OCT 14F/GOLD REBOUNDS UP $12.00 TO $1903.50//SILVER UP 24 CENTS TO $24.30//GOLD STANDING AT THE COMEX UP TO 102.606 TONNES//SILVER OZ STANDING: 10.295 MILLION OZ//CORONAVIRUS UPDATES THROUGH THE GLOBE//HYPERINFLATION NOW GRIPPING IRAN WITH THE RIYAL AT 317,000 TO ONE//USA TO INITIATE MORE SANCTIONS AGAINST IRAN//TURKEY CONTINUES ITS BELIGERENCE IN ARMENIA AND IN THE MEDITERRANEAN SEA SEARCHING FOR OIL//FEDERAL TAX COURT BLASTS THE IRS FOR NOT PURSUING CLINTON FOUNDATION: ALLOWS THE WHISTLOWBLOWER CASE TO PROCEED/ NANCY PELOSI VS WOLF BLITZER A SIGHT TO SEE// HUNTER BIDEN’S LAP TOP WITH HUGE NUMBER OF EMAILS DISCOVERED:IMPLICATES BIDEN SR.// HUGE NUMBER OF SWAMP STORIES FOR YOU TONIGHT//ANDREW MAGUIRE AND CRAIG HEMKE: MUST VIEWS//

GOLD:$1903.50 UP  $12.00   The quote is London spot price

Silver:$24.30 UP $0.24    London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1901.60  LONDON SPOT  4:30 pm

ii)SILVER:  $24.25//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1906.90  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $3.40  CONTANGO//$3.40 ABOVE CONTANGO

DEC. GOLD  $1906/.40   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $2.90/ CONTANGO   ( $1.60  BELOW NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.43…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 13 CENTS CONTANGO/    13 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $24.37  1:30  PM SPREAD SPOT/FUTURE DEC.       :  7  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:   269/1189

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,888.500000000 USD
INTENT DATE: 10/13/2020 DELIVERY DATE: 10/15/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 59
099 H DB AG 25
104 C MIZUHO 21
118 H MACQUARIE FUT 40
132 C SG AMERICAS 6
323 C HSBC 11
332 H STANDARD CHARTE 103
355 C CREDIT SUISSE 9
435 H SCOTIA CAPITAL 5
624 C BOFA SECURITIES 1
657 C MORGAN STANLEY 79
657 H MORGAN STANLEY 160
661 C JP MORGAN 300 218
661 H JP MORGAN 51
690 C ABN AMRO 42 2
709 C BARCLAYS 163
709 H BARCLAYS 184
732 C RBC CAP MARKETS 1
800 C MAREX SPEC 14 27
880 C CITIGROUP 13
880 H CITIGROUP 833
905 C ADM 11
____________________________________________________________________________________________

TOTAL: 1,189 1,189
MONTH TO DATE: 31,307

ISSUED:300

GOLDMAN SACHS STOPPED 59 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 1189 NOTICE(S) FOR 118,900 OZ  (3.6982 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  31,307 NOTICES FOR 3,130700 OZ ( 97.378 tonnes) 

SILVER//OCTOBER CONTRACT

12 NOTICE(S) FILED TODAY FOR 60,000  OZ/

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

BITCOIN MORNING QUOTE  $11393  DOWN 25

BITCOIN AFTERNOON QUOTE.:   $11,364   DOWN   52 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $12.00  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 UP 24 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV..

A DEPOSIT OF:4.652 MLLION OZ INTO THE SLV

SLV: 563.519  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 476 CONTRACTS FROM 158,679 DOWN TO 158,203, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR VERY STRONG $1.05 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE TINY LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING..  COUPLED AGAINST A STRONG  EXCHANGE FOR PHYSICAL (1360 CONTRACTS).SURPRISINGLY WE ALSO HAD ZERO LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 1091 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:  1360, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1360 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  BUTTODAY THEY HAVE NO CHOICE BUT TO ISSUE A LOT OF THEMAS THEY HAD NOWHERE TO PUT SILVER CONTRACTS WISHING METAL.

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

10.295 MILLION OZ INITIALLY STANDING IN OCT.

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $1.05) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A STRONG GAIN IN OUR TWO EXCHANGES (1091 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A STRONG 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:

4211 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 4211 CONTRACTS) OR 21.055 MILLION OZ: (AVERAGE PER DAY: 421 CONTRACTS OR 2.105 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 21.055 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:          1,478.10 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                                 21.055   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 $1.05 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 1360 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 476 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $1.05 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.06 // TUESDAY’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. 0.7920 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: 12 NOTICE(S) FOR  60,000 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 CONSIDERABLE 4910 CONTRACTS TO 553,197 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE CONSIDERABLE SIZED LOSS IN COMEX OI OCCURRED DESPITE OUR LOSS IN PRICE  OF $31.10 /// COMEX GOLD TRADING// TUESDAY. WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL 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 LOSS IN PRICE OF $31.10. 

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

WE HAD A SMALL LOSS OF 576 CONTRACTS  (1.9791 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 4334 CONTRACTS:

CONTRACT . OCT: 0 DEC: 4334; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 4334.  The NEW COMEX OI for the gold complex rests at 553,197. 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 576 CONTRACTS: 4910 CONTRACTS DECREASED AT THE COMEX AND 4334 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 313 CONTRACTS OR 1.791 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4334) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (4910 OI): TOTAL LOSS IN THE TWO EXCHANGES:  576 CONTRACTS. WE NO DOUBT HAD  1) STRONG 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) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR HUGE LOSS IN GOLD PRICE TRADING//TUESDAY//$31.10.THE CROOKS GAINED NOTHING WITH THEIR RAID YESTERDAY

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 : 21,844 CONTRACTS OR 2,184,400 oz OR 67.94 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 2184 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 67.94 TONNES

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

THUS EFP TRANSFERS REPRESENTS 67.94/3550 x 100% TONNES =1.91% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,624.04  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.                        67.94 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 476 CONTRACTS FROM 158,679 UP TO 158,203 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 1360  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. 1360 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1360 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 476 CONTRACTS TO THE 1360 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 884 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 4.420 MILLION  OZ, OCCURRED DESPITE OUR $1.05  FALL IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 18.97 PTS OR .56%   //Hang Sang CLOSED UP 24.75% OR 07%    /The Nikkei closed UP 24.75 POINTS OR 0.11%//Australia’s all ordinaires CLOSED DOWN 0.20%

/Chinese yuan (ONSHORE) closed UP 6.7299 /Oil UP TO 40.10 dollars per barrel for WTI and 42.37 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7299. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7281 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  FELL BY BY A LESS THAN EXPECTED 4910 CONTRACTS TO 553,197 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 HUGE  FALL OF $31.10 IN GOLD PRICING /TUESDAY’S COMEX TRADING/). WE ALSO HAD A CONSIDERABLE EFP ISSUANCE (4334 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 576 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 CONSIDERABLE SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4334 EFP CONTRACTS WERE ISSUED:   OCT: DEC 4334; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4334  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: 576 TOTAL CONTRACTS IN THAT 4334 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 4910 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY. ( 102.606 tonnes).

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $31.10).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED A TINY   0.9735 TONNES,

NET LOSS ON THE TWO EXCHANGES :: 576 CONTRACTS OR 57,600 OZ OR 1.7910 TONNES.

THE BIS DID NOT GET MUCH BANG FOR THEIR MASSIVE SHORTING EXERCISE TODAY.

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:  553,197 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.31 MILLION OZ/32,150 OZ PER TONNE =  1720 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1721/2200 OR 78.19% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 181,939 contracts// volume  very poor/

CONFIRMED COMEX VOL. FOR YESTERDAY:  284,540 contracts//  volume:  fair (raid yesterday) //most of our traders have left for London

OCT 14 /2020

OCT. GOLD CONTRACT MONTH

INITIAL STANDING FOR OCT GOLD

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 64,237.698 oz

BRINKS

Deposits to the Customer Inventory, in oz nil
OZ
No of oz served (contracts) today
1189 notice(s)
 118,900 OZ
(3.6982 TONNES)
No of oz to be served (notices)
1681 contracts
(168,100 oz)
5.228 TONNES
Total monthly oz gold served (contracts) so far this month
31.307 notices
3,130,700 OZ
97.398 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:  64,237.698 oz

total deposit:64,237.698 oz

total dealer withdrawals: nil oz

we had 0 withdrawals from  the customer account

total customer deposit:  NIL oz

we had 0 deposit into the customer account

total customer deposit:  nil oz

We had 1  kilobar transactions  +

ADJUSTMENTS: 1 // 

i) Out of  JPMorgan:   14,467.950 oz  (450 kilobars)

adjusted out of customer account into the dealer account

The front month of OCT registered a total of 2870 contracts for a LOSS of 1436 contracts. We had 1517 notices filed on Tuesday so we gained 81 contracts or 8100 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 LOST 143 contracts to stand at 1590.

The big December contract LOST 4503 contracts DOWN to 446,157 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (102.606 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  1189 notices filed today for  118,900 oz OR 3.6982 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  300 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1189  contract(s) of which 51  notices were stopped (received) by j.P. Morgan dealer and 218 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 59 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 (31,307) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (2870 CONTRACTS ) minus the number of notices served upon today (1189 x 100 oz per contract) equals 3,298,800 OZ OR 101.606 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 (31,307, x 100 oz +2870 OI) for the front month minus the number of notices served upon today (1189) x 100 oz which equals 3,298,800 oz standing OR 102.606 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  81 contracts or an additional 8100 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 505.98 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 102.606 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  17,858054.0 oz
pledged gold: 1,590,658.551 oz
registered gold that can be used to settle upon: 16,267,396.0  (505.98 tonnes)
true registered gold  (total registered – pledged tonnes  16,267,396.0 (505.98 tonnes)
total eligible gold:  19,832,283.358 oz (617.82 tonnes) 

total registered, pledged  and eligible (customer) gold  37,690,337.406 oz 1,172.32 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1045.98 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 14/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
581,681.000 oz
??
JPMorgan
No of oz served today (contracts)
12
CONTRACT(S)
(60,000 OZ)
No of oz to be served (notices)
127 contracts
 665,000 oz)
Total monthly oz silver served (contracts)  1932 contracts

9,660,000 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 JPMorgan:  581,681.000 oz ??? exact weight???

JPMorgan now has 189.032 million oz of  total silver inventory or 49.54% of all official comex silver. (189.032 million/38.,552 million

total customer deposits today:  581,681.000   oz

we had 0 withdrawals:

total withdrawals; nil    oz

We had 0 adjustments/  dealer to customer

Total dealer(registered) silver: 137.903 million oz

total registered and eligible silver:  381.582 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

October had  139 notices outstanding for a GAIN of 28 contracts.  We had 24 notices served upon yesterday so we GAINED 52 contracts or 260,000 additional oz of silver will stand in this non active month of October.

November saw a LOSS of 1 notice DOWN to 382 contracts.

December saw a LOSS of 1512 contracts DOWN to 130,283 contracts.

The total number of notices filed today for the OCT 2020. contract month is represented by 12 contract(s) FOR 60,000 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 1932 x 5,000 oz = 9,660,000 oz to which we add the difference between the open interest for the front month of OCT( 139) and the number of notices served upon today 12x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 1,932 (notices served so far) x 5000 oz + OI for front month of OCT  (139)- number of notices served upon today (12) x 5000 oz of silver standing for the OCT contract month .equals 10,295,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 52 contracts or 260,000 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 : 62,821 CONTRACTS // volume  rather slow//

FOR YESTERDAY 101,971  ,CONFIRMED VOLUME// larger than normal/ (raid)

YESTERDAY’S CONFIRMED VOLUME OF 101,971 CONTRACTS EQUATES to 0.509 billion  OZ 72.8.0% 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 14/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -1.06% to NAV:   (OCT 14/2020 )

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 14/WITH GOLD UP $12.00 : NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES

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 14/ GLD INVENTORY 1277.65 tonnes*

LAST;  921 TRADING DAYS:   +337.81 NET TONNES HAVE BEEN ADDED THE GLD

LAST 821 TRADING DAYS://+516.74  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

end

Now the SLV Inventory/

OCT 14/WITH SILVER UP 24 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.652 MILLION OZ//INVENTORY RESTS AT 563.519 MILLION OZ/

OCT 13/WITH SILVER DOWN 105 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS 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 14.2020:

SLV INVENTORY RESTS TONIGHT AT

563.519 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

* * *

Pam and Russ Martens: New book shows how repeal of Glass-Steagall re-corrupted banking system

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Tuesday, October 13, 2020

It has been the contention of Wall Street On Parade for more than a decade that today’s so-called “universal banks,” also variously known as megabanks or Global Systemically Important Banks (G-SIBs), are a banking model from Hell that was thoroughly discredited in the tens of thousands of transcripts and documents released by the U.S. Senate following its multi-year investigation of that structure in the early 1930s.

Now the seminal book proving that theory has just been published. Written by Arthur E. Wilmarth, Jr. and titled “Taming the Megabanks: Why We Need a New Glass-Steagall Act,” the book brilliantly takes the reader through a riveting guided tour covering the past century and the resurrection of this same disastrous U.S. banking model in 1999.

END

With a bigger building, maybe JPMorgan Chase can rig more markets and get away with it

 Section: 

JPMorgan Sticks with Plan to Build Giant New York Headquarters

By David Henry and Herbert Lash
Reuters
Tuesday, October 13, 2020

NEW YORK — JPMorgan Chase & Co. is forging ahead with plans to build a mammoth new headquarters in New York, Chief Executive Jamie Dimon said on Tuesday, despite the coronavirus pandemic casting serious doubt on the future of office buildings

Slated to open in 2024 with a price of as much as $3 billion, the building at 270 Park Ave. is to house about 14,000 employees.

At 1,425 feet it would be the second-tallest office building in Manhattan behind 1 World Trade Center, nearly 200 feet higher than the Empire State Building, and more than 400 feet above the nearby Bank of America Tower, according to the Council on Tall Buildings and Urban Habitat.

An illustration by Lewis Garrison, a 3-D architectural illustrator who likes to make video flyovers of skylines, envisions JPMorgan’s new headquarters towering over Midtown Manhattan, a T-Rex in what might seem like a field of dinosaurs.

… For the remainder of the report and an artist’s conception of the building:

https://www.reuters.com/article/us-jpmorgan-results-realestate/jpmorgan-…

END

Craig Hemke comments that gold/silver trading is almost exclusive to algos and they trade with an inverse relationship to the dollar. It will not last and they will be burnt to a crisp

(Craig Hemke/Sprott)

Craig Hemke at Sprott Money: Surviving algo hell

 Section: 

7:57p ET Tuesday, October 13, 2020

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, commenting today at Sprott Money, writes that algorithms seem to have taken over trading in gold futures on the New York Commodities Exchange, tying gold tightly to the U.S. dollar since August in an inverse relationship that had not previously been so established.

But, Hemke adds, these connections dissipate eventually and gold’s fundamentals remain strong. So he expects gold to resume its rise after the U.S. election next month.

Hemke’s analysis is headlined “Surviving Algo Hell” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/Surviving-Algo-Hell-Craig-Hemke-October…

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

END

iii) Other physical stories:

Two videos today that you must see with Andrew Maguire and Chris Marcus

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 WEDNESDAY 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 6.7299 /

//OFFSHORE YUAN:  6.7281   /shanghai bourse CLOSED DOWN  18.97 PTS OR .56%

HANG SANG CLOSED UP 17.41 PTS OR .07%

2. Nikkei closed UP 24.75 POINTS OR 0.11%

3. Europe stocks OPENED ALL MIXED/

USA dollar index DOWN TO 93.49/Euro RISES TO 1.1744

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.37/ 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:: 40.10 and Brent: 42.37

3f Gold UP/JAPANESE Yen UP 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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.58%/Italian 10 yr bond yield DOWN to 0.64% /SPAIN 10 YR BOND YIELD DOWN TO 0.13%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.22: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.78

3k Gold at $1900.50 silver at: 24.24   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 46/100 in roubles/dollar) 77.50

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 105.37 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 .9141 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0736 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 0.58%

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 0.717% early this morning. Thirty year rate at 1.497%

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

6.  TURKISH LIRA:  UP  TO 7.95..

Futures, Global Markets Unsure What To Do As “Angst” Rises

US equity futures and world stocks were flat below recent record highs after several days of ramping higher driven by strength in tech, while Europe’s STOXX 600 slipped, reversing an earlier gain with markets in Frankfurt, London and Paris were down around 0.3% following moves to address rising coronavirus infection rates in Europe.

The market was unsure what to do after a downbeat day on Tuesday, when stocks dropped after two COVID-19 trials were delayed, and U.S. stimulus hit an impasse. The losses began when Johnson & Johnson said it was pausing a COVID-19 vaccine trial after a study participant suffered an unexplained illness. Eli Lilly and Co later said it too had paused the clinical trial of its COVID-19 antibody treatment because of a safety concern, leading the U.S. equity market to deeper losses. J&J shares lost 2.3% and Eli Lilly closed down nearly 3%. Oil driller Concho Resources Inc. jumped after a report that the company is in talks to be acquired by ConocoPhillips.

Hopes for the passage of a new coronavirus relief package also faded as U.S. House Speaker Nancy Pelosi rejected a $1.8 trillion relief proposal from the White House. As a result, markets are grappling with “angst about vaccine/antibody delays, angst about rising covid cases in Europe, stalled U.S. fiscal talks, stalled Brexit trade talks” according to Kit Juckes, macro strategist at Societe Generale.

“We continue to see the ping-pong back and forth between the White House, Senate Republicans and Democrat-controlled House, and what’s at stake is both the size of the stimulus but also what the money goes toward,” David Chao, a strategist at Invesco Ltd., said on Bloomberg TV. “I still think there will be a stimulus package between now and the end of the year, which is what the market is partially discounting.”

In Europe, an index of travel shares dropped for a third day as authorities tighten curbs to regain a grip on the pandemic. Across the continent, infections are rising, France reported a surge in patients needing intensive care and Prime Minister Boris Johnson is facing pressure to order a national lockdown. Euro zone industrial production data showed the rate of recovery slowed sharply in August, in line with expectations.

Europe continues to be hit hard with a second wave of covid, and moving beyond bar and pub closures, the Czech Republic, which now has Europe’s worst rate per capita, shifted schools to distance learning and hospitals started cutting non-urgent medical procedures to free beds. Moscow authorities said on Wednesday they would introduce online learning for many students starting on Monday, while Northern Ireland announced schools would close for two weeks.

“The standstill in negotiations over a new U.S. fiscal package as COVID-19 infections continue to rise globally highlights the importance of political consensus, and here the outcome of the election is likely to prove pivotal,” Unicredit analysts said in a note.

Earlier in the session, Asian stocks fell, led by energy and materials, with MSCI’s index of Asia-Pacific shares outside of Japan tracking Wall Street’s losses overnight to end a seven-day rally. Most markets in the region were down, with Thailand’s SET dropping 1% and South Korea’s Kospi Index falling 0.9%, while Jakarta Composite gained 0.8%. Trading volume for MSCI Asia Pacific Index members was 11% above the monthly average for this time of the day. The Topix declined 0.3%, with DesignOne and Treasure Factory falling the most. The Shanghai Composite Index retreated 0.6%, with Shanghai Baosight and HNA Technology posting the biggest slides.

In emerging markets, Zambia told creditors including Eurobond holders that the government won’t be able to meet its obligations if they don’t agree to its proposed interest payment holiday. The bonds fell to four-month lows.

Meanwhile, in the US banks are in focus on Wall Street, with revenues at Bank of America plunging as lower loan loss provisions offset the hit to the bottom line, while Goldman stock was higher after a solid beat in FICC. In addition to following the start of earnings season, investors will be watching tensions between the European Union and Britain after the EU demanded “substantive” movement on Tuesday on fisheries, dispute settlement and guarantees of fair competition in their talks on a post-Brexit trade deal. An EU-UK trade deal is difficult but still possible to achieve if the two sides negotiate intensely in the coming weeks, said a person close to the talks on Wednesday. Sterling reversed earlier losses against the euro and the dollar on the news. EU leaders will hold a summit in Brussels on Thursday and Friday to assess progress.

Elsewhere in FX, the U.S. dollar was steady after its best day in three weeks on Tuesday, when its index against a basket of six major currencies rose 0.5%. The index was last 0.06% lower at 93.48. The euro was barely changed at $1.1741.

In rates, Treasuries extended their advance, with 10-year yields approaching last week’s low at 0.714%. The curve was flatter as the long end outperformed. The focus remains on stalemated U.S. fiscal stimulus negotiations, while U.S. session includes several Fed speakers. Yields were lower by ~2bp at long end with 2s10s, 5s30s spreads flatter by more than 1bp; 10-year, lower by 1.3bp at 0.714%, trails bund and gilt yield declines by ~1bp. In Europe, government bonds edged up with German bund yields hitting their lowest since May. Irish 10-year yields fell to a record low.

Zambia, one of the world’s largest copper producers, saw its international bonds slump more than three cents on the dollar on fears of an ugly default caused by an escalating row between the government and the country’s private-sector creditors.

In commodities, Oil slipped on concerns that fuel demand will continue to falter as rising coronavirus cases across Europe and in the United States, the world’s biggest oil consumer, impede economic growth. Brent and WTI were at $42.40 and $40.10 a barrel, respectively after grinding modestly higher earlier after the IEA monthly oil market report which wrapped up this month’s 3-main releases and notably provided an alternative demand view. Specifically, the IEA report maintained 2020 & 2021 crude demand forecasts at largely unchanged levels from the previous report; however, they did highlight that demand growth is now beginning to slow given the resurgence in COVID-19. Spot gold is up 0.6% this morning but remains capped around $1900/oz mark which coincides with the session high thus far. Separately and following reports that China ordered their domestic steel mills to stop purchasing Australian coal, on this, while Australia state they have not heard of any formal order from China, BHP announced they have received deferment requests from Chinese coal customers.

In addition to earnings from Bank of America, Goldman, Wells Fargo and United Health, we get the latest PPI data.

Market Snapshot

  • S&P 500 futures up 0.4% to 3,520.25
  • Stoxx Europe 600 up 0.3% to 371.89
  • MXAP down 0.1% to 176.90
  • MXAPJ down 0.1% to 587.43
  • Nikkei up 0.1% to 23,626.73
  • Topix down 0.3% to 1,643.90
  • Hang Seng Index up 0.07% to 24,667.09
  • Shanghai Composite down 0.6% to 3,340.78
  • Sensex down 0.6% to 40,383.44
  • Australia S&P/ASX 200 down 0.3% to 6,179.17
  • Kospi down 0.9% to 2,380.48
  • Brent futures up 0.3% to $42.57/bbl
  • Gold spot up 0.4% to $1,899.36
  • U.S. Dollar Index little changed at 93.56
  • German 10Y yield fell 1.2 bps to -0.568%
  • Euro up 0.03% to $1.1750
  • Italian 10Y yield fell 1.9 bps to 0.456%
  • Spanish 10Y yield fell 1.1 bps to 0.133%

Top Overnight News from Bloomberg

  • President Donald Trump’s once-tight grip on Republican lawmakers is showing signs of slipping as he falls further behind Democrat Joe Biden, making the GOP path to keeping control of the Senate increasingly fraught
  • Boris Johnson is under growing pressure to order a U.K. “circuit breaker” lockdown, as other countries across Europe widened curbs. The sprint to find medical breakthroughs to contain Covid-19 stumbled this week, as a pair of pharmaceutical giants working to develop treatments and vaccines suffered setbacks
  • Johnson’s government is drawing up plans for a radical new law that would give ministers power to unravel foreign investments in U.K. companies — potentially casting major doubt on deals that have already been concluded — to stop hostile states gaining control over key assets
  • The European Central Bank must question whether mirroring the composition of the bond market in its asset purchases is appropriate in light of climate risks, according to President Christine Lagarde

A look at global markets courtesy of NewsSquawk

Asia-Pac equities traded with no clear conviction following a downbeat handover from Wall Street whereby the major indices snapped a four-day winning streak as hopes for a near-term stimulus bill fade with Democrats and Republicans still at loggerheadswhilst Eli Lilly announced that it will pause its COVID-19 antibody treatment over safety concerns, less than a day after Johnson & Johnson announced the halt of its vaccine study. ASX 200 (-0.4%) was contained within a tight parameter amid the heightening tensions with China and ahead of Aussie jobs data and a speech by RBA Governor Lowe tomorrow. Nikkei 225 (+0.1%) and KOSPI (-0.9%) both opened narrowly lower but thereafter diverged, with the latter extending losses after the BoK stood pat on rates, whilst Apple suppliers saw mixed trade following the unveiling of the iPhone 12, with Taiyo Yuden and Murata Manufacturing posting losses, whilst South Korea’s LG Display jumped over 2.5% as Apple extended the range of iPhones to include a new “mini” model – Taiwanese chip makers were also mixed. Elsewhere, Shanghai Comp (-0.6%) held onto losses amid another net daily drain by the PBoC as Chinese markets awaited President Xi’s speech which provided little by way of fresh news or surprises, whilst Hang Seng (U/C) opened with modest gains as it played catchup from yesterday’s storm-cancelled trade but immediately erased upside as China’s Evergrande shares slumped over 15% after announcing a share placement as a discount to its last closing price, and HSBC fell around 3% after the Co. was left off the list of banks arranging China’s sovereign debt sale. 10yr JGBs saw modest gains amid the cautious risk tone in the APAC region.

Top Asian News

  • China Is Buying Up Record Chunks of Japan’s Debt Mountain
  • Evergrande Tumbles After Share Placement Misses Target

European equities (Eurostoxx 50 -0.1%) trade somewhat mixed in what has been a relatively uninspiring/choppy session thus far. From a macro standpoint, there’s been not much for participants to digest since yesterday’s close asides from US stimulus headlines that continue to highlight the differences between the Republican and Democratic camps with the former (led by Senate Majority Leader McConnell) set to table a USD 500bln stimulus proposal next week; a move that had already been rebuffed by House Speaker Pelosi. On the medical front, Eli Lilly have been the latest company to halt a trial for one of its products, this time amid safety concerns over its COVID antibody treatment. However, the market remains upbeat in its view that such occurrences are a regular feature of the process and have therefore taken the news in its stride. The FTSE 100 (U/C) has outperformed its peers throughout the session, however, this has been more a by-product of earlier GBP weakness, as opposed to any inherent strength within the index. Most recently, European bourses have come under pressure as sentiment deteriorates ahead of the US market entrance seemingly taking the lead from US futures which have reverted to the U/C mark. From a sectoral standpoint, banking names are seeing some reprieve from yesterday’s noteworthy declines with strength seen particularly in Spanish banks. To the downside, the COVID-sensitive travel & leisure sector is softer on the session with losses also observed in real estate names. In terms of stock specifics, Atlantia (+9.3%) sit at the top of the Stoxx 600 amid reports that CDP, the Italian State Lender, is collaborating with Blackstone & Macquarie on a bid for the Co’s stake in Autostrade. Elsewhere, financial updates from Ashmore (+7.1%), TomTom (+3.2%) and Just East Takeaway.com (+4.9%) have boosted their respective share prices. Maersk (+3.1%) are enjoying a session of gains thus far amid source reports noting that it could lower its headcount by around 2k.

Top European News

  • Atlantia Shares Soar as Talks on Autostrade Pick Up Steam
  • ASML Stays Positive Despite Being Caught by U.S., China Rift
  • Lagarde Says ECB Should Ask If Market Neutrality Is Right Policy
  • Brexit Negotiators Turn Up Heat as U.K. Deadline Approaches

In FX, although the writing was on the wall well before the latest headlines emphasising that the impasse between the UK and EU on key trade issues remains too big to formulate a deal in time for Thursday-Friday’s meeting and talks will have to intensify further, ‘confirmation’ of the fact via a draft document pushed the Pound down across the board. Cable met some opposition at 1.2900, but breached defences to probe below the 21 DMA (1.2892) before finding a base ahead of week ago lows circa 1.2945, while Eur/Gbp rebounded further from recent sub-0.9050 troughs to around 0.9120 and fading as the Euro suffered knock-on losses against the Dollar and Yen etc. Ahead, the 3-way conference call between PM Johnson, European Commission and Council Presidents von der Leyen and Michel, but in truth the bar is now even higher for any real positives in terms of progress towards an agreement. Nevertheless, Sterling has clambered off its knees as wires report that the UK will not abandon negotiations immediately and a person said to be familiar with the situation suggests that a deal remains possible even if remote at this stage.

  • USD – The Greenback is off best levels after yesterday’s relatively strong recovery rally extended overnight and amidst the early Pound sell-off noted above, with the DXY easing back from 63.670 and just above the 21 DMA (93.655), as several major counterparts pare losses. However, risk sentiment remains fragile following a turnaround Tuesday for many global stocks, no breakthrough on US fiscal stimulus, another pause in COVID-19 vaccine trials and ongoing geopolitical/diplomatic tensions, leaving the Buck with an underlying bid and the index holding close to 93.500.
  • NZD/AUD – Not quite all change, but some respite for the Kiwi and Aussie that appears to have regained poise on psychological if not technical grounds given its resilience into 0.7150 and 1.0750 vs Antipodean and US rivals. Similarly, Nzd/Usd has managed to stay afloat close to 0.6650 irrespective of dovish RBNZ rhetoric overnight as Assistant Governor Hawkesby stated that guidance alluding to the prospect of NIRP is no bluff and a reiterated that a weaker Kiwi would help boost the economic recovery alongside other stimulative policy. Ahead, RBA Governor Lowe is due to speak just a few hours before September labour data.
  • CAD/JPY/CHF/EUR – All narrowly mixed vs the Buck, as the Loonie meanders within a 1.3157-16 range and Yen hugs an even tighter 105.51-31 line inside decent option expiries from 105.20-15 to 106.00 (1.2 bn and 1.4 bn respectively). Elsewhere, the Franc has retreated further into 0.9133-56 parameters and Euro from 1.1800+ peaks sub-1.1750 where 1.2 bn expiry interest lies ahead of more ECB speakers.
  • SCANDI/EM – The Crowns are benefiting from the aforementioned single currency weakness rather than specifics of broad upturn in risk appetite, but EMs are largely softer vs the Dollar bar the Yuan that could be deriving traction from stronger than expected Chinese lending and money supply metrics in conjunction with a PBoC official seeing a further GDP revival in Q3.
  • RBNZ Assistant Governor Hawkesby said some economic data points are surprising to the upside, but the economy will require continued policy support. Lower exchange rate could provide further stimulus, lower bound on interest rate likely to change over time and will also depend on other policy tools being used. (Newswires)

In commodities, WTI and Brent are subdued at present in a somewhat choppy session which did earlier feature the benchmarks experiencing a grinding bid post the IEA monthly oil market report which wrapped up this month’s 3-main releases and notably provided an alternative demand view. Specifically, the IEA report maintained 2020 & 2021 crude demand forecasts at largely unchanged levels from the previous report; however, they did highlight that demand growth is now beginning to slow given the resurgence in COVID-19. The roughly unchanged forecast contrasts yesterday’s OPEC release and the EIA one prior to that which both saw modest revisions lower to their 2020 and 2021 demand forecasts. At present, WTI and Brent are off session highs and have reverted back into negative territory lower by circa USD 0.20/bbl as things stand a move which is coinciding with a modest pullback in US equity futures (currently ~U/C) ahead of US participants’ entrance. Elsewhere, attention remain on various geopolitical tensions which have thus far seen the Azeri President comment that if Armenia attempt to take control of Azerbaijan gas pipelines than the outcome will be severe. Moving to metals, spot gold is modestly firmer this morning but remains capped by the USD 1900/oz mark which broadly coincides with the session high thus far. Separately and following reports that China ordered their domestic steel mills to stop purchasing Australian coal, on this, while Australia state they have not heard of any formal order from China, BHP announced they have received deferment requests from Chinese coal customers.

US Event Calendar

  • 8:35am: Fed’s Barkin Speaks to Economic Outlook Conference
  • 9am: Fed’s Clarida Discusses U.S. Economic Outlook
  • 10:30am: Fed’s Quarles Takes Part in Panel on Financial Stability
  • 2pm: Fed’s Barkin Speaks to the Economic Club of New York
  • 2:20pm: New York Fed’s Logan Speaks in SEC Webinar
  • 3pm: Fed’s Quarles, Kaplan Speak on Financial Supervision
  • 6pm: Fed’s Kaplan to Hold Virtual Town Hall

DB’s Jim Reid concludes the overnight wrap

We’re into day 4 now of our fourth period of soul destroying isolation over the last 7 months. On Sunday night one of my twins (Jamie) had a 38.7C fever and we immediately managed to book a test. We were hoping to get the results within a day or two but in spite of staring at my phone waiting for the text it hasn’t arrived. Maybe if I got the new iPhone it would speed up its delivery! Meanwhile Jamie is now bouncing around the house, and mostly destroying it, with no fever. He and Eddie are going stir crazy and keep on saying “go mummy’s car” and pointing out the window. They are all desperate to be at school and poor Bronte isn’t getting walked. My wife is at the end of her tether and my home office is where I hide for most of the day. There are those with far worse problems but hopefully the results will come though today and be negative. If there’s anyone that’s had a very recent test in the U.K. and can tell me how long they waiting for the results I’d be interested to know.

Rather like our energy levels, the rally in global equity markets finally ran out of steam yesterday amidst doubts over whether a US stimulus deal would be reached anytime soon (not sure anyone should have been expecting it to be honest) and as investors reacted to the news we reported this time yesterday that J&J had paused its vaccine trial. By the close, the S&P 500 was down -0.63% as banks (-2.72%) struggled as reporting companies provided bleak outlooks on economy and on rising costs. The broad index fell in spite of an outperformance from tech stocks that saw the NASDAQ outperform but still fall -0.10%. Over in Europe there were similar falls as the STOXX 600 fell -0.55%. The dollar index had a strong performance as investors moved into safe havens, and by the close was up +0.50% in its strongest day for over 3 weeks.

Earnings season started with the large financial institutions as usual. JPMorgan Chase (-1.62%) and Citigroup (-4.80%) both reported better than expected trading revenue and beat on EPS, however credit reserves were larger than expected as worries over the economy persist. JPM’s reserve for credit losses was still nearly $34 billion, as the bank expects loan defaults to surge in the first half of next year once the effects of stimulus abate. Citigroup in particular forecast higher unemployment and a smaller recovery in GDP than last quarter which lowered their retail profits estimates. They also saw operating expenses hit a three year high following a regulatory penalty. BlackRock (+3.91%) rose after profits and revenues were well above estimates, with CEO Larry Fink noting that the pandemic has likely caused a rise in the savings rate and caused people to think longer term about investing. Elsewhere, Johnson & Johnson shares fell (-2.33%) as the pause in their vaccine trial, due to a participant falling ill, overshadowed the company’s otherwise positive earnings announcement. In similar news, Eli Lilly & Co. (-4.33%) had to pause enrollment in a clinical trial of its Covid-19 treatment after an unspecified potential safety concern.

In yesterday’s CoTD we highlighted that the bottom-up analyst consensus saw S&P 500 EPS growth rising from -32.6% yoy in Q2, which was the worst since 2008-09, to -18.6% in Q3. The majority of that improvement is almost exclusively being driven by much lower loan loss provisions from banks and a recovering energy sector. DB thinks the season will see another big beat as data surprises have been on the upside in the quarter yet earnings outside these two factors above are broadly flat (YoY) to last quarter. However there is perhaps less market upside this quarter, as the major difference is that now positioning is more neutral than it was 3 months ago when investors were very underweight. For more see the CotD here.

On stimulus, President Trump once again pushed Congressional leaders to deliver a significant amount of fiscal measures ahead of the election as he tweeted “STIMULUS! Go big or go home!!!” This came shortly after Senate Majority Leader McConnell proposed a vote next week on one provision – allocating funds to the Paycheck Protection Program for small businesses. However near term prospects for stimulus took a hit as House Speaker Pelosi told Democratic lawmakers that McConnell’s proposal was a non-starter and not nearly enough. This comes after reports over the weekend that the White House, particularly Secretary Mnuchin, and Speaker Pelosi were discussing a $1.8 trillion dollar deal, with talks ongoing. So Senate Republicans and the Trump Administration remain at odds on the path forward here with just under 3 weeks to Election Day.

Asian markets have largely taken Wall Street’s lead this morning with the Hang Seng (-0.27%), Shanghai Comp (-0.54%) and Kospi (-0.56%) all down while the Nikkei is up +0.11%. Meanwhile, futures on the S&P 500 are back up +0.44%. Elsewhere, AMC Entertainment, the world biggest cinema chain, was down -5.65% in after-hours trading on reports that the company is considering a range of options that include a potential bankruptcy to ease its debt load as the pandemic keeps moviegoers from attending and studios from supplying films. The news highlights the disproportionate impact of the pandemic on leisure, hospitality and entertainment industry.

In other overnight news, Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin urged OPEC+ oil producers to stick to agreed production cuts. This comes six days before a small group of OPEC+ ministers are scheduled to review compliance with the current production cuts on a conference call scheduled for October 19. Oil prices are down c. -0.20% this morning.

On the coronavirus, the situation continued to deteriorate in Europe, with the Netherlands announcing a partial lockdown yesterday. Prime Minister Rutte announced that the sale of alcohol will be banned after 8pm, with bars, coffee shops and restaurants being closed all together. The government is also encouraging residents to avoid public transport if possible. Here in England, the number of hospitalised patients continued to rise, reaching a 4-month high yesterday of 3,905, and the opposition Labour leader Keir Starmer ratcheted up the pressure on the government by calling for a 2-to-3 week circuit-break lockdown that would overlap with the upcoming school half-term holiday. Overnight Sky News has reported that Northern Ireland is set to impose a “circuit breaker” lockdown for four weeks, with schools closing for two weeks. Meanwhile in France, as more patients are requiring intensive care, the country is mulling additional restrictions. As of Monday more than 1,500 COVID-19 patients were in intensive care and President Macron will speak on national television this evening on the situation. In Italy, a further 5,901 cases were reported yesterday with cases edging up but still relative muted compared to the current second wave hotspots in Europe. On the other side of world, following a small outbreak in China’s port city Quingdao, the city has mass tested about 5.6mn of its 9.5mn population in the last two days and aims to complete the tests for all population within 5 days. Maybe I should get tests for my family there! Anyway you’ll see the latest case numbers in the table below. Fatalities are in the pdf as usual.

There wasn’t a great deal of news on the election yesterday, though the odds of a Biden presidency rose further in FiveThirtyEight’s model to a new campaign high of 87%. That said, the impact of a potential blue wave on markets seems to have run its course for now as the 5s30s yield curve flattened yesterday by a further -2.9bps, having steepened to a 3-year high earlier in the month in anticipation of further fiscal stimulus. Meanwhile the VIX November future, which to an extent has acted as a proxy for concerns over a contested election, snapped a run of 4 successive declines but remained flat yesterday. Assuming Biden’s polling remains where it is (currently +10.0pts in the RCP average), attention will increasingly remain on the Senate outcome and what that might mean for possible stimulus legislation next year. The Democrats remain the favourites to win control (at 69% in the FiveThirtyEight model) but there are still a number of very tight races.

Sovereign bonds continued their relentless advance yesterday as yet more records were set in Europe. By the close, 10yr Italian BTPs had fallen -1.9bps to another all-time low of 0.658%, as had Greek 10yr yields which were down -3.0bps to 0.785%. Yields fell in core countries too, with those on 10yr bunds down -1.1bps at a 5-month low, while Treasuries reopened following yesterday’s holiday as 10yr yields fell -4.7bps.

Elsewhere, sterling weakened by -0.97% against the dollar yesterday as the Brexit newsflow suggested little progress had been made in the ongoing trade negotiations. The currency took a tumble in particular after a headline came through from Prime Minister Johnson’s spokesman that Johnson had told the cabinet that the UK was “ready and willing to move forward with an Australian style outcome”, i.e. without a formal trade agreement. Today, Johnson will be holding a call with European Commission President Von der Leyen and Council President Michel to discuss Brexit, which comes ahead of the EU leaders’ summit tomorrow, where the issue is on the agenda for discussion. Previously, Johnson has spoken of October 15 as the point by which an agreement needs to have been reached, so all eyes will be on proceedings over the remainder of the week for further headlines.

In the US, September’s CPI data showed a month-on-month increase of +0.2%, in line with expectations, as the year-on-year figure also rose to an expected +1.4%. In the UK meanwhile, unemployment in the 3 months through August rose to 4.5% (vs. 4.3% expected) and the total number of hours worked in that time frame (which gives a better indicator of actual labour supply) was only up to 891k, which still leaves it around 15% below pre-pandemic levels. Finally in the IMF’s latest World Economic Outlook, they upgraded their global growth projection for this year to a smaller -4.4% contraction from -4.9% last time around back in June.

To the day ahead now, and there’s an array of central bank speakers, including ECB President Lagarde, the ECB’s Mersch, Lane, Villeroy, Hernandez de Cos, the Fed’s Clarida, Quarles, Barkin, Kaplan, and the BoE’s Haldane. Earnings releases include UnitedHealth Group, Bank of America, ASML, Wells Fargo, Goldman Sachs and United Airlines. And today’s data releases include Euro Area industrial production for August and the US PPI reading for September.

end

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 18.97 PTS OR .56%   //Hang Sang CLOSED UP 24.75% OR 07%    /The Nikkei closed UP 24.75 POINTS OR 0.11%//Australia’s all ordinaires CLOSED DOWN 0.20%

/Chinese yuan (ONSHORE) closed UP 6.7299 /Oil UP TO 40.10 dollars per barrel for WTI and 42.37 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7299. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7281 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%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

4/EUROPEAN AFFAIRS

UK

Boris, stupidly will not walk away from talks with the EU and thus odds of a no deal Brexit plummets

(zerohedge)

Odds Of ‘No Deal’ Brexit Plunge As Boris Johnson Signals He Won’t Walk Away From Talks With EU

With one day left until the beginning of a pan-European summit marketed as the final chance for EU leaders to sign off on a UK-EU trade agreement, UK Prime Minister Boris Johnson has signaled on Wednesday morning that his government will not walk away from the table, as it had threatened to do, prompting analysts to dramatically lower their odds for ‘no deal’.

BoJo had previously set Oct. 15, the beginning of a critical EU summit, as a soft deadline for talks.

No trade deal “is still possible, but probably would come more as an ‘accident’ at this stage than by intent,” says strategist Ned Rumpeltin. Odds down from around 40% before. “Sterling should naturally benefit as the final uncertainties are lifted,” he told Bloomberg.

The pound will remain vulnerable to trade negotiations, but the odds of a no deal have fallen to around 20%-25% and the currency should finish the year at $1.35, according to Toronto-Dominion Bank.

As is often the case in currency markets, if anxieties about ‘no deal’ continue to ease, traders may simply turn their attention to another even more troublesome issue: The second wave of COVID-19 cases that is battering Europe – with the UK again emerging as one of the worst-hit countries – which forced BoJo to concede on Wednesday that a “circuit breaker” two-week lockdown might be inevitable if the latest social distancing restrictions enacted by the British government fail to arrest the virus.

Roughly an hour after the first headlines about Johnson’s latest change of heart hit, Reuters reported that EU leaders meeting in Brussels on Thursday and Friday to discuss Brexit believe that progress in talks with Britain is “still not sufficient” to seal a new trade deal. The heads of the 27 EU members are also expected to agree to ramp up contingency planning, while also authorizing lead Brexit negotiator Michel Barnier to intensify talks to try and get a deal by Dec. 31, when the transition period expires.

“It is in the interests of both sides to have an agreement in place before the end of the transition period,” EU summit chairman Charles Michel said in a invitation letter to leaders. “This cannot, however, happen at any price. The coming days are decisive. Key issues include, in particular, the level playing field, fisheries and governance,” he said.

The deal sticking points remain largely unchanged: fair competition, fishing rights and dispute settlement procedures. And there’s still the issue of BoJo’s ‘Intermarket Bill’.

EU Readies Sanctions Against 6 Russians, 1 Company In Retaliation For Navalny ‘Poisoning’

Since releasing the first photo of him and his family post-coma, Russian opposition candidate Alexei Navalny has hurled accusations at Russian President Vladimir Putin claiming one of the world’s most powerful leaders took time off from his busy schedule of running Russia to personally mastermind his second alleged poisoning.

German leaders claimed last month that Navalny had been poisoned with Novichok, according to an analysis by a military lab. Not that certain German politicians (even some officials in Angela Merkel’s coalition government) don’t have an interest to try and sabotage relations with Russia right now, ahead of next year’s election to decide who will lead a post-Merkel Germany.

Since then, an international chemical weapons agency has claimed to have confirmed the Novichok analysis.

Skeptics questioned how Navalny and the Skripals have all managed to survive alleged Novichok attacks. If the “feared” Soviet nerve agent is truly so deadly, then why have the assailants found it so difficult to deliver a large enough dose to kill their targets?

But western leaders have once again ignored calls urging them not to rush to judgment. According to media reports, the EU is preparing to blacklist at least six people and one entity over Russia’s “attempted murder” of Navalny.

Here’s more from Bloomberg, which cited anonymous sources familiar with Brussels’ plans (probably senior diplomats trying to send a threatening ‘trial balloon’ Putin’s way).

Here’s more from Bloomberg.

The European Union is poised to blacklist six people and one entity in Russia over the attempted murder of opposition leader Alexey Navalny.

EU member-state envoys in Brussels cleared the way on Wednesday for bloc-wide asset freezes on the Russian officials and the organization as well as travel bans on the individuals, according to a person familiar with the matter, who asked not to be identified before a public announcement. Russian Foreign Minister Sergei Lavrov said earlier that his country will retaliate against the move with reciprocal sanctions.

The identities of the people and entity targeted by the EU will be disclosed when the sanctions take effect, probably on Thursday, according to another official for the 27-nation bloc. The plan to impose penalties is based on a German-French proposal that EU foreign ministers agreed to on Monday.

Russia has repeatedly denied Germany’s and Navalny’s accusations, and offered to participate in the investigation. As Bloomberg notes, this is just the latest incident involving the EU and Russia, stretching back to Moscow’s annexation of Crimea back in 2014.

It’s unclear who is being targeted by the sanctions; we imagine we’ll learn the identities of the six individuals (as well as the unnamed “entity”) today, if not later this week.
END
CORONAVIRUS UPDATE/THE GLOBE

UK’s Johnson Mulls “Circuit-Breaker” Lockdown, France To Adopt Hot-Spot Curfews As European Outbreaks Worsen: Live Updates

Summary:

  • Boris Johnson says will consider 2-week ‘circuit breaker’ lockdown
  • France’s Macron expected to announce new measures in Wednesday night interview
  • Iran’s cases, deaths continue to climb despite new restrictions
  • Philippines records nearly 2k new cases
  • Indonesia nears 350k
  • India outbreak continues to slow
  • South Korea sees new daily cases drop back below 100
  • Global cases: 38.2 million; deaths: 1.1 million

* * *

As pressure mounts, UK PM Boris Johnson acknowledged on Wednesday that his government will consider imposing the two-week lockdown that proponents have marketed as a “circuit-breaker” – even as the WHO warns that lockdowns (like the virus itself) imposes the biggest burdens on the poor.

More European countries announced plans to tighten social distancing restrictions yesterday, with the Netherlands imposing a partial lockdown that will endure for at least a couple of weeks, and hard-hit Ukraine closing schools and colleges.

Despite the punishing lockdowns implemented from Italy, to Britain, to Spain – and beyond – Europe reported more than 700,000 new COVID-19 cases last week, a record number and a jump of 34% compared with the week prior. Britain, France, Russia and Spain accounted for more than half of the new infections.

Meanwhile, the FT reports that the UK government is looking at a single coronavirus test to try and cut the amount of time travelers spend waiting for their results in half.  MPs launched a “travel taskforce” last week to explore different ways to adopt “COVID-19” testing in a way that will help heal the country’s battered tourism industry.

Across the channel, French President Emmanuel Macron is set to make a television appearance on Wednesday night amid predictions that he will unveil further restrictions to curb a recent surge in coronavirus infections and hospital admissions.

It comes as parts of France saw ICU units at 95% capacity, dangerous levels threatening to unleash higher mortality rates if the virus isn’t contained. The FT reported that Macron could use Wednesday night’s TV interview to announce curfews in the hardest hit areas (presently, that’s in and around Paris and Lyon) while announcing additional restrictions on public gatherings. The PM has said he will try and avoid another lockdown.

As China confronts its first confirmed outbreak in 2 months, more than 4.2 million tests in the northern port city of Qingdao have been completed, with no new cases among the almost 2 million results received. Nearly 9,000 coronavirus victims are in hospital in France, 1,642 of them in the ICU.

Here’s more COVID-19 news from overnight and Wednesday morning.

Iran’s coronavirus-related daily cases and deaths rose to a record as the government imposed restrictions on travelling to and from five big cities that are most infected by the virus. The latest 24-hour death tally increased to 279 on Wednesday, up from the 254 reported on Tuesday, while 4,830 people tested positive. Both those figures were the highest records since the pandemic began. The total number of deaths rose to 29,349, of 513,219 people who tested positive (Source: FT).

Shortly after trials of an Eli Lilly antibody therapeutic that had been submitted to the FDA for emergency use authorization were paused, the company’s CEO said during an interview at a virtual health conference that COVID-19 is likely to become “endemic” in the human population.

Global cases have reached 38,172,523, according to Johns Hopkins data, surmounting 38 million as the world remains on track to top 40 million cases by the end of October. Meanwhile, the worldwide death toll has hit 1,086,918 (Source: Nikkei).

Moscow says Russia will resume flights to Japan, Cuba and Serbia. The government has authorized three flights a week to Tokyo (Source: Nikkei).

Malaysia reports 660 new coronavirus cases and four more deaths, as the capital poses imposed tighter restrictions on movement for two weeks. More than half the new infections are in Sabah, a state under lockdown (Source: Nikkei).

Indonesia reports 4,127 new coronavirus infections on Wednesday, bringing its total number of cases to 344,749, data from its COVID-19 task force show. The country has also recorded 129 new deaths, the highest daily increase since Sept. 30 (Source: Nikkei).

India’s official coronavirus infection count rose by 63,509 in the last 24 hours, reaching 7.24 million on Wednesday, according to the health ministry. Deaths from COVID-19 rose by 730 to 110,586, the ministry said (Source: Nikkei).

South Korea confirms 84 new coronavirus cases, down from 102 a day earlier. The country’s total infections have reached 24,889, with 438 deaths (Source: Nikkei).

The World Bank says its executive board approved on Tuesday $12 billion in new funding for developing countries to finance the purchase and distribution of COVID-19 vaccines, tests and treatments. The financing plan is a part of $160 billion in total funding that the multilateral development lender has pledged to developing countries through June 2021 to help them fight the coronavirus pandemic (Source: Nikkei).

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Hyperinflation is now gripping Iran as the Riyal to USA ratio is now 317,000

to the dollar. Economically these guys are toast.

(zerohedge)

Coronavirus & Sanctions Have Plunged Iran’s Currency To Lowest Level In History

On Monday Iran announced it suffered its highest single-day death toll from the coronavirus since the pandemic began, with 272 confirmed dead, up from the 251 deceased from the disease the day before. The grim report also came alongside news that two senior government officials were infected – the head of Iran’s atomic energy organization as well as the country’s vice president.

Out of a total population of just over 80 million, Iran has tallied more than 508,000 confirmed cases and 29,070 total deaths as of Tuesday, however, the true number of cases has long been believed to be much higher, even in the millions according to prior estimates of President Rouhani.

Headlines of the record day for virus deaths plunged Iran’s currency to its lowest level ever. This also as there’s been a steady rise in daily cases, including 3822 new cases from the 24 hours of Saturday into Sunday, according to the AP.

Tehran file image

The Islamic Republic remains the hardest hit country in the broader Middle East region, and early this year was the first to witness a major outbreak outside of China alongside Italy following discovery of the virus in Wuhan, China.

“Money exchange shops in Tehran sold the US dollar at 315,000 rials on Sunday, compared to what was 32,000 rials to the dollar at the time of Iran’s 2015 nuclear deal with world powers,” AP notes.

And on Monday it slipped slightly further:

At the same time its spiraling currency, the rial, has been consistently falling to historic lows against the dollar, trading at 317,000 to the dollar on Tuesday afternoon London time, according to rial exchange site Bonbast.com. The greenback has gained 138% against the rial year-to-date.

Meanwhile, Iran’s leaders have blamed the United States for severely exacerbating the impact of the pandemic, essentially kicking the country while it’s already down, choking off even humanitarian and medical supplies via sanctions and threats against those willing to trade with Iran.

“Amid Covid19 pandemic, U.S. regime wants to blow up our remaining channels to pay for food & medicine,” Foreign Minister Javad Zarif tweeted last week. “Iranians WILL survive this latest of cruelties.”

He charged that Washington is conspiring to starve the Iranian population in a “crime against humanity” and vowed that “Culprits & enablers—who block our money—WILL face justice.”

In a new statement the head of Iran’s coronavirus task force warns that hospitals are overwhelmed: “We had not experienced this level of deterioration in the past seven or eight months… some hospitals are full and unable to admit new patients,” Masoud Mardani told Financial Times. “Continuation of this trend could lead to an eye-catching rise in the number of deaths.” 

END
ARMENIA/AZERBAIJAN/TURKEY
Turkey shows its direct involvement in its intervention into the Karabakh
war.  It is interesting that the Turkish lira is plummeting.  This war is costing them dearly..Is it worth their expansion?
(South Front)

Turkey Threatens Armenia With Direct Military Intervention In Karabakh War

Submitted by SouthFront,

As of October 13, clashes between Armenian and Azerbaijani forces continue in the southern part of the contested Nagorno-Karabakh region, while on the other parts of the frontline Baku and Yerevan limited their military activity to exchange of artillery and aerial strikes. The humanitarian ceasefire signed by the sides in Moscow formally remains in force, but the terms of the ceasefire are not fulfilled by both sides.

The main point of instability is the town of Hadrut, which Azerbaijani President Ilham Aliyev announced to have been ‘liberated’ from ‘Armenian occupants’. However, Armenian forces apparently forgot to read his tweet and withdraw from the area. So, now, the Azerbaijani leader is forced to explain what’s going on.

On October 12, he sated that a large group of Armenian special forces attacked the town to make a few selfies for Armenian propaganda, but the attack was repelled. “Although from a strategic point of view, it does not matter so much for Armenia. They just take such a step to go there and take a selfie or report to their population. The Azerbaijani Army neutralized this large group,” Aliyev stressed.

The Armenian military says that the town is still in the hands of its forces and that it has successfully repelled another Azerbaijani attack there.

Turkey has been openly threatening Armenia with a joint Turkish-Azerbaijani advance if it does not surrender the contested Nagorno-Karabakh region to Azerbaijan. Meanwhile, Turkish Defense Minister Hulusi Akar said that “Baku cannot wait for justice for another 30 years” claiming that “Turkey is ready to support the fair position of the Azerbaijani side.” According to Akar, if the conflict in Nagorno-Karabakh is not resolved in the near future, then the next step will be “the Azerbaijani-Turkish movement aimed at returning their land.”

Sources affiliated with Turkish-backed militant groups in Syria say that Ankara has been preparing a new deployment of militant groups’ members to Azerbaijan to support its war with Armenia. If the numbers of 1,500-2,000 fresh militants that are set to come to Azerbaijan are confirmed, this will not only make the estimated number of Turkish proxies deployed there from 4,000-6,000, but also confirm that Ankara is set to use its influence to motivate Azerbaijan to opt for the scenario of a further escalation.

Likely, the Turkish leadership seems the war in Karabakh as an important turning point, which, in the event of military success, will turn into the leading power in the Southern Caucasus and give additional momentum to its geopolitical expansion. It will also boost the popularity of Recep Tayyip Erdogan that positions himself as the leader of the Turkic world and a de-facto Sultan of his own Neo-Ottoman Empire.

According to the Armenian side, the Turkish military is already directly involved in the war. In particular, the presence of Turkish F-16s, Turkish special forces, military advisers and Turkish-backed Syrian militants in Azerbaijan are hardly deniable facts.

END
TURKEY/RUSSIA/USA
Turkish Lira weakens to 7.95 as they are now ready to commence use of the S 400 Russian made defense system
(zerohedge)

Turkish Lira Hits Fresh Record Low As S-400 Test Commences On Black Sea

Turkey is readying its comprehensive test of its S-400 missile-defense systems obtained from Russia last year which took Ankara’s relationship with Washington to a new low and resulted in the US blocking and suspending deliveries of Lockheed Martin’s advanced stealth F-35 fighter.

The test is expected to run starting Wednesday through Saturday at Sinop on the Black Sea, for which all flights have been banned in the area running east of the test field at an altitude less than 25,000 feet, according to Turkish aviation notices.

Via Reuters

An irate Washington has recently reiterated threats to impose sanctions on Turkey if the Russian system is activated, something Ankara has indicated would happen by April 2020, when the system will go operational.

Throughout the whole S-400 and F-35 diplomatic saga and standoff of 2019 which took US-Turkey relations to an all-time low, compounded by Turkey’s attacks on Syrian Kurds which were being supported by US troops in northern Syria, Ankara didn’t blink. This even as Washington offered the Patriot system as an alternative to Russian air defenses.

Meanwhile since late last week the Turkish lira has continued weakening to new record lows on geopolitical worries.

Upon the issuing of Wednesday’s ‘missile notice’ the lira weakened 0.5% to 7.9586 against the U.S. dollar, another fresh record low, before it retraced some losses in the hours following to hold at 7.90.

Regional pressures also included the renewed heightened tensions with Greece and the EU over Turkey’s hydrocarbons exploration activity in the eastern Mediterranean, and Turkey’s increasingly vocal support to Azerbaijan as it clashes with Armenia in Nagorno-Karabakh.

END

6.Global Issues

7. OIL ISSUES

Interesting! Poland, a strong ally of the USA is trying to thwart Nord Stream 2.  Poland has now initiated believe it or not sanctions on the Russian operator Gazprom. It will have little effect\

(Paul Antonopoulos/InfoBrics.org)

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.1744 UP .0002 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 /MIXED

USA/JAPAN YEN 105.37 DOWN 0.101 (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 1.2978   UP   0.0045  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3139 DOWN .0002 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  WEDNESDAY morning in Europe, the Euro ROSE BY 2 basis points, trading now ABOVE the important 1.08 level RISING to 1.1744 Last night Shanghai COMPOSITE DOWN 18.97 PTS OR .56% 

//Hang Sang CLOSED UP 17.41 PTS OR .07%

/AUSTRALIA CLOSED DOWN 0,20%// EUROPEAN BOURSES ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 17.41 PTS OR .07% 

/SHANGHAI CLOSED DOWN 18.97 PTS OR .56% 

Australia BOURSE CLOSED DOWN 0.20% 

Nikkei (Japan) CLOSED UP 24.75  POINTS OR 0.11%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1900.10

silver:$24.18-

Early WEDNESDAY morning USA 10 year bond yield: 0.717% !!! DOWN 2 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.497 DOWN 3  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 93.49 DOWN 4 CENT(S) from  THURSDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.13% 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/56

SPANISH 10 YR BOND YIELD: 0.14%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.67 DOWN 0 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.58% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.25% 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 WEDNESDAY

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

Euro/USA 1.1758  UP     .0016 or 16 basis points

USA/Japan: 105.06 DOWN .412 OR YEN UP 41  basis points/

Great Britain/USA 1.3024 UP .0090 POUND UP 90  BASIS POINTS)

Canadian dollar DOWN 4 basis points to 1.3145

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The USA/Yuan, CNY: closed 6.7151    ON SHORE  (UP)..

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

TURKISH LIRA:  7.95  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield DOWN 2 IN basis points from TUESDAY at 0.712 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.490 DOWN 2 in basis points on the day

Your closing USA dollar index, 93.35 down 18  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 WEDNESDAY: 12:00 PM

London: CLOSED DOWN 35.65  0.58%

German Dax :  CLOSED UP 9.07 POINTS OR .07%

Paris Cac CLOSED DOWN 5.95 POINTS 0.12%

Spain IBEX CLOSED UP 41.40 POINTS or 0.60%

Italian MIB: CLOSED UP 49.04 POINTS OR 0.25%

WTI Oil price; 41.04 12:00  PM  EST

Brent Oil: 43.10 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    77,55  THE CROSS HIGHER BY 0.56 RUBLES/DOLLAR (RUBLE LOWER BY 56 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.58 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 :  41.03//

BRENT :  43.32

USA 10 YR BOND YIELD: … 0.728..down 1 basis point…

USA 30 YR BOND YIELD: 1.508 down 1  basis point..

EURO/USA 1.1747 ( UP 5   BASIS POINTS)

USA/JAPANESE YEN:105.15 DOWN 320 (YEN DOWN 32 BASIS POINTS/..

USA DOLLAR INDEX: 93.40 DOWN 13 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3019 UP 85  POINTS

the Turkish lira close: 7.909

the Russian rouble 77.67   DOWN 0.63 Roubles against the uSA dollar. (DOWN 63 BASIS POINTS)

Canadian dollar:  1.3149 DOWN 8 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.58%

The Dow closed DOWN 165.81 POINTS OR 0.58%

NASDAQ closed DOWN 95.17 POINTS OR 0.80%


VOLATILITY INDEX:  26.40 CLOSED UP .33

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

USA trading today in Graph Form

Banks Bloodbath, Bonds Bid, Dollar Drops & Gold Pops

Mnuchin’s “difficult to get a deal done before the election” prompted weakness in stock markets but a glance at Nasdaq and it would seem that as op-ex looms on Friday, the ‘gamma-squeezers’ have backed off…

Source: Bloomberg

It’s a mad, mad world for sure…

While Trannies managed gains today, all the majors ended clustered together in the red, led by Nasdaq and Small Caps (ugly close)…

With The Dow and Small Caps back into the red for the week…

Banks were battered again…

Source: Bloomberg

Led by BofA and Wells Fargo…

Source: Bloomberg

Financials continue to track the Treasury curve…

Source: Bloomberg

Election uncertainty improved modestly today but remains highly elevated…

Source: Bloomberg

HY bond spreads reached back to their tightest since COVID…

Source: Bloomberg

Treasury yields were modestly bid today, led the long-end…

Source: Bloomberg

With 30Y back at 1.50%…

Source: Bloomberg

The dollar dumped today (as cable rallied), erasing yesterday’s gains…

Source: Bloomberg

Cryptos were broadly lower today…

Source: Bloomberg

Gold futures rallied back above $1900…

Silver futures bounced higher off $24…

And oil gained with WTI back above $41 ahead of tonight’s API inventory data…

Finally, “do you even lift?”

Source: Bloomberg

1000% since the March lows – ‘natural’ gains!

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//THIS AFTERNOON

Stocks Slump To Low Of Day After Mnuchin Comments

On the heels of Pelosi’s meltdown last night on CNN, Treasury Secretary and the Speaker met this morning to discuss COVID Relief. It went as well as every other similar discussion has gone in the last month…

Mnuchin commented specifically:

“…getting something done before the election is difficult…”

And stocks slipped to the lows of the day, pushing The Dow and Small Caps into the red from Friday…

We look forward to CNN’s Wolf Blitzer asking Pelosi again, why $1.8 trillion is not enough?

“Why not work out a deal with [President Trump] and don’t let the perfect as they say here in Washington, be the enemy of the good?”

Why not indeed Wolf?

END

ii)Market data/USA

Soaring food costs sends PPI much higher in September

(zerohedge)

Soaring Food Costs Send Producer Prices Higher In September

Following yesterday’s mixed bag for consumer prices (used cars soaring, rent/shelter slowing), producer prices were expected to shift back into very modest inflation YoY in September (and after 5 straight months of deflation), and across the board PPI printed hotter than expected.

PPI Final Demand rose 0.4% MoM (double the +0.2% exp) sending PPI up 0.4% YoY (against expectations of a 0.2% rise) – the first inflationary print since March…

Source: Bloomberg

That is the highest PPI YoY since February (pre-COVID).

While Energy costs are lower (-0.3% MoM, -11.4% YoY), Food costs are the biggest incremental driver of the hotter than expected inflationary print, rising 1.2% MoM (+13.3% YoY).

Certainly nothing here to stall The Fed’s ongoing inflationary pressure.

end

Economic Stories of Importance/USA

Looks like AMC is in big trouble and may be seeking bankruptcy protection

(zerohedge)

A Bailout For Hollywood Stars Next? World’s Largest Movie Chain Prepares For Bankrutpcy

In what may end up as the most poetic outcome of the covid crisis, one which has seen Hollywood’s starved-for-attention C-listers take their clothes off in hopes of attracting attention making a political stand for either wearing masks or supporting the one presidential candidate who has all but assured more nationwide lockdowns are coming (because scientists)…

… Hollywood’s movie stars may be next in line for a taxpayer bailout.

What could precipitate such an outcome? Well, if the primary source of revenue for Hollywood – namely billions in annual box office revenue – is indefinitely shuttered, then movie studios and producers would have no choice but to apply a very major haircut to those $20 million checks they hand out to the star du jour.

Ironically, this is the outcome that appears increasingly likely and complies directly with Hollywood’s explicit demands for continued social and economic lockdowns. The reason: AMC Entertainment Holdings, also known as AMC Theaters, the largest movie theater chain in the world, is rapidly running out of cash and is considering “a range of options that include a potential bankruptcy to ease its debt load as the pandemic keeps moviegoers from attending and studios from supplying films” Bloomberg reports.

In advance of what may be the biggest movie chain bankruptcy in history, lenders to AMC – who have hired Gibson Dunn as legal advisor and bankruptcy experts Greenhill & Co as bankers – have held preliminary talks among themselves about providing the movie-theater company with financing if it decides to file for Chapter 11 court protection, according to Bloomberg sources. And while the fresh cash would keep AMC in business while it crafts a recovery plan, absent a wholesale return to normalcy – which is unlikely until well into 2021 after there is not only a vaccine but a majority of the population is willing to get vaccinated – any liquidity injection would merely kick the can for a few months.

AMC’s attendance since the resumption of business in the U.S. is down about 85% from the same period a year ago, the company said.

It’s not just AMC: last week UK cinema chain Cineworld suspended operations because business is not viable as virus restrictions stand. Indeed, cinema chains are facing a chicken-and-egg problem with no near-term solution: As local capacity restrictions and audience skittishness keep U.S. theaters largely empty, studios are delaying most of their major film releases into 2021 and beyond, which gives consumers still less reason to buy tickets.

In short, as Rabobank’s Michael Every said recently, “the movie industry – how we watch them, and so the money for how they are made, if they are made – could be dying, indicative of a whole key slice of the service-sector economy.”

And while the situation “remains fluid and plans could change” according to the report, what really matters – at least to Hollywood – is that ticket sales have cratered because state and local officials are urging moviegoers to stay home. Ironically, so do Hollywood’s own stars.

END
Many bankrupt restaurant chains are just handing over the keys to their lenders
(zerohedge/Restaurant Business)

Bankrupt Restaurant Chains Hand Their Keys To The Lenders

By Jonathan Maze at Restaurant Business,

Last week, California Pizza Kitchen canceled its auction after no worthy bidders came forward to buy the casual-dining chain. The result: The company will likely end up in the hands of its lenders. That came the same week that Ruby Tuesday started its bankruptcy process with a plan that hands the keys to the chain to its lenders.

Such deals are far from uncommon and totally understandable. But it’s indicative of the state of the business that once-venerable chains can’t even scrounge up bidders to help fuel bankruptcy auctions.

Indeed, several companies that have filed for bankruptcy since the pandemic have ended up sold in credit bids. CraftWorks, the owner of Logan’s Roadhouse and Old Chicago that declared bankruptcy before the pandemic, was sold through a credit bid in May. Aurify Brands acquired both Le Pain Quotidien and Mayson Kaiser by first acquiring the debt for the two brands and then using that to take over the company.

To get an idea of why this is happening now, we asked Petition, a journalist who covers corporate bankruptcies and restructuring, to get an idea of what’s going on.

“With too many restaurants per capita pre-pandemic and uncertainty about COVID-19 heading into winter, strategic buyers are scurrying to their foxholes to avoid the shakeout,” they said. “Existing lenders have no choice but to play out their option, hoping that less competition, strong digital adoption and execution, a slimmer balance sheet, a reduced footprint and focused management will bridge them to an industry comeback.”

To be sure, the companies above occupy some of the most challenging sectors or subsectors during the pandemic.

Both Le Pain Quotidien and Maison Kayser, for instance, are bakery-cafe concepts in urban areas. Those types of concepts face an uncertain future thanks to empty offices as consumers work from home, along with a potential flight of residents toward the suburbs.

Ruby Tuesday has been struggling and shrinking for more than a decade. It has closed nearly half of its units since 2017 and is less than a third of the size it was back in 2008. Bar and grill casual dining itself faces significant questions—TGI Fridays, once the leading casual-dining chain, is also shrinking.

California Pizza Kitchen is another casual-dining chain. But it was built around pizza. Consumers have shifted much of their pizza consumption to delivery, leaving full-service pizza concepts behind.

Buyers simply aren’t ready to take the plunge on those types of concepts. The business for dine-in sales is weak. It is also expected to remain weak for some time. That leaves the companies with little choice but to hand the keys to the lenders and walk away.

Any buyer of such chains will want that company reduced to only the most profitable locations. And they’re going to want that company for a considerably smaller price than the face value of the secured debt.

A lot of investors live to buy concepts through credit bids. They buy the secured debt on the secondary market, often for considerably discounted prices—lenders, believing they’ll be unlikely to get their money back and eager to get an unworkable loan off the books, will sometimes sell the debt at a discount.

Investors step in and buy the debt cheap. That can give them the inside track when a company ends up in bankruptcy. If a buyer willing to pay the face value of the debt emerges during an auction, the investor can make money based on the discount they paid for that debt. If not, they get the chain and can run it until the situation improves.

But such sales can often prolong the life of a chain that wouldn’t survive on its own, extending the life of “zombie” chains that aren’t growing and aren’t innovating and simply exist. The pandemic, of course, is creating zombies in all sorts of industries. Restaurant chains included

You have to see this:  Pelosi is slammed by CNN’s Wolf Blitzer on
the failure of her to negotiate with Trump on pandemic relief! We are now witnessing for the first time, the mainstream media starting to rebel against the crazy Democrats.  First it was Biden on the court packing and now this:\(zerohedge)

Pelosi Slams CNN’s Wolf Blitzer: “You’re Always An Apologist For Republicans”

The world just turned upside-down for a few glorious minutes when CNN’s Wolf Blitzer removed his anti-Trump activist mask and dared to ask House Speaker Nancy Pelosi some uncomfortable questions.

The conversation about why the Democrats refused to accept the $1.8 trillion COVID Relief bill offered by The White House quickly turned ugly when Blitzer brought up the following tweet from one of her own – Democratic Congressman Ro Khanna…

Pelosi grinned awkwardly, then unleashed on the bearded reporter:

I don’t know why you’re always an apologist and many of your colleagues are apologists for the Republican position… Ro Khanna, that’s nice. That isn’t what we’re going to do,” wagging her fingers in a matronly way.

She went on briefly reverting to talking points about supporting “our heroes” by funding state and local governments, but in an uncharacteristic move, Blitzer refused to back off, “…there are million of Americans out there who can’t pay the rent, feed their kids and $1.8 trillion [is a lot]” adding that he’s also spoken with former Democratic presidential candidate Andrew Yang, who said to take the deal, “it’s not everything you want, but there’s a lot there.”

Pelosi was rattled – this is what what she signed up for ….

Honest to God, I really can’t get over it. Because Andrew Yang, he’s lovely. Ro Khanna, he’s lovely. They’re not negotiating this situation… they have no idea…

and then said I didn’t come over here so you’re the apologistfor the Obama…” but before she could correct her mis-speak, Blitzer fired back by urging her to reach out to the president and make a deal.

Why not work out a deal with [President Trump] and don’t let the perfect as they say here in Washington, be the enemy of the good?”

That was the tipping point and Angry Nancy was exposed…

What makes me amused if it weren’t so sad is how you all think that you know more about the suffering of the American people than those of us who are elected by them to represent them at that table... It is unfortunate that we do not share our values with this White House.”

More talking points gushed forth, not addressing any of the issues that Blitzer dared to utter. Pelosi exclaimed:

With all due respect, and we’ve known each other a long time, you really don’t know what you’re talking about. . . Do a service to the issue and have some level of respect for the people who have worked on these issues, written the bill to begin with.”

The cage-match ended even more stunningly as Blitzer and Pelosi spoke over each other, fighting for the last word…

“Madam speaker, these are incredibly difficult times right now and we’ll leave on that note,” Blitzer said.

No, we’ll leave it on the note that you’re not right on this, Wolf, and I hate to say that to you,” Pelosi responded,

Pelosi refused to allow Blitzer – the anchor of the show – the final word on his show:

“Thank you for your sensitivity to our constituents’ needs,” Pelosi said with dry sarcasm.

I am sensitive to them because I see them on the street begging for food, begging for money,” Blitzer said.

Have you fed them? We feed them,” she snapped as the show ended…

Did CNN just realize that if Trump loses, their viewership will truly go thru the floor?

END
FUNNY
(ZEROHEDGE)

Rep. Doug Collins Introduces Resolution To Remove Nancy Pelosi For Lack Of Mental Fitness

House Speaker Nancy Pelosi (D-CA) may get a taste of her own medicine after Rep. Doug Collins (R-GA) introduced legislation to push for her removal as House speaker because she “does not have the mental fitness” to lead the House.

“Speaker Nancy Pelosi’s unwillingness to abide by the Constitution, combined with her recent actions, call into question her own mental fitness, which is why it’s critical that the House of Representatives demand her removal from the line of succession,” Collins told Fox News.

A draft of Collins’ resolution, obtained by Fox News, argues that Pelosi “is unable to adequately serve as Speaker of the House of Representatives and should therefore be removed from her position.”

The resolution states that Pelosi “has spent the majority of the House of Representative’s time pursuing baseless and fruitless investigations” against President Trump and his administration, including launching an impeachment inquiry against him in the fall of 2019. –Fox News

“On October 31, 2019, Speaker Nancy Pelosi oversaw the first party-line vote to begin an impeachment inquiry into a president in the history of our country,” the resolution continues.

Collins also cites Pelosi ripping up President Trump’s State of the Union speech in February “before the American people,” and that she “visited a shuttered hair salon in San Francisco where she received a blow-out without wearing a mask in violation of San Francisco’s laws concerning the coronavirus,” then “cast blame on the salon’s owner for ‘setting her up.’”

“Over her tenure of her speakership, Speaker Nancy Pelosi has started to demonstrate a decline in mental fitness, calling into question her ability to adequately serve the House of Representatives and the American people,” it continues.

Collins also references a Tuesday interview  in which Pelosi lashed out at CNN‘s Wolf Blitzer after being pushed on why she won’t accept the Trump administration’s $1.8 trillion coronavirus relief package.

There are Americans who are being evicted from their homes, they can’t pay the rent. Many Americans are waiting in food lines for the first time in their lives,” said Blitzer, who noted several Democratic colleagues who had urged the Speaker to compromise – to which Pelosi snapped: I don’t know why you’re always an apologist and many of your colleagues are apologists for the Republican position.”

And three weeks ago Pelosi ‘glitched’ in the middle of an interview with ABC’s George Stephanopoulos – blurting out ‘good morning, Sunday morning’ after hesitating to answer a question.

Collins’ resolution comes on the heels of Pelosi’s announcement last week that she is assembling a commission which would allow Congress to oust a president from office using the 25th Amendment, just one day after accusing President Trump of being in an “altered state” while recovering from coronavirus.

Pelosi denied that it had anything to do with the election, and argued that the committee would “give some comfort to people” regarding the stability of government.

Under the 25th Amendment, Congress, the cabinet and vice president can strip powers from a president if for some reason he or she is declared unfit under dire circumstances. But that requires a 2/3 vote of both houses.

Section 4 of the 25th Amendment also states that a majority of “such other body as Congress may by law” determine if the president cannot discharge the powers and duties of his office. The 25th Amendment was ratified in 1967, and Rep. Jamie Raksin, D-Md., who appeared with Pelosi last week, said it’s time for Congress to set up this “body.” –Fox News

Is octogenarian Nancy Pelosi fit to lead the House?

iv) Swamp commentaries)

Huge story!! Federal tax judge now allows Clinton foundation whistleblower complaint to proceed.  Strangely the opposition and the guys who lost this court battle was the IRS

a must read…

(zerohedge)

Federal Judge Allows Clinton Foundation Whistleblower Complaint To Proceed, Rules IRS ‘Abused Its Discretion’

A US tax court judge is allowing a whistleblower complaint to proceed against the Clinton Foundation after finding that the IRS “abused its discretion” when it attempted to dismiss allegations of wrongdoing by the nonprofit, according to Just The News.

Judge David Gustafson found that whistleblower John Moynihan – a former Drug Enforcement Agency (DEA) official, and Larry Doyle, a corporate tax compliance expert “provided ‘specific credible documentation’ supporting their allegations” of potential legal violations by the Arkansas-based charity.

John Moynihan and Larry Doyle testify before Congress in December, 2018

Gustafson, who struck down the IRS’s request for a summary motion, said that the agency’s Whistleblower Office wrongly denied the pair’s claims on the basis of the IRS’s Criminal Investigation (CI) office saying in an email that the complaint was closed.

The judge said he had reason to believe from the evidence that the IRS and the FBI engaged in some investigative activity.

The record “fails to support the WBO’s conclusion that CI had not proceeded with any action based on petitioners’ information. Accordingly, we deny the motion on the grounds that the WBO abused its discretion in reaching its conclusion, because not all of its factual determinations underlying that conclusion are supported by that record,” Gustafson wrote. –Just The News

The judge also suggested that the FBI was involved in an IRS investigation – citing nonpublic information in his ruling which was contained within IRS records in which the whistleblowers relay their exchanges with law enforcement.

The FBI in [redacted] has thanked us profusely and praised our report excessively. As one individual close to the investigation commented to me, ‘you and your colleagues have saved numerous federal agents thousands of hours of work.'”

Meanwhile, it was reported in late September that US Attorney John Durham is looking into the Clinton Foundation’s alleged tax issues.

The pair of whistleblowers are financial forensic investigators who believe that the Clinton Foundation may have violated IRS codes relating to the Organization and Operational Tests for a 501c3 public charity with specific details addressing Misrepresentations and Misuse of Donated Public Funds. On top of that, they also addressed their probable cause assertion that the Clinton Foundation acted as an agent in violation of IRS code and the Foreign Agent Registration Act. These whistleblowers also highlighted that private foundations, including the Gates Foundation, that have donated to the Clinton Foundation are themselves subject to taxation based on IRS codes relating to Donors’ Responsibilities. Ultimately, Doyle and Moynihan maintained that the Clinton Foundation could be subject to paying tax on anywhere from $400mm to potentially as much as $2.5 billion of revenue.

Doyle and Moynihan have amassed 6,000 documents in their nearly two-year investigation through their private firm MDA Analytics LLC.

“The investigation clearly demonstrates that the foundation was not a charitable organization per se, but in point of fact was a closely held family partnership,” said Doyle, who formerly worked on Wall Street and has been involved with finance for the last ten years conducting investigations.

“As such it was governed in a fashion in which it sought in large measure to advance the personal interests of its principals as detailed within the financial analysis of this submission and further confirmed within the supporting documentation and evidence section. –The Hill

And so, with Gustafson’s ruling, the case moves forward – with Moynihan and Doyle’s latest filing asking the court permission to take a deposition from the chief of accounting compliance for the state of Arkansas, Jimmy Corley. According to JTN, the court has sealed the request.

END

James OKeefe is at it again and this time catches Colorado democratic committee member talking about and encouraging violent revolution

(zerohedge)

“Guillotines, Motherf*cker”: Colorado Democratic Committee Member Caught On Hidden Camera Talking Violent Revolution

Prominent Colorado Democrat Khristopher Jacks, who sits on the executive committee for the state’s Democratic party and chairman of leftist organization “Our Revolution” was caught on undercover footage by Project Veritas promoting a violent agenda for far-left Democrats if President Trump wins in November..

“I am going to do everything morally acceptable to win. I will lie. I will cheat. I will steal. Because that’s morally acceptable in this political environment. Absolutely. We are pirates on a pirate ship,” said Jacks, who functions as trainer, mentor and on-the-ground quarterback at Our Revolution protests.

I want to make this point very loudly and very clearly. I said it nicely before, but I’ll say it more curtly now. 2020 is a political revolution,” he added.

If Trump wins the November election, “I’m gonna be in my garage, right next to my gun safe, all night long, on the 3rd, because that is how seriously I take this stuff,” said Jacks.

Jacks claims the left is “armed and ready to go” in the event of civil war, adding “there’s a reason you guys feared the Communists more than you feared the Nazis.”

Well, when it comes to civil war, violence type stuff there’s always military guys, like former guys that stand up for the right thing–when that time comes, then we gotta get some of those type people involved,” he said.

Apparently Jeff Bezos is the first guy he’d kill.

Kristopher Jacks: “If you want to do some Versailles shit. If you want to do some Antifa shit. You really want to change this country that way, with violence, there’s only one way to do it. You gotta get people that are close to billionaires and start just, random billionaires start turning up dead. And nobody knows what the f**ks going on. Nobody knows. Nope, I don’t know. They just turned up dead. And just three or four of ‘em is all it’s going to take. All it’s going to take is a pattern of I don’t know, I don’t know man. I don’t know what happened. Just showed up that way. I walked in. That’s how it was. That’s the only way that’s, you do that to three or four people enough to say that this is a pattern, and this is why – draw a dollar sign on their desk or whatever you do, that’s what it’s going to take. It’s going to take a strategic hit against the .1% that’s in charge, cause that’s who it is. Killing random Nazis in the street, random f**king bootlickers.”

Journalist: “But like who are those like three or four billionaires right now that if it went to that?”

Jacks: “Doesn’t matter.”

Journalist: “Doesn’t matter who.”

Jacks:“Doesn’t matter who… I mean Bezos at the top of the list.”

Journalist: “Who?”

Jacks: “Bezos.”

Read more of the conversation below (via PV):

Kristopher Jacks: “I think the right wing has a monopoly right now on strong, violent rhetoric, and I think they underestimate how many people on the left are organized, trained, armed, and ready to go should they decide to do their sh*t. And I think all it will take is our numbers and a reminder that yeah, there’s a reason you guys feared the Communists more than you feared the Nazis.

Journalist: “So, you think the right wing—”

Jacks: “They’re a bunch of b*tches. They’re b*tch *ss bootlickers, man.”

Journalist: “Who’s the people on the left though?”

Jacks: “Doesn’t matter. We have the army already. We’re gonna show up in numbers. We’re gonna show up in mass.

“We have Jacks on tape saying: ‘I will knock people down the stairs as long as they don’t die to make this happen’ and ‘When I look at everything, I mean again, I believe there is absolutely justified violence in all sorts of circumstances,’” O’Keefe said.

Journalist: “What do you think about like Antifa?”

Jacks: “Antifa’s great, man. I think it’s uh, Charlottesville dude. When you got people marching in the street, running people over and sh*t like that, you got people firing guns, trying to provoke sh*t, yeah even people there that are willing to stand between them and ordinary people.”

Journalist: “Yeah, I like that hit-the-streets-type mentality, you know.

Jacks: “Yeah, no and there’s definitely, there are definitely times for it, I just don’t think it’s uh, I mean it’s–that awesome thing that’s, one of those cards you have to have in your back pocket, man. Martin Luther King wouldn’t have been as successful if it wasn’t for Malcolm X and Nation of Islam, Black Panthers, all of them doing their thing too.”

* * *

Jacks: “But they ain’t stabbing mother f**kers like they used to. They don’t have to though cause they used to stab people. See? And that’s all we gotta say. Guillotines motherf**ker. That’s all we gotta say. Option A, what I’m proposing. Option two, slicey bois. What are your choices? Which one do you want?”

Journalist: “What do you mean? Guillotines?”

Jacks: “Unions have power because they used to stab mother f**kers, they used to bury people beneath Giants Stadium. We have power. Populist uprisings have power because we used to kill people. We used to hang people from gas stations. We used to cut off their heads. We don’t have to actually cut heads. We just have to say that we’re willing to cut off heads. You know what I’m saying? Nobody wants a slicey boi. Nobody wants one of those.”

Jacks also condemned moderate Democrats, which he says is ‘half his struggle.’

“It’s with f**kin moderates in the Democratic Party with all these people that are just scared of Trump. ‘Oh my God. I’m so scared. I got to do something,’ which is show up and piss off leftists.”

Plan to control Biden

According to Jacks, if Joe Biden wins the election, he knows the former VP will adopt the radical left’s agenda.

“As long as there’s progressive legislation that comes across his desk, I am confident we can occupy his house. We know where he’ll live, and yeah, he wants to veto Medicare For All. Let him veto it! He’s never leaving that house again without protest.”

Watch the full video below:

Jacks deleted his Twitter account following the Project Veritas release.

He has also been suspended from his job at CenturyLink pending the results of an investigation.

END
This is a huge smoking gun that puts VP Biden at the centre of the Burisma mess. In this latest email, Hunter Biden introduces his father to a Burisma executive.  This occurred on or about the day that Hunter Biden joins Burisma
(zerohedge)

Smoking Gun’ Emails Show Hunter Biden Introduced VP Dad To Burisma Executive

MSM organizations may have largely ignored findings from a Senate Intel Committee report, released last month, which claimed that some of Hunter Biden’s activities in Ukraine raised “counterintelligence and extortion” concerns. On the day that report dropped, Rep Adam Schiff brushed it aside, accusing his GOP colleagues in the Senate of “promoting the same Russian disinformation”, per the New York Post.

Well, we’d be interested to hear what Schiff & Company have to say about this.

In a shocking report based on documents collected by the FBI – but which haven’t been previously disclosed in the press – the New York Post reveals that Hunter Biden introduced his father – then the Vice President of the United States – to a top executive at Burisma, the shady Ukrainian energy firm where Biden once served as a board member.

Emails contained in the report shed new light on Biden’s claims that he successfully forced former Ukrainian President Petro Poroshenko to fire a public prosecutor named Viktor Shokin. Biden bragged about leveraging $1 billion in US aid to force Poroshenko to fire Shokin, who was opposed by both the US and the EU. However, Shokin was reportedly working on an investigation into the management and executive board of Burisma, a group that included Hunter Biden, and his former business partner Devon Archer, whose conviction on securities fraud charges in the US was recently reinstated.

The emails offer evidence that Hunter Biden did in fact introduce his father to a top executive at Burisma less than a year before the vice president moved to oust Shokin, thereby quashing an investigation into the firm. The meeting is referenced in emails between Vadym Pozharskyi, an advisor to the board of Burisma, who sent Biden an email on April 17, 2015 thanking him for the introduction.

Another email also shows Pozharskyi, believed to be the No. 3 exec at Burisma, asking Biden about how the political scion could “use your influence” to help Burisma.

All of this would seem to undermine Biden’s claim that he has “never spoken to my son about his overseas business dealings”, which also included extensive dealings in China.

Another email dated on May 12, 2014, shortly after Hunter joined the board, shows Pozharskyi attempting to pressure Biden to use his “political leverage” to help the ompany. The message included the subject line “urgent issue” and also references an attempted “shakedown” by Ukrainian prosecutors under Poroshenko. According to Pozharskyi, prosecutors in the country had approached a man referred to as “NZ”, who was identifed by the Post as Burisma founder Mykola Zlochevsky, who went by the Americanized name “Nicholas”.

When “NZ” rebuffed their threats, they proceeded with “concrete actions” including “one or more pretrial proceedings,” Pozharskyi wrote.

“We urgently need your advice on how you could use your influence to convey a message / signal, etc .to stop what we consider to be politically motivated actions,” he added.

The timing of the email is also notable: It was sent just as Burisma was announcing Biden’s decision to join the executive board.

It’s merely the latest piece of evidence suggesting that the company brought Biden on to manage its “legal affairs” because it likely believed his pull with the US would protect Burisma from these types of prosecutorial “shakedowns”.

According to the Post, the images and correspondence were taken from the hard drive of a laptop that was dropped off at a repair shop in Delaware, and never retrieved. After seeing what was on the hard drive, the owner of the shop copied it, and turned it over to a lawyer connected with former NYC Mayor Rudy Giuliani. Giuliani reportedly turned it over to the NY Post over the weekend.

We imagine the MSM will cover up this report, as is standard practice for any concerning information involving Hunter Biden’s foreign business dealings.

end

Seems that a black, Trump supporters was kicked out of Southwest airlines for lowering his face mask to eat peanuts

(zerohedge)

Southwest Boots Black Trump Supporter For Lowering Face Mask To Eat

Profile picture for user Tyler Durden

Southwest Airlines is taking flack after a viral video shows a flight attendant kicking a black Trump supporter off a flight after he reportedly lowered his “Trump” face mask to eat nuts.

The airline says the man, who was also wearing a “Black Voices for Trump” hat, refused multiple requests to wear a face covering.

The video, filmed by conservative activist and attorney KrisAnne Hall, shows the man eating a bag of mixed dried fruit and nuts while the mask rests below his chin. He can be heard arguing with a flight attendant, explaining that his mask was down because he was eating.

“Can you tell us the policy that prevents him from taking his mask off while he’s eating, please?” Hall can be heard asking the flight attendant.

Moments later the man packs up and heads for the exit while Hall continues to ask the employee questions about the airline’s mask policy.

According to Hall, the man – identified as Philip Ndifon – was ‘actively eating and complied when asked to wear a mask,’ adding ‘other people eating and they aren’t kicked off the plane… Yet a black man in a Trump hat gets kicked off.’

The airline has faced backlash over the incident.

Southwest told Newsweek “The customer did not comply with our crew’s multiple verbal requests—including while boarding the flight before seated. Therefore, the decision was made to return to the gate and re-accommodate him on a later flight to his final destination after receiving assurances he would comply with our face covering policy,” adding ” We regret the inconvenience the situation created for all involved, but our crew must uphold the well-being and comfort of all passengers.”

“Our policy clearly states that we require all customers over the age of two to wear a face covering or face mask while traveling to help prevent the transmission of COVID-19.”

Except that’s not quite what happened according to witnesses.

end

The dying of malls in the USA

(Mish Shedlock)

How Malls Die (Slowly, Then All At Once)

Authored by Mike Shedlock via MishTalk,

300 Class B Malls in the US are dying a slow death.

How Malls Die 

Bloomberg discusses the Crystal Mall in Waterford Connecticut as an example of the fate of a Typical Class B Mall, Anywhere, USA.

All in all, as many as 25,000 stores could close in the U.S. this year, mostly in malls, according to Coresight. That would demolish the previous record of about 9,800 closures, set in 2019.

Between bankruptcies, distressed owners, store closures and existing vacancies, at least half of Crystal Mall’s square footage is now at risk. And hundreds of other B malls around the country are in the same boat.

Class B Mall Locations

The lead image is a composite I created from an interactive Bloomberg graphic.

Six retailers in the mall have filed for bankruptcy in the last three years.

Retailers such as Macys, the Christmas Tree Shops, etc., (black and white hatched) have not said they are leaving the Waterford mall, but they have announced closures.

With 35 vacant storefronts already, the mall appears doomed.

Declassified FBI spreadsheet exposes the Steele Dossier farce and how this whole thing erupted

(zerohedge)

Declassified FBI Spreadsheet Exposes Steele Dossier Farce: Media Reports On FBI Reports Of Media Reports

Authored by ‘sundance’ via TheConservativeTreehouse.com,

CBS News Catherine Herridge has obtained a 94-page spread sheet (pdf here) showing dates of media reports, dates of Steele reports on the same material, and the FBI effort to verify or validate the circular process.   In essence this is evidence of the process we initially shared almost three years ago; only now we know the names.

Former SSCI staffer Dan Jones, former Wall Street Journal reporter Glenn Simpson, and Simpson’s crew at Fusion-GPS, pitched and planted phony Trump-Russia evidence with the media and simultaneously gave those fake points to Chris Steele to supplement the dossier.  Using the same method of Ezra Klein’s “JournOList” replication, Dan Jones and Fusion-GPS paid the journalists to run the stories.

…”media reports on FBI reports of media reports”…

Steele then used the same information from Jones and Fusion in his Dossier and cited the planted media reports; as evidence to substantiate.  The Dossier is then provided to the FBI.  The journalists then provide *indulgences* to the FBI as part of the collaboration.

The FBI, specifically Lisa Page, Peter Strzok and public information office Mike Kortan, then leak the outcomes of the FBI Dossier investigative processes to the same media that have reported on the originating material.   It is all a big circle of planting and laundering the same originating false material; aka a “wrap up smear.”

Here’s the 94-page spread sheet:

Steele Spreadsheet 1 by Herridge

Michael Isikoff highlighted the level of how enmeshed media is with the Fusion team in February 2018 when he admitted his reporting was being used by the DOJ and FBI to advance the political objectives of the intelligence community.

Additionally, FBI investigator Peter Strzok and FBI attorney Lisa Page were shown in their text messages to be leaking stories from the Clinton Investigation, the Trump investigation and the Mueller investigation to journalists at Politico, The Wall Street Journal and Washington Post. –SEE HERE

FBI Deputy Director Andrew McCabe was busted by the Inspector General leaking stories to the media and then lying about it to INSD and IG investigators. FBI Director James Comey admitted to leaking stories to the New York Times, and even hired his friend Andrew Richman (off-the-books), gave him access to FBI and NSA databases, and then leaked information to Richman along with another friend Benjamin Wittes at Lawfare blog.

Lest we forget, the IG report on how the FBI handled the Clinton investigation revealed that dozens of FBI officials were actually taking bribes from the media for information:

IG REPORT – We identified numerous FBI employees, at all levels of the organization and with no official reason to be in contact with the media, who were nevertheless in frequent contact with reporters. Attached to this report as Attachments E and F are two link charts that reflect the volume of communications that we identified between FBI employees and media representatives in April/May and October 2016. We have profound concerns about the volume and extent of unauthorized media contacts by FBI personnel that we have uncovered during our review.

[…] We do not believe the problem is with the FBI’s policy, which we found to be clear and unambiguous. Rather, we concluded that these leaks highlight the need to change what appears to be a cultural attitude among many in the organization. (link to pdf – page Xii of executive summary)

Madness.

This is an IG fact-based criticism of the institution of the FBI, not simply a few rogue officials within it.

But wait…. Perspective:

Later it was revealed that Andrew Weissman, Robert Mueller’s #1 special counsel prosecutor, was coordinating investigative efforts with the full support of four AP reporters who were giving Weissman tips.  That’s information from journalists to use in his court filings and submitted search warrants.  Make sure you grasp this: The AP journalists were feeding information to their ideological allies within the special counsel.

Nuts; simply, well, nuts.

And then there’s Devlin Barrett, Lisa Page and Peter Strzok:

(Source Link – pdf Page #5)

Additionally, Christopher Steele has stated in U.K. court records the person in charge of the Clinton Campaign’s opposition research firm, Glenn Simpson from Fusion GPS, arranged and coordinated for Mr. Steele to talk to several journalists (CNN, The New York Times, The Washington Post, Yahoo News and Mother Jones) while Mr. Steele was also the primary source of information for the FBI investigators (including Strzok and Page):

(Source – page #8)

Make sure you read that full response from Christopher Steele above to see the scope of the media engagements he was conducting.

As more evidence surfaces the relationship between journalists, Fusion-GPS, Chris Steele and the media’s DOJ/FBI sources begins blending together. The FBI was using media reports, which were based on Fusion-GPS pitches, to bolster its investigative documents to the FISA court. It is an intelligence laundry operation:

According to the U.K records, Christopher Steele reports this September 2016 meeting with Isikoff was arranged by Glenn Simpson. According to Michael Isikoff on his February podcast, he met Christopher Steele at a Washington, D.C. hotel in Sept. 2016. They were joined by his “old friend” Glenn Simpson, the founder of opposition research firm Fusion GPS, who Isikoff now defines as a “private investigator.”

So Christopher Steele was meeting with journalists, the journalists were writing articles; the FBI was leaking to media and simultaneously citing those same articles as underlying evidence to support their counterintelligence investigations; and all of this was used to validate the investigative documents the FBI was receiving from Christopher Steele; who, along with the leaking FBI officials, was also the source of the media articles.

FUBAR! This is exponentially bonkers.

This is a circle of information, all coming from Dan Jones and Glenn Simpson at Fusion GPS, who was the opposition research firm being financed by Hillary Clinton, along with FBI officials who were using their own strategic leaks to validate their own investigation.

Think about the scale of the reporting, and reporting on reporting, of anonymous leaks, false leaks, lies from “people with knowledge of the matter”, “government officials involved in the matter”, “people familiar with the matter”, “government sources” etc. all going in one unified and semi-coordinated direction – against the aggregate Trump administration.

Now, it actually gets even more convoluted.

Christopher Steele has sworn under oath that he met with multiple journalists (at least eight organizations) in September, mid-October, and late-October 2016: “at Fusion’s instruction“. (pdf page #7)

Overlay upon that sworn admission with what Glenn Simpson (Fusion-GPS) told the House Intelligence Committee while also under oath about his involvement in sharing information derived from Christopher Steele:

(Testimony – pdf link, page #147)

…”without my knowledge and against my wishes”?

Huh?

FBI Director James Comey admits to leaking his ‘memos’ to the New York Times. FBI Deputy Director Andrew McCabe was busted for leaking and lying about it. FBI #2 Counterintelligence Agent Peter Strzok and FBI Attorney Lisa Page are caught in their text messages leaking to Politico, The Wall Street Journal and The Washington Post.

…. AND the FBI is caught, in at least one FISA application, using Yahoo media reports provided by them AND their investigative source Christopher Steele to establish a basis for FISA “Title I” surveillance; the most intrusive and wide-open search and surveillance authority possible.

The Clinton Campaign is paying Fusion-GPS to conduct opposition research against Donald Trump. In addition to the collaboration between Dan Jones, Glenn Simpson pushed that opposition research into the media, and Fusion GPS is also providing that opposition research –including information from contacts with media– directly to the FBI:

(pdf link – page #4)

… In addition to using the Fusion-GPS opposition research to underpin their counterintelligence investigation, the FBI then turn around and leak the same opposition research information to the media to create secondary support for their counterintelligence investigation.

Tell me again how the media can possibly write about this now?

The problem is not just corruption with the U.S. Justice System, the DOJ and the FBI; the problem is corruption within the media.

We’re talking about thousands of hours of media TV pundits, thousands more columns written, and almost every scintilla of it based on originating intelligence sources -from the larger intelligence system- that are now being exposed as duplicitous and conspiratorial in the scale of their malicious intent.

Hell, twenty-something-year-old “journalists” were so committed to the resistance narrative they were even sleeping with their sources to get any little engineering angle possible.

Now, over a period of several years, it has become increasingly obvious the collective journey, using all that expended effort, was intentionally going in the wrong direction.

The media have fully invested themselves in four months of narrative distribution in only one direction. Not a single MSM entity has questioned their travel as a result of false leaks or false sources in the totality of time they have covered the DOJ and FBI story.  They have even won Pulitzer prizes for writing stories about the lies and manufactured evidence.

Nothing within their collective need to will-an-outcome will change the media’s proximity to facts as the truthful story behind the DOJ and FBI corruption is finally exposed. The media are so far away from the place where this story ends, they have no inherent capability to even begin to travel in the opposite direction, toward the truth.

The only way they could align with the truth is to admit that virtually every scintilla of their reportage over the past four years was inherently false or manipulated by the “sources” distributing the material for their willfully blind reporting.

There’s not a single media outlet capable of doing that.

Think about a New York Times, CNN, New Yorker, Wall Street Journal, Mother Jones, Yahoo News or Washington Post journalist having to write an article deconstructing a foundation of four-years worth of lies they participated in creating.

Do we really think such a catastrophic level of corrupted journalism could reconstitute into genuine reporting of fact-based information?

EVER?

Impossible.

END

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

Politico’s @JakeSherman: MCCONNELL says the Senate will vote on “new funding” for the PPP next week. Dems have suggested in the past they would not accept this. 10:32 AM ET · Oct 13, 2020

The McConnell-European close rally ended about 8 minutes before Europe closed.  US stocks and equity futures then rolled over due to Pelosi.  Trading got extremely listless.

Pelosi Has No Intention to Meet McConnell in the Middle – BBG

Tells caucus she won’t accept GOP aid offer – BBG

@CurtisHouck: When even *CNN* and *Wolf Blitzer* are grilling Nancy Pelosi on why Democrats continue to reject any and all Republican stimulus offers, you know Dems might be playing politics. Watch as Pelosi snaps after failing to answer a basic question about why they won’t compromise.

https://twitter.com/CurtisHouck/status/1316128460197244930

https://twitter.com/CurtisHouck/status/1316131502585974784

Nancy Pelosi calls Wolf Blitzer a GOP ‘apologist’ during epic on-air spat

The exchange wrapped in a remarkably unhinged fashion as Blitzer and Pelosi spoke over each other — each fighting for the last word — while Blitzer tried to sign off…

https://nypost.com/2020/10/13/nancy-pelosi-calls-wolf-blitzer-a-gop-apologist-in-on-air-spat/

@realDonaldTrump: The World Health Organization just admitted that I was right. Lockdowns are killing countries all over the world. The cure cannot be worse than the problem itself. Open up your states, Democrat governors. Open up New York. A long battle, but they finally did the right thing!

The Partisan Split on Coronavirus is Extraordinary (Dems express far greater fear & concern)

It is amazing but I suspect these numbers will converge after the election…Democrats tend to be clustered in institutions and occupations that have been relatively lightly impacted by the coronavirus shutdowns, while Republicans predominate in the areas (e.g., small business) that the shutdowns have hit the hardest.

https://www.powerlineblog.com/archives/2020/10/the-partisan-split-on-coronavirus-is-extraordinary.php

Small Business Optimism Soars to Prepandemic Levels

The National Federal of Independent Business said Tuesday its optimism index rose 3.8 points to 104, a level it last reached in January (100.9 expected). That is among the highest readings recorded… https://www.breitbart.com/economy/2020/10/13/small-business-optimism/

@RyanDetrick: The S&P 500 is up 7.3% since 8/3/20 (3 months before the election). Historically, a strong stock market has been a good sign that the incumbent party would win. In fact, no President has ever lost an election with stocks up >7% the 3 months before the electionhttps://t.co/PVkuwWjhRV

JPMorgan’s Kolanovic Has A Warning For Those Expecting A Crushing Biden Victory

Kolanovic finds that changes of voter registration (change in registered D, R, D-R), is a significant variable in predicting the voting outcomes, a critical observation which virtually no existing polls takes into account since it would indicate that Republicans have a high likelihood of winning virtually all battleground states!... [We’ve been mentioning this for months.  Now add primary voting & crowds!]…

https://www.zerohedge.com/markets/jpmorgans-kolanovic-has-warning-those-expecting-crushing-biden-victory

Today is Weird Wednesday, which usually marks the peak intensity of the expiry week upward manipulation.  The decline on Tuesday eradicated the Monday rally and muted hopes of a boffo upward manipulation for expiry week.  Whether it’s the diminished probability of a large stimulus package or something else, there is a negative vibe in the market

.

Whitmer ‘Kidnapping Plot’ May Have Been an FBI Entrapment of a Bunch Of Crackpots

Graham argued in court that it was the FBI’s own informant involved with this group that was actively encouraging the others to engage in illegal activity. “One of the most active leaders was your informant,” Graham charged…

https://thefederalist.com/2020/10/13/whitmer-kidnapping-plot-may-have-been-an-fbi-entrapment-of-a-bunch-of-crackpots/

FBI spreadsheet exposed folly of Steele dossier claims, declassified copy shows

Document obtained by Just the News shows almost no intel reporting to support Steele’s claims, except for suspect source like Sputnik or the sister of a DNC operative

   Perhaps most remarkable of all, FBI analysts used an article written by the journalist sister of DNC contractor Alexandra Chalupa — a prominent purveyor of the Trump collusion narrative during the 2016 election — as possible support for Steele’s claim about the Moscow hotel sex story…

https://justthenews.com/accountability/russia-and-ukraine-scandals/fbi-spreadsheet-exposed-folly-steele-dossier-claims

@GreggJarrett: Huh? Biden: If We Do Not Find an Answer Within the Next 19 Years, Every Single Solitary Bed that Exists in the U.S. Will Be Occupied By an Alzheimer’s Patient

https://twitter.com/GreggJarrett/status/1316159165161713664

What genius told Joe to bring attention to Alzheimer’s disease?

Joe’s bad day campaigning in Ohio on Monday worsened at night.

@henryrodgersdc: Reporter: “56% of Americans said that they are better off today than they were 4 years ago under the Obama-Biden administration. Why should they vote for you?”  Biden: “Well if they think that, they probably shouldn’t”   https://twitter.com/henryrodgersdc/status/1315887926899769344

@TrumpWarRoom: “Only because you guys are fascinated with it!” Joe Biden blames the media for making an issue of his refusal to answer questions about Democrats planning to pack the Supreme Court.

https://twitter.com/TrumpWarRoom/status/1315878702996172800

Biden’s staff, VP-select Harris and Dem Sen Corey Booker repeatedly warned Joe to not regale audiences with old stories about his segregationist buddies.  But, Joe ignored them on Monday night.

@AZachParkinson: The Senator that Biden spoke of affectionately during this story he told today?  .It’s noted segregationist James Eastland.  Eastland is one of the two segregationist senators Biden praised last year for their “civility”   https://twitter.com/AZachParkinson/status/1315832268057960449

@TrumpWarRoom: “The white race is a superior race, and the Negro race is an inferior race,” said Democrat Senator James Eastland.  Joe Biden spoke fondly of this racist TODAY:

Joe Biden recalls working with segregationist senators: ‘At least there was some civility’ 6/19/19

Biden had previously been warned by advisers not to use Eastland as an example of someone he could work with despite many sharp disagreements, two people familiar with the matter said Wednesday…

https://amp.cnn.com/cnn/2019/06/19/politics/joe-biden-senate-segregationists-civility/index.html

On Monday night, probably due to adverse polling data, Joe made a non-denial denial on court packing.

Joe Biden says he is ‘not a fan of court-packing’ https://trib.al/nzeESRS

@GOPChairwoman: Fantastic data from @realDonaldTrump’s rally in Sanford: 15,852 voters identified; 31.8% were NOT Republicans; 16.3% were Democrat; 24.4% did not vote in 2016; 14.4% did not vote in the last 4 elections

@CraigCaplan: Judge Barrett responds to Durbin on the impact of George Floyd video: “Senator, as you might imagine given that I have two Black children, it was very, very personal for my family…We wept together in my room.”

@cspan: Judge Amy Coney Barrett: “Justice Ginsburg…used this to describe how a nominee should comport herself at a hearing  ‘No hints, no previews, no forecasts’…everybody calls it the Ginsburg Rule.”

Barrett: “I apply the law, I follow the law, you make the policy.” https://bit.ly/3lH6Etd

@SteveGuest: Judge Barrett corrects Democrat Senator Amy Klobuchar: “I don’t attack people, just ideas.” https://twitter.com/SteveGuest/status/1316080179979186184

@LisaDaftari: Here’s a tip, Amy Klobuchar: When you try to trap and out-smart your opponent, you have to be smarter than your opponent

Entire Internet ERUPTS When Amy Coney Barrett Holds Up Her Notes during Hearing

[She reveals a blank US Senate note pad! No notes while quizzing Sens have piles of notes!]

https://rumble.com/vao1zb-entire-internet-erupts-when-amy-coney-barrett-holds-up-her-notes-during-hea.html?mref=23gga&mc=8uxj1

@adamhousley: Did [Sen] Whitehouse ask a question? After a bizarre diatribe which included 50 rabbit holes and some black helicopters…he got up and left. Time for the Republican grandstand in response.

@charliekirk11: Whitehouse needs 50 foam boards to try and make a single point and Amy Coney Barrett is working through a 10-hour long confirmation hearing without a single note or sheet of paper.

Sen. Whitehouse (D-RI) Speaks Out against ‘Dark Money’—At an Event Funded by Dark Money

https://freebeacon.com/politics/sen-whitehouse-speaks-out-against-dark-money-at-an-event-funded-by-dark-money/

@capeandcowell: Sen. Whitehouse refused to let ACB speak after berating her for 20 minutes and you won’t hear a word about “mansplaining” from the media.  This should tell you everything you need to know about them.

@PolitiKurd: Ted Cruz is making a mockery of Whitehouse’s conspiracy theory

@CurtisHouck: After mentioning Demand Justice, @TedCruz drops this MOAB: “So all of the great umbrage about the corporate interest that are spending dark money is wildly in conflict with the actual facts that the corporate interests that are spending dark money are funding the Democrats.”

https://twitter.com/CurtisHouck/status/1316071226494902274

Kamala Harris Needs Teleprompter During Senate SCOTUS Hearing… [Barrett no notes!]

Senator Kamala Harris chose to remain in her office just down the hall from the Senate Judiciary Committee Hearing today.  Oddly during her segment to deliver prepared remarks she relied on a teleprompter for the broadcast.   Senator Harris does not use a teleprompter well, and the effort was transparent…  https://theconservativetreehouse.com/2020/10/12/kamala-harris-needs-teleprompter-during-senate-scotus-hearing/

@SteveGuest: CNN’s Dana Bash: Judge Barrett is showing she is incredibly “impressive,” “smart,” and “confident”   https://twitter.com/SteveGuest/status/1316056323356753921

@TCPigott: CNN’s John King: “in another age…Judge Amy Coney Barrett would be getting 70 votes or more in the U.S. Senate because of her qualifications” CNN’s Dana Bash: “no question”

https://twitter.com/TCPigott/status/1316055472542306306

@DineshDSouza: Cory Booker actually asked Amy Coney Barrett if she denounces white supremacy.  Amy Coney Barrett is the mother of two black children. [You can’t make this up!]

Sen. Hirono (D-HI), possibly the most [blank] senator, posed the most egregious and vile questions.

@DailyCaller: Sen. Mazie Hirono asks ACB “since you became a legal adult, have you ever made unwanted requests for sexual favors or committed any verbal or physical harassment or assault of a sexual nature?”   https://twitter.com/DailyCaller/status/1316118474222075904

@greg_price11: Hirono now just scolded ACB for using the term “sexual preference” this morning when answering a question about Obergefell.

@charliekirk11: Mazie Hirono is a national embarrassment and her religious test for Judge Barrett is an unconstitutional disgrace.

Ex- federal prosecutor @AndrewCMcCarthy: When Mazie [Sen Hirono] is talking, the country is indeed asking ‘What the heck is the Senate doing? [And everyone is dumber because of it]

@Brian_Riedl: Judiciary SCOTUS hearings serve no purpose and should be done away with. All the Senators have already announced their votes, and their endless lectures (with no questions) mean the public hears little from the nominee anyway. This is pointless.

The Babylon Bee: Democrat Proposing to His Girlfriend Says He Won’t Reveal Position on Adultery Until after the Wedding   https://babylonbee.com/news/liberal-groom-says-he-wont-reveal-position-on-adultery

end

Let us close out today with this offering from Greg Hunter interviewing very popular Craig Hemke

Merry-Go-Round of Money Printing Madness – Craig Hemke

By Greg Hunter On October 14, 2020

Financial writer and precious metals expert Craig Hemke has made many correct predictions over the years.  Hemke studies hard and pours over detailed information to make his calls.  Hemke points out his biggest call is easy to see when considering the massive money printing going on at the Federal Reserve and historic spending in Congress.  The latest stimulus offer in Congress is a staggering $1.8 trillion.  Keep in mind, that is on top of trillions of dollars already spent in 2020 fighting CV19.  Hemke explains, “That’s $1.8 trillion!  When I was in college 35 years ago, the Reagan budget deficit was $250 billion, and, oh gosh, it was the end of the world!  How can they do $250 billion?  ‘Trickledown’ economics and all this stuff, and now we are talking 10 times that, and it’s like, yeah, whatever.  The moral of the story is there is no going back.  The Fed is telling you they are going to do whatever it takes to prompt inflation and to flush as much cash out there as possible to prop up their system.  The politicians are going to give them the debt to monetize. . . . If Trump wins, you are going to get this $1.8 trillion in new spending, but if Biden wins, you are not only going to get that, you are going to get the Green New Deal, universal healthcare and all this other jazz.”

But no matter who wins in November, the Fed is going to fight debt destruction, or so-called deflation.  That means massive money printing to buy bonds and everything else.  Hemke says, “Fed Chairman Jay Powell, and all the other central bankers, are telling you they are going to do everything they can to keep that from happening.  Powell is begging for new Treasury debt to monetize.  If you look at Powell’s speech in Jackson Hole at the end of August, he was saying we are not going down this path of deflation because it becomes a vicious cycle.  That’s where you get deflation, and you expect more deflation and that brings about more deflation, and you get even higher expectations of deflation.  That’s what Japan has been doing the last 30 years.  Powell has said we are not going to do it even if it means unconventional policy like helicopter money.  You have heard this bantered about now, and it’s just putting straight cash into your bank account. . . . These things are all coming.”

What is Hemke telling people to do in the face of guaranteed massive money printing such as the country has never seen before?  Hemke says, “Don’t get cute here.  Don’t sit there and think gold is going to pull back to $1,800 (per ounce), so I am going to wait.  No man, buy some today, and then if it pulls back, buy some more.  We are on this merry-go-round of madness that is not going to slow down.  It’s just going to spin faster and faster, and your only protection, your only financial protection is to not save in their phony baloney fiat money, the dollar.  Your protection is to save in sound money.  Money that cannot be devalued with the stroke of a pen is gold and silver.  That’s what I advise. . . .This financial political complex is going to try to keep all of these plates spinning as long as they can.  The only way they can do that going forward from 2020 on is an almost unlimited, endless, infinite amount of dollar creation.”

Join Greg Hunter as he goes One-on-One with financial writer and precious metals expert Craig Hemke, founder of TFMetalsReport.com.

-END-

Well that is all for today

I will see you THURSDAY night.

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