OCT 21//HUNTER BIDEN SAGA CONTINUES: MORE UPDATES//GOLD UP $17.50 TO $1926.00//SILVER UP 26 CENTS TO $25.13//GOLD TONNAGE AT THE COMEX RISES TO ALMOST 104 TONNES//SILVER STANDING: 11.345 MILLION OZ//CORONAVIRUS UPDATE; GLOBE

GOLD:$1926.00 UP $17.50   The quote is London spot price

Silver:$25.13 UP $0.26    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

not available today;  good not take readings

OCT GOLD:  xxx  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $xx  CONTANGO//

DEC. GOLD  $xxx   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $xx/ CONTANGO   ( $.xx 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:     $xx  1:30  PM SPREAD SPOT/FUTURE DEC.       :  xx  CENTS PER OZ  CONTANGO (   xx CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

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

receiving:  152/500

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,910.400000000 USD
INTENT DATE: 10/20/2020 DELIVERY DATE: 10/22/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 333 15
099 H DB AG 6
104 C MIZUHO 5
118 H MACQUARIE FUT 19
132 C SG AMERICAS 2
135 C RAND 1
135 H RAND 1
159 C ED&F MAN CAP 1
323 C HSBC 2
332 H STANDARD CHARTE 37
355 C CREDIT SUISSE 1
435 H SCOTIA CAPITAL 2
624 C BOFA SECURITIES 1
657 C MORGAN STANLEY 145
657 H MORGAN STANLEY 82
661 C JP MORGAN 55
661 H JP MORGAN 97
686 C STONEX FINANCIA 1
690 C ABN AMRO 28
709 C BARCLAYS 40
709 H BARCLAYS 46
732 C RBC CAP MARKETS 1
800 C MAREX SPEC 12
878 C PHILLIP CAPITAL 20
880 C CITIGROUP 37 4
905 C ADM 6
____________________________________________________________________________________________

TOTAL: 500 500
MONTH TO DATE: 32,622

ISSUED:0

GOLDMAN SACHS STOPPED 15 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 500 NOTICE(S) FOR 50,000 OZ  (1.555 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  32,622 NOTICES FOR 3,262,200 OZ ( 101.468 tonnes) 

SILVER//OCTOBER CONTRACT

32 NOTICE(S) FILED TODAY FOR 160,000  OZ/

total number of notices filed so far this month: 2221 for 11,105,000  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  $12,196  UP 303

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

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GLD AND SLV INVENTORIES:

WITH GOLD UP $17.50  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY AT THE GLD

INVENTORY RESTS:

GLD: 1,269.93 TONNES OF GOLD//

WITH SILVER UP 26 CENTS TODAY: AND WITH NO SILVER AROUND:

THIS MAKES A LOT OF SENSE:

A WITHDRAWAL OF 2.977 MILLION OZ FROM THE SLV

SLV: 561.194  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 683 CONTRACTS FROM 157.162 UP TO 157,845 AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG $0.31 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 ANOTHER STRONG  INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A FAIR  NET GAIN IN OUR TWO EXCHANGES OF 1161 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

11.345 MILLION OZ INITIALLY STANDING IN OCT.

TUESDAY, 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 $0.31) ).. 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 (1033) 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:

6722 CONTRACTS (FOR 15 TRADING DAY(S) TOTAL 6722CONTRACTS) OR 33.610 MILLION OZ: (AVERAGE PER DAY: 448 CONTRACTS OR 2.240 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 33.610 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:          1,493.05 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                                 33.61   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 811, DESPITE OUR STRONG  $0.31 GAIN IN SILVER PRICING AT THE COMEX ///TUESDAY.…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 1161 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.31 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 683 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.31 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.87 // 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. 0.789 BILLION OZ TO BE EXACT or 113% of annual global silver production (ex Russia & ex China).

FOR THE NEW OCT  DELIVERY MONTH/ THEY FILED AT THE COMEX: 32 NOTICE(S) FOR  160,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 593 CONTRACTS TO 5632,993 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 SMALL SIZED GAIN IN COMEX OI OCCURRED DESPITE OUR GOOD INCREASE IN PRICE  OF  $3.30  /// COMEX GOLD TRADING// TUESDAY. WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR ZERO ISSUANCE OF EXCHANGE FOR  PHYSICALS. 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 $3.30. 

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

WE HAD A SMALL GAIN OF 593 CONTRACTS  (1.844 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED AN UNBELIEVABLE 0 CONTRACTS:

CONTRACT . OCT: 0 DEC: 0; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 0.  The NEW COMEX OI for the gold complex rests at 562,993. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED INCREASE IN TOTA593ONTRACTS ON THE TWO EXCHANGES OF 593 CONTRACTS: 593 CONTRACTS INCREASED AT THE COMEX AND 0 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 593 CONTRACTS OR 1.844 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A ZERO SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (0) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (593 OI): TOTAL GAIN IN THE TWO EXCHANGES:  593 CONTRACTS. WE NO DOUBT HAD  1) STRONG BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)ANOTHER STRONG INCREASE STANDING AT THE GOLD COMEX FOR THE FRONT OCT. MONTH TO 103.872 TONNES)  3)  ZERO LONG LIQUIDATION ;4) SMALL COMEX OI GAINAND 5) ZERO ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR GOOD GAIN IN GOLD PRICE TRADING//TUESDAY//$3.30.

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 (15 TRADING DAY(S) AND THUS AVERAGING: 1998 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 15 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 683 CONTRACTS FROM 157,162 UP TO 157,845 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 683 CONTRACTS TO THE 350 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A FAIR SIZED GAIN OF 1033 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 5.805 MILLION  OZ, OCCURRED WITH OUR $0.31  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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 3.08 PTS OR .09%   //Hang Sang CLOSED UP 184.88 PTS OR .75%    /The Nikkei closed UP 72.42 POINTS OR 0.31%//Australia’s all ordinaires CLOSED UP 0.10%

/Chinese yuan (ONSHORE) closed UP AT 6.6546 /Oil UP TO 41.04 dollars per barrel for WTI and 42.44 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR TO 6.6546. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6430 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 ABELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL SIZED 593 CONTRACTS TO 562,993 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALL  COMEX INCREASE OCCURRED WITH OUR GAIN OF $3.30 IN GOLD PRICING /TUESDAY’S COMEX TRADING/). WE ALSO HAD SHOCKINGLY EFP ISSUANCE  OF ZERO CONTRACTS.   WE ALSO PROBABLY HAD  1)  HUGE  BANKER//ALGO SHORT COVERING,  2)   ZERO LONG LIQUIDATION  AND 3) ANOTHER   STRONG INCREASE IN GOLD TONNAGE STANDING AT THE  COMEX//OCT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 593 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 THIS IS THE FIRST TIME IN 3 1/2 YEARS WE HAVE WITNESSED A ZERO ISSUANCE FOR GOLD.  ON TOP OF THIS, 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 ZERO SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 0 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 0; JUN// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 0  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: 593 TOTAL CONTRACTS IN THAT 0 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 593 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (103.872 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE  $3.30).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED    1.844 TONNES, WITH  DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET GAIN ON THE TWO EXCHANGES :: 593 CONTRACTS OR 59,300 OZ OR 1.844 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:  562,993 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.29 MILLION OZ/32,150 OZ PER TONNE =  1750 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1750/2200 OR 79.58% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 195,125 contracts// volume  very poor//fell off a cliff!!/

CONFIRMED COMEX VOL. FOR YESTERDAY:  172,523 contracts//  volume:  poor  //most of our traders have left for London

OCT 21 /2020

OCT. GOLD CONTRACT MONTH

INITIAL STANDING FOR OCT GOLD

OCT. GOLD CONTRACT MONTH

INITIAL STANDING FOR OCT GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz 32,118.849 oz

BRINKS

999 kilobars

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
500 notices
 50,000 OZ
(1.555 TONNES)
No of oz to be served (notices)
773 contracts
(77300 oz)
2.404 TONNES
Total monthly oz gold served (contracts) so far this month
32,622 notices
3,262,200 OZ

101.468 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 1 deposit into the dealer

Into the dealer: Brinks 32,118.849 oz  (999 kilobars)

total deposit: 32,118.849 oz

total dealer withdrawals: nil oz

we had 0 withdrawals from  the customer account

total customer deposit:  nil  oz

we had 0 deposit into the customer account

total customer deposit: nil oz

We had 1  kilobar transactions  +

ADJUSTMENTS: 1 //  dealer to customer account

i)JPMorgan:  54,737.230 oz

The front month of OCT registered a total of 1273 contracts for a GAIN of 78 contracts. We had 21 notices filed on Tuesday so we gained 99 contracts or 9900 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 14 contracts to stand at 1651.

NOVEMBER OI NUMBERS ARE NOT CONTRACTING. WE ARE GOING TO HAVE ANOTHER DANDY DELIVERY FOR GOLD FOR THIS UPCOMING DELIVERY MONTH.

The big December contract LOST 594 contracts DOWN to 450,440 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (103.872 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  500 notices filed today for  50,000 oz OR 1.555 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 500  contract(s) of which 55  notices were stopped (received) by j.P. Morgan dealer and 97 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 15 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 (32,622) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (1273 CONTRACTS ) minus the number of notices served upon today (500 x 100 oz per contract) equals 3,339,500 OZ OR 103.872 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 (32,622, x 100 oz +xx OI) for the front month minus the number of notices served upon today (500) x 100 oz which equals 3,339,500 oz standing OR 103.872 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 99 contracts or an additional 9900 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. 103.872 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  18,080,422.502 oz  562.37 TONNES
pledged gold: 1,590,658.551 oz
registered gold that can be used to settle upon: 16,489764.0  (512.90 tonnes)
true registered gold  (total registered – pledged tonnes  16,489764.0 (512.90 tonnes)
total eligible gold:  19,735,301.552 oz (613.85 tonnes) 

total registered, pledged  and eligible (customer) gold  37,815,724.054 oz 1,176.22 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1049.88 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 21/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
8,859.750 oz
Delaware
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
25,401.661 oz
Delaware
No of oz served today (contracts)
32
CONTRACT(S)
(160,000 OZ)
No of oz to be served (notices)
48 contracts
 240,000 oz)
Total monthly oz silver served (contracts)  2221 contracts

11,105,000 oz)

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

total dealer deposits: nil       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  0

ii) Into Delaware  25,401.661 oz

JPMorgan now has 189.032 million oz of  total silver inventory or 49.71% of all official comex silver. (189.032 million/380.,301 million

total customer deposits today zero   oz

we had 1 withdrawals:

i) Out of Delaware:  8559.750 oz

total withdrawals; 8559.750    oz

We had 0 adjustments/

Total dealer(registered) silver: 139.265 million oz

total registered and eligible silver:  380.301 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

October had  80 notices outstanding for a GAIN of 18 contracts.  We had 1 notices served upon yesterday so we GAINED 19 contracts or 95,000 additional oz of silver will stand in this non active month of October.

November saw a GAIN of 12 notices UP to 398 contracts.

December saw a GAIN of 240 contracts UP to 128,034 contracts.

The total number of notices filed today for the OCT 2020. contract month is represented by 32 contract(s) FOR 160,000 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 2221 x 5,000 oz = 11,105,000 oz to which we add the difference between the open interest for the front month of OCT( 80) and the number of notices served upon today 32x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 2,221 (notices served so far) x 5000 oz + OI for front month of OCT  (80)- number of notices served upon today (32) x 5000 oz of silver standing for the OCT contract month .equals 11,345,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 19 contracts or 95,000 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 : 76,234 CONTRACTS // volume very good//

FOR YESTERDAY 60,736  ,CONFIRMED VOLUME// very low

YESTERDAY’S CONFIRMED VOLUME OF 60,736 CONTRACTS EQUATES to 0.353 billion  OZ 50.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 3.31% ((OCT 21/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -0.53% to NAV:   (OCT 21/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.31%

(courtesy Sprott/GATA

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

NAV 19.78 TRADING 19.21///NEGATIVE 2.87

END

And now the Gold inventory at the GLD/

OCT 21//WITH GOLD UP $17.50 DOLLARS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1269.93 TONNES

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 21/ GLD INVENTORY 1269.92 tonnes*

LAST;  926 TRADING DAYS:   +328282 NET TONNES HAVE BEEN ADDED THE GLD

LAST 826 TRADING DAYS://+509.32  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

end

Now the SLV Inventory/

OCT 21/WITH SILVER UP 26 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.977 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 561.194 MILLION OZ.

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 21.2020:

SLV INVENTORY RESTS TONIGHT AT

561.194 MILLION OZ

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Craig Hemke is echoing Andrew Maguire in that banks are now buying gold

(Craig Hemke/SproTt)

Craig Hemke at Sprott Money: If you can’t beat ’em, join ’em

 Section: 

7:45p ET Tuesday, October 20, 2020

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing today at Sprott Money, says the major banks that are predicting substantial increases in the gold price are probably catching on to the inevitable and telling the truth this time instead of attempting the usual hoodwinking of their clients.

Hemke writes: “Just about anyone can see that we stand at the doorstep of an epochal change in the global monetary system. The Great Keynesian Experiment is failing, as the monetary growth needed to service the existing global debt is finally exceeding the capacity of the system to provide for itself. Put another way, the global central banks are now permanently in a mode where only the continual and rapid creation of additional fiat currency can feed The Beast of exponential debt.”

Hemke’s analysis is headlined “If You Can’t Beat ‘Em, Join ‘Em” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/If-You-Cant-Beat-Em-Join-Em-Craig-Hemke…

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

END

Rickhards is pounding the table that gold must play a new role in worldly finances

(Jim Rickhards/GATA)

Jim Rickards: A new gold standard — orderly or chaotic?

 Section: 

By Jim Rickards
The Daily Reckoning, Baltimore
Tuesday, October 20, 2020

Before 1914 the global monetary system was based on the classical gold standard. But over the past century monetary systems change about every 30 to 40 years on average.

Sure enough, 31 years after the end of the classical gold standard, in 1945, a new monetary system emerged at Bretton Woods. The dollar was officially designated the world’s leading reserve currency — a position that it still holds today.

Under that system, the dollar was linked to gold at $35 per ounce. But 25 years later, in 1971, President Nixon ended the direct convertibility of the dollar to gold. For the first time, the monetary system had no gold backing.

Today the existing monetary system is nearly 50 years old, so the world is long overdue for a new monetary system. Gold should once again play a leading role. It may be the only asset that can anchor the international monetary system in these troubled times. But the gold price will be much, much higher.

I’ve written and spoken publicly for years about the prospects for a new gold standard. My convictions have only gotten stronger since the coronavirus and the monetary chaos it generated.

My analysis is straightforward…

International monetary figures have a choice. They can reintroduce gold into the monetary system either on a strict or loose basis (such as a “reference price” in monetary policy decision making). …

… For the remainder of the report:

https://dailyreckoning.com/new-gold-standard-orderly-or-chaotic/

END

Extremely important:  Note the huge amount of gold imported by the UK from Switzerland  (over 50 tonnes) and the big drop off in Swiss exports to the uSA

(Hobson/London’s Financial Times0

Swiss gold exports to Asia tumble as bullion flows to London

 Section: 

By Peter Hobson
Reuters
Tuesday, October 20, 2020

LONDON — Switzerland’s gold exports to China and India dwindled in September, with the country instead importing record volumes of bullion from Hong Kong and sending metal to Britain, customs data showed today.

The figures underline how Western investors have overtaken Asian jewellery buyers as the main driver of gold demand since the COVID-19 pandemic struck.

The pandemic has resulted in jewellery shop closures and reduced disposable income among consumers while triggering a rush by investors to stockpile an asset they think will hold its value through the crisis.

Switzerland is a major gold refining and transit centre, while London is a storage and trading hub where investors around the world hoard gold. …

… For the remainder of the report:

https://www.reuters.com/article/idUSKBN27519H

Swiss gold exports to Asia tumble as bullion flows to London

LONDON (Reuters) – Switzerland’s gold exports to China and India dwindled in September, with the country instead importing record volumes of bullion from Hong Kong and sending metal to Britain, customs data showed on Tuesday.

Gold anodes are pictured at Swiss refinery Metalor in Marin near Neuchatel, Switzerland July 5, 2019. REUTERS/Denis Balibouse/File Photo

The figures underline how Western investors have overtaken Asian jewellery buyers as the main driver of gold demand since the COVID-19 pandemic struck.

The pandemic has resulted in jewellery shop closures and reduced disposable income among consumers while triggering a rush by investors to stockpile an asset they think will hold its value through the crisis.

Switzerland is a major gold refining and transit centre, while London is a storage and trading hub where investors around the world hoard gold.

Swiss exports of gold to the United States, which surged earlier this year because of higher prices in the U.S. market, fell sharply for a second consecutive month in September.

Graphic: Swiss gold exports

Reuters Graphic

Switzerland exported 1.5 tonnes of gold to China in September, with 2.4 tonnes exported to Hong Kong and 5 tonnes to India, the customs data shows.

The previous month, it shipped 10 tonnes to China, nothing to Hong Kong and 20.2 tonnes to India as demand in those markets appeared to be recovering.

