newsquawk

Asia-Pac equities traded mixed following the upbeat performance on Wall Street where the Nasdaq posted its best session in around month as the tech-sector led the gains and Apple shares closed higher by over 6% ahead of the Apple Event and the much-anticipated unveiling of the iPhone 12. Sentiment softened following a firm re-opening of cash Treasuries, which could’ve encouraged defensive flows in other assets, whilst the risk-mood further waned following reports that Johnson & Johnson paused its COVID-19 study (ahead of earnings) amid an unexplained illness in a participant – with the company later confirming and caveating that adverse events are an expected part of any clinical study, especially large ones. Nonetheless, ASX 200 (+1.2%) was supported by advances in its heavyweight financials as the broader sector eyes US bank earnings set to kick off with JP Morgan and Citi, meanwhile mining names in the index retrace some of yesterday’s upside. Nikkei 225 (unch) was choppy and gave up opening gains at one point as shares in heavyweight Softbank reversed course following the announcement of its Vision Fund mulling a special purpose acquisition company (SPAC) and is seeking outside investments, albeit it may reportedly put its own capital in the vehicle. Elsewhere, KOSPI (-0.5%) continued grinding lower as South Korea’s new COVID-19 cases rebounded to over 100 a day after the country eased restrictions. Meanwhile, Shanghai Comp (-0.4%) was lacklustre after the PBoC skipped open market operations for a net daily drain of CNY 100bln – with little reaction to September exports and imports hitting record highs in Yuan terms, whilst the Hang Seng session was cancelled due to tropical storm Nangka. Finally, broader defensive flows have kept JGBs supported, with the 5yr outperforming in cash and futures.

Top Asian News

  • China’s Exports Gain, Imports Surge in September Amid Reopenings
  • Singapore Marks Milestone in Virus Fight with No New Local Cases
  • China Evergrande Seeks Up to $1.09 Billion in Share Placement
  • HSBC Is Left Off First China Dollar Bond Deal Since 2017

European equities (Eurostoxx 50 -0.2%) have seen a mild scaling back of yesterday’s gains with a decline in US equity index futures alongside the EU cash open dictating the sate-of-play early doors; although, the NQ is the mornings outperform with gains of 0.7%. In terms of the current key themes for the market, little in the way has changed in the Presidential election or stimulus front since yesterday’s close, whilst on the vaccine front, Johnson & Johnson announced that it has paused all dosing in its Janssen COVID-19 vaccine trial due to an unexplained illness. Johnson & Johnson caveated the announcement by noting that such incidents are an expected part of any clinical study, especially of this size. On the vaccine front, even in the event of a more material disruption to the trial process, desks will likely be cognizant of the volume of vaccine candidates in the pipeline and therefore would likely remain confident that a vaccine of some description will materialise at some stage. Across Europe, losses are relatively broad-based across major indices with sectoral performance mixed. To the downside, banking names are notably softer this morning as the sector remains out of favour with investors; Pantheon Macro highlights that the Eurostoxx bank index is down 40% YTD compared to losses of 12% for the broader index. Travel & leisure stocks are also softer with the tenor of updates on the COVID front continuing to come in on the negative side for the sector. To the upside, telecom and utilities names are faring better than peers with the later supported by SSE (+4.0%) after the Co. disposed of its 50% stake in Multifuel Energy Limited for GBP 995mln. Elsewhere, Maersk (+1.9%) have seen mild support after the Co. upgraded its 2020 adj. EBITDA outlook, Airbus (-3.1%) trade softer after signing a labour deal with French unions and being downgraded at JP Morgan, whilst stock-specific newsflow is otherwise relatively light this morning. Looking ahead, increasing focus will likely be placed on US earnings with Johnson & Johnson, BlackRock, JP Morgan, Delta Airlines and Citi all due to report before the opening bell today.

Top European News

  • Top U.K. Scientists Clash With Johnson Over Virus Lockdown
  • U.K. Job Cuts Jump Most on Record With More Pain on the Way
  • Investor Hopes For German Recovery Plunge After Virus Resurgence
  • Macron Turns to Former Taxi Driver to Save French Shopkeepers

In FX, ironically, a significantly narrower trade surplus due to imports exceeding consensus by a huge margin in China has not helped the Aussie at all given the fact that the latter is now tightening levels of custom checks for coal and related products from the former after banning other goods. Indeed, Aud/Usd has now lost grip of the 0.7200 handle and the Aud/Nzd cross is testing support/bids at the psychological 1.0800 mark to provide the Kiwi with some relative support above 0.6600 vs its US peer. Ahead, Aussie consumer sentiment before a speech by RBA Governor Lowe on Wednesday and jobs data the day after.

  • USD – The Dollar seems to be benefiting at the expense of others rather than in its own right, though a downturn in risk sentiment after Monday’s excesses on Wall Street may also be impacting alongside some consolidation after the DXY held above 93.000 yesterday and subsequently eclipsed the 50 DMA, albeit unconvincingly so far within 93.273-034 parameters as attention turns to US CPI data and the start of Q3 earnings.
  • CAD/JPY/CHF/EUR/GBP – All softer against the Greenback, though to varying degrees as the Loonie gleans some encouragement from stabilising oil prices to stay within reach of 1.3100 and the Yen holds above 105.50 amidst reports that new Japanese PM Suga is mulling further economic support measures to be rolled out in November. Meanwhile, the Franc remains anchored around 0.9100, the Euro is striving to keep sight of 1.1800 where even bigger option expiries (2.5 bn) align with the 50 DMA and Sterling has survived another test of 1.3000 in wake of mixed UK labour and retail survey data in the run up to another speech from BoE Governor Bailey and a report on Brexit trade negotiations from EU Ministers. Note, Eur/Usd has slipped a few pips on the back of a pretty downbeat October German ZEW survey.
  • SCANDI/EM – Softer than forecast Swedish CPI readings have not hampered the Swedish Crown given the Riskbank’s insistence that inflation undershoots are transitory blips and likelihood that Governor Ingves will stick to that script if he mentions the data later. Elsewhere, the Norwegian Krona is also deriving a degree of traction from the aforementioned recovery in crude awaiting a trio of Norges Bank commentators including chief Olsen, while the SA Rand could receive some independent impetus from Gold and overall mining production as Usd/Zar hovers under 16.5000, Eur/Sek eyes 10.3500 and Eur/Nok probes 10.7800.

In commodities, WTI & Brent prices have been choppy throughout the morning but at present are supported as attention moves from the trio of supply-side factors that were impacting benchmarks yesterday and turns towards the sessions events with the OPEC MOMR due for release today (timing TBC); ahead of the IEA equivalent due tomorrow. Currently, WTI and Brent futures are at the top end of session ranges, USD 40.22/bbl and USD 42.43/bbl respectively, seemingly moving in tandem to the grinding upside seen in US futures; but, as mentioned, have been choppy thus far printing both fresh session highs and lows in the European morning. Elsewhere and ahead of today’s OPEC MOMR, thus far this month the EIA STEO cut both 2020 and 2021 world oil demand growth by 300k and 280k BPD respectively; note, attention from an OPEC perspective is perhaps more on the upcoming JMMC meeting on October 19th for any potential alterations to the output cut schedule given returning Libyan demand among other factors. Separately, updates from the IEA overnight saw them forecast oil demand -8% this year alongside a -5% drop in global energy demand; such commentary comes ahead of the IEA monthly report tomorrow and as a reminder in September the agency cut their demand forecast for both this year and next. Moving to metals, where spot gold is essentially unchanged on the session and has been relatively steady ~USD 1920/oz for the morning given the USD’s rangebound performance and lack of fundamental catalysts thus far.

US Event Calendar

  • 8:30am: US CPI MoM, est. 0.2%, prior 0.4%; YoY, est. 1.4%, prior 1.3%
  • 8:30am: US CPI Ex Food and Energy MoM, est. 0.2%, prior 0.4%; YoY, est. 1.7%, prior 1.7%
  • 8:30am: Real Avg Weekly Earnings YoY, prior 3.9%; Avg Hourly Earning YoY, prior 3.3%

DB’s Jim Reid concludes the overnight wrap

Today is the annual day where resistance is futile. Every year I go into it with good intentions after a conversation with my wife the night before as to how I don’t need to join the crowd. Then by the end of the day I’ve always committed to becoming a stampeding lemming. Yes today I shall agree to buy the new iPhone regardless of what features the product launch tells me it has. I’d imagine they could go all retro and go back to a phone that just allows you to speak to someone and l’d simply ask them to name their price. Oh and as I’ve been typing this I’ve just had an alert telling me it’s Amazon Prime Day. I could be much poorer by the time you read this and then bankrupt by the time the Apple event ends tonight.

