OCT 20G//GOLD UP $3.30 TO $1908.50//SILVER UP SMARTLY BY 31 CENTS TO $24.87//GOLD TONNAGE STANDING: 103.5 TONNES//SILVER OZ STANDING 11.25 MILLION OZ//TRUMP REMOVES TERRORIST STANDING ON SUDAN AND THIS OPENS THE DOOR FOR ISRAEL AND SUDAN FOR A PEACE DEAL//CORONAVIRUS UPDATE THE GLOBE//HUNTER BIDEN/JOE BIDEN SAGA CONTINUES//SWAMP STORIES FOR YOU TONIGHT

GOLD$1908.50 UP $3.30   The quote is London spot price

Silver:$24.87 UP $0.31    London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1906.50  LONDON SPOT  4:30 pm

ii)SILVER:  $24.62//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1911.90  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $0.10  CONTANGO//

DEC. GOLD  $1915/.90   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $4.10/ CONTANGO   ( $.90 NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

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

SILVER DECEMBER  CLOSE:     $25.01  1:30  PM SPREAD SPOT/FUTURE DEC.       :  14  CENTS PER OZ  CONTANGO (   10 CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

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

receiving: 8/21

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,906.400000000 USD
INTENT DATE: 10/19/2020 DELIVERY DATE: 10/21/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 2
657 C MORGAN STANLEY 2
657 H MORGAN STANLEY 3
661 C JP MORGAN 3
661 H JP MORGAN 5
690 C ABN AMRO 17
709 C BARCLAYS 3
709 H BARCLAYS 3
800 C MAREX SPEC 4
____________________________________________________________________________________________

TOTAL: 21 21
MONTH TO DATE: 32,122

ISSUED:0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 21 NOTICE(S) FOR 2100 OZ  (0.0653 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  32,122 NOTICES FOR 3,212,200 OZ ( 99.912 tonnes) 

SILVER//OCTOBER CONTRACT

 

1 NOTICE(S) FILED TODAY FOR 5,000  OZ/

total number of notices filed so far this month: 2189 for 10,945,000  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  $11883  UP 47

BITCOIN AFTERNOON QUOTE.:   $11,901   UP   151 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $3.30  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

ANOTHER PAPER WITHDRAWAL OF 2.92 TONNES

INVENTORY RESTS:

GLD: 1,269.93 TONNES OF GOLD//

WITH SILVER UP 31 CENTS TODAY: AND WITH NO SILVER AROUND:

A BIG CHANGE IN SILVER INVENTORY AT THE SLV/// A DEPOSIT OF 652,000 OZ INTO THE SLV

SLV: 564.171  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 SMALL SIZED 356 CONTRACTS FROM 156,806 UP TO 157,162 AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR $0.27 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 TINY  EXCHANGE FOR PHYSICAL (350 CONTRACTS). WE ALSO HAD ZERO LONG LIQUIDATION, AND A STRONG  INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A FAIR  NET GAIN IN OUR TWO EXCHANGES OF 857 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD 350  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  350, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  350 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

11.250 MILLION OZ INITIALLY STANDING IN OCT.

MONDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.27) ).. 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 (706 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A  STRONG GAIN IN SILVER OZ  STANDING  FOR OCTOBER, iii) SMALL 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:

6372 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 6372CONTRACTS) OR 31.860 MILLION OZ: (AVERAGE PER DAY: 455 CONTRACTS OR 2.227 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 31.860 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 4.55% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,491.30 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP                               95.355 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

MAY EFP FINAL:                     77.27 MILLION OZ

JUNE EFP                              71.15 MILLION OZ.

JULY EFP                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

AUGUST EFP                         127.46 MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

SEPT EFP                                78.360 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

OCT EFP                                 31.86   MILLION OZ (LOOKS LIKE THEY ARE FALLING OFF A CLIFF IN  NUMBERS)

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 356, WITH OUR  $0.27 GAIN IN SILVER PRICING AT THE COMEX ///MONDAY.…THE CME NOTIFIED US THAT WE HAD A MINISCULE SIZED EFP ISSUANCE OF 350 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A FAIR SIZED 706 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.27 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 350 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 356 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.27 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.56 // MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.785 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: 1 NOTICE(S) FOR  5,000 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 FAIR SIZED 4635 CONTRACTS TO 562,400 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 GOOD INCREASE IN PRICE  OF  $5.15  /// COMEX GOLD TRADING// MONDAY. 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 GAIN IN PRICE OF $5.15. 

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

WE HAD A FAIR GAIN OF 5505 CONTRACTS  (17.12 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 870 CONTRACTS:

CONTRACT . OCT: 0 DEC: 870; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 870.  The NEW COMEX OI for the gold complex rests at 562,400. 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 FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5,505 CONTRACTS: 4635 CONTRACTS INCREASED AT THE COMEX AND 870 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5505 CONTRACTS OR 16.37 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (870) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI  (4635 OI): TOTAL GAIN IN THE TWO EXCHANGES:  5505 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 103.564 TONNES)  3)  ZERO LONG LIQUIDATION ;4) FAIR COMEX OI GAINAND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR GOOD GAIN IN GOLD PRICE TRADING//MONDAY//$5.15.

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 : 29,972 CONTRACTS OR 2,997,200 oz OR 93.22 TONNES (14 TRADING DAY(S) AND THUS AVERAGING: 2140 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 93.22 TONNES

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

THUS EFP TRANSFERS REPRESENTS 93.22/3550 x 100% TONNES =2.62% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,630.00  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.                        93.22 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 356 CONTRACTS FROM 156,806 UP TO 157,162 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 STRONG INCREASE IN STANDING  FOR SILVER AT THE COMEX FOR OCT., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 350  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. 350 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 350 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 356 CONTRACTS TO THE 350 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A FAIR SIZED GAIN OF 706 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.53 MILLION  OZ, OCCURRED WITH OUR $0.27  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)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 15.44 PTS OR .47%   //Hang Sang CLOSED UP 27.28 PTS OR .11%    /The Nikkei closed DOWN 104.09 POINTS OR 0.44%//Australia’s all ordinaires CLOSED DOWN 0.60%

/Chinese yuan (ONSHORE) closed UP 6.6821 /Oil UP TO 540.98 dollars per barrel for WTI and 42.45 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6821. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6767 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 FAIR SIZED 4635 CONTRACTS TO 562,400 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 FAIR  COMEX INCREASE OCCURRED WITH OUR GAIN OF $5.15 IN GOLD PRICING /MONDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (870 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 GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5505 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 870 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 870; JUN// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 870  CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 5505 TOTAL CONTRACTS IN THAT 870 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 4635 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (103.564 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE  $5.15).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED    17.12 TONNES, WITH THE DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET GAIN ON THE TWO EXCHANGES :: 5505 CONTRACTS OR 550,500 OZ OR 17.12 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:  562,400 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.24 MILLION OZ/32,150 OZ PER TONNE =  1748 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1748/2200 OR 79.47% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 155,630 contracts// volume  very poor//fell off a cliff!!/

CONFIRMED COMEX VOL. FOR YESTERDAY:  171,213 contracts//  volume:  poor  //most of our traders have left for London

 

OCT 20 /2020

OCT. GOLD CONTRACT MONTH

 
 
INITIAL STANDING FOR OCT GOLD
 
 
 
 
 

OCT. GOLD CONTRACT MONTH

 
 
INITIAL STANDING FOR OCT GOLD
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
nil oz
 
 
 
Deposits to the Dealer Inventory in oz nil oz

 

 

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
 
21 notice(s)
 
 2100 OZ
(0.0653 TONNES)
 
 
 
 
No of oz to be served (notices)
1174 contracts
(117,400 oz)
3.652 TONNES
 
Total monthly oz gold served (contracts) so far this month
32122 notices
 
3,212,200 OZ
99.912 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 0 withdrawals from  the customer account

total customer deposit:  nil  oz

we had 0 deposit into the customer account

total customer deposit: nil oz

We had 0  kilobar transactions  +

ADJUSTMENTS: 2 //  dealer to customer account

i) brinks:  1060.983 oz 

 

ii) HSBC  5504.066 oz

 

The front month of OCT registered a total of 1195 contracts for a GAIN of 18 contracts. We had 7 notices filed on Monday so we gained 25 contracts or 2500 additional oz will stand for delivery in this active delivery month of October. In gold we have not seen queue jumping start so early in the month. Thus you can bet the farm that throughout October, the total number of gold oz standing will increase from this level.

November GAINED 84 contracts to stand at 1637.

The big December contract GAINED 2306 contracts UP to 451,034 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (103.564 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  21 notices filed today for  2100 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 21  contract(s) of which 3  notices were stopped (received) by j.P. Morgan dealer and 5 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 (32,122) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (1195 CONTRACTS ) minus the number of notices served upon today (21 x 100 oz per contract) equals 3,329,600 OZ OR 103.564 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 (32,122, x 100 oz +1195 OI) for the front month minus the number of notices served upon today (21) x 100 oz which equals 3,329,600 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 25 contracts or an additional 2500 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. 103.564 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  18,103,040.883 oz  563.08 TONNES
pledged gold: 1,590,658.551 oz
 
registered gold that can be used to settle upon: 16,512,382.0  (513.60 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  16,512,382.0 (513.60 tonnes)
 
 
 
total eligible gold:  19,680,564.322 oz (612.14 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 20/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
nil oz
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
Manfra
 
 
 
 
Deposits to the Customer Inventory
nil oz
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
1
 
CONTRACT(S)
(5,000 OZ)
 
No of oz to be served (notices)
61 contracts
 305,000 oz)
Total monthly oz silver served (contracts)  2189 contracts

 

10,945,,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposits into the dealer:
 
 
 

total dealer deposits: nil       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 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 0 withdrawals:

 
 

total withdrawals; nil    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  62 notices outstanding for a LOSS of 179 contracts.  We had 194 notices served upon yesterday so we GAINED 15 contracts or 75,000 additional oz of silver will stand in this non active month of October.

November saw a LOSS of 13 notices DOWN to 386 contracts.

December saw a GAIN of 411 contracts UP to 127,494 contracts.

 
 

The total number of notices filed today for the OCT 2020. contract month is represented by 1 contract(s) FOR 5,000 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 2189 x 5,000 oz = 10,985,000 oz to which we add the difference between the open interest for the front month of OCT( 62) and the number of notices served upon today 1x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 2,189 (notices served so far) x 5000 oz + OI for front month of OCT  (62)- number of notices served upon today (1) x 5000 oz of silver standing for the OCT contract month .equals 11,250,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 15 contracts or 75,000 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 : 55,439 CONTRACTS // volume very low//

FOR YESTERDAY 66,306  ,CONFIRMED VOLUME// very low

YESTERDAY’S CONFIRMED VOLUME OF 66,306 CONTRACTS EQUATES to 0.331 billion  OZ 47.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.96% ((OCT 20/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.22% to NAV:   (OCT 20/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.96%

(courtesy Sprott/GATA

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

NAV 19.55 TRADING 18.98///NEGATIVE 2.91

END

And now the Gold inventory at the GLD/

OCT 20/WITH GOLD UP $3.30 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER PAPER WITHDRAWAL OF 2.92 TONNES//INVENTORY RESTS AT 1269.93 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

OCT 20/ GLD INVENTORY 1269.92 tonnes*

LAST;  925 TRADING DAYS:   +328282 NET TONNES HAVE BEEN ADDED THE GLD

LAST 825 TRADING DAYS://+509.32  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

Now the SLV Inventory/

OCT 20/WITH SILVER UP 31 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 652,000 OZ INTO THE SLV////INVENTORY RESTS AT 564.171 MILLION OZ//

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//

 

OCT 20.2020:

SLV INVENTORY RESTS TONIGHT AT

564.171 MILLION OZ

 
 

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

* * *

We wonder why?