The dominant flow of gold in September was from east to west. Switzerland imported 37.7 tonnes from Hong Kong, up from 25.5 tonnes in August and the most for any month since Swiss data became available in 2012.

It exported 50.9 tonnes to Britain, up from 18.4 tonnes in August and the most since September last year.

Swiss shipments to the United States fell to 13.5 tonnes from 28.5 tonnes in August and for a second month were almost entirely offset by imports of gold into Switzerland from the United States.

In total, Switzerland exported 105.9 tonnes of gold in September, down from 112 tonnes in August.

(This story refiles to fix typo in 11th paragraph)

Reporting by Peter Hobson; Editing by David Goodman

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

i) Chinese yuan vs USA dollar/CLOSED UP 6.6546 /

//OFFSHORE YUAN:  6.6430   /shanghai bourse CLOSED DOWN 3.08 PTS OR .09%

HANG SANG CLOSED UP 184.88 PTS OR .75%

2. Nikkei closed UP 72.42 POINTS OR 0.31%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 93.81/Euro FALLS TO 1.1718

3b Japan 10 year bond yield: RISES TO. +.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.89/ 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:: 41.04 and Brent: 42.44

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.60%/Italian 10 yr bond yield UP to 0.76% /SPAIN 10 YR BOND YIELD UP TO 0.19%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.36: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.91

3k Gold at $1917.00 silver at: 24.95   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 14/100 in roubles/dollar) 77.21

3m oil into the 37 dollar handle for WTI and 39 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 104.89 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 .9058 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0711 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 0.60%

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 0.808% early this morning. Thirty year rate at 1.611%

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

6.  TURKISH LIRA:  UP  TO 7.985..

Peak Optimism? S&P Futures Hit After Too Much “Stimulus Optimism” Sends 10Y Yields Surging

There was a curious twist in the traditional “stimulus is good” market narrative this morning.

In early overnight trading, futures initially ticked higher on Wednesday as investors pressed bets for a fiscal stimulus deal after Nancy Pelosi said she is hopeful for a stimulus this week, even though negotiations blew past her own self-imposed Tuesday deadline for agreeing on a pre-election deal. Her enthusiasm was echoed by White House Chief of Staff Mark Meadows who said everyone is “working really hard” to get a package agreed by the weekend, adding that there are still outstanding issues, while Mitch McConnell warned the Trump administration not to agree to anything like Pelosi’s proposal ahead of the election (McConnell plans to seek a vote on the Republican scaled-down package in the Senate today). In any event, this initial “optimism” was enough to get futures to ramp sharply higher in early overnight trading…

… before reversing sharply after 10Y yield spiked above 0.8% for the first time since early June on too much reflationary stimulus deal optimism!

As a result of the overnight yield spike, we saw the 10Y yield rise to 4 month highs…

… while the 5s30s curve blew out to 4 year high.

In other words, we may have finally hit the natural ceiling to where more fiscal stimulus starts hitting risk assets instead of helping them.

“The rise in yields suggests that the market thinks a stimulus deal will be forthcoming and that the Democrats are set to take both the presidency and the Senate at the Nov. 3 election,” said John Hardy, chief foreign-exchange strategist at Saxo Bank.

Elsewhere, Netflix kicked off earnings from the Big Tech club, and was down 5.2% premarket after it missed expectations for subscriber growth as streaming competition increased and live sports returned to television. Tesla fluctuated before financial results later Wednesday, and social-media company Snap soared surged 24.4% after the messaging app owner beat user growth and revenue forecasts, as more people signed up to chat with friends and family during the COVID-19 pandemic. Shares of other social media companies Facebook and Twitter Inc rose 2.6% and 5.7%, while image sharing company Pinterest Inc gained 6.7%.

European stocks slumped for a third day, with the Stoxx 600 Index falling 0.7%, dragged lower by U.K. stocks after the European Union’s chief Brexit negotiator said an agreement was within reach. The construction sector led losses as Assa Abloy AB and Vinci SA declined after third-quarter updates, while telecoms was the only subgroup to gain as Ericsson rallied on better-than-estimated profit. Gold miners Fresnillo and Centamin dropped after cutting their production guidance. Telecom equipment maker Ericsson was a bright spot, climbing after a profit beat.

Earlier in the session, Asia-Pac equities were mixed for most of the session. The ASX 200 (+0.1%) was caged in a tight range with no real standout performers or interesting sector action. Nikkei 225 (+0.3%) was buoyed by its industrial sector, however, Softbank shares erased all gains after sources suggested Huawei and Chinese firms are said to be seeking curbs on Nvidia’s acquisition of Softbank’s ARM. KOSPI (+0.5%) swung between gains and losses and traded with no clear direction for most of the session. Hang Seng (+0.8%) initially extended on its opening gains before waning off best levels, with upside led by some of the large-cap names including Alibaba, HSBC and CNOOC.

In FX, the dollar weakened against all of its Group-of-10 peers; the pound led gains, followed by the New Zealand dollar, while the yen headed for its best day versus the dollar since August. The pound jumped after European Union chief Brexit negotiator Michel Barnier said a deal is within reach. Copper rose close to a two-year high on supply disruptions in Chile. The euro rallied a fourth day to touch a 1-month high of 1.1870 per dollar. Australian and New Zealand dollars posted relief rallies as the greenback eased and a wave of dollar sales also benefited the yen.

Meanwhile, the yuan’s ongoing surge has taken it to the highest in more than two years, and further gains are likely. The onshore yuan rose as much as 0.55% to 6.6400 a dollar on Wednesday. The advance takes the currency’s rally from a low in May to 7.7%. The gains are due to China’s economic rebound from the virus pandemic, a wide interest-rate premium over the rest of the world, the prospects of a victory by Joe Biden over Donald Trump in the U.S. presidential election and a weak dollar. “There is still room for the yuan to strengthen further,” said Tommy Xie, an economist at Oversea Chinese Banking Corp. in Singapore. “It’s possible for the yuan to strengthen past 6.60 quite soon, and by end of this year it may even go lower to around 6.55.” The yuan’s gains have investors watching to see whether Chinese policy makers will take steps to impede the advance, such as by setting weaker-then-expected daily fixings, relaxing capital controls or having state-backed banks sell the yuan.

In rates, treasuries are off cheapest levels of the session, reached during Asia session amid signs of progress toward a fiscal agreement, and which in turn hammered risk assets. Ten- and 30-year yields rose 5bp-6bp to highest levels since June, with the long facing sustained pressure into $22b 20-year bond reopening at 1pm. Yields remain higher by less than 2bp across the curve with 10- year around 0.805% after touching 0.834%; curve spreads are also in retreat after 5s30s touched 128.5bp, within 2bp of its YTD high. Initial selloff was sparked by House Speaker Pelosi’s comments that she remains hopeful of a pre-election stimulus deal. German, Italian bonds also fell, while hedging costs in the major currencies over two weeks shift higher as the tenor now captures the U.S. presidential election’s immediate aftermath

In commodities, oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles. Gold continued to rise above $1900 as the dollar fell, although rising real rates constrained gold upside.

As we progress through earnings season, of the 66 S&P 500 firms that have reported third-quarter results, 86.4% have topped expectations for earnings, according to IBES data. Tesla, Verizon., Biogen, Chipotle, Baker Hughes and Abbott Laboratories among the companies reporting. The Federal Reserve publishes the Beige Book at 2:00 p.m. Five regional Fed presidents and Fed Vice Chair for Supervision Randal Quarles speak at various events.

Market Snapshot

  • S&P 500 futures down 0.1% to 3,429.50
  • MXAP up 0.6% to 176.59
  • MXAPJ up 0.3% to 585.94
  • Nikkei up 0.3% to 23,639.46
  • STOXX Europe 600 down 1% to 361.95
  • Topix up 0.7% to 1,637.60
  • Hang Seng Index up 0.8% to 24,754.42
  • Shanghai Composite down 0.09% to 3,325.03
  • Sensex down 0.6% to 40,287.60
  • Australia S&P/ASX 200 up 0.1% to 6,191.80
  • Kospi up 0.5% to 2,370.86
  • Brent Futures down 1.4% to $42.54/bbl
  • Gold spot up 0.6% to $1,919.09
  • U.S. Dollar Index down 0.3% to 92.78
  • German 10Y yield rose 2.2 bps to -0.584%
  • Euro up 0.3% to $1.1853
  • Brent Futures down 1.4% to $42.54/bbl
  • Italian 10Y yield rose 0.7 bps to 0.525%
  • Spanish 10Y yield rose 0.3 bps to 0.186%

Top Overnight News from Bloomberg

  • European Union chief Brexit negotiator Michel Barnier used a speech to lawmakers to emphasize the importance of the U.K.’s sovereignty, a key British demand to return to trade talks
  • U.K. inflation accelerated from the weakest in five years, to 0.5% last month, driven by transport and restaurants following the end of a government subsidy to encourage eating out
  • The ECB’s ultra-cheap lending and unprecedented levels of asset purchases have created a multi-trillion-euro cash glut and a scarcity of top-rated bonds. It’s now cheaper to hedge against an increase in six-month borrowing costs rather than three months, and correlations between long-dated debt and money-market gauges have broken down
  • Traders are testing China’s tolerance for a strong yuan, which keeps rallying no matter what officials do to rein in appreciation. The currency climbed nearly 0.5% to its strongest since July 2018 on Wednesday, even after the People’s Bank of China set its daily reference rate weaker than analysts had expected. Traders have pushed the yuan stronger than the so- called fixing for six days, a sign of confidence that it will continue to rally
  • European Central Bank President Christine Lagarde said the unexpectedly early pickup in coronavirus infections is a “clear risk” to the economic outlook, in a sign that policy makers are gearing up for more monetary stimulus
  • Despite a second call between the Brexit chief negotiators Tuesday ending in a stalemate, EU officials expect formal discussions to resume in coming days before then entering the intense period of legal drafting known as the “tunnel.” They still expect a deal to be struck in mid-November
  • Europe’s coronavirus outbreak continued to spread. Germany, Greece and the Netherlands hit daily case records, and Spain is weighing a curfew in Madrid. The head of Roche Holding AG warned that widespread shots this year are unlikely
  • Oil dropped toward $41 a barrel in New York after an industry report pointed to a surprise increase in American crude stockpiles, countering optimism over a potential U.S. stimulus agreement
  • Copper surged to its highest price in more than two years in London, helped by a rally in the yuan and concerns over risks of widening supply disruptions

Looking at global markets, in Asia, equities were mixed for most of the session before trading mostly higher following a lukewarm handover from Wall Street, which saw the major US indices end the day nearer to session lows, but with modest gains as yesterday’s State-side stimulus talks were seemingly constructive but with a deal yet to be reached. That being said, sources citing Senate Majority Leader McConnell suggested it will logistically be difficult to get a bill done before the elections due to the legislative hurdles that need to be overcome. Nonetheless, House Speaker Pelosi signalled progress and expressed optimism as talks with Treasury Secretary Mnuchin are poised to continue later today. US equity futures also saw mild gains at the electronic reopen, and the three major index contracts modest extended on those gains throughout the night, with ES, NQ and YM higher by between 0.6-0.7% heading into the EU open. Back to APAC, ASX 200 (+0.1%) was caged in a tight range with no real standout performers or interesting sector action. Nikkei 225 (+0.3%) side-lined USD/JPY movement and was buoyed by its industrial sector, however, Softbank shares erased all gains after sources suggested Huawei and Chinese firms are said to be seeking curbs on Nvidia’s acquisition of Softbank’s ARM. KOSPI (+0.5%) swung between gains and losses and traded with no clear direction for most of the session. Hang Seng (+0.8%) initially extended on its opening gains before waning off best levels, with upside led by some of the large-cap names including Alibaba, HSBC and CNOOC., whilst COVID-19 related A-shares are bolstered by China ramping up efforts to expand output for the Cos. Conversely, Shanghai Comp (U/C) immediately erased the mild gains seen at the open despite another liquidity injection by the PBoC as US-Sino tensions show no signs of tempering down. Finally, JGB futures remained contained despite the bear steepening seen in USTs, whilst the BoJ Rinban operation showed offerings for 1-3ys, 3-5yrs, and 5-10yrs unchanged.

Top Asian News

  • Political Crisis in Pakistan Deepens After Police, Army Dispute
  • Cathay Pacific Joins Global Jobs Cull, Retires Dragon Brand
  • China Evergrande Group Seeks HK$11.4b Loan for Refinancing

European equities (Eurostoxx 50 -0.8%) have sold off throughout the session despite a mildly firmer cash open. In terms of drivers of the move, European futures overnight appeared to be following some of the gains seen in US futures as markets continue to assess the likelihood of an eventual stimulus bill; however, sentiment deteriorated in quick order as European cash markets opened with little in the way of fresh macro newsflow accompanying the move. Losses across European equities are relatively broad-based with some mild underperformance in the FTSE 100 (-1.3%) as the index contends with a firmer GBP. The construction & materials sector is the region’s laggard amid losses in Vinci (-1.8%) post-earnings, in which the Co. announced a decline in revenues and cautioned that earnings are expected to fall significantly. Also, of note for the sector, Assa Abloy (-2.5%) have endured losses after Q3 results were poorly received by the market. Health care names are also faring poorly this morning with AstraZeneca (-1.6%) shares unable to benefit from source reports suggesting that the Co.’s COVID-19 vaccine trial could resume as early as this week. Additionally, for the sector, Novozymes (-3.5%) are lower on the session following Q3 earnings. To the upside, telecom names are bucking the trend with modest gains in the wake of earnings from Ericsson (+7.3%) after Q3 earnings exceeded expectations and the Co. expressed confidence in its 2020 targets. Other large cap earnings today have included Nestle (-0.3%) who exceeded expectations for 9M organic revenue growth and Iberdrola (-0.7%) who announced that its North American arm is to acquire PNM for around EUR 3.66bln alongside posting 9M results. Looking ahead, today sees a slew of large cap US earnings including the likes of Verizon, Abbott, Tesla & Biogen.

Top European News

  • EU’s Barnier Backs U.K. Sovereignty in Bid to Resume Talks
  • Lane Warns Weak Inflation Is Bad Idea in ECB Listening Session
  • ECB Pandemic Policies Warp Debt Dynamics Into Distant Future
  • GAM Keeps Shrinking as Clients Pull Another $2.7 Billion

In FX, sterling is leading the latest broad G10 assault against the Dollar and perhaps front-running or prematurely factoring in positive news on the eve of EU-UK trade talks amidst comments from Barnier, Sefcovic and Michel ranging from the usual ‘we want a deal, but not at any price’ to the slightly more hopeful ‘an agreement is within reach’. Cable encountered some resistance just above 1.3000 and ahead of the 50 DMA (1.3009) initially, but breezed through at the next attempt before topping out close to near mid-month twin peaks between 1.3064-68. Meanwhile, Eur/Gbp has retreated further from Tuesday’s high just shy of 0.9150 to sub-0.9090 even though the single currency is also appreciating vs an increasingly weak Greenback as the DXY slides to 92.685 and fresh multi-week lows.

  • NZD/AUD/JPY/EUR/CHF/CAD – All up against the Buck, as the Kiwi claws back RBNZ Orr induced losses and reclaims 0.6600 status in the run up to NZ CPI data for Q3 on Thursday and in spite of the recurrence of COVID-19 reaching 25 cases at last count, while the Aussie is hovering below 0.7100 in advance of a speech from RBA’s Debelle tonight and October PMIs tomorrow. Elsewhere, the Yen has rallied beyond the 21 DMA at 105.50 where 1.3 bn option expiries reside and bigger expiry interest between 105.10-00 (1.9 bn) to post a marginal new m-t-d best circa 104.89 and the Euro has absorbed offers around 1.1850 that kept the headline pair capped overnight before breaching a Fib at 1.1861 on the way to 1.1870 and almost matching September 18/21 peaks. The Franc is pivoting 0.9050 and Loonie straddling 1.3100 awaiting Canadian CPI and retail sales for some independent/additional impetus.
  • SCANDI/EM –  Somewhat strangely given a significantly less pessimistic 2020 GDP forecast from Sweden’s Debt Ofiice (-3.5% compared to the prior -6.5% expected contraction) and soft oil prices, the Norwegian Krona is outperforming its Swedish neighbour in Euro cross and Dollar terms as Eur/Nok trades at the lower end of a 10.9960-9000 band in contrast to Eur/Sek nudging the top of 10.3750-3200 parameters. However, it’s one way traffic for the Yuan as Usd/Cnh and Usd/Cny continue their descent to fresh 2 year-plus highs, albeit in keeping with other EM currencies that are taking advantage of the Greenback’s more pronounced pull-back.

