OCT 23//NEW SCATHING REPORT ON THE BIDEN SCANDAL//SENATE SUBPOENAS HUNTER BIDEN FOR ALL OF HIS RECORDS//TRUMP-BIDEN DEBATE HIGHLIGHTS//GOLD DOWN 80 CENTS TO $1902.50//SILVER DOWN 9 CENTS TO $24.58// ANOTHER GOLD ADVANCE IN TONNAGE STANDING: 107.64 TONNES/SILVER AT 11.355 MILLION OZ//CORONAVIRUS UPDATE/GLOBE//USA EMBASSY IN TURKEY ON HIGH ALERT/USA CITIZENS IN TURKEY HAVE BEEN WARNED//SWAMP STORIES FOR YOU TONIGHT//

GOLD:  $1902.50 DOWN 80 CENTS

 

Silver:$24.58 DOWN  $0.09   London spot price ( cash market)

your data…

Closing access prices:  London spot

i)Gold : $1902.50  LONDON SPOT  4:30 pm

ii)SILVER:  $24.61//LONDON SPOT  4:30 pm

 

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.
 

CLOSING FUTURES PRICES:  KEY MONTHS

OCT GOLD:  1896.20  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $7.30  BACKWARD//

DEC. GOLD  $1905.70   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $3.20/ CONTANGO   ( $0.80 BELOW NORMAL CONTANGO) //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $24.52…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 6 CENTS BACKWARD/    

 

SILVER DECEMBER  CLOSE:     $24.67  1:30  PM SPREAD SPOT/FUTURE DEC.       :  9  CENTS PER OZ  CONTANGO (   5 CENTS ABOVE NORMAL) CONTANGO

XXXXXXXXXXXXXXXXXXXXXXXXX

 

COMEX DATA

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

receiving:111/531  

issued 0

GOLDMAN SACHS STOPPED 3 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 531 NOTICE(S) FOR 53,100 OZ  (1.6516 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  34,172 NOTICES FOR 3,417,200 OZ ( 106.289 tonnes) 

SILVER//OCTOBER CONTRACT

 

2 NOTICE(S) FILED TODAY FOR 10,000  OZ/

total number of notices filed so far this month: 2269 for 11,345,000  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  $12,990  UP 22

BITCOIN AFTERNOON QUOTE.:   $12,900   DOWN   67 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $.90  AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.80 PAPER TONNES FROM THE GLD.

INVENTORY RESTS:

GLD: 1,265.55 TONNES OF GOLD//

WITH SILVER DOWN 9 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT THE SLV//

SLV: 561.194  MILLION OZ./

 

XXXXXXXXXXXXXXXXXXXXXXXXX

 

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A SMALL SIZED 353 CONTRACTS FROM 158,396 UP TO 158,749 AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED DESPITE OUR STRONG $0.26 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE  GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING.. COUPLED AGAINST A TINY  EXCHANGE FOR PHYSICAL (350 CONTRACTS). WE ALSO HAD ZERO LONG LIQUIDATION, AND A ZERO INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A FAIR  NET GAIN IN OUR TWO EXCHANGES OF 744 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD 350  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  350, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  350 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 MONTHS.

 

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

11.355 MILLION OZ INITIALLY STANDING IN OCT.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $0.46) ).. 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 (744) 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  ZERO 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:

7327 CONTRACTS (FOR 17 TRADING DAY(S) TOTAL 7327CONTRACTS) OR 36.64 MILLION OZ: (AVERAGE PER DAY: 431 CONTRACTS OR 2.155 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 36.64 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:          1,496.17 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                                 36.64   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 353, DESPITE OUR STRONG  $0.46 LOSS IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A MINISCULE SIZED EFP ISSUANCE OF 350 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A FAIR SIZED 703 OI CONTRACTS ON THE TWO EXCHANGES(DESPITE OUR $0.46 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICAL

i.e 350 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 353 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.46 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.67 // THURSDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.789 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: 2 NOTICE(S) FOR  10,000 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 FELL BY A STRONG SIZED 11,286 CONTRACTS TO 561,296 AND FURTHER FROM OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE STRONG SIZED LOSS IN COMEX OI OCCURRED DESPITE OUR HUGE  DECREASE IN PRICE  OF  $22.80  /// COMEX GOLD TRADING// THURSDAY. WE PROBABLY HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL ISSUANCE OF EXCHANGE FOR  PHYSICALS. WE  HAD SOME LONG  LIQUIDATION AND ANOTHER STRONG INCREASE IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $22.80.  I FEEL THAT DOMINANT FORCE IN CONTRACTION OF OI WAS BANKER SHORT COVERING.  THEY ARE TRYING TO “GET OF DODGE” QUICKLY.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  74//

WE HAD A STRONG LOSS OF 7,781 CONTRACTS  (24.20 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED 3505 CONTRACTS:

CONTRACT . OCT: 0 DEC: 3505; JUNE: 0  ALL OTHER MONTHS ZERO//TOTAL: 3505.  The NEW COMEX OI for the gold complex rests at 561,049. 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 DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 7,781 CONTRACTS: 11,286 CONTRACTS INCREASED AT THE COMEX AND 3505 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 7781 CONTRACTS OR 24.20 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3505) ACCOMPANYING THE STRONG SIZED LOSS IN COMEX OI  (11,286 OI): TOTAL LOSS IN THE TWO EXCHANGES:  7,781 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 107.64 TONNES)  3)  SOME LONG LIQUIDATION ;4) STRONG COMEX OI LOSSAND 5) SMALL ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS WAS COUPLED WITH OUR STRONG LOSS IN GOLD PRICE TRADING//THURSDAY//$22.80.

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 : 35,602 CONTRACTS OR 3,560,200 oz OR 110.74 TONNES (17 TRADING DAY(S) AND THUS AVERAGING: 2094 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 17 TRADING DAY(S) IN  TONNES: 110.74 TONNES

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

THUS EFP TRANSFERS REPRESENTS 110.74/3550 x 100% TONNES =3.11% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,647.50  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.                        110.74 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 353 CONTRACTS FROM 158,396 UP TO 158,749 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 ZERO INCREASE IN STANDING  FOR SILVER AT THE COMEX FOR OCT., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 350  CONTRACTS.. 

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 OCT: 0 AND DEC. 350 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 350 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 353 CONTRACTS TO THE 350 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A FAIR SIZED GAIN OF 703 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.515 MILLION  OZ, OCCURRED WITH OUR $0.46  LOSS IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 34.50 PTS OR 1.04%   //Hang Sang CLOSED UP 132.65 PTS OR .54%    /The Nikkei closed UP 42.32 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN 0.16%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.79 dollars per barrel for WTI and 42.63 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSEDUP AGAINST THE DOLLAR AT 6.6746. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6572 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  FELL BY BY A STRONG SIZED 11,286 CONTRACTS TO 561,049 MOVING FURTHER FROM 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 DECREASE OCCURRED WITH OUR LOSS OF $22.80 IN GOLD PRICING /THURSDAY’S COMEX TRADING/). WE  PROBABLY HAD  1)  HUGE  BANKER//ALGO SHORT COVERING,  2)   SOME 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 7,781 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3505 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 3505; JUN// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3505  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 7,781 TOTAL CONTRACTS IN THAT 3505 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A STRONG SIZED 11,286 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY.  (107.64 tonnes).

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL  $22.80).  AND, THEY  SUCCESSFUL IN FLEECING SOME LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED    24.20 TONNES, WITH  DOMINANT FORCE BEING SHORT COVERING BY THE ALGOS.

NET LOSS ON THE TWO EXCHANGES :: 7,781 CONTRACTS OR 778,100 OZ OR 24.20 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:  561,049 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.10 MILLION OZ/32,150 OZ PER TONNE =  1744 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1744/2200 OR 79.31% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 167,765 contracts// volume  very poor//fell off a cliff!!/

CONFIRMED COMEX VOL. FOR YESTERDAY:  229,508 contracts//  volume:  poor  //most of our traders have left for London

 

OCT 23 /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
 
155,387.970 oz
 
BRINKS
HSBC
 
 
 
Deposits to the Dealer Inventory in oz 32,504.661 oz

 

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
 
531 notice(s)
 
 53100 OZ
(1.6516 TONNES)
 
 
 
 
No of oz to be served (notices)
435 contracts
(43500 oz)
1.353 TONNES
 
Total monthly oz gold served (contracts) so far this month
34,172 notices
 
3,417,200 OZ
 
106.289 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 1 deposit into the dealer

Into the dealer: Brinks 32,504.661 oz

 
total deposit: 32,504.661 oz

 

total dealer withdrawals: nil oz

 

we had 2 withdrawals from  the customer account

i) out of Brinks: 150,145.170 oz

ii) OUT of HSBC;  5242.800 OZ

total customer deposit:  155,387.970  oz

we had 0 deposit into the customer account

total customer deposit: nil oz

We had 1  kilobar transactions  +

ADJUSTMENTS: 1 //

OUT OF BRINKS: DEALER TO CUSTOMER:  1639.701 OZ  (51 KILOBARS)  

The front month of OCT registered a total of 966 contracts for a LOSS of 797 contracts. We had 1019 notices filed on Thursday so we gained 222 contracts or 22,200 additional oz will stand for delivery in this active delivery month of October. In gold we have not seen queue jumping start so early in the month. Thus you can bet the farm that throughout October, the total number of gold oz standing will increase from this level.

November LOST 80 contracts to stand at 1844.

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

The big December contract LOST 12,296 contracts DOWN to 444,946 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (107.64 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  531 notices filed today for  53,100 oz OR 1.65 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 531  contract(s) of which 20  notices were stopped (received) by j.P. Morgan dealer and 91 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 3 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 (34.172) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (966 CONTRACTS ) minus the number of notices served upon today (531 x 100 oz per contract) equals 3,460,700 OZ OR 107.64 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 (34,172, x 100 oz +966 OI) for the front month minus the number of notices served upon today (531) x 100 oz which equals 3,460,700 oz standing OR 107.64 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 222 contracts or an additional 22200 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)

60,784.803 PLEDGED  APRIL 3/2020: SCOTIA/ OCT 23:            1.8906 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:  1,608,895.046 oz                                     50.043 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. 107.64 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

registered gold:  18,112,348.445 oz  563.37 TONNES
pledged gold: 1,608,895.046 oz
 
registered gold that can be used to settle upon: 16,503,453.0  (513.32 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  16,503,453.0 (513.32 tonnes)
 
 
 
total eligible gold:  19,581,553.283 oz (609.06 tonnes) 
 
 

total registered, pledged  and eligible (customer) gold  37,693,901.728 oz 1,172.43 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1046.09 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 23/2020

And now for the wild silver comex results

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
982.800 oz
 
 
DELAWARE
 
 
 
 
 
Deposits to the Dealer Inventory
NIL oz
 
 
 
 
 
 
Deposits to the Customer Inventory
1,182,244.693 oz
 
 
JPMorgan
Delaware.INT
Scotia
 
 
 
 
 
 
 
No of oz served today (contracts)
2
 
CONTRACT(S)
(10,000 OZ)
 
No of oz to be served (notices)
2 contracts
 10,000 oz)
Total monthly oz silver served (contracts)  2269 contracts

 

11,345,000 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 3 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  579,221.640

ii) Into Delaware,int.  1884.173 oz

iii)Into Scotia:  601,138.880 oz

 

JPMorgan now has 189.611 million oz of  total silver inventory or 49.78% of all official comex silver. (189.611 million/380.870 million

total customer deposits today 1,182,244.693   oz

we had 2 withdrawals:

i) Out of Delaware: 982.800  
 
 

total withdrawals; 982.800    oz

We had 0 adjustments/

Total dealer(registered) silver: 139.611 million oz

total registered and eligible silver:  380.87 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

October had  4 notices outstanding for a LOSS of 46 contracts.  We had 46 notices served upon yesterday so we GAINED 0 contracts or NIL additional oz of silver will stand in this non active month of October

November saw a GAIN of 55 notices UP to 464 contracts.

December saw a loss of 437 contracts down to 128,069 contracts.

 
 

The total number of notices filed today for the OCT 2020. contract month is represented by 2 contract(s) FOR 10,000 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 2269 x 5,000 oz = 11,345,000 oz to which we add the difference between the open interest for the front month of OCT( 4) and the number of notices served upon today 2x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 2,269 (notices served so far) x 5000 oz + OI for front month of OCT  (4)- number of notices served upon today (2) 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 0 contracts or nil 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 : 52,376 CONTRACTS // volume  fair//

FOR YESTERDAY 77,894  ,CONFIRMED VOLUME// very good//raid

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  FALLS TO- 2.70% ((OCT 23/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.09% to NAV:   (OCT 23/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.70%

(courtesy Sprott/GATA

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

NAV 19.51 TRADING 19.02///NEGATIVE 2.49

END

And now the Gold inventory at the GLD/

OCT 23/WITH GOLD  DOWN 80 CENTS TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWL OF 3.8 TONNES FROM THE GLD////INVENTORY RESTS AT 1265.55 TONNES

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 23/ GLD INVENTORY 1265.55 tonnes*

LAST;  929 TRADING DAYS:   +325.02 NET TONNES HAVE BEEN ADDED THE GLD

LAST 829 TRADING DAYS//+505.52  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

Now the SLV Inventory/

OCT 23/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

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 23.2020:

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

* * *

This is a major story.  Andrew Maguire informs us that African and South American mines are supplying dore  (unrefined gold/silver) to China.  They are totally bypassing the LBMA,  The Chinese offer a nice bonus to these operations.  The gold is then refined in Shanghai and then sent over to the LME for their operation as well as getting ready for the resetting price for gold.

(Andrew Maguire/Kinesis/GATA)

 

China bypasses LBMA, buys unrefined gold from African and South American mines, Maguire says

 
 Section: 

 

11:38p ET Thursday, October 22, 2020

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, in his weekly interview with Shane Morand for Kinesis Money, says China is bypassing the banks of the London Bullion Market Association, which no longer can provide much metal, and buying unrefined gold directly from mines in Africa and South America.

This, Maguire says, is diminishing supply to the London bullion banks and thus weakening their ability to suppress the gold price. It also avoids getting noticed in the usual export data reports, Maguire says.

“China is up to something very big,” Maguire says, and he suspects that it is to formally back the yuan with gold in preparation for a formal resetting of the gold price.

The interview is 37 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=B2SKLq3WG10

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

END

Your weekend reading material…Alasdair Macleod: the destruction of the euro

a must read…

Alasdair Macleod…

Alasdair Macleod: The destruction of the euro

 
 Section: 

 

By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, October 22, 2020

The eurozone is bust. The deterioration of TARGET2 imbalances has been hardly noticed, but in recent months it has been alarming. Despite official denials over the years that it is a matter of concern, it is increasingly obvious that the national banks of Italy, Spain, and other nations with increasing bad debts are hiding them within the TARGET2 system.

The first wave of Covid-19, which is leading to bankruptcies throughout the eurozone, is now being followed by a second wave, which will almost certainly take out a number of important banks, in which case the cross-border euro system will implode. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-destruction-

“Money Is Gold, And Nothing Else!”

 

Authored by James Rickards via The Daily Reckoning,

This is not the first time I’ve relayed this information. But these days I believe it’s more important than ever to remind readers of its significance, especially in light of the unprecedented credit creation the Fed’s been conducting since March.

Following the Panic of 1907, John Pierpont Morgan was called to testify before Congress in 1912 on the subject of Wall Street manipulations and what was then called the “money trust” or banking monopoly of J. P. Morgan & Co.

 

In the course of his testimony, Morgan made one of the most profound and lasting remarks in the history of finance.

In reply to questions from the congressional committee staff attorney, Samuel Untermyer, the following dialogue ensued as recorded in the Congressional Record.Untermyer:

I want to ask you a few questions bearing on the subject that you have touched upon this morning, as to the control of money. The control of credit involves a control of money, does it not?

Morgan: A control of credit? No.

Untermyer: But the basis of banking is credit, is it not?

Morgan: Not always. That is an evidence of banking, but it is not the money itself. Money is gold, and nothing else.

Morgan’s observation that “Money is gold, and nothing else,” was right in two respects.

The first and most obvious is that gold is a form of money. The second and more subtle point, revealed in the phrase, “and nothing else,” was that other instruments purporting to be money were really forms of credit unless they were redeemable into physical gold.

So much of the gold market is “paper gold,” not actual gold. This paper gold market is so manipulated, we no longer have to speculate about it. It’s very well documented.

 

I don’t want to get too deep in the weeds here. But gold leasing is often conducted through an unaccountable intermediary called the Bank for International Settlements (BIS).

Historically, the BIS has been used as a major channel for manipulating the gold market and for conducting sales of gold between central banks and commercial banks.

The BIS is the ideal venue for central banks to manipulate the global financial markets, including gold, with complete nontransparency.

But the entire scheme rests on a tiny base of physical gold. I describe the market as an inverted period with a little bit of gold at the bottom and a big inverted pyramid of paper gold resting on top.

There’s just not that much gold available. But in the paper gold market, there’s no limit on size, so anything goes.

Leasing of paper gold by bullion banks allows them to sell the same gold as much as 10 times over to 10 different buyers. It’s like a game of musical chairs, only with more participants and fewer chairs.

Problems have turned up lately in this market because investors have shown up and said “I want my gold, please,” and the custodian has been challenged to meet all those calls for redemption.

But what if a major institution wants its gold but can’t get it?

That would be a shock wave. It would set off panic buying in gold, driving prices through the roof.

Meanwhile, the physical fundamentals are stronger than ever for gold. Set aside the COVID-related issues for now.

It appears that peak gold production is already here. There are no new gold fields of any significance waiting to be discovered.

There is no new technology that can extract gold from places where it cannot now be recovered. This does not mean gold production stops — just that output does not increase and will start to go down.

Gold exists in minute quantities in everything from seawater to distant asteroids, but the costs of recovery from those sources are astronomical and make no commercial sense.

Yet global demand continues to rise from central banks and sovereign wealth funds around the world. With limited output but massive ongoing demand, it’s only a matter of time before a link in the physical gold delivery chain truly snaps and a full-scale buying panic erupts. We could be very close to that now.

You don’t need a Ph.D. to realize that if supply is declining and demand is increasing, then gold prices have nowhere to go but up.

Meanwhile, the Fed has made perfectly clear that it won’t be raising rates for years and is committed to inflation, whatever it takes. It’s hard to imagine a better long-term environment for gold.

If you don’t have gold yet, what are you waiting for?

end

iii) Other physical stories:

 Andrew Maguire’s latest podcast and a must view

The interview is 37 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=B2SKLq3WG10

end

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

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

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

 

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

 

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

 
 

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED AT 6.6746 /

//OFFSHORE YUAN:  6.6572   /shanghai bourse CLOSED DOWN 34.50 PTS OR 1.04%

HANG SANG CLOSED UP 132.65 PTS OR .54%

2. Nikkei closed UP 42.32 POINTS OR 0.18%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 92.80/Euro RISES TO 1.1847

3b Japan 10 year bond yield: RISES TO. +.04/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.77/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 40.79 and Brent: 42.63

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.55%/Italian 10 yr bond yield DOWN to 0.78% /SPAIN 10 YR BOND YIELD DOWN TO 0.21%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.33: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.92

3k Gold at $1911.10 silver at: 24.77   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 9/100 in roubles/dollar) 76.51

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

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.77 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 .9044 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0716 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING 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 0.862% early this morning. Thirty year rate at 1.681%

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

6.  TURKISH LIRA:  UP  TO 7.97..

Global Markets Rise Despite Fading Odds Of Stimulus Deal

 

S&P futures and European stocks rose on positive corporate earnings and German PMI data, while Treasurys reversed an earlier loss, even though the rapidly approaching election means the chance of a fiscal deal getting passed by Congress ahead of Nov. 3 now seems increasingly distant.

 

In pre-market trading, Intel tumbled 9% after a surprise drop in data-center sales. Gilead Sciences jumped after its antiviral therapy becoming the first drug formally cleared to treat Covid-19.

The final debate between Trump and Biden on Thursday presented few surprises for election watchers and if any

thing, merely reinforced investor caution heading into the Nov. 3 election.  While Biden blamed Donald Trump for the deaths of more than 220,000 Americans in the coronavirus pandemic in the debate late Thursday, and Trump accused Biden of corruption in China and Ukraine, their exchanges didn’t move markets much.

 

While S&P 500 futures dipped slightly after the debate, they were mostly flat by late Asian trade. The underlying index had gained about 0.5% in the previous day on hopes that the U.S. Congress and the White House could soon strike a deal on another round of COVID-19 stimulus, with bank stocks leading gains on the back of a sharp jump in yields.

“The sense I get looking at US futures is that the market, after this debate, does not appear very convinced that Mr Trump was able to increase his odds of winning the elections,” said Chetan Seth, Equity strategist at Nomura in Singapore.

European stocks are expected to claw back some of this week’s losses, with the Stoxx 600 up 0.8% on Friday, headed for its first increase this week. Barclays jumped after reporting improved stocks trading, lifting U.K. banking shares. Carmakers climbed after Daimler AG raised its profit forecast and Renault SA topped revenue estimates, the latest signs the global auto industry is emerging from its worst slump in decades. The euro strengthened as regional manufacturing data also exceeded estimates, even as services PMIs continued to sink: the Markit composite monthly measure of business activity in the euro zone fell to a four-month low of 49.4 in October from 50.4 in September. Within the report is a clear, divergent trend of manufacturing strength being offset by damage to services from the second wave of the pandemic

  • EU Markit Services Flash PMI 46.2 vs. Exp. 47.0
  • EU Markit Manufacturing Flash PMI 54.4 vs. Exp. 53.1
  • EU Markit Comp Flash PMI 49.4 vs. Exp. 49.3

Earlier in the session, shares in Asia hardly moved, with MSCI’s index of Asia-Pacific shares ex-Japan flat while Japan’s Nikkei ticked up 0.2%. Most markets in the region were up, with Hong Kong’s Hang Seng Index advancing 0.5% and India’s S&P BSE Sensex Index rising 0.4%, while China’s Shanghai Composite slid 1%. The Topix added 0.3%, with Nexon and Bridgestone contributing the most to the move. The Shanghai Composite Index retreated 1%, driven by China Life and Kweichow Moutai.

 

Despite Friday’s stock strength, it now appears a fiscal deal is virtually impossible due to the rapidly approaching election and the lack of deal. Adding to the problem is the increasing resistance from Senate Republicans to voting on the multi-trillion dollar package, with there being a real possibility they would not vote in favor of a package even after the election. House Democrats are starting to say that they would be unwilling to come back to Washington to pass a bill if Senate support isn’t in place.

“The focus is shifting toward de-risking,” said Eleanor Creagh, a market strategist at Saxo Capital Markets, on Bloomberg TV. “There’s a range of outcomes from the elections that could have a huge capacity to change market sentiment and dynamics very quickly.”

Ahead of last night’s debate, investors had fully priced in a Blue Sweep, where Democrats win both chambers of Congress alongside a Biden presidency. While Democrats plan to raise taxes on corporate profits and capital gains could hit share prices, their pledge on large stimulus is seen as offsetting those blows.

“A lot of people are now talking about K-shaped recovery in the economy. My sense is that the money will move around within the stock market, rather than flowing outside under the ‘triple blue’ scenario,” a senior manager of trading at a major Japanese bank told Reuters.

The clean energy sector is seen as a potential winner at the expense of traditional energy firms under a Biden presidency. The Dow Jones oil and gas index is down nearly 49% this year. Biden reiterated his campaign pledge of net-zero-emissions by 2050. Meanwhile, the Nasdaq, which had led the market’s rally, has underperformed lately, having lost 1.4% so far this week also on concerns Democrats could take a harder stance on big tech firms. Investors could also take profits on them before any increase in capital gains tax.

“A blue wave may lead to concerns about the impact on the tech sector, while a Biden win and a split Congress may imply another four years of limited policy changes and politicking,” said Mary Nicola, senior economist at Pinebridge Investments in Singapore.

Expectations of bigger government stimulus have also boosted U.S. treasury yields. The 10-year U.S. Treasuries yield rose to 4 1/2-month high of 0.870% on Thursday and last stood at 0.8615%. Yields were cheaper by less than 1bp across the curve, 10-year yields ~0.86%, testing 200-DMA with curve spreads little changed. In Europe, gilts lagged Treasuries while bunds traded broadly in line; Italian bonds outperform by 4bp after large buying in screens and a 5,120 10-year BTP futures block trade.

In FX, the Bloomberg Dollar Spot Index fell for a fourth day this week, erasing yesterday’s modest rebound, as risk sentiment improved; the euro rose to a session high after a strong manufacturing PMI report out of Germany. Risk-sensitive currencies, such as the Australian dollar and the Norwegian krone, led gains among Group-of-10 peers after rebounding from losses during the Asia session. The pound edged up and was on track for its biggest weekly gain since early October amid optimism Britain and the European Union are edging closer to a Brexit trade deal. U.K. retail sales rose more than expected last month as demand for home improvement products and food contributed to the biggest quarterly jump on record. The volume of goods sold in stores and online gained 1.5% from August. The yen also climbed, adding to an earlier advance, and was on track for a second week of gains

Elsewhere, China’s yuan climbed after an official with the country’s foreign exchange watchdog said Friday the currency’s appreciation has been “relatively moderate.” The Chinese currency traded 6.6767 per dollar in offshore trade, off 27-month high of 6.6278 touched on Wednesday.

In commodities, oil prices eased slightly, giving up part of the previous day’s gains. Brent futures dropped 0.6% to $42.19 per barrel while U.S. crude futures shed 0.7% to $40.35 per barrel. Gold was modestly higher.

Economic data include Markit PMI readings. Scheduled earnings include American Express. Intel slumps in premarket trading after disappointing results, Gilead gains on FDA approval for its coronavirus treatment

Market Snapshots

  • S&P 500 futures up 0.2% to 3,455.75
  • STOXX Europe 600 up 0.6% to 362.53
  • MXAP up 0.2% to 176.31
  • MXAPJ up 0.07% to 585.43
  • Nikkei up 0.2% to 23,516.59
  • Topix up 0.3% to 1,625.32
  • Hang Seng Index up 0.5% to 24,918.78
  • Shanghai Composite down 1% to 3,278.00
  • Sensex up 0.4% to 40,705.02
  • Australia S&P/ASX 200 down 0.1% to 6,167.05
  • Kospi up 0.2% to 2,360.81
  • Brent Futures down 0.09% to $42.42/bbl
  • Gold spot up 0.4% to $1,911.18
  • U.S. Dollar Index down 0.2% to 92.77
  • German 10Y yield fell 0.6 bps to -0.572%
  • Euro up 0.2% to $1.1842
  • Brent Futures down 0.09% to $42.42/bbl
  • Italian 10Y yield rose 2.1 bps to 0.6%
  • Spanish 10Y yield fell 1.8 bps to 0.205%

Top Overnight News from Bloomberg

  • President Donald Trump and Democratic presidential candidate Joe Biden traded charges of secretly taking money from foreign interests, after the former vice president addressed head-on Trump’s efforts to portray him as corrupt
  • European governments began to deploy curfews more widely, as the coronavirus pandemic gained momentum across the continent and France reported more than 40,000 new cases for the first time
  • The U.K. signed a trade deal with Japan on Friday, its first with a major economy since Brexit, as the clock runs down on British efforts to reach an agreement with the EU by the end of the year
  • The Riksbank governor, Stefan Ingves, fears the economic outlook is deteriorating amid signs the coronavirus pandemic is tightening its grip across Europe, and ensnaring Sweden again too
  • The resistance among Senate Republicans to the near-$2 trillion stimulus package under negotiation between House Speaker Nancy Pelosi and the White House has spurred some House Democrats to oppose the idea of a pre-election vote on any bill
  • Governments around Europe began to deploy curfews more widely, as the coronavirus pandemic gained momentum across the continent, with France reporting more than 40,000 new cases for the first time
  • China mulls further easing limits on cross-border investment by domestic institutions and individuals, with QDII as one of the approaches, State Administration of Foreign Exchange Spokeswoman Wang Chunying says at a briefing
  • The U.K. signed a trade deal with Japan on Friday, its first with a major economy since Brexit, as the clock runs down on British efforts to reach an agreement with the EU by the end of the year
  • The U.K. is set to sign a trade deal with Japan in Tokyo on Friday, its first with a major economy since Brexit, as the clock runs down on British efforts to reach an agreement with the EU by the end of the year
  • Oil headed for a modest weekly decline as fresh optimism that a U.S. stimulus deal is imminent was overshadowed by the threat a resurgent coronavirus poses to energy demand in Europe and the U.S.

A quick look at global markets courtesy of NewsSquawk

Asia-Pac equities traded mostly higher after a lukewarm handover from Wall Street whereby all three majors closed in the green but the Nasdaq narrowly underperformed amid losses across the tech sector, whilst Intel shares slumped almost 10% after-hours post-earnings amid new weakness in its data center business. US equity futures reopened with mild gains before drifting modestly lower during the Presidential Debate, albeit with no explicit comment driving price action at the time as the two candidates stuck to their respective scripts. Thereafter, following the more sanguine debate, ES, NQ and YM nursed losses to trade higher by 0.1-0.2%. ASX 200 (-0.1%) remained the laggard as the index was subdued by its mining sector. Nikkei 225 (+0.2%) extended on gains despite the firmer Yen, with outperformance in the industrial names, whilst Mitsubishi Heavy Industries stood as the outperformer amid source reports the group is closer to a final decision on freezing regional Spacejet program. KOSPI (+0.2%) traded between gains and losses before gaining a firmer footing in positive territory. Hang Seng (+0.5%) and Shanghai Comp (-1.0%) eked mild amid gains initially another PBoC liquidity operation, whilst comments from Chinese President Xi did little to sway the indices; though this did wane for the Shanghai index as the session came to a close. Finally, 10yr JGB futures continued to track the broader fixed income futures complex.

Top Asian News

  • Goldman Admits Role in Record $1.6 Billion 1MDB Bribe Spree
  • Japan Maintains Severe Assessment of Economy in October
  • Walmart Unit Invests $204 Million in Birla’s Retail Business
  • Japanese Stocks Gain on U.S. Recovery Signal Amid Calm Debate

European equities (Eurostoxx 50 +0.9%) trade higher across the board after a pick-up in sentiment shortly after the cash open. It’s been a busy morning of data for the region with French PMIs, highlighting the diverging fortunes of the services and manufacturing sectors with the former extending its advances into negative territory, leaving the composite reading for France at 47.3 vs. prev. 48.5. Thereafter, Germany posted a strong showing for its crucial manufacturing sector (58.0 vs. prev. 56.4) , which helped extend the upside in the DAX (+0.7%), albeit declines in the services sector acted as a weight on the still-positive composite reading (54.5 vs. prev. 54.7). The Eurozone-wide release conformed to the overall viewpoint that despite the manufacturing industry holding up in the early stages of Q4, the services sector is clearly falling victim to the resurgence of the virus. IHS Markit have cautioned that “the eurozone is at increased risk of falling into a double-dip downturn”. Asides from this morning’s macro data releases, there have been a raft of corporate updates with solid earnings from Barclays (+7.3%) prompting outperformance of the banking sector after the Co. reported Q3 profit-before-tax of GBP 1.1bln vs. Exp. GBP 0.5bln amid a notable decline in bad loan provisions and strong performance in its consumer business. Elsewhere, energy names are also firmer in a continuation of yesterday’s advances despite crude prices being relatively unchanged on the session. Earnings from Daimler (+2.0%) and Renault (+1.6%) have supported the autos sector, whilst 9M results from Michelin (+2.6%) have also served as a source of encouragement from the broader industry. In a busy morning of earnings for the CAC 40 (+1.0%), Accor (+4.5%) are a clear outperformer despite results highlighting that impact on activity from the COVID crisis, to the downside in France, Kering (-2.6%) lags amid weak performance in its Gucci division. Elsewhere, notable laggards post-earnings include ABB (-2.8%) and Electrolux (-2.0%) with the former acting as a weight on the underperforming SMI (U/C).

Top European News

  • U.K. Regulator Investigating 14 Firms, 6 People in Cum-Ex Cases
  • U.K. Recovery Looks Past it Peak as Virus Curbs Erode Growth
  • Nordea Soars After Trouncing Estimates and Pledging Dividend

In FX, it remains to be seen whether the Greenback can withstand renewed downside pressure after overcoming several wobbles late yesterday and extending recovery gains overnight, but for now the signs are looking ominous as certain G10 rivals rebound on a combination of fundamental and technical factors. Indeed, the index is beating a relatively hasty retreat from a 93.129 peak to 92.724, thus far, ahead of Markit’s US flash PMIs that may or may not help the Dollar regroup.

  • AUD – The Aussie is back in the ascendency and outperforming with some assistance from encouraging PMIs and the fact that it survived a test of support ahead of 0.7100 vs its US counterpart in the form of the 100 DMA (0.7106) and 1.0650 or so against the Kiwi. However, 0.7150 and 1.0700 may cap further upside barring another pronounced upturn in broad risk sentiment.
  • CHF/JPY/GBP/EUR/NZD – All firmer vs the Buck, either by default or in their own right, as the Franc revisits 0.9050 from lows not far off 0.9100, Yen approaches 104.50 compared to sub-104.90 and Pound bounces from circa 1.3050 to just over 1.3100 at one stage. Note, Japanese CPI was slightly less deflationary than expected and UK retail sales much stronger than forecast in contrast to rather mixed preliminary PMIs, but none of these macro releases seemed to impact, though Cable may be drawn to unusually large option expiry interest from 1.3090 to 1.3100 in just over 1 bn. Conversely, the Euro appeared to derive some from the Eurozone surveys revealing faster than anticipated activity in Germany’s manufacturing sector that boosted the composite and pan prints to partly offset misses in services vs consensus. Eur/Usd has subsequently accelerated through the 50 DMA (1.1795), 1.1800, a Fib retracement level aligning with the 100 HMA (at 1.1806) to just shy of 1.1850, but could be hampered by circa 1.4 bn expiries between 1.1840-50. Back down under, the Kiwi is inching closer to 0.6700 even though NZ CPI was weaker expected in Q3.

In commodities, WTI and Brent futures have been somewhat choppy throughout the session but largely following the directional performance of the equity complex, albeit with magnitudes more contained and the benchmarks only modestly positive at present. Fundamental drivers explicitly for the complex remain sparse aside from the ever-present COVID-19 demand concerns and OPEC+ related supply issues. Instead, geopolitical reports could draw attention in the sessions ahead with  reports today indicating that the conflict in Libya has been resolved with all sides agreeing to a permanent ceasefire – a factor of note given the frequent force majeures for some of the nations most significant facilities. Additionally, tensions are seemingly rising regarding Iranian oil sanctions as WSJ reports indicate that US Officials are frustrated that allies are not taking enough aggressive action to enforce the sanctions; amid reports that Persian Gulf waters are being utilised as a waypoint for smugglers out of Iran. Looking ahead, the session’s only crude event of note is the weekly Baker Hughes rig count which last week saw a 12-rig increase for oil facilities. Action for spot gold has once again been dictated by the USD with the precious metal gleaning support from the DXY’s gradual demise throughout the session. At present, the metal is firmer by around USD 6/oz and in proximity to session highs above the relatively contained levels seen in APAC hours.

US Event Calendar

  • 9:45am: Markit US Manufacturing PMI, est. 53.5, prior 53.2
  • 9:45am: Markit US Services PMI, est. 54.6, prior 54.6
  • 9:45am: Markit US Composite PMI, prior 54.3

DB’s Jim Reid concludes the overnight wrap

Global equity markets fluctuated and sovereign bonds sold off yesterday as investors weighed up further positive reports on the likelihood of US stimulus against a further deterioration in the coronavirus situation. By the close, yields on 10yr Treasuries had gained +3.4bps to hit a 4-month high of 0.856%, as Speaker Pelosi said that herself and Secretary Mnuchin were “just about there” when it came to reaching a stimulus deal. By the end of the day yesterday, the Speaker noted three sticking points: aid to state and local governments, school funding and a liability shield for employers. However, there remain questions as to whether the Republican-controlled Senate would pass such a deal, even if it happened after Election Day on November 3. A few senior ranking Senate Republicans are still wary, with Senate Appropriations Chairman Shelby noting that he had not seen any detail yet and that “it’s about two minutes to midnight, and we’re not going to pass anything until we see the particulars.” With all members of the House up for re-election, Speaker Pelosi noted that some are of the party’s lawmakers have said they may not leave the campaign trail prior to November 3 if the Senate does not commit to acting.

US equities rallied later in the session, and the S&P 500 posted a gain of +0.52% as cyclicals led the index higher, with the NASDAQ seeing a slightly smaller advance of +0.19%. As bets on the likelihood of further stimulus gathered pace, there was another bear-steepening in US Treasuries, with 10yr yields up as mentioned (though down -0.8bps this morning) while the 2s10s curve steepened +3.0bps to reach its steepest level in over 2 years, and the 5s30s reached its steepest in 3 years. In Europe, there was a similar cyclical outperformance with Autos (+0.65) and Banks (+0.55%) leading the way but the STOXX 600 finished down -0.14% for its 4th consecutive decline. In fixed income, yields on 10yr bunds (+2.1bps), OATs (+2.4bps) and BTPs (+2.1bps) all moved higher.

Staying on the US, overnight the second and final US Presidential Debate took place and was far a more orderly one than the first. While the question of foreign interference and contacts was once again raised, the majority of the debate focused on the pandemic, the economy, race relations and climate change. Early indications are that both candidates more or less held their own, which would be good news for Joe Biden who came into the night leading by high single digits in national polling averages.

For those interested in more election content, our US economists here at DB put out a note yesterday (link here) looking at the economic implications of the different potential outcomes. Their view is that a blue sweep where Biden wins the presidency and the Democrats take the Senate would provide the most fiscal stimulus to the economy in 2021, whereas the second most likely outcome (a Biden presidency along with a Republican Senate) would be the most negative for growth next year. Though we’ll obviously have to wait and see if last night’s debate has any impact on the polls, the FiveThirtyEight and RealClearPolitics averages currently show a Biden lead of 9.9pts and 7.9pts respectively.

Overnight, equity markets are trading higher in Asia, with the Nikkei (+0.44%), Hang Seng (+0.61%), Shanghai Comp (+0.13%) and Kospi (+0.44%) all up, though S&P 500 futures are broadly flat. Looking at the flash PMIs that are out so far, Australia has seen an uptick in its composite reading to 53.6 (vs. 51.1 previously), while Japan has seen a smaller rise to 46.7 (vs. 46.6 previously). Attention will remain on the European and US releases today, as they represent one of the initial data points we have on economic activity into October, particularly in Europe where fewer high frequency indicators like jobless claims are available. For the Euro Area, there has been a weakening in the mobility indicators since late September, so the question will be whether this translates into reduced economic activity as well. The consensus expectation on Bloomberg for the Euro Area composite PMI is that it’ll fall back to 49.2, which would mark the first time since June that the composite PMI has been below the 50-mark that separates expansion from contraction.

In terms of the pandemic, yet further rises in coronavirus cases continued to dampen investor sentiment, with the number of new cases continuing to escalate in Europe in particular. In the last 24 hours, the continent saw a record number of daily cases reported in numerous countries, including France, Italy, Poland, the Netherlands, Romania, Slovenia, and Denmark. Unsurprisingly, there’ve been more moves to impose restrictions, and yesterday France (which reported a record of more than 40,000 cases) announced an extension of its curfew to cover an additional 38 departments, while in the UK, Chancellor Sunak announced that the government would increase its levels of financial support to those affected economically by the pandemic. In the US, cases rose by over 68,000 with daily records in Illinois and Ohio. According to the mayor, Chicago will put a night-time curfew for non-essential businesses in place starting Friday for at least two weeks.

In terms of yesterday’s other data, the weekly initial jobless claims from the US came in at a lower-than-expected 787k in the week through October 17, which itself was a decline from the previous week’s downwardly revised 842k reading, as well as being the lowest number since the start of the pandemic. The continuing claims number for the week through October 10 also fell to a post-pandemic low 8.373m (vs. 9.625m expected), though with both the initial and continuing claims, it’s worth bearing in mind that both are still above their peak levels following the global financial crisis, so there’s still some way back to anything like normality in the labour market. Otherwise, the European Commission’s advance consumer confidence indicator for the Euro Area fell back in October to -15.5, which was its worst reading since May.

To the day ahead now, and the release of the aforementioned flash PMIs from around the world are likely to be the main highlight. Otherwise, the Russian central bank will be deciding on rates, BoE Deputy Governor Ramsden will speak, and American Express will be releasing earnings.

 

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 34.50 PTS OR 1.04%   //Hang Sang CLOSED UP 132.65 PTS OR .54%    /The Nikkei closed UP 42.32 POINTS OR 0.18%//Australia’s all ordinaires CLOSED DOWN 0.16%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.79 dollars per barrel for WTI and 42.63 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSEDUP AGAINST THE DOLLAR AT 6.6746. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.6572 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

The Chinese are great at hacking:  they now blame the USA for their empire building.  This comes after a damning NSA report on Chinese hacking

(zerohedge)

China Blasts US As “Empire Of Hacking” After Damning NSA Report Spotlights Beijing

 

Earlier this week the National Security Agency released a cybersecurity advisory which focused on attempts of Chinese state-backed hackers to gain access to intellectual property such as coronavirus research or advanced technologies, or political and military information.

Tuesday’s NSA advisory identified “vulnerabilities” in US systems that have been “recently leveraged, or scanned-for, by Chinese state-sponsored cyber actors” — for example bugs in software like Microsoft Windows or Citrix Systems.

But now China’s Foreign Ministry has slammed the NSA report, calling out the spy agency’s ‘hypocrisy’ and shining a light on vast US domestic surveillance exposed years ago by Edward Snowden. Ministry spokesman Zhao Lijian on Wednesday slammed the United States as an an “empire of hacking” and specifically cited the 2013 Snowden revelations. 

“It is indeed ironic news that the US National Security Agency, as the main implementer of the Prism programme and the world’s largest cyber espionage agency, publicly accuses other countries of cyber espionage,” Zhao said.

Zhao called the US and specifically the NSA as “among the worst offenders of mass surveillance” in his fiery comments.

Recall that the Prism program as revealed by Snowden involved the NSA gaining backdoor access to major internet companies like Microsoft and Google unbeknownst to the public as part of its years-long practice of sweeping up domestic communications with no warrant. 

Zhao also expressly denied widespread allegations that Beijing is involved in the exact same thing which has gotten major firms like Huawei banned in the US and parts of the West, and which has placed particular Chinese apps and software under the spotlight.

 

NSA headquarters file, via Breaking Defense

“The Chinese government has never asked Chinese companies to install back doors and provide overseas data to the government,” Zhao claimed.

END
 
HUAWEI/USA
Huawei successfully stockpiled enough chips for their 5G rollout. However next year will probably be tough for them.  They are already hurt with their smart phones
(zerohedge)

Huawei “Outhustles Trump” By Successfully Stockpiling Enough Chips For 5G Rollout

 

As fully expected and predicted it’s now confirmed that that Huawei has successfully thwarted Trump’s sanctions by stockpiling chips to ensure their global 5G rollout runs smoothly with no expected major hitches. Bloomberg writes Thursday that it has effectively “outhustled Trump”:

Huawei Technologies Co. quietly spent months racing to stockpile critical radio chips ahead of Trump administration sanctions, ensuring it can keep supplying Chinese carriers in their $170 billion rollout of 5G technology through at least 2021.

The restrictions were first announced on Aug. 17 to essentially bar Huawei from buying and using any and all microchips without a license from the US. But Huawei had time to rush to stockpile as many chips as it could before midnight on Sept. 14, which is when the new sanctions took effect.

But steps were apparently also put in place long before, as White House rhetoric targeting Huawei and Chinese tech began ramping up in 2019. The result was, as Bloomberg writes:

Partner Taiwan Semiconductor Manufacturing Co. began ramping up output in late 2019 of Huawei’s 7-nanometer Tiangang communications chips, the most crucial element in 5G base stations, people familiar with the matter said. The Taiwanese contract manufacturer eventually shipped more than 2 million units at Huawei’s behest ahead of the sanctions cutoff last month, one of the people said, asking not be identified discussing internal matters. The sheer magnitude of orders at one point got TSMC executives wondering whether they had underestimated global demand, the person said.

Bloomberg still concludes the Trump crackdown on sales of American-made circuitry and software to the Shenzhen-based multinational tech firm has had “mixed success” given it ultimately “knee-capped Huawei’s smartphone business and forced it to curtail device production.”

 

 

Via Reuters

Recall that Huawei last year managed to unseat Samsung as the world’s biggest smartphone maker. But analysts have warned that the company’s smartphone shipments could fall 75% next year. Above all, Huawei covets chips used in 5G smartphones, which are required for the company’s latest generation of phones, which are 5G compatible, a fact that was supposed to drive an ambitious upgrade cycle.

In the long term, given the Trump administration’s blacklisting a who’s who of China’s tech companies which hasput into doubt the country’s continued access to the most advanced chips, China plans to pursue an ambitious new program to establish its own domestic semiconductor industry — crucial in all advanced computerized electronics.

According to multiple reports last month, Beijing national security policies are now rapidly prioritizing this in order to ultimately sever dependency on American tech in the near and long term. American companies remain by far the most advanced in the production of semiconductors. 

You will find more infographics at Statista

Bloomberg underscored in a report last month that Beijing will confer “the same kind of priority on the effort it accorded to building its atomic capability.” But such a revolution in China’s domestic chip production would still be many years away, leaving Huawei and others in “survival” and “stockpile” mode for the time being.

Toward this end, Beijing has recently had a benchmark in place to see at least 40% of China’s semiconductor needs met by local manufacturers by middle of next decade.

END

CHINA/USA

China is becoming more bellicose by the day:

(zerohedge)

Xi Says War Must Be Fought To Deter Invaders, “Violence Met With Violence” Necessary

 

Chinese state media is widely circulating a new bellicose statement from President Xi Jinping made on a key Korean War anniversary for Beijing. The quote is going viral following the US presidential debate between Trump and Biden where both were asked how they would “stand up” to the China threat.

Xi is reported to have said “war must be fought to deter invasion, and violence must be met by violence” in what’s possibly his most openly jingoistic statement targeting the US to date, though without specifically referencing the United States or any external enemy in particular. But given China fought against the US side in the Korean War, the implications are clear.

According to the Global Times the statement which is also meant to show support to the Chinese PLA military is going viral through social and other media.

“It’s necessary to speak to invaders in the language they know: that is, a war must be fought to deter invasion, and violence must be met by violence,” Xi said according to the full quote.

“Victory is needed to win peace and respect. China will never cower before threats, or be subdued by suppression,” the Chinese president added.

The “patriotic” statement is now widely circulating in Chinese state publications, including the major People’s Daily. It was issued on the occasion of the 70th anniversary of China entering the Korean War to fight American troops there.

It also comes a day after the US once again went on the offensive against Chinese state-linked media, adding six more of its media organizations operating in the US to the State Department’s designated list of “foreign missions”.

Beijing is said to be preparing its own ‘retaliatory’ action. The number of Chinese outlets which must register in the US as arms of a foreign government is now at 15, as the tit-for-tat with the Trump administration rages on.

 

ENDs recently had a benchmark in place to see at least 40% of China’s semiconductor needs met by local manufacturers by middle of next decade.

end

4/EUROPEAN AFFAIRS

Robert email to me on the plight of Europe’s small business firms:

 

 

Over half Europe’s small firms fear for survival, survey finds | Reuters

 
 
 
A similar story appeared in Zero hedge yesterday. When you understand that the Covid threat accounts for 6% of deaths according to the CDC, one must ask the question of why are we allowing industry to be destroyed? And why, is media so silent about not telling us this fact? And why are the Health folks advising politicians to lockdown over this?
The other day, I wrote the virus is the catalyst for change where the world is being redrawn and remade to suit a socialist agenda. We are watching in real time individual country economies implode under false narrative lockdowns and for what purpose? Countless people are losing their jobs and futures and are finding desperation looking into a bleak future. Why? Mass job loss is a destroyer of the society that has been built over many decades of labor. Dreams and aspirations of youth are being dashed and futures of many are at risk of of stagnation or worse. And wider segments of society are finding much harder to survive and this is with government handouts. What happens when government runs out of money as it is not a bottomless pit of capital without other repercussions affecting everyone, without exception. Today’s hoarding of cash can easily become tomorrow’s rush to spend as money loses value through hyperinflation. As it is now people are losing confidence, so hoarding is occurring and if there is a loss of confidence in the currency, spending with abandonment will occur. Just like it has historically in the past. Who can forget pictures of a wheelbarrows full of money to buy bread in Germany? In countries like Italy the small and medium sized companies are backbone of economic existence and a such a loss in activity will devastate not just the banks but also the fabric of society. And this condition is not limited to Italy and as many European countries are in the same boat.
One thing about about socialism is a fact, the very rich will hold on to wealth while everyone else will lose theirs. We would do well to learn from history and the experience of those people who suffered the stamp of socialism. As the damage being wrought upon us all comes with a economic and social price which will be paid tomorrow. And the freedom to voice a contrary opinion to the narrative will have an ending.

 

https://www.reuters.com/article/uk-europe-economy-smallbusiness-idUKKBN27709T

 
END
 
UK/EU/FRANCE
 
France blinks first:  looks like the first compromise from the EU on fisheries
(zerohedge)

France Reportedly Open To Fisheries Compromise That Could Save Brexit Deal

 

Once again, it looks like Prime Minister Boris Johnson’s heavy-handed approach to bargaining with the EU is about to be vindicated.

Roughly a week ago, BoJo and his top Brexit negotiator, Lord David Frost, threatened to walk away from extended Brexit talks in London before they even began without a public declaration from the EU that concession might be on the table.

Apparently, Johnson has successfully managed to call the EU’s bluff again, because by holding firm in the face of Brussels’ threats, it looks like the other EU27 members, weary of the fractious ongoing negotiations in the middle of a devastating epidemic, have finally turned on France, and French President Emmanuel Macron, to relinquish his insistence that broad access to British fisheries be incorporated into any finalized trade deal.

It’s the first real sign of progress since Boris Johnson devised his controversial “Intermarket Bill” to try and convince the UK’s EU partners that he would happily walk away from the talks if a deal wasn’t to his liking.

 

According to Reuters, the French government is considering accepting a smaller “catch” from British waters starting in 2021. If accurate, this would signal that President Emmanuel Macron is laying ground for a compromise that could clear the way to a comprehensive “Canada-style” trad deal with the UK. 

For those who haven’t been closely following the talks, fisheries access has been a sticking point since before the trade deal talks even began.

Cable trades celebrated the news by trade the pound up as much as 0.3% to $1.3122.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/NORTH KOREA
This is scary!!  Iran to import North Korean missiles?  Iran has plenty.  The one thing that Iran needs is nuclear and the North Koreans can supply this technology
If Biden becomes President (which I doubt) what will he do?
(Watkins/OilPrice.com)

Iran To Import North Korean Missiles In 25-Year Military Deal With China

 
 

Authored by Simon Watkins via OilPrice.com,

Following the end on the 18th of October of the 13-year United Nations’ embargo on Iran buying or selling weapons, the roll-out of the military component of the 25-year deal between China and Iran will begin in November, as exclusively revealed by Oil Price.com.

After a series of meetings in China on the 9th and 10th of October between Iran’s Foreign Minister, Mohammad Zarif, and his China counterpart, Wang Yi, this military component may now also feature the deployment in Iran of North Korean weaponry and technology, in exchange for oil, according to sources very close to the Iranian government spoken to by OilPrice.com last week. Most notably this would include Hwasong-12 mobile ballistic missiles, with a range of 4,500 kilometres, and the development of liquid propellant rocket engines suitable for intercontinental ballistic missiles (ICBMs) or satellite launch vehicles (SLVs). This will all be part of a broader triangular relationship co-ordinated by Beijing and further facilitated by the imminent launch of a new digitised currency system by China.

This sort of co-ordination – between North Korea and Iran and also between North Korea, Iran, and China – is nothing new, although its resumption at such a scale and in such products is. According to a number of defence industry sources – and recorded in various ‘Jane’s Intelligence Reviews’ (JIR) – over the first five-year period from the onset of Iran’s ballistic missile program in 1987, Iran bought up to 300 Scud B missiles from North Korea. Pyongyang, though, did not just sell Iran weapons but it was also instrumental in helping Iran to build-out the infrastructure for what has become an extremely high-level ballistic missile program, beginning with the creation in Iran of a Scud B missile plant that became operational by the end of 1988.

According to JIR and other defence sources, this early-stage co-operation in this area between North Korea and Iran also included Iranian personnel travelling to North Korea for training in the operation and manufacture of these missiles and the stationing of North Korean personnel in Iran during the build-out of missile plants. This model of knowledge and skills transference, of course, has been a key part of the 25-year deal between Iran and China since it was formally agreed back in 2016, including the training of up to 130 young, fast-tracked officers from the Islamic Revolutionary Guard Corps (IRGC) every year at various military institutions across mainland China.

The simple idea of paying North Korea in oil is also far from new, having been a key method by which Iran helped to fund the development of North Korea’s more powerful Nodong series of missiles as early as the 1990s, according to Kenneth Katzman, Middle Eastern affairs specialist at the Congressional Research Service, in Washington. According to sources close to Iran’s Petroleum Ministry spoken to by OilPrice.com last week, oil shipments are the number one suggestion from North Korea to any country that has oil and wants weapons as a means of payment for any weaponry that Pyonyang has available.

The Hwasong-12, first revealed internationally in a military parade on 14 April 2017 celebrating the birthday anniversary of North Korea’s founding President, Kim Il-sung, is being made available to Iran in such a way and, from Tehran’s perspective, fits neatly into the delicate military strategy in which it is currently involved. This is founded on the fact that decades of various sanctions have left the Islamic Republic with a severely constrained ability to defend itself against attacks from hostile aircraft or missiles with its own air force, which leaves a massive standing army as the primary deterrent for land invasion and its own missile defence systems as the primary deterrent for aerial attacks. On the other hand, though, the Islamic Republic is aware that any major long-range missile attack on any foreign power allied with the U.S. will end in absolute disaster for it. As former U.S. Secretary of State Henry Kissinger once said:  “The threat of committing suicide is a poor deterrent to being murdered.”

Consequently, Iran has consistently stated since 2017 – by order of the Supreme Leader, Ali Khamenei – that it will limit itself to developing ballistic missiles with a maximum range of 2,000 kilometres. Clearly, the Hwasong-12 has a range of double this but, crucially from Iran’s political impact modelling undertaken over recent months, this is unlikely to make the existing relationship with the U.S. worse.

“The U.S. wanted more specific prohibitions on ballistic missiles in a new JCPOA [Joint Comprehensive Plan of Action] to be drawn up at the beginning of 2018 but that did not happen, so it withdrew,” said one of the Iran sources.

“Iran believes that the next U.S. President, be it Trump or Biden, will want to do a deal to get some form of JCPOA back on track, so from that perspective being able to offer the withdrawal of the Hwasong-12s would be a useful negotiating tool,” he said.

“At the same time, though, there is the threat that the Hwasong-12 IRBM [intermediate range ballistic missile] could be upgraded through the addition of an 80-ton thrust engine to either the Hwasong-14 [two-stage, 10,000 km range] or the Hwasong-15 [two rocket engines cluster in first stage, 13,000 km range] ICBMs,” he added.

This ‘upgrade’ would be regarded by the U.S. as a serious proposition, as there have been signals over the years that Iran might already have been working on such a higher-powered rocket booster configuration. According to a New York Times report from December 2011, the previous month had seen the destruction of a supposed development site in Iran for long-range solid-propellant missiles.

This was the first public indication that Iran was working on such systems, which would need much more energetic – and thus, explosive – propellants than used in Iran’s current Fateh-110-based solid-propellant short range ballistic missiles and Sejil medium range ballistic missiles, and press reports in May 2018 indicate that the program has continued at a new location where ICBM-class solid rocket motor production facilities and evidence of ground testing of ICBM-class motors have been detected in open source imagery,” said Robert Einhorn, senior fellow in the foreign policy program at Brookings Institution in Washington.

He added that various sources since 2013 suggest Iran has been receiving cooperation from North Korea in the development of a large, liquid-propellant rocket engine suitable for ICBMs or SLVs and that a U.S. Treasury Department sanctions notice from January 2016 refers to Iranian work on a North Korean ‘80-ton rocket booster.’

China, for its part, has been warned by the U.S. in the past for failing to adhere to the Missile Technology Control Regime in supplying missile equipment and technology to various countries, which is why it has frequently used North Korea as an agent to do so, allowing itself to plead ignorance of any illegal activity. It is obvious, however, that there are many benefits for China in seeking to expedite the movement of such missile technology from North Korea to Iran as part of the 25-year deal’s military component.

  • First, as Iran is paying North Korea in oil it takes some pressure off China in its obligations to its neighbour.

  • Second, it cements China’s clear position to the U.S. as having influence over not just one but two nuclear and near-nuclear states.

  • Third, it further binds Iran (and the rest of the Shia crescent of power, especially Iraq) into China’s geopolitically game-changing ‘One Belt, One Road’ project.

  • Fourth, it creates a counterpoint of influence and power in the Middle East akin to the U.S.-Israel axis.

  • And fifth, it will shift more of the U.S.’s attention on the Persian Gulf and away from the Asia-Pacific region that China regards as its backyard of power.

All of this is set to be facilitated further by the imminent roll-out of China’s digital currency electronic payments system (DC/EP), on which the People’s Bank of China (PBOC) has been working since at least 2014. The DC/EP will operate on a two-tiered systemwith the digital currency itself, like cash, being a direct claim on the central bank denominated in renminbi (RMB), Rory Green, Asia analyst for TS Lombard, in London, told OilPrice.com last week. The PBoC will exchange CBDC with chosen banks and financial intermediaries, which, in turn, will make the funds available to users via existing electronic banking platforms, and clients will be able to convert RMB to CBDC (at a rate of 1:1) via their digital wallets.

“The digital RMB could certainly help the integration of Iranian financial companies into the Chinese banking system and avoiding the US$/Swift monopoly,” highlighted Green.

“China could set up an entity completely unconnected to its traditional banking system to receive all the payments via digital RMB, with the payments then sent on via digital RMB,” he added.

“This would be similar to the function currently performed by the Bank of Kunlun, and some of the North Korea trading houses but with fewer of the downside risks for other banks

END

AZERBAIJAN/ARMENIA/TURKEY

Clashes continue but this time it is Armenia that launched ballistic missiles on Azerbaijan.

(SouthFront)

Armenia Launches Ballistic Missiles On Azerbaijan Amid Retreat In Nagorno-Karabakh Region

 

Submitted by SouthFront.org

 

On the morning of October 22, Armenian forces launched ballistic missiles at targets inside the territory of Azerbaijan. According to the Azerbaijani Defense Ministry, 3 missiles were fired in the direction of the Siyazan region, two in the direction of the Gabala region, and one in the direction of the Kurdamir region. Baku claimed that the strike was aimed at the civilian population and civilian infrastructure. The report provided no details regarding the type of missiles employed. Nonetheless, Armenian forces have so far only employed R-17 Elbrus and OTR-21 Tochka missiles. The Armenian Armed Forces also have several much more modern 9K720 Iskander shot-range ballistic missile systems, but the complex has not yet been employed because the leadership of Armenia is in no hurry to enter a full-out war with Azerbaijan to protect the Nagorno-Karabakh Republic (also known as the Republic of Artsakh).

The Armenian Defense Ministry denounced the reports as fake but it should be noted that Yerevan was also denying a ballistic missile strike on the Azerbaijani city of Ganja on October 16, a strike, which killed or injured several dozens of civilians. Later, Armenian sources spent much time marking military objects located in the city on maps. However, the civilian casualties from that strike are the confirmed fact. In their turn, Azerbaijan claims that it has destroyed at least 3 Armenian tactical ballistic complexes. A few of them were struck on the Armenian border area near Karabakh.

On the evening of October 21 and the morning of October 22 , Azerbaijani forces were developing their offensive operations in the Aghdere-Aghdam, Fizuli-Jabrayil, and Zangilan-Gubadli directions. The Azerbaijani military claimed that it had captured important grounds in Gubadli and destroyed the D-20 battery of the 155th artillery regiment of the Armenian Armed Forces in the Khojavend area. In the Aghdere area, Azerbaijani forces allegedly delivered strikes on the 5th mountain rifle regiment inflicting heavy casualties to the Armenians.

According to Azerbaijani President Ilham Alyiev, in the recent operations Azerbaijani forces captured 22 settlements in the districts of Fuzuli, Jabrayil, and Zangilan. These are Gejagozlu, Ashaghi Seyidahmadli, Zargar, Balyand, Papi, Tulus, Hajili, Tinli, Khurama, Khumarli, Sari Babayli, Ucunju Aghali, Hajalli, Girakh Mushlan, Udgun, Turabad, Ichari Mushlan, Malikli, Jahangirbayli, Baharli and Minjivan. Several Armenian T-72 battle tanks as well as BMP-1 and BMP-2 infantry fighting vehicles were also captured by Azerbaijan.

Fierce clashes in the contested region continue as both Armenia and Azerbaijan accuse each other of sabotaging the diplomatic talks on a non-military settlement of their differences. On October 12, Armenia’s Prime Minister Nikol Pashinyan even said that there is no diplomatic solution to the Nagorno-Karabakh conflict at this stage.

“Azerbaijan no longer agrees with what we agree or will agree, which means that at this stage it is at least pointless to talk about any diplomatic solution,” the Armenian Prime Minister said. Pashinyan also touched on the ongoing battles in Nagorno-Karabakh calling on all Armenians to take arms to repel the Azerbaijani advance. He said that Armenian forces are inflicting heavy losses on the Azerbaijani troops. The PM claimed that more than 10,000 Azerbaijani soldiers have been killed so far. This number exceeds even that claimed by the Armenian Defense Ministry, according to which Azerbaijan has thus far lost 6,459 troops, 584 armoured vehicles and rocket systems, 23 military planes, 16 helicopters and 202 UAVs. Thus, according to the Armenian side, in recent clashes Azerbaijan has lost over 200 personnel.

Even amid the victorious statements about multiple Azerbaijani casualties, the Armenian side admits that clashes have reached the area of the Akari River. Even as Armenia provides few details regarding the current positioning of the sides, this is a de-facto confirmation of the recent Azerbaijani advance.

6.Global Issues

CORONAVIRUS//UPDATE//THE GLOBE

World Reports Record Jump In COVID-19 Cases As Outbreak Explodes Across Europe, Midwest: Live Updates

 

Summary:

  • US sees 2nd highest jump in new cases
  • Europe’s hospitals overwhelmed amid surge in COVID patients
  • Cases in India slow
  • Blood plasma treatment proven ineffective
  • 8 states reported records

* * *

Record numbers of new COVID-19 cases were reported across Europe on Thursday, which, combined with a surge in US cases, along with Russia, Turkey and a handful of other countries, helped to send global cases to a new daily record: 468,499.

 

Global cases have reached 41,705,699, while the death toll has reached 1,137,333 as of Friday morning in New York.

(Source: JHU)

Meanwhile in the US, the NYTimes reported that more than 75,000 new cases were reported yesterday, making Thursday’s tally the second-highest since July 29, when the US recorded 75,723 new cases. Europe also posted a new record, driven largely by the 40k+ new cases reported in France, along with record numbers in Germany, Italy and a number of countries in Central Europe.

According to Johns Hopkins, the US total is now 8,411,262.

 

At least 8 states reported record numbers of new cases yesterday, while 13 have added more cases in the past week than during any other stretch of the pandemic, according to the NYT.

Record numbers were reported in Ohio, in Colorado and Kentucky, as the Midwest and Rocky Mountain states are hit particularly hard by this third wave. In Chicago, the unofficial capital of the Midwest, officials are seeing 645 new cases a day this week. In response, the mayor is imposing a nighttime business curfew will be imposed starting on Friday.

Record daily highs were recorded in at least half a dozens US states, including Ohio and Tennessee, where last  night’s presidential debate was held.

Nationally, deaths were little-changed, though some Midwestern states saw deaths tick higher late this week. But nationwide, the US saw just 856 new deaths, even as more COVID-19 patients are crowding American hospitals than at any point since the middle of the summer. To be sure, a spike in deaths on Wednesday briefly pushed the 7-day average to the highest level in a month.

A regional breakdown shows that most COVID-19 deaths are coming from populous southern states like Texas and Florida.

Source: Bloomberg

In Turkey, which has seen new case numbers rebound to the highest levels since May, warned on Friday about a nationwide increase in the virus, which has been centered around Istanbul, the country’s biggest city.

“The pandemic is on the rise again across the country,” Fahrettin Koca said on Friday in the northwestern city of Bursa before heading to the country’s largest city at the weekend, where the government-led coronavirus science board will also meet. Istanbul has “40% of nationwide cases,” the minister said, without elaborating. “I invite Istanbulites to observe measures, by making sacrifices if necessary,” Koca said.

Turkey has reported more than 2,000 new patients for the past two days, near levels last seen in early May. The number of severely ill people rose to 1,599 on Thursday, the highest since the government started providing the figure in July, according to Bloomberg.

In the Czech Republic, which has been the worst hit European country during the second wave, the number of new cases eased to 14,151, down from the record 14,968 from the prior day. The country has seen a total of 223,065. In neighboring Poland, officials are planning to close restaurants and bars for two weeks and limit public gatherings to five people. Older schoolchildren will return to distanced virtual learning, said Prime Minister Mateusz Moraweicki.  Back in the Czech Republic, Prime Minister Andrej Babis has ordered Health Minister Roman Prymula to quit, and has promised to fire him if he doesn’t. The scandal stems from a meeting the health minister had at a restaurant closed under his national order.

Across Europe, hospitals are filling up with the second wave of patients. In response, Poland has turned its largest stadium into an emergency field hospital. In Belgium and the UK, the number of hospitalized COVID-19 patients has doubled in the past 2 weeks. The Czech Republic, meanwhile, is struggling with a shortage of doctors and nurses as health-care workers fall ill at an alarming rate. 

Source: NYT

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

Infusing hospitalized COVID-19 patients with blood plasma from people who recovered from the disease had no effect on whether patients got sicker or died, according to the first completed randomized trial of the treatments, according to Stats News. (Source: Stat News)

Malaysia reports 710 new cases, down from Thursday’s 847. The country has seen its total cases double in the past month, reaching 24,514, with 214 deaths (Source: Nikkei).

Indonesia reports 4,369 cases, down from 4,432 a day earlier, bringing the country total to 381,910. There were 118 deaths, pushing the total to 13,077 (Source: Nikkei).

India reports 54,366 cases in the last 24 hours, down from 55,839 the previous day, bringing the country total to over 7.76 million. Deaths jumped 690 to 117,306. Of the country’s total cases, about 9% are active patients and over 89% have recovered. India’s mortality rate stands at 1.51%, according to health ministry data (Source: Nikkei).

About 433,300 people in England had coronavirus in the week to October 16, equating to 1 in 130 people, according to the latest analysis by the Office for National Statistics. This is up from 1 in 160 people the week before (Source: FT)

end

7. OIL ISSUES

 

 

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1718 DOWN .0026 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 105.14 DOWN 0.406 (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 1.2932   UP   0.0047  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3310 UP .0024 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 24 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE down 34.50 points or 1.04% 

//Hang Sang CLOSED UP 132.65 POINTS OR .54% 

/AUSTRALIA CLOSED DOWN 0,16%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 152.65 PTS OR .54% 

/SHANGHAI CLOSED DOWN 34.50 POINTS OR 1.04%

Australia BOURSE CLOSED DOWN 0.16% 

Nikkei (Japan) CLOSED UP 42.32  POINTS OR 0.18%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1911.90

silver:$24.78-

Early FRIDAY morning USA 10 year bond yield: 0.862% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.681 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.80 DOWN 15 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.18% DOWN 3 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.20%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.77 DOWN 2 points in basis points yield from yesterday./

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

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

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

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1843  UP     .0028 or 28 basis points

USA/Japan: 104.79 DOWN .115 OR YEN UP 12  basis points/

Great Britain/USA 1.3039 DOWN .0038 POUND DOWN 38  BASIS POINTS)

Canadian dollar DOWN 8 basis points to 1.3144

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed DOWN 6.6868    ON SHORE  (DOWN)..

 

THE USA/YUAN OFFSHORE:  6.6707  (YUAN DOWN)..

 

TURKISH LIRA:  7.9679  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield DOWN 2 IN basis points from THURSDAY at 0.847 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.661 DOWN 2 in basis points on the day

Your closing USA dollar index, 92.85 down 10  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 74.63  1.29%

German Dax :  CLOSED UP 102.69 POINTS OR .82%

Paris Cac CLOSED UP 58.26 POINTS 1.20%

Spain IBEX CLOSED UP 80.30 POINTS or 1.18%

Italian MIB: CLOSED UP 208.46 POINTS OR 1.09%

WTI Oil price; 40,52 12:00  PM  EST

Brent Oil: 42.02 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.22  THE CROSS LOWER BY 0.36 RUBLES/DOLLAR (RUBLE HIGHER BY 36 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 f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  39.70//

BRENT :  41.64

USA 10 YR BOND YIELD: … 0.841..down 3 basis points…

USA 30 YR BOND YIELD: 1.647 down 4 basis points..

EURO/USA 1.1860 ( UP 46   BASIS POINTS)

USA/JAPANESE YEN:104.71 DOWN .194 (YEN UP 19 BASIS POINTS/..

USA DOLLAR INDEX: 92.75 DOWN 20 cent(s)/

The British pound at 4 pm   Britain Pound/USA:13041 DOWN 27  POINTS

the Turkish lira close: 7.97

the Russian rouble 76.15   UP 0.45 Roubles against the uSA dollar. (UP 45 BASIS POINTS)

Canadian dollar:  1.3041 UP 2 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.55%

The Dow closed DOWN 41.54 POINTS OR 0.15%

NASDAQ closed UP 42.28 POINTS OR 0.37%


VOLATILITY INDEX:  27.39 CLOSED DOWN .72

LIBOR 3 MONTH DURATION: 0.214%//libor dropping like a stone

USA trading today in Graph Form

Stimulus Stalemate Sparks Slump In Stocks, Bonds, Oil, & The Dollar

 
 

Day after day the algos excited pumped and dumped stocks on the back of ‘hope’ and ‘nope’ headlines about the next round of COVID-19 relief from Washington. By the end of the week, stocks were down, bond (prices) were down, oil was down, the dollar was down, and economic data was down…

Source: Bloomberg

But all stocks care about is their next “feed” of free money…

Source: Bloomberg

But apart from that everything is awesome…

Small Caps and Trannies managed gains on the week, Nasdaq underperformed…

Big round-trip in VIX this week but remained higher on the week…

FANG stocks fell for the second week in a row…

Source: Bloomberg

And semis chipwrecked for a second week…

Source: Bloomberg

Interestingly, defensives and cyclicals tracked each other all week as everything was top-down stimulus-on/stimulus-off swings…

Source: Bloomberg

Significant weakness in momo stocks this week…

Source: Bloomberg

“Most Shorted” stocks were squeezed Thursday and Friday back to unch on the week…

Source: Bloomberg

In fact, as yields rose on the week (rallying back lower somewhat today)…

Source: Bloomberg

Pushing yields to their highest since early June…

Source: Bloomberg

The curve rose to its steepest since July 2017…

Source: Bloomberg

Real Yields rose notably on the week but as the chart shows, gold decoupled…

Source: Bloomberg

The dollar extended its decline (down for the 3rd week in the last 4)…

Source: Bloomberg

On the bright side, BANKS were bid as the yield curve steepened…

Source: Bloomberg

And BITCOIN soared back above $13,000…

Source: Bloomberg

Gold futures ended the week very slightly higher, managing to hold above $1900…

Oil prices tumbled on the week, with WTI futs closing below $40…

 

Finally, this is what the ‘experts’ are panicking about?!!

Source: Bloomberg

And if some more context for this terrifying killer pandemic is also required…

 

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//THIS AFTERNOON

Stocks Slide To Session Lows After White House Says “Pelosi Making Deal Harder By Not Budging One Inch”

 
 

In the day’s first obligatory round of fiscal stimulus jawboning which just serves to justify why neither party will budge on a deal ahead of the elections despite pretending to “work hard” to get a deal, we first had House Speaker Nancy Pelosi saying on MSNBC that a stimulus bill “can be passed before the Nov. 3 election if President Trump cooperates”, before hedging that Trump has been “back and forth” on a deal, adding he needs to bring around Senate Republicans to back any agreement in the first fingerpointing of the day. Still, she concluded that “the president wants a bill, I really do.”

In response, the White House immediately countered with Press Secretary McEnany saying Pelosi is making it harder by not budging “even one inch” on her stimulus demands.

The market read between the lines, realized that the constant back and forth means no deal is coming, and hammered both the S&P…

 

… and the Nasdaq.

 

 

ii)Market data/USA

Not good for Trump: Manufacturing disappoints

(zerohedge)

US Manufacturing Disappoints In Early October PMI Data As Election Anxiety Builds

 
 

After a mixed bag of PMI data from Europe (UK ugly, Services weak compared to Manufacturing), preliminary October data for both segments of the US economy were expected to rise (despite a trend towards weaker macro data for the last two months).

Interestingly, US saw a mirror image of Europe – with Manufacturing disappointing (53.3 vs 53.5 3exp) and Services stronger (56.0 vs 54.6 exp)

Source: Bloomberg

 

The combination proved enough though to lift the US Composite index to 20-month highs and suggest economic growth is rebounding confidently…

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

The US economy looks to have started the fourth quarter on a strong footing, with business activity growing at a rate not seen since early 2019. The service sector led the expansion as increasing numbers of companies adapted to life with COVID19, while manufacturing continued to report solid growth amid rising demand from households and businesses.

A slowdown in hiring and weaker new order inflows were in part attributable to hesitancy in decision making ahead of the presidential election. More encouragingly, business optimism surged higher, indicating that firms have become increasingly positive about prospects for the coming year amid hopes of renewed stimulus, COVID-19 containment measures gradually easing and greater certainty for businesses a and households after the presidential elections.”

Perhaps most worrying for The Fed however, is that Markit found “Inflationary pressures also eased. Despite a further strong rise in cost burdens, service providers sought to generate more sales and limit increases in output charges.”

end

iii) Important USA Economic Stories

USA embassy in Turkey/Turkey

USA suspends all services citing a credible terror threat on USA citizens inside Turkey

(zerohedge)

US Embassy In Turkey Suspends All Services, Citing Credible ‘Terror Threat’

 
 

There’s been a huge development out of Turkey at a moment the country is under US scrutiny after conducting major Russian S-400 missile defense system tests for the first time, which have run late last week into this week on the Black Sea coast.

The United States Embassy in Turkey says it has temporarily suspended all citizen and visa services based on a significant security alert.

 

According an Oct.23 alert its official website, the embassy “received credible reports of potential terrorist attacks and kidnappings against U.S. citizens and foreign nationals in Istanbul, including against the U.S. Consulate General, as well as potentially other locations in Turkey.”

The statement continues by urging American citizens “to exercise heightened caution in locations where Americans or foreigners may gather, including large office buildings or shopping malls.”

 

 

US Embassy in Ankara, via AP

No further details were given, nor were any particular groups or individuals which might constitute a threat named. It’s an alert that’s unusual for Turkey, given it’s a common place of tourism and travel for Westerners. But the security situation for Americans have been of growing concern amid fraying US-Turkey relations of the past few years.

Meanwhile, Turkish President Recep Tayyip Erdogan announced Friday the successful testing of the recently acquired S-400s. He said the Russian S-400 systems “have been tested and are being tested,” according to regional media.

He was further reported to have “shrugged off” US objections and continued threats of Washington sanctions, which is angry over proliferation of advanced Russian equipment by a NATO member state. 

 

Erdogan said “objection from NATO ally United States on the issue did not matter” according to a translation and paraphrase of the statements by Reuters.

He also attempted to call out what he suggested is a US double standard regarding Greece, noting Turkey’s longtime enemy in the Mediterranean possesses S-300 systems, but that the US has never objected. 

end

 

iv) Swamp commentaries)

The fun begins:  The Senate demands Hunter Biden hand over all bank records, wire transfers and account balances 

(zerohedge)

Senate Demands Hunter Biden Turn Over ‘Bank Records, Wire Transfers, Account Balances And Travel Records’ By Friday

 

Senate investigators have demanded that Hunter Biden turn over a mountain of evidence following bombshell emails and text messages which appear to show he and his business partners engaging in an international influence-peddling scheme while his father was Vice President of the United States, according to CBS News’ Catherine Herridge – who brought receipts as usual.

“According to recent reports that published emails allegedly from your client’s laptop, the Committees have identified your client as an individual involved in one or more of these business arrangements or financial transactions,” reads a Wednesday letter from Sens. Ron Johnson and Chuck Grassley. 

“As part of the ongoing efforts to validate and verify the information in those emails, the Committees request that your client provide all records related to any of your client’s business dealings—including, but not limited, to bank records, wire transfers, account balances, gifts, business transactions, travel records—with Joe Biden, James Biden, Ye Jianming, Chi Ping Patrick Ho, Zang Jian Jun, Gongwen Dong, Mervyn Yan, Gabriel Popoviciu, or any other associates regarding CEFC China Energy Co. Ltd or any other transactions related to business in Romania, China, Russia, Kazakhstan, Ukraine, Czech Republic, or any other countries.”

Biden’s lawyers have until Friday to comply.

Over the last week, alleged emails, text messages and compromising photographs from Hunter Biden’s laptop and his former business partners reveal that Joe Biden was directly involved in Hunter’s business dealings, and appears to have directly profited from them.

The deals span several countries, from Ukraine – where Joe was ‘introduced’ to a representative from energy giant Burisma before strong-arming the Ukrainian government into firing their chief prosecutor who was investigating the company, to China, where a top Chinese official offered the Biden family a $5 million “interest-free” loan, to Russia, where Hunter took $3.5 million from the former mayor of Moscow’s ex-wife.

Meanwhile, Former Hunter Biden business partner Tony Bobulinski – who will be at tonight’s debate – 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

And guess who’s turning over his electronic devices and business records to the FBI?

END
 
A blockbuster report reveals how the Biden family was compromised by China.
a must read..
(zerohedge)

Blockbuster Report Reveals How Biden Family Was Compromised By China

 

In a day when half the US population remained transfixed by the ongoing revelations about the contents of Hunter Biden’s “laptop from hell” and the other half was doing everything in its power to ignore the news which the socials have conveniently been desperate to censor, a far less noticed but perhaps just as important investigative report authored by the unknown Typhoon Investigations, was released by Christopher Balding, Associate Professor at Peking University HSBC School of Business Shenzhen, China and also Bloomberg contributor  (which is odd considering the clear anti-Trump bias of the Bloomberg media empire) exposing Biden activities in China which “the press has simply refused to cover”, and which reveals “how Biden was compromised by the Communist Party of China.”

In a series of tweets around noon on Thursday, Balding said that he had really “not wanted to do this but roughly 2 months ago I was handed a report about Biden activities in China the press has simply refused to cover. I want to strongly emphasize I did not write the report but I know who did.”

Some more background on the origins of the report from Balding’s website:

For two months I have worked on behalf of my colleague to ensure that this report helped others report on the documented evidence of Biden activities with regards to China. I want to emphasize a couple of things about my own involvement.

  • First, I did not write the report and I am not responsible for the report. I have gone over the report with a fine tooth comb and can find nothing factually wrong with the report. Everything is cited and documented. Arguably the only weakness is that we do not have internal emails between Chinese players or the Chinese and Bidens that would make explicit what the links clearly imply.
  • Second, I will not be disclosing the individual who did write this report. They have very valid reasons to fear for both their personal safety and professional risks. Throughout the years that I have known this individual we never discussed politics. I have never heard them criticize any political party other than the CCP. They are not a Republican.
  • Third, it was my very real wish that the press would have reported on the documented evidence in this report and left me and the author entirely out of this situation. I did not vote for Trump in 2016 and will not vote for him in 2020. This information however is entirely valid public interest information that the press has simply refused to cover due to their own partisan wishes. I have serious policy differences with President Trump. I am pro-immigration. I would like to see more free trade efforts to shift trade away from China and into partner countries from Mexico to Vietnam and India. I believe that institution building in Asia is vital and America needs to take that lead. However, I cannot in good conscience allow documented evidence of the variety presented here go unreported by partisans who are simply choosing to hide information.
  • Finally, I will not be answering any questions about the report. I had no wish to be involved in Presidential politics. I do not want to be on the news. I will not be answer any questions about who wrote the report. We need to return the focus to the known documented facts.

Upon review, this is how Balding summarized the report’s contents in his series of tweets:

Hunter Biden is partnered with the Chinese state. Entire investment partnership is Chinese state money from social security fund to China Development Bank. It is actually a subsidiary of the Bank of China. This is not remotely anything less than a Chinese state funded play.

Though the entire size of the fund cannot be reconstructed, the Taiwanese cofounder who is now detained in China, reports it to be NOT $1-1.5 billion but $6.5 billion. This would make Hunters stake worth at a minimum at least $50 million if he was to sell it.

Disturbingly, everyone on the Chinese side are clearly linked with influence and intelligence organizations. China uses very innocuous sounding organization names to hide PLA, United Front, or Ministry of Foreign Affairs influence/intelligence operations. This report cannot say Hunter was the target of such an operation or that China even targeted him. However, based upon the clear pattern of individuals and organizations surrounding him it is an entirely reasonable conclusion.

Finally, the believed Godfather in arranging everything is a gentleman named Yang Jiechi. He is currently the CCP Director of Foreign Affairs leading strategist for America, Politburo member one of the most powerful men in China, and Xi confidant. Why does this matter?

He met regularly with Joe Biden during his stint as Chinese ambassador the US when Biden chaired the Senate Foreign Relations Committee.  Later he was Minister of Foreign Affairs when the investment partnership was made official in 2013. Importantly, the Taiwanese national listed MOFA institutions as the key clients in helping to arrange everything. Yang would clearly have known the importance of Hunter Biden and undoubtedly would have been informed of any dealings. Given that he is now the point person in China for dealing with the US this raises major concerns about a Biden administration dealing impartially with an individual in this capacity. These are documented facts from Chinese corporate records like IPO prospectuses and media. They raise very valid concerns about Biden linkages to China.

Turning to the report itself, here is the 10-point summary of its findings:

Joe Biden’s compromising partnership with the Communist Party of China runs via Yang Jiechi (CPC’s Central Foreign Affairs Commission). YANG met frequently with BIDEN during his tenure at the Chinese embassy in Washington.

Hunter Biden’s 2013 Bohai Harvest Rosemont investment partnership was set-up by Ministry of Foreign Affairs institutions who are tasked with garnering influence with foreign leaders during YANG’s tenure as Foreign Minister.

HUNTER has a direct line to the Politburo, according to SOURCE A, a senior finance professional in China.

Michael Lin, a Taiwanese national now detained in China, brokered the BHR partnership and partners with MOFA foreign influence organizations.

LIN is a POI for his work on behalf of China, as confirmed by SOURCE B and SOURCE C (at two separate national intelligence agencies).

BHR is a state managed operation. Leading shareholder in BHR is a Bank of China which lists BHR as a subsidiary and BHR’s partners are SOEs that funnel revenue/assets to BHR.

HUNTER continues to hold 10% in BHR. He visited China in 2010 and met with major Chinese government financial companies that would later back BHR.

HUNTER’s BHR stake (purchased for $400,000) is now likely be worth approx. $50 million (fees and capital appreciation based on BHR’s $6.5 billion AUM as stated by Michael Lin).

HUNTER also did business with Chinese tycoons linked with the Chinese military and against the interests of US national security.

BIDEN’s foreign policy stance towards China (formerly hawkish), turned positive despite China’s country’s rising geopolitical assertiveness.

To simply the various opaque Chinese intermediaries, the report shows the transfer of Chinese state money to Hunter, via major Chinese financial SOEs.

The next chart shows how the Communist Party of China cultivated Hunter via Lian and multiple Chinese foreign influence organizations:

The third and final chart shows the relationships connecting US leaders with communist leaders in China and North Korea. While there is official state-to-state dialogue and relationships between US and Chinese leaders, just one or two levels below are connected business arrangements with their relatives and associates, who are always the personal recipients of Chinese state money.

The key section of the report begins on page 19, in which the anonymous author details how the Biden family was compromised by China:

The report also quotes from a 2019 National Review article detailing Hunter Biden’s financial links to China:

Late Summer 2006: Hunter Biden and his uncle, James Biden, purchase the hedge fund Paradigm Global Advisors. According to an unnamed executive quoted in Politico in August, James Biden declared to employees on his first day, “Don’t worry about investors. We’ve got people all around the world who want to invest in Joe Biden.” At this time, Joe Biden is months away from becoming chairman of the Senate Foreign Relations Committee and launching his second bid for president.

The unnamed executive who spoke to Politico charged that the purchase of the fund was designed to work around campaign-finance laws: “According to the executive, James Biden made it clear that he viewed the fund as a way to take money from rich foreigners who could not legally give money to his older brother or his campaign account. “We’ve got investors lined up in a line of 747s filled with cash ready to invest in this company,” the executive remembers James Biden saying.”

Incidentally, this same article also points out the following:

An outside audit of Paradigm by the firm of Briggs, Bunting & Dougherty finds a “failure to reconcile Investment Advisors reimbursement of fund expenses, failure to reconcile and review cash account on a timely basis, and failure to reconcile and review various other accounts on a timely basis.”

And while the National Review article does an exhaustive look into both Biden, Paradigm’s and Seneca Global Advisors, the real focus is on China, which concludes that its “research indicates the Biden family and associates went on to execute a string of business deals with China and the CPC for nearly a decade.”

Fast-forwarding through the report, we learn about a curious entity called Thornton consulting:

Shortly after BIDEN was named as Obama’s running mate in August, HUNTER founded Seneca Global Advisors and the Beijing government approved the incorporation of Thornton Beijing – Solebury Thornton(Beijing)Consulting Co Ltd.

On October 21, 2007 LIN, LAKIS and ARCHER visited HNA Group in Beijing, this time with ARCHER, acting as COO of Rosemont Solebury Capital, and had dinner with Chen. On the same day, the Thornton delegation also met with officials from PKU.

HNA, which was originally an airline carrier, is of course best known for becoming a major Chinese conglomerate which in 2015-2016 was the most acquisitive Chinese company involved in a flurry of multi-billion global M&A, including US electronics distributor Ingram Micro, CIT Group’s aircraft leasing business, a 25% stake in Hilton, a 5% stake in Deutsche Bank, and is widely regarded as backed by or ultimately owned by Wang Qishan, then former vice premier (2008 – 2013).

Wang is currently China’s Vice-President and a close aide of Xi. According to the report:

“HNA has allegedly used various methods to bribe targets in the past, including hosting parties and supplying targets with young women. It is unknown if Thornton representatives were targeted in this manner at Chen’s dinner, but if any nighttime entertainment was provided, it was probably recorded by HNA/Chinese intelligence (as is commonplace in China).

The following day a Thornton/Rosemont Solebury/SLLF delegation, including LIN, ARCHER, and LAKIS, met with Peng Fang, Director General of the NPC’s Foreign Affairs Committee <FAC>, which is responsible for communicating with foreign affairs committees from other countries.74 The meeting was held in the Great Hall of the People, China’s most prestigious state building used to host legislative and ceremonial activities. In other words, the Thornton delegation met with a senior Chinese foreign affairs official at China’s most famous state building, in a meeting which would have been approved by or informed to China’s top leaders. This was clearly not a business meeting, but (at least in the eyes of the Chinese contingent), rather a nation to nation, state to state meeting.

Fast-forwarding to 2010 (the report has all the interim details), we read that between April 7-9, 2010, “HUNTER was introduced by LIN to China’s most powerful government controlled financial institutions.” Here the report notes that “while the English news item is no longer accessible on Thornton’s website, but the Chinese version remains.”

Only that’s no longer the case, because since the publication of this report, it appears that someone had a keen interest in quickly removing that particular URL as can be seen here. However, courtesy of the wayback machine, we can see what the Thornton consulting website, which was summarily taken down in the past 3-4 weeks, had to say as of this Sept 26 (after which the website just disappearssnapshot:

The report continues that according to Thornton’s news item, HUNTER was introduced as the chairman of Rosemont Seneca and the second son of the US Vice-President, and the purpose of his visit was to “deepen mutual understanding and explore the possibility of commercial cooperation”. LIN had delivered HUNTER to the Chinese for discussions on his pay-off.

Three days later, BIDEN met with then Chinese President Hu Jintao in Washington as part of the Nuclear Security Summit. At the time Hunter was just barely 40 years old.

The Secret Service protects, by statute, the president and vice president and their families.84 As the son of a sitting Vice-President, HUNTER will have had secret service protection during his business trip to China. Freedom of Information Act request records show that HUNTER visited China from April 6 to April 9, 2010. Unusually, for such a high-profile visit, there were no media reports in English or Chinese media. Therefore, his father BIDEN (even if unaware personally, which is unlikely given how close to each other they live and work), will have been aware of his son’s business trip to Beijing through official channels. Given the sensitive nature of US-China relations, HUNTER would have been closely watched by various Chinese securities agencies during the trip.

The report then pivots to dad Joe, who August 18, 2011 held talks with Xi, then Chinese Vice-President, during a five-day trip. At the meeting Biden said the US “fully understands that Taiwan and Tibet issues are China’s core interests, the U.S. will continue to resolutely pursue the one China policy, the U.S. does not support ‘Taiwan’s independence’, and the U.S. fully recognizes that Tibet is an inalienable part of the People’s Republic of China.”  Biden’s words are verbatim from China’s official standpoint on Taiwan and Tibet. Additionally, Biden said he “has spent more time in private meetings with Xi than any other world leader, including 25 hours of private dinners with Xi and one interpreter.

A few days later BIDEN delivered a speech at Sichuan University, where he said:

“China’s development and prosperity are in line with the interest of the U.S”, in comments on the university’s website. The Obama Whitehouse records published a transcript of the speech during which BIDEN said “Let me be clear — let me be clear: I believed in 1979 and said so and I believe now that a rising China is a positive development, not only for the people of China but for the United States and the world as a whole…In order to cement this robust partnership, we have to go beyond close ties between Washington and Beijing, which we’re working on every day, go beyond it to include all levels of government, go beyond it to include classrooms and laboratories, athletic fields and boardrooms.”

A few months after Biden’s Sichuan trip, Archer and Lin worked with a Sichuan Chemical, a large Sichuan state-owned company to set-up a major potash deal (that never materialized) for Prospect Global, a listed US company at the time, that soon delisted and no longer appears to be in business. According to the report, “it is unclear if the purpose of the deal was to just deliver Archer millions of dollars in compensation, to talk up the Prospect Global stock, or if it resulted in Sichuan Chemical transferring millions of US dollars to the US (either for capital flight purposes or to be directed to US politicians such as BIDEN and KERRY).”

The story only gets more interesting from here, and focuses on the arrival on the scene in 2013 of none other than John Kerry, who is intimately tied to Hunter (and thus Joe Biden) via Rosemont Seneca’s predecessor Rosemont Capital, established in 2005 by Chris Heinz and Devon Archer who were roommates at Yale University. The firm was named after a Heinz family farm, and the capital was from Heinz, heir to the Heinz food processing empire, and step-son of John Kerry, a former Yale graduate who at the time was the senator for Massachusetts. On June 25 2009, Hunter Biden co-founded Rosemont Seneca with Archer and Heinz; the company’s offices in Georgetown were located two miles from both Biden’s office in the White House and his residence at the Naval Observatory, and one mile from Kerry’s Georgetown mansion.

We will let readers do their own digging but we will highlight one section from the report, detailing how the Hunter Biden received Chinese state money…

… and it involved the creation of BHR, which served as the entity facilitating the bulk of Chinese fund flows into the Bidens, as Hunter’s initial BHR stake, purchased for just $400,000, is now likely be worth approximately $50 million. From the report:

On December 4, 2013 HUNTER accompanies BIDEN on his official trip to China.

HUNTER told the New Yorker that he met Li during the December 2013 trip but described it as social encounter. “How do I go to Beijing, halfway around the world, and not see them (Li) for a cup of coffee?” he said. HUNTER arranged a quick meeting in the lobby of the American delegation’s hotel in Beijing between BIDEN and Li, the BHR CEO. This was followed by a “social meeting” between HUNTER and Li, according to reports by the New Yorker.

The trip by HUNTER coincided with an official trip by the Ukranian President Viktor Yanukovych. Many business deals promoting trade and investment between China and Ukraine were signed during this trip. Some deals between Chinese and Ukranian firms have ties to firms HUNTER is known to be involved with such as the Bohai Commodity Exchange, owned by the same local governments that own a part of Bohai Industrial Investment.

On 16 December 2013, a week after the BIDEN and HUNTER visit to Beijing, BHR was incorporated in Shanghai, with its registered address in the Shanghai Free Trade Zone, according to State Market Regulatory Administration <SMRA> records.

HUNTER’s profile no longer appears on the BHR website. One archived version lists him as a director on November 16, 2015. BIDEN is referred to in the profile as a managing partner of Rosement Seneca Partners and a consultant at Boies Schiller Flexner LPP <Boies Schiller>. According to a statement by BIDEN’s lawyer George Mesires on October 13, 2019, BIDEN was of counsel with Boies Schiller and advising Ukraine-linked Burisma Holdings Limited on its corporate reform initiatives. He is also listed on Chinese PE websites where he is also referred to by the Chinese name ‘Hengte Baideng’ (亨特·拜登)

SMRA records show HUNTER purchased 10% of BHR on October 23, 2017 (via his investment vehicle Skaneateles LLCand was a director until April 20, 2020. Previously he was invested via other holding companies.

BHR’s current shareholders are Bohai Capital (30%), Shanghai Ample Harvest Financial Services Group Co Ltd (上海丰实金融服务(集团)有限公司) (30%), Angju Investment (10%), Thornton (10%), Ulysses Diversified Inc (10%), Skaneateles LLC (10%). According to Chinese corporate records, the original owner of the US stake in BHR was Rosemont, Seneca Thornton, LLC with a 30% shareholding. This was split just under two years later into what is believed to be 20%/10% holding between Rosemont, Seneca, Bohai LLC and Thornton LLC. This was later changed again splitting Rosemont, Seneca, Bohai into Skanletes and Ulyssees. As Rosemont is the HEINZ KERRY vehicle and Seneca is the Biden vehicle, it is believed that the final split allowed HEINZ to exit the partnership divesting to ARCHER.

In summary, the Chinese government funded a business that it co-owned along with the son of a sitting US vice president and Secretary of State who was with high probability directly or indirectly invested in the holding company.

But if China funded a business, what was the value for Hunter? Here the report goes into detail calculating that the entity likely had $6.5BN in AUM, generating $100-$150MM in annual revenue, and if one day the business was sold, it could do so for ~$300 million (see page 14-15).

This returns the entire partnership to the fundamental problem: two sons of the Vice President of the United States and the Secretary of State willingly entered into a financial partnership with a government their fathers were supposed to deal with in an impartial manner.

Evidence indicates that the Secretary of State was directly or indirectly financially invested in his sons firms and benefitted from asset purchases made by firms directly linked to his son. HUNTER invested in a firm that by his own words has had almost nothing to do with, managed by state government with departments dedicated to elite capture, focusing on state enterprise deals in a foreign country, but has grown to manage $6.5 billion in assets and likely realize yearly revenue of $100-150 million. The ultimate sale price for his stake or the partnership would be whatever the Chinese Communist Party decides his partnership stake is worth.

And this is where the Typhoon Investigations report, the Biden presidential campaign, and Hunter’s “laptop from hell” all converge:

On May 2, 2019 BIDEN remarked, “They can’t figure out how they’re going to deal with the corruption that exists within the system. I mean, you know, they’re not bad folks, folks. But guess what, they’re not, they’re not competition for us.”

On May 3, it was reported that BHR [where Hunter was an investor] invested in Face++, a Chinese surveillance company which develops facial-recognition software for law enforcement in China, including targeting ethnic minority Muslims Xinjiang.

In September 2019, BIDEN said this of HUNTER’s business deals:

“I have never spoken to my son about his overseas business dealings,”

Still, while Hunter benefiting monetarily from deals with China may be unethical, it’s hardly illegal (all else equal). Where things get dicey is if to curry favor with China, and continue the freeflow of China-sourced cash, Hunter or his father, is betraying his fellow Americans. Is this what happened? Read on and decide:

Hunter Cultivated by Chinese Intelligence

Our research shows that for more than decade, HUNTER has been personally targeted by China’s intelligence apparatus and its various ‘foreign relations agencies’. A U.S. Senate Committee on Homeland Security and Governmental Affairs <HSGAC> published on September 23, 2020, details HUNTER’s recent payoffs from a PLA linked tycoon, Ye Jianming <YE>, chairman of Chinese energy company CEFC China Energy Company Limited <CEFC>.

YE’s first break came when he purchased a small piston factory that supplied the Chinese army, after which he was a proxy for PLA officials, based on a New York Times article, and our proprietary research of the PLA’s logistics network. In the early 2000s, YE was the deputy secretary of CAIFC, according to his CEFC biography. As explained, the CAIFC is a PLA front organization that has dual roles of intelligence collection and propaganda work, and worked with LIN and the SLLF a few years after YE left the organizationYE also knows Xu, who was a CAIFC special advisor, and arranged for LIN and HUNTER’s access to the highest levels of government.

In line with his intelligence role, YE arranged events that brought together retired American and Chinese military officers. In 2015, YE arranged for an aide to meet with HUNTER and in May 2017, YE met privately with HUNTER at a Miami hotel. The purpose of the meeting was for HUNTER to use his contacts to help “identify investment opportunities for Ye’s company CEFC China Energy,” and afterwards YE gave HUNTER a 2.8-carat diamond.

According to HSGAC’s Confidential Document 9, YE and his associate Dong Gongwen, applied to a bank and opened credit lines for a business named Hudson West III LLC, giving HUNTER, his brother James (and James’ wife Sarah Biden), credit cards which the Bidens used to buy extravagant items. The HSGAC report details a series of transfers and transactions worth millions of US dollars between CEFC, Hudson West and the Bidens. This – 11 years after HUNTER and James denied selling their political connections to foreigners for personal gain.

In March 2018, YE was detained and put under investigation on suspicion of economic crimes. CEFC was then declared bankrupt in March 2020 alleged to have faked deals and bribed foreign governments for oil rights. Some of these were facilitated by Patrick Ho <Ho>, CPPCC member and the former Hong Kong Secretary for Home Affairs in Tung’s administration. On November 18, 2017, Ho was arrested at the John F. Kennedy International Airport on bribery and money-laundering charges, and called HUNTER for legal assistance.132 HUNTER later told The New Yorker that he doesn’t see Ye as a “shady character at all,” and he characterized the outcome as “bad luck.”

The report’s conclusion:

Whether he understands it or not, it is apparent that HUNTER has been compromised by Chinese intelligence, who most likely have detailed files on HUNTER’s time spent in China, encompassing his personal meetings and any other activities. Furthermore, YE is associated with the PLA’s General Political Department, which directly opposes the US military in Asia, creating a serious conflict of interest for his father BIDEN.

Putting it all together, the report concludes that the Chinese influence operation targeting Biden and Heinz, the two most important people in US foreign policy under the Obama administration, and their children can now be tied between a small group of organizations and individuals.

Dating back to Biden’s time in the Senate meeting with Yang, this was never from the Chinese perspective anything less than an official influence operation. Everything surrounding HUNTER took place with official Chinese organizations known to engage in and tasked with influence operations.

Of course, in exchange for funneling tens of millions to Hunter (and, indirectly according to recent allegations, his father)China also got something: this:

Over time BIDEN’s approach to China changed significantly. Under the Clinton and early part of the Bush administrations he could be considered moderately hawkish on China. However, during his time in the Obama administration as one of the key people tasked with China policy, his views became very dovish. Interestingly, BIDEN repeatedly is using preferred CCP language in describing approaches to relations or specific issues. The CCPIT specifically works with businessmen to convince their home governments it is in their best interest to avoid damaging measures such as sanctions to China. Other organizations mentioned work specifically to engage in elite capture or influence politicians or governments. The presence of all these institutions collectively strongly imply this was an influence operation by the Chinese state and whether directly or indirectly, BIDEN shifted his view from hawkish to dovish after HUNTER began receiving entrée into Chinese elite political and financial institutions.

Finally, going back to Chris Balding who originally published the report, here is his own brief summary of everything laid out in the 64 page report:

Beginning just before Joe Biden’s ascendancy to the Vice Presidency, Hunter Biden was travelling to Beijing meeting with Chinese financial institutions and political figures would ultimately become his investors.  Finalized in 2013, the investment partnership included money from the Chinese government, social security, and major state-owned banks a veritable who’s who of Chinese state finance.

It is not simply the state money that should cause concern but the structures and deals that took place. Most investment in specific projects came from state owned entities and flowed into state backed projects or enterprises. Even the deals speak to the worst of cronyism. The Hunter Biden investment firm share of a copper mine in the Congo was guaranteed with assets put at risk by the larger copper company to ensure deal flow to Hunter’s firm.

In another instance, Bank of China working on an IPO in Hong Kong gave its share allocation to the BHR investment partnership. They were able to do this because even though the Hunter Biden firm completed no notable work on the IPO, it is counted as a subsidiary of the Bank of China. The Hunter Biden Chinese investment partnership is literally invested in by the Chinese state and a subsidiary of the Bank of China owned by the Chinese Ministry of Finance.

The entire arrangement speaks to Chinese state interests. Meetings were held at locations that in China speak to the welcoming of foreign dignitaries or state to state relations. The Chinese organizations surrounding Hunter Biden are known intelligence and influence operatives to the United States government. The innocuous names like Chinese People’s Institute for Foreign Affairs exist to “…carry out government-directed policies and cooperative initiatives with influential foreigners without being perceived as a formal part of the Chinese government.”

Interestingly the CPIFA is under the Chinese Ministry of Foreign Affairs. When the investment partnership was struck in 2013, the Minister of Foreign Affairs was Yang Jiechi. Yang would have been very familiar with Hunter Biden from his days in Washington as the Chinese Ambassador to the United States from 2001 to 2005 during which he met regularly with Joe Biden chairing the Senate Foreign Relations Committee. Today the same individual who oversaw institutions helping shepherd Hunter’s investment partnership as the Minister of Foreign Affairs is Xi Jinping’s right hand man on foreign affairs and member of the powerful Politburo.

Most worrying is the financial leverage this gives the Chinese state over a direct member of the Biden family.  Despite the widely reported $1-1.5 billion of investment the reality is likely much higher. A co-founder of the investment firm reports the total assets under management as $6.5 billion.  While this number cannot be completely replicated, given that two deal alone were worth in excess of $1.6 billion this number is not unrealistic at all.  A 2% annual fee on assets under management would generate $130 million annually. Add in the 20% fee on capital gains the firm would recognize and it is not difficult to see Hunter’s stake being worth in excess of $50 million.

According to Hunter’s attorney, he did not invest his $400,000 in the company until 2017. Even assuming the veracity of this statement, this raises a major problem. Founded in 2013, the firm had large amounts of revenue and assets under management by 2017. In other words, his $400,000 stake would have already been worth far more than what he paid for it. This paltry $400,000 investment worth more than $50 million now would have realized a gain of more than 12,400% in three years.

The difficulty in eluding these concerns is their documentability by anyone who cares to look.  There is no potential for hacking because it is all public record in China. Any journalist who wishes to look can go review IPO prospectuses, news reports, or corporate records. There is no secret method for discovering this data other than actually looking. There is simply no way to avoid the reality that Hunter Biden was granted a 10% stake worth far in excess of what he paid for a firm that is literally operated and owned by the Chinese state.

I did not vote for Donald Trump in 2016 and have significant concerns about his policies in areas like immigration. Having lived in China for nine years throughout the Xi regimes construction of concentration camps and having witnessed first hand their use of influence and intelligence operations, the Biden links worry me profoundly.

Whether Joe Biden personally knew the details, a very untenable position, it is simply political malpractice to not be aware of the details of these financial arrangements. These documentable financial links simply cannot be wished away.

And this is why Beijing is desperate to get Joe Biden – whose son got extremely wealthy thanks to China’s influence peddling operation for the past a decade- into the White House.

You can read the full report here (pdf link)

 

end

 
DEBATE HIGHLIGHTS

Debate Post-Mortem: “Malarkey” Takes On “401K’s In Hell” In Informative But Firework-Free Spectacle

 
 

Thursday night’s debate kicked off with both candidates behaving themselves, more or less, until the two engaged in several spats over the Hunter Biden scandal which quickly dissipated.

For a quick summary of how the candidates did aside from Huntergate:

  • COVID-19 – Tie, both stuck to well-worn talking points
  • American Families – Trump with the edge due to a ‘kids in cages’ moment. “Who built them?”
  • Race in America – Trump steamrolled Biden over the 1994 crime bill and inaction, plus Biden had a very senior moment
  • Climate Change – Trump, who successfully got Biden to admit he would ‘shift’ the country away from petroleum
  • National Security – Tie, as the topic devolved to Hunter Biden’s laptop, however Biden defended against Trump’s attempts to paint him as a corrupt politician – hammering back on Trump’s tax returns and China bank account.
  • Leadership – Biden, who argued that he would represent all Americans

Overall, both candidates were much calmer and better organized than they were during the first debate – albeit Biden came off as very angry most of the debate. We doubt anyone is changing their mind after tonight.

Moderator Kristen Welker, who – while asking several loaded questions against Trump, allowed each candidate to follow up more than once on questions. That said, she interrupted Trump 30 times, and Biden twice.

*  *  *

Full Debate Post-Mortem

The second and final debate between President Trump and Joe Biden predictably went off the rails in short order, after a week of bombshell claims about Joe Biden’s involvement in international corruption with his son Hunter – accusations which the Biden campaign and its MSM surrogates implied, without evidence, are part of a Russian disinformation campaign.

In the audience, however, was whistleblower Tony Bobulinski, a former Hunter Biden associate who has come forward with texts, emails and personal testimony that Joe and Hunter Biden peddled influence during the Obama administration.

The first question was on COVID-19

President Trump defended his administration’s response, saying that while 2.2 million people were ‘modeled to die,’ that ‘we’re fighting it and we’re fighting it hard.’ Trump spoke of his personal experience with the disease, noting “I was in for a short period of time and I got better very fast” thanks to his treatment. Trump added that a vaccine will be ‘announced within weeks.’

Biden launched into attack mode – blaming 220,000 US deaths on President Trump, and suggesting that he doesn’t deserve to remain president because of it. “The president has no plan. No comprehensive plan,” said Biden, who added that he would mandate masks.

When asked about the vaccine in ‘two weeks,’ Trump said that it’s not a guarantee, but that Moderna, Pfizer and Johnson & Johnson were very close, and it would be here “by the end of the year” and that there are “generals lined up” to will assist in the rapid distribution of said vaccine.

Trump got in a hit during one testy exchange over shuttering the country, saying “We can’t lock ourselves up in a basement like Joe does. He has the ability to lock himself up. I don’t know; he’s obviously made a lot of money someplace.”

The two went back and forth regarding policy response to the virus – with Biden mostly spitting Venom at Trump’s response – claiming “I’m going to shut down the virus, not the country.”

Biden denied calling Trump’s closure of travel to China ‘xenophobic.’ Except…

On the topic of National Security

Biden said that foreign nations meddling in US elections ‘will pay a price,’ noting “Russia’s been involved, China’s been involved to some degree, and Iran’s been involved.”

“We are in a situation where we have foreign countries trying to meddle in the outcome of the election,” before suggesting that Rudy Giuliani, Trump’s attorney, is a ‘Russian pawn’ – alluding to the recent disclosure of Hunter Biden’s alleged laptop contents.

And then things went off the rails…

‘You were getting a lot of money from Russia. They were paying you a lot of money. And what came out today – all of the emails, the horrible emails of all the money you were raking in, you and your family. And I think you owe an explanation to the American people.

To which Biden responded, ‘I have not taken a single penny from any country whatsoever,’ before claiming Trump as a “secret bank account in China.” Biden then said that because he’s released “22 years of my tax returns” he’s clearly clean.

Trump: ‘I don’t make money from China, you do. I don’t make money from Ukraine, you do. I don’t make money from Russia, you do.’

When asked about Hunter’s position on the board of Ukrainian energy giant Burisma, Biden said he had no dealings with the company.

“I did my job impeccably,” he said, adding that there’s no evidence his son did anything wrong in Ukraine, and that nobody has claimed he did.

Then, during a brief spat over North Korea, Biden barked “We had a good relationship with Hitler before he invaded Europe.”

The topic turned to American Families – in particular, healthcare.

Biden claims he supports private insurance and will pass ‘Bidencare‘ – which he described as Obamacare plus a public option. He then claimed that he will reduce premiums and drug prices.

“He wants socialized medicine,” said Trump of Biden, adding that VP running mate Kamala Harris wants socialized medicine as well.”

The two then went back and forth on the coronavirus stimulus package – with President Trump blaming Nancy Pelosi for not wanting to do a deal before the election, and Biden blaming Republicans for not accepting Democrats’ HEROES Act over the summer – which President Trump says ‘bails out poorly run Democratic cities and states.’

Biden said Trump brought up “malarkey” over alleged Biden family corruption because the president doesn’t want to discuss substantive issues affecting the country.

On Minimum Wage, President Trump said it should be a state option, while Biden insisted that the federal minimum wage should be a minimum of $15 per hour.

On Border Security, Trump and Biden fought over the child separation policy – to which Biden blamed Trump for separating children from their parents after Trump claimed children are being brought over by coyotes and ‘bad people.’ Later in the exchange, Trump repeated “Who built the cages?” referring to the Obama-Biden administration.

When Welker asked about the Obama administration’s failure to pass comprehensive immigration reform, Biden replied that he will be “president” and not “vice president” this time – seemingly throwing President Obama under the bus.

At one point, Trump said ‘I ran because Joe Biden and Barack Obama did a horrible job.’

Race in America was the next topic

When asked about the “talk” that black families give their children regardless of class, Biden says his daughter, a social worker, worked in African-American areas, which we guess makes Biden not racist. Trump claimed that Obama and Biden ‘never wanted criminal justice reform.’

“It’s all talk and no action,” Trump said of Biden, who he slammed for doing ‘nothing in 47 years except pass the Crime bill that was detrimental to black Americans.’

Nobody has done more for the black community than Donald Trump,” Trump said, with the possible exception of Abraham Lincoln.

Biden then appeared to have a senior moment, calling Abraham Lincoln a racist.

The debate then turned to Climate Change

Welker asked both candidates how they would combat it, to which Trump discussed the ‘trillion tree program’ after saying he loves the environment, and that the United States has incredibly low carbon emissions. He added that he hasn’t heard Biden use the term, because he wasn’t sure if ‘Biden knows what it means.’

Trump said that China, Russia and India are “filthy” compared to the US, and that he pulled the country out of the Paris accord because he’s not willing to sacrifice jobs because of the agreement – particularly when China’s obligations don’t kick in until 2030 and Russia ‘goes to a lower standard.’

Biden then claimed he never opposed fracking, challenging President Trump to play a tape of him saying he did. The former VP then said that global warming is an “existential threat” to humanity, which has a “moral obligation” to solve it. Biden claims we have 8-10 years until we reach the point of no return.

Perhaps most significantly, Trump was able to get Biden to admit to ‘shifting away’ from petroleum.

The last topic wasleadership

When asked what each candidate would say in inauguration day to the losing side, President Trump said ‘before the plague came in, I was getting calls’ from Democrats about the booming economy. He noted that unemployment among blacks, women and other groups were at record lows.

Trump says we have to rebuild the country to the point it was before the ‘China plague’ hit – and warned that if Biden is elected we will have a depression the likes of which we’ve never seen, and that ‘401(k)’s will go to hell.’

Biden responded that he’ll be an American president who will represent all Americans – even those who didn’t vote for him. He hopes voters will choose ‘hope and science over fiction while dealing with systemic racism and creating millions of clean energy jobs.’

“What’s on the ballot is the character of the country,” said Biden.

Hot takes and hilarity:

Frank Luntz went the extra mile to prove he isn’t a Biden shill

Comedy ensued:

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

Pelosi: Soon Will Be Ready to Put Pen to Paper on Stimulus Bill – BBG, 8:47 ET

“We’re on a good path,” she says, adding there are issues left to deal with.

 

Pelosi, Mnuchin to Talk Stimulus Again as Trump Hints at Failure – BBG, 9:11 ET

“We’ve made progress in this regard. But we’re still not there — but we can be,” Pelosi said on MSNBC Thursday morning… https://www.bloomberg.com/news/articles/2020-10-22/pelosi-mnuchin-to-talk-stimulus-again-as-trump-hints-at-failure

 

US Initial Jobless Claims declined to 787k from an initially reported 989k (Revised yesterday to 842k).  870k was expected.  Continuing claims dropped to 8.373m from an initially reported 10.018m (Revised to 9.397m yesterday).  9.625m was consensus.

 

Pelosi’s ‘ready to put pen to paper’ assertion generated a rally for the NYSE open.  ESZs, which hit a low of 3402.50 (-30.00) at 19:38 ET on Wednesday, turned positive three minutes before the NYSE opened.

 

Minutes after the NYSE open with a modest rally, ESZs and stocks started vacillating in a tight range.

 

@realDonaldTrump: Just don’t see any way Nancy Pelosi and Cryin’ Chuck Schumer will be willing to do what is right for our great American workers, or our wonderful USA itself, on Stimulus. Their primary focus is BAILING OUT poorly run (and high crime) Democrat cities and states.  Should take care of our people.  It wasn’t their fault that the Plague came in from China

Kudlow says ‘significant policy differences’ remain in coronavirus relief talks as election looms

https://www.foxbusiness.com/politics/kudlow-says-significant-policy-differences-remain-in-coronavirus-relief-talks-as-election-looms

 

When the afternoon arrived, ESZs and stocks commenced a moderate rally.

 

Gilead Sciences Gets FDA Approval for Remdesivir – BBG, 15:56 ET

Senate Judiciary Committee votes to subpoena Twitter’s Dorsey, Facebook’s Zuckerberg

With Democrats boycotting the committee meeting over the Supreme Court nomination of Judge Amy Coney Barrett, the subpoenas were approved by all 12 committee Republicans… Sen. Lindsey Graham, R-S.C., introduced the motion because of the companies’ alleged censorship of a New York Post story about emails allegedly found on Hunter Biden’s laptop and other election-related content moderation policies… https://www.foxbusiness.com/technology/senate-judiciary-committee-votes-to-subpoena-twitters-dorsey-facebooks-zuckerberg

 

The Senate Judiciary Committee voted 12-0 to advance Judge Amy Coney Barrett’s nomination to a full Senate vote (will occur Monday). The Dems on the committee boycotted the vote.

 

@SteveGuest: Nancy Pelosi refuses to answer questions on Hunter Biden: “I’m not answering your questions” [At her stimulus deal presser]https://twitter.com/SteveGuest/status/1319303061760843776

Zell warns of ‘disastrous’ situation over rising U.S. debt

Speaking at a conference, the billionaire real estate investor blasted Washington for too much stimulus spending in the wake of COVID-19. [Pay wall at link!]

https://www.chicagobusiness.com/commercial-real-estate/zell-warns-disastrous-situation-over-rising-us-debt

 

Sam Zell warns of rising US debt

“Particularly in an inflationary environment, we could easily see interest rates rise, which would be disastrous,” he said…Zell has not expressed much support for local lockdowns… “I’m afraid the cure is more dangerous than the disease,” he says…The trend towards American urbanization will remain, he told me…He is not a fan of remote work…Family businesses looking to take money off the table are his current interest. “These kinds of situations have always existed, but I’ve never seen so many,” he says…

https://exbulletin.com/world/international/485603/

 

After the close, Intel reported Q3 adjusted EPS of 1.11 and 1.03 unadjusted (1.10 exp.) revenue of $18.3B, $18.22B exp.  See Q4 EPS of 1.10 (1.07 exp) and revenue of $17.4B ($17.35B expected).  Intel tumbled 10% after the report because data center sales declined 10%.

 

The Fed balance sheet increase $25.839B due to the monetization of $14.8B of US Treasuries.

https://www.federalreserve.gov/releases/h41/current/

Hunter biz partner confirms email, details Joe Biden’s push to make millions from China

Full statement from Tony Bobulinski to the New York Post

    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… 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…

    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…they said they were putting the Biden family name and its legacy on the line…

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…

https://nypost.com/2020/10/22/hunter-biz-partner-confirms-e-mail-details-joe-bidens-push-to-make-millions-from-china/amp/

 

CEO of Hunter Biden-tied firm agrees to provide documents to Senate – Sinohawk Holdings CEO Tony Bobulinski says Joe Biden was supposed to get piece of son’s Chinese venture

https://justthenews.com/accountability/russia-and-ukraine-scandals/ceo-hunter-biden-tied-firm-approaches-senate

 

@johnrobertsFox: Tony Bobulinski to be @realDonaldTrump special guest at tonight’s debate

 

Biden Associate [Bobulinski] Warned [by James Gilliar] in a Text Message: ‘Don’t Mention Joe Biden Being Involved… Only When You Are Face to Face… They are Paranoid’

https://www.thegatewaypundit.com/2020/10/biden-associate-warned-text-message-dont-mention-joe-biden-involved-face-face-paranoid/

 

Harris, prominent Democrats listed as ‘key contacts’ for Biden family business venture projects

Email is unrelated to the laptop or hard drive purportedly belonging to Hunter Biden

    The list, included Harris, D-Calif.; 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 was sent from Jim to Hunter Biden, Tony Bobulinski, Rob Walker and James Gilliar…

   The email includes a note that “Hunter has some office expectations he will elaborate.” A proposed equity split references “20” for “H” and “10 held by H for the big guy?” with no further details…

https://www.foxnews.com/politics/jim-hunter-biden-china-joint-venture-key-contacts

 

@MikeEmanuelFox: Hunter Biden text message obtained by #FoxNews from May 17, 2017 when he says to his partners the Chinese are coming “to be my partner to be partners with the Bidens.”

https://twitter.com/MikeEmanuelFox/status/1319280474003439620

 

@seanmdav: A source with direct knowledge says Tony Bobulinski has provided all relevant Hunter Biden documents, including conversations from Hunter himself about leveraging the family name in business deals with communist China, to congressional investigators.  One name included on scores of e-mails about foreign business deals between Hunter Biden and his business partners is Rob Walker. Who is Rob Walker? He’s the husband of Betsy Massey Walker, the long-time White House personal assistant of Jill Biden, Joe Biden’s wife.  https://twitter.com/seanmdav/status/1319271482296463368

 

@seanmdav: An email to Hunter Biden’s partner from a top Chinese official on July 26, 2017 shows the Chinese energy company CEFC proposed a $5 million “interest-free” loan to the Biden family “based on their trust on [Biden] family[.]”  “Should CEFC keep lending more to the family?”

https://twitter.com/seanmdav/status/1319312065102794753

 

@seanmdav: Text messages obtained by @FDRLST show Hunter Biden personally arranging a meeting with his business partners and Joe Biden to discuss a major deal with CEFC, a Chinese energy company. The meeting occurred at the Beverly Hilton in L.A. in early May. Texts are from May 2, 2017.

    The next morning, on May 3, 2017, Hunter’s business partner-turned-whistleblower Tony Bobulinski texted James Biden–Hunter’s uncle/Joe Biden’s brother–and asked him to “please thank Joe for his time” for the meeting they all had on May 2 to discuss the China business deal.

https://twitter.com/seanmdav/status/1319355676162985993

 

Fox’s @MikeEmanuelFox: April 6, 2017 text message Hunter Biden is asked what the Chinese are interested in, and Hunter responds “Everything – the only thing I told them I would not do is defense related technology and arms and anything that would give the Chinese a military advantage.”

https://twitter.com/MikeEmanuelFox/status/1319312849320185857

 

Fox’s @GreggJarrett: Joe Biden is in hiding as evidence of money laundering and millions in kickbacks surfaces. Major news organizations are trying their best to ignore it, while Facebook & Twitter continue to ban posts. Should Biden exit the race?  If elected, can he survive this scandal?

 

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

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

 

New Documents Shed Light on Hunter Biden’s Links to Russian Billionaire Oligarch

  • Emails released on Monday show that Biden’s business partners scrambled to set up bank accounts in the U.S. for Baturina.
  • John Galanis, who has a history of white collar fraud convictions, also claimed in a court affidavit that his son worked with Biden and another associate, Devon Archer, to set up bank accounts to help Baturina launder money into the U.S…

Establish US banking relationship was the goal she gave me,” Archer wrote of Baturina in a Jan. 5, 2014, email sent to Cooney… “It looks as if we’ll be able to accelerate the Banc of California account opening while [Baturina] is with us in New York early this week as well,” Archer wrote to an associate of Baturina’s on Feb. 16, 2014…

https://dailycaller.com/2020/10/22/hunter-biden-elena-baturina-devon-archer-russian-oligarch-money-launder/

 

@seanmdav: A source close to Tony Bobulinski, the whistleblower whose document trove shows significant Joe Biden involvement in Hunter’s biz deals, tells @FDRLST he has even more receipts and he can’t wait to see the Biden campaign’s response to just this morning’s bombshell revelations.

 

@JackPosobiec: Looks like Joe Biden’s son was secretly under FBI investigation during the Democrat primaries, but never disclosed. Bernie voters screwed again! [Will Bernie voters stay home now?]

    Wait til you see how many well-known members of the media were emailing Hunter Biden.  Now you know why they all tried to bury the story so hard

 

In late October 2016, pressure and/or leaks from some FBI agents and NYPD brass forced Comey to announce that the FBI was investigating Wiener’s PC for having classified info from Hillary.  Some pundits claim this turned the race to Trump.  Did someone in the FBI leak the money laundering probe of Hunter Biden’s PC because FBI brass, ala 2016, spiked incriminating evidence against DJT’s opponent?

 

ABC News has completely ignored Hunter Biden laptop scandal, study says

https://www.foxnews.com/media/abc-news-ignored-hunter-biden-laptop

 

Famous defendant sues DOJ officials alleging ‘quid pro quo’ leaking to news media

Billy Walters is suing the top officials after being released from prison earlier this year.

The suit names as defendants the former Manhattan U.S. Attorney Preet Bharara, considered by some to be a contender for attorney general if Joe Biden wins the White House, former DOJ lawyer Daniel Goldman, who assisted the Democratic impeachment efforts last year… It also names as many as 50 John Does, officials who have not yet been identified that Walters believes engaged in misconduct… The Justice Department, which initially denied leaks in the case, eventually told the court that Chaves admitted that he and others leaked information to publications like the New York Times and Wall Street Journal. The suit alleges those leaks were designed to invigorate a case that had gone cold for years, and that the FBI enlisted reporters to assist in the probe… https://justthenews.com/accountability/lawsuit-filed-against-former-ny-attorney-bharara-and-five-others-lies-and-cover

 

New Biden Ad Causes Uproar; ‘America Was An Idea, We Never Lived Up To It’

“America was an idea, we hold these truths to be self-evident, we’ve never lived up to it, but we’ve never walked away from it before. And I think we just have to be more honest with our kids know as we raise them, what actually did happen. Acknowledge our mistakes,” Biden says in his ad…

https://trendingpolitics.com/new-biden-ad-causes-uproar-america-was-an-idea-we-never-lived-up-to-it/#.X5GzSivJjtQ.twitter

 

House Homeland Security Committee @HomelandDems: DO NOT listen to Ratcliffe. Partisan hack. TO CLARIFY: These election interference operations are clearly not meant to harm President Trump. Americans should listen to FBI Director Wray and CISA Director Krebs.  Ratcliffe has TOO OFTEN politicized the Intelligence Community to carry water for the President.

 

@seanmdav: TO CLARIFY: Either Iranian agents have hacked the House Homeland Security Committee’s Twitter account, or House Democrats are deliberately spreading—with Twitter’s consent—illegal election disinformation from Iran’s terrorist regime.

     Since @HomelandDems deleted their Iranian propaganda, here’s a screenshot for posterity.

https://twitter.com/seanmdav/status/1319098498017611781

 

@charliekirk11: Donald Trump was impeached by Democrats to protect Joe Biden.

 

@Richzeoli, Talk Radio 1210 WPHT, Philadelphia: So Obama comes to Philly to campaign for Biden and Biden stays home?  Less than 30 miles away in Wilmington? Anyone else think that’s…strange?

 

@realDonaldTrump: Obama is campaigning for us. Every time he speaks, people come over to our side. He didn’t even want to endorse Sleepy Joe. Did so long after primaries were over!

 

@realDonaldTrump: Finally! Suburban women are flocking over to us. They realize that I am saving the Suburbs – the American Dream! I terminated the Regulation that would bring projects and crime to Suburbia. Not on my watch! Biden will bring the Regulation back, but bigger and worse.

 

Trump releases contentious ‘60 Minutes’ footage before broadcast

Look at the bias, hatred and rudeness on behalf of 60 Minutes and CBS. Tonight’s anchor, Kristen Welker, is far worse! #MAGA,” Trump wrote on Twitter, linking to video of the interview…

  At one point, Stahl insists Biden “is not” mired in a corruption scandal… The content of a laptop formerly belonging to Hunter that ties the elder Biden to deals in China and Ukraine “can’t be verified,” she said. Trump then accused Stahl of being “like Big Tech, you’re protecting him,” referring to Twitter and Facebook‘s censorship of The Post’s reporting on the hard drive… Asked about his “name calling” in alleging news is “fake,” Trump told Stahl, “I don’t need to discredit you. You’ve discredited yourself. Lesley, you’ve discredited yourself, when you say that you’re not going to cover Biden. You’re going to ask what flavor ice cream he has.”…  https://nypost.com/2020/10/22/trump-releases-contentious-60-minutes-footage-before-broadcast/

@ByronYork: In ’60 Minutes’ interview, Trump says the Obama administration ‘spied on my campaign.’ Leslie Stahl tells him, ‘There’s no real evidence of that.’

 

Trump’s ’60 Minutes’ Interview post: https://www.facebook.com/DonaldTrump/videos/350524406214941/

 

Chris Cuomo scolded for not wearing a mask in his NYC apartment building

“You have been observed entering and exiting the building and riding the elevator without the required face coverings,” reads part of the Aug. 6 letter… Just last week, Chris Cuomo, in an apparently hypocritical statement, slammed President Trump’s appearances sans mask while recovering from the virus… https://nypost.com/2020/10/21/chris-cuomo-scolded-for-not-wearing-a-mask-in-his-apartment-building/

Well that is all for today

I will see you MONDAY night.

One comment

  1. […] Oct 23//New Scathing Report on The Biden Scandal//Senate … oct 23//new scathing report on the biden scandal//senate subpoenas hunter biden for all of his records//trump-biden debate highlights//gold down 80 cents to $1902.50//silver down 9 cents to $24.58// another gold advance in tonnage standing: 107.64 tonnes/silver at 11.355 million oz//coronavirus update/globe//usa embassy in turkey on high alert/usa citizens in turkey have been warned//swamp … […]

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: