OCT 16F//GIULIANI REPORTS THAT HE HAS THE ILLICIT CASH FLOWS OF HUNTER BIDEN TO FATHER JOE AND OTHER MEMBERS OF THE BIDEN CRIME SYNDICATE//DOCUMENTS TO BE REVEALED ON MARK LEVIN SHOW, SUNDAY NIGHT//GOLD DOWN 10 CENTS TO $1903.40//SILVER UP 15 CENTS TO $24.29//GOLD TONNAGE STANDING AT THE COMEX: 103.34 TONNES//SILVER: 10.455 MILLION OZ//CORONAVIRUS UPDATE/BOJO WARNS THAT UK MIGHT WALK AWAY FROM EU IN A HARD BREXIT//SUMMARY TOWN HALL TRUMP ON NBC, BIDEN ON ABC//MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1903.40 DOWN $0.10   The quote is London spot price

Silver:$24.29 DOWN $0.15    London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1899.00  LONDON SPOT  4:30 pm

ii)SILVER:  $24.13//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1899.00  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $4.40  BACKWARD//

DEC. GOLD  $1906/.00   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $2.60/ CONTANGO   ( $1.40  ABOVE NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.36…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 7 CENTS CONTANGO/    7 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $24.38  1:30  PM SPREAD SPOT/FUTURE DEC.       :  9  CENTS PER OZ  CONTANGO (   5 CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

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

receiving: 210/606

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,903.200000000 USD
INTENT DATE: 10/15/2020 DELIVERY DATE: 10/19/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333 24
099 H DB AG 10
104 C MIZUHO 9
118 H MACQUARIE FUT 16
132 C SG AMERICAS 2
135 H RAND 2
323 C HSBC 5
332 H STANDARD CHARTE 42
355 C CREDIT SUISSE 4
435 H SCOTIA CAPITAL 2
624 C BOFA SECURITIES 1
657 C MORGAN STANLEY 34
657 H MORGAN STANLEY 70
661 C JP MORGAN 238 89
661 H JP MORGAN 121
690 C ABN AMRO 30 5
709 C BARCLAYS 67
709 H BARCLAYS 76
732 C RBC CAP MARKETS 1
800 C MAREX SPEC 5 15
880 C CITIGROUP 6
905 C ADM 5
____________________________________________________________________________________________

TOTAL: 606 606
MONTH TO DATE: 32,094

ISSUED:238

GOLDMAN SACHS STOPPED 24 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 606 NOTICE(S) FOR 60,600 OZ  (1.884 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  32,094 NOTICES FOR 3,209400 OZ ( 99.825 tonnes) 

SILVER//OCTOBER CONTRACT

49 NOTICE(S) FILED TODAY FOR 245,000  OZ/

total number of notices filed so far this month: 1994 for 9970,000  oz

BITCOIN MORNING QUOTE  $11308  DOWN 198

BITCOIN AFTERNOON QUOTE.:   $11,324   DOWN   180 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $.10  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY: A WITHDRAWAL OF 1.59 TONNES FROM THE GLD/

GLD: 1,276.06 TONNES OF GOLD//

WITH SILVER UP 15 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT THE SLV///

SLV: 563.519  MILLION OZ./

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Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A CONSIDERABLE SIZED 1171 CONTRACTS FROM 157,636 DOWN TO 156,465, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.16 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE  LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING..  COUPLED AGAINST A SMALL  EXCHANGE FOR PHYSICAL (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 SLIGHT  NET LOSS IN OUR TWO EXCHANGES OF 332 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD 1085  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  1085, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1085 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

10.455 MILLION OZ INITIALLY STANDING IN OCT.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.16) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A SMALL GAIN IN OUR TWO EXCHANGES (332 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A GOOD ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A  STRONG GAIN IN SILVER OZ  STANDING  FOR OCTOBER, iii) CONSIDERABLE 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:

6006 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 6006 CONTRACTS) OR 30.030 MILLION OZ: (AVERAGE PER DAY: 500 CONTRACTS OR 2.50 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 30.030 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.29% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,487.07 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                                 30.03   MILLION OZ (LOOKS LIKE THEY ARE FALLING OFF A CLIFF IN  NUMBERS)

RESULT: WE HAD A CONSIDERABLE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 753, WITH OUR  $0.16 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A GOOD SIZED EFP ISSUANCE OF 1085 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A TINY SIZED 86 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR $0.16 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 1085 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 1171 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.16 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.14 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.7920 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: 49 NOTICE(S) FOR  245,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 7140 CONTRACTS TO 556,757 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE STRONG GAIN IN COMEX OI OCCURRED DESPITE OUR TINY GAIN IN PRICE  OF $1.10 /// COMEX GOLD TRADING// THURSDAY. WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR GOOD EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD ZERO LONG  LIQUIDATION AND ANOTHER STRONG INCREASE IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR SMALL GAIN IN PRICE OF $1.10. 

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

WE HAD A HUGE GAIN OF 12,185 CONTRACTS  (37,90 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A GOOD SIZED 5045 CONTRACTS:

CONTRACT . OCT: 0 DEC: 4045; JUNE: 1000  ALL OTHER MONTHS ZERO//TOTAL: 5045.  The NEW COMEX OI for the gold complex rests at 556,757. 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 HUGE SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,185 CONTRACTS: 7140 CONTRACTS INCREASED AT THE COMEX AND 5045 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 12,185 CONTRACTS OR 37.90 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A GOOD SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5045) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (7140 OI): TOTAL GAIN IN THE TWO EXCHANGES:  12,185 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 103.34 TONNES)  3)  ZERO LONG LIQUIDATION ;4) STRONG COMEX OI GAIN AND 5) GOOD ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR TINY GAIN IN GOLD PRICE TRADING//THURSDAY//$1.10.

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

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

OCT.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT : 27,939 CONTRACTS OR 2,793,900 oz OR 86.90 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 2328 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 86.90 TONNES

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

THUS EFP TRANSFERS REPRESENTS 86.90/3550 x 100% TONNES =2.44% 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.                        86.90 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 CONSIDERABLE SIZED 1171 CONTRACTS FROM 157,636 DOWN TO 156,465 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 CONSIDERABLE SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO 1)   CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING , 2) A GOOD 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 1085  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. 1085 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1085 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 1171 CONTRACTS TO THE 1085 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED LOSS OF 86 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 0.43 MILLION  OZ, OCCURRED WITH OUR $0.16  LOSS IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 4.18 PTS OR .13%   //Hang Sang CLOSED UP 228.25 PTS OR .94%    /The Nikkei closed DOWN 96.60 POINTS OR 0.41%//Australia’s all ordinaires CLOSED DOWN 0.45%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.60 dollars per barrel for WTI and 42.75 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP 6.6983 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6919 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A STRONG 7,140 CONTRACTS TO 557,589 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS STRONG  COMEX INCREASE OCCURRED WITH OUR SMALL GAIN OF $1.10 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE ALSO HAD A GOOD EFP ISSUANCE (5045 CONTRACTS).   WE ALSO PROBABLY HAD  1)  HUGE  BANKER//ALGO SHORT COVERING,  2)   ZERO LONG LIQUIDATION  AND 3)  STRONG INCREASE IN GOLD TONNAGE STANDING AT THE  COMEX//OCT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A HUGE SIZED GAIN ON OUR TWO EXCHANGES OF 12,185 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.

(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 5045 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 4045; JUN// ’21 1000 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5045  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  VERY SMALL AND THUS A LITTLE MORE THAN USUAL OF EXCHANGE FOR PHYSICALS WERE ISSUED.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 12,185 TOTAL CONTRACTS IN THAT 5045 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 7172 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (103.340 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $1.10).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED    37.90 TONNES, WITH THE DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET GAIN ON THE TWO EXCHANGES :: 12,197 CONTRACTS OR 1,219,700 OZ OR 37.90 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:  556,757 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.67 MILLION OZ/32,150 OZ PER TONNE =  1731 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1731/2200 OR 78.70% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 140,954 contracts// volume  very poor//fell off a cliff!!/

CONFIRMED COMEX VOL. FOR YESTERDAY:  225,584 contracts//  volume:  poor  //most of our traders have left for London

OCT 16 /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
160,787.151 oz
MALCA
ARRIVES FROM BRINKS ELIG. ACCOUNT
Deposits to the Dealer Inventory in oz 32,118.849 oz

BRINKS

Deposits to the Customer Inventory, in oz 160,787.151  0Z

BRINKS
OZ

No of oz served (contracts) today
606 notice(s)
60600 OZ
(1.884 TONNES)
No of oz to be served (notices)
1130 contracts
(1,424,800 oz)
3.514 TONNES
Total monthly oz gold served (contracts) so far this month
32,094 notices
3,209,400 OZ
99.825 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 1 withdrawals from  the customer account

i) out of Brinks; customer account:  160,787.151 oz

total customer deposit:  160,787.151  oz

we had 1 deposit into the customer account

i) Into Malca:  160,787.151 oz  (arrived from Brinks customer)

total customer deposit:  187,787.151 oz

We had 0  kilobar transactions  +

ADJUSTMENTS: 1 // 

i) Out of  JPMorgan:   12,056.625 oz

adjusted out of customer account into the dealer account

The front month of OCT registered a total of 1736 contracts for a GAIN of 40 contracts. We had 181 notices filed on Thursday so we gained 221 contracts or 22,100 additional oz will stand for delivery in this active delivery month of October. In gold we have not seen queue jumping start so early in the month. Thus you can bet the farm that throughout October, the total number of gold oz standing will increase from this level.

November LOST 38 contracts to stand at 1581.

The big December contract GAINED 5539 contracts UP to 448,481 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (103.34 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  606 notices filed today for  60600 oz OR 1.884 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  238 notices were issued from their client or customer account. The total of all issuance by all participants equates to 606  contract(s) of which 89  notices were stopped (received) by j.P. Morgan dealer and 121 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 24 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 (32,094) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (1736 CONTRACTS ) minus the number of notices served upon today (606 x 100 oz per contract) equals 3,322,400 OZ OR 103.340 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 (32,094, x 100 oz +1736 OI) for the front month minus the number of notices served upon today (606) x 100 oz which equals 3,322,400 oz standing OR 103.340 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 221 contracts or an additional 22,100 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 508.83 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 103.34 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  17,949,816.321.0 oz  558.31 TONNES
pledged gold: 1,590,658.551 oz
registered gold that can be used to settle upon: 16,359158.0  (508.83 tonnes)
true registered gold  (total registered – pledged tonnes  16,359,158.0 (508.83 tonnes)
total eligible gold:  19,805,115.763 oz (616.02 tonnes) 

total registered, pledged  and eligible (customer) gold  37,753,932.084 oz 1,174.30 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1047.96 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 16/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
49
CONTRACT(S)
(245,000 OZ)
No of oz to be served (notices)
97 contracts
 485,000 oz)
Total monthly oz silver served (contracts)  1994 contracts9970,,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 0 deposits into the dealer:
i) nil

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 0 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  0

ii) Into everybody else  0

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 zero   oz

we had 0 withdrawals:

total withdrawals; nil    oz

We had 0 adjustments/   customer to dealer

Total dealer(registered) silver: 138.686 million oz

total registered and eligible silver:  382.338 million oz

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October had  146 notices outstanding for a LOSS of 6 contracts.  We had 13 notices served upon yesterday so we GAINED 7 contracts or 35,000 additional oz of silver will stand in this non active month of October.

November saw a LOSS of 6 notices DOWN to 395 contracts.

December saw a LOSS of 1781 contracts DOWN to 127,431 contracts.

The total number of notices filed today for the OCT 2020. contract month is represented by 49 contract(s) FOR 245,000 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 1994 x 5,000 oz = 9,970,000 oz to which we add the difference between the open interest for the front month of OCT( 136) and the number of notices served upon today 49x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 1,994 (notices served so far) x 5000 oz + OI for front month of OCT  (136)- number of notices served upon today (49) x 5000 oz of silver standing for the OCT contract month .equals 10,455,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 7 contracts or 35,000 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 : 49,260 CONTRACTS // volume very low//

FOR YESTERDAY 76,512  ,CONFIRMED VOLUME// good

YESTERDAY’S CONFIRMED VOLUME OF 76,512 CONTRACTS EQUATES to 0.382 billion  OZ 54.6% 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- 3.42% ((OCT 16/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.68% to NAV:   (OCT 16/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.42%

(courtesy Sprott/GATA

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

NAV 19.37 TRADING 18.73///NEGATIVE 3.29

END

And now the Gold inventory at the GLD/

OCT 16//WITH GOLD DOWN 10 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.59 TONNES FROM THE GLD//INVENTORY RESTS AT 1276.06 MILLION OZ

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

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Inventory rests tonight at

OCT 16/ GLD INVENTORY 1276.06 tonnes*

LAST;  923 TRADING DAYS:   +336.22 NET TONNES HAVE BEEN ADDED THE GLD

LAST 823 TRADING DAYS://+51./15  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

end

Now the SLV Inventory/

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

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 16.2020:

SLV INVENTORY RESTS TONIGHT AT

563.519 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

* * *

iii) Other physical stories:

Goldman Sachs announces the dumping of USA dollars and the purchasing of silver  (and gold)

SchiffGold.com

Goldman Sachs: Dump Dollars, Buy Silver

Via SchiffGold.com,

Sell dollars and buy silverThat’s Goldman Sachs’ recommendation.

Peter Schiff has been warning about a dollar collapse and now the mainstream is even getting bearish on the dollar.

In response to the economic shutdowns imposed by governments to deal with the coronavirus pandemic, the Federal Reserve is printing money to infinity and beyond.  On top of that, it has shifted its inflation targeting to allow inflation to run hot meaning there is no end in sight to the currency debasement. This is bearish for the dollar and an article published by Reuters last month quoted a number of mainstream analysts talking about “dollar woes.”

Goldman Sachs has jumped on that bandwagon, saying in a recent report that “the risks are skewed toward dollar weakness.” Analysts see an increasing likelihood of a Biden victory in the upcoming election.

A ‘blue wave’ US election and favorable news on the vaccine timeline could return the trade-weighted dollar and DXY index to their 2018 lows.”

Goldman sees broad-based dollar weakness and recommended shorting the greenback against the Mexican peso, South African rand and Indian rupee. It is also advised buying the euro, along with both Canadian and Australian dollars against the US dollar.

During his speech at the Money Show in August, Peter Schiff said the government is trying to replace the economy with a money printing press and he warned that a dollar crisis is looming.

The dollar is going to fall through the floor and inflation is going to ravish the United States. What’s about to happen is that the world is going to go off the dollar standard and go back to the gold standard. That is where we are headed.”

Keep in mind, dollar weakness is also bullish for both gold and silver.

In a separate report, Goldman analyst Mikhail Sprogis said recommended buying silver. He said the white metal is “an obvious beneficiary” of the global move toward solar energy.

Silver is a vital component in the solar energy sector and solar power generation is expected to nearly double by 2025. A report by the Silver Institute earlier this year projected that a combination of global efforts to reduce fossil fuel reliance, legislation to lower carbon emissions, and favorable government tax policies, should result in a continued expansion of solar panel installations over the next decade. A recent report from the World Bank forecasts that by 2050, consumption of silver in energy technologies could grow dramatically, reaching a level equivalent to more than 50% of current total silver demand; the largest proportion for any non-battery metal.

“Now, with silver at $24/toz and a few potential upward solar surprises in the coming months, we reopen the trade,” Sprogis wrote.

According to the Goldman report, global solar installations are projected to rise by 50% between 2019 and 2023. But Sprogis said we could see “upward solar surprises” from that base-case scenario, including the US and China extending their solar installations plans. And if Biden wins, he has a plan to proceed with 500 million new solar panels in the US over the next five years. That could lead to a rise of 15% in global solar installations.

Silver is coming off its best quarter since 2010 and the fundamentals indicate there is still plenty of upside.

On the supply side, mine output fell precipitously with the COVID-19 economic lockdown. Many major mines were forced to shut down due to the pandemic. Analysts at the Silver Institute say they expect mine supply to continue its four-year slide. Even with most mines back online, the institute projects a 7% decline in mine output this year. Global mine production fell by 1.3% in 2019.

Looking at the big picture, the biggest driver for precious metals continues to be Federal Reserve monetary policy. In order to turn bearish on gold and silver, you have to believe the Federal Reserve is actually going to tighten monetary policy and the dollar is going to remain strong. Both of these prospects seem pretty implausible. Even the mainstream is starting to see it.

end

https://www.jsmineset.com/2020/10/16/precious-metal-bull-riders-at-the-ready/

Precious Metal Bull Riders At The Ready!

Posted October 16th, 2020 at 8:45 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

     Gold is up $4.30 with the last trade at $1,913.20, close to the London high at $1,917.90 with the low at $1,906.50. Silver is up a percent with the trade at $24.495, gaining 28.6 cents, it too, close to the high at $24.59 with the low not that far away at $24.25. The US Dollar, refuses to do anything, even when our election news and accusations, gets corralled by Google, Twitter, Facebook, and Youtube, with the trade at 93.67, down 19.4 points and close to the low at 93.635 with the high at 93.885. Yes, all this happened overnight, before the Comex open, the London close, and before the liability clause, used to protect the big tech companies, which is now up for review, by the supreme court, is decided upon. It appears that these big tech companies have “hidden” real news from the American voters, including Hillary’s email’s and the Wiener laptop evidence. Yet somehow, the truth is sought and found.

      Precious Metals prices have reversed everywhere! In Venezuela, the noble metal gained 131.84 with the last price at 19,108.09 Bolivar, Silver is up as well with the last trade at 244.644 Bolivar, gaining 4.844 in the early morning. Argentina’s Peso price for Gold is now at 148,220.35, a gain of 1,164.09 A-Peso’s with Silver gaining 39.04 A-Peso’s with the last trade at 1,897.52. Over in Europe, the Turkish Lira’s price for Gold last traded at 15,198.81, proving a gain of 118.33 T-Lira’s overnight with Silver adding 4.015 with the last trade at 194.588 T-Lira.

      October Silver’s Delivery Demands now has a total of 146 contracts waiting for receipts and with a Volume of 83 already up on the board, during London’s time, with the trading range between $24.26 and $24.23 with the last swap at $24.255, up 6.2 cents so far today. Yesterday’s physical draw had a total of 16 contracts swapping hands with no price again, yet Comex closed the delivery day out at $24.193, a gain of 6.2 cents. This makes 3 days in a row that there was no trading range, yet we see all these no price swaps totaling 132 contracts, and as the count is reduced by 6 from yesterday’s post. Silver’s Overall Open Interest lost 1,254 shorts against the physicals leaving a total of 156,884 Overnighters to hold the prices in place.

      October Gold’s Delivery Demands now has a post of 1,736 fully paid for contracts waiting for receipts and with no Volume so far this morning. Yesterday’s full Comex/ICE trades had a total of 254 contracts swapping hands between $1,906.30 and $1,889.60 with the Comex Calculated Close at $1,903.20, a gain of $1.90. Of note, the last 221 Resolute purchases, happened really close to the ICE close, which increased the demand count by 40 contracts after some FIFO receipts were given out. The fear is right here as Gold’s Overall Open Interest proves 7,050 more short contracts had to be re-added in order to keep Gold up just a little, while the Resolute Buyers stepped in, giving this morning’s paper total at 557,589 short contracts to go against the physicals.

      Last night was supposed to be the second presidential debate, which many believe, there would be no way Biden could compete, without the help of an earpiece. The Chris Wallace bias made the last show spectacularly obvious, since then Trump and team got the bug and got cured, then Team Biden gets sick and won’t compete because their science says there’s no cure. At least that’s their story, and they are sticking with it.

      The presidential debate deciders had picked Steve Scully to direct the next show. Alas, he used to be a 30-year C(rime)-SPAN veteran until recently, then he got caught lying about how his twitter account got hacked, and proves he is another one of those, “anyone else but Trump” supporters. No bias here at all huh? Now the cherry on top happened yesterday, when the news came out about Facebook and Twitter censoring the Biden Bombshells, just weeks after the executives joined the Biden Transition Team.

      Of course, counter-news-Q had posted a quote yesterday, from Chanel Rion, Chief White House Correspondent for One America News Network; “Just saw for myself a behind the scenes look at the #HunterBiden hard drive: Drugs, underage obsessions, power deals…Druggie Hunter makes Anthony Weiner’s down-under selfie addiction look normal. #BidenCrimeFamily has a lot of apologizing to do. So does Big Tech. 

      With all this going on, the US Dollar, and our Treasuries, ain’t bucking their writer’s. How much political and monetary pressure is being applied to keep our precious metals riders from riding the bull, already staged, and ready to be released, from the bulls shoot and that 8 second ride of a lifetime? Even our friends at SGT Report, got shut down by Youtube, which just recently became part of the Biden Transition Team, owned by Google. Why is all this happening during the last weeks of the election, and why are the markets not reacting to all this? Or is it, and we just can’t see it because of all the obstructions going on right now?

      Have a great weekend, and get out there and vote, in person. How much longer the prices stay in place is anyone’s guess. Yet, to have and to hold, will be proven once again, to be the life line in your personal economy, while the world’s economy gets bucked. Get more while you can, enjoy every moment and find the humor in everything. It will keep you sane in an insane world, maybe. As always …

Stay Strong!

Jeremiah Johnson

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

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP6.6983 /

//OFFSHORE YUAN:  6.6914   /shanghai bourse CLOSED UP 4.18 PTS OR .13%

HANG SANG CLOSED UP 228.25 PTS OR .94%

2. Nikkei closed DOWN 96.60 POINTS OR 0.94%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 93.63/Euro FALLS TO 1.1732

3b Japan 10 year bond yield: FALLS TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.25/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.60 and Brent: 42/75

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.63%/Italian 10 yr bond yield DOWN to 0.67% /SPAIN 10 YR BOND YIELD DOWN TO 0.13%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.30: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.80

3k Gold at $1909.85 silver at: 24.42   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN  4/100 in roubles/dollar) 78.05

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 105.25 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 .9133 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0716 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 0.727% early this morning. Thirty year rate at 1.509%

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

6.  TURKISH LIRA:  UP  TO 7.94..

Futures Flat On Stalled Stimulus, Europe Elevated On Earnings

US equity futures were modestly green in a quiet overnight session, as optimism about a fresh stimulus package collapsed, while investors assess the potential return of lockdowns in Europe as the region struggles to contain the virus spread. S&P 500 futures were little changed, while Nasdaq contracts rose 0.2%. Eminis were up 0.2% to 3,482 boosted by Boeing and Pfizer shares (see below) which helped push futures on the S&P 500 and Dow Jones Industrial Average into the green after they drifted most of the day. Treasuries held gains, while the dollar slipped with crude oil.

PFizer shares rose 1% in premarket trading after it said it would file for U.S. emergency approval of its COVID-19 vaccine candidate being developed along with Germany’s BioNTech as soon as a safety milestone is achieved in the third week of November. BioNTech’s U.S.-listed shares jumped 2.4%. There was also a revival of trade war concerns, after the European Union and the U.S. exchanged tariff threats this week regarding illegal state aid for Boeing. Separately, the planemaker’s stock was up in pre-market trading after the company’s 737 Max model was judged safe to fly by Europe’s aviation regulator.

On the stimulus front, Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi Thursday that President Donald Trump would personally lobby to get reluctant Senate Republicans behind any stimulus deal they reach. However, Senate Majority Leader Mitch McConnell rejected that, saying he could not sell a much larger package to his members, and that the Senate would vote on a narrow stimulus plan worth about $500 billion next week. In short: no deal until after the election, precisely as we have been saying since August.

“It’s a tug-of-war between risks that are well flagged, the pandemic, the U.S. election, Brexit, and at the same time hope that these same risks can be resolved in matter of weeks or months”, said Emmanuel Cau, head of European equity strategy at Barclays. “In the meantime, it’s hard for investors to take positions on the short term given all the uncertainties,” he said. “Looking forward to 2021, there’s a good probability these risks will be behind us.”

In Europe, the benchmark Stoxx 600 Index rose as much as 1% but was still set for a weekly loss after European stocks lost over 2% on Thursday as new social restrictions in Europe, including a curfew in major French cities and tighter restrictions in London, spooked investors. Positive corporate newsflow outweighed concerns over rising coronavirus cases and the state of progress in Brexit trade talks. Car sales surprised to the upside, while Daimler and LVMH both beat estimates, and Thyssenkrupp surged after Liberty Steel Group said it will make a multibillion-euro bid for the German company’s European steel unit.

Earlier in the session, the MSCI Asia Pacific Index slipped 0.2% led by the industrials and IT sectors. Markets in the region were mixed, with Thailand’s SET and Japan’s Topix falling, while Hong Kong’s Hang Seng Index and India’s S&P BSE Sensex Index increased. The Topix lost 0.9%, with Toyota and Sony contributing the most to the move. The Shanghai Composite Index rose 0.1%, driven by China Life and ICBC.

Brexit was in focus, with U.K. Prime Minister Boris Johnson saying the U.K. will now get ready to leave the European Union’s single market and customs union without a new free trade deal in place, blaming the bloc for refusing to offer good enough terms. He said he would always be willing to hear from the EU if the bloc’s leaders came back to the U.K. with “a fundamental change of approach.” Last month, the British leader set a deadline of Oct. 15 for an agreement to be struck — or clearly within sight — saying there would be no point continuing talks beyond this week without adequate progress. Sterling fluctuated on the news.

Elsewhere in FX, the euro also regained some ground, rising about 0.2% to $1.1731 as investors shifted from perceived safe havens such as the dollar and the yen to riskier currencies.

In rates, Treasuries extended advance in early U.S. session following bigger rally in gilts after U.K. Prime minister Boris Johnson said the country should prepare for Australian-style trade terms with the EU after Brexit negotiations failed to produce an alternative. Gilts spiked to session highs, lifting Treasuries. Treasury yields are richer by 0.5bp to 1.5bp across the curve in bull-flattening move; 10-year yields lower by 1bp at 0.722% with both gilts and bunds outperforming by ~1bp.  Germany’s 10-year bond yield was set for its biggest weekly drop since August as doubts grew about the economic recovery in the euro zone.

In commodities, oil prices continued to slide, dragged down by concerns that resurgent COVID-19 cases in Europe and the United States would curtail demand. Brent crude futures for December dropped 0.5% to $42.65 a barrel. WTI  crude futures for November delivery dipped 0.4%, to $40.81 a barrel. Spot gold prices were flat at $1,909.05 but looked set for their first weekly drop in three.

Macro-economic data to watch include retail sales, industrial production and University of Michigan Confidence, while Bank of New York Mellon, Citizens Financial, JB Hunt, Kansas City Southern, Schlumberger NV, State Street, VF Corp are among companies reporting earnings

Market Snapshot

  • S&P 500 futures up 0.1% to 3,479.50
  • STOXX Europe 600 up 0.7% to 365.50
  • MXAP down 0.3% to 174.47
  • MXAPJ unchanged at 579.29
  • Nikkei down 0.4% to 23,410.63
  • Topix down 0.9% to 1,617.69
  • Hang Seng Index up 0.9% to 24,386.79
  • Shanghai Composite up 0.1% to 3,336.36
  • Sensex up 0.8% to 40,038.80
  • Australia S&P/ASX 200 down 0.5% to 6,176.79
  • Kospi down 0.8% to 2,341.53
  • Brent futures down 0.6% to $42.92/bbl
  • Gold spot little changed at $1,909.72
  • U.S. Dollar Index down 0.2% to 93.69
  • German 10Y yield fell 1.2 bps to -0.622%
  • Euro up 0.05% to $1.1714
  • Italian 10Y yield rose 4.0 bps to 0.495%
  • Spanish 10Y yield unchanged at 0.148%

Top Overnight News from Bloomberg

  • Italy’s government is assessing its environmental funding needs, taking an initial step toward selling its first green bond, according to people familiar with the decision
  • Chinese police have launched an investigation linked to cryptocurrency exchange giant OKEx, forcing one of the world’s largest Bitcoin trading platforms to block users globally from withdrawing money
  • Treasury Secretary Steven Mnuchin told House Speaker Nancy Pelosi Thursday that President Donald Trump will personally lobby to get reluctant Senate Republicans behind any stimulus deal they reach
  • Covid-19 is hitting the most populous states in the U.S. Midwest, with cases surging in Illinois, Ohio and Michigan. Europe continued to report some of the highest numbers of cases since spring. Remdesivir has no definite effect on a hospitalized patient’s chances of survival, a clinical trial by the World Health Organization found
  • In dueling town halls, President Donald Trump embraced controversial conspiracy theories and sparred with the moderator, while Democrat Joe Biden offered policy-focused answers aimed at avoiding anything that could imperil his lead in the polls
  • Oil headed lower in Asian trading as the prospect of a resurgent virus forcing more stay-at-home measures in Europe and the U.S. outweighed a bigger-than-expected drop in American stockpiles
  • The U.S. will “strike much harder” if the European Union goes ahead with tariffs on $4 billion worth of American products, President Trump said
  • New Zealand Prime Minister Jacinda Ardern looks set for a resounding election victory on Saturday as voters applaud her masterful handling of the coronavirus pandemic

A look at global markets courtesy of NewsSquawk

Asia-Pac equities traded mostly lower following a string of lacklustre cash opens, and after another downbeat handover from Wall Street, where the major indices posted a third consecutive down-day as pre-election stimulus hopes fizzle out and with parts of Europe reimposing targeted COVID-19 restrictions amid the resurgence of the virus. European and US equity futures drifted higher throughout most of the night before erasing the bulk of their gains heading into the European open and with no specific news flow driving price action. ASX200 (-0.5%) was flat for a large part of the session as strength in financials were countered by a weak performance across travel and leisure names, whilst concerns mounted over Australia’s deteriorating relationship with China. Nikkei 225 (-0.4%) was caged in a tight band for most of the session and losses accelerated after a downside breach of the 23,500 level, but Fast Retailing shares rose some 4.5% at one point despite revenue and profits declining in the 12-months ending August, as same-store-sales rebounded over 20% in Q4 which drove expectations for a FY21 recovery. KOSPI (-0.8%) remained in negative territory with participants pinning the losses on virus woes. Shanghai Comp. (+0.1%) opened with modest gains as the PBoC underwent another liquidity injection via 7-day reverse repos at a maintained rate, but the index later erased gains with reports also resurfacing that China is set to pass a new law that would restrict sensitive exports vital to national security. Hang Seng (+0.5%) outperformed in a reversal from yesterday’s sub-par performance, and as SMIC shares opened higher by 6% after a guidance upgrade. Finally, 10yr JGB futures firmed overnight before waning off best levels as it tracked USTs.

Top Asian News

  • Singapore-Hong Kong Air Fares Jump 40% on Travel Bubble Plan
  • Billionaire Lucio Tan’s Bank Expects Bad-Loan Provisions to Drop
  • China Drug Stock Jumps After Doctor Endorses Treatment for Covid
  • Thai Leaders Have No Easy Options to End Anti-Monarchy Protests

European equities (Eurostoxx 50 +1.0%) trade on a firmer footing in what appears to be more a trimming of yesterday’s heavy losses rather than an outright pick-up in sentiment across the region as incremental macro newsflow remains light. The CAC 40 (+1.3%) has outperformed from the get-go following LVMH’s (+6.4%) Q3 update which saw the Co. exceed revenue expectations citing strong performance in the US and China; Kering (+3.8%), Burberry (+3.0%) and Christian Dior (+7.3%) trade higher in sympathy with the consumer discretionary sector the clear outperformer. Elsewhere, it’s been a session of solid gains thus far for the auto sector with Daimler (+3.4%) leading the charge after its prelim Q3 EBIT exceeded market expectations and the Co. stating that it has seen a faster than expected market recovery and a particularly strong September performance. Furthermore, Renault (+3.8%) have also been supported amid reports the Co. is intending to launch a range of electric vehicles targeting ‘middle class’ consumers, whilst its CEO said the Co. does not have a liquidity problem. Additionally, for the sector, some positivity was garnered from the latest EU27 car registrations which rose 3.1% in September (prev. -18.1%). In terms of stocks specifics, Thyssenkrupp (+15.0%) are a clear standout performer today after Liberty House announced a bid for the Co’s steel operations. Subsequently, the IG Metall Union in the German NRW state rejected Liberty Steel’s bid, suggesting that such a takeover could lead to job losses, however, it is yet to be seen if their objections will be enough to derail the acquisition. To the downside, BT (-1.8%) have hampered the performance of the telecom sector today amid ongoing scepticism suggesting that PM Johnson’s pledge to connect the country to fast broadband by 2025 is considered to be unrealistic.

Top European News

  • LVMH Bounces Back on Demand for Louis Vuitton and Dior Bags
  • Thyssenkrupp Jumps as Gupta’s Liberty Said to Bid for Steel Unit
  • Europe Car Sales Rise 1.1% in Surprise First Gain of the Year
  • Daimler, Volvo Post Surprise Profits on Shaky Auto Reprieve

In FX, positive vibes from both sides of the UK-EU divide ahead of the final day of the Summit have given Sterling a lift as chances of clinching a trade deal are kept alive, with Cable back on the 1.2900 handle and Eur/Gbp backing off from the high 0.9000s after Foreign Minister Raab claimed that negotiators are close to agreement and the Irish PM said Barnier has been granted the flexibility to continue discussions. However, PM Johnson still has the final say and there is little sign of compromise on the well documented key issues that stand in the way of an accord so the bar remains high and Pound prone to further disappointment, while Moody’s ratings review after hours also poses a threat to sentiment.

  • USD – Brexit aside, the broad risk tone has settled down to dampen some demand for the Dollar and major pairs have reverted to more restrained ranges as a result, as the DXY retreats from highs just shy of Thursday’s 93.910 peak within a 93.883-665 range. The pullback may also be partly psychological and consolidative ahead of primary US data in the form of retail sales and ip before 2 Fed speakers (Williams and Bullard) and preliminary Michigan sentiment, while a firm rebound in the YUAN is also likely to be weighing on the Greenback more generally given the Cny and Cnh both reclaiming 6.7000+ status.
  • JPY/NZD – The Yen and Kiwi are benefiting from the waning Buck, with the former back above 105.50 and flanked by decent option expiry interest (3 bn between 105.00-05 and 1.2 bn from 105.35 to 105.40), and the latter pivoting 0.6600 in the run up to NZ elections and getting regional support from favourable Aud/Nzd crosswinds.
  • EUR/CAD/CHF/AUD – All narrowly mixed vs their US counterpart as the Euro keeps tabs on 1.1700, just, Loonie paring losses from sub-1.3260 towards 1.3200 in advance of Canadian manufacturing sales and less of a drag via crude prices. Elsewhere, the Franc is straddling 0.9150 again and Aussie underperforming below 0.7100 and the 100 DMA (0.7096) in wake of more worrying reports on the Chinese trade front as cotton exports are said to be added to the embargo list and could be subject to tariffs as big as 40%.
  • SCANDI/EM – Further divergence between the Sek and underperforming Nok even though oil is attempting to stabilise and Riksbank’s Ingves may cover exchange rate moves during a speech at the IMF, but the Zar appears content with Gold’s recovery to trade above Usd 1900/oz, albeit by only a few bucks. Conversely, the Brl could be vulnerable following the latest political antics and the resignation of Brazilian President Bolsonaro’s Deputy Senate leader who was caught by police concealing COVID aid funds in his underwear.

In commodities, WTI and Brent front month futures are modestly subdued this morning diverging somewhat from the modestly firmer performance seen in European bourses, with US futures relatively flat; focus for the complex has returned to the supply-side given updates in Libya. Crude production for the country is now said to have hit 500k BPD displaying a significant rise from the October 5th figure of 290k BPD; the increase comes alongside the El Sharara field getting back to around 110k BPD capacity but still someway from the 300k BPD capacity the field is targeting in the near-term. The production increase will likely draw the focus of OPEC’s JMMC gathering on October 19th, among other factors including compliance and plans for the OPEC+ demand schedule, particularly as while the Libyan supply has substantially increased it is still someway off Q4-2019’s figure of circa 1.2mln BPD. Elsewhere, the schedule for crude explicitly is light aside from the usual Baker Hughes rig count. Moving to metals, spot gold is essentially flat on the day residing within comparatively tight ranges of USD 10/oz; given the lack of fundamental newsflow the driver for the metal is once again the USD which is similarly exhibiting lacklustre and range-bound action. Regarding copper, ING highlight that discussions at the Candelaria mine in Chile are still unresolved, regarded as one of the largest copper reserves in the world, and the most recent updates indicate that strike action could still occur next week.

US Event Calendar

  • 8:30am: Retail Sales Advance MoM, est. 0.8%, prior 0.6%; Ex Auto MoM, est. 0.4%, prior 0.7%
  • 8:30am: Retail Sales Control Group, est. 0.3%, prior -0.1%
  • 9:15am: Industrial Production MoM, est. 0.5%, prior 0.4%; Capacity Utilization, est. 71.8%, prior 71.4%
  • 9:15am: Manufacturing (SIC) Production, est. 0.6%, prior 1.0%
  • 10am: Business Inventories, est. 0.4%, prior 0.1%
  • 10am: U. of Mich. Sentiment, est. 80.5, prior 80.4; Current Conditions, est. 88.5, prior 87.8; Expectations, est. 77, prior 75.6
  • 4pm: Net Long-term TIC Flows

DB’s Jim Reid concludes the overnight wrap

It’s the last day of this half term today and the school are allowing the children to come as their favourite book character. As much as my wife has tried to persuade our 5 year old Maisie to go as her own book heroines Lizzy Bennet from Pride and Prejudice or Jane Eyre, Maisie will only go as one thing. Elsa from Frozen. I said to her that Frozen is not a book and she ran to the shelf and showed me a Frozen 2 sticker and colouring in book. So who am I to argue. Hopefully this will pass the school’s no superheroes policy. By the way I wanted her to go as Arya Stark.

Talking of the Starks, winter was coming for a large part of yesterday (virus numbers, weak data, lack of stimulus) before a bit of dragon breath warmed things up late in the session. European equities earlier saw major declines as governments across the continent moved to ramp up restrictions, with the STOXX 600 (-2.08%), the DAX (-2.49%) and the CAC 40 (-2.11%) all moving lower. The US however regained its footing and only closed -0.15% having recovered from being down as much as -1.37% in the early moments of trading yesterday and around -0.75% as Europe went home. Tech (-0.44%) and biotech (-1.69%) stocks were among the largest laggards on the day with the NASDAQ falling -0.47%, although it also rebounded from large early losses (-1.78%). Meanwhile the VIX index of volatility gained +0.57pts to its highest level in a week, having risen every day this week.

The main driver behind the declines was the pandemic, with yesterday seeing a number of further concerning developments for investors to digest. In terms of the numbers, Europe continued to move in the wrong direction, with Italy reporting another record of 8,803 cases, raising fears that the country is moving in a similar direction to France and the UK, while the Netherlands also reported a record 7,857 cases which given its population is just under 30% of Italy’s, is a big number. See the per 10k number in the table below. France saw over 30k new cases, a record that eclipses the previous high of nearly 27k this past Saturday. Germany also saw a record number of infections, with the 7,185 new cases surpassing the previous peak in late March (pre mass testing). This comes as reports indicate that Chancellor Merkel is concerned that the new restrictions agreed to by the regional leaders do not go far enough. In the UK, a further 18,996 cases were confirmed as the government raised the London alert level to high, meaning that residents can no longer mix with other households indoors from tomorrow. Over in Poland, further restrictions were also imposed, while at the summit of EU leaders in Brussels (more on which below), Commission President Ursula von der Leyen went into self-isolation (again) after she was informed that a member of her front office had tested positive that morning.In better news overnight, Reuters has reported that Britain’s National Health Service is in talks with groups including the British Medical Association about mobilising for a potential rollout of a Covid-19 vaccine by December. The report added that there is c. a 50/50 chance that the vaccine can begin to be administered that month.

Over in the US, cases continue to rise throughout the Midwest with Illinois, Ohio and Michigan all approaching new case levels comparable with the height of their first waves – albeit at much higher testing levels. With Ohio, Michigan and Wisconsin all potential swing states the effects on next month’s election will be closely followed. The main Covid news came from the Biden campaign, where VP nominee Kamala Harris cancelled her travel plans until Monday after communications director along with a member of her flight crew tested positive. We’re told that Harris herself tested negative on Wednesday, but that travel was stopped “out of an abundance of caution”. Neither of the positive individuals were in contact with Biden however, and both he and President Trump went ahead with their separately planned town hall events last night in lieu of the debate that was otherwise supposed to have taken place.

Staying on US politics, President Trump said yesterday that he would be open to increasing the $1.8 trillion stimulus bill that he had pushed in the past. It was also reported that House Speaker Pelosi and Secretary Mnuchin continue to discuss potential deals though nothing remains likely to pass in the short term. This is especially true after Senate Majority leader McConnell said that his planned $500 billion bill is “appropriate” and rejected calls for higher levels of funding. Markets took this in its stride, but if Democrats do win the White House but are unable to take back the Senate it may call into question just how much stimulus could be passed in the next 6 months and beyond. Meanwhile, Treasury Secretary Mnuchin has told Pelosi overnight that President Trump will personally lobby to get reluctant Senate Republicans behind any stimulus deal they reach.

Asian markets are largely trading lower this morning outside of the Hang Seng (+0.78%) which is up. The Nikkei (-0.26%), Shanghai Comp (-0.28%), Kospi ( -0.85%) and Asx (-0.41%) are all down. Meanwhile, European futures are pointing to a positive open after the late US rally with those on the Stoxx 50 (+0.60%), FTSE 100 (+0.72%) and Dax (+0.59%) all up. Across the other side of Atlantic, S&P 500 futures are trading broadly flat while those on Nasdaq are down -0.16%. Elsewhere, crude oil prices are down c. -1%.

Brexit was back in the headlines yesterday, as EU leaders agreed at their summit to continue negotiations with the UK over the coming weeks, calling on the UK to “make the necessary moves to make an agreement possible.” The UK’s chief negotiator Frost said he was “surprised by suggestion that to get an agreement all future moves must come from U.K. It’s an unusual approach to conducting a negotiation.” The UK have said they’ll set out their next steps following the Council, so we await to see what’s said and whether they decide to continue negotiating or more likely on what terms. Prime Minister Johnson is planning a statement later today.

Over in sovereign bond markets, southern Europe saw a noticeable selloff yesterday, in line with the broader risk-off move elsewhere. Italian debt saw its remarkable rally come to an end, as 10yr yields came off their record low the previous day to close +4.0bps, while Greek (+5.5bps) and Spanish (+1.4bps) yields also rose. With risk assets rallying back towards flat in the US, core countries diverged with 10yr bund yields down -2.9bps at -0.61%, their lowest level since March, as US Treasuries saw a +0.7bps move to 0.732%. Other safe havens made gains yesterday, with the US dollar index up (+0.51%) for the third day this week, while gold prices were up +0.38% to finish over $1900/oz.

In the US, the latest weekly initial jobless claims for the week through October 10 showed an unexpected uptick to 898k (vs. 825k expected), which was its highest level in 7 weeks. The reading will only add to concerns that the labour market recovery is running out of steam, not least with the lack of further stimulus and fresh rises in the number of Covid cases. Otherwise, the Empire State manufacturing survey fell to 10.5 (vs. 14 expected), while the Philadelphia Fed’s business outlook survey rose to 32.3 (vs. 14.8 expected) – the highest since February.

To the day ahead now, and the data releases out from the US include September’s retail sales, industrial production and capacity utilisation, as well as the preliminary University of Michigan sentiment indicator for October. In the Euro Area, there’ll also be the trade balance for August and the final CPI reading for September. Otherwise, central bank speakers include the Fed’s Williams and Bullard, and earnings releases include Honeywell International and BNY Mellon. Finally, the European Council will conclude.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 4.18 PTS OR .13%   //Hang Sang CLOSED UP 228.25 PTS OR .94%    /The Nikkei closed DOWN 96.60 POINTS OR 0.41%//Australia’s all ordinaires CLOSED DOWN 0.45%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.60 dollars per barrel for WTI and 42.75 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP 6.6983 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6919 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA/AUSTRALIA

China tells its local mills to stop using Australian cotton and iron ore

They will wait until the election is over to seee if Biden wins

(zerohedge0

China Tells Local Mills To Stop Using Australian Cotton, Ore

While the rapid deterioration in diplomatic relations between the US and China has been put on hiatus until after the election, at which point Beijing hopes that a Biden administration would promptly restore amicable relations between Beijing and DC, trade relations within the Pacific Rim region are getting worse by the day, with nobody getting more impacted by China’s desire to flex its muscles than Australia: escalating bilateral tensions have resulted in China’s “unofficially” asking cotton and ore traders to stop buying products from Australia.

As Rabobank’s Michael Every writes this morning, the “Australian press claim China is now no longer taking Australian cotton. It’s been all of a few days since we heard the same thing about Aussie coal, and weeks since we heard it about wine and dairy and beef and barley.”

This was confirmed by the SCMP later on Friday, which reported that The Cotton Australia and the Australian Cotton Shippers Association, in a joint statement on Friday, said that China’s National Development Reform Commission has been recently “discouraging” their spinning mills from using Australian cotton.  Earlier, Beijing had also reportedly suspended ore imports from Australia.

While Australian Prime Minister Scott Morrison recently said: “It’s not uncommon for China to suspend coal imports,” Canberra is probing the latest moves by Beijing.

Adding some complexity to the passive-aggressive trade war escalation is that there has been no official confirmation from the Chinese side over the issue. Also, the bilateral tensions triggered separate investigations by Beijing into Australia’s wine export and dumping allegations.

China is one of the most important destinations for Australia’s ore and wine, while total two-way trade between China and Australia was worth around A$240 billion (US$170 billion) between July 2019 to June 2020, according to the Australian Bureau of Statistics.

The ongoing tensions were triggered after Canberra started seeking a probe into the ongoing COVID-19 pandemic, caused by the coronavirus which a Chinese whistleblower has now confirmed was created in Wuhan. Similar demands have been made by the US and other western allies of Canberra, frustrating Beijing.

The demand led the Chinese diplomats in Australia hinting at “economic coercion” of Australian goods by Chinese companies.

“The Chinese public is frustrated, dismayed and disappointed with what Australia is doing now,” Chinese Ambassador Jingye Cheng had said early in April, responding to a question on Canberra’s probe push. The Cotton Australia and the Australian Cotton Shippers Association, however, asserted that their relationship with China “is of importance to us”.

“The Australian cotton industry will continue having meaningful conversations with stakeholders to fully understand this situation, and we will continue working with the Australian government to respectfully and meaningfully engage with China to find a resolution,” the statement added.

END

4/EUROPEAN AFFAIRS

UK/EU

BOJO warns Britons to prepare for a no deal until their is big progress on their talks with the EU

(zerohedge)

BoJo Warns Britons “Prepare For No Deal” Brexit After EU Summit Yields Little Progress

Not even 24 hours after Brussels and London agreed to two more rounds of trade talks – one in London next week, and another in Brussels the week after – UK Prime Minister Boris Johnson told the British people that he would seek a “no-deal” Brexit unless there is a “fundamental change of approach” from the EU.

Sterling sank to a session low against the dollar as Johnson warned Britons to “get ready for no-deal”, though it quickly rebounded off its low of the day and has since been swinging around in volatile trade.

BoJo accused Brussels of failing to negotiate “seriously” as he ratcheted up the pressure for more concessions to come from the Continental side. Since it’s clear that Brussels doesn’t want a more comprehensive “Canada-style” deal, BoJo said his office would instead seek an “Australia”-style deal, a far less “comprehensive” option.

“I have to make a judgement about likely outcome…given [EU] have refused to negotiate seriously for much of the last few months and given this summit appears explicitly to rule out Canada style deal, I’ve concluded we must get ready for arrangements like Australia’s.”

“Unless there’s a fundamental change of approach, we’re going to go to the Australia solution, and we should do it with great confidence,” Johnson said.

He then warned businesses across Briton to prepare for “no deal”.

“Now is the time for our businesses, hauliers and travelers to get ready… and of course we are willing to discuss practicalities”

To be sure, BoJo said that he’d be willing to hear from Brussels if they came back with a “fundamental change of approach”. Otherwise, the UK will leave the single market and customs union without a deal on Jan 1.

Bojo’s remarks follow tweets from his lead negotiator, Lord David Frost, who expressed disappointment in the EU’s negotiating position.”

The pound’s bounce off the daily lows following the speech merely underlines the fact that many traders already expect this thing to go down to the wire, with a last-minute deal still the base case.

UK Downgraded To Aa3 By Moody’s

Three week after Fitch affirmed its long-term debt rating at AA- (and left the outlook negative), Moody’s has just downgraded United Kingdom’s (and The Bank of England’s) credit rating.

Moody’s Investors Service (“Moodys”) has today downgraded the government of the United Kingdom’s long-term issuer and senior unsecured ratings to Aa3 from Aa2. Concurrently, the outlook has changed to stable from negative.

Moody’s has also downgraded the Bank of England‘s long-term issuer and senior unsecured bond ratings to Aa3 (from Aa2) and (P)Aa3 (from (P)Aa2) for the senior unsecured MTN programme. The P-1 short-term issuer rating is affirmed. The outlook on these ratings has also changed to stable from negative.

The three key drivers for this action are closely related and mutually reinforcing…

First, the UK’s economic strength has diminished since we downgraded the rating to Aa2 in September 2017. Growth has been meaningfully weaker than expected and is likely to remain so in the future. Negative long-term structural dynamics have been exacerbated by the decision to leave the EU and by the UK’s subsequent inability to reach a trade deal with the EU that meaningfully replicates the benefits of EU membership. Growth will also be damaged by the scarring that is likely to be the legacy of the coronavirus pandemic, which has severely impacted the UK economy.

Second, the UK’s fiscal strength has eroded. General government debt, already high and sticky prior to the crisis, has risen further as a result of the pandemic. While the UK’s reserve currency status provides a high capacity to carry debt, the material increase in debt poses risks to debt affordability in future years, particularly in the absence of a clear plan to reduce government indebtedness. Notwithstanding recent statements of intent by the government, it is in Moody’s view unlikely that the government will be able meaningfully to rebuild the UK’s fiscal strength in the coming years given the low growth environment and the likely political obstacles to doing so.

The third driver relates to the weakening in the UK’s institutions and governance that Moody’s has observed in recent years, which underlies the previous two drivers. While still high, the quality of the UK’s legislative and executive institutions has diminished in recent years. Policymaking, particularly with respect to fiscal policy, has become less predictable and effective. Looking forward, the self-reinforcing combination of low potential growth and high debt in a fractious policy environment will create additional headwinds to addressing the economic, fiscal and social challenges that the UK faces.

The stable outlook reflects the UK’s intrinsic economic and institutional strengths as well as Moody’s expectations that the debt will stabilise at its current level.

For now, UK’s sovereign credit risk is not showing signs of strain, but as is clear from March, risk happens fast…

end

UK

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

AZERBAIJAN/ARMENIA

Belligerent Erdogan ( Turkey) has summoned 4,000 Syrian and Libyan militants to fight with Azerbaijan against Armenia

(AlMasdarNews)

Nearly 4,000 Syrian & Libyan Militants Are Fighting With Azerbaijan: Armenian Official

Via AlMasdarNews.com,

An Armenian diplomat said that about 4,000 militants loyal to Turkey from Hay’at Tahrir Al-Sham (formerly Jabhat Al-Nusra, or al-Qaeda in Syria) and the Sultan Murad Brigade arrived in Karabakh from Libya and Syria to fight alongside the Azerbaijani forces.

The former Armenian ambassador to Italy, Sarkis Gazaryan, made the public statements while present with 100 people at the sit-in organized by the Armenian community in front of the House of Representatives’ headquarters in Rome to demand an end to the “Turkish-Azerbaijani aggression”.

Turkish-backed Syrian militants, via Reuters

“The presence of these anti-Armenian jihadists is dangerous, and even more so if we take into account what the UN Secretary-General called for to stop the fighting to prevent the Covid epidemic,” the former Armenian ambassador confirmed in statements to the Italian AKI news agency.

He asked, “Where is the credibility of the policies of some European countries?”

Turkey has been accused of recruiting Syrian militants to fight against the Armenian forces in Karabakh, following their campaign in Libya.

In rare confirmation, The Wall Street Journal reported this week that “Hundreds of fighters from Syrian militias allied with Turkey have joined the fighting between Azerbaijan and Armenia over the disputed enclave of Nagorno-Karabakh, and hundreds more are preparing to go, according to two Syrians involved in the effort.”

The reported cited “A Syrian rebel involved in deployments said fighters had been traveling there since mid-September—before the latest round of clashes—in groups of up to 100 at a time.”

end

6.Global Issues

Bill Blain on the major topics of the day..

(Bill Blain)

Blain: Time To Sell Some Tech

Authored by Bill Blain via MorningPorridge.com,

“Tell him I’ve just worked out a completely new strategy. It’s called running away.”

Not a lot to cheer in markets this week as politics and Covid dominate the stage. The slide in European stocks highlights increasing concerns for what look likely to become a double dip Virus hit. Rising US job claims suggest it’s also going to suffer a second pandemic knockback. On the other hand, companies are still making money, the global economy pootles along and investors will see dividends from sectors having a “good pandemic” remain strong. The world is divided into winner and losers: the Occident vs Orient, Tech and Services vs Hospitality, Property and Travel.

Interesting comment from Goldman which says it’s time to buy value stocks and sell some Tech. They say is due to some mumbo-jumbo about three-four month trading patterns they observed back in the last crisis regarding reversals into cyclical shorts, but to be honest life is literally too short to read analyst’s turgid prose. I suspect most bank research is written to please compliance officers, and approved by committees to make sure no one is offended.

But the thing is – I totally agree! Time to sell some Tech.

This is time to get real about fundamental stocks, and that also means its probably time to cull Tech Stocks. Which ones though? Changes are coming. Everyone loves Tech, especially tech that’s disruptive and creates who new markets and revenue streams. But good tech spawns imitators, and as we are about to find out, Regulation. Nothing strangles new revenues as surely as regulation.

Let’s start with the Streaming Wars.

A few weeks ago I triggered another Teams storm with my suggestion Disney will win the Streaming Wars, while Netflix is doomed.. I was told it was a risky call. I stuck to my guns: competition is the critical issue. There already more streaming services than you can point a sharp, pointy stick at..

Netflix is the clear streaming leader with 32% of total streamtime viewing. It produces plenty of its own fantastic content, and has rights on plenty of other stuff that people want to see. Disney’s streaming services get a respectable 16% of streamtime, but has the advantage of a great stable of entertainment classics plus the Marvel, and Star War franchises. Its already spending more on content than Netflix. In less than 1 year Disney+ has attracted 60 million subs.

(Personally, I am mulling over a subscription for Britbox – I still haven’t seen the final episode of Blakes 7 so I still have no idea what the classic UK cheap-as-chips space opera was all about, and apparently every episode of UFO and Space 1999 is on it! Yay! Because I am a registered Apple Addict, I have Apple TV, but there frankly isn’t much to watch..) 

Disney has just announced a refocus to spend more on creating new content for its streaming businesses.

It didn’t have much choice. Coronavirus has slaughtered its Parks business (down 83% from 6.6 bln in Q3 2019) and new studio business (down 55% since this time last year). What’s spectacular is that The Mouse corporation has responded fast to the challenge. The virus has shaken Disney awake. Creation, Distribution and Monetisation of content is its future.

It’s using its streaming platform well. Hamilton the Movie, only available on Disney+, was apparently a great success, but I gave up after 20 mins because She-who-is-Mrs-Blain kept asking who was who, who they were, where it was, what it was all about and why were we watching it.. (I told her: A long long time ago in a galaxy far, far away…)

Disney’s decision to launch new films direct into the Stream would probably have got more plaudits if it hadn’t been the live action version of Mulan. A controversial choice.

How many other studios will also monetise direct to the stream? The whole film industry has been pressured by Covid. (Films make a fraction of the revenues of the Home Gaming sector – which is one reason our in-house VC fund, Sure Ventures has been so successful.) Few other studios have the range of marketing opportunities Disney has to sell merchandising tat alongside their content.

As the streaming wars are fought to a bitter end, I suspect Disney will rise. What’s interesting is it will demonstrate that incumbent old businesses can weather, innovate and prosper when new disruptive technologies change the narrative. The risk for the other streamers, including Netflix, is that their tech premium reduces as competition rises and their lack of profitability dooms them to also ran status.

I reckon we will see the same thing in Electric Vehicles. 

It’s the hot sector. Just this week we’ve seen a UK electric vehicle start up Arrival raise $118 mm from the private market – to build 10000 commercial vehicles a year on a “flexible skateboard model”.  US EV maker Lucid is launching a luxury 480 hp model based at $78k with a 400+ mile range. Volkswagen is “accelerating” a massive capex programme to “automate and digitalise” new EV plants in the US and Germany to build batteries and new car bodies. BMW has just announced its new “5th” generation EV tech, including a home charging “wallbox” that can fill you car full of electric liters in a mere 3.5 hours. Wow… (US readers.. mild sarcasm alert.) Porsche is going a slightly different road – investing in “synthetic fuels”.

You get the drift..

Competition in the EV sector is going to pull down margins.. and probably increase the cost of lithium meaning at least one very large market-capitalisation maker of a very small number of cars is going to struggle not just with competition, but meeting promises to get the cost down and actually make real profits selling cars…. rather than regulatory credits.. Competition is real and will reduce windfall/first mover advantages and profits.

Another major issue is Regulation.

  • Amazon, Facebook, Apple and Google are all in the political crosshairs for “anti-competitive, monopolist behaviours” and are likely to suffer new anti-trust regulations.
  • Nations around the globe look unable to agree on how to tax the Tech multinationals who charge in one country, bill in another, and deliver to a third.
  • And then there is the issue I highlighted yesterday of surveillance capitalism and how certain tech firms have utilised Algorithms to monetise us – which looks, smells, and feels just like subliminal advertising, which was banned in the 1960s.
  • There are worries a Biden presidency will accelerate regulation of Tech.

We all know.. the moment government starts to regulate anything… is the moment to sell. 

In the case of Google and Facebook – government has to act. But the others? Maybe Amazon has become a monopoly? Would it change much to break it up the same way the oil majors were forced to unravel 120 years ago?  If people are stupid enough to pay £1200 for the new iPhone XII then their problem (Me! Me! Me! I am an addict. I need help.)

Meanwhile… 

Speaking of cars, lets talk about proper Motors.. the ones that run on dead dinosaurs. Next week my very great mate and market legend, Alex Bridport, a bond market veteran who remembers trading the original South Sea Bubble Bonds, is doing the The Mille Miglia for the fifth time. It’s a race in proper old cars all round Italy. Normally its run in May with nice warm days “this year the delay means it’s going to be a very different kettle of poisons!” He added: “It’s simply an incredible experience in the moist beautiful country in the world!”

Good luck to him!

end
CORONAVIRUS//UPDATE//THE GLOBE

Global COVID-19 Cases Top 400k In 24 Hours For First Time As Outbreaks Flare From Midwest To Europe: Live Updates

Summary:

  • Midwestern outbreak hits new records
  • Europe tops US in new cases
  • Global cases top 400k in a day for first time
  • Deaths reported yesterday: 6,189
  • North Dakota, South Dakota, Wisconsin lead infections/per 1,000 residents

* * *

A series of new social distancing restrictions have been imposed across Europe this week as the Continent saw its daily number of new COVID-19 cases rocket past the US this week. But on Friday, our attention swings back to the US, where an outbreak in the Midwest has continued to accelerate; fresh daily records for new cases were recorded in Illinois, Wisconsin and North Dakota on Thursday.

The resurgence has brought the number of new cases reported across the world to record highs nine months in a pandemic that has already killed more than 1 million people around the world.

Source: JPM

Since the start of the pandemic, investors have increasingly turned to high-frequency indicators to try and measure fluctuations in economic activity in real time. One agglomeration of high-frequency data covering topics, including overall movement, petroleum demand at the pump, new business applications, TSA checkpoint numbers and department-store sales, from JPM shows that activity has generally fallen since a summer peak, when US daily case numbers and deaths were at their lowest, and states across the US were dialing back restrictions on business activity and socializing.

Source: JPM

According to Bloomberg, this latest outbreak in the Midwest started in Wisconsin, and spread to other more populous states nearby.

Source: Bloomberg

Wisconsin Gov. Tony Evers said Thursday he’ll challenge a decision from earlier in the week handed down by a Wisconsin court blocking the governor’s order limiting capacity in bars, restaurants and other public places. WI recorded a record 3,747 cases Thursday.

By 0800ET, the global tally of COVID-19 cases had hit 38,998,580, leaving the world on track to top 39 million cases before Saturday morning. The world reported a second straight daily record on Thursday, topping 400,000 for the first time (the exact total: 406,660.

Deaths, meanwhile, were relatively steady at 6,189.

Another interesting trend: as the Midwest becomes the locus of the American COVID-19 outbreak, the divide between rural and urban infections has decidedly tilted toward ‘rural’ for the first time.

Source: Bloomberg

In overall viral prevalence, North Dakota, South Dakota and Wisconsin are currently leading the country. Though while the mainstream media likes to play up this phenomenon, it’s largely a function of the sparsely populated nature of the states, where workers come together in factories and meatpacking plants, often serving as the center of outbreaks.

Source: COVID Tracking Project

Meanwhile, in NYC, Mayor de Blasio is claiming that outbreaks in ‘hot spots’ around the city have been contained.

However, statewide hospitalization numbers have been creeping higher.

END
The plight of Europe..
email from Robert to me

Coronavirus: Germany′s confusing patchwork of restrictions | Germany| News and in-depth reporting from Berlin and beyond | DW | 12.10.2020

I will share a story yesterday from a person living in Paris who works in a 1000+ person company and who is locked down in Paris unable to travel because public transit is shut. This person is scared beyond belief as a nightly curfew of 9PM exists and has bought 3 weeks of  food supplies because of fear of no availed groceries. And tells of a bug out bag that he and his wife have if they have to run for their lives as fear of unrest grows. They have a car located outside if Paris which they use for holiday travel as in Paris it is not practical for them to locate the car where they live. This is their escape mode that they hope to use to get to rural France, if they must.

For a person in their middle years to feel like this is both shocking and a sign of real trouble brewing in France and a collapsing economy. And as I have said before on a number of occasions; forget tourism in Europe for now, which will manifest in mass unemployment across Europe and will show up in devastated real estate prices starting next year.

While in Germany, Merkel seems bent on doing to Germany what East Germans have realized and that is many of them are prisoners of their own mind, being conditioned behind the wall and unable to escape and prosper from the unification. A number of German politicians have come out to say that unification was a mistake in the way it was done because they underestimated the conditioning that people had. And thus East Germans have largely not been able to prosper like west Germans and the divide is still there to this day.

Perhaps being from East Germany Merkel suffers the same fate in her mind. Whatever it is, it will cast a dark shadow over Germany which is also a nightmare for American troops stationed there. The choice to withdraw troops is welcomed by those stationed there with their families.

Europe is a mess growing ever larger by the day and week. And these lockdowns will lead to true unrest in coming months and a changed economy. If Britain finds the courage to hard Brexit, it will gain leverage not imagined, if it seizes the opportunity. As the ebb of economic might lessens in Germany, it will impact the rest of Europe in ways not seen in decades, offering opportunities and pitfalls as trade patterns shift and financial realities bare visibility. Astute countries and companies and individuals will take the opportunity to seize the opportunities and while the Davis crowd attempts their “great reset” amongst collapsing economies. The ECB is trapped in a hell of its’ own making and that will become much more apparent next year as debt based existence finds new mud to play in. New banking opportunities will come to be seen as Central Banking loses its’ ability to function which will destroy the power base of of illusional banking as only true assets will count. And in the shadows the long dark shadows are cast of gold hordes in Russia and China ( rumors abound about how much real gold each one has)  as they wait for opportunity. And Russia is the only one of the two completely not influenced by USD debt holdings or obligations. And yes, both have digital currencies on the shelf, should this be required. Europe runs the very real risk of implosion, with it being carved up by external forces down the road. It is why I believe current national borders may well change in the future. Europe may well Balkanize itself changing its’ form to deal with changed economic realities. Region within countries may characterize new borders. Italy could split into several entities for example. Bavaria could be quite separate from Germany is another example. Within a 5 year period Europe will not resemble itself today and the socialism being hoisted upon Europe will only hasten its’ splinter.

It would nice to imagine that we can learn from this, but it seems our politicians are just as dense in their approach to lockdowns which are destroying the economy. And while to date we have seen economic damage the true cost will be more acutely visible when the social costs become more evident. People are under stresses not experienced and the impact is rising in divorces and deaths and mental illness impacting families and social interactions. The fallout from this is not a controllable element by government or society as changed behavior produces consequences not forecast. And this will have real economic impact in the future as business and people try to forecast and plan for a future that is in constant flux. From one week to the next, uncertainty grows and it wears on the minds and hearts of all affected. We certainly are living through most strange times where common sense is in less supply than it was several months ago.

https://www.dw.com/en/germany-coronavirus-restrictions/a-55249978

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 1.1732 UP .0032 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 105.25 DOWN 0.220 (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 1.2909   UP   0.0007  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3194 DOWN .0035 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 26 basis points, trading now ABOVE the important 1.08 level RISING to 1.1732 Last night Shanghai COMPOSITE UP 4.18 PTS OR .13% 

//Hang Sang CLOSED UP 228.25 PTS OR .94% 

/AUSTRALIA CLOSED DOWN 1,42%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 228.25 PTS OR .94% 

/SHANGHAI CLOSED UP 4.18 PTS OR .13% 

Australia BOURSE CLOSED DOWN 0.45% 

Nikkei (Japan) CLOSED DOWN 96.60  POINTS OR 0.41%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1909.60

silver:$24.41-

Early FRIDAY morning USA 10 year bond yield: 0.727% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.509 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 93.63 DOWN 22 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.12% DOWN 3 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: 0.12%//DOWN 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.74 UP 1 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 62 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 1.35% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1718 UP     .0012 or 12 basis points

USA/Japan: 105.41  UP .052 OR YEN DOWN 5  basis points/

Great Britain/USA 1.2937 UP .0034 POUND UP 34  BASIS POINTS)

Canadian dollar UP 35 basis points to 1.3193

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed UP  6.6976    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.6945  (YUAN UP)..

TURKISH LIRA:  7.9166  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.2%

Your closing 10 yr US bond yield UP 3 IN basis points from THURSDAY at 0.746 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.534 UP 3 in basis points on the day

Your closing USA dollar index, 93.69 down 17  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 87.06  1.49%

German Dax :  CLOSED UP 205.24 POINTS OR 1.62%

Paris Cac CLOSED UP 98.44 POINTS 2.04%

Spain IBEX CLOSED UP 32.90 POINTS or 0.48%

Italian MIB: CLOSED UP 324.24 POINTS OR 1.70%

WTI Oil price; 40.85 12:00  PM  EST

Brent Oil: 42.93 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    77.90  THE CROSS LOWER BY 0.11 RUBLES/DOLLAR (RUBLE HIGHER BY 11 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 for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  40.76//

BRENT :  42.79

USA 10 YR BOND YIELD: … 0.745..up 1 basis points…

USA 30 YR BOND YIELD: 1.531 up 2 basis points..

EURO/USA 1.1716 ( UP 9   BASIS POINTS)

USA/JAPANESE YEN:105.42 UP .064 (YEN DOWN 6 BASIS POINTS/..

USA DOLLAR INDEX: 93.71 DOWN 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2926 UP 23  POINTS

the Turkish lira close: 7.9272

the Russian rouble 77.90   UP 0.10 Roubles against the uSA dollar. (UP 10 BASIS POINTS)

Canadian dollar:  1.3191 UP 38 BASIS pts

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

The Dow closed UP 112.84 POINTS OR 0.40%

NASDAQ closed DOWN 42.32 POINTS OR 0.36%


VOLATILITY INDEX:  26.65 CLOSED DOWN .32

LIBOR 3 MONTH DURATION: 0.218%//libor dropping like a stone

USA trading today in Graph Form

VIX & Stocks Rise On Week; Banks Puke Ahead Of Black Monday Anniversary

Nothing to worry about… Monday will be the 33rd anniversary of the 1987 Black Monday collapse in stocks…

Source: Bloomberg

Now that would be an ‘October Surprise’…

Excerpted from Art Cashin’s reminisces of that day in 1987 (rings a lot of bells for 2020)…

The first two-thirds of 1987 on Wall Street was nothing short of spectacular… Fear seemed to disappear, and junior traders laughed at their cautious elders. The brash youngsters told each other to “buy strength” rather than sell it, as each buying wave was soon followed by another.

[ZH: Robinhooders?]

One thing that helped banish fear was a new process called “portfolio insurance.” It involved use of the newly expanded S&P futures. Somewhat counterintuitively, it involved selling when prices turned down.

[ZH: Nasdaq Whale buying calls, driving dealer gamma to extremes]

The rally topped out about Aug. 25, with the hitting 2,722 (less than a tenth of its current numerical value). Interest rates had begun creeping up amid concerns of early signs of inflation.

[ZH: Rally topped a week after that in 2020]

On Wednesday, Oct. 14, there were widely discussed rumors of a new punitive tax on takeover profits.

[ZH: Worries over Biden’s tax plan?]

Friday the 16th was an option expiration day… selling intensfied into the close.

[ZH: Today is op-ex day.. and selling intensified into the close]

The weekend was a rumormonger’s delight.

[ZH: We will wait and see]

Retail Sales beat but Industrial Production plunged, Sentiment was mixed, and any stimulus deal was pronounced – for all intent and purpose – dead before the election. Guess which one of these ‘facts’ the market decided to ‘act’ on today (until the last hour – was that the op-ex unwind?)…

And don’t forget that we had margin increases across most of the major retail brokerages today.

While most major indices rallied this week, all in the green thanks to today’s op-ex rally, the late-day weakness left Small Caps red…

What is unusual is the coincident rise in VIX also…

Source: Bloomberg

European markets ended the week notably lower as COVID lockdowns re-escalated…

Source: Bloomberg

Two big squeezes this week got us “back to even” but that couldn’t hold this afternoon…

Source: Bloomberg

Big-tech names managed gains (NOTE that buying panic on Monday driven the Nasdaq Whale reappearing and buying calls with both hands and feet)…

Source: Bloomberg

Banks were a bloodbath…

Source: Bloomberg

With Wells Fargo by far the worst and Morgan Stanley the best…

Source: Bloomberg

Momo outperformed but again mostly thanks to Tuesday’s opening panic…

Source: Bloomberg

Despite stock market gains, bonds were also bid, led by the long-end…

Source: Bloomberg

10Y yields found support at 70bps and bounced, but ended lower on the shortened week…

Source: Bloomberg

The dollar ended higher on the week but stalled at last week’s highs…

Source: Bloomberg

Cryptos rallied on the week but mainly thanks to last weekend’s spike, trading in a narrow range since…

Despite the dollar gains, oil prices managed to eke out a gain but PMs were weaker led by silver…

Source: Bloomberg

Gold managed to hold above $1900…

WTI managed to surge back to $41 after a decent intraweek plunge…

Finally, here’s what the ‘experts’ are worrying about – cases are starting to accelerate (just don’t tell anyone that deaths are stable, suggesting mortality rates are plunging)…

Source: Bloomberg

Time to panic? Well Monday is the 19th of October!

END

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

RETAIL SALES

Retail sales surge as Trump does everything in his power to open up the economy

(zerohedge)

US Core Retail Sales Surge By The Most In History In September

After two straight months of disappointments, September retail sales beat majestically, rising 1.9% MoM against expectations of a 0.8% rise (the fastest pace in three months).

This surprise sent YoY retail sales soaring with the headline up 5.4% and core retail sales up a stunning 9.1% YoY – the greatest rise ever!

Source: Bloomberg

Every segment of the market (except Electronics & Appliance Stores) saw sales increase in September…

Online Retail sales stabilized…

Now, what happens in October, as government handouts stalled.

end

USA INDUSTRIAL PRODUCTION

Not good for Trump: it unexpectedly tumbled!

After slowing its rebound dramatically in August, analysts expected another small lift in September, but Industrial Production disappointed gravely, falling 0.6% MoM (against expectations of +0.5%)…

Source: Bloomberg

The big driver of the plunge in industrial production was utilities (plunging 5.6%) as demand for air conditioning fell by more than usual in September. Mining production increased 1.7 percent in September; even so, it was 14.8 percent below a year earlier….

US manufacturing also dropped in September, sliding 0.3% MoM (against expectations for a 0.6% rise)…

Source: Bloomberg

This leaves US Industrial Production unchanged since May 2006…

Source: Bloomberg

US Budget Deficit Triples To Record $3.1 Trillion In 2020 As US Spends 90% More Than It Collects

Those who have been following the record surge in US public debt (excluding the roughly $100 trillion in off-balance sheet obligations), which exploded by $3 trillion in the three months following the covid shutdowns and which just hit an all time high $27.1 trillion this week, will be all too aware that the US budget deficit this year – and every year after – will be staggering.

Sure enough, in the latest just released deficit report, the Treasury announced that in September the US burned through another $124.6BN, which while modestly better than the $200.1 billion deficit reported in August, was a whopping 50% more than the $82.8 billion deficit last September.

Specifically according to the Treasury, in August, government outlays were $497.8 billion, up $74 billion from the $423.3 billion spent in August, and a whopping 71% more than the $291 billion the US spent last September…

… while receipts rebounded from the $223.2 billion received in August to $373.2 billion, and effectively identical to the $374 billion collected last September (the question of why anyone still pays taxes in a time of helicopter money, when the Fed simply purchases whatever debt the Treasury issues, remains).

The chart below shows the September 2020 breakdown between various receipts and outlays.

What all this means, is that for the full 2020 which ended on Sept 30, the US spent $6.552 trillion and collected just $3.420 trillionwhich also means that outlays were a record $3.1 trillion, 91% higher than receipts, which also includes the $9.7BN received last month and $81.9BN YTD in deposits of earnings by the Fed.

And since outlays equal receipts plus the deficit, this means that for the fiscal 2020, the US budget deficit more than tripled to a record $3.1 trillion (compared to “just” $984 billion in 2019), higher than at any other time in US history and unfortunately due to “helicopter money” it is unlikely that the exploding deficit will ever shrink again until the monetary system is overhauled… or collapses.

At some point the market will realize that this insanity is simply unsustainable, something which the CBO pointed out in its latest long-term debt forecast.

Until then, however, in the immortal words of Chuck Prince, “as long as the music is playing, you’ve got to get up and dance.”

end

iii) Important USA Economic Stories

Summary of last night’s two debates

(zerohedge)

Dueling Townhalls Post Mortem: Snarling Savannah Vs Gentle George

The contrast could not have been greater – “under great pressure” from the great-and-good of liberal media to ‘resist’, NBC’s Savannah Guthrie came out swinging in the so-called “Townhall” with President Trump, interrupting, interjecting, and intervening his responses with the first actual ‘American voter’ question relegated to 20 minutes into the ‘discussion’; whereas George Stephanopolous gave Joe Biden as long as he wanted to answer questions, leaving lies unchallenged and controversies unaddressed.

Behind the scenes of the NBC News Townhall, there was anger, even before the first question, but this time it wasn’t from President Trump.

As RealClearPolitics’ Philip Wegmann details, NBC employees seethed that they had agreed to host a Trump townhall in the same hour that ABC was hosting a similar Biden event. It was counterprograming, they complained, a clear attempt by the incumbent to force a split-screen moment and pull the eyeballs of the electorate away from the Democratic challenger.

They were not alone, and others went public with that sentiment. Actors and producers and on-air talent put their frustration to paper in an open letter to NBC asking the network to “air the president’s town hall either before or after Joe Biden’s so that American voters can have the opportunity to watch both.”

NBC executives didn’t budge. But while Trump got half the national spotlight, Savannah Guthrie made sure he paid for it with sharp questions that kept coming, one after the other.

Did he have any remaining COVID symptoms? Did he ever develop a case of pneumonia? Did he take a coronavirus test before the debate with Biden as required by the Commission on Presidential Debates?

Trump said he is symptom-free at the moment, said he didn’t “do too much asking” about his chest X-rays while a patient at Walter Reed medical center, and said he wasn’t sure if he had or hadn’t tested before the debate: “The doctor has very accurate information — if you are president, you have a lot of doctors you’re surrounded by — I was in great shape for the debate, and sometime after the debate, I tested positive.”

Why hadn’t he condemned white supremacy on the debate stage?

Trump said he did condemn white supremacy on stage and always has “denounced white supremacy” and then complained that the press “always starts off with the question.” Interrupting as Guthrie tried a follow-up, the exasperated president asked, “Are you listening? I denounce white supremacy!”

Why won’t he condemn Q-Anon for spreading a conspiracy theory about satanic cult of pedophiles controlling the Democratic Party?  

Trump said three times that he didn’t know about the group before adding that the only knowledge he had was that they were “very much against pedophilia” and that “they fight it very hard.” The president expressed frustration that Guthrie didn’t ask him about antifa and that the press had not asked Biden about antifa.

She said it was because Biden wasn’t there, a not-so-subtle reminder to the audience about why the two presidential candidates weren’t together on stage.

”How cute,” he replied.

Why did he retweet an article claiming that Navy SEALS killed a body double of Osama bin Laden, while secretly capturing the real bin Laden, and that former President Obama may have had the SEALS killed to hide the plot?

The commander-in-chief replied that it was “an opinion of somebody” and that it “was a retweet.” While he didn’t endorse the idea, he added, he was simply putting it “out there.”

At this Guthrie responded, “I don’t get that. You’re the president, not like someone’s crazy uncle who can retweet whatever.” Trump said he does a lot of retweets because “the media is so fake and so corrupt” and that without social media he “wouldn’t be able to get the word out.”

The grilling went on like this for 20 minutes without a single question from the audience. At the first commercial break, White House Communications Director Alyssa Farah hurried over to the president. Three other aides quickly followed. And although voters finally got their chance to ask questions when programming returned, Guthrie did her best to keep Trump on the ropes with her own follow-ups.

The evening was not supposed to go this way. It was supposed to feature a second presidential debate – moderated by C-SPAN’s Steve Scully with a townhall format — but was cancelled after the debate commission insisted on a virtual event and Trump refused to participate. Without a Democrat to attack, the Trump campaign returned to familiar form. They went after the moderator. And vice versa.

“Even though the commission canceled the in-person debate that could have happened tonight, one occurred anyway, and President Trump soundly defeated NBC’s Savannah Guthrie in her role as debate opponent and Joe Biden surrogate,” Trump spokesman Tim Murtaugh said at the end of the night.

Others were delighted with the journalist’s performance. The liberal website Vox crooned that “Guthrie delivered the Trump interview we’ve been wanting for years.” Barack Obama speechwriter Jon Favreau wished she would moderate a townhall with Trump “every night between now and election day.”

To Trump loyalists, Guthrie’s adversarial attitude, and the cheering section it engendered, merely confirmed the president’s oft-stated view that the media has taken sides in this election. But, in their view, the night was not at all a waste.

“Obviously, she was trying to placate liberal critics who attacked NBC for giving Trump a platform at all,” a conservative operative close to the campaign told RCP. “Savannah’s decision to aggressively debate Trump instead of interview him or allow voters to speak at the townhall allowed Trump to appear the optimist and turned the studio audience to his side.”

This was particularly true over the left shoulder of the president. Throughout the night one woman nodded with enthusiastic agreement and gave thumbs up regularly when he spoke, earning her both online gratitude and infamy.

Conservative corners of the Internet heralded her as “the hero we need right now,” while liberal social media users suspected a plant who was pulling off “a psychological trick.” Perhaps that reaction encapsulates the entire evening – and even the Trump presidency itself. Although aggressive, the questioning from Guthrie was nothing Trump hasn’t faced before. And after four years, the nation has grown accustomed to a president who pushes back equally hard.

Did the Republican win a strategic victory then by drawing attention away from the Democrat? “Definitely,” the conservative operative explained. “That’s why liberals were up in arms in anger against NBC, knowing Trump is must-watch and Biden is a snooze-fest.”

When the night was finally over and Guthrie was out of questions, Trump press aide Dan Scavino shared a “behind the scenes” video of the night on Twitter. The president was working over a delighted crowd. As MSNBC returned to regular programming, Rachel Maddow tried distancing her cable network from parent company NBC.

“Well, that happened,” the liberal talk show host said to start her show. Guthrie’s question were fine, she added. NBC, not MSNBC, she sighed, had produced what “was a strange replacement for what was otherwise supposed to be the second presidential debate of this general election season.”

Meanwhile, on ABC, Democrats embraced their presidential nominee as a reassuring Mr. Rogers.

As RealClearPolitics’ Susan Crabtree reportsthe switch from debate to townhall turned out to be a net positive for Biden when it comes to displaying his skill at talking calmly with voters – even those expressing differences with him. But it wasn’t a slam dunk by any means. His performance was also marred by some wildly uneven moments and windy responses from him, along with an outright refusal to answer whether he supports packing the Supreme Court — though promising he would do so before Nov. 3.

Throughout the dueling forums, Twitter lit up with Biden supporters’ sharply contrasting the calm and collegial tone of the ABC townhall hosted by George Stephanopoulos with the combative faceoff between Trump and NBC host Savannah Guthrie before she turned to voters in the audience for questions.

As the Biden forum wrapped up, “Mr. Rogers” was trending on Twitter after Mercedes Schlapp, a senior adviser for President Trump’s reelection campaign, compared the Democratic nominee’s performance to the long-running children’s show aimed at preschoolers.

“Well @JoeBiden @ABCPolitics townhall feels like I’m watching an episode of Mister Rodgers Neighborhood,” she tweeted, misspelling Fred Rogers last name.

Conservative critics were irate over Guthrie’s grilling of Trump for nearly 20 minutes during a format supposedly dedicated to questions from voters. They also took issue with Stephanopoulos’ light touch with Biden.

Biden’s supporters eagerly embraced the Mr. Rogers analogy, arguing it was a “self-own” for Team Trump because Rogers was known for his soothing, patient and kind demeanor.

“Pretty telling that this crew thinks Mr. Rogers is the bad guy,” tweeted Democratic strategist Zac Petkanas.

Meanwhile, during the same hour, Fox News host Tucker Carlson was revealing purportedly new Hunter Biden emails resurrecting a narrative that Biden, while vice president, demanded the firing of a Ukrainian prosecutor because he was investigating energy firm Burisma, for which Hunter worked as a highly paid board member. Twitter and Facebook for the prior 48 hours had prevented their users from tweeting or posting a New York Post story about the emails and calling into question previous assertions from Biden that he knew nothing about his son’s lucrative business deals in Ukraine and China. Trump’s personal lawyer, Rudy Giuliani, over the same two days has slammed the presidential nominee as the head of the “Biden Crime Family” over the lucrative contracts. Giuliani provided the emails to the New York Post, which he said were obtained from a laptop Hunter Biden dropped off at a repair shop last year and never picked up.

Throughout the 90 minute-townhall, interrupted for commercials, Biden fielded audience inquiries but received none from Stephanopoulos, nor the audience, about the propriety of Hunter Biden’s overseas deals and any links to his father.

Holding his mask in one hand and prepared notes in the other, Biden took a soft, measured approach to the questions. Though he often droned on with lengthy responses, he never raised his voice or grew testy.

Kelly Leigh, an undecided voter, asked if he would take the vaccine that Trump has so often touted will soon be available, considering that Kamala Harris, his running mate, said she wouldn’t if Trump alone were to endorse it. Biden responded that he would take such a vaccine, but also pointed to some of Trump’s more bizarre statements about remedies – some of which the president has brushed off as sarcasm.

“No. 1: President Trump talks about things that just aren’t accurate about everything,” Biden said. “The point is that if the scientists, if the body of scientists, say if this is what is ready to be done, been tested, gone through the three phases, yes, I’d take it, encourage people to take it. President Trump says things like everything from crazy stuff he’s walking away from now, ‘Inject bleach in your arm and that’s going to work.'”

At first, Biden said young black voters would have the power to determine the outcome of the election if they would only exercise their right to vote. Then, he dove off a policy cliff, leaving Humphrey staring at him with a blank expression. Along with spotlighting criminal justice reform as a way to help the black community, Biden delivered a mini-dissertation on how black Americans would be helped by his administration to “gain wealth.”

When it comes to violent protests demanding justice for black men and women killed by police, Biden said the solution isn’t defunding the police, and argued he would give law enforcement new tools without diminishing their budgets.

“Cops are kind of like schoolteachers now,” he said. “You know, a schoolteacher has to know everything from … how to handle hunger in a household, as well as how to teach how to read,” Biden said. “Well, cops don’t have that breadth.”

Pressed again on whether he would pack the court, Biden rambled, repeating that he has never been a fan on doing so, but now, depending on how the Senate handles Trump’s nomination of Amy Coney Barrett to fill the late Ruth Bader Ginsburg’s seat, he may change his mind. Her confirmation next week is considered a fait accompli.

“It depends on how much they rush this,” Biden said. When Stephanopoulos asked whether he believes voters “have a right to know where you stand,” he answered, “Yes,” but then quickly followed with the caveat, “depending on how they handle this.”

Biden also continued to insist that he would not ban fracking – a major industry in Pennsylvania and other Rust Belt battleground states – despite previous repeated claims that he would. He added that investing in renewable energy would produce better environmental results and more jobs. Biden argued that 128,000 people could be hired to fill oil wells, “and get a good salary doing it.”

One final note, from PJMedia’s Jeff Reynolds, even with about three times as many breaks, Biden showed significant signs of fatigue and a lack of focus toward the end, calling into question his capacity to handle the job of POTUS.

This worked to prove my premise after the first debate, that Trump getting him worked up and angry kept Biden engaged and on point for the entire evening. Tonight, without the constant adrenaline rushes of having to face attacks from Trump, Biden slowly faded away. In doing so, he proved what many suspect, that 77-year-old Joe Biden’s faculties are in decline.

*  *  *

In summary, we suspect Trump consolidated his base but did nothing to persuade fence-sitters (if there is such a person in America), whereas Biden likely alienated some of the more progressive leftists in his base, but picked up some ‘undecideds’. Biden won the night, helped by the media.

end

Dorsey apologizes for blocking the Biden story

(zerohedge)

Twitter’s Jack Dorsey: “Straight Blocking Of URLs” Was Wrong

By now, most Americans are probably aware that earlier this week, the New York Post tried to publish a series of stories based on emails and photos allegedly obtained from a laptop dropped off at a computer repair shop owned by a supporter of President Trump. Once the shop owner saw what was on the hard drive, he reportedly got “spooked” and contacted the FBI, which confiscated the hard drive – but not before the repair shop owner made a copy of it.

After the first story hit, Facebook and Twitter stepped up to suppress the story, barring users from sharing the link, and temporarily suspending those – including the president’s press secretary – who managed to do so anyway (Twitter even shut down a twitter account associated with the Senate Judiciary Committee after it shared a copy of the story reposted to its website).

During the chaos, a smattering of GOP lawmakers sent letters to Twitter and Facebook demanding and explanation; Sen. Ted Cruz said earlier that he would be happy to subpoena Mark Zuckerberg over what Cruz described as “transparent election interference” by America’s largest social media titans. The Judiciary Committeee is already preparing to vote Friday Oct. 23 on whether to subpoena Twitter CEO Jack Dorsey.

Earlier in the week, Jack Dorsey offered a non-apology apology by saying he regretted the breakdown in communication as Twitter moved to suppress the story and punish those sharing it without offering any kind of explanation.

But now that lawmakers are stepping up the pressure, the CEO has returned Friday morning with another more thorough apology, where he acknowledged that the company was “wrong” to ‘straight up block the url’ or urls associated with the sensitive NY Post stories.

Dorsey retweeted a thread from the company’s top legal and policy executive, Vijaya Gadde, outlining the changes. Read the whole thread below.

Most importantly, Gadde said that Twitter will no longer remove hacked content unless the content has been “directly shared by hackers or those acting in concert with them.” And said the company will “label Tweets to provide context instead of blocking links from being shared on Twitter.”

Here’s the full statement (source: @vijaya)

Over the last 24 hours, we’ve received significant feedback (from critical to supportive) about how we enforced our Hacked Materials Policy yesterday. After reflecting on this feedback, we have decided to make changes to the policy and how we enforce it. Why the changes? We want to address the concerns that there could be many unintended consequences to journalists, whistleblowers and others in ways that are contrary to Twitter’s purpose of serving the public conversation.

We put the Hacked Materials Policy in place back in 2018 to discourage and mitigate harms associated with hacks and unauthorized exposure of private information. We tried to find the right balance between people’s privacy and the right of free expression, but we can do better. We’ve recently added new product capabilities, such as labels to provide people with additional context. We are no longer limited to Tweet removal as an enforcement action. We believe that labeling Tweets and empowering people to assess content for themselves better serves the public interest and public conversation. The Hacked Material Policy is being updated to reflect these new enforcement capabilities. So, what’s changing?

1. We will no longer remove hacked content unless it is directly shared by hackers or those acting in concert with them

2. We will label Tweets to provide context instead of blocking links from being shared on Twitter All the other Twitter Rules will still apply to the posting of or linking to hacked materials, such as our rules against posting private information, synthetic and manipulated media, and non-consensual nudity. I’m grateful for everyone who has provided feedback and insights over the past day. Content moderation is incredibly difficult, especially in the critical context of an election. We are trying to act responsibly & quickly to prevent harms, but we’re still learning along the way. We will continue to keep you all updated on our progress and more details as we update our policy pages to reflect these changes in the coming days.

The mainstream press has continued to insist that the documents reported by the NY Post were “hacked”, despite there being zero evidence of this. Earlier theories about the documents and photos being forged were shot down when the Biden Camp left open the possibility that Biden may have briefly met with an executive of Burisma during his time as VP – despite repeatedly insisting that he never discussed business with his son Hunter Biden.

But that won’t stop liberals from tearing into Dorsey over the decision as the notion that conservative political speech should be suppressed remains firmly entrenched in mainstream political discourse.

end

Michael Every on the above story (lack of free speech)

“———- ——- — ——-“

By Michael Every of Rabobank

The free speech vs. censorship issue that erupted again this week in the US ——- has ——- ————- for ——-. Markets might not want to admit that fact, but it does. Aren’t market trading decisions supposed to proceed in an environment in which we have full ———— about what is going on? ———— not. Good luck making —– ———- about what to — and what to —- when you don’t know —- — —– –. Meanwhile, here is what we are allowed to talk about.

In the US, the head of the FCC has stepped in to say he is going to rule on Section 230, which allows social media to be platforms, and so immune to liability for anything posted on them, while also now acting as censors. Logically, this suggests either a ruling reaffirming no such censorship can take place without breaching the ‘publisher’ red line; or that this line must be breached, but at enormous cost, as all posts will have to be monitored at all times. An example raised by the White House press secretary, currently banned from Twitter(!), is that perhaps if a certain Middle Eastern country tweets it wants to destroy another, it might not get the legal clean pass from the publisher/platform that it does at the moment. There are obviously a myriad of others.

In the world of markets, which rely on (expensive) news-feeds, all this seems ———–. Which it really isn’t. Where we do have news today, trade and stimulus still predominate:

Australian press claim China is now no longer taking Australian cotton. It’s been all of a few days since we heard the same thing about Aussie coal, and weeks since we heard it about wine and dairy and beef and barley. Can one spot a pattern? Iron ore is still safe for now, of course: but let’s see what happens when the new mega mine in Guinea comes on-line. This is also just after the RBA governor gave a speech that suggested they are about to cut rates to 0.1% and do some more serious QE to see bond yields move lower all along the curve and not just out to 3-years. AUD seems to think both of these things are happening in a different country: or perhaps it is getting headlines like this ‘——- — ——— ——–‘?

We have also heard the US threaten to —— —— (which a VPN lets me see means ‘strike harder’) on sanctions against the EU if Europe proceeds with USD4bn in tariffs on it. Is this bullish EUR?

And today is apparently Brexit decision day for PM Johnson, who just as he locks down much of the country due to —— (as you have to call it if you want to publish any video on ——) has to decide if he will also lock down trade talks after mexed missages from the EU. These had prompted the UK Brexit negotiator to say he was “surprised” and “disappointed” on Twitter, which hasn’t blocked him yet.

Bloomberg reports, cleared by the censors, say that BoJo is going to make up his mind today whether to Keep Calm and Carry on Talking or not. Will he buckle and look soft? Will he walk away and look tough? Whichever option he chooses, at least half the country will be furious at him over something other than —— for once. GBP will watching for white smoke with intent.

In trade terms, both Singapore and Korea saw encouraging export data, suggesting the key electronics sector might be recovering. However, we do still have the EU-moving-slowly-back-towards-lock-down thing weighing on global consumer sentiment.

Meanwhile, on the fiscal front it is still all quiet. Trump is prepared to offer more than USD1.8 trillion and to cajole Senate Republicans; Pelosi says stimulus can’t wait until January; and maybe things will move as initial claims jobless data move higher again. Unless pre-election political posturing and blame-shifting wins the day again, that is, because it is getting very late to swing votes towards anyone: to swing away is easier, perhaps. Yet could a compromise on at least extended unemployment benefits be found post those claims data(?) USD will swing on that.

On other fronts, ——- ——– ———– ———– –. ——— ———- ——- ———–. It is —— ————— ———- ————– ———– regrettable. —– ——- —- – —– ——— —— ————- —————- ——– —-. Winners —— ———– —————- ——– ——– —- -. ———- —- – ———- —-. Losers —— ——– ——— ——- ——–. Who ———- ———- ——— —— knows ——– ———- ——- —–.

Can —— ——— ——– ———- you ——- ———-. Spot —— ——— ——- ——- —– a ——– ——-. Hidden ———- ——— —————- ——– ———- message —— ——-. ——– ——— ————– ——- ——— —.

—– ——– —-send ——– —– money ——- ——————— —————–now —————- ——————-.

Now go be an efficient market, market people!

end

iv) Swamp commentaries)

this is your big story of the day: Giuliani has many documents on the sordid Burisma affair. However he also informs us that he has the  cash flows and bank accounts where Hunter Biden’s illicit money travelled…they have their smoking gun and it will be revealed to us all on Sunday night, 8 pm with Mark Levin, Fox news.

(zerohedge)

New Biden Email Obliterates Burisma ‘Debunking’ Over Fired Prosecutor; Giuliani Teases More Devastating Releases

After footage emerged of Joe Biden bragging about withholding $1 billion in US loan guarantees unless the country’s chief prosecutor Victor Shokin was fired, the MSM scrambled to cover for the former Vice President – ‘debunking’ claims that Biden’s quid-pro-quo had anything to do with the fact that Shokin was investigating Burisma, a Ukrainian energy company which hired Hunter Biden to sit on its board.

“The firing of Shokin was universally urged by Ukraine’s benefactors,” writes the Washington Post, citing former Ukrainian foreign minister, Pavlo Klimkin. Yet, beyond hearsay, there’s zero evidence Shokin was corrupt.

Except that Shokin’s successor, Yiuri Lutsenko, said in a January 2019 deposition that Shokin is ‘honest,’ while Shokin says that Burisma founder Nikolay Zlochevsky hired Hunter Biden and his associate Devon Archer ‘to protect himself,’ according to the depositions which were released by the US State Department.

Now, a new email has emerged from Burisma executive Vadym Pozharskyi to Hunter Biden and Devon Archer laying out a series of “deliverables” he sought for the company, according to Fox News anchor Tucker Carlson.

Devon Archer (left) with Joe and Hunter Biden

In the Nov. 2, 2015 email, which has not been independently verified (though the Biden camp did not dispute their authenticity),Pozharskyi told Biden and Archer that he wanted “high-ranking U.S. officials to express their ‘positive opinion of Burisma.'”

“The scope of work should also include organization of a visit of a number of widely recognized and influential current and/or former US policy-makers to Ukraine in November,” wrote Pozharskyi, adding that the goal was to “bring positive signal/message and support on Nikolay’s issue to the Ukrainian top officials above with the ultimate purpose to close down for any cases/pursuits against Nikolay in Ukraine.

More via the Daily Caller:

Pozharskyi was critiquing a consulting proposal from Blue Star Strategies, a Democratic public relations firm that eventually worked for Burisma.

Hunter Biden served on the board of directors of the Truman National Security Project with Blue Star Strategies co-owner Sally Painter.

The documents are purportedly from Hunter Biden’s computer.

Giuliani teases more to come

Meanwhile, in a Friday interview with Fox & Friends, Trump attorney Rudy Giuliani – whose hands the Biden emails fell into after a Delaware computer shop owner said a man he believes to be Hunter Biden dropped off the laptop for repair in April, 2019 but never picked it up – teased much more to come.

In addition to devastating emails which reveal Hunter offering to introduce his father to a Burisma adviser, and that he made millions of dollars to make ‘introductions’ in China, the laptop contains several pictures of Biden smoking crack, as well as a purported sex tape. According to OANN‘s Chanel Rion, there are ‘underage obsessions’ which ‘makes Anthony Weiner’s down under selfie addiction look normal.’

More from American Thinkers Mark Anderson:

If just a quarter of what Rudy Giuliani alleges is true, the evidence contained on the laptop is, finally, the true smoking gun.  This isn’t some salacious accusations bundled by a hired spy relying on Russian disinformation and gossip.  It’s Hunter’s own laptop.  That fact alone could be an enormous blow to the Biden campaign.

Giuliani released bombshell after bombshell in a video released Wednesday evening after the media did their best to censor the N.Y. Post article — making the social media censorship even more damning to those who tried to hide it from the public.  Since receiving the copy of the hard drive, Giuliani has been poring through it, carefully documenting and preparing his prosecution.  What he says he found is the actual evidence of payments, the money-laundering scheme they used, “illegal money for bribes,” and how “some of that money from Ukraine … went to Joe Biden.”

Like a prosecutor laying out the case, Giuliani leads off the video with this: “In future days, you will see texts, emails, and photos that demonstrate crimes committed by the Biden crime family — in China (probably most of all), Russia, and several other countries.”

The use of “the Biden crime family” is no mere hyperbole.  Before Rudy Giuliani was “America’s Mayor,” he was one of America’s top prosecutors, which included bringing down mafia crime families.  And he has evidence — from Hunter — that implicates not only Hunter and Joe Biden, but also James (Joe’s brother) and Sara (James’s wife).  One set of payments from China went to a triad of Bidens: James, Hunter, and Sara.  Don’t worry, Giuliani says — you’re going to see it in the texts, not making it up.

The fact he was one of America’s top prosecutors makes the ending of the video even more damning: “I’ve been in this business a long time.  This is the biggest cover-up I have ever seen.  And it is the biggest government scandal, I’ve ever heard of.”

Getting back to the beginning, Giuliani continued his introduction, saying, “China has all of the photos that we have — which means [Hunter] is, really, a massive national security threat to the United States.  Since his father lies — about all of this — it’s an easy area of extortion.

Believe it or not, it gets worse from there for Joe Biden.

Laying out the case further, Giuliani points right at the defendant, accusing Joe of “certainly [committing] a crime.  Because some of that money from Ukraine, illegal money for bribes, went to Joe Biden.”

Remember: these are all accusations after Giuliani has read through the emails, the texts, and the contents of the hard drive.  Unlike the Facebook/Twitter “fact-checker” minions, Giuliani has seen the evidence.

In one of the more damning statements, he says, “China has so many different transactions, it’s going to take a couple of days, if not a week, for us to sort all through them.  But we have them.  … And, basically, this is money that goes to Hunter Biden, James Biden, Sara Biden…and the Biden family.”

He also has evidence of how the money flowed — thanks to a text from Hunter Biden to his daughter, Naomi, that was found on the hard drive.  Giuliani says the text was discussing money, “but in it, [Hunter] makes a very big mistake.  He explains the distribution scheme that the Biden crime family has used for years.”

The text reads, “I love you all, 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.”

Giuliani interrupts his reading of the text to wonder why Hunter was paying for everything for the family.  Because, Giuliani speculates, Hunter was getting the money, and they were keeping it, from Joe, so he wouldn’t have to report it.  But he paid, for example, for his half-sister’s entire college education.

Giuliani then returns to the text for the coup de grâce: “It’s really hard.  But don’t worry unlike Pop, I won’t make you give me half your salary.”

“Pop” is Hunter’s name for his dad, Joe Biden.

All of this is really just Rudy’s opening statement.  If the evidence about to be rolled out is even remotely on par with his opening statement, it will be beyond explosive, given the source: Hunter’s own laptop.

END
Hot of the press!!  This is earth shattering
Christopher Wray is now investigating whether the Hunter Biden emails were hacked and part of the Russian influence operation.
The FBI investigation is being led by Peter Strzok and his side kick Lisa Page with backup provided by AndreW Weismann
(zerohedge)

FBI Investigating Whether Hunter Biden Emails, Photos Were Part Of “Russian Influence Operation”

That didn’t take long at all.

Two days after the NY Post published its first bombshell exposé including never-before-seen emails and photos detailing Hunter Biden’s shady business dealings and drug-addled personal life, the Associated Press has published the first anonymously-sourced story claiming the FBI is looking into whether the emails and materials published by the NY Post were “hacked” by Russian agents, as the entire left-wing media has alleged.

Specifically, they’re investigating whether the photos and emails were part of a “Russian influence operation,” according to the AP’s unnamed main source.

The episode is being investigated as part of a possible Russian influence operation, according to a person familiar with the matter who spoke on condition of anonymity to The Associated Press to discuss an ongoing matter. It underscores the extent to which Giuliani, through his activities, is a risk to a White House that spent years shadowed by a federal investigation into whether Trump associates had coordinated with Russia.

The authenticity of the emails remained unclear as of Friday, including whether they were hacked or possibly forged or both. Giuliani did not respond to an Associated Press request for comment, but he said in a Fox News interview Friday that the material was “authentic as hell.”

An FBI spokeswoman declined to comment Friday, citing the bureau’s practice of neither confirming nor denying investigations.

And just like that…the Russian collusion narrative is back. Just fill in some new details, and you’ve got basically the same plot.

You almost have to laugh…

end

Portland riots continue nightly and now downtown residents are pleading now for law and order

(zerohedge)

Portland Protests Have Been “Hijacked By Criminals” And Downtown Residents Are Now Pleading For Law And Order

Downtown Portland residents appear to be at their wits end, pleading for a respite from what has been nightly violence and chaos that started as “peaceful protests” months ago.

Those protests have now been “hijacked by criminals” causing “violence and destruction”, according to local CBS affiliate KOIN.

The Portland residents continue to support the Black Lives Matter message, the report says, but have been speaking out about attacks on the city, saying they “harm progress made by the racial justice movement”.

Over the weekend, statues of Presidents Theodore Roosevelt and Abraham Lincoln (you know, of the Emancipation Proclamation) were overturned during an event called “Indigenous Peoples Day of Rage.”

The event led to damage at “the Oregon Historical Society building, the Portland State University campus public safety office, a jewelry store, multiple restaurants, a coffee shop, a bank and a phone store,” according to KOIN.

A local deli owner showed KOIN the damage and shattered windows at his store. He said: “It’s the strangest thing to be quite honest. I’ve been here about ten years, I could’ve never have imagined that we’d be where we are today in Portland.”

Portland’s Mayor, Ted Wheeler, continues to sit idly by and allow the city to be torn to shreds. And we’re sure when tax revenue falls off a cliff and property values crash over the next year or two amidst and exodus from the city, Wheeler will blame President Trump and white supremacy for the problems.

Wheeler told KOIN he is “committed to doing what it takes to make people who are downtown feel safe…” before tacking on a qualifier to the end of that statement: “…while still listening to those fighting for equality and police accountability.”

Portland has cut $15 million from its police budget since May, which resulted in the loss of a gun violence team and transit police. 

Resident John Toran, despite Wheeler’s obvious incompetence, concluded: “America has a dirty past but we’ve evolved quite a bit and to me that’s a lesson to the rest of the world, that we can evolve. I believe that’s part of our system. Are we a perfect country? No. But I wake up hoping we can be better and better every day.”

Sure, John. Talk to us after the “peaceful protesters” show up on your front lawn and shatter your windows.

end

CNN/ICE CUBE

This is crazy!! CNN cancels Ice Cube interview after he reveals he is working with the Trump administration to help blacks

(zerohedge)

CNN Cancels Ice Cube Interview After Trump Adviser Reveals He’s Working With Administration To Help Blacks

CNN has canceled an interview with Ice Cube following revelations that the entertainer is working with the Trump administration to help the black community.

“So the POWERS that be cancelled my interview on @CuomoPrimeTime tonight,” he tweeted, adding “…it seems like they can’t handle the truth.”

It’s unclear why Cube was banned from the network, however he was accused of anti-Semitism in July after telling anchor Jake Tapper to ‘watch your mouth’ after he called Louis Farrakhan a ‘vile anti-LGBTQ anti-Semitic misogynist.’

The cancellation comes two days after Trump adviser Katrina Pierson tweeted “Shoutout to @icecube for his willingness to step up and work with @realDonaldTrump Administration to help develop the #PlatinumPlan,” which aims to allocate $500 billion for black causes.

In August, Cube slammed Democrats for abandoning blacks. The 50-year-old entertainer, whose real name is O’Shea Jackson, claimed that Black small business owners were shut out of the trillions allocated by Congress into the Paycheck Protection Program (PPP).

According to theNew York Timesbusinesses owned by blacks had a harder time receiving federal aid, for which they can thank the banks which issued the loans.

end

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

Senate Republicans call on Twitter, Facebook bosses to testify amid censorship claims, say subpoena in the works

https://www.foxnews.com/politics/senate-republicans-call-on-twitter-facebook-bosses-to-testify-amid-censorship-claims-say-subpoena-in-the-works

GOP Sen Josh @HawleyMO: Yesterday Big Tech conclusively made the case that their monopolies must be broken up and their special sweetheart deal from government ended

Facebook and Twitter Censor Biden Bombshells Weeks after Execs Join His Transition Team

https://www.breitbart.com/tech/2020/10/15/facebook-and-twitter-censor-biden-bombshells-weeks-after-execs-join-his-transition-team/

The liquidation of techs and Fangs generated the conditioned rotation into the DJTA and Russell 2000.

Trump halted the morning equity decline on Thursday.

Trump says he’s considering coronavirus stimulus proposal above $1.8T amid impasse

“This was not caused by our workers or our people. This was caused by China.”

https://www.foxbusiness.com/economy/trump-says-hes-considering-coronavirus-stimulus-proposal-above-1-8t-amid-impasse

Trump says Pelosi doesn’t care about American workers, ready to sign stimulus

“She should approve needed STIMULUS now,” Trump tweeted. “Most other Dems agree. Republicans are ready to go, I am ready to sign.”

https://www.foxbusiness.com/economy/trump-says-pelosi-doesnt-care-about-american-workers-says-hes-ready-to-sign-stimulus.amp

WaPo’s @ericawerner: McConnell specifically asked if there can be a compromise in the $1.8T-$2.2T range: “I don’t think so … That’s where the administration’s willing to go. My members think what we laid out, a half a trillion dollars, highly targeted, is the best way to go.”

FCC Moving Forward on Section 230 Rulemaking, Chairman Pai Say – BBG   14:34 ET

The FCC will consider clarifying the scope of a federal legal shieldthat protect social media companies from being sued for moderating third-pry content, Chairman Ajit Pai announced. “The Commission’s General Counsel has informed me that the FCC has the legal authority to interpret Section 230… Consistent with this advice, I intend to move forward with a rulemaking to clarify its meaning.”…

https://news.bloomberglaw.com/tech-and-telecom-law/fcc-moving-forward-on-section-230-rulemaking-chairman-pai-says

@AjitPaiFCC: I intend to move forward with a @FCC rulemaking to clarify the meaning of Section230.

https://twitter.com/AjitPaiFCC/status/1316808733805236226

The Fed balance sheet mushroomed $76.777B to $7.151T on MBS monetization of $64.050B. It should surpass its $7.17T record soon.  https://federalreserve.gov/releases/h41/c

The NY Post reports that emails show Hunter Biden was offered $10 million annually by a Chinese energy company for “introductions alone”.  PS – On Wednesday night, Team Biden called a lid for Thursday, except for the town hall on ABC.  When will Team Biden address these issues?

Emails reveal how Hunter Biden tried to cash in big on behalf of family with Chinese firm

One email sent to Biden on May 13, 2017, with the subject line “Expectations,” included details of “remuneration packages” for six people involved in an unspecified business venture.  Biden was identified as “Chair / Vice Chair depending on agreement with CEFC,” an apparent reference to the former Shanghai-based conglomerate CEFC China Energy Co…

   Another email — sent by Biden as part of an Aug. 2, 2017, chain — involved a deal he struck with the since-vanished chairman of CEFC, Ye Jianming, for half-ownership of a holding company that was expected to provide Biden with more than $10 million a year.   Ye, who had ties to the Chinese military and intelligence service, hasn’t been seen since being taken into custody by Chinese authorities in early 2018, and CEFC went bankrupt earlier this year, according to reports…

https://nypost.com/2020/10/15/emails-reveal-how-hunter-biden-tried-to-cash-in-big-with-chinese-firm/

Members of Biden Clan Expected to Give Half of Their Earnings to ‘Pop,’ Hunter Biden Text Reveals – In future days, you will see texts, emails and photos that demonstrate crimes committed by the Biden crime family in China (probably most of all), in Russia, and several other countries,” Giuliani said.

    Giuliani held up a text from Hunter Biden to Joe Biden’s granddaughter Naomi Biden discussing money, and claimed that Hunter made a “big mistake,” because in it he revealed the “distribution scheme that the Biden crime family has had for years.”… In his text, Hunter added, “It’s really hard, but don’t worry, unlike pop, I won’t make you give me half your salary.”…

https://amgreatness.com/2020/10/15/members-of-biden-clan-expected-to-give-half-of-their-earnings-to-pop-hunter-biden-text-reveals/?s=02

@RudyGiuliani: The photo below is a screenshot of a text message from Hunter Biden to his daughter, Naomi Biden, on January 1, 2019. This describes the amount kicked back to the Boss, Joe Biden, as happens in every organized crime group.   https://twitter.com/RudyGiuliani/status/1316798960179326976

You can be sure that Rudy is saving the most lurid evidence for later.  If Rudy has documents that show fund flows to accounts controlled by ‘pop’, look out!

OAN’s @ChanelRion (one of WH’s favorite reporters): Just saw for myself a behind the scenes look at the #HunterBiden hard drive: Drugs, underage obsessions, power deals…

Burisma official reportedly linked to Joe Biden also met with State official (in 2016, memos show)

Vadym Pozharskyi’s contacts with USAID flagged for U.S. ambassador in 2016…

https://justthenews.com/accountability/russia-and-ukraine-scandals/burisma-official-reportedly-linked-joe-biden-met-state

@paulsperry_: National security experts fear Hunter Biden would pose a potential blackmail & extortion risk to a President Biden particularly from Chinese and Russian intelligence, which they say likely already possess kompromat on his son incl bank records, photos & videos w father

Twitter locks official Trump campaign account over sharing Hunter Biden video

https://www.foxnews.com/politics/twitter-trump-campaign-account-video-hunter-biden

@seanmdav: Twitter is now blocking this story, which details—with documents and emails that were NOT “hacked”—how Biden sold out America to China using daddy’s name. Also, Twitter blocks all evidence that none of the documents were “hacked.” Utterly Orwellian.

@charliekirk11: The House Judiciary GOP’s website is being censored by twitter but the Chinese Communist Party is allowed to tweet without impunity.

GOP Sen Josh @HawleyMO: So #BigTech monopolies donate massive money to Biden/Harris, Biden gets the monopolies to censor negative stories about him, and then points to the monopolies as experts. Talk about collusion… Notice @Twitter @jack are allowing “EricTrumpsUkraineScandal” to trend, but erasing all mention of Hunter Biden

@LibertarianBlue: Twitter says sorry for accidentally censoring the website of the House Judiciary committee. Says the decision to label it an “unsafe” website” was an “error.” Woops!

Fox legal analyst @GreggJarrett: The NY Times can post to Twitter & Facebook its story on Trump’s taxes based on unnamed sources and documents it won’t produce. But the NY Post cannot post its story on Biden based on documents it produced. Confused? Don’t be. It’s political censorship.

Computer Repairman Who Exposed Biden Emails Says FBI Told Him to Stay Quiet

Isaac revealed that the FBI had tried to convince him to stay silent about his discovery of the laptop’s contents, when speaking at length with reporters who arrived at his store on Wednesday after the New York Post published the story…

    “They told me that nothing ever happens to people who don’t talk, the FBI, and that made me scared, because that’s not something I would expect the highest branch of,” said Isaac. “Don’t, don’t — It was more along the lines of, in our experiences when stuff like this happens nothing ever bad happens to people that keep quiet.” he added.  A reporter asked him if he believed the FBI was conducting a “coverup” over the laptop and the subpoena, and he seemed to respond in the affirmative. “Yeah that’s how I feel about it kind of. Well s***. No comment–It’s too late.”  Isaac’s suggestion raises serious questions about the FBI’s involvement in his possession of the laptop.

https://bigleaguepolitics.com/wow-computer-repairman-who-exposed-biden-emails-says-fbi-told-him-to-stay-quiet/

The FBI Seized the Hunter Biden Computer in December 2019 – Ignored the Crimes, Did Nothing and Gave the Biden Family a Complete Pass      https://www.thegatewaypundit.com/2020/10/fbi-seized-hunter-biden-computer-december-2019-ignored-crimes-nothing-gave-biden-family-complete-pass/?s=02

House Republicans ask FBI if it had Hunter Biden’s alleged laptop during Trump’s impeachment https://fxn.ws/3j3Noob

Kamala Harris halts travel after 2 involved in campaign test positive for coronavirus [masks?]

Harris was not in close contact with the two people and does not need to quarantine, campaign says

   Democratic vice presidential nominee Sen. Kamala Harris’ communications director and a “non-staff flight crew member” involved in the campaign have tested positive for the coronavirus, Joe Biden’s presidential campaign announced Thursday morning… [A way to avoid Hunter Biden questions?]

https://www.foxnews.com/politics/kamala-harris-halts-travel-after-2-involved-in-campaign-test-positive-for-coronavirus

@VicToensing: Do you think MSM will blame @KamalaHarris and @JoeBiden because Democratic campaign staffers tested positive for COVID?  They blamed @realDonaldTrump for any Republican getting virus. And blamed POTUS for getting it

No need for Biden to quarantine after flying with person who tested positive for COVID-19: campaign http://reut.rs/33Z54Np

@Barnes_Law: With half of the expected pre-election day vote already in and accounted for in Wisconsin and Michigan by a Democratic voter file vendor, the 3-1 and 5-1 edge @Nate_Cohn said would exist in the early vote in those states is actually dead-even.

@RealAPolitics: Republicans in Florida lowered the margin between democrats and republicans for party registration from 2016 – 327,438 to 2020 – 134,242

The Miami Herald’s @NewsbySmiley: Book closing numbers just came out for Florida. Those are remarkable numbers for the GOP in a cycle where Democrats… talked about building back up their registered voter advantage   https://twitter.com/NewsbySmiley/status/1316815950872805380/photo/1

C-SPAN suspends Steve Scully [ex-Biden intern that was to moderate 2nd DJT-Biden Debate] indefinitely after he admits he lied about his Twitter account being hacked – AP

@seanmdav: How mad are you right now that C-SPAN just suspended former Biden intern Steve Scully after determining that he lied about being hacked to cover up the fact that he was secretly colluding with Trump-hater Anthony Scaramucci about how to go after Trump?

@realDonaldTrump: I was right again! Steve Scully just admitted he was lying about his Twitter being hacked. The Debate was Rigged! He was suspended from @cspan indefinitely. The Trump Campaign was not treated fairly by the “Commission”. Did I show good instincts in being the first to know?

The Steve Scully scandal could be the death blow for the Presidential Debate Commission.

@AriFleischer: I just switched to NBC since ABC is in a commercial. Savanah Guthrie has interrupted Trump in these 60 seconds more than Stephanopoulos [ex-Clinton aide] has done to Biden in 40 mins.  NBC is an interrogation.  ABC is a picnic. [Stephie didn’t ask Joe about Hunter’s business deals!]

Joe Biden pulls out cheat sheet for question about Trump tax cuts… during a Town Hall event in Pennsylvania on Thursday night… https://nypost.com/2020/10/15/joe-biden-pulls-out-cheat-sheet-for-question-about-trump-tax-cuts/

Gov. Cuomo Signs Executive Order to Withhold Funding from Private Schools in Orthodox Jewish Zip Codes – Gov. Cuomo has admitted in his leaked recorded phone call with local leaders (including R’ Bender) that his decision was purely emotionally driven, and not at all based on science.

https://5townscentral.com/2020/10/15/gov-cuomo-signs-executive-order-to-withhold-funding-from-private-schools-in-orthodox-jewish-zip-codes/

Lawsuits stack up as FOID delays reach an average of 116 days

Illinois State Police say the average time for FOID card [Firearm Owner Identification Cards] processing is 116.35 days. FOID cards are supposed to be processed within 30 days…

https://www.thecentersquare.com/illinois/lawsuits-stack-up-as-foid-delays-reach-an-average-of-116-days/article_12841ae6-0d8c-11eb-ae40-6f0fc578f4ea.html

Well that is all for today

I will see you MONDAY night.

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