Ahead of this big product launch and the start of US earnings season today, global equity markets followed up the last two weeks of gains with yet another strong performance yesterday. Even with the US slow due to the Columbus Day holiday, by the close the S&P 500 was up another +1.64%, as the index closed at its 2nd highest level ever, just over 1% down from its record close. The index’s biggest component, Apple (+6.35%), was the best performing S&P stock in anticipation of today’s news. Overall, megacap tech stocks outperformed the broader index leading the NASDAQ to finish an even stronger +2.56% higher, the best day for the index since early September. The rally was still fairly broad-based with 22 of the 24 S&P industry groups higher with only defensives like consumer durables (-0.44%) giving way. Over in Europe, the STOXX 600 climbed +0.72% to reach its own 3-week high. Energy stocks were among the laggards on both sides of the Atlantic as Brent crude (-2.64%) and WTI (-2.88%) oil prices fell back. The drop was the most in just over a week and comes as news that supply disruptions are easing. Specifically, Royal Dutch Shell, BHP Group and Chevron all said they have resumed operations in the Gulf of Mexico and separately Libya’s National Oil Corp has ramped up production of its largest oil field. The STOXX 600 travel and leisure index was down -0.64% in spite of the broader market rally as the move to tighter restrictions gathered pace.

Attention will now turn to the start of the Q3 earnings season with today’s releases including Johnson & Johnson, JPMorgan Chase, Citigroup and BlackRock, ahead of a number of other financials releasing later in the week. As our asset allocation team wrote in their preview (link here), the bottom-up consensus for Q3 is for a sharp rebound in headline earnings, but the bulk is being driven by reductions in loan loss provisions and energy sector losses. If you exclude these, underlying earnings growth is forecast to barely move up, in spite of rising Q3 GDP growth estimates pointing to a strong macro rebound. According to them, this suggests the consensus is likely again underestimating the bounce in earnings. This is the same as we highlighted in Q2 but the big difference is that US equity positioning is more neutral now and that election uncertainty has increasingly been priced out over the last couple of weeks. So while the Q2 season was set up for a big market rally, it’s going to be much harder in Q3 even if the positive earnings story is similar.

You can bet companies will continue to be asked about ESG on their earnings calls. The ESG themes this year may have been dominated by health and sustainability, but Luke and Karthik from my team have just published a piece that shows the hottest growth topics in the third quarter were new ones as companies looked to start rebuilding from the pandemic. Their piece also reviews Q3 performance and flows for ESG funds. See here for more.

Back to the virus and in terms of the new measures, UK Prime Minister Johnson announced there’d be a new tiered alert system for England, which would see different areas grouped into medium, high and very high. The new measures come as data showed hospitalisations in England rose to 3,665 yesterday, which its highest level since June 12. Areas under a Very High alert will see pubs and bars close, though shops and schools are remaining open. Later today Dutch Prime Minister Rutte is expected to announce stricter measures and Italy’s Prime Minister Conte was also reportedly looking into new restrictions on private parties, amateur sports activities and social gatherings.

Elsewhere in the US, Covid cases are now averaging over 48,000 per day over the last week and to the highest levels since mid-August. The highest impacted states per 10K people are those that missed the initial wave (Northeast and West Coast) and the second wave (Sun Belt). The states most affected now are in the upper Midwest – North and South Dakota as well as Wisconsin. The latter continues to be a big focus of next month’s election and the impact of the virus may make counting votes there take longer than normal with many voters mailing in ballots for the first time.

On the vaccine front, Johnson & Johnson said overnight that its Covid-19 Phase 3 trial has been paused due to an unexplained illness in a participant. Elsewhere, China’s local daily Jiemian reported that Sinopharm has started to administer its two vaccines to residents in Wuhan and Beijing. Residents can now make appointments to get the shot and students who need to go abroad from November to January are being given priority. As a reminder, Sinopharm already has limited approval in China to administer its vaccine.

The above news on J&J is weighing on risk overnight even if most markets have recovered from their respective intraday lows. The Shanghai Comp (-0.28%) and Kospi (-0.36%) are down while the Nikkei (+0.12%) is up. S&P 500 futures also retreated following the news and is now -0.41% as we type. The Hang Seng suspended morning trading on the likelihood of a tropical storm hitting Hong Kong’s shore. In FX, the US dollar index is trading up +0.13%. Elsewhere, spot gold prices are down -0.62%. In terms of overnight data, China’s September exports came in at +9.9% yoy (vs. +10.0% yoy expected) while imports jumped to +13.2% yoy (vs. +0.4% yoy expected). As a result the trade balance for the month stood at $37bn (vs. $60bn expected). In other news, the hearings for the Supreme Court nomination of Judge Amy Coney Barrett have begun in the Senate Judiciary Committee.

Back to the election and investor sentiment was further supported yesterday by the continued poll lead for Joe Biden amidst hopes that a blue wave for the Democrats will set markets up for substantial fiscal stimulus next year. The FiveThirtyEight and the RealClearPolitics polling averages now put Biden +10.4pts and +10.2pts ahead respectively. The FiveTirthyEight Senate model now gives Democrats a 69% chance of winning control of the Senate (given the Vice President is the tiebreaker), the highest probability of this election cycle. The November VIX future, which expires two weeks following the election, fell to its lowest level since August 20 as polls continue to widen. On this today DB are hosting a live video call on “Who is going to win the 2020 US Presidential election?” at 3pm BST/4pm CET/10am ET with US polling experts Amy Walter, National Editor, The Cook Political Report and G. Elliott Morris, Data journalist for The Economist. Register here if you want to get the details.

New records were set over in the fixed income sphere, as yields on 10yr Italian debt hit another record low of 0.67%. In our chart of the day yesterday (link here ), we looked at 700 years of data on this, and show how Italian yields have continued to fall even as the country’s public debt burden looks set to climb to even higher records. The spread of 10yr yields over bunds has also continued to narrow, and yesterday hit a fresh 2-year low of 1.22%. Bunds themselves saw a -1.8bps fall in yields to -0.55%, while US Treasury markets were closed for a bond holiday in the US. Yields on 10y USTs are trading down -1.3bps this morning at 0.763%.

To the day ahead now, and earnings season kicks off with releases from Johnson & Johnson, JPMorgan Chase, Citigroup and BlackRock. From central banks, we’ll hear from Bank of England Governor Bailey, the ECB’s Hernandez de Cos and the Fed’s Barkin. Data releases include the US CPI reading for September, while the IMF will be releasing their latest World Economic Outlook.

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

 

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE/HOLLAND//GLOBE

Dutch Woman Dies After Being Reinfected With COVID-19, Global Cases See Biggest Weekly Jump Yet: Live Updates

 

Summary:

  • Dutch woman dies after being reinfected
  • First American confirmed reinfected with COVID-19
  • Russia, Hungary report record deaths
  • China launches another massive testing campaign
  • India new cases lowest in 2 months
  • WHO says world saw record jump in COVID-19 cases last week
  • 14% of those infected with COVID are health-care workers
  • Italy imposes new restrictions

* * *

Speaking to a massive crowd in Florida last night, President Trump declared that he felt “powerful” and that he would “kiss” every person in the crowd if he could. Shortly before the start of Trump’s performance, Press Secretary Kayleigh McEnany posted a memo from President Trump’s doctor, Dr. Sean Conley, telling the public that Trump had tested negative repeatedly over the course of several days.

Trump went ahead with his rally even as Dr. Anthony Fauci slammed the president for holding the rallies despite the chance of spreading COVID-19 (even after he repeatedly refused to weigh in on the potential impact of all those protests) and even accused the president and his campaign of “harassing me” by using clips that Dr. Fauci said were taken out of context.

But perhaps the biggest news on the COVID-19 front from overnight was Johnson & Johnson’s decision to “pause” its 60,000 patient COVID-19 vaccine trial. JNJ’s halt comes a little over a month after the AstraZeneca-Oxford trial was stopped by regulators after a patient was afflicted with a rare spinal condition. Although AZ’s trials have resumed in India, the UK and elsewhere, regulators in the US are still enforcing a hold, and their reasoning isn’t clear. Though JNJ insisted that it voluntarily halted the trial, we await more information from US regulators, who have been convened to investigate what went wrong. According to the STAT News report that broke the story, the trial was halted due to an “unspecified” illness.

Moving on to Tuesday morning, there has been some big news out of Europe. The FT reported, citing a scientific paper published in the journal Clinical Infectious Disease, that an 89-year-old Dutch woman has become the first person reinfected with COVID-19 to succumb to the virus. According to the paper, the patient first arrived at a hospital in the Netherlands complaining of fatigue. She tested positive, and was later discharged. But 59 days later, she returned to the hospital with even more serious conditions, and tested positive for COVID-19 again. She died shortly after.

