NOV 18//USA ELECTION HIGHLIGHTS:CORRUPTION WIDENING//GOLD DOWN $13.50 TO $1872.70//SILVER DOWN 23 CENTS TO $24.35//GOLD STANDING AT THE COMEX ADVANCES TO 18.003 TONNES//CORONAVIRUS UPDATE//NY TO CLOSE SCHOOLS AGAIN//BITCOIN HITS $18,000 THIS MORNING/GEORGIA HAS TWO MORE MEMORY CARDS NOT FILED IN THE NOV 3 ELECTION//MORE SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1872.70 DOWN  $13.50   The quote is London spot price

Silver:$24.35  DOWN $0.23   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1873.30  LONDON SPOT  4:30 pm

ii)SILVER:  $24.38//LONDON SPOT  4:30 pm

these people voted for Biden/Harris ticket!
 
 
 

Image

 
TONIGHT,  in the USA section, I have  continued to highlight the major stories which happened last night and today. The USA election is one massive fraud.
 
 
 
 
 

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

CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1872.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $0.50/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1877.50 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $4.80 CONTANGO//$1.20 BELOW NORMAL CONTANGO

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $24.46  1:30  PM SPREAD SPOT/FUTURE DEC.       :   11  CENTS PER OZ  CONTANGO (   11 CENTS ABOVE NORMAL CONTANGO

SILVER MARCH CLOSE:  24.56/SPREAD SPOT/FUTURE:  A   21 CENTS

15 CENTS ABOVE NORMAL CONTANGO

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COMEX DATA

 
 
 

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

receiving today: 0/59

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,884.500000000 USD
INTENT DATE: 11/17/2020 DELIVERY DATE: 11/19/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 36
657 H MORGAN STANLEY 59
709 C BARCLAYS 21
737 C ADVANTAGE 2
____________________________________________________________________________________________

TOTAL: 59 59
MONTH TO DATE: 5,740

issued:0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 59 NOTICE(S) FOR 5900 OZ  (0.00311 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  5681 NOTICES FOR 568,100 OZ  (17.6702 tonnes) 

SILVER//NOV CONTRACT

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 650 for 3,250,000  oz

BITCOIN MORNING QUOTE  $18,019   UP 408

BITCOIN AFTERNOON QUOTE.  :$17,602  DOWN 139 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $13.50 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//

A WITHDRAWAL OF 5.10 TONNES FROM THE GLD//

INVENTORY RESTS AT:

 

GLD: 1,226.30 TONNES OF GOLD//

 

WITH SILVER DOWN 23 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV//

A WITHDRAWAL OF 1.581 MILLION OZ FROM THE SLV

INVENTORY RESTS AT

SLV: 566.581  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 TINY SIZED 47 CONTRACTS FROM 161,019 DOWN TO 160,972, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR FALL  OF $0.14 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO SOME BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION, AND A TINY INCREASE IN  STANDING AT THE COMEX FOR NOV.  WE HAD AN VERY TINY NET GAIN IN OUR TWO EXCHANGES OF 4 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  51, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  51, MARCH 0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  51 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 AS MANY AS THEY CAN!

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 FINAL STANDING IN OCT.

3.840 MILLION OZ INITIAL STANDING IN NOV.

TUESDAY, 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 $.14) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A VERY SMALL NET GAIN IN OUR TWO EXCHANGES (4 CONTRACTS). NO DOUBT THE TINY GAIN IN OI ON THE TWO EXCHANGES WAS DUE TO i) TINY BANKER/ TINY ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A SMALL GAIN  IN SILVER OZ STANDING  FOR NOV, iii) SMALL COMEX LOSS  AND  iv) ZERO  LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 
 

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 NOV:

9582 CONTRACTS (FOR 13 TRADING DAY(S) TOTAL 9582 CONTRACTS) OR 47.91 MILLION OZ: (AVERAGE PER DAY: 737 CONTRACTS OR 3.685 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 47.91 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.88% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,577.20 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                                 69.73   MILLION OZ (STILL FALLING IN NUMBERS)

NOVEMBER EFP                    47.91 MILLION OZ (STARTING TO INCREASE AGAIN)

RESULT: WE HAD A TINY SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 47, WITH OUR  $0.14 FALL IN SILVER PRICING AT THE COMEX ///TUESDAY.…THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 51 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A TINY SIZED 4 OI CONTRACTSON THE TWO EXCHANGES (DESPITE OUR  $0.14 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 51 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A TINY SIZED DECREASE OF 47 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.14 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.58 // TUESDAY’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. 0.796 BILLION OZ TO BE EXACT or 114% of annual global silver production (ex Russia & ex China).

FOR THE NEW NOV  DELIVERY MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR nil OZ OF SILVER.

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

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

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 2538 CONTRACTS TO 557,533 AND CLOSER TO OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE SMALL SIZED GAIN IN COMEX OI OCCURRED DESPITE OUR  LOSS IN PRICE  OF $3.00 /// COMEX GOLD TRADING//TUESDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AND ANOTHER STRONG  GAIN IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $3.00. 

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

WE HAD A FAIR SIZED GAIN OF 3489 CONTRACTS  (10.852 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 951 CONTRACTS:

CONTRACT .  DEC: 851; FEB: 100  ALL OTHER MONTHS ZERO//TOTAL: 951.  The NEW COMEX OI for the gold complex rests at 557,533. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A FAIR SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4194 CONTRACTS: 3243 CONTRACTS DECREASED AT THE COMEX AND 951 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 4194 CONTRACTS OR 2.44 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (951) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (2538 OI): TOTAL GAIN IN THE TWO EXCHANGES: 3489 CONTRACTS. WE NO DOUBT HAD 1 ) SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2.)ANOTHER STRONG INCREASE IN OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT NOV. MONTH TO 18.003 TONNES3)  ZERO LONG LIQUIDATION ;4) SMALL COMEX OI GAIN AND 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED WITH  OUR  LOSS IN GOLD PRICE TRADING//TUESDAY//$3.00.

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.

We have now switched to GOLD for our spreaders!!

 

FOR DETAILS ON THE SPREADING EXERCISE HERE IS A BRIEF OUTLINE:

 

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCH OVER TO SILVER ON DEC  1)

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF DEC.

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 SILVER..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR GOLD.  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 GOLD 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 NOV. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST INGOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (DEC), 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 IN 2020 INCLUDING TODAY

Nov.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 36,508 CONTRACTS OR 3,650,800 oz OR 113.55 TONNES (13 TRADING DAY(S) AND THUS AVERAGING: 2808 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 13 TRADING DAY(S) IN  TONNES: 113.55  TONNES

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

THUS EFP TRANSFERS REPRESENTS 113.55/3550 x 100% TONNES =3.19% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,788.34 TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 571.19 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.                        158.78 TONNES (AGAIN DROPPING)

NOV  TOTAL EFP ISSUANCE:                        113.58 TONNES (INCREASING AGAIN) 

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY A TINY SIZED 47 CONTRACTS FROM 161,019 DOWN TO 160,972 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE TINY SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) TINY BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A SMALL INCREASE IN  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 51 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 51 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 51 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 47 CONTRACTS TO THE 51 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A TINY SIZED GAIN OF 4 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 0.020 MILLION  OZ, OCCURRED WITH OUR $0.14 LOSS IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 7.41 PTS OR .22%   //Hang Sang CLOSED UP 129.20 PTS OR .49%    /The Nikkei closed DOWN 288.48 POINTS OR 1.10%//Australia’s all ordinaires CLOSED UP 0.43%

/Chinese yuan (ONSHORE) closed UP TO 6.5571 /Oil UP TO 42.36 dollars per barrel for WTI and 44.70 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5571. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5521 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL SIZED 2538 CONTRACTS TO 557,533 MOVING CLOSER TO  OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS SMALLISH  COMEX INCREASE OCCURRED DESPITE OUR  FALL OF $3.00 IN GOLD PRICING TUESDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (951 CONTRACTS).   WE ALSO HAD  1)  SOME BANKER SHORT COVERING//CONSIDERABLE ALGO SHORT COVERING//,  2)  ZERO  LONG LIQUIDATION  AND 3)  ANOTHER STRONG GAIN  IN GOLD STANDING AT THE  COMEX  ( NOW STANDING AT 18.003 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A FAIR SIZED GAIN ON OUR TWO EXCHANGES OF 3489 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. WE CAN NOW VISUALLY SEE THAT SHORTS ARE TRYING TO EXTRICATE THEMSELVES FROM THEIR MESS (“TRYING TO GET OUT OF DODGE”) AS LONGS DEPART THE COMEX FOR THE SAFER CONFINES OF LONDON.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 74

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 951 EFP CONTRACTS WERE ISSUED:     DEC 951; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 951  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.

IT SEEMS THAT OUR BANKER FRIENDS ARE LOATHE TO ISSUE EFPS DESPITE THE LOW PREMIUM ON FUTURE GOLD CONTRACTS.

 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 3489 TOTAL CONTRACTS IN THAT 951 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 2538 COMEX CONTRACTS.. THE BIG NEWS IS THE STRONG LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((18.003 TONNE) AS NOVEMBER IS A NON ACTIVE AND GENERALLY A VERY POOR DELIVERY MONTH

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $3.00).  AND, THEY WERE   UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   10.852 TONNES,

NET GAIN ON THE TWO EXCHANGES :: 3489 CONTRACTS OR 348,900 OZ OR  10.852  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:  557,533 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.75 MILLION OZ/32,150 OZ PER TONNE =  1734 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1734/2200 OR 78.82% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 242,401 contracts// volume poor////they are bailing out of gold comex faster than fox news viewers.

CONFIRMED COMEX VOL. FOR YESTERDAY:  193,729 contracts//  volume:  poor

/most of our traders have left for London

 

NOV 18 /2020

NOV. GOLD CONTRACT MONTH

 
 
INITIAL STANDING FOR NOV GOLD
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
3,536.812 oz
MANFRA
 
 
 
Deposits to the Dealer Inventory in oz NIL oz

 

 

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
 
59 notice(s)
 
 5900 OZ
(0.1835 TONNES)
 
 
 
 
No of oz to be served (notices)
48 contracts
(4800 oz)
.1499 TONNES
 
Total monthly oz gold served (contracts) so far this month
5740 notices
 
574,000 OZ
17.8538 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 oz

 

we had 1 gold withdrawals from the customer account:

i) Out of Manfra: 32,536.812 oz

total withdrawals:  32,536.812 oz

 

We had 0  kilobar transactions  +

ADJUSTMENTS: 0 // 

The front month of NOV registered a total of 107 contracts for a GAIN of  57 contracts.  We had 1 notice filed on Tuesday so we gained 58 contracts or 5,800 additional oz of gold will stand in this non active month of November.  There is now no question that we are experiencing a massive onslaught at the gold comex.  This is a new record(gold deliveries) for a November month. If you think that this is high, you can just imagine what will stand in December. 

 

The big December contract lost a MUCH SMALLER 7625 contracts down to 248,674 contracts.  We will be watching December closely from this day forth. January GAINED 2 contracts to stand at 3255 contracts. FEBRUARY gained a STRONG 7180 contracts UP TO 210,616. WE  ARE STILL WITNESSING THE ALGOS LEAVE THE DECEMBER ARENA. WE AWAIT TO SEE HOW MANY EUROPEAN LONGS REMAIN AND THESE GUYS WILL TAKE DELIVERY OF GOLD.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR NOVEMBER (18.003 tonnes). GENERALLY  NOVEMBER IS A VERY 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 ALONG WITH OTHERS) ARE MAKING THEIR MOVE  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. AS MENTIONED ABOVE THE GOLD COMEX IS EXPERIENCING A MASSIVE ONSLAUGHT FOR METAL

We had  59 notice(s) filed today for  5900 oz OR 0.1835 TONNES.

FOR THE NOV 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 59  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 NOV /2020. contract month, we take the total number of notices filed so far for the month (5740) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (107 CONTRACTS ) minus the number of notices served upon today (59 x 100 oz per contract) equals 578,800 OZ OR 18.003 TONNES) the number of ounces standing in this active month of NOV

thus the INITIAL standings for gold for the NOV/2020 contract month:

No of notices filed so far (5740, x 100 oz +107 OI) for the front month minus the number of notices served upon today (59) x 100 oz which equals 578,800 oz standing OR 18.003 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a NOV delivery month (a very poor non active delivery month). THE COMEX IS UNDER A HUGE FRONTAL ATTACK FROM EUROPEAN BANKS SEEKING PHYSICAL METAL!

We gained 58 contracts or an additional 5800 oz will search out metal on this side of the pond.

 

NEW PLEDGED GOLD:  BRINKS

606,360.007, oz NOW PLEDGED  SEPT 15.2020/HSBC  18.860 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)

268,020.745 oz  JPM  8.336 TONNES

602,840.325 oz pledged June 12/2020 Brinks/   july 2/july 21               18.75 tonnes

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

total pledged gold:  1,604,896.491 oz                                     49.919 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 489.66 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 18.003 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

 
total registered or dealer  17,347,766.616 oz or 539.58 tonnes
 
 
total weight of pledged:  1,604,896.491 oz or 49.919 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,742,870.0  (489,66 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  15,742,870.0 (489.66 tonnes)
 
 
 
total eligible gold:  19,931,861.003 oz (619.64 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  37,279,627.619 oz 1,159.55 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1033.21 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

 

 
 
NOV 18/2020

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDINGS

NOV. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
158,894.258 oz
 
CNT
Delaware
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
Deposits to the Customer Inventory
1,012,674.220 oz
 
 
JPMorgan
Delaware
Scotia
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
(nil OZ)
 
No of oz to be served (notices)
118 contracts
 590,000 oz)
Total monthly oz silver served (contracts)  650 contracts3,250,000 oz)
Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposits into the dealer:
 
 
 

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 0 deposits into the customer account (ELIGIBLE ACCOUNT)

 

JPMorgan now has 190.10 million oz of  total silver inventory or 49.60% of all official comex silver. (190.10 million/383.246 million

total customer deposits today:  nil   oz

we had 2 withdrawals:

i)Out of CNT:155,936.670 oz
ii) Out of Delaware: 2957.412 oz
 
 
 
 
 
 
 

total withdrawals; 158,894.258    oz

We had 0 adjustment

Total dealer(registered) silver: 143.364 million oz

total registered and eligible silver:  383.087 million oz

 

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November saw a GAIN OF 1 notices rising to  118 contracts. We had 0 notices filed on TUESDAY so we gained 1 contracts or 5,000 additional silver oz will stand in this non active delivery month of November.

December saw a LOSS of 3578 contracts DOWN to 70,400 contracts. January saw a GAIN of 7 contracts UP to 212. MARCH  gained 2900 contracts up to 75,064.

 
 

The total number of notices filed today for the NOV 2020. contract month is represented by 0 contract(s) FOR nil oz

 

To calculate the number of silver ounces that will stand for delivery in NOV we take the total number of notices filed for the month so far at 650 x 5,000 oz = 3,250,000 oz to which we add the difference between the open interest for the front month of OCT(118) and the number of notices served upon today 0x (5000 oz) equals the number of ounces standing.

Thus the NOV standings for silver for the NOV/2019 contract month: 650 (notices served so far) x 5000 oz + OI for front month of NOV( 118)- number of notices served upon today (0) x 5000 oz of silver standing for the NOV contract month .equals 3,840,000 oz. ..VERY STRONG FOR A NON ACTIVE  NOV MONTH.

WE GAINED 1 CONTRACTS OR AN ADDITIONAL5,000L OZ WILL STAND FOR DELIVERY AT THE COMEX AND FORGO ANY FIAT BONUS AS THEY SEARCH FOR METAL ON THIS SIDE OF THE POND VS LONDON. SEEMS THAT WE HAVE A WHALE COMING AFTER COMEX SILVER 

TODAY’S ESTIMATED SILVER VOLUME 42,137 CONTRACTS // volume poor////

FOR YESTERDAY 69,565  ,CONFIRMED VOLUME//  fair//

YESTERDAY’S CONFIRMED VOLUME OF 69,565 CONTRACTS EQUATES to 0.347 billion  OZ 49.6% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4.25% ((Nov 18/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.56% to NAV:   (NOV18/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.25% (Nov 18)

(courtesy Sprott/GATA

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

NAV 19.23 TRADING 18.45///NEGATIVE 4.03

END

And now the Gold inventory at the GLD

NOV 18/WITH GOLD DOWN $13.50 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.10 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 1226.30 TONNES

NOV 17/WITH GOLD DOWN 3 DOLLARS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.92 TONNES FROM THE GLD////INVENTORY RESTS AT 1231.40 TONNES

NOV 16/WITH GOLD UP $2.20 TODAY/A HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 5.25 TONNES FROM THE GLD////INVENTORY RESTS AT 1234.32 TONNES

NOV 13/WITH GOLD UP $11.90 TODAY//A HUGE CHANGE IN GOLDINVENTORY AT THE GLD; A WITHDRAWAL OF 1.17 TONNES FROM THE GLD////INVENTORY RESTS AT 1239.57 TONNES

Nov 12/WITH GOLD UP $11.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPERWITHDRAWAL OF 9.02 TONNES FROM THE GLD///INVENTORY RESTS AT 1240.74 TONNES

NOV 11/WITH GOLD DOWN $13.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1249.79 TONNES/

NOV 10/WITH GOLD UP $20.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 10.51 TONNES/INVENTORY RESTS AT 1249.79 TONNES

NOV 9/WITH GOLD DOWN $88.45 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIST OF 7.88 TONNES INTO THE GLD///INVENTORY RESTS AT 1260.30 TONNES

NOV 6/WITH GOLD UP $5.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1252.42 TONNES

NOV 5/WITH GOLD UP $51.45 TODAY: STRANGELY A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.5 TONNES FROM THE GLD////INVENTORY RESTS AT 1252.42 TONNES

NOV 4/WITH GOLD DOWN $9.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1255.92 TONNES

NOV 3//WITH GOLD UP $16.85 TODAY:  STRANGE!!! A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1255.92 TONNES

NOV 2/WITH GOLD UP $13.60 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF .58 TONNES AND THIS IS GENERALLY TO PAY FOR FEES (STORAGE/INSURANCE)//INVENTORY RESTS AT 1257.67 TONNES

OCT 30/WITH GOLD UP $11 TODAY: NO CHANGE IN GOLD INVENTORYAT THE GLD//INVENTORY RESTS AT 1258.25 TONNES

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

 

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Inventory rests tonight at

NOV18/ GLD INVENTORY 1226.30 tonnes

LAST;  949 TRADING DAYS:   +285.75 TONNES HAVE BEEN ADDED THE GLD

LAST 849 TRADING DAYS// +463.43  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory

NOV 18/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1581 MILLION OZ FROM THE SLV…//INVENTORY RESTS AT 566.581 MILLION OZ

NOV 17/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 568.162 MILLION OZ//

NOV 16/WITH SILVER UP $.05 TODAY//A HUGE  CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDDRAWAL OF 1.209 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 568.162 MILLION OZ//

NOV 13/WITH SILVER UP 43 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV” A WITHDRAWAL OF 2.88 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 569.371 MILLION OZ.

NOV 12/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY FROM THE SLV//INVENTORY RESTS AT 572.254 MILLION OZ

NOV 11/WITH SILVER DOWN 8 CENTS TODAY: A HUGE 3.627 MILLION OZ WITHDRAWAL FROM THE SLV/ INVENTORY RESTS AT 572.254 MILLION OZ

NOV 10/WITH SILVER UP $.65 TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: STRANGE ANOTHER HUGE DEPOSIT OF 4.739 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 575.881 MILLION OZ

NOV 9/WITH SILVER  DOWN $1.76 TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE  SLV: A DEPOSIT OF 10.324 MILLION OZ ADDED INTO THE SLV INVENTORY////INVENTORY RESTS AT 571.742 MILLION OZ

NOV 6/WITH SILVER UP 47 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.418 MILLION OZ//

NOV 5/WITH SILVER UP $1.21 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.418 MILLION OZ..

NOV 4/WITH SILVER DOWN 43 CENTS TODAY: TWO HUGE CHANGE IN SILVER INVENTORY AT THE SLV:  A) WITHDRAWAL OF 240,000 OZ FROM SLV//// AND THEN B) A DEPOSIT OF 1.83 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 561.418 MILLION OZ

NOV 4/WITH SILVER DOWN 43 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:  A WIHDRAWAL OF 240,000 OZ FROM SLV////INVENTORY RESTS AT 559.558 MILLION OZ

NOV 3/WITH SILVER UP 29 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 559.798 MILLION OZ///

NOV 2/WITH SILVER UP 40 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 559.798 MILLION OZ//

OCT 30/WITH SILVER UP 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 931,000 FROM THE SLV////INVENTORY RESTS AT 559.798 MILLION OZ..

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

NOV 18.2020:

SLV INVENTORY RESTS TONIGHT AT

566.581 MILLION OZ

 

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Judy shelton’s nomination fails a key senate procedural vote

The Democrats and 3 RINOs are against her

(CNBC/GATA)

Shelton’s nomination to Fed fails key Senate procedural vote

 
 Section: 

 

By Jeff Cox
CNBC, New York
Tuesday, November 17, 2020

Judy Shelton’s controversial nomination to the Federal Reserve suffered a possibly fatal blow Tuesday in a key procedural vote in the Senate.

The upper chamber voted 50-47 against a move that would have advanced the nomination by limiting debate, typically a death knell because the opposition simply could block the vote from ever coming to the full floor.

… 

The only avenue for Shelton to get through would be if Senate Majority Leader Mitch McConnell can get at least 50 votes together. Following the vote, McConnell moved to preserve his right to bring Shelton’s name up again for consideration. …

… For the remainder of the report:

https://www.cnbc.com/2020/11/17/shelton-fed-nomination-fails-key-senate-…

iii) Other physical stories:

This is a very important read..

Basically Butler is agreeing with us that the SLV ETF does not have the real ownership of silver..it is really leased to them by JPMorgan under a fraudulent deal.  The ETF has nothing but vapour in it and you can also say the same for the COMEX silver inventory.

(Ted Butler)

The Most Remarkable Statistic in a Most Remarkable Year

I’m already on record as declaring 2020 as the most significant year ever for silver. Considering all that has transpired this year throughout the country and the world that may not be saying much. After all, you would have to have lived on a different planet to argue otherwise. So let me get a lot more specific and lay out the most important statistics that make this year so significant for silver. As always, I’ll rely on both hard and widely-accepted data, and will round off the numbers to make it easier to follow. I will not attempt to introduce any insider information (mainly because I’m not privy to any such information).

By far, the most important silver statistics concern the inflow of some 400 million oz of physical metal into the world’s silver ETFs and into the COMEX silver warehouses, from roughly March 16 thru the end of July. Over little more than four and a half months, 330 million oz came into the world’s silver ETFs (220 million oz into the largest silver ETF, SLV), with 70 million oz coming into the COMEX warehouses (of which 30 million oz came into the JPMorgan COMEX warehouse).

Before explaining why I believe this 400 million oz inflow of physical silver was the most remarkable development of the year, let me acknowledge that there was also a very large physical inflow of gold into the world’s gold ETFs and the COMEX gold warehouses as well. Not only was the mix different than in silver, in that the roughly 60 million oz of physical gold inflow was evenly divided between the gold ETFs and the COMEX warehouses (30 million oz each), but the total gold inflow increased the total number of ounces in the gold ETFs and COMEX warehouses by 60% to 160 million oz, whereas the 400 million oz total physical silver inflow increased total ETF and COMEX warehouse totals by “only” 36%, from 1.1 billion oz to 1.5 billion oz.

Moreover, the 60 million gold ounces were worth well over $100 billion, whereas the 400 million ounces of physical silver were worth “only” $7 billion (at the prevailing prices at the time of the inflows). So where do I get off claiming that the inflow of 400 million oz of physical silver is the most remarkable statistic of this most remarkable year? It has to do with how much gold and silver exist in the world in bullion form.

In gold, there are 3 billion ounces of bullion in the world (out of a total of 6 billion oz in all forms). The 60 million oz of gold bullion that flowed into the world’s ETFs and COMEX warehouse inventories, therefore, represent 2% of the total amount of gold bullion in the world. In silver, the 400 million oz of physical metal that flowed into the world’s ETFs and COMEX warehouse inventories represent 20% of the 2 billion oz of world silver in bullion form (all in 1000 oz bars). There is a very big difference between 2% and 20% – a tenfold difference. Wait, I’m not finished.

The 160 million total oz of documented gold now in the world’s gold ETFs and COMEX warehouses represent just over 5% of the 3 billion oz of gold bullion known to exist. In silver, the 1.5 billion ounces in the world’s silver ETFs and in the COMEX warehouses represents 75% of the 2 billion total silver bullion oz said to exist. There is an even bigger difference between 5% and 75% – a 15-fold difference.

I’m not saying that there’s not more than 2 billion ounces of silver in the world in all forms – I’m sure there is. I’m saying that there are only 2 billion oz in industry standard good delivery 1000 oz bars and three-quarters of that silver is in the world’s ETFs and in the COMEX warehouses. Converting whatever silver that exists outside the 2 billion oz in 1000 oz bar form will take time, great gathering and processing expense and the willingness of those holding other forms of metal to sell – not something currently occurring or likely to occur in the absence of sharply higher prices.

At this time and price, 75% of all the silver bullion thought to exist is locked up in the worlds publicly-traded ETFs and COMEX warehouses, leaving only 25% as conceivably available (if the owners are willing to sell).  No knock on gold intended in any way, but roughly 5% of the gold bullion in the world is locked up in ETFs and COMEX inventories, leaving 95% of the remaining gold bullion technically available. Plus, on a realistic basis, much more gold held in non-bullion form is likely to come to market at current prices than equivalent dollar amounts in silver.

It becomes even more remarkable when you think about 400 million oz of documented silver bullion suddenly coming into the world’s silver ETFs and into the COMEX warehouse inventories, in little more than 4 months. That’s the equivalent of 50% of annual world mine production (yes, the same could be said about gold mine production, but not existing gold inventories). Remember, silver is an industrial commodity and as such the vast majority of its annual production is used up in various industrial and other fabrication consumption, meaning no pricing model would ever allow for the equivalent of 50% of annual mine production to suddenly be taken away without a many-fold increase in price. Yet from mid -March to mid-July, the price averaged little more than $17 an ounce (prices only rose above $20 in the latter half of July).

In fact, it is the still-subdued price reaction to the documented 400 million oz inflow that makes this statistic so remarkable. Even more remarkable is that few, if any, commentators even mention it. How the heck do you suddenly move the equivalent of 20% of total world inventories or 50% of the annual production of any industrial commodity in a matter of a few months without that commodity literally exploding many times in price? In normal and free market supply/demand terms, what I just described in silver would be impossible in any other industrial commodity. Therefore, something is very wrong – either all the data from the world’s silver ETFs and from the COMEX are all wrong and are being deliberately misreported or something is wrong with the silver pricing mechanism.

I know many believe the former, namely, that all the data are being deliberately reported wrong. The problem with that is that it makes no sense for entities like BlackRock (sponsor of the SLV) which happens to be the world’s largest money manager and other ETFs (like SIVR, ZKB and Sprott) or the COMEX to intentionally misreport data because there is nothing for any of these organizations to gain and everything to lose. Yes, I’m fully aware of the distrust of many towards the ETFs and, particularly, with the COMEX (much of which I may be responsible for), but data reporting is another matter. I can’t personally guarantee the accuracy of data being publicly reported, but I will say those who insist the data are all wrong generally believe in a wide variety of wacky conspiracy theories and/or have their heads up their butts. No insult intended, this is just how I feel.

So, if the public data being reported concerning 400 million oz of physical silver is accurate, as I firmly believe to be the case, then the only possible explanation for why the price reaction was so subdued has to do with the pricing mechanism. In fact, there can’t be any other possible explanation other than that paper positioning on the COMEX sets the price no matter what is happening in the world of silver (and gold). And it’s not as if any of this should come as any surprise to anyone paying the least bit of attention to silver.

I would suppose I would feel somewhat embarrassed in having to restate the obvious yet again and bore everyone in the process, but the 400 million ounces of physical silver is such a massive amount to have flowed into the ETFs and the COMEX warehouses in such a short period of time that I would think it would be all everyone was talking about. It certainly should be what everyone is talking about. However, I see very little commentary about this most remarkable and verifiable statistic and discussion instead about everything under the sun that doesn’t really matter.  Therefore I have to conclude the data are being overlooked or misunderstood.

But what could be more important than the largest amount of physical silver ever flowing into the world’s ETFs and COMEX warehouses in the relative blink of an eye? Having studied silver closely for more than 35 years, either I am missing something or a lot of other people are.  I suppose if one adopts the position that all the public data are corrupt and intentionally misleading then the data should be ignored – but I’m not in that camp at all. And those that do believe all the data is corrupt should not turn around and cite selected instances of the data when it suits them.

The biggest question, of course, is where the heck did all this silver come from? On Wednesday, I commented on the role of JPMorgan in everything silver (and gold) and that certainly includes the inflow of the 400 million oz of silver (as well as the 60 million oz of gold). Generally, everything I’ve stated to this point is verifiable fact, but since no one can see behind closed doors or what’s on others’ minds and uncover information deliberately left unstated, some speculation is needed at some point to complete the picture. JPMorgan is hardly going to openly admit to its manipulative role in all this, so certain things must be deduced.

For one thing, having reported for the past seven years about JPMorgan’s accumulation of physical silver and gold to the exclusion of any other large entity, only JPMorgan was capable of providing the 400 million oz that recently came into the world’s silver ETFs and into the COMEX warehouses. The only real question was the manner by which JPM “parted” with the metal. Looking at it through the eyes of these criminals, one is forced to conclude the parting had a real catch that favored the bank – for the simple reason that every single thing this bank ever does it does for its own benefit. That’s why I switched back to my original speculation that JPM largely leased out much (300 million oz) of the silver that found its way into the EFTs and COMEX warehouses – thus benefitting JPM and its affiliates and causing great potential additional harm to the big shorts.

Of course, this is my speculation and anyone is free to come up with an alternative explanation for the remarkable inflow of 400 million oz. But as I’ve said, any talk of the documented inflow is as rare as hen’s teeth. Regardless, I find the whole set up to be bullish beyond belief. The minute that JPMorgan decides not to assist the 8 remaining big shorts is the same minute the price explodes. Again, no one can predict when that minute will occur in advance, but based upon the continuing flow of documented data, it is a minute that will ultimately arrive.

Ted Butler

November 16, 2020

www.butlerresearch.com

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5571 /

//OFFSHORE YUAN:  6.5521   /shanghai bourse CLOSED UP 7.41 PTS OR .22%

HANG SANG CLOSED UP 129.20 PTS OR .49%

2. Nikkei closed DOWN 288.48 POINTS OR 0.49%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 92.34/Euro FALLS TO 1.1868

3b Japan 10 year bond yield: REMAINS AT. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 42.36 and Brent: 44.70

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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.57%/Italian 10 yr bond yield DOWN to 0.63% /SPAIN 10 YR BOND YIELD DOWN TO 0.07%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.30: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.64

3k Gold at $1873.25 silver at: 24.39   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 37/100 in roubles/dollar) 75.88

3m oil into the 42 dollar handle for WTI and 44 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 103.88 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss N7tional Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9110 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0811 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 0.57%

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 0.864% early this morning. Thirty year rate at 1.607%

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

6.  TURKISH LIRA:  UP  TO 7.71..

S&P Futures, Oil Jump On Vaccine Optimism; Bitcoin Hits $18,000

 

After yesterday’s modest selloff as covid optimism fizzled amid fresh daily record numbers of new cases, on Wednesday futures contracts on three major U.S. equities indexes rebounded sharply as vaccine optimism made a triumphal comeback after Pfizer Inc. said a final analysis of clinical-trial data showed its Covid-19 vaccine was 95% effective, paving the way for the company to apply for the first U.S. regulatory authorization for a coronavirus shot within days. The news propelled S&P 500 futures as much as 0.4% higher, erasing earlier decline of as much as 0.6% as the reflation trade appeared back in vogue, while futures on the Nasdaq 100 and Dow Jones rose 0.2% and 0.5%, respectively, as of 7am ET, while Russell 2000 index futures rose 0.6% as the small cap outperformance was set to continue.

Propping up the Dow was Boeing, which announced the crash-prone 737-MAX was cleared to returned to the skies as the FAA lifted its longest-ever US grounding.

The gains helped reverse Tuesday’s drop when US markets closed in the red after soft U.S. retail sales data, a rise in COVID-19 cases and uncertainty over fresh stimulus measures in the world’s largest economy had sapped sentiment. While the release of two successful coronavirus vaccine trial data over the last week had buoyed markets, the still-high infection rate globally had acted to trim gains, said Jane Shoemake, London-based fund manager at Janus Henderson.

“People can see light at the end of the tunnel now and the markets clearly responded to that, but it’s not going to go up in a straight line because we’ve still got to get through the winter… (and) that is going to continue to temper some of the exuberance people feel”, Shoemake said.

Cormac Weldon, Head of U.S. Equities at UK asset manager Artemis said while the overall picture for investors was brighter, the recovery was likely to be uneven. “Low inventories and the need to manufacture and distribute goods are likely to be the first drivers of the recovery, with the re-emergence of consumer demand adding a powerful second phase.”

The MSCI World index was up 0.1% at 1013 GMT, just shy of the previous session’s record high. After opening lower, European shares crawled back into the black tracking overnight gains in Asia where China stimulus hopes helped MSCI’s broadest regional gauge rise 0.7%, with the STOXX 600 index rising as much as 0.5% to an intraday high following the Pfizer news.

Earlier in the session, Asian stocks gained, led by the finance and IT sectors. Most markets in the region were up, with Taiwan’s Taiex advancing 1.3% and Australia’s S&P/ASX 200 rising 0.5%, while Japan’s Topix slid 0.8%. Trading volume for MSCI Asia Pacific Index members was 13% above the monthly average for this time of the day. The Topix lost 0.8%, with Toyota and Sony contributing the most to the move. The Nikkei 225 Stock Average lost 1.1% after Tokyo reported a record number of new Covid-19 infections. The Shanghai Composite Index rose 0.2%, driven by China Life and Industrial Bank.

Strong corporate earnings in the third quarter have also underpinned the positive stock market sentiment, said analysts at Barclays, with firms “confident on the outlook and in control of costs”, they said in a note to clients.

“This reinforces the case for a strong earnings rebound and pick-up in corporate activity in 2021, as the cyclical recovery unfolds.”

As risk sentiment returned, risk havens sold off and Treasuries dipped to session lows in early U.S. trading after Pfizer Inc.’s final analysis of clinical-trial data previewed last week showed its Covid-19 vaccine was 95% effective. Yields flipped to slightly cheaper on the day across belly, remaining within a basis point of Tuesday’s close across the curve. Treasury’s 20-year new-issue bond auction is ahead. 10-year yields, just above 0.86%, were slightly cheaper on the day vs bunds and gilts. On today’s calendar we have a sale of $27BN in 20Y Treasurys at 1pm which is $2b larger than previous new issue; the 20Y WI is trading around 1.397%, above all six previous 20-year stops and ~2.7bp cheaper than last month’s. In Europe’s debt markets, Germany saw its benchmark 10-year government bond yield fall to its lowest since Pfizer announced its COVID-19 vaccine update a week and a half ago.

“Yields continue to grind lower as more warning signs flash about the near-term outlook,” said Benjamin Schroeder, senior rates strategist at ING. “Euro zone spreads appear to have eyes only for QE (quantitative easing), shrugging off volatility and EU setbacks,” he said, referring to news this week that Hungary and Poland have blocked the adoption of the 2021-2027 budget and recovery fund by European Union governments.

The yield on China’s 10-year sovereign debt rose by 5.2bps to a new high for 2020 at 3.33% (the 2019 high yield is in the vicinity of 3.45%). The price response in onshore rates stands in contrast to the move in US debt with a similar maturity profile (-3.3bps in yield week-to-date).

In FX, the USD declined 0.2% in BBDXY terms, with the Index trading further below the 1,150 mark and on the verge of hitting a new low for 2020. Advisors from the incoming US administration have shied away from a national lockdown in early-2021, which has helped lift risk appetite alongside positive vaccine news. The dollar declined against all Group-of-10 currencies as it continued to be sold amid a more optimistic vaccine outlook and after Fed Chair Jerome Powell said the U.S. economy still has a “long way to go” before it fully recovers from the pandemic. The Bloomberg Dollar Spot Index fell as much as 0.3% in early trading, nearing the multi-year low recorded on Nov. 9, to take losses into a fourth day, before recovering some losses following the Pfizer news.

The Turkish lira extended a drop to as much as 1.1% after President Recep Tayyip Erdogan spoke against higher interest rates one day before central bank’s key rates meeting, sparking confusion whether the CBRT would hike rates by as much as 500 bps tomorrow as some banks now expect. Erdogan said high interest rates render production impossible, prevent improvement in exports: “We will solve our problems in line with free market economy practices” he said adding that “Turkey will accomplish price and financial stability, we are targeting lower inflation as soon as possible.” The Lira was trading 0.4% lower at 7.7076 per USD after dropping as low as 7.80; The Borsa Istanbul Banks Index pared gains of as much as 5.3% after Erdogan’s comments and was trading 2% higher.

In other markets, the Norway krone led G-10 advances; USD/NOK down 0.6% 9.017, as oil rose toward $42 a barrel in New York, as signs of a robust demand recovery in Asia offset a jump in U.S. crude stockpiles. USD/JPY fell 0.4% to 103.83, its lowest since Nov. 9. Cross is down a fifth day, the longest run in two months. AUD/USD rose 0.2% to 0.7318 as broad dollar weakness reverses an earlier decline. GBP/USD continued to be supported, rising as much as 0.4% to 1.3297. U.K. and European Union could strike a deal on their future trading and security relationship early next week. Media reports “suggesting a deal next week and the departure from government of high profile Brexit hardliners seems to have inspired fresh confidence in a deal and thus in sterling,” Sean Callow, senior currency strategist at Westpac Banking Corp.

With stocks still well supported, other risk markets also took heart, with U.S. crude futures and Brent crude futures both up just over 1%, bolstered by hopes OPEC will delay a planned increase in production.

But nowhere was the move more pronounced than in Bitcoin, where the cryptocurrency briefly traded above $18,000 for the first time since Dec 2017, extending its blistering 2020 rally driven by demand for its perceived quality as an inflation hedge and expectations of mainstream acceptance. The original and biggest cryptocurrency jumped as high as $18,483 and was last up 2%. It has soared about 160% this year and has jumped 17% in the last three days alone.

Bitcoin is now close to its all-time high of just under $20,000, which it touched at the peak of its retail investor-fuelled 2017 bubble. “It is not out of the question for the crypto to hit its all-time high of $20,000 this side of Christmas,” said Simon Peters, analyst at investment platform eToro.

“The crypto industry has consolidated, matured and is seeing real traction with institutional investors. Investors are using bitcoin as an inflationary hedge to combat the prospect of continued government stimulus.”

Meanwhile that “old school” bitcoin, gold, was weaker, trading $20 lower at $1871.

Looking at the day ahead now, data highlights include the UK CPI reading for October, along with new car registrations in the EU27 for that month. From the US, we’ll also get October’s housing starts and building permits. Central bank speakers include the Fed’s Williams, Bullard and Kaplan, along with BoE Chief Economist Haldane.

Market Snapshot

  • S&P 500 futures up 0.4% to 3,621
  • STOXX Europe 600 up 0.05% to 389.00
  • MXAP up 0.2% to 188.36
  • MXAPJ up 0.6% to 623.94
  • Nikkei down 1.1% to 25,728.14
  • Topix down 0.8% to 1,720.65
  • Hang Seng Index up 0.5% to 26,544.29
  • Shanghai Composite up 0.2% to 3,347.30
  • Sensex up 0.4% to 44,142.57
  • Australia S&P/ASX 200 up 0.5% to 6,531.10
  • Kospi up 0.3% to 2,545.64
  • Brent Futures up 1.3% to $44.70/bbl
  • Gold spot down 0.3% to $1,870.39
  • U.S. Dollar Index down 0.2% to 92.28
  • German 10Y yield fell 0.2 bps to -0.565%
  • Euro up 0.2% to $1.1880
  • Brent Futures up 0.9% to $44.12/bbl
  • Italian 10Y yield fell 1.3 bps to 0.528%
  • Spanish 10Y yield unchanged at 0.075%

Top Overnight News from Bloomberg

  • European Central Bank policy makers are trying to persuade investors not to focus too much on the size of their next dose of monetary stimulus, hoping they will instead look at its design
  • After a couple of big crashes that destroyed billions in value, the digital currency has rebounded to its highest value since January 2018, crossing $18,000 this week. The cause: a flurry of developments that suggest Bitcoin has taken some big steps toward going mainstream
  • Italy’s banks could face higher costs to sell bad loans as the government is set to scrap tax relief measures in next year’s budget. The government decided not to extend into 2021 a tax benefit introduced earlier this year to facilitate the disposal of non-performing loans held on the balance sheets of Italian banks. Lenders and customers have been severely hit by the pandemic crisis
  • U.K. Prime Minister Boris Johnson announced a 12 billion-pound ($15.9 billion) plan to boost green industries and tackle climate change, in a blueprint he says will create or support as many as 250,000 jobs
  • The U.K.’s entry to Europe’s booming green sovereign bond scene could prove a catalyst for broader corporate issuance, helping London’s ambitions of becoming the continent’s ethical investing hub
  • Investors in Europe are getting their once-a-year opportunity to snap up Chinese sovereign debt in volume as the nation returns with a euro bond sale that stands to benefit from ultra-low borrowing costs there
  • New Zealand’s central bank said it accidentally disclosed sensitive information from its latest Monetary Policy Statement to a group of financial services firms before the official publication time last week

Quick look at global markets courtesy of NewsSquawk

Asian equity markets traded mostly higher as the region attempted to pick up from the weak handover from Wall Street where all major indices finished a choppy session in the red amid mixed data and as the recent vaccine euphoria wore off. ASX 200 (+0.5%) was positive with the index underpinned by outperformance in its largest weighted financials sector but with upside limited in the broader market by softness in commodity-related stocks, while Nikkei 225 (-1.1%) lagged its peers on recent currency inflows and virus concerns with Tokyo preparing to shift to the highest virus alert level. Hang Seng (+0.5%) and Shanghai Comp. (+0.2%) were kept afloat despite a slow start as participants remained cautious following another liquidity drain by the PBoC and amid further tension-related headlines after US bombers entered China’s air defence identification zone on Tuesday and with US regulators drafting plans to require Chinese companies listed in the US, to use auditors overseen by US regulators or risk being removed from exchanges. Finally, 10yr JGBs eked mild gains amid recent upside in T-notes and underperformance in Tokyo stocks, but with upside capped by mixed results at the 20yr JGB auction.

Top Asian News

  • Copper Roars, Zinc Rallies as Chinese Demand, Dollar Spur Rally
  • China’s Credit Jitters Deepen a Selloff in Government Bonds
  • Bank of Thailand Shifts Focus to Baht Rally, Holds on Rates
  • Sharp to Return to Japan’s Blue Chip Index, Replacing Docomo

European equities trade modestly firmer after a softer start to the session (Eurostoxx 50 +0.1%) as prices continue to consolidate around recent levels in the absence of any further incremental newsflow. The picture remains the same for the region as optimism around the efficacy of COVID-19 vaccines is somewhat tempered by the nearer-term outlook which is one of mounting COVID cases, lockdown restrictions and ongoing disputes over the passage of the European recovery fund. Sectoral performance is relatively mixed with mild outperformance in the tech sector, something which recently has often been a sign of rotation in/out of growth momentum names and out/into value/cyclicals. However, the performance of the latter is relatively mixed, suggesting that this morning is not in-fitting with this theme. Additionally, the magnitude of moves thus far are relatively minor and as such there is the risk that any such discrepancies between groups could be subject to over-interpretation. The highlight of this morning’s earnings reports was Danish shipping giant Maersk (-2.1%) with the Co.’s report often viewed as a bellwether for global economic activity, on which, the Co. noted that it has recovered faster than initially anticipated as it benefits from firmer retail sales in the US. Elsewhere, RSA (+3.9%) are firmer on the session after the Co. accepted a GBP 7.2bln takeover approach from Intact and Tryg. Other deal activity has seen Deutsche Boerse (+3.4%) agree to acquire an 80% stake in Institutional Shareholder Services with an enterprise value of USD 2.3bln. To the downside, Air France-KLM (-3.3%) are lower on the session with reports noting the Co. are said to be in discussions over a EUR 6bln capital raise. Hargreaves Landsown (-1.5%) are another laggard for the session amid reports that Stephen Lansdown, the Co.’s founder has sold 6.7mln shares at a discount.

Top European News

  • Spain Raises Hurdle for Foreign Investments in Strategic Firms
  • Pimco Said to Take Office Space in Dublin in Boost to Market
  • British Land Hikes Asset Sales as Values Drop $1.1 Billion
  • Ubisoft Jumps on Positive Update for New Assassin’s Creed Game

In FX, the Dollar and index look increasingly destined to decline further as sellers continue to pounce on rebounds and the technical backdrop/momentum turns more bearish to the benefit of its major and EM counterparts. In fact, the Buck’s downfall may be due to relative strength elsewhere as much as negative US specifics, albeit the ongoing rise in COVID-19 infections and fatalities has dampened some vaccine optimism as stimulus remains gridlocked in the still uncertain Presidential Election aftermath. The DXY has faded after another tame and short-lived recovery petered out just above 92.500 and is just off 92.200 having fallen to 92.207 vs last week’s 92.129 trough ahead of housing data and another round of Fed speak.

  • NZD/GBP/AUD – In contrast to the Greenback, latest Kiwi and Aussie revivals appear more solid on the respective 0.6900 and 0.7300 handles following mixed NZ PPI data and appreciation in the YUAN from another higher PBoC Cny midpoint fix. Meanwhile, the Pound is inching closer to 1.3300 and back through 0.8950 against the Euro ahead of a potentially key update from EU chief Brexit negotiator Barnier on Friday and in wake of reports that France may have ‘accepted’ that there will less water to fish in post-UK transition. However, market contacts suggest there could be big offers into the next big figure in Cable and price action supports that theory, while Aud/Usd may be capped around 0.7350 in the run up to Aussie employment overnight.
  • JPY/CAD/EUR/CHF – The Yen has breached 104.00 again irrespective of somewhat conflicting Japanese trade impulses, as the surplus smashed consensus, but only by virtue of the fact that exports hardly fell and imports plunged much more than expected. Elsewhere, the Loonie is back above 1.3100 against the backdrop of firmer oil prices in advance of Canadian CPI again, while the Euro is still on track to test 1.1900 and in bullish mode above the 50 HMA (1.1856) given no big upside option expiry interest to hamper the pair today, unlike Usd/Cad that should be cushioned by a hefty 1.1 bn at the 1.3000 strike. In similar vein, the Franc is finding 0.9100 tough to overcome, and perhaps wary of more verbal intervention to compliment direct action via SNB’s Maechler who is scheduled to talk at some point.
  • SCANDI/EM – Choppy trade for the Sek and Nok due to fluctuations in risk sentiment, but the Try is bucking the overall trend of gains vs the Usd after yesterday’s brief interlude as the clock ticks down to Thursday’s eagerly anticipated CBRT policy meeting that comes with an aggressive median forecast of +475 bp in comparison to unchanged SARB expectations.

In commodities, WTI and Brent have continued to grind higher throughout the morning aided by the gradual pick-up in equity performance as well as tail-winds from the USD’s underperformance thus far. Fundamentally, little new has occurred since yesterday’s JMMC gathering and attention has now firmly turned to the full OPEC/OPEC+ gathering at month-end for further updates prior to the next JMMC on December 17th. Currently, the benchmarks are posting gains of around 1.0% and reside in relative proximity to session highs. For reference, last night’s private inventories printed a larger than expected build of 4.2mln vs. Exp. 1.7mln and did prompt some crude downside although this was relatively short-lived. Later today the EIA will release their inventory report with the headline expected at a build of 1.65mln. Moving to metals, spot gold is overall flat this morning but has been erring slightly lower in-spite of the USD’s downside with some desks attributing the mild pressure to Fed nominee Shelton’s nomination being blocked yesterday, though this does retain the scope for a re-vote at a later date; in the context of Shelton’s previously expressed interest in hard-money regimes.

US Event Calendar

  • 7am: MBA Mortgage Applications -0.3%, prior -0.5%
  • 8:30am: Housing Starts, est. 1.46m, prior 1.42m
  • 8:30am: Housing Starts MoM, est. 3.18%, prior 1.9%
  • 8:30am: Building Permits, est. 1.57m, prior 1.55m
  • 8:30am: Building Permits MoM, est. 1.43%, prior 5.2%

DB’s Jim Reid concludes the overnight wrap

The rally in risk assets paused for breath yesterday as markets shifted their focus from Monday’s positive vaccine news to the near-term challenges of rising case growth and tighter restrictions. By the close, both the S&P 500 (-0.48%) and the Dow Jones (-0.56%) had fallen back from their record highs. 18 of the 24 industry groups in the S&P fell yesterday, led by defensives such as Utilities (-2.01%), Food & Staples (-1.49%) and Healthcare Equipment (-1.42%). However, the NASDAQ fell a lesser -0.21% thanks in part to a +8.21% advance for Tesla, which came on the back of the news that it’ll join the S&P 500. It added c.$31.8bn market cap on the day, which is around the same size as Yum! Brands ($31.4bn), Freeport-McMoRan Inc ($30.6bn) and notably near Ford ($34.8bn). As we mentioned yesterday, it will comfortably enter the top 10 of the S&P 500 when it arrives in December.

As we go to print Asian markets are taking a sudden dip lower as Japanese broadcaster FNN announced that Tokyo saw a record 493 Covid-19 cases. This follows earlier news from the Nikkei that the Tokyo Metropolitan Government is making final arrangements to raise its alert on the infection status to the highest of 4 levels. The Nikkei is down -1.13% as we type. Futures on the S&P 500 are down -0.34%. Elsewhere, markets are trying to hang onto earlier gains with the Hang Seng (+0.14%), Shanghai Comp (+0.34%), Kospi (+0.22%) and ASX (+0.51%) all still up.

Fed Chair Powell spoke yesterday at an online event hosted by the Bay Area Council and said that the economic recovery in the US would likely continue at a “solid” pace though he called rising coronavirus infection rates a “significant” downside risk “especially in the near term.” While Powell indicated that the recent spate of vaccine news is good for the medium-term outlook of the economy, a full recovery is a still a long way off and that the Fed “will stay here and be strongly committed to using all our tools.” He went on to indicate that he leaned towards keeping the Fed’s emergency lending facilities operation as is, given that the “recovery is incomplete” – this comes as all but one of those facilities are scheduled to expire at year-end. Regardless of the Fed’s position on the matter, the Treasury Secretary Mnuchin would have to agree to keep the facilities open and he has not yet made a decision. Elsewhere, Judy Shelton’s confirmation to the Federal Reserve Board was blocked yesterday in 47-50 vote after two Republican senators were unable to attend due to quarantining. Senate Majority leader McConnell voted no in order to be able to bring the vote back up once the two missing senators were again available. Given Democratic Senator-elect Mark Kelly is set to join the chamber as early as the first week of December, the schedule of the GOP to get Shelton confirmed is tightening.

On the Vaccine front, Pfizer’s CEO said overnight that a key safety milestone had been reached in the study of its vaccine, and the drug maker is now preparing to seek an emergency-use authorisation. Elsewhere, the Indonesian government is planning to kick-starts its vaccine inoculation program next month with an initial 3mn doses likely to be from China’s Sinovac. The country will prioritise health workers, police, military and public servants.

Back to markets and over in Europe it was a similar story to the US, as the STOXX 600 (-0.24%) and bourses across the continent also lost ground. The STOXX Travel & Leisure index (-1.06%) suffered in particular amidst fears of continued restrictions heading through the winter months, while Healthcare (-1.32%) was the worst-performing sector in Europe. Other cyclicals such as Energy (+0.71%) and Autos (+0.72%) continued to edge higher as the vaccine news kept them afloat.

With investors rotating out of risk assets, yesterday saw a strong performance in sovereign bond markets, where a number of new records were set. For example, yields on 10yr Italian BTPs fell -1.3bps to an all-time low of 0.639%. Meanwhile in Greece, the spread of 10yr yields over bunds fell another -3.0bps to 1.233%, which is their tightest level in over a decade. Core sovereign bonds also gained ground, with yields on 10yr Treasuries falling -4.9bps to 0.857%, as those on 10yr bunds (-1.8bps), gilts (-2.5bps) and OATs (-2.3bps) also fell.

Another asset that performed well yesterday was sterling, which strengthened +0.36% (up a further +0.13% overnight) against the US dollar thanks to headlines that suggested the Brexit negotiators could manage to agree a deal early next week, potentially as soon as Monday. Nevertheless, the same set of headlines also had officials cautioning that the talks could still fall apart, while a statement from Prime Minister Johnson’s office said that “it is far from certain that an agreement will prove possible”. It’s not clear when we’ll get any further news, but the Guardian’s Brexit correspondent, Lisa O’Carroll tweeted that UK government sources weren’t expecting a breakthrough this week and were looking to next week instead for a deal. If these reports are right, that means that a deal won’t have been reached in time for tomorrow’s video conference of EU leaders, in which they would have had the opportunity to discuss the issue.

In terms of the latest developments on the virus, in New York City, the 7-day average positivity rate was at 2.74%, which is below the important 3% threshold that would lead to school closures. Ohio’s Governor imposed a 10pm to 5am curfew for the next 21 days, though he has maintained that he is trying to keep businesses open outside of those hours as much as possible. In Scotland, a number of areas including Glasgow faced tougher Level 4 restrictions, which includes the closure of non-essential shops, along with pubs and restaurants. Elsewhere in Europe, the Netherlands extended their partial lockdown measures while also lifting some restrictions imposed two weeks ago. Libraries, theaters, cinemas, museums and swimming pools can reopen while bars and restaurants remain shut. Similarly in France, Prime Minister Castex announced that the country will not end the full lockdown but that some measures may be lifted. It is starting to look like late-spring again with the virus getting worse in the US as it plateaus in parts of Europe. Across the other side of world where the virus has been spreading less aggressively, South Australia announced a 6-day lockdown that would see even schools and universities close to help contain a growing cluster of Covid-19 infections in the state capital Adelaide. South Korea also reported the highest number of daily infections in almost 12 weeks.

Yesterday’s data saw a weaker-than-expected reading on US retail sales, which rose by just +0.3% in October (vs. +0.5% expected), while the previous month’s growth was also revised down to 1.6% (vs. 1.9% previously). That +0.3% growth is the slowest pace of growth since the sharp contractions when the pandemic first hit, and the soft reading will add to concerns with the coronavirus case numbers surging once again. One caveat is that YoY US retail sales are up a fairly remarkable +5.7%, which shows how much government and central bank stimulus has propped up spending.

In more positive real time data, industrial production rose +1.1% in October (vs. +1.0% expected), and September’s decline was revised to show a smaller contraction than expected. Lastly, the NAHB’s housing market index rose to a record 90 (vs. 85 expected).

To the day ahead now, and data highlights include the UK CPI reading for October, along with new car registrations in the EU27 for that month. From the US, we’ll also get October’s housing starts and building permits. Central bank speakers include the Fed’s Williams, Bullard and Kaplan, along with BoE Chief Economist Haldane.

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 7.41 PTS OR .22%   //Hang Sang CLOSED UP 129.20 PTS OR .49%    /The Nikkei closed DOWN 288.48 POINTS OR 1.10%//Australia’s all ordinaires CLOSED UP 0.43%

/Chinese yuan (ONSHORE) closed UP TO 6.5571 /Oil UP TO 42.36 dollars per barrel for WTI and 44.70 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5571. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5521 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA/GLOBE

Trump continues to label Huawei as the world’s no 1 concern for democracy. This was echoed by National Security Advisor O’Brien

(zerohedge)

Huawei Threat “No.1 Concern For Democracy” Globally: National Security Advisor O’Brien

 

Trump is planning to continue hardline measures against China during his last weeks in office, right up until inauguration day on January 20.

National Security Council spokesman John Ullyot recently boasted to Axios, “Unless Beijing reverses course and becomes a responsible player on the global stage, future US presidents will find it politically suicidal to reverse President Trump’s historic actions.”

And now in his latest statements National security adviser Robert O’Brien has singled out Chinese telecommunications company Huawei as the “number one concern” for democracy moving forward.

US National Security Advisor Robert O’Brien

“If you believe in democracy and you’re concerned about our elections, that’s the number one concern that we’ve got going forward and that all the democracies have is what China could do with that Huawei backbone in our countries,” O’Brien told The Hill in an exclusive interview. “It’s really quite scary.”

US defense officials along with the administration have long seen Huawei’s global 5G rollout as but a Trojan horse allowing Chinese intelligence and the PLA military backdoor access to whatever systems go online in host countries, particularly in the West.

Indeed O’Brien underscored precisely that it could give the Chinese government “backdoors to pull up every bit of data in the world.” However, US critics would point out this is exactly the kind of data hegemony that the NSA has long sought and practiced, even sweeping up US domestic communications, according to the Snowden archive revelations in 2013.

Here’s more from the interview according to The Hill:

“What’s really turned especially the Europeans, but also many of the Asians, is the fact that their personal private data is going to be owned 100 percent by the Chinese Communist Party,” O’Brien said.

“Think of what you could do with that from a microtargeting standpoint in an election,” he said. “If you know everybody, if you know their hopes, if you know their fears, if you know who’s having an affair, if you know who’s been diagnosed with cancer, if you know who’s having financial difficulties, if you know what someone’s dream vacation is. Think of taking all that information and then on a micro basis, being able to target that person, to blackmail them, to entice them, to attempt to influence them.”

Over the past years the US has not just blocked Huawei from US soil (along with other China-based tech companies believed linked to the PLA), but has pressured other countries to ban it as well.

 

A phone retailer in Shenzhen, China, via The Verge.

Last week President Trump signed an executive order banning US investment in 31 Chinese companies that in some way has provided support to the Chinese military, whether through systems of logistical support.

END
 
A very important read….what would the globalist Biden do with respect to the Japanese Senkaku islands that China claims belongs to them.
China sends a strong warning to Biden (if he takes the Presidency)
(Pat Buchanan)
 

Beijing Sends Biden A Warning

 

Authored by Pat Buchanan via Buchanan.org,

Because of Donald Trump, Vice President Joe Biden thundered during the campaign, the U.S. “is more isolated in the world than we’ve ever been… America First has made America alone.”

Biden promised to repair relations with America’s allies. And he appears to have gone some distance to do so in the congratulatory phone call he received from Prime Minister Yoshihide Suga of Japan.

According to Suga, during the brief call, Biden said Article V of the U.S.-Japan Mutual Security Treaty of 1960 covers the Senkaku Islands in the East China Sea, islands Japan controls but China claims as its own.

“President-elect Biden gave me a commitment that Article 5 of the US-Japan security treaty applies to the Senkaku Islands,” said a delighted Suga.

And what does Article V commit us to?

“Each Party recognizes that an armed attack against either Party in the territories under the administration of Japan would be dangerous to its own peace and safety and declares that it would act to meet the common danger…”

Message: The U.S. will treat a Chinese attempt to take the Senkakus, tiny rocky outcroppings in the East China Sea, as an attack on the USA, and America will fight China to secure Japan’s right to keep the islands.

Biden has removed any ambiguity that may have existed and given Tokyo a U.S. war guarantee that covers the Senkakus.

The response of China’s foreign ministry was to angrily lay claim to the islands they call the Diaoyus as “inherently Chinese” and to dismiss the U.S.-Japan security treaty as a “product of the Cold War.”

This diplomatic clash comes as Henry Kissinger was warning the Bloomberg Economic Forum:

“America and China are now drifting increasingly toward confrontation, and they’re conducting their diplomacy in a confrontational way. … The danger is that some crisis will occur that will go beyond rhetoric into actual military conflict.”

Kissinger continued:

“Unless there is some basis for some cooperative action, the world will slide into a catastrophe comparable to World War I.”

World War I was the worst calamity in Western civilization — until the next war to which it led inexorably: World War II.

Last week, we also learned that during Chinese military exercises in August, the People’s Liberation Army fired two missiles thousands of kilometers from the mainland that struck a targeted merchant ship sailing in the South China Sea.

The missiles were the DF-21D and DF-26B.

Both missiles are known as “aircraft carrier killers.”

The U.S. routinely moves its carriers through these waters to underscore our contention that neither the South China Sea nor the Paracel and Spratly Islands within belong to China as Beijing claims.

Consistent with China’s toughening policies toward its neighbors, four members of the opposition in the Hong Kong legislature were ousted last week, which led to wholesale resignations that have left Hong Kong’s governing council under the total control of pro-Beijing hardliners.

The era of “one country, two systems” for Hong Kong, dating to the transfer of sovereignty by Great Britain, appears to be over. The dissidents and demonstrators who filled the streets just months ago appear to have been routed, and the city’s future looks less like the Hong Kong of yesterday than the Beijing of tomorrow.

These actions are consistent with the hard lines Beijing has taken on its “reeducation camps” for Uighurs in Xinjiang and its border dispute with India in the Himalayas.

While Secretary of State Mike Pompeo has lately sought to round up like-minded nations to stand up to China — Japan, Australia, India — there appears to be a reluctance, rooted in uncertainty as to whether Communist China or democratic America represents the future of Asia.

Trump’s “America First” policy asked the most basic of questions:

Are all these half-century old alliances, these commitments to go to war for Japan, South Korea, Taiwan and the Philippines, as in Joe Biden’s estimation, assets to be nurtured and even expanded to cover more territories like the Senkakus? Or are they liabilities that could drag us into wars the American people do not want to fight?

While we reject China’s claim to all the reefs, rocks and islets in the South China Sea and her claim to the Senkakus in the East China Sea, should we be obligated to go to war over these tiny parcels of land, especially when their legitimate owners are unwilling to fight for them?

But what is it, then, that Biden puts first?

Globalism. A New World Order. A Crusade for Global Democracy.

Been there, done that.

Sixty years ago when Richard Nixon and John F. Kennedy faced off, the foreign policy debate was over whether the U.S. should fight Mao’s China to defend the tiny offshore islands of Quemoy and Matsu.

Kennedy thought not. Kennedy won.

end

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAQ/USA

true to his word, Trump orders troop withdrawal in Iraq. Then 5 rockets descend on the green zone.  It is far better for the USA to get out of this hell hole

(zerohedge)

Rockets Target US Embassy In Baghdad Just As Trump Ordered Troop Draw Down

 
 

Coming less than within an hour of President Trump announcing his troop draw down order in Iraq and Afghanistan Tuesday afternoon, a hail of rockets fell near the US embassy in Baghdad.

Local and regional reports say at least five rockets were fired on the fortified Green Zone in Iraq’s capital and that four struck near the American compound.

The US embassy’s C-RAM system, or “Counter rocket, artillery, and mortar” defense weapon, was activated in response to the inbound rocket fire.

The timing seems clearly intentional, given international headlines at that very moment circulated the US announced plans to reduce its troop levels in Iraq.

Trump ordered the Pentagon to accelerate a drawdown of US troops in Afghanistan and Iraq to 2,500 , as the president works to deliver on his longtime pledge to exit from “endless wars” before he leaves office January 20. Current estimates put US troop levels in Iraq at over 3,000.

In both Iraq and Afghanistan Trump’s advisers have reportedly been urging the commander-in-chief to avoid pulling everyone out, reducing US presence down to ‘zero’.

American generals have feared in the case of Iraq a dramatic rapid US exit would fully cede the country to Iranian influence – however, Tehran’s influence was assured the moment the Bush administration overthrew Iran’s worst enemy Saddam Hussein in 2003.

Past rocket attacks on the US embassy, which almost never score direct hits or cause injuries on American personnel – also given its advanced anti-rocket defense systems are on alert and frequently activated – have been widely blamed on Iran-backed Iraqi Shia militia.

There are reports from correspondents on the ground saying at least one young Iraqi civilian was killed and five other Iraqis injured as a result of the attack:

“Rocket attacks in Baghdad tonight as US announces troop drawdown. A baby was killed, 5 Iraqis were wounded. Attacks on US-linked interests in Iraq have killed at least 9 people since late last year. Most were Iraqi,” said Washington Post’s Louisa Loveluck.

6.Global Issues

Coronavirus update/Australia

Trapped Travelers In Australia “Scream From Hotel” After Being Ordered Into Another 2 Weeks Of Quarantine

 

Today in “it’s starting to look a lot like a prison-state using Covid as the excuse” news…

Harrowing scenes are surfacing at the Peppers Adelaide medi-hotel in South Australia, where travelers who were already in a 14 day quarantine have been told that they have to undergo the 2 week process for a second time. 

This has resulted in guests screaming from their balconies to be released from the hotel, where some are being forced to stay despite testing negative for Covid, according to news.com.au.

The standoff comes as the country tries to deal with a local cluster of cases that has more than doubled. More than 4000 people locally, who are considered “close contacts” have been quarantined, as a result.

Professor Nicola Spurrier, Chief Health Officer, said: “These people have been advised to quarantine and they are being contacted on a daily basis for a symptom check. This is a huge amount of work, as you can imagine, to make sure that we are in regular contact with these people.”

The country has been able to identify 21 cases linked to one family cluster, which includes three young children and a baby. The state’s draconian measures are coming after reporting 18 new cases yesterday and 5 new cases today. Including the hotel, there are now 34 active cases, with 3 of which coming from a nursing home in Adelaide. 

The CEO of the Anglicare Brompton Aged Care Home in Adelaide called it his “worst nightmare”. So far, all residents at the home have tested negative and are being tested daily.

The cluster was said to have started by a female cleaner working at Peppers, who then passed it to her family and two unrelated hotel security guards. It has triggered closures and isolation warnings across the area.

Second possibly only to some Asian areas, Australia has done well in limiting the spread of Covid throughout the country.

 
 
 
end
 
 
 
 
 
Email from Robert H to me:
 

The tip of the spear is Australia and how many more are following ?

 
 
 
 
 
 
This is how you break an economy; you simply bring it to a halt causing imbalances in supply and demand causing chaos and shortages and economic dislocation, while reducing availed trade credit. 
 
As it is their economy is in free fall and will not likely recover anytime soon as businesses are shaken to core levels. Today, this is occurring in real time across the western world using the virus as the catalyst/ excuse for the so called reset. Those governments who choose to terrorize their citizens and abuse the rule of law will suffer the worse declines. People have a right to respect, dignity, and freedom. When this is ignored, it spawns revolutions and anarchy to seek a new order, where this exists. This is not science or a prediction, it is simply historical fact repeated many a time since lessons of history are ignored more often than learnt. The next several years will see upheavals of government not dreamt of as people say NO! In Denmark, the government has discovered through wide ranging public protests the answer to forced vaccines is NO! And while they maybe reconsidering what next steps to take to force this; it is the public mob voice that will stop them, even if an wholesale over through of order is required. Politicians should be careful about their seeking power at the expense of the public who is angry and will take it to the streets as we have seen. This will only get worse and a number of countries are on the way to seeing their GDP ( gross domestic product[ output]) cut by 50%. This will cause many a ripple including the breakup of certain countries. 
 
The problem for the Great Reset crowd is that once broken, supply chains of activity and supply do not come back on a whim or the turning of a key. Shut down a bakery for a week and deny the supply of raw ingredients during the same time. And you will discover that no bread is baked until new supplies are received and demand far outstrips availed supply for some time until a new balance is found. And it is not just ingredients and labor but capital and facilities and repairs in ten underlying supporting supply chain that need to come together. Shut it down for a month or more and you will learn that you need a new bakery run by new people because the last one went out of business. It is the same thing on every level of business and activity in the economy. It took a long time for balance between demand and supply to occur and now it is being thrown to the wind. Just imagine what happens to a mainline employer in a town where people are largely dependent. Or even a farmer, say an olive orchard wheee no labor is present for a month during harvest and the harvest is a ghost of what was normal. Where does the makeup of supply come from; let alone the capital to wait until the next harvest. 
 
Tomorrow’s winners will be not those who grow through these times but the ones who suffer the least structural economic decline amongst their peers, and competition. This will be true of countries and their economies, and therefore their residents, citizens or not.
 
 
“South Australia will be implementing a circuit breaker from 12:01 am Thursday, 19 November 2020 for the next 6 days aiming to stop the spread of COVID-19 in our state. … South Australia will pause, and people will need to remain at home for the next 6 days. …”
As I write this, there are currently only 35 active cases (test positive – not necessarily with symptoms), 2 in hospital, zero in icu, and for this, they throw us all in-home detention.” 
 
 
 

 
 
end
 
 
 
CORONAVIRUS/UPDATE/GLOBE

US Sees Most COVID Deaths Since Spring, FDA Approves Rapid Home Test: Live Updates

 

Summary:

  • US suffers most new deaths in months
  • Pfizer vaccine now 95% effective
  • Lucira home test approved
  • FDA panel to meet next month to discuss vaccines
  • Tokyo sees record jump in cases
  • PA orders new restrictions
  • India outbreak continues to weaken
  • LA County prepares new curfew orders
  • Sinovac appears to be safe per trial data

* * *

The biggest COVID-19 related news on Wednesday is the release of the final data from the Pfizer-BioNTech vaccine trial, which showed the vaccine to be 95% effective, on par with Moderna’s mRNA vaccine results, which were released earlier in the week. While we await Moderna’s “final” data showing its vaccine to be 96% effective, it’s worth noting that this wasn’t the only new development in the battle against the virus.

Following the announcement, it was reported that a critical FDA panel will meet on Dec. 8 to discuss the first wave of COVID-19 vaccines, raising the possibility that the first general-use approvals might come around then, or shortly after.

Lucira’s rapid home test for the virus was just approved for emergency use by the FDA on Wednesday, granting a powerful new tool that can allow exposed persons to text themselves without potentially putting others at risk. The test is the first that can be fully self-administered, and it can provide results at home in 30 minutes or less. The approval comes at a time when the US is reporting an average of 150,000 new coronavirus cases per day.

“This new testing option is an important diagnostic advancement to address the pandemic and reduce the public burden of disease transmission,” said FDA Commissioner Stephen Hahn in the statement.

In other news, after announcing early Wednesday (local time) that Tokyo would be placed on the highest new alert level to stop the spread of the virus, daily coronavirus cases in Tokyo hit a new record of 493 on Wednesday, topping the previous record of 472 set on Aug. 1.

Across the US, 20 states are seeing hospitalizations reach peak levels.

Deaths are surging higher in the Midwest to new record levels, though they’re also rising in other regions as well. The US reported more than 1,550 new deaths yesterday, its largest daily tally since the spring.

Here’s more COVID news from Wednesday morning and overnight:

Yesterday, Pennsylvania’s Secretary of Health announced new targeted efforts to slow the spread of the virus in the state, including strengthening a mandatory mask order, along with a new mandate for those traveling to PA from out of state (Source: WGAL).

Following this morning’s Pfizer news, the Indian government is reportedly in talks with Pfizer and Moderna for COVID-19 vaccine.

Los Angeles County plans to implement a curfew from 2200-0600 beginning on Friday night and restaurants with outdoor dining, breweries and wineries will be reduced to 50% capacity (Source: Newswires).

The US isn’t the only country with some helpful vaccine news: Sinovac’s vaccine CORONAVAC appeared to be safe and well tolerated at all doses according to Phase 1/2 study, while phase 3 will be crucial to determine the immune response according to researchers. Researchers also stated the vaccine is suitable for emergency use during the pandemic and noted that antibody levels induced by the vaccine were lower than those seen in people that have recovered from the virus.

India reports 38,617 new cases, up from 29,163 the previous day, bringing the total to 8.91 million. The death toll jumped by 474 to 130,993 (Source: Nikkei).

South Australia Premier Steven Marshall announced a six-day lockdown to stamp out an outbreak that has now expanded to 22 new cases, warning that the strain of coronavirus detected was especially worrying.

END

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1868 UP .0004 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 /GREEN

USA/JAPAN YEN 103.88 DOWN 0.290 (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 1.3276   UP   0.0020  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3076 DOWN .0030 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  WEDNESDAY morning in Europe, the Euro ROSE BY 4 basis points, trading now ABOVE the important 1.08 level RISING to 1.1868 Last night Shanghai COMPOSITE  CLOSED UP 7.41 PTS OR .22% 

//Hang Sang CLOSED UP 129.20 PTS OR .49% 

/AUSTRALIA CLOSED UP 0,43%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 129.20 TS OR .49% 

/SHANGHAI CLOSED UP 7.41 PTS OR .22% 

Australia BOURSE CLOSED UP 0.43% 

Nikkei (Japan) CLOSED DOWN 288.48  POINTS OR 1.10%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1872.60

silver:$24.38-

Early WEDNESDAY morning USA 10 year bond yield: 0.864% !!! UP 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.607 DOWN 0  IN BASIS POINTS from TUESDAY night.

USA dollar index early FRIDAY morning: 92.37 DOWN 7 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.04% DOWN 1 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.02.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.08%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.65 UP 2 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.55% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.30% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.1866  UP     .0003 or 3 basis points

USA/Japan: 103.71 DOWN .467 OR YEN UP 47  basis points/

Great Britain/U SA 1.3298 UP .0042 POUND UP 42  BASIS POINTS)

Canadian dollar UP 51 basis points to 1.3054

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed UP AT 6.5576    ON SHORE  (x)..

THE USA/YUAN OFFSHORE:  6.5576  (YUAN up)..

TURKISH LIRA:  7.71  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield UP 1 IN basis points from TUESDAY at 0.871 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.608 UP 0 in basis points on the day

Your closing USA dollar index, 92.28 down 13  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 23.73  0.37%

German Dax :  CLOSED UP 70.32 POINTS OR .54%

Paris Cac CLOSED UP 29.51 POINTS 0.54%

Spain IBEX CLOSED UP 42.60 POINTS or 0.54%

Italian MIB: CLOSED UP 184.20 POINTS OR 0.86%

WTI Oil price; 41.90 12:00  PM  EST

Brent Oil: 44.60 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    75.87  THE CROSS LOWER BY 0.39 RUBLES/DOLLAR (RUBLE HIGHER BY 39 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.55 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 :  41.88//

BRENT :  44.30

USA 10 YR BOND YIELD: … 0.875..up 2 basis points…

USA 30 YR BOND YIELD: 1.613 up 1 basis points..

EURO/USA 1.1859 ( DOWN 5   BASIS POINTS)

USA/JAPANESE YEN:103.84 DOWN .334 (YEN UP 33 BASIS POINTS/..

USA DOLLAR INDEX: 92.33 DOWN 9 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3277 UP 21  POINTS

the Turkish lira close: 7.71

the Russian rouble 76.00   UP 0.02 Roubles against the uSA dollar. (UP 2 BASIS POINTS)

Canadian dollar:  1.3061 UP 44 BASIS pts

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

The Dow closed DOWN 345.09 POINTS OR 1.16%

NASDAQ closed DOWN 97.74 POINTS OR 0.82%


VOLATILITY INDEX:  23.43 CLOSED UP .72

LIBOR 3 MONTH DURATION: 0.231%//libor dropping like a stone

USA trading today in Graph Form

Bitcoin Jumps, Stocks Dump After Vaccine-Pop Flops

 

A hope-filled vaccine headline redux from Pfizer (95% efficacy… that’s better than MRNA’s 94.5%…) sparked another algo-buying-panic but de Blasio battered those dreams by shutting down NY schools as COVID cases soar. The machines tried to ramp ’em after the de Blasio bust but that rip was dumped…

 

This has erased all the week’s gains for Nasdaq, Dow, and S&P…

 

95% effective… it’s like 90% effective but better…

Specifically, NYC-exposed stocks (Office and Apartment REITs) were hit…

Today’s move erased all of the S&P 500’s gains relative to Russell 2000 since the COVID crisis began…

Source: Bloomberg

Cyclicals and Defensives were both sold today…

 

Source: Bloomberg

Momo and value unwound their early moves to end unch…

 

Source: Bloomberg

Treasury yields ended modestly higher on the day, but still well below last week’s cycle highs (the belly underperformed 5Y-10Y +2bps, 2& & 30Y unch)…

Source: Bloomberg

30Y Yields have erased all the spike from Pfizer’s vaccine news last week…

Source: Bloomberg

The Dollar continued it slide to post-election, pre-Pfizer-vaccine lows…

 

Source: Bloomberg

Bitcoin surged above $18,000 intraday (just shy of $18,500)…

Source: Bloomberg

Bitcoin was the highest since the peak in Dec 2017…

Source: Bloomberg

As Bitcoin has soared, it decouple from gold, with correlation actually going negative…

 

Source: Bloomberg

Oil prices managed to hold on to modest gains, ending the day around $42..

Gold investors bought the dip again as ‘someone’ monkeyhammered the precious metal again on the Pfizer news…

 

 

Finally, the weekly put-call ratio has plunged (exuberantly) to its most complacent since Jan 2011 (and below the extremes of Aug 2020)…

Source: Bloomberg

Now this is a spurious correlation… (or is it? Is Bitcoin anticipating massive stimulus as COVID cases explode before Biden comes to the rescue in the new year?)

 

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//THIS AFTERNOON

Stocks Slammed As NYC Closes Schools Again On Soaring COVID-19 Cases

 
 

Update (1430ET): Vaccine or not, it appears the market did not like Cuomo’s decision to shut down the nation’s largest school district… because “cases”…

Oil prices also slumped as the headline hit…

*  *  *

Just as Gov Andrew Cuomo was patronizingly explaining to reporters during Wednesday’s press briefing that NYC had not yet reached the 3% positivity-rate threshold to close schools, the NY Times reported that Chancellor Richard Carranza has warned principles in an email that schools will close once again starting Thursday.

As we mentioned above, the news seemed to take Gov Cuomo by surprise. Read the full letter, published first by the NYT, below:

Mayor de Blasio minutes later confirmed that the 3% threshold had indeed been reached.

Stocks are sinking on the news, as investors presume that once NYC closes schools, the rest of America’s biggest cities will soon follow suit (if they haven’t already).

In its story about the closure, the NYT noted that the closures will disrupt the lives of the 300k NYC students who were attending the in-person classes. Virus transmission in the schