OCT 19H//HUGE STORY RE HUNTER AND JOE BIDEN/JOE BIDEN SOLD OUT HIS COUNTRY FOR CASH: COMPLETE STORY AT BOTTOM OF COMMENTARY//GOLD UP $5.15 TO $1908.50//SILVER UP 27 CENTS TO $24.56//GOLD STANDING:103.486 TONNES//SILVER AT 11.2 MILLION OZ//THE CROOKS RAISED MARGIN REQUIREMENTS AGAIN FOR GOLD AND SILVER//CORONAVIRUS UPDATES THE GLOBE SATURDAY THROUGH MONDAY/EU BLINKS RE BREXIT!//CHINA THREATENS CANADA NOT TO TAKE ANY MORE HONG KONGERS OR ELSE!! TRUDEAU NOT LISTENING!//MARKETS TANK ON NO STIMULUS DEAL/HUGE SWAMP STORIES FOR YOU TONIGHT/

GOLD:$1908.50 UP $5.15   The quote is London spot price

Silver:$24.56 UP $0.27    London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1904.00  LONDON SPOT  4:30 pm

ii)SILVER:  $24.39//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1907.80  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $0.75  BACKWARD//

DEC. GOLD  $1910/.55   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $2.00/ CONTANGO   ( $2.00  BELOW NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.67…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 11 CENTS CONTANGO/    11 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $24.65  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: 3/7

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,900.800000000 USD
INTENT DATE: 10/16/2020 DELIVERY DATE: 10/20/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 1
657 H MORGAN STANLEY 1
661 C JP MORGAN 1
661 H JP MORGAN 2
709 C BARCLAYS 1
709 H BARCLAYS 1
800 C MAREX SPEC 7
____________________________________________________________________________________________

TOTAL: 7 7
MONTH TO DATE: 32,101

ISSUED:0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 7 NOTICE(S) FOR 700 OZ  (0.02177 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  32,101 NOTICES FOR 3,210,100 OZ ( 99.847 tonnes) 

SILVER//OCTOBER CONTRACT

194 NOTICE(S) FILED TODAY FOR 970,000  OZ/

total number of notices filed so far this month: 2188 for 10,940,000  oz

MARGIN REQUIREMENTS INCREASE FOR SILVER

Silver margin is now at $18,700, lowering leverage to a miniscule 6.5-1. Gold margin is now $12,650, giving it a leverage of only 15-1.

BITCOIN MORNING QUOTE  $11475  DOWN 27

BITCOIN AFTERNOON QUOTE.:   $11,665   UP   162 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $5.15  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

WE LOST A HUGE 4.5 PAPER TONNES FROM GLD INVENTORY

GLD: 1,272.56 TONNES OF GOLD//

WITH SILVER UP 27 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 ROSE BY A FAIR SIZED 341 CONTRACTS FROM 156,465 UP TO 156,806 AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR $0.15 GAIN IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE  GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING.. COUPLED AGAINST A MINISCULE  EXCHANGE FOR PHYSICAL (16 CONTRACTS). WE ALSO HAD ZERO LONG LIQUIDATION, AND A HUGE  INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A FAIR  NET GAIN IN OUR TWO EXCHANGES OF 635 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD 16  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  16, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  16 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

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

11.175 MILLION OZ INITIALLY STANDING IN OCT.

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.15) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A FAIR GAIN IN OUR TWO EXCHANGES (635 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A MINISCULE ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A  HUGE GAIN IN SILVER OZ  STANDING  FOR OCTOBER, iii) FAIR COMEX GAIN AND iv) ZERO LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

We have now switched to silver for our spreaders!!

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

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

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON  ACTIVE DELIVERY MONTH OF OCT. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF OCT. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

OCT

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

6022 CONTRACTS (FOR 13 TRADING DAY(S) TOTAL 6022CONTRACTS) OR 30.110 MILLION OZ: (AVERAGE PER DAY: 463 CONTRACTS OR 2.316 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 30.110 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.30% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,487.015 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                                 30.11   MILLION OZ (LOOKS LIKE THEY ARE FALLING OFF A CLIFF IN  NUMBERS)

RESULT: WE HAD A FAIR SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 341, WITH OUR  $0.15 GAIN IN SILVER PRICING AT THE COMEX ///FRIDAY.THE CME NOTIFIED US THAT WE HAD A MINISCULE SIZED EFP ISSUANCE OF 16 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A FAIR SIZED 357 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.15 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 16 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A FAIR SIZED INCREASE OF 357 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.15 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.29 // FRIDAY’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. 0.785 BILLION OZ TO BE EXACT or 112% of annual global silver production (ex Russia & ex China).

FOR THE NEW OCT  DELIVERY MONTH/ THEY FILED AT THE COMEX: 194 NOTICE(S) FOR  970,000 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 SMALL SIZED 1008 CONTRACTS TO 557,765 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 FAIR SIZED GAIN IN COMEX OI OCCURRED DESPITE OUR TINY LOSS IN PRICE  OF $0.10 /// COMEX GOLD TRADING// FRIDAY. WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD ZERO LONG  LIQUIDATION AND ANOTHER STRONG INCREASE IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR TINY LOSS IN PRICE OF $0.10. 

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

WE HAD A SMALL GAIN OF 2,171 CONTRACTS  (6.752 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1163 CONTRACTS:

CONTRACT . OCT: 0 DEC: 1163; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 1163.  The NEW COMEX OI for the gold complex rests at 557,765. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2,171 CONTRACTS: 1008 CONTRACTS INCREASED AT THE COMEX AND 1163 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 2171 CONTRACTS OR 6.752 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1163) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (1008 OI): TOTAL GAIN IN THE TWO EXCHANGES:  2,171 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 103.486 TONNES)  3)  ZERO LONG LIQUIDATION ;4) SMALL COMEX OI GAINAND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR TINY LOSS IN GOLD PRICE TRADING//FRIDAY//$0.10.

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 : 29,102 CONTRACTS OR 2,910,200 oz OR 90.51 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 2230 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 90.51 TONNES

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

THUS EFP TRANSFERS REPRESENTS 90.51/3550 x 100% TONNES =2.54% 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.                        90.51 TONNES (LOOKS LIKE THESE ARE DROPPING IN NUMBERS AGAIN)

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A SMALL SIZED 341 CONTRACTS FROM 156,465 UP TO 156,806 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 SMALL SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO 1) CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING , 2) A MINISCULE ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUGE INCREASE IN STANDING  FOR SILVER AT THE COMEX FOR OCT., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 16  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. 16 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 16 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 341 CONTRACTS TO THE 16 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALL SIZED GAIN OF 357 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.785 MILLION  OZ, OCCURRED WITH OUR $0.15  GAIN IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 23.69 PTS OR .71%   //Hang Sang CLOSED UP 155.47 PTS OR .64%    /The Nikkei closed UP 260.50 POINTS OR 1.11%//Australia’s all ordinaires CLOSED UP 0.79%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.76 dollars per barrel for WTI and 42.72 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT LONDON//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6846. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5743 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL 1008 CONTRACTS TO 557,765 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 SMALL  COMEX INCREASE OCCURRED WITH OUR TINY LOSS OF $0.10 IN GOLD PRICING /FRIDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1163 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 SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 2171 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.

MOST OF OUR TRADERS HAVE NOW LEFT THE COMEX FOR LONDON

(SEE BELOW)

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

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF OCT..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1163 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 1163; JUN// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1163  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. FRIDAY THE PREMIUM WAS HIGH AND THUS LOW ISSUANCE.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 2171 TOTAL CONTRACTS IN THAT 1163 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 1008 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (103.486 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL A MINISCULE $0.10).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED    9.297 TONNES, WITH THE DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET GAIN ON THE TWO EXCHANGES :: 2,171 CONTRACTS OR 217100 OZ OR 6.752 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:  557,765 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.77 MILLION OZ/32,150 OZ PER TONNE =  1734 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1734/2200 OR 78.84% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 151,696 contracts// volume  very poor//fell off a cliff!!/

CONFIRMED COMEX VOL. FOR YESTERDAY:  153,515 contracts//  volume:  poor  //most of our traders have left for London

OCT 19 /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
2481.675 oz
HSBC
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
7 notice(s)
 700 OZ
(0.02177 TONNES)
No of oz to be served (notices)
1170 contracts
(117,000 oz)
3.639 TONNES
Total monthly oz gold served (contracts) so far this month
32,101 notices
3,210,100 OZ
99.847 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 0 deposit into the dealer

total deposit: nil oz

total dealer withdrawals: nil oz

we had 1 withdrawals from  the customer account

i) out of  HSBC customer account:  2,481.675 oz

total customer deposit:  2,381.675  oz

we had 0 deposit into the customer account

total customer deposit: nil oz

We had 2  kilobar transactions  +

ADJUSTMENTS: 2 //  dealer to customer account

i) Malca:  160,787.151 oz  (5001 kilobars)

ii)adjusted into  customer account:  (accounting error):

into Manfra:  32,151.000  (500 kilobars)

The front month of OCT registered a total of 1177 contracts for a LOSS of 559 contracts. We had 606 notices filed on Friday so we gained 47 contracts or 4700 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 28 contracts to stand at 1553.

The big December contract GAINED 1247 contracts UP to 448,728 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (103.486 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  7 notices filed today for  700 oz OR 0.02177 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 7  contract(s) of which 1  notices were stopped (received) by j.P. Morgan dealer and 2 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 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 (32,101) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (1177 CONTRACTS ) minus the number of notices served upon today (7 x 100 oz per contract) equals 3,327,100 OZ OR 103.486 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 (32,101, x 100 oz +1177 OI) for the front month minus the number of notices served upon today (7) x 100 oz which equals 3,327,100 oz standing OR 103.486 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 47 contracts or an additional 4700 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. 103.486 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  18,109,603.472 oz  563.28 TONNES
pledged gold: 1,590,658.551 oz
registered gold that can be used to settle upon: 16,518,945.0  (513.80 tonnes)
true registered gold  (total registered – pledged tonnes  16,518,945.0 (513.80 tonnes)
total eligible gold:  19,673,997.937 oz (611.94 tonnes) 

total registered, pledged  and eligible (customer) gold  37,783,601.09 oz 1,175.22 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1048.88 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 19/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
2,631,702.284 oz
CNT
INT. Delaware
BRINKS
Deposits to the Dealer Inventory
578,858.200 oz
Manfra
Deposits to the Customer Inventory
NIL oz
No of oz served today (contracts)
194
CONTRACT(S)
(970,000 OZ)
No of oz to be served (notices)
47 contracts
 235,000 oz)
Total monthly oz silver served (contracts)  2188 contracts

10.,940,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposits into the dealer:
i) Into Manfra:  578,858.200 oz

total dealer deposits: 578,858.200       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 49.71% of all official comex silver. (189.032 million/380.,285 million

total customer deposits today zero   oz

we had 3 withdrawals:

i ) Out of Brinks:  2,030,339.280 oz
ii) Out of CNT:  599,330.470 oz
iii) Out of Int. Delaware: 2032.538 oz

total withdrawals; 2,631,702.288    oz

We had 0 adjustments/   customer to dealer

Total dealer(registered) silver: 139.265 million oz

total registered and eligible silver:  380.285 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

October had  241 notices outstanding for a GAIN of 95 contracts.  We had 49 notices served upon yesterday so we GAINED 144 contracts or 720,000 additional oz of silver will stand in this non active month of October.

November saw a GAIN of 4 notices UP to 399 contracts.

December saw a LOSS of 48 contracts DOWN to 385,656 contracts.

The total number of notices filed today for the OCT 2020. contract month is represented by 194 contract(s) FOR 970,000 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 2188 x 5,000 oz = 10,980,000 oz to which we add the difference between the open interest for the front month of OCT( 241) and the number of notices served upon today 194x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 2,188 (notices served so far) x 5000 oz + OI for front month of OCT  (241)- number of notices served upon today (194) x 5000 oz of silver standing for the OCT contract month .equals 11,175,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 144 contracts or 720,000 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 : 58,611 CONTRACTS // volume very low//

FOR YESTERDAY 53,094  ,CONFIRMED VOLUME// very low

YESTERDAY’S CONFIRMED VOLUME OF 53,094 CONTRACTS EQUATES to 0.265 billion  OZ 37.9% 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 19/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0687% to NAV:   (OCT 19/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.29%

(courtesy Sprott/GATA

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

NAV 19.37 TRADING 18.73///NEGATIVE 3.24

END

And now the Gold inventory at the GLD/

OCT 19WITH GOLD UP $5.15 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.5 TONNES FROM THE GLD///INVENTORY RESTS AT 1272.56 MILLION OZ//

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

OCT 19/ GLD INVENTORY 1272.56 tonnes*

LAST;  924 TRADING DAYS:   +331.72 NET TONNES HAVE BEEN ADDED THE GLD

LAST 824 TRADING DAYS://+512.24  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

end

Now the SLV Inventory/

OCT 19/WITH SILVER UP 27 CENTS TODAY: NO CHANGES IN SLV INVENTORY AT THE SLV//INVENTOR RESTS AT 563.519 MILLION OZ/

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 19.2020:

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

Chris Powell states the obvious: why not stop the bubbles in the first place

(London’s Financial Times/gata)

Fed officials call for safeguards against the bubbles they blow

 Section: 

Huh? Why not just stop blowing bubbles?

* * *

Federal Reserve Debates Tougher Regulation to Prevent Asset Bubbles

By James Politi
Financial Times, London
Saturday, October 17, 2020

Senior Federal Reserve officials are calling for tougher financial regulation to prevent the U.S. central bank’s low interest-rate policies from giving rise to excessive risk-taking and asset bubbles in the markets.

The push reflects concerns that the Fed’s ultra-loose monetary policy for struggling families and businesses risks becoming a double-edge sword, encouraging behaviour detrimental to economic recovery and creating pressure for additional bailouts.

It also highlights fears at the Fed that the financial system remains vulnerable to new shocks, despite massive central bank intervention this year to stabilise markets and the economy during the pandemic.

Eric Rosengren, president of the Federal Reserve Bank of Boston, told the Financial Times that the Fed lacked sufficient tools to “stop firms and households” from taking on “excessive leverage” and called for a “rethink” on “financial stability” issues in the United States.

“If you want to follow a monetary policy … that applies low interest rates for a long time, you want robust financial supervisory authority in order to be able to restrict the amount of excessive risk-taking occurring at the same time,” he said. Otherwise “you’re much more likely to get into a situation where the interest rates can be low for long but be counterproductive.

Neel Kashkari, the president of the Minneapolis Fed and a U.S. Treasury official during the global financial crisis, told the FT that stricter regulation was needed to stave off repeated market interventions by the central bank — such as the kind made last decade and again this year. …

… For the remainder of the report:

https://www.ft.com/content/5c2b7d15-7e37-475a-8d42-1e8e0a3b8708

end

Sprott is perfectly correct: there are now no markets..just interventions

(Sprott/GATA)

‘Weird stuff’ suggests there are no markets anymore, just interventions, Sprott says

 Section: 

7:38p ET Saturday, October 17, 2020

Dear Friend of GATA and Gold:

In his weekly review with Craig Hemke for Sprott Money, mining entrepreneur Eric Sprott says increasing incidents of “weird stuff” make him believe increasingly that there are no markets anymore, just interventions.

Sprott adds that the dividends increasingly being paid by gold mining companies will make gold stocks more attractive to investors than general equities and bonds.

He thinks President Trump is likely to win re-election and as a result Democrats are likely to create chaos.

Sprott says BlackRock, the investment house hired by the Federal Reserve to implement some of its market interventions, is now the largest shareholder in Kirkland Lake Gold, which Sprott formerly chaired.

The New York Commodities Exchange. Sprott says, is giving indications that it has a physical problem in gold and silver.

Lockdowns, Sprott says, increasingly are understood as more destructive than the virus epidemic they are supposed to curb.

Sprott also comments on developments with several mining companies.

The interview is 28 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=yFE_E2kGXjo

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

end

* *

They think there is a paper gold crisis?  Budapest Business Journal outlines the massive amount of paper gold per real physical

(Budapest Business Journal/GATA)

Budapest Business Journal: A paper gold crisis?

 Section: 

By Les Nemethy and Alberto Scalabrini
Budapest Business Journal, Hungary
Saturday, October 17, 2020

There is vastly more “paper gold” (exchange-traded funds, gold contracts, futures, options, and the like) than physical gold. The relative values are put at some $200-300 trillion for the former, according to bullionstar.com, compared to about $11 trillion of physical gold (of which central bank holdings would constitute around $1 trillion), according to investmentweek.co.uk.

The majority of paper gold is in the form of contracts traded on the London bullion market and Comex (part of the Chicago Mercantile Exchange), where bullion banks are engaged in fractional-reserve bullion banking. In the same way that banks have liabilities that vastly exceed reserves, so too bullion banks issue gold contracts that vastly exceed the amount of gold they hold on deposit.

Similarly, the majority of gold ETFs have only a fraction of the gold on hand, compared to the face amount of gold ETFs in circulation. Conventional banks are quite heavily regulated, hence relatively transparent, whereas bullion banks are lightly regulated, and opaque, bullionstar.com notes.

Wherever there is fractional-reserve banking, there can theoretically be a run on the bank, particularly where there is a sudden loss of confidence. …

… For the remainder of the report:

https://bbj.hu/business/an-upcoming-paper-gold-crisis_189486

end

For your interest…

The president’s secret powers to blow up the Constitution

 Section: 

By Andrew Cockburn
Harper’s Magazine, New York
November 2020

A few hours before the inauguration ceremony, the prospective president receives an elaborate and highly classified briefing on the means and procedures for blowing up the world with a nuclear attack, a rite of passage that a former official described as “a sobering moment.”

Secret though it may be, we are at least aware that this introduction to apocalypse takes place. At some point in the first term, however, experts surmise that an even more secret briefing occurs, one that has never been publicly acknowledged. In it, the new president learns how to blow up the Constitution.

The session introduces “presidential emergency action documents,” or PEADs, orders that authorize a broad range of mortal assaults on our civil liberties.

In the words of a rare declassified official description, the documents outline how to “implement extraordinary presidential authority in response to extraordinary situations” — by imposing martial law, suspending habeas corpus, seizing control of the internet, imposing censorship, and incarcerating so-called subversives, among other repressive measures.

“We know about the nuclear briefcase that carries the launch codes,” Joel McCleary, a White House official in the Carter Administration, told me. “But over at the Office of Legal Counsel at the Justice Department there’s a list of all the so-called enemies of the state who would be rounded up in an emergency. I’ve heard it called the ‘enemies briefcase.'”

These chilling directives have been silently proliferating since the dawn of the Cold War as an integral part of the hugely elaborate and expensive Continuity of Government (COG) program, a mechanism to preserve state authority (complete with well-provisioned underground bunkers for leaders) in the event of a nuclear holocaust.

Compiled without any authorization from Congress, the emergency provisions long escaped public discussion — that is, until Donald Trump started to brag about them. “I have the right to do a lot of things that people don’t even know about,” he boasted in March, ominously echoing his interpretation of Article II of the Constitution, which, he has claimed, gives him “the right to do whatever I want as president.”

He has also declared his “absolute right” to build a border wall, whatever Congress thinks, and even floated the possibility of delaying the election “until people can properly, securely, and safely vote.”

“This really is one of the best-kept secrets in Washington,” Elizabeth Goitein, the co-director of the Liberty and National Security Program at NYU’s Brennan Center for Justice, told me. “But though the PEADs are secret from the American public, they’re not secret from the White House and from the executive branch. And the fact that none of them has ever been leaked is really quite extraordinary.”

Goitein and her colleagues have been working diligently for years to elicit the truth about the president’s hidden legal armory, tracing stray references in declassified documents and obscure appropriations requests from previous administrations. “At least in the past,” said Goitein, “there were documents that purported to authorize actions that are unconstitutional, that are not justified by any existing law, and that’s why we need to be worried about them.” …

… For the remainder of the report:

https://harpers.org/archive/2020/11/the-enemies-briefcase-secret-powers-

end

OHOH! this is fascinating:  Australian police call Peter Schiff’s Euro pacific bank in Puerto Rico a criminal threat..Seems that wealthy accounts at this bank has engaged in tax evasion…

(GATA/ the Age/Melbourne)

Australian police call Peter Schiff’s Euro Pacific bank a serious criminal threat

 Section: 

The Day the International Tax Authorities Came Knocking

By Charlotte Grieve, Nick McKenzie, and Joel Tozer
The Age, Melbourne, Australia
Sunday, October 18, 2020

On a sunny Friday in late January, investigators from the Australian Tax Office issued subpoenas and fired off letters as part of an unprecedented probe that reached around the world.

It was a similar scene in Amsterdam, where investigators from the Dutch tax agency set about a similar task. So too did investigators in the United States, Canada, and the United Kingdom.

While none of the millionaire tax dodgers targeted on January 24, including about 100 Australians, knew each other, they shared a bond: they were customers of a little-known Caribbean bank

The Euro Pacific Bank in Puerto Rico’s capital San Juan was founded by American celebrity investor and business commentator Peter Schiff. The silver-haired and pugnacious businessman is worth an estimated $100 million. On major television networks, popular podcasts and his own YouTube channel, he reminds his audience he predicted the Global Financial Crisis. He also likes to warn people about the upcoming economic apocalypse from which they can take financial refuge in his “privacy assured” bank.

Schiff’s celebrity status is likely why some major Australian financial institutions, including Westpac and the Perth Mint, hopped into bed with the Euro Pacific Bank. They weren’t alone. The New York Federal Reserve and Canada’s Bank of Montreal both allowed their customers to transfer funds into the bank, cloaking it in an air of credibility it used to attract thousands of clients, including at least 400 from Australia. (About 100 are considered “high risk.”)

But on January 24 Euro Pacific became the target of Operation Atlantis, the world’s largest tax-evasion probe. Australia’s deputy tax commissioner, Will Day, describes the inquiry as “unprecedented.”

An investigation by The Age, The Sydney Morning Herald, and “60 Minutes” in collaboration with The New York Times can reveal that Operation Atlantis is examining the financial transactions of Euro Pacific’s customers. Hundreds of account holders are now suspects in a tax evasion probe. …

Other Australian policing agencies have joined the hunt. The nation’s peak criminal intelligence agency, the Australian Criminal Intelligence Commission, has listed Euro Pacific as an Australian Priority Organisation Target. This designates it as one of the most serious criminal threats to the nation’s security. …

… For the remainder of the report:

https://www.theage.com.au/national/the-day-the-international-tax-authori…

ii) Other physical stories:

J Johnson’s commodity report plus other goodies

(J. Johnson)

Nice Move Mr. Resolute!

Posted October 19th, 2020 at 10:27 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Monday Morning Folks,

      This is not a normal start of the week because the Sunday night open had Silver and Gold trading lower, but now? Gold is up $10.10 with the trade at $1,916.50 and close to the high at $1,917.70 with the low just above the double zeros. Silver has been Resoluted with its trade at $24.985, up 58 cents and trying the break thru the double zeros with the high at $24.99 with the low at $24.215. The US Dollar’s peg is now at 93.265, down 41.4 points and right beside its low at 93.26 with the high at 93.775. Of course, all this happened already before 5 am pst, the Comex open, the London close, and after a weekend of denial for one side, with overwhelming evidence of treason and collusion on the other, and after Rudy Giuliani tweeted “The Hunter Biden hard drive is authenticated by; The NY Post, Attorney Bob Costello, a receipt signed by Hunter Biden, and Biden’s attorney who called the merchant a day before it appeared and asked for the Hunter Biden Computer.”

      In Venezuela, Gold is now priced at 19,141.04 Bolivar, a gain of 32.95 with Silver gaining 4.894 over the weekend with the last price at 249.538 Bolivar. Argentina’s Peso price for Gold is now at 148,468.91, providing the holder a 248.56 A-Peso gain with Silver adding another 38.04 with the last trade at 1,935.56 A-Peso’s. Turkey is in a mish mash today with Gold actually losing 56.81 T-Lira with the last price at 15,142.00 with Silver, not cooperating with the pull, adding 2.818 with the last price at 197.406 T-Lira.

      October Silver’s Delivery Demands now shows a count of 241 fully paid for contracts and with a Volume of 10 up on the board, during London’s time, with a trading range between $24.815 and $24.755 with the last buy at the high. Friday’s full day of trade happened in between $24.26 and $24.23 with a settled price at $24.369, a gain of 17.6 cents, with a Volume of 204 that also increased the demand count by 95 contracts, as it seems Mr Resolute came in with a “spread exit” and right into the delivery system. Nice Move Mr. Resolute! Silver’s Overall Open Interest is now at 157,083 Overnighters helping to prove the deliveries are the issue as 199 contracts had to be added in order to keep the markets liquid (controlled). Friday’s Delivery Volume of 204 is close enough to the Open interest increase, to suggest things have become overwhelmingly tight for all those Comex approved smelters.

      October Gold’s Delivery Demands now has 1,177 fully paid for 100-ounce contracts waiting for receipts with a Volume of 8 up on the board, and once again, with no posted price. Friday’s full day of Comex/ICE trade happened with one price, $1,898.50 for all 53 contracts inside the Volume Column with a settled price at $1,900.80 which reduced the delivery count by 559 contracts, and in turn, might mean the buyers got receipts here or in London. Gold’s Overall Open Interest is now tallied at 558,583 overnighters showing an increase of 994 more short contracts, to keep things liquid.

      The unfortunate case called the Biden crime family has come to full light, and with it more evidence that the Big Tech Companies are all part and parcel (this one proves the ties that bind with YouTube and Google) to the lies we call fake news. Q had also posted the marriage links tying up all the media and agencies, years ago and reposted it again over the weekend and introducing a certain judge who just so happens to be related; “Chief Legal Affairs anchor for ABC News and is the host of The Dan Abrams Show: Where Politics Meets (and marries) The Law?”

      October 28th is the appointed day for the Senate Hearing on the big tech’s gift given to them called; Section 230 of the Communications Decency Act, which shields social-media platforms from liability for its user content. These Big Tech conglomerates are now deciding what is real or fake, using their feelings instead of facts. To add more to what is called the election cycle, Speaker of the House Nancy Pelosi’s mental capacity is now being challenged because she still hasn’t accepted Trumps 2016 win and has done nothing but obstruct, delay, and f**k s**t up over the past 4 years.

      I don’t know about you but it seems clear to me, there is a choice in this election. One side will never charge their own with treason or obstruction, when they are making millions doing so, or Trump, who is brash, rude and not perfect by any means, and is unlike any politician before. Yet people still ask me why I hold Silver and Gold? Because I can take my wealth with me anywhere, no matter who wins.

     Stay safe and get more real. We’re only 3 weeks away from the election, then we wait another 4 years to see who else is next. As Always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.6846 /

//OFFSHORE YUAN:  6.6743   /shanghai bourse CLOSED DOWN 23.69 PTS OR .71%

HANG SANG CLOSED UP 155.47 PTS OR .64%

2. Nikkei closed UP 260.50 POINTS OR 1.11%

3. Europe stocks OPENED ALL GREEN EXCEPT LONDON/

USA dollar index DOWN TO 93.35/Euro RISES TO 1.1768

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.33/ 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:: 40.76 and Brent: 42.72

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 RISES TO -.61%/Italian 10 yr bond yield UP to 0.72% /SPAIN 10 YR BOND YIELD UP TO 0.17%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.33: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.82

3k Gold at $1911.80 silver at: 24.77   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 14/100 in roubles/dollar) 76.67

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 105.33 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 .9109 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0719 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 RISING to 0.61%

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 0.777% early this morning. Thirty year rate at 1.568%

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

6.  TURKISH LIRA:  UP  TO 7.91..

Futures Jump Ahead Of Tuesday Stimulus Deadline

Bulls will breathe a sigh of relief that on the 33-year-anniversary of Black Monday (when the Dow dropped 22.6% on this day in 1987) futures are sharply higher, at least for now.

Emini futures rebounded from Friday’s drop, undoing most of the late Friday swoon, climbing alongside shares in Europe and most of Asia, on the back of what the media called “renewed optimism” about the progress of fiscal stimulus talks when what really happened is that on Sunday, Nancy Pelosi set a Tuesday ultimatum  for more progress with the White House after lengthy discussions at the weekend with Treasury Secretary Steven Mnuchin. In other words, not only was there no progress, but after tomorrow, there may no longer be any “optimism” either until after the election. None of that mattered to algos, which pushed the S&P 0.8% higher, while TSY yields rose, and oil and the dollar declined.

Boeing shares rose 1% in premarket trading as American Airlines Group announced plans to return its 737 Max jets to service by the end of this year depending on certification of the aircraft from the Federal Aviation Administration. American Airlines shares gained 0.9%. Halliburton Co posted its fourth consecutive quarterly loss as this year’s slump in oil prices due to the COVID-19 pandemic hit demand for its services. Its shares, which have lost about half of their value this year, were up 1.2%. American Equity Investment Life Holding Co dropped 2.8% as it said it had entered into a strategic partnership with Brookfield Asset Management and rejected an unsolicited acquisition proposal from Athene Holding and Massachusetts Mutual Life Insurance Co.

Today’s S&P bounce comes after slight gains last week — the third in a row for the S&P 500 and the Dow — as news that a COVID-19 vaccine could be available by November helped offset worries about the elusive federal aid bill. And speaking of that, Pelosi said on Sunday that differences remained with President Donald Trump’s administration on a wide-ranging coronavirus aid package, but she was optimistic legislation could be pushed through before Election Day. Also on the political front, Trump and Biden will hold their final debate on Thursday with about two weeks left until the Nov. 3 presidential election.

“It seems that the market is optimistic that indeed stimulus will follow, whether that is tax cuts under a Trump presidency or spending under a Biden presidency,” Ben Emons, Medley Global Advisors managing director, said on Bloomberg TV.

“A stimulus package is certainly required at the moment with U.S. infections topping 50,000 for a fifth straight day while millions of Americans need aid with rising economic stress,” said Hussein Sayed, chief markets strategist at FXTM.

On the covid front, the U.S. had a fifth consecutive day of infections over 50,000. In Europe, Italy’s cases swelled to a daily record as the government prepares new containment measures.

In Europe, banks and insurers led gains while health care and energy firms lagged. Julius Baer posted one of the biggest jumps after third-quarter inflows accelerated at the Swiss wealth manager, while real estate and financial services shares led gains among sectors while automakers fell the most. The Stoxx Europe 600 was up modestly in early afternoon trading, fading much of its morning gains, after losses of 0.8% last week. Trading in stocks and derivatives on Euronext NV markets, including Paris and Amsterdam, was halted because of a technical issue.

Earlier in Asia, markets advanced toward a recent 2-1/2-year peak on Monday though gains were held back by weaker-than-expected Chinese economic data. The MSCI index of Asia-Pacific shares outside Japan climbed 0.5% for its second straight day of gains, paring back slightly following third-quarter gross domestic product (GDP) data from China.  The index has risen in eight of the last 10 sessions amid a rally in risk assets buoyed by hopes of a coronavirus vaccine and expectations of a so-called “blue wave”, which would see the Democrats claim victory in November’s elections.

Chinese shares started higher but slipped into negative territory in afternoon trading after China’s third-quarter GDP data rose 4.9%, missing expectations for a 5.2% growth.

In a positive sign, however, separate monthly indicators pointed to an expansion in economic activity. Industrial output accelerated 6.9% in September from a year earlier, when analysts were looking for a 5.8% gain from a 5.6% rise in August. Retail sales edged up 3.3% last month from a year earlier against expectations for 1.8% growth.

“The rebound in Q3 GDP was less strong than expected, but was still a decent 4.9% year on year. September data beat expectations, suggesting a pick-up in momentum towards the latter part of Q3,” said Frances Cheung, head of macro strategy for Asia at Westpac in Singapore.

In FX, the Bloomberg dollar index slumped for a second day as the Norwegian krone led an advance across G10 peers, the pound gained as much as 0.8% to $1.3014 as British officials signalled they were ready to water down controversial lawbreaking Brexit legislation, a move which could reopen talks with the European Union over future trading relationships; the euro rose 0.4% against the dollar to 1.1768. The kiwi also got a lift from a historic win for Prime Minister Jacinda Ardern in New Zealand’s general election although it faded much of the bounce after China’s GDP miss. “The on-and-off chat about U.S. stimulus is the apparent driver today” for the Aussie and kiwi dollar, said CIBC strategist Patrick Bennett.

In rates, Treasury futures were near session lows following declines during Asia session and European morning after U.S. Yields were cheaper by 0.5bp to 4bp across a steeper curve with 2s10s spread wider by ~2.5bp, 5s30s by ~2bp; 10-year higher by 3.2bp at 0.777% with bunds and gilts outperforming by 1.5bp-2bp. In short-term rates, 3M USD Libor dropped -0.97bp at record low 0.20863%. The latest CFTC positioning data showed speculators starting to unwind record bond futures short.

In commodities, oil slipped to around $41 a barrel in New York before an OPEC+ meeting to assess the state of the market as demand comes under pressure from the threat of new virus restrictions. Gold was higher, with spot trading at $1912 and silver just shy of $25.

Looking at the key events this week, focus will be on Brexit trade talks which are likely to continue at least into next week if the U.K. and EU fail to reach an agreement. WE have the final presidential debate on Thursday, while IBM reports earnings later today.

Market Snapshot

  • S&P 500 futures up 0.9% to 3,492.00
  • STOXX Europe 600 up 0.5% to 369.39
  • MXAP up 0.7% to 175.91
  • MXAPJ up 0.5% to 583.49
  • Nikkei up 1.1% to 23,671.13
  • Topix up 1.3% to 1,637.98
  • Hang Seng Index up 0.6% to 24,542.26
  • Shanghai Composite down 0.7% to 3,312.67
  • Sensex up 1.1% to 40,422.88
  • Australia S&P/ASX 200 up 0.9% to 6,229.38
  • Kospi up 0.2% to 2,346.74
  • Brent futures down 0.4% to $42.77/bbl
  • Gold spot up 0.6% to $1,910.54
  • U.S. Dollar Index down 0.2% to 93.54
  • German 10Y yield unchanged at -0.621%
  • Euro up 0.1% to $1.1734
  • Italian 10Y yield fell 4.6 bps to 0.449%
  • Spanish 10Y yield rose 1.2 bps to 0.136%

Top Overnight News from Bloomberg

  • China growth data were mixed. 3Q GDP y/y printed at 4.9%, short of est. for 5.5%, while September retail sales jumped +3.3% y/y well above est. +1.6%
  • Italy is preparing new virus measures in an escalating effort to check the surge in cases. This may include a 10 p.m. closing time for restaurants and changing school times to avoid congestion. This follows stepped-up measures in London and Paris
  • Speaker of the House Nancy Pelosi set a Tuesday deadline for more progress with the White House on a fiscal stimulus package
  • British officials are prepared to water down controversial, law-breaking Brexit legislation in an attempt to rescue talks with the European Union after they stalled last week
  • On Friday, Moody’s Investors Service lowered the U.K.’s sovereign rating by one notch to Aa3 from Aa2, with a stable outlook

Asia-Pac equities traded mostly higher after a mixed Wall Street session on Friday as participants juggled the chances of a pre-election US stimulus bill, rising cases, and increasing US-Sino tensions ahead of the US election in just over a fortnight. APAC risk appetite was underpinned for a large part of the session by US stimulus hopes as House Speaker Pelosi, over the weekend, suggested she is optimistic on a deal and gave the Trump administration 48 hours to reach an accord to pass stimulus before election day, whilst US President Trump said he wants a bigger stimulus deal than Speaker Pelosi is opting for; ES, NQ and YM held onto their advances since the open. ASX 200 (+0.9%) was firmer after Melbourne city relaxed some COVID-related restrictions, with gains in the index led by strength in some cyclical names with IT outperforming, whilst its heavy-weight financial sector is also held up. However, Crown Resorts shares plumbed the depths after AUSTRAC opened a probe into the Co., which led to shares falling almost 10%. Nikkei 225 (+1.1%) conformed to the risk appetite despite less encouraging Japanese September trade data and a relatively caged USD/JPY. KOSPI (+0.2%) pulled back from best levels but remained in the green after finding support at 2,350. Elsewhere, Hang Seng (+0.6%) was propelled higher at the open with upside driven by the banking and gambling names, whilst Sun Art Retail (one of China’s largest hypermarket retailers) shares rose some 20% after Alibaba upped its stake in the group. Shanghai Comp. (-0.7%) was initially firmer amid another PBoC liquidity injection and saw little immediate reaction seen on the Chinese Q3 GDP misses as September economic activity data topped forecasts, albeit Shanghai Comp. erased gains as the session went on with US-China tensions brewing in the background. Finally, 10yr JGB futures track USTs lower amid the constructive risk tone around the market.

Top Asian News

  • SoftBank Hits 20-Year High as Investors Embrace Defensive Stance
  • Shadow Bank Recovery Stalls in India as Loan Fears Resurface
  • Abu Dhabi’s ADQ Pumps $1 Billion Into Lulu’s Egypt Expansion

European equities (Eurostoxx 50 +0.7%) have kicked the week off on the front-foot in an extension of last Friday’s gains. In terms of the “drivers” of the move, not a great deal has changed from a fundamental standpoint in Europe, with price action in futures seemingly exacerbated by the opening of cash trade. Looking further afield, on the stimulus front, House Speaker Pelosi set a 48-hour deadline for a deal as of Sunday, stating that negotiators must meet to be able to strike a deal on the coronavirus stimulus package ahead of the election. Markets still assume that no deal will be agreed until after the election and therefore it may require more meaningful progress beyond the ambitions of various players involved with the talks before that assumption gets revaluated. Performance across Europe is relatively broad-based with the FTSE (U/C) the main outlier to the downside amid headwinds from a firmer GBP and the energy sector lagging. Note, some trade across the region has been hampered by issues on Euronext. From a sectoral standpoint, all sectors trade firmer across the board with outperformance seen in financial names but energy closer to the U/C mark and as such the mornings slight underperformer. Julius Baer (+5.3%) are the outperformer in the sector after noting an improvement in profitability in the 9M period since the beginning of the year, whilst also highlighting a near 4% increase in net new money. Laggards, albeit still firmer on the session, include basic materials and energy with the latter hampered by downside in crude prices ahead of today’s OPEC+ JMMC meeting. Before being halted for trade (amid issues on Euronext), shares in Philips (+2.8%) were firmer post-Q3 earnings which saw the Co. exceed revenue and EBIT expectations whilst maintaining its outlook for the rest of the year. To the downside, Saab (-12.0%) are a notable laggard after Q3 results posted a decline in operating income with the Co. unable to confirm FY 20 guidance.

Top European News

  • U.K. Prepared to Rewrite Lawbreaking Brexit Bill to Get EU Deal
  • Lagarde Urges EU to Consider Making Recovery Fund Permanent Tool
  • Danone Plans Biggest Shakeup in Years With Portfolio Review
  • Sanofi Is Said to Weigh Sale of Some Inflammation Assets

In FX, it may be partly technical and Brexit-related amidst reports that the UK Government may water down the IMB in an effort to revive trade talks with the EU, but Sterling has rebounded across the board after weakness in Asia overnight in wake of Moody’s downgrading the nation’s credit rating from Aa2 to Aa3. Contacts noted buying in Cable through 1.2940 following a retreat to 1.2890 that coincided with the 21 DMA and momentum has subsequently picked up pace to probe 1.3000, while Eur/Gbp has reversed from the high 0.9000 area to take out two DMAs, at 0.9061 and 0.9039 (50 and 100 respectively) as the cross eyes 0.9020 on news that chief negotiators Frost and Barnier will speak at 15.00BST.

  • NZD/AUD – The Kiwi remains in the ascendency down under on the back of PM Ahern’s resounding election win that is projected to give her Labour Party a 64 seat majority in parliament, while the Aussie has also regained some poise after recent underperformance due to dovish RBA guidance given a relaxation in Melbourne’s COVID-19 restrictions and the PBoC’s firmest CNY midpoint fix since April 2019 (6.7010) ahead of Chinese data (GDP mixed vs consensus, but retail sales and ip both better than expected). Nzd/Usd is sitting comfortably above 0.6600 as Aud/Nzd hovers around 1.0700 and Aud/Usd is capped on advances over 0.7100 in the run up to NZIER Q3 confidence and minutes to the RBA’s October policy meeting.
  • EUR/CHF/CAD/JPY – As the Buck wanes and DXY ducks under Friday’s 93.529 low having topped out ahead of the 93.883 high and lost grip of the 21 DMA (93.755), the Euro is consolidating recovery gains on the 1.1700 handle. However, 1.1750 represents half round number resistance and spreads between Bunds and US Treasuries are still widening to keep the headline pair on a downward trajectory. Elsewhere, the Franc is pivoting 0.9150 following contrasting Swiss sight deposit balances, while the Loonie retains 1.3200+ status before Canada’s BOS and the Yen is sitting tight within a 105.34-50 range following Japanese trade data showing a smaller than forecast surplus.
  • SCANDI/EM – The Nok has clawed back some lost ground relative to the Sek and Eur after finding support into 11.0000 against the single currency, while the beleaguered Try has also bounced off worst levels with assistance from the aforementioned Usd retracement and perhaps Turkey’s Black Sea find of natural gas.

In commodities, WTI and Brent are subdued this morning, but the magnitude remains minimal, after a modest bid higher around the European cash equity open in-spite of sparse fundamental updates (see Equities wrap above). Most recently, benchmarks dipped off those earlier highs and since then have largely been in proximity to the unchanged mark; albeit, with a slight negative bias – currently lower by USD 0.20/bbl. Focus for the session is on today’s OPEC+ JMMC gathering which is due to commence from 14:30BST/09:30ET. The meeting which will be closely watched for commentary around undercompliance in September, particularly from Russia; alongside the evolving demand & supply situation given COVID-19 and Libya respectively, among other factors. While participants are focused on such updates from the Committee, particularly given increasing calls for an alteration to the current easing schedule from OPEC re. production cuts, it’s worth bearing in mind the JMMC does not have the power to implement new policy only to make recommendations. As such, after today’s gathering focus will turn to the 30th November/1st December full OPEC+ meeting to see what, if any, changes are made. Returning to Libya, the countries Abu Attifel (70k BPD) facility is reportedly expected to commence a restart from October 24th bringing more of the nation’s supply back on-line ahead of the next OPEC+ gathering. However, while the increasing supply will draw the attention of OPEC, at present Libya is still someway off their production figure from late last year of 1.2mln BPD – as of Friday output was around 500k BPD. Moving to metals, spot gold is modestly firmer this morning with action once again driven by USD movements which has featured the DXY dropping throughout the session to fresh lows on multiple occasions. Currently, the precious metal is in proximity to the USD 1910/oz mark with gains just in excess of USD 10/oz.

US Event Calendar

  • 10am: NAHB Housing Market Index, est. 83, prior 83

DB’s Jim Reid concludes the overnight wrap

A small microcosm of how much more difficult it is to control the virus in the West than across various parts of Asia came to me over the weekend via an email from my golf club. There is a monumental change to global golf handicaps coming through on November 2nd that will give everyone a globally unified and consistent handicap. However with just two weeks to go, the English Golf Union has just said that to ensure everyone gets their new handicap, and is therefore allowed to play competitive golf of any kind, they require an email address and other details like date of birth etc from all golf club members. However thousands of golfers are apparently up in arms about data privacy issues and don’t want to provide this. If golfers don’t want to give away their email addresses to the people in charge of administering golf in this country it hints at how tough it is to have a highly efficient track and trace system.

One country that has seemingly quashed the virus is China and this morning their 3Q GDP print came in at +4.9% yoy (vs. +5.5% yoy expected) alongside the main September activity data which surprised on the upside. Retail sales for the month came in at +3.3% yoy (vs. +1.6% yoy expected) while industrial production was also strong at +6.9% yoy (vs. +5.8% yoy). The surveyed jobless rate came in one tenth lower than expectations at 5.4%. Although the GDP print was slightly disappointing it’s a remarkable YoY contrast to that we will see from the west in Q3 in spite of a strong quarterly comeback. The other problem is that China is still growing strong in Q4 but the West will likely see a setback as the virus spreads again.

We also saw fresh US fiscal stimulus headlines overnight with the House Speaker Nancy Pelosi saying that she has set a Tuesday end of the day deadline for more progress with the White House on a fiscal stimulus deal before the November 3 election. This came after her lengthy discussions with Treasury Secretary Steven Mnuchin over the weekend and President Trump’s renewed offer to go beyond the current amount on the table. Meanwhile, in a sign of a softening stance at the Senate on a larger stimulus bill, McConnell said that, “If Speaker Pelosi ever lets the House reach a bipartisan agreement with the Administration, the Senate would of course consider it. But Americans need help now.” So a bit of market hope in what has become a bit of a dance in recent weeks.

Chinese markets – the CSI (-0.30%) and Shanghai Comp (-0.33%) – are trading down this morning on the GDP miss but the declines are limited due to the September data beat. Other markets in the region like the Nikkei (+1.23%), Hang Seng (+0.69%) and Kospi (+0.65%) are up however on the back of the more positive fiscal stimulus news coming out of the US. Futures on the S&P 500 are also up +0.67% while yields on 10y USTs are up +1.2bps to 0.758%.

The latest on the virus is that it is continuing to increase its grip on Europe with Italy reporting a record 10,925 on Saturday. Overnight, Italy’s PM has signed a new decree urging mayors to close piazzas and streets at 9 pm to stop crowds gathering, while imposing a limit of six people per table at restaurants which must close at midnight. He also banned amateur and school competitions for contact sports. Meanwhile, Slovenia declared a renewed “state of epidemic,” as it posted record infections on Saturday at an all-time high positivity rate of 19%. France also reported another 29, 837 cases yesterday and PM Jean Castex said that, “The challenge is to face up to it without resorting to a broad lockdown, across the whole country and for a long time.” Here in the UK, Sir Jeremy Farrar, a scientific adviser to the government said that Britain needs an immediate three-week national lockdown as opposed to more limited regional restrictions as “the current tiered restrictions will not bring the transmission rates down sufficiently or prevent the continued spread of the virus”. The country reported 16,994 cases yesterday. Across the other side of Atlantic, the US reported 45,589 cases yesterday after reporting more than 50k cases for five consecutive days in a sign of a fresh wave there. For more, on how the virus is spreading see the table below.

Staying with this subject attention will turn to the House of Lords, as they begin debate on the government’s Internal Market Bill. It’s gone a bit quiet on this recently but Bloomberg flagged overnight that the government may look to water it down to help it’s passage and to ease tensions with the EU. The bill has already passed through the House of Commons, but has created controversy since it would seek to override parts of the already-agreed Brexit Withdrawal Agreement between the UK and the EU. Indeed, the European Commission has already sent the UK a letter of formal notice regarding the bill, which is the start of a formal infringement process.

This all follows a Moody’s downgrade of the U.K. on Friday night to Aa3. They cited weaker economic growth, an erosion of fiscal strength and interestingly a weakening in institutions and governance. Although this is a blow, markets aren’t really too fussed about ratings at the moment (Sterling is actually up +0.10% overnight on the above mentioned Bloomberg news) with central banks seemingly underwriting all core sovereign debt. Interestingly EM is a little different on this front as bank have taken down the majority of extra government financing in 2020 not central banks. If you’re looking for future financial crises in the making this could be one to familiarise yourself with. See the CoTD we did on this on Friday here and email Jim-Reid.ThematicResearch@db.com if you want to get this directly every day in your inbox towards the end of U.K. lunchtime.

It’s a busy week ahead with the final presidential debate of the US election (Thursday), the flash PMIs (Friday), and earnings season moving into full flow with 90 S&P 500 companies reporting. As well as this, there is an array of central bank speakers as usual.

In terms of the final presidential debate on Thursday, the format will feature six 15-minute segments, with the topics expected to be announced in advance. Otherwise, investors will be paying close attention to the Senate polls, since the question of whether we have united or divided government in the US next year will determine the likelihood and composition of different stimulus packages. FiveThirtyEight’s model currently puts the chance of Biden winning the presidency at 87%, though the odds of Democratic control of the Senate are at a lower 74% with a few important tight races evident.

Earnings season moves into full swing this week, with 90 of the S&P 500 companies reporting and 78 in the Stoxx 600. In terms of the highlights, we’ll hear from IBM on today, before tomorrow sees releases from Procter & Gamble, Netflix, Texas Instruments, Philip Morris International, Lockheed Martin and UBS. Then on Wednesday, there’ll be announcements from Verizon Communications, Abbott Laboratories, Thermo Fisher Scientific, NextEra Energy and Tesla. Thursday then sees releases from Intel, Coca Cola, AT&T, Danaher and Union Pacific. Finally on Friday, there’s American Express, Daimler and Barclays.

On the data front this week the October flash PMIs from around the world on Friday will be closely watched as ever especially with economic restrictions mounting again, especially in Europe. There’ll also be some attention on the weekly initial jobless claims from the US after last week’s unexpected increase to a 7-week high. Another deterioration would raise further concerns about the state of the US labour market. The rest of the data, including Central Bank speakers can be found in the day-by-day calendar at the end.

Recapping last week now and markets continued to react to a mix of rising Covid-19 cases, slowing economic data and politics on either side of the Atlantic. The start of earnings season gave market participants yet another narrative to weave into their decision making. Risk sentiment generally waned across asset classes, especially in Europe where many of the largest countries are seeing coronavirus caseloads at the highest levels of the pandemic so far. And while testing is at a much higher level than early on, positivity rates of testing is rising quickly as well. With various governments enacting restrictions in response, the Stoxx 600 ended the week -0.77% lower (+1.26% Friday) with the IBEX (-1.46%), FTSE 100 (-1.61%%), and DAX (-1.09%) all falling back on the week.

On the other hand the US has not seen a material rise in restrictions and saw the S&P 500 rise +0.19% (+0.01% Friday) on the week. It was the index’s third weekly gain, after falling every week in September. Tech outperformed on a week that saw Amazon ‘Prime Day’ and Apple release their latest iteration of the iPhone. The NASDAQ rose +0.79% (-0.36% Friday) and is now ‘only’ -3.19% from its all time highs from early September. Even with the marginal improvement in equity prices, equity volatility picked up as the VIX index rose +2.4pts to 27.4, the largest weekly jump since the first week of September.

With risk sentiment softish, the dollar rose +0.67% on the week, tied for the second largest weekly rise over the last six months. Core sovereign bond yields dropped as investors turned toward less risky assets last week. US 10yr Treasury yields fell -2.8bps (+1.3bps Friday) to finish at 0.746% and 10yr Gilt yields fell -9.8bps (+0.2bps Friday) to 0.18%, while 10yr Bund yields were down -9.5bps (-1.2bps Friday) to -0.62%. Peripheral sovereign debt yields did not fall as far with the spread of Italian (+2.2bps), Spanish (+4.3bps), Portuguese (+2.6bps) and Greek (+8.6bps) 10yr bond yields to bunds widening.

In terms of data released on Friday, September’s retail sales in the US rose +1.9% (vs +0.8% expected). It was the fastest pace in three months and a significant jump from the prior month’s +0.6% rise. Elsewhere industrial production declined unexpectedly, falling -0.6% (vs +0.6% expected) after a +1.2% rise in August. And lastly for the US, the University of Michigan sentiment indicator for October came in at 81.2pts (vs 80.5pts) slightly up from August’s 80.4 but still well below the 90-100 range seen over the three years prior to the pandemic. In the Euro Area, the final CPI reading for September remained at the flash reading level of -0.3%.

end

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 23.69 PTS OR .71%   //Hang Sang CLOSED UP 155.47 PTS OR .64%    /The Nikkei closed UP 260.50 POINTS OR 1.11%//Australia’s all ordinaires CLOSED UP 0.79%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.76 dollars per barrel for WTI and 42.72 for Brent. Stocks in Europe OPENED ALL GREEN EXCEPT LONDON//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6846. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5743 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

China’s Q3 GDP data disappoints.  However retail sales rebound

(zerohedge)

China Q3 GDP Disappoints, Retail Sales Signal Domestic Rebound Alive

With China’s yuan pushing back to 27-month highs, the market has already confidently expressed its view that China will show the world tonight the recovery from COVID-19 is more than possible, as the rest of the world – which appears to be following the same mask-and-lockdown protocols that China did – are struggling with new lockdowns.

Source: Bloomberg

GDP is expected to print a healthy +5.5% YoY for Q3 helped by an unexpectedly strong rebound in global trade.

“Right now, China has basically put Covid-19 under control,” People’s Bank of China Governor Yi Gang said on Sunday in a webinar organized by the Group of 30.

Source: Bloomberg

“In general, the Chinese economy remains resilient with great potential. Continued recovery is anticipated which will benefit the global economy.”

China has so far relied on exports and manufacturing (inventory restocking by the rest of the world), but tonight’s industrial production, retail sales, investment, and unemployment will gives a clearer picture of the domestic recovery, as Bloomberg’s chief Asia economist Chang Shu notes that:

“Improving consumer sentiment and consumption likely also boosted private demand. Leading indicators indicate demand is coming back at a faster pace than production at this stage of the recovery.”

Simply put, if tonight’s data meets expectations, that’ll mean the world’s second-largest economy – and the first to suffer from the virus shock – will have regained all the ground in growth it lost in the first half.

Of course, given the lies, deception, and deceit involved with the virus, who knows what to believe in the data? As Bloomberg’s Enda Curran notes, as always, today’s numbers will be greeted by scepticism among those who argue that China’s GDP reading is smoothed for political purposes. Chinese authorities themselves have cracked down on provincial level governments for massaging the numbers. That said, most economists we speak to say the overall trend is clear: the rebound is real even if the numbers have their flaws.

So… drum roll please… here’s the data:

  • China Q3 GDP YoY MISS +4.9% vs +5.5% exp vs +3.2% prior
  • China Industrial Production September YTD YoY BEAT +1.2% vs +1.0% exp vs +0.4% prior
  • China Retail Sales September YTD YoY BEAT -7.2% vs -7.4% exp vs -8.6% prior (+3.3% YoY)
  • China Fixed Asset Investment September YTD YoY MISS +0.8% vs +0.9% exp vs -0.3% prior
  • China Property Investment YTD YoY BEAT +5.6% vs +5.2% exp vs +4.6% prior
  • China Surveyed Jobless Rate BEAT 5.4% vs 5.5% exp vs 5.6% prior

So, while the underlying monthly data was better than expected, China Q3 GDP notably missed expectations – something very notable in the oh-so-well-managed Chinese economy…

Source: Bloomberg

Despite the disappointing headline GDP data, everything improved sequentially…

Source: Bloomberg

The strong jump in retail sales (+3.3% YoY) suggests the long-awaited consumer recovery seems to be taking root. A breakdown shows Chinese are spending more on drinks, tobacco and alcohol, medicine, office supplies and food.

Source: Bloomberg

However, Frederic Neumann, co-head of Asia economic research at HSBC Holdings Plc in Hong Kong makes the point that because Beijing doesn’t have the same appetite for borrowing that it did in the years after the financial crisis, its stimulus will have a different impact on the rest of the world this time round.

“So while China is seemingly holding up the world, once again, the growth impulse it imparts to markets far and wide will fade more quickly this time than during the world’s last big crisis.”

So, will the world’s growth impulse rotate back to the US (post-election)?

Furthermore, as the rest of the world hopes exuberantly for a vaccine, Goldman has warned, “It’s even possible that China’s economy could be a net loser from vaccines, as the limited further boost to domestic services activity might be offset by softer goods exports and increased outbound tourism. “

END

4/EUROPEAN AFFAIRS

FRANCE/

Former French President Nicholas Sarkozy indicted for receiving criminal association money(Libyan) in a Libyan funding scandal

(zerohedge)

Former French President Nicolas Sarkozy Indicted For “Criminal Association” In Libyan Funding Scandal 

According to AFP, former French president Nicolas Sarkozy was indicted for “criminal association” in the ongoing investigation into suspicions of receiving Libyan money for his presidential campaign in 2007.

After four days of hearings, the National Financial Prosecutor’s Office (PNF) indicted Sarkozy, on Monday (Oct. 12), with “criminal association” in the Libyan case. The release of PNF’s indictment was only made public on Friday (Oct. 16).

To refresh readers, French newspaper Le Monde provides an overview of recent developments into the Sarkozy scandal:

But the PNF signed at the end of January a supplementary indictment broadening the investigations to facts of “criminal association,” opening the way to the indictment of new suspects and an aggravation of the prosecutions against the protagonists already involved, including Mr. Sarkozy.

On Jan. 31, the magistrates indicted for “criminal association,” one of the former collaborators of Mr. Sarkozy, Thierry Gaubert , suspected of having received funds from the Libyan regime which could have fueled the campaign for the presidential election of 2007.

During his last hearing, in June 2019, Mr. Sarkozy said he was “totally innocent in this affair,” denounced a “conspiracy,” then refused to answer the questions of the investigating magistrates, the time of the examination of appeal aimed at cancel the investigation.

But a judgment of the Paris Court of Appeal of Sept. 24 made it possible to relaunch the investigation: the investigating chamber, responsible for studying appeals against investigative acts, rejected most of the arguments of the Sarkozy camp which invoked nullities against these investigations. It has thus almost entirely validated the investigations launched eight years ago in this case with multiple ramifications.

Mr. Sarkozy appealed against this decision, just like Eric Woerth, Claude Guéant and Alexandre Djouhri, said a judicial source. – Le Monde

Sarkozy – who was president of France from 2007 until 2012 – is said to have accepted around €50MM from Muammar Gaddafi, Libya’s overthrown leader, was captured and killed in 2011. As we noted, the amount was more than twice the legal spending limit in French elections for the time, which was €21MM. Gaddafi’s alleged payments to Sarkozy also violated foreign financing laws and declares the source of campaign funds.

In 2018, Sarkozy was arrested and also indicted for “corruption,” “concealment of embezzlement of [Libyan] public funds,” and “illicit financing of the electoral campaign.”

If Sarkozy were smart enough, maybe he should’ve opened up a foundation – like the Clinton’s to accept foreign bribes donations.

end

UK/USA
Tom Luongo discusses his take on two very important developments:
a) BOJO walking away from the BREXIT
b) The Hunter Biden computer and everything in it
a great read… 

Who’s Afraid Of A No-Deal Brexit?

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

To answer the question in the title… not Boris Johnson. If anything Johnson’s plan from the beginning has been to maneuver events to this state.

The latest news is that Boris just left his final offer on the table for the EU, walked away from talks but left the door open.

Johnson’s spokesman said shortly afterwards that talks were now over and there was no point in the EU’s chief negotiator Michel Barnier coming to London next week barring a change in approach.

“The trade talks are over: the EU have effectively ended them by saying that they do not want to change their negotiating position,” his spokesman said.

Johnson’s brinkmanship, which follows an EU demand that London make further concessions, may push Brexit towards disorder, though he still left open the possibility that the EU could reconsider and offer Britain a better deal.

“Unless there is a fundamental change of approach, we’re going to go for the Australia solution. And we should do it with great confidence,” he said.

The Australia solution is No-Deal and WTO terms.

The latest public stumbling block to a Brexit deal is French President Emmanuel Macron’s insistence on France plundering U.K. fishing waters in any trade deal.

In truth that is the lamest excuse for not agreeing to a deal I could think of. But, then again, since Johnson destroyed the EU’s biggest political wedge issue, the Northern Irish border with a simple restatement of U.K. Parliamentary sovereignty, what else does Macron have to stand on?

It turns out all he’s got is a really big soap box, but no leverage.

And that begs the question of why fishing “rights?”

This takes me back to the end of last year when I asked the more salient question, “Did Johnson and Macron Negotiate a Hard Brexit in October?

Here are the reasons why they did.

The key to understanding what’s happening is the ever-shifting dynamic between France, Germany and the U.K. in relation to their relationship with the United States.

Macron is pushing France to unseat Germany as the de facto rule-setter for the EU. He wants more integration at every level, but most importantly fiscally.

Macron understands that the euro is flawed because of a lack of fiscal integration. For the euro to survive at least three major things need to happen.

1. There needs to be a single entity capable of issuing and retiring Euro-zone sovereign debt. The ECB and the EU fiscal authorities need to have a relationship similar to that of the Federal Reserve and the U.S. Treasury Dept.

2. The euro has to weaken considerably to remove the garrote around the necks of countries like Spain, Portugal, Italy, Greece and even France.

3. Much of the existing sovereign debt needs to be converted into a Eurobond, doing away with much of the stock of debt as liabilities for member states like Italy and Spain. The ECB can lead the way with its $3 trillion it’s holding on its balance sheet.

Given these dynamics are still in play today and we’re closer than ever to the Great Reset which will transform the European political and economic landscape, Macron holding firm on fishing “rights” smells, well, like old fish.

And all that had to occur all year was Johnson surviving the multiple attempts to either kill him or his government by Eurocrats who still oppose this scheme root and branch. At the same time, he couldn’t ever say he preferred a No-Deal, which is the preferable outcome for the whole of the U.K., otherwise there would have been a real political battle on his hands.

It’s like the reverse of what we had under Theresa May, who kept saying she wanted Brexit but was negotiating to keep it from happening. Johnson’s been saying he wants a deal with the EU when in reality he doesn’t.

Macron’s own agenda and France’s horrific fiscal and economic situation allows him the flexibility to go for the M.A.D. option. So, by this analysis, Macron isn’t afraid of a No-Deal Brexit either. So, who is?

Well, Germany.

Germany’s trade surplus with the U.K. was always the EU’s Achilles heel in Brexit negotiations. German industry, cut off from Russia’s markets by Merkel’s status quo antics to keep the U.S. somewhat placated, is now also going to be cut off from the U.K. once the tariffs go up and Trump wins re-election.

This is a complete disaster for Germany and Merkel knows it. She keeps trying to re-insert herself back into the negotiations, to at least salvage something for the CDU’s power base, but Macron keeps moving the goal posts.

I get the feeling now, with her draconian lockdowns that she’s preparing for the worst knowing that the civil unrest is rising over the destruction of the German economy she’s presided over.

Since she’s not running for re-election next year now has to do everything she can to deliver Germany to her Davos Crowd masters weak, divided, locked down and betrayed, as she’s been ordered to do.

It’s similar to what the Democrats are trying to pull off here in the U.S. and Labour has only partially succeeded in doing in the U.K.

Merkel has succeeded far more than Nancy Pelosi and the Democrats have.

The markets have begun sniffing this outcome for weeks. The firming U.S. dollar and failed bond rout from last week in U.S. Treasuries have been your signals that smart money is beginning to leave Europe. The U.S. 10-year tried to break above recent highs at 0.79% and failed miserably.

The threat of a No-Deal Brexit is becoming real.

So, guess who else is afraid of a No-Deal Brexit? The ECB.

The euro topped out a few weeks ago and after a breakdown and snap-back rally failed at $1.18 the euro is holding on for dear life.

The ECB has to hold up the euro to keep the European sovereign debt markets under wraps.

But that’s like holding back the tide here. Johnson holding the door open to further talks is just buying time for the ECB and should be seen as a fig leaf but it won’t be by the ignoramuses in charge of Brexit talks.

And that’s pushing money into U.S. stocks as the market rightly is upgrading daily Trump’s chances of re-election. Forget the headlines and the gaslighting polls.

The early Vote-By-Mail and early voting breakdowns in the battleground states all have Trump way ahead of where he was in 2016. And Biden has become a scandal and gaffe machine.

There’s clearly something happening within the bowels of the U.S. bureaucracy. Someone is rebelling against the planned destruction of the U.S. by Obama and the Democrats post-election.

Do you really think Hunter Biden just left a laptop full of incriminating evidence at a Delaware repair shop? Really? Or do you think it’s more plausible that’s a convenient cover story for a counter-coup from within the intelligence and/or law enforcement branches of the government?

The stakes are high for everyone. The election is becoming a singularity collapsing dozens of disparate narratives and agendas into one big event horizon and the outcome will change the world regardless of who wins.

Brexit’s integrity hangs in the balance as well and the only hope left for Brussels is a Trump loss which undermines Johnson’s negotiating position.

The cross-currents between the euro, the dollar, gold, bitcoin and U.S. stocks are all indicating to me that the shift towards the U.S. with a Trump victory is underway.

These are the very things I cover twice a week in my Market Reports for my Patrons every Wednesday and Sunday, because sometimes a few pictures are worth all the money in the world.

The following report from the last day of Q3 covered all of these issues and the broad inter-market analysis for the quarterly close. This is your heads-up for where we were headed in Q4 after the election(Chart analysis starts around 14:06).

*  *  *

Join my Patreon if you want access to this analysis before the headlines. Install the Brave Browser to support 

end

The EU blinked: Barnier ready to save Brexit with concessions to BOJO

(zerohedge)

EU’s Barnier Saves Brexit Talks With Tweet Affirming Brussels Ready To “Escalate”

Further validating Boris Johnson’s aggressive approach to negotiating with Brussels, it appeared over the weekend that HMGturning its aggressive rhetoric up to ’11’ on Friday (following the conclusion of an unsuccessful EuCo summit) might have succeeded in pushing the EU to soften its negotiating position.

The message was clear: If Brussels isn’t prepared to “escalate” talks – that is, offer concessions on state subsidies and fisheries access, the two biggest obstacles to a comprehensive “Canada-style” deal – then chief negotiator Michel Barnier shouldn’t even bother showing up.

Brussels reiterated that it was committed to sending Barnier and his team to London for another round of talks this week, signaling (according to some analysts) that concessions might be within reach as Wall Street analysts revise down the chances of a tumultuous ‘no deal’ outcome on New Year’s Day.

But since nothing can ever happen smoothly when it comes to late-stage Brexit negotiations, another dustup occurred Monday afternoon, leading to a flurry of conflicting Brexit-related headlines to bombard cable-trading algos, before the issue was apparently settled once again.

Talks teetered on the brink of collapse Monday morning following a call between Barnier and Lord David Frost, BoJo’s top negotiator, where Lord Frost was reportedly left unsatisfied after trying to suss out whether the EU team was truly ready to “intensify” talks.

That led to Michael Gove, one of Johnson’s senior cabinet officials, telling the Commons that negotiations had “effectively ended” since the EU had refused to confirm that it would be willing to “intensify” negotiations by getting into the nitty-gritty of “legal texts”. Gove added that “no deal” is not the government’s preferred outcome, but that it was prepared for an “Australia-style” trade relationship, a byword for ‘no deal’ and falling back on WTO terms.

But the senior minister was soon forced to eat those words. In a tweet that was clearly timed for maximum impact, the EU’s Barnier tweeted just after Gove delivered his statement that Brussels was in fact ready to “escalate” talks “on all subjects, and based on all legal texts”.

Earlier, BoJo himself added to the pessimistic mood by claiming that the EU had “abandoned the idea of a free trade deal” following last week’s summit.

But the explicitness of Barnier’s tweet shocked some MPs, and Gove affirmed that if Barnier meant what he said, then talks would proceed as planned.

The presumption right now is that the talks will proceed as planned, but start on Tuesday, though reporters are still awaiting some kind of confirmation.

end

CORONAVIRUS//UPDATE/EUROPE/GLOBE SUNDAY

Europe’s Daily COVID-19 Tally Hits 200k/Day As World Nears 40 Millionth Case: Live Updates

Summary:

  • Italy reports record 11k+ new cases
  • Europe adds 200k cases/day
  • Global cases near 40 million
  • US adds 50k+ new cases for 5th day
  • Italy ready to close bars, restaurants for first time since lockdown ended
  • Russia reports 15k+ new cases again
  • Poland reports 8k+ new cases

* * *

Update (1210ET): As Italy prepares to close all of the country’s high schools and enforce a nationwide 2200 curfew, its national protection service has reported yet another daily record on Sunday, with 11,705 new cases recorded over the last 24 hours.

As we await more Sunday data, here’s an update on how the world is doing with its battle to suppress the virus:

Even in the developing world, mortality has lagged case numbers from the second wave.

In NY, Gov Cuomo is holding an update on Sunday:

* * *

As NY’s COVID-19 hotspots see positivity rates start to recede, Gov Andrew Cuomo and Mayor Bill de Blasio have been busy racking up headlines showing they’ve been punishing violators of emergency COVID-19 orders.

An NYPD twitter account shared details of a bust-up at a Queens banquet hall, which allegedly hosted a massive dance party with more than 200 maskless, non-socially distanced revelers.

Cuomo is also taking heat for cancelling a large wedding organized within the Hasidic Community.

Amazingly, as the political conversation in the US – at least, across MSM news networks – centers around President Trump’s “botched” approach to counteracting the virus in the US, Europe is now reporting more than 200,000 new cases a day, according to figures provided by JPM’s Michael Cembalest. This, just one week after reporting more than 100,000 cases in a day for the first time.

COVID-19 deaths in Europe are also accelerating, as deaths in the US plateau.

Johns Hopkins counted 39,758,766 cases worldwide as of Sunday morning, after reporting 341,540 new cases on Saturday, breaking a streak of record daily numbers.

Daily cases in the US climbed back above 50k/day over the weekend, with the US adding 57,164 new virus cases on Saturday, topping the 50k mark for the 5th straight day, though the number retreated from 69,156 reported a day prior. Another 712 people died, slightly less than the previous week’s daily average.

Speaking in an interview with a major French newspaper, Prime Minister Jean Castex, PM Emmanuel Macron’s COVID-19 point man, urged French citizens to abide by the new lockdowns (the latest restrictions apply to Greater Paris and eight other metro areas) after France reported 32k+ new cases, yesterday, the latest record jump.

Here’s some more COVID-19 news from overnight and Sunday morning:

Russia reported 15,099 new cases, the third day in a row that infections have hovered around 15,000, according to data from the government’s National Virus Response Center (Source: Bloomberg).

Poland registered 8,536 new coronavirus cases and the death toll continued to climb. The country had 649 respirators in use, compared with 383 a week earlier (Source: Bloomberg).

Italian Prime Minister Giuseppe Conte may order bars and restaurants to close early, ban some sporting activities and change high school hours to prevent crowding, according to officials in his government who asked not to be identified. Conte is set to announce his plans on Sunday, the people said. Italy’s coalition is divided over the new restrictions (Source: Bloomberg).

end

UK

(courtesy Robert H)

Thousands of protesters in London after capital moved to tier 2 rules | Metro News

It is not just Toronto or Berlin, protests are spreading and will continue to do so going forward.
One cannot simply shut down economies and expect people idled and displaced not to react. Cities like Manchester in England have told Boris to “piss off” as they will not comply with orders. This trend is just starting to exhibit itself and will lead to other ramifications. I earlier wrote about a city in Brazil that has gone so far as to issue its’ own money and tell the federal government to get lost.
Social order is likely to undergo years of change now that events have been out in motion and it will be another 5-7 years before this cycle of change runs the course. Displacement of economies and social existence has an equal opposite effect proportional to the force of change itself. Therefore, each lockdown and its’ impact both short term and mid term has a corresponding counter weight effect that ripples through the economy and thus changes our social interactions with commercial impact.
Unfortunately, these draconian moves by governments are more likely to cause more harm than good even if well intended. As it is each week the number of deaths from overdoses or suicide is rising quickly and that says nothing about deaths from surgeries delayed or omitted.
And behind the veil you can bet the very nature of government finance is being altered in ways even governments can no longer control as the chaos working through the system is beyond their ability to control.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

AZERBAIJAN//ARMENIA/TURKEY

UPDATE..

“Brutal War Of Attrition”: Latest Armenia-Azerbaijan Truce Broke Down Within Hours

A tenuous ceasefire took effect Saturday night between Armenian and Azerbaijani forces – the second ceasefire since the start of the conflict in the disputed autonomous region of Nagorno-Karabakh last month.

But the truce had crumbled a mere few hours in, with the resumption of full fighting and artillery fire by early Sunday morning, and both sides blaming the other for breaking it.

The prior weekend a Russia-brokered temporary ceasefire held long enough for the Red Cross and other emergency responders to gather bodies of the deceased, but then shelling resumed also hours after.

Azerbaijan military, via Nordic Monitor

On Sunday the Defense Ministry of breakaway Armenian ethnic Nagorno-Karabakh announced the death toll among its military has risen to 710, also with likely hundreds or possibly thousands more casualties among national forces from the Armenian Army as well as civilians in the region. The Azerbaijan side has not been releasing its death toll.

On Sunday the United Nations urged the warring parties to respect the truce — statements made even as it was already fast unraveling:

UN chief Antonio Guterres has called on Armenia and Azerbaijan to respect the truce and condemned attacks on civilians in fighting over Nagorno-Karabakh.

Guterres singled out one of the deadliest attacks on civilians so far, when a missile hit a residential area of Azerbaijan’s second city Ganja on Saturday, killing 13 people including children.

Despite the prior high hopes that a ceasefire might hold long enough to lead toward Russia mediated talks between Armenia and Azerbaijan, the conflict is now being widely seen as a “brutal war of attrition”.

It appears the two sides have used the two brief ceasefire to jockey for better battlefield positions:

A New York Times correspondent who recently witnessed the front lines described the following:

On the front line, the stench is overwhelming. The remains of fighters have been lying there for weeks.

In the trenches, there is fear. The Armenians are defenseless against the Azerbaijani drones that hover overhead and kill at will.

At the military graveyard, bulldozers have scraped away a hillside. It is already lined with two rows of new graves, along with soon-to-be-filled, freshly dug, rectangular holes.

President Erdogan is said to be livid that Russian attempts to mediate the dispute have by and large cut Ankara out so far.

end

6.Global Issues

CANADA/CHINA
It is getting quite nasty between China and Canada.  China ordered Canada not to accept any more refugees from Hong Kong and they threatened the health and safety of 300,000 Canadians living in the Peninsula.
(zerohedge)

‘We Will Not Be Deterred’ – Trudeau Responds After Beijing Directly Threatens “Health & Safety” Of 300,000 Canadians In Hong Kong

Americans probably forget sometimes that President Trump isn’t the only world leader currently picking fights with Beijing. Canadian Prime Minister Justin Trudeau has continued to criticize Beijing’s human rights abuses (issues like mass detention in Xinjiang, the new ‘national security law’ crackdown in Hong Kong – all issues that President Trump has drawn attention to), as a feud that started with Canada’s detention of Huawei CFO Meng Wanzhou (the daughter of the company’s celebrity founder) has escalated to the point where the lives of two Canadian businessmen now hang in the balance.

Late this week, diplomatic tensions between Ottawa and Beijing flared as China’s ambassador to Canada delivered a direct threat to Prime Minister Justin Trudeau, openly threatening to unlawfully target innocent Canadian citizens if Canada continues to accept refugees from Hong Kong.

Readers may remember that the UK has led the charge to accept dissidents who no longer feel safe – or, in many cases, are being directly targeted and harassed – formally suspending its extradition treaty to allow them safe and secure residency.

Beijing lambasted the British for once again meddling in China’s domestic affairs, but Britain is too big of a geopolitical power to try and bully. The same cannot be said for Canada, whose PM has retaliated against what was an effective state-sanctioned kidnapping of two Canadian citizens with nothing but words and denunciations.

Clearly, Beijing believes that if it pushes hard enough, Ottawa might fold. Otherwise, Ambassador Cong Peiwu probably wouldn’t have said what he said on Thursday.

To wit, the “wolf warrior” diplomat told reporters – according to Canada’s Globe and Mail – that Beijing finds it unacceptable that Canada recently accepted two pro-democracy dissidents from Hong Kong as refugees. And that if Ottawa accepts any more, Beijing will start targeting Canadian citizens in Hong Kong.

“We strongly urge the Canadian side not to grant so-called political asylum to those violent criminals in Hong Kong, because it is interference in China’s domestic affairs, and certainly it will embolden those violent criminals,” he said.

Cong added that accepting more dissidents could jeopardize the “health and safety” of 300,000 Canadians living in Hong Kong, and presumably others living in the mainland (if there are any left following the arrest and prosecution of Michael Kovrig and Michael Spavor.

Cong also took umbrage at a call from nearly 60 MPs and senators to shelter more dissidents fleeing Beijing’s new national security law criminalizing even pedestrian forms of dissent. Cong denounced the political refugees as “violent criminals” and even hinted that the 300,000 Canadians living in Hong Kong could face persecution if Ottawa doesn’t desist.

Global COVID-19 Cases Top 40 Million As Wales Enacts Emergency “Firebreak” Lockdown: Live Updates

Summary:

  • World tops 40 million COVID-19 cases
  • Wales imposes 2 week “firebreak” lockdown
  • Bar, restaurant closures in Belgium begin Monday
  • Italy announces new restrictions
  • Moscow Mayor resists return to lockdown
  • Bavaria imposes localized lockdown
  • Iran sees new record daily deaths

* * *

New COVID-19 cases reported Sunday shrank from the prior day, with just 284,957 cases reported, coming in below the 300k mark for the first time since Oct. 11. Nevertheless, it was enough to push the global total north of 40 million, the latest milestone for COVID-19 cases, as outbreaks flare in Europe and the American Midwest.

As daily case tallies continue to climb across Europe, yesterday reaching the 200k cases/day mark, new restrictions and closures are being imposed across the continent as leaders do everything in their power to try and avoid reimposing a full-on lockdown.

Just minutes ago on during a late-morning press briefing, Wales First Minister Mark Drakeford announced that the UK constituent nation would be entering a two-week “firebreak” lockdown lasting from Oct. 23 to Nov. 9. The decision was made despite the WHO’s landmark advice against further lockdowns, saying the pain from such activities is disproportionately borne by the poor.

It is a “short sharp shock” to stop the clock in the fight against the virus, Drakeford said, following a meeting of the Welsh Government cabinet this morning.

Wales has recorded fewer than 2,000 deaths and just over 35k new cases, and many locals grumbled about the decision to return to lockdown. David in Flintshire said he has “a different take on things.” He is due to get married later this month and says a prospect of another lockdown “is just devastating to me.”

“This is a 20 people wedding, it’s an intimate affair with family members,” he said. After his April wedding was cancelled, his partner’s dad passed away. “So we re-booked for October and now just to hear this, it’s absolutely devastating,” per the BBC.

Elsewhere in the UK, schools in Northern Ireland were shut Monday as a two-week shut down, part of new restrictions aimed at curbing the spread of COVID-19, took effect.

On the other side of the world, lockdown restrictions in the Australian state of Victoria, including in the state’s biggest city, Melbourne, have finally been eased after more than 100 days. Though restrictions on bars and restaurants remain in effect, limiting hours of operation and the number of indoor diners, people can undertake more social activities, include meetings with friends in larger groups.

Last night, Italy announced a raft of new measures after it recorded a new record on Sunday. Mayors will be able to close public areas after 2100 local time every evening, and the opening hours of restaurants will be further restricted. Nine major French cities, including the capital, Paris, are facing a curfew from 2100 to 0600 for at least a month. The country saw a record number of new cases on Saturday.

Meanwhile, the Czech Republic, the country with the highest infection rates in Europe right now, said Monday that it will wait two more weeks before deciding whether to impose a full option, or take some other more moderate action.

Here’s other news from overnight and Monday morning:

Iran reported its highest number of daily deaths, with 337 fatalities. That’s fifth time in two weeks that Iran has reported a record number of deaths. The number of cases rose to 534,631 with 4,251 new infections, the Health Ministry said (Source: Bloomberg).

Slovenia will impose a curfew from 9 p.m. to 6 a.m. on Tuesday, while also limiting public gatherings to a maximum of 6 people to try to halt the spread of the virus. The Alpine state reported 537 new cases with a record positivity rate of 20.4% (Source: Bloomberg).

The authorities in the southern state of Bavaria have imposed a lockdown on the town of Berchtesgaden, amid soaring coronavirus infections in the area. The decision underscores that Germany is now clearly experiencing a second wave of the pandemic. The Robert Koch Institute (RKI), Germany’s main public health authority said on Monday that there had been 4,325 new infections over the previous 24 hours (Source: FT).

Fresh restrictions in Belgium that will close bars and restaurants came into force on Monday, as the nation experiences the continent’s highest infection rate after the Czech Republic. “We are really very close to a tsunami,” said health minister Frank Vandenbroucke. “We no longer control what is happening” (Source: FT).

END

Michael Every…your major stories of the week through the eyes of Michael Every……a must read.

(Michael Every)

Rabobank: “I Love It When A Plan Comes Together”

By Michael Every of Rabobank

I love it when a plan comes together

“Do you remember where you were when it happened, old timer?”

“Well, let me see now. I think it was a Monday. Yes, a Monday. Monday 19 October 2020. That seems a long time ago now. But it’s still fresh as a daisy. You don’t forget something like that.”

“What was it like? It must have been a shock!”

“Oh, it was! Nobody knew Chinese GDP numbers could actually surprise to the downside!”

That’s right, young ‘uns. Mark the date in the calendar. Today saw a Chinese GDP print that seriously deviated from market consensus to the downside. The expectation had been q/q growth of 3.3%, when we actually got 2.7%; and for y/y growth it was 5.5% and we got 4.9%; and yet for y/y YTD growth of 0.7% – which somehow it managed to hit exactly.

Further eyebrows might be raised over the fact that at the same time almost everything in the September data beat expectations: industrial production was up 6.9% y/y (5.8% being the survey); retail sales were up 3.3% (vs. 1.6%); fixed asset investment was up 0.8% (vs. 0.9%); property investment was up 5.6% (vs. 5.2%); and unemployment was down a tick to 5.4% (vs. 5.5%). All in all this sets up China comfortably for the around 2% y/y GDP output predicted by the PBOC Governor yesterday.

What did Hannibal say in ‘The A-Team’? “I love it when a plan comes together.” I don’t think he meant the economy, however. Certainly don’t talk to the China Beige Book guys with their deep data-dive suggesting this is actually a two-tier, split-level  recovery, as everywhere else.

Naturally, this is giving CNY a boost, however. Because CNY always seems to be getting a boost at the moment. That is despite other headlines that might suggest one lean the other way: China recently implied a threat against all Canadians in the country over the Huawei issue; it has now apparently also warned the US that if America-based Chinese scientists arrested for espionage are charged, this would put all Americans in China at risk. On a parallel track, the US has taken a leaf from China’s policy book and is now to offer loans to developing countries to lure them away from Huawei’s 5G. If the US can tear up the laissez-faire playbook to offer cheap loans to other countries to buy telco gear THAT IS NOT MADE IN AMERICA, what does that tell you about what other playbooks it will be willing to tear up? It’s almost as if there is a Cold War splitting the world economy and ultimately blowing back to “we see no splits” markets.

The Lowy Institute in Australia has just published a report saying it expects China to overtake the US in economic power by 2030 (as the IMF estimate China is already a larger economy in PPP terms). Our ‘World in 2030’ projections said the same thing – if the US does not act to prevent it. But what does history say about hegemons sitting there and doing nothing vs. arrivistes? Don’t mention it to the FX and capital markets. They still seem to be paying as much attention to the global backdrop as Fox News did to Trump scandals over the past few years, and as the rest of the media is now doing to the Hunter Biden laptop story.

Meanwhile, although it is of doubtful usefulness because of the polls doesn’t include, and because the polls it does are often doubtful, the Real Clear Politics average Biden lead in the key battleground states is now 4.3%, or close to the margin of error. There have even been press reports of the Biden campaign itself saying it is neck and neck. That has big implications for FX markets and geopolitics: and on more than one front.

Here’s an obvious example. US stimulus: Nancy Pelosi has now set an end-Tuesday deadline for an agreement to be struck pre-election. Unfortunately, Mnuchin is not in town to discuss things. So do we go big, or go home? And who will be blamed by those at home right now and waiting to vote?

Another is Brexit. The UK is throwing down the Hard Brexit gauntlet to the EU; they must blink, because the Brits aren’t going to. There will be apparently be none of the promised talks this week, and Hard Brexit looms, which is now being called an Australian deal. (Note for Brits that no longer learn any history: being sent to Australia used to be a punishment and not a reward.)

Guess what? This outcome was always blindingly obvious. It makes Boris look tough at a time he is weak; France may not actually mind a Hard Brexit if this places Paris in the driving seat of a necessarily more geopolitical, less Germanic EU, say some; and the US election runs through everything like letters through a stick of rock (a traditional British hard candy designed by dentists, and guaranteed to put their kids through medical school). Why would the UK agree to trade terms with the EU when they don’t know who will be US president? After all, Trump is offering a quick deal (chlorinated chicken and all, say critics); Biden has made clear this won’t happen fast, if at all. Doesn’t it make more sense to stall for two weeks before committing to the EU framework?

In New Zealand, Labour’s Jacinda Arden won a huge post-Covid victory and now has to decide how to govern: solo, or coalition; centre, or left? And what will she decide about offers to join China’s Belt and Road when she doesn’t know who will win the US election and what the regional environment will then look like?

Europe will also be worried. They already have a second virus wave swelling higher, the risks of a double-dip recession as a result, potential Hard Brexit, and that US election which they cannot predict, but where they clearly favour only one outcome. No wonder the ECB this morning is talking about its toolbox not being exhausted and being able to do more if needed; and even adding there should be discussions about the Covid recovery fund being made permanent.

In short, it’s still all highly uncertain out there. (I haven’t even mentioned the political instability in Thailand, for example.) It is therefore possible to join the dots and make a case that you want to be holding CNY as a safe haven.

Yet US retail sales growth y/y is higher than in China, if you want to talk about pure bouncing back and a consumption-driven recovery, which is today’s market meme; and, as is often repeated here, there are potentially very fat tail risks not far ahead that can shock even more than Q3 Chinese GDP just did. Those both still suggest USD will benefit most ahead

end

Bill Blain…

An Uncertainty Pandemic?

Authored by Bill Blain via MorningPorridge.com,

“Let the autumn leaves fall where they may.”

It feels we are caught in some kind of revolving autumnal depression – inflicting successive fronts of bad news and uncertainty upon us.

The US election is just over 2 weeks away, and the divide between Trump and Biden is said to be narrowing in the betting markets. Sterling markets have been curiously muted following the missed “hard” Oct 15th Brexit deadline – anticipating a last-minute deal can still be found. Pandemic lockdowns threaten across Europe as infections rise, raising the fears of a double-dip depression. Meanwhile, China is all smiles as the economy gets back on track for a bumper year as the West remains mired in dissent.

The factor most colouring markets remains the US election. 

There is an “interesting” article in the Spectator on the election – it suggests Trump will only lose the election because elderly US voters think he’s left them in danger. However, it also suggests the primary reason Trump won the 2016 election was because he was up against the worst possible democratic candidate – Hillary Clinton. That’s an interesting perspective. It doesn’t appear to be a lesson the Democrats took on board. Biden is hardly the most convincing choice – but the numbers do show he is attracting Trump’s votes.

In recent weeks markets had gotten comfortable with the increasing likelihood of a Biden clean sweep – talking up stimulus plans and talking down threatened tax increases. However, this morning the latest polls are looking more mixed. Betting odds compiled by RealClearPoliticssuggest its getting closer. (Although PaddyPower shows Biden 1/10 and Trump 5/1.)

The closer the result looks, the more likely it is to scare markets – uncertainty is what markets fear most, and the closer the election result, the greater the perceived likelihood Trump will not concede and will contest the results.

Any chance the Republicans see to stem a Biden landslide will increase the negative news flow – for instance this morning Biden is being dismissed as a China stooge, there is renewed noise about Hunter Biden’s nefarious misdeeds, another that Joe is mentally and physically exhausted by the campaign, that Facebook is in trouble for pulling stories about Hunter Biden, etc, etc, etc….  I’m assured such “fake-news flow” is all true and hasn’t been carefully engineered to paint Donald as an honest, virile statesman. (Sarcasm alert.) On the other hand, the New York Times did a full hatchet job on Trump on Sunday. Whatever happens on election night (or the months it may take to resolve the numbers) America is likely to remain a house divided.

The next two weeks are going to be interesting on the other side of the pond. And that well know Chinese curse “may you live in interesting times” applies equally here in the UK as well.

There is much talk of just how distracted the government looks in terms of the missed Brexit deadline, dissent from the regions on Coronavirus lockdowns, and claymores being dug out the heather in Scotland (a sure sign of rebellion). Rumours of dark deeds, superinjunctions, and political skullduggery swirl around Westminster. These do not look like Boris’ finest hours.

Cut through the noise, and the outlook for the UK boils down to how you perceive three questions: 

1) How secure is the nation’s Pandemic response?

There does seem to be an increasing realisation the Pandemic is a long-term economic hurdle. It’s essentially very simple: the NHS will not be able to cope if a large part of the elderly population is infected.  It’s now well understood the young are essentially not in any real statistical danger, but all it would take to swamp medical services is 10% of those over 65 to catch it. There is a growing consensus the government has done an appalling job managing and communicating its policy which is to essentially stretch out the pandemic to keep the hospitalisation curve below the crisis level – which means (in the absence of a vaccine)… this goes on longer and the friction continues.

2) What is the likelihood of a Brexit deal?

The Brexiteer faithful claim a no-deal is best for the country, but that’s largely bravado. A deal is always a better option – but not at any cost. The rumours say there is still time for the last minute stroke of midnight agreement with Yoorp.  A deal would be pragmatic – but no one can afford to look weak.  Not Boris, not Macron and not the faceless nomenklatura of Brussels. Someone is going to have to give ground… Still.. I’m sure we’ve gone to war with France over less than fishing rights in the past. Pass the Tennis balls (extra points to anyone that can explain that reference…)

3) Where is UK policy going?

It sounds like the Bank of England is going all-in with Negative rates on Nov 5th. Good or bad thing? Short-term market plus – long-term creates all kinds of negative consequences and immense difficulties in terms of moving the economy back into normalised growth and kickstarting entrepreneurial spirits.

We also have the clamour on how the government pays for the crisis – should Chancellor Rishi Sunak really be raising taxes and cutting spending in time of recession? Of course he should not, but he has to convince economically illiterate Tory MPs and party bosses that Margaret Thatcher was wrong about the nation having to stick to household budgeting to balance the books – and that’s heresy!  I wrote about it last week in City AM: Be Brave Mr Sunak.. Keep Spending.

Put these three factors together and work out if the UK is a buy or a sell. The opportunity is certainly there for the UK to use its ability to finance itself out of this Pandemic depression – which will be much more difficult for Europe, hamstrung as it is by the ECB. Buy/Sell UK is not a binary call about a Brexit deal, although many analysts present it as the main market factor.

And then there is China. 

No virus worries as the economy grows 4.9% putting it on track for something that may look like a steep left-skewed v-shaped recovery. The numbers look good – the economy contracted 6.8% as the virus hit in Q1, before posting 3.2% in Q2 and near 5% in Q3. China will post positive 2020 growth.

How did China do it? Is it all down to the strict Q1 lockdowns and controls we’d never accept in the west? Was the speed at which their economy adjusted to supply increased demand for PPE and other health products, or fed the West’s demand from WFH computers? How much is due to increased consumer confidence in China – an article in the WSJ this morning quotes the head of Domino’s Pizza saying China is “a terrific success story in 2020.”

As a final comment on China this morning, I was writing about the regulatory threat to US Tech – someone suggested I buy Alibaba instead as there is zero chance China will hamstring their own tech while the West acts. As a smart Chinese philosopher once said: never interrupt your enemy when they are making mistakes.

7. OIL ISSUES

end

8. EMERGING MARKET ISSUES

CORONAVIRUS UPDATE/BRAZIL//MONDAY

Brazil’s Sao Paulo Pushes For Mandatory COVID Vaccinations

In September, Brazil’s wealthiest and most populous state Sao Paulo went into contract with Chinese vaccine developer Sinovac Biotech, with the expectations to receive 46 million doses of CoronaVac. CoronaVac has been in Phase 3 testing in the South American country since July. On Friday, Sao Paulo Governor Joao Doria said if the COVID-19 vaccine is approved by the National Health Regulatory Agency (ANVISA), then mandatory vaccinations would follow, according to the Rio Times.

Doria told reporters Friday, Oct. 16, that: “In Sao Paulo, it will be mandatory, except for those with a medical note and a certificate stating that they cannot [take the vaccine].” 

Just weeks ago, he told other reporters that Sao Paulo “will be one of the first places in the world to vaccinate the public.” He said his administration has already obtained 6 million CoronaVac doses for potential distribution.

Citing local media, RT News said Sao Paulo could have the CoronaVac vaccine approved as early as December. The trials are expected to be wrapped up this weekend, with results expected sometime early next week.

Doria has spent the last couple of months blasting President Jair Bolsonaro’s handling of the public health crisis – accusing him of “politicizing” the vaccine.

Bolsonaro recently responded to Doria’s comments, saying that the Health Ministry will not make vaccination mandatory. Bolsonaro also cited federal laws that determine it’s up to the federal government to decide if vaccinations are mandatory.

Bolsonaro, who routinely downplayed the pandemic, and contracted the virus in July, has been widely criticized by Doria and other critics for incompetence.

On Saturday, virus-related deaths in the South American country rose 461 to 153,675. Brazil now registers more than 5,224,362 virus cases.

Brazil leads all other BRIC countries in deaths per million inhabitants.

The South American COVID-19 hotspot is Brazil.

Virus cases worldwide, via one-week moving averages, are surging once again.

We would suspect, US vaccine makers are not thrilled with China supply COVID-19 vaccines to Brazil. 

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

Euro/USA 1.1768 UP .0056 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 /MOSTLY GREEN EXCEPT LONDON

USA/JAPAN YEN 105.33 DOWN 0.000 (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 1.3003   UP   0.0098  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3176 UP .0020 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 56 basis points, trading now ABOVE the important 1.08 level RISING to 1.1768 Last night Shanghai COMPOSITE  DOWN 23.69 POINTS OR .71%

//Hang Sang CLOSED UP 155.47 POINTS OR .64% 

/AUSTRALIA CLOSED UP 0.79%// EUROPEAN BOURSES ALL GREEN EXCEPT LONDON

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN EXCEPT LONDON

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 155.47 PTS OR .64% 

/SHANGHAI CLOSED DOWN 23.69 POINTS OR .71% 

Australia BOURSE CLOSED UP 0.79% 

Nikkei (Japan) CLOSED UP 260.50  POINTS OR 1.11%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1912.95

silver:$24.78-

Early MONDAY morning USA 10 year bond yield: 0.777% !!! UP 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.568 UP 4  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 93.35 DOWN 33 CENT(S) from  FRIDAY’s close.

This ends early morning numbers MONDAY MORNING

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And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.14% UP 2 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.16%//UP 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.72 UP 7 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 56 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.62% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.34% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR MONDAY

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

Euro/USA 1.1787  UP     .0075 or 75 basis points

USA/Japan: 105.43 UP .097 OR YEN DOWN 10  basis points/

Great Britain/USA 1.29909 UP .0089 POUND UP 89  BASIS POINTS)

Canadian dollar DOWN 5 basis points to 1.3162

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The USA/Yuan, CNY: closed UP 6.6822   ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.6743  (YUAN up)..

TURKISH LIRA:  7.90  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield UP 3 IN basis points from FRIDAY at 0.767 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.553 UP 3 in basis points on the day

Your closing USA dollar index, 93.28 down 40  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 34.93  0.59%

German Dax :  CLOSED DOWN 54.33 POINTS OR .42%

Paris Cac CLOSED DOWN 8.21 POINTS 0.17%

Spain IBEX CLOSED UP 10.50 POINTS or 0.35%

Italian MIB: CLOSED DOWN 15.47 POINTS OR 0.08%

WTI Oil price; 41.06 12:00  PM  EST

Brent Oil: 42.67 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    77.55  THE CROSS HIGHER BY 0.26 RUBLES/DOLLAR (RUBLE LOWER BY 26 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.62 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  40.65//

BRENT :  42.44

USA 10 YR BOND YIELD: … 0.766..up 2 basis points…

USA 30 YR BOND YIELD: 1.549 up 2 basis points..

EURO/USA 1.1769 ( UP 58   BASIS POINTS)

USA/JAPANESE YEN:105.41 UP .077 (YEN DOWN 8 BASIS POINTS/..

USA DOLLAR INDEX: 93.43  DOWN 26 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2942 UP 38  POINTS

the Turkish lira close: 7.88

the Russian rouble 77.71   DOWN 0.9 Roubles against the uSA dollar. (DOWN 9 BASIS POINTS)

Canadian dollar:  1.3187 DOWN 30 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.62%

The Dow closed DOWN 410.89 POINTS OR 1.44%

NASDAQ closed DOWN 192.67 POINTS OR 2.91%


VOLATILITY INDEX:  29.11 CLOSED UP 1.70

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

USA trading today in Graph Form

Black-ish Monday: Stimulus Stumble Sparks Big-Tech’s Worst Streak In 14 Months

The entire market is now playing a game of deal, or no deal and today’s “no deal” headlines sent stocks reeling…

Nasdaq was down for the 5th straight day, its longest losing streak since Aug 2019…

Interesting the drop starte to accelerate around 1430ET – margin call time.

This drops Nasdaq to 10-day lows, erasing ‘Nasdaq Whale’ gains…

And erases most of last week’s (early) relative outperformance of Nasdaq vs Small Caps…

As we detailed earlier, it would seem the short-squeeze ammunition in Nasdaq futs has run out…

Source: Bloomberg

And escalated quickly today…

Source: Bloomberg

But what was remarkable was the near record surge between the Oct 6 net short of -75K and the subsequent week’s net long position of +17.8K. This was the biggest 3-week surge in NQ contracts in more than 15 years, and the second highest increase on record.

Source: Bloomberg

FANG Stocks sank further…

Source: Bloomberg

And Financials floundered…

Source: Bloomberg

VIX jumped back above 29 today…

Source: Bloomberg

Treasury yields were marginally higher on the day, despite equity weakness (but all the TSY selling was around the European open)…

Source: Bloomberg

And note that the overnight selling in 10Y pushed yields up to unch from the previous Friday before reversing…

Source: Bloomberg

The dollar ended the day lower but erased a lot of its losses as stocks began to dump in the afternoon…

Source: Bloomberg

Crypto was higher today with Bitcoin spiking back above $11,800, breaking put of its recent tight range…

Source: Bloomberg

Gold had a big roundtrip on the day, ending unch…

Silver followed a similar path, with futs topping $25 briefly…

WTI slipped back below $41 as demand fears drifted back…

Finally, as we noted earlier, today is the 33rd anniversary of Black Monday (of course, it’s different this time)…

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 intensified into the close.

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

The weekend was a rumormonger’s delight.

[ZH: Well there is sure a lot of discussion about potentially shocking videos of Hunter Biden…]

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

.end

a)Market trading/last night

b)MARKET TRADING/USA//this morning

Stocks Suddenly Plunge Into Red

US equity markets have very quickly erased their overnight gains on no obvious news-driven catalyst this morning.

It looks like the ramp was to erase the late-day plunge on Friday, run stops…

The Small-Caps/Big-Tech unwind continues…

Our suspicion, as we warned on Friday, is this is gamma-related.

Futures have retraced the late Friday swoon and are trading near 3490. Our gamma index does not pick up that much of a change from Fridays close and is anticipating at a 1% range today. 3500 is still registering as the largest gamma strike, with very little in the way of call positions below. This chart shows the size of call closures after the October OPEX wherein every strike <=3500 saw call OI closed.

The resulting setup seems to indicate that any move under 3475 could spark sharp selling. To the upside we think the 3500-3525 range is fairly sticky in the short term. However, if there is some further election or stimulus consensus we note 3600SPX/360SPY as a large area of call concentration and overhead target into November OPEX.

So what happens next?

end

ii)Market data/USA

iii) Important USA Economic Stories

CORONAVIRUS UPDATE/USA/GLOBE//SATURDAY

US Adds Most COVID-19 Cases Since July, Global Tally Tops 400k For 2nd Day: Live Updates

Summary:

  • US reports most new cases since late July
  • Austria, Netherlands report latest daily records on Saturday
  • Global cases see third straight daily record, again topping 400k
  • Italy prepares tightest restrictions since lockdown ended as Europe outbreak intensifies
  • Iranian death toll tops 30k

* * *

As outbreaks in the US and Europe continue to accelerate, the US reported the most new cases since late July on Friday as multiple Midwestern states, including Wisconsin, Illinois and North Dakota reported records, and certain northeastern states (New York, Connecticut) continued to see elevated case numbers.

According to Johns Hopkins, 69,156 new cases were reported in the US on Friday (remember, cases are reported with a 24-hour delay). By mid-morning on the East Coast, the number of confirmed cases in the US had climbed to 8,052,978.

Friday saw daily deaths remain below the key 1,000 threshold, as JHU counted 883 new deaths, with the total as of Saturday morning being 218,618, with the US on track to pass 220k deaths by mid-week.

The number of new cases worldwide increased to 411,337 on Friday, the third-straight daily record, bringing the global tally to 39,415,643.

While the number of new deaths declined slightly from the prior day, with 6,100 new deaths recorded, bringing the global total to 1,105,621.

As citizens from London to Paris adjust to new COVID-19 restrictions that take effect this weekend, Italy is reportedly considering whether to implement what would be the tightest restrictions since its lockdown ended over the summer after reporting more than 10k new cases on Friday.

Italian Health Minister Roberto Speranza reportedly met with regional leaders Saturday to discuss what he’s recommending to the government to help combat this fresh national crisis. Bloomberg reports that the new measures could be approved by Giuseppe Conte’s government Saturday.

After seeing record numbers in Germany, Chancellor Angela Merkel urged citizens to stay home this weekend to try and “stem the tide” of the virus. In her weekly podcast, she urged Germans to stay home, meet with fewer people inside or outside, and added that how winter and Christmas holidays will be handled will be decided in the coming days.

Ultimately, it will be the sum of individual actions that determine what the government recommends. In the US, Dr. Anthony Fauci has asked Americans to forego Thanksgiving dinner this year.

Europe is already getting off to a rough start on Saturday as both the Netherlands and Austria have already reported new daily records, with more than 8,000 new cases, and 1,747 new cases, respectively, according to Reuters. For both countries, there are only the latest daily countries seen during the past week.

Meanwhile, in Iran, which is also facing a raging second wave, health officials confirmed that the ‘official’ death toll has topped 30,000.

END
Biden’s $2 trillion clean energy plan would mark the beginning of the end for the natural gas industry. It would also bankrupt the nation
(zerohedge)

Biden’s $2 Trillion Clean Energy Plans Could Mark The Beginning Of The End For The Natural Gas Industry

While Joe Biden has been busy speaking out of both sides of his mouth about what his position on fracking would be, if elected, another revelation has come to light: regardless of his position on fracking, his $2 trillion clean energy plan could be devastating to natural gas.

As Bloomberg points out in a recent article, natural gas is not only a crucial part of the nation’s energy supply, but it directly effects votes in the swing state of Pennsylvania, where Biden is seeking to turn the state that leaned Trump in 2016.

Biden’s energy plan could speed up natural gas becoming “economically and environmentally untenable within the power sector,” Bloomberg notes. Biden’s plan for a carbon neutral grid would all but assure natural gas is phased out in favor of renewable energy.

Kevin Book, managing director of ClearView Energy Partners, put it bluntly: “Decarbonization isn’t a debate — it’s a fossil-fuel death sentence. It means a resource is going off the grid. That is the inevitable implication.”

While gas remains a key source of energy for the nation, it has also faced headwinds: its more expensive than solar and wind in most places and, by 2030, renewables are slated to get even cheaper.

John Coequyt, the climate policy director at the Sierra Club, said: “This transition is going to happen more quickly than people thought, just as the coal transition has happened faster than people thought it would.”

Biden’s proposals to cut back on drilling could wind up actually helping natural gas prices in the short term – as could a warmer relationship with China – but in the long term, the prognosis looks undeniable.

If Biden were elected it would come heading into a winter where gas prices are already expected to fall 5.7% due to higher prices this season. 

Further, states like California – who is often the leading indicator for economy-crippling-frivolous-big-government regulations – are already taking active measure to limit natural gas use.

Many are comparing Biden’s potential impact on gas to Obama’s impact on coal. Recall, the Obama administration all but put coal off the map – accelerating the industry’s demise by slapping environmental regulations on coal plants.

Katie Bays, an analyst with Sandhill Strategy in Washington, concluded: “A lot of the path to net-zero by 2035 for power will come from energy efficiency gains, a lot from renewables, and that will squeeze out fossil fuels eventually.”

Basket case California is blaming its crippled economy on climate change. They need money badly.
(zerohedge)

California Is Blaming Its Crippled Economy On Climate Change

With mass exodus occurring from California and the state on the verge of going broke, Democrats aren’t blaming their decades old misunderstanding of economics – but rather are using climate change as the scapegoat.

California is now turning to wildfires that have made their way through 4.1 million acres in the state to lay blame as to the state’s worsening financial state. The fires have cost just $1.1 billion to battle over the last three years, a relatively small sum for such a large state, according to Bloomberg.

But, with the pandemic throwing a true wrench into the gears of the state’s economy – and the state’s residents leaving at an alarming clip – the state needs to blame its $54 billion hole in its budget on something.

Scott Anderson, Bank of the West’s chief economist, said: “Policy action in the next one to five years would be optimal, and probably sooner rather than later to move the economy in the right direction. Otherwise we’re going to be facing a pretty bleak economic future here in California.”

Anderson says the reversal of fortune for the state’s finances should be a “wake up call” about the impacts of climate change. We wonder if he’s ever heard of less government spending.

He also predicts the fires, coupled with Covid, will push the state’s unemployment rate to 10.4% this year and 8.8% in 2021. Those numbers are higher than the current forecasts of 8.4% and 6.9%. He said the trend of people leaving the state could be “more prolonged” than in the last recession.

Patricia Healy, senior vice president of research at Cumberland Advisors, said that the wildfires: “may have inhabitants, insurers, and government questioning the viability of living there and continually rebuilding.” She also thinks the rise in “work from home” as a result of Covid will drive people out of the state.

The time to up and leave may never get better. The state has somehow managed to maintain its credit rating and sellers are able to get massive sums for their homes if they decide to pick up and leave: median home prices in August hit $706,900, a record.

Gavin Newsom, who is overseeing the exodus, said last week: “This state six, seven months ago was dominating in so many different sectors. Those core tenets of this state remain still as alive and enlivened as they ever have been despite some of these situational challenges that we face.”

The state is spending about $205 million in fire prevention and management programs this year, which is down from $354 million in the prior year. Ironically, the big government Democrats in the state seem to want massive government spending on everything but the “climate change caused” problem of wildfires.

The fire trends in the state are “only expected to intensify,” according to Bloomberg. About 69% of the state’s economic output was exposed to fire risk in 2018 and that number is estimated to rise to 71%.

Sean McCarthy, head of municipal credit research at PIMCO, said: “It’s impossible to deny that these risks are not here now. We’re going to see the collision of climate change with the recession.”

Meanwhile, Newsom’s administration has been focused on nothing but climate change since he has been in office. While the state has been “going to hell”, as President Trump put it in a recent Tweet, Newsom has been busy making sure gasoline powered cars aren’t available by 2035 and respecting the rights of transgendered prison inmates.

With efficiency like that, we’re sure the state will turn right around…

end

White House cautiously optimistic on a stimulus deal as they prepare for a 3 pm negotiation.

(zerohedge)

White House ‘Cautiously Optimistic’ On Stimulus Deal As Pelosi, Mnuchin Prepare For 3PM Negotiation

The Trump administration says it’s “cautiously optimistic” that House Speaker Nancy Pelosi might be willing to reconsider her 48-hour ‘gun-to-the-head‘ ultimatum issued to the White House over the weekend, and come down to the $1.8 trillion proposed by Republicans.

“We’re feeling cautiously optimistic that she may be moving toward where we have set the bar,” White House spokeswoman Alyssa Farah told Fox News on Monday, who added that Pelosi and Treasury Secretary Steven Mnuchin would discuss the matter at 3 p.m. eastern time on Monday.

According to Politico, Congressional Republicans are worried that Trump and Mnuchin will agree to a $2 trillion-plus deal, while Democrats “are wonder inf the White House even wants a deal…”

Earlier Saturday, President Trump said during a phone interview with Wisconsin TV station WMTJ that he believes he “could quickly convince” Republicans to back a “good” deal.

If you said a trillion-eight, if you said 2 trillion, if you said 2 trillion-two — many numbers — I’m willing to go higher than that,” said Trump, adding “I will take care of that problem in two minutes.”

In other words, Trump really wants to get a deal done.

Unresolved issues include the ‘child tax credit, childcare funding, census policies, unemployment benefits, and funds for states and local funding,’ according to the report.

Politico‘s Jake Sherman writes:

WE ARE STILL SKEPTICAL they will reach a deal by Tuesday, although it’s certainly not impossible. And if they do, that would mean calling the House back this week — Thursday, Friday or, yes, Saturday. The Senate will need at least a week to process this — if they decide to take it up at all. That pushes the schedule up against election week — not to mention that Senate Republicans are not in favor of the outlines of this bill.

It appears the market is also skeptical…

On Sunday, Pelosi gave the White House until Tuesday to come to an agreement – but will congressional GOP accept anything north of $1.8 trillion?

end
STOCKS agree that a deal was hopeless!
(zerohedge)

From ‘Hope’ To ‘Nope’: Stocks Tumble After “Disagreements Remain” On COVID Relief

After an overnight surge on the back of nothing but hope, the answer from Pelosi and the Democrats appears to be ‘nope’ as headlines state that “disagreements on stimulus language remain,” pouring cold water on the belief that a deal wil lget done by tomorrow’s Pelosi-mandated deadline.

This sent stocks to the low of the day…

It would appear that “hope” and “optimism” can only jolt the algos so many times before they get wise to it.

end

iv) Swamp commentaries)

The Biden saga has now opened up on two fronts:

a) the Hunter Biden laptop left at a computer shop with mega emails on it showing influence peddling (see story below)

b) the following story where one of Hunter Biden’s former business associates Bevan Cooney, in jail for an investment scheme gone bad decides to tell all. Cooney’s partners in the scheme were Devon Archer and Hunter Biden.

Cooney was upset that Biden has not been punished.  (You will recall that a judge reversed an earlier decision and now Archer is heading to jail)

Cooney allowed Peter Schweizer to all his emails and they are a treasure trove! They highlight the Obama-Biden administration’s  “soft diplomacy” for China and in return they receive a boatload of influence peddling money.

(zerohedge)

Hunter Biden Business Associate Flips From Prison, Releases Emails Detailing China Influence-Peddling Operation

Emails from a former Hunter Biden business associate serving time in prison for a 2016 investment scheme reveal that Hunter and his colleagues used their access to the Obama administration to peddle influence to potential Chinese clients and investors – including securing a private, off-the-books meeting with the former Vice President.

Devon Archer (left) with Joe and Hunter Biden

The emails, given to investigative journalist Peter Schweizer by former Biden associate Bevan Cooney and published by Breitbart also reveal that in 2011, the younger Biden and his business associates discussed strengthening relations with “China Inc.” as part of a “new push on soft diplomacy for the Chinese.”

As Breitbart notes, these emails are completely unconnected to the Hunter Biden emails released by the New York Post.

Cooney believes he was the “fall guy” for an investment scheme in which Hunter and business associate Devon Archer avoided responsibility. He reached out to Schweizer after the journalist published Secret Empires in 2018. Archer was initially spared jail and handed a second trial, however a federal appeals court reinstated Archer’s fraud conviction in the case last week.

Cooney provided Schweizer with written authorization, his email account name, and password to his Gmail account to retrieve these emails. He authorized, in writing, the publication of these emails— notable because it is the first time a close associate has publicly confirmed Hunter’s trading on his father’s influence. –Breitbart

More revelations:

In a November 5, 2011 email, one of Archer’s business contacts suggested helping to arrange White House meetings for a group of Chinese executives and government officials who would make “potentially outstanding new clients.” The group, the China Entrepreneur Club (CEC) included CCP loyalists, Chinese billionaires and at least one “respected diplomat” from Beijing. According to the report, CEC – established in 2006, has been referred to as “a second foreign ministry” for China’s communist regime. The gross income of CEC members is estimated to be equivalent to roughly 4% of China’s GDP, according to the email.

“I know it is political season and people are hesitant but a group like this does not come along every day,” said intermediary Mohamed A. Khashoggi on behalf of the CEC to a Biden / Archer associate. “A tour of the white house and a meeting with a member of the chief of staff’s office and John Kerry would be great,” reads the email.

The outreach to Hunter Biden’s group came after several failed attempts to secure meetings with top Obama-Biden administration officials with no success.

“From the DC side as you will see below they [CEC] have written letters to several members of the administration and others and have so far not had a strong reaction,” reads an email.

This is China Inc,” wrote Khashoggi – referring to Chinese billionaires. “Biggest priority for the CEC group is to see the White House, and have a senior US politician, or senior member of Obama’s administration, give them a tour… If your friend in DC can help, we would be extremely grateful.”

And according to BreitbartHunter and Devon Archer apparently delivered for the communists.

The original Oct. 19, 2011, email from Khashoggi was sent to Gary Fears — a controversial political fundraiser with a checkered history who was caught up in a riverboat casino scandal in the mid-1990s — who forwarded it on to Archer a couple weeks later on Nov. 5, 2011.

Time was short, as Khashoggi’s original email noted that the Chinese delegation would be in DC on Nov. 14, 2011. Fears told Archer to “reach out” to Khashoggi about the request regarding getting the Chinese businesspersons and officials into the Obama White House, adding it would be “perfect for” Archer to also “attend” with them and then “get guys for the potash deal.”

The same day Fears sent Khashoggi’s message to him, Archer took the email from Fears and sent to Khashoggi a business proposal for a potash mine deal he had lined up.

Six days after the initial overture, Archer received a followup email asking how a meeting with CEC’s representative went. The email closed with “Do me a favor and ask Hunter [Biden] to call me — I’ve tried reaching him a couple of times.” Archer responded, “Hunter is traveling in the UAE for the week with royalty so probably next week before he will be back in pocket…. The meeting with [CEC representative] was good. Seems like there is a lot to do together down the line. Probably not a fit for the current Potash private placement but he’s a good strategic relationship as the mine develops. Definitely have a drink with Mohammed and let him know how impressed I was with his whole deal.”

Screenshot via Breitbart

“Couldn’t confirm this with Hunter on the line but we got him his meeting at the WH Monday for the Chinese folks,” reads a reply from Archer, one minute later.

And on the day of the meeting, November 14, 2011, Cooney emailed Fears to confirm that Archer “got the Chinese guys all taken care of in DC.”

Meanwhile, White House visitor logs reveal that the Chinese delegation of around 30 members did visit the White House on November 14, 2011. The logs, however, conceal that the delegation met with former VP Joe Biden himself.

Curiously, the Obama-Biden visitor logs do not mention any meeting with Vice President Joe Biden. But the Vice President’s off-the-books meeting was revealed by one of the core founders of the CEC. In an obscure document listing the CEC members’ biographies, CEC Secretary General Maggie Cheng alleges that she facilitated the CEC delegation meetings in Washington in 2011 and boasts of the Washington establishment figures that CEC met with. The first name she dropped was that of Vice President Joe Biden. –Breitbart

Schweizer suggests that the meeting may have opened the door for Hunter and Devon Archer down the road – as just two years later they formed the Chinese government-funded Bohai Harvest RST (BHR) investment fund which saw Chinese money pour into it for investments in CEC-linked businesses. According to the report, ” One of BHR’s first major portfolio investments was a ride-sharing company like Uber called Didi Dache—now called Didi Chuxing Technology Co. That company is closely connected to Liu Chuanzhi, the chairman of the China Entrepreneur Club (CEC) and the founder of Legend Holdings—the parent company of Lenovo, one of the world’s largest computer companies. Liu is a former Chinese Communist Party delegate and was a leader of the 2011 CEC delegation to the White House. His daughter was the President of Didi. ”

The report adds: “Liu has long been involved in CCP politics, including serving as a representative to the 9th, 10th, and 11th sessions of the National People’s Congress of the PRC and as a representative to the 16th and 17th National Congress of the Chinese Communist Party. Liu was the Vice Chairman of the 8th and 9th Executive Committee of All-China Federation of Industry and Commerce (ACFIC), an organization known to be affiliated with the Chinese United Front.”

What’s Don Jr. been up to again?

end

The full story behind Hunter Biden’s laptop. It totally debunks the latest Russia conspiracy theory.

(zerohedge)

Full Story Behind Hunter’s Laptop Debunks Latest Russia Conspiracy Theory

As the Hunter Biden laptop scandal threatens to throw the 2020 election into chaos with what appears to be solid, undisputed evidence of high-level corruption by former Vice President Joe Biden and his son Hunter, the same crowd which peddled the Trump-Russia hoax is now suggesting that Russia is behind it all.

To wit, House Intelligence Committee Chairman Adam Schiff, who swore on National television that he had evidence Trump was colluding with Russia – now says that President Trump is handing the Kremlin a “propaganda coup from Vladimir Putin.”

Senator Chris Murphy (D-CT) has gone full tin-foil, suggesting that Giuliani was a ‘key target’ of ‘Kremlin constructed anti-Biden propaganda.’

Headlines in major publications are perhaps even more conspiratorial:

And of course, propagandists are doing their thing…

Yet, if one looks at the actual facts of the case – in particular, that Hunter Biden appears to have dropped his own laptops off at a computer repair shop, signed a service ticket, and the shop owner approached the FBI first and Rudy Giuliani last after Biden failed to pick them up, the left’s latest Russia conspiracy theory is quickly debunked.

*  *  *

Authored by Larry C Johnson via Sic Semper Tyrannis  (emphasis ours)

This is the story of an American patriot, an honorable man, John Paul Mac Issac, who tried to do the right thing and is now being unfairly and maliciously slandered as an agent of foreign intelligence, specifically Russia. He is not an agent or spy for anyone. He is his own man. How do I know? I have known his dad for more than 20 years. I’ve known John Paul’s dad as Mac. Mac is a decorated Vietnam Veteran, who flew gunships in Vietnam. And he continued his military service with an impeccable record until he retired as an Air Force Colonel. The crews of those gunships have an annual reunion and Mac usually takes John Paul along, who volunteers his computer and video skills to record and compile the stories of those brave men who served their country in a difficult war.

This story is very simpleHunter Biden dropped off three computers with liquid damage at a repair shop in Wilmington, Delaware on April 12, 2019. The owner, John Mac Issac, examined the three and determined that one was beyond recovery, one was okay and the data on the harddrive of the third could be recovered. Hunter signed the service ticket and John Paul Mac Issac repaired the hard drive and down loaded the data. During this process he saw some disturbing images and a number of emails that concerned Ukraine, Burisma, China and other issues. With the work completed, Mr. Mac Issac prepared an invoice, sent it to Hunter Biden and notified him that the computer was ready to be retrieved. Hunter did not respond. In the ensuing four months (May, June, July and August), Mr. Mac Issac made repeated efforts to contact Hunter Biden. Biden never answered and never responded. More importantly, Biden stiffed John Paul Mac Issac–i.e., he did not pay the bill.

When the manufactured Ukraine crisis surfaced in August 2019, John Paul realized he was sitting on radioactive material that might be relevant to the investigation. After conferring with his father, Mac and John Paul decided that Mac would take the information to the FBI office in Albuquerque, New Mexico. Mac walked into the Albuquerque FBI office and spoke with an agent who refused to give his name. Mac explained the material he had, but was rebuffed by the FBI. He was told basically, get lost. This was mid-September 2019.

Two months passed and then, out of the blue, the FBI contacted John Paul Mac Issac. Two FBI agents from the Wilmington FBI office–Joshua Williams and Mike Dzielak–came to John Paul’s business. He offered immediately to give them the hard drive, no strings attached. Agents Williams and Dzielak declined to take the device.

Two weeks later, the intrepid agents called and asked to come and image the hard drive. John Paul agreed but, instead of taking the hard drive or imaging the drive, they gave him a subpoena. It was part of a grand jury proceeding but neither agent said anything about the purpose of the grand jury. John Paul complied with the subpoena and turned over the hard drive and the computer.

In the ensuing months, starting with the impeachment trial of President Trump, he heard nothing from the FBI and knew that none of the evidence from the hard drive had been shared with President Trump’s defense team.

The lack of action and communication with the FBI led John Paul to make the fateful decision to contact Rudy Giuliani’s office and offer a copy of the drive to the former mayor. We now know that Rudy accepted John Paul’s offer and that Rudy’s team shared the information with the New York Post.

John Paul Mac Issac is not responsible for the emails, images and videos recovered from Hunter Biden’s computer. He was hired to do a job, he did the job and submitted an invoice for the work. Hunter Biden, for some unexplained reason, never responded and never asked for the computer. But that changed last Tuesday, October 13, 2020. A person claiming to be Hunter Biden’s lawyer called John Paul Mac Issac and asked for the computer to be returned. Too late. That horse had left the barn and was with the FBI.

John Paul, acting under Delaware law, understood that Hunter’s computer became the property of his business 90 days after it had been abandoned.

The failure here is not John Paul’s. He did his job. The FBI dropped the ball and, by extension, the Department of Justice. Sadly, this is becoming a disturbing, repeating theme–the FBI through incompetence or malfeasance is not doing its job.

Any news outlet that is publishing the damnable lie that John Paul is part of some subversive effort to interfere in the United States Presidential election is on notice. That is slander and defamation. Fortunately, the evidence from Hunter Biden’s computer is in the hands of the FBI and Rudy Giuliani and, I suspect, the U.S. Senate. Those with the power to do something must act. John Paul Mac Issac’s honor is intact. We cannot say the same for those government officials who have a duty to deal with this information.

*  *  *

CBS is the first main stream media outlet other than Fox to report on the Biden scandal as reporter Bo Erickson simply asked Joe Biden on his response to the New York Post scandal

(Jonathan Turley)

Biden Slams CBS Reporter For Asking About The Hunter Biden Scandal

Authored by Jonathan Turley,

For years, many of us have criticized President Donald Trump for his attacks on the media when they asked him about controversies involving him or his family.  The media however has been largely silent as Democratic leaders have ratcheted up attacks on any journalists who question their positions or the party lines.

That was evident recently when Speaker Nancy Pelosi bizarrely attacked CNN anchor Wolf Blitzer as an apologist for the Trump Administration simply because he pressed her on blocking the stimulus package. Other liberals piled on Blitzer for daring to challenge the party line.  Now Joe Biden has attacked the first reporter from one of the networks who simply asked for a response to the unfolding scandal involving his son Hunter Biden. In emails found on the laptop, Joe Biden is named in communications with foreign figures seeking influence over U.S. policy.

Biden refused to comment and then disparaged CBS News reporter Bo Erickson for even asking him the question.

Erickson simply asked “Mr. Biden, what is your response to the New York Post story about your son, sir?”

Biden responded “I have no response.”

Then Biden added “I know you’d ask it. I have no response, it’s another smear campaign, right up your alley, those are the questions you always ask.”

Biden has been hammered for refusing to tell voters whether he will support packing the Supreme Court. This however concerns emails where there are not just allegations of influence peddling worth millions coming from China, Russia, and Ukraine but references to his knowledge or possible involvement. As I wrote recently, there is a striking refusal of the Biden campaign to offer the obvious responses to such allegations.

I have expressed my skepticism over how this laptop was found and when it was disclosed publicly. This could very well be the work of foreign intelligence. However, as I discussed this morning in the Hill, that does not mean that the emails and photos are fabricated. Many of us have long denounced Hunter Biden’s work as a classic influence peddling scheme. That does not make it a crime, but it is common form of corruption in Washington. These emails however, if true, would contradict Joe Biden’s past statements of his lack of knowledge or involvement.

Moreover, it would shatter Joe Biden’s repeated assurance that his son did “nothing wrong.”  One can argue over whether this is a crime, but few would say that there is nothing wrong with raw influence peddling worth millions with foreign entities.

Now however the question is how other journalists will respond.  ABC has yet to even air the allegations and failed to ask a single question to Biden on it during the recent town hall event. Whether these emails are fabricated or authentic, this story is major news. The question is whether there are major news organizations willing to report it.

end

Senate Homeland Committee gets involved and demands answers from the FBI
(zerohedge)

Senate Homeland Committee Demands Answers From FBI Over Hunter Biden Laptop

Senate Homeland Security Committee Chairman Ron Johnson (R-WI) has fired off a Saturday letter to FBI Director Chris Wray demanding answers over the agency’s handling of Hunter Biden’s laptop.

According to the letter, after Johnson released his a report on Hunter Biden’s activities abroad which raised “counterintelligence and extortion concerns,” Johnson’s committee was contacted by a whistleblower – ostensibly Delaware computer shop owner John Paul Mac Issac – who “informed my staff that he had possession of a laptop left in his business by Hunter Biden.”

Issac told Johnson that “he provided its contents to the Federal Bureau of Investigation (FBI) in response to a December 9, 2019 grand jury subpoena,” to which the FBI responded that they “would not confirm or deny any information identified by the committee.”In other words, Wray’s FBI stonewalled when confronted with direct questions by the Senate Homeland Security Committee.

To review the timeline – according to an associate of IssacHunter Biden left three laptops at the repair shop on April 12, 2019. In September of 2019, after Hunter failed to respond to come pick them up, Issac walked into the FBI office in Albuquerque, New Mexico and spoke with an agent.

Two months later, while Democrats were holding Trump-Ukraine impeachment hearings, two FBI agents from the Wilmington, DE office, Joshua Williams and Mike Dzielak, paid Issac a visit. He offered them one of Biden’s hard drives, which they declined to take with them. Two weeks later, they came back with a subpoena for the drive.

After months of silence from the FBI, Issac contacted Rudy Giuliani and offered him a copy of the drives.

The FBI, of course, is laughably investigating the Hunter Biden emails as a potential Russian influence operation despite the above timeline.

Johnson, meanwhile, asks the FBI the following questions:

1. Does the FBI possess material from Hunter Biden’s laptop(s)? If yes. how and when did the FBI obtain this information?

2. Is it accurate that FBI officials obtained contents from Hunter Biden’s laptop from a business located in Delaware? If so:

  • When did the FBI first examine these records?
  • Has the FBI concluded its examination of these records?
  • Has the FBI found any evidence of criminal activity based on its examination of these records?
  • Has the FBI determined whether the records on the computer was generated on that computer. Is genuine, or has been altered in any way?
  • Has the FBI determined whether these records were generated or authored by Hunter Biden?
  • Has the FBI determined whether these records are a result from someone hacking Hunter Biden’s computer?

3. Is it accurate that the FBI issued a grand jury subpoena from the U.S. District Court for the District of Delaware to obtain this information? If so, when and why was this subpoena issued? Was this information ever offered to the FBI voluntarily?

4. When and how were you made aware that the Delaware computer repair shop owner possessed a computer and its electronic contents that he claimed originally belonged to Hunter Biden?

5. In addition to these records allegedly provided in response to a subpoena, has the FBI ever been in possession of any other of Hunter Biden’s laptops) or material from Hunter Biden’s laptop?

end

Blatant censorship:  you tube purge accelerates

(zerohedge)

Blatant Censorship: The Great YouTube Purge Accelerates

Authored by Mac Slavo via SHTFplan.com,

A massive YouTube purge has taken place. Several channels have been removed from the platform proving truth is treason in the empire of lies.

Let me preface this by saying that whether you do or do not agree with the content published by some channels on YouTube, no one deserves to have the boot of tyranny on their throat or their voice silenced for any reason. Ever.

  “When you tear out a man’s tongue, you are not proving him a liar, you’re only telling the world that you fear what he might say.”

– George R.R. Martin.

As far as I, personally am concerned, the content published on any of the sites purged is irrelevant. Censorship in any and all forms is immoral all the time.

“Censorship is to society what cancer is to the body.”

– Brian, High Impact TV

“Those who burn books today will be burning bodies tomorrow,” Brian says.  Make no mistake, this is digital book burning. It’s time to come together and stand up for basic fundamental human rights. This is extremely serious, and it’s no exaggeration to say so.

After Brainwashing People For Decades, MSM and Governments Are Losing Control of People

This blatant censorship says one thing: the mainstream media and the controllers who pull the strings are scared. If they weren’t terrified of us, they wouldn’t be trying so hard to shut any of us up. The truth will prevail regardless.

Here is the list of the channels that we know about that were removed just today:

Try to find as many of these as you can on Bitchute or Steemit. Please try to take a few minutes to find any of these creators and support them on alternate sites.  This is economic terrorism. These people’s livelihoods were removed because they disagree with the official narrative.

Sean from SGT Report is trying to help et the word out about this. But honestly, as Brian from High Impact TV says is “we are all on borrowed time” now. This proves it. Please Tweet to @TeamYouTube and ask them to reverse this for any and all of these channels. I would happily do the same for you regardless of whether I agree with what you are saying or not. This is tyrannical enslavement.

SGT Report, for example, had access to both of his channels terminated for releasing a video last night about the new Hunter Biden emails, and the Seal Team 6 information coming from whistleblower Allen Parrot and Benghazi whistleblower Nick Noe.  Sean’s work can still be seen at SGTreport.TV and on Patreon and Bitchute (link above).

We need to rise up and stand together. We DO NOT have to agree on everything. But it’s time to call a spade a spade. The system is eliminating people and that should be intolerable to every single human being with an ounce of compassion left in their soul.

If you have been one of those constantly asking in the comments what you can do, you can at least stand against this and support these silenced channels and those who run them. It’s time to stand against this corrupt system of censorship and fascism.

Get ready, because things could get extremely intense from here.

end

They should remove Facebooks’s 230 exemption as well as fine them with election interference

(Widburg/AmericanThinker.com)

Does This Explain Why Facebook Was So Quick To Suppress Hunter Biden Revelations?

Authored by Andrea Widburg via AmericanThinker.com,

The moment the New York Post reported on some of the sleazy, corrupt details contained on Hunter Biden’s hard drive, Twitter and Facebook, the social media giants most closely connected to the way Americans exchange political information, went into overdrive to suppress the information and protect Joe Biden. In the case of Facebook, though, perhaps one of those protectors was, in fact, protecting herself.

The person currently in charge of Facebook’s election integrity program is Anna Makanju. That name probably doesn’t mean a lot to you, but it should mean a lot – and in a comforting way — to Joe Biden.

Before ending up at Facebook, Makanju was a nonresident Senior Fellow at the Atlantic Council. The Atlantic Council is an ostensibly non-partisan think tank that deals with international affairs. In fact, it’s a decidedly partisan organization.

In 2009, James L. Jones, the Atlantic Council’s chairman left the organization to be President Obama’s National Security Advisor. Susan Rice, Richard Holbrooke, Eric Shinseki, Anne-Marie Slaughter, Chuck Hagel, and Brent Scowcroft also were all affiliated with the Atlantic Council before they ended up in the Obama administration.

The Atlantic Council has received massive amounts of foreign funding over the years. Here’s one that should interest everyone: Burisma Holdings donated $300,000 dollars to the Atlantic Council, over the course of three consecutive years, beginning in 2016. The information below may explain why it began paying that money to the Council.

Not only was the Atlantic Council sending people into the Obama-Biden administration, but it was also serving as an outside advisor. And that gets us back to Anna Makanju, the person heading Facebook’s misleadingly titled “election integrity program.”

Makanju also worked at the Atlantic Council. The following is the relevant part of Makanju’s professional bio from her page at the Atlantic Council (emphasis mine):

Anna Makanju is a nonresident senior fellow with the Transatlantic Security Initiative. She is a public policy and legal expert working at Facebook, where she leads efforts to ensure election integrity on the platform. Previously, she was the special policy adviser for Europe and Eurasia to former US Vice President Joe Biden, senior policy adviser to Ambassador Samantha Power at the United States Mission to the United Nations, director for Russia at the National Security Council, and the chief of staff for European and NATO Policy in the Office of the Secretary of Defense. She has also taught at the Woodrow Wilson School at Princeton University and worked as a consultant to a leading company focused on space technologies.

Makanju was a player in the faux Ukraine impeachment. Early in December 2019, when the Democrats were gearing up for the impeachment, Glenn Kessler mentioned her in an article assuring Washington Post readers that, contrary to the Trump administration’s claims, there was nothing corrupt about Biden’s dealings with Ukraine. He made the point then that Biden now raises as a defense: Biden didn’t pressure Ukraine to fire prosecutor Viktor Shokin to protect Burisma; he did it because Shokin wasn’t doing his job when it came to investigating corruption.

Kessler writes that, on the same day in February 2016 that then-Ukrainian President Poroshenko announced that Shokin had offered his resignation, Biden spoke to both Poroshenko and Prime Minister Arseniy Yatsenyuk. The White House version is that Biden gave both men pep talks about reforming the government and fighting corruption. And that’s where Makanju comes in:

Anna Makanju, Biden’s senior policy adviser for Ukraine at the time, also listened to the calls and said release of the transcripts would only strengthen Biden’s case that he acted properly. She helped Biden prepare for the conversations and said they operated at a high level, with Biden using language such as Poroshenko’s government being “nation builders for a transformation of Ukraine.”

A reference to a private company such as Burisma would be “too fine a level of granularity” for a call between Biden and the president of another country, Makanju told The Fact Checker. Instead, she said, the conversation focused on reforms demanded by the International Monetary Fund, methods to tackle corruption and military assistance. An investigation of “Burisma was just not significant enough” to mention, she said.

Let me remind you, in case you forgot, that Burisma started paying the Atlantic Council a lot of money in 2016, right when Makanju was advising Biden regarding getting rid of Shokin.

In other words, there’s a really good chance that Sundance was correct when he wrote at The Conservative Treehouse:

That’s right folks, the Facebook executive currently blocking all of the negative evidence of Hunter and Joe Biden’s corrupt activity in Ukraine is the same person who was coordinating the corrupt activity between the Biden family payoffs and Ukraine.

You just cannot make this stuff up folks.

The incestuous networking between Democrats in the White House, Congress, the Deep State, the media, and Big Tech never ends. That’s why the American people wanted and still want Trump, the true outsider, to head the government. They know that Democrats have turned American politics into one giant Augean Stable and that Trump is the Hercules who (we hope) can clean it out.

Twitter in stunning reversal no longer blocks the New York Post Hunter Biden story

(zerohedge)

In Stunning Reversal, Twitter No Longer Blocking NY Post Biden Article

In a spectacular, and humiliating, reversal for Twitter which two days ago sparked an unprecedented scandal with its blatant pro-Democrat censorship and dissemination ban of the “bombshell” NY Post article confirming Joe Biden’s connections to both Ukraine and China, Twitter said it would no longer block the NY Post story about Hunter Biden.

After the NYT first reported late on Friday that Twitter “began letting users share links to an unsubstantiated New York Post article about Hunter Biden that it had previously blocked from its service”, a spokesperson for the online publisher which wishes to retain its Section 230 protections to avoid being sued into oblivion overnight, confirmed to The Hill that users can now share links to the article in tweets and direct messages because “the once private information included is now widely available in the press and on other digital platforms.”

The decision caps a three-day whirlwind for the company, which definitively exposed to the entire world the political bias of both Twitter and YouTube.

After initially blocking users – and in countless cases suspending and banning accounts, even those belonging to administration officials – 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. Late on Friday, the Senate Commerce Committee issued subpoenas for Facebook CEO Mark Zuckerberg, Sundar Pichai of Google, and Jack Dorsey to appear virtually on Oct. 28 to discuss the reformation of Section 230 of the Communications Decency Act, which protects them from liability.

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. This was followed on Thursday night by a statement from the company’s top legal and policy executive, Vijaya Gadde, who 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.”

Then on Friday morning, the CEO returned 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.

And now, after unleashing an unprecedented censorship scandal by the social networks, Twitter has made a 180 and effectively admits that everything it did was wrong.

Even the Joe Biden-endorsing NY Times wrote that “the rapid-fire changes have made Twitter and Facebook the butt of jokes and invigorated efforts to regulate them.”

“Policies are a guide for action, but the platforms are not standing behind their policies,” said Joan Donovan, research director of the Shorenstein Center on Media, Politics and Public Policy at Harvard’s Kennedy School. “They are merely reacting to public pressure and therefore will be susceptible to politician influence for some time to come.”

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

@zerohedge: Goldman: “We boosted our Q3 consumption growth estimate due to the stronger-than-expected September retail sales report. However, this morning’s utilities and goods production data were softer than our previous assumptions. We left our Q3 GDP tracking estimate unchanged at +35%”

The US budget Deficit hit $3.1 trillion for its fiscal year, which ended on September 30, 2020.

RNC files FEC complaint against Twitter, claims company made ‘illegal in-kind contribution’ to Biden campaign – by limiting circulation of the New York Post article about Hunter Biden’s business dealings and Joe Biden’s alleged knowledge of those dealings…

https://www.foxnews.com/politics/rnc-fec-twitter-complaint-claims-company-made-illegal-in-kind-contribution-biden-campaign

BBG’s @lisaabramowicz1: “A University of Chicago study found that 76% of workers received more from claiming unemployment insurance than they would have gotten in wage compensation:” MS’s Chetan Ahya in a report explaining why the team believes in the reflation trade, as households have more to spend.   https://cpb-us-w2.wpmucdn.com/voices.uchicago.edu/dist/1/801/files/2018/08/1-s2.0-S0047272720301377-main.pdf

Yesterday on ABC’s “This Week”, Pelosi said she was “optimistic” about reaching a Covid relief deal; but there has to be an agreement with 48 hours to get the deal done before the election.  George Stephanopoulos, who did NOT ask a single question on the Biden scandal in the town hall with Joe Biden, did NOT ask Pelosi about the Biden scandal in his long interview with Pelosi

Team Biden called lids for Joe on Saturday.  On Sunday, reports said the lid will endure to the Thursday night debate (11 days left then).  We all know why.  Biden apologists say he is preparing for the debate.

‘This is China, Inc.’: Emails Reveal Hunter Biden’s Associates Helped Communist-Aligned Chinese Elites Secure White House Meetings

    Newly obtained emails from a Hunter Biden business partner lay out in detail how the Vice President’s son and his colleagues used their access to the Obama-Biden administration to arrange private meetings for potential foreign clients and investors at the highest levels in the White House. These never-before-revealed emails outline how a delegation of Chinese investors and Communist Party officials managed to secure a private, off-the-books meeting with then-Vice President Joe Biden

    These and more explosive never-before-revealed emails were provided to Schweizer by Bevan Cooney, a one-time Hunter Biden and Devon Archer business associate. Cooney is currently in prison serving a sentence for his involvement in a 2016 bond fraud investment scheme…

https://www.breitbart.com/politics/2020/10/16/exclusive-this-is-china-inc-emails-reveal-hunter-bidens-associates-helped-communist-aligned-chinese-elites-secure-white-house-meetings/

 

Schweizer: More Emails, Proof of Relationship between Hunter Biden, Russian Oligarch Forthcoming (Reportedly, documents on Biden grifting in regard to Iraq are coming.)       https://www.breitbart.com/clips/2020/10/17/schweizer-more-emails-proof-of-relationship-between-hunter-biden-russian-oligarch-forthcoming/

More trouble for Joe Biden as Ukrainian lawmaker claims second laptop belonging to Hunter’s business contacts in the country has been seized by law enforcement

  • Andrii Derkach posted to Facebook on Friday to say there is a ‘second laptop’
  • In the post Derkach says that laptop ‘was given to Ukrainian law enforcement’
  • ‘These are not the last witnesses or the last laptop,’ he warned in the post  …

https://www.dailymail.co.uk/news/article-8853123/amp/Ukrainian-lawmaker-claims-second-laptop-belonging-Hunters-contacts-seized-officials.html

Hunter Biden left laptop at repair shop, owner tells Senate panel

In a letter Saturday to FBI Director Christopher A. Wray, Senate Homeland Security and Government Affairs Chairman Ron Johnson disclosed that the shop owner, identified in media reports as John Paul Mac Isaac, told the panel directly that Hunter Biden dropped off the machine…

https://www.washingtontimes.com/news/2020/oct/18/hunter-biden-left-laptop-at-repair-shop-owner-tell/

FBI ‘Has To Come Clean’ about Corruption Evidence, Potential Child Porn on Hunter Biden’s Laptop: Sen. Johnson (R-WI, Homeland Security Com & Gov’t Affairs Com Chairs)

    “…If they had this information… why did they sit out? Are they covering up because Hunter Biden might be engaged in things that also maybe should have been investigated and possibly prosecuted? Dow we have two systems of justice? This isn’t a standard investigation... we were talking about…national security. And if there’s criminal activity involved that can be tied to Hunter Biden or his business associates… well some of these emails indicate that Joe Biden is fully aware of this.”  https://www.zerohedge.com/political/fbi-has-come-clean-about-corruption-evidence-potential-child-porn-hunter-bidens-laptop

Did FBI Chief Wray et al conceal Hunter’s laptop to have leverage on Joe [ala Hoover] if he wins?

Yes, The Hunter Biden Emails Are Authentic

Hunter Biden dropped off three computers with liquid damage at a repair shop in Wilmington, Delaware on April 12, 2019. The owner, John Mac Issac, examined the three and determined that one was beyond recovery, one was okay and the data on the hard drive of the third could be recovered. Hunter signed the service ticket and John Paul Mac Issac repaired the hard drive and down loaded the data. During this process he saw some disturbing images and a number of emails that concerned Ukraine, Burisma, China and other issues. With the work completed, Mr. Mac Issac prepared an invoice, sent it to Hunter Biden and notified him that the computer was ready to be retrievedHunter did not respond… Mr. Mac Issac made repeated efforts to contact Hunter Biden. Biden never answered and never responded… Biden stiffed John Paul Mac Issac–i.e., he did not pay the bill.

    When the manufactured Ukraine crisis surfaced in August 2019, John Paul realized he was sitting on radioactive material that might be relevant to the investigation. After conferring with his father, Mac and John Paul decided that Mac would take the information to the FBI office in Albuquerque, New Mexico. Mac walked into the Albuquerque FBI office and spoke with an agent who refused to give his name. Mac explained the material he had, but was rebuffed by the FBI. He was told basically, get lost. This was mid-September 2019. Two months passed and then, out of the blue, the FBI contacted John Paul Mac Issac. Two FBI agents from the Wilmington FBI office–Joshua Williams and Mike Dzielak–came to John Paul’s business. He offered immediately to give them the hard drive, no strings attached. Agents Williams and Dzielak declined to take the device.

   Two weeks later, the intrepid agents called and asked to come and image the hard drive. John Paul agreed but, instead of taking the hard drive or imaging the drive, they gave him a subpoena. It was part of a grand jury proceeding but neither agent said anything about the purpose of the grand jury. John Paul complied with the subpoena and turned over the hard drive and the computer.

    In the ensuing months, starting with the impeachment trial of President Trump, he heard nothing from the FBI and knew that none of the evidence from the hard drive had been shared with President Trump’s defense team…The lack of action and communication with the FBI led John Paul to make the fateful decision to contact Rudy Giuliani’s office and offer a copy of the drive to the former mayor. We now know that Rudy accepted John Paul’s offer and that Rudy’s team shared the information with the New York Post… John Paul, acting under Delaware law, understood that Hunter’s computer became the property of his business 90 days after it had been abandoned

https://turcopolier.typepad.com/sic_semper_tyrannis/2020/10/yes-the-hunter-biden-emails-are-authentic-by-larry-c-johnson.html

 

@adamhousley: Think about this…John Paul more than 1 year ago he sees stuff on a laptop…which happens during normal hard drive recovery… and contacts the FBI with the help of his Vietnam Vet dad…doesn’t go to mediaDoesn’t sell it for millions…and he is the one getting attacked?…  Spent nearly 4 months trying to give what he had away to authorities. Didn’t go to press. Didn’t sell it. Yet people attack him and his disability. Freaking sad world we live in.

Rudy Giuliani claims that after the NY Post called Hunter Biden’s attorney to respond to their coming story, the attorney called the PC repair shop and asked the owner to return his client’s PC.

Video at: https://twitter.com/lawyer4laws/status/1317128101944492032

 

@VicToensing: To those who question my Tweet that @RudyGiuliani shld have been alerted IF he was targeted by Russian assets, I was Sen. Barry Goldwater’s Chief Counsel, Senate Intelligence Committee. I know how system works. Intel is supposed to alert US target.  WP story

 

FBI Chief Chris Wray Hid Information [Hunter Biden’s emails] from the Public, Congress and Executive Branch that Absolved President Trump during Impeachment

https://www.thegatewaypundit.com/2020/10/confirmed-fbi-chief-chris-wray-hid-information-public-congress-executive-branch-absolved-president-trump-impeachment-video/

 

The Biden Emails Prove Impeachment Was a Sham

The New York Post story shows once and for all that Trump’s impeachment was all based on a lie.

https://thefederalist.com/2020/10/17/the-biden-emails-prove-impeachment-was-a-sham/

 

Hunter Biden Business Associate Flips From Prison, Releases Emails Detailing China Influence-Peddling Operation – his colleagues used their access to the Obama administration to peddle influence to potential Chinese clients and investors – including securing a private, off-the-books meeting with the former Vice President…White House visitor logs reveal that the Chinese delegation of around 30 members did visit the White House on November 14, 2011. The logs, however, conceal that the delegation met with former VP Joe Biden himself…

https://www.zerohedge.com/political/hunter-biden-business-associate-flips-prison-releases-emails-detailing-china-influence

 

A second Hunter Biden-related email indicates ‘the big buy’, Joe Biden, got a cut of deals.

 

Source on alleged Hunter Biden email chain verifies message about Chinese investment firm

Sources have told Fox News that ‘the big guy’ is a reference to the former vice president.

   The email includes a note that “Hunter has some office expectations he will elaborate.” A proposed equity split references “20” for “H” and “10 held by H for the big guy?” with no further details. Fox News spoke to one of the people who was copied on the email, who confirmed its authenticity…

https://www.foxnews.com/politics/hunter-biden-china-email-source-verifies

 

Trump Dir of Com @TimMurtaugh: This confirms that payment for Joe Biden himself was discussed as part of compensation being arranged through a Chinese energy company.   Joe Biden, a candidate for President of the United States, appears to be compromised by the Chinese… [Full statement at link]   https://twitter.com/TimMurtaugh/status/1317279646636036096/photo/1

 

Hunter Biden also had business dealings in Kazakhstan: report

Emails show Hunter Biden successfully engineered a $1 million investment from Rakishev to filmmaker Alexandra Forbes Kerry — the daughter of ex-Sen. and former Democratic presidential nominee John Kerry, the report said. Hunter Biden also traveled to the country’s capital of Astana for business talks…

https://nypost.com/2020/10/17/hunter-biden-reportedly-also-had-business-ties-in-kazakhstan/

Bo Erickson CBS @BoKnowsNews: I asked Joe Biden: What is your response to the NY Post story about your son, sir? He called it a “smear campaign” and then went after me. “I know you’d ask it. I have no response, it’s another smear campaign, right up your alley, those are the questions you always ask.”

https://twitter.com/BoKnowsNews/status/1317275294194085888

 

Biden lashes out at CBS reporter when asked about NY Post report: ‘I have no response, another smear campaign’ – The former VP went nearly two full days without being asked about the controversy

https://www.foxnews.com/politics/biden-lashes-out-at-cbs-reporter-when-asked-about-ny-post-report-i-have-no-response-another-smear-campaign

 

Why Is The FBI’s Top Child Porn Lawyer Involved In Hunter Biden Laptop Case?

OANN’s Chanel Rion says she’s seen the contents of the hard drive, which includes “Drugs, underage obsessions, power deals,” which make “Anthony Weiner’s down under selfie addiction look normal.”

https://www.zerohedge.com/political/why-fbis-top-child-porn-lawyer-involved-hunter-biden-laptop-case

 

You can’t make this up!  This is not a Babylon Bee parody piece!  Biden issued a fund raising letter on Saturday with the subject line: Why I keep asking for money even though I don’t like to.

https://twitter.com/bennyjohnson/status/1317494456036315136/photo/1

 

How many other Congressmen and government officials of both parties took foreign bribes?

 

Biden’s ABC town hall questioners include former Obama speechwriter, wife of former Pennsylvania Dem candidate – Fox News reached out to ABC, the Biden campaign, Osburn and Haeck for comment and did not immediately receive a response.

https://www.foxnews.com/politics/biden-town-hall-questioners-former-obama-speechwriter-wife-pennsylvania-democrat

Biden falsely claims union endorsement during ABC town hall – The International Boilermakers Union, however, made it clear on its website that it has not endorsed anyone.

https://www.foxnews.com/politics/biden-falsely-claims-union-endorsement-during-abc-town-hall

Critics pan NBC town hall, Savannah Guthrie for ‘debating’ Trump, ABC for giving ‘softballs’ to Biden- ‘How long will NBC go before giving an actual voter the chance to ask a question?’ pollster Frank Luntz asked.  “Trump went from debating Biden to Guthrie! Not sure whether this is good or bad yet … but he’s definitely debating tonight,” CNN commentator Scott Jennings said…

  “These two town halls capture perfectly the difference in media treatment, Trump vs. Biden. ABC is doing everything they can to keep Joe Biden comfortable. Meanwhile, Savannah Guthrie is attacking the President like she openly hates him. Couldn’t be encapsulated better,” Murtaugh tweeted…

https://www.foxnews.com/media/critics-pan-nbc-town-hall-savannah-guthrie-for-debating-trump-abc-giving-softballs-to-biden

@paulsperry_: Biden tonight in ABC town hall said police shouldn’t shoot center mass at dangerous criminal who comes at them threatening their lives with weapon — as every PD in USA trains them to do — but to just “shoot them in the leg.

@paulsperry_: In ABC town hall tonight, Biden tried to claim he once lived in “Section 8” apartments

@SteveGuest: UNBELIEVABLE – During his 90 minute town hall on ABC with George Stephanopoulos, Joe Biden was not asked about the bombshell reporting in the New York Post.

Biden told Stephie that if he loses the election he with “hopefully go back to being a professor at the University of Pennsylvania.”  Joe was never a professor at Penn.  Stephie didn’t challenge him on the fib.

Savannah Guthrie Blasted For Hostile Behavior Toward Trump During Town Hall  http://dlvr.it/Rjhf0g

@TrumpWarRoom: Statement from Trump campaign’s @TimMurtaugh: “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.  President Trump masterfully handled Guthrie’s attacks and interacted warmly and effectively with the voters in the room. Over on ABC it was a completely different scene, as once again Biden was kept comfortable and away from any questions that might challenge him…”

 

The Trump campaign on tonight’s debate with Savannah Guthrie:

https://twitter.com/ByronYork/status/1316926549090832386

@CurtisHouck: Just a reminder, folks: Savannah Guthrie’s husband was a Clinton White House staffertop aide to Al Gore, Gore’s chief of staff for his 2000 presidential campaign, and lead lawyer in the Florida recount.

PA bakery claims cookie sales have predicted past presidential elections — and here’s how it looks for 2020 – Lochel’s Bakery has conducted its ‘cookie poll’ for the last three election cycles, owner Kathleen Lochel tells Fox News – “So far as of 10 a.m. Trump is in the lead 3 to 1,” she told Fox News on Friday morning…  https://www.foxnews.com/travel/pennsylvania-bakery-cookie-sales-predicted-presidential-elections

@MediumBuying: The Biden campaign has placed cable TV ad spending on the New York interconnect. 10/13-10/25 flight  [Why is Biden buying NY ads if he is winning so easily nationally?]

@BlakeLinton: Dr. Helmut Norpoth’s election model is based on turnout during the primaries, produces the correct result for 25 out of the 27 presidential elections that featured primaries, and predicts a red wave in 2020 with an electoral map that looks like this: [Norpoth has Trump winning NY!]

https://twitter.com/BlakeLinton/status/1317081709574311942/photo/1

The NYT’s @ShaneGoldmacher: Biden campaign manager Jen O’Malley Dillon, in grassroots summit, emphasizes that their polling does NOT show a double-digit lead nationally.  “Please take the fact that we are not ahead by double digits”  “Those are inflated national public polling numbers

Early balloting & voting by mail continues to show unexpected GOP strength.  Dems usually dominate VBM and early voting by a huge margin.

@realJakeBailey: In Michigan, the republicans have taken the lead in early voting (VBM +In Person), 41-39. Trump will win the vote on Election Day in person, so the Dems need these early vote margins to change – fast.    https://twitter.com/realJakeBailey/status/1317503966125740032

@realJakeBailey: Republicans now ahead by ELEVEN in Texas. About 800,000 ballots have been added, and the GOP’s lead has increased from 8 to 11. [51% of early ballots are GOP; 40% are Dems.]

https://twitter.com/realJakeBailey/status/1317482706364661762

@bishop_gains: Trump won Denton County, a Dallas suburb, 57%/37%. Republicans currently lead 64%/26% in mail-in ballots returns and in-person early voting with 28% of the 2016 vote total in.

    Trump won Collin County, a Dallas suburb, 56%/39%. Republicans currently lead 64%/25% in mail-in ballots returns and in-person early voting with 22% of the 2016 vote total in.

    Trump won Tarrant County, a Dallas suburb, 52%/43%. Republicans currently lead 49%/43% in mail-in ballots returns and in-person early voting with 18% of the 2016 vote total in.

https://twitter.com/bishop_gains/status/1317496691814141952

With two weeks and small change until the election, Trump campaigned in California on Sunday.  Why if CA is a lost cause?  Possibly to help GOP Reps in order for the GOP to capture the House?

If the Biden news & voting data (not polls) worsen, Dems will have to abandon Biden to save the House.

@BGOnTheSceneL Joe Biden campaigning in Southfield, Michigan today. He held an event live-streamed from a nearly empty gymnasium and did not take questions from press outside

https://twitter.com/BGOnTheScene/status/1317226026552987649

@AllieRaffa: @JoeBiden arrives at his drive-in voter mobilization event in Detroit, MI.

https://twitter.com/AllieRaffa/status/1317237665402658817

@jacobkschneider: The first video was apparently deleted, so here’s another look at Joe Biden’s teleprompter, which is roughly the size of a drive-in movie screen [Where are his supporters?]

https://twitter.com/jacobkschneider/status/1317479666723311616

 

Kristen Welker, upcoming presidential debate moderator, has deep Democrat ties

Welker comes from an established Democratic family — who have poured cash into party coffers, and to Trump opponents, for years…In 2012, Welker and her family celebrated Christmas at the White House with the Obamas…In March 2016 Welker was busted on live television tipping off Hillary Clinton’s Communications Director Jennifer Palmieri about at least one question she planned to ask her during a post-debate interview in Michigan. At the time Clinton was locked in a fierce fight for the Democratic nomination against Sen. Bernie Sanders…

    Welker deleted her Twitter account last week, heading off a more complete look at her past statements and views. It was later restored.  “Anyone who’s ever dealt with Welker knows she’s an activist, not a reporter. The White House press team views her the same way they would AOC or Pelosi if they walked in the office,” a senior White House official told The Post.

https://nypost.com/2020/10/17/kristen-welker-next-debate-moderator-has-deep-democrat-ties/

370K Pennsylvania mail-in ballot applications rejected: Report

Many residents may have mistakenly sent in more than one ballot request

https://www.foxnews.com/politics/pennsylvania-mail-in-ballot-applications-rejected

McConnell says full Senate will take up Barrett nomination on October 23 (vote on October 26)

https://www.cbsnews.com/news/amy-coney-barrett-supreme-court-nomination-full-senate-october-23/

Amy Coney Barrett’s sorority deletes tweet recognizing her Supreme Court nomination, apologizes for being ‘hurtful to many’ – ‘Thank you for holding us accountable,’ Kappa Delta added

https://www.theblaze.com/news/barrett-sorority-deletes-scotus-tweet

ABC, October 23, 2016: Clinton leads Trump by 12 percentage points among likely voters, 50 to 38 percent, in the national survey, her highest support and his lowest to date in ABC News and ABC News/Washington Post polls… Clinton leads Trump by 20 percentage points among women, 55-35 percent…  https://abcnews.go.com/Politics/clinton-vaults-double-digit-lead-boosted-broad-disapproval/story?id=42993821

 

During the final week of polling in 2016, the days into the election, MSM polls tightened dramatically.  The electorate does NOT change opinion that fast!  Trump noted then and now that these polls are ‘suppression polls’ that dispirit Trump voters and help Dems raise funds.  As we opined in a recent missive, soon, no later than next week, MSM polls will show a dramatic tightening in the race – and the pollsters will blame Hunter’s emails.

Well that is all for today

I will see you MONDAY night.

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