OCT 29//RAID CONTINUES ON GOLD AND SILVER BUT GENERALLY HOLD THEIR POSITIONS: GOLD DOWN $11.80 TO $1867.90//SILVER DOWN ONLY 4 CENTS TO $23.35//GOLD TONNAGE STANDING AT THE COMEX: 108.53 TONNES//CORONAVIRUS UPDATE//FRANCE: ANOTHER ISLAMIST ATTACK; 3 DEAD//CRUDE OIL PLUMMETS//MORE RIOTING IN PHILADELPHIA FOR 3RD NIGHT IN A ROW//TUCKER CARLSON: DOCUMENTS SENT TO HIM VIA UPS “DISAPPEARED” AND THEN LATER TODAY, FOUND//HE WILL DISCUSS THIS ON HIS SHOW TONIGHT//GLEN GREENWALD RESIGNS FROM THE INTERCEPT: YOU MUST SEE WHY!!//MORE SWAMP STORIES FOR YOU TONIGHT!

GOLD:$1867.90 DOWN  $11.80   The quote is London spot price

Silver:$23.35 DOWN  4 cents   London spot price ( cash market)

“How dreadful knowledge of the truth can be when there’s no help in the truth.” … Sophocles, (495-405 BCE)

seems appropriate for what is going on in the uSA

your data…

 

Closing access prices:  London spot

i)Gold : $1867.00  LONDON SPOT  4:30 pm

ii)SILVER:  $23.25//LONDON SPOT  4:30 pm

 
 
 

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CLOSING FUTURES PRICES:  KEY MONTHS

NOV GOLD:  XXX  CLOSE 1.30 PM//   SPREAD SPOT/FUTURE OCT /:  $

CONTANGO: $

DEC. GOLD  $1869.10   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.20/ CONTANGO   ( $1.80 BELOW NORMAL CONTANGO)//GOOD FOR EFP ISSUANCE //

CLOSING SILVER FUTURE MONTH

SILVER NOV COMEX CLOSE;   $23.19…1:30 PM.//SPREAD SPOT/FUTURE SEPT//  :    ( 16 CENTS BACKWARD//)

SILVER DECEMBER  CLOSE:     $23.39  1:30  PM SPREAD SPOT/FUTURE DEC.       :   4  CENTS PER OZ  CONTANGO (   1 CENT ABOVE NORMAL CONTANGO//GOOD FOR EFP ISSUANCE )

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COMEX DATA

 
 
 

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

receiving today:0/9

EXCHANGE: COMEX
CONTRACT: OCTOBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,876.200000000 USD
INTENT DATE: 10/28/2020 DELIVERY DATE: 10/30/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
323 C HSBC 7
657 H MORGAN STANLEY 5
661 C JP MORGAN 4
991 H CME 2
____________________________________________________________________________________________

TOTAL: 9 9
MONTH TO DATE: 34,894

issued:4

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  OCT. CONTRACT: 9 NOTICE(S) FOR 900 OZ  (0.0279 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  34,894 NOTICES FOR 3,489,400 OZ  (108.534 tonnes) 

SILVER//OCTOBER CONTRACT

 

11 NOTICE(S) FILED TODAY FOR 55,000  OZ/

total number of notices filed so far this month: 2280 for 11,400,000  oz

BITCOIN MORNING QUOTE  $13,085   DOWN 195

BITCOIN AFTERNOON QUOTE.:  $13,463  UP 188 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $11.80  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 PAPER WITHDRAWAL OF 8.47 TONNES FROM THE GLD

GLD: 1,258.25 TONNES OF GOLD//

WITH SILVER DOWN 4 CENTS TODAY: AND WITH NO SILVER AROUND:

STRANGE!!

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

A PAPER DEPOSIT OF 2.326 MILLION OZ INTO THE SLV..

SLV: 560.729  MILLION OZ./

 

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Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A HUGE SIZED 3,509 CONTRACTS FROM 160,550 DOWN TO 157,041, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR STRONG $1.09 LOSS IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO  SHORT COVERING, HUGE SPREADER LIQUIDATION//..  COUPLED AGAINST A HUGE EXCHANGE FOR PHYSICAL. WE PROBABLY HAD ZERO LONG LIQUIDATION, AND A NO INCREASE IN SILVER OUNCES STANDING AT THE COMEX FOR OCT.  WE HAD A GOOD NET GAIN IN OUR TWO EXCHANGES OF 356 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  3865, AS WE HAD THE FOLLOWING ISSUANCE:  OCT 0;  DEC:  3865, MARCH  0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  3865 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  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM!

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

11.400 MILLION OZ INITIALLY STANDING IN OCT.

WEDNESDAY, 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 $1.09) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A GOOD GAIN IN OUR TWO EXCHANGES (586 CONTRACTS). NO DOUBT THE GAIN IN OI WAS DUE TO i)BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO INCREASE IN SILVER OZ  STANDING  FOR OCTOBER, iii) HUGE COMEX LOSS (CONSIDERABLE SPREADER LIQUIDATION) 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

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

13402 CONTRACTS (FOR 21 TRADING DAY(S) TOTAL 13402CONTRACTS) OR 67.01 MILLION OZ: (AVERAGE PER DAY: 638 CONTRACTS OR 3.190 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF OCT: 67.01 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 9.57% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,526.58 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                                 67.01   MILLION OZ

RESULT: WE HAD A HUGE SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3509, WITH OUR STRONG $1.09 LOSS IN SILVER PRICING AT THE COMEX ///WEDNESDAY.THE CME NOTIFIED US THAT WE HAD A HUGE SIZED EFP ISSUANCE OF 3865 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A GOOD SIZED 356 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR $1.09 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 3865 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A HUGE SIZED DECREASE OF 3509 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $1.09 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $23.39 // WEDNESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.786 BILLION OZ TO BE EXACT or 112% of annual global silver production (ex Russia & ex China).

FOR THE NEW OCT  DELIVERY MONTH/ THEY FILED AT THE COMEX: 11 NOTICE(S) FOR 55,000 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 CONSIDERABLE 11,033 CONTRACTS TO 549,867 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 CONSIDERABLE SIZED LOSS IN COMEX OI OCCURRED WITH OUR HUGE LOSS IN PRICE  OF $30.50 /// COMEX GOLD TRADING// WEDNESDAY. WE PROBABLY HAD SOME BANKER/ALGO SHORT COVERING  ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE  HAD SOME LONG LIQUIDATION AND A SMALL INCREASE IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR STRONG FALL IN PRICE OF $30.50. 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  81//

WE HAD A CONSIDERABLE SIZED LOSS OF 6159 CONTRACTS  (19.15 TONNES) ON OUR TWO EXCHANGES.

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 4874 CONTRACTS:

CONTRACT . OCT: 0 DEC: 4874; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 4874.  The NEW COMEX OI for the gold complex rests at 549,867. 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 CONSIDERABLE SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6159 CONTRACTS: 11,033 CONTRACTS DECREASED AT THE COMEX AND 4874 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 6159 CONTRACTS OR 19.15 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4874) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (11,033 OI): TOTAL LOSS IN THE TWO EXCHANGES:  6159 CONTRACTS. WE NO DOUBT HAD 1 ) SOME BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)A SMALL INCREASE IN  STANDING AT THE GOLD COMEX FOR THE FRONT OCT. MONTH TO 108.53 TONNES)  3)  SOME LONG LIQUIDATION ;4) CONSIDERABLE COMEX OI LOSS AND 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED WITH OUR STRONG FALL IN GOLD PRICE TRADING//WEDNESDAY//$30.50.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

OCT.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF OCT : 47,997 CONTRACTS OR 4,799,700 oz OR 149.29 TONNES (21 TRADING DAY(S) AND THUS AVERAGING: 2285 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 21 TRADING DAY(S) IN  TONNES: 149.29TONNES

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

THUS EFP TRANSFERS REPRESENTS 149.29/3550 x 100% TONNES =4.20% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE   3,686.05 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.                        149.29 TONNES

 

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, FELL BY A HUGE SIZED 3509 CONTRACTS FROM 160,550 DOWN TO 157,041 AND FURTHER FROM 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 HUGE SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO;  1)   SOME BANKER SHORT COVERING//ALGO SHORT COVERING//CONSIDERABLE SPREADER LIQUIDATION// , 2) A HUGE ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO DECREASE IN STANDING  FOR SILVER AT THE COMEX FOR OCT., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 3865 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. 3865 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 3865 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 3509 CONTRACTS TO THE 3865 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GOOD SIZED GAIN OF 356 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 1.780 MILLION  OZ, OCCURRED DESPITE OUR $1.09 FALL IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 3.49 PTS OR .11%   //Hang Sang CLOSED DOWN 122.20 PTS OR .49%    /The Nikkei closed DOWN 86.57 POINTS OR 0.37%//Australia’s all ordinaires CLOSED DOWN 1.50%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 35.94 dollars per barrel for WTI and 37.47 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7140. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7174 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 ABOVE 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 CONSIDERABLE 11,033 CONTRACTS TO 550,306 MOVING FURTHER FROM   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  COMEX DECREASE OCCURRED WITH OUR STRONG FALL OF $30.50 IN GOLD PRICING /WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A FAIR EFP ISSUANCE (4874 CONTRACTS).   WE  ALSO PROBABLY HAD  1)  HUGE BANKER SHORT COVERING,  2)   CONSIDERABLE  LONG LIQUIDATION  AND 3)  SMALL INCREASE  IN GOLD STANDING AT THE  COMEX//OCT. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A CONSIDERABLE SIZED LOSS ON OUR TWO EXCHANGES OF 6159 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 81

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 4874 EFP CONTRACTS WERE ISSUED:   OCT: 0  DEC 4874; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4874  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 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: 6159 TOTAL CONTRACTS IN THAT 4874 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 11,033 COMEX CONTRACTS.. THE BIG NEWS IS THE POWERFUL LEVEL OF OCTOBER 2020 CONTRACTS STANDING FOR DELIVERY. ( 108.53 tonnes).

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $30.50).  AND, THEY WERE  QUITE SUCCESSFUL IN FLEECING SOME LONGS. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED   19.15 TONNES,

NET LOSS ON THE TWO EXCHANGES :: 6159, CONTRACTS OR 615,900 OZ OR 19.15 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:  549,867 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.98 MILLION OZ/32,150 OZ PER TONNE =  1710 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1710/2200 OR 77.73% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 217,261 contracts// volume fair/raid/

CONFIRMED COMEX VOL. FOR YESTERDAY:  307,504 contracts//  volume: fair but raid yesterday //most of our traders have left for London

 

OCT 29 /2020

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
 
38,132.279 oz
Brinks
Delaware
Morgan
 
 
39 kilobars
Delaware
and 1100 kilobars
JPMorgan.
 
 
 
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
 
9 notice(s)
 
 900 OZ
(0.0279 TONNES)
 
 
 
 
No of oz to be served (notices)
0 contracts
(NIL oz)
0 TONNES
 
Total monthly oz gold served (contracts) so far this month
34,894 notices
 
3,489,400 OZ
108.534 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz
 

We had 0 deposit into the dealer

 
total deposit: nil oz

 

total dealer withdrawals: nil oz

 

we had 0 deposit into the customer account

total customer deposit:  nil

 

we had 3 gold withdrawals from the customer account:

i) Out of Brinks:  1512.29 oz ()
ii) Out of Delaware: 1253.889 oz (39 kilobars)
iii) 35,366.100 oz from JPMorgan: ( 1100 kilobars)

total withdrawals; 38,132.279  oz

We had 2  kilobar transactions  +

ADJUSTMENTS: 1 // 

dealer to customer:

Brinks:  128,861.208 oz

The front month of OCT registered a total of 9 contracts for a LOSS of 457 contracts. We had 460 notices filed yesterday so we gained 3 contracts or 300 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 ONLY 99 contracts to stand at 1432.

WE WILL HAVE A STRONG NUMBER OF OZ STANDING FOR NOVEMBER OF AROUND 4 TONNES OF GOLD..

The big December contract LOST 11,860 contracts DOWN to 428,909 contracts..

THE BIG STORY AGAIN TODAY IS THE HIGH OI STANDING FOR OCTOBER (108.53 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  9 notices filed today for  900 oz OR 0.0279 TONNES.

FOR THE OCT 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  4 notices were issued from their client or customer account. The total of all issuance by all participants equates to 9  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)
 

To calculate the INITIAL total number of gold ounces standing for the OCT /2020. contract month, we take the total number of notices filed so far for the month (34,894) x 100 oz , to which we add the difference between the open interest for the front month of  OCT (9 CONTRACTS ) minus the number of notices served upon today (9 x 100 oz per contract) equals 3,489,400 OZ OR 108.53 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 (34,894, x 100 oz +9 OI) for the front month minus the number of notices served upon today (9) x 100 oz which equals 3,489,400 oz standing OR 108.53 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 3 contracts or an additional 300 oz will stand on this side of the pond searching for metal.

 

NEW PLEDGED GOLD:  BRINKS

596,952.410 oz NOW PLEDGED  SEPT 15.2020/HSBC  18.433 TONNES ( A HUGE INCREASE FROM 10.6)

60,784.803 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234 tonnes

deleted Int. Delaware pledge July 7  (600 tonnes)

277,934.09 oz  (some deleted august 3)         JPM  8.644 TONNES

610,238.285 oz pledged June 12/2020 Brinks/   july 2/july 21               19.017 tonnes

67,289.041 oz Pledged August 21/regular account 1.588 tonnes jpm

total pledged gold:  1,613,198.634 oz                                     50.177 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 498.68 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 108.66 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

 
total registered or dealer  17,516,280.761 oz or 544.82tonnes
 
 
total weight of pledged:  1,613,198.634 oz or 50.155 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,903,082..0  (494,65 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  15,903,082.0 (494.65 tonnes)
 
 
 
total eligible gold:  20,001,846.752 oz (622.14 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  37,518,127.513 oz 1,166.97 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1040.63 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 29/2020

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDINGS

OCT. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
1,818,995.360 oz
 
CNT
 
Brinks
Manfra
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
Deposits to the Customer Inventory
1,209,193.302 oz
 
 
CNT
 
Scotia
 
 
 
 
 
 
 
No of oz served today (contracts)
11
 
CONTRACT(S)
(55,000 OZ)
 
No of oz to be served (notices)
0 contracts
 NIL oz)
Total monthly oz silver served (contracts)  2280 contracts

 

11,400,000 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 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  nil oz

ii) Into CNT  611,008.802 oz

iii) Into Socita;  598,184.500 o

 

JPMorgan now has 190.787 million oz of  total silver inventory or 49.89% of all official comex silver. (190.787 million/381.811 million

total customer deposits today:  576,903.867   oz

we had 3 withdrawals:

i) Out of Brinks: 604,414.35 oz
ii) Out of CNT: 8090.95 oz
iii) Out of Manfra
 
 
 
 
 

total withdrawals; 1818,995.060    oz

We had 0 adjustments

Total dealer(registered) silver: 135.103 million oz

total registered and eligible silver:  381.811 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

October had  11 notices outstanding for a GAIN of 10 contracts.  We had 0 notices served upon yesterday so we GAINED 10 contracts or 50,000 additional oz of silver will stand in this non active month of October.

November saw a LOSS of 39 notices DOWN to 446 contracts.

December saw a LOSS of 34006 contracts DOWN to 122,893 contracts.

 
 

The total number of notices filed today for the OCT 2020. contract month is represented by 11 contract(s) FOR 55,000 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 2280 x 5,000 oz = 11,400,000 oz to which we add the difference between the open interest for the front month of OCT( 11) and the number of notices served upon today11x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the OCT/2019 contract month: 2280 (notices served so far) x 5000 oz + OI for front month of OCT  (11)- number of notices served upon today (11) x 5000 oz of silver standing for the OCT contract month .equals 11,400,000 oz. ..VERY STRONG FOR A NON ACTIVE MONTH.

We GAINED 10 contracts or 50,000 additional oz will stand for silver metal on this side of the pond as they refused to  morph into a London based forwards.

TODAY’S ESTIMATED SILVER VOLUME : 101,855 CONTRACTS // volume  extremely high//raid//

FOR YESTERDAY  139,199  ,CONFIRMED VOLUME// extremely high/raid yesterday/

YESTERDAY’S CONFIRMED VOLUME OF 139,199 CONTRACTS EQUATES to 0.696 billion  OZ 99.4% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 2.49% ((OCT 29/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO +0.02% to NAV:   (OCT 29/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/2.49%

(courtesy Sprott/GATA

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

NAV 18.91 TRADING 18.43///NEGATIVE 2.52

END

And now the Gold inventory at the GLD/

OCT 29/WITH GOLD DOWN $11.80 DOLLARS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 8.47 TONNES FROM THE GLD////INVENTORY RESTS AT 1258.25 TONNES

OCT 28/STRANGE!WITH GOLD DOWN $30.50 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1266.72 TONNES

OCT 27/WITH GOLD UP $6.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1263.80 TONNES

OCT 26/WITH GOLD UP $1.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.77 TONNES FROM THE GLD//INVENTORY RESTS AT 1263.80 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

OCT 29/ GLD INVENTORY 1258.25 tonnes

LAST;  935 TRADING DAYS:   +317.70 NET TONNES HAVE BEEN ADDED THE GLD

LAST 835 TRADING DAYS//495.28  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY.

 

end

Now the SLV Inventory/

OCT 29/WITH SILVER DOWN 4 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.326 MILLION OZ//INVENTORY RESTS A 560.729 MILLION OZ..

OCT 28/WITH SILVER DOWN $1.09 TODAY: A HUGE WITHDRAWAL OF 2.791 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 558.403 MILLION OZ..

OCT 27/WITH SILVER UP 18 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ//

OCT 26/WITH SILVER DOWN 18 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

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///

OCT 29.2020:

SLV INVENTORY RESTS TONIGHT AT

560.729 MILLION OZ

 
 

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

First Majestic CEO is perfectly correct: if we go green we require a much higher price for silver and higher prices

(Neumeyer/First Majestic)

‘Greening’ the world requires much more silver at a much higher price, First Majestic CEO says

 
 Section: 

 

9:08p ET Wednesday, October 28, 2020

Dear Friend of GATA and Gold:

GATA got some compliments today as Andy Schectman and Elijah Johnson of the Miles Franklin coin and bullion shop interviewed First Majestic Silver CEO Keith Neumeyer.

Neumeyer expressed disappointment that most mining company executives deny or ignore government-instigated manipulation of the monetary metals markets. He also asserted that the “green” electrification of the planet will require much more silver production and much higher prices of the metal.

The ratio between gold and silver prices, which has been has high as 125 to 1 this year, will have to close, Neumeyer adds, noting that silver’s annual production now is only about eight times gold production.

The interview is 23 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=OHhJwZ7q154&feature=youtu.be

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

END

Jan comments to Kitco that a new financial system will centre on gold being the centre of things

(Jan Nieuwenhuis/Kitco)

New financial system will center on gold, Jan Nieuwenhuijs tells Kitco News

 
 Section: 

 

9:50p ET Wednesday, October 28, 2020

Dear Friend of GATA and Gold:

Gold researcher Jan Nieuwenhuijs, who now writes at The Gold Observer —

https://thegoldobserver.substack.com/

— today explained to David Lin of Kitco News why he thinks some sort of gold standard will likely be the central part of a worldwide financial “reset.”

Nieuwenhuijs argues that excessive debt will necessitate the new system and it will have to be based on an asset that is “evenly distributed” like gold.

The interview is 16 minutes long and can be viewed at Kitco here:

https://www.kitco.com/news/video/show/Market-Analysis/3058/2020-10-28/Wh…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action COMMITTEE

end

Interesting: a tale on Northern Ireland’s refusal to allow mining in its sector

(BBC/GATA)

Northern Ireland controversy shows why it’s getting harder to mine gold

 
 Section: 

 

By Chris Baraniuk
British Broadcasting Co., London
Tuesday, October 27, 2020

For a thousand days, the caravan stood with banners and placards pinned to its side: “We are not afraid. This is our land. This is our home. We will die for it.” Irish flags flutter in the wind. This is the anti-gold mine protest site set up by a group of locals in County Tyrone, Northern Ireland.

With 460 million-year-old veins of gold strewn hither and thither in the rock deep underfoot, the prospect of a mine in Curraghinalt, in a remote corner of the Sperrin mountains, has been talked about for decades — but it has never yet materialised. A recent application by a mining company to extract the seams of precious metal has brought the prospect closer still. If it is successful, the firm says, it could bring new jobs and money to the area.

But many here want to keep things the way they are.

“I devote all my time to this campaign. I just feel it’s our future,” says Fidelma O’Kane, a retired social worker and lecturer who is concerned about the potential environmental impacts of the mine.

“My main worry is that the water will be poisoned, the air will be poisoned, the land will be contaminated — and ultimately people’s health will suffer,” she adds, explaining that she would never accept a mine of any kind in this area.

The company hoping to extract precious metals here, Dalradian Gold, says it has put in place a swathe of environmental safeguards and promises several economic benefits for locals. Still, the online planning proposal for the mine has attracted tens of thousands of comments, mostly negative, and a public inquiry will now take place to decide what will happen next. …

… For the remainder of the report:

https://www.bbc.com/future/article/20201026-why-its-getting-harder-to-mi…

end

iii) Other physical stories:

Something we already figured out!

(courtesy Dave Kranzler/IRD

Former CFTC Chairman Admits Futures Can Be Used To Control Prices

October 29, 2020Financial Markets, Gold, Market Manipulation, Precious MetalsBitcoin, CFTC, cryptocurrencies, silver

Gold and silver futures have been used for decades to control the price of gold and silver. In fact, declassified letters )which can be found in the GATA archive) that bounced between Henry Kissinger and his advisors in the early 1970’s discuss the need for a market mechanism to help control the price of gold. Gold futures did not exist until 1974, three years after Nixon closed the gold window, shortly after which the Fed began to print money. The price of gold had more than quintupled between 1971 and 1974.

Fast forward to present times. A former CFTC Chairman, Christopher Giancarlo, was interviewed by CoinDesk a year ago. In that interview, he likely inadvertently admitted in reference to the creation of Bitcoin futures that futures contracts can be used to manipulate markets for the purpose of implementing and achieving official Government policies:

“One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.” (CoinDesk)

Wittingly or unwittingly, that assertion by Mr. Christopher vindicates the contention – led by GATA starting in over 20 years ago and backed by reams of evidence – that gold and silver have been manipulated as part of official Government and Central Bank policy implementation to support fiat currencies and the dollar’s role as the reserve currency.

As an aside, I find it curious that Mr. Christopher states that the Government specifically identified Bitcoin as a bubble that needed to be deflated. Ever since the dot.com bubble of the late 1990’s, every Federal Reserve Chairman and FOMC member, starting with Alan Greenspan, as been adamant that investment bubbles are impossible to identify until AFTER they’ve popped. Yet, here is a former high level Government regulatory official explicitly stating that Bitcoin was not only identified as a bubble but that it needed to be deflated.

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

i) Chinese yuan vs USA dollar/CLOSED UP 6.7140 /

//OFFSHORE YUAN:  6.7174   /shanghai bourse CLOSED UP 3.49 PTS  OR .11%

HANG SANG CLOSED DOWN 122.20 PTS OR .49%

2. Nikkei closed DOWN 86.57 POINTS OR 0.37%

3. Europe stocks OPENED ALL RED/

USA dollar index UP TO 93.69/Euro FALLS TO 1.1704

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.23/ 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:: 35.54 and Brent: 37.47

3f Gold DOWN/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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.63%/Italian 10 yr bond yield DOWN to 0.75% /SPAIN 10 YR BOND YIELD DOWN TO 0.16%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.38: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.99

3k Gold at $1871.70 silver at: 22.95   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 51/100 in roubles/dollar) 79.52

3m oil into the 35 dollar handle for WTI and 37 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 104.23 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 .9126 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0681 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

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

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.63%

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 0.778% early this morning. Thirty year rate at 1.559%

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

6.  TURKISH LIRA:  UP  TO 8.31..

Stocks Struggle To Stabilize After Worst Rout Since June

 

US equity futures, European stocks and commodity markets rebounded after Wednesday’s rout which sent the S&P lower by 3.5%, the biggest one day drop since June 11, but they struggled to stabilize after a return to national lockdowns in Europe’s biggest economies.

“What I think has changed in the last few days is the significant spikes in the virus in Europe and the U.S, especially the U.S.” said Kempen Capital Management’s Chief Investment Officer Nikesh Patel. As a result, “the W-shaped scenario for the economy has now become consensus in the market” rather than one where economies broadly stabilize.

Global stock markets lost nearly $2 trillion yesterday, with volumes on the New York Stock Exchange up almost 40% to their highest level since September. In addition to 2nd and 3rd covid wave fears, investors are also increasingly wary of a contested U.S. election result that could unleash a wave of risk-asset selling. The VIX surged on Wednesday to its highest level since June and implied currency volatility indicates that a wild ride is expected. Marvell declines after it’s said to near a deal to acquire Inphi for about $10 billion.

“Market sentiment is turning, with investors buffeted by U.S. election uncertainty and now economic worries from rising Covid-19 cases across Europe,” said Kerry Craig, global market strategist at JPMorgan Asset Management. “These short-term forces are well beyond the control of individual investors, underscoring the need to maintain balance through the immediate uncertainty.”

Economic data will be front and center today, with weekly initial jobless claims numbers expected to be slightly below last week’s 787000 as continuing claims drop below 8 million. The first reading of third-quarter GDP is also due at 830am and is forecast to be a record with annualized growth of more than 30% in the three months to the end of September as the U.S. economy reopened after the pandemic lockdown. Expect Trump to parade with the number as soon as it is out.

Ahead of today’s ECB meeting, European stocks got an earlier boost after earnings for telecoms firm BT Group, oil producer Royal Dutch Shell Plc and drinks giant Anheuser-Busch InBev all beat expectations, pushing their shares higher while Credit Suisse slipped after profit missed analyst estimates. Hopes that the ECB will signal it has more support to offer helped stemmed the rout that had wiped nearly 5% off European stocks on Wednesday, but the Stoxx 600 remained jittery and faded all early gains, trading unchanged at last check. Frankfurt’s DAX was up 0.5% in early trading, it was firmly on course for an 8% weekly drop which will be the steepest since the initial COVID panic of March.

Earlier in the session, Asian stocks were moderately lower, with the MSCI Asia Pacific Index down 0.3%. MSCI’s index of Asia-Pacific shares ex-Japan fell 0.6%, led by Australia, down 1.6%, and South Korea, down 1%. Japan’s Nikkei fell just 0.3%, while Chinese blue chips rose 0.5% and the yuan led a gentle bounce in Asian currencies against the greenback. Overnight, the Bank of Japan had made no changes to monetary policy settings as expected overnight, though it trimmed its growth forecasts to reflect sluggish services spending during summer.

“Asia is not really partaking in this second or third wave story because it’s got its COVID largely under control,” said Rob Carnell, chief economist in Asia at Dutch bank ING. “As a result, domestic economies look reasonable.”

As if to illustrate, Taiwan, which boasts Asia’s best-performing currency, marked its 200th straight day without local transmission on Thursday, while France and Germany prepared for lockdowns and as the virus sweeps across the U.S. Midwest.

In FX, the U.S. dollar edged up slightly and riskier currencies remained subdued. The Bloomberg Dollar Spot Index rebounded after droppping in the Asia session; the greenback traded mixed against its Group-of-10 peers as sentiment remained fragile, while the euro slipped for a fourth day. The pound strengthened versus the euro as European Union and U.K. negotiators made progress toward resolving some of the biggest disagreements, raising hopes that a Brexit deal could be reached by early November.

Elsewhere, the Aussie held up, despite paring an earlier gain, as local companies continued to buy the currency against the greenback to top up month-end hedging needs. The Norwegian krone swung from a gain to a loss as oil prices resumed their slump. The yen followed the dollar higher in early European trading. The Bank of Japan stood pat though Governor Haruhiko Kuroda said he stands ready to act if needed amid heightened uncertainty over a resurgence in the pandemic, though he still doesn’t see a pressing need to extend or change existing virus-response measures.

The euro hit a 10-day low on the dollar and a hundred-day low on the yen on Wednesday, before recovering slightly. It last traded at 1.1710 against the euro. Investors expect the ECB to similarly hold off on new measures, but to instead hint at action in December, which is likely to keep a lid on the euro.

“Given what is happening in France and Germany I think the ECB will talk about more stimulus even if they don’t deliver it today,” added Kempen’s Patel, referring to new COVID-19 restrictions announced this week.

In rates, benchmark U.S. 10-year yields had ticked up overnight to 0.7760, fading earlier losses as month-end extension flows may begin to support Treasuries. Treasury yields cheaper by up to 1bp across long-end of the curve, steepening 2s10s, 5s30s by 1.4bp and 0.3bp with front-end trading slightly rich. Treasury auctions conclude with $53b 7-year sale Thursday, after solid results from 2- and 5-year auctions so far this week. German government bonds were still in strong demand, with yields near seven-month lows.

In commodities, the rout continued, as WTI crude extended its decline to the lowest since the middle of June. Futures in New York slid as much as 3.4% to $36.11, the lowest intraday level since June 15. Brent also declined, falling as much as 3.3% to $37.82, also lowest since June. Gold was hammered as the dollar surged continued.

Economic data, including what is expected to be a blockbuster GDP report, and the ECB meeting are the main focus, with gathering uncertainty about Tuesday’s U.S. election also keeping investors on edge. Investors face a busy earnings day, with more than 70 S&P 500 members reporting, including Tech giants Apple, Amazon.com, Facebook and which are all scheduled to post results after the close.

Market Snapshot

  • S&P 500 futures up 0.9% to 3,291.50
  • STOXX Europe 600 up 0.3% to 343.01
  • MXAP down 0.3% to 174.52
  • MXAPJ down 0.5% to 577.78
  • Nikkei down 0.4% to 23,331.94
  • Topix down 0.1% to 1,610.93
  • Hang Seng Index down 0.5% to 24,586.60
  • Shanghai Composite up 0.1% to 3,272.73
  • Sensex down 0.7% to 39,656.97
  • Australia S&P/ASX 200 down 1.6% to 5,960.34
  • Kospi down 0.8% to 2,326.67
  • Brent Futures down 0.7% to $38.85/bbl
  • Gold spot up 0.1% to $1,879.06
  • U.S. Dollar Index up 0.1% to 93.50
  • German 10Y yield rose 0.4 bps to -0.621%
  • Euro down 0.1% to $1.1731
  • Brent Futures down 0.7% to $38.85/bbl
  • Italian 10Y yield rose 6.4 bps to 0.562%
  • Spanish 10Y yield rose 2.3 bps to 0.201%

Top Overnight News from Bloomberg

  • European Central Bank officials must decide on Thursday whether the renewed wave of coronavirus infections and lockdowns on the continent require an immediate dose of extra monetary support
  • Germany and France will clamp down on movement for at least a month — coming close to last spring’s stringent lockdowns — with Germany’s daily caseload surpassing 20,000 for the first time amid a resurgence of Covid-19 across Europe
  • Chancellor Angela Merkel defended her decision to once again severely limit movement in Germany, saying the country is in a “dramatic situation” as the rapid spread of the coronavirus stretches health-care services to their limit
  • Coronavirus measures in England are failing to control the spread of the disease, scientists warned, adding pressure on U.K. Prime Minister Boris Johnson to introduce another national lockdown
  • Italy sold benchmark bonds at the lowest average rate on record as support from the euro zone’s institutions and newfound political stability fueled demand for the securities
  • Central banks became gold sellers for the first time since 2010 as some producing nations exploited near-record prices to soften the blow from the coronavirus pandemic
  • For fragile oil markets, the outcome of next week’s U.S. election poses yet another risk: the prospect that major producer Iran may regain its role in international trade

A quick look across global markets courtesy of NewsSquawk

Asian equity markets traded mostly lower amid jitters following the bloodbath on Wall St where all major indices declined more than 3% and the DJIA fell over 900 points as risk appetite was decimated by concerns regarding lockdowns in France and Germany, whilst heavy losses were also observed in the tech sector. In addition, pre-election caution and comments from NIH’s Fauci that a vaccine won’t be available until January at the earliest added to the downbeat tone, although US stock index futures nursed some losses overnight after encouraging updates from both Regeneron and Eli Lilly regarding their COVID-19 treatment trials and with the US said to provide Huawei a lifeline by allowing more companies to supply the Chinese tech giant with components as long as it is unrelated to 5G. Nonetheless, Asian bourses weakened with tech and commodity-related sectors the underperformers in the ASX 200 (-1.6%) and financials were also pressured after ANZ Bank reported a 42% decline in full-year profit and Westpac reached an agreement to settle a BBSW class action in US. Nikkei 225 (-0.4%) was subdued following weak retail sales data and as participants awaited the BoJ policy announcement, which proved to be a damp squib as the central bank maintained policy settings as expected and continued to signal a lack of urgency for immediate support, although some of the losses have been pared amid mild currency outflows and as earnings supported the likes of Sony and Hitachi, while the KOSPI (-0.8%) suffered after Samsung Electronics failed to benefit from its final Q3 results which despite printing an increase from the prior year, it also flagged a decline in chip and mobile profitability for Q4. Hang Seng (-0.5%) and Shanghai Comp. (+0.1%) were cautious ahead of several blue-chip earnings including the first of the big 4 banks and with participants looking out for details of the 5-year plan when the 4-day plenum concludes today. Finally, 10yr JGBs failed to benefit from the broad risk-aversion and instead tracked the recent declines in T-notes with demand constrained amid the BoJ policy announcement in which the central bank provided a somewhat balanced tone that suggested it was likely to remain on the fence on future measures.

Top Asian News

  • BOJ Stands Pat But Paints Gloomier Picture of Economy This FY
  • India to Prioritize Covid Vaccine for Front Line Health Workers
  • China’s Busiest Earnings Day to Shed Light on Economy
  • Takeda to Supply Japan With 50m Doses of Moderna Vaccine

European equities (Eurostoxx 50 flat) have been relatively choppy thus far with regional indices unable to stage any meaningful recovery from yesterday’s heavy losses. Ahead of the cash open, futures at one stage suggested that European equities would look to claw back some of the declines seen yesterday, however, this has failed to materialise thus far as market participants fret over the economic impact of recent nationwide lockdown measures taken by France and Germany. It has been an exceptionally busy morning of earnings in Europe with divergences between different industries mostly a by-product of large-cap corporate updates. Tech has been one of the top performers thus far in the wake of yesterday’s tech-heavy losses on Wall St, with sentiment for the sector also aided by earnings from ASM International (+4.1%) who subsequently raised Q4 guidance amid strong demand. Capping gains for the tech sector is Nokia (-16.6%) after Q3 results fell short of analyst estimates and the Co. cut its FY profit outlook amid declining market shares in certain regions. Despite losses in the crude complex, oil & gas names have seen support throughout the session amid Q3 earnings from Shell (+2.1%) which saw the Co. exceed estimates for adjusted earnings and lift its dividend. Banking names are lower on the session amid losses in Credit Suisse (-6.0%) after Q3 profits missed analyst expectations, overshadowing the Co.’s decision to increase its dividend by 5% for 2020 and schedule CHF 1.5bln of share buybacks for next year. Lloyds (+3.7%) have provided some reprieve for the sector after the Co. beat on Q3 profits and noted a surge in the demand for mortgages. Volkswagen (+3.1%) are higher on the session after Q3 profits were bolstered by increasing auto demand from China, offsetting losses elsewhere. Of note for telecom names, (asides from Nokia who are also in the Stoxx 600 tech index), BT (+5.4%) and Orange (+4.6%) are firmer post-earnings, whilst Telefonica (-4.5%) are a laggard in the sector after Q3 results underwhelmed. Finally, AB Inbev (+2.9%) have acted as a source of support for the food & beverage sector after Q3 revenues beat estimates and the Co. stated that H2 performance will be better than H1.

Top European News

  • Janus Henderson Sees Investor Withdrawals Slow in Third Quarter
  • Germany, France Impose Month-Long Curbs to Rein in Virus
  • BT Lifts Profit on Pandemic, Sheds Jobs to Cut Costs
  • German Pig Backlog May Cram 1.2 Million Extra Hogs on Farms

In FX, far from all change in terms of the general market tone that remains suppressed and highly contingent on daily coronavirus developments, but a comparative air of calm has returned following Wednesday’s FTQ. As such, the so called cyclical, activity or high beta currencies are on a more even keel, albeit still precarious and prone to any headline bearing bad news on the COVID-19 front that could have adverse economic implications on top of the obvious social and human cost. Aud/Usd is modestly firmer and straddling 0.7050, Nzd/Usd is pivoting 0.6650 with some independent traction via improvements in NBNZ business confidence and especially the outlook for activity, while Usd/Cad has pared back from post-BoC highs to rotate around 1.3300 even though crude prices remain depressed. Next up for the Loonie, Canadian average weekly earnings and building permits, while the Aussie might be mindful of a decent 1 bn expiry option in the Aud/Jpy cross at 73.20.

  • JPY/GBP/CHF/EUR – All narrowly mixed against the Dollar, as the Yen continues to fend off pressure below 104.50 that coincides with a key Fib level and has capped the pair for the last 2 trading sessions. However, 104.00 remains elusive and Usd/Jpy may remain supported into the round number given expiry interest at the strike in 1.8 bn. For the record, nothing new from the BoJ overnight, but top tier Japanese data looms in the form of CPI, jobs and IP. Elsewhere, Sterling continues to encircle 1.3000 on hopes of a key Brexit breakthrough and the Pound is outperforming vs the Euro just shy of 0.9000 compared to 0.9050 at the other extreme even though latest reports on UK-EU trade talks appear less positive than yesterday. Perhaps the proximity of 1.1 bn expiries between 0.9050-60 are impacting, or the fact that Eur/Usd is treading cautiously into the ECB within a 1.1758-26 range and flanked by expiry interest (1.3 bn from 1.1750-55 and 1.5 bn from 1.1725-15). Meanwhile, the Franc is largely tracking Buck moves on the 0.9100 axis as the DXY meanders from 93.560 to 93.237 in the run up to advance US Q3 GDP, weekly IJC tallies, pending home sales and more heavyweight corp earnings.
  • SCANDI/EM – The aforementioned recoil in oil has hit the Nok back below 11.0000 vs the Eur and beyond recent lows, while in contrast the Cnh and Cny are both paring losses after another weaker PBoC midpoint fix and reports of Chinese bank selling of the onshore Yuan against the Greenback in spot and forward terms. However, the Try is struggling again just off sub-8.3200 record lows vs the Dollar and Brl looks set for catch-up declines after the BCB held rates last night, as expected, but acknowledged strong upside inflation pressure in the short term that requires close attention.

In commodities, WTI and Brent front month futures have come under pronounced pressure this morning as the complex was unable to partake in the European-earnings fuelled bounce in the equity futures around the cash equity open on the back of a number of well-received European earnings. As such, throughout the European morning the crude benchmarks have continued to deteriorate moving below the psychological USD 37/bbl & 36/bbl and USD 39/bbl for WTI and Brent respectively; and most recently in proximity to the USD 36/bbl & USD 38/bbl marks. Updates throughout the session explicitly for the crude complex have been sparse after the BSEE report showed further oil outage within the Gulf of Mexico but Storm Zeta is now forecast to continue weakening throughout the day and as such, assuming no damage occurred, platforms should begin returning to service in the near-term. Elsewhere, on the OPEC+ front Energy Intel reports indicate the cartel are considering extending oil output cuts at their current levels through to the end of March; reports which will likely garnering more focus as we approach the next JMMC and full OPEC+ gathering next month. Moving to metals, spot gold is essentially flat on the day perhaps as it struggles to garner clear direction from sentiment this morning which is choppy and diverging somewhat amongst asset classes thus far. Price-wise, the precious metal is little differed on the session around the USD 1875/oz mark.

Top Overnight News from Bloomberg

  • 8:30am: Initial Jobless Claims, est. 770,000, prior 787,000;  Continuing Claims, est. 7.78m, prior 8.37m
  • 8:30am: GDP Annualized QoQ, est. 32.0%, prior -31.4%
  • 8:30am: Personal Consumption, est. 38.9%, prior -33.2%
  • 8:30am: GDP Price Index, est. 2.9%, prior -1.8%
  • 8:30am: Core PCE QoQ, est. 4.0%, prior -0.8%
  • 9:45am: Bloomberg Consumer Comfort, prior 46.6
  • 10am: Pending Home Sales MoM, est. 3.0%, prior 8.8%; Pending Home Sales NSA YoY, est. 23.0%, prior 20.5%

DB’s Jim Reid concludes the overnight wrap

Its been a pretty sobering week so far for life as we knew it and for markets even if futures are a little more buoyant this morning. Risk assets buckled yesterday under the weight off fresh restrictions, especially those in the two largest European economies.

As we previewed 24 hours ago German Chancellor Merkel has reached a deal with leaders of the country’s 16 states over a one-month partial lockdown. Starting on Monday, and through to the end of November at least, restaurants, bars and nightclubs will be closed. Leisure facilities such as gyms, event venues, cinemas and amusement parks will also be closed. Residents will only be allowed out with those in their own household and one other, while gatherings will be limited to 10 people. Private travel and visits to relatives are discouraged. However unlike last Spring, schools and day cares shall remain open as well as hairdressers. As we also previewed yesterday French President Macron also announced tougher restrictions including the shuttering of bars and restaurants, banning domestic travel and public gatherings, closing non-essential retailers and encouraging work-from-home if possible. As in Germany, schools will remain in session. The measures are currently in place until at least 1 December which will gives some hope for the Xmas holiday season.

In Germany these restrictions are probably less severe than they could have been and probably sound more extreme than they are but the direction of travel is going to wrong way with perhaps 5 months of the peak flu/cold/virus season still ahead of us unlike the first wave when we only had a month or so of the normal peak period left when it struck. Our German economists expect that the lockdown measures should result in a Q4 GDP decline of at least -0.5% qoq. The hospitality industry and cultural institutions will suffer most again under the new restrictions. That contraction would still be consistent with a -5.6% FY20 GDP drop predicted by our economists, assuming that the upside risks to their Q3 call (+6%) materialises. See here for more of their thoughts and here for the immediate thoughts of our French economist.

There’s an inevitability that other countries will go down the same path soon. A new study from Imperial College London and Ipsos Mori has indicated that the infections in England are doubling every nine days and an estimated 960,000 people are carrying the virus on any one day. In better news, the Guardian has reported overnight that the UK government has asked local health officials to deploy 30-minute saliva kits for coronavirus testing to accelerate the mass screening plan. The test plan is to cover as many of 10% of England’s population for coronavirus every week. Also overnight, Regeneron Pharmaceuticals said that data from a late stage trial indicated that its antibody cocktail therapy significantly reduces virus levels and the need for further medical care. Lastly, European Union leaders are planning to discuss adopting a singular approach to the practice of rapid antigen tests, which are faster than the PCR counterpart and could therefore allow for a more open economy. For more on how the virus is spreading see the table below.

Given the negative direction of restriction travel, US equities had their worst day since 11 June, with the S&P 500 down -3.53% and the VIX up +6.9pts to over 40 for the first time since the same day. That was when there was the original outbreak of covid-19 cases throughout the US Sunbelt. While the VIX is still considerably lower than we saw during the worst of the pandemic-induced selloff in March of this year, you have to go back to 2015 to see the equity volatility index at this level outside of the pandemic. The selloff was very broad with 97% of the S&P lower and the decline was led by Transportation (-4.86%) Software (-4.47%), Tech hardware (-4.45%) and Energy (-4.22%). The tech losses saw the NASDAQ fall -3.73%, the most since early September. It’s a big day for FANG earnings today with Facebook, Amazon, Apple and Alphabet all reporting.

Asian markets are seeing some respite this morning. The Nikkei (-0.33%), Hang Seng (-0.77%), Shanghai Comp (-0.12%) and Kospi (-1.05%) are mildly lower but with futures on the S&P 500 up +1.11% and those on the Stoxx 50 up +0.58%. Yields on 10y USTs are back up +1.2bps. Elsewhere, the BoJ kept it monetary policy unchanged at today’s meeting even as it further trimmed the growth forecast for the year ending in March to -5.5% yoy (from -4.7% yoy previously). In terms of overnight data, Japan’s September retail sales came in at -8.7% yoy (vs. -7.6% yoy expected).

In other overnight news, the FT has reported that the US is allowing a growing number of chip companies to supply Huawei with components as long as these are not used for its 5G business. If true, this will likely offer respite to Huawei’s smart phone arm. Separately, the FT has also reported that Tiffany’s board has approved the sale to LVMH at a lower price. Elsewhere, Standard Chartered beat earnings estimates overnight as loan losses eased. The bank also said that it has ample room to fund growth and pay dividends next year, pending approval from regulators. Boeing has said that it will eliminate an additional 7,000 jobs bringing the expected losses from layoffs, retirements and attrition to 30,000 people (19% of the pre-pandemic workforce) by the end of 2021.

Before all this, European equities fell to their lowest level in just over five months yesterday, with the STOXX 600 retreating -2.95% as 97% of the index also trading lower. Here it was led by cyclicals such as Autos (-4.81%), Chemicals (-3.71%) and Banks (-3.56%). The DAX (-4.17%) and CAC 40 (-3.37%) fell further on their shutdown lite news.

Sovereign yields in Europe declined for a third straight day after much of the focus last week was on their recent sharp rise. However the rally was relatively minimal given the large risk off. Gilts were down -1.9bps to 0.21% and 10yr bunds were down -1.0bps to -0.625%, steadily approaching 7 month lows. Whereas US Treasuries yields were actually up +0.3bps to 0.771% as there may have been some deleveraging of positions. Meanwhile the US dollar rallied +0.50%, the most in over a month. This partly led to gold (-1.61%) having its worst day in 2 weeks.

On the US Election, much of the focus remains on the Presidency, where former Vice President Biden remains an 88% to 11% favourite over President Trump in the fivethirtyeight model. The Democrats also remain favourite to gain control of the Senate (75% chance), though the number of seats is more uncertain. Republicans currently control the upper chamber 53-47 and considering that Democrats are very likely to lose a seat in Alabama, Democrats will need to win 4 seats and the Presidency to win control (the Vice President is the tie breaker). Using a mix of polls and past voting behaviour of the states Colorado (84% chance of Democrats winning according to fivethirtyeight) and Arizona (79%) are the Democrats best bets to turn blue. After that it is Maine (61%) and North Carolina (63%), which have tightened in recent days but in Maine the Democratic challenger has not lost a poll in weeks. In NC the challenger has only lost one in the last 3 weeks. After that the attention should be on Iowa (57%) and Georgia (33% and 64%), where the latter has a pair of Senate elections this year, in one of which the Democratic candidate is slightly favoured.

One interesting wrinkle this year is clearly the large number of early and mail-in votes. In states like Florida they have already seen 70% of the number of voters from 2016, Texas is at 91% (with little mail-in), North Carolina at 76.1% and Georgia at 76.8%. If current polling holds or the polling error happens to go in the Democrat’s favour – as happened in 2012 – it could be a quick night with North Carolina and Florida announcing fairly quickly, on the other hand a Trump win in those states and we could be waiting a week to hear the outcome out of the Midwest, namely Pennsylvania, Wisconsin and Michigan.

Given the historically divergent views on economic policy between the two candidates, our chief US economist Matt Luzzetti, considers the implications of the various election outcomes on the economic outlook in a new podcast which you can listen to here. He and his team have also refreshed their 2020 Election chartbook (found here) which contains sections on updated polling, projections, battleground states, and Congressional races.

Today we will hear from the ECB and our European economists (preview here ) expect the policy stance to be left unchanged, but that the ECB will also warn of growing downside risks amid an already weak outlook for inflation. This is likely to open the door to a further easing of policy in December. By then, there’ll be far more information on the status of the pandemic, the effect of the recent spate of shutdowns and the ECB staff will have updated their macroeconomic projections. These include the publication of the first estimates for growth and inflation for 2023.

Outside the ECB, today’s highlight’s include German October unemployment and CPI, along with Italian and Euro Area consumer confidence. In the US there is weekly initial jobless claims, Q3 GDP, personal consumption core PCE, and pending home sales. Lastly we will have Japan’s jobless rate and industrial production. In earnings we have the big ones with Apple, Amazon, Alphabet and Facebook along with Comcast, Sanofi, AB InBev, American Airlines.

 

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED UP 3.49 PTS OR .11%   //Hang Sang CLOSED DOWN 122.20 PTS OR .49%    /The Nikkei closed DOWN 86.57 POINTS OR 0.37%//Australia’s all ordinaires CLOSED DOWN 1.50%

/Chinese yuan (ONSHORE) closed /Oil DOWN TO 35.94 dollars per barrel for WTI and 37.47 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.7140. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.7174 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 ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

 

4/EUROPEAN AFFAIRS

FRANCE/TURKEY

Funny: Charlie Hebdo at it again and sparks Turkish fury as a cartoon of Erdogan looking up a skirt of a woman wearing a hijab.

(zerohedge)

France’s Charlie Hebdo Sparks Turkish Fury With Cartoon Of “Erdogan In Private”

 

A new satirical cartoon from the French weekly Charlie Hebdo has sparked fury in Turkey and is worsening the diplomatic spat between Turkey and France after Paris already recalled its ambassador when President Erdogan questioned Macron’s mental health while accusing the French president of attacking Islam over remarks made in the wake of the horrific beheading of a middle school teacher Samuel Paty on October 16.

The latest edition of the newspaper, first released online Tuesday night, features a front page cartoon mocking President Recep Tayyip Erdogan – he’s in his underpants, holding a can of beer and gazing up a skirt of a hijab wearing woman.

“Ooh, the prophet!” the character says in the French speech bubble, with the title reading: “Erdogan: in private, he’s very funny”.

It has set off outrage among the Turkish public especially after Erdogan shot back Wednesday saying the “worthless” cartoon had nothing to do with free speech but is in reality an attack on Islam. He accused European countries of wanting to “relaunch the Crusades. There’s also been growing demonstrations in other parts of the Middle East over charges of France’s “anti-Islamic” stance.

Erdogan’s top press aide, Fahrettin Altun, additionally said in a tweet: “We condemn this most disgusting effort by this publication to spread its cultural racism and hatred.”

“French President Macron’s anti-Muslim agenda is bearing fruit! Charlie Hebdo just published a series of so-called cartoons full of despicable images purportedly of our President,” he added.

On Monday Erdogan called for aTurkish boycott of all French goods over what he called France’s ‘anti-Islamic’ stance towards Muslims and the Turkish people. Erdogan had said during a televised speech in Ankara: “As it has been said in France, ‘don’t buy Turkish-labelled goods’, I call on my people here. Never give credit to French-labelled goods, don’t buy them.”

Meanwhile Erdogan is threatening to sue every European leader that posts or defends the cartoons, as is happening with a Dutch politician:

Macron has emphasized a freedom of speech message, vowing that the French “not give up our cartoons” – in reference to both the latest row but also the events and controversy surrounding the January 7, 2015 Charlie Hebdo massacre, which left 12 people dead after the newspaper published a series of cartoons perceived as mocking the founder of Islam Muhammad.

According to Reuters, Turkey has launched an investigation into the French newspaper, saying it will take “all necessary legal, diplomatic steps against Charlie Hebdo caricature on President Recep Tayyip Erdogan.”

END

But…..

FRANCE
Another brutal attack at a church in Nice:  3 killed, one decapitated
in this 2nd gruesome terror attack in France which has set this nation on edge.
(zerohedge)
 

3 Killed, 1 Decapitated, In 2nd Gruesome Terror Attack To Rattle France In 2 Weeks

 

Update (0800ET): Just as a front-page Charlie Hebdo illustration was provoking a major diplomatic snafu after criticizing President Erdogan, Turkey has spoken up to “strongly condemn” Thursday’s attack in Nice, despite Turkish officials joining the chorus of critics suggesting Macron’s new terror crackdown was “Islamophobic”.

We imagine we’ll be hearing more apologies like this from the leaders of Pakistan

* * *

Update (0730ET): Reuters has confirmed that three have now been confirmed killed, with one woman having been decapitated, by the terrorist who carried out this morning’s attack. The attack was carried out during a morning gathering at Notre Dame church, the largest church in the city of Nice.

One of those killed was the Church warden.

As top French law enforcement officials meet with the minister of the Interior, French President Emmanuel Macron is on his way to Nice.

To recap:

In what appears to be the second major French terror attack in two weeks, at least two have been killed and one critically injured in a brutal knife attack that occurred during the morning service of a local Catholic church – Notre Dame basilica – in Nice.

In an echo of the brutal attack on a schoolteacher that recently galvanized the French government to launch a major anti-terror crackdown, reports claimed that at least one of the victims had been decapitated, like the teacher was.

The incident is believed to be terror-related according to the city’s mayor. The suspect is reportedly alive, and has been taken into custody by police. A security perimeter has been set up around the church the city said, and it’s almost completely empty except for armed guards.

Witnesses on social media reported hearing shots fired as armed police responded to the incident, one reported hearing at least seven shots. The national police in France have urged the public to avoid the area, while cautioning that there’s no need to panic.

He wrote on Twitter: “I am on site with the @PoliceNat06 and the @pmdenice who arrested the perpetrator of the attack. I confirm that everything suggests a terrorist attack in the Basilica of Notre-Dame de #Nice06.”

Estrosi told reporters that “Islamofacism” is at the heart of these attacks, and that the attacker reportedly shouted “Allah Akbar” – or “God is Great” in Arabic.

French Interior Minister Gérald Darmanin said he was convening a crisis meeting at the ministry in Paris.

Of course, these same leaders do nothing when China imprisons and tortures millions of Muslims.

This latest attack, we suspect, will only serve to further galvanize public support for an aggressive dismantling of terror networks, while also directing more support to Marine Le Pen and the French right.

end
 
FRANCE
 
Massive taffic jams as citizens attempt to flee ahead of 2nd COVID lockdown
(zerohedge)

‘Massive Traffic Jams’ Across Paris As People Flee Ahead Of Second COVID Lockdown 

 
 

On Wednesday, French President Emmanuel Macron announced that France would enter a full lockdown from midnight on Thursday until the end of November due to the second wave of the coronavirus pandemic. 

With hours to go before the month-long national lockdown takes effect, videos have surfaced on Twitter, showing massive traffic jams of people trying to escape the city as lockdowns go into effect. 

“Traffic is barely moving in every direction as far as the eye can see. Lots of honking and frustrated drivers,” said one Twitter user. 

Another Twitter user suggests “traffic jams around Paris tonight” could be due to “people leaving the capital before lockdown.”

Using real-time data to confirm, that, in fact, the videos posted by citizen journalists in Paris are accurate – TomTom traffic data shows much of the city is in serious gridlock. 

TomTom real-time data shows a massive spike in Traffic Thursday night, the highest congestion so far this week, as lockdowns are only a few hours away. 

While people flee Paris ahead of lockdowns, it wouldn’t be shocking if anti-lockdown protests flared up across the city this weekend. 

 

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN
Satellite images show Iran rebuilding its Natanz nuclear centrifuge site. Israel will wait until nearly complete and then bomb it out of existence.\We cannot have a belligerent Iran with nuclear weapons
(zerohedge)

Satellite Images Show Iran Rebuilding Natanz Nuclear Centrifuge Site After Sabotage 

 

Iran has launched a major construction project at its controversial Natanz nuclear facility according to satellite imagery featured Wednesday in the Associated Press. Allegedly an underground advanced centrifuge assembly plant is being reconstituted after it was previously destroyed by fire.

A mystery blast and fire on July 2nd had disabled operations at the facility, which later in the summer Iran’s Atomic Energy Organization declared was an act of sabotage and not due to an accident. It’s widely believed that Israeli intelligence was behind the sabotage to disable advanced centrifuge operations there.

Iran’s Uranium Conversion Facility, just outside the city of Isfahan, AP file image.

Recall that before and after the fire which caused severe damage, setting back the development of advanced uranium enrichment centrifuges, there was a series of ‘mystery’ explosions and fires at various military and industrial sites across Iran, raising suspicions of a major Israeli or even US-backed covert campaign to destabilize the country’s defense and nuclear energy infrastructure.

While the White House exit from the 2015 nuclear deal (JCPOA) and recent ‘maximum pressure’ campaign was aimed at derailing what Washington claims are Iran’s nuclear ambitions, it appears to have done the opposite and strengthened Tehran’s resolve, also while under crippling sanctions.

As the AP underscores, the timing of the construction efforts couldn’t be worse for the Trump White House: “The construction comes as the U.S. nears Election Day in a campaign pitting President Donald Trump, whose maximum pressure campaign against Iran has led Tehran to abandon all limits on its atomic program, and Joe Biden, who has expressed a willingness to return to the accord.”

The report says further, “The outcome of the vote likely will decide which approach America takes. Heightened tensions between Iran and the U.S. nearly ignited a war at the start of the year.” Biden is seen as the candidate most likely to reenter the JCPOA agreement assuming Iran walks back its enrichment to come under caps stipulated by the Obama-era deal.

“Since August, Iran has built a new or regraded road to the south of Natanz toward what analysts believe is a former firing range for security forces at the enrichment facility, images from San Francisco-based Planet Labs show,” AP details.

“A satellite image Monday shows the site cleared away with what appears to be construction equipment there,” it says of the Planet Labs images.

 
ARMENIA/AZERBAIJAN
SouthFront highlights what has happened after a month of fighting between Armenia and Azerbaijan
(SouthFront)
 

The Armenian-Azerbaijani War After One Month

 

Submitted by SouthFront.org,

After a month of war, the Turkish-Azerbaijani bloc continues to keep the initiative in the conflict, exploiting its advantage in air power, artillery, military equipment and manpower. The coming days are likely to show whether Ankara and Baku are able to deliver a devastating blow to Armenian forces in Karabakh in the nearest future or not.

If Armenian forces repel the attack on Lachin, a vital supply route from Armenia to Nagorno-Karabakh, they will win the opportunity to survive till the moment when the ‘international community’ finally takes some real steps to pressure Turkey and Azerbaijan enough to force them to stop the ongoing advance. If this does not happen, the outcome of the war seems to be predetermined.

 

Meanwhile, Azerbaijani forces continue their advance in the region amid the failed US-sponsored ceasefire regime. Their main goal is Lachin. In fact, they have been already shelling the supply route with rocket launchers and artillery. The distance of 12-14km at which they were located a few days ago already allowed this. Now, reports appear that various Azerbaijani units are at a distance of about 5-8 km from the corridor. Armenian forces are trying to push Azerbaijani troops back, but with little success so far.

The advance is accompanied by numerous Azerbaijan claims that Armenian forces are regularly shelling civilian targets and that the ongoing advance is the way to deter them. Baku reported on the evening of October 27 that at least four civilians had been killed and 10 wounded in Armenian strikes on Goranboy, Tartar and Barda. On the morning of October 28, the Armenians allegedly shelled civilian targets in Tovuz, Gadabay, Dashkesan, and Gubadl.

On the morning of October 28, the Azerbaijani Defense Ministry claimed that in response to these Armenian violations its forces had eliminated a large number of enemy forces, an “OSA” air-defense system, 3 BM-21 «Grad» rocket launchers, 6 D-30, 5 D-20, and 1 D-44 howitzers, 2 2A36 «Giatsint-B» artillery guns, a 120 mm mortar, a “Konkurs” anti-tank missile and 6 auto vehicles.

On October 27, Azerbaijani sources also released a video allegedly showing the assassination of Lieutenant General Jalal Harutyunyan by a drone strike. Azerbaijani sources claim that he was killed. These reports were denied by the Armenian side, which insisted that the prominent commander was only injured. Nonetheless, the Karabakh leadership appointed Mikael Arzumanyan as the new defense minister of the self-proclaimed republic.

On the evening of October 27 , the Armenian Defense Ministry released a map showing their version of the situation in the contested region. Even according to this map, Armenian forces have lost almost the entire south of Nagorno-Karabakh and Azerbaijani forces are close to the Lachin corridor. An interesting fact is that the Armenians still claim that the town of Hadrut is in their hands. According to them, small ‘enemy units’ reach the town, take photos and then run away.

Al-Hadath TV also released a video showing Turkish-backed Syrian militants captured during the clashes. Now, there is not only visual evidence confirming the presence of members of Turkish-backed militant groups in the conflict zone, but also actual Syrian militants in the hands of Armenian forces.

 

Experts who monitor the internal political situation in Armenia say that in recent days the Soros-grown team of Pashinyan has changed its rhetoric towards a pro-Russian agenda. Many prominent members of the current Pashinyan government and the Prime Minister himself spent the last 10 years pushing a pro-Western agenda. After seizing power as a result of the coup in 2018, they then put much effort into damaging relations with Russia and turned Armenia into a de-facto anti-Russian state. This undermined Armenian regional security and created the conditions needed for an Azerbaijani-Turkish advance in Karabakh. Now, the Pashinyan government tries to rescue itself by employing some ‘pro-Russian rhetoric’. It even reportedly asked second President of Armenia Robert Kocharyan to participate in negotiations with Russia as a member of the Armenian delegation. It should be noted that the persecution of Kocharyan that led to his arrest in June 2019 was among the first steps taken by Pashinyan after he seized power. Kocharyan was only released from prison in late June 2020. Despite these moves in the face of a full military defeat in Karabakh, the core ideology of the Pashinyan government remains the same (anti-Russian, pro-Western and NATO-oriented). Therefore, even if Moscow rescues Armenia in Karabkah, the current Armenian leadership will continue supporting the same anti-Russian policy.

END

6.Global Issues

CORONAVIRUS UPDATE

Approximately 6% of all hospitalizations with COVID 19 are healthcare workers and 36.3% of this were nurses.

(zerohedge)

Nurses Were 36.3% Of All COVID-19 Healthcare Worker Hospitalizations This Spring: CDC Study

 

Proof continues to emerge that nurses, who are usually the first line of help in any hospital setting, are bearing the worst brunt of the Covid epidemic amongst healthcare workers.

More than 33% of all healthcare workers that have been hospitalized with Covid-19 between March and May turned out to be in nursing-related positions, a new report from Becker’s Hospital Review notes, citing CDC analysis.

In general, healthcare workers have accounted for about 6% of total adults that have been hospitalized due to Covid. 36.3% of these hospitalizations have been nurses or Certified Nurses Assistants.

The CDC analysis looked at 6,760 hospitalizations across 13 states, including New York, Ohio and California. It also revealed that 90% of healthcare workers hospitalized due to Covid-19 had underlying conditions, such as obesity.

28% of those hospitalized were admitted to the ICE and 15.8% required invasive ventilation. 4.2% of those admitted died during hospitalization. The analysis didn’t differentiate whether or not the healthcare workers caught Covid-19 as part of their job duties, or within their respective communities.

The CDC stated: “Healthcare workers can have severe COVID-19-associated illness, highlighting the need for continued infection prevention and control in healthcare settings as well as community mitigation efforts to reduce transmission.”

And while the study doesn’t take into account pay associated with being a nurse, we’re willing to bet that they are hardly being compensated appropriately for the risks they have been taking across the nation.

Recall, months ago, this was an issue we pointed out with EMTs. We noted that many were leaving their jobs in “alarming numbers” because the Covid pandemic had made it overwhelming and not worth the menial salary they were making.

Robert Baer, an EMT in New York City who was formerly one of the first responders on September 11, told CBS several months ago: “I knew it would probably kill me if I went out there and had multiple exposures — and I’m not a chicken. I love the job, but my doctors were telling me I shouldn’t be going in the field, that it was very dangerous.”

He was supposed to be deployed to Elmhurst Hospital in Queens back in March, but decided his risks were too high and, instead, quit his job. As a result of the September 11 response, he suffers with asthma, chronic bronchitis and sleep apnea that put him at a higher risk for Covid.

Oren Barzilay, president of the FDNY-EMS Local 2507, representing New York City medics noted that about 60 EMTs had left the department over the last 4 months. Many of those retiring are over the age of 50.

“They see the risks associated with the job and the low pay, and it’s just not worth it,”  Barzilay continued. EMTs start at just $30,000 per year in New York and pay tops out at about $50,000. Nationally, the job pays just $38,830 per year on average.

END
 
Top UK Scientists warn that most if not all of the COVID 19 vaccines will fail due to the many mutations of the virus and its non stability. Remember Luc Montagnier:  this virus is man made and will eventually morph into the common cold ( and no real vaccine to protect us)
(zerohedge//the Lancet)

Top UK Scientists Warn “Many, Or All” COVID-19 Vaccine Projects Could Fail, First Gen “Likely To Be Imperfect”

 

MSM outlets seized on groundbreaking research produced by the Imperial College of London yesterday, claiming that the study’s findings that COVID-19 antibodies degrade during the months following infection to bash the Great Barrington Declaration, arguing that herd immunity would be virtually impossible to establish without the help of a vaccine that can provoke a stronger immune system response.

Well, on Wednesday morning, as the US government struck a deal to buy $375 million worth of an experimental Eli Lilly COVID-19 antibody drug following questionable trial results, a team of leading scientists in the UK warned that the quest for a vaccine could be complicated by an “imperfect” initial round of tests.

In fact, members of the UK’s Vaccine Taskforce warned in an article published in the Lancet that a fully effective vaccine might never be developed, and that early versions of approved vaccines might not work for all people.

The letter is clearly an effort to temper people’s expectations as a growing body of research shows that COVID-19 immunity is more complicated than many would suspect, while President Trump continues to insist that a vaccine will be available within weeks as he battles for reelection. Recently, Pfizer, the current US frontrunner, saw its CEO delay the release of trial data that was expected by the end of the week.

Importantly, the team warned that there might never be a working vaccine: “However, we do not know that we will ever have a vaccine at all. It is important to guard against complacency and over-optimism,” said Kate Bingham, the chair of the UK Vaccines Taskforce.

“The first generation of vaccines is likely to be imperfect, and we should be prepared that they might not prevent infection but rather reduce symptoms and, even then, might not work for everyone or for long.” The taskforce added that “many, and possibly all” of the vaccine projects currently in the works could fail.

Readers can find the letter below in its entirety (text courtesy of the Lancet).

* * *

No vaccine in the history of medicine has been as eagerly anticipated as that to protect against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Vaccination is widely regarded as the only true exit strategy from the pandemic that is currently spreading globally.

The UK is at the forefront of a huge international effort to develop clinically safe and effective vaccines. The Vaccine Taskforce was the brainchild of Sir Patrick Vallance, the UK Government’s chief scientific advisor, who saw the need for a dedicated, nimble private-sector team of experts embedded in the Government to drive forward the development of vaccines for the UK and internationally. The Vaccine Taskforce was set up under the Department for Business, Energy and Industrial Strategy in May, 2020, and I was asked to chair the taskforce, reporting directly to the prime minister, and working alongside Deputy Chair Clive Dix. The Vaccine Taskforce aims to ensure that the UK population has access to vaccines as soon as possible, while working with partners to support equitable access for populations worldwide, whether rich or poor.

However, we do not know that we will ever have a vaccine at all. It is important to guard against complacency and over-optimism. The first generation of vaccines is likely to be imperfect, and we should be prepared that they might not prevent infection but rather reduce symptoms, and, even then, might not work for everyone or for long.

Our strategy has been to build a diverse portfolio across different formats to give the UK the greatest chance of providing a safe and effective vaccine, recognising that many, and possibly all, of these vaccines could fail. We have focused on vaccines that are expected to elicit immune responses in the population older than 65 years: over three-quarters of deaths caused by SARS-CoV-2 infection are in this older population,1, 2 so it is essential that any vaccine is able to protect this group. Scalability of vaccine manufacture was also a key criterion, with the goal being to manufacture in the UK, if possible, to secure supply and create long-term resilience. We considered only vaccines that have the potential for approval by the Medicines and Healthcare products Regulatory Agency and European Medicines Agency and for vaccine delivery as early as the end of 2020 or, at the latest, in the second half of 2021.

The Vaccine Taskforce has now secured access to six vaccines (from more than 240 vaccines in development) across four different formats: adenoviral vectors, mRNA, adjuvanted proteins, and whole inactivated viral vaccines, which are promising in different ways. The most advanced vaccines, such as those developed by AstraZeneca and the University of Oxford, BioNTech and Pfizer, and Janssen, are based on novel formats for which we have little experience of their use as vaccines, although the initial immunogenicity and safety data are encouraging.3, 4, 5 Vaccines based on frequently used vaccine formats, such as adjuvanted protein vaccines developed by Novavax, and by GSK and Sanofi, and inactivated whole viruses developed by Valneva, will not be available until late in 2021.

We also have an agreement with AstraZeneca to supply a neutralising antibody cocktail as a prophylactic treatment once clinical trials are completed and it is approved by regulators. This treatment will be provided in the short term for people who cannot receive a vaccine, such as people who are heavily immunosuppressed and cannot mount an immune response, or people who need immediate protection, such as health-care workers.

The Vaccine Taskforce has options to purchase sufficient doses of each vaccine type to vaccinate the appropriate UK population. Following the interim advice by the UK’s Joint Committee of Vaccination and Immunisations,6 vaccination would be recommended for adults older than 50 years, health-care and social-care workers on the front line, and adults with underlying comorbidities. The precise dose required will be determined as part of the clinical trials and by the decisions made by the UK Government on the basis of the advice from the Joint Committee on Vaccination and Immunisation. We anticipate that most vaccines will require two doses, and we are also investigating whether annual or biannual revaccination booster shots might be required to maintain durable protection.

Developers of COVID-19 vaccines range from small biotechnology companies to big pharmaceutical companies, each with different commercial objectives and with different amounts of funding to support manufacturing scale-up and clinical trials. In some cases, the Vaccine Taskforce is investing at risk to support these activities before we know whether the vaccine is safe and effective, and, in other cases, we have negotiated an advanced purchase agreement. In both instances, government funding is usually linked to reaching clinical, regulatory, and other milestones. If a vaccine is not going to work, then we will stop funding.

Some of the developers, such as AstraZeneca, GSK and Sanofi, and Janssen, are pursuing the development of a vaccine on a non-profit basis, at least for the pandemic period; whereas others view the resources and risk that they are assuming as justification for seeking a profit.

The first phase 3 efficacy data from the leading vaccine candidates are due by the end of 2020, subject to accruing sufficient rates of infection within the clinical trial cohorts to show the vaccines’ efficacy. The primary endpoint is to show that the vaccine can protect against SARS-CoV-2 infection and reduce symptom burden. Two phase 3 efficacy clinical trials are now underway in the UK; the Oxford AstraZeneca adenovirus-vectored vaccine (NCT04400838) and the world’s first phase 3 study for Novavax’s protein-adjuvant vaccine (NCT04368988), both occurring at various sites across the UK. Numerous phase 3 studies are in preparation to start in the UK in 2020 and 2021 with US, European, Australian, and possibly Chinese vaccine developers, reflecting the UK’s strong reputation for running clinical trials and postauthorisation pharmacovigilance of high quality.

To help to accelerate the development of successful vaccines, we launched the National Health Service COVID-19 vaccine registry7 and have enrolled over 295 000 volunteers,8 with a focus on populations who are at high risk of severe infection and mortality from COVID-19. We plan to accelerate recruitment in disease hotspots with mobile research teams informed by robust PCR testing, and have provided funding for clinical trials of crucial importance, including Janssen’s two-dose Ad26 protocol (NCT04505722), Imperial College London’s self-amplifying RNA (ISRCTN17072692), and Valneva’s whole inactivated vaccine. We are also exploring the potential for future controlled human challenge studies, dependent on ethics and regulatory approvals. These studies have the potential to assess the efficacy of vaccines more quickly and with far fewer participants than a standard phase 3 trial. The Vaccine Taskforce is also supporting the development of heterologous boost clinical protocols, through the National Institute for Health Research, to explore whether different vaccine combinations can increase immunity or durability of protection.

To harmonise results from the various clinical trials, and to help to define immune correlates of protection, we have supported development of standardised, accredited assays, including quantitative high-throughput spike-protein ELISAs, live viral-neutralisation assays, and T-cell assays, which will be available to all vaccine developers.

A major challenge is that the global manufacturing capacity for vaccines is vastly inadequate for the billions of doses that are needed, and the UK manufacturing capability to date has been equally scarce. The Vaccine Taskforce has provided funding for flexible and surge production in several new UK sites for vaccine manufacture to provide the UK population with a new vaccine in less than 9 months from the identification of the pathogen. We also plan to bring new vaccine technologies and capabilities to the UK for future pandemic preparedness.

No-one has ever done mass vaccination of adults anywhere in the world before and the two-dose regimen, plus cold-chain restrictions for some vaccines, adds to the complexity of this deployment operation. National Health Service England has flexible deployment plans to start the vaccination of prioritised cohorts as soon as the vaccines are approved by the regulatory authorities, currently not to be coadministered with the influenza vaccination (although clinical trials are exploring coadministration of influenza and COVID-19 vaccines). Deployment plans have been developed for a range of settings from mass vaccination sites to large and small mobile (eg, pop-up) sites, general-practitioner surgeries and pharmacies, and even roving teams to visit people in care homes and people who are housebound or shielding.

The UK is committed to ensuring that everyone at risk of SARS-CoV-2 infection, anywhere in the world, has access to a safe and effective vaccine. The COVID-19 Vaccines Global Access Facility, to which the UK has committed £548 million, will deliver vaccines for the UK population and provide access to vaccines for lower income countries: initially 2 billion doses for 1 billion people worldwide. Working with Gavi, the Vaccine Alliance, Coalition for Epidemic Preparedness Innovations, WHO, and a broad alliance of 180 nations, this pooling of resources maximises the chances of securing access to a vaccine and making it available to all who need it. But we now need to make this global facility a permanent one: ready to respond to future pandemics quickly in the future and to control COVID-19.

The SARS-CoV-2 virus is likely to evolve, and other zoonotic pathogens are likely to pose future risks. China, Europe, the USA, and the UK need to work together. If we establish international collaboration right now, then we will be better prepared to control future pandemics without causing the largest global recession in history and the biggest threat to lives in living memory.

* * *

Source: The Lancet

end

CORONAVIRUS/UPDATE//GLOBE

Global COVID-19 Cases Near 45 Million After Another Record Day: Live Updates

 
 

Summary:

  • Global cases near 45 million
  • New records in Romania, Poland
  • Greece announces 1-month lockdown
  • Belgium hospitalizations hit record as nonessential medical patients delayed
  • Italy will decide on new measures after another week
  • UK rate of spread surges as BoJo faces pressure for national lockdown
  • India tops 8 million cases
  • Singapore lifts travel restrictions with China
  • Moderna gets billion-dollar deposit

* * *

After Germany and France unveiled their plans to return to the most restrictive ‘partial lockdown’ conditions since the springtime quarantine period ended yesterday, a group of smaller European nations are following suit with Greece introducing a one-month lockdown after two days of record new cases.

 

“Tomorrow I will announce a new one-month action plan,” said Greek Prime Minister Kyriakos Mitsotakis. Elsewhere in Europe, more restrictions are likely coming, with many looking toward Italy, where PM Giuseppe Conte has said he wants to use the next week to assess the efficacy of the most recent set of restrictions before deciding whether to take further action. But as things stand, with Italy reporting another record jump in new cases yesterday, many expect it to follow France and Germany into quasi-lockdown, while Spain sticks to a nationwide emergency order allowing local officials to manage their own restrictions.

Poland reported 20,156 new COVID-19 cases in the past day, a 7% jump from the prior record set one day earlier, and the third all-time record reached this week. Another 301 deaths were reported, bringing the total to 5,149, according to the Polish health ministry.

Source: Bloomberg

Romania also reported another record jump in cases, while Belgium reported a record number of virus hospitalizations.

 

With 5,924 COVID-19 patients currently hospitalized for COVID-19, Belgium has surpassed its springtime peak from April 6, as a record 743 patients were admitted on Wednesday, following a revised 690 on Tuesday.

Of those, 993 were in the ICU, which is still 20% below the peak of the first wave. Belgian health officials reported more than 100 deaths for the second day in a row.

In response, Brussels has ordered all nonessential hospital work to be postponed as the country’s health system struggles to deal with the influx of patients. Croatia, in the Balkans, is asking doctors to come out of retirement to help treat the sick.

In the UK, where pressure is growing on the government to tighten restrictions even further, the number of new cases being reported daily is doubling every nine days or thereabouts. An estimated 960,000 people are carrying the virus on any given day in England. British health authorities said that the reproduction rate climbed to 1.6, from 1.2 when these figures were last published on Oct. 9. BoJo is trying to unveil a mass screening plan relying on rapid saliva tests to try and arrest the spread without resorting to another lockdown, but the pressure is growing nonetheless, led by government scientists with predictions showing untrammeled spread by December.

Globally, the world is on the cusp of topping 45 million confirmed cases, with 1,174,007 deaths confirmed as of Thursday morning in the US. The world saw more than 530k new cases confirmed during the 24 hours to Wednesday, according to Johns Hopkins data.

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

Although daily case numbers have slowed from the peak seen in September, India has passed 8 million total cases after adding 49,881 confirmed cases in the past 24 hours, according to government data. The country has suffered the largest outbreak in the world after the US, and its death toll of 120,527 trails only the US and Brazil. However, talk about India surpassing the US as the worst-hit country in the world has subsided as US cases have surged once again, pushing the US close to the 9 million case mark as of Thursday morning (Source: Newswires).

China’s biggest COVID-19 outbreak in months has reportedly been contained, according to Caixin. The outbreak in Kashgar, part of the northwestern Xinjiang region, where China’s mass-detention program for million of ethnic Ughyer Muslims has been carried out. The infections were linked to a local garment factory, and authorities have ruled out the possibility of further spread (Source: Caixin).

South Korea confirms 125 new cases, down from 103 a day earlier. Total infections reach 26,271, with 462 deaths (Source: Nikkei).

Australia’s COVID-19 hot-spot state Victoria reports only one new infection on Thursday, a day after it lifted a four-month lockdown in the city of Melbourne (Source: Nikkei).

China reports 47 new confirmed cases for Wednesday, up from 42 a day earlier and the highest daily increase in more than two months (Source: Nikkei).

Taiwan marked its 200th consecutive day without local transmission (Source: Newswires).

Singapore will lift border restrictions for visitors from mainland China and Victoria State in Australia from Nov. 6 as both regions “have comprehensive public health surveillance systems and displayed successful control over the spread of the COVID-19 virus,” according to a statement from the city-state’s civil aviation authority (Source: Bloomberg).

Moderna received $1.1 billion in customer deposits for the shots during the third quarter, which were booked as deferred revenue. The company is only slightly behind Pfizer Inc. and its partner BioNTech SE in the race for a Covid vaccine and has completed enrollment its 30,000-patient trial (Source: Bloomberg).

END

Michael Every on the day’s important topics

(courtesy Michael Every..)

Rabobank: Opinion Polls Are Saying Whatever *You* Want Them To Say, To A Tragicomic Degree

 

By Michael Every of Rabobank

Always blindingly obvious

France is partially locked down from tomorrow until 1 December; super-efficient Germany has a limited lockdown for a month too; Italy may follow imminently; and Ireland has had one for a while. In the UK pubs are either open but can’t serve alcohol, or are open if they put a lettuce leaf next to a Cornish pasty on a plate, because that obviously controls the virus completely, or are closed; and the threat is being bandied about that the British police could even come into homes and arrest families over Christmas if more than six people are gathered together for a slice of Xmas pudding. Is it any wonder that the UK’s three virus ‘tiers’ were recently dubbed by its tabloid press as “stuffed”, “nearly stuffed”, and “soon to be stuffed”. Meanwhile, US cases are spiking up again, in the Mid-West this time.

Of course, Covid-19 has been rampaging across swathes of the developing world for months, such as India with its 8m cases. Yet that didn’t seem to matter at all to ebullient markets at all until this week, and yesterday in particular. Suddenly it all does matter, however. I mean, just imagine a European not being able to go to a restaurant on a Wednesday night and having to cook at home! Imagine a skiing holiday being cancelled! Thus risk is now off and sentiment has turned and equities have tumbled.

Should we be surprised? After all, whoever said markets were either rational in the short term or moral? They love to ignore the blindingly obvious until it is literally right in their own faces.

This is in no way to underplay the serious economic hardship and real physical and psychological damage that is being wrought in developed economies by Covid-19, which in many ways is only just getting started: how many small businesses and jobs are going to be able to survive another lockdown? How many are going to be able to cope with a potential future of rolling biannual lockdowns? As this report shows, one in seven adults with kids in the US is already going short of food; and nearly one in four renters with kids is behind on rent payments.

However, the suffering in many emerging markets has been very high for a long time too, and is still rising. Scientists made clear a second wave would arrive with autumn. Markets just weren’t that interested. All that supposed economic muscle in EM still pales in comparison to DM when push comes to actual shove, it seems. As does’ following the science’.

So let’s now follow on to scientifically focusing on the travails of some of the richest countries with the best public health systems in the world: yes, it’s ECB day.

 

As our ECB team note, the Governing Council meets amidst a resurgence of Covid-19 across Europe. Many Council members have expressed their support for new or prolonged easing as the outlook for the economy and inflation remains weak, but there has still been some pushback on the timing. (Could they not wait until inflation is firmly negative y/y, cynics might ask?)

Last week, the team’s view was that considering calm markets and the stimulus still being provided by previous measures, they did not think that the downside risks warranted immediate ECB intervention, but they openly acknowledged there was a substantial risk of an announcement today. Will Europe back in partial lockdown and markets falling this week have changed a few minds? Or will the majority of the ECB still favour the December meeting as more propitious to take the next step on the ongoing journey of not meeting its inflation target?

In terms of policy expectations, they expect interest rates on hold for the foreseeable future. There are only risks of a cut, which would be effective in weakening EUR. However, they think EUR/USD would still need to be closer to 1.20 before the ECB sees it as restrictively strong and acts in that regard. They still foresee a higher tiering multiplier, but expect the ECB to wait until more of the PEPP has been implemented (or a rate cut does materialise). A rate cut, if seen, may also require a tweak in the TLTRO modalities to limit the potential downside. On the once-unthinkable and now life-is-unthinkable-without-them Asset Purchase Programmes, they expect no changes or PEPP just yet, but still call for an extension of PEPP to end-2021 in December, paired with a EUR ~250bn increase in the envelope.

In short, Europe is seemingly heading for a very difficult winter on multiple fronts: and the ECB is not going to be providing much light or heat, just the usual acronyms. The EU’s fiscal-Rubicon-crossing virus spending measures might even need review, one might imagine, before the ink is dry on the document and a single Euro flows out.

Similar sentiments of course apply to Japan, where retail sales dipped 0.1% m/m in September vs. a projected 1.0% rise and are still -8.7% y/y, but where the BOJ did nothing new at its monthly meeting. Apart from raising its forecast for growth next year to 3.6% to 3.3% y/y.

And regardless of the election, some things don’t seem to change in the US. The Senate has seen a bill introduced “that would prohibit malign Chinese companies — including the parent, subsidiary, affiliate, or a controlling entity — that are listed on the US Department of Commerce Entity List or the US Department of Defence list of Communist Chinese military companies from accessing US capital markets.” It would prohibit such firms listing and trading on a US securities exchange; the use of federal funds to deal with such entities; all investments by insurance companies in them; all IRAs from investing in them; and remove the tax-exempt status for qualified trusts that invest in them. Notably, there is still no reference to stopping US capital flowing into Chinese bonds or Chinese government bonds, but given that a share of public spending in every country goes into the military that this bill rails against, one wonders how long until that loophole is also closed.

Something else for markets not to worry about, no doubt, until the blindingly obvious –like the fact that this Covid second wave would happen in DM too– suddenly looms ahead ad ski-trips have to be postponed.

end
 
 
Robert emails to me; a must must read….
 
First email:
 
“This is in keeping with what a friend of mine who is a pharmacist told me months ago. Probably, why I have not paid much attention to this virus. Remember, only a small group of people actually get sick. And if you take vitamin D in quantity you have reduced even that risk by 80%. This is why lockdowns are far more dangerous to all of our health and well being. ”

 

A PROFESSOR OF PHARMACEUTICALS AT UNIV. OF TORONTO SENT THIS CLEARLY WORDED UPDATE TO HIS FAMILY.”

[ARTICLE] For this pandemic, there’s a greater chance of survival for those getting infected 6 months later….say, September 2020 versus 6 months earlier, say February 2020. The reason for this is that doctors and scientists know more about Covid-19 now than 6 months ago and hence are able to treat patients better. I will list 5 important things that we know now that we didn’t know in February 2020 for your understanding.

1. COVID-19 was initially thought to cause deaths due to pneumonia – a lung infection and so Ventilators were thought to be the best way to treat sick patients who couldn’t breathe. Now we are realizing that the virus causes blood clots in the blood vessels of the lungs and other parts of the body and this causes reduced oxygenation. Now we know that just providing oxygen by ventilators will not help but we have to prevent and dissolve the micro clots in the lungs. This is why we are using drugs like Aspirin and Heparin ( blood thinners that prevent clotting) as the protocol in treatment regimens starting in June 2020.

2. Previously patients used to drop dead on the road or even before reaching a hospital due to reduced oxygen in their blood – OXYGEN SATURATION. This was because of HAPPY HYPOXIA where even though the oxygen saturation was gradually reducing the COVID-19 patients did not have symptoms until it became critically less like sometimes even 70%. Normally we become breathless if oxygen saturation reduces below 90%. This breathlessness is not triggered in Covid patients and so we were getting the sick patients very late to the hospitals in February 2020. Now since knowing about happy hypoxia we are monitoring oxygen saturation of all Covid patients with a simple home use pulse oximeter and getting them to the hospital if their oxygen saturation drops to 93% or less. This gives more time for doctors to correct the oxygen deficiency in the blood and a better survival chance since June 2020.

3. We did not have drugs to fight the corona virus in February 2020. We were only treating the complications caused by it… hypoxia. Hence most patients became severely infected. Now we have 2 important medicines FAVIPIRAVIR & REMDESIVIR … These are ANTIVIRALS that can kill the corona virus. By using these two medicines we can prevent patients from becoming severely infected and therefore cure them BEFORE THEY GO TO HYPOXIA. This knowledge we had in JUNE 2020… not in February 2020.

4. Many Covid-19 patients die not just because of the virus but also due to the patient’s own immune system responding in an exaggerated manner called CYTOKINE STORM. This stormy strong immune response not only kills the virus but also kills the patients. In February 2020 we didn’t know how to prevent it from happening. Now in September 2020, we know that easily available medicines called Steroids, that doctors around the world have been using for almost 80 years can be used to prevent the cytokine storm in some patients.

5. Now we also know that people with hypoxia became better just by making them lie down on their belly – known as prone position. Apart from this a few months ago Israeli scientists discovered that a chemical known as Alpha Defensin produced by the patients White blood cells can cause the micro clots in blood vessels of the lungs and this could possibly be prevented by a drug called Colchicine used over many decades in the treatment of Gout.

So now we know for sure that patients have a better chance at surviving the COVID-19 infection in September 2020 than in February 2020, for sure.

Going forward there’s nothing to panic about Covid-19 if we remember that a person who gets infected later has a better chance at survival than one who got infected early.

end

And then this 2nd email:

“Over 80 percent of 200 COVID-19 patients in a hospital in Spain have vitamin D deficiency, according to a new study published in the Endocrine Society’s Journal of Clinical Endocrinology & Metabolism“. 
 
“The overall noninstitutionalized infection fatality ratio [for COVID-19] was 0.26% … Persons younger than 40 years had an infection fatality ratio of 0.01%; those aged 60 or older had an infection fatality ratio of 1.71%. “~ Annals of Internal Medicine September 2, 2020

Yes, dying from COVID is a scary thought and so is dying from mental illness or dementia or cancer or a host of other diseases. But to inflict mass hysteria and change social interactions of both adults and children is a crime. A crime against humanity. Never in modern history has anyone tried to change an entire civilization over a period of months over a threat that is manageable And no worse than the flu, without current lockdowns which are destroying the fabric of society by breaking the supply chains that hold life together, as we have known it.  Whether it is travel or simply buying a car or going to the grocery store for food or buying a new pair of shoes. Nothing is the same or even a enjoyable experience. The consumption society built since WWII is being remolded quickly with long term implications. Flying is a pain, with temperature checks by people in hazmat suits before boarding and watching people struggle with incorrect masking is most sad. Masking that seems to becoming a fashion accessory to a number of people, regardless of the affects of wearing them.
 
We are watching the world change in permanent ways that will not return the normal of just a few months ago.
 
When you read the article below, please ponder the implications of change that this will cause not only for anyone connected with air travel, but the countless relationships that will be affected, as a result.
These communists who trying or achieve the “great reset” do not understand human nature and will fail as a result. And in their failed attempt, they will destroy the cultural side of Europe as capital spending on what were national treasures becomes non existent. Cathedrals cost money to maintain and keep open even when no one can attend, as do ruins like Pompei. They are destroying human rights, private property, and religious freedom in effect destroying everything that made Christian Europe great historically. The part of Europe and England that will be missed are the Numerous specialty shops Where people made shirts, shoes and leather jackets whether it was in Florence or London. Or how about the hand milled soaps done in artisan tradition passed down for generations. Even the chocolatiers are at risk, as customers lack in Switzerland, or what about the artisan watchmakers. All of this is at risk and will be greatly diminished. And just try to find authentic European grandfather clock mechanisms or parts for them. Even now some have to be hand crafted by new craftsmen found locally or far afield.
 
America will rebuild itself and perhaps in turn lift Europe from its’ darkness, however it will be a long twisted road. Even in the case of England a complete lockdown there will do more than cause a ripple effect in German car producers as the world is too interconnected not to have spillover effects that linger.
Nearly 200 European Airports Risk Going Bankrupt
October 27, 2020

 

Nearly 200 European airports risk insolvency in the coming months if passenger traffic does not recover, a trade association warned on Tuesday, as nations contemplate further lockdowns to combat a second wave of the coronavirus pandemic.

ACI Europe said the 193 airports facing insolvency are mainly regional airports which serve local communities.

But combined they support more than a quarter of a million jobs and 12 billion euros ($15.6 billion) in gross domestic product.

“The threat of airport closure means Europe faces the prospect of the collapse of a significant part of its air transport system—unless governments step up to provide the required support,” said the trade association.

A number of European nations have moved to provide specific help for airlines in addition to support measures offered to all companies hit by pandemic-related restrictions.

ACI Europe’s figures show airport passenger traffic was down 75 percent in mid-October, which means airports—like airlines—have trouble covering operating costs.

The trade body called on European nations to shift to testing air passengers for coronavirus rather than imposing quarantines on travellers.

 
end

7. OIL ISSUES

Crude prices collapsing..

(zerohedge)

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1704 DOWN .0044 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 104.23 DOWN 0.083 (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 1.2941   DOWN   0.0044  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3365 UP .0054 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  THURSDAY morning in Europe, the Euro FELL BY 44 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1704 Last night Shanghai COMPOSITE UP 3.49 POINTS OR .11% 

//Hang Sang CLOSED DOWN 122.30 PTS OR .49% 

/AUSTRALIA CLOSED DOWN 1,50%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN  122.30 PTS OR .49% 

/SHANGHAI CLOSED UP 3.49 PTS OR .11% 

Australia BOURSE CLOSED DOWN 1.50% 

Nikkei (Japan) CLOSED DOWN 86.57  POINTS OR 0.37%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1872.40

silver:$23.06-

Early THURSDAY morning USA 10 year bond yield: 0.778% !!! DOWN 0 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.559 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 93.69 UP 28 CENT(S) from  THURSDAY’s close.

This ends early morning numbers THURSDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.11% DOWN 4 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.15%//DOWN 4 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.72 DOWN 4 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 –.63% IN BASIS POINTS ON THE DAY//

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

END

IMPORTANT CURRENCY CLOSES FOR THURSDAY

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

Euro/USA 1.1657  DOWN     .0091 or 91 basis points

USA/Japan: 104.70 UP .393 OR YEN DOWN 40  basis points/

Great Britain/USA 1.2902 DOWN .0087 POUND DOWN 87  BASIS POINTS)

Canadian dollar DOWN 51 basis points to 1.3362

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,CNY: closed DOWN AT 6.7150    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.7220  (YUAN DOWN)..

TURKISH LIRA:  8.28  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield UP 4 IN basis points from THURSDAY at 0.813 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.596 UP 4 in basis points on the day

Your closing USA dollar index, 94.08 UP 67  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 11.68  0.21%

German Dax :  CLOSED UP 47.12 POINTS OR .41%

Paris Cac CLOSED UP 4.18 POINTS 0.09%

Spain IBEX CLOSED DOWN 40.70 POINTS or 0.94%

Italian MIB: CLOSED DOWN 20.83 POINTS OR 0.23%

WTI Oil price; 35.94 12:00  PM  EST

Brent Oil: 37.50 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    79.17  THE CROSS HIGHER BY 0.16 RUBLES/DOLLAR (RUBLE LOWER BY 16 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.63 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 :  36.26//

BRENT :  37.75

USA 10 YR BOND YIELD: … 0.831..up 6 basis points…

USA 30 YR BOND YIELD: 1.613 up 5 basis points..

EURO/USA 1.1674 ( DOWN 74   BASIS POINTS)

USA/JAPANESE YEN:104.63 UP .312 (YEN DOWN 31 BASIS POINTS/..

USA DOLLAR INDEX: 93.90 UP 50 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.2929 DOWN 59  POINTS

the Turkish lira close: 8.29

the Russian rouble 78.96   UP 0.15 Roubles against the uSA dollar. (UP 15 BASIS POINTS)

Canadian dollar:  1.3318 DOWN 6 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.63%

The Dow closed DOWN 139.16 POINTS OR 0.52%

NASDAQ closed DOWN 180.73 POINTS OR 1.64%


VOLATILITY INDEX:  36.78 CLOSED DOWN 3.50

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

USA trading today in Graph Form

Stocks, Dollar, & Bitcoin Jump; Bonds & Black Gold Dump After Record GDP

 

A better than expected record rebound in GDP prompted traders to buy the ‘rumor’ ahead of tonight’s explosive set of earnings from FB, TWTR, AAPL, & AMZN with stocks running stops through gamma pivot levels, technical levels, and rolling over… At around 1315ET, the algos went wild…but a weak close as month-end looms…

As investors rushed in for FOMO…

But no bounce in Europe…

Source: Bloomberg

S&P Futs ran above the 3300 pivot and then took out yesterday’s opening ledge stops before rolling over, tumbling back to that Gamma pivot…

Small Caps cluing to their 50DMA, S&P bounced off its 100DMA, Dow bounced off its 200DMA, Nasdaq remains below its 50DMA…

Momentum faded today as value rose marginally…

Source: Bloomberg

XOM held its dividend steady for the first time in decades (but didn’t cut it) leaving its yield (in absolute and spread terms) at record highs…

Source: Bloomberg

FANG Stocks soared ahead of tonight’s earnings extravaganza…

Source: Bloomberg

As opposed to yesterday’s “Sell it all” day, today saw bonds dumped as stocks pumped…

Source: Bloomberg

But bonds made the headlines as an ugly 7Y Auction and reports of a big offering from Boeing (~$5bn) which would require rate-locks sparked a considerable spike in yields, basically erasing the week’s yield drop…

Source: Bloomberg

10Y pushed back above 80bps but we can’t help but a sense of deja vu all over again as after Boeing’s issuance, we will see this pressure unwind…

Source: Bloomberg

Real yields soared higher today (gold largely shrugged it off) to its highest since July (still negative though)…

Source: Bloomberg

The Dollar jumped to 3-week highs before rolling over a little…

Source: Bloomberg

10Y Yields reversed at their 200DMA once again…

Source: Bloomberg

As the Euro tumbled on ECB promises of more money-printing…

Source: Bloomberg

EURUSD’s drop stalled perfectly at the 100DMA however…

Source: Bloomberg

Cryptos were mixed today with ETH and BTC higher…

Source: Bloomberg

Bitcoin bounced higher off $13,000 once again…

Source: Bloomberg

WTI crashed to a $34 handle – 5 month lows…

Gold futures extended their losses below $1900…

 

Finally, we note that the market’s fear of a contested election has subsided significantly…

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

USA GDP

This is good for Trump:  the uSA economy is back on track with a 33.1% rise in Q3 after a 31% fall in last quarter

(zerohedge)

US GDP Soars By A Record 33.1% In Q3, Smashing Expectations

 

What goes down, must come up, and one quarter after US GDP collapsed by a record 31.4% annualized, moments ago the BEA reported that in Q3 the US economy rebounded by a similarly record high 33.1%, the biggest annualized increase in history.

The GDP number beat estimates for a 32% increase, which was already well above forecasts three months ago for an 18% gain. The surge in growth was mostly driven by personal spending, which climbed an annualized 40.7%, also a record, while business investment and housing also posted strong increases.

 

And while on a Y/Y basis the rebound was not nearly as impressive, with the US economy still showing a 2.9% decline compared to a year ago following trillions in stimulus, and 3.5% below its pre-pandemic peak…

… one can be certain that Trump will parade with this “blockbuster” number for the next 4 days.

Looking at the data breakdown, the third-quarter increase in real GDP reflected increases in consumer spending, inventory investment, exports, business investment, and housing investment that were partially offset by a decrease in government spending. Imports, a subtraction in the calculation of GDP, increased.

The increase in consumer spending reflected increases in services (led by health care) and goods (led by motor vehicles and parts).

The increase in inventory investment reflected an increase in retail trade inventories (led by motor vehicle dealers). The decrease in government spending was in federal as well as state and local government.

 

A closer look at the bottom-line contributions reveals the following:

  • Personal Consumption Expenditures was the bulk, or 25.27% of the 33.08% GDP increase, up massively from a -24.01% decline in Q2
  • Fixed Investment added 4.96% after subtracting -5.27% in Q2
  • Private Inventories rebounded strongly, adding 6.62% in Q3 after subtracting -3.50% in Q2
  • Net Exports subtracted -3.09% from the final print after adding a modest 0.62% in Q2
  • Government consumption also pulled from GDP, reducing the bottom line by -0.68, after adding 0.77% in Q2.

Summarizing some of the key contributions to the bottom line, while PCE added 25.27% to the final Q3 print, Govt spending removed 0.68%.

As Bloomberg notes, while the report makes clear that the economy has found a solid footing for now, analysts caution that growth will be much more modest and choppy in months to come, especially as the spread of the virus gathers pace again and lawmakers remain in an extended deadlock over a new stimulus package. Moreover, there are still nearly 11 million fewer workers on payrolls than there were before the pandemic hit, and analysts say a full recovery in GDP is at least several quarters away.

Separately, Real disposable personal income (DPI)—personal income adjusted for taxes and inflation—decreased 16.3% in the third quarter after increasing 46.6% in the second quarter. The decrease in current dollar DPI was more than accounted for by a decrease in personal current transfer receipts (notably, government social benefits). Personal saving as a percent of DPI was 15.8 percent in the third quarter, compared with 25.7 percent in the second quarter.

Finally, prices of goods and services purchased by U.S. residents increased 3.4 percent in the third quarter of 2020, after decreasing 1.4 percent in the second quarter. Food prices decreased 1.8 percent in the third quarter, while energy prices increased 27.8 percent. Excluding food and energy, prices increased 3.2 percent in the third quarter, after decreasing 0.8 percent in the second quarter.

In summary, a great, but largely priced in GDP report, which the president will parade in the coming days.

A bigger question is what happens next, and as Deutsche Bank analyzes in the chart below, there are various scenarios where the US economy will likely be with various fiscal stimulus estimates relative to the pre-virus forecast. As DB’s Jim Reid notes, the baseline forecast assumes a $750bn-$1tn fiscal package next year, “but given that polls indicate a “blue sweep” has a 60-70% probability of occurring, the upside risk to this expectation could be substantial.” As such, the most likely scenario given the current passed House bill and comments from Biden’s team is a total package of around $2tn if this outcome prevails. As can be seen such a package gets the economy close to the pre-virus trend towards the end of 2021. Interestingly if we got to a $3tn package, we should be ahead of where we would have been by this point. Note that the $2.5tn of Biden tax rises are assumed to be delayed until early 2022, when the economy is on firmer footing.

end
 
but…..
 
Jobless claims
Normal jobless claims fall (initial and continuous claims) but pandemic emergency jobless soars!!…
(zerohedge)

Pandemic Emergency Jobless Claims Soar To Record High

 

With California’s fraudulent data issues ‘fixed’, initial jobless claims data is at least a little cleaner and printed a better than expected 751k – that’s the best level since pre-lockdown. Reminder, however, that this is still around 4x the pre-lockdown normal.

Source: Bloomberg

Continuing claims fell back below 8 million, its lowest level since pre-lockdowns…

Source: Bloomberg

Total Claims fell WoW…

Source: Bloomberg

But Pandemic Emergency Jobless Claims surged once again…

Source: Bloomberg

Sadly, as Peter Schiff recently noted, a lot of the people who have gone back to work in recent weeks will eventually find themselves in the unemployment line again.

I think a lot of these people who have been recalled, who have come back to work, I think ultimately their employers are going to realize, after the fact, that they don’t really need a lot of these workers, and a lot of these workers are going to be re-fired. Except next time it is going to be permanent, not temporary.”

end

Pending Home Sales Slump In September

 

Pending home sales were expected to rise 2.9% MoM in September, breaking the tie between a disappointing slowdown in new home sales and exuberant surge in existing home sales. However, after screaming to a record high in August, September pending home sales tumbled 2.2% MoM, but the YoY gain pushed up to +21.9%.

Source: Bloomberg

That is the biggest YoY gain since 2009 (and remains above the previous record high in 2005)…

The drop in the index may represent a pause in the housing surge as lean inventory causes prices to soar, crushing affordability.

“The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019,” Lawrence Yun, NAR’s chief economist, said in a statement.

“With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”

By region, pending home sales fell in three of four regions, including a 3.2% drop in the Midwest. Contract signings also declined 3% in the South and 2.6% in the West.

iii) Important USA Economic Stories

Louisiana

The Hurricane Zeta batters the Gulf Coast of Louisiana and puts 1.7 million citizens without power.

(zerohedge)

1.7 Million Without Power As Zeta Batters Gulf Coast 

 

Zeta made landfall Wednesday afternoon in Louisiana as a powerful Category 2 hurricane, weakened into a tropical storm as it batters the Southeast US Thursday morning.

According to power outage.us, by 0553 ET Thursday, more than 1.7 million customers were without power across four states. Georgia 708k, Louisiana 508k, Alabama 273k, and Mississippi 231k.

Zeta has picked up momentum, racing through central Alabama and northern Georgia this morning and then the Mid-Atlantic by evening.

 

“On the forecast track, the center of Zeta will move across portions of the southeastern US this morning, across the mid-Atlantic states this afternoon, and emerge over the western Atlantic by tonight,” the National Hurricane Center said.

CNN Meteorologist Michael Guy said Zeta’s fast track suggests the storm won’t lose much energy as it traverses the Southeast today and Mid-Atlantic by evening.

“This will allow Zeta to keep tropical storm intensity with strong winds throughout its course to the Atlantic,” Guy said.

Zeta is the 11th named storm and 6th hurricane to make landfall in 2020. “Both are seasonal records (the six hurricane landfalls ties with 1985 and 1886). Louisiana is the first state with five named storm landfalls in a season,” said Aon PLC.’s meteorologist and head of catastrophe insight Steve Bowen.

 

Bowen also said the super active hurricane season has already cost more than $30 billion in damage.

end
 
David Stockman on the phony stock market numbers
(David Stockman)

David Stockman On The Mother Of All Stock Market Manias

 
 

Authored by David Stockman via InternationalMan.com,

It seems that only 0.1% of the time during the last 70 years has the S&P 500 traded at a higher forward PE (price-to-earnings) multiple than it does today. That’s equal to 4 weeks out of the 3,640 weeks since 1950.

In a world faced by COVID lockdowns, staggering amounts of debt, central bank money-pumping extremes, and outright fiscal insanity in Washington, why is the present moment more propitious for the valuation of corporate earnings than during 99.9% of the time since the Korean War?

Of course, it is not. Not remotely so.

Instead, the Fed and the other central banks have led the robo-machines, day-traders, and Robinhood waifs into the most hideous stock-chasing mania in recorded history.

Here are just a few of the market extremities:

  • Amazon is now 43% of the S&P 500 consumer discretionary index;
  • Nearly two-thirds of the market is underperforming so far this year;
  • Year-to-date, only one in three stocks is actually in the green;
  • One in five stocks is down 50% or more from its all-time high;
  • The five largest stocks in the S&P 500 have a combined market cap that equals that of the “smallest” 389 stocks;
  • Apple, Amazon, Microsoft, and Google—four companies—have a combined market cap (over $6 trillion) that is greater than the GDP of every country in the world, minus the US and China;
  • Tesla, having surpassed Walmart (with one-twentieth of the revenue!), has become the ninth-largest stock in the US.

How could the S&P 500 be trading at its highest multiple in 70 years when the growth rate of corporate earnings has been sinking for more than two decades?

The recent S&P index value implies a PE multiple of 36.8X – a place the S&P 500 has never been before.

The forward PE is now above the record high reached during the dot-com madness at the turn of the century.

PE multiples at these levels imply double-digit earnings growth rates in the year ahead; it is relevant to start with the trend now in place. The only accurate way to measure the latter is on a peak-to-peak basis throughout the business cycle.

Corporate earnings peaked in Q4 2019, which was 12.5 years after the prior peak in June 2007. As it happens, the S&P 500’s earnings-per-share growth during that period – massive monetary stimulus to the contrary notwithstanding – was far below the rate of the two previous cycles.

Growth per annum:

  • Q2 2007–Q4 2019: 4.0%
  • Q3 2000–Q2 2007: 7.0%
  • Q2 1990–Q3 2000: 9.5%

Moreover, the 4.0% growth rate for the most recent cycle is not what it’s cracked up to be relative to prior cycles. That’s owing to the massive stock buyback campaigns and deterioration of corporate balance sheets since the June 2007 peak—as well as the one-time reduction in the corporate tax rate in 2017, a non-repeatable boost to cumulative S&P 500 earnings growth during the 12.5-year cycle.

Worse still, pretax corporate earnings in Q2 2020 plunged by 23% from their Q4 2019 peak – meaning that they have a huge hole to dig out of before there can be any growth in the post-Covid cycle.

Given today’s frenzied stock market, you would never guess that the $1.774 trillion level of profits reported for Q2 2020 was nearly identical to the $1.773 trillion level reported way back in Q4 2005.

In other words, corporate profits have been thrown backward by 15 years.

If you believed that current market levels had anything to do with the economic fundamentals, you would have to argue that the long-term trend of corporate earnings growth is fixing to pivot from the sinking pattern shown above to a new phase of parabolic rise.

Instead, what we have is pure, unadulterated inflation of PE multiples. That’s a monetary phenomenon – the AWOL inflation that the Fed heads keep gumming about.

It’s the PE multiple, stupid!

*  *  *

The economic, political, and social volatility in the days and weeks ahead promises to be extreme. The impact on your savings, retirement funds, and personal freedoms could be unlike anything we’ve ever seen. Do you want to know exactly what you should be doing differently with your portfolio and in your personal life? It reveals what you can do to prepare so that you can avoid getting caught in the crosshairs. Click here to watch it now.

end
For your interest…
the USA election
(courtesy Michael Snyder)
 

How Long Will It Take To Count All The Votes?

 

Authored by Michael Snyder via TheMostImportantNews.com,

For months the American people have been told that we may not know the winner of the presidential election right away like we normally do.  So if we aren’t going to have a winner on November 3rd, when will we finally have a clear result? 

Well, that is going to depend on how long it takes to count the votes, and that is going to be different for each state.  I know that is a frustrating answer, but every one of our 50 states has different election laws, and things have been greatly complicated in 2020 by the fact that so many people will be voting by mail.

So far, more than 60 million Americans have already voted by mail, and that number just keeps growing with each passing day.  Some states allow mail-in ballots to be counted before Election Day, but a majority of states do not

A majority of states won’t start actually counting ballots until the morning of Election Day or after polls close. Most counting rules have remained unchanged this year, though some states have adjusted their timelines due to the pandemic to ease the burden of increased absentee ballots.

So that means that there will be tens of millions of mail-in ballots that will be piled up waiting to be counted in addition to all of the ballots that come in on Election Day.

I feel sorry for those that have to open up all of those ballots and get them counted, because that is going to be a monumental task.

As I discussed yesterday, there are six key swing states that are pretty much going to determine the outcome of this election.  In three of them, the lack of a sufficient head start in counting ballots is likely to greatly delay voting results

But final results in Pennsylvania, Wisconsin, Michigan could be unclear on election night because these states are expected to be the three slowest to count the high volume of absentee ballots.

The reason: Pennsylvania and Wisconsin don’t allow the processing of mail-in ballots to begin until Election Day and Michigan only has a 10-hour start, compared to other states that start that can start the process days or weeks in advance.

Whoever wins Pennsylvania is probably going to win the presidency, but it could be quite a while before we get a final result from that state.

You see, the truth is that counting mail-in ballots is much more tedious that running normal ballots through a machine.  There are several steps involved, and each step takes time…

Processing absentee ballots generally includes steps short of tabulating them — such as removing them from the envelope, confirming voter eligibility, matching signatures to what’s on record and scanning them.

And on top of everything else, sometimes unexpected problems occur.

For example, ballot counting machines in one county in Texas have been “rejecting about one-third of mail-in ballots” and authorities are scrambling to get this issue resolved…

Ballot scanning machines are rejecting about one-third of mail-in ballots returned by voters in Tarrant County. The problem has impacted more than 22,000 ballots so far.

Ballot board members are now working in 12-hour shifts to accurately replicate the ballots so they can be counted.

As I have warned before, you will want to vote in person to give yourself the best chance of having your vote actually count.

In addition to everything that I have already discussed, it is important to remember that mail-in votes will continue to be accepted in many states long after Election Day is over.

I know that sounds really bizarre, but this is what is actually going to happen.  In fact, Washington State will count votes that are received as late as November 23rd

The last day to vote in-person in the general election is Nov. 3. Absentee and mail-in ballots also typically must be received or postmarked by that date, if not earlier, depending on a state’s rules. That leaves some room for mail-in ballots to be received after Election Day. In Washington State, mail-in ballots received as late as Nov. 23 are still valid, as long as they were postmarked by Nov. 3.

National polls have shown that Biden voters are much more likely to vote by mail and Trump voters are much more likely to vote in person.

The votes that are cast in person will be counted very quickly.  Meanwhile, the votes that are sent in by mail will take weeks to fully count.

The mainstream media and the big tech companies have been working very hard to mentally prepare us for a massive “blue shift” after Election Day.  One of the reasons why they are so adamant that Trump should not declare victory on November 3rd is because they are confident that Joe Biden will ultimately win once all of the mail-in ballots are finally counted.

In some states we will have final results almost immediately, but in other states counting could take quite a few weeks.

But the counting cannot take too long, because by law election results must be officially certified by certain deadlines

According to Ballotpedia, citing state laws, six states must certify election results within a week of the general election; 26 states and Washington, D.C., have a deadline between Nov. 10 and Nov. 30; 14 have a deadline in December, and four do not have deadlines in their state laws.

Among key battleground states, those deadlines range from Nov. 11 (Pennsylvania) to Dec. 1 (Nevada and Wisconsin). For potential battleground Texas, it is Dec. 3.

I don’t know how some of those states are going to possibly meet those deadlines.

In particular, I have no idea how Pennsylvania is going to be done counting by November 11th.  Hopefully they have a vast army of counters and a whole lot of coffee.

To give you an idea of how long it takes to count mail-in ballots, just consider what we witnessed in California earlier this year

Consider this year’s California primary, in which 5.8 million people voted for president. Only 3 million of those ballots were counted by election night; the other 2.8 million votes took an additional seven weeks to count, said John Couvillon, a pollster and political analyst.

If it took California seven weeks to count a couple million mail-in ballots, how in the world is Pennsylvania going to count a similar number of mail-in ballots in just one week?

Personally, I am anticipating that this election is going to be a colossal mess.  As I have been documenting on The Most Important News, voting anomalies have already been popping up all over the nation, and I think that counting all of the mail-in ballots is going to take much more time than anticipated.

And any legal battles over the counting of the votes will just make the process even more painful.

We were once a great example for the rest of the world, but in 2020 we are going to show the rest of the planet the exact wrong way to conduct an election, and that is a real shame.

*  *  *

Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.

end

A double blow to the Republican’s in Pennsylvania and North Carolina elections with respect to mail in ballots

(zerohedge)

Supreme Court Deals Double-Blow To Republicans In Pennsylvania, North Carolina Ballot Battles

 
 

With freshly-confirmed Amy Coney Barrett standing ready on the sidelines, the already-supposedly-conservative-leaning Supreme Court dealt a double-blow to Republicans tonight over mail-in-ballot cases in two key states.

First, the Supreme Court said that it will not intervene before the election to stop Pennsylvania officials from receiving mail-in ballots up to three days after Election Day, refusing a Republican request that the high court expedite review of the issue.

While this is a “loss”, WaPo reports that there is a modest silver-lining in that three conservative justices indicated the votes ultimately might not be counted and signaled they would like to revisit the issue after the election.

“There is a strong likelihood that the State Supreme Court decision violates the Federal Constitution,” wrote Justice Samuel A. Alito Jr., who was joined by Justices Clarence Thomas and Neil M. Gorsuch.

“The provisions of the Federal Constitution conferring on state legislatures, not state courts, the authority to make rules governing federal elections would be meaningless if a state court could override the rules adopted by the legislature simply by claiming that a state constitutional provision gave the courts the authority to make whatever rules it thought appropriate for the conduct of a fair election.”

As a reminder, Pennsylvania was critical in President Trump’s success during the election four years ago and is once again considered a key battleground state.

Second, as AP reports, the Supreme Court voted 5-3 to allow absentee ballots in North Carolina to be received and counted up to 9 days after Election Day, in a win for Democrats.

The justices on Wednesday refused to disturb a decision by the State Board of Elections to lengthen the period from three to nine days, pushing back the deadline to Nov. 12. The board’s decision was part of a legal settlement with a union-affiliated group.

Under the Supreme Court’s order, mailed ballots postmarked on or before Election Day must be received by 5 p.m. on Nov. 12 in order to be counted.

Three conservative justices, Samuel Alito, Neil Gorsuch and Clarence Thomas, dissented.

Trump said earlier that he was depending on courts to keep states from counting ballots received after Election Day.

“Hopefully the few states remaining that want to take a lot of time after Nov. 3rd to count ballots, that won’t be allowed by the various courts,” the president said.

end

Pelosi accuses Mnuchin of dragging is feet. Actually he is not..he just will not budge on bailing out corrupt (and broke) Democratic states

(zerohedge)

Pelosi Accuses Mnuchin Of Dragging Feet On Stimulus Compromise

 

As US futures sink into the red on Thursday, Politico brings us the latest in the tedious back-and-forth that has become the stimulus talks, something that all Americans, by now, understand won’t be resolved until the winner of the election has been decided.

In the letter, first published by Politico, Pelosi lists all the areas that remain unresolved, and accused the administration of failing to respondwith promised “compromise” language regarding a “science-based strategy for testing, tracing, and treatment that is needed to crush the virus, as well as language on vaccines, the provider fund and ACA coverage for unemployed workers.

“…as the coronavirus surges and the stock market plummets, we are still awaiting the Trump Administration’s promised responses on multiple items of critical importance.”

Other areas of conflict include: State and local, safe schools, child care, tax credits for working families, unemployment insurance, OSHA and liability-related issues. Pelosi added that Trump’s promise of striking a deal after the election only matters if he can get Mitch McConnell to take his hand off the “pause” button.

Read Pelosi’s full letter below:

Index by Zerohedge on Scribd

Once again, Democrats are using their standard tactics: accusing the other side of doing what you’re doing.

END
PHILADELPHIA
Rioting continues for a 3rd straight night: a van full of explosives discovered

Van Full Of Explosives Discovered In Philly On Third Night Of Rioting

 

Authored by Steve Watson via Summit News,

Police in Philadelphia discovered a van packed with explosives and other “suspicious equipment” as a third night of rioting and looting gripped the city on Wednesday.

ABC 6 reported that “police recovered propane tanks, torches and possible dynamite sticks from the van.”

 

The report adds that “The bomb squad is on the scene at this hour.”

The development comes after President Trump claimed police were told to “stand back” and not stop looting and rioting.

 

“People are breaking into stores and walking out with washing machines and walking out with all sorts of things and it shouldn’t be allowed,” Trump noted, adding “The police were told to stand back, and maybe that’s not so but that’s what I was told upon very good authority.”

Philadelphia Mayor Jim Kenney blasted the crime wave Wednesday, noting that “The looting that has taken place is distressing.”

“It is clear that many of these folks are taking advantage of the situation, harming our businesses and communities, and doing a great disservice to those who want to protest the death of Walter Wallace, Jr.,” Kenney added.

“We cannot allow others to destroy property. I have requested the assistance of the PA National Guard. Their role will be to safeguard property, prevent looting, and provide operational and logistical assistance to @PhillyPolice and other departments,” Kenny also announced.

end

Disney Just Laid Off Thousands Of Additional Workers

 
 

It was less than a month ago that we reported Disney was laying off 28,000 employees as a result of continued economic pressure and lockdowns resulting from the Covid-19 pandemic.

Now, “thousands of cast members” – which include workers in Entertainment, Transportation, Merchandise, and Food & Beverage – are being hit with “another wave of layoff emails”, according to Walt Disney News Today.

“As heartbreaking as it is to take this action, this is the only feasible option we have in light of the prolonged impact of Covid-19 on our business,” Josh D’Amaro, the chairman of the parks division, said in a memo to workers in late September.

The late September cuts spanned across the company’s various businesses including theme parks, cruise ships and retail businesses. While the layoffs also include executives, they were focusing on part-time workers: 67% of those getting a pink slip are part-time workers.

As part of its farewell package, Disney offered benefits to the workers being cut, including 90 days of severance. The 28,000 layoffs followed the furloughing of a massive 43,000 workers in April, when the company was first impacted by the pandemic.

In July, Disney triumphantly reopened several of its shuttered parks, including in Florida, although visits were a fraction of their pre-pandemic levels. Disney still hasn’t received clearance to restart operations at its two theme parks in Anaheim, California.

Before the pandemic, Disney’s domestic parks alone employed more than 100,000. And, as we noted back in September, while one can “understand” the plight of management, which is scrambling to boost cash flow after it saddled the company with record debt in recent years…

…it probably would make all those soon-to-be-laid off workers feel a little bit better if most of that newly issued debt hadn’t gone to pay for stock buybacks the benefited upper management.

Disneyland Park and Disney California Adventure Park remain closed and will reopen at a later date, pending state and local government approvals,” the website says as of October 29, 2020.

Meanwhile, Disney had restored the salaries of its senior executives back in August, while thousands of employees remained furloughed.

 

iv) Swamp commentaries)

Will They Really Get Away With It?

 

Authored by Chris Farrell via The Gatestone Institute,

Obama administration officials committed crimes against the constitution. They engaged in a seditious conspiracy to overthrow the government of the United States.

Will they really get away with it?

Forty government officials were indicted or jailed as a result of Watergate. White House staffers H.R. Haldeman and John Erlichman went to jail. White House counsel John Dean went to jail. Attorney General John Mitchell went to jail. Howard Hunt, G. Gordon Liddy, Charles Colson and James McCord – all jailed. Nixon Press Secretary Ronald L. Ziegler called Watergate a “third-rate burglary.” It toppled a president.

“Obamagate,” or the “Russia Hoax” is a political and criminal scandal exponentially more serious and damaging to the constitution. Like the Richter Scale measurements of earthquakes, Obamagate can be measured in “orders of magnitude” greater seriousness than the third-rate burglary. Obamagate is the First American Coup. Not from the militaristic right, as fantasized by liberal Hollywood. Oh, no – from the “fundamental transformation” artists of the Bolshevik Left.

Writing in the New York Post on October 24, 2020, columnist Michael Goodwin listed his reasons for voting for Donald Trump, again. His reasoning included:

“The other side must not be rewarded for its efforts to sabotage and remove a duly-elected president.

“Russia, Russia, Russia was a scam that ruined lives and put a cloud over the White House for nearly three years. The sequel was partisan impeachment, a clumsy coup attempt orchestrated by Speaker Nancy Pelosi and Trump haters in Congress, the deep state, and the media.

“The press corps’ bias of 2016 has morphed into full-blown partisanship on a daily basis at print, digital and broadcast outlets. FacebookTwitter and other platforms openly use their power to censor pro-Trump news and opinion while promoting anything that makes the president look bad.

“It’s not the algorithms; it’s the people behind them.

“Their decision to block The Post’s groundbreaking reports on Hunter Biden’s business deals and Joe Biden’s involvement should scare anyone who treasures the First Amendment. To censors, Orwell’s nightmare is their dream.

“All fairness has been abandoned in a frenzy to destroy Trump and everything he represents. This culture war extends backward, too.”

This is all very important stuff. It is still defective in one key area: it ignores (largely) the crime. The details of the criminal seditious conspiracy to overthrow the government of the United States.

How are we still missing this?

The (awesome and formidable) law enforcement and intelligence powers of the United States were perversely twisted and abused to advance a partisan political agenda by the sitting president (Barack Obama); his paid political operatives; and officers, agents and employees of the United States Government against Candidate Trump, President-elect Trump and President Trump.

There are handy references to keep track of the cast of characters involved in the coup plot. The Epoch Times has a resource, as does the Capital Research Center. One hopes John Durham has a reference, file or graphic that is something close to those analytical pieces. He seems to need some sort of help, since he apparently is unable to move past the anemic, pathetic Clinesmith indictment.

Seasoned investigators and attorneys can take the publicly available records and assemble sufficient facts, documentation and evidence to meet the legal threshold (“probable cause”) for successfully presenting a bill of indictment to a grand jury.

Why is there reluctance today? How is it that Attorney General William Barr and John Durham are consumed with prosecutorial ennui when the crimes and cover-ups are so painfully obvious? One is left to conclude that it really all comes down to political will. Do Barr and/or Durham have the stomach to seek the indictment of people like James Comey, John Brennan, Andy McCabe and (many) others?

Just remember: 40 jailed for Watergate.

end
This is fascinating:  Hunter Biden documents mysteriously vanish from an overnight envelope..
go figure…
(Pentchoukov/EpochTimes)

Hunter Biden Documents Mysteriously Vanish From Overnight Envelope, Tucker Carlson Says

 

Authored by Ivan Pentchoukov via The Epoch Times,

A collection of confidential documents related to the Biden family mysteriously vanished from an envelope sent to Fox News host Tucker Carlson, the host said on Wednesday night.

Carlson’s team allegedly received the documents from a source on Monday. At the time, Carlson was on the West Coast filming an interview with Tony Bobulinski, the former business partner of Hunter Biden and James Biden. Carlson requested the documents to be sent to the West Coast.

According to Carlson, the producer shipped the documents overnight to California using a large national package carrier. He didn’t name the company, saying only that it’s a “brand name company.”

“The Biden documents never arrived in Los Angeles. Tuesday morning we received word from our shipping company that our package had been opened and the contents were missing,” Carlson said. “The documents had disappeared.”

The company took the incident seriously and immediately began a search, Carlson said. The company traced the package from when it was dropped off in New York to the moment when an employee at a sorting facility reported that the package was opened and empty.

The company’s security team interviewed every employee who touched the envelope we sent. They searched the plane and the trucks that carried it. They went through the office in New York where our producers dropped the package off. They combed the entire cavernous sorting facility. They used pictures of what we had sent so that searchers would know what to look for,” Carlson said.

“They far and beyond, but they found nothing.”

“Those documents have vanished,” he added.

“As of tonight, the company has no idea and no working theory even about what happened to this trove of materials, documents that are directly relevant to the presidential campaign just six days from now.”

Executives at the shipping company were “baffled” and “deeply bothered” by the incident, Carlson said.

Carlson’s interview with Bobulinski aired on Tuesday night. In the interview, Bobulinski opined that Joe Biden and the Biden family are compromised by China due to the business dealings of Hunter Biden and James Biden. Joe Biden has not publicly responded to Bobulinski’s allegations, but during a presidential debate on Oct. 22 said he had “not taken a penny from any foreign source ever in my life.”

Bobulinski provided more than 1,700 pages of emails and more than 600 screenshots of text messages to Senate investigators and handed over to the FBI the smartphones he used during his business dealings with the Bidens. The documents detailed a failed joint venture between a billionaire tied to the Chinese Communist Party (CCP) and a company owned by Hunter Biden, James Biden, Bobulinski and two other partners.

While the corporate documents don’t mention Biden by name, emails sent between the partners suggest that either James Biden or Hunter Biden held a 10 percent stake for the former vice president. In the email, the stake is assigned to “the big guy,” who Bobulinski says is Joe Biden.

end

UPS suddenly locates lost Biden evidence and returns documents to Tucker Carlson

(Philips/EpochTimes

UPS Suddenly Locates “Lost” Biden Evidence, Returning Docs To Tucker Carlson

 

Authored by Jack Phillips via The Epoch Times,

Delivery giant UPS confirmed Thursday it found a lost trove of documents that Fox News’ Tucker Carlson said would provide revelations in the ever-growing scandal involving Joe Biden’s son Hunter and his overseas business dealings.

UPS Senior Public Relations Manager Matthew O’Connor told Business Insider on Thursday afternoon that the documents are located and are being sent to Carlson.

“After an extensive search, we have found the contents of the package and are arranging for its return,” he said in a statement.

“UPS will always focus first on our customers, and will never stop working to solve issues and make things right. We work hard to ensure every package is delivered, including essential goods, precious family belongings and critical healthcare.”

It came after Glenn Zaccara, UPS’s corporate media relations director, confirmed Carlson used the company to ship the materials before they were lost.

“The package was reported with missing contents as it moved within our network,” Zaccara said before they were located. “UPS is conducting an urgent investigation.”

During his Wednesday night broadcast, Carlson said that a UPS employee notified them that their package “was open and empty … apparently, it had been opened.”

“The Biden documents never arrived in Los Angeles. Tuesday morning we received word from our shipping company that our package had been opened and the contents were missing,” Carlson also remarked. “The documents had disappeared.”

On Tuesday night, Carlson interviewed former Hunter Biden associate Tony Bobulinski, who claimed that the former Democratic vice president could be compromised by the Chinese Communist Party due to Hunter and brother James Biden’s business dealings in the country.

Joe Biden has not responded to Bobulinski’s allegations. Last week during his debate with President Donald Trump, he said he had “not taken a penny from any foreign source ever in my life.”

Biden’s campaign earlier this month said Biden never had a meeting with an executive at a shady Ukrainian gas company, Burisma Holdings, while he was the vice president and his son sat on the board of the firm. A report from the New York Post, citing alleged Hunter Biden emails, suggested Hunter Biden had arranged a meeting between him, the executive, and Joe Biden.

It’s now possible that a special counsel will investigate Joe Biden should he win the presidency.

“You know, I am not a big fan of special counsels, but if Joe Biden wins the presidency, I don’t see how you avoid one,” Senate Homeland Security Chairman Ron Johnson (R-Wisc.) said. “Otherwise, this is going to be, you know, tucked away, and we will never know what happened. All this evidence is going to be buried.”

UPS did not provide further details about the apparent mishap.

As predicted:  troubles ahead as Texas ballot scanning machines can read the the ballot!!

(zerohedge0

Texas Ballot Snafu Latest Example Of America Headed For Election Crisis 

 

Days before the Nov. 03 presidential election, more problems emerge as some mail-in ballots are unreadable by scanning machines, increasing fears of election uncertainty.

Ballot-scanning machines in Tarrant County, Texas, are facing severe problems this week. They can’t read mail-in ballots – causing panic among local officials who are running election workers around the clock to replicate certain ballots for a recount, reported CBS DFW.

These problems have developed as Texas, a traditionally Republican state, is now considered a “toss-up” between President Trump and former Vice President Joe Biden.

So far, Tarrant County ballot-scanning machines have rejected about one-third of mail-in ballots, or about 22,000.

County elections administrator Heider Garcia addressed this issue Tuesday night to county commissioners. Garcia said bar codes on some ballots are illegible by machines causing them to be automatically rejected.

Tarrant County normally uses in-house ballot printing – but the virus pandemic forced local officials earlier this year to outsource ballots from Runbeck Election Services in Phoenix, Arizona, due to the expectations of social distancing would keep people at home and vote via mail.

For readers who are interested in how the “ballot replication” process works. CBS DFW explains:

“Ballot replication is done yearly, Garcia said, but not at this volume. The process usually involves ballot board members, from more than one political party, manually filling out a new ballot that matches the one that was damaged or unreadable.

“Because of the volume of work, Garcia said in this case an employee will likely use an electronic machine to replicate the ballot. Ballot board members will then compare a print out of those choices, to the original ballot that was sent in, to verify the choices match.”

In response to the ballot-machine debacle, Runbeck Elections Services released this statement:

“We were concerned to learn that some Tarrant County ballots are not able to be scanned properly by Hart Intercivic tabulation machines, as Runbeck Election Services is a certified ballot printer for Hart Intercivic. This election year alone we have printed nearly 100 million ballots, many of which have been the same type of ballot used in Tarrant County, without experiencing any scanning issues. Runbeck Election Services is working with Tarrant County elections officials to investigate if the problem is printing-related or scanning-related. Once the investigation is complete, we will offer our support to all partners and vendors involved to determine the appropriate next steps to ensure that all ballots are properly tabulated.”

Here’s CBS DFW’s video reporting of the ballot-machine debacle in Tarrant.

As counties and states scramble with processing mail-in ballots, there will be unexpected errors, such as the one in Texas. Counting tens of millions of mail-in ballots by election night seems complicated to meet that deadline.

Election uncertainty is the consensus among the latest Bank of America Fund Manager Survey, where 74% of respondents believe that a contested election is possible.

What this all means is that mail-in voting has opened up a can of worms that will allow either political party to easily contest election results

end

They must get rid of section 230 so they can sue the hell out of Dorsey

(zerohedge)

Twitter Suspends US Border Chief For Touting Anti-Crime Southern Wall

 

One day after Twitter CEO Jack Dorsey admitted that the company needs ‘more accountability’ over its selective political bias, the social media giant suspended US Customs and Border Protection (CBP) Commissioner Mark Morgan for a post touting the southern border wall for helping the country ‘stop gang members, murderers, sexual predators, and drugs from entering our country.”

Morgan’s account was locked on Wednesday afternoon for violating Twitter’s “hateful conduct” rules, according to The Federalist.

“You may not promote violence against, threaten, or harass other people on the basis of race, ethnicity, national origin, sexual orientation, gender, gender identity, religious affiliation, age, disability, or serious disease,” wrote Twitter in an email explaining the suspension. And as the Federalist notes “the commissioner did not threaten anyone based on race, national origin, or anything else”

“If you look at the tweet in question again,” Morgan told The Federalist, “every mile helps us stop gang members, murderers, and pedophiles from entering our country. It’s just a fact.”

The Federalist also notes that Morgan has been allowed to freely post similar tweets touting CBP’s accomplishments, writing that it’s “not clear what has recently changed in Twitter’s algorithm or policing that resulted in this post’s shutdown of his account when other similar posts went unblocked.”

end
Co Founder of the popular “the Intercept” and a multiple award winning author resigns from the intercept after the editoers refuse to publish his commentary criticising Biden
(zerohedge)

 

Glenn Greenwald Resigns From The Intercept After Editors Refuse To Publish Biden Criticism

 

The Intercept co-founder Glenn Greenwald resigned from the outlet on Thursday, after ‘editors censored an article I wrote this week, refusing to publish it unless I remove all sections critical of Joe Biden, the candidate vehemently supported by all Intercept editors involved in this effort at suppression.’

Greenwald writes at his new home (greenwald.substack.com):

The censored article, based on recently revealed emails and witness testimony, raised critical questions about Biden’s conduct. Not content to simply prevent publication of this article at the media outlet I co-founded, these Intercept editors also demanded that I refrain from exercising a separate contractual right to publish this article with any other publication.

I had no objection to their disagreement with my views of what this Biden evidence shows: as a last-ditch attempt to avoid being censored, I encouraged them to air their disagreements with me by writing their own articles that critique my perspectives and letting readers decide who is right, the way any confident and healthy media outlet would. But modern media outlets do not air dissent; they quash it. So censorship of my article, rather than engagement with it, was the path these Biden-supporting editors chose.

Apparently he’s also blocked from publishing the article elsewhere, though he’s “asked my lawyer to get in touch with FLM to discuss how best to terminate my contract.”

What did The Intercept do in response to Greenwald leaving? They’re attempting to raise money off of it!

Greenwald has found support across the political spectrum for his decision to walk.

end

 

Twitter Tumbles After Massive User-Growth Miss

 

At first glance, Twitter’s numbers look solid with big top- and bottom-line beats (notable after disappointing revenue in both Q1 and Q2):

  • 3Q Rev. $936.2M, Est. $780.5M

  • 3Q Adj EPS 19c, Est. 5c

But…there is a big red flag here, and that is Twitter’s user growth.

After adding 20 million new users in Q2, Twitter added just 1 million new users in Q3, and that’s despite the fact that most pro sports are back and we have a massive election in five days. Expectations were that Twitter would report growth of 9 million new users in the quarter so this is a definite miss.

This sent the stock down hard after hours…

In its earnings release, Twitter raises more concerns about the post-election environment::

As we approach the US election, however, it is hard to predict how advertiser behavior could change. In Q2, many brands slowed or paused spend in reaction to US civil unrest, only to increase spend relatively quickly thereafter in an effort to catch up. The period surrounding the US election is somewhat uncertain, but we have no reason to believe that September’s revenue trends can’t continue, or even improve, outside of the election-related window.

And additional concern is that Twitter says the new version of its MAP ad product (Twitter’s direct response ad product) has been delayed until 2021. The company said this was a top priority after Q1.

Developing…

 
 

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

Solon panic over Covid in Europe generated a global stock and industrial commodity decline on fear that European lockdowns will decimate Europe’s fragile economy and other continents’ economies.

 

EU officials should have followed Sweden’s Covid response.  But, Sweden’s open but slightly restricted economy was anathema to political goals and agendas.

 

France poised to issue stay-at-home order: sources

The industry sources said that the new restrictions would be nationwide, and similar in scope to a lockdown that was enforced in spring this year… Under that lockdown, people were allowed out for essential work, to seek medical care, to buy essential goods, or for one hour of exercise daily…

https://www.reuters.com/article/us-health-coronavirus-france-measures-idUKKBN27D233

 

France imposes four-week national lockdown to combat coronavirus… from midnight on Thursday to apply a “brutal brake” on coronavirus infections, president Emmanuel Macron has announced.  In a televised speech on Wednesday evening, Macron called for a “collective effort” to combat Covid-19, admitting recent efforts to contain the virus were “useful, but not enough”. “Difficult measures have to be taken,” the president said… All non-essential businesses, including bars and restaurants, will be closed from midnight on Thursday. Private gatherings are banned, though there will be time given for people to return home from the All Saints’ Day holiday this weekend. Public services will remain open.

https://www.theguardian.com/world/2020/oct/28/france-expected-to-impose-four-week-national-lockdown-covid

 

@dwnews: Starting Monday, restaurants in Germany will close until the end of November…a shutdown aimed at curbing a second wave of coronavirus infections. Schools and kindergartens will remain open.

 

Bloomberg’s @QuickTake: Hundreds took to the streets in Rome and other Italian cities to protest new Covid-19 restrictions, including curfews and closure of entertainment venueshttps://trib.al/H7ITnNI

 

Police will enter homes and break up Christmas dinners if families break lockdown rules, predicts police commissioner [West Midlands, UK] https://t.co/ajmkNyeZZz

@paulsperry_: Facebooks’s Zuckerberg just testified he was “not aware” that the Facebook employee in charge of monitoring election security is a former Biden staffer

 

@SteveGuest: GOP Sen @tedcruz to Twitter’s Jack Dorsey: “[Y]ou can censor the @nypost, you can censor @Politico, presumably you can censor the @nytimes… Mr. Dorsey, who the hell elected you & put you in charge of what the media are allowed to report and what the American people are allowed to hear, and why do you persist in behaving as a Democratic super Pac silencing views to the contrary of your political beliefs?”  https://twitter.com/SteveGuest/status/1321479677777743872

 

@SteveGuest: “We don’t”: Twitter CEO Jack Dorsey admits they don’t have any evidence to say the New York Post Biden story is disinformation

 

@tedcruzWhat @jack told the Senate, under oath, is false. I just tried to tweet the nypost story alleging Biden’s CCP corruption.  Still blocked. 18 USC 1621 makes it a felony to lie under oath to the Senate.

 

NY Post: Twitter is running a blackmail operation — cooperate or no traffic for you https://nypost.com/2020/10/28/twitter-is-running-a-blackmail-operation-cooperate-or-no-traffic-for-you/

 

@seanmdav: In response to questioning from Sen. Marsha Blackburn, Jack Dorsey just lied and said Twitter has never censored @realDonaldTrump the account of the President of the United States. Twitter has censored his account at least 65 times.   https://twitter.com/GOP/status/1321511539980066818

https://www.foxnews.com/media/twitter-facebook-have-censored-trump-65-times-compared-to-zero-for-biden-study-says

 

@realDonaldTrump: It’s amazing. Twitter refuses to allow the any mention of the Biden corruption story which was carried so well on @TuckerCarlson last night. It’s the biggest story and Big Tech, together with the Lamestream Media, isn’t allowing a word to be said about it.

 

@paulsperry_: Bobulinski: “I’m disgusted I have not gotten a call, email, letter, message, from anyone from Facebook, Google or Twitter asking me to confirm if the emails are authentic. It should be criminal how they are blocking that critical information from getting to the American people”

 

Dorsey, Zuckerberg defend Section 230, signal openness to changes during censorship hearing

Republicans have long been concerned about Big Tech’s bias against conservative viewpoints, but Twitter’s effort to shut down the spread of the New York Post’s reporting on emails allegedly from Hunter Biden’s laptop was the final straw, prompting lawmakers to summon the CEOs to testify on Capitol Hill…Both President Trump and Joe Biden have expressed interest in revoking Section 230… https://www.foxbusiness.com/technology/facebook-twitter-google-ceos-senate-commerce-hearing

 

@realDonaldTrump: The USA doesn’t have Freedom of the Press, we have Suppression of the Story, or just plain Fake News. So much has been learned in the last two weeks about how corrupt our Media is, and now Big Tech, maybe even worse. Repeal Section 230!

 

Some ‘Masters of the Universe’ fear there will be rioting and looting after the election if Trump wins.  Some governors have already placed National Guard units on standby for post-election violence.  This is inducing numerous large investors to liquidate holdings, which correlates with favorable election data for DJT/GOP, DJT’s rise in the polls that got 2016 right and increasing evidence of Biden family corruption.

 

Gundlach: Trump Will Win Next Week, and by 2027 “There Will Be Some Sort of Revolution”

Gundlach said that public political polls are often “designed to create impressions” rather than illustrate reality, said Gundlach, and shouldn’t be trusted (for more on this read our post from 2016 “New Podesta Email Exposes Playbook For Rigging Polls Through “Oversamples“)…

      Yet no matter who the winner is on Nov 3, Gundach said that 2020 is just another in a series of election cycles that have increased in their tumult and oddity…

https://www.zerohedge.com/political/gundlach-trump-will-win-next-week-because-polls-are-designed-create-impressions

 

‘Pandemic fatigue’ is hitting Americans — and likely behind surging COVID-19 infections

Pandemic fatigue is setting in for Americans who are tired of social distancing and wearing masks

   The return of college students in September is a likely culprit behind this wave of infections…

https://www.marketwatch.com/story/pandemic-fatigue-is-hitting-americans—-and-likely-behind-surging-covid-19-infections-2020-10-28

 

IHSA defies Gov. Pritzker, says basketball season can start on schedule

The Illinois High School Association announced Wednesday that the basketball season can start as scheduled. It’s a totally unexpected move that directly contradicts the guidelines Gov. J.B. Pritzker and the Illinois Department of Public Health outlined on Tuesday…

https://chicago.suntimes.com/2020/10/28/21538695/ihsa-high-school-sports-defy-pritzker-basketball

 

@covid_clarity: The MN mask mandate has been in place for 3 months now. Despite the mask mandate, cases are up 81% and positivity is up 21%. See below. https://twitter.com/covid_clarity/status/1320759593652334592

 

SI’s @RossDellenger: Cardiologists are finding so few heart issues in athletes they are no longer recommending screenings for most COVID positives.  How emerging data will impact protocols like B1G’s 21-day policy. Barry Alvarez: “It’s time to take a serious look”   https://bit.ly/3jD7PZk

 

The US is near conflict with Iran.  US Vows to Blow up Any Iranian Missile Shipments to Venezuela

https://www.zerohedge.com/geopolitical/us-vows-blow-any-iranian-missile-shipments-venezuela

@RealAPolitics: According to the Gallup model (looks at past results and the approval rating of the president within his party) Trump is currently on pace to win the popular vote.

https://twitter.com/RealAPolitics/status/1321579068014403586

 

CBS: Philadelphia issuing 9:00 p.m. citywide curfew Wednesday after second night of looting

 

For a month or so, Street ‘experts’ and the media stated stocks have priced in a Biden victory and a ‘blue wave’ is the optimal outcome for stocks.  Now, ‘they’ say stocks are terrified of a Biden win!

 

Regeneron Covid-19 Therapy Reduces Viral Load, Need for Care 17:18 ET

https://www.bloomberg.com/news/articles/2020-10-28/regeneron-s-covid-19-therapy-reduces-viral-load-need-for-care

In bombshell interview, whistleblower says he met Biden twice to discuss Hunter’s Chinese ventures

Former Biden associate says Adam Schiff smear compelled him to go on the record.

https://justthenews.com/accountability/political-ethics/tony-bobulinski-tucker-carlson-bombshell

 

@DailyCaller: Tucker Carlson says sensitive documents regarding Hunter Biden that were shipped to him and his producer while they were in California mysteriously disappeared.  He says the package was opened, the documents removed, and that the shipping company can’t find them.

https://twitter.com/DailyCaller/status/1321609579877249031

 

Biden to air 90-minute radio programs targeting Black voters [Why if he is so ahead in the polls?]

The programs are set to air in Ohio, Georgia, Michigan, North Carolina, Florida, Wisconsin and Pennsylvania… https://thehill.com/homenews/campaign/523258-biden-to-air-90-minute-radio-programs-targeting-black-voters

 

Biden stays silent on Bobulinski claims about family’s business ventures  https://t.co/q6QDfuXV7e

 

Russian in Cyprus Was Behind Key Parts of Discredited Dossier on Trump

A Wall Street Journal investigation points to the identity of ’Source 3’ as a disgruntled PR executive with a ‘vast network’ of sources – A 40-year-old Russian public-relations executive named Olga Galkina fed notes to a friend and former schoolmate who worked for Mr. Steele…

https://www.wsj.com/articles/russian-in-cyprus-was-behind-key-parts-of-discredited-dossier-on-trump-11603901989?mod=djemalertNEWS

 

Miles Taylor identifies himself as the author of anonymous 2018 New York Times op-ed

“This is the least impressive, lamest political ‘reveal’ of all time,” Gidley said. “I worked with DHS officials while I was in the White House, and even I had to research who Miles Taylor was…

[The NYT claimed he was a ‘Senior Administration Official’!]

https://justthenews.com/politics-policy/all-things-trump/miles-taylor-identifies-himself-author-anonymous-2018-new-york

 

@mattdizwhitlock: Wow. Miles Taylor wasn’t even listed on DHS’s senior leadership page when NYT published his op-ed because he was just a policy advisor, not even chief of staff.  The NYT answered a bunch of written questions about why they decided to publish the op-ed, and defended the use of “senior administration official.” They used the phrase “upper echelons of an administration.” But Taylor wasn’t even upper echelons of DHS. [Reportedly a ‘deputy advisor’]

 

NYT: How the Anonymous Op-Ed Came to Be   [All the news that’s (sh)fit to print!]

Last year, The New York Times’s Opinion desk published an Op-Ed by an anonymous senior official in the Trump administration. Now, the still-unnamed author will publish a book, “A Warning,” this month.

    The term we chose, senior administration official, is used in Washington by both journalists and government officials to describe positions in the upper echelon of an administrationsuch as the one held by this writer…  https://www.nytimes.com/2018/09/08/reader-center/anonymous-op-ed-trump.html

 

Team Trump’s @CortesSteve: The tattered reputation of the New York Times diminishes even further with this “Anonymous” revelation. Senior official? Please.

 

WH CoS @MarkMeadows: Laughable as the “Miles Taylor Anonymous” episode is, it’s every bit as damaging to the media. The New York Times amplified a no-name agency deputy with no access to President Trump and misled Americans into thinking he was an influential senior official…

 

@realDonaldTrump: Who is Miles Taylor? Said he was “anonymous”, but I don’t know him – never even heard of him. Just another @nytimes SCAM – he worked in conjunction with them. Also worked for Big Tech’s @GoogleNow works for Fake News @CNN. They should fire, shame, and punish everybody associated with this FRAUD on the American people!

 

WaPo’s @ErikWemple: A CNN spox just told me that Miles Taylor will remain a contributor despite lying to Anderson Cooper. CNN cannot have it both ways — slamming Trump for his lies, yet condoning a very big and blatant one by its own contributors.

 

@charliekirk11: It’s disgraceful to watch the media praise Miles Taylor, the “Anonymous” whistleblower with no real insight into the Trump administration while completely ignoring Tony Bobulinski, the credible whistleblower with hard evidence of Biden Family corruption.

Well that is all for today

I will see you FRIDAY night.

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