In commodities, The crude complex has once again been relatively devoid of specific fundamental updates and as such price action has largely followed broader equity performance this morning; directionally, benchmarks are continuing the downside post-yesterday’s private inventories report. The report displayed a surprise, but relatively modest, build of 0.59mln compared to expectations for a draw of 1mln; attention turns to today’s EIA report for confirmation of this build but similarly to yesterday expectation are for a 1.02mln draw. Note, the build last night did take some desks by surprise given the BSEE were still reporting that some of the offshore Gulf production was shut-in following Hurricane Delta for the survey period. Inventories aside, WTI and Brent have largely been at the whim of downside in the equity space (see above) posting losses of circa USD 0.60/bbl at present; albeit, the benchmarks are off lows by around USD 0.30/bbl. Moving to metals, spot gold hasn’t been able to derive much in the way of further upside post-APAC hours as the DXY continues to drop further below the 93.00 mark. Currently, the precious metal is firmer by ~USD 10/oz. Separately, this morning saw a number of mining updates including Fresnillo cutting their FY20 gold production expectation to 745-775k/oz from the prior forecast of 785-815k/oz but did maintain their guidance around silver. While Antofagasta reiterated their view of copper production for 2020 coming in at the lower end of their original guidance for the year.

US Event Calendar

  • 7am: MBA Mortgage Applications, prior -0.7%
  • 2pm: U.S. Federal Reserve Releases Beige Book

DB’s Jim Reid concludes the overnight wrap

After today I’m taking a three day holiday to spend some bad quality time with the children over half term. Tomorrow we’re going to a huge adventure park (Longleat for those who know it) where my wife and I are debating whether to go the whole hog and drive through the monkey enclosure. We’ve got a family car that I’ve no interest in replacing until essential bits start falling off of it. However looking at the video of the experience there’s a good chance that the monkeys will accelerate that day. So we are debating the trade off between seeing the kids faces when monkeys jump on the car to the risk of having permanent damage. All advice welcome.

Speaker Pelosi and Treasury Secretary Mnuchin debated matters of a slightly higher importance last night as they walked back on last night’s deadline for an agreement on stimulus ahead of the election. Overnight Pelosi has said that she’s hopeful for a stimulus agreement this week, which would be “bigger, better and retroactive”. This is pushing S&P 500 futures (+0.66%) higher.

Senate Majority leader McConnell has said that he would put any bill agreed to by the White House and Democrats up for a vote in the Senate, however it is unclear if Republican Senators would be on board. Notably Senators Romney and Shelby, the latter of whom is the chair of the Senate Appropriations Committee, have already said that they would not support a large bill. McConnell reportedly told colleagues that trying to finalise a stimulus agreement ahead of the election could delay the Supreme court vote for Judge Amy Coney Barrett which are set to take place next week. So a lot of politics to get through over the next few days. It’s tough to see what’s genuine progress and what’s just political manoeuvrings.

Earlier US equities advanced in anticipation of potential stimulus as the “oh yes they will, oh no they won’t” saga continued. As a result of a more positive interpretation there was a further bear-steepening in US treasuries, as the 2s10s curve reached a 4-month high of 64.1bps (from the August 4 local lows of 39.6bps), while 10yr yields were up +1.7bps at 0.786%. This morning 10y yields are up a further +3.7bps to 0.823% and the 2s10s curve is up a further +3.2bps to 67.3bps. The recent steepening moves have come as investors increasingly price in a potential stimulus package, either by the election or afterwards in Q1 under a possible Blue Wave election scenario, the chances of which have risen notably in the last 3 weeks.

For equities, the S&P 500 was up +0.47% by the close, with bank stocks (+1.32%) helping lead the way, while the NASDAQ saw a smaller +0.33% increase. UBS (+5.28%) earnings helped bank stocks on both sides of the Atlantic with European banks rising +1.54% as well. In other earnings news, Netflix fell -5.7% in after-market trading as the streaming service added just 2.2 million new subscribers in the quarter compared to the 3.32 million analysts had projected. They are also expecting to bring in fewer subscribers in the upcoming quarter than estimated (6.0m vs 6.54m). Chipmaker Texas Instruments (+1.44% after-market) beat analysts’ estimates, citing strong rebounding demand from automakers and consumer electronics.

Another major story from yesterday was that the US Department of Justice, along with 11 state Attorneys General, filed an antitrust lawsuit against Google, saying that it was “to stop Google from unlawfully maintaining monopolies through anticompetitive and exclusionary practices in the search and search advertising markets and to remedy the competitive harms.” Google’s legal office responded by calling the government’s case “deeply flawed” and at least on the day, investors seemed to agree as the company’s stock rose +1.39% and appeared more sensitive to the fiscal stimulus news. It remains to be seen what specific remedies the government would seek against Google, though any ultimate decision would be set by the federal court judge overseeing.

Asian markets have tracked Wall Street’s move this morning with the Nikkei (+0.40%), Hang Seng (+0.73%), Kospi (+0.26%) and Asx (+0.16%) all up while the Shanghai Comp (-0.35%) is down. In Fx, the onshore Chinese yuan is up +0.33% to 6.6549, the strongest level since July 2018 but this is more on the back of a broader USD move lower this morning. The US dollar index is down -0.17% overnight marking four consecutive day of declines.

In other overnight news, Bloomberg reports that China’s technology companies including Huawei have expressed strong concerns to local regulators about Nvidia’s proposed acquisition of Arm Ltd. The report added that Chinese companies major concern is that Nvidia may force the British firm to cut off Chinese clients as it could become a pawn in the US-China tech supremacy race. Elsewhere, the ECB President Lagarde said that the current virus wave has come a bit earlier as against expectations of a resurgence in “November or December, with the cold” and “from that point of view that has surprised. It’s not a good omen.”

In terms of the coronavirus, yesterday saw the UK report another 21,365 cases as Prime Minister Johnson announced that Greater Manchester would go into tier 3 – the strictest restriction level. Elsewhere in Europe, the Spanish health minister said that they would look at imposing a curfew in Madrid, while in Italy, which had been performing relatively better than the UK or France in recent weeks, a further 10,871 cases were reported. Italian Prime Minister Conte joined the refrain of his fellow European leaders calling for localised restrictions rather than national lockdowns, with the Lombardy region expected to order a curfew starting on Thursday. In the US, cases continue to see the biggest rise in the Midwest and Southern regions as the country saw over 60k new cases over the last day and looks to be seeing a “third” wave as the weather turns. Hospitalisations have started ticking higher as well, in particular Texas is at 8 week highs with particular strain coming to more rural regions with lower capacity. Overall, coronavirus hospitalization in the US stood at 39,230 yesterday, the highest in two months.

On therapeutics, there was bad news as the US FDA inspectors found quality-control problems at an Eli Lilly plant used to help produce its Covid-19 antibody therapy. Elsewhere, Cathay Pacific Airways said that it will cut about 5,300 jobs based in Hong Kong and close its Cathay Dragon unit as part of a sweeping restructuring.

On Brexit, the UK government suffered a defeat in the House of Lords on its controversial Internal Market Bill, which would seek to override parts of the already-reached Brexit Withdrawal Agreement with the EU. Though the bill passed and will move on to further debate, members voted by 395-169 in favour of an amendment to the second reading motion which said that the House regretted that part of the bill “contains provisions which, if enacted, would undermine the rule of law and damage the reputation of the United Kingdom.” Notably, 39 Conservative peers voted in favour of that amendment, including former leader Michael Howard. Otherwise, the negotiations between the UK and the EU remained in stalemate, with the EU’s Michel Barnier tweeting that he spoke again to the UK’s David Frost yesterday, and said “My message: we should be making the most out of the little time left.” The U.K. are currently being cold to the prospect that the EU is moving far enough to restart negotiations although The Telegraph newspaper reported that Barnier was considering a trip to London tomorrow (which wouldn’t happen without some encouragement) so all eyes will be on whether we see a resumption in talks over the coming days. It’s another political dance.

Elsewhere in markets yesterday, the STOXX 600 lost -0.35%, though this masked strong regional divergences, with the DAX (-0.92%) underperforming as Italy’s FTSE MIB (+0.56%) and Spain’s IBEX 35 (+0.98%) made solid gains. Europe saw a similar selloff in rates to the US, with 10yr yields on bunds (+2.2bps), OATs (+1.4bps) and BTPs (+0.8bps) all rising. Finally on the data front, US housing starts in September rose to an annualised rate of 1.415m (vs. 1.465m expected), while building permits rose to an annualised 1.553m (vs. 1.520m expected), their highest rate since 2007.

To the day ahead now, and earnings releases include Tesla, Verizon Communications, Abbott Laboratories, Thermo Fisher Scientific and NextEra Energy. Central Bank speakers include ECB President Lagarde, Vice President de Guindos and chief economist Lane, along with the Fed’s Mester, Kashkari, Kaplan and Bullard and BoE Deputy Governor Ramsden. The Fed will also be releasing their Beige Book and both the UK and Canada will release their September CPI readings.

END

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 3.08 PTS OR .09%   //Hang Sang CLOSED UP 184.88 PTS OR .75%    /The Nikkei closed UP 72.42 POINTS OR 0.31%//Australia’s all ordinaires CLOSED UP 0.10%

/Chinese yuan (ONSHORE) closed UP AT 6.6546 /Oil UP TO 41.04 dollars per barrel for WTI and 42.44 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR TO 6.6546. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6430 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 ABELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/

China is already announcing food shortages for the winter. Not enough fresh food to go around\

Wheeler/Organic Prepper Blog

Food Shortages Hit China: There Is “Not…Enough Fresh Food To Go Around”

Authored by Robert Wheeler via The Organic Prepper blog,

Over the past few weeks, I have been writing articles regarding a coming food shortage. I’ve been pointing out that the food shortage is going to hit the United States hard but that it is also going to hit the rest of the world.

A worldwide fit of hysteria over COVID, resulting in the shutdown of the world’s economy, interruption of the supply chain, and the destruction of food products, as well as international trade wars and natural disasters, are going to collide with one another and make this winter one of the toughest on record.

China is publicly acknowledging a coming food shortage.

But while many have dismissed my claims, I’d like to draw your attention to the fact that China is now publicly acknowledging a coming food shortage. (And as noted in this article, when they admit there’s a problem, it’s a BIG problem. ) In fact, China even has an anti-food-wasting campaign going on across the country right this minute encouraging people to eat half portions or at least make sure to finish their plates.

In an October 5, article for the New York Times entitled “China’s mealtime appeal amid food supply worries: Don’t take more than you can eat,” Eva Dou writes,

On the surface, China’s campaign to encourage mealtime thrift has been a cheerful affair, with soldiers, factory workers and schoolchildren shown polishing their plates clean of food.

But behind the drive is a harsh reality. China does not have enough fresh food to go around — and neither does much of the world.

The pandemic and extreme weather have disrupted agricultural supply chains, leaving food prices sharply higher in countries as diverse as YemenSudanMexico and South Korea. The United Nations warned in June that the world is on the brink of its worst food crisis in 50 years.

“It’s scary and it’s overwhelming,” Arif Husain, chief economist of the United Nations World Food Program, said in an interview. “I don’t think we have seen anything like this ever.”

Those are strong words, to say the least.

Right now, the food products in China that are facing the toughest situation are corn and pork. China’s pork industry was hit hard by African Swine Fever (at least we are told) and flooding ruined a large portion of China’s corn crops. But it’s not just those two products that are at risk. Fresh food of every kind is in short supply for the same reasons as the United States, i.e. insane shutdown policies.

China is claiming that it is not in a food crisis currently and it is attempting to reassure the population that it has enough wheat in reserve to feed everyone for a year. But the reality is different from the claims, as China’s pork prices rose 135 percent in February, and floods killed so many vegetable crops.

You may wonder how this shortage in China affects us.

Ironically, China is dependent on the United States to bridge its corn shortfall. Despite the fact that we are allegedly in a trade war with China and the fact that Americans will soon be facing a shortage of food of their own, it’s likely that the good ol’ USA will tell its citizens to take one for the team yet again and help stabilize the brutal Communist dictatorship that Americans built by shipping their jobs overseas with Free Trade.

Political unrest goes hand in hand with food insecurity.

And it’s true that China’s government may not view the food crisis as the biggest concern. Instead, it views political unrest as the biggest threat. Political unrest, unfortunately for the Chinese Communist Party, is a direct result, especially in China, of food insecurity.

Both of its major political disruptions – the 1950s and 1980s – came at a time when food was in scarce supply.

But, for now, China is attempting to convince its population to embrace austerity voluntarily and through social shaming (like America’s masks) in order to stave off the crisis a little longer. Dou describes the “Clean Plate’ push in her article by writing,

Beijing’s solution has been a sunny “Clean Plate Campaign” launched in August, with the aim of curbing food use without prompting public alarm. Like the American Victory Gardens of World War II, the campaign is as much about trying to unite the country around a patriotic mission in a time of hardship as it is about securing the food supply.

Restaurants across the nation are dishing out “half-servings” in line with the drive. Some, such as the upscale Peking duck chain Quanjude, have instructed servers to nag diners not to waste. Other restaurants are fining people for leaving too much on their plates.

At one elementary school in southern China, students must send teachers short videos of their dinner each night to verify they are cleaning their plates, according to the state-run People’s Daily. A number of university canteens are giving away fruit and other small gifts to students who finish their lunches.

Even billionaire Jack Ma, founder of the online retail giant Alibaba, has been filmed trying to save food. A recent viral video shows him asking for his unfinished crab and lobster to be boxed up to go.

“Pack it up, pack it up, pack it up!” he says in the video. “I will eat it on the plane.”

Government officials are, of course, forbidden from holding lavish banquets during this period.

This is a global problem.

World Food Program economists have already estimated that 270 million people globally are suffering from hunger this year. That’s more than twice last year’s amount. That number does not include China, the United States, and Europe as they are all considered food-secure countries.

Given what everyone can see with their own eyes on American shelves and the recent “clean plate” campaign in China, the term “food secure” is being used liberally these days.

While we may get lucky and dodge the bullet, we strongly encourage you to prep while you can.  Even if no major shortages occur, you’ll be hedging your bet against food prices that will almost certainly increase dramatically over the next few years.

END

CORONAVIRUS UPDATE/CHINA/GLOBE

Chinese City Launches Emergency COVID-19 Vaccine Program; India Outbreak Continues To Slow: Live Updates

Summary:

  • Global cases top 40.8 million
  • Deaths top 1,125,000
  • India sees cases slow below 60k for yet another day
  • Chinese begins accepting ‘applications’ for priority vaccine
  • Tokyo says Olympic volunteers worried about illness
  • Czech Republic suffers another record day

* * *

After reporting another daily record on Tuesday, the pace of new COVID-19 cases reported worldwide slowed, with just 387,768 new cases, according to Johns Hopkins.

Deaths, meanwhile, remained consistent, with 6,585 new deaths reported on Tuesday, bringing the international total to 1,125,752.

Perhaps the biggest story overnight in Asia was officials from the Eastern Chinese city Shaoxing, located in Zhejiang Province, announced that they had begun accepting payments and applications from residents who wish to be dosed with a domestically developed COVID-19 vaccine. The two-dose regimen will cost 456 yuan ($68), according to state broadcaster CCTV. Around the world, no vaccine candidate has finished the final stage – known as “Phase 3” – of testing, but China allows people with urgent need, including medical workers, to receive candidate vaccines under an emergency arrangement.

Once again on Wednesday, India reported fewer than 60,000 new cases – 54,044 in the last 24 hours, to be exact – compared with 46,790 from the prior day, pushing the countrywide total to 7.65 million. India’s death toll jumped by 717 to 115,914.

Nikkei Asia reported that the worsening global outbreak is threatening not just Europe and the US, but also Asia with a lingering “baby bust”, yet another threat to long-term growth.

Finally, the Tokyo Metropolitan Government which revealed that 79% of volunteers for next summer’s Olympics and Paralympics are concerned about the spread of the coronavirus. More than 13,400 registered volunteers responded to the metropolitan government’s survey, which was was conducted in August.

Here is some more COVID-19 news from overnight and Wednesday morning:

Australia’s most heavily hit state, Victoria, logged a sixth consecutive day of new cases in the low single digits. The state government said it was on track to announce fresh easing measures over the weekend. The state hopes to revitalize outdoor dining over the summer in the hard-hit hospitality sector by allowing pop-up restaurants in public gardens and downtown parking lots.

Venezuela plans to vaccinate citizens with Russian and Chinese treatments that could arrive in December or January, President Nicolas Maduro says (Source Nikk==)

Poland’s prime minister Mateusz Morawiecki pledged to boost the number of hospital beds by 15,000 as the central European country reported another record daily number of coronavirus infections (Source: FT).

The Czech Republic on Wednesday reported another record number of Covid-19 cases, as the central European nation continues to battle with the fastest spread of infections in the EU. The health ministry recorded 11,984 new cases and 42 deaths from the virus, which continues to spread rapidly despite the introduction of new restrictions last week (Source: FT).

end

4/EUROPEAN AFFAIRS

GERMANY/USA/NORDSTREAM 2

The USA is doing everything in their power to block the Nord Stream 2 project so Russia will not supply gas to Europe.  This gas is much cheaper than the USA LNG.  The USA argument is that the USA is protecting Germany and they should buy USA products. The USA expands sanctions on firms building the pipeline and to Germany itself

(zerohedge)

US Expands Nord Stream 2 Sanctions As Germany Vows Pipeline Completion “Not If, But When”

Secretary of State Mike Pompeo has long vowed he’ll “do everything” to stop Nord Stream 2, last month indicating the US is building a coalition of countries to fight against it, given Washington sees it as a massive compromise to Russia, giving it leverage over Europe as well as Ukraine.

“From the US point of view, Nord Stream 2 endangers Europe because it makes it dependent on Russian gas and endangers Ukraine – which in my opinion worries many Germans,” Pompeo said weeks ago.

On Tuesday the State Department expanded US sanctions targeting companies working on the Russia to Germany gas pipeline. While sanctions already target the specific European companies and their executives directly at work on the project, they’ve now been extended to include sanctions even on firms upgrading, servicing, or installing equipment on the ships laying the pipeline.

Image via DW/DPA

Here’s the relevant section on the State Department’s updated NS2 sanctions webpage:

“Such activities subject to sanctions pursuant to PEESA (the Protecting Europe’s Energy Security Act of 2019) or other authorities may include, but are not limited to, providing services or facilities for upgrades or installation of equipment for those vessels, or funding for upgrades or installation of equipment for those vessels.”

There remain some exceptions, however, out of environmental concerns. The State Department says the sanctions “will not apply to persons providing provisions to a relevant vessel if such provisions are intended for the safety and care of the crew aboard the vessel, the protection of human life aboard the vessel, or the maintenance of the vessel to avoid any environmental or other significant damage.”

Likely this would be the loophole any such company put on notice over the new sanctions will use to evade punishment, given any repair or upgrade to a ship could be argued necessary over future “safety” and “environmental” concerns.

Though Washington in a sense has won particular “battles” on the NS2 front, Russia and Germany have indicated the US will not win the “war” given that by all appearances the pipeline will be pursued to completion.

One major victory for US sanctions was that Swiss pipelay company Allseas had abandoned its central roll in the project in December 2019 under threat of US punitive action. Russian gas giant Gazprom then outfitted its own ships to lay the last 100 miles of the pipeline.

Swiss-Dutch offshore company Allseas pulled out of the project in Dec. 2019. Image source: EPA/EFE

Just days ago, German Foreign Minister Heiko Maas reaffirmed that the pipeline will indeed be completed. He said at this point project completion is essentially not if but when. He emphasized in comments the only question that remains is precisely “when this will happen”.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

AZERBAIJAN/ARMENIA TURKEY
Azerbaijani forces advance into the occupied territory and they are winning. Armenia was one last chance to turn the tide
(SouthFront)

Armenian Forces Use Their Last Chance To Turn Tide Of War With Azerbaijan

Submitted by SouthFront,

The Azerbaijani Armed Forces have been developing their advance on Armenian positions in the contested Nagorno-Karabakh region. On October 19, they captured 13 more villages in the Jabrayil district. The capturing of Soltanli, Amirvarli, Mashanli, Hasanli, Alikeykhanli, Gumlag, Hajili, Goyarchinveysalli, Niyazgullar, Kechal Mammadli, Shahvalli, Haji Ismayilli and Isagli was personally announced by Azerbaijani President Ilham Aliyev. Early on October 20, Azerbaijani forces also reached the town of Tumas and engaged Armenian units deployed there. Pro-Azerbaijani sources insist that the town already fell into the hands of Baku.

The country’s defense ministry claims that in the recent clashes Azerbaijani forces destroyed a number of enemy troops, at least 2 T-72 tanks, 2 BM-21 “Grad” MLRS, 1 D-30, 1 D-20 gun-howitzers, and 11 auto vehicles.

On October 19, pro-Armenian sources for the first time provided video evidence that they had shot down at least one of the Bayraktar TB2 combat drones operated by the Azerbaijani military and Turkish specialists.  Meanwhile, the Armenian Defense Ministry claimed that 5 unmanned aerial vehicles were shot down during the evening of that day only.

According to the Armenian side, the total number of Azerbaijani casualties in the war reached 6,259. 195 UAVs, 16 helicopters, 22 military planes, 566 armoured vehicles and 4 multiple rocket launchers of the Armed Forces of Azerbaijan were allegedly destroyed. Yerevan claims that the Armenian forces have repelled two powerful attacks in the northern part of Karabakh, while intense fighting has been ongoing in the south. Nonetheless, Armenian military officials avoid confirming the recent Azerbaijani advances and insist that the recent developments are just a part of modern maneuver warfare. By these claims, the political leadership of Armenia tries to hide that the Azerbaijani advance along the Iranian border faced little resistance.

The Azerbaijani progress was mostly complicated by a limited number of mobile Armenian units, which were avoiding a direct confrontation and focusing on ambushes and mine warfare. According to reports, the Armenian side is now reinforcing its positions in the area of the Akari River seeking to prevent the further Azerbaijani advance towards the Armenian state border and the Lachin corridor.

On the other hand, the goal of the Azerbaijani-Turkish bloc is to overcome this resistance and to develop the current momentum to reach the Lachin mountain pass thus threatening to cut off the shortest route between Armenia and the Republic of Artsakh. In the event of success, this would predetermine the Azerbaijani victory in the war. Military hostilities are ongoing amid another round of international diplomatic efforts to de-escalate the situation and return the sides to the negotiating table.President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan declared that they are ready to meet in Moscow. The Azerbaijani leader even said that his country is ready to halt the operation if Armenia demonstrates a constructive approach. Nonetheless, the ‘constructive approach of Armenia’ in the view of Azerbaijan is the full and public surrender of Karabakh. Such an agreement will mark the collapse of the current political leadership of Armenia and is unlikely to be accepted.Therefore, the war will likely continue until the military victory of one of the sides and that side would likely be Azerbaijan.

Baku has already achieved an impressive breakthrough on the frontline if one compares the current situation with local military escalations in the previous years. As to Armenia, it will not likely be able to turn the tide of the conflict if it continues limiting its response to indirect support of forces of the Republic of Artsakh instead of a direct military action to repel the Azerbaijani-Turkish bloc. Clashes of the previous weeks already demonstrated that Baku has an upper hand in the current format of the military standoff in Karabakh. Therefore, if Yerevan really wants to change something, it should change the rules of the game even if this would create additional risks for Armenia itself.

6.Global Issues

CORONAVIRUS/WORLD TRAVEL

Not rocket science: global migration plunges as worldwide travel comes to a screeching halt

(zerohedge)

Global Migration Trends Plunge As COVID Crushes Worldwide Travel To A Halt

Migration trends have hit a wall in 2020 as a result of the coronavirus pandemic – resulting in what will be even more pressure to the global economic outlook.

New visa issuances by the 37 members of the Organization for Economic Co-operation and Development (OECD) were down 46% in the first half of 2020. The organization warned that continued restrictions on travel means that it could be “some time” before trends return back to normal.

Migration has a direct impact on the transport, domestic services and IT industries, Bloomberg notes. Migrants also make up 24% of medical doctors and 16% of nurses, the article says.

OECD Secretary General Angel Gurria said: “Migration will continue to play an important role for economic growth and innovation, as well as in responding to rapidly changing labor markets. We need to avoid rolling back on integration and reaffirm that migration is an integral part of our lives.”

Immigrants have also been disproportionately affected by job losses resulting from the pandemic. Immigrant unemployment has moved from 1% below native workers to now 2% above native workers in the U.S. In Canada, Norway and Sweden, similar trends are showing up.

The OECD concludes that migrants also have increased chance of health risks, since many work on the “front line”.

END
Major events of today discussed by Michael Every
1. a new Bretton Woods?
2.UAE/Israel deal which willl bring cheap oil to Europe
3. USA funding Brazil non non Huawei 5 G equipment.
(Michael Every.)

Rabo: IMF Unveils “New Bretton Woods” So Central Banks Can Go Back To Pushing Stock Prices Higher

By Michael Every of Rabobank

So near and yet so far appears to be the case on US fiscal stimulus. Mnuchin and Pelosi are still talking. The numbers they are talking about are still large (USD1.88 trillion vs. USD2.2 trillion). US President Trump is still talking about an even larger number. Yet we are now under two weeks to Election Day. At this stage, is there any electoral benefit for either side in passing a stimulus bill that won’t actually stimulate anyone to vote one way or the other, or is there more benefit in the blame game? 13 days left to find out.

Elsewhere, the IMF MD Georgieva gave a speech called “A New Bretton Woods Moment” – pretty eye-grabbing given the first BW moment built our current geopolitical architecture at the end of WW2, and the second BW moment in the early 1970s saw the end of the gold standard and the introduction of a fiat USD-based system that led us to where we are today.

So, what do the IMF (still known as the “I aM Fired” in some emerging markets) have to offer?

Section 1 was titled: ‘A sisterhood and brotherhood of humanity’. It notes “Today we face a new Bretton Woods moment. A pandemic that has already cost more than a million lives. An economic calamity that will make the world economy 4.4% smaller this year and strip an estimated $11trn of output by next year. And untold human desperation in the face of huge disruption and rising poverty for the first time in decades. Once again, we face two massive tasks: to fight the crisis today— and build a better tomorrow.” We can all concur there.

We know what action must be taken right now,” adds the IMF. “First of all, we must beat the virus,” and so “continue support for workers and businesses until a durable exit from the health crisis.” Indeed. How we do that is less clear. But I digress.

What then? Opportunity beckons! “…we will have a chance to address some persistent problems — low productivity, slow growth, high inequalities, a looming climate crisis. We can do better than build back the pre-pandemic world – we can build forward to a world that is more resilient, sustainable, and inclusive. We must seize this new Bretton Woods moment.” Great! How?

Part 2: ‘Building Forward: Three Imperatives’

3 USA funding Brazil

“First, the right economic policies. What was true at Bretton Woods remains true today. Prudent macroeconomic policies and strong institutions are critical for growth, jobs, and improved living standards. One size does not fit all—policies must be tailored to individual country needs….Strong medium-term frameworks for monetary, fiscal and financial policies, as well as reforms to boost trade, competitiveness and productivity can help create confidence for policy action now while building much-needed resilience for the future.”

So the “right” economic policies are needed,…and everyone gets to decide what these are themselves. If only we had all realized that while all pursuing all the wrong policies for so long! And didn’t the first BW have fixed exchange rates and capital controls and a rigid, ring-fenced world architecture the IMF now disavows? Today we already have new medium-term policy architecture – and yet central banks are shrugging and asking “what more can we do?” Of course, we must boost trade too, they say. Forget about making anything at home again, or just in case rather than just in time, or diversifying back to industry, where wages and productivity are higher than in services. Also, forget about labor vs. capital and monopoly and monopsony power. (This as the US DOJ files a suit against Google.)

And please keep “a careful watch on risks presented by elevated public debt.” Well naturally! Spend, spend, spend: then the austerity. Yet “where debt is unsustainable, it should be restructured without delay.” In developed economies, is that going to happen in any form other than negative interest rates and QE – both of which destroy productivity? Meanwhile, “policies must be for people”. Invest more in them; and in the vulnerable; and so raise human capital. Just don’t forget this has to be compatible with public debt targets and doing the “right” thing – which means no populism. (There are then sensible suggestions on low-hanging fruit issues like the gender gap in emerging markets, which make a lot of sense, but are not really in keeping with a BW global moment.)

Let’s get Green too – which implies massive public spending on the back of zero interest rates. That at least is in the spirit of Bretton Woods. But it does not square who *spends* the trillions and who produces all those Green goods, and so gets all the good jobs. That kind of focus on trade and capital flows was very much what Keynes was all about – but it gets no mention here. Perhaps because we have no idea how to square that circle without the IMF telling some of it slarge members that their mercantilism is going to blow up the global system (again).

Part 3: ‘The IMF’s Role’, who are “working tirelessly to support a durable recovery – and a resilient future”. Well, they do have a USD1 trillion lending capacity now, which used to be big money until Covid-19; and they “will continue to pay special attention to the urgent needs of emerging markets and low-income countries – especially small and fragile states, helping them to pay doctors and nurses and protect the most vulnerable people and parts of their economies.” If that is really what the IMF do nowadays, then wonderful. Genuinely. It does not explain what the developed economies who actually fund the IMF should be doing policy-wise though.

Part 4: ‘Seize the Moment’: “The best memorial we can build to those who have lost their lives in this crisis is, in the words of Keynes, “that bigger thing”— building a more sustainable and equitable world. Our founders did it. It is now our turn. This is our moment!”

Inspired? Good! Now central banks can get back to pushing junk bond and blue-chip stock prices higher to reward monopolists and monopsonists and day-traders; and government policy-makers can keep working out how many people can sit in a pub at what time of day before somebody else can’t visit their mum in the garden.

Meanwhile, in the real world, we are already seeing a BW-style shift in the global architecture. For example, the US just offered to fund at low, low rates Brazil’s acquisition of non-Huawei 5G equipment. The US separately signed trade agreements with it on steel, ethanol, and sugar and to promote greater US inwards investment. What does this say about who will sit closer to whom as the world starts to look more like it did at the time of the first BW – split into two rival blocs?

On another front, Israel and the UAE signed a deal to bring oil to Europe via extending a pipeline that already runs from Eilat to the port of

Ashdod, which offers a cheap and efficient route for energy transit avoiding the Straits of Hormuz and the Suez Canal. Again, things are changing fast on the ground in real terms. So far and yet so near in this instance, for once.

end

Robert H’s message for us:

A view from the mast

Much is being said and written about COVID-19 threat, in daily Briefs and sound bits as we all experience the implications in fallout, from lockdowns and meaningless social isolation to find sought after salvation from what is being portrayed as a dreaded killer virus, when in fact it’s not. But we lived through SARS without such dread and prospered and this is ignored and forgotten in the current narrative. This is not about the virus or its’ threat of death, to the bulk of humanity.
>> This coronavirus is nothing more than a Catalyst for what will be some sort of financial blow out, as it is the height of stupidity to believe it itself is the cause of financial devastation, where as the seeds of the financial crisis we are In, goes far deeper and originated far sooner, than most people are prepared to admit. Especially numerous governments, who spent like drunken sailors without a belief in a day of financial reckoning. And many still continue to spend in hope of a post national transition to a one world government to bail them out. There is no question however, that the lockdowns and destruction of the supply chains across the world and the closure of businesses and the upheaval in peoples‘ lives is a major contributor to upcoming social unrest in the months to come. Have no doubt, today’s protests will change in nature to nastier outbursts as various factions and distress combine in face of very real financial debt problems. One might say the threat is needed to cause acceptance to what will be proposed. The reason for this is quite simple, the collapse of confidence in the economy migrates to collapse in government; this is why politicians in Europe have accepted the “great reset” as an answer, because they fear a total loss of control as do the central banks, who have already lost control. And in so doing, they have become a pawn of the socialist agenda. The giveaway years ago, was the lowering of interest rates to stimulate demand which failed because people lost confidence in their ability to succeed in the economy as did business. And no amount of low cost capital made a difference in causing new growth. Instead, it allowed the illusion of well being while government spending continued unchecked in a non growing economy, where the illusion of growth was cheap credit and not new industrial creation causing secondary economic activity. People will borrow money and take risks when they have confidence and people invest when confidence exists, while a lack of confidence causes people to hoard capital, which in turn causes deflation until the day people believe money will be worth less in which case they spend and cause inflation or in some cases hyperinflation.
>
>> People fail to understand that populations grow geometrically, while resources deplete arithmetically, and constant demands in new creative discoveries and technological application are needed to meet and improve upon the needs of a growing human populace. This is most important because it touches on one principle element that distinguishes humanity from all other forms of life in this ecosystem, called planet earth. Abe Lincoln identified and creatively described this in his 1859 Discoveries and Inventions speech: “ all creation is mine, and every man, minor…. The whole earth and all within it, upon it, and around it, including himself, and his physical, moral, and intellectual nature, and his susceptibilities, are the infinitely various leads from which, man, from the first, was to dig out his destiny…. Man is not the only animal who labors; but he is the only one who improves his workmanship. This improvement, he effects by discoveries, and inventions.”
>> This understanding has been understood by many a political leader from Xi Jinping to Putin to Trump, given that the United States has maintained global hegemony because it has always been a leader in being the largest beneficiary of scientific and industrial progress. In addition, the US is the largest core economy and the USD is the reserve currency because there because there are no restrictions on issuing debt in USD in foreign countries or on behalf of foreign companies by the USA and the fact, that the USD has never been canceled. The US stands alone, in this regard amongst countries, including China. It is why America must be rebuilt to restart the global engine of new prosperity. Not to do so, would be to lose all balance and more likely cause war than prosperity.
>
>> Today, we are living through a confrontation between the right of the nation state to benefit from this scientific and industrial progress versus the goal of the socialists ( Great Reset crowd)  who wish to put everything under the banner of the UN and destroy nationhood and deny  people’s ability to individually show progress and acquire personal wealth within nations, thus  fulfilling the socialist goal of the collective of One World Government.
>
>> In Europe, ECB is trapped because it cannot let its balance sheet shrink as debt matures simply  because there is no market for their debt. The target date for perpetual bonds is still January 1, 2021. This default ( they will not call it this way, but an inability to pay back a liability is a default) will convert everything into perpetual bonds with a likely increase in interest rate to perhaps as much as 3%. And in so doing the ECB will declare this is capital as it will clean up their balance sheet and allow them to start again on the path of debt creation. This will also allow rates to be set by actual credit risk as it actually should be for nations within the EU. The hope is that people will overlook the fact, that a default has occurred and one assumes that perhaps these bonds will trade similar to British consuls. One must remember the central banks across the world have been buying all manner of bonds and not just government debt, with some it being plain junk. The real  test will be whether global supply chains will accept this and see the Euro as a desired settlement currency for goods. If the world, outside of the EU sees the Euro as a comprised currency, settlement will be demanded in alternative currency and this is their biggest nightmare as in such a circumstance the value of the Euro will fall to a level where it is accepted or in the alternative, swaps will be needed with other central banks for currency, which no doubt will come at a price. We must wait and see, as events are in flux to indicate any absolute conclusions.
>> The outcome of the election in the United States will play a big part in the direction the world goes and how quickly. Unbeknownst to most people, US dollar is at least 60% held in cash outside of the borders of the United States. Under Trump, it’s unlikely that The US will go to digital currency where as under Biden they will follow in quick footsteps after Europe. This will have a bearing on the acceptability of the euro in trade settlement going forward. I am inclined to believe that the US dollar will still continue to be the preferred mechanism of settlement in trade. However, one should be cognizant of the fact that both China and Russia have substantial gold reserves and would not hesitate to move to a digital asset backed currency to strike at the US or Europe, if the opportunity presented itself. And this maybe a strike at the Great  Reset crowd who will have further boxed themselves into a fight which is already lost, before it starts, assuming a real Brexit and a Trump win. They are desperate to see Biden in, to further extend their might to crush England and go after China and Russia to fulfill their aspirations. And if that means war then it is just fine, as population reduction is much simpler. Without America under their boot, they can never win. And we can be sure both China and Russia will fight not to be under foot.
>
>> In my opinion, the game is lost, because of the City and Wall Street who deep down understand the end goal of being under the boot of this crowd and will fight on a united basis to defeat this attempt to preserve their own points of control and order. The City has maintained its’ dominance for  over 400 years as the financial center of the world. The City of London goes back to its legal status and ability which is found in the Magna Carta which was agreed to by King John in 1215 which states “the city of London shall have/enjoy its’ ancient liberties”. After the Second World War, America took the lead in rebuilding the world using the US dollar as a primary driver become to reserve currency in the world. In the 1950’s in order to adapt to what was rapidly becoming a change in the global financial climate, the city of London set up what is called secrecy jurisdictions. These jurisdictions were to operate within the last remnants of Britain’s small territories or colonies overseas. Of the 14 overseas territories, 7 are bona fide tax havens or secrecy jurisdictions. Using the US dollar, a separate international financial market was created to facilitate offshore money, the Eurodollar market. And since this market has banking facilities outside the UK and the United States, they are not under the jurisdiction of either country, but under the jurisdiction of these territories. The US has other Territories of it’s own for US banks. By the late 90’s nearly 90% of all international loans were made through this market. Much of this capital is moved through various trusts in these locals. Wall Street really operates it’s under the auspices of the New York Fed and has made good use of these territories in expanding both regions scope of US dollar lending, and largely is independent of any real auspice as this is why New York banks may pay fines for wrong doing but no one goes to jail for wrong doing. The same holds for the City. This reality and the sheer scope of capital will be a major obstacle to the great reset crowd succeeding as the capital flow in and out of Nations is largely controlled through these jurisdictions and will not flowing to Europe to support the construct there. The Socialist moves being made on the continent would end both Wall Street and the City and neither will go quietly into the night.  It would not be surprising to see alignments within the City and Wall Street as well as certain central banks, like the Bank of England and the Treasury to resist and overcome the move being made by the EU. Both politics and money makes strange bed fellows who will often work together for a common goal and purpose, even if they are competitors or enemies. So it would not surprise to see both Russia and China align to end socialism aspirations with others. As they too are not casual observers and have individual growing pressures unique to them.
>> Recently, I detailed the flooding in China along with Mass crop destruction due to the army worm which toured through China  over the last six months as well as Southeast Asia. China has a developing food problem and it will become a crisis within the next 16 months. This Covid lockdown syndrome by Western governments is causing mass food growing disruption which started in the spring with challenges for labor by restricting migrant workers which will start to manifest later this year. As it is shortages and supply issues exist whether it’s canned goods or even walnuts from Moldova or almonds from Sicily. Food prices will be rising with real shortages starting at the end of 2021 as warehouses empty of storage supply. We also see farmers losing access to credit for crop production as much distress has occurred over these lockdowns and changing weather patterns. It will only be the supply of steady low-cost credit to farmers to avoid a real problem in 2022. This is alarming because the very real potential does exist for a global famine in the midst of a global crisis in trade settlement, which develops on a similar timeline. Even some of the major global trading houses have been experiencing tremendous strain during the last 18 months in financial hits to their balance sheets which leaves them much weaker than they should be going forward amidst more hesitant bank lending. How does this play out is anyone’s guess, but it’s a real problem going forward and they will have implications for the world as it moves through a food availability crisis.
>
>> How, many current government leaders expect to be reelected after the reaction to this virus threat by lockdowns and sheer destruction of business and upsetting peoples lives is quite phenomenal to ponder. Whatever changes are now in process and progress it is more than likely that we will see upheavals for at least another 5 to 7 years as the world moves to a new normal and one should expect severe pressures from a number of different fronts to be confronted both by government, business, and the world. This is especially true when the reality is that we are moving into what is called a solar minimum whereby the planet is getting colder not hotter in the face of trying to stifle or illuminate carbon emissions. There is no question the new technologies used to accomplish zero or near zero missions will run into a much different climatic environment than the one we have been in in the past and it will be interesting to see how such technology performs, when faced with this reality, which is beyond human ability to change.
>
>> We need to buckle up and be prepared for greater challenges going forward as everything we have known and taken as normal over the last many decades will be put to the test, including our ability to cope with change.

end

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.1853 UP .0024 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 104.89 DOWN 0.584 (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 1.3047   UP   0.0092  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3114 DOWN .0006 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  WEDNESDAY morning in Europe, the Euro ROSE BY 24 basis points, trading now ABOVE the important 1.08 level RISING to 1.1853 Last night Shanghai COMPOSITE DOWN 3.08 POINTS OR .09%

//Hang Sang CLOSED UP 184.88 PTS OR .75% 

/AUSTRALIA CLOSED UP 0,10%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 184.88 POINTS OR .75% 

/SHANGHAI CLOSED DOWN 3.09 POINTS OR .09% 

Australia BOURSE CLOSED UP 0.10% 

Nikkei (Japan) CLOSED UP 72.42  POINTS OR 0.31%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1916.00

silver:$24.98-

Early WEDNESDAY morning USA 10 year bond yield: 0.808% !!! UP 2 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.611 UP 2  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 92.77 DOWN 30 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.19% UP 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.04.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.19%//UP 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.79 UP 4 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 60 points higher than Spain.

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.37% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.1871  UP     .0042 or 42 basis points

USA/Japan: 104.56 DOWN .907 OR YEN UP 91  basis points/

Great Britain/USA 1.3146 UP .0054 POUND UP 190  BASIS POINTS)

Canadian dollar DOWN 12 basis points to 1.3131

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The USA/Yuan, CNY: closed UP AT 6.6407    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.6403  (YUAN up)..

TURKISH LIRA:  7.81  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield UP 2 IN basis points from TUESDAY at 0.806 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.608 UP 2 in basis points on the day

Your closing USA dollar index, 92.57 down 50  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 112.72  1.91%

German Dax :  CLOSED DOWN 179.31 POINTS OR 1.41%

Paris Cac CLOSED DOWN 75.33 POINTS 1.41%

Spain IBEX CLOSED DOWN 115.80 POINTS or 1.67%

Italian MIB: CLOSED DOWN 396.18 POINTS OR 2.03%

WTI Oil price; 40.37 12:00  PM  EST

Brent Oil: 41.84 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.72  THE CROSS HIGHER BY 0.62 RUBLES/DOLLAR (RUBLE LOWER BY 62 BASIS PTS)

TODAY THE GERMAN YIELD RISES  TO –.58 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  40.05//

BRENT :  41.69

USA 10 YR BOND YIELD: … 0.817..up 3 basis points…

USA 30 YR BOND YIELD: 1.621 up 3 basis points..

EURO/USA 1.1859 ( UP 30   BASIS POINTS)

USA/JAPANESE YEN:104.55 DOWN .922 (YEN UP 92 BASIS POINTS/..

USA DOLLAR INDEX: 92.64 DOWN 43 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3143 UP 187  POINTS

the Turkish lira close: 7.8117

the Russian rouble 76.77   UP 0.52 Roubles against the uSA dollar. (UP 52 BASIS POINTS)

Canadian dollar:  1.3140 DOWN 20 BASIS pts

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

The Dow closed DOWN 97.97 POINTS OR 0.35%

NASDAQ closed DOWN 31.80 POINTS OR 0.28%


VOLATILITY INDEX:  28.58 CLOSED DOWN .77

LIBOR 3 MONTH DURATION: 0.215%//libor dropping like a stone

USA trading today in Graph Form

Stocks Chop On Stimulus Slop, Bitcoin Jumps, Dollar Dumps

The algos were busy today… buying on every mention of the words “hope” or “optimism” and selling at technical resistance as once again nothing happened…

Everything was red by the close with Nasdaq losing gains at the close. Small Caps and Trannies were worst on the day…

Small Caps are the week’s biggest loser for now…

Maybe it’s time to “not play” for a while… or is the FOMO just too strong?

But elsewhere in markets, there was lots of action.

The dollar dumped to its lowest since Sept 1st…

Source: Bloomberg

The dollar weakness has helped send China’s yuan to its strongest since 2018 (against a broad basket of currencies)…

Source: Bloomberg

And as the dollar dropped, Bitcoin popped, topping $12,900 – the highest since July 2019 (helped by reports that PayPal will integrate crypto)…

Source: Bloomberg

Bitcoin had decoupled yesterday but today’s PayPal news sent the rest of the crypto space higher too…

Source: Bloomberg

Treasury yields rose once again, led by the long-end (30Y +3bps)…

Source: Bloomberg

This is the 5th day in a row that yields have risen, pushing 10Y above 80bps (NOTE most of the selling was in the Asia session)…

Source: Bloomberg

…to its highest since June (NOTE these 5-day spikes have tended to reverse quickly)…

Source: Bloomberg

Rates are seemingly rising in line with the odds of a Biden win in the election…

Source: Bloomberg

And as the odds of a “blue wave” rise are steepening the yield curve…

Source: Bloomberg

Notably, real yields are on the rise once again but gold has decoupled from its historical negative correlation…

Source: Bloomberg

WTI tumbled back to $40 intraday after a bigger than expected gasoline build…

As the dollar dropped, gold popped, with futs back above $1930…

Silver futures pushed back above $25…

Finally, we note that Greed is back…

And as Goldman warns, so is fear as Vol remains significantly elevated after the election…

Markets are currently not just pricing in an increase in volatility around Election Day, but also a sustained high-volatility environment thereafter – both in the post-election period and in the long run. Does that sound like an environment to be buying every dip at record highs?

END

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

iii) Important USA Economic Stories

Expect a tsunami of evictions as the moratorium expires on Dec 31/2020

(zerohedge)

“January Is Going To Be A Mess” – A Tsunami Of Evictions Expected Across US

The Trump administration walked back federal pro­tec­tions for renters in early October, even though rent moratoriums were still in effect, which allowed property owners and operators to begin the eviction process for millions of people as tens of billions of dollars in back rent is coming due.

In early September, the CDC published new, temporary guidelines to halt evictions because of the virus pandemic. The public health agency said:

“The CDC, located within the HHS announces the issuance of an Order under Section 361 of the Public Health Service Act to temporarily halt residential evictions to prevent the further spread of COVID-19… This Order is effective September 4, 2020, through December 31, 2020.”

Before the eviction moratorium went into effect on September 4, there was a 72-hour lapse, allowing landlords to evict non-paying tenants. Reuters interviewed Latrise Bean,35, who was one of the unfortunate people evicted during that time from her Milwaukee apartment.

Bean, who works at a software company, like millions of other Americans, had their working hours reduced by of the virus-induced economic downturn – now with an eviction on her record, making it more difficult to find a rental, she is now living at a temporary housing unit in a neighborhood even worse than the one before with her five-year-old daughter.

“I feel so unlucky,” said Bean. “I have really been through it.”

2020 has been a nightmarish year for millions of America’s renters. At least 8 million of them are facing eviction in the coming months. Collectively, these folks owe an estimated $32 billion in back rent. Months of non-payment have exerted financial pressure on property owners and operators, some of whom have already failed to service their mortgage debts.

Princeton University Eviction Lab, a national housing research center, said, on average, there are roughly 3.6 million eviction cases per year. In early 2021, the number could be doubled, suggesting an eviction wave, nothing like this country has ever seen before, is ahead.

Bob Pinnegar, CEO of the National Apartment Association, points out mom-and-pop landlords “are under an unprecedented financial strain,” as many have seen eight months of non-payment from tenants.

Princeton Lab’s 17 US cities’ data shows since the pandemic began, at least 60,000 evictions have been recorded. As we’ve noted, evictions, homelessness, hunger crises, and the continued collapse of America’s working-poor continues to plague the economy as a conventional recession could be unfolding.

Since the CDC’s eviction moratorium went into effect, metro areas across the US have recorded a decline in evictions – but that hasn’t stopped some landlords in places like Columbus, Ohio, Jacksonville, Florida, and Gainesville, Florida, who have been filing eviction notices for non-paying tenants.

Come January, with billions of dollars in back rent due, struggling Americans like Natasha Burns, who owes more than $7,000, will be financially devastated in the new year. She told Reuters there’s no way she can financially recover from this at the moment.

“If it weren’t for the CDC ban, my kids and I would be homeless,” Burns said.

Making matters for the working poor, some cities have allowed landlords to garnish 20% of an evicted tenant’s wages. Judgments ordering tenants to pay back rent can crush people’s income for years.

Nick Toman, a Milwaukee Legal Aid lawyer, said his normal clientele shifted from individuals to entire households as the pandemic wrecked the economy:

“I hear these stories from entire families who are on the side of the street,” said Toman, choking up during an interview with Reuters in his Milwaukee office. “These families have no place to go and no options, and I think it’s abundantly clear that the safety net is just not big enough to handle something like this.”

Toman warned:

January is going to be a mess,” while referring to the back rent due. “Nobody can get a new place because they have an eviction case pending against them – and they don’t have any money anyway.”

Meanwhile, Congress and the Trump administration are deadlocked over a new stimulus bill that would include financial relief for tenants and landlords.

John Pollock, a Public Justice Center attorney and coordinator of the National Coalition for a Civil Right to Counsel, said January could bring a surge eviction and homelessness,” unlike anything we have ever seen” before.

With an eviction crisis likely ahead, unless more government intervention is seen, the economic crisis is far from over as it could be a continuation of a conventional recession.

END
Long lines at food banks:  Millions of New Yorkers cannot afford food
(zerohedge)

Million New Yorkers Can’t Afford Food As Hunger Crisis Worsens

In the seventh month of the virus pandemic, New York City is still in shambles, with more than half a million residents unemployed as the small business collapse continues. Broadway is closed, Manhattan offices are empty as remote work dominates, violent crime is surging, and an exodus of people from the city has created a perfect storm of economic chaos that will hunt many New Yorkers for years.

A byproduct of the virus-induced economic downturn is food and housing insecurity for millions of people in the Tri-state area. Deep economic scarring produced by permanent job loss has left many people in a bind; some working-poor may never recover while others could take years.

Food and housing insecurity will be, or should be, a hot subject as millions in the Tri-state area are suffering ahead of the holidays. Readers may recall in early October, the Community FoodBank of New Jersey warned that more than one million New Jerseyans were expected to suffer food insecurity by the end of the year.

Now the problem is becoming more widespread. At least one million New Yorkers are expected, or will soon, experience food insecurity, according to FOX 5 NY.

Alexander Rapaport, the executive director of Masbia soup kitchen network, said, “We have done disasters before, but nothing is even close to what we are doing now,” referring to the long lines at food banks across the city is all too common.

Masbia is a nonprofit soup kitchen network and food pantry, with Borough Park and Flatbush locations in Brooklyn and Forest Hills in Queens. Rapaport said there had been a 500% increase in demand.

In a separate report, NYT estimates the number of New Yorkers who are going hungry could be upwards of 1.5 million.

Denise Allen, a mother who visits one of Masbia’s food banks, said:

“I’m on a limited income. I visit every two to three weeks,” said Allen.

Rapaport said, “there is so much need. So much so that for the last three days, Rapaport, his staff, and volunteers have been operating around the clock. All three locations are now open 24/7, feeding 1,500 families a day, but it is still not enough.”

With demand high for food banks in the city, he said long lines have developed, which forced him to create an entirely new system in what he calls digital food bank lines.

“You now have to make an appointment to pick up your box of food,” Rapaport said.

Meanwhile, it’s not just the Tri-state area that is in economic distress, with millions going hungry while others are at risk of eviction; Feeding America, one of the nation’s top food banks, recently warned that it may run out of food in the next twelve months as demand has overwhelmed its network.

Food and housing insecurity for millions of people across the country signals the transmission mechanism of stimulus, if that was through fiscal or monetary, has failed to support the working poor.

END

Another no brainer:  Fire experts say that Western states like California
need to clear out mismanaged forests.
(zerohedge)

Fire Experts Say Western States Need To Clear Out Mismanaged Forests

As the West Coast approaches the tail-end of what have been increasingly destructive fire seasons, experts say it’s time to “shift the focus back to managing healthy forests that can better withstand fire,” in what would be a sharp reversal from decades of federal, state and local agencies prioritizing fire suppression over prevention, according to NBC News.

“Fires have always been part of our ecosystem,” said Mike Rogers, a former Angeles National Forest supervisor and board member of the National Association of Forest Service Retirees. “Forest management is a lot like gardening. You have to keep the forest open and thin.”

Federal forest management dates back to the 1870s, when Congress created an office within the U.S. Department of Agriculture tasked with assessing the quality and conditions of forests. In 1905, President Theodore Roosevelt oversaw the birth of the U.S. Forest Service, which manages 193 million acres of public land across the country.

In California, forest management also falls under the purview of the state’s Department of Forestry and Fire Protection, known as Cal Fire. –NBC News

CalFire has spent over $600 million on fire prevention efforts in in less than 10 years, and has ‘removed or felled nearly 2 million dead trees.’ The agency has made efforts to mitigate future fires – setting a goal to treat 500,000 acres of wildland per year using techniques that include slashing, burning, sawing or thinning of trees. Unfortunately, CalFire remains far from meeting their goal.

“It’s an ongoing process,” said spokeswoman Christine McMorrow. “There is always going to be more work.”

“Is it enough? Well, it’s enough for what we’re doing right now, but is that enough to get all the work that needs to be done in one year or five years or 10 years? It’s going to a take lot,” she added.

Cal Fire is steadily receiving injections of money to do what it can to reduce wildfire risk, including better land management and training a new generation of foresters. In 2018, former Gov. Jerry Brown signed a bill that will allocate $1 billion over five years to Cal Fire to be used on fire prevention measures. But experts warn that more money is needed.

Long before the country’s founding, Spanish explorers documented wildland fires in California. In 1542, conquistador Juan Rodríguez Cabrillo sailed along the coast and noticed smoke billowing up from what is now known as the Los Angeles Basin. He called it “la baya de los fumos,” or “the bay of smoke.” –NBC News

The history of fire suppression vs. forest management dates back to at least 1910, when “The Big Burn” destroyed 3 million acres across Idaho, Washington and Montana – killing 85 people in an event which would reshape fire policy in the United States for decades to come.

Now, the US Forest Service has ordered that all wildland fires are to be extinguished as soon as possible, emphasizing suppressing fires by the morning after they begin in what is known as the ‘10 a.m. policy.’

“We have more large trees per acre than we’ve ever had because they have continued to grow, and underneath these large trees are young shrubs that fuel fires in the crown of the trees,” said Mike Rogers. “When a fire starts in there, it’s unstoppable.

(zerohedge)

San Fran’s New Normal: Third Walgreens In A Year Is Closing Due To “Rampant Shoplifting”

The effects of allowing chaos to prevail in liberal run cities across America might not be obvious to liberals now, but when their cities empty out completely, it’s going to become crystal clear.

Such is the case in San Francisco, where the city’s new normal of shoplifting and chaos has driven another Walgreens pharmacy out of the city.

The move to close the Walgreens at Van Ness and Eddy came after “months of seeing its shelves repeatedly cleaned out by brazen shoplifters”, according to the SF Chronicle. The location served “many older people” who lived in the area.

One customer told the paper: “All of us knew it was coming. Whenever we go in there, they always have problems with shoplifters.”

The same customer photographed someone in the store, days prior, “clearing a couple shelves and placing the goods into a backpack”. Because when there’s no police and politicians are afraid to enforce the law – why not?

The penalty for shoplifting is a “nonviolent misdemeanor” that carries a maximum sentence of 6 months. But in most cases, for simple shoplifting, the criminal is simply released with conditions.

The customer, who lives a block away, said: “I feel sorry for the clerks, they are regularly being verbally assaulted. The clerks say there is nothing they can do. They say Walgreens’ policy is to not get involved. They don’t want anyone getting injured or getting sued, so the guys just keep coming in and taking whatever they want.”

Also this was picked up by the Trafalgar Group

looks like we are going to have a Trump victory

(zerohedge)

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

Last week, we published an article detailing a warning from JPMorgan’s top quant Marko Kolanvoci to all those expecting a landslide Biden win (and by extension Blue Sweep) in which he showed the recent changes in voter registration data and their possible implication for state outcomes. In a nutshell, the JPM strategist found that there had been a sizable increase in Republican voter registrations in key battleground states compared to only modest increases in Democrat registrations…

… and also observed that the change in D-R (Democrats less Republicans) registrations “highly correlates with the subsequent change in D-R voting outcomes.”

We summarized that if Kolanovic’s hypothesis is accurate, the change in voter registration data shown above would immediately invalidate all polls such as that most popular one from Real Clear Politics showing Biden sweeping across the Battleground states. In fact, we concluded that while he does not say it, “the implication from the Kolanovic analysis is that Trump may well end up winning the critical trio of Pennsylvania (20 Electoral votes), Florida (29 votes) and North Carolina (15 votes).” That said, Kolanovic hedged by saying that changes in voter registration was only one variable in determining the election outcome, and “these results should not be taken as a prediction of state election outcomes.”

Fast forward to today when the JPM quant lays out another variable which also suggests that Trump’s odds of victory are far higher than conventional (and flawed as the 2016 election showed) polling would imply.

In a report published this morning, Kolanovic presents a Twitter sentiment analysis on the US election and compares it with the traditional polling data. The top level data is presented in the chart below: it shows the Biden – Trump support at the national level based on QuantCube Social Media (Twitter) Analytics, and compares it to polling averages from RealClearPolitics.

Commenting on the data, Kolanovic says that when looking at the evolution of social media sentiment, one sees that “Biden’s lead over Trump widened in September (possibly as a result of the first debate, market weakness, and COVID developments). The sentiment bottomed with the president’s COVID diagnosis but started meaningfully recovering since then.” The quant also notes that “social media sentiment appears to be a leading indicator of the polling average. Therefore, all else equal, one could expect the polls to tighten in the near future.”

Here, another key consideration is that even the sentiment data is likely biased in Biden’s favor as the recent scandal involving Twitter and Facebook’s suppression of Hunter Biden news demonstrated. As even JPMorgan admits, “one should also be mindful that social media signals may not be unbiased – suppressing or boosting certain types of accounts and messages would skew the signals. For instance, on a number of occasions, messages from the president himself and stories possibly favorable for him (e.g. NY Post, etc.) were suppressed.” For these reasons, he writes “while we believe directionally social media sentiment is a good signal, we would advise against taking at face value the absolute reading (i.e. there could be a persistent bias) as well as the magnitude of the sentiment shifts (i.e. there could be systematic de-boosting and throttling of accounts and messages).”

Last, but certainly not least and perhaps the most important observation from Kolanovic, comes from his discussion of the polls vs sentiment divergence not at the aggregate level but within battleground states. 

As indicated in the next chart, which shows the Biden – Trump support delta in several states based on QuantCube Social Media Analytics and RealClearPolitics Polling Averages, the JPM quant observes that, “in several states, there is a divergence between social media sentiment analysis and polls. For instance in Arizona, Florida, and Georgia, sentiment diverges from the polls.”

The table below summarizes the above data, underscoring the dramatic shift in pro-Trump sentiment vs polls in 3 of the battleground states.

The implications are profound: if, as Kolanovic suggests, social media sentiment (as biased against Trump as it may be) is a leading indicator to polling, then Trump’s is already ahead of Biden in such key battleground states as Arizona, Florida, and Georgia (with the polls expected to catch up in the coming days), which combine for a total of 56 electoral votes, and could well end up being the swing factor deciding the outcome of the election.

END

“Piles Of Stolen Mail On The Side Of The Road”: Ballot Thefts Reported In Two Portland-Metro Suburbs

New reports of stolen mail, including election ballots, are surfacing in the Portland-metro area.

Resident Stephanie Prendergast told KGW8 that when she returned to her home on Sunday her mail and her ballot were both gone. Other neighbors who had checked their mail on Saturday found their ballots, but those who waited until Sunday couldn’t find theirs.

“I noticed upon pulling up to our house that our mailbox was open. There was some junk mail, but no ballot,” she said.

Prendergast continued: “I think we’ve kind of entrusted that our mail is fine and our vote is fine. I would just really encourage people to not be lazy— go get your mail. We might be looking into a locked mailbox in the future.”

Not too far away, in Camas, there were similar incidents.

Police said that neighbors reported finding “piles of stolen mail on the side of the road”, including 9 election ballots. Two residents had police deliver their ballots to their door after they were recovered.

A Camas resident who wanted to stay anonymous said: “I just said, ‘What? My ballots were stolen?! I was upset but I was very thankful that [the officer] brought them back to us.”

Local police said that over the weekend, someone in Camas broke into four community mailboxes. One neighbor’s camera caught a possible suspect, who was driving a white four door sedan.

Camas Police Sgt. Scot Boyles said: “We’re trying to really let the neighborhoods know to be vigilant about their community mailboxes. Know who your neighbors are, know who’s supposed to be around, and if you see someone who looks suspicious call 911.”

Boyles said police have investigated ten reports of mail theft this year, most centered around community mailboxes. He said the reports are common and that he didn’t think the latest case was politically motivated.

“This fits the same pattern of our other mail thefts. If this was politically motivated, I think that the suspects would have damaged the ballots or made them unusable. In this case they left them sealed and threw them on the side of the road,” he concluded.

Meanwhile, Prendergast awaits a replacement ballot. She concluded: “It just feels like this shouldn’t have been complicated, and now it’s complicated.”

You can watch KGW8’s report here:

END
For your interest..
Tom Del Beccaro/Fox News.

Is A Trump ‘Surprise’ Victory In The Offing?

Authored by Tom Del Beccaro, op-ed via FoxNews.com,

As November 3 approaches, many prognosticators are trying to convince Americans that former Vice President Joe Biden is a lock to win the presidency. Of course, they said the same about Hillary Clinton’s chances in 2016 and it didn’t come to pass. Just as in 2016, there are tea leaves, if you will, indicating that President Trump will win again.

Here are ten of those tea leaves:

1. Pennsylvania Voter Registration

American presidential elections are decided by the Electoral College as President Trump and Joe Biden both know.

In 2016, Pennsylvania and its 20 Electoral College votes were key to President Trump’s victory. He won Pennsylvania by a slim 44,292 votes out of nearly 6 million. That November, the Democrats had nearly a 900,000 voter registration advantage over the Republicans. That number is now down to a 700,000 registration advantage and has narrowed by 100,000 in the last year.

No one can logically say that improves the Democrats’ chances to win Pennsylvania in 2020.

2. Florida, too.

In 2008, Democrats held nearly a 700,000 voter registration advantage and Barack Obama carried the state by 236,148 votes. By 2012 that advantage slipped to 558,272 registrations and Obama won there by 74,309 votes.

In 2016, Democrats had a 327,483 registration advantage and Trump carried the state by 112,991 votes.

Now the Democrats’ voter registration advantage is down nearly 200,000 to just a 134,242 lead, which Politico called a “historic low.”

Obviously, the movement towards Republicans bodes well for the president.

3. Latinos for Trump.

Trump could well receive a historic level of support from Latino Voters in 2020. In Florida, a NBC/Marist poll had Trump leading among Latinos 50% to 46% over Biden, whereas, in 2016, Hillary won among Latinos in Florida 62% to 35%. That would be a 15% swing toward Trump if it held up on Election Day.

After the first debate between Biden and Trump, a Telemundo poll showed Trump winning the debate overwhelmingly 66% to 34%. Snap media polls tend to reflect the sentiment of their viewers. Thus, it is no surprise that CNN viewers said Biden won the debate. The fact that Telemundo viewers decisively picked Trump as the winner, along with polls like those cited above in Florida, portend Trump getting the highest ever Latino support of any Republican presidential candidate.

4. African Americans For Trump. 

In September, according to polling done by Rasmussen, Trump’s approval rating among African Americans reached 45%. Keep in mind that President Trump only received 8% of the Black vote in 2016. If Trump received just 16% of the Black vote this November, let alone an even higher number, that would all but secure states like Michigan for Trump.

5. Biden the Tax Increaser.

Candidates who promise tax increases, or have a history of supporting tax increases, tend to lose versus those pushing for tax cuts.

President Jimmy Carter lost to challenger Ronald Reagan, Walter Mondale lost to President Reagan, Michael Dukakis lost to George H.W. Bush 41 and then 41 lost his reelection after his tax increase became a reality. George W. Bush beat Al Gore and then John Kerry.

Barack Obama promised to reduce taxes and he beat John McCain who was not a tax cutter. Obviously, President Trump offered tax cuts while running against, and beating, Hillary Clinton.

Joe Biden, on the other hand, is pushing for the largest tax increase in history.

Advantage Trump.

6. Enthusiasm Matters.

As the New York Post has reported, “just 46 percent of Biden voters in a recent Pew poll said that they strongly support him, compared to 66 percent of Trump’s base.”

That is a 20 point gap. In 2016, Trump had only a 13 point gap over Hillary. That increase of 7% bodes well for Trump, not Biden.

7.  Early Voting in Michigan, Wisconsin, and Ohio.

National polling from Pew Research indicates that “55% of voters who plan to cast their ballot in person before Election Day support Biden, compared to 40% who support President Trump.”

However, in the key battleground states of Michigan, Ohio and Wisconsin the early voting indicates that “registered Republicans are returning ballots at about the same rate as registered Democrats.” The parties are even in Michigan, Democrats up 2% in Wisconsin and the Republicans up 2% in Ohio.

8. American Voters Are More Satisfied in 2020 than they were in 2016

A new Gallup poll shows that 56% of Americans say they are better off now than they were four years ago. That could well be the telling in this case given that just four years ago marked the end of the Biden vice presidency. Why would voters return to Biden if they are happier now than when he was in office?

9. Party Identification.

According to Gallup, by the end of September, when the polling firm asked voters this question, “In politics, as of today, do you consider yourself a Republican, a Democrat or an independent?” the answer came back as follows: 28% said Republican, 27% said Democrat and 42% said independent.

That is meaningful because many of the polls giving Biden the lead appear to be sampling more Democrats than Republicans – sometimes by a wide margin. Also, in 2016, Gallup had Democrats up 32% to 27% but, as we know, Trump still won.

10.  Voters Think Trump Will Win.

In the Trump era, there has been a lot of talk about whether Trump supporters feel free to tell pollsters that they are supporting the president’s reelection. Some experts point to polls asking voters who they believe will win the election to be a truer indication of candidate support.

Once again this bodes well for President Trump as a “Gallup poll shows only 40% of Americans think Biden will win the election; 56% predict a Trump victory.”

*  *  *

So, who will win the 2020 presidential election?

We don’t know yet and only time will tell but polls that say Biden is way ahead could be under-polling Republican participation like they did in 2016 when they said Hillary was up by 14% just a week before the election.

Stronger evidence of where voter sentiment lies is included in the tea leaves above.

So, too, is the fact that Republicans have been working the door-to-door ground game in important states whereas Democrats have only just started to do so.

All of this indicates that President Trump may well surprise his doubters on November 3rd and win again.

iv) Swamp commentaries

Hunter Biden laptop saga

Hunter Biden turns over alleged photos of USA underaged girls to Delaware police.  I would also like to point out that there are other photos/videos of Chinese underaged girls which presents another problem for Joe Biden et al.

There is a text where Hunter Biden informs his father directly that there are some compromising photos/videos of him with underaged girls and his sister in law (in a real life his lover at the time) does not approve of it.

We so far do not know what Joe Biden did once he discovered this

On the Chinese underaged girls situation, there is no question that Hunter Biden was set up and thus Joe Biden becomes a huge security risk.

As per the FBI they had these photos etc for quite a while and did nothing. They held exculpatory evidence from Trump as there would have been no impeachment.  Also Bernie Sanders would have been the candidate against Trump.

quite a story.

(zerohedge)

Rudy Giuliani Turns Over Alleged Photos Of Underage Girls From Hunter’s Hard Drive To Delaware Police

Things just took a very dark turn in the Hunter Biden laptop scandal.

While the alleged crack, cronyism, corruption was enough to spark the biggest media suppression in history, and no denials whatsoever from the Biden camp, the bombshell that Rudy Giuliani just dropped, if true, is egregious to say the least (not just with regard Hunter Biden but the law enforcement authorities who have allegedly had this information since before Trump’s impeachment but done nothing about it).

In an interview this evening with Newsmax TV, former NYC Mayor and current attorney to President Donald Trump, Rudy Giuliani announces he has turned over Hunter Biden’s laptop hard-drive to Delaware State Police due to pictures of underage girls and inappropriate text messages.

In one of the texts, Hunter Biden allegedly says to his sister-in-law (also his lover) that he face-timed a 14-year-old girl while naked and doing crack – “she told my therapist that I was sexually inappropriate.”

Giuliani adds, “this would be with regard an unnamed 14 year old girl,” adding that “this is supported by numerous pictures of underage girls.”

Watch the full interview below (the above exchange begins around 5:20):

Furthermore, JustTheNews’ John Solomon reports  that former New York Police Department commissioner Bernard Kerik joined him when he delivered photographs and text messages to the New Castle County Police Department.

“I told them other details about what appears to be an inappropriate sexual relationship,” he said in an interview. “They told me it would be investigated.”

Law enforcement officials in Delaware told Just the News that Giuliani’s concerns have been forwarded to the state Department of Justice.

“The FBI has had this for a long time,” Giuliani said.

“No indication they did anything about this, so I went to the local police and said, ‘What are you going to do about this?'”

Perhaps the most damning statement from Giuliani, with regard the election, was the former mayor alleging that:

 “I will tell you the evidence I gave them states it was reported to Joe Biden. What did he do about it?”

Before this is wholly dismissed as yet more Russian disinformation or ‘Giuliani’ lies, we remind readers that we previously reported that Hunter Biden’s alleged laptop contents included a curious piece of evidence – a photograph of an FBI subpoena which bears the signature of the agency’s top child porn investigator, special agent Joshua Wilson.

FBI agent Wilson’s identity was confirmed by both Western Journal and Business Insider, the latter of which compared his signature to a 2012 criminal complaint and concluded that it “clearly matches the unreversed signature on the subpoena published by the New York Post.”

As BI notes:

It’s unclear whether the FBI employs more than one agent named Joshua Wilson. But the available evidence seems to show **the Joshua Wilson who signed the subpoena for Hunter Biden’s laptop, and the Joshua Wilson who investigates child pornography for the FBI, are the same person**. This raises the possibility, not explored by the Post, that the FBI issued the subpoena for reasons unrelated to Hunter Biden’s role in Ukraine and Burisma.

So why is the FBI’s top child porn lawyer involved in the Hunter Biden laptop case? OANN‘s Chanel Rion says she’s seen the contents of the hard drive, which includes “Drugs, underage obsessions, power deals,” which make “Anthony Weiner’s down under selfie addiction look normal.

All of which now makes some sense, given Giuliani’s alleged findings, and raises a stunning question: if there is/was incriminating child porn on Hunter’s computer, what has the FBI been doing about it?

END
The Hunter Biden emails totally debunk the lying Joe Biden theory that there was “No Burisma Investigation”
That notion was totally false!!
(zerohedge)

Hunter Biden Emails Debunk ‘No Burisma Investigation’ Claims

A common retort defending Joe Biden after he bragged on camera about bullying Ukraine into firing its top prosecutor or the United States would withhold $1 billion in loan guarantees is that there was an ‘international consensus’ that the prosecutor, Victor Shokin, was corrupt and ‘had to go.’

Biden defenders go further to claim that there was no active investigation into Burisma, the Ukrainian natural gas company which hired Hunter Biden to sit on its board (because his last name is Biden, according to board member Aleksander Kwasniewski). Therefore, Joe Biden was simply carrying out the will of the international community, not delivering on Burisma’s $50k per month investment in Hunter.

Nevermind the fact that Shokin  and his predecessorhave both stated during depositions that there was an active investigation into Burisma, and that Shokin was fired because of it at the behest of Joe Biden.

Shokin claims he was investigating Burisma, and had opened a case against Burisma’s founder, Mykola Zlochevsky – who granted his own company permits to drill for oil and gas in Ukraine while he was Minister of Ecology and Natural Resources. In January, 2019, Shokin stated that there were five criminal cases against Zlochevesky, including money laundering, corruption, illegal funds transfers, and profiteering through shell corporations while he was a sitting minister.

Meanwhile, phone calls between Biden and former Ukrainian President Petro Poroshenko leaked by Ukrainian MP Andrii Derkach in which Poroshenko explicitly says there were no corruption charges against Shokin – despite claims to the contrary.

“Yesterday I met with General Prosecutor Shokin,” says Poroshenko. And despite of the fact that we didn’t have any corruption charges, we don’t have any information about him doing something wrong, I specially asked him – no, it was day before yesterday – I specially asked him to resign. In, uh, as his, uh, position as a state person. And despite of the fact that he has a support in the power. And as a finish of my meeting with him, he promised to give me the statement on resignation. And one hour ago he bring me the written statement of his resignation. And this is my second step for keeping my promises.

Now, thanks to Hunter’s laptop, we have proof that there was an active investigation.

In a November 2, 2015 email, Burisma representative Vadym Pozharskyi wrote the following to Hunter and his partner, Devon Archer, complaining that ‘services’ provided by Hunter and Democratic consulting firm Blue Star Strategies weren’t clearly defined:

The suggested scope of work is largely lacking concrete tangible results that we set out to achieve in the first place,” writes Pozharskyi. “It doesn’t offer any names of top US officials here in Ukraine (for instance, US Ambassador) or Ukrainian officials (the President of Ukraine, chief of staff, Prosecutor General) as key targets for improving Nikolay’s case and his situation in Ukraine.

Nikolay refers to Burisma president Mykola (Nikolay) Zlochevsky).

“If, however, this is done deliberately to be on the safe and cautious side, I can understand the rationale,” the email continues.

“I would like us to formulate a list of deliverables, including, but not limited to: a concrete course of actions, incl. meetings/communications resulting in high-ranking US officials in Ukraine (US Ambassador) and in US publicly or in private communication/comment expressing their “positive opinion” and support of Nikolay/Burisma to the highest level of decision makers here in Ukraine: President of Ukraine, president Chief of staff, Prosecutor General, etc.”

Here’s the punchline:

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

Looks like Joe delivered.

END
The complete story on the corruption of Biden in the Ukraine
(Farnan//NationalPulse)

Biden, Corruption, And Ukraine’s Election Interference Against Trump

Authored by Thomas Farnan via TheNationalPulse.com,

In 2014, the Obama administration assigned Joe Biden to oversee Ukraine policy.  From that position he likely received a portion of the payola his son Hunter extracted from Burisma, one of the country’s largest energy companies, for firing an unfriendly prosecutor.

The political operation, though, was bigger than just a few million dollars funneled to the Biden family. In 2016 Ukraine interfered against Donald Trump in the American presidential election. It did so by launching a false Russian flag operation against the Trump campaign through Fusion GPS, CrowdStrike, and Alexandra Chalupa.

Ukraine later admitted the interference and apologized for it.

After a telephone conversation in which President Trump thanked Ukraine’s leader for investigating this corruption, the head of Obama’s Ukraine policy at the NSC (who had overseen the Chalupa part of the political dirty trick) filed a whistleblower complaint, leading to Trump’s impeachment.

The following is an excerpt from the short ebook, The Russia Lie, that details Ukraine’s election interference against Trump at the behest of the Obama administration.

* * *

Smack dab in the middle of this soupy mix of money, lobbying, and insanity is the country of Ukraine, which sits geographically between Europe and Russia. 

The cold-war view was that without Ukraine Russia is an Eastern power, but with Ukraine it challenges Western interests.

Since the 1990s, Ukraine has bounced back and forth between alignment with Russia and the West. Like a child in a bitter divorce, it has become a proxy in the battle between two mismatched parents: the parochial, nationalistic, religious preferences of Putin’s Russia; and the globalism of the EU.

In 2010, pro-Russian candidate Viktor Yanukovych was elected as president of Ukraine, in part due to the services of an American political consultant, Paul Manafort.  Politico has called Manafort’s relationship to Yanukovych “a political love connection.”

Powerful forces in the West suspected that Vladimir Putin was putting anti-EU ideas into peoples’ heads – with Manafort’s help.

Therein lies the chewy center of The Russia Lie: Western-intellectuals have a condescending view of the hoi polloi  who vote against their globalist projects, regarding the huddled masses as easily manipulated, Pygmalion-like, by smarter people. They assume Putin is playing Professor Henry Higgins to the flower girls who reject the EU, because that’s how they see the world.

In 2014, Yanukovych would make the mistake of not signing an association agreement with the European Union. John McCain flew to Kiev to rally support for the EU. McCain reported to the Atlantic Council about his trip. There followed a successful coup d’état, that replaced the pro-Russia government with a Western puppet.

President Obama later told CNN’s Fareed Zakaria that he had “brokered a deal to transition power in Ukraine.” The word “brokered” suggests that the Obama administration successfully replaced a government half a world away at the behest of Washington’s smart people.

Under Joe Biden’s oversight, the Obama administration started to work with Ukraine to create disinformation falsely linking Trump to Russia.

Alexandra Chalupa, a Ukrainian-American operative, began doing opposition research for the DNC about Trump and Russia in late 2015. The Ukrainian embassy representing the government whose rule President Obama had “brokered” worked closely with Chalupa.

Chalupa’s efforts were so successful in creating a phony Russian cloud around Trump that on October 24, 2016, reporter Michael Isikoff portrayed her work as pivotal in a premature victory lap for the Clinton campaign at Yahoo News.

On January 16, 2016, The Atlantic Council issued a dispatch under the banner headline: “US Intelligence Agencies to Investigate Russia’s Infiltration of European Political Parties.” The lede was concise: “American intelligence agencies are to conduct a major investigation into how the Kremlin is infiltrating political parties in Europe, it can be revealed.”

There followed a series of pull quotes from an article that appeared in the The Telegraph, including that “James Clapper, the US Director of National Intelligence” was investigating whether right wing political movements in Europe were sourced in “Russian meddling.”

The dispatch spoke of “A dossier” that revealed “Russian influence operations” in Europe. This was the first time trippy words like “Russian meddling” and “dossier” would appear together in the American lexicon.

One of the international men of mystery spying on European political parties was none other than the ubiquitous Christopher Steele. A March 5, 2018 piece in The New Yorker about Steele describes the connection:

Even before Steele became involved in the U.S. Presidential campaign, he was convinced that the Kremlin was interfering in Western elections. In April of 2016, not long before he took on the Fusion assignment, he finished a secret investigation, which he called Project Charlemagne, for a private client. It involved a survey of Russian interference in the politics of four members of the European Union—France, Italy, the United Kingdom, and Germany—along with Turkey, a candidate for membership. The report chronicles persistent, aggressive political interference by the Kremlin: social-media warfare aimed at inflaming fear and prejudice, and “opaque financial support” given to favored politicians in the form of bank loans, gifts, and other kinds of support. The report…. suggests that Russian aid was likely given to lesser-known right-wing nationalists in the United Kingdom and elsewhere. The Kremlin’s long-term aim, the report concludes, was to boost extremist groups and politicians at the expense of Europe’s liberal democracies. The more immediate goal was to “destroy” the E.U., in order to end the punishing economic sanctions that the E.U. and the U.S. had imposed on Russia after its 2014 political and military interference in Ukraine.

At roughly the same time Steele worked on Project Charlemagne, he hired Fusion GPS to do research on Paul Manafort. Glenn Simpson detailed this in his book: “Weeks before Trump tapped Manafort to run his campaign, Christopher Steele had hired Fusion for help investigating Manafort.”

Steele was investigating Putin’s influence in European politics. Manafort had been helpful in electing the pro-Putin candidate in Ukraine, and he started to work for Trump. Steele hired Fusion GPS to investigate Manafort. Then Fusion GPS hired Steele to help them. Cozy, huh?

With the Atlantic Council in 2016, all roads led to Ukraine. The Atlantic Council’s list of significant contributors includes Ukrainian billionaire Victor Pinchuk. 

The Ukrainian energy company that was paying millions to an entity that was funneling large amounts to Hunter Biden months after he was discharged from the US Navy for drug use, Burisma, also appears prominently on the Atlantic Council’s donor list.

NY POST STORIES HAVE RECENTLY SHED MORE LIKE ON BIDEN AND UKRAINE

Arseniy Yatsenyuk, the Western puppet installed in Ukraine, visited the Atlantic Council’s Washington offices to make a speech weeks after the coup. 

Pinchuk was also a big donor (between $10 million and $20 million) to the Clinton Foundation. Back in ’15, the Wall Street Journal published an investigative piece, “Clinton Charity Tapped Foreign Friends.” The piece was about how Ukraine was attempting to influence Clinton by making huge donations through Pinchuk. Foreign interference, anyone?

In a piece first published on January 11, 2017, headlined “Ukrainian Efforts to Sabotage Trump Backfire,” Politico reported that Ukraine tried to help Hillary Clinton in the 2016 presidential election: “The Ukrainian efforts had an impact in the race, helping to force Manafort’s resignation and advancing the narrative that Trump’s campaign was deeply connected to Ukraine’s foe to the east, Russia.”

Ukraine has apologized and admitted its interference

In the end, Trump was falsely linked to Russia by three distinct items of DNC opposition research, all connected to the Western puppet government in Ukraine: (1) dirt on Paul Manafort; (2) the Steele dossier; and (3) the supposed hack of the DNC computers. 

It is plausible to conclude the Steele dossier, like Nellie Ohr’s report about Manafort, was based on disinformation provided by Ukrainians that was passed to Steele by his Fusion GPS researchers. The only source Nellie Ohr has identified in testimony  is Ukrainian. An FBI spreadsheet has confirmed that the “Trump orgy” story was sourced to Alexandra Chalupa’s sister.

President Trump would eventually mention “CrowdStrike” (a company connected to Ukraine) and the number they did on the DNC servers to the next President of Ukraine, a comedian who was elected by Ukrainians in 2019 partly as a protest to Western meddling in their country.

Trump was impeached for discussing the Obama administration’s corruption in Ukraine based on a “whistleblower complaint” from a bureaucrat who ran the Ukraine desk at the NSC and, as reported by Paul Sperry, “worked on Ukrainian policy issues for Biden in 2015 and 2016, when the vice president was President Obama’s ‘point man’ for Ukraine.”

A less biased media would have identified the impeachment for what it was: A brazen attempt to bury Joe Biden’s Ukraine corruption. 

In the final analysis, the 2016 election was not influenced by Russian disinformation no matter how the FBI continues to cover for the plotters by shrouding embarrassing revelations with phony Russian intrigue.  

No, it was Ukrainian disinformation (as Politico reported in 2017 and Ukraine has admitted) conducted under the tutelage of the Obama administration and its overseer for the country, Joe Biden.

*  *  *

Read the rest of the story in the short ebook, The Russia Lie, available for purchase here for $5.

END
Cooney is moved from his prison cell as authorities are worried that the Clinton/Biden criminal gang will go after him.  He would be a great witness
(zerohedge)

Hunter Biden Witness Moved From Prison Cell After Exposing Influence-Peddling Operation

Hunter Biden’s former business associate Bevan Cooney, who flipped on the Bidens and exposed an influence-peddling operation, has been moved out of his prison cell, according to Breitbart News.

Days after Breitbart News senior contributor Peter Schweizer and journalist Matthew Tyrmand published emails provided by Cooney, federal agents moved him from his cell in an Oregon prison around 11:00 a.m. local time on Tuesday to protect him, according to Tyrmand.

“Bevan could sense that things had changed with the rise in visibility of his story,” said Tyrmand.

Cooney’s family stressed to Tyrmand they are “extremely concerned given the nervousness gleaned from Bevan’s reaction this morning and they would appreciate a sign from the powers that be that Bevan is in protective custody.” It is unclear where Cooney has been moved to, and in whose custody he currently is. –Breitbart

Cooney is serving time for his part in a 2016 investment scheme, for which he believes he was the fall guy. Biden business partner Devon Archer was initially spared jail and handed a second trial, however a federal appeals court reinstated Archer’s fraud conviction in the case earlier this month.

“They [the Cooney family] believe that alerting the family is the moral thing to do if anyone in government knows anything regarding Bevan’s immediate situation,” said Tyrmand in a statement to Breitbart News. “They are hopeful he is fine and permanently out of the Oregon facility in which he had been detained for over a year. They know he has been highly motivated in bringing transparency to all of the things that he was exposing by sharing his emails directly with me and Peter [Schweizer]. Given that he was supposed to be released in the coming weeks, although that had been recently pushed back without explanation, his motivation lay purely in seeing justice delivered and warning America about what he had had a front row seat to witness.”

The first story published on Breitbart News last week, by Schweizer and author Seamus Bruner, detailed how Hunter Biden and his associates secured high-level White House meetings for Chinese Communist Party-connected elites visiting Washington from China. That included, per those Chinese elites, a secret unreported meeting with then-Vice President Joe Biden himself. Other emails that surfaced on One News Network showed a deeper relationship between the Bidens and the ex-wife of the former Moscow mayor Elena Baturina. More emails surfaced Monday in another Breitbart News report showing how Hunter Biden’s business associate viewed his relationship with his father, Joe Biden—a “direct administration pipeline”—as a form of “currency” to trade on and make more money. More stories are in the works. –Breitbart

END
Joe Biden is an absolute liar: his son profited off of his family name and so did the VP. Even the President of Poland, a director of Burisma stated that his son benefited and so did Hunter himself in a video discussion last year
(zerohedge)

Joe Biden Insists Son Never Profited Off Family Name; Except Hunter And Ex-President Of Poland Say He Did

In a Tuesday interview, former Vice President Joe Biden claimed that there was no basis “whatsoever” to claims that his son, Hunter, profited off the family name.

When asked local Wisconsin TV station WISN if there was any legitimacy to comments by Sen. Ron Johnson (R-WI) that Hunter “together with other Biden family members, profited off the Biden name,” the former Vice President replied “None whatsoever,” adding (without finishing the sentence) “This is the same garbage Rudy Giuliani, Trump’s henchman…

“It’s the last ditch effort in this desperate campaign to smear me and my family.”

Except, Hunter admitted he profited off his family name!

“If your last name wasn’t Biden, do you think you would’ve been asked to be on the board of Burisma?” asked ABC News‘ Amy Robach in an October 15, 2019 interview.

“I don’t know. I don’t know. Probably not, in retrospect,” said Hunter. “I don’t think that there’s a lot of things that would have happened in my life if my last name wasn’t Biden,” he added, “because my dad was Vice President of the United States.

“There’s literally nothing, as a young man or as a full-grown adult that — my father in some way hasn’t had influence over.”

What’s more, the former President of Poland and Burisma board member Aleksander Kwasniewski said last November that Hunter was picked to sit on the company’s board because of his name.

“I understand that if someone asks me to be part of some project it’s not only because I’m so good, it’s also because I am Kwasniewski and I am a former president of Poland. … Being Biden is not bad. It’s a good name,” he said.

end
A perfect match:  secret service travels logs match perfectly with emals of Hunter Biden.
Thus the emails are real, the computer is Hunter Biden and thus Hunter Biden used the trip for personal gain.
(Ivan Pentchoukov/EpochTimes_

Secret Service Travel Logs Match Details In Alleged Hunter Biden Emails

Authored by Ivan Pentchoukov via The Epoch Times,

Secret Service logs obtained earlier this year by Senate investigators include dates and locations matching those discussed in the emails allegedly belonging to Hunter Biden, the son of Democratic presidential nominee Joe Biden.

The alignment of the dates in the emails and the Secret Service protective detail logs is significant because the authenticity of the emails, first published by the New York Post last week, is the subject of heated debate. The FBI, which purportedly obtained Hunter Biden’s laptop in December last year, has not yet officially confirmed that it is in possession of the device and whether the emails are genuine.

In one alleged email, written after midnight on April 13, 2014, Hunter Biden wrote to Devon Archer, his business partner, that he will be traveling to Houston the next day. Secret Service logs obtained by the Senate Committee on Homeland Security and Governmental Affairs show a trip by Biden on April 13-14, 2014.

In another alleged email, Vadim Pozharskyi, a top executive from Ukrainian gas firm Burisma, wrote to Biden and Archer on May 12, 2014:

“Following our talks during the visit to the Como Lake and our further discussions, I would like to bring the following situation to your attention.”

While the email doesn’t cite a date for the trip, Secret Service logs include a travel entry for Biden on April 3-6, 2014.

In another alleged email, Archer wrote on May 12, 2014, that he is with Biden in Doha, Qatar.

Secret Service records include a trip by Biden to Doha, Qatar, on May 11-14, 2014.

The alignment in dates and location was first spotted by the staff of the Senate Homeland Security and Finance committees. Notably, some of the alleged Hunter Biden emails included discussions of Biden’s travel after he allegedly declined a Secret Service detail. Sen. Ron Johnson (R-Wis.) and Sen. Chuck Grassley (R-Iowa) penned a letter (pdf) to the director of the Secret Service on Oct. 20 asking for records after the date when Biden purportedly stopped receiving a Secret Service detail.

Rudy Giuliani, President Donald Trump’s personal attorney, provided a copy of the alleged Hunter Biden hard drive to the Post earlier this month. Giuliani declined to provide a copy to The Epoch Times, which has been unable to independently authenticate the files.

The Biden campaign has declined repeated requests for comment on the laptop.

end

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

Trump says he wants a bigger coronavirus relief package than Pelosi’s $2.2T proposal

https://www.foxbusiness.com/politics/trump-says-he-wants-a-bigger-relief-package-than-democrats-2-2t-proposal

Pelosi: Democrats and GOP Working Together Can Reach Agreement – BBG (Pelosi appearing on Bloomberg TV at 12:30 ET)

The rally stalled when Pelosi said: Getting Mixed Messages from Senate, Trump on Aid 12:40 ET

The decline ended on: Pelosi Says Stimulus Bill Being Written; Still Issues Unresolved 12:44 ET

Pelosi said she was ‘optimistic that a deal could be made by the end of the day’.

ESZs and stocks surged to new highs at 13:50 ET.  Then, Sen. Romney said he would oppose any stimulus bill of $1.8 trillion or more.  ESZs and stocks sank.  When the final hour arrived, and the Pelosi-Mnuchin summit began, ESZs and stocks tumbled.  By 15:10 ET, ESZs had plunged 43 handles from their session high.  At 15:17 ET, ESZs hit a bottom (3427.25).  Traders engineered a 21-handle ‘V’ rally in ESZs.  The rally reversed on this WaPo headline: McConnell Warns White House over Pre-election Stimulus Deal

@ChadPergram: GOP ND Sen Cramer on Mnuchin negotiating a coronavirus bill w/Pelosi: He’s got a better working relationship with the Speaker than probably anybody over here…that’s valuable. That doesn’t mean that every Republican would support the position he ends up with.

From yesterday’s King Report: Barring confirmation of a deal, Tuesday could have a replay of Monday’s action.

Justice Department, 11 states file antitrust lawsuit against Google

https://www.foxbusiness.com/technology/justice-department-sets-antitrust-briefing-no-mention-of-google

Fox’s @EdwardLawrence: The DOJ Complaint against Google says the company pays Apple between $8B & $12B annually to have google default search engine for safari, siri, & spotlight.  That is 15% to 20% of Apple’s net revenue.

@googlepubpolicy: The DOJ’s deeply flawed lawsuit would do nothing to help consumers. It could actually raise phone prices, make it harder for people to access the services they want, and artificially prop up lower quality search services. Read our blog post→ https://www.blog.google/outreach-initiatives/public-policy

[After the close] Mitch McConnell @senatemajldr: The Paycheck Protection Program has made a critical difference for millions of working families. Today, I’m having the Senate vote on a new second round for the hardest-hit small businesses. Democrats say they support the PPP. Let’s see how they vote.

Trump vs. Biden Race Tightens, Suddenly Looks Like 2016 in Latest IBD/TIPP Presidential Poll

Since the IBD/TIPP 2020 Presidential Election Tracking Poll launched on Monday, Oct. 12, Biden’s support has slipped 3.8 points, from 51.9% to a new low-water mark of 48.1%. Trump poll numbers have gone the other way, rising 2.4 points to his new high-water mark of 45.8%. Biden’s lead peaked at 8.6 points in the Oct. 13 presidential poll…

https://www.investors.com/news/trump-vs-biden-poll-race-tightens-like-2016-ibd-tipp-2020-presidential-poll/

@RealAPolitics: In the IBD poll trump is doing 6 points better with republicans then in 2016 according to exit polls. The republican base is coming home and Biden is only doing 1 point better with dems

We have been warning for many months that polls showing double-digit Biden leads were bogus and would narrow substantially in the final weeks.  That is what occurred in 2016.

Remember, due to ‘wasted votes’ (overwhelming Dem vote totals in big-blue states: CA, NY, IL), Biden can win the popular vote by 3 to 4% and still lose the Electoral College vote.

DJT got 306 EC votes in 2016; Hillary garnered 232 EC votes while capturing 2.1% more popular votes.

Gallup reports a huge change in party identification over the past two months.

28% of voters how identify as GOP; 27% Dem, 42% Ind.  Two months ago, it was 31% Dem, 26% GOP

https://news.gallup.com/poll/15370/Party-Affiliation.aspx

Polls running ridiculously more Dems that Repubs in their samples are invalid and unreliable.  We don’t know the party sample ratio in the IBD/TIPP poll.  If they are using Dems +3 or more, DJT is leading.

Since 2016, millions of new voter registrations have been recorded.  Many of these people will not appear on pollsters’ lists, particularly ‘likely voter’ rolls.

Texas sets voter registration record after adding 1.8 million voters since 2016 election

https://www.usatoday.com/story/news/politics/elections/2020/10/13/election-2020-texas-sets-record-new-voter-registrations-since-2016/3644506001/

@paulsperry_: “Democrats are poring over early vote totals, circulating anxiety-ridden campaign memos & bracing for a long two weeks,” POLITICO is reporting, as Republicans take lead among early & mail-in voting in Michigan & overwhelmingly in TX, as Dem youth vote crashes in PA & WI

Pol scientist @ianbremmer: % of Americans saying they’re better off now than they were four years ago

Sep 2020 (Trump): 55%; Dec 2012 (Obama): 45%; Oct 2004 (Bush 43): 47%; Jul 1992 (Bush 41): 38%;

Jul 1984 (Reagan): 44% – Gallup

@benbwieder: After record fundraising months, FEC sends Biden campaign complaint with 214 pages worth of donors who exceeded contribution limits https://docquery.fec.gov/pdf/172/202010

Majority of likely voters believe Biden had conflict of interest involving Ukraine oversight, son

Only a quarter of likely voters responded that Biden’s oversight was improper. [With MSM blackout!]

https://justthenews.com/politics-policy/polling/majority-likely-voters-believe-biden-had-conflict-interest-regarding

Last night, the FBI admitted that is has Hunter Biden’s computer and there is no evidence of Russian disinformation on it.  Reportedly, the US Attorney for Delaware issued a subpoena for the computer.  Some prosecutors aver that this means a Grand Jury is investigating the evidence.  We can then surmise that the FBI and DoJ have been mum because they are obstructing justice or there is a complex and broad investigation into official corruption that has been ongoing since December.

@adamhousley: From multiple agents: “They knew right away it wasn’t a Russia operation. It went right to the top of the FBI because a Biden name was attached. That’s normal with any well-known name. The question that needs asking, why wasn’t any info about Russia/Ukraine shared with Congress?”

    Multiple FBI sources…The FBI investigation into the laptop has been ongoing since December of 2019...there’s a lot going on behind the scenes. A lot. There is a massive amount of info.

Rudy Giuliani Announces New Documents to Be Released Wednesday Will Show Financial Crimes and Personal Crimes by Biden Family

https://www.thegatewaypundit.com/2020/10/boom-rudy-giuliani-announces-new-documents-released-wednesday-will-show-financial-crimes-personal-crimes-biden-family-video/

Giuliani Says Hunter Biden Laptop Had [Numerous] Pictures of “Underage Girls,” Bizarre Texts

Giuliani claims that he has handed over evidence of the text messages to the Delaware State Police. The laptop itself is in the possession of the FBI…

https://bigleaguepolitics.com/shock-claim-rudy-giuliani-says-hunter-biden-laptop-had-pictures-of-underage-girls-bizarre-texts/

Rudy Giuliani files police report on purported Hunter Biden laptop, alleging child endangerment

    “I told them other details about what appears to be an inappropriate sexual relationship,” he said in an interview. “They told me it would be investigated.”  Law enforcement officials in Delaware told Just the News that Giuliani’s concerns have been forwarded to the state Department of Justice “I will tell you the evidence I gave them states it was reported to Joe Biden. What did he do about it?”…

https://justthenews.com/government/courts-law/rudy-giuliani-reports-evidence-alleged-child-endangerment-delaware-police

Trump slams debate moderator Welker as ‘terrible,’ ‘totally partisan’

Trump claims NBC News correspondent ‘cannot be neutral’

    “Kristen Welker is terrible,” Trump said. “I mean she is totally partisan; her father and mother are big supporters of Joe Biden for a long time. They’re supporters of the Democrat Party, and she deleted her entire account.”… “Kristen Welker is far worse than Scully, but I do it anyway,” Trump continued. “But this is the way it is. It’s so set up.”…  https://www.foxnews.com/politics/trump-slams-debate-moderator-kristen-welker

@PastorDScott: President @realDonaldTrump points out that Leslie Stahl was not wearing a mask in the Whitehouse. Media reports that Trump “attacked” Stahl. [Video at link]

https://twitter.com/realDonaldTrump/status/1318644698341408769

@CurtisHouck: @CBSEveningNews anchor @NorahODonnell confirms reports that President Trump abruptly ended his upcoming ’60 Minutes’ interview with Lesley Stahl

@realDonaldTrump: I am pleased to inform you that, for the sake of accuracy in reporting, I am considering posting my interview with Lesley Stahl of 60 Minutes, PRIOR TO AIRTIME! This will be done so that everybody can get a glimpse of what a FAKE and BIASED interview is all about.  Everyone should compare this terrible Electoral Intrusion with the recent interviews of Sleepy Joe Biden!

@CurtisHouck Replying to @realDonaldTrump: Lesley Stahl interviewed Nancy Pelosi last year and called her a “powerful,” “giant slayer,” and “patron saint of shade” — she’s not a journalist. She’s a propagandist who doesn’t care about the right!

We’d bet that Trump concocted his abrupt exit from the “60 Minutes” interview long before the filming.

Biden campaign faces backlash for political ad depicting wealthy Democratic donor as struggling bar owner – He also supported Michigan Gov. Gretchen Whitmer’s stay-at-home orders that kept businesses shuttered longer…  https://www.foxnews.com/politics/biden-campaign-ad-michigan-tech-ceo-struggling-bar-owner

How stupid do numerous pols and the MSM believe Americans are?  Unfortunately, they know many are.

You can fool some of the people some of the time and some of the people all of the time. That’s usually enough.” – Milton Berle

No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.” –  H. L. Mencken, September 19, 1926

Joe Buck and Troy Aikman Mock Military Flyover before NFL Monday Night Game

TROY AIKMAN: That’s a lot of jet fuel just to do a little flyover.

JOE BUCK: That’s your hard-earned money and your tax dollars at work!

AIKMAN: That stuff ain’t happening with [a] Kamala-Biden ticket. I’ll tell you that right now, partner.

https://www.thegatewaypundit.com/2020/10/awful-joe-buck-troy-aikman-mock-military-flyover-nfl-monday-night-game-video/

Big Brother 1984! Robert Reich Calls for ‘Truth and Reconciliation Commission’ to ‘Erase Trump’s Lies,’ Expose Enablers

    In our public schools and most universities, postmodernism mixed with Marxism has become a pervasive world view in their faculties. Over time this world view has been infused into the curriculum thus creating graduation classes of insecure collectivists, some Nihilists, with most basing their pursuits in existentialism…When professors who thoughts are the genesis of some of these teachings, start the snowball effect down the hills of their student’s lives, it is no surprise that in their narcissism, make judgments and develop solutions to fix the wrongs they perceive through their ivory castle eyes.  Look at former Clinton Labor Secretary Robert Reich’s idea of fixing America in a post-Trump Presidency nation. “When this nightmare is over, we need a Truth and Reconciliation Commission,” Reich tweeted. “It would erase Trump’s lies, comfort those who have been harmed by his hatefulness, and name every official, politician, executive, and media mogul whose greed and cowardice enabled this catastrophe.”…

    Their reasoning; When in doubt set up a commission of bureaucrats, put in place by those who thirst for power. Using their “higher intellect” they correct the wrongs, that they perceive, for the dumbed-down citizens, and if needed, enforce the changes through coercion…

https://davidharrisjr.com/eric/big-brother-1984-robert-reich-calls-for-truth-and-reconciliation-commission-to-erase-trumps-lies-expose-enablers/

FBI: A new abbreviation for Omerta

Omerta is the Italian word for the Mafia’s code of silence… There was no one in the FBI or the Justice Department with the moral courage to put a stop to this coupThere was no one willing to defend the Constitution… They kept quiet and kept their jobs at the expense of their honor and our country…

https://norfolkdailynews.com/commentary/fbi-a-new-abbreviation-for-omerta/article_37dd976c-12d8-11eb-853d-930a9ce20e38.html

In 2008, Dr. Anthony Fauci co-authored a paper about the Spanish Flu Epidemic that rates as the most devastating modern pandemic. It swept the entire planet in the wake of the First World War and caused millions of deaths. So in studying this major and actual pandemic, what did Dr. Fauci and his colleagues find?  They discovered that most of the victims of the Spanish Flu didn’t die from the Spanish Flu. They died from bacterial pneumonia. And the bacterial pneumonia was caused by…. wait for it, wait for it…. wearing masks…  http://www.paulstramer.net/2020/10/omg.html?m=1

NIH: Bacterial Pneumonia Caused Most Deaths in 1918 Influenza Pandemic   August 19, 2008

https://www.nih.gov/news-events/news-releases/bacterial-pneumonia-caused-most-deaths-1918-influenza-pandemic

Predominant Role of Bacterial Pneumonia as a Cause of Death in Pandemic Influenza: Implications for Pandemic Influenza Preparedness    https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2599911/

@ColleenHuberNMD: Dr. Fauci did not make the direct statement implicating masks in bacterial pneumonia.  However, Mayo clinic did, before they scrubbed that off their website.  Will re-post screenshot later.  We made the connection between 1919 cod & masks in our paper.

Dr. Carol M. Swain @carolmswain when asked, “What is the key to racial conciliation in our nation?”

Carol Swain: “Up from Slavery” by Booker T. Washington

We have “Up from Slavery”.  It is stunningly enlightening and will make you rethink theories and platitudes about race and racial programs in the USA.

Well that is all for today

I will see you THURSDAY night.

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