OCT 22 //HUNTER BIDEN-JOE BIDEN LAPTOP FISASCO ESCLATES: A WHISTLEBLOWER TELLS ALL!!//GOLD CLOSED DOWN $22.80 TO $1903.20//SILVER DOWN 46 CENTS TO $24.67//GOLD STANDING AT THE COMEX SKYROCKETS NORTHBOUND TO 106.95 TONNES//SILVER STANDING AT THE COMEX; 11.355 MILLION OZ//CORONAVIRUS UPDATE// ISRAEL AND UAE ABOUT TO SIGN A HUGE OIL PIPELINE DEAL TO SUPPLY OIL THROUGHOUT EUROPE//

GOLD: DOWN $22.80 TO $1903.20

Silver:$24.67 DOWN  $0.46   London spot price ( cash market)

your data…

THE REPORT TODAY MAY BE A LITTLE DISJOINTED AS I HAD A CRASH THIS AFTERNOON.  HOWEVER I THINK I PUT EVERYTHING BACK IN

Closing access prices:  London spot

i)Gold : $1904.50  LONDON SPOT  4:30 pm

ii)SILVER:  $24.70//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1899.40  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $2.80  BACKWARD//

DEC. GOLD  $1905   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $2.80/ CONTANGO   ( $.2.20 BELOW NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.67…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 0 CENTS CONTANGO/    0 CENTS ABOVE NORMAL CONTANGO//)

SILVER DECEMBER  CLOSE:     $24.79  1:30  PM SPREAD SPOT/FUTURE DEC.       :  12  CENTS PER OZ  CONTANGO (   8 CENTS ABOVE NORMAL) CONTANGO

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COMEX DATA

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

receiving:  361/1019

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,924.600000000 USD
INTENT DATE: 10/21/2020 DELIVERY DATE: 10/23/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 7
099 H DB AG 3
104 C MIZUHO 2
118 H MACQUARIE FUT 209
132 C SG AMERICAS 1
135 H RAND 8
323 C HSBC 1
332 H STANDARD CHARTE 19
355 C CREDIT SUISSE 1
435 H SCOTIA CAPITAL 1
657 C MORGAN STANLEY 94
657 H MORGAN STANLEY 190
661 C JP MORGAN 1000 28
661 H JP MORGAN 333
690 C ABN AMRO 31
709 C BARCLAYS 21
709 H BARCLAYS 23
737 C ADVANTAGE 12
800 C MAREX SPEC 19 19
880 C CITIGROUP 1
905 C ADM 15
____________________________________________________________________________________________

TOTAL: 1,019 1,019
MONTH TO DATE: 33,641

ISSUED:1000

GOLDMAN SACHS STOPPED 7 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 1019 NOTICE(S) FOR 101,900 OZ  (3.1695 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  33,641 NOTICES FOR 3,364,100 OZ ( 104/63 tonnes) 

SILVER//OCTOBER CONTRACT

46 NOTICE(S) FILED TODAY FOR 230,000  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  $12,996  UP 190

BITCOIN AFTERNOON QUOTE.:   $13,137   UP   347 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $22.80  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: 1,269.35 TONNES OF GOLD//

WITH SILVER DOWN 46 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT 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 551 CONTRACTS FROM 157,845 UP TO 158,396 AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG $0.26 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 826 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD 275  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  275, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  275 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

11.355 MILLION OZ INITIALLY STANDING IN OCT.

WEDNESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.26) ).. 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:

6977 CONTRACTS (FOR 16 TRADING DAY(S) TOTAL 6977CONTRACTS) OR 34.98 MILLION OZ: (AVERAGE PER DAY: 436 CONTRACTS OR 2.180 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 34.980 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:          1,494.42 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                                 34.98   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 551, DESPITE OUR STRONG  $0.26 GAIN IN SILVER PRICING AT THE COMEX ///WEDNESDAY.…THE CME NOTIFIED US THAT WE HAD A MINISCULE SIZED EFP ISSUANCE OF3275 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A FAIR SIZED 826 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.26 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 275 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 551 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.26 GAIN IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.13 // WEDNESDAY’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 STRONG SIZED 9342 CONTRACTS TO 572,335 AND CLOSER TO OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE STRONG SIZED GAIN IN COMEX OI OCCURRED DESPITE OUR  INCREASE IN PRICE  OF  $17.50  /// COMEX GOLD TRADING// WEDNESDAY. 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 $17.50. 

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

WE HAD A STRONG GAIN OF 11,467 CONTRACTS  (35.667 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: 2125; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 0.  The NEW COMEX OI for the gold complex rests at 572,335. 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 STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 11,467 CONTRACTS: 9342 CONTRACTS INCREASED AT THE COMEX AND 2125 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 11,467 CONTRACTS OR 35.667 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (2125) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (9342 OI): TOTAL GAIN IN THE TWO EXCHANGES:  11,467 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 106.899 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//$17.50.

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 : 32,097 CONTRACTS OR 3,209,700 oz OR 99.83 TONNES (16 TRADING DAY(S) AND THUS AVERAGING: 2006 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 16 TRADING DAY(S) IN  TONNES: 99.83 TONNES

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

THUS EFP TRANSFERS REPRESENTS 99.83/3550 x 100% TONNES =2.81% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,636.60  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.                        99.83 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 551 CONTRACTS FROM 157,845 UP TO 158,396 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 275  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. 275 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 275 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 551 CONTRACTS TO THE 275 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 4.130 MILLION  OZ, OCCURRED WITH OUR $0.26  GAIN IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 12.52 POINTS OR .38%   //Hang Sang CLOSED UP 31.71 POINTS OR .13%    /The Nikkei closed DOWN 165.19 POINTS OR 0.70%//Australia’s all ordinaires CLOSED DOWN 0.30%

/Chinese yuan (ONSHORE) closed UP 6.6803 /Oil UP TO 40.42 dollars per barrel for WTI and 42.12 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AT 6.6803 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6699 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A STRONG SIZED 9342 CONTRACTS TO 572,335 MOVING CLOSER TO OUR  RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS STRONG  COMEX INCREASE OCCURRED WITH OUR GAIN OF $17.50 IN GOLD PRICING /WEDNESDAY’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 VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 11,467 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.   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 2125 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 2125; JUN// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 2125  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: 11,467 TOTAL CONTRACTS IN THAT 2125 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 9342 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (106.95 tonnes).

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE  $17.50).  AND, THEY  UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED    35.667 TONNES, WITH  DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET GAIN ON THE TWO EXCHANGES :: 11467 CONTRACTS OR 1,146,700 OZ OR 35.667 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:  572,335 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 57.23 MILLION OZ/32,150 OZ PER TONNE =  1780 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1780/2200 OR 80.90% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 211,806 contracts// volume  very poor//fell off a cliff!!/

CONFIRMED COMEX VOL. FOR YESTERDAY:  212,806 contracts//  volume:  poor  //most of our traders have left for London

OCT 22 /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 1060.983 oz

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
1019 notice(s)
 101900 OZ
(3/1695 TONNES)
No of oz to be served (notices)
744 contracts
(74,400 oz)
2.314 TONNES
Total monthly oz gold served (contracts) so far this month
33,641 notices
3,364,100 OZ
104.63 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 1060.983 oz

total deposit: 1060.983 oz

total dealer withdrawals: nil oz

we had 0 withdrawals from  the customer account

total customer deposit:  nil  oz

we had 0 deposit into the customer account

total customer deposit: nil oz

We had 0  kilobar transactions  +

ADJUSTMENTS: 0 // 

The front month of OCT registered a total of 1763 contracts for a GAIN of 490 contracts. We had 500 notices filed on Wednesday so we gained 990 contracts or 99000 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 273 contracts to stand at 1924.

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 gained 6802 contracts up to 457,242 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (106/95 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  1019 notices filed today for  1019,000 oz OR 3/1695 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  1000 notices were issued from their client or customer account. The total of all issuance by all participants equates to1019  contract(s) of which 28  notices were stopped (received) by j.P. Morgan dealer and 333 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 7 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 (33,641) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (1763 CONTRACTS ) minus the number of notices served upon today (1019 x 100 oz per contract) equals 3,438,500 OZ OR 106.95 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 (33,641, x 100 oz +1763 OI) for the front month minus the number of notices served upon today (1016) x 100 oz which equals 3,348,500 oz standing OR 106.95 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 990 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. 106.95 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  18,081,483.485 oz  562.41 TONNES
pledged gold: 1,590,658.551 oz
registered gold that can be used to settle upon: 16,490,825.0  (512.93 tonnes)
true registered gold  (total registered – pledged tonnes  16,490,825.0 (512.90 tonnes)
total eligible gold:  19,735,301.552 oz (613.85 tonnes) 

total registered, pledged  and eligible (customer) gold  37,816,785.037 oz 1,176.26 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1049.92 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 22/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
613,662.826 oz
CNT
DELAWARE
Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
1013.300 oz
DELAWARE
No of oz served today (contracts)
46
CONTRACT(S)
(230,000 OZ)
No of oz to be served (notices)
4 contracts
 20,000 oz)
Total monthly oz silver served (contracts)  2267 contracts11,335,000 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  1013.300 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 2 withdrawals:

i) Out of Delaware:  5937.000 oz
ii) Out of CNT: 607,725.826

total withdrawals; 613,662.826    oz

We had 0 adjustments/

Total dealer(registered) silver: 139.265 million oz

total registered and eligible silver:  379.689 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 46 contract(s) FOR 230,000 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 2267 x 5,000 oz = 11,335,000 oz to which we add the difference between the open interest for the front month of OCT( 50) and the number of notices served upon today 46x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 2,267 (notices served so far) x 5000 oz + OI for front month of OCT  (50)- number of notices served upon today (32) x 5000 oz of silver standing for the OCT contract month .equals 11,355,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We gained 2 contracts or 10,000 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 : 73,978 CONTRACTS // volume very good//

FOR YESTERDAY 81,197  ,CONFIRMED VOLUME// very good

YESTERDAY’S CONFIRMED VOLUME OF 81,197 CONTRACTS EQUATES to 0.405 billion  OZ 57.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.66% ((OCT 22/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.33% to NAV:   (OCT 22/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.66%

(courtesy Sprott/GATA

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

NAV 19.55 TRADING 19.01///NEGATIVE 2.75

END

And now the Gold inventory at the GLD/

OCT 22/WITH GOLD DOWN $22.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1269.35 TONNES

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 22/ GLD INVENTORY 1269.35 tonnes*

LAST;  928 TRADING DAYS:   +328282 NET TONNES HAVE BEEN ADDED THE GLD

LAST 828 TRADING DAYS//+509.32  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

end

Now the SLV Inventory/

OCT 22/WITH SILVER DOWN 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

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 22.2020:

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

Good question: should we worry?

Pam and Russ Marten highlight the Fed disclosure’s that they may be worried about big bank failures

Pam and Russ Martens/Wall Street on Parade/GATA

Pam and Russ Martens: The Fed did a lot of talking yesterday about a big bank failure — should we worry?

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, October 21, 2020

Turns out the federal government’s plan for dealing with a mega-bank failure on Wall Street is no better conceived than the federal government’s plan for dealing with the worst pandemic since 1918.

The Federal Reserve issued two press releases yesterday about “large banks.” One read: “Agencies finalize rule to reduce the impact of large bank failures.” The other read: “Agencies issue final rule to strengthen resilience of large banks.”

Wait. What? Fed Chairman Jerome Powell has been telling anyone who would listen this year — from Congress to viewers of the “Today” show — that the large banks have been a “source of strength” during the worst economic downturn since the Great Depression. If that were true (which we’ve questioned from the first time Powell said it), why is the Fed now worrying about a “large bank failure” and the need to “strengthen” large banks?

The first press release from the Fed yesterday deals with the fact that the biggest banks on Wall Street remain interconnected to one another. If you recall, in 2008 the interconnections of Lehman Brothers, Citigroup, and AIG to the biggest banks on Wall Street created a daisy chain of rapid meltdowns across Wall Street.

So federal regulators had this plan: They would make the largest banks issue TLAC debt — “Total Loss-Absorbing Capacity” debt. The idea, according to the regulators, was that this “debt could be used to recapitalize the holding company during bankruptcy or resolution if it were to fail,” rather than putting the taxpayer on the hook for another massive bailout like 2008. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/10/the-fed-did-a-lot-of-talking-yest…

* * *

end

Ted Butler in this interview discusses the fact that price suppression in silver may be near the end.

(Butler/Palisade Radio/GATA

Price suppression in silver is failing, Ted Butler tells Palisade Radio’s Tom Bodrovics

 Section: 

2:30p ET Wednesday, October 21, 2020

Dear Friend of GATA and Gold:

Silver market analyst Ted Butler, interviewed this week by Tom Bodrovics at Palisade Radio, explains why he thinks that price suppression in silver is beginning to fail as the longstanding concentrated short position maintained by bullion banks breaks apart and starts to lose money. The interview is 37 minutes long and can be heard at YouTube here:

https://www.youtube.com/watch?v=tSy4gq2OpRk&feature=youtu.be

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

end

Keith Neumeyer interviewed on silver suppresion

(Neumeyer/GATA)

Silver market manipulation will break, First Majestic’s Keith Neumeyer says

 Section: 

9:10p ET Wednesday, October 21, 2020

Dear Friend of GATA and Gold:

First Majestic Silver CEO Keith Neumeyer, interviewed today by Daniela Cambone, who has moved from Kitco News to Stansberry Research, said investment in silver is worthwhile despite manipulation of the silver market because that manipulation will break.

Silver consumption data, Neumeyer added, is just guesswork and understated, because silver users don’t want the market to know how tight supplies are.


Silver is rarer than people think, Neumeyer said, with miners producing only 8 ounces of silver for every ounce of gold, and because it is crucial to much manufacturing silver’s potential for price appreciation is substantially greater than gold’s.

The interview is 21 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=uPml9lfHRVU

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

 

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

i) Chinese yuan vs USA dollar/CLOSED /

//OFFSHORE YUAN:  6.7850   /shanghai bourse CLOSED

HANG SANG CLOSED

2. Nikkei closed DOWN 155.22 POINTS OR 0.67%

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. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ 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:: 37.06 and Brent: 39.51

3f Gold UP/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED/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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.55%/Italian 10 yr bond yield DOWN to 0.80% /SPAIN 10 YR BOND YIELD DOWN TO 0.22%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.35: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.99

3k Gold at $1907.80 silver at: 23.93   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 142/100 in roubles/dollar) 78.47

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 105.14 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 .9207 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0791 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 0.55%

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 0.660% early this morning. Thirty year rate at 1.435%

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

6.  TURKISH LIRA:  UP  TO 7.74..

Futures Slide Ahead Of Final Debate, On Lack Of “Stimulus Optimism”

S&P futures traded lower, alongside shares in Europe and most of Asia – but since rebounded from overnight lows – as worries about a delay to U.S. economic stimulus, surging virus cases across Europe and concerns about tonight’s final presidential debate and election interference weighed on sentiment. Investors also braced for another high level of weekly jobless claims, while with just 12 days to go until the US election and Europe’s struggle to contain second waves it’s become increasingly tricky for markets, according to Citi. As risk sentiment soured overnight, the USD bottomed out at yesterday’s lows, while oil and cryptocurrencies rose.

ES futures tumbled to session low just above 3,400 late on Wednesday night, when the top U.S. spy chief accused Iran of making its most direct efforts to interfere in the closing days of the presidential election, saying the Islamic Republic faked a series of intimidating messages to Democratic voters.

This followed another volatile session on Wednesday, when US shares closed lower amid signs that a stimulus package is unlikely to become law before the election, as we have said all along. Nancy Pelosi and Steven Mnuchin “made progress” in their latest talks and will speak again Thursday even as the odds remained long for a deal that could pass in the Senate.

With no meaningful progress on fiscal policy, markets “are reacting to the heightened political instability that comes with the confirmation of efforts to manipulate the presidential race,” said Saxo strategist Eleanor Creagh. “The ability for either candidate to seize upon accusations of foreign interference is heightened and raises the probability of a contested outcome, particularly as the race could be closer than polls currently indicate.”

Tesla climbed about 5% after the electric-car maker reported its fifth consecutive quarterly profit on record revenue of $8.8 billion. Chipotle fell 4% as it posted a drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses. Coca-Cola also edged lower ahead of its quarterly report.

“There is increasingly a recognition that no fiscal package agreement ahead of the election is likely,” said James McCormick, global head of desk strategy at NatWest Markets. “The Covid-19 resurgence is certainly a background issue for risk assets, but the fiscal debate in the U.S. has been the main short-term question.”

In Europe, the Stoxx Europe 600 Index initially fell more than 1% trading at the lowest level since Oct. 2, with energy and chemicals leading losses among sectors, but has since rebounded into the green helped by gains in travel and retail stocks. British Airways owner IAG plunged after warning it won’t break even based on cash flow in the fourth quarter.

Earlier in the session the MSCI Asia Pacific Index slid 0.6% with Asian markets mixed: Japan’s Topix and South Korea’s Kospi fell, while Taiwan’s Taiex and Thailand’s SET increased. The Topix lost 1.1%, with Recruit and Daiichi Sankyo contributing the most to the move. The Shanghai Composite Index retreated 0.4%, driven by China Life and Fosun Pharma.

There was more bad news on the virus front, as there is increasing evidence that the pandemic is worsening around the world. German infections jumped to a record and Spain’s heath minister said the spread of coronavirus is out of control in certain parts of the country. U.S. hospitalizations for Covid-19 have reached a two-month high.

In FX, the dollar advanced against most of its Group-of-10 peers, with the Bloomberg Dollar Index rebounding from its lowest level since early September touched Wednesday. The euro erased early gains; the pound weakened while Gilts sold off as traders waited for more concrete evidence the U.K. and European Union could be moving toward a Brexit trade deal. The yuan led a decline in emerging Asian currencies as tensions between Washington and Beijing resurfaced and claims emerged of attempted foreign interference in the U.S. election. The U.S. designated six more Chinese publications as “foreign missions,” adding to the list of media outlets it describes as controlled by Beijing which must meet requirements similar to those imposed on embassies and consulates in America. Thai Prime Minister Prayuth Chan- Ocha ordered the withdrawal of the week-old state of emergency in the nation’s capital that barred large gatherings, in a bid to pacify pro-democracy protesters.

In rates, Treasuries gained as the U.S. session gets underway, leaving long-end yields richer by ~2bp in a bull-flattening move. Risk-aversion mounted amid stimulus delay, rising virus cases and U.S. election concerns stoked by foreign interference accusations. Yields across front-end remained anchored, flattening 2s10s by 1bp and 5s30s by 1.7bp; 10-year yields around 0.81%, richer by ~1bp vs. Wednesday close. Bunds (2bp) and gilts (4bp) both lag Treasuries; gilts notably underperform following 2035 and 2050 debt sales. Treasuries advanced during the Asian session after a top U.S. intelligence official warned Iran and Russia are attempting to interfere with the Nov. 3 election, where the possibility of a close race and a protracted vote count has alarmed investors.

In commodities, WTI and Brent currently trade around the unchanged mark, same as gold. Overnight, Goldman Sachs said it expects a bull market to emerge for commodities in 2021. Spot gold is modestly softer this morning as while the DXY remains below the 93.00 mark and was subdued at the start of the European session it has been gradually picking up and remains in proximity to highs.

The highlight of the day will be the final presidential debate before the U.S. election between Trump and Biden, live from Nashville, Tennessee. Looking ahead, the number of Americans filing for state unemployment benefits last week is expected to dip slightly but remain firmly above 800,000 as support from fiscal stimulus faded.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,425.75
  • STOXX Europe 600 down 0.5% to 359.04
  • German 10Y yield rose 0.5 bps to -0.583%
  • Euro down 0.06% to $1.1854
  • Italian 10Y yield rose 5.2 bps to 0.578%
  • Spanish 10Y yield unchanged at 0.205%
  • Brent futures up 0.1% to $41.78/bbl
  • Gold spot down 0.3% to $1,918.69
  • U.S. Dollar Index up 0.1% to 92.69
  • MXAP down 0.5% to 176.13
  • MXAPJ down 0.2% to 585.62
  • Nikkei down 0.7% to 23,474.27
  • Topix down 1.1% to 1,619.79
  • Hang Seng Index up 0.1% to 24,786.13
  • Shanghai Composite down 0.4% to 3,312.50
  • Sensex down 0.5% to 40,521.87
  • Australia S&P/ASX 200 down 0.3% to 6,173.75
  • Kospi down 0.7% to 2,355.05

Top Overnight News from Bloomberg

  • Germany should brace for a continued rapid spread of the coronavirus and the number of serious infections and deaths is sure to rise, the nation’s RKI public health institute warned Thursday; Germany joined Italy in reporting another record gain in coronavirus infections, as France and Spain became the first countries in Western Europe to pass 1 million cases since the start of the pandemic
  • House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will pick up discussions a stimulus package again Thursday with time running ever shorter for a deal before the election and President Donald Trump seeking to blame Democrats for any failure
  • Riding on the coattails of this week’s record-busting European Union bond sale, Italy is tapping into demand from yield-hungry investors. Orders have already exceeded 70 billion euros ($83 billion) at the nation’s 30-year bond offering through banks on Thursday, according to a person familiar with the sale, who asked not to be identified because they’re not authorized to speak about it. Price guidance has been tightened to about seven basis points over similar-maturity debt from 10 basis points earlier, the person said
  • China is preparing to grant additional quota for funds to invest in securities overseas, Caixin reported, a move that would allow more capital to flow out of the country

Asia-Pac equities traded with losses across the board as the region took its cue from the downbeat Wall Street handover, which saw the Dow reverse its earlier gains and the S&P and Nasdaq close the day with modest losses as participants tracked stimulus developments. In terms of the electronic reopen, US equity futures opened flat but lost ground after the FBI Director announced that US has identified Russia and Iran to have taken action in order to interfere with the 2020 election, with under a fortnight to go until voters head to the polls. This sentiment reverberated into APAC indices – losses in the ASX 200 (-0.3%) were led by the oil and mining sectors, whilst Nikkei 225 (-0.7%) saw lacklustre performances across its industrial, auto and pharma names, while airliner ANA holdings fell to the foot of the index after sources suggested the Co. is to post a record annual loss and shed half of its fleet. KOSPI (-0.7%) also held onto losses in-line with the regional performance, whilst a South Korean business lobby group called on Japan to ease its restrictions on exports of key industrial products to South Korea in a bid to help improve strained ties between the two countries. In China, Hang Seng (+0.1%) and Shanghai Comp. (-0.4%) conformed to the glum tone, and with geopolitical tensions heating up as the Pentagon confirmed last week’s source reports that it notified US Congress of three possible military sales to Taiwan, a move repeatedly contested by Beijing. Finally, JGB futures track action in the fixed income futures complex amid a lack of pertinent data, auctions or news flow.

Top Asian News

  • Thai Premier Lifts Bangkok State of Emergency From Thursday
  • Hong Kong’s Property Market Takes Hit From Cathay Job Cuts
  • State Department Approves $1.8 Billion in Weapons for Taiwan

European equities (Eurostoxx 50 -0.2%) are so far enduring another session of losses with downside in futures accelerating once again alongside the opening of cash products; however, as we enter US hours we have seen a modest pick-up in performance with price action moving closer to the U/C mark on the day – for reference, ES -0.2%. As was the case yesterday, there was a lack of incremental macro catalysts (beyond some of the slightly more downbeat updates on the US stimulus front yesterday) for the move in what has been a relatively busy morning of corporate updates for the region thus far. Sectors trade relatively mixed on the session with slight underperformance observed in health care and oil & gas names with the latter unable to benefit from a modest pick-up in crude prices.  Notably, and in spite of downbeat COVID updates from Spain and Germany, travel & leisure names are eking mild gains. Of note and of concern for the sector, prelim Q3 results for IAG (U/C; initially -5.0%) saw the Co. miss on revenue expectations, lower capacity and downgrade its outlook in what is set to be a tough earnings season for airliners. Food & beverage names have been granted some reprieve by earnings from Pernod Ricard (+2.7%) who exceeded expectations for Q1 revenue and anticipate a return to growth by H2. Also, of note for the CAC 40 is gains in Schneider Electric (+2.5%) post-earnings with the Co. beating expectations of revenues and raising FY guidance. Other notable corporate updates include Unilever (+0.4%) who posted a beat on revenues and underlying sales growth whilst maintaining its dividend. To the downside, there were a slew of disappointing Scandi earnings from the likes of Telia (-2.2%), Alfa Laval (-3.0%) and SEB (-1.6%) who are notable laggards within the Stoxx 600.

Top European News

  • Siberia Gold Field Has World’s Largest Reserves, Polyus Says
  • Germany’s New Coronavirus Cases Jump to a Record of 12,331
  • Pandemic Out Of Control in Parts of Spain, Health Minister Says
  • British Airways Owner Cuts Flights as Virus Surge Hits Sales

In FX, some respite for the Greenback after Wednesday’s steeper decline and all round selling pushed the index down through 92.500, but the recovery looks fragile amidst the ongoing impasse on US fiscal stimulus and inferences that a deal may well not be settled until after the election, even though the 2 sides are said to have narrowed differences and further talks are scheduled. The DXY and Buck more broadly may also be drawing underlying support on sentimental or psychological grounds, if not truly technical impulses, given the fact that a pseudo double bottom was not breached to expose 92.000, albeit many pundits point out that the bearish trend and tide will unlikely turn unless the index rebounds through 93.000 and holds above the round number. Ahead, IJC, housing data and a trio of Fed speaker and the DXY is currently near the top of a 92.903-603 range.

  • NZD/NOK – The Kiwi and Norwegian Crown are both former against the grain, with the former benefiting from Aud/Nzd tailwinds rather than NZ specifics ahead of Q3 CPI data, but the latter perhaps gleaning traction from a marked improvement in Q3 industrial sentiment rather than labour force survey-based unemployment that was higher than expected in August. Nzd/Usd is holding comfortably above 0.6650 as the cross hovers around 1.0660, while Eur/Nok is still eyeing support ahead of 10.9000 after repelling several upside approaches towards or just beyond 11.0000.
  • CAD/JPY/EUR/GBP/AUD/CHF – All narrowly mixed vs their US counterpart, with the Loonie paring post-Canadian retail sales losses between 1.3177-36 parameters and the Yen pivoting 104.60 following yesterday’s big figure+ ascent through decent option expiries and prior October highs. However, today’s expiry interests may offer more resistance, as 2.9 bn lie at 104.55-50 and 2.1 bn from 104.10 to 104.00 that coincides with last month’s Usd/Jpy low. Elsewhere, the Euro is straddling 1.1850, the Pound is consolidating circa 1.3100 awaiting BoE rhetoric, Chancellor Sunak and probably any Brexit developments as trade talks resume above all else. Meanwhile, the Aussie is just keeping sights on 0.7100 in advance of October PMIs and the Franc continues to straddle 0.9050 in wake of a somewhat mixed Swiss KOF Autumn update outlining 2 scenarios (baseline -3.6% 2020 GDP and -4.9% worst case if the pandemic spread persists).
  • SEK/EM – The Swedish Krona is still lagging and not deriving much momentum from what could be construed as positive news via the Riksbank’s latest business survey showing a gradual recovery in the economic situation and less need on balance to provide financial support to some sectors. Conversely, the Turkish Lira is maintaining a bid unlike other EMs in anticipation of another boost from the CBRT at midday, with the consensus looking for a 175 bp hike.

In commodities, the crude complex has fared somewhat better than European equity bourses & US futures with WTI and Brent currently around the unchanged mark; albeit, most recently the benchmarks have experienced a pull-back from earlier highs. Fundamental updates explicitly for the complex have once again been sparse throughout the European morning aside from bank updates which include ABN Amro forecasting WTI averaging USD 34/bbl in 2020 and USD 43/bbl in 2021, alongside Goldman Sachs expecting a bull market to emerge for commodities in 2021. Given the lack of specific fundamental updates price action will likely once again be at the whim of broader sentiment with focus on stimulus updates ahead of the weekend’s latest deadline from Speaker Pelosi. Elsewhere, amidst the mornings European earnings Anglo American tightened their FY20 copper production guidance to 630-660k/T compared to analysts’ expectations for ~631k/T for the period and the prior 638k/T for FY19. Separately, spot gold is modestly softer this morning as while the DXY remains below the 93.00 mark and was subdued at the start of the European session it has been gradually picking up and remains in proximity to highs; as such, the yellow metal is ~USD 6/oz softer but still a similar magnitude from overnight lows.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 870,000, prior 898,000; Continuing Claims, est. 9.63m, prior 10m
  • 10am: Leading Index, est. 0.6%, prior 1.2%
  • 10am: Existing Home Sales, est. 6.3m, prior 6m; Existing Home Sales MoM, est. 5.0%, prior 2.4%
  • 11am: Kansas City Fed Manf. Activity, est. 11, prior 11

DB’s Jim Reid concludes the overnight wrap

US equities fluctuated and Treasury yields rose yesterday as markets reacted to yet another day of stimulus negotiations, though uncertainty remained as to whether a deal would be agreed by the election on November 3rd. In some ways it was one of the more positive days for newsflow, with Speaker Pelosi saying that she “has a prospect for an agreement” with Secretary Mnuchin, although she also acknowledged that it might not come together until after the election. White House Chief of Staff Meadows also said that the two sides were aiming to agree on the framework within 48 hours but did not say whether a vote would be held. The Senate remains the biggest hold up in the talks however, with questions as to whether Majority Leader McConnell and other Republican lawmakers there would agree to any bill near the $2.2 trillion that Democrats have been holding out for.

Yesterday McConnell said he may “not mind” going forward with the bill after the election. However it is unclear whether his Republican colleagues would still support it as there have been a number dissenting voices already, including Senator Mitt Romney earlier in the week, while Senator John Thune, the second-ranking Republican Senator, said that the Senate would not have 13 Republican votes to pass the size of stimulus that the Speaker is seeking. Other senior Republicans felt that any deal should be agreed to and passed now, as it may be hard to know how the political mood will be after the election. With less than two weeks to the election, time is running short for both sides.

After moving between gains and losses throughout the day, the S&P 500 ended the session down -0.23%. It was the second smallest loss for the broad index since the end of August, and cyclical industries such as energy (-1.99%), transportation (-1.75%) and banks (-0.82%) led the declines. Intraday, the VIX rose to its highest level in over a month before settling at 28.7pts, which is just slightly down from Tuesday’s two-week high. Meanwhile yields on 10yr Treasuries had risen +3.7bps, rising above 0.8% for the first time since June, though this morning they’re down -1.2bps at 0.811%. There was also a further steepening in the yield curve yesterday, with the 5s30s curve up +2.4bps to a new 3-year high, as the 2s10 curve also steepened (+3.1bps) to its highest since early June. The dollar slid (-0.49%) for the fourth straight session to its lowest level since the first week of September.

Staying on the US, S&P 500 futures have moved lower overnight (-0.67%) overnight after a top US intelligence official (as per Bloomberg) warned that Iran and Russia are attempting to interfere with the presidential election, which will only raise concerns that the result might be disputed. The news is also acting as an overhang on the Asian session with the Nikkei (-0.68%), Hang Seng (-0.14%), Shanghai Comp (-0.83%), Kospi (-0.92%) and Asx (-0.38%) all trading lower this morning. In line with this risk-off move, the US dollar index has moved up +0.20% this morning. Meanwhile, the onshore Chinese yuan is down -0.22%, marking the first decline in 5 sessions after Caixin reported that China is preparing to raise the qualified domestic institutional investor quota by $10bn, which would allow more funds to be invested in securities overseas.

Attention will remain on the US today, as the final presidential debate takes place this evening between President Trump and former Vice President Biden at 9:00pm ET. As we’ve mentioned before, the debates haven’t tended to move the dial much historically, and the unprecedented quantity of early voting this year means that the number of remaining voters will be even lower this time around. Nevertheless, it represents the last set-piece opportunity in which the two candidates will meet, and is one of the final chances to change the contours of the race. In the polling averages, Biden leads Trump by 9.9pts according to FiveThirtyEight and 7.5pts on RealClearPolitics. The format will be the same as the first debate with six 15-minute segments, though to stop interruptions this time, the opening 2-minute answers at the start of each segment will see the other candidate’s microphone muted to prevent interruptions. Subject to news developments, the topics down for discussion tonight are fighting Covid-19, American families, race in America, climate change, national security, and leadership.

On the coronavirus, new records in cases were set across Europe yesterday as governments continue to re-impose restrictions on their citizens. Here in the UK, a record 26,707 cases were confirmed, while the number of hospitalisations in England rose above 6k for the first time since late May. Elsewhere, both Italy (15,199) and the Netherlands (8,789) also reported new highs, and Spain has become the first nation in Western Europe to record 1 million coronavirus cases in total. It should be noted however that testing today is much more widespread than it was during the first wave back in March, so countries are much better at picking up the extent of the virus than they were before. Elsewhere, German health minister Jens Spahn tested positive for the virus, while the Czech Republic announced the closure of all non-essential shops from today in order to stop the virus’ spread. Switzerland is also preparing new measures, with Swiss Interior Minister Berset saying the government was readying a new round of restrictions that would target events and crowds of people.

European assets suffered against the backdrop of rising case numbers, and equities lost further ground across the continent. By the close, the STOXX 600 had fallen another -1.29% yesterday in its 3rd consecutive move lower, while the DAX was down -1.41%. Sovereign bonds declined across the board too, with yields on 10yr bunds (+1.8bps), OATs (+1.7bps) and BTPs (+5.5bps) all moving higher.

Over in the US, New York saw the number of new cases rose above 2,000 for the first time since May. The recent rise in cases is now translating into further hospitalisations in the US with nearly 40k people currently in hospital, the most since late summer. 37 states are reporting increased hospitalisations and 21 of those have reported new records or approaching previous highs in the last week. Elsewhere in the US, trials of vaccines by AstraZeneca and Johnson & Johnson may resume as soon as this week according to US government officials. There was particular interest in the AstraZeneca study after a participant in Brazil died, but Bloomberg reported “a person familiar with the matter” saying that person had not received the shot. Staying on vaccines, the Indian government is expecting a covid-19 vaccine to be ready for sale as early as December if clinical trials are successful. That makes India the third country after the UK and US that could see a vaccine around then. So an important month to watch.

Sterling had its strongest performance against the US Dollar since March yesterday, with a +1.55% advance, as the news came through that the UK had agreed to restart trade talks with the EU. Optimism rose throughout the day, especially following a speech by the EU’s chief negotiator, Michel Barnier, in which he acknowledged compromise from both sides would be required to reach a deal. In a statement saying that talks would now restart from today, Downing Street welcomed this acknowledgement from Barnier, and the two sides have jointly agreed a set of organising principles for the further negotiations, with the initial phase of these taking place in London from today until Sunday. In terms of the reaction elsewhere, gilts lost ground throughout the day, with 10yr yields closing up +5.5bps.

There wasn’t a lot of data to report on yesterday, though CPI inflation in the UK rose to +0.5% in September (vs. +0.6% expected). The release remains below the BoE’s 2% inflation target, and came as BoE Deputy Governor Ramsden also said yesterday that there was “considerable headroom” for more QE. As a reminder, our UK economist’s view is that there’ll be a further £60bn of QE next month. Canada also released their CPI reading yesterday, which similarly showed an increase to +0.5%.

To the day ahead now, and the main highlight will be the aforementioned US presidential debate. Otherwise, data releases today include the weekly initial jobless claims from the US, September’s existing home sales and leading index, as well as the Kansas City Fed manufacturing index for October. From the Euro Area, there’ll also be the advance consumer confidence reading for October. Central Bank speakers include BoE Governor Bailey and chief economist Haldane, the ECB’s Panetta, and the Fed’s Barkin, Daly and Kaplan. The Central Bank of Turkey will also be deciding on rates. And finally, earnings releases include Intel, Coca Cola, AT&T, Danaher and Union Pacific.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED DOWN 12.52 POINTS OR .38%   //Hang Sang CLOSED UP 31.71 POINTS OR .13%    /The Nikkei closed DOWN 165.19 POINTS OR 0.70%//Australia’s all ordinaires CLOSED DOWN 0.30%

/Chinese yuan (ONSHORE) closed UP 6.6803 /Oil UP TO 40.42 dollars per barrel for WTI and 42.12 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AT 6.6803 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6699 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA/TAIWAN

Good reason for gold to go down today. I wonder what Sleepy Joe would do if confronted with this

(zerohedge)

China “Steps Up War Preparations” With Hypersonic Missile Deployment Across From Taiwan

China’s People’s Liberation Army (PLA) has reportedly deployed hypersonic missiles across from Taiwan, Hong Kong media reported on Sunday, sparking concern about war preparations.

The South China Morning Post, citing anonymous military observers and sources, said missile bases along Southeast China were “upgraded” with Dongfeng-17 (DF-17) hypersonic missiles.

“The DF-17 hypersonic missile will gradually replace the old DF-11s and DF-15s that were deployed in the southeast region for decades,” the source said. “The new missile has a longer range and can hit targets more accurately.”

Hypersonic missiles give China significant leverage over Taiwan’s anti-ballistic missile shield due to the glide vehicle’s unpredictable ballistic trajectory – suggesting Taipei is powerless against a DF-17 attack.

DF-17’s Unpredictable Path

SCMP said the new hypersonic missiles are deployed at bases located in the Fujian and Zhejiang provinces, which are in striking range of Taiwan. Beijing’s increased militarization of its southeast coast is very suggestive of preparations for an invasion.

Scenario: China Invasion Of Taiwan 

This time last year, Taiwan’s Foreign Minister Joseph Wu sounded the alarm about a potential invasion. He said if, for whatever reason, China’s economy crashed, the communist government would invade Taiwan to divert attention from domestic economic woes.

China’s DF-17 Hypersonic Missile 

Andrei Chang, editor-in-chief of Kanwa Defense Review, said the deployments are an extension of the Marine Corps and Rocket Force capabilities in Fujian and Guangdong provinces:

“Every rocket force brigade in Fujian and Guangdong is now fully equipped.” Chang asserts that this is evidence of the communist regime’s invasion plans: “The size of some of the missile bases in the Eastern and Southern theatre commands have even doubled in recent years, showing the PLA is stepping up preparations for a war targeting Taiwan.”

Although Taiwan’s government claims itself as an independent country called the “Republic of China,” Beijing considers it a Chinese province that must rejoin the mainland. Relations between Beijing and Taipei have deteriorated since Tsai Ing-wen from the independence-leaning Democratic Progressive Party was elected president in 2016. She has frequently rejected the one-China principle.

Tensions between Beijing and Taipei have slid even more with the Trump administration’s supply of drones, fighter jets, and missiles to the island.

Beijing has frequently warned against the US’ defense sales to Taiwan, calling them a violation of China’s sovereignty.

In September, Hu Xijn, the editor of Global Times, warned that if US troops were to station in Taiwan, “the PLA will definitely start a just war to safeguard China’s territorial integrity.”

Recent war simulations over Taiwan between the US and China have shown repeated losses for the Americans. Is China about to make a move on Taiwan? 

end

CHINA VS USA

China retaliates

Beijing Readying “Retaliation List” After US Names 6 More Chinese Outlets As Foreign Missions

On Wednesday the US State Department designated six more Chinese media outlets as “agents of China’s government,” forcing them to have to register officially as foreign missions if they want to keep operating on US soil under the Foreign Missions Act. This brings the total number of Chinese media outlets considered “foreign missions” or essentially agents of a foreign power to 15.

“We simply want to ensure that American people, consumers of information, can differentiate between news written by a free press and propaganda distributed by the Chinese Communist Party itself,” Pompeo said. “Not the same thing,” he bluntly concluded.

Predictably, an angry reaction was swift out of well-known Chinese state media pundits, foremost among them Global Times editor Hu Xijin, who denounced that “The US has gone too far.”

He vowed that “Beijing will definitely retaliate” and that additionally this would likely take the form of targeting American outlets operating in Hong Kong.

Xijin further suggested a “retaliation list” is being prepared by Beijing authorities.

When earlier this year Washington designated the first nine Chinese state-run outlets, Beijing retaliated by expelling about a dozen US media correspondents from Chinese soil. They were mostly from the big three outlets of the NY Times, Washington Post, and Wall Street Journal.

The State Department has now added the following six outlets:

Pursuant to authorities under the Foreign Missions Act, the State Department is issuing today a new determination that designates the U.S. operations of Yicai Global, Jiefang Daily, Xinmin Evening News, Social Sciences in China Press, Beijing Review, and Economic Daily as foreign missions.  These six entities all meet the definition of a foreign mission under the Foreign Missions Act in that they are “substantially owned or effectively controlled” by a foreign government.

Via VOA News

* * *

Here’s the running list as it stands now… 

Designated Feb. 18:

  • Xinhua News Agency
  • China Global Television Network
  • China Radio International
  • China Daily Distribution Corporation
  • Hai Tian Development USA

Designated June 22:

  • China Central Television
  • China News Service
  • The People’s Daily
  • The Global Times

Designated Oct. 21:

  • Yicai Global
  • Jiefang Daily
  • Xinmin Evening News
  • Social Sciences in China Press
  • Beijing Review
  • Economic Daily

end

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY
The Turkish lira crashes after the central banks refuses to raise rates
(zerohedge)

Turkish Lira Crashes To Record Low After Another Central Bank Surprise

The central bank of Turkey continues to surprise markets.

One month after the Turkish central bank stunned FX traders on Sept 24 when the covid-cripped economy whose FX reserves are collapsing announced a 200bps rate hike, going into today’s meeting the consensus of 27 analysts was for the CBRT to hike by another 150-200 bps with a median forecast for an increase of 175 basis points to 12%, and the lira surging in recent days to reflect that.

However, it was not meant to be, and in the second Turkish shock in one month, the Turkish central bank instead left the reference rate on hold. The press release said that “a significant tightening in financial conditions has been achieved, following the monetary policy and liquidity management steps taken to contain inflation expectations and risks to the inflation outlook. Accordingly, the Committee has decided to keep the policy rate unchanged, while enhancing flexibility in liquidity management and continuing with liquidity measures until inflation outlook displays a significant improvement.”

The bank also said that the “expected moderation in imports has started with the phasing out of pandemic-related supportive policies” and added that “the strong recovery in exports of goods, relatively low levels of commodity prices and the level of the real exchange rate will support the current account balance in the upcoming periods. As a result of fast economic recovery with strong credit momentum, and financial market developments, inflation followed a higher-than-envisaged path.”

At this point it is unclear if the Erdogan regime believes in lower or higher rates to fight inflation.

However in yet another surprise, while the CBRT kept the policy rate on hold, the central bank adopted unconventional tightening by raising the upper bound of its interest-rate corridor. Specifically, the CBRT set the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate as 300bps. That means the LLW lending rate is now 14.75% vs 13.25% prior and that the central bank will prefer less conventional measures going forward, in what appears to be a market test of how traders would respond.

Sadly for Erdogan, they did not respond as the CBRT had desired because in kneejerk reaction, the USDTRY rallied 2% on the decision, as the Lira plunged to a new record low of 7.9797…

… and just shy of the 8.00 psychological level, as all those who were expecting a continuation of the tightening cycle were just stopped out.

US Oversees Unprecedented Preliminary Deal To Transport UAE Oil To Europe Via Southern Israel

It didn’t take long for the historic US-brokered peace and ‘normalization’ of ties between Israel and the United Arab Emirates to shift focus to a potential major oil pipeline project in the works.

Israel’s Haaretz newspaper reports, “In what could become one of the most significant deals to emerge since Israel and the United Arab Emirates normalized relations, the Israeli state-owned pipeline company Europe Asia Pipeline Company, or EAPC, said on Tuesday that it had signed a memorandum of understanding to store and transport oil and distillates from the UAE to Europe.”

Below is the EAPC route through southern Israel from the Red Sea to the Mediterranean port of Ashkelon. This is unprecedented considering that up until just months ago the Arab Gulf states and Israel were official enemies, as they had been for decades especially over the fate of Palestinians.

Haaretz reports further that the memorandum of understanding was signed in Abu Dhabi on Monday, in a ceremony attended by US Treasury Secretary Steve Mnuchin.

“This is a historic agreement that will increase cooperation between EAPC and regional and international players. Without a doubt, this agreement has great importance for the Israeli economy both economically and strategically, because it involves long-term joint investments,” EACP Chairman Erez Kalfon said.

The Saudi-owned media outlet based on Dubai, al-Arabiya, also confirmed the preliminary deal.

And Reuters cited an inside source who speculated it could be worth an estimated $700-$800 million in the coming years. The arrangement “is likely to increase the transferred quantities by tens of millions of tons per year,” the source said. Supplies could start being delivered via the Red Sea to Mediterranean route by early 2021.

Europe Asia Pipeline Co, which is jointly controlled by Israel’s government and UAE-based MED-RED Land Bridge plans to “deliver petroleum distillates originating in the Gulf through the EPAC pipeline and sell them to European customers,” according to Haaretz.

Specific details are being described as a tightly guarded secret, however, there’s speculation that the pipeline could eventually be extended across Saudi Arabia, also possibly as part of Washington’s desire to see normalized relations between Riyadh and Tel Aviv, which would be a monumental step.

The day after the signing of Monday’s historic MOU, the first official UAE delegation flew to Tel Aviv accompanied by Treasury Secretary Steven Mnuchin.

The pipeline itself has for decades been highly secretive in terms of operations, as well as source of geopolitical conflict. The pipeline’s history is fascinating considering it started as a joint Israeli-Iranian venture, as unlikely as that sounds. As Bloomberg summarizes, it reaches back to the years of the US-backed Shah in Iran:

The Eilat Ashkelon Pipeline Co., as EAPC used to be called, was jointly owned by the Jewish state and Iran’s government. Tehran would ship some of its Europe-bound oil to Eilat and then pipe it to Ashkelon on the Mediterranean.

After Iran’s Islamic Revolution in 1979, the nations became enemies. Yet for some years Israel still allowed Iranian oil to be sent through the pipeline in secret, including by Glencore Plc founder and sanctions-busting commodities trader Marc Rich.

Amazingly, it’s still unknown just what the pipeline has transported and sourcing in terms of operations over the past years. “The two countries have argued over the pipeline more recently, with Tehran wanting compensation after Israel took over its 50% stake. Even today, information on what flows through the pipeline can be censored by Israel’s military,” continues Bloomberg.

It’s already being reported that a $3 billion Jerusalem-based fund which has US government involvement is getting behind the Israeli-UAE project.

It appears that for all the media hype surrounding the historic opening up of diplomatic relations between Arab Gulf states and Israel, at the end of the day it all comes back to oil, as has long been the story in the Middle East.

6.Global Issues

CORONAVIRUS UPDATE/USA/GLOBE

Chicago Adopts Curfew As COVID-19 Rates Surge; Ohio Reports Another Record: Live Updates

Summary:

  • Chicago orders ‘business curfew’
  • Ohio suffers new record
  • Germany, Romania, Poland and Hungary report new records
  • US hospitalizations at 2 month high
  • Brazil says AZ-Oxford trials to continue
  • EU puts pressure on WHO for more transparency
  • South Korea sees rise in cases
  • Spain warns outbreak “out of control”

* * *

Updates (1400ET):  As COVID-19 cases continue to climb across the Midwest, Chicago Mayor Lori Lightfoot announced Thursday that the city would be imposing a “business curfew” on bars and restaurants preventing them from serving anybody after 10pm. All nonessential businesses, in fact, will face a 6am to 10pm curfew.

Lightfood said the surge in Chicago’s positivity rate over the past week, from just 4.6% to 7%, has given her no other choice. She added that she would “not be shocked”  if growing case numbers forced her to implement more emergency measures as time went on.

Elsewhere in the Midwest, Ohio Gov. Mike DeWine reported a single-day record for the state.

Gov. DeWine also announced five new “red” counties, bringing the total number of ‘red’ counties to 38, the largest number yet in the state, as cases and hospitalizations soar.

The governor blamed social gatherings and family get-togethers as the primary drivers of the spread, which doesn’t bode well ahead of the holiday season.

COVID-19 cases have been surging across the American Midwest, and Europe, which also saw a number of Central European countries, among the hardest hit on the continent, report fresh records on Thursday.

* * *

Thursday is shaping up to be another rough session for Europe in terms of COVID-19, as Germany just reported more than 10,000 new cases (a new record) for one of Europe’s best performers, along with Hungary, Romania and Poland, which all reported fresh record numbers of new cases as well.

While cases continued to decline in India, the state of West Bengal notably bucked the trend on Thursday when it reported 4,069 new cases, its biggest daily tally yet, after a major Hindu street festival brought thousands together across the region. All told, India reported just 55,639 new cases in the past day, up from 54,044 the day before. India’s death toll jumpd by 702 to 116,616.

Finally, in the US, the number of COVID-19 patients occupying American hospitals hit 40,000 for the first time since August, according to a Reuters tally. The milestone comes as midwestern states like Wisconsin, North Dakota and South Dakota lead the third wave of the US outbreak. Hospitals have seen the number of patients climb 36% over the past 4 weeks. New York reported more than 2,000 cases in a day yesterday for the first time since May.

After a patient enrolled in AstraZeneca’s COVID-19 vaccine trial reportedly died, authorities in Brazil said they wouldn’t pause the trial, run by AZ and the University of Oxford, after the death of the volunteer. The volunteer was said to be a Brazilian who had received the placebo, suggesting that his death wasn’t related to COVID-19 or the trial.

Here’s some other big COVID-19 news from overnight and Thursday morning:

German Health Minister Jens Spahn tested positive for the coronavirus, the health ministry says, adding that he had placed himself in home quarantine (Source: Nikkei).

The European Union wants the World Health Organization to become more transparent about how countries report emerging health crises, a draft proposal on reforming the U.N. agency says, according to Reuters. The paper, drawn up by the German government after discussions with other member states following criticism of China’s initial handling of the COVID-19 pandemic, is the latest to outline the EU’s monthslong plans to address WHO’s shortcomings on funding, governance and legal powers (Source: Nikkei).

Tokyo reports 185 new infections, up from 150 the previous day and bringing the capital’s total to 29,520.

India’s COVID-19 tally tops 7.7 million after 55,839 new cases were reported in the past 24 hours, up from 54,044 the previous day. The death toll jumped by 702 to 116,616.

South Korea confirms 121 new cases, up from 89 a day ago. Total infections reach 25,543 with 453 deaths.

Romania reported a record 4,902 new coronavirus cases in the past 24 hours, bringing the total number of infections to over 196,000. It also registered 98 deaths, the highest daily toll so far. The total number of fatalities stands at 6,163 (Source: Bloomberg).

India’s government has set aside about 500 billion rupees ($7 billion) to vaccinate the world’s most populous nation after China against the coronavirus, according to people with knowledge of the matter (Source: Bloomberg).

Poland registered 12,107 new coronavirus cases in the past 24 hours, a 21% jump from the previous record set a day ago, according to data published by the Health Ministry on Thursday. The death toll in the country of 38 million rose by a record 168 to 4,019. The government is due to announce further restrictions on Thursday in its battle against the pandemic. Slovenia reported a record 1,663 daily infections while the number of hospitalized patients doubled in the past 10 days to 357 (Source: Bloomberg).

One day after becoming the first European country to top 1 million cases, Spain warned that the spread of coronavirus is out of control in certain parts of the country, according to Health Minister Salvador Illa. “We are in the middle of a second wave, it’s no longer a threat but rather a reality,” Illa said in an interview on Madrid-based Onda Cero radio. “In some parts of our country the epidemic isn’t under control, so we need to take more drastic measures (Sources: Bloomberg).

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 THURSDAY morning 7:00 AM….

Euro/USA 1.1822 DOWN .0029 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 104.66 DOWN 0.021 (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 1.3107   DOWN   0.0022  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3145 DOWN .0009 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 29 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1822 Last night Shanghai COMPOSITE CLOSED DOWN 12.52 PTS OR .38% 

//Hang Sang CLOSED UP 31.71 POINTS OR .13% 

/AUSTRALIA CLOSED DOWN 0,30%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 31.71 POINTS OR .13% 

/SHANGHAI CLOSED DOWN 12.52 POINTS OR .38% 

Australia BOURSE CLOSED DOWN 0.30% 

Nikkei (Japan) CLOSED DOWN 165.19  POINTS OR 0.70%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1915.50

silver:$24.85-

Early THURSDAY morning USA 10 year bond yield: 0.81% !!! DOWN 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.612 DOWN 3  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 92.87 DOWN 10 CENT(S) from  THURSDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.20% 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: 0.23%//UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.86 UP 4 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 63 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.57% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1437% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1820  DOWN     .0031 or 31 basis points

USA/Japan: 104/91 UP .227 OR YEN DOWN 23  basis points/

Great Britain/USA 1.3076 DOWN .0053 POUND DOWN 53  BASIS POINTS)

Canadian dollar UP 19 basis points to 1.3136

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The USA/Yuan, CNY: closed UP 6.6846    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.6710  (YUAN up)..

TURKISH LIRA:  7.94  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield UP 4 IN basis points from WEDNESDAY at 0.863 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.681 UP 4 in basis points on the day

Your closing USA dollar index, 92/95 down 1  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 9.15  0.16%

German Dax :  CLOSED DOWN 14.58 POINTS OR .12%

Paris Cac CLOSED DOWN 2.57 POINTS 0.05%

Spain IBEX CLOSED DOWN  14.90 POINTS or 0.22%

Italian MIB: CLOSED DOWN 9.00 POINTS OR 0.05%

WTI Oil price; 40.64 12:00  PM  EST

Brent Oil: 42.48 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    78.15  THE CROSS LOW BY 0.02 RUBLES/DOLLAR (RUBLE HIGHER BY 2 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.57 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  40.64//

BRENT :  42.48

USA 10 YR BOND YIELD: … 0.863..up 4 basis points…

USA 30 YR BOND YIELD: 1.681 up 4 basis points..

EURO/USA 1.1820 ( DOWN 31   BASIS POINTS)

USA/JAPANESE YEN:104/91 UP .227 (YEN down 23 BASIS POINTS/..

USA DOLLAR INDEX: 92/95 UP 1 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3076 DOWN 53  POINTS

the Turkish lira close: 7.9404

the Russian rouble 77.94   UP 0.02 Roubles against the uSA dollar. (UP 2 BASIS POINTS)

Canadian dollar:  1.3136 UP 19 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.57%

The Dow closed UP 152.84 POINTS OR 0.54%

NASDAQ closed UP 21.31 POINTS OR 0.19%


VOLATILITY INDEX:  27.89 CLOSED DOWN .76

LIBOR 3 MONTH DURATION: 0.209%//libor dropping like a stone

USA trading today in Graph Form

Pelosi Optimism Triggers Massive Value Rotating Short Squeeze

Markets continue to be transfixed by every twist and turn in the stimulus sage, whose latest installment today came form Nancy Pelosi who said that we are “just about there” on resolving a key piece of a coronavirus relief package, even as she again admitted that there are significant differences still being negotiated. ANd in what was otherwise a boring day for stocks, the real action was below the surface with the most shorted names surging higher by 2.5%.

And in a world where everyone hates value stocks, the squeeze meant that value was on a tear today, while growth sank in early trading and has been depressed…

… largely as a result of a continued push higher in yields across the entire curve as the 10Y hit 0.85% this morning…

… pushing the 2s10s curve to what will either be a triple top just below 0.70%, or if this is breached, then the curve will likely steepen to the 78bps level hit in March.

Looking at individual sectors, the jump in yields and the return of the reflation trade, meant that banks and energy stocks surged rebounding from a prior day selloff.

This however leads to the question we first asked yesterday when yields shot up overnight and hit risk assets: are we finally approaching a level in yields that catalyzes a stock selloff? To be sure, the nominal 10Y may rise as high as 0.96% high seen in June, especially if fiscal stimulus is miraculously passed by Congress in the 11th hour.

However, as Bloomberg’s Richard Jones writes, beyond those yield and curve levels, “stocks will probably struggle for further upside” as even higher yields and steeper curves “could start to eat into the excessively supportive rates backdrop underpinning equities” as the equity risk premium is hit. Of course, if stocks do begin to sell off on these dynamics, this will drive flows into bonds and those yields will drop along with equities, short-circuiting the process. Ultimately, as Jones concludes, “much depends on stimulus timing and the election result, and additional upside for yields may not be as forthcoming as in recent weeks. Nonetheless, the reflation trade has driven both stocks and bond yields higher won’t last forever.

Meanwhile, looking below the surface of the move higher in nominal yields we find a continuation of the recent convergence between real rates and breakevens…

… both of which have continued to move higher ending the “bizzare” divergence which as Goldman observed two days ago lasted for a record 7 consecutive months after the March crash.

It was the move higher in real rates that also explained much of the drop in gold today (real rates inverted in chart below).

Today’s rotation into value stocks also meant that the VIX dropped sharply after its recent gains, and was last below 28 after briefly rising above 30 yesterday.

The decline was not just in spot, but across the entire term structure which eased from yesterday levels to one week low.

Yet even so, the divergence that we discussed earlier between equity and credit VIX and which Boaz Weinstein is hoping to profit from as it converges, continues apace.

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

Take this data with a grain of salt!

Pandemic Emergency Jobless Claims Soar As California Cleans Up Fraud

After the previous week’s disappointing resurgence in initial jobless claims, this week saw the number of Americans filing for first time unemployment benefits plunged to 787k (870k exp) – the lowest since the pandemic lockdowns began…

Source: Bloomberg

Continuing claims also printed better than expected, tumbling below 9million for the first time since March…

Source: Bloomberg

However, its not all puppies and unicorns – while federal/state claims tumbled, the Pandemic Emergency Claims number soared

Source: Bloomberg

Over half a million additional claims in this group in each of the last two weeks…

Source: Bloomberg

Finally, bear in mind that California has completed its pause in processing of initial claims and has resumed reporting actual unemployment insurance claims data based on their weekly claims activity. This News Release reflects actual counts for California for the current week and revisions to the two prior weeks… which meant a huge plunge in California…

So take all of this data with a pinch of salt.

iii) Important USA Economic Stories

‘Worst Is Yet To Come’ – Retailers Fortify Stores As Election Chaos Nears

As the U.S. presidential election draws near, city governments and federal and local law enforcement across the country are preparing for social unrest around the elections on Nov. 03.

Reuters has learned that it’s not just the government, at all levels, preparing for what could be another round of chaos on the streets of big cities, but also corporate America has gathered intel that shows their storefronts could be in danger.

Reuters spoke with Aon Plc., the world’s largest insurance broker, who said many of their retail clients are mulling over the idea that they must prepare for social chaos around the elections.

Aon executive MaryAnne Burke said 70% of their retail clients had their stores boarded up in May and June during nationwide protests; many of them have already started, or will likely soon begin boarding up for a second time.

A boarded-up retail store in Chicago on Oct.13. h/t Reuters 

Gucci, H&M, Under Armour, and Apple refused to answer Reuters’ questions about their pre/post-election security plans – but more than two dozen security consultants, insurers, contractors, and store employees confirmed that some of these major retailers were “installing reinforced glass, hiring security guards or retaining on-call teams that barricade and board up buildings.”

The first round of social unrest, triggered by the police killing of George Floyd in late May, unleashed a tidal wave of anger, resulting in nationwide protests across top U.S. metro areas, including Minneapolis, Los Angeles, New York, Chicago, Portland, Atlanta, and Washington, D.C.

Floyd protest map. h/t NBC News 

Jonathan Wood, a lead analyst at consultancy firm Control Risks, wrote in a recent assessment that “companies operating in the U.S. should anticipate the risk of social unrest and political violence to remain elevated before, during, and after the upcoming presidential election.”

“You’d be foolish to think the worst is over. We all watch the news,” said Bob Moraca, principal at Rock Security Group and former vice president of loss prevention for the National Retail Federation.

Threats of unrest were seen months before the George Floyd protests. We noted, as early as Mar. 30, retailers across the country boarded up storefronts due to the virus pandemic would unleash a socio-economic bomb. As history will show, the first round of riots were some of the worst in decades, if not in more than half a century.

For more clarity on what retailers are doing to prepare for the possible chaos surrounding the election, while no retailer directly told Reuters of their plans – the media outlet spoke with construction scaffolding provider Starr Industries, who said they’re on standby with major retailers in NYC to provide custom barriers around storefronts.

“Because of the election, they are worried that the same thing will happen,” said Marian Bobelea, Starr’s president. He would not say which companies retained on-call protection services.

Riot Glass founder Brad Campbell said his firm had installed specially reinforced windows at hundreds of U.S. retail stores ahead of the election.

“Everybody wants something done before the election,” said Campbell.

Alumatec Pacific Products, which provides retailers with security doors, told Reuters that demand from liquor stores and marijuana shops is surging ahead of November.

Not too long ago, we noted how DoJ and FBI have started preparing for a wide range of scenarios for “election night violence.”

Even ordinary Americans are “bugging out” of top metro areas ahead of the election – a chain of U.S. survival communities has “activated” camps for its members, stockpiled with an abundance of weapons and ammo, and years worth of food.

If the election is contested, as the latest Fund Manager Survey from BofA reveals, it wouldn’t just result in volatility in markets, but as we mentioned above, unrest on the streets.

Hopefully election unrest in November is just over hype scaremongering – if not, then it certainly makes sense why everyone is preparing.  

END

Senate Committee Advances Barrett SCOTUS Nomination After Democrats Boycott Vote

Update (0915ET): The Senate Judiciary Committee has voted 12-0 (every Republican on the panel supported her nomination and no Democratic senator voted) to advance Amy Coney Barrett’s nomination for the Supreme Court, despite the ‘boycott’ by all committee Democrats (that’ll show ’em) protesting the “shame process.” AS the Hill notes, every GOP senator was present for the vote, meeting the committee’s rule that 12 members of the panel must be present to report a nomination to the full Senate.

On Wednesday, Democrats announced they would boycott the hearing, calling it a “sham” process.

“Fearing a loss at the ballot box, Republicans are showing that they do not care about the rules or what the American people want, but are concerned only with raw political power,” Senate Democratic Leader Charles Schumer (D-N.Y.) and Democratic members of the panel said in a joint statement.

“We will not grant this process any further legitimacy by participating in a committee markup of this nomination just twelve days before the culmination of an election that is already underway,” they added.

While the committee requires two members of the minority party to be present in order to conduct business, Graham made it clear that he would move forward regardless of the committee’s rules.

“As you know our Democratic colleagues informed the committee last night that they will not participate in the hearing, that was their choice. It will be my choice to vote the nominee out of committee. We’re not going to allow them to take over the committee,” Graham said on Thursday.

Instead of attending the hearing, Democrats put large posters around their seats of individuals they talked about during last week’s hearing who would be negatively impacted if the Supreme Court, with Barrett confirmed to succeed late Justice Ruth Bader Ginsburg, strikes down the Affordable Care Act.

The committee vote clears the way for a full Senate vote that is expected on Monday, Oct 26. Senate Majority Leader Mitch McConnell is expected to take the rare step of keeping the chamber in session over the weekend in order to limit the opportunities for Democrats to delay the vote.

Watch:

*  *  *

Authored by Jonathan Turley,

recently wrote about how the Barrett confirmation hearing is proof that Benjamin Franklin was right when he wrote that “it is hard for an empty sack to stand upright.” Now that analogy is becoming reality as Democrats plan to leave actual empty seats in today’s hearing to vote on the nomination. It is all an effort to convince Democrats voters that the senators are really angry over the nomination and fighting like the dickens to stop it. It is, of course, pure theater with no real impact on the nomination but voters seem to demand little more from politicians today than visceral distractions.

The Committee rules do stipulate at least two members from the opposing party must be present for a quorum. However, committees have proceeded in the past with a majority and the Committee could simply change the rules. All sides will then be satisfied.  The Republicans will get their vote and the Democrats will get their show — and the voters will get little beyond the same low-grade performance art from “the world’s most deliberative body.”

The boycott comes after Democratic senators, and particularly Sen. Dianne Feinstein, faced rising criticism over their civility during the Barrett nomination.  Democratic voters wanted a professional wrestling match with pile drivers and chair slams.  Even though they know it is fake, they wanted the senators to at least pretend that they were trying to hurt each other. Instead, they watched a largely civil and often friendly exchange between senators. It was entirely out of sync with the demands of an age of rage.

The final outrage apparently came with the hug that Feinstein gave Chairman Lindsey Graham at the end of the hearing after saying that this was “the best set of hearings that I’ve participated in.” No hug has been so lethal since Sherlock Holmes embraced Professor Moriarty before their plunge over the falls of Reichenbach. The display of collegiality sent many liberals into immediate apoplexia with some demanding that Feinstein step down as ranking member. The president of the pro-choice group NARAL, Ilyse Hogue, declared the gesture as “wildly out of step with the American people. As such, we believe the committee needs new leadership.”  It was certainly “wildly out of step” with the current American politics which demands nothing short of unhinged  and irrational rage.

In an astonishing move, Minority Leader Chuck Schumer went out of his way to demean Feinstein and publicly say that he gave her a stern talking toOther colleagues have notably failed to come to her defense — leaving her twisting in the wind rather than risk the ire of Democratic base by supporting their long-time colleague.

The Democrats are reportedly planning to bring back the pictures of people who will be victimized by Barrett if she votes against the Affordable Care Act (ACA) in a case set for a November 10th argument.  I have previously written how unfair and unprecedented this display has been for a confirmation hearing. Not only are Democrats now basing their confirmation votes on the expected vote of a nominee in a pending case, but they are misleading the public on the actual case.  As I previously discussed, senators have been open about voting against Barrett unless she assures them that she will vote to preserve the Act. Sen. Mazie K. Hirono (D., HI) announced recently that she would vote against Barrett because “she will vote to strike down the Affordable Care Act.” In reality, the ACA case is unlikely to be struck down. The Court may uphold the lower court in declaring the individual mandate of the original ACA to be unconstitutional, but the real issue is whether that provision can be “severed” from the rest of the statute. Most legal experts believe that the Court has a clear majority favoring severance and preserving the rest of the act. The law was originally saved by Chief Justice John Roberts who felt that the individual mandate was constitutional. Congress later nullified the mandate.  He and Justice Brett Kavanaugh are viewed as likely votes to sever. Even if the ACA were struck down however both parties are committed to the continued protection of pre-existing conditions.

None of that matters. The Democrats continue to parade these giant pictures that are designed to portray Barrett like some judicial serial killer surrounded by her victims. Now, they will not even be in the room. The pictures will be all that remains on the Democratic side, a fitting symbol of a now literal empty-sack strategy.

iv) Swamp commentaries

Big story last night:  Hunter Biden’s laptop is now linked to FBI money laundering investigation. The big question is whether the FBI are still investigating or are they hiding this just like Hillary’s email scandal

(zerohedge)

Hunter Biden Laptop Linked To FBI Money Laundering Investigation

During its initial round of reports involving emails and photos allegedly belonging to Hunter Biden, which had been gleaned from a laptop the political scion had allegedly abandoned at a Delaware computer-repair shop (some on the left insist that the material was hacked, but they didn’t dispute the authenticity), the New York Post confirmed that the FBI had taken the original laptop from John Paul Mac Isaac, the shop owner who originally reported the laptop after finding “disturbing content” on its hard drive.

To back this up, the New York Post published several documents showing the subpoena and ‘Request for Property’ forms from the FBI. Now, Fox News is reporting that the FBI seized the laptop for its connection with a money laundering investigation in late 2019.

According to Fox News, multiple federal law enforcement officials, as well as two separate government officials, confirmed the authenticity of these documents, which bore the signature of FBI Special Agent Joshua Wilson.

The document has a “Case ID” section, which is filled in with a hand-written number: 272D-BA-3065729.

Source: Fox News

Citing its official sources, Fox News explains that “272” is the bureau classification number for ‘money laundering’. while ‘272D’ refers specifically to “Money Laundering, Unknown SUA [Specified Unlawful Activity]—White Collar Crime Program.” One official described the ‘D’ designation as meaning “transnational or blanket” crime.

“BA” means the report was filed at the Baltimore field office, which has jurisdiction in Wilmington, where the subpoena was carried out.

Since the FBI can’t open a case without “sufficient evidence” that there was a crime committed, the paperwork suggests that the “disturbing” images that both Mac and Rudy Giuliani have alluded to might have constituted some kind of criminal activity, be it “child pornography”, as Giuliani has complained, or something else.

Another document obtained by Fox News was a subpoena for JPMI to testify last December, which also suggests that laptop and the hard drive may have carried the “fruits” of criminal activity.

Source: Fox News

As he recently discussed, Giuliani, this week, turned over a copy of the hard drive to New Castle County Police Department in Delaware.

Last week, DNI John Ratclife confirmed that the Hunter Biden emails weren’t a part of some “Russian disinformation campaign,” and it appears Fox News’ FBI sources weren’t very helpful in d uncovering the nature of the crime, or the investigation, that may or may not be ongoing (since all of this apparently happened a year ago).

end

Rudy Guiliani describes the alleged underage material on Hunter Biden’s laptop

(zerohedge)

Rudy Giuliani Describes Alleged Underage Material On Hunter Biden’s Laptop

Rudy Giuliani described what he says are disturbing, underage photographs of young girls found on Hunter Biden’s laptop, which were turned over to the police in New Castle County, Delaware on Monday.

Recall that the FBI’s top child porn lawyer signed a subpoena used to obtain a copy of Biden’s hard drive(s) which were dropped off at a Delaware computer repair shop by a man believed to be Hunter Biden, who signed a work order for ‘data recovery’ services following a liquid spill incident.

In a Wednesday episode of “Rudy Giuliani’s Common Sense” podcast, Giuliani describes some of the disturbing contents allegedly contained on Biden’s laptop (which, combined with evidence of Joe’s involvement in Hunter’s lucrative business endeavors, would give any foreign adversary massive leverage over a Biden administration).

“What we found were a number of photographs that troubled us greatly. They troubled us greatly because there were photographs of underage girls. The underage girls were dressed in a very provocative way… very little bikinis, and poses, that were sexually provocative.

That was troubling in and of itself, but then there was one that was straight out-and-out child pornography. Just straight – I mean, as [Justice] Potter Stewart once described pornography as ‘you can’t define it, but you know it when you see it.’

Well, you know this when you see it.

We also knew what our obligations were because Bernie [Kerik, a senior VP at Giuliani Partners and former interim Interior Minister of Iraq after Operation Iraqi Freedom] had been a policeman, and I had been an assistant US Attorney and a Mayor. As a public official, had I seen that, I’d have to report it. I’d be a mandatory reporter as are medical peopleWhen you see child pornography, or you see evidence that we also saw in the text messages and emails of an unsafe environment for the children.

Considerably unsafe environment for the children. Again, I will not go into detail as to why. That’s for the Delaware police.

Now, you would say ‘well this was already with the FBI,’ but I have no indication, no evidence that the FBI has ever done anything with this. Or anything with the very serious and obvious overwhelming evidence of numerous crimes having been committed by Joe Biden, which they seem to be ignoring, which no prosecutor in the world could possibly ignore. So I was afraid they ignored the young girl, or young girls.”

Later in the podcast (21:15), Giuliani summarizes ‘things that have come out so far’ – “because there’s so much to this hard drive that it’d be impossible for me to analyze it professionally before the election.

endBobulinski, Hunter Biden’s partner tells all in this explosive e mail

(zerohedge)

‘Does Hunter Want To Blow Up His Dad’s Campaign?’ Ex-Biz Partner Texts Paint Damning Picture

Update (1235ET): The hits just keep on coming for the Bidens.

Fox News has obtained text messages from former Hunter Biden business partners Tony Bobulinski and James Gilliar expressing concern that Hunter may ‘blow up his dad’s campaign.’

“U need to stress to H, does he want to be the reason or factor that blows up his dad’s campaign, things need to be done right and protective of that fact,” Bobulinski wrote to Gilliar.

Meanwhile, Sean Davis of The Federalist has obtained an email to Hunter Biden’s business partner from a top Chinese official on July 26, 2017 – two months after the above text exchange – which appears to show a $5 million interest-free loan proposal to the Biden family.

*  *  *

Former Hunter Biden business partner Tony Bobulinski has confirmed that an email published in the New York Post‘s  bombshell exposé is indeed genuine – something the Biden camp hasn’t disputed, and that the “Big Guy” described in one of those emails is none other than Joe Biden himself. Bobulinski also says Joe Biden was lying when he said he and Hunter never discussed business dealings.

My name is Tony Bobulinski. The facts set forth below are true and accurate; they are not any form of domestic or foreign disinformation. Any suggestion to the contrary is false and offensive. I am the recipient of the email published seven days ago by the New York Post, which showed a copy to Hunter Biden and Rob Walker. That email is genuine.’ -New York Post

Bobulinski issued the statement late Wednesday, affirming that,contrary to Joe Biden’s claims that he never discussed business dealings with Hunter, the former Veep actually profited from his son’s dealings, which were undertaken with the full support of the Biden family. 

Bobulinski claims cash and equity positions and 10% stakes in dealings were set aside for “the big guy,” – aka Joe Biden.

Bobulinski said: “I’ve seen Vice President Biden saying he never talked to Hunter about business” – “I’ve seen firsthand that that’s not true.”

I’ve seen firsthand that that’s not true, because it wasn’t just Hunter’s business, they said they were putting the Biden family name and its legacy on the line.”

What’s more, Bobulinski was admonished at one point for mentioning Joe Biden in communications:

According to Bobulinski, he was the CEO of Sinohawk Holding, a holding company partnership between now-bankrupt CEFC China Energy Co. and the Biden family. He said the Chinese weren’t in partnership for any kind of commercial purpose: they were there to pay for “influence” in the US.

“I realized the Chinese were not really focused on a healthy financial ROI. They were looking at this as a political or influence investment. Once I realized that Hunter wanted to use the company as his personal piggy bank by just taking money out of it as soon as it came from the Chinese, I took steps to prevent that from happening”

In the final weeks of the presidential campaign, Joe Biden has labeled Hunter Biden’s emails as a “smear” campaign against him, and Democrats like Adam Schiff have accused these reports of being linked to a Russian intelligence operation, even though intelligence officials have said there’s no evidence that this is true.

Here is Bobulinski’s statement in full (emphasis ours):

My name is Tony Bobulinski. The facts set forth below are true and accurate; they are not any form of domestic or foreign disinformation.  Any suggestion to the contrary is false and offensive. I am the recipient of the email published seven days ago by the New York Post which showed a copy to Hunter Biden and Rob Walker. That email is genuine

This afternoon I received a request from the Senate Committee on Homeland Security and Government Affairs and the Senate Committee on Finance requesting all documents relating to my business affairs with the Biden family as well as various foreign entities and individuals. I have extensive relevant records and communications and I intend to produce those items to both Committees in the immediate future. 

I am the grandson of a 37 year Army Intelligence officer, the son of a 20+ year career Naval Officer and the brother of a 28 year career Naval Flight Officer.  I myself served our country for 4 years and left the Navy as LT Bobulinski.  I held a high level security clearance and was an instructor and then CTO for Naval Nuclear Power Training Command.  I take great pride in the time my family and I served this country.  I am also not a political person. What few campaign contributions I have made in my life were to Democrats. 

If the media and big tech companies had done their jobs over the past several weeks I would be irrelevant in this story.  Given my long standing service and devotion to this great country, I could no longer allow my family’s name to be associated or tied to Russian disinformation or implied lies and false narratives dominating the media right now.

After leaving the military I became an institutional investor investing extensively around the world and on every continent. I have traveled to over 50 countries.  I believe, hands down, we live in the greatest country in the world.

What I am outlining is fact.  I know it is fact because I lived it.  I am the CEO of Sinohawk Holdings which was a partnership between the Chinese operating through CEFC/Chairman Ye and the Biden family.  I was brought into the company to be the CEO by James Gilliar and Hunter Biden.  The reference to “the Big Guy” in the much publicized May 13, 2017 email is in fact a reference to Joe Biden.  The other “JB” referenced in that email is Jim Biden, Joe’s brother.

Hunter Biden called his dad ‘the Big Guy’ or ‘my Chairman,’ and frequently referenced asking him for his sign-off or advice on various potential deals that we were discussing. I’ve seen Vice President Biden saying he never talked to Hunter about his business. I’ve seen firsthand that that’s not true, because it wasn’t just Hunter’s business, they said they were putting the Biden family name and its legacy on the line.

I realized the Chinese were not really focused on a healthy financial ROI.  They were looking at this as a political or influence investment. Once I realized that Hunter wanted to use the company as his personal piggy bank by just taking money out of it as soon as it came from the Chinese, I took steps to prevent that from happening.

The Johnson Report connected some dots in a way that shocked me — it made me realize the Bidens had gone behind my back and gotten paid millions of dollars by the Chinese, even though they told me they hadn’t and wouldn’t do that to their partners.

I would ask the Biden family to address the American people and outline the facts so I can go back to being irrelevant — and so I am not put in a position to have to answer those questions for them. 

I don’t have a political ax to grind; I just saw behind the Biden curtain and I grew concerned with what I saw. The Biden family aggressively leveraged the Biden family name to make millions of dollars from foreign entities even though some were from communist controlled China.

God Bless America!!!!

All of which will likely be “muted” in tonight’s highly anticipated debate.

END

Another dandy:  Kamala Harris, Schumer, Cuomo and Feinstein listed as key contacts for the Biden-China joint venture

(zerohedge)

Kamala Harris, Schumer, Cuomo And Feinstein Listed As ‘Key Contacts’ For Biden-China Joint Venture

Democratic Vice Presidential Candidate Kamala Harris is listed along with other prominent Democrats as a “key domestic contact” for a Biden family joint venture involving Hunter and Jim Biden in the now-bankrupt CEFC China Energy Co., according toFox News.

An email exclusively obtained by Fox News, with the subject line “Phase one domestic contacts/ projects” and dated May 15, 2017, Biden’s brother, Jim Biden, shared a list of “key domestic contacts for phase one target projects.”

The email is unrelated to the laptop or hard drive purportedly belonging to Hunter Biden, the former vice president’s son. –Fox News

Also included are: “Senate Minority Leader Chuck Schumer, D-N.Y.; Sen. Amy Klobuchar, D-Minn.; Sen. Dianne Feinstein, D-Calif.; Sen. Kirsten Gillibrand, D-N.Y.; New York Gov. Andrew Cuomo; New York City Mayor Bill de Blasio; former Virginia Gov. Terry McCauliffe, among others.”

The email with the ‘key contacts’ was sent by Jim Biden to institutional investor Tony Bobulinski, Hunter Biden, Rob Walker and James Gilliar. It is unclear if any of the Democrats listed above were contacted about the “target projects.”

Bobulinski is a former Lieutenant in the U.S. Navy, and served as the CEO of SinoHawk Holdings, which he said was the partnership between the CEFC/ Chairman Ye and the Biden family.

As an aside, Bobulinski was notably admonished by Gilliar for mentioning Joe Biden’s involvement with their dealings:

“I was brought into the company to be the CEO by James Gilliar and Hunter Biden,” Bobulinski told Fox News. “The reference to “the Big Guy” in the much-publicized May 13, 2017 email is in fact a reference to Joe Biden.  The other “JB” referenced in that email is Jim Biden, Joe’s brother.”

Bobulinski, in a statement to Fox News, said “Hunter Biden called his dad ‘the Big Guy’ or ‘my Chairman,’ and frequently referenced asking him for his sign-off or advice on various potential deals that we were discussing.”

“I’ve seen Vice President Biden saying he never talked to Hunter about his business,” Bobulinski said “I’ve seen firsthand that that’s not true, because it wasn’t just Hunter’s business, they said they were putting the Biden family name and its legacy on the line.”

He added: “ I realized the Chinese were not really focused on a healthy financial ROI.  They were looking at this as a political or influence investment.”

“Once I realized that Hunter wanted to use the company as his personal piggy bank by just taking money out of it as soon as it came from the Chinese, I took steps to prevent that from happening,” he added.

Hunter Biden, COVID Likely To Light Up Last Debate

As President Trump and Joe Biden prepare to face off during tonight’s second and final debate before the November 3rd election, America, if not the world, is preparing for a ‘shitshow‘ of epic proportions thanks to “October Surprise” revelations of Biden family corruption contained on an abandoned laptop, and attested to by former Hunter Biden business partners.

But, assuming for a moment that things won’t immediately and irrecoverably go off the rails out of the gate (they will), the six topics for tonight’s debate are as follows:

“Fighting COVID-19,” “American Families,” “Race in America,” “Climate Change,” “National Security” and “Leadership.”

The Debate Commission notably changed the main theme from foreign policy to ‘national security,’ undoubtedly in light of recent Biden bombshells.

“All the issues voters care about are places where President Donald Trump has succeeded,” Hogan Gidley, national press secretary for the Trump campaign told “Just the News AM” television show. “People’s lives have been improved by Donald Trump’s policies — regardless of race, religion, color or creed. You don’t have to guess what Donald Trump would do with the economy. We’ve seen record high employment for African-American, Asian American, Hispanic Americans, women employed at record numbers. We saw more jobs than there were people to fill them.” –Just The News

More from Just The News:

“You also notice they took away the topic of foreign policy? Of course they would,” Gidley said. “President Trump has a record of success there too, already. He’s already been nominated for a Nobel Peace Prize multiple times because of his work in the Middle East, something that Joe Biden couldn’t have thought about ever accomplishing. And all the experts told Donald Trump he couldn’t get it done. He got two peace deals. He’s drawing down troops from our foreign wars.”

Or as Philip Wegmann of RealClearPoliticsnotes:

Donald Trump and Joe Biden will soon meet for a final debate tonight in Tennessee to discuss that pandemic and to argue over who is better suited to lead the country through that crisis and for the next four years. The moderator will have a mute button.

This is unusual, as the Commission on Presidential Debates is not in the business of silencing speech. But the chaos of the last Trump-Biden debate so closely mirrored the chaos of the last year that that the commission decided it needed a way to shut up either candidate, or at least lower their decibel levels. There is a lot to argue about, and it will get personal.

The Trump campaign complained in an open letter when the debate commission changed the topic from international affairs to domestic issues. The president and his team described the decision as unfair on the grounds it ignored major administration achievements in foreign policy during the last four years. Left unsaid was that the topic change makes it more difficult for Trump to bring up Hunter Biden and his foreign business deals. It seems likely he’ll do it anyway.

Trump tried repeatedly, with limited success, to label his opponent “Corrupt Joe.”More recently he has pointed to reporting by the New York Post to argue that the former vice president used the influence of that office to direct foreign policy and to benefit his son’s business dealings in both China and Ukraine.

“This is major corruption, and this has to be known about before the election,” Trump said during a Tuesday interview on “Fox and Friends.”

But while the president has publicly said the Department of Justice should look into the matter, the major media outlets have declined to take the allegations seriously. During an ABC News town hall last week with Biden, moderator George Stephanopoulos never mentioned it. The final debate may be Trump’s last time to force the question.

The former vice president has mainly ignored the allegations so far except to belittle journalists who bring it up. “I knew you’d ask it,” Biden fired back at a CBS reporter who asked last week. “I have no response, it’s another smear campaign, right up your alley, those are the questions you always ask.”

Trump isn’t likely to let him off the hook so easily, even as some of his own advisers urge him to focus on the pre-pandemic economy rather than allegations of international graft. Biden would rather discuss the coronavirus than the latest October surprise. His campaign has spent the better part of the pandemic hammering the president over his response to it, and recently Trump offered his challenger another gift.

Trump warned an Arizona crowd that his opponent would bring back the lockdowns if elected and “wants to listen to Dr. Fauci,” the most visible member of the COVID-19 task force who has advocated for the measures. The Biden campaign responded quickly with an ad copping to the charge – yes, he would most definitely listen to Dr. Anthony Fauci.

“Trump’s closing message in the final days of the 2020 race is to publicly mock Joe Biden for trusting science,” the Biden campaign later wrote in a statement. “Trump is mocking Biden for listening to science. Science. The best tool we have to keep Americans safe, while Trump’s reckless and negligent leadership threatens to put more lives at risk.”

Asked during a town hall in the Rose Garden on Tuesday if there were anything he would have done differently to combat the pandemic, Trump responded, “Not much.”

Like the polarized country they want to lead, the two candidates profess to have little in common, and no one seriously expects bipartisanship to break out on stage. But they share one trait. Even though the RealClearPolitics National Average has Biden leading Trump by 7.5 points, neither campaign says it believes the polls.

“We cannot become complacent because the very searing truth is that Donald Trump can still win this race,” Biden campaign manager Jen O’Malley Dillon wrote in a memo obtained by Fox News. “And every indication we have shows that this thing is going to come down to the wire.”

Republicans are banking on the same dynamic.

“We’re going to win,” Trump told reporters last week.

“I wouldn’t have told you that maybe two or three weeks ago.”

On the same call, his campaign manager Bill Stepien added, “I don’t often agree with the Biden campaign, but I do agree with the Biden campaign when they say that this is a close race, because it absolutely is. When we look at the numbers we very, very much like the trajectory of this race.”

Republicans are in the habit of summoning the ghost of 2016 to ward off concerns about their current polls. They note that Hillary Clinton led Trump by a similar margin, 6.1 points per the RCP average, at this time in that race. Aggregate polling of top battleground states from 2016 and 2020 is also nearly identical. The Trump campaign argument? Another upset is possible.

Tonight is Trump’s last chance to make that case against Biden, the final debate in supposedly the most important election ever.

END
Excellent commentary on the Hunter biden saga
the Wolf of Washington
and special thanks to Robert H for sending this to us

Biden’s Secret Laptop Reveals Another Stunning Discovery

The news about Biden’s laptop just keeps getting better and better.

Exhibit A: First, we know that Hunter Biden was directly connected to shadier business dealings from the Ukraine to China, with China representing the most disturbing business meeting of all.

Exhibit B: Secondly, we know that Joe Biden himself was also connected to these dealings, especially in light of the public statement of a recent whistleblower, Tony Bobulinski, a Biden insider who confirmed the veracity of Hunter’s e-mails, as well as the fact Joe was involved.

Exhibit C: Thirdly, in light of even more revelations, Biden’s laptop has also been directly connected to an FBI money laundering investigation.

Nice one, Hunter!

The reason for the subpoena? Suspicions of criminal activity, including money laundering. The kind of crimes associated with organized crime, in other words. Even more interestingly, recently publicized documents reveal that the FBI issued a subpoena for Biden’s laptop in late 2019.

Late 2019. Hm. You know what that coincides with? Pelosi’s “impeachment inquiry” …

What a coincidence. So convenient, it’s almost like it’s planned.

In addition, lest the Bidens try to spin this one as well, the FBI made it crystal clear that Hunter’s laptop would not have been subpoenaed at random.

“The FBI cannot open a case without predication, so they believed there was predication for criminal activity,” a government official told Fox News. “This means there was sufficient evidence to believe that there was criminal conduct.”

“If a criminal case was opened and subpoenas were issued, that means there is a high likelihood that both the laptop and hard drive contain fruits of criminal activity,” the official said. [Source: Fox News]

In fact, Hunter’s case has its very own ID: 272D-BA-3065729.

Per the FBI’s official website, 272D could be indicative of transnational money laundering. In other words, activities fit for a cartel.

Try to spin that one, Jill. After all, Jill has already baldly proclaimed that Americans don’t care about endangering their national security due to Hunter and Joe’s Chinese dealings.

Guess Americans also shouldn’t care about the money laundering Hunter was clearly involved in either. Which is why the repeated, rather desperate statements from the Biden campaign seem to suggest otherwise. For instance, Biden campaign “spokesman” Andrew Bates has tried to blame Biden’s laptop on Rudy Giuliani (hilarious, isn’t it?)

“The Attorney General of Delaware’s office indicated that the FBI has ‘ongoing investigations regarding the veracity of this entire story.’ And it would be unsurprising for an investigation of a disinformation action involving Rudy Giuliani and those assisting him to involve questions about money laundering, especially since there are other documented inquiries into his dealings,” Biden campaign spokesman Andrew Bates said in a statement to Fox News. “In fact, Donald Trump’s own national security adviser warned the president that material furnished by Giuliani should be considered tainted by Russian interference.” [Source: Fox News]

So, in other words, anything Giuliani touches is “tainted by Russian interference?” Wow. Any evidence for that? As there is surely far more evidence regarding Mr. Hunter right now.

After all the bombshells that have come out regarding Obama and Clinton, as well as Biden now, one might want to rethink a different explanation than “Russian interference,” considering Ms. Clinton and Mr. Obama jointly engineered the entire melodrama.

Then again, that would require plausibility and creativity, traits that are not readily available in a party that stresses thinking and acting like a lemming.

Plus, John Ratcliffe, who would know about more about what is really going on in the intelligence community than Biden “spokesman” Andrew Bates, already shot down the Russian interference theory last week.

In fact, he apparently has to keep re-affirming this, including to Adam Schiff, who really has lived up to Trump’s “Head Clown” moniker.

“Let me be clear, the intelligence community doesn’t believe that, because there’s no intelligence that supports that, and we have shared no intelligence with Chairman [Adam] Schiff or any other member of Congress that Hunter Biden’s laptop is part of some Russian disinformation campaign — it’s simply not true.” [Source: The Blaze]

Plus, to use the words of another sore loser, Mr. Gore, there’s also the “inconvenient truth” that none of the Bidens have denied anything. If they’re so convinced it’s “Russian disinformation,” wouldn’t someone have made an attempt to rebut this evidence in the past week?

Apparently not.

It will be quite interesting to see whether or not any discussion of Hunter’s laptop is permitted in the debate tonight, and the degree of permission (or lack thereof) will directly validate just how phony much of the media truly is.

November 3 cannot come soon enough!

joe Biden punts on the court packing decision
(zerohedge)

Biden Offloads Court Packing Decision To Commission Which Will Study Overhaul Options

Joe Biden says that if elected, he will create a bipartisan commission to study overhauling the nation’s court system, which is “getting out of whack.” The former Vice President’s announcement is effectively a punt over whether he will pack the Supreme Court following the expected confirmation of Judge Amy Coney Barrett following the death of Justice Ruth Bader Ginsburg.

In comments to “60 Minutes,” Biden says the commission would consider over six months “a number of alternatives that go well beyond packing.”

As Bloomberg noted on Wednesday, alternatives to packing the court include:

Term limits

Jurisdiction stripping – making laws which could limit the Supreme Court from reviewing them, as well as stripping lower courts of the ability to review legislation. The move could also “confine legal challenges to geographic regions where courts are generally sympathetic.”

Supermajority requirement – requiring that some cases achieve a two-thirds vote or even unanimity, as opposed to simple majority.

Balanced Bench – A proposal in which the US Supreme Court would start with 10 justices; five chosen by Democrats and five by Republicans, with lifetime appointments.

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

White House, Dems look to cut a deal in the next 48 hours on coronavirus relief bill: Meadows

Coronavirus relief negotiations have entered a “new phase,” as Trump administration officials and Democratic leaders look to cut a deal on another round of emergency aid in the next 48 hours, White House chief of staff Mark Meadows said Wednesday. “I am optimistic,” Meadows said. “We do share one goal, and that is hopefully to get some kind of deal in the next 48 hours or so.”…

https://www.foxbusiness.com/politics/virus-relief-talks-have-entered-a-new-phase-as-dems-white-house-look-to-cut-deal-in-next-48-hours-meadows

UK and EU to resume talks in final push for post-Brexit trade deal

London agrees to lift block on negotiations following comments from EU chief negotiator Michel Barnier

https://www.ft.com/content/27d46f3b-a718-421e-b5d6-b007c08a441d

BOE Case for Stimulus Soon Boosted by Feeble U.K. Inflation

For Bank of England policy makers surveying Britain’s crippled economy, the pieces are falling into place for further monetary easing in November   https://t.co/4yhAOOwHca

Senate Democrats block GOP’s $500 billion coronavirus aid bill as Pelosi-Mnuchin talks continue

https://www.cnbc.com/2020/10/21/coronavirus-stimulus-update-senate-relief-bill-blocked-as-pelosi-mnuchin-talk.html

GOP @SenJohnThune: Hard to believe that Senate Democrats just voted AGAIN to block COVID relief. There are Americans who can’t feed their families because of the economic side effects of COVID-19 shutdowns, yet Democrats still refuse to act unless GOP allows 2.4 trillion in irresponsible spending.

GOP Sen @ChuckGrassley: Democrats put politics above ppl by blocking virus relief bill again 2day this bill had $$$ for schools/testing/tracing/vaccine/small biz We hear Democrats say we shouldn’t do SCOTUS to focus on the virus but we vote & Democrats block us It’s clear Dems don’t want a solution

Well that is all for today

If Trump wins, will there be more Anti-Trust action against large media/information companies?

Also after the close: Fox’s @ChadPergram: Colleague John Roberts reports admin official doubts they can do a coronavirus bill before the election.

CNBC’s @EamonJavers: Dir of Natl Intelligence John Ratcliffe says in unexpected press conference this evening that “we have identified that two foreign actors, Iran and Russia, have taken specific actions” relating to the election.  Ratcliffe says Iran and Russia have obtained voter registration information and Iran is sending disinformation emails to Americans designed to harm President Trump.

FBI Dir Wray said the FBI will take measures to ensure that foreign entities don’t use social media platforms to influence the election or foment social unrest.

@AnnCoulter: TWITTER IS BLOCKING NEWS HARMFUL TO BIDEN!  GOOGLE ALTERS SEARCH RESULTS TO FAVOR BIDEN!  But Iranians are sending moronic emails allegedly from the “Proud Boys.”  Why not “Charlie Brown”

ourly: Trender and MACD are negative – a close above 3469.35 triggers a buy signal

Laptop connected to Hunter Biden linked to FBI money laundering probe [Breaking as we write]

It is unclear… whether the investigation is ongoing or if it was directly related to Hunter Biden

https://www.foxnews.com/politics/laptop-hunter-biden-linked-fbi-money-laundering-probe

Biden Is Still Underperforming Hillary

On October 20, 2016: Hillary Clinton was up 6.8 in the RealClearPolitics average in Pennsylvania. Today, Biden is up 3.8. (that race only tightened to 2.1 in the last week of 2016.)  https://t.co/kF28yqGvys

A Trump ‘surprise’ victory is in the offing — here are the 10 tea leaves pointing to it

[The data: voter registrations, growing Latino & Black support, surprising early voting, enthusiasm, party identification, American Voters Are More Satisfied in 2020 than they were in 2016, Biden the Tax increaser, Voters Think Trump Will Win]  https://www.foxnews.com/opinion/trump-surprise-victory-tom-del-beccaro

@davidchapman141: The Democrats have banked 15,208,054 early votes (as of Tuesday).  6,270,727 of the early Dem votes have been in IA, OH, PA, AZ, MN, NV, NH, WI, GA, MI, FL, & NC.  41% of the Dem early vote is in states considered competitive. 59% of Dem votes cast are in states that don’t matter.

Hillary got 65,844,954 votes in 2016. A third of that vote may be in by this weekend.

Huffington Post’s @Robillard: A massive $90M+ haul from McConnell’s super PAC has alarmed Senate Democrats, who are warning they are being outspent in four key states and are trying to fight off small-dollar donor complacency. [Cool Cocaine Mitch played ‘broke’ until the end game began!]

ABC News reporter scolds Kamala Harris for speaking to ‘Avengers’ stars instead of press

She’s taken ‘more questions from cast of The Avengers than from the traveling press,’ Jonathan Karl said

https://www.foxnews.com/media/abc-news-karl-kamala-harris-avengers.amp

Handful of Supporters Show Up to Kamala Harris’s North Carolina Event (Early Vote) as Joe Biden Hides in His Basement – Kamala Harris didn’t speak to reporters after she deplaned in North Carolina. She beelined to the vehicle waiting for her and jumped in without answering any questions…

https://www.thegatewaypundit.com/2020/10/please-clap-handful-supporters-show-kamala-harriss-north-carolina-event-joe-biden-hides-basement-video/

NY Post editor @SohrabAhmari: [Sen] @marcorubio tells me the fact that Chinese nationals help shape Facebook’s censorship algorithms tells him the firm doesn’t deserve Section 230 immunity.

Meet your (Chinese) Facebook censors

When it comes to censorship on social media, that means “teaching” the Facebook code so certain content ends up at the top of your newsfeed, a feat that earns the firm’s software wizards discretionary bonuses, per the ex-insider. It also means making sure other content “shows up dead-last.”… “What they don’t do is ban a specific pro-Trump hashtag,” says the ex-insider. Instead, “content that is a little too conservative, they will down-rank. You can’t tell it’s censored.”…

   The Hate-Speech Engineering team’s staff includes a research scientist based at the Seattle office who earned his master’s degree in computer engineering from the Chinese Academy of Sciences in Beijing, according to his LinkedIn profile… a software engineer for machine learning based in Seattle, earned his bachelor’s and master’s degrees in computer science from Jilin University in northeast China… an engineering manager, earned his bachelor’s in computer science at Nanjing University…

    Another software engineer previously worked for the Communist-backed conglomerate Huawei, as well as the Beijing National Railway & Design Institute of Signal and Communication. I reached out to all six employees; two replied to confirm that they are Chinese nationals but refused to comment further; the rest didn’t reply…Yet, as Sen. Marco Rubio (R-Fla.) put it in an email to me, these revelations are yet “another indication that Big Tech is no longer deserving” of statutory protections that render it immune to a publisher’s liabilities…  https://nypost.com/2020/10/20/meet-your-chinese-facebook-censors/

The Rise of the Corporate Censors: How America Is Drifting toward the Chinese Model Of Media

The response of Twitter and Facebook, however, was to shut it all down. Major media companies also imposed a virtual blackout on the allegations. It didn’t matter that thousands of emails were available for review or that the Bidens did not directly address the material. It was all declared to be fake news.

   The tech companies’ actions are an outrageous example of open censorship and bias. It shows how private companies effectively can become state media working for one party. This, of course, was more serious than deleting coughs, but it was based on the same excuse of “protecting” the public from distractions or distortions. Indeed, it was the realization of political and academic calls that have been building for years… [Jonathan Turley, a self-avowed liberal, is a renowned Constitutional Law professor.]

https://jonathanturley.org/2020/10/20/the-rise-of-the-corporate-censors-how-america-is-drifting-toward-the-chinese-model-of-media/

@ByronYork: Glenn Reynolds wrote a column for USA today on the Hunter Biden matter. The paper wouldn’t print it. So he posted it at Instapundit.

BIG TECH BURNED BY BIDEN BLUNDER by Glenn Harlan Reynolds

In my 2019 book, The Social Media Upheaval, I warned that the Big Tech companies — especially social media giants like Facebook and Twitter — had grown into powerful monopolists, who were using their power over the national conversation to not only sell ads, but also to promote a political agenda. That was pretty obvious last year, but it was even more obvious last week, when Facebook and Twitter tried to black out the New York Post’s blockbuster report about emails found on a laptop abandoned by Democratic presidential candidate Joe Biden’s son Hunter…

    As lefty journalist Glenn Greenwald wrote in The Intercept, Twitter and Facebook crossed a line far more dangerous than what they censored. Greenwald writes: “Just two hours after the story was online, Facebook intervened. The company dispatched a life-long Democratic Party operative who now works for Facebook — Andy Stone, previously a communications operative for Democratic Sen. Barbara Boxer and the Democratic Congressional Campaign Committee, among other D.C. Democratic jobs — to announce that Facebook was ‘reducing [the article’s] distribution on our platform’: in other words, tinkering with its own algorithms to suppress the ability of users to discuss or share the news article…

    “Twitter’s suppression efforts went far beyond Facebook’s. They banned entirely all users’ ability to share the Post article — not just on their public timeline but even using the platform’s private Direct Messaging feature.”… The best solution is probably to apply antitrust law to break up these monopolies… https://t.co/AXoviHQoOR

NPR: Studies Point to Big Drop in COVID-19 Death Rates

Suggesting that physicians are getting better at helping patients survive their illness… [We mentioned about 3 months ago that a Covid testing technician at a major Chicago area hospital’s told us Covid is losing potency]  https://npr.org/sections/health-shots/2020/10/20/925441975/studies-point-to-big-drop-in-covid-19-death-rates

@EWoodhouse7: 80% of cases in DuPage Co* (IL) since March have been LTCFs. 49 cases since March have been linked to restaurants, and 14 to schoolsSo obviously, we need to close restaurants & schools  (Pop ~1 million) https://t.co/cnS7CSrSkC

@julie_kelly2: Scott Atlas [DJT Covid advisor] told me that lockdown propagandists “have blood on their hands.” Gottlieb literally wrote the book on lockdowns, insisting we can’t get back to normal until he said so while pushing a vaccine for his company. There are just no words for his late confession:

    @SquawkCNBC: “I would suspect that a good portion of the deaths in that younger cohort were due to despair, due to other reasonsWe’ve seen a spike in overdoses,” says @ScottGottliebMD on a CDC report finding 25-44 year olds are being hit hard trying to deal with the #COVID19 pandemic.

https://twitter.com/julie_kelly2/status/1318910195540594689?s=02

Nat’l Review’s @McCormackJohn: Before the hearings, independent voters backed Barrett’s confirmation by a 7-point margin.  Now they back Barrett’s confirmation by a 20-point margin.

https://twitter.com/McCormackJohn/status/1318886393251319813

Anonymous NBA agent rips league for embracing Black Lives Matter: ‘It’s a horrible look for the league’ – I think that the players are being manipulated into something that they don’t really understand and I think it’s a horrible look for the league and they need to be very clear about the organization, what they stand for. … If that’s what the NBA wants to align with, they’re really hurting themselves. … They’re not helping the players, they’re hurting the sport. When the ratings are down 30%, who are you helping?”…  https://www.msn.com/en-us/sports/nfl/anonymous-nba-agent-rips-league-for-embracing-black-lives-matter-its-a-horrible-look-for-the-league/ar-BB1agbTK?li=BBnb7Kz&ocid=U4

Kim Foxx’s Friends at Sun-Times Gave Her Campaign $1.3 Million

The Sun-Times had an interesting scoop last week: Cook County State’s Attorney Kim Foxx was losing the campaign fundraising war to her Democrat-turned-Republican opponent on the Nov. 3 ballot, Pat O’Brien… Sure enough, by Oct. 16, Sun-Times investor Michael Sacks and his wife stuffed another $116,000 into Foxx’s campaign war chest — a total of $807,250 since September 2019, state records show… Not to mention, there’s a growing national distrust of the news media’s political motives

    The Sun-Times got “saved” by union bosses cozy with the Chicago Democratic Machine, former Mayor Rahm Emanuel’s money man and “unheralded adviser” and too many insiders to list…

https://www.msn.com/en-us/news/politics/kim-foxx-s-friends-at-sun-times-gave-her-campaign-1-3-million/ar-BB1agdPz?ocid=hplocalnews

Obama began campaigning for Joe yesterday.  He attracted embarrassingly minuscule crowds.

Jevon Smith @me_think_free: Why is Obama talking to like 5 people?

https://twitter.com/me_think_free/status/1319081285839618049

I will see you FRIDAY night.

3 comments

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