The news follows last night’s exclusive WSJ report documenting the first case of a patient who was reinfected with COVID-19 in the US. We’ll have more on that later. The report in the Lancet cited by WSJ also shows that the second bout of COVID-19 is often more severe in reinfected patients.

Finally, after announcing a slate of new restrictions last week, the Italian government has on Tuesday set out the tighter restrictions on social gatherings, restaurants and school activities to stop the spread of the virus after the average number of daily cases doubled over the course of a week.

PM Giuseppe Conte signed off on a decree outlining the measures that are expected to come into force from Tuesday and to be in force for the next 30 days. The measures include restaurants and bars needing to close by midnight, or before 2100 local time if they don’t have table service.

Finally, the WHO confirmed yesterday that global COVID-19 cases set a new record last week.

Though it has slowed somewhat since September, India’s outbreak was one of the biggest contributors to this trend, along with Europe, the US and Brazil.

Here’s a rundown of the key COVID-19 news from overnight and Tuesday morning:

Globally, Global cases have reached 37,722,044, according to Johns Hopkins data. The global death toll has hit 1,078,411 (Source: JHU).

India reports fewest new cases in two months, reporting just 55,342 new cases for the past 24 hours, bringing the country total to 7.18 million. That’s well below the numbers from last month, when India was reporting 90k+ new cases on average. The health ministry also reported 706 deaths in the past 24 hours, raising the toll to 109,856. (Source: Nikkei).

South Korea reports 102 cases, marking the first triple-digit increase in six days. Daily infections had mostly fallen into the double digits over the past two weeks, prompting the government to relax social distancing rules this week (Source: Nikkei).

After reporting China’s first domestic outbreak in more than 2 months, the Chinese city of Qingdao said on Monday it will test its entire population of more than 9 million people for coronavirus, after discovering 12 new infections that appeared to be linked to a hospital treating imported infections (Source: Nikkei).

The World Health Organization chief has warned against suggestions by some to just allow COVID-19 to spread in the hope of achieving so-called herd immunity, saying this was “unethical” (Source: Al Jazeera).

Russia reported its highest number of deaths over 24 hours from Covid-19. The total of 244 exceeds the previous high of 232 on May 29, according to data from the country’s anti-coronavirus task force. Overall, 22,966 people have died from the disease, it said. Hungary also registered record coronavirus deaths on Monday, as well as 1,025 new cases, official data show (Source: Bloomberg).

A key member of Hong Kong’s top orchestra has been infected with Covid-19, sending some 100 musicians into quarantine and raising concerns about the risk of exposure to a concert audience that included the city’s leader and home affairs chief (Source: SCMP).

Hong Kong will extend all social distancing rules for another week to Oct. 22, according to a government statement. Rules include a public-gathering limit of four people, compulsory mask-wearing and no dining in restaurants after midnight (Source: Bloomberg).

 END
 
The folly of more debt is not the answer to cure Europe;s wows
(Daniel Lacalle)

No, Europe! More Debt Is Not The Answer

 

Authored by Daniel Lacalle,

In an article published in the Frankfurter Allgemeine Zeitung, Isabel Schnabel, Member of the Executive Board of the ECB states that governments taking more debt now should not be a concern, and would strengthen the central bank independence in the future.

She claims that “the decisive fiscal policy intervention in the coronavirus (COVID-19) crisis strengthens the effectiveness of monetary policy and mitigates the long-term costs of the pandemic. With targeted, forward-looking investment, not least under the umbrella of the EU Recovery Fund, governments can foster sustainable growth, increase long-term competitiveness and facilitate the necessary reduction of the debt ratio once the crisis has been overcome”.

The problem of Ms Schnabel’s article is that it ignores the facts and bets the future of the central bank independence on a rigorous, profitable and successful level of government investment that has never happened and is even more less likely to occur now.

Ms Schnabel should be, in fact, warning about the enormous risk of malinvestment and excessive debt that may arise from the European Recovery Fund implementation and the massive deficit spending arising throughout the Eurozone. Why? Because she has the empirical evidence of the failure to achieve the virtuous growth and debt reduction she expects with the examples of the Growth and Jobs Plan of 2009, the Juncker plan and the enormous rise in deficit spending between 2009 and 2011 among many European nations. Once growth recovered, three things were evident:

  1. Most Eurozone countries maintained a level of deficit spending that elevated the debt to GDP in growth and recession periods because governments get used to spending more in boom times and even more in recession times.  Ms Schnabel expects of the Eurozone governments a level of discipline and fiscal prudence that only Germany and Holland implemented.  With the budgets of Spain and Italy soaring without control, the idea that governments will spend money wisely and productively is not just wishful thinking, it is negated by the evidence of the past.
  2. The debt burden created by the “decisive fiscal policies” in recession times not only stays and grows but leads to rising taxes afterwards to “reduce the deficit” that hinder growth and job creation. The eurozone already suffers from an uncompetitive tax wedge in many countries, and unproductive deficit spending followed by taxes on investment and job creation has become a norm. The eurozone growth has not been slower and with higher unemployment than the United States due to bad luck, but because of the constant crowding out of wealth and productive capacity on the side of many governments.
  3. Ms Schnabel should know by now, after years of stimuli, that governments do not “foster sustainable growth and increase long-term competitiveness”. In her article she mentions that productivity growth has been stubbornly weak, yet she does not see any connection between low productivity and the increasing role of government spending and monetary policy in incentivising low productivity via negative rates and public intervention. Government investment cannot boost growth and competitiveness enough to cover the massive debt burden that is being built because governments do not have the incentive to be productive and generate investments with real economic returns. The incentive to malinvest and perpetuate overcapacity is enormous because governments do not suffer the consequences of bad investment decisions, taxpayers do.

Ms Schnabel knows that the experience of previous crises shows us that no, in times of weakness governments should not decide to supplant the private sector. Governments do not have better or more information than the private sector on where and how to invest and have all the incentives to malinvest and overspend because the ECB continues to support by buying sovereign bonds and cutting rates. The evidence of rising debt, poor productivity and higher unemployment than its peers of the eurozone should be enough of a warning sign, and the example of Japan should serve as a red flag as well.

Ms Schnable knows that the elevated levels of debt to GDP incurred by most eurozone countries will not be reduced to pre-pandemic levels, even less to sustainable levels, with constant public deficit spending promoted by monetary policy and with calls to questionable “investments”. Ms Schnable may ask herself one question: If all those massive “investments” that some eurozone governments are announcing are profitable, productive and will promote long-term growth and jobs, why none of them had been implemented in the 2014-2019 period despite low rates, high liquidity and the Juncker plan to support? Because the vast majority of what most eurozone countries will include in the “investment” recovery plan are not productive, profitable or growth-oriented projects.

Ms Schnable should know that many eurozone countries like Spain have relied on monetary policy to disguise structural challenges, and that monetary policy has gone from being a tool to buy time to implement structural reforms to a tool to avoid them.  Ms Schnable should also know that the euro is not the world reserve currency and that replicating the Federal Reserve’s policy does not make governments spend wisely and productively.  The ECB balance sheet is now 57% of GDP and negative rates have been there for years, and the result has been disappointing growth in the good times and a larger crisis in the bad times. The rising role of governments in the economy is not a coincidence. It is one of the leading causes of the eurozone’s weakness, when governments already consume more than 40% of annual GDP.

The evidence of the past shows us that governments do not create jobs, growth or competitiveness. An IMF paper analysing government spending plans concluded that “the effect of government consumption is very small on impact, with estimates clustered close to zero… which raises questions as to the usefulness of discretionary fiscal policy for short-run stabilization purposes” (Ilzetki et al, 2011). The eurozone has showed that negligible positive impact for years.

Unconventional monetary policy was not implemented because governments spent too little, but because governments spent too much, and could not finance themselves without central bank quantitative easing and asset purchases.

The ECB will not strengthen its independence with large deficit spending and massive debt from member states. It will be even more dependent on disguising the insolvency of countries once, when Covid-19 stops being an excuse, debt and government spending will continue to rise.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/USA

Trump seeking alast minute pre election nuke deal with Russia

(zerohedge)

Trump Seeking Last Minute Pre-Election Nuke Deal With Putin

 

The clock is winding down on the last major arms control agreement between Moscow and Washington, after prior late Cold War era treaties like the INF and Open Skies faltered – or rather the US abruptly withdrew from them with Trump complaining he wants “a better deal”. If an extension agreement is not reached on the New Strategic Arms Reduction Treaty (New START) during ongoing talks, the latest of which were hosted in Vienna and Helsinki within past weeks, it will expire in February of next year, or merely in less than four months.

Russia’s unwavering position has been to push for an unconditional five-year extension of the treaty, while Washington said it will only consider a short-term extension if a new agreement that brings all nuclear warheads including those possessed by China into the framework. The Kremlin has called the US plan “absolutely unrealistic,” bringing talks to an impasse.

But now it looks like President Trump wants to rapidly push out a deal ambitiously ahead of the November 3 election, as Axios reports, “President Trump is looking to Vladimir Putin to close the deal on a pre-election nuclear agreement, a timetable that’s an October surprise even for senior Republicans and some in the White House.”

Prior meeting at G20 summit in Osaka, Japan in 2019, via EPA-EFE

Trump and Putin over the past half-year have engaged in a series of phone calls that have reportedly focused on New START. Axios notes further that it’s being handled at the highest national security levels of the administration, though there are mixed signals of just how it’s actually going.

Axios writes, “On Friday, a source familiar with the discussions said the Trump administration believed it now had an agreement in principle, blessed by Putin and Patrushev, that could be finalized within a week once negotiations resume in earnest.”

However, other signals especially out of Kremlin official statements suggest this is an over optimistic reading of where things actually stand. There’s also the fact that Joe Biden has clearly indicated he’s ready to agree to the unconditional 5-year extension of the nuclear arms reduction treaty.

All of this would make wrapping up the deal in a mere week a huge difficulty. It’s likely the Russians will want to wait and see what the outcome of November is before entering into significant compromises.

Indeed Deputy Foreign Minister Sergei Ryabkov said on Saturday that “there are still huge differences in approaches, including to the central elements of such an agreement.” He also called a one week timetable “unrealistic”.

Complicating matters is the reality that (contrary to years of ‘Russiagate’ and “collusion” narrative claims) the Trump presidency has sunk US-Russian relations to new lows.

Putin underscored this in an interview with a Russian TV broadcaster last week when he said: “the greatest number of various kinds of restrictions and sanctions were introduced [against Russia] during the Trump presidency.”

“Decisions on imposing new sanctions or expanding previous ones were made 46 times. The incumbent’s administration withdrew from the INF treaty. That was a very drastic step. After 2002, when the Bush administration withdrew from the ABM treaty, that was the second major step. And I believe it is a big danger to international stability and security,” Putin explained.

So again, the Russians are more likely to wait things out a mere few weeks to see if Biden comes out on top, then all of this becomes moot.

END
 
AZERBAIJAN/ARMENIA/TURKEY
Ceasefire collapses: Azerbaijan with the help from Turkey destroys S 300’s
(SouthFront)

Azerbaijani Military Destroys Armenian S-300s As Humanitarian Ceasefire Nears Collapse

 
 

Submitted by SouthFront,

The Armenian-Azerbaijani war in the Nagorno-Karabakh region does not show signs of nearing its end despite the humanitarian ceasefire launched in the region. The ceasefire started in the Nagorno-Karabakh region at 12:00 local time on October 10. The ceasefire deal was reached by the Azerbaijani and Armenian sides following long talks in Moscow a day ago. Russia played a key role in forcing the sides to make steps towards the de-escalation.

Azerbaijan and Armenia also formally agreed to begin substantive negotiations of a peaceful settlement of a military conflict over the disputed region of Nagorno-Karabakh that erupted on September 27. These talks will be mediated by the Organization for Security and co-operation in Europe’s Minsk Group of international negotiators. Following the ceasefire agreement, Azerbaijani President Ilham Aliyev said that the first phase of the military operation in the Nagorno-Karabakh region is completed. The Russian diplomatic intervention allowed to put an end to the hottest phase of the military confrontation and force the sides to halt active offensive operations on the ground.

Despite this, the situation on the ground remained very tense. Almost immediately after the start of the ceasefire regime, the sides simultaneously accused each other of violating the ceasefire and of shelling civilian and military targets, and repeated these claims on October 11 and October 12.

Meanwhile, Armenia and Azerbaijan released a new batch of fresh and few days old footage showcasing casualties of each other and making loud statements. In particular, pro-Azerbaijani sources claimed that at least two more S-300 systems of Armenia were destroyed in Karabakh. The released videos accompanying these claims include the moments of the alleged destruction of 35D6 (ST-68U) radars and a S-300 missile launcher of the Armenian military with Israeli IAI Harop loitering munitions near the village of Khojaly in the Khojaly District and the village of Qubadlı in the Kashatagh District.

The 35D6 is a vehicle-carried three-dimensional air surveillance radar system. The range of the radar’s primary functions includes the detection of low-flying targets protected with active and or passive jamming screens, and also the performance of air traffic control. It can be operated as a separate installation as well as a part of the S-300 air-defense system. Nonetheless, if it was the S-300 batteries, as Azerbaijani sources insist, it still remains unclear what these long-range air defense systems were doing so close to the frontline.

Meanwhile, the Armenian military reported that its forces repelled large Azerbaijani attacks in the northeastern and southern parts of the region. The hottest area of the frontline is the town of Hardut. Azerbaijani President Aliyev officially announced that his forces captured it a few days ago. Nonetheless, videos from the ground show that in fact most of the town remained in the hands of the Armenians. Another part of it is now a gray zone, which is not controlled by any side. According to Armenian sources, Azerbaijani troops, supported by Turkish special forces and Syrian militants, tried to capture the town just a few hours before the start of the ceasefire. After this failed attack, Azerbaijani combat drones and artillery units delivered powerful strikes on Hardut and nearby villages, but were not able to force Armenian troops to retreat.

The Armenian Defense Ministry insists that the Turkish Air Force is leading the aerial operations of Azerbaijan. “Turkish aerial command centers, flying within the Turkish airspace, are commanding the Turkish UAV’s operating in the Azerbaijani air force. UAVs, accompanied by six F-16 units, are directly attacking the peaceful population and civilian infrastructure of Artsakh,” the defense ministry spokesman said.

In its own turn, the Azerbaijani side says that it’s just taking the necessary steps to respond to Armenian violations of the ceasefire and strikes on Azerbaijani settlements. The most widely covered incident of this kind took place on October 11, when an alleged Armenian ballistic missile hit Ganja city.

END

TURKEY/RUSSIA/ARMENIA/AZERBAIJAN

Belligerent Erdogan notifies Russia and Armenia must withdraw from Azerbaijani lands.

(AlMasdarNews)

Turkey Notifies Russia: Armenia Must Withdraw From ‘Occupied Azerbaijani Lands’

 
 

Via AlMasdarNews.com,

Ankara said that the Turkish Defense Minister, Hulusi Akar, stressed during a telephone conversation he had today with his Russian counterpart, Sergey Shoigu, the necessity of Armenia’s withdrawal from the occupied Azerbaijani lands.”

The Turkish Ministry of Defense stated, in a statement, that Akar called on Monday with Shoigu, and during the call, “views were exchanged on Armenia’s attacks on Azerbaijan.”

 

Illustrative file image of prior Armenian and Russian army units at a joint military exercise, via RFERL

According to the statement, Akar stressed that Armenia, which he claimed “launched an attack on the civilian population and violated the ceasefire regime, must stop its attacks and withdraw from the occupied territories.”

Akar pointed out that Azerbaijan cannot wait another 30 years,” stressing Turkey’s support for Azerbaijan in its move to “regain control of its lands.”

On September 27, armed clashes erupted on the line of contact between Azerbaijani and Armenian forces in the Karabakh region and adjacent areas, in the most dangerous escalation between the two parties in more than 20 years, amid mutual accusations of starting hostilities and bringing in foreign militants.

Despite Russia and Armenia maintaining a formal mutual defense pact, analysts see little incentive for Russia to weigh too deeply into the long-running territorial dispute:

Turkey is considered a major ally of Azerbaijan, which is involved in the clashes against Armenian forces reportedly by transferring foreign mercenary (especially Syrian Islamists), but also allegedly through air support.

END
 

6.Global Issues

 
 

7. OIL ISSUES

Major escalation:  Turkey is again looking for gas off the Greece coasts and vows it will have military escorts.
(zerohedge)
end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1758 DOWN .0035 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 /RED

USA/JAPAN YEN 105.50 UP 0.165 (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   DOWN   0.0036  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3109 DOWN .0003 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  TUESDAY morning in Europe, the Euro FELL BY 25 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1758 Last night Shanghai COMPOSITE UP 1.29 POINTS OR .04%

//Hang Sang CLOSED UP 530.55 POINTS OR 2.20% 

/AUSTRALIA CLOSED UP 0,90%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

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

/SHANGHAI CLOSED UP 1.29 POINTS OR .04% 

Australia BOURSE CLOSED DOWN 0.90% 

Nikkei (Japan) CLOSED UP 43.09  POINTS OR 0.18%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1920.40

silver:$24.96-

Early TUESDAY morning USA 10 year bond yield: 0.759% !!! DOWN 2 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.550 DOWN 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 93.19 UP 12 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

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And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.15% DOWN 1 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.15%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.67 DOWN 1 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 52 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.56% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.23% 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 TUESDAY

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

Euro/USA 1.1741  DOWN     .0072 or 72 basis points

USA/Japan: 105.53 UP .153 OR YEN DOWN 15  basis points/

Great Britain/USA 1.2974 DOWN .0071 POUND DOWN 71  BASIS POINTS)

Canadian dollar DOWN 27 basis points to 1.3138

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The USA/Yuan,CNY: closed DOWN 6.7466    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.7414  (YUAN DOWN)..

TURKISH LIRA:  7.92  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield DOWN 4 IN basis points from MONDAY at 0.736 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.526 DOWN 4 in basis points on the day

Your closing USA dollar index, 93.53 UP 46  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 TUESDAY: 12:00 PM

London: CLOSED DOWN 31.67  0.53%

German Dax :  CLOSED DOWN 111.42 POINTS OR .91%

Paris Cac CLOSED DOWN 31.68 POINTS 0.64%

Spain IBEX CLOSED DOWN 75.80 POINTS or 1.09%

Italian MIB: CLOSED DOWN 160.05 POINTS OR 0.81%

WTI Oil price; 40.22 12:00  PM  EST

Brent Oil: 42.37 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    77.13  THE CROSS HIGHER BY 0.01 RUBLES/DOLLAR (RUBLE LOWER BY 1 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.56 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  40.22//

BRENT :  42.45

USA 10 YR BOND YIELD: … 0.726..down 5 basis points…

USA 30 YR BOND YIELD: 1.512 down 7 basis points..

EURO/USA 1.1749 ( DOWN 65   BASIS POINTS)

USA/JAPANESE YEN:105.48 UP .142 (YEN DOWN 14 BASIS POINTS/..

USA DOLLAR INDEX: 93.50 UP 44 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2937 down 127  POINTS

the Turkish lira close: 7.93

the Russian rouble 77.07   DOWN 0.3 Roubles against the uSA dollar. (DOWN 3 BASIS POINTS)

Canadian dollar:  1.3140 DOWN 27 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.56%

The Dow closed DOWN 157.52 POINTS OR 0.55%

NASDAQ closed DOWN 12.36 POINTS OR 0.10%


VOLATILITY INDEX:  25.92 CLOSED UP .85

LIBOR 3 MONTH DURATION: 0.229%//libor dropping like a stone

USA trading today in Graph Form

Banks Bust, Bullion Battered, But Big-Tech Bid (Again)

 
 

Another day, another Nasdaq-Whale-driven gamma-squeeze in Nasdaq as the rest of the market deteriorated, giving back a lot (if not all) of yesterday’s gains (Small Caps red from Friday)…

While Nasdaq ended very marginally lower on the day, it outperformed significantly as FANG stocks managed gains (despite AAPL losses)

Source: Bloomberg

Nasdaq faces record delta and surging gamma into this Friday’s Op-Ex…

Source: Nomura

And if you don’t know what gamma is – probably better not to play at this point in the farce…

Nasdaq outperformed Small Caps once again, but also gave back a lot of the early day outperformance…

The S&P 500 was unable to take out its recent highs…

Source: Bloomberg

Despite claims by the great and the good that earnings were awesome (thanks to cuts in provisions, despite no optimism on the economy?), bank stocks were battered today…

Source: Bloomberg

With Citi hit hardest…

Source: Bloomberg

AAPL tumbled during its iPhone launch as China killed the livestream…

VIX did not rise with the underlying market today, suggesting the (call-buying) whale is starting to leave the market…

Having been closed yesterday, bond yield tumbled today…

Source: Bloomberg

With 10Y back down to 72bps…

Source: Bloomberg

EUR and GBP dropped as Brexit talks breakdown…

Source: Bloomberg

Sending the dollar spiking higher…

Source: Bloomberg

Cryptos slipped lower as the USD rallied…

 

Source: Bloomberg

The dollar spike sparked a plunge in precious metals.

Gold futs tumbled back below $1900…

Silver tanked below $25…

Oil price rebounded modestly today with WTI back above $40 ahead of tonight’s API inventory data…

Finally, in case you were wondering what – aside from Softbank’s Whale call-buying malarkey – is driving this meltup… it’s “hope”…

Source: Bloomberg

…and everyone knows “hope is not a strategy!”

a)Market trading/THIS MORNING/USA

PMs Pummeled As Dollar Spikes

 

The dollar is spiking this morning, helped by a no-deal-brexit bashing for cable and euro

Source: Bloomberg

And as the dollar spikes, precious metals are getting clubbed like a baby seal.

 

Gold futures are pushing back down towards $1900…

And Silver futures are back below $25…

And while that ‘safe haven’ is sold, bonds are well bid…

 

Source: Bloomberg

 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

CONSUMER PRICES

A mixed bag: used car prices rise, but shelter and rent costs lower on latest CPI data

(zerohedge)

Used-Car Prices Soar As Shelter/Rent Costs Slow In September CPI Data

 
 

Consumer prices were very mixed in September with headline CPI accelerating to +1.4% YoY and core CPI decelerating to +1.7% YoY.

Source: Bloomberg

The three most important factors for Americans – food, shelter, and energy costs – were a mixed bag:

 

The most notable driver on the downside was shelter/rent inflation collapsing:

  • Shelter inflation up 2.04% Y/Y, lowest since Feb 2012
  • Rent inflation up 2.72% Y/Y, lowest since April 2013

The energy index fell 7.7 percent over the past 12 months with its component indexes mixed. The gasoline index decreased 15.4 percent and the fuel oil index fell 27.2 percent. In contrast, energy service indexes rose, with the index for natural gas increasing 3.8 percent and the index for electricity advancing 0.7 percent.

The food index was unchanged in September after rising 0.1 percent in August. The index for food at home fell 0.4 percent in September as five of the six major grocery store food group indexes declined. The index for nonalcoholic beverages fell 0.8 percent, its largest monthly decline since December 2010. The index for other food at home declined 0.6 percent in September after rising 0.5 percent in August. The index for dairy and related products declined 0.5 percent in September after rising 1.5 percent in August.

Despite the September decline, the food at home index increased 4.1 percent over the last 12 months. All six major grocery store food group indexes rose over that span, with increases ranging from 2.6 percent (cereals and bakery products) to 6.3 percent (meats, poultry, fish, and eggs). The index for food away from home rose 3.8 percent over the last year. The index for limited service meals increased 5.5 percent and the index for full service meals rose 2.8 percent over the last 12 months.

 

The index for food away from home continued to rise, increasing 0.6 percent in September. The index for limited service meals rose 0.9 percent in September, the largest increase in the history of the index, which dates to 1997. The index for full service meals rose 0.3 percent in September.

Additional drags included motor vehicle insurance, which declined in September, falling 3.5 percent. The index for airline fares fell 2.0 percent in September after rising in each of the previous 3 months. The apparel index also turned down in September,  falling 0.5 percent after rising the last 3 months. The education index fell 0.3 percent in September, the same decline as in August. The index for household furnishings and operations fell slightly in September, declining 0.1 percent after rising 0.9 percent in August. The indexes for communication and for alcoholic beverages also declined in September.

*  *  *

As was the case last month, the index for used cars and trucks was the dominant factor to the upside; it rose 6.7 percent in September following a 5.4-percent increase in August.

The used cars and trucks index accounted for more than 100 percent of the monthly increase in the index for all items less food and energy.

The index for new vehicles increased 0.3 percent in September after being unchanged in August. The recreation index rose 0.2 percent in September after rising 0.7 percent in August. The medical care index was unchanged in September with its components mixed; the hospital services index rose 0.6 percent, while the physicians’ services index declined 0.3 percent and the prescription drugs index fell 0.1 percent.

Crucially, Goods prices are accelerating as Services price growth is slowing rapidly…

Source: Bloomberg

 
 

iii) Important USA Economic Stories

White House doctor says Trump has tested negative for two consecutive days

(zerohedge)

White House Doctor Says Trump Tested Negative For Covid On “Consecutive Days”

 
 

On of the most frequently asked questions addressed to the White House in recent days, was whether the president had tested negative for covid following his self-diagnosis that he was now cured of the virus.

Moments ago Trump’s physician Dr. Conley answered, and in a statement published by the White House, said that Trump has tested negative for Covid-19 on “consecutive days” using the Abbott BinaxNOW antigen card.

Conley also said that the test was not used in isolation, and was used in context with additional clinical and lab data, including subgenomic RNA and PCR measurements, “all of which indicated a lack of detectable viral replication.”

The Doctor’s conclusion: based on this comprehensive data, and “in concert with the CDC’s guidelines for removal of transmission-based precautions” the medical team has assessed “that the President is not infectious to others.”

We doubt his announcement will have any impact on the decision by the debate commission to cancel Thursday’s presidential debate, although we wonder just which “alternative science” will now be used to justify the claim that it is in Biden’s interest not to be in Trump’s proximity.

END
As we have been telling you all along: Lockdowns are damaging to any economy
Watson/Summit |News

Trump: “I Was Right About Damaging Lockdowns”

 

Authored by Steve Watson via Summit News,

During his first rally since swiftly defeating coronavirus, President Trump again slammed lockdown policies, and declared that he was right about resisting them all along, after the World Health Organisation admitted that countries should not be using lockdowns as a way of controlling the virus.

“The World Health Organisation came out a little while ago and admitted that Donald Trump was right. The lockdowns are doing tremendous damage to these Democrat-run states where they are in lockdown,” Trump told the huge crowd in Florida Monday night.

 

“They corrected themselves today and said I was right,” the President reiterated:

Trump was referring to WHO envoy Dr. David Nabarro telling The Spectator that “We really do appeal to all world leaders: stop using lockdown as your primary control method.”

Nabarro added that “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.”

 

During the rally, Trump further attacked the WHO, noting that it is dominated by China, despite that country paying vastly less in funding to the global health body than the US does.

I took us out of the WHO because they were wrong about everything. Although, they corrected themselves–they say I was right about the lockdowns. (I asked) Why are we paying $500 million a year and China which has 1.4 billion people is paying $39 million per year — they couldn’t explain so I took us out,” Trump urged.

“China dominates them and I said it doesn’t work that way anymore. They will take us back in so fast with less money,” the President added.

The President also painted a grim picture of what will happen if Joe Biden is elected.

“Biden would terminate our recovery, delay the vaccine, prolong the pandemic and annihilate Florida’s economy with a draconian, unscientific lockdown — that’s what he wants to do, lock it down, lock it down everybody,” Trump told the crowd.

“And you know what? If you don’t feel good about going out, stay, relax, stay. You know the risk groups, you know the older people,” the President added.

END

 
 
Johnson and Johnson halts latest vaccine trials over an unspecified illness.
(zerohedge)

Johnson & Johnson Latest To Halt COVID-19 Vaccine Trial Over Unspecified Illness

 
 

Yet another high-profile Phase 3 vaccine trial has been temporarily halted after one of the participants developed a suspicious illness.

According to a report published Monday night by STAT News, Johnson & Johnson has informed participants and researchers that its 60,000-person trial would be temporarily paused as the company and the Data and Safety Monitoring Board, the organization overseeing all the US COVID-19 trials.

JNJ confirmed the pause when contacted by STAT, though it offered no details about the illness or the patient.

Contacted by STAT, J&J confirmed the study pause, saying it was due to “an unexplained illness in a study participant.”

The company declined to provide further details. “We must respect this participant’s privacy. We’re also learning more about this participant’s illness, and it’s important to have all the facts before we share additional information,” the company said in a statement.

According to STAT, the DSMB was convened late Monday evening to start looking into the case. J&J said that in cases like this, “it is not always immediately apparent” whether the participant who experienced an adverse event received the experimental vaccine, or a placebo.

Pauses like these aren’t uncommon in vaccine trials.

“If we do a study of 60,000 people, that is a small village,” the source said. “In a small village there are a lot of medical events that happen.”

But these trials are drawing more scrutiny ever since the AstraZeneca-Oxford trial was put on hold by regulators in the UK after a participant was sickened with symptoms of what was believed to be transverse myelitis, a serious spinal issue. Trials resumed in the UK, India and elsewhere days later, but in the US, an AZ trial remains on hold due to an unspecified issue. Both AZ and US regulators have been suspiciously tight-lipped.

Already, public health officials in the US, Europe and around the world are worried about waning confidence in the vaccine, with some surveys showing that roughly half the public would rather not take it.

In a research note published earlier, analysts at Goldman Sachs wrote that trust in the vaccine could be a serious barrier to its ultimate eradication. “We think that the biggest challenge to ultimately lowering the disease burden and virus circulation to very low levels will be convincing the broad population to take the vaccine. Our base case assumes such broad uptake but this will likely require a safe and very effective vaccine, trust in the approval and rollout process, no out-of -pocket costs, and effective public and community campaigns.”

JNJ is using an adenovirus vector, like several other top vaccine projects.

Futures ticked lower on the news.

But there was no evidence of the intense selling pressure that followed news about the initial AstraZeneca-Oxford vaccine project halt.

 END
 
Trump wishes to stall giving his tax returns prior to the election
(zerohedge)

Trump Brings Tax Return Case To Supreme Court

 

It was just a matter of time.

Shortly after President Trump was denied his latest appeal to keep his tax returns private – as if anyone besides a few rabid TDSers still cares about those after the whole thing was leaked to the NYT – on Tuesday the president asked the Supreme Court, which will soon have one more conservative Justice on deck, to block lower court decisions that would give the Manhattan District Attorney’s office access to years of his income tax returns.

Trump’s lawyers filed an emergency application with the Supreme Court asking the court to issue a stay on a grand jury subpoena demanding those tax returns and other financial records from his accountants. The request is pending the filing of his planned request that the high court hear his appeal of the lower court rulings that allowed that subpoena.

And, as CNBC reports, if the Supreme Court agrees to hear his appeal, it will be the second time the court has taken the case. In their filing, Trump’s lawyers said “there is a reasonable probability that” the Supreme Court will take the appeal.

Last summer, the Supreme Court rejected Trump’s argument that his financial records from the Mazars USA firm should be protected from the subpoena because of his status as president. But the Supreme Court said Trump could make new arguments against the subpoena with a federal district court in Manhattan, when a judge in that court ruled against the president after Trump’s lawyers argued that the subpoena was overbroad and issued in bad faith. A federal appeals court then upheld that ruling.

More importantly, with RBG now gone and ACB about to be the latest addition, it will be a true test of just how “conservative” the new appointment will push the court.

As a reminder, Manhattan DA Cyrus Vance Jr. is seeking the tax returns and other records as part of an ongoing criminal investigation of the president’s company, the Trump Organization. Vance is known to be eyeing how hush money payments to women who say they had sex with Trump were accounted for by the company, and according to court filings also could be investigating possible tax crimes, as well as bank and insurance fraud.


end
 
 
NBA BASKETBALL
Ratings crash despite it being the big season finale. It has a lot to do with their endorsement of the BLM movement
(zerohedge)

NBA Finals Game 6 Saw Ratings Crash 66% Despite Being Season Finale

In early October the NFL reached out to players, telling them “not to worry” about the decline in ratings. Also in denial, they blamed the Presidential race for the drop in ratings, telling players: “The 2020 presidential election and other national news events are driving substantial consumption of cable news, taking meaningful share of audience from all other programming. Historically, NFL viewership has declined in each of the past six presidential elections.”

The last game of the NBA Finals – arguably the most important game of any NBA season – posted ratings that were about 66% lower than last year’s Game 6, according to Breitbart. It is the latest bad news in a stunning collapse in ratings for the league and, specifically, for the NBA Finals series this year.

For comparison, Sunday night’s Seahawks versus Vikings regular season NFL game, featuring one team that hasn’t won a game all year, had nearly twice the views of the game where LeBron James clinched his fourth NBA Championship, according to ShowBuzzDaily.

Recall, just days ago we noted that “Player Protests/Politics” were cited as a driving force as to why people were abandoning watching the NBA. In a recent poll on Yahoo Sports with 22,266 responses, people were asked why they thought the NBA’s ratings had dropped off. Player protests/politics was the overwhelming favorite, at 61%, as to why people are turning away from the NBA.

We also noted that Game 3 of the finals averaged just a 3.1 rating and 5.94 million viewers, making it “the least watched and lowest rated NBA Finals game on record,” according to Yahoo Sports. Days prior to that, we noted that Game 2 also saw a ratings collapse of 68% to all time lows.

Game 1 was the lowest viewed finals opener in history. 

There really doesn’t seem to be much of a spin that the NBA can put on the terrible ratings, other than the league has simply lost the interest of many who would have once tuned in. In fact, one of the league’s most “outspoken” voices on oppression and racism, LeBron James, should have been the feature draw for this year’s finals.

Instead, it appears that he was exactly what is turning viewers away. 

We have also been documenting the recent ratings collapse that the NFL has suffered in the midst of turning its league into a political movement over the last few months.

Escape From San Francisco: Sales Tax Revenue Plunge “Worst In The State” Amid COVID Exodus

 

We’ve observed many times throughout the pandemic that the coronavirus-related lockdowns, especially as impacting restaurants, bars, theaters and other night venues, have made living in already expensive big cities like New York much less attractive.

It appears this trend of people ‘escaping’ the big cities as the prime lure of being there has largely evaporated — also after a summer of chaotic race and police shooting related protests and mayhem  is poised to hit San Francisco, despite it previously witnessing steady population growth over the past three decades. New tax numbers freshly out suggest a major exodus is already in progress.

But for the first time in recent history, and as the city’s large tech employers like Google, Facebook and Uber have kept their employees at home working remotely, city data shows that “Sales tax data shows San Francisco’s population likely declined during the coronavirus pandemic,” according the city’s chief economist Ted Egan.

 

Normallyl bustiling Powell Street in San Francisco as seen last May at the start of ‘shelter in place’ orders, via CalMatters.

The San Francisco Chronicle reports a whopping shortfall in revenue, detailing that “From April to June, the city’s sales tax revenue dropped to $30.8 million, down 43% from the prior year.”

While this is the kind of thing other cities have naturally also experienced over the course of pandemic closures of venues, many have been able to close the gap given simultaneous growth in taxable online sales as households turned to Amazon, Wal Mart and other home delivery services.

Not so with San Francisco, however, the report underscores:

San Francisco’s taxable online sales were up only 1% in that three-month period compared to the same period a year ago, while other California cities saw gains over 10% as people ordered more home deliveries. The modest increase likely shows that residents left the city entirely and weren’t at home to receive packages, Egan said.

“We’re the worst in the state,” he said. “That’s a sign to me that people aren’t here.”

No doubt compounding the trend is the past years of perhaps the most left-wing city policies in the country, a reflection of what conservatives derisively write off as “San Francisco values” and what even NPR has lately dubbed “San Francisco Squalor”.

After all, who really wants to pay a million dollars for some posh condominium in the city, only to walk out into needle and feces strewn streets?

Restaurant and bar sales were down 65% as indoor dining was prohibited, while food and drug store sales were down 8%. (Food staples at grocery stores aren’t taxed but prepared meals and other items are.)

Other metrics like falling apartment rents and busy moving companies suggest the population decline, though it’s too early to tell how many people have left, Egan said.

Considering too that major tech companies like Microsoft are using the pandemic to make dramatic changes like allowing most employees to work from home on a permanent basis, it doesn’t look like those making a recent ‘escape’ from San Francisco will be moving back anytime soon.

end

Not the correct answer;  Biden now states that he is “not a fan” of Supreme Court packing.  Besides it will be his radical left making the decisions\(zerohedge)

Biden Says He’s “Not A Fan” Of Supreme Court-Packing Plan

 

Although there’s a solid chance that Joe Biden has already forgotten what he said, the former Vice President has finally spoken out to say he’s “not a fan” of court-packing, the progressive agenda item pushed by the Bernie Sanders left that would see a President Biden install 3 or 4 new liberal justices on the court to dilute what will soon become – upon the confirmation of Judge Amy Coney Barrett – a 6-3 conservative supermajority on the court.

Biden has infamously refused to say whether he supports – or rejects – the idea, which has been championed by progressive Dems like AOC as perhaps the only way to save Obamacare and stop the “radical catholic” ACB from overturning Roe v Wade.

The former VEEP finally coughed up an answer during an interview with WKRC-TV.

The reason he had been reticent to discuss his views on court packing is because “I don’t want to get off on that whole issue.”

“I’ve already spoken on – I’m not a fan of court packing, but I don’t want to get off on that whole issue,” Biden said in an interview with WKRC-TV in Cincinnati. “I want to keep the focus – the president would like nothing better than to fight about whether or not I would in fact pack the court or not pack the court.”

Just one day earlier, Biden and his team had refused to comment on the issue, arguing that pushing the idea was a GOP ploy to turn moderate voters against him.

“Donald Trump and the Republicans don’t get to set the terms of this debate,” said Kate Bedingfield, Mr. Biden’s deputy campaign manager. “What we should be focused on is the vote on Nov. 3 and making sure they don’t have the opportunity to ram through a nominee,” she told CNN.

Though as Bloomberg points out, Biden – who once upon a time served as chairman of the Senate Judiciary Committee – had expressed opposition to increasing the number of justices as recently as last year. Both Biden and his running mate Kamala Harris have avoided weighing in on the issue.

One of the most heated moments from the first Trump-Biden debate erupted as Trump castigated Biden for refusing to answer on court packing and his SCOTUS nominee.

Whatever Biden said, as Ted Cruz explained in the video above that whatever Biden says, the real answer is – if Dems take the presidency and the Senate – “hell yes”.

END

iv) Swamp commentaries)

Biden bloopers

(zerohedge)

In Latest Teleblooper, Biden Calls For $15,000,000 Minimum Wage

 
 

If one is to believe the most recent polls, Joe Biden is on his way to the White House to become the 46th President of the United States. Except, according to Biden himself – the man whose finger would be on the button – he’s “running as a proud Democrat for the Senate.”

Earlier Monday, Biden couldn’t remember Mitt Romney’s name, or what state he’s in

And on Friday, the former Vice President had yet another teleprompter malfunction on Friday during a Las Vegas event, waxing eloquent about how his economic plan would include a “$15 million dollar min – a 15 thousand dollar — ha. $15 dollar minimum wage,” he said.

I’m dreamin’ here!” he added.

Watch:

Meanwhile, Biden pulled down his already-falling mask to cough during his speech.

Is Pelosi’s 25th Amendment push for Trump or Biden?

end
 
Senate initiates a “new funding” bill in the sum of 1.8 trillion to help citizens hurt by COVID. Pelosi’s must now decide to refuse this and face the rath of citizens
(zerohedge)

McConnell Says Senate Will Vote On “New Funding” For PPP; Democrats Turn On Pelosi For Refusing $1.8 Trillion From Trump

 

Senate Majority Leader Mitch McConnell (R-KY) says the Senate will vote on roughly $300 billion in “new funding” for the Paycheck Protection Program (PPP) aimed at helping struggling small businesses, as early as next week, according to Politico‘s Jake Sherman.

When the full Senate returns on October 19th, our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP,” said McConnell, adding “Republicans do not agree that nothing is better than something for working families. The American people need Democrats to stop blocking bipartisan funding and let us replenish the PPP before more Americans lose their jobs needlessly”

 

“There is no excuse for Democrats to keep blocking job-saving funding for the Paycheck Protection Program,” McConnell said in a Tuesday statement. “Democrats have spent months blocking policies they do not even oppose. They say anything short of their multi-trillion-dollar wish list, jammed with non-COVID-related demands, is “piecemeal” and not worth doing.”

Meanwhile, some Democrats have turned on House Speaker Nancy Pelosi after she rejected President Trump’s $1.8 trillion COVID relief offer after telling his team to “go big” during negotiations.

Pelosi panned the offer, calling it “one step forward, two steps back.” Instead, she’s demanded that Trump revamp the White House proposal.

“Tragically, the Trump proposal falls significantly short of what this pandemic and deep recession demand,” she said in a Tuesday letter. “Significant changes must be made to remedy the Trump proposal’s deficiencies.”

“A fly on the wall or wherever else it might land in the Oval Office tells me that the President only wants his name on a check to go out before Election Day and for the market to go up,” she added.

 

According to the Daily Mail, however, Democrats want Nancy to stop playing politics with relief for Americans.

“Nancy Pelosi take this deal! Put politics aside people are hurting,” tweeted former presidential candidate Andrew Yang on Saturday.

Rep. Ro Khana (D-CA) wrote “People in need can’t wait until February,” adding “1.8 trillion is significant & more than twice Obama stimulus. It will allow Biden to start with infrastructure.”

And left-leaning podcast host Dan Pfeiffer of ‘Pod Save America’ tweeted “While there are potential risks, Democrats should aggressively pursue a COVID Relief deal with Trump,” adding “It’s the right thing to do, but the politics can also work in our favor.”

Unfortunately for struggling Americans, Pelosi seems more concerned with handing Trump a win going into the election.

end

“Unconstitutional”: Michigan Supreme Court Denies Gov. Whitmer Request For Extension Of Pandemic Executive Powers

 

Fresh from her “ordeal” of almost being kidnapped by a couple of white supremacists  leftist, BLM-supporting militia nuts, overnight there was more bad news for Michigan Gov. Gretchen Whitmer when on Monday a conservative majority in the Michigan Supreme Court denied her request to extend the emergency powers which she invoked to curb the spread of the coronavirus, declaring it unconstitutional.

Michigan Gov. Gretchen Whitmer wears a mask with the word “vote”.

The justices reversed a lower court’s opinion that supported the governor’s use of executive powers amid the pandemic when they voted 6-1 against halting the precedential effect of its Oct. 2 opinion until Oct. 30. They reaffirmed their initial 4-3 ruling that declared unconstitutional her use of the 1945 emergency powers law.

Michigan Supreme Court justices are elected on the nonpartisan portion of the Michigan ballot, but they are nominated at state political party conventions. The four Republican-nominated justices — Stephen Markman, Brian Zahra, David Viviano and Elizabeth Clement — all ruled that the Emergency Powers of Governor Act that the governor relied on in issuing her orders is unconstitutional. The three Democratic-nominated justices — McCormack, Bernstein, and Cavanagh — all said that both the law and Whitmer’s orders under the 1945 law should be ruled valid.

In striking down her attempt to continue usurping power, the court wrote that executive orders issued under the law “are of no continuing legal effect. This order is effective upon entry.”

But new emergency orders that the Whitmer administration has issued through the state health department director — which replicate mask requirements, restrictions on gathering sizes and restaurant capacity, among other features — are not affected by the court’s ruling.

Monday’s Supreme Court ruling is in response to a lawsuit brought by the Michigan Legislature. The Oct. 2 ruling, which was a 4-3 decision striking down the Emergency Powers of Governor Act of 1945, was in response to questions sent to the court by a federal judge handling a lawsuit brought by medical service providers in western Michigan.

Whitmer had asked the justices to give her administration, lawmakers and local health departments 28 days to transition in the wake of the major decision. Last week, her administration quickly reinstituted mask requirements, gathering limits and other restrictions with orders issued by the state health department under a different law.

Separately, Fox News reported that legislators and Whitmer are negotiating legislation related to other orders negated by the decision, including an extension of unemployment benefits to 26 weeks from 20 weeks.

 

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

CDC Study Finds Overwhelming Majority of People Getting Coronavirus Wore Masks

“In the 14 days before illness onset, 71% of case-patients and 74% of control participants reported always using cloth face coverings or other mask types when in public,” the report stated…

https://thefederalist.com/2020/10/12/cdc-study-finds-overwhelming-majority-of-people-getting-coronavirus-wore-masks/

Joe had a very bad day campaigning in Ohio on Monday.

 

@abigailmarone: A very confused Joe Biden says “I’m running as a proud Democrat for the Senate.

https://twitter.com/abigailmarone/status/1315717973202608129

    Joe Biden just messed up the “I Will Vote” website, telling people to “go to http://iwill.com/ohio” and then got confused and asked “where am I going?” while looking around stage for a handler.

https://twitter.com/abigailmarone/status/1315717787898261506

 

NBC’s @MariannaNBCNews: Dozens of Trump supporters were loudly chanting a mix of “Four more years,” “Trump” and “USA” throughout the event, growing louder anytime @JoeBiden mentioned the president. [Joe spoke to people in cars!] https://twitter.com/MariannaNBCNews/status/1315716928128913411

 

@realDonaldTrump: Almost nobody showed up to the Sleepy Joe Biden “Rally” in Ohio. The reporting and polls are a Media Con Job – Fake News. We have far more support and enthusiasm than even in 2016. November 3rd. will be a great day for America!!!

 

@paulsperry_: In an astonishing claim, Biden on tarmac this morning told reporters Americans might lose their health care next month — “This is about whether or not in less than one month Americans are gonna lose their health insurance”

 

@TrumpJew: Biden forgets Romney’s name.“I got in trouble when we were running against that senator who was a Mormon, the governor”  https://twitter.com/MaybeAmes/status/1315695570166702080

 

@abigailmarone: Joe Biden doesn’t know where he is. (He’s in Ohio) [Tweeted he was in Erie, PA]

https://twitter.com/PJPNIG/status/1315708554423267329/photo/1

 

Biden’s Claims That He Attended a Black Church as a Teen are Falling Apart Thanks to Members of the Church     https://www.redstate.com/brandon_morse/2020/10/12/bidens-claims-church/

 

Fox’s @JacquiHeinrich: In Cincinnati, Biden appears to be back into the habit of sharing long stories and anecdotes that in the past made room for gaffes… and he just mentioned “Nazi fags” when he meant to say “Nazi FLAGS”

 

Trump held a rally in Sanford, Florida on Monday night.  It was well attended. https://twitter.com/Truthseeker126/status/1315797409478438916

 

Democrats turned the Amy Coney Barnett hearings into a hate Trump and Barrett will destroy Americans’ health care session.

 

Sen. Amy Klobuchar (D-MN), spurned by Biden as his VP, had a meltdown at the Amy Coney Barrett confirmation hearing at the Senate Judiciary Com yesterday.  She slammed Trump for Covid and blamed DJT for endangering people’s lives.  Dems know they can’t stop the confirmation, so they are using the hearings to fire up their leftist base.  Will this tactic irritate swing voters, which are mostly suburban women?  https://twitter.com/LizRNC/status/1315670730793775104

 

Liberal law prof @JonathanTurley: Sen. Klobuchar just referred to “these policies that the Court decides.” Despite the presentations on the ACA, justices are not supposed to decide policies, not rule on the legality or constitutionality of laws.

 

@JonathanTurley: Sen. Feinstein’s opening sounds more like a legislative markup hearing for the ACA. She is detailing the benefits under the ACA to a nominee who is not supposed to legislate from the bench. The best way to emphasize apolitical judging is not to try to sell a nominee on a policy.  How Barrett feels about the ACA is not relevant to how she must review the constitutionality of the statute. Justice Oliver Wendell Holmes made this clear when he wrote: “I always say, as you know, that if my fellow citizens want to go to Hell I will help them. It’s my job.”

    Now Sen. Leahy is explaining the value of the ACA to Barrett. Is this the type of argument that Democratic members want to sway jurists? If so, jurists would become super legislators. Moreover, there is no reason to believe that Barrett would vote against severance on the ACA.

 

[Dem Sen] Leahy tells Barrett at hearing he’s worried her confirmation will be harmful for women

Leahy said Americans are afraid that her confirmation would spell the end of several rights for women and minorities [This is not an Onion or Babylon Bee parody headline!]

    “Sen. Leahy says he’s worried if Judge Barrett is confirmed, we’ll go back to a time where women can be discriminated against in the workplace,” Dannenfelser said. “Is he unaware of who he is interviewing to fill the vacant seat? A highly-successful working mom of school-age children.”…

https://www.foxnews.com/politics/leahy-amy-coney-barrett-hearing-harmful-for-women

 

‘No Low They Won’t Stoop To’: Chuck Grassley Criticizes Democratic ‘Crusade’ To Tarnish Supreme Court Nominees – “Democrats and their leftist allies have also shown that there is no low that they won’t stoop to in their crusade to tarnish a nominee,” Grassley said…

https://dailycaller.com/2020/10/12/chuck-grassley-democrats-crusade-amy-coney-barrett-faith/

 

@realDonaldTrump: So Crazy to watch Senator Blumenthal of Connecticut lecture all on morals & ethics when for 25 years he said he was a Great War Hero in Vietnam, and he was never even there. He lied & cheated right up until the day he got caught. Thank you to those in military who turned him in!

 

Schumer says Democrats won’t give GOP quorum to advance Barrett nomination

Schumer called the Barrett confirmation effort ‘illegitimate, dangerous and unpopular’

https://www.foxnews.com/politics/schumer-says-democrats-wont-give-gop-quorum-at-oct-22-meeting-to-advance-barrett-nomination

 

Trump complains Republicans giving Democrats ‘great deal of time’ to talk during Barrett hearing

President suggests GOP senators ‘pull back’ on Democratic time, ‘approve’ Barrett and move on to a stimulus package – “The Republicans are giving the Democrats a great deal of time, which is not mandated, to make their self-serving statements relative to our great new future Supreme Court Justice,” Trump tweeted…   https://www.foxnews.com/politics/trump-democrats-amy-coney-barrett-hearing-time-to-talk

 

@BarrettWilson6: NBC affiliate hired a security guard with far-left views and took him to a Trump rally, where he shot and killed a Trump supporter [MSM mum]

https://thepostmillennial.com/nbc-affiliate-hired-a-security-guard-with-far-left-views-and-took-him-to-a-trump-rally-where-he-shot-and-killed-a-trump-supporter

 

America’s Chris Wallace Problem – Is anything more dangerous to our country than media bias?

https://spectator.org/chris-wallace-debate-bias/

 

The Blackhawks statue was vandalized in Chicago by indigenous rage activists.

https://twitter.com/stillgray/status/1315792684854902791

 

@thehill: NBA Finals ratings plummet to 5.6M, the lowest on record   http://hill.cm/cFUKsm8

 

Disney says its ‘primary focus’ for entertainment is streaming — announces a major reorg

Shares of the company jumped more than 5% during afterhours trading… [Beaucoup job cuts coming?]

https://www.cnbc.com/2020/10/12/disney-reorganizes-to-focus-on-streaming-direct-to-consumer.html

Well that is all for today

I will see you WEDNESDAY night.

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