(Pam and Russ Martens/Wall Street on Parade)

Pam and Russ Martens: NYTimes won’t report JPMorgan’s metals, Treasury market rigging and huge fine

 
 Section: 

 

How Criminal Charges Against a Wall Street Icon Went from Front-Page News to a Yawn at The New York Times

By Pam and Russ Martens
Wall Street on Parade
Monday, Ocober 19, 2020

On May 2, 1985, the highest law enforcement officer in the United States, the head of the U.S. Department of Justice, Attorney General Edwin Meese, held a news conference to announce that the sixth largest brokerage firm on Wall Street, E.F. Hutton, was pleading guilty to 2,000 felony counts of wire and mail fraud.

It had also agreed to pay criminal fines of $2 million and up to $8 million in restitution to the 400 banks it had defrauded. The fraud had lasted less than two years, from July 1, 1980 and February 28, 1982, and consisted of the following according to the Justice Department:

“The essence of the charges was that Hutton obtained the interest-free use of millions of dollars by intentionally writing checks in excess of the funds it had on deposit in various banks.”

… 

On the following day, Friday, May 3, The New York Times put that story on the front page of its newspaper.

Now carefully consider what happened three weeks ago.

On September 29, 2020, the U.S. Department of Justice sent out a press release announcing that it was bringing two criminal charges against the largest Wall Street bank in the United States. No press conference was held. The press release indicated that JPMorgan Chase had committed “tens of thousands of episodes of unlawful trading in the markets for precious metals” and “thousands of episodes of unlawful trading in the markets for U.S. Treasury futures and in the secondary (cash) market for U.S. Treasury notes and bonds.” The bank agreed to pay $920 million in fines and restitution.

This was the fourth and fifth criminal count to which JPMorgan Chase had pleaded guilty since 2014 — an unthinkable and unprecedented history of criminal conduct by the largest bank in the United States. But the New York Times did not run one word about these latest criminal charges on its front page. In fact, no story at all, that we could find, appeared in the print edition of the newspaper….

… For the remainder of the report:

https://wallstreetonparade.com/2020/10/how-criminal-charges-against-a-wa…

END

Jan has a new website, the Gold Observer and in his first commentary he pounds the table that only gold is the way for the mess created by central banks

Jan Nieuwenhuijs is now writing under his real name.  Before he used “Koos Jansen”

Jan Nieuwenhuijs: Gold is the only way out for central banks

 
 Section: 

 

5p ET Monday, October 19, 2020

Dear Friend of GATA and Gold:

Our friend the gold researcher Jan Nieuwenhuijs has departed Voima Gold and created his own internet site, The Gold Observer, where today he explains how central banks can use gold to rebuild their economies and repair their balance sheets.

Nieuwenhuijs’ analysis is headlined “Gold Is the Only Way Out for Central Banks” and it’s posted at The Gold Observer here:

https://thegoldobserver.substack.com/p/gold-is-the-only-way-out-for-cent…

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

end
 
a must view:
 

iii) Other physical stories:

 

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

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

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

 

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

 

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

 
 

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/ UP 6.6821 /

//OFFSHORE YUAN:  6.6767   /shanghai bourse CLOSED UP 15.44 PTS OR .47%

HANG SANG CLOSED UP 27.27 PTS OR .11%

2. Nikkei closed DOWN 104.49 POINTS OR 0.44%

3. Europe stocks OPENED MOSTLY GREEN/

USA dollar index DOWN TO 93.23/Euro RISES TO 1.1805

3b Japan 10 year bond yield: RISES TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 105.65/ 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:: 40.98 and Brent: 42.65

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.62%/Italian 10 yr bond yield UP to 0.74% /SPAIN 10 YR BOND YIELD UP TO 0.18%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.36: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.86

3k Gold at $1904.10 silver at: 24.53   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 9/100 in roubles/dollar) 77.90

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 105.65 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 .9078 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0717 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.62%

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 0.785% early this morning. Thirty year rate at 1.578%

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

6.  TURKISH LIRA:  UP  TO 7.90..

Futures Rebound On Stimulus Optimism Ahead Of “Do Or Die” Deadline

 

If futures are higher, it’s due to stimulus optimism; if futures are lower, then stimulus fears dominate etc, you know the drill by now… so by that logic with Eminis trading 0.7% higher this morning, optimism is apparently on the rise again after yesterday’s rout, even as we approach today’s deal ultimatum, or “do-or-die” moment as Bloomberg called it, for Nancy Pelosi and Steven Mnuchin to clinch a pre-election virus relief deal. Late on Monday, the two were said to narrow their differences after a 53-minute telephone conversation on Monday where they “continued to narrow their differences” about the coronavirus aid package, and will talk again today but still remain at odds over the scope of aid. In any case, the good news is that after today the farce may finally be over at least until after the election. Treasury yields rose and the dollar slipped, while oil and gold fluctuated. The Aussie slid after an RBA official suggested short-term rates may fall below zero.

Sure enough, as Reuters puts it, “stock index futures rose on Tuesday on expectations that Washington lawmakers would be able to settle their differences for an economic stimulus bill to pass before the Nov. 3 presidential elections.” And as Reuters also adds “Uncertainty over the fiscal stimulus weighed on Wall Street’s main indexes on Monday, with analysts expecting market turbulence to increase with only two weeks left until Election Day.” So simple, a 99 cent algo could write this market narrative.

Elsewhere, Goldman is in focus after a Bloomberg report it reached a long-awaited settlement with the DOJ to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, to avoid criminal charges. Procter & Gamble shares rose in the pre-market on the best organic sales growth since 2005. Netflix Inc added 0.9% in premarket trading as investors awaited the the streaming giant’s membership additions in the third quarter. International Business Machines Corp tumbled – again – after cloud growth slowed and total revenue hit a new 21st century low: its shares were down 2.9% last after the company stayed away from issuing a current-quarter forecast, citing economic uncertainty related to the COVID-19 pandemic.

European stocks recovered from early losses on Friday, following a bearish Asian session where investors adjusted their risk exposure before the U.S. elections two weeks away. Record COVID-19 cases in Europe also weighed on sentiment. MSCI’s European Index was up 0.4% while the STOXX 600 was up 0.2, after initially falling as fears about the economic impact of lockdown restrictions outweighed some strong earnings. UBS gained the Swiss banking giant’s credit, FX and rates traders performed better than almost all of their rivals in New York as they took advantage of a virus-fueled trading bonanza. Total revenue rose 41%, beating JPMorgan and Citi but falling short of Goldman. UBS also beat on profit and said it lined up $1.5 billion for share buybacks.

New, tougher restrictions to limit the spread of coronavirus in Europe weighed on sentiment. Ireland announced some of Europe’s strictest constraints on Monday, telling people not to travel more than five kilometers from home. New restrictions were also approved in the Lombardy region of Italy. France reported a massive increase in the number of people hospitalised.

Earlier in the session, Asian stocks fell, led by the energy and finance sectors, after climbing in the last session. Markets in the region were mixed, with South Korea’s Kospi and China’s Shanghai Composite gaining, while Japan’s Topix and Australia’s S&P/ASX 200 slid. The Topix lost 0.7%, with SoftBank and Nintendo contributing the most to the move. The Shanghai Composite Index rose 0.5%, driven by Kweichow Moutai and Foshan Haitian.

With just two weeks until the U.S. presidential elections on Nov. 3, analysts said that investors were reining in their riskier bets. Meanwhile attention is on the outcome of today’s stimulus negotiations.

“The likelihood of a deal taking place appears no more likely now than it was a week ago,” said Michael Hewson, chief market analyst at CMC Markets. The lack of action is particularly concerning in light of rising COVID-19 cases in the United States, he said. “While equity markets appear to be struggling in the short term, the lack of a fiscal stimulus deal in the next two weeks is probably neither here nor there. Most investors expect to see some sort of fiscal stimulus in the next six months, whoever gets in, with the only unknown being around the size and scale, and the timing. The problem for stock markets is that they want to see it now.”

In FX, the dollar was again lower with the Bloomberg Dollar Index sliding as the greenback fell against most of its Group-of-10 peers; the euro advanced, topping 1.18 per dollar as European equities reversed an early decline. Australia’s dollar weakened after RBA Assistant Governor Kent said the Board is considering the case for further easing, there is some room to cut the Cash Rate further, one option is to purchase longer-dated bonds – bond purchases would be regular and aimed to bring down yield. Kent also said expansion of balance sheet is adding monetary stimulus, need policy support to be provided for some time given. Kent remarked that the Bank Bill Swap Rate (BBSW) could move into negative territory in the case of further RBA easing. He also reiterated that the central bank will not increase Cash Rate until actual inflation is sustainably in the target range. RBA has not done a formal policy framework review.

RBA Minutes noted the Board discussed the case for additional monetary easing to support jobs and the overall economy. As in previous meetings, members discussed the options of reducing the targets for the cash rate and the 3-year yield towards zero, without going negative, and buying government bonds further along the yield curve. While members noted that the Australian dollar exchange rate was broadly consistent with its fundamental determinants, a lower exchange rate would provide more stimulus to the Australian economy in the recovery phase.

New Zealand’s currency also declined on speculation the central bank may act to lower borrowing costs. In minutes of its October meeeting, Australia’s central bank said further policy easing is likely to “gain more traction” as restrictions are lifted across the economy and agreed the governor would flag the shift to targeting actual over forecast inflation. The pound swung between gains and losses after the U.K. rebuffed the European Union’s effort to restart deadlocked trade negotiations and as investors waited for evidence that the two sides are reconciling their differences.

In rates, Treasuries were lower again with the curve steeper in early U.S. trading as front-end yields remain anchored while long-end yields were cheaper by ~2bp, 10-year by 1.5bp at 0.784% after breaching Monday’s high. Risk appetite stirred during Asia session and European morning, lifting S&P 500 futures, as investors eyed potential for agreement in stimulus talks today.  Euro zone government bond yields rose, with the benchmark 10-year German yield holding near recent seven-month lows at -0.623%.

Gold edged down while oil prices were little changed after three days of declines on fears that a resurgence of COVID-19 infections would stifle the recovery in fuel demand. Brent crude futures were trading down 2 cents, or 0.4%, at $42.44 a barrel recovering ground after falling as low as $42.19 earlier in the session.

Looking at the day ahead, we have earnings from Procter & Gamble, Netflix, Texas Instruments, Philip Morris International and Lockheed Martin. Central bank speakers include Fed Vice Chair Quarles, the Fed’s Bostic and Evans, the ECB’s Hernandez de Cos and the BoE’s Vlieghe. And data releases include US housing starts and building permits for September.

Market Snapshot

  • S&P 500 futures up 0.6% to 3,442.50
  • Brent futures down 0.6% to $42.38/bbl
  • Gold spot up 0.1% to $1,905.95
  • U.S. Dollar Index down 0.2% to 93.29
  • STOXX Europe 600 up 0.2% to 367.49
  • MXAP down 0.3% to 175.21
  • MXAPJ down 0.01% to 582.59
  • Nikkei down 0.4% to 23,567.04
  • Topix down 0.8% to 1,625.74
  • Hang Seng Index up 0.1% to 24,569.54
  • Shanghai Composite up 0.5% to 3,328.10
  • Sensex up 0.2% to 40,518.88
  • Australia S&P/ASX 200 down 0.7% to 6,184.58
  • Kospi up 0.5% to 2,358.41
  • German 10Y yield rose 0.4 bps to -0.624%
  • Euro up 0.07% to $1.1777
  • Italian 10Y yield rose 6.9 bps to 0.518%
  • Spanish 10Y yield rose 1.6 bps to 0.175%

Top Overnight News from Bloomberg

  • Ireland and Wales announced renewed lockdowns and Italy’s financial center sought a curfew, as Europe steps up efforts to regain control of the coronavirus pandemic
  • The European Union’s first offering of social bonds was said to receive orders of more than 233 billion euros ($275 billion), a record in the euro area
  • The ECB takes the crusade to revive faith in its inflation- fighting credentials to members of the public on Wednesday. They’ll get to share their views with President Christine Lagarde, who vowed at the start of her term just under a year ago to make the central bank better understood, and chief economist Philip Lane
  • Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s role in Malaysia’s 1MDB scandal, and the deal may be announced within days, according to people familiar with the matter
  • China’s hotels and restaurants, one of the hardest-hit sectors of the economy during the coronavirus pandemic, remained a significant drag on growth in the third quarter even as the recovery gained momentum

A quick look at global markets courtesy of NewsSquawk:

Major Asia-Pac indices traded with losses across the board after Wall Street suffered a broad decline following reports which suggested a State-side stimulus deal is not sounding imminent based on comments from the House Speaker and Committee Chairs. US equity futures opened electronic trade in modest positive territory, but have since came off highs and traded sideways throughout the night, with ES, NQ and YM still holding onto some gains heading into the European open. Back to APAC, ASX 200 (-0.7%) was pressured by its mining sector, albeit the index saw some fleeting upside in light of further the dovish RBA rhetoric, this time from Assistant Governor Kent. Nikkei 225 (-0.5%) failed to benefit from the JPY dynamics as the index felt the weight of losses across its industrial sector. KOSPI (+0.5) initially conformed to the losses in the region, with Hyundai and its affiliate Kia posting losses between 3-4% after the former warned that Q3 profits will be hit by charges related to engine problems. Meanwhile, SK Hynix traded in the red after the chipmaker confirmed that it is to purchase Intel’s NAND memory business. Elsewhere, the humdrum tone reverberated into China, with Hang Seng (U/C) and Shanghai Comp. (+0.4%) modestly softer for much of the session despite another PBoC liquidity injection and a non-event LPR setting as anticipated; however, the bourse did pick up somewhat in the tail-end of APAC trade.

Top Asian News

  • Orr Says RBNZ Prepared to Use All Tools to Counter Deflation
  • Thai Central Bank Chief Signals Support Amid Uneven Recovery
  • RBA Sees Monetary Policy Having More Traction as Economy Reopens
  • H.K.- Singapore Bubble May Have 1 Return Flight per Day Initially

European equities (Eurostoxx 50 +0.1%) trade mixed to flat in what has been a relatively indecisive session thus far with little in the way of incremental macro newsflow since yesterday’s close. Slightly outperformance has been observed in the CAC 40 (+0.3%) with Accor (+6.0%) top of the index after a broker upgrade from JP Morgan with the bank upbeat on the Co. “as it streamlines costs, simplifies its business, whilst its sound BS should support small/midscale M&A, allowing the company to emerge from the crisis stronger”. Sectors are mixed with not much in the way of breadth across the broader categories; oil & gas is the main outlier to the downside amid modest losses in the crude complex. Travel & leisure names have been granted some reprieve amid plans to open up international travel to the UK with Heathrow implemented a rapid COVID-19 testing operation for some destinations. As such, IAG (+6.3%), whose British Airways will be one of the first to offer testing, sit at the top of the Stoxx 600, gains are slightly less pronounced for some of the budget airlines such as easyJet (+4.0%) and Ryanair (+2.5%). Elsewhere, support has also been observed in the banking sector post-earnings from UBS (+2.2%) with the Co. far exceeding Q3 net income expectations in what was its “best Q3 earnings in a decade”. Additionally, the Co. announced it has set aside USD 1.5bln for potential share buybacks and currently has USD 1bln available to be paid out as a cash dividend in 2021. Reckitt Benckiser (+1.4%) are another gainer this morning after Q3 earnings were boosted by surging Dettol sales throughout the pandemic. To the downside, Tele2 (-1.5%) are the Stoxx 600 laggard post-earnings, albeit having pared back much of the initial downside, in a session that has featured several Scandi updates, including Stora Enso, Swedbank and Yara International.

Top European News

  • Lockdowns Return to Ireland and Wales in Europe’s Virus Response
  • Italian State Lender CDP Bids With Funds for 88% of Autostrade
  • Boohoo Falls on Report Audit Firms Decline to Work With Retailer
  • ECB Carves Out Its Own Path in the Mission to Revive Inflation

In FX, the race to the bottom is back on down under, and even though a 15 bp RBA rate cut looms larger than the next batch of RBNZ stimulus, the tables have turned to the detriment of the Kiwi. Indeed, Nzd/Usd has relinquished 0.6600+ status and breached the 100 DMA at 0.6586, as the Aud/Nzd cross rebounds from sub-1.0700 and Aud/Usd pivots 0.7050. To recap, minutes from the October policy meeting coupled with comments from RBA Deputy Governor Kent all but sealed an ease early next month, with the latter also noting that Bank Bill Swap rates may also fall below 0% if benchmark rates are reduced further, while RBNZ Governor Orr remarked that there is ample room to deliver more QE and an update on tools will be forthcoming in November.

  • USD – Antipodean underperformance aside, the Buck is mixed vs G10 rivals as broad risk sentiment recovers and the DXY hovers just above Monday’s base within a 93.204-512 range ahead of US housing data, a few Fed speakers and House Speaker Pelosi’s deadline for a pre-election fiscal stimulus deal that looks unrealistic or optimistic at this stage.
  • EUR/CHF/GBP/CAD/JPY – The Euro is maintaining momentum above 1.1750 vs the Greenback and seems well flanked by decent option expiry interest at 1.1745 (1.4 bn) and between 1.1790-1.1800 (1.3 bn) to the upside that also incorporates yesterday’s high and the 50 DMA (1.1795). Meanwhile, the Franc continues to straddle 0.9100 with little reaction to Swiss trade data showing a narrower surplus, but key watch exports declining at a similar pace to the previous month, and the Pound is holding around 1.2950 awaiting BoE commentary from Vlieghe and any further Brexit developments ahead of speeches by the European Commission President von der Leyen and her VP Sefcovic. However, Sterling looks a bit leggy against the single currency as Eur/Gbp probes 0.9100 amidst reports of RHS flows, though recent peaks circa 0.9120-25 may cap further upside irrespective of charts indicating a break of a descending channel. Elsewhere, the Loonie is hovering just above 1.3200 in advance of Canadian inflation on Wednesday and the Yen has slipped a fraction to trade either side of 105.50 following overnight source reports suggesting that the BoJ will downgrade GDP and CPI forecasts when it meets next week.
  • SCANDI/EM – Not a lot of movement or deviation in Eur/Sek around 10.2800 on the back of standard Riksbank rhetoric, but Usd/Cnh and Usd/Cny have fallen further to fresh 2+ year troughs near 6.6700 and 6.6800 respectively as the PBoC gradually lowers its daily midpoint setting for the onshore Yuan and maintained LPRs for the 6th consecutive month.

In commodities, a relatively slow session for the commodity space thus far in terms of fundamental updates as the dust settles following yesterday’s JMMC meeting, which ended up making no recommendation to change policy prior to 2021; the next gathering is November 17th ahead of the full OPEC+ event at the month’s end. Perhaps most notably from the meeting, reports highlight there was no indication of Russia putting forward a compensation plan for their 430k/bbl of overproduction; as such, attention will turn to whether the likes of Saudi put pressure on Russia to unveil a plan and whether some of the other over-complying members follow Russia’s lead on this matter in the months ahead. Price action throughout the session has been choppy but relatively contained compared with the action seen yesterday; currently, benchmarks remain in proximity to the unchanged mark but closer to the top-end of the day’s range. Crude explicitly, the sessions highlight will be the private inventory report which may well display another crude drawdown given a significant magnitude of production remained shut-in last week given the after-effects of Hurricane Delta. As a reminder, last week’s report printed a draw of 5.4mln which was followed by the EIA reading of a 3.818mln draw. Moving to metals, spot gold has been uneventful and in proximity to flat levels for the majority of the session following similar price action in the later-half of APAC trade. However, most recently the precious metal has gleaned some strength from further downside in the DXY as sentiment stateside remains cautiously firm as the Democrats stimulus deadline approaches. Separately, BHP updated that their copper operations in South America are still being affected by COVID-19 related measures but nonetheless copper production came in at 413k/T vs. Exp. 394k/T for Q1.

US Event Calendar

  • 8:30am: Housing Starts, est. 1.47m, prior 1.42m; MoM, est. 3.46%, prior -5.1%
  • 8:30am: Building Permits, est. 1.52m, prior 1.47m; MoM, est. 2.98%, prior -0.9%

DB’s Jim Reid concludes the overnight wrap

US equity markets lost significant ground yesterday amidst ongoing stimulus discussions as investors awaited a raft of earnings releases which heat up from today. Over the weekend speaker Pelosi set the end of today as the deadline to make progress ahead of the election. So today could be interesting.

In terms of the latest, Treasury Secretary Mnuchin and Speaker Pelosi spoke late in the session yesterday, but the Speaker told fellow Democratic lawmakers afterwards that significant areas of disagreement continue to get in the way of a deal. The two sides remain talking ahead of today’s deadline. While the Republican-led Senate has been reluctant to pass a stimulus bill above the $500 billion level that Majority leader McConnell has supported, President Trump has indicated that he is willing to go up to the $2.2 trillion range that Democrats have demanded. Mr Trump said yesterday that if an agreement with Democrats is reached, he would “lean” on Republican Senators to “come along.”

Regardless, the confirmation that the two sides remain significantly apart saw the S&P 500 fall over 1.1% in the last 90 minutes of trading, though the index had been dripping lower throughout the day as risk sentiment soured after a healthy start. By the end of the session, the S&P 500 had lost -1.63%, while the VIX index rose +1.8pts in its 6thconsecutive move higher.

Overnight, S&P 500 futures (+0.34%) are trading back up a little on headlines that the House Speaker Pelosi and Treasury Secretary Mnuchin have “continued to narrow their differences” on a coronavirus relief package. So expect the dance to continue today.

The large losses yesterday saw every industry in the S&P lower on the day, with the Tech (-1.87%) and Energy (-2.10%) sectors leading the declines. In spite of the heavy tech losses, especially among the recent mega cap winners, the NASDAQ (-1.65%) fell largely in line with the S&P. The Dow Jones (-1.44%) also moved lower, while in Europe, the STOXX 600 lost just -0.18% – having closed prior to the US stimulus headlines roiling markets.

Asian markets are trading lower tracking Wall Street’s move from yesterday. The Nikkei (-0.55%), Hang Seng (-0.09%), Shanghai Comp (-0.13%), Kospi (-0.21%) and Asx (-0.63%) are all down.

On the coronavirus, there were further concerning developments from the US and Europe, as the number of confirmed global cases passed the 40m mark yesterday, and governments around the world moved to re-impose restrictions once again. Here in the UK, a further 18,830 cases were reported yesterday as Wales announced a 2-week ‘firebreak’ that would start on Friday evening. In practice, this means that people will be told to stay at home, apart from certain exceptions, with pubs, restaurants and non-essential shops all closing. Prime Minister Johnson has come under pressure to pursue a similar move in England, with opposition Labour leader Keir Starmer having already called for one to be imposed. Elsewhere in Europe, case numbers also remained at elevated levels as you’ll see in the table below. Monday reporting is always a little challenging to interpret though due to the weekend impact.

In terms of further restrictions, Ireland is moving closer towards a full lockdown as of Wednesday night. The new restrictions will close all retail, restaurants and pubs, while schools will remain open. Elsewhere Austria changed the limit on gatherings to 6 people indoors and 12 people outdoors, while Slovenia announced that a 9pm-6am curfew would come into force from today. So far most countries seem relatively keen to keep schools open as much as possible which is a huge economic swing factor given that it governs what parents can do.

Over in the US, weekly cases are set to rise above 400k per week for the first time since early August, with the majority of the outbreaks in regions that either had yet to experience significant caseloads or had relatively moderate first waves. Overnight, the US CDC has issued a “strong recommendation” for mask-wearing by both passengers and operators on planes, trains, buses and taxis. On a related note, Our chart of the day yesterday (link here) actually looked at the average age of deaths across a number of countries from Covid-19, and the US stood out in having a much lower average age of death than the other developed countries at 75.8 (vs. 80-82) in most of the others. Separately, one note of optimism from the US was that the Transport Security Administration said that they had over 1 million passengers go through a security checkpoint on Sunday for the first time since March, while the weekly volume from Oct 12-18 was also the highest since the start of the pandemic.

On the vaccine front, Moderna said overnight that the US government could authorise emergency use of its Covid-19 vaccine in December if it gets positive interim results in November from a large clinical trial. A reminder that even the UK is working to mobilise for a possible vaccine rollout by December. So a month to watch.

Over in fixed income, sovereign bonds lost ground for the most part yesterday, with yields on 10yr Treasuries up +2.3bps, as the 2s10s curve also steeped +1.9bps. Meanwhile in southern Europe, yields on 10yr Italian BTPs came off their all-time closing low on Friday, as they moved up +7.5bps, whilst Spanish (+4.1bps) and Greek (+4.1bps) bonds similarly lost ground. Bunds and gilts were the exception to this pattern however with 10yr bund yields down another -0.6bps to a fresh 7-month low of -0.63%, while those on gilts fell -1.3bps.

Onto Brexit, and in spite of Prime Minister Johnson’s Friday statement that the UK should get ready to leave the transition period without a trade agreement in place, the two sides’ chief negotiators spoke once again yesterday. In a tweet afterwards, the EU’s Michel Barnier said that “I confirmed that the EU remains available to intensify talks in London this week, on all subjects, and based on legal texts. We now wait for the UK’s reaction.” Sterling strengthened by +0.26% against the US dollar yesterday, though this seemed to be more of a dollar-negative story as the dollar index lost -0.27%. Overnight, Bloomberg has reported that the UK is rebuffing the EU’s effort to restart their deadlocked trade negotiations, holding out for more concessions from the bloc before it is prepared to restart talks. The same report though quoted three unidentified EU officials as saying that they expect the negotiations to resume in London by the end of the week. A bit like the US fiscal stimulus, this is now a political dance. We hope no one stumbles!

Staying on politics, there weren’t a great deal of updates on the US election yesterday as the polls continued to show a solid lead for Joe Biden. His chances of victory in FiveThirtyEight’s model now stand at a campaign high of 88%, while the Democrats’ odds of controlling the Senate are at 74%. This week’s debate on Thursday will be the main highlight, but the unprecedented quantity of early voting in this election means that the ability to change the trajectory of the race is diminishing with each passing day. Overnight, the Commission on Presidential Debates has said that President Donald Trump and Democratic nominee Joe Biden will have their microphones turned off during parts of the final presidential debate while adding that each candidate will have an uninterrupted two minutes to speak at the beginning of each of the six 15-minute segments of the debate. Their mics will be turned on again for “a period of open discussion” in the segment’s remaining time. The change comes after the chaotic first debate in which both the candidates talked over the moderator and each other. The list of topic in this Thursday’s debate include Covid-19, American families, race in America, climate change, national security and leadership.

There also wasn’t much in the way of data yesterday, though the NAHB’s housing market index in the US for October rose to another record high of 85 (vs. 83 expected).

3A/ASIAN AFFAIRS

i)TUESDAY MORNING/ MONDAY NIGHT: 

SHANGHAI CLOSED UP 15.44 PTS OR .47%   //Hang Sang CLOSED UP 27.28 PTS OR .11%    /The Nikkei closed DOWN 104.09 POINTS OR 0.44%//Australia’s all ordinaires CLOSED DOWN 0.60%

/Chinese yuan (ONSHORE) closed UP 6.6821 /Oil UP TO 540.98 dollars per barrel for WTI and 42.45 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6821. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6767 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

 

4/EUROPEAN AFFAIRS

FRANCE

France is in a mess as witnessed by the beheading of a teacher for showing students the Mohammad cartoons. France launches a crackdown on Islamic terror..It is about time

(zerohedge)

“Fear Is Changing Sides” – France Launches Unprecedented Crackdown On Islamic Terror

 

On Friday, a French schoolteacher named Samuel Paty was brutally decapitated by an 18-year-old assailiant outside his workplace, a brutal murder that has been confirmed as a terror attack, possibly inspired by a fatwa issued by a French cleric.

French authorities have determined all this, and more, as French President Emmanuel Macron launches an unprecedented crackdown on terror networks in the country with a focus on “political” organizations that officials fear function as fronts, or gateways, for terror recruits plotting acts of violence. Over the weekend, police arrested 11 people, including 4 relatives of the attacker, 18-year-old Abdoullakh Abouyezidovitch Anzorov, who is a migrant from Chechnya living in France.

Anzorov used the large knife to decapitate the teacher, who was targeted after students complained about him showing cartoons from Charlie Hebdo allegedly depicting the Prophet Mohammad, an act considered blasphemy in the religion of Islam.

As we explained over the weekend, police are also looking into what role, if any, social media played in the attack, as a parent of one of Paty’s students is suspected of “doxxing” the teacher in a Facebook post urging Muslim parents to demand that Paty be fired from the school in the Parisian suburb of Conflans-Sainte-Honorine. After complaining to the headmaster, the parent posted three videos calling on parents to take action.

The attack has galvanized French politicians from across the political spectrum to demand that the government do more, while centrists and those on the right have attacked progressive sensitivities that they fear impede the ability to hold terrorists accountable. At one point, Macro sounded like former American president George W Bush, promising that “fear” would soon “change sides” as French police seek to disrupt terror cells in the country.

“Islamists should not be able to sleep easy in our country,” Mr Macron said after an emergency inner cabinet meeting at the Elysée Palace on Sunday with Jean Castex, the prime minister, and Jean-François Ricard, the anti-terrorism prosecutor. “Fear is going to change sides.”

France’s Interior Minister said he would push for a ban on any Islamic “organizations” that support the establishment of “Sharia Law” in France.

Gérald Darmanin, interior minister, said on Monday he would propose a ban on several organisations deemed “separatist” for seeking to bypass the secular institutions of the French republic, including the Collective against Islamophobia in France (CCIF), and a humanitarian aid group called BarakaCity.

“You can see how political Islam combines with radical Islam and so eventually leads to terrorism,” Mr Darmanin said on Europe 1 radio.

“We must fight political Islam with the same determination as we fight terrorism.” He said 51 organisations would be inspected by the state this week.  Mr Macron, who had already announced tighter controls on Islamist radicals in a speech at the start of the month, is now under pressure from politicians from left to right to take an even harder line against militants.

Even the cryptocommunist Jean-Luc Mélenchon didn’t hold back.

Even Jean-Luc Mélenchon, the head of the extreme-left La France Insoumise (France Unbowed) party, who has himself been criticised by the right as “Islamo-leftist,” condemned “Islamist terrorism” and suggested targeting the Chechen immigrant community.Police appear to be nearing a determination of a motive in the attack: they suspect that a French extremist cleric named Abdelhakim Sefrioui issued a “fatwa” against Paty after visiting the school with the father of a pupil who was referenced above. Both of these men are among the 11 who have been arrested so far in the case.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

SUDAN/ISRAEL

Trump announces the removal of Sudan from the terror list and that will pave the way for another Israel peace

(zerohedge)

Trump Announces Sudan’s Removal From Terror List, Paving Way For Israel Peace Deal

 

President Trump indicated via a Tweet Monday afternoon that he is removing Sudan from the official terror blacklist as the Arab League nation isinching closer toward normalizing ties with Israel.

The president indicated that Sudan, which has long been on the list based on allegations of providing covert support to Islamic militants that have carried out attacks on Americans, has agreed to set aside $335 million for payments for American victims of terrorism in the region.

For example, Washington would later blame Sudan in part for funding operations related to the deadly al-Qaeda twin bombings of the US embassies in Kenya and Tanzania in 1998, which had killed 224 people, including 12 Americans. Another 5,000 people were injured in the major attacks. Sudan was known have given safe-haven to Osama bin Laden at one point.

This means Sudan is likely to become the third Arab League member state to normalize ties with Israel, after the UAE and Bahrain inked historic, unprecedented agreements to establish peaceful diplomatic relations and economic cooperation.

The timing is also crucial, given that just weeks before the Nov.3 election, the White House could tout this as a major foreign policy win.

US Secretary of State Mike Pompeo on an official visit to Khartoum, Sudan in August. AFP via Getty Images

Talks between Sudan and Israel have been underway for some time, but full diplomatic recognition has recently been stalled after Sudan officials accused the US of threatening the country with remaining on the terrorism list if it didn’t accept the normalization deal with Israel.

Sudan has been on the State Department’s list going all the way back to 1993, amid the lengthy rule of strongman Omar al-Bashir, who was toppled by Sudanese Army coup d’état in 2019.

During the post-9/11 ‘war on terror’ Sudan became under even more scrutiny.

 

Israeli Prime Minister Benjamin Netanyahu and Sudanese Governing Council Chairman Abdel Fattah Al-Burhan will are expected to meet in Uganda.

Concerning the 1998 embassy bombings, Voice of America has recently detailed that “Leading up to the attacks, the Sudanese government harbored the al-Qaeda militants, providing them with Sudanese passports and allowed them to transport weapons and money across the border into Kenya.”

“Sudan had also given safe haven to Osama Bin Laden leading the U.S. State Department to place the country on a list of state sponsors of terrorism in 1993,” the report underscored.

END

RUSSIA/USA

This should help Trump: a pre election breakthrough deal to extend the Nuke Treaty

(zerohedge)

Trump & Putin On Cusp Of Pre-Election Breakthrough Deal To Extend Nuke Treaty

 

Looking for a last minute major foreign policy ‘win’ going into the November election, the Trump administration has claimed that it’s on the cusp of a significant arms control deal with Russia to extend the New START treaty.

Specifically the two sides which have been in talks in recent months over extending New START, the landmark nuclear arms reduction treaty set to expire February 2021, appear to be making progress, at least according to the White House account.

“We are very, very close to a deal,” an unnamed US official told The Wall Street Journal  on Tuesday. “Now that the Russians have agreed to a warhead freeze, I do not see why we cannot work out the remaining issues in the coming days.”

 

 

Getty Images

While Moscow has said it’s ready to extend for five years, what’s being tentatively agreed to is a one year extension with a freeze on warheads during that time period. 

According to CBS, the breakthrough in a recent stalemate on the issue came when Moscow dropped its “without pre-conditions” stipulation:

The opening came Tuesday after Russia’s Foreign Ministry said Moscow is willing to extend New START with a “freeze,” after Putin said last week that he would only agree to an extension “without pre-conditions.”

State Department spokeswoman Morgan Ortagus said of the impending conditional extension, “We appreciate the Russian Federation’s willingness to make progress on the issue of nuclear arms control.” She added: “The United States is prepared to meet immediately to finalize a verifiable agreement. We expect Russia to empower its diplomats to do the same.”

However, as of Tuesday it’s still anything but a “done deal”:

The clock has been winding down on the last major arms control agreement between Moscow and Washington, after prior late Cold War era treaties like the INF and Open Skies faltered. The Kremlin has every interest also in seeing who wins the White House after November, given especially that Biden has clearly indicated he’s ready to agree to the unconditional 5-year extension of the landmark nuclear arms reduction treaty.

Washington has so far during prior talks in Vienna and more recently Helsinki remained firm it its position that it would only consider a short-term extension if a new agreement brings all nuclear warheads including those possessed by China into the framework.

Should a one year extension indeed be firmed up, it’s unlikely that the issue of bringing China into the framework is actually on the table at this point; instead, the extension would merely buy valuable time to strike a permanent new agreement. And if Trump is not re-elected, it’s more than likely the China issue would become moot

6.Global Issues

Michael every on the important day’s events

(Michael Every)

Rabobank: “Imagine If The COVID Vaccine Doesn’t Work And This Is Our Future”

 

By Michael Every of Rabobank

A Fistful of Conneries

Here we are nearly a year into the Covid-19 crisis, and even G-7 economies are still at sixes and sevens about what to do. For example, the Four Nations around the British Isles are looking more like six or seven nations, if not more. Wales has just locked down completely for two weeks so nobody should be leaving their house; Ireland has shut all pubs, bars, and restaurants for six weeks; the north of England seems to have different virus measures than the south, which may be the toughest tier 3 as soon as lunchtime today (this is something one haggles over now); London is also set to go to tier-3 lockdown without being asked; and Scotland has meanwhile already been in its own form of limited lockdown for a while now. What a patchwork it is.

Just to emphasize, a British ‘tier-3 lockdown’ once again focuses energies on the fulcrum of the economy: the pub. No households can mix in or outdoors – which may or may not be enforced; travel in and out of the area is not recommended – though is not being enforced; and pubs and bars not serving meals will be closed (because chewing rather than gulping kills the virus?) – which is being enforced. Except that the government is also saying that business working lunches *can* be held in pub even under a tier-2 or tier-3 lockdown. So all one has to say to the police who tell you to leave is that you are and your mates are “working” while drinking –get your phone out and swipe a bit, why not?– and on we all go. And so does Covid.

 

Need I add that the British press is as full of opinions about hard lockdowns, soft lockdowns, smart lockdowns, sheltering vulnerable populations, and herd immunity as it was six months ago? And they are still talking about Sweden one way or the other. Imagine if the Covid vaccine doesn’t work and this is our future.

Meanwhile, the British government, either in a pub or not, is still not talking to the EU about a trade deal, which as covered here yesterday is not a surprise: November is when things will start moving again. It is also reportedly working to try to thwart Scottish independence, or so says Bloomberg. More cries of English hypocrisy from some.

More future risk off for markets too, one would think. Recall that in May 2021 the Scottish elections are very likely to open that particular can of worms all over again. On which note, we can expect the issue of what a Scottish currency might have to look like to emerge as a topic of discussion – and which is surely going to be hammered home by Westminster. This is such a serious topic it precludes any serious coverage in today’s Daily: that will come later. Forget about the substantive stuff: suffice to say that even the name of a Scottish currency would be tricky. What could instill enough confidence to replace something that has been around for so long? There is always the Scottish Pound; but how about the pre-Union Merk; or the Bawbee? And can I throw the Connery into the mix? Or maybe it will have to be the Euro? May 2021 isn’t that far away, and these kind of discussions will begin in earnest soon. We might still be under lockdown when they do; but if we go to the pub to talk about it that should be OK. Want to be long GBP as we do?

While there we could also all play US election stimulus drinking games. Pelosi and Mnuchin are apparently edging closer to a deal ahead of today’s self-imposed deadline, two weeks to election day. The Senate Republicans are apparently doing their own thing, however, as usual. Who knows what the outcome of that will be?

Elsewhere, US administration China hawk Peter Navarro gave a speech at the Hudson Institute strong enough in its rhetoric that it could have originated from China’s Global Times. He even used phrases such as “attack dogs” and “useful idiots” several times; and he concluded with a very thinly veiled threat that the US would soon present China with a multi-trillion USD bill for damages stemming from Covid-19. It’s easy to put that all down as the kind of thing one comes out with after spending 30-40 Conneries on a working lunch in a pub; but in the present geopolitical environment, can one be entirely sure? Want to be short USD in the case this is serious?

Indeed, the PBOC left its ‘key rate’ on hold at 3.85% as expected: the spread of that over the Western equivalent remains remarkable. Up to the buyer to decide if this screams strength of weakness or not, of course. On which note, it’s back to the US election again.

 
 

7. OIL ISSUES

ISIS

The splinter group that is left of ISIS is now calling on followers to attack westerners and especially oil pipelines inside Saudi Arabia

(zerohedge)

end
 
The low oil prices plus COVID is playing havoc to OPEC countries
(Widdershoven/OilPrice.com)

OPEC+ Is On The Brink Of A Crisis

 

Authored by Cyril Widdershoven via OilPrice.com,

The OPEC+ member countries are on the brink of a financial crisis if the latest assessments of the International Monetary Fund (IMF) are accurate. The IMF has presented a very bleak outlook for an economic recovery in the Middle East and Central Asia, predicting a 4.1% contraction for the region. The main driving factor behind this bearish outlook is the IMF’s forecast that oil prices will remain in the $40 to $50 range in 2021. An extension of the current low oil price environment for another year would badly hurt oil and gas exporting countries, which includes all of the OPEC+ members.

In its statement, the IMF predicted an economic contraction of 2.8% in April for the Middle East and Central Asia. IMF director Jihad Azour highlighted a large disparity in the projected economic loss of oil-importing and exporting countries, forecasting a negative 6.6% growth for oil-exporting countries, compared to a contraction of 1.3% for oil-importing countries. With many of the OPEC+ members being rentier-states, the need for higher oil prices cannot be overstated. A vast part of the government budgets of OPEC member states depends on oil and gas-related revenues.

 

As such, all OPEC countries are looking at significant budget deficits this year, especially Saudi Arabia, the UAE, Bahrain, Iraq, Iran, and Kuwait. Former OPEC member Qatar is in a similar situation, even as it tries to mitigate the damage by increasing its LNG exports. As both oil and gas demand has seen significant demand destruction this year, prices for both have plunged. At present, Brent oil prices are still 40% below their pre-COVID levels.

There is little hope of a significant rise in prices any time soon as global oil and gas storage volumes are still at historically high levels, and demand looks set to dip again due to new COVID-related lockdowns and a further economic recession. The frequently cited breakeven price for the Saudi government budget is $80 per barrel, although Saudi government budget discussions seem to revolve around an oil price of $50. Iraq has also stated that it expects price levels of $50 per barrel for 2021. These optimistic predictions seem to be based solely on Chinese post-Covid economic figures, which have proven to be highly untrustworthy and don’t take into account the fact that global demand for Chinese products will also need to pick up. The impact of the second wave of COVID cases in Europe and America will undoubtedly hurt this demand for Chinese goods.

But of all the parties that will suffer from low oil prices and the continued impact of a global pandemic, OPEC+ members will suffer the most. Some oil and gas producers were already in a dire financial situation before COVID, including Libya and Venezuela. The major oil market contango and storage glut has been largely overlooked recently, but it still very much exists. Reports of demand recovery in some markets appear to be more wishful thinking spurred by multi-trillion-dollar cash injections rather than a viable economic recovery. OPEC and the IEA both agree that demand is still fledgling, having both cut world oil demand forecasts. The IEA cut its outlook for worldwide oil demand to 91.7 million barrels per day this year while OPEC brought its forecast down to 90.2 million in 2020. OPEC reiterated that future cuts could still be made.

With the financial environment outlined above, OPEC+ members can no longer afford to base their economic stability and future on hydrocarbons alone. Economic diversification has to be put in place, even if the effects won’t be felt for years. Government budget cuts are imminent and could destabilize the region if not done prudently. OPEC+ discussions on stabilizing the market should not be focused at present on price levels or market share only. The real question is how to create a market that is resilient enough to cope with Black Swan events without toppling the current ruling elite. Instability is not only increasing in the Arab producer regions, but also in Russia where sanctions and low oil prices are taking their toll.

OPEC+ members cannot simply bet on the death of U.S. shale as it is an industry that has proven incredibly hard to kill over the years. U.S. shale will almost certainly reemerge, possibly in a different form, but it is reasonable to assume the sector itself is far from dead. Leaders in Riyadh, Abu Dhabi, Moscow, and Kuwait City now have to find a way to survive. With oil at $50 per barrel in 2021, some OPEC members will be in a real crisis. With that in mind, a conventional OPEC+ JMMC statement today or tomorrow will be seen by some as a white flag.

END

8 EMERGING MARKET ISSUES

CORONAVIRUS UPDATE/INDIA GLOBE

India Reports Fewest COVID-19 Cases In 3 Months; Argentina 5th Country To Top 5 Million Cases: Live Updates

 

Summary:

  • Belgium overtakes Netherlands as worst hit country last week
  • India sees lowest new cases in 3 months
  • Kansas nursing home sees all its patients infected
  • Moderna CEO says expects to apply for FDA EUA in December
  • Australia sees another shipborne outbreak
  • Russia outbreak worsens
  • Argentina tops 1 million cases, 5th country to do so
  • Singapore Airlines to resume non-stop flights to NY
  • Chinese officials in Qingdao claim to have detected live virus on frozen food packaging

* * *

Update (0945ET): DB is back with its weekly ranking of worst-hit countries. This week, Belgium and the Netherlands came out on top in the crucial metric of most new cases per 10,000 people.

Notably, European countries occupied 7 of the 8 top spots, underscoring just how badly the European outbreak has worsened over the past few weeks.

* * *

Perhaps the biggest news overnight, aside from Ireland adopting the most restrictive lockdown across Europe after announcing plans to return to its highest level of COVID-19 alert, is that the number of new cases diagnosed in India is finally starting to slow, even as PM Narendra Modi continues to reopen the country.

India logged the fewest new cases in 3 months, reporting just 46,790 cases in the last 24 hours. The numbers brought its countrywide total to 7,597,063. India is now within 750,000 cases of the US.

 

Circling back to Ireland, the government has ratcheted up the coronavirus alert level to 5, the highest level on a scale of five introduced in September. People are being asked to stay at home, while those who can work from home must do so. There will be a penalty for anyone traveling beyond 3 miles of their home, unless they’re doing so for essential work, or an essential purpose.

People will be able to meet up outdoors with one other household away from their home for the likes of exercise, within the 3-mile limit. No social or family gatherings are allowed in homes or gardens, but visits on compassionate grounds and for the purposes of caring for a relative can continue.

Finally, in the US, the New York Post reported overnight that a Kansas nursing home saw every single one of its 62 residents test positive, while 10 died.

On the vaccine front, Moderna CEO Stephane Bancel said Tuesday that the company expects to file for emergency use approval with the FDA by the end of the year, a comment that sent the company’s stock up by double-digits in premarket trade. Moderna has officially stepped up to become one of the front runners as mRNA vector vaccines overtake adenovirus vector vaccines in the race to be the first to receive FDA EUA.

A total of 72,968 people have been infected with the coronavirus in Kansas, while 872 deaths have been attributed to the illness.

Global cases hit 40,327,407 after Johns Hopkins counted 439,890 new cases in a single day, the second daily record in four days.

Meanwhile the worldwide death toll hit 1,117,252 after reporting another 4,981 deaths. Even has hospitalizations have risen around the world, COVID-19 deaths – at least on a global scale – have shown little adherence in to trend in cases and deaths.

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

Pfizer and BioNTech SE announce the Japan start of combined Phase I and Phase II clinical trials of their mRNA vaccine candidate. The study will recruit 160 people 20 to 85 years old. The pharmaceuticals earlier agreed to supply Japan with 120 million doses of their now experimental coronavirus vaccine in the first half of 2021 (Source: Nikkei).

A Kuwaiti-flagged livestock ship docked off Australia’s west coast is evacuated after at least half the 52 crew test positive for COVID-19, Reuters reports. The cluster is the fourth detected aboard a ship arriving at a Western Australia port over the past month, in a state that has otherwise been free of the virus for weeks (Source: Nikkei).

South Korea confirms 58 cases, marking the fifth straight day of fewer than 100 cases. Of the new infections, 41 were locally transmitted (Source: Nikkei).

Officials in Qingdao, where 12 cases have surfaced this month, say they have found sufficient evidence for the first time showing the virus can survive for long periods on the outer packaging of frozen food, then be transmitted. To prevent further infections, Qingdao will test every package of frozen goods, and handlers will be required to stay in designated areas and be tested every three to five days (Source: Nikkei).

Singapore Airlines will next month resume non-stop flights between the city state and New York to cater to cargo traffic as well as a growing number of transfer passengers travelling via the island (Source: FT).

Greater Manchester is seeking an extra £90m in financial aid in return for tighter coronavirus restrictions as a noon deadline for talks with the UK government approaches (Source: FT).

Argentina has become the fifth country to record more than 1m coronavirus infections after it added almost 13,000 cases on Monday. The South American country reported 12,982 new cases on Monday, taking its overall tally to 1,002,622. The US leads the global count of coronavirus cases with more than 8m, followed by India with 7.6m, Brazil with 5.3m and Russia’s 1.4m, according to data from Johns Hopkins University. Argentina also reported 451 new deaths, taking Covid-related fatalities to 26,716 or the ninth-highest in the world (Source: FT).

 

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

Euro/USA 1.1806 UP .0038 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 105.65 UP 0.190 (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 1.2938   DOWN   0.0009  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3186 DOWN .0004 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  TUESDAY morning in Europe, the Euro ROSE BY 38 basis points, trading now ABOVE the important 1.08 level RISING to 1.1806 Last night Shanghai COMPOSITE UP 15.44 POINTS OR .47% 

//Hang Sang CLOSED UP 27.28 PTS OR .11% 

/AUSTRALIA CLOSED DOWN 0,60%// EUROPEAN BOURSES MOSTLY GREEN

Trading from Europe and Asia

EUROPEAN BOURSES MOSTLY GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 27.44 PTS OR .11% 

/SHANGHAI CLOSED UP 15.44 PTS OR .47% 

Australia BOURSE CLOSED DOWN 0.60% 

Nikkei (Japan) CLOSED DOWN 104.09  POINTS OR 0.44%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1904.30

silver:$24.52-

Early TUESDAY morning USA 10 year bond yield: 0.785% !!! UP 1 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.578 UP 2  IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 93.23 DOWN 20 CENT(S) from  MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.16% UP 2 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.18%//UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.75 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 57 points higher than Spain.

GERMAN 10 YR BOND YIELD: RISES TO –.60% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.35% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

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

Euro/USA 1.1825  UP     .0057 or 57 basis points

USA/Japan: 105.55 UP ..093 OR YEN DOWN 9  basis points/

Great Britain/USA 1.2951 UP .0004 POUND UP 4  BASIS POINTS)

Canadian dollar UP 74 basis points to 1.3113

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed UP 6.6764    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.6626  (YUAN up)..

TURKISH LIRA:  7.878  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield UP 1 IN basis points from MONDAY at 0.780 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.580 UP 2 in basis points on the day

Your closing USA dollar index, 93.09 down 33  CENT(S) ON THE DAY/1.00 PM/

Your closing bourse for Europe and the Dow along wth the USA dollar index closing and interest rates for TUESDAY: 12:00 PM

London: CLOSED UP 15.42  0.26%

German Dax :  CLOSED DOWN 97.74 POINTS OR .76%

Paris Cac CLOSED UP 10.28 POINTS 0.21%

Spain IBEX CLOSED UP 77.40 POINTS or 1.13%

Italian MIB: CLOSED UP 129.61 POINTS OR 0.67%

WTI Oil price; 40.66 12:00  PM  EST

Brent Oil: 42.59 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    77.40  THE CROSS HIGHER BY 0.40 RUBLES/DOLLAR (RUBLE LOWER BY 40 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.60 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  41.46//

BRENT :  42.91

USA 10 YR BOND YIELD: … 0.798..up 3 basis points…

USA 30 YR BOND YIELD: 1.603 up 4 basis points..

EURO/USA 1.1825 ( UP 57   BASIS POINTS)

USA/JAPANESE YEN:105.50 UP .040 (YEN DOWN 4 BASIS POINTS/..

USA DOLLAR INDEX: 93.10 DOWN 33 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2939 DOWN 8  POINTS

the Turkish lira close: 7.86

the Russian rouble 77.33   UP 0.48 Roubles against the uSA dollar. (UP 48 BASIS POINTS)

Canadian dollar:  1.3130 DOWN 20 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.60%

The Dow closed UP 113.07 POINTS OR 0.40%

NASDAQ closed UP 37.61 POINTS OR 0.37%


VOLATILITY INDEX:  29.24 CLOSED UP .06

LIBOR 3 MONTH DURATION: 0.208%//libor dropping like a stone

USA trading today in Graph Form

Big-Tech, Banks, Bitcoin, & Bullion Jump As Dollar & Bonds Dump

 

Great housing data and a bucketful of hope on stimulus talks sparked exuberance overnight but dueling headlines (Pelosi ‘optimistic’, McConnell not so much) from DC intraday pumped and dumped stocks all day. Nasdaq ended higher, breaking its 5-day losing streak…

 

Nasdaq’s moves were most volatile and show the intraday pump to find resistance at yesterday’s knuckle point…

 

Are we setting up for this?

“Most Shorted” Stocks slipped lower today, despite the strength in the indices…

Source: Bloomberg

Tech stocks gained modestly…

 

Source: Bloomberg

Banks were up on the day (as the yield curve steepened) but rolled over late on…

 

Source: Bloomberg

Despite stock gains, VIX ended higher on the day…

Bonds were sold today with the long-end underperforming (curve steepening)…

Source: Bloomberg

10Y Yields reached their highest since June 10th…

Source: Bloomberg

…finding resistance just shy of 80bps again…

Source: Bloomberg

The Dollar dropped to one-month lows…

Source: Bloomberg

Bitcoin surged back above $12,000 today for the first time since Sept 1st…

Source: Bloomberg

And notably diverged from the rest of crypto…

Source: Bloomberg

Gold bounced twice off $1900 intraday to end higher…

WTI rallied on the day, breaking back above $41 ahead of tonight’s inventory data…

Copper’s recent strong gains suggest bond yields have a long way to go… or the speculative woosh into copper is misplaced…

Source: Bloomberg

Finally, we asked earlier, Where in the bubble are we: Virgin Galactic pares gains of as much as 6.8% after CNBC clarifies that Chanos was only joking about being “positive” on space companies…”

CNBC’s Scott Wapner clarifies: “Since there seems to be some confusion in the markets, Jim Chanos tells me he was JOKING when talking “positively” about space-related companies, which may be moving on his perceived bullish comments. It was a joke, folks. Back to your regularly scheduled trading…”

Sigh!

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//this morning

Stocks Erase Pelosi “Optimistic” Pump As Stimulus Relief Differences Remain

 

Algos were inspired to run overnight high stops on the back of Pelosi using the word “optimistic” but then once she started to explain that nothing has actually changed, the market’s ramp was reversed once again.

Speaking on BloombergTV,:

  • *PELOSI SAYS SHE IS OPTIMISTIC FOR STIMULUS, ECONOMY NEEDS IT

And stocks ramped. But then reality hit and humans stepped in…

  • *PELOSI SAYS DIFFERENCES STILL REMAIN ON STATE, LOCAL AID
  • *PELOSI SAYS DIFFERENCES STILL REMAIN ON LIABILITY PROVISIONS
  • *PELOSI SAYS DEMOCRATS STILL FIGHTING FOR TAX CREDITS

So all the things that she has been demanding for the last few weeks but have not budged. The Speaker then confirmed today’s deadline…

  • *PELOSI SAYS TODAY IS DEADLINE TO HAVE DEAL TERMS ON THE TABLE

And offered once more bone to the algos…

  • *PELOSI SAYS WE ARE ON A `PATH’ ON AID, HAVE TO BE OPTMISTIC

The jump reversed once again…

It appears some remain “hopeful”…As President Trump said this morning, “we will see if Pelosi will change her mind.”

end

 

ii)Market data/USA

 
 

iii) Important USA Economic Stories

WALL STREET JOURNAL

EDITORIAL OPINION:

The Wall Street Journal throws its weight behind the New York Post editors.  Freeman writes why haven’t the Bidens denied the story yet?

Wall Street Journal/Freeman

Have the Bidens Denied the Story Yet?

Media outlets still taking aim at the messenger.

 
 
 

 

Democratic presidential nominee Joe Biden in Wilmington, Delaware on Monday.

PHOTO: GETTY IMAGES

After celebrated New York Times and Washington Post articles about Donald Trump and Russia turned out to be wrong, will maligned New York Post articles aboutJoe Biden and Ukraine turn out to be right? This fascinating media era could force a redefinition of terms like “mainstream” and “tabloid.” Five days after the New York Post started publishing alleged emails detailing Biden family corruption, the Bidens still haven’t claimed they’re counterfeit.

Don’t expect a magnanimous response from the Post’s competitors. Rather than investigating the level of involvement the leading candidate for president had in his family’s influence-peddling business, some media outlets have chosen instead to focus their reporting on whether some journalists were afraid to touch the Biden email story before the Post published it.

But so far the stories by the Post’s Emma-Jo Morris and Gabrielle Fonrouge are still standing. Unless and until former Vice President Joe Biden or a member of his family wants to argue that the emails are fakes, isn’t there a responsibility for all journalists covering the campaign to acknowledge the Post reporting and demand answers about the lucrative foreign sales of the Biden name?

The stages of establishment media grief also include efforts to pretend that the story is not really about Joe Biden or corruption and that the Bidens were not really selling what they appeared to be selling.

 

“The story of Hunter Biden’s involvement with the Ukrainian gas company Burisma isn’t a scandal about his father, as the Trump campaign claims, but part of a personal tragedy for the vice president’s son,” says David Ignatius of the Washington Post. Actually, it’s a tragedy for America and the world when the model of lawful, constitutional governance is represented overseas by a vice president who is trailed by relatives with their hands out.

Mr. Ignatius cites the expertise of an anonymous “Eastern European expert in digital forensics” to suggest the emails might be fakes. Apparently Mr. Ignatius doesn’t find it significant that the Bidens haven’t made this argument. Mr. Ignatius also cites an anonymous “business consultant” and writes:

Burisma was pursuing new gas leases in Ukraine that it claimed might attract international investment, the consultant remembers, and wanted prominent people on its board.

 

The consultant made some inquiries about several senior Burisma executives and then met with [Hunter] Biden a week later. The consultant told Biden the planned Burisma gas licenses involved small assets that weren’t likely to attract foreign investors, and cautioned the vice president’s son against working for the company.

“They’re using you for your name. They will exploit your name to your detriment and your father’s,” the consultant remembers warning Biden.

As if Joe Biden and his adult son would have no idea why a foreign tycoon would want to do business with Hunter Biden. It’s possible that Burisma needed some political juice to secure gas leases, in addition to the benefits the Biden name might carry in warding off unwanted investigations.

But if Mr. Ignatius is suggesting that Hunter Biden’s name served the business purpose of attracting investment, he’s asking readers to believe that energy investors are scouring the globe—not for reserves of natural gas that can be extracted at low cost—but for a partnership with the troubled son of a prominent politician who knows almost nothing about the energy business. Does even Mr. Ignatius believe this?

At least Mr. Ignatius is trying to wrestle with the issue of the Biden family business. Many media outlets prefer to ignore it. And suppressing unwelcome comments from Joe Biden’s opponent is also becoming a media habit. Corinne Weaver and Alec Schemmel at NewsBusters report:

Twitter and Facebook have censored the president’s social media accounts and the accounts belonging to his re-election campaign at least 65 times. In contrast, the companies have not censored former Vice President and Democratic presidential nominee Joe Biden and his campaign accounts. At all.

… The Media Research Center’s Techwatch department analyzed two years of social media posts from Trump, Biden, and their respective campaigns. The analysis did not include any ads from PACs or super PACs that had made ads in favor of either candidate. It also focused on social media posts, not paid advertisements, from the campaigns. These numbers were collected from between May 2018 to October 16, 2020.

***

 

More Biden Family Business

The overseas influence business should be a great concern to all Americans. Of much less importance but perhaps a concern to parents paying tuition at a certain Ivy League institution was Joe Biden’s answer to the question of what he will do if he loses the presidential election next month.

Responding to an audience member at an ABC News “town hall” event last week, the former vice president expressed the hope that he will “go back to being a professor at the University of Pennsylvania.”

That’s one way to describe his experience. The Philadelphia Inquirer’s Jonathan Tamari reported last year:

What did the University of Pennsylvania get for the more than $900,000 it has paid Joe Biden?

The former vice president collected $371,159 in 2017 plus $540,484 in 2018 and early 2019 for a vaguely defined role that involved no regular classes and around a dozen public appearances on campus, mostly in big, ticketed events.

***

Mr. Freeman is the co-author of “The Cost: Trump, China and American Revival.”

***

END
 
This is a must: Barr must investigate the Biden laptop scandal and report back prior to the election
(zerohedge)

‘He’s Got To Act’: President Trump Calls On AG Barr To Investigate Biden Laptop Scandal

 

President Trump on Tuesday urged Attorney General William Barr to investigate the Hunter Biden laptop scandal and release his findings before Election Day.

“This is major corruption and this has to be known about before the election,” said Trump in an interview on “Fox & Friends.” “We have got to get the attorney general to act. He’s got to act and he’s got to act fast, he’s got to appoint somebody” the president added.

When asked how his campaign is going, he replied “It’s just going very well,” adding of Biden: “I think he’s imploding, you look at all that corruption in his family, tremendous corruption.”

 

Hunter Biden dropped three MacBook computers off at a Delaware computer repair shop in April of 2019, signed a work order for ‘data recovery,’ and then never picked them up after the owner says he tried to contact the former Vice President’s son. Contained within Hunter Biden’s emails is evidence that Joe Biden was involved in leveraging his office in pay-for-play favors, including with Ukrainian energy giant Burisma – which thanked Hunter for the ‘opportunity’ to meet his father in 2015, before Joe forced Ukraine to fire their top prosecutor investigating the company.

Several photographs of Hunter Biden in compromising situations were also discovered – including one with a crack pipe hanging out of his mouth. There are also rumors of child pornography, a rumor seemingly supported by the fact that an FBI subpoena for the drive(s) was filed by the agency’s top child porn investigator.

Democrats, most prominently Rep. Adam Schiff of California, have suggested without evidence that the emails are part of a Russian disinformation campaign – an assertion that Director of National Intelligence John Ratcliffe vigorously pushed back against.

 

“Hunter Biden’s laptop is not part of some Russian disinformation campaign,” Ratcliffe said Monday. “Let me be clear: The intelligence community doesn’t believe that because there is no intelligence that supports that. And we have shared no intelligence with Adam Schiff, or any member of Congress,” he added.

“It’s funny that some of the people who complain the most about intelligence being politicized are the ones politicizing the intelligence,” Ratcliffe continued. “Unfortunately, it is Adam Schiff who said the intelligence community believes the Hunter Biden laptop and emails on it are part of a Russian disinformation campaign.”

The Bidens have not challenged the authenticity of the emails.

“That laptop, no one has ever seen anything like it, he’s gone into hiding,” Trump said of Joe Biden on Tuesday.

end
 
It is about time:  D of J finally files its sweeping antitrust lawsuit against
Google
(zerohedge)

DoJ Finally Files Sweeping Antitrust Lawsuit Against Google

 

Update (0825ET): The Google news has rattled the market, as investors contemplate the prospect of the DoJ, partnered with the state AGs, launching historic lawsuits against more Big Tech firms, thereby pulling the rug out from under the market.

* * *

Just as we previewed roughly 6 weeks ago following a report published in the New York Times, the DoJ has finally brought a sweeping anti-trust case against Google, according to a WSJ scoop.

The landmark antitrust case will focus on alleged Google-controlled monopolies in search and search advertising. These businesses are the cornerstone of Google owner Alphabet’s profits. At least 10 state AGs are expected to join the suit.

Google shares are sliding on the news.

The DoJ has scheduled a press briefing for 0945ET. Though no subject has been announced, it’s a safe bet that the Google lawsuit, which has been in the works since at least January, when DoJ reportedly started beefing up a team that was reportedly focused on bringing antitrust cases against Alphabet and a handful of other big tech names.

The case is expected to be filed in federal court in Washington DC, forcing Google out of its California “comfort zone”.

(zerohedge)

Democrat-Run Chicago Broke As Mayor Mulls Tax Hikes & Layoffs To Plug $1.2BN Budget Gap

 

In a sign of where the entire country could soon find itself, the Democrat-run city of Chicago isn’t just facing soaring violent crime, but is staring down a whopping $1.2 billion budget deficit, the Chicago Tribune reports.

Naturally the response to what some are already excusing as the city’s “coronavirus-fueled budget deficit” is for Mayor Lori Lightfoot to immediately talk massive tax hikes to plug the hole.

 

Mayor of Chicago Lori Lightfoot, via Chicago Sun-Times

“Chicago Mayor Lori Lightfoot is considering a $94 million property tax increase, layoffs for more than 300 city workers and a gas tax hike as part of her plan to close a $1.2 billion budget deficit, sources told the Tribune,” the report says.

She’s expected to present her plan on Wednesday, which is according to a summary in Fox and Chicago Tribune to additionally include:

  • a five-day furlough for all nonunion city employees 
  • shifting some costs onto the books of the Chicago Public Schools  
  • …including asking Chicago Public Schools to reimburse city for $40 million more in school pension contributions
  • raising the cloud-computing tax
  • up to 350 layoffs of civic employees
  • possible $77 million in cuts to unfilled positions, or more than 1,000 vacancies

The problems have been building for years, given already the city was strapped with $46.5 billion in unpaid bills and only a reported $10 billion cash on hand, based on a damning review of the city’s finances released this summer by Truth in Accounting.

Figures as of July 2020:

Trump and other Republican leaders have lately seized on rampant mismanagement on display in Democrat-run cities, in some instances with the president personally calling out “wacky” mayors, such as recently with Portland.

Let’s hope the proposed layoffs and furloughs of city employees don’t cut into the already understaffed police force, given that as things currently stand law enforcement clearly can’t get the soaring violent crime and murder rate under control, also at a moment far-Left activists have demanded the disbanding of the police.

Progressive activists have claimed the problem is the opposite – that Chicago PD currently takes too big a cut of the city’s budget and resources.

END

Crime does pay: Goldman Sachs strikes a 2 billion dollar deal with the Dof J to avoid all criminal charges tied to 1MDB

(zerohedge)

Crime Pays: Goldman Strikes $2BN Deal With DoJ To Avoid All Charges Tied To 1MDB

 
 

Goldman Sachs is reportedly on the cusp of settling one of the biggest criminal cases involving a Wall Street bank since the financial crisis: According to a Bloomberg News report published late Monday evening, the Vampire Squid has reached a tentative agreement with the DoJ to pay more than $2 billion in penalties – a figure that BBG noted is “broadly in line with analysts expectations” – and – here’s the key bit – allows the bank to avoid all criminal penalties.

That last bit is especially important, because, as we’ve chronicled over the past few years, many of the bank’s top executives appeared to have been personally involved with the deal, which was initially brought in by Tim Leissner, formerly the bank’s top man in Southeast Asia, before he was suspended over the deal, before agreeing to cooperate with the Feds against his former employer (where he reportedly told authorities about the endemic “culture of corruption” at play within the bank).

Though we can’t be certain, we suspect that the timing of former Goldman chief Lloyd Blankfein’s departure was influenced by the unfurling scandal; he suddenly left the bank right around the time that Leissner flipped. Word on the street was that Goldman would be made to admit guilt as part of the deal. Indeed, a leak about an ‘imminent’ deal published nearly 1 year ago claimed that the bank had reluctantly agreed to the plea. Apparently, the bank’s legal team was able to avert this, amid whispers that connections between Goldman’s representatives and the current leaders of the DoJ might create conflicts of interest (a negotiating tactic that the bank appears to have leveraged to its advantage; note the deal is reportedly coming just weeks before a close American presidential election).

The deal comes just months after Goldman agreed to pay $3.9 billion in “reparations” to the government of Malaysia for its role in raising the $6.5 billion that seeded the 1MDB sovereign wealth fund, which was supposed to be used to finance public projects, but was instead drained by cronies of former Malaysian Prime Minister Najib Razak, who has been convicted in Malaysia for his role in the region’s largest-ever financial fraud.

That settlement included $2.5 billion in cash payments from Goldman to the Malaysian government.

But the fraud’s true ringleader was a mysterious financier named Jho Low, who allegedly orchestrated the siphoning off of money from the fund, which was disbursed to bank accounts controlled by Razak, and others controlled by Low and presumably other cronies. Low went on to spend the money on a seemingly endless stream of luxury goods – jewels, fine art, yachts – Low even used some of the money to finance the film “the Wolf of Wall Street”, and to make illegal campaign contributions to the campaign of former President Barack Obama (this, after Razak was once criticized for his “golf diplomacy” with the former president while his country struggled with historic floods).

The DoJ has seized billions of dollars of these ill-gotten gains, and even returned some of the stolen money to Malaysia.

Goldman has struck deals with prosecutors in at least three countries over its role in 1MDB: in Singapore, the bank could face serious criminal penalties if it is caught violating its settlement agreement. All told, the bank will pay $5 billion in cash penalties tied to 1MDB, an amount that’s roughly in line with expectations.

 

iv) Swamp commentaries

Tucker Carlson totally debunks “the Russian Hoax” letter from 50 former Intel officials

(zero hedge)

“This Is Not A Russian Hoax”: ‘Nonpublic Information’ Debunks Letter From ’50 Former Intel Officials’

 

Hours before Politico reported the existence of a letter signed by ’50 former senior intelligence officials’ who say the Hunter Biden laptop scandal “has all the classic earmarks of a Russian information operation” – providing “no new evidence,” while they remain “deeply suspicious that the Russian government played a significant role in this case,” Tucker Carlson obliterated their (literal) conspiracy theory.

According to the Fox News host, he’s seen ‘nonpublic information that proves it was Hunter’s laptop,‘ adding “No one but Hunter could’ve known about or replicated this information.”

This is not a Russian hoax. We are not speculating.”

 

Watch:

Meanwhile, the Delaware computer repair shop owner who believes Hunter dropped off three MacBook Pros for data recovery has a signed work order bearing Hunter’s signature. When compared to the signature on a document in his paternity suit, while one looks more formal than the other, they are a match.

Going back to the ’50 former senior intelligence officials’ and their latest Russia fixation, one has to wonder – do they think Putin was able to compromise Biden’s former business associate, Bevan Cooney, who gave investigative journalist Peter Schweizer his gmail password – revealing that Hunter and his partners were engaged in an influence-peddling operation for rich Chinese who wanted access to the Obama administration?

 

Did Putin further hack Joe Biden in 2011 to make him take a meeting with a Chinese delegation with ties to the CCP – arranged by Hunter’s group, two years they secured a massive investment of Chinese money?

The implications boggle the mind.

Here’s the clarifying sentences from the ’50 former senior intelligence officials’ that exposes the utter farce of it all:

While the letter’s signatories presented no new evidence, they said their national security experience had made them “deeply suspicious that the Russian government played a significant role in this case” and cited several elements of the story that suggested the Kremlin’s hand at work.

“If we are right,” they added, “this is Russia trying to influence how Americans vote in this election, and we believe strongly that Americans need to be aware of this.”

It would appear these former intel officials are not aware of the current intel official views, confirmed by DNI Ratcliffe yesterday that:

“Hunter Biden’s laptop is not part of some Russian disinformation campaign.”

And then there’s the fact that no one from the Biden campaign has yet to deny any of the ‘facts’ in the emails.

Perhaps the real question is; what does Chuck Schumer know about this?

end

 

 

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

Facebook ‘Content Regulation Manager’ Anna Makanju Advised Joe Biden on Ukraine

https://www.breitbart.com/tech/2020/10/18/facebook-content-regulation-manager-anna-makanju-advised-joe-biden-on-ukraine/

 

Fox’s @BrookeSingman: @realDonaldTrump held a call with his campaign this AM, @TeamTrump, and predicted victory on Nov. 3. “We’re going to win, and we’re going to win strong…I wouldn’t have told you that two or three weeks ago. I am more excited today than I was two weeks ago.”  He is “very happy, this is the day of both campaigns that I feel the best about winning. Because we’re winning in many states,” touting performance in NC, PA, Ohio, Iowa, Michigan, & said he’s confident in New Mexico, Minnesota…[Campaign Mgr] @BillStepien claimed Democrats “are simply not getting the returns” they expected in #AbsenteeBallots  and #earlyvoting2020

 

47% of Biden Supporters Will Vote bMail; 86% of Trump Votes Will Be In Person (WSJ survey)[What we have been writing in regard to VBM and early voting for the past few weeks is now in vogue.]

https://www.zerohedge.com/political/47-biden-supporters-will-vote-mail-86-trump-votes-will-be-person-what-means-election

 

@mantlehog: Final PA Voter Registration Update – Nov 2016 to 10/19/20: GOP +205,155; Dem -10,266

 

Fox: The Supreme Court on Monday shut down a GOP-led effort to block an extended period for counting ballots in the crucial presidential swing state of Pennsylvania. Chief Justice John Roberts sided with the high court’s three liberals, resulting in a 4-4 tie. Justices Thomas, Alito, Gorsuch, and Kavanaugh sided with the state GOP…

https://www.foxnews.com/politics/supreme-court-turns-away-pa-gop-effort-to-block-extended-period

 

Roberts once again validates Sen. Cruz’s assertion that Roberts “despises Trump”.

 

Trump calls Fauci a “disaster” but says it would be “a bigger bomb to fire him”

“People are tired of hearing Fauci and all these idiots, these people, these people that have gotten it wrong,” the president told his staff Monday during a call on the state-of-play of the race. “Fauci’s a nice guy. He’s been here for 500 years. He called every one of them wrong. And he’s like this wonderful guy, a wonderful sage, telling us how he said, ‘do not wear face masks’ — that’s a number of months ago.”…

https://www.cbsnews.com/news/trump-calls-fauci-a-disaster-but-says-it-would-be-a-bigger-bomb-to-fire-him/

“COVID, COVID,COVID… They’re Trying to Talk Everyone Out of Voting – People Aren’t Buying It, CNN, You Dumb B*stards!” – TRUMP UNLOADS on Fake News CNN (VIDEO)

https://www.thegatewaypundit.com/2020/10/covid-covidcovid-trying-talk-everyone-voting-people-arent-buying-cnn-dumb-bstards-trump-unloads-fake-news-cnn-video/

 

@ChadPergram after the NYSE close on Monday: Pelosi’s office says the Speaker/Mnuchin spoke for 53 minutes. Says “they continued to narrow their differences.”  Will talk again tomorrow

After the close on Monday, IBM reported better earnings (2.58) than expected (2.55) on better cloud revenue than expected.  However, the stock fell 3 points in after-hour trading because Global Business Services revenue fell 4.7% and Global Technology Revenue declined 3.6%.

Well that is all for today

Ratcliffe says Hunter Biden laptop, emails ‘not part of some Russian disinformation campaign’

‘There is no intelligence that supports that,’ Director of National Intelligence Ratcliffe says

    And in this case, apparently Chairman Schiff wants anything against his preferred political candidate to be deemed as not real and as using the intelligence community or attempting to use the intelligence community to say there’s nothing to see here.”  “Don’t drag the intelligence community into this. Hunter Biden’s laptop is not part of some Russian disinformation campaign. And I think it’s clear that the American people know that.”…

https://www.foxnews.com/politics/ratcliffe-hunter-biden-laptop-emails-not-russian-disinformation-campaign

 

@MariaBartiromo: @DNI_Ratcliffe just told me there will likely be more indictments based on the Intellegence he has seen Re: #RussiaHoax

AP: Debate commission adopts new rules to mute microphones to allow Trump, Biden 2 minutes of uninterrupted time per segment.

 

Trump to press Biden on Hunter Biden email stories if debate moderator doesn’t, adviser says

Thursday is the final face-off between Trump and Biden before the Nov. 3 presidential election

https://www.foxnews.com/politics/trump-to-press-biden-on-hunter-biden-email-stories-if-debate-moderator-doesnt-adviser-says

 

Presidential Debate Commission Ditches Foreign Policy Focus Following Hunter Biden Laptop Leaks – The third presidential debate – set to take place on Thursday – was originally supposed to center on foreign policy. But following the release of the Hunter Biden e-mails/laptop details in the New York Post, the wildly partisan Presidential Debates Commission announced that would no longer be the case, the effect being the protection of Joe and Hunter Biden…

https://thenationalpulse.com/news/presidential-debate-commission-ditches-foreign-policy-focus-following-hunter-biden-laptop-leaks/

 

@paulsperry_: A 2017 legal contract found on Hunter Biden’s laptop reveals a former Chinese official agreed to pay Biden a $1 million retainer just to offer advice on retaining other law firms in U.S. The Chinese official was convicted the next year of paying bribes in unrelated deal

 

Giuliani: Computer shop owner who found alleged Hunter Biden emails told FBI he was ‘really afraid’ – Trump attorney tells ‘Life, Liberty & Levin’ store owner gave copies of hard drive to friends ‘in case he was killed’

    “He [Hunter Biden] may very well have forgotten where he left it for a while, because the gentlemen who got it said he [Hunter] was drunk for the entire time that he dealt with him, and he dealt with him twice.”… After the shop owner called the FBI, Giuliani went on, “the FBI came. The FBI interviewed him. He told the FBI everything I just told you. And then he said to the FBI agent … ‘I’m really afraid because the Bidens are very powerful around here.’ He said, ‘I’m really worried what they’re going to do to me.'”

    According to Giuliani, the FBI agent answered, “Don’t worry, if you keep your mouth shut, nothing will happen.” The former NYC mayor added that the shop owner gave the original hard drive to the FBI, but also made four copies, leaving two “with friends of his in case he was killed.”…

https://www.foxnews.com/politics/rudy-giuliani-hunter-biden-emails-hard-drive

 

@me_think_free: The media are criminals for not reporting on the laptop. Per Trump.

https://twitter.com/me_think_free/status/1318275809719799808

 

Team Trump’s @abigailmarone: A sea of patriots in Prescott, Arizona [for Trump rally]!

https://twitter.com/abigailmarone/status/1318274031611772928

 

@PARISDENNARD: Wow, @KamalaHarris runs off the plane to her car to avoid being held accountable by the media. Has she held one solo press conference with the media as the VP nominee?

https://twitter.com/scontorno/status/1318208183534583808

 

Sen. Elizabeth Warren: “Donald Trump threatens the existence of human life — of all life — on this planet.” [Why do the powers that be tolerate absurd statements like this?  Who believes insanity like this? TDS is real!] https://twitter.com/thehill/status/1318296111107461122

 

Not a Babylon Bee piece: New Yorker Suspends Jeffrey Toobin for Exposing Himself on Zoom [Toobin is CNN’s chief legal analyst!  It probably was Russians hacking the Zoom feed]

https://www.breitbart.com/the-media/2020/10/19/report-new-yorker-suspends-jeffrey-toobin-for-exposing-himself-on-zoom/

 

Gov. @andrewcuomo: Americans “should be” skeptical of any Covid vaccine the CDC/FDA clear for use    https://twitter.com/tomselliott/status/1318148952194166784

 

Tom Borelli, Ph.D. @tomborelli: It’s disgusting @NYGovCuomo is putting politics before the health of Americas by casting doubt on a vaccine.

CUOMO: New York Was ‘Ambushed’ by CoVID-19 Because Trump Used the Term ‘China Virus’

“New York was hardest hit because the White House said ‘China Virus.’ It wasn’t the ‘China Virus’ it was the ‘European Virus.'” 

https://hannity.com/media-room/cuomo-new-york-was-ambushed-by-covid-19-because-trump-used-the-term-china-virus/

Prof Wilfred Reilly @wil_da_beast630: In 1938, the out-of-wedlock birth rate was 4% for whites and 10-11% for Blacks (Williams 2012)… we’ve seen a 700-800% increase in family instability for all groups. Those looking for the “why” of many modern problems miiiight want to start here.

@nilwxreports: 9 inches of snow reported just north of Des Moines Iowa today (Monday), just wow.

I will see you WEDNESDAY night.

2 comments

  1. […] by Harvey Organ of Harvey Organ Blog […]

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