OCT 15F//THE BIG NEWS OF THE DAY/HUNTER BIDEN AND JOB BIDEN’S TROUBLES A MUST READ//GOLD UP $1.10 TO $1903.50//SILVER DOWN 14 CENTS TO $24.14//GOLD TONNAGE AT THE COMEX RISES TO 102.653 TONNES/SILVER ADVANCES TO 10.490 MILLION OZ//CORONAVIRUS UPDATES THROUGHOUT THE GLOBE//CHINA’E XI WARNS ELITE TROOPS TO PREPARE FOR WAR AS USA WARSHIPS ENTER TAIWAN STRAIT/ EU WHO EXEC. POUNDS THE TABLE THAT EUROPE MUST STOP LOCKDOWNS//IRAN CANNOT OBTAIN FLU VACCINES DUE TO SANCTIONS//900,000 AMERICANS RECEIVE FOR THE FIRST TIME UNEMPLYOMENT BENEFITS/ LOTS OF SWAMP STORIES FOR YOU TONIGHT

GOLD:$1903.50 UP  $1.10   The quote is London spot price

Silver: $24.14 DOWN $0.16    London spot price ( cash market)

your data…

 

Closing access prices:  London spot

i)Gold : $1908.00  LONDON SPOT  4:30 pm

ii)SILVER:  $24.29//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1895.50  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $9.10  BACKWARD//

DEC. GOLD  $1910/.30   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $5.70/ CONTANGO   ( $1.70  ABOVE NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.25…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 9 CENTS CONTANGO/    9 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $24.35  1:30  PM SPREAD SPOT/FUTURE DEC.       :  19  CENTS PER OZ  CONTANGO (   15 CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

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

receiving:   58/181

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,901.300000000 USD
INTENT DATE: 10/14/2020 DELIVERY DATE: 10/16/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 9
099 H DB AG 4
104 C MIZUHO 4
118 H MACQUARIE FUT 6
323 C HSBC 1
332 H STANDARD CHARTE 16
355 C CREDIT SUISSE 1
657 C MORGAN STANLEY 13
657 H MORGAN STANLEY 25
661 C JP MORGAN 33
661 H JP MORGAN 9
685 C RJ OBRIEN 2
700 C UBS 25
709 C BARCLAYS 25
709 H BARCLAYS 28
800 C MAREX SPEC 14 5
880 C CITIGROUP 1
880 H CITIGROUP 138
905 C ADM 2 1
____________________________________________________________________________________________

TOTAL: 181 181
MONTH TO DATE: 31,488

 
 

ISSUED:0

GOLDMAN SACHS STOPPED 9 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 181 NOTICE(S) FOR 18100 OZ  (0.5629 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  31,488 NOTICES FOR 3,148,800 OZ ( 97.94 tonnes) 

SILVER//OCTOBER CONTRACT

 

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

total number of notices filed so far this month: 1945 for 9725,000  oz

BITCOIN MORNING QUOTE  $11280  DOWN 139

BITCOIN AFTERNOON QUOTE.:   $11,509   UP   106 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $1.10  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY

GLD: 1,277.65 TONNES OF GOLD//

WITH SILVER DOWN 16 CENTS TODAY: AND WITH NO SILVER AROUND:

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 567 CONTRACTS FROM 158,203 DOWN TO 157,636, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR VERY STRONG $0.24 GAIN 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 SMALL  EXCHANGE FOR PHYSICAL (710 CONTRACTS). WE ALSO HAD ZERO LONG LIQUIDATION, AND A VERY STRONG INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A STRONG NET GAIN IN OUR TWO EXCHANGES OF 143 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:  710, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  710 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

10.420 MILLION OZ INITIALLY STANDING IN OCT.

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.24) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A GOOD GAIN IN OUR TWO EXCHANGES (644 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A VERY STRONG GAIN IN SILVER OZ  STANDING  FOR OCTOBER, iii) 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:

4921 CONTRACTS (FOR 11 TRADING DAY(S) TOTAL 4921 CONTRACTS) OR 24.605 MILLION OZ: (AVERAGE PER DAY: 447 CONTRACTS OR 2.23 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 24.605 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 3.51% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,481.65 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                                 24.605   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 567, DESPITE OUR  $0.24 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY.…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 710 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A GOOD SIZED 644 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.24 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 710 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 567 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.24 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.30 // 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: 13 NOTICE(S) FOR  65,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

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 FAIR SIZED 3588 CONTRACTS TO 550,539 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 LOSS IN COMEX OI OCCURRED DESPITE OUR GAIN IN PRICE  OF $12.00 /// COMEX GOLD TRADING// WEDNESDAY. WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD PROBABLY MINOR OR ZERO LONG LIQUIDATION AND ANOTHER STRONG INCREASE IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $12.00. 

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

WE HAD A SMALL LOSS OF 2538 CONTRACTS  (7.894 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1050 CONTRACTS:

CONTRACT . OCT: 0 DEC: 1050; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 1050.  The NEW COMEX OI for the gold complex rests at 549,617. 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 SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2538 CONTRACTS: 3588 CONTRACTS DECREASED AT THE COMEX AND 1050 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 2538 CONTRACTS OR 5.001 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1050) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI  (3588 OI): TOTAL LOSS IN THE TWO EXCHANGES:  2538 CONTRACTS. WE NO DOUBT HAD  1) STRONG BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)A STRONG INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT OCT. MONTH TO 102.653 TONNES)  3)  MINOR/ZERO LONG LIQUIDATION ;4) SMALL COMEX OI LOSS AND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR STRONG GAIN IN GOLD PRICE TRADING//WEDNESDAY//$12.00.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

OCT.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT : 22,894 CONTRACTS OR 2,289,400 oz OR 71.20 TONNES (11 TRADING DAY(S) AND THUS AVERAGING: 2081 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 11 TRADING DAY(S) IN  TONNES: 71.20 TONNES

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

THUS EFP TRANSFERS REPRESENTS 71.20/3550 x 100% TONNES =2.00% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,627.30  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.                        71.20 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 567 CONTRACTS FROM 158,203 DOWN TO 157,636 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 SMALL 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 710  CONTRACTS.. 

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

 OCT: 0 AND DEC. 710 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 710 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 576 CONTRACTS TO THE 710 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A TINY SIZED GAIN OF 143 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 0.715 MILLION  OZ, OCCURRED DESPITE OUR $0.24  GAIN 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 8.60 OR .26%   //Hang Sang CLOSED DOWN 508.55 POINTS OR 2.06%    /The Nikkei closed DOWN 118.50 POINTS OR 0.51%//Australia’s all ordinaires CLOSED UP 0.42%

/Chinese yuan (ONSHORE) closed /Oil UP TO 39.51 dollars per barrel for WTI and 41.85 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7318. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7241 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 
 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY BY A FAIR 3588 CONTRACTS TO 550,539 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 FAIR  COMEX DECREASE OCCURRED DESPITE OUR STRONG GAIN OF $12.00 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1050 CONTRACTS).   WE ALSO PROBABLY HAD  1)  HUGE  BANKER//ALGO SHORT COVERING,  2)   MINOR IF ANY LONG LIQUIDATION  AND 3)  STRONG INCREASE IN GOLD TONNAGE STANDING AT THE  COMEX//OCT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 2538 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 SMALL AND THE SILVER ISSUANCE WAS ALSO SMALL

(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 1050 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 1050; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1050  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: 2538 TOTAL CONTRACTS IN THAT 1050 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 3588 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (102.653 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $12.00).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED    7.894 TONNES, WITH THE DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET LOSS ON THE TWO EXCHANGES :: 2538 CONTRACTS OR 253,800 OZ OR 7.894 TONNES.

 
COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

 

THUS IN GOLD WE HAVE THE FOLLOWING:  549,617 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.96 MILLION OZ/32,150 OZ PER TONNE =  1709 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1709/2200 OR 77.68% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 204,379 contracts// volume  very poor/

CONFIRMED COMEX VOL. FOR YESTERDAY:  195,082 contracts//  volume:  poor  //most of our traders have left for London

 

OCT 15 /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 32,118.849 oz

 

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
181 notice(s)
 
 18100 OZ
(0.5629 TONNES)
 
 
 
 
No of oz to be served (notices)
1515 contracts
(151,500 oz)
 4.712TONNES
 
Total monthly oz gold served (contracts) so far this month
31,488 notices
 
3,148,800 OZ
97.94 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:  32,118.849 oz

 
total deposit: 32,118.849 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 1696 contracts for a LOSS of 1174 contracts. We had 1189 notices filed on Wednesday so we gained 15 contracts or 1500 additional oz will stand for delivery in this active delivery month of October. In gold we have not seen queue jumping start so early in the month. Thus you can bet the farm that throughout October, the total number of gold oz standing will increase from this level.

November GAINED 29 contracts to stand at 1619.

The big December contract LOST 3215 contracts DOWN to 442,942 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (102.653 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  181 notices filed today for  18100 oz OR 0.5629 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 181  contract(s) of which 25  notices were stopped (received) by j.P. Morgan dealer and 33 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 9 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 (31,488) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (1696 CONTRACTS ) minus the number of notices served upon today (181 x 100 oz per contract) equals 3,300,300 OZ OR 102.653 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 (31,488, x 100 oz +1696 OI) for the front month minus the number of notices served upon today (181) x 100 oz which equals 3,300,300 oz standing OR 102.653 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  15 contracts or an additional 1500 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. 102.653 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  17,904,649.847.0 oz  556.90 TONNES
pledged gold: 1,590,658.551 oz
 
registered gold that can be used to settle upon: 16,313,991.0  (507.43 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  16,313,991.0 (507.43 tonnes)
 
 
 
total eligible gold:  19,817,815.408 oz (616.41 tonnes) 
 
 

total registered, pledged  and eligible (customer) gold  37,722,456.255 oz 1,173.32 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1046.98 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 15/2020

And now for the wild silver comex results

 
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
131,497.150 oz
 
CNT
Delaware
HSBC
 
 
 
 
 
Deposits to the Dealer Inventory
189,345.500 oz
BRINKS
 
 
 
 
 
Deposits to the Customer Inventory
596,578.700 oz
LOOMIS
 
 
 
 
 
 
 
 
No of oz served today (contracts)
13
 
CONTRACT(S)
(65,000 OZ)
 
No of oz to be served (notices)
139 contracts
 695,000 oz)
Total monthly oz silver served (contracts)  1945 contracts

 

9.725,000 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 1 deposits into the dealer:
 
i) Into Brinks:  189,345.500 oz
 
 
 

total dealer deposits: 189,345.500      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:  0

ii) Into Loomis:  596,578.700 oz

 

 

JPMorgan now has 189.032 million oz of  total silver inventory or 49.43% of all official comex silver. (189.032 million/382.,338 million

total customer deposits today:  596,578.700   oz

we had 0 withdrawals:

 
 
 
 

total withdrawals; nil    oz

We had 1 adjustments/   customer to dealer

Int Del:  593,580.05 oz

Total dealer(registered) silver: 138.686 million oz

total registered and eligible silver:  382.338 million oz

 

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October had  152 notices outstanding for a GAIN of 13 contracts.  We had 12 notices served upon yesterday so we GAINED 25 contracts or 125,000 additional oz of silver will stand in this non active month of October.

November saw a GAIN of 19 notices UP to 401 contracts.

December saw a LOSS of 1071 contracts DOWN to 129,212 contracts.

 
 

The total number of notices filed today for the OCT 2020. contract month is represented by 13 contract(s) FOR 65,000 oz

 

To calculate the number of silver ounces that will stand for delivery in OCT we take the total number of notices filed for the month so far at 1945 x 5,000 oz = 9,725,000 oz to which we add the difference between the open interest for the front month of OCT( 152) and the number of notices served upon today 13x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 1,945 (notices served so far) x 5000 oz + OI for front month of OCT  (152)- number of notices served upon today (13) x 5000 oz of silver standing for the OCT contract month .equals 10,420,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 25 contracts or 125,000 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 : 71,176 CONTRACTS // volume  good//

FOR YESTERDAY 68,021  ,CONFIRMED VOLUME// good

 

YESTERDAY’S CONFIRMED VOLUME OF 68,021 CONTRACTS EQUATES to 0.340 billion  OZ 48.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 3.65% ((OCT 15/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.97% to NAV:   (OCT 15/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.65%

(courtesy Sprott/GATA

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

NAV 19.47 TRADING 18.84///NEGATIVE 3.24

END

And now the Gold inventory at the GLD/

OCT 15//WITH GOLD UP $1.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES

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 15/ GLD INVENTORY 1277.65 tonnes*

LAST;  922 TRADING DAYS:   +337.81 NET TONNES HAVE BEEN ADDED THE GLD

LAST 822 TRADING DAYS://+516.74  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

Now the SLV Inventory/

OCT  15/WITH SILVER DOWN 16 CENTS TODAY:NO CHANGES IN SLV INVENTORY//INVENTORY RESTS AT 563.519 MILLION OZ//

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 15.2020:

SLV INVENTORY RESTS TONIGHT AT

563.519 MILLION OZ

 
 

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

[ChartWatch] Gold and Silver Set for a Breakout?

Today we are taking our weekly look at the charts for gold and silver.

Corvid 19, the US Election and US Financial Stimulus talks have given gold plenty to digest over the last week. On a short term basis gold has been taking a lot of signal from the fortunes of the stock markets and increased hopes of agreement of a financial stimulus package gave a boost to both stock markets and the gold price. Gold ran in to significant resistance and failed to close above the short term resistance level around $1,930 and close to the 50 day moving average as can been seen from the chart below.

GoldCore Gold Chart

The subsequent news of the failure in stimulus negotiations weighed then on both markets with gold finding support at the long term trend line.

With so many major market moving event unfolding in October, this could be a very interesting couple of weeks for gold. A negative news cycle could see a retest of $1,850 to the downside with a close below this brings the $1,810 support level in to play. Below this $1,750 should prove to be a major support level.

However, a major “flight to safety” would be very bullish for gold and a close above resistance at $1,910 opens up $1,930 as the next target. Above this $1,975 is the next target and any close above this opens up the potential for re-testing the psychological $2,000 and a re-test of the recent all-time highs at $2,078.

Silver has taken a lot of signal for gold and while more volatile. The news cycle effecting gold has resulted in a number of false breakouts for silver that caught a number of technical traders by surprise. We have seen a breach of the long established trend support line that never turned in to a further move to the downside and a break to the topside as traders tried to digest and second guess the stimulus package news.

Today silver is looking a bit heavy and another close below trend support opens up the recent support level of $23/22.80 as a target and below this we are light in terms of major support for silver most notably at $19.50 which also happens to be at the 200 day moving average.

 

GoldCore Silver Chart

A close above $24.40 presents an opportunity to test resistance at $25.15 and $26.60 beyond that.

Silver seems to be working it’s way in to a bit of a triangle which suggests that the bulls and bears in the market are fairly balanced and waiting for the next major news cycle that will influence the next major move for silver.

On balance short term we could see some weakness in the silver price which could be very healthy as it forms a base for its next major move higher to retest the recent highs and open up the opportunity for a test of the psychological $30.00 level.

NEWS and COMMENTARY

Gold falls as fading U.S. stimulus hopes benefit dollar

European markets tumble as stimulus hopes fade

Resurgent COVID-19 and Brexit stalemate drive stocks lower

 
Access Latest Goldnomics Podcast (Part II) Here

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

14-Oct-20 1896.45 1910.05 1466.15 1464.63 1616.91 1624.12
13-Oct-20 1920.80 1891.30 1471.33 1457.06 1629.03 1608.74
12-Oct-20 1891.35 1887.45 1460.12 1460.70 1608.03 1607.73
09-Oct-20 1912.40 1923.25 1478.48 1482.63 1620.76 1628.99
08-Oct-20 1891.35 1887.45 1460.12 1460.70 1608.03 1607.73
07-Oct-20 1888.00 1884.50 1464.33 1463.69 1605.56 1601.83
06-Oct-20 1912.50 1913.40 1472.82 1476.00 1623.33 1623.90
05-Oct-20 1899.65 1909.60 1467.48 1472.49 1616.41 1620.49
02-Oct-20 1906.40 1903.05 1473.46 1471.82 1627.87 1624.44
01-Oct-20 1895.55 1902.00 1477.01 1476.33 1615.96 1619.74
30-Sep-20 1883.40 1886.90 1468.49 1467.63 1609.74 1613.30
29-Sep-20 1882.40 1883.95 1461.87 1465.71 1610.02 1606.44
28-Sep-20 1850.95 1864.30 1440.78 1448.37 1589.41 1597.52
25-Sep-20 1870.05 1859.70 1467.05 1462.65 1605.25 1598.78

 

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Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

 

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Mark O’Byrne
Executive Director

ii) Important gold commentaries courtesy of GATA/Chris Powell

* * *

Canadian mining companies rewarding their shareholders with higher dividends.

(Toronto Star)

With dividend increases, gold miners share wealth from high prices

 
 Section: 

 

From the Canadian Press
via The Star, Toronto
Tuesday, October 13, 2020

CALGARY, Alberta — Investors in Canadian gold-mining companies are being rewarded with higher dividends as gold prices settle near US$1,900 per ounce after setting record highs above US2,070 in August.

Toronto-based Kirkland Lake Gold Ltd. is increasing its quarterly dividend by 50 percent to 18.75 cents U.S. a share in the fourth quarter after doubling it to 12.5 cents U.S. in the first quarter this year.

It says its cash position increased by 58 percent during the third quarter to US$848 million with no debt as it sold 332,000 ounces of gold at an average realized price of US$1,907 per ounce.

Last week Yamana Gold Inc. announced it too would raise its quarterly dividend by 50 percent, resetting it at 2.625 cents US per share in the fourth quarter.

The Toronto-based miner also raised its 2020 production guidance by three per cent to 915,000 gold equivalent ounces.

In September Kinross Gold Corp. reinstated the dividend it canceled seven years ago in view of its growing gold production and higher gold prices. …

… For the remainder of the report:

https://www.thestar.com/business/2020/10/13/gold-miners-share-wealth-fro…

END

This crooked operation will always be crooked..it is in their blood

Reuters

Despite JPMorgan’s record spoofing fine, deterrence questions remain

 
 Section: 

 

By Henry Engler
Reuters
Tuesday, October 13, 2020

https://www.reuters.com/article/idUSKBN26Y2NT

JPMorgan’s $920 million fine by U.S. regulators for “spoofing” in the precious metals and U.S. Treasury markets, the practice of giving a false impression of market demand by rapidly entering and canceling orders, would appear to be a sharp warning to the industry over the illegal practice.

But whether the enormous penalty, which held no one criminally accountable, deters future misbehavior by large institutions is questionable at best, say legal experts.

While the size of the fine reflects evident dissatisfaction with JPMorgan, which has a long record of misdeeds in the industry, the settlement also seeks to demonstrate that spoofing is now considered as serious as rate-rigging, corruption or money-laundering scandals.

“There aren’t that many cases in the white-collar world that would warrant total penalties in these amounts,” said James McDonald, enforcement director at U.S. regulator the Commodity Futures Trading Commission, which together with the Department of Justice, led the prosecution of the bank’s activities. The size of the fine “reflects the scope and breadth of the conduct that’s at issue,” he said.

What the penalty puts into focus yet again is whether corporate malfeasance in financial services can be curbed solely by fines. The issue of monetary penalties versus jail time for senior executives has been debated endlessly since the financial crisis. Some legal experts believe a strong message has been sent and that other firms should be dissuaded from engaging in future misconduct.

“While we don’t see traders lining up to go to jail for this offense, the efforts by the Commodity Futures Trading Commission and the Department of Justice to prosecute clearly indicate that there is a threat of jail time,” said Eugene Soltes, professor at Harvard’s Business School, and an expert on white collar crime.

“Spoofing has just been an especially challenging area to secure individual level convictions. A record corporate level fine does help recognize that this conduct is wrong — criminal in fact,” Soltes said. “For crimes like spoofing, compliance within banks really is the first line of defense. The sanctions will help prevent this conduct from reoccurring which ultimately is one of the most important objectives of white-collar sanctions.”

Other experts were less convinced, citing a long record of violations by JPMorgan over the past 10 years, along with repeated deferred prosecution agreements and the lack of individual accountability at the highest levels of the organization.

JPMorgan said those involved in the spoofing were no longer with the firm, and it said the Justice Department recognized that the bank had invested “considerable resources” in boosting its internal compliance policies, surveillance systems and training programs.

JPMorgan’s Growing Rap Sheet

America’s largest lending institution is no stranger to financial wrongdoing and enforcement actions which have led the bank to pay enormous sums to U.S. authorities. According to “Good Jobs First,” a resource organization that tracks corporate misdeeds, JPMorgan Chase has paid over $34 billion in fines since 2010 for a wide range of violations, with the largest $30 billion related to financial offenses. A total of 81 case-incident “records” for financial offenses have occurred over the past 10 years, not including the latest settlement for spoofing crimes. The bank has also suffered an additional 67 incident records relating to competition, consumer protection, government contracting and employee-related offenses.

Better Markets, an industry watchdog, recently published its own analysis on JPMorgan’s wrongdoing, which covers a 20-year period until 2019. “JPMorgan Chase has a 20-year long RAP sheet that includes at least 80 major legal actions that have resulted in over $39 billion in fines and settlements,” the report said.

“Any other business in America with that recidivist record would almost certainly have been shut down by prosecutors long ago,” it said. However, it said, the largest banks are effectively shielded against executive prosecution and jail time.

Among the largest U.S. financial institutions, only Bank of America has generated more fines and penalties over the past 10 years, according to the violation-tracker application from “Good Jobs First,” with 213 “financial offenses” leading to $80 billion in fines.

Financial penalties fail at deterrence

If the Better Markets’ analysis is correct, how much hope is there in curbing bad behavior if all one needs to do is pay a fine?

“The idea of large penalties and deferred prosecution agreements, as in the JPMorgan case now, has been around for some time,” said Shivaram Rajgopal, professor at the Columbia Business School.

“The large fine is levied on the firm but the CEO or other top officers are not charged. Everyone is happy. The regulator has collected a large fine and the firm is happy to get the scandal off their back and move on. No one goes to jail,” Raigopal said.

Moreover, according to an industry analysis by Raigopal, there appears too few, if any, repercussions for the chief executives of banks for corporate wrongdoing and fines paid to authorities. The resignation by John Stumpf, former CEO of Wells Fargo, who stepped down due to the bank’s unlawful sales practices, appears to be an outlier.

“Will this event at JPMorgan affect (CEO) Jamie Dimon’s reputation or pay? I don’t think so,” said Raigopal.

Financial penalties also fail to have any meaningful impact on the share price of firms, according to John Coffee of the Columbia University’s law school. In research included in his recent book on corporate crime and punishment, Coffee looked at a sample of the 25 largest fines ever imposed on corporations listed on U.S. exchanges.

What happens to their stock prices on the date of their fine? “They virtually all went up by a statistically significant margin, net of the market,” Coffee told Regulatory Intelligence. “Other samples produce the same result, net of the market, suggesting that large financial penalties on the corporate entity do not deter very well.”

“This is not a call for lower penalties, but for a focus on individual executives,” said Coffee. “Today, when faced with a governmental investigation, corporate executives –high and low–face a choice: do they risk personal liability or do they settle with their shareholders’ money. Surprise of all surprises, they would prefer to plead the corporation guilty or in a civil case to pay a large settlement to the SEC and others.”

In 2016, a U.S. judge sentenced futures trader Michael Coscia, principal of New Jersey-based Panther Energy Trading, to three years in prison for spoofing. He was the first person criminally convicted of the manipulative trading practice.
BIGGEST FIRMS HAVE ONLY GOTTEN BIGGER

What the JPMorgan cases demonstrates, according to others, is the conundrum facing regulators of large financial conglomerates. Bad things happen inside them despite all the compliance systems that they have put in place. JPMorgan said it has spent more than $430 million recruiting hundreds of new compliance officers and increasing its internal audit budget, following its fine for manipulating currencies markets in 2015.

Regulators and the Justice Department may want to punish them for financial wrongdoing, but they fear going farther in the punishment, such as restricting the conglomerates’ activities in any meaningful way, which might be more effective in deterring future misconduct, said James Fanto, professor at the Brooklyn Law School.

“The conglomerates are so big and involved in so many financial activities that the regulators do not want to threaten their existence in any way that could cause a systemic problem to the financial system,” Fanto said.

Further compounding the issue is that it is “hard to prosecute anyone at the top, given how far the top executives and the board are from the conglomerate’s day-to-day activities and given the sheer number of the activities,” Fanto said.

“In a sense, we remain in the same place as we were before and after the financial crisis of 2007-08. The financial conglomerates have only gotten bigger. While their compliance and risk management systems have improved, there are still holes in them, as one might expect in organizations of such size,” Fanto added.

“They may just be of such a scale and scope that defy proper management, which was one of the arguments for breaking them up following the crisis. That opportunity passed.”

end

iii) Other physical stories:

China finally are demanding more physical gold

(Lawrie Williams)

LAWRIE WILLIAMS: Much stronger month for Chinese gold demand in September

A little over 1 month ago we commented that it looked as though Chinese gold demand, as represented by gold withdrawal figures out of the Shanghai Gold Exchange (SGE), might be beginning to pick up. The September figures – delayed due to the SGE’s shutdown at the beginning of October due to the national Golden Week holiday, seems to have confirmed this pattern with a 31.5% increase in the withdrawal figure over that for the same month a year ago, and more than 38% up on the August figure. However the September monthly total was still well down on that for the same month in 2018 suggesting that gold demand in the world’s top consuming nation is still hugely below that of the peak years of 2014-2017.

 

Source: Shanghai Gold Exchange.

*Months incorporating Golden Week holidays when SGE closed

Assuming that demand is still picking up, we could well be heading for an annual total of around 1,200 tonnes, or a little higher. That is less than half that achieved in the record 2015 full year but at least this year overall global gold demand has remained at a high level due to record flows into gold ETFs around the world, more than compensating for the fall-off in demand seen so far in the world’s top two gold con summing nations – China and India. And if Chinese demand continues to recover as the country shakes off the disastrous effects of the coronavirus pandemic, which hit the nation particularly hard in the first quarter of the year. China, if the official tallies are to be believed, has almost completely shaken off new incidence of the virus, with reported new infection rates and deaths almost infinitesimal compared with virus hotspots like the U.S., India and Brazil. With its centralised political system, China has been able to impose draconian control levels in a manner that Western countries are unable to do. Even so, the country’s reported figures seem almost too good to be true given its massive population. Indeed virus death rates in the early months of virus prevalence are thought to have been massively under-reported.

Regarding flows into global gold-backed ETFs, the latest World Gold Council (WGC) research puts inflows at over 1,000 tonnes in the year to end-September. Inflows have continued to advance in the latest couple of months, but at a slightly lower monthly rate due, perhaps, to the weaker gold price performance of late. The WGC puts total gold ETF holdings at some 3.880 tonnes, a new all-time high – equivalent to US$235 billion in value.

New mined gold output will also probably slip back this year, It was already close to its peak, but was expected to rise a further 1-2% in 2020, but coronavirus- related precautionary measures at some mines will probably have contributed to a fall in global output.

15 Oct 2020

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 THURSDAY 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 6.7241 /

//OFFSHORE YUAN:  6.7241   /shanghai bourse CLOSED DOWN 8.60 PTS OR .26%

HANG SANG CLOSED DOWN 508.55 PTS OR 2.06%

2. Nikkei closed DOWN 119.50 POINTS OR 0.51%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 93.82/Euro FALLS TO 1.1697

3b Japan 10 year bond yield: FALLS TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105275/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 39.51 and Brent: 41.85

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.63%/Italian 10 yr bond yield DOWN to 0.71% /SPAIN 10 YR BOND YIELD DOWN TO 0.14%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.34: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.78

3k Gold at $1895.60 silver at: 23.75   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 37/100 in roubles/dollar) 78.15

3m oil into the 39 dollar handle for WTI and 41 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.27 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 .9142 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0697 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 0.63%

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 0.702% early this morning. Thirty year rate at 1.463%

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

6.  TURKISH LIRA:  UP  TO 7.94..

S&P Futures Fall, Naz Tumbles On Goldman Tech Downgrade, “Stimulus Pessimism”

 

Just as “stimulus (and covid vaccine) optimism” was the go to “explanation” for the market’s ramp in the past few weeks, so “stimulus (and covid vaccine) pessimism” is being trotted out to “explain” when stocks unexpectedly don’t melt-up overnight. And sure enough, one day after stocks sank when Steven Mnuchin told the Milken Institute Global Conference yesterday that “getting something done” on stimulus before the election “would be difficult”, the selling accelerated overnight in S&P futures which dropped over 1%, as Europe’s biggest cities clamped down to curb the virus and hopes wilted for new stimulus from Washington.

Hopes for a U.S. package to boost the coronavirus-hit economy before the presidential election next month have also fizzled out after U.S. Treasury Secretary Steven Mnuchin said such a deal would be difficult.

Nasdaq futures suffered an even bigger drop, sliding 1.8% after Goldman Sachs cut its recommendation on technology stocks to neutral, saying a barrage of policy and economic shifts will temporarily put an end to the outperformance of the sector.

 

In single name action, Fastly plunged in late trading on Wednesday and again in pre-market trading on Thursday after saying that Chinese internet giant ByteDance, its No. 1 customer, spent less than predicted in the third quarter on cloud computing services as a result of rising U.S.-China trade tension. Other big losers in the pre-market included Tesla, Moderna and DocuSign. With S&P 500 contracts also well down, U.S. stocks are facing a third declining session unless earnings from Morgan Stanley and Charles Schwab later on Thursday somehow manage to spark optimism.

As Bloomberg notes, investors are coming to terms with virus flare-ups that are triggering tighter restrictions, just as stalled talks on U.S. stimulus and Britain’s messy exit from Europe weigh on risk appetite. U.S. jobless figures in several hours may only add to the gloom, according to strategists at Mizuho International Plc including Peter Chatwell.

“Data today is expected to confirm U.S. economic sentiment is deteriorating, U.S. fiscal stimulus remains some way off, and a hard Brexit” is possible, Chatwell wrote in a note.

In Europe, markets fell for a 3rd consecutive session with the Stoxx 600 Index tumbling as much as 2.2% amid earnings disappointments and clampdowns by some of the region’s largest cities to curb the coronavirus. Markets in London and Paris were lower 1.4%-1.7% and Frankfurt and Milan 2%-2.5% weaker. Shares of auto and energy companies led the drop. The U.K. government imposed tougher curbs on London in a bid to contain a spike in new cases, while France set a curfew in Paris as European nations from Germany to Italy to the Czech Republic reported record increases in new infections. Analysts said the rise in coronavirus infections across Europe and no sign of a vaccine anytime soon after two high profile propects experienced problems was hitting sentiment.

“In Europe you just have a long list of quite notable actions being taken, with Paris and other French cities going into curfew, and today reports that London is going to the next, high level phase of restrictions,” said MUFG research head Derek Halpenny. “It’s all pointing to a greater hit to fourth quarter activity and warrants a degree of adjustment in market pricing.”

 

“We have been trading in a range for quite some time and up until the beginning of this week, at the top end of it, and it’s a trend that is likely to continue,” said Michael Hewson, senior market analyst a CMC Markets.

Earlier in the session, Asian stocks fell, led by communications and health care, after ending flat in the last session. MSCI’s index of Asia-Pacific shares ex-Japan lost 0.6% while Japan’s Nikkei .N225 dropped 0.5%. Most markets in the region were down, with Hong Kong’s Hang Seng Index dropping 2.1% and India’s S&P BSE Sensex Index falling 1.6%, while Australia’s S&P/ASX 200 gained 0.5%. The Topix declined 0.7%, with Transaction and JNS Holdings Inc falling the most. The Shanghai Composite Index retreated 0.3%, with Jiayou International Logistics and EGing Photovoltaic Technology posting the biggest slides.

In FX, all eyes were on a two-day summit of European Union leaders which starts on Thursday as the EU and Britain continue their efforts to overcome stumbling blocks, such as fishing rights and competition safeguards, to agreeing a trade deal before the UK’s Brexit transition arrangements end on Dec. 31. After this week’s summit in Brussels, U.K. Prime Minister Boris Johnson is expected to decide whether to pull out of talks and brace the country for a no-deal exit from the bloc.

“Today is unlikely to be ‘doomsday’ for the British pound, as talks are expected to go on between the UK and EU negotiators beyond the supposed 15 October deadline,” UniCredit bank said in a note to clients. The pound barely budged whereas the euro was a touch lower against the dollar at $1.1726. Money markets are betting that the BOE will lower interest rates to 0% in August 2021 ahead of the start of a two-day EU summit with the Brexit trade deal on the agenda.

Investors will also tune into European Central Bank President Christine Lagarde, who takes part in a debate on the global economy at 1600 GMT as part of the IMF and World Bank’s annual meeting which is being held virtually.

Elsewhere, The Bloomberg Dollar Spot Index rose to a one-week high; the dollar advanced versus all of its Group-of-10 peers and neared 1.17 per euro, the greenback’s strongest level in nearly two weeks.  Scandinavian and Antipodean currencies were the worst G-10 performers, led by a decline in Norway’s krone. Australia’s dollar touched the weakest level versus the greenback this month and sovereign yields slid after Governor Philip Lowe said the central bank is assessing whether buying longer-dated bonds would help spur hiring.

In rates, Treasuries were higher as the curve flattened led by the long end, following bigger advance for bunds on haven demand as Covid-19 cases rise in Europe. Yields lower by 0.5bp to 4bp across the curve with 2s10s curve flatter by nearly 2bp, 5s30s by ~2.5bp; 10-year lower by 2.7bp at ~0.70% vs 4bp-5bp declines for U.K. and German 10-year yields. Gilts bull-steepen ahead of Prime Minister Boris Johnson’s decision on whether to continue working with European Union leaders on Brexit trade talks. In Europe, London and Paris face fresh Covid-19 related clampdowns amid record new coronavirus cases. Italian bonds declined on profit-taking, while German bunds rallied to leave their yields at their lowest level since the March spread of COVID-19 caused the global meltdown in stock markets and other riskier assets.

Oil prices also fell as the renewed surge in the virus in large parts of the world underpinned concerns about economic activity. Brent crude futures dropped 0.8% to $42.96 a barrel, WTI crude futures dropped back to $40.68 a barrel while gold and industrial metals like copper were broadly flat.

Today the DOL will report that Initial claims likely resumed their slow grind lower, as economists expect filings for new unemployment benefits to drop to 825,000 last week from 840,000, consensus shows, while continuing claims likely fell to 10.6 million from 11 million.

Looking at the day ahead, today’s expected data include jobless claims and Empire State Manufacturing Survey. Morgan Stanley and Walgreens Boots are reporting earnings. From central banks, speakers include ECB President Lagarde, the Fed’s Quarles, Bostic, Kaplan and Kashkari, as well as the BoE’s Cunliffe.

Market Snapshot

  • S&P 500 futures down 0.9% to 3,448.25
  • STOXX Europe 600 down 2.1% to 362.68
  • MXAP down 1.1% to 175.06
  • MXAPJ down 1.2% to 579.85
  • Nikkei down 0.5% to 23,507.23
  • Topix down 0.7% to 1,631.79
  • Hang Seng Index down 2.1% to 24,158.54
  • Shanghai Composite down 0.3% to 3,332.18
  • Sensex down 1.8% to 40,053.86
  • Australia S&P/ASX 200 up 0.5% to 6,210.30
  • Kospi down 0.8% to 2,361.21
  • Brent futures down 1.1% to $42.83/bbl
  • Gold spot down 0.3% to $1,895.46
  • U.S. Dollar Index up 0.3% to 93.69
  • German 10Y yield fell 4.4 bps to -0.625%
  • Euro down 0.3% to $1.1710
  • Italian 10Y yield unchanged at 0.455%
  • Spanish 10Y yield fell 0.5 bps to 0.13%

Top Overnight News from Bloomberg

  • Democratic presidential nominee Joe Biden raised $383 million in September, breaking the monthly record his campaign set in August when it pulled in $364.5 million
  • Londoners will be banned from mixing with other households indoors and Paris is set for a curfew, as European leaders struggle to cope with record new coronavirus cases around the region
  • A combination of falling worldwide bond yields and rock-bottom currency hedging costs are bullish signals for U.S. Treasuries. The recent steepening of the U.S. yield curve has driven the yield pick up on 30-year Treasuries to 80 basis points over German bunds, for euro-hedged investors. Their yen-hedged equivalents get a yield of 1%, about the same on 10-year Italian debt where Japanese investors have recently made record purchases
  • Bond investors are pouring back into riskier debt in search of higher returns as they increasingly factor in years of low interest rates. China drew bumper demand for a bond sale this week even amid increasing tensions with the U.S. Turkey returned to international debt markets last week despite mounting geopolitical risks. And across emerging markets, dollar notes sold by the lowest-rated borrowers are returning more than top-rated peers

A quick look at the global markets courtesy of NewsSquawk

APAC equity markets traded mostly lower following a negative handover from Wall Street which saw major indices post a second straight day of declines amid the dwindling prospect of a pre-election relief bill, rising COVID-19 cases and as US earnings season gets underway. ASX 200 (+0.5%) bucked the trend following dovish remarks from RBA Governor Lowe who noted that it is reasonable to expect that further monetary easing would get more traction than was the case earlier, and it is possible to cut the Cash Rate to 10bps, but the Board has not yet made any decisions. Meanwhile, an overall better-than-expected Aussie jobs data further underpinned the index. Nikkei 225 (-0.5%) was subdued on yesterday’s JPY action, whilst Rakuten shares rested at the foot of the index as it lost out to Amazon on Prime Day deals. The KOSPI (-0.8%) also traded with losses despite Big Hit Entertainment shares rising over 150% at its IPO. Elsewhere, Hang Seng (-2.0%) and Shanghai Comp (-0.2%) were also lower, with the former pressured after US sanctioned Hong Kong’s Chief Executive Lam over her alleged undermining of Hong Kong’s autonomy, albeit the US Treasury stopped short of imposing sanctions on banks. Meanwhile, Alibaba shares fell over 2.5% as US state department reportedly submitted an application to the Trump Admin to put Alibaba’s unit Ant Group on a trade blacklist. Mainland China meanwhile opened with modest gains amid PBoC liquidity injections, but thereafter traded indecisively due to heightened geopolitical tensions after a US destroyer crossed the Taiwan Strait on Wednesday. Finally, JGBs saw modest gains as it tracks price broader price action across the fixed income futures complex.

Top Asian News

  • Hong Kong-Singapore Travel Bubble to Reopen Financial Hub Links
  • China Inflation Slows in September as Food Price Gains Moderate
  • BTS Band Members Make Millions as Big Hit Shares Jump in IPO

European equities (Eurostoxx 50 -2.5%) have endured heavy losses throughout the session as markets contemplate a disappointing Q4 growth landscape with lockdown measures tightened across the region once again. Various restrictions have been in place since for several weeks/months; however, the policy responses from various governments throughout the week have clearly placed an even tighter grip on the European economy, particularly in some of the core nations. Earlier today, Germany warned that the nation is facing a very broad second wave, whilst France recently imposed a curfew in the Paris region and London looks set to be designated tier 2 status in the recently announced “traffic-light” system. All of this has served to highlight that some of the expectations for growth this quarter will likely need to be revised lower, however, questions may begin to arise over what policy response such an outturn will be met with, particularly from a fiscal standpoint as negotiations over the EU recovery fund remain at an impasse. Losses can be seen across major European indices with the DAX (-3.0%) the marginal laggard after German Chancellor Merkel cautioned that even tougher lockdown measures might be required. From a sectoral standpoint, all sectors are lower on the session with notable softness seen in some of the more cyclical names such as autos, oil & gas and travel & leisure which have tended to bear the brunt of selling when COVID fears heighten. On travel & leisure, albeit not the worst performing company in the sector, Ryanair (-3%) earlier announced that it will cut its winter capacity to 40% from 60% and cautioned that FY2021 traffic will likely decrease to around 38 million guests. IAG (-4.0%) have also succumbed to the selling pressure despite reports suggesting that hedge fund heavyweight Marshall Wace has built a 3% stake in the Co. Elsewhere, Thyssenkrupp (-5.4%) are lower on the day after comments from the North Rhine-Westphalia premier who believes it would make more sense for the Co. to restructure and produce green steel than the Gov’t take a stake. Earnings from swiss heavyweight Roche (-3.3%) have seen their shares lag amid softer than forecast revenues, whilst Schroders (-3.0%) shares are seen lower by an equal magnitude post-earnings. Looking ahead, the main highlight in the pre-market for US earnings comes via Morgan Stanley.

Top European News

  • Paris and London Face Clampdowns as Europe Posts Record Cases
  • Rolls-Royce Says Bond Success Removes Need for State-Backed Loan
  • Spain Pushes Back on German Concerns Over Handling of Outbreak
  • Dutch Home Prices Jump as the Market Overcomes Economic Weakness

In FX, a double hit for the Aussie as broad risk sentiment continues to deteriorate and RBA Governor Lowe upped the ante in terms of a potential 15 bp rate cut at the November policy meeting overnight, while the subsequent jobs report failed to provide much comfort even though headline payrolls and the unemployment rate were not quite as weak as forecast. Aud/Usd has extended its pull-back to sub-0.7100 and the Aud/Nzd cross is hovering just over 1.0700 to the relative benefit of the Kiwi that remains in-site of 0.6600, albeit losing traction from its recent 0.6650 axis ahead of NZ manufacturing PMI.

  • GBP – Some calm after the midweek session mayhem for Sterling, as Cable pivots 1.3000 within comparatively narrow confines and Eur/Gbp meanders between 0.9037-17 parameters. However, the Pound’s predicament and position remains very fluid and prone to Brexit developments going into Day 1 of the European Council Summit, as any change in stance over the main outstanding issues could heighten the chances of a breakthrough and in turn lower the probability of no deal before deadline day (whenever that might be). As things stand, fishing rights is the key sticking point and area that neither side has given ground on, but the level playing field and state aid are also preventing the 2 sides from penning a draft trade deal.
  • USD – After Wednesday’s whip-saw moves, in keeping with Sterling if not totally as a bi-product of the Gbp’s choppy price action, the Dollar is firmly back in safe haven demand as EU stocks cave under the weight of rising COVID-19 cases. Indeed, the DXY has rebounded from sub-93.500 lows to 97.763, thus far and eclipsing this week’s prior peak to expose 94.000 in advance of a busier US data schedule and more Fed speakers.
  • JPY/CHF/EUR/CAD – The Yen is faring better than others given its own allure as a refuge from risk, with Usd/Jpy sitting tight in the low 105.00 zone and well flanked by decent option expiries extending from 105.25 (2.2 bn) through 105.10-00 (1.7 bn) to 104.85 (1 bn). Meanwhile, the Franc has retreated to circa 0.9150, Euro towards 1.1700 where expiry interest may provide some support (1 bn from the round number to 1.1695) and Loonie further from 1.3100 to a test of 1.3200 awaiting comments from BoC’s Lane.

In commodities, WTI and Brent front month futures are unsurprisingly pressured this morning, exhibiting losses of circa USD 1.0/bbl, as sentiment in general takes a hit with the FX, Fixed & Equity space all exhibiting risk-off price action. Specifically for crude, updates have been sparse following last nights private inventories which printed a larger than expected draw (-5.4mln vs. Exp. -2.8mln) and as such focus is on the EIA report today, at the slightly later time of 16:00BST/11:00ET given Monday’s US holiday, for confirmation of this; for reference, the headline is expected at -2.835mln. Aside from this the OPEC+ JTC meeting is taking place today but focus is very much on the JMMC meeting for October 19th to get any insight/guidance from the committee as OPEC’s plans for their supply schedule given the changing supply & demand picture since it was agreed. As such, price action this morning is very much being driven by the broader market drivers this morning and particularly the resurgence in COVID-19 cases and additional lockdown measures being implemented this morning in London & Paris already and the associated impacts for the demand side of the equation; evidenced by the poor performance in travel names and similarly sensitive areas of the economy in European equity trade this morning. Moving to metals, spot gold is subdued and back below the USD 1900/oz mark in-spite of the broad risk move as the metal is weighed on by a dominant dollar. Price action which sees the DXY in proximity to ever increasing session highs and therefore the precious metal remains at lows with losses in excess of USD 10/oz.

US Event Calendar

  • 8:30am: Empire Manufacturing, est. 14, prior 17
  • 8:30am: Initial Jobless Claims, est. 825,000, prior 840,000; Continuing Claims, est. 10.6m, prior 11m
  • 8:30am: Import Price Index MoM, est. 0.25%, prior 0.9%; YoY, est. -1.2%, prior -1.4%
  • 8:30am: Export Price Index MoM, est. 0.25%, prior 0.5%; YoY, prior -2.8%
  • 8:30am: Philadelphia Fed Business Outlook, est. 14.8, prior 15

DB’s Jim Reid concludes the overnight wrap

We finally got a negative Covid test result for one of the twins yesterday afternoon so we are back to restricted freedom rather than solitary confinement. I can’t remember seeing my wife so happy. Never has wearing a mask and not being able to go near people felt so good. We actually had a Zoom parents evening last night and scheduled all 3 sessions back to back leaving Bronte the dog to look after the children in the other room. By the time we got back Bronte had eaten Maisie’s dinner and planted the remains on the floor and Jamie was downing neat tomato ketchup straight out of the squeezy bottle. Neither of us could remember how much was there before we left but the fact that it was nearly empty by the time we got back worried us a little.

The bottle was a bit half empty yesterday as global equity markets fell back somewhat as they weighed up the seemingly never-ending US stimulus negotiations along with a number of earnings releases. By the close the S&P 500 had fallen back -0.66%, in spite of the buoyancy of energy stocks as WTI rose a further +2.09%. Furthermore the VIX index of volatility rose for a 3rd day running, albeit with a small +0.33pts increase. Elsewhere, the Dow Jones (-0.58%) and the NASDAQ (-0.80%) also fell, and in Europe the STOXX 600 shed -0.09%.

On the topic of stimulus, yesterday we got more negative short-term headlines. The big one was from Treasury Secretary Mnuchin, who now does not expect a relief package to make it to President Trump’s desk prior to the election. This comes after he and Speaker Pelosi spoke at length over the last few weeks. Speaking at a Milken Institute conference, the Treasury Secretary said “At this point getting something done before the election and executing on that would be difficult, just given where we are in the level of details.” Mnuchin went on to note that the difference in overall price tag was not the breaking point, but the policies within each side’s bill are seemingly not easily reconcilable. This is even before we get to the fact that Senate Majority leader McConnell has said that there are Republican Senators that are hesitant to pass a bill of the size that the White House and House Democrats have proposed.

Overnight in Asia markets are mostly trading lower following Wall Street’s lead. The Nikkei (-0.71%), Hang Seng (-1.28%) and Kospi (-0.98%) are all down while the Shanghai Comp (+0.14%) is up. The Asx is also up +0.65% on comments from the RBA Governor that the central bank is considering whether buying longer-dated bonds would spur hiring. Meanwhile, futures on the S&P 500 (-0.37%) are currently pointing to a weaker open. Elsewhere, China’s September CPI and PPI both came in softer than expectations at +1.7% yoy (vs. +1.9% yoy) and -2.1% yoy (vs. -1.8% yoy).

In other overnight news, Bloomberg is reporting that as part of a European tour last week, US Under Secretary Keith Krach met executives including Deutsche Telekom AG CEO Timotheus Hoettges and Meinrad Spenger, the head of Spanish telecom carrier MasMovil, to urge them to ditch Chinese vendors of cloud infrastructure on data-security concerns.

On the coronavirus, there was sadly yet another day of bad news out of Europe, with Italy reporting a record number of cases at 7,332 (albeit with much higher levels of testing now than back in March). The rise in numbers there are bringing it more into line with the recent increase we’ve seen in the UK and France in recent weeks, though Italy’s numbers still remain at lower levels by comparison. French President Macron announced that nine of the country’s largest cities, including Paris, will be subject to a curfew from 9pm to 6am starting on Saturday lasting at least 4 weeks. More restrictions were also seen in Switzerland. Meanwhile, Catalonia, Spain’s largest region by population, ordered that bars and restaurants can only serve take away for the next 15 days. Overnight various media reports are suggesting that London is likely to see an tightening of restrictions as soon as tomorrow.

The concern over rising cases comes as hospitalisations increase. For example, here in England, the number of people in hospital with Covid has risen above the 4k mark for the first time since June 9. On a similar note, French President Macron said yesterday while announcing the new restrictions that the situation in French hospitals is “unsustainable” and the goal is to bring new cases down to 3,000 to 4,000 a day. France reported 22,591 new cases yesterday. So an ambitious target.

Onto Brexit, sterling was the strongest performing G10 currency yesterday after a Bloomberg report came through suggesting that the UK wouldn’t walk away from EU trade talks today. Although this was increasingly expected, Prime Minister Johnson had previously set October 15 as a deadline to reach an agreement, ahead of the transition period’s conclusion at the end of the year. Last night on a call between Prime Minister Johnson, European Commission President Von der Leyen and European Council President Charles Michel, the Prime Minister said he was disappointed with the progress but that he will decide on continuing talks only after the European Council meeting today and tomorrow. Bloomberg reported that those privy to the negotiations now consider the end of October or first few days of November as the real deadline for getting a deal, though that has remained a moving target.

Moving to fixed income, it was yet another day of falling yields in sovereign bond markets, as yields in parts of southern Europe fell to fresh all-time lows. Although BTPs were broadly flat, yields fell further in Greece, where 10yr yields fell -1.3bps to 0.772%, though in Spain 10yr yields are still 10bps above their recent lows in August 2019. Core country sovereign bonds also performed strongly, with 10yr bund yields down -2.5bps to a 5-month low, and French yields down -1.6bps to a 7-month low. Treasuries also advanced, moving -0.2bps to 0.726%.

In a parallel universe, we would be writing about tonight’s second presidential debate, but with that cancelled this election is now set to be the first since 1996 without 3 presidential debates. Instead, both candidates will be facing separate town halls tonight, with President Trump in Miami and Joe Biden in Philadelphia. With Trump still facing a noticeable polling deficit (currently showing him down -10.4pp on average), our chart of the day yesterday (link here) looked at previous polling errors in US elections, and shows that if the polls remain steady over the final 3 weeks, it’d take the largest polling error since data began post WWII for President Trump to win the popular vote.

Wrapping up with yesterday’s data, and the Euro Area industrial production numbers for August showed a +0.7% increase (vs. +0.8% expected). That’s its 4th consecutive monthly gain, though the year-on-year reading actually fell a tenth to -7.2%. Over in the US, producer prices were up +0.4% month-on-month, while the year-on-year reading climbed into positive territory for the first time since March, at +0.4% as well. Both ahead of expectations.

To the day ahead now, and as mentioned EU leaders will gather in Brussels later today for the European Council summit. Elsewhere, earnings releases out include Morgan Stanley and the Walgreens Boots Alliance. Data releases include the weekly initial jobless claims from the US, along with the September Empire State manufacturing survey and Philadelphia Fed business outlook survey. From central banks, speakers include ECB President Lagarde, the Fed’s Quarles, Bostic, Kaplan and Kashkari, as well as the BoE’s Cunliffe.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 8.60 OR .26%   //Hang Sang CLOSED DOWN 508.55 POINTS OR 2.06%    /The Nikkei closed DOWN 118.50 POINTS OR 0.51%//Australia’s all ordinaires CLOSED UP 0.42%

/Chinese yuan (ONSHORE) closed /Oil UP TO 39.51 dollars per barrel for WTI and 41.85 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.7318. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.7241 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

I cannot believe my eyes: gold went up a bit on the following news: Xi Jinping tells his elite troops to prepare for war as a USA destroyer sails through the Taiwan Strait

(zerohedge)

Xi Jinping Tells Elite Troops “Prepare For War” As US Destroyer Sails Through Taiwan Strait

 
 

China has again put its military in a “high state of alert” after two US Navy warships recently sailed through the Taiwan Strait. Late last week the US destroyer John McCain sailed near the disputed Paracel Islands administered and militarized by China, upon which the PLA military warned the US to “halt its provocations”.

The latest incident was Wednesday, when the Arleigh Burke class guided-missile destroyer USS Barry passed through the strait. Washington was quick to emphasize that it was a “routine transit” like others toward the purpose of peaceful ‘freedom of navigation’ operations, while Beijing once again denounced the “trouble-stirring statements and moves”.

 

 

USS Barry (DDG 52) transits waters of the Taiwan Strait, Oct. 14, 2020. Via US Navy

State-backed Global Times said the USS Barry transit resulted in assets from China’s Eastern Theater Command being mobilized. It “organized naval and air forces and tracked and monitored the USS Barry destroyer for the entire course when the U.S. warship sailed through the Taiwan Straits on Wednesday,” according to GT.

 

The PLA’s Senior Colonel Zhang Chunhui said: “We sternly urge the U.S. to stop making trouble-stirring statements and moves. The command forces are always on high alert in resolutely safeguarding national sovereignty and territorial integrity, as well as peace and stability in the Taiwan Straits.”

These latest tensions based on US presence in the contested sea lanes cased the PLA military to be put on alert. While this is nothing new Chinese President Xi Jinping’s language has grown more threatening in referencing talk of war.

 

 

Via BBC

While touring a military base at Chaozhou City in the southern province of Guangdong Xi is reported to have told the elite troops to “maintain a state of high alert” and “put all (their) minds and energy on preparing for war”.

This also comes at a moment of fresh reports the Trump administration has authorized three types of major weapons sales to Taiwan, which China has condemned as a violation of the long-standing ‘One China’ status quo. More advanced weapons are also under consideration, thus the threats out of Beijing are only expected to grow more fierce.

END

 

4/EUROPEAN AFFAIRS

EU/WHO

Now Europe’s WHO director says governments must stop enforcing lockdowns. Trump was right

(zerohedge)

WHO Europe Director Says Governments Should Stop Enforcing Lockdowns

 
 

Authored by Paul Joseph Watson via Summit News,

The World Health Organization’s Regional Director for Europe Hans Kluge says governments should stop enforcing lockdowns, unless as a “last resort,” because the impact on other areas of health and mental well-being is more damaging.

In an interview with Euro News, Kluge cautioned against the imposition of more lockdowns unless they are “absolutely necessary.”

“He says damage to other health areas, mental health, domestic violence, schools and cancer treatment is too great,” tweeted reporter Darren McCaffrey.

Kluge’s warning matches that of the WHO’s special envoy on COVID-19, Dr David Nabarro, who recently told the Spectator in an interview that world leaders should stop imposing lockdowns as a reflex reaction because they are making “poor people an awful lot poorer.”

It also resonates with numerous other experts who have desperately tried to warn governments that lockdowns will end up killing more people than the virus itself, but have been largely ignored.

Germany’s Minister of Economic Cooperation and Development, Gerd Muller, recently warned that COVID-19 lockdowns will result in “one of the biggest” hunger and poverty crises in history.

“We expect an additional 400,000 deaths from malaria and HIV this year on the African continent alone,” Muller said, adding that “half a million more will die from tuberculosis.”

Muller’s comments arrived months after a leaked study from inside the German Ministry of the Interior revealed that the impact of the country’s lockdown could end up killing more people than the coronavirus due to victims of other serious illnesses not receiving treatment.

Another study found that lockdowns will conservatively “destroy at least seven times more years of human life” than they save.

Professor Richard Sullivan also warned that there will be more excess cancer deaths in the UK than total coronavirus deaths due to people’s access to screenings and treatment being restricted as a result of the lockdown.

His comments were echoed by Peter Nilsson, a Swedish professor of internal medicine and epidemiology at Lund University, who said, “It’s so important to understand that the deaths of COVID-19 will be far less than the deaths caused by societal lockdown when the economy is ruined.”

According to Professor Karol Sikora, an NHS consultant oncologist, there could be 50,000 excess deaths from cancer as a result of routine screenings being suspended during the lockdown in the UK.

Experts have also warned that there will be 1.4 million deaths globally from untreated TB infections due to the lockdown.

As we further previously highlighted, a data analyst consortium in South Africa found that the economic consequences of the country’s lockdown will lead to 29 times more people dying than the coronavirus itself.

*  *  *

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END

CORONAVIRUS UPDATE/LONDON/GLOBE

London Latest To Revive COVID-19 Restrictions As Record Numbers Reported Across Europe: Live Updates

 

Summary:

  • UK imposes new COVID restrictions in London, elsewhere
  • New curfew, other restrictions take effect in France
  • Wales, Northern Ireland adopt new restrictions
  • Czech Republic is Continent’s worst-hit country
  • China fires officials after local outbreak
  • Global cases near 38.5 million
  • Hong Kong, Singapore set up ‘travel bubble’
  • Chinese passenger flights pass peak
  • Indonesia passes Philippines

* * *

As EU members from Germany to Italy to the Czech Republic see COVID-19 cases surge, the global daily tally notched a new record on Wednesday, according to Johns Hopkins, which counted 380,426 new cases reported in the 24 hours to Wednesday. That’s a new global record, and the first since Sept. 24, when surging cases across Europe, the US, India, Brazil and Russia were driving daily cases higher.

 

Europe alone reported a daily record yesterday. Since then, the outbreak in India has finally started to cool (well, relatively speaking; India is still counting more than 60k new cases a day), but outbreaks in Western Europe have roared, with Spain becoming the first EU member to top 900k new cases, and France on track to pass that milestone as soon as today.

In the UK, Boris Johnson’s government announced Thursday morning that he would impose tighter restrictions in London beginning this weekend as the capital city’s infection rate nears 100 per 100,000.

European infections began a resurgence in the late summer, fueled by returning travelers and young party-goers. Local family, work and social gatherings have since spurred further contagion. And now that the resurgence is forcing leaders across the continent to figure out how to contain the virus without imposing economy-destroying lockdowns, which the WHO recently rejected, and most European leaders – including Bojo, French President Emmanuel Macron and German Chancellor Angela Merkel – are struggling to find a strategy that will quell the outbreak without reimposing devastating lockdowns which have outsize impact on the poor, per the WHO.

 

According to the BBC, which cited Health Secretary Matt Hancock, who briefed MPs on the plans Thursday morning, millions of people in London, Essex, York and other areas are facing tougher Tier 2 COVID restrictions beginning Saturday. It’s the middle of three alert levels, and imposes a ban on households mixing indoors, including in pubs and restaurants. These decisions come as BoJo mulls the final decision about whether Greater Manchester will be elevated to the “very high” Tier 3 status.

Once Saturday arrives, more than half of England will be living under “high” or “very high” alert levels. Wales and Northern Ireland also impose new restrictions.

Pub and restaurants owners are concerned since the new restrictions will impact their business, however, the thousands of restaurants and pubs in the capital area won’t be eligible for government support, which is only available to businesses which have been ordered to close completely. The restrictions “without a proper package of support” would “decimate” the hospitality industry, a trade group said.

The following areas will enter “Tier 2”.

  • London
  • Essex
  • Elmbridge in Surrey
  • Barrow in Furness, Cumbria
  • York
  • North East Derbyshire
  • Chesterfield
  • Erewash, Derbyshire

Speaking to the Commons, the health secretary said “things will get worse before they get better”.

“Now, I know that these measures are not easy but I also know that they are vital. Responding to this unprecedented pandemic requires difficult choices, some of the most difficult choices any government has to make in peacetime.”

Meanwhile, in France, new restrictions, including curfew measures in hot spots across the country, were announced last night by President Emmanuel Macron: Macron said that the curfews would last for at least 4 weeks. It will apply to Paris and its suburbs, as well as Marseille, Lyon, Lille, Saint-Etienne, Rouen, Toulouse, Grenoble and Montpellier, as we reported last night.

Already, Europe is on track to report another batch of record cases on Thursday. Germany reported 6,638 new cases early Thursday, beating its previous record of 6,300 set in late March.

The Czech Republic reported 9,544 new cases, its highest one-day tally since the pandemic started, Health Ministry data shows. The number of new cases detected since the outbreak has doubled in October alone, to 139,290, as the country of 10.7 million people faces one of the world’s largest surges in infections.

Source: Bloomberg

Here’s a roundup of other COVID-19 stories from overnight and Thursday morning.

Global cases are 38,416,443,per Johns Hopkins University in Baltimore, while the worldwide death toll has hit 1,090,641 (Source: JHU).

Malaysia reports 589 new coronavirus cases, raising its cumulative tally to 18,129, the health ministry says. The country has imposed targeted lockdowns this month to rein in a new surge in infections. It has also recorded three deaths, bringing total fatalities to 170 (Source: Nikkei).

Indonesia reports 4,411 new infections, taking its tally to 349,160, surpassing the Philippines to become the country in Southeast Asia with the highest number of cases. Indonesia also reports 112 new COVID-19 deaths, with total fatalities reaching 12,268 (Source: Nikkei).

Hong Kong and Singapore will set up a travel bubble, the two cities announced, as they move to reestablish overseas travel links and lift the barrier of quarantines for visiting foreigners (Source: Nikkei).

The Chinese city of Qingdao says it has suspended the head of its health commission and fired a hospital director following an outbreak of coronavirus infections that ended China’s run of about two months without reporting a local case (Source: Nikkei).

India reports 67,708 new cases in the past 24 hours, up from 63,509 the previous day, pushing the country total over 7.3 million. The death toll jumped by 680 to 111,266 (Source: Nikkei).

The number of passenger flights in China last month topped year-earlier levels, official data shows, with passenger numbers coming close to 2019 levels (Source: Nikkei).

end

 
Bill Blain explains the important European events of the day especially the huge debt owed by Italy
(Bill Blain)
 

Italy’s ‘La Dolce Vita’ Versus Europe’s Rising Tide Of National Self-Interest

 

Authored by Bill Blain via MorningPorridge.com,

“By 1965 there will be total depravity. How squalid everything will be…”

There are mornings when you wake up, look up to the skies, and go… oh no… “not again”.

But let’s be positive. There is so much good news out there..

Investors around the globe were no doubt be delighted at the opportunity presented yesterday to lend Italy 3-yr money for slightly less than zero yield.  The €3.75 bln Zero deal was 1.4 times oversubscribed. (If I were a cynic I might suggest the ECB will end up holding most of it under QE, after the Japanese investors who bought for a positive currency hedge dump it…)

But I am not a cynic this morning. I am keen and enthusiastic and looking for more reasons to be cheerful. So, if you are Sovereign Bond investor, you should have filled your proverbial boots – because next month Italy will probably be raising money even cheaper. The flattening curve means the prospect of a Zero-Coupon Italy Perp is just around the corner. Just 8 years ago, when we all confidently expected Italy to explode, default and exit the Euro, it was paying near 8% on debt, and trading by appointment only.

How wrong we all were about Italy.  Europe’s least competitive economy with the highest debt load (155% of GDP) commands premium pricing… and all be because the ECB has enabled it. Why all the worry? All that Italy needs to do is grow its economy, and everything will be just fine. Simples. (Except… as any man will tell you.. “fine” is the most dangerous word in the world..)

Italy is doing well re numbers in the second Covid wave, but the economy has contracted 9% because of the pandemic, and isn’t actually expected to fully recover till some time in 2022. It won’t get back on its debt reducing budget surplus track till 2024 – or “never” as any date longer than 36 months is considered in the currently popular shorten-duration game of bond investment.

That should not concern us unduly.  Italy is an important and valued member of the EU, and now that the UK is about to be kicked into the long-grass by the French denying us a Brexit deal – Italy steps up a place.  (Rule 1 in the history of UK relations with Europe: it’s never the UK’s fault. If anyone suggests it is – blame France.. it’s probably them.)

The ECB’s Pandemic Emergency Purchase Programme (PEPP), and the soon to be released grants and loans from the Next Generation EU recovery fund will ensure Italy has zero funding costs for ever.. Therefore, what else can happen except an explosive outpouring of Italian entrepreneurship and growth.. because that is what 8 years of ultra-low European rates have achieved across Europe – haven’t they?

Oh… they haven’t… that was probably because rates weren’t low enough. Well they are zero now.. so what can possibly go wrong?

The answer to that question is long-term stagnation, deflation and decline – but because I don’t want to sound grumpy and suspicious.. I won’t say it.. (Some say Italy has been in historical decline since Atilla’s visit to Rome in 410, but that’s a tad harsh..)

What if the Pandemic and the response means Italian growth remains stifled by ongoing restrictions, Brexit tariffs (yep, we’re going skiing in Scotland!) and rather than a “swift” 2-year recovery, it takes longer? Much Longer.  What if tourism loses another season? What if businesses give up and throw themselves on welfare? The reality is Italy’s growth was already weak and insipid before the Pandemic.

Just like Covid has cut a swathe through the elderly and infirm it might do the same to sickly economies. 

There are bank forecasts out there suggesting Italy’s Long Financial Covid could last for years, impacting growth and expectations through the 2020s, putting further pressure on the country’s fragile politics, raising populist threats and a potential North/South split. The economic effect would be similar to the way the great depression triggered by 1929 cause recession through the 1930s. Italy became a fascist state earlier in 1922 due to the weakness of the economy post WW1.

Today Italy’s economy is still suffering the negative effects of the 2008 banking crisis – which remains essentially unresolved – and the following European sovereign debt crisis – which is also essentially unresolved. Essentially (3 uses of the same word – deliberate) Italy is relying on policy made on the hoof.

Key Phrase I used earlier is that Italy is still solvent because the ECB has enabled it.

Italy is not a Sovereign Borrower. It is in exactly the same boat as any Latin American sovereign that borrowed in dollars. Since it joined the Euro, Italy has no fiscal agency and monetary authority. Italy can’t decide to create Euro’s through its own central bank to finance infrastructure, bank bailouts, or target fiscal stimulus packages.  The monetary rules of the ECB mean it needs the EU to nod at breached debt guidelines to put stimulus in place. It does not control the money printing presses. It might be easier if the EU was in a monetary union, but it’s not – and is unlikely to ever be.

The Euro is just a pooled currency under which members gave up financial sovereignty and agreed to stick to monetary rules – which Italy has not met. It benefits some – Germany – and penalises the rest.

When the ECB President Christine Lagarde misspoke and said it wasn’t her job to keep bond spreads tight, the market crashed! Italy yields soared. She soon corrected herself and has clearly learnt the lesson: that she is playing a very difficult and complex Game of Politics within the EU, trying to reconcile the unspoken promise to continue Mario Draghi’s Do-Whatever-it-Takes efforts to keep yields low, versus a rising tide of national self-interest across Europe – which is being accelerated by the pandemic effects on job security.

Italy is surely too big for other EU members to deny? Surely Germany would never ever insist Italy meets its debt targets? That would mean austerity and further economic decline… 

Meanwhile… An Apple a Day.. 

Apple announces a new phone that you simply must buy! This one is a slightly different shape! And it’s available in Blue. It’s completely, utterly and irrevocably future proofed for at least the next 12 months. It comes complete with 5G connectivity meaning it absolutely can do what other phones that were already 5G enabled do already. And, wait for it… it will do everything, yes absolutely everything your current iPhone already does.

Wow.. isn’t that fantastic? £1100 winging its way their way now!

I expect the stock will go through the roof. I can’t wait to buy one in November, or maybe I better pre-order now just in case there is a queue… and someone isn’t wearing a face mask…

(BILL BLAIN)

end

Michael Every on the USA news of the day with a sprinking of Brexit

(Michael Every)

Rabobank: Facebook And Twitter Are Suppressing The Biden News While Allowing A “Slew” Of Other Unconfirmed Stories

By Michael Every of Rabobank

Barbara Streisand in Split-screen

Life is very much split-screen at the moment. We obviously have the whole K-shaped recovery thing: depending on which screen you are watching, life is either great or terrible.

 

We also have the deep political dichotomy around the US election, which is taken up another notch today with the alleged scandal surrounding Hunter Biden: you are either reading all about this, or you aren’t aware of it, depending on which media you follow – and which stories they follow.

Notably, Facebook made clear it would be suppressing this particular unconfirmed story, unlike a slew of others, some of which have subsequently proved to be wrong. So did Twitter. The editor of the New York Post –running the Hunter story, and which can be sued for defamation and libel– claims he was blocked from tweeting it by Twitter, which can’t be. Other users trying to do the same saw the message: “We can’t complete this request because this link has been identified by Twitter or our partners as being potentially harmful. Visit our Help Center to learn more.” Those trying to share the story got a message saying the link was “unsafe”, “potentially spammy”, “malicious”, “violent”, or “misleading”. The original tweet from the New York Post was also deleted by Twitter, and the accounts of some people trying to retweet it were suspended.

This is all as the role of social media firms and censorship is already a hot political issue, with a Congressional report calling for them to be broken up: well, things just got even hotter. Expect to hear much more about the First Amendment, Section 230,…and the ‘Streisand Effect’.

On the same day in the US, the Miriam-Webster dictionary also redefined a commonly-used word to a completely new meaning to follow its use in the contentious confirmation hearing for judge Amy Coney Barret – and one in complete opposition to how the same word was used officially by Justice Ruth Bader Ginsburg, whom ACB might replace, as recently as 2017.

Turning the heat up even more, Germany’s ambassador to the US tweeted out (with no problems): “Hannah Arendt, a German Jew, political theorist and philosopher, was born on this day in 1906. One of her many legacies: Totalitarianism can flourish where people systematically refuse to engage with reality, and are ready to replace reason with ideology and outright fiction.” Whom was that directed at? Or was it just random European intellectual musing? Of course, the White House already accuses Germany of just that kind of fiction in its mercantilism-over-values foreign policy; and a German official was recently alleged to have covered up Chinese influence operations in the country so as not to provoke a response that could damage business ties. That tweet won’t help German-US business ties much though.

Similarly hot, then not on more than one level, and on two screens, a museum in France was displaying an exhibition about Genghis Khan and the Mongols and their Empire; and now isn’t, because China insisted it had to remove the words “Genghis Khan” and “Mongols” and “Empire”, and wanted a say over all legends, maps, and brochures; in response, the museum closed it all down so nobody gets to see anything at all.

 

Markets will probably remain sanguine about these kind of trends **in the West** right up until it’s something they care about –or themselves– in the cross-hairs. On which note, the US might be seeking to blacklist Ant Group, so we can add another Chinese firm to the list of market entities being blocked in some places.

Back to the US election, we can take two-screen-ery to extremes tonight as Democrat Biden holds a town-hall event live on ABC TV to replace the presidential debate we were supposed to have before President Trump caught Covid – which he looks to be over as he dances his way through YMCA. Meanwhile, Trump will be holding a rival town-hall event live on NBC TV at the same time. Joe Rogan is presumably not involved. Hopefully neither is YMCA.

For those who remember the good old days when there used to be live sport with actual people watching, this is like the World Cup football games that were big enough to be broadcasted live by both major TV networks. You were always tempted to keep flicking back and forwards between the two to see if you were missing an angle, replay, or sarcastic comment, or sometimes even in the forlorn hope the score was different (You weren’t; it wasn’t.) Let’s see what the scores are, and if there are any red cards. However, markets, as in 2016, aren’t even glancing at the other screen. As the media quotes an analyst today, a Trump win over Biden would be the ‘biggest error’ in ‘modern era of mass polling’. True: but then again, polling response rates didn’t used to be as low as 5-6%, which always distorts the sample group. This is the stuff fat tail risks are made of!

Meanwhile, we are far from guaranteed to get any fiscal stimulus pre-election given Republicans and Democrats are still only talking, with Mnuchin admitting a deal is “unlikely” – although there was pressure on Nancy Pelosi to compromise in an interview on CNN(!) yesterday, as the political screens somehow got crossed over brieflyRisk is not going to be on like that.

s is another ‘lower forever’ issue: the ineffectiveness of fiscal stimulus anyway. As a pithy example, wage inflation is still largely absent in the UK, and we can see why. However, Sky News reports one of the reasons the UK has managed to spend GBP12bn on a track and trace system that doesn’t work is that they have been paying management consultants up to GBP7,000 a day (equivalent to an annual salary of over GBP1,500,000). That’s almost like a day’s work for Mrs Streisand. Once again, we see the Cantillon effect in effect: it’s good to be close to the king. Or Babs. We also see why there is no real inflation despite huge fiscal expenditure. Or rather very localized inflation. The consultant paid GBP7,000 a day isn’t going to be too price sensitive or consumption averse at the moment; but is this really how the IMF recommends using fiscal stimulus, which it now recommends for once?

BoJo is meanwhile pleasing markets, as well as management consultants, by showing his 15 October deadline for walking away from Brexit talks is not a hard one. Issues like fishing may be flexible after all (as Bloomberg implies with its brilliant headline: ‘Fish as Chips’). Apparently now the real deadline is the end of the month, or even early November, which is starting to get last-minute enough to be genuinely European. Germany is allegedly pursuing its usual mercantilist policy, and telling France to be more flexible over the fishing issue that doesn’t matter to it at all compared to continued manufactured goods access to the UK market. One sees why markets like that kind of German stance, even as it takes the moral high ground.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

AZERBAIJAN/ARMENIA/TURKEY

Azerbaijan strikes ballistic missile sites in Armenia.

(SOUTHFRONT)

Azerbaijan Strikes Ballistic Missile Sites In Armenia Amid Hadrat Standoff

 

Submitted by South Front,

On October 14, the Azerbaijani Defense Ministry announced that its forces had conducted strikes on Armenian operational-tactical ballistic missile systems in the Armenian border area, near the Kalbajar District of the contested Nagorno-Karabakh region.

The Azerbaijani military claimed that the destroyed missiles “were targeted at Ganja, Mingachevir and other cities of Azerbaijan to inflict casualties among the peaceful population and to destroy civilian infrastructure.”

The Armenian Defense Ministry confirmed the strikes denying any casualties and threatening Azerbaijan with retaliatory strikes on military targets inside the country. “From now on, the Armed Forces of Armenia reserve the right to attack any military object or military movement in Azerbaijan. The military-political leadership of Azerbaijan bears full responsibility for the process of changing the logic of the combat actions,” the defense ministry spokesperson said.

Also, Armenia claimed that it had shot down an Azerbaijani Su-25 warplane. This was the second warplane of this type claimed to have been shot down by Armenia in recent days. In both cases, no evidence to confirm the claims was provided.

According to both Armenian and Azerbaijani sources intense clashes and artillery duels have been ongoing in the northern and southern parts of Karabakh.

On October 13, the Azerbaijani military released their own video from the surroundings of the town of Hadrut in the Nagorno-Karabakh region claiming control over the town.

Earlier, Armenian sources and journalists working on the Armenian side released several videos from the same area claiming that the town is in the hands of Armenian forces. This situation goes contrary to the official stance of the Azerbaijani leadership. According to the official version, the town was captured by Azerbaijan several days ago.

Nonetheless, the issue with the new Azerbaijani proof from Hadrut is that the video was in fact filmed in the village of Tagaser, which is located west of the town. Thus, in the best case for Azerbaijani forces the town of Hadrut is now contested, and in the worst case it is in the hands of Armenian forces. This is a major blow to the official Azerbaijani propaganda that keeps claiming at the highest level that the town has been ‘liberated from Armenian occupiers’.

On the other hand, the potential military success of Azerbaijan on this part of the frontline could easily lead to the collapse of the Armenian defense near the town of Fizuli and its subsequent loss to Azerbaijani forces. This is a desired outcome for Azerbaijan. Thus, its military will continue its advance in the area despite public claims about its supposed commitment to the October 10 ceasefire regime with only retaliatory actions to Armenian violations.

 

TURKEY/AZERBAIJAN

I guess we know who started this mess:  Turkey weapon sales to Azerbaijan witnessed a huge surge just before the Armenian conflict.

(zerohedge)

Turkey Weapons Sales To Azerbaijan Witnessed Huge Surge Just Before Armenia Conflict

 

New figures produced by the Turkish Exporters’ Assembly and subject of an investigation by Reuters show a massive surge in Turkish weapons exports to its ally Azerbaijan just ahead of the raging conflict sparked late last month in the disputed Nagorno-Karabakh region.

“Turkey’s military exports to its ally Azerbaijan have risen six-fold this year, with sales of drones and other military equipment rising to $77 million last month alone before fighting broke out over the Nagorno-Karabakh region, according to exports data,” reports Reuters.

 

Via Reuters

It’s a massive figure for the tiny Caucasus country of just less than ten million people. The data shows that over the first nine months of 2020 Turkey sold Azerbaijan $123 million in defense and aviation equipment.

 

But this ramped up significantly by August once clashes between Armenian and Azeri forces, which have been sporadic and fierce since the early 1990’s collapse of the Soviet Union and self-declared autonomy of ethnic Armenian Nagorno-Karabakh, grew more intense at the end of the summer.

According to the report:

Most of the purchases of drones, rocket launchers, ammunition and other weapons arrived were after July, when border clashes between Armenian and Azeri forces prompted Turkey and Azerbaijan to conduct joint military exercises.

Sales jumped from $278,880 in the month of July to $36 million in the month of August, and $77.1 million in just September, the data showed.

Other major suppliers of Azerbaijan’s military have included Russia and Israel. Russia also has a defense pact with Armenia, including a major base in the country’s north.

 

Soldiers in joint Turkey-Azerbaijan drills in Baku in August of this year, via Anadolu Agency

Israel’s ties are much more controversial, given Tel Aviv is a major supplier of high tech small drones, including so-called ‘suicide drones’ which have recently been seen on the battlefield targeting Armenian troops.

 

Drone warfare has been somewhat of a gamechanger in the historic conflict, given multiple battlefield videos have shown a massive uptick in drone activity from both sides.

Turkey has also been documented as transferring foreign mercenaries to the front lines, especially Syrian Islamists, a charge which Ankara has this week vehemently denied.

IRAN/USA
Iran in a mess as it fights hyperinflation, sanctions and COVID. Now the delivery of 2 million flu vaccines are being blocked by those USA sanctions
(zerohedge)

Delivery Of 2 Million Flu Vaccines To Iran Blocked By US Sanctions On Banks

 

Last Thursday the US Treasury announced fresh sanctions on 18 Iranian banks in order to “stop illicit access to U.S. dollars” — a move widely seen as the most aggressive and devastating measure against Iran’s financial sector to date.

Given it effectively blacklists the entire Iranian financial system, Treasury Secretary Steven Mnuchin tried to proactively address European allies and international critics’ concerns that this would only massively increase the suffering of the common Iranian people amid a raging pandemic. His statement last week vowed that certain exemptions will “continue to allow for humanitarian transactions to support the Iranian people.”

But now Iranian health officials say they’ve been prevented by US sanctions from importing 2 million influenza vaccines, amid a desperate and deteriorating health crisis inside the country.

Iran’s Red Crescent Society announced on Twitter that new US sanctions on Shahr Bank are to blame.

The bank is reportedly largely responsible for foreign-currency purchases of drugs, but has now “been sanctioned by the U.S. government and the vaccines haven’t reached the Red Crescent.”

According to Bloomberg, this has left the health organization scrambling:

The Red Crescent said it was attempting to source replacement vaccines through neighboring countries. Some 200,000 flu doses had been delivered to the ministries of health and education, the organization said in a subsequent tweet, without giving more details.

Iran’s leaders have been outraged, also alleging over the past days the United States has intentionally severely exacerbated the impact of the coronavirus pandemic inside the Islamic Republic, 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.”

It remains unclear just how the US is ‘ensuring’ humanitarian aid is not touched, also given there have been growing complaints that Western companies which are already skittish about doing any level of humanitarian goods transactions in Iran are over-complying for fear of US repercussions.

 

File image via CGTN

European allies have been warning the US-led actions are taking Iran to the brink of total economic collapse, which will be felt most by the common populace, while failing to dislodge the regime.

END

6.Global Issues

Email to me from Robert

pus the Breitbart commentary

World Economic Forum Heralds ‘Great Reset’ of Global Economy and Society

 
 
Finally, a spotlight on the socialist agenda.

 

Socialism devours all its’ path ruining culture and nations pretending to understand the needs and wants of people better than they understand themselves.
So yes, lockdowns and masks are all part of the breaking down of society to rebuild as they wish to see it at the expense of everything people have worked for. Lockdowns by city and by region or by province are examples of how commerce can be altered with devastating economic fallouts. Already, we have seen People denied entry into so called bubbles on te news. And while one tends to not make much of this. Ask yourself what happens when you personally are denied access to a region or even part of a city. Deemed to be too unsafe for you to enter, or if entered you are denied exit?  It is happened already in Australia and in parts of Canada and likely elsewhere. Do not think this does not impact your life as everything that changes Economic activity will result in personal impact in due course.

When you read of extended unemployment largely due to imposed lockdowns And the shuttering of businesses, especially small and medium sized companies know that talk of Universal Income is not far behind. And the selection process of such activity is being processed.

The reality is how they cause payment for it. I will suggest that it will be with your wealth built up by your sweat and efforts to be redistributed as they see fit. This always happens with a socialist agenda because no responsible capital wishes to engage in such folly. So the people’s wealth is what is taken. The examples of this in history are many. And since the giving up of such wealth is never voluntary, various means of forceful persuasion are used. Even in Canada, one can wonder why the federal government wants internment camps in each of the provinces.

People are starting to protest whether in Europe, or cities like Liverpool and even in quiet Toronto protests are growing weekly. All such dissent is not well reported by the press, and one does not wonder why too much when money is dished out by the Federal government to the  media. In Toronto, this weekend there will be another protest at Dundas  Square which should be 20% larger than last week. All such events will grow throughout the winter as rolling lockdowns persist into the spring. At some point the pain suffered by the public at large will grow to the point where there is nothing to lose and then the tone of such events will challenge the authority of oppression which is common with socialist agenda implementation. In coming months and years fracturing of countries will be seen and the rise of newly modeled city states with their own currency. This is actually occurring in one city in Brazil right now with success. This is both novel and a threat as it employs an alternative currency and a decentralized mode of activity insulating the populace from external upheaval.

What was thought to be a slight inconvenience or temporary passing event will show its’ true colors. And in this light many changing conditions of circumstance will come to collide causing much social and economic upheaval. At very best all the printing by Central banks is no more than 25% of the capital destruction that has already occurred. And frankly, it is not possible to print fast enough and Central banks have lost control and in some cases are in process of losing control. This will occasion new opportunities but I will save that for another day.

In the meantime buckle up because the next 9-12 months will be full of turbulence, not yet visible in the public eye.

https://www.breitbart.com/politics/2020/10/14/world-economic-forum-outlines-its-great-reset-to-end-traditional-capitalism/

end
 

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1697 DOWN .0046 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 105.27 UP 0.126 (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 1.2916   DOWN   0.0095  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3215 UP .0063 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  THURSDAY morning in Europe, the Euro FELL BY 46 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1697 Last night Shanghai COMPOSITE  DOWN 8.60 PTS OR 0.26%

//Hang Sang CLOSED DOWN 508.55 PTS OR 2.06% 

/AUSTRALIA CLOSED UP 0,42%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 508.55 PTS OR 2.06% 

/SHANGHAI CLOSED DOWN 8.60 POINTS OR .26% 

Australia BOURSE CLOSED DOWN 0.40% 

Nikkei (Japan) CLOSED DOWN 119.50  POINTS OR 0.51%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1891.50

silver:$23.74-

Early THURSDAY morning USA 10 year bond yield: 0.702% !!! DOWN 3 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.463 DOWN 5  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.82 UP 44 CENT(S) from  THURSDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.15% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.02.%  DOWN 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.15%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.704 UP 4 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 55 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.61% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.31% 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 THURSDAY

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

Euro/USA 1.1704  DOWN     .0040 or 40 basis points

USA/Japan: 105.35 UP .207 OR YEN DOWN 20  basis points/

Great Britain/USA 1.2919 DOWN .0092 POUND UP 92  BASIS POINTS)

Canadian dollar DOWN 91 basis points to 1.3241

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The USA/Yuan,  CNY: closed DOWN TO 6.7254    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.7283  (YUAN DOWN)..

TURKISH LIRA:  7.9283  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield DOWN 1 IN basis points from WEDNESDAY at 0.722 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.492 DOWN 2 in basis points on the day

Your closing USA dollar index, 93.83 UP 44  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 THURSDAY: 12:00 PM

London: CLOSED DOWN 102.54  1.08%

German Dax :  CLOSED DOWN 324.31 POINTS OR 2.49%

Paris Cac CLOSED DOWN 104.24 POINTS 0.200%

Spain IBEX CLOSED DOWN 99.80 POINTS or 1.44%

Italian MIB: CLOSED DOWN 542.29 POINTS OR 2.77%

WTI Oil price; 40.35 12:00  PM  EST

Brent Oil: 42.53 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    78.39  THE CROSS HIGHER BY 0.62 RUBLES/DOLLAR (RUBLE LOWER BY 62 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.61 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

Closing Price f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  41.20//

BRENT :  43.16

USA 10 YR BOND YIELD: … 0.731..up 0 basis points…

USA 30 YR BOND YIELD: 1.512 up 0 basis points..

EURO/USA 1.1705 ( DOWN 39   BASIS POINTS)

USA/JAPANESE YEN:105.46 UP .318 (YEN DOWN 31 BASIS POINTS/..

USA DOLLAR INDEX: 93.82 UP 43 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2899DOWN 112  POINTS

the Turkish lira close: 7.93228

the Russian rouble 78.05   DOWN 0.28 Roubles against the uSA dollar. (DOWN 28 BASIS POINTS)

Canadian dollar:  1.3216 DOWN 65 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.61%

The Dow closed DOWN 26.28 POINTS OR 0.09%

NASDAQ closed DOWN 54.86 POINTS OR 2.22%


VOLATILITY INDEX:  27.00 CLOSED UP .60

LIBOR 3 MONTH DURATION: 0.230%//libor dropping like a stone

USA trading today in Graph Form

Banks, Big-Tech, & Black Gold Bust As Bitcoin & Bond Yields Bounce

 

A 3rd day lower in a row for big-tech-heavy Nasdaq…

US equity markets tumbled overnight on the back of reaccelerating COVID cases and the concomitant lockdowns across Europe. Once the US cash markets opened, we were off to the races with Small Caps and Trannies ramped back into the green (and Dow & S&P tried their best). Nasdaq underperformed again…

On the week, thanks to today’s buying panic during the day, S&P and Small Caps managed to scramble back into the green (Dow is red on the week while Nasdaq is holding gains for now, ahead of tomorrow’s op-ex)…

Today’s rampage was all about squeezing the shorts once again…

Source: Bloomberg

Notably, Nasdaq scrambled back above its Zero Gamma level (289 for QQQ) ahead of tomorrow’s significant op-ex shift…

After the early week outperformance, Nasdaq has given back a lot of its gains against Small Caps into today;s close…

 

Europe had a bad day…

Source: Bloomberg

After an ugly week, things didn’t get much better today for banks with Goldman actually erasing all its gains and Wells unable to mount any rebound…

Source: Bloomberg

Cyclicals were rallied back to unch…

Source: Bloomberg

Momo was weak today as value rallied…

Source: Bloomberg

Treasury yields ended the day modestly higher, with bonds sold from the US open as stocks rallied…

Source: Bloomberg

10Y Yields ended higher by around 1bps…

Source: Bloomberg

Cable was weak once agai as UK-EU talks broke down…

Source: Bloomberg

And that helped lift the dollar…

Source: Bloomberg

A seriously chaotic day in black gold today with WTI dumped and pumped but ending lower…

Gold rallied on the day, with futures back above $1900…

And Silver futures found support at $24 once again…

 

Finally, liquidity in the US equity markets is plunging once again…

Source: Bloomberg

After hitting all time lows (based on data going back to 1996) in March, liquidity improved over the course of the summer, peaking with the equity market at the end of August. Since then, the measure has continued to deteriorate steadily despite the bounce in stocks over the last three weeks.

And don’t forget, Monday is the anniversary of 1987’s Black Monday…

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Joblessness from the coronavirus continues as 900,000 first time Americans filed for jobless benefits last week. Continuing claims are falling off. California dealing with a massive fraud in their unemployment eolls

(zerohedge)

Almost 900,000 Americans Filed For First-Time Jobless Benefits Last Week But California Chaos Continues

 
 

898,000 Americans filed for first-time jobless claims last week, well above the previous week’s 845k (and much worse than the 825k expected). This is the biggest rise in claims in 8 weeks…

Source: Bloomberg

That’s the bad news.

The good news is that continuing claims dropped notably WoW, to their lowest since March…

Source: Bloomberg

Indian, Illinois, and Massachusetts saw the biggest increase in jobless claims last week. Michigan, Alabama, and Oklahoma saw the biggest drop…

So, that’s the reported data – do with it what you will, depending on your agenda – but bear in mind that it is practically useless noise given the fact that issues with data from California, the most populous state, continue to remain frozen as they deal with the massive fraud that permeated their unemployment rolls.

Source: Bloomberg

end

“Temporary” Layoffs Turning Into Permanent Job Losses

 
 

Via SchiffGold.com,

When governments across the US forced businesses to close down in response to the coronavirus pandemic, everybody assumed the layoffs would be temporary. Despite the huge surge in unemployment, the expectation was people would quickly return to work once the crisis passed and the economy opened up again. But as the pandemic stretches into its eighth month, millions of Americans remain out of work and economists say many of those “temporary” job losses have become permanent.

Millions of Americans have returned to work as expected. The unemployment rate has nearly halved to 7.9% since April. But nearly 13 million Americans remain out of work. That’s about 7 million more than pre-pandemic levels.

According to the Bureau of Labor Statistics, the number of job losses categorized as permanent grew by 345,000 to 3.8 million people in September. In other words, nearly 4 million unemployed Americans have no prospects of returning to work.

The number of long-term unemployed – people out of work for a period exceeding six months – has ballooned. According to the Bureau of Labor Statistics, around 2.4 million Americans were unemployed for 27 weeks or more in September, up 781,000 from the previous month. The last time we saw this kind of jump in long-term unemployment was during the Great Recession.

Economists crunching the numbers say the trend shows that some layoffs once thought temporary have become permanent. To make matters worse, companies have begun initiating layoffs on a trajectory similar to a traditional recession, according to an article published by CNBC

Meanwhile, months since the lockdowns were generally lifted, hundreds of thousands of Americans continue to apply for unemployment for the first time every week. Last week, more than 800,000 people filed first-time unemployment claims. That compares with 188,000 first time claims during the same period in 2019.

And tens of thousands of people will get pink slips in the coming weeks as the long-term economic damage caused by government lockdowns in response to the coronavirus pandemic begin to ripple through the economy. Regal Cinemas closed all of its locations last week with no timetable for reopening. Disney announced it would lay off 28,000 workers. US airlines are shedding jobs at a dizzying pace.

“We’re still at a high level of layoffs in the economy,” Susan Houseman, VP and research director at the W.E. Upjohn Institute for Employment Research, told CNBC.

“The new job losses will, by and large, be perceived as permanent.”

 

In a recent podcast, Peter Schiff said he thinks a lot of the people who have gone back to work in recent weeks will eventually find themselves in the unemployment line again.

I think a lot of these people who have been recalled, who have come back to work, I think ultimately their employers are going to realize, after the fact, that they don’t really need a lot of these workers, and a lot of these workers are going to be re-fired. Except next time it is going to be permanent, not temporary.”

There is also the looming prospect of more corporate bankruptcies and business closures, putting more pressure on the jobs market. Large company bankruptcies have already surged to a level not seen since 2010 and more than 420,000 small businesses have closed their doors permanently since the beginning of the pandemic. That represents a staggering 7.1% of all small businesses. Brookings estimates that the US economy has lost some 4 million jobs in the small business sector “that will only return with the creation of new businesses.”

The current state of the jobs market dovetails with our report last month that suggested lockdowns may have permanently scarred the labor market and there are signs of deep wounds that won’t quickly heal. In a nutshell, a lot of people will likely never return to work.

And as Peter Schiff said in a recent interview on RT, it doesn’t appear to matter what letter you stick in front of the word “recovery.”

I don’t care what letter you want to use to describe it. My problem is with the word recovery. Because I don’t think we’ve recovered at all. Sure, there has been a recovery in the stock market in that the market recovered what it lost in the early days of COVID. And yes, this recession that we’re currently in began with a very substantial collapse. And yes, there’s been a bit of a bounce off of that collapse. But we’re still in recession. So, I don’t know if recovering to being in a less-severe recession than we were in at one point really qualifies as a recovery.”

end

iii) Important USA Economic Stories

Hunter Biden/Joe Biden/Giuliani

As I told you yesterday, Hunter Biden was so cracked up on dope that he forgot about his laptop at a shop.  The computer was their to be fixed but Hunter forgot about it and the thousands of emails on it.  These emails are a treasure to the Republicans

(zerohedge)

Rudy Giuliani Promises To Share More “Private Text Messages” From “The Biden Crime Family”

 

As the furor over Twitter and Facebook’s attempts to censor Wednesday morning’s New York Post bombshell intensifies, Rudy Giuliani, who was named as the source of the documents in the NY Post story, just dropped a new video on Twitter where he outlines some of the alleged transgressions of “the Biden Crime Family”.

Earlier, the NYP exposed never-before-publicized emails suggesting that Joe Biden’s involvement with his son’s business endeavors was much more active than he led the world to believe.

In other words, if the emails are genuine (and nobody has offered any credible evidence yet to suggest that they aren’t) then it’s clear the Biden lied about having never discussed business with his son.

In a tweet, Giuliani confirmed that he has more material that has yet to see the light of day, and teased the public that it would soon be made available on his website, which he said he launched to stop big tech from censoring the story.

he teased more evidence is coming and outlined more allegations against not only Hunter Biden, but “the Biden Crime family”, which he alleged benefited personally (and in the form of large payouts) from Joe Biden’s various “point man” posts during his time as vice president.

Giuliani starts off with Hunter, first relitigating the scandals in Ukraine and China, before claiming that Hunter Biden is was not a recovering crack addict at the time he was making these deals, but an active crack addict, a label Giuliani applied with emphasis.

He went on to claim that some of the photos he has revealed, and more material he has yet to publish (though he teased that more would be coming soon) make Hunter Biden and the activities of the “Biden Crime Family” a national security risk, by making Biden liable for blackmail.

Every time Joe Biden was named point man by Barack Obama, Joe Biden negotiated for the United States. Each time he negotiated, he failed. Each time, the Biden Crime family got millions of dollars from that country,” Giuliani said.

Giuliani cited Iraq, what he said was the first example of this, outlining a scheme involving a $1.5 billion contract and Biden’s brother, James Biden.

The former NYC mayor continues: “The question is, why did Joe Biden lie about it? The New York Post on its front page shows that Joe Biden has been lying about Burisma for 7 years,” Giuliani added, again claiming that Biden “committed a crime”.

Specifically, he named Hunter Biden, James Biden, Joe Biden and Sarah Biden, along with other unnamed family members, as “the Biden Crime Family.”

Now, we can’t help but wonder: will Giuliani drop the Hunter Biden sex tape

END

The real story how the computer belonging to Hunter Biden revealed the treasure trove of emails

(zerohedge)

“I Wanted It Out Of My Shop” – Computer Repairman Shares Why He Gave Laptop With Hunter Biden’s Emails To The FBI

 

The Delaware computer repair shop owner who turned over the Apple Macbook Pro containing Hunter Biden’s emails, photos and (according to Rudy Giuliani) a sex tape featuring Hunter Biden and another woman has come out to the public in an interview with Fox News.

John Paul Mac Isaac told Fox News that he is legally blind, and therefore he “can’t be 100% sure” that the individual who dropped off the laptop was Hunter Biden. But when he was backing up the hard drive, he stumbled upon “disturbing” images, including “pornography”, that freaked him out. Apparently, although Isaac’s blindness prevented him from positively ID-ing Hunter Biden, it didn’t stop him from viewing the contents of the hard drive.

Although it was only April 2019 at this point, Joe Biden was already considered the front-runner for the Democratic nomination. Isaac quickly became frightened, and started to worry about shadowy figures “coming back” for the laptop. To be sure, Fox News reported that whether Hunter Biden was indeed the owner of the laptop “has yet to be substantiated”.

 

“I just don’t know what to say, or what I’m allowed to say,” Isaac said. “I know that I saw, I saw stuff. And I was concerned. I was concerned that somebody might want to come looking for this stuff eventually and I wanted it out of my shop.”

During the interview, Isaac rejected the notion that the laptop was an “attempt to set him up” (perhaps with hacked photos and emails implanted in the hard drive?).

The man whom Isaac believes to be Hunter Biden dropped off three laptops at his shop in April 2019, but only one was salvageable. Isaac said the customer never returned for the laptop, and, after being unable to get in touch with the customer, Isaac began looking through the contents of the hard drive. He searched the emails by keyword in June or July.

“If I’m somebody that has no journalistic ability, no detective ability or investigative ability and I was able to find stuff in a short period of time, somebody else should have been able to find something to show,” Isaac said.

Isaac contacted an “intermediary” about the laptop, and the intermediary then contacted the FBI. Isaac said the intermediary is somebody whom he has known “for decades”, and declined to identify him beyond saying he was an American citizen. According to Isaac, the FBI first made a forensic copy of the laptop, then returned a few weeks later with a subpoena and confiscated it. After he stopped hearing back from the FBI, Isaac said he contacted several members of Congress, who did not respond, at which point his intermediary reached out to Rudy Giuliani’s attorney, Robert Costello.

Interestingly, when Fox News contacted the US Attorney’s office in Delaware, a spokesperson said “My office can neither confirm nor deny the existence of an investigation.” This was after the New York Post published photos of the Delaware federal subpoena detailing the request for the laptop’s seizure.

 

The Senate Homeland Security and Governmental Affairs Committee, the same committee that released a recent report on Hunter Biden’s international business dealings, has confirmed that it is investigating this new leak.

When asked by Fox about his motives for turning over the emails, Isaac said the impeachment of President Trump by Nancy Pelosi and the House, along with the contemporary political climate, had inspired him.

end

The Bidens in deep trouble as the latest cache of emails detail how Hunter Biden earned millions in China for introductions.  It sure looks like Twitter and Facebook could very well be charged with criminal election interference as they blocked this story

(zerohedge)

Latest Cache Of Emails Detail How Hunter Biden Earned Millions In China “For Introductions”

 

Rudy Giuliani hinted last night that there would be more emails from the trove discovered by a Delaware computer repair shop owner (who has shared his story on the record with Fox News). And at 0500ET, the NYPost published another lengthy exposé – at least the second front-page piece in what is shaping up to be a fascinating series – citing never-before-seen emails between Hunter Biden and various individuals connected to a major Chinese energy firm that failed earlier this year after its chairman – a party insider with deep ties to China’s military – was “disappeared” by China’s state security apparatus.

The first of three email chains explored in the story was sent to biden by a man named Jams Gillar, of the international consulting firm J2cR. The email chain discusses what appears to be a generous compensation package for Hunter Biden, along with other individuals whom the Post was apparently unable to identify (though it’s tempting to hazard a guess).

A subject line on the email, dated May 13, 2017 read “Expectations”, and it included details of “remuneration packages” for six individuals involved in the new business venture (the nature of the business wasn’t clear, though it appears to be related to Biden’s international consulting business). However, Biden’s partner in the business appears to be CEFC China Energy, the now-defunct energy firm mentioned above.

Source: NYP

The deal also listed “10 Jim” and “10 held by H for the big guy?” Though neither was positively identified.

In another email, sent by Biden as part of a chain dated Aug. 2, 2017, Biden discusses what appears to be a joint venture – a deal structure common in China, where foreign competitors must build partnerships with domestic firms – involving the former Chairman of CEFC, Ye Jianming. Half the ownership was to be held by Hunter and the Biden family.

Ye disappeared in early 2018 and is believed to have had deep connections to China’s intelligence and security services. Though at one point, Biden wrote that Ye had sweetened the terms of an earlier, three-year consulting contract with CEFC that was to pay him $10 million annually “for introductions alone.”

Here’s the excerpt from the NY Post story, accompanied by visual snippets culled directly from the emails, in which Biden asserts that the reason this joint venture is “so much more interesting to me and my family is that we would also be partners in the equity and profits.”

The nature of this ‘venture’ wasn’t made clear.

Biden wrote that Ye had sweetened the terms of an earlier, three-year consulting contract with CEFC that was to pay him $10 million annually “for introductions alone.”

“The chairman changed that deal after we me[t] in MIAMI TO A MUCH MORE LASTING AND LUCRATIVE ARRANGEMENT to create a holding company 50% percent [sic] owned by ME and 50% owned by him,” Biden wrote.

“Consulting fees is one piece of our income stream but the reason this proposal by the chairman was so much more interesting to me and my family is that we would also be partners inn [sic] the equity and profits of the JV’s [joint venture’s] investments.”

Source: NY Post

What’s more, a photo published by the Post and dated Aug. 1, 2017 shows what appears to be a handwritten flowchart illustrating the ownership structure of “Hudson West”, split 50/50 between two entities ultimately controlled by Hunter Biden and someone else identified only as “Chairman.”

Source: NYP

We know from the Senate report released last month that ‘Hudson West III’ was used as a name for one of Hunter Biden’s shell companies formed with Gongwen Dong. To be sure, some details about Biden’s Chinese consulting practice has already been made public, but details of the dealmaking and discussions that went on behind the scenes have not.

Finally, the last in the triptych of distressing email chains is aa copy of an “attorney engagement letter” between Hunter Biden and one of Ye’s top lieutenants, Hong Kong official Chi Ping Patrick Ho.

He agreed to pay Biden a $1 million retainer for “counsel to matters related to US law and advice pertaining ot the hiring and legal analysis of any US Law Firm or Lawyer.”

Later, in December 2018, a Manhattan federal jury convicted Ho for being involved in two schemes to pay $3 million in bribes to high-ranking government officials to help obtain oil rights in Chad and lucrative business deals in Uganda.

Source: NYP

Neither the Biden Campaign, lawyers for Hunter Biden, Gillar, Dong nor Ho returned requests for comment from the NY Post.

After yesterday’s catastrophe, we look forward to watching Facebook and Twitter scramble to suppress this story as well. We’re beginning to see why the Post has decided to publicize details from the trove piecemeal, instead of writing a 10,000-word NYT-style novel about Hunter Biden’s transgressions.

The NY Post also published a handful of new candidate selfies apparently taken by Hunter Biden along with the story.

It’s a suitable tactic for what some conservatives are calling a “digital civil war” over information that could influence the election in President Trump’s favor.

end
 
Question:  from Donald Trump Jr:  Is Twitter censoring the Hunter Biden stories at the behest of the Communist  Party of China
(zerohedge)

Latest Cache Of Emails Detail How Hunter Biden Earned Millions In China “For Introductions”

Update (1000ET): Donald Trump Jr. has just raised an interesting question in a tweet: Is Twitter censoring the Hunter Biden stories from the NY Post at the behest of the Communist Party of China?

“There needs to be an immediate government investigation into @twitter/@jack. Not just because of their blatant election interference to protect Biden, but to find out if they’re censoring these NY Post stories at the behest of the Chinese Communist Party. Put Jack under oath!!!” Don Jr. tweeted.

There needs to be an immediate government investigation into @twitter/@jack.

Not just because of their blatant election interference to protect Biden, but to find out if they’re censoring these NY Post stories at the behest of the Chinese Communist Party.

Put Jack under oath!!! https://t.co/XCYzRWKsLk

— Donald Trump Jr. (@DonaldJTrumpJr) October 15, 2020

We imagine this tweet will be suppressed momentarily, if it hasn’t already.

* * *

Update (1000ET): While Twitter suppresses this latest Hunter Biden expose, it’s trending topics section is allowing #EricTrumpsUkraineScandal in one of the top spots. The story is essentially a collection of previously reported comments that even the NYT has now acknowledged isn’t accurate.

The 10 top political topics were overwhelmingly ‘anti-Trump’.

* * *

Update (0935ET): Despite last night’s “apology” from Twitter CEO Jack Dorsey, Twitter and Facebook are already censoring Thursday’s latest Hunter Biden exposé from the NY Post.

Twitter also censoring follow-ups to the original @nypost article — totally separate story on Hunter Biden’s China interests pic.twitter.com/WjCZ6Z6UHV

— Joel Pollak (@joelpollak) October 15, 2020

Congress is demanding an explanation, yet Twitter and Facebook are moving ahead with their outright censorship.

* * *

end

 
Twitter and Facebook executives must be thrown in jail for election interference which is a criminal offense
Twitter suspends the Trump campaign, the HOuse GOP over the Biden email scandal.
(zerohedge)
 

Twitter Suspends Trump Campaign, House GOP Accounts Over Biden Scandal As Jack Dorsey’s ‘Mea Culpa’ Proves Meaningless

 

After yesterday’s cross-platform social media embargo on a New York Post exposé detailing explosive evidence against Joe and Hunter Biden, Twitter is at it again on Thursday – suspending the Trump campaign’s official account for sharing a video accusing the former Vice President of being a “liar who has been ripping off the country for years.

According to emails obtained on a laptop reportedly abandoned at a Delaware computer repair shop (which also contained photos of Hunter smoking crack and an alleged sex tape), Hunter Biden introduced his father, then-Vice President Joe Biden, to a top executive at Burisma – a Ukrainian energy giant paying Hunter upwards of $50,000 per month to sit on its board.

 

“Dear Hunter, thank you for inviting me to DC and giving an opportunity to meet your father and spent [sic] some time together. It’s realty [sic] an honor and pleasure,” reads the email.

In another email from May 2014, Burisma board adviser Vadym Pozharskiy asked Hunter for “advice on how you could use your influence” on the company’s behalf.

In response to the allegations, Twitter and Facebook aggressively censored anyone sharing the Post story on Wednesday – suspended the Post itself while claiming that it was distributing ‘hacked material.’

The social media giant also blocked the official account of the House Judiciary GOP for sharing yesterday’s story.

 

Twitter’s response sparked such a political backlash – with accusations of partisan election interference flying, that CEO Jack Dorsey issued a mea culpa, admitting that the company hadn’t offered a sufficient explanation as to why the company blocked the Biden story (while failing to explain why they continue to allow unfounded Trump-Russia conspiracies to remain on the platform). Dorsey said that there had been a ‘lack of communication’ surrounding Twitter’s decision, and that “Our communication around our actions on the NYPost article was not great. And blocking URL sharing via tweet or DM with zero context as to why we’re blocking: unacceptable.”

Twitter is also now hiding behind the Washington Post‘s ‘confirmation’ that Joe Biden didn’t push out a Ukrainian prosecutor investigating Hunter.

Yet, despite Dorsey’s mea culpa, Twitter is at it again on Thursday, censoring the Post‘s second installment of ‘Bidengate’ – citing never-before-seen emails between Hunter Biden and various individuals connected to a major Chinese energy firm that failed earlier this year after its chairman – a party insider with deep ties to China’s military – was “disappeared” by China’s state security apparatus.

A subject line on the email, dated May 13, 2017 read “Expectations”, and it included details of “remuneration packages” for six individuals involved in the new business venture (the nature of the business wasn’t clear, though it appears to be related to Biden’s international consulting business). However, Biden’s partner in the business appears to be CEFC China Energy, the now-defunct energy firm mentioned above.

 

Source: NYP

In response, Twitter is in full censorship mode, again.

What would Twitter do if this was a scandal involving the Trumps? Based on the unverified Russia allegations they continue to allow on the platform, it becomes a rhetorical question.

end

Rudy Giuliani Releases Text Message From Hunter Biden to Daughter Naomi: “Unlike Pop (Joe Biden), I Won’t Make You Give Me Half of Your Salary” (VIDEO)

By Cristina Laila
Published October 15, 2020 at 12:30pm 
492 Comments

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Rudy Giuliani released a private text message retrieved from Hunter Biden’s abandoned computer hard drive revealing the distribution scheme that the Biden crime family has had for years.

Rudy Giuliani and Steve Bannon, via The New York Post dropped an October surprise on Joe Biden on Wednesday morning and released smoking gun Hunter Biden emails.

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The New York Post reported Wednesday that a laptop computer abandoned at a Delaware repair shop contains emails between Hunter Biden and various foreign actors offering him money to have access to his VP daddy Joe.

The recovered hard drive also contained photos of Hunter Biden with a crackpipe in his mouth and a “raunchy” 12-minute video of Hunter partying with prostitutes.

TRENDING: DAY 2 BOMBSHELL: Newly Released Emails Show How Hunter Biden Worked to Cash in Big on China WITH MONEY HELD FOR HIS DAD, JOE BIDEN!

Giuliani released a private text message sent from Hunter Biden to his daughter Naomi Biden revealing the Biden crime family’s distribution scheme.

It sounds like Joe Biden takes half of what Hunter Biden gets paid from Ukraine, China, Russia, Romania and other countries.

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Joe Biden also gets 50% of what his slimy grifter brother makes.

How else would Joe Biden be able to live such an opulent lifestyle?

Hunter’s text to Naomi: “But I don’t receive any respect and that’s fine I guess. Works for you, apparently. I hope you all can do what I did and pay for everything for this entire family for 30 years. It’s really hard, but don’t worry, unlike Pop (Joe Biden) I won’t make you give me half your salary.”

end

 
WELLS FARGO
 
Wells Fargo now fires over 100 employees for illegally pocketing COVID 19 relief funds
(zerohedge)

Wells Fargo Fires Over 100 Employees For Illegally Pocketing Virus Relief Funds

 

First JPMorgan admitted that over 500 of its generously paid employees had “illegally pocketed” covid-relief funds  – and then summarily fired most of them – and now it’s chronic lawbreaking recidivist Wells Fargo’s turn.

The bank, whose stock tumbled today after reporting dismal results and then was hit with even more selling after cutting its net interest income outlook, has fired more than 100 employees for illegally getting covid relief funds which were meant to help small businesses, Bloomberg reported citing a person familiar.

Warren Buffett’s favorite bank uncovered dozens of employees who defrauded the Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to an internal memo reviewed by Bloomberg. Similar to JPMorgan, the abuse was tied to the Economic Injury Disaster Loan program and was outside the employees’ roles at the bank, according to the memo.

“We have terminated the employment of those individuals and will cooperate fully with law enforcement,” David Galloreese, Wells Fargo’s head of human resources, said in the memo. Wells Fargo’s actions follow JPMorgan Chase & Co.’s finding that more than 500 employees tapped the EIDL program which hands out as much as $10,000 in emergency advances that don’t have to be repaid, and dozens did so improperly.

The bank “will continue to look into these matters,” Galloreese added, saying the employees’ abuse didn’t involve customers… for once. “If we identify additional wrongdoing by employees, we will take appropriate action.”

As Bloomberg notes banks were urged by the SBA to look out for suspicious deposits from the EIDL program to their customers and even their own staff, after an analysis identified that at least $1.3 billion was sent out from the SBA for suspicious payments. While the program offers loans to businesses, much of the concern has focused on its advances of as much as $10,000 that don’t have to be repaid.

Wells Fargo is best known for its role in a massive account fraud scandal in which the bank created millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent over a 14-year period. The fallout led to the bank paying $3 billion to settle criminal charges and former CEO John Stumpf losing his job after a historic Congressional grilling, while also agreeing pay a personal $17.5 million fine. In 2018, Wells Fargo agreed to an unprecedented consent order from the Fed which capped the size of its balance sheet and limited how many loans the bank can issue, one of the factors behind the dismal performance of its stock in recent years, which even prompted Warren Buffett to finally dump some of his Wells Fargo holdings.

END
 
PELOSI VS TRUMP
Polls show that voters are blaming Pelosi over Trump for the stimulus impasse
(zerohedge)

Voters Blame Pelosi Over Trump For Stimulus Impasse: Poll

 
 

A new poll reveals that more Americans blame House Speaker Nancy Pelosi for the stalled stimulus deal than President Trump.

According to a poll conducted Oct. 9-11 by left-leaning YouGov43% of those polled blamed Pelosi for failing to reach a stimulus deal, while 40% blame President Trump. 17% were unsure.

Pelosi, the target of a new bill introduced by Rep. Doug Collins (R-GA) which seeks to remove her over a ‘lack of mental fitness,’ got into a testy exchange on Tuesday with CNN‘s Wolf Blitzer – biting his head off when he asked why she wouldn’t accept Trump’s $1.8 trillion stimulus deal (while citing several prominent Democrats who want her to take it).

I don’t know why you’re always an apologist and many of your colleagues are apologists for the Republican position,” replied Pelosi.

As the Daily Callernotes, Rep. Ro Khanna tweeted on October 11 that the $1.8 trillion “is significant & more than twice [the] Obama stimulus” (to which Pelosi scoffed).

END

 

Did you expect anything less?
(zerohedge)

Fed Vice Chair Makes “Shocking” Admission: Fed May Never Be Able To Stop Manipulating The Market

 
 

Yesterday, San Fran Fed president Mary Daly made a stunning admission: just in case there was any confusion, the Fed knows that it has – and continues to blow – an asset bubble making “a few” who own stocks uber-rich, but the economy is now so reliant on the Fed liquidity firehose that the moment the Fed threatened to pop this bubble, which some have estimated to be around $90 trillion in liquidity, would result in economic devastation and leave millions without a job.

“I am not willing to trade millions of jobs for people who need a ladder rung up in order to keep the stock market from going up for a few who have those holdings,” Daly said while answering questions following a speech on – what else – racial inequality at a virtual event Tuesday hosted by the University of California, Irvine.

Well, it appears that the Fed makes dramatic revelations in two, because just one day after Daly admitted that the Fed is trapped, the Fed’s Vice Chair for Supervision Randal Quarles, made an even more shocking – or rather “shocking” as we have said for the past decade that this is the case – admission, when he said that the Treasury market is now so large that the U.S. central bank may have to continue to be involved to keep it functioning properly.

That’s right: following its decade-long attempt to “stimulate inflation” by cutting rates, something which we showed is deflationary, and which the Fed did by manipulating bond yields through ZIRP and QE, the Fed only now realizes that if the central bank steps away, everything will crash and yields will explode higher, similar to what happened to repo rates last September when clearing rates briefly hit 10% in a market that was seen as Fed-less.

In short, there is no longer a market, there are only centrally-planned transactions which can only happen with the explicit blessing of the Fed… which can pull its backstops on a whim and crash trillions in assets in a nanosecond.

Speaking at a virtual panel conversation on the future of central banking hosted by the Hoover Institute, Quarles said that “it may be that there is a simple macro fact that the Treasury market being so much larger than it was even a few years ago, much larger than it was a decade ago and now really much larger than it was even a few years ago, that the sheer volume there may have outpaced the ability of the private market infrastructure to support stress of any sort there.”

Quarles then said that raises a question of whether the private sector can ever grow fast enough to cope, “or will there be some indefinite need for the Fed to provide — not as a way of supporting the issuance of Treasuries, but as a way of supporting a functioning market in Treasuries — to participate as a purchaser for some period of time.” Actually, he can keep the “supporting the issuance of Treasuries” in there too, because by now everyone knows that the Fed is monetizing every single dollar in debt the Treasury sells to prevent the entire house of cards from collapsing.

Translation: the Fed can never again step away and stop manipulating the bond market, which by extension and through the risk premium, is the market which defines every other market, including stocks, commodities, FX and so on.

In other words, the Fed is now an irreplaceable anchor of what was once known as the market, in perpetuity.

Well that did not take long:   C Span suspends anti Trump debate moderator Steve Scully for lying about Twitter hack.

(zerohedge)

C-SPAN Suspends Anti-Trump Debate Moderator Steve Scully For Lying About Twitter Hack

 

C-SPAN has suspended anti-Trump debate moderator Steve Scully indefinitely after he admitted to lying about his Twitter feed being hacked following an awkward incident in which he appeared to accidentally tweet an intended private message to former Trump aide Anthony Scaramucci.

According to APScully’s suspension comes on the day he was set to moderate the now-canceled second presidential debate, which was to be ‘a career highlight for the 30-year C-SPAN veteran’ (and former Biden staffer).

After Scully tweeted “@Scaramucci should I respond to Trump,” Frank Fahrenkopf, co-chairman for the Commission on Presidential Debates relayed Scully’s lie that his Twitter account was hackedC-SPAN similarly issued a statement, confidently claiming “Steve Scully did not originate the tweet and believes his account has been hacked.”

Shortly after Scully’s ‘hack’ lie was peddled across the MSM by prominent voices, former Hillary Clinton staffer Yashar Ali noted that the C-SPAN veteran had previously blamed hacks twice before.

Scully has apologized for lying. Via AP:

Scully said that when he saw his tweet had created a controversy, “I falsely claimed that my Twitter account had been hacked.

He had been frustrated by Trump’s comments and several weeks of criticism on social media and conservative news outlets about his role as moderator, including attacks directed at his family, he said.

These were both errors in judgement for which I am totally responsible for,” Scully said. “I apologize.

 

Scully acknowledged that he let his C-SPAN colleagues down, along with fellow news professionals and the debate commission.

“I ask for their forgiveness as I try to move forward in a moment of reflection and disappointment in myself,” he added.

C-SPAN meanwhile, said: “He understands that he made a serious mistake,” adding “We were very saddened by this news and do not condone his actions.”

In any event, who on the Trump team let this happen in the first place? Scully’s anti-Trump bias has been known for some time.

end

This is where the uSA is heading:

Farrel/Gatestone)

Slouching Towards The Socialist States Of America

 
 

Authored by Chris Farrell via The Gatestone Institute,

Attorney General William Barr is on a Capitol Hill whispering campaign to select Republicans, telling them that US Attorney John Durham will not move against the anti-Trump coup plotters before election day. One wonders if he has bothered to tell President Donald J. Trump. The consequences for the republic are dire. We slide ever closer to being a failed state. When the justice system is compromised – and it is – we are no better than any other banana republic. No exaggeration. In mid-July, Obamagate indictments were overdue. It is mid-October.

The disparities in federal prosecutorial discretion and speed are astounding. Durham has been at work since May 14, 2019, and one third-stringer flunky DoJ attorney (Clinesmith) has entered a half-hearted semi-plea deal for criminally lying about Carter Page’s relationship with the CIA supposedly as a cooperating legal traveler who was debriefed on his trips to Russia.

If you are a targeted member (or even a spectator) of the Trump circle, your house is raided by the FBI with (carefully coordinated) CNN coverage; your family is humiliated in public; you are bankrupted; then indicted, tried, convicted and sentenced to 20 years in prison for overdue parking tickets. That whole process takes about a month. There is some exaggeration here, but not by much. Remember: Trump was impeached over Adam Schiff’s phony Ukraine hoax in two months.

Back in 1996, Robert Bork authored Slouching Towards Gomorrah: Modern Liberalism and American Decline. Bork borrowed the title from Joan Didion’s 1968 book Slouching Towards Bethlehem (a title derived from a Yeats poem). Bork was, among other things, the federal appellate judge who was not confirmed in his (Reagan) nomination to be a Supreme Court justice. Some of you will recall the dishonest Senate floor smears of Senator Ted Kennedy (with rich irony) against Judge Bork.

In Slouching Towards GomorrahBork warned of the potent combination of the Left’s radical egalitarianism (think “Medicare for All” and the other efforts at militant social leveling at the expense of personal liberty) and radical individualism (the rejection of a shared American identity and the proliferation of micro-identities, often based on grievances and manufactured social policy agenda items, masquerading as “rights.”).

Now, the radical egalitarianism and individualism has been organized, funded and armed. The dupes are engaged in violence against persons and property. California National Guard troops kneel before Black Lives Matter protestors. What was troubling 24 years ago is now at a fevered pitch. What was then a disturbance is now a revolution. What was then subversion is now a coup. The greatest criminal conspiracy to attack the constitution and overturn the results of a presidential election is being greeted with a yawn. The Republican Party can barely generate the energy to lift its head off the desk. “Journalists” within the news media do not report factual developments, and those who do find their Internet presence suppressed by the social media giants. Many enlightened liberals are participating naively in their own destruction in a fashion and on a scale not seen since 1917 Russia.

President Trump has issued order after order for the past three years – demanding full declassification and release of all records dealing with the Hillary Clinton’s outlaw email server and the Russia Hoax. For three years, his White House staff has cheerfully answered, “Yes, sir!” – and then gone out in the hallway to rationalize and conspire towards failing to energetically and faithfully carry out the Commander-in-Chief’s orders.

It is loathsome and despicable how the President has been betrayed.

Here are the consequences for the picture painted before you: we are in serious danger of the “fundamental transformation” of America that some politicians dreamed of coming to fruition:

  • One party is effectively saying it will pack the courts, including the Supreme Court, with politically friendly judges, so that the judiciary will be an extension of one political party rather than part of a system of checks and balances, the separation of powers or a co-equal branch of government.

  • One party is openly saying it will remove the electoral college, so that sparsely populated, rural states would be totally outvoted by cities. One party is openly saying that it would add more states, such as Washington D.C. and Puerto Rico, to provide it with more Senators to create a permanent one-party rule.

  • One party is openly saying it would reverse core parts of our Bill of Rights so we could be jailed for exercising our freedom of speech, or for owning a gun to defend ourselves, as the minutemen did, against “enemies foreign and domestic.”

This was the situation that brought about the downfall of Venezuela: the government confiscated guns, then people had no way of protecting themselves when the storm troopers showed up.

The crime and the cover-up will have been successfully completed. No scrutiny, no justice, no consequences, no memory, no country. The real shame, as in Venezuela, is that many will not even notice until it is too late.

 

iv) Swamp commentaries)

 
 

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

Wells [Fargo] Tumbles as Revenues Plunge, NIM Hits Record Low, Warns On Payment Deferrals

https://www.zerohedge.com/markets/wells-tumbles-revenues-plunge-nim-hits-record-low-warns-payment-deferrals

The decline halted on this: Pelosi, Mnuchin had productive talks on coronavirus relief, [Pelosi] spokesman says –“In response to proposals sent over the weekend, the two spent time seeking clarification on language, which was productive,” Drew Hammill, deputy chief of staff for the California Democrat, said on Twitter, noting that Pelosi and Mnuchin spoke for about an hour.  They will speak again on Thursday and staff would continue to “exchange paper,” Hammill said…

https://www.reuters.com/article/us-health-coronavirus-usa-congress-idUSKBN26Z2D0

 

With CNN and others in the MSM are rebuking Pelosi for not accepting the GOP’s $1.8 trillion stimulus plan, Pelosi is on the defensive.  A YouGov poll shows Pelosi getting more blame than DJT (43-40)

Renters Flock to Suburbia, Upending Decadelong Urbanization Trend – New suburban tenants say the shift to a work-at-home model removed a longstanding barrier to living in these neighborhoods

    Landlords point out that even before the pandemic, renters were starting to move out of higher cost markets like New York City and San Francisco to places like Austin and Denver [and especially Salt Lake City – see migration trends below], where they could get more space for their money…

https://www.wsj.com/articles/renters-flock-to-suburbia-upending-decadelong-urbanization-trend-11602581401

 

Trump will hold a town hall on NBC tonight as ABC holds a town hall with Biden.  ABC execs are livid.

 

ABC’s Jeff Greenfield @greenfield64: The decision by NBC News to run a Trump town hall directly opposite ABC’s Biden town hall is indefensible [ABC scheduled the Biden event last week.]

 

FBN: Mnuchin says suspects Democrats don’t want Trump to have win on stimulus before election

Two October Surprises arrived on Wednesday, to the chagrin of Team Biden.

 

Smoking-gun email reveals how Hunter Biden introduced Ukrainian businessman to VP dad

“Dear Hunter, thank you for inviting me to DC and giving an opportunity to meet your father and spent [sic] some time together. It’s realty [sic] an honor and pleasure,” the email reads.  An earlier email from May 2014 also shows Pozharskyi, reportedly Burisma’s No. 3 exec, asking Hunter for “advice on how you could use your influence” on the company’s behalf.

    The blockbuster correspondence — which flies in the face of Joe Biden’s claim that he’s “never spoken to my son about his overseas business dealings” — is contained in a massive trove of data recovered from a laptop computer…Photos of a Delaware federal subpoena given to The Post show that both the computer and hard drive were seized by the FBI in December, after the shop’s owner says he alerted the feds to their existence.  But before turning over the gear, the shop owner says, he made a copy of the hard drive and later gave it to former Mayor Rudy Giuliani’s lawyer, Robert Costello

https://nypost.com/2020/10/14/email-reveals-how-hunter-biden-introduced-ukrainian-biz-man-to-dad/

 

The FBI, its Director Wray and the Delaware US Attorney’s Office have some explaining to do!

 

@RudyGiuliani: Emails from Hunter Biden’s hard drive reveal Joe Biden lied about BURISMA.

Much more to come.  [How much more is coming?]  Biden campaign has called a lid for the day

They know what’s coming. But by covering it up for so long their fawning media did them no favors.

Let’s see if there are a few professionals left?

 

@TheSharpEdge1: Giuliani: The stuff we are in possession of contains 1000+ photos that are from highly, highly inappropriate to illegal…Everything that the American people are going to look at over the next 5 days, China has been looking at for a LONG time. This is a National Security threat.

https://twitter.com/TheSharpEdge1/status/1316409723273408514

 

@stillgray: BOMBSHELL: Buried in the Hunter Biden story on the New York Post is a reference to money from the Chinese Communist Party. “We had assurances the PRC money would come first”

 

Obama conference call leaked to Burisma: Biden emails (October Surprise #2)

The Obama administration let a Democratic p.r. company that worked for Ukrainian energy firm Burisma take part in a conference call about an upcoming visit to Ukraine by then-Vice President Joe Biden, e-mails obtained by The Post show…

    The trip, in December 2015, turned out to be the one during which Biden later bragged about forcing Ukrainian officials to fire a state prosecutor who was investigating Burisma by threatening to withhold a $1 billion US loan guarantee…  https://t.co/LM7PF9JZxY

 

Remember, Obama implored Biden to not run for the presidency: “You don’t have to do this, Joe, you really don’t.”    https://www.vanityfair.com/news/2019/08/obama-cautioned-biden-about-running-for-president

 

Biden camp hits back at Hunter Biden email report suggesting then-VP met with Burisma exec

“The New York Post never asked the Biden campaign about the critical elements of this story… Moreover, we have reviewed Joe Biden’s official schedules from the time and no meeting, as alleged by the New York Post, ever took place.”  [It took >8 hours for Team Joe to respond.]

https://www.foxnews.com/politics/biden-camp-hits-back-at-hunter-biden-email-report-suggesting-then-vp-met-with-burisma-exec

 

@TeamTrump statement on Biden response to NY Post Bombshell: The Biden campaign does not dispute the authenticity of the emails published by the New York Post, which serves to confirm that they are real.  And if Joe Biden never met with Vadym Pozharskyi, the Biden campaign would say so…Their answer basically is that the entry ‘Meeting with Ukrainian businessman buying access to the Vice President’ does not appear on Joe Biden’s official schedule. Their response is so carefully worded that it reveals the truth in what they don’t deny…”  https://twitter.com/abigailmarone/status/1316438574812794880/photo/1

 

Politico last night: Biden’s campaign would not rule out the possibility that the former VP had some kind of informal interaction with Pozharskyi… Pozharskyi did not respond to a request for comment

https://www.politico.com/news/2020/10/14/biden-campaign-lashes-out-new-york-post-429486

 

Pundits that said Biden ran for president solely to avoid prosecution (and for Hunter) look prescient.

 

Facebook’s (and ex-Dem operative) @andymstone: While I will intentionally not link to the New York Post, I want be clear that this story is eligible to be fact checked by Facebook’s third-party fact checking partners. In the meantime, we are reducing its distribution on our platform.

 

@RLHeinrichs: So here we have Facebook openly shielding the Democratic candidate from potentially harmful effects of breaking news.

 

Twitter locked the personal account of White House Press Secretary Kayleigh McEnany for sharing the New York Post article on Hunter Biden.   https://twitter.com/stillgray/status/1316510284953968641/photo/1

 

GOP Sen Josh @HawleyMO: @Facebook I want to know on what grounds you are actively censoring a news report about potentially illegal corruption by the Democrat candidate for president. If you have evidence this is “disinformation,” disclose it immediately. Expect a formal inquiry from my office

 

@seanmdav: Also worth noting the Facebook executive currently bragging about Facebook’s latest move to censor stories detailing the Bidens’ foreign corruption is a former Democrat congressional and campaign staffer who worked for Barbara Boxer and John Kerry.

 

@MarkDice: Twitter is now blocking the link to the NY Post article about Hunter Biden.  It appears some links work and others are blocked and get the warning that it’s “dangerous” content.

 

@SohrabAhmari: This is a Big Tech information coup. This is digital civil war.  I, an editor at The New York Post, one of the nation’s largest papers by circulation, can’t post one of our own stories that details corruption by a major-party presidential candidate, Biden.

  Ex-CIA operative @BryanDeanWright: This is a truly dangerous moment for the Republic.

 

@charliekirk11: Big Tech is currently engaging in more election interference than Russia ever could and Democrats couldn’t care less.

 

Twitter’s Jack Dorsey says company botched blocking NYP article on alleged emails on Hunter Biden’s laptop https://www.foxnews.com/tech/twitter-ceo-jack-dorsey-admits-companys-blocking-of-ny-post-article-was-unacceptable

 

Hunter Biden emails under investigation by Senate Homeland Security Committee after hard-drive report emerges – Chairman Ron Johnson says the panel is working on ‘validating’ the information

https://www.foxnews.com/politics/hunter-biden-emails-senate-homeland-security-committee-investigating-hard-drive-laptop

 

Ex-NSC off @RichHiggins_DC: @billmaher – Dear Bill, is it true that you had to help a young woman who had overdosed while using drugs with Hunter Biden?  After she collapsed, Hunter fled the party (b/c his dad was VP) and left you to coordinate the young lady’s medical attention.  Asking for a friend…..

 

The Biden campaign called a lid on Wednesday to shelter Joe from having to answer troubling questions.

 

@MattWolking: Joe Biden EXPLODED when a reporter asked a very simple question: “How was your role as Vice President in charge of policy in Ukraine and your son’s job in Ukraine, how is that not a conflict of interest?” BIDEN: “I’m not going to respond to that!” https://twitter.com/MattWolking/status/1316382492732125184

 

The Biden story will give pollsters an excuse to correct their biased polls to show a much closer race.

 

@davidchapman141: Rasmussen Poll: Biden 50% (+5), Trump 45%.. Rasmussen was Biden +12 last week. But here is the thing, electorate don’t go from +12 to +5.

 

@TrumpWarRoom: Joe Biden caused a panic among some Pennsylvania plant workers after he falsely claimed their facility was “thinking of shutting down.”  The facility had to clean up Biden’s mess and tell workers his claim is not true. Biden made them worry for no reason!

https://twitter.com/TrumpWarRoom/status/1316223608100880386

 

Ronna McDaniel @GOPChairwoman: With Donald Trump back on the road, the voter data from his rallies keeps rolling in! 14,257 sign-ups, 26.8% were NOT Republicans, 19.9% were Democrats, 22.5% did not vote in 2016, 15.3% did not vote in the last 4 elections.  Thank you, Pennsylvania!

 

Newly registered voters and people that have NOT voted in recent elections are NOT polled!

 

Dan Gable getting Presidential Medal of Freedom

Gable is first person representing wrestling to receive nation’s highest civilian honor

    “It’s a lifetime,” Gable said. “I kind of get emotional thinking about (the award). So it’s actually hard for me to really comprehend.”…   https://www.thegazette.com/dan-gable-getting-presidential-medal-of-freedom-20201015

 

Fox News: FBI, CISA say hackers have gained access to U.S. election systems

https://www.foxnews.com/tech/fbi-dhs-hackers-gained-access-election-systems

 

Fox 13: 13,000+ voters in Sanpete County, Utah, received ballots without designated area for signature

 

Bags of undelivered mail left on curb for trash in Allegheny County (PA) community

A U.S. Postal Service employee is on unpaid leave after several bags of undelivered mail were found on the curb for trash pick-up outside a home in Baldwin…

https://www.wpxi.com/news/top-stories/bags-undelivered-mail-left-curb-trash-allegheny-county-community/B3IXCJSCMZG5LPJOYSWOOBPYTA/

 

FBI Statistics: At Least 4 Times More People Were Killed With Knives than “Assault Rifles” Last Year    https://bongino.com/fbi-statistics-at-least-4-times-more-people-were-killed-with-knives-than-assault-rifles-last-year/

Well that is all for today

I will see you FRIDAY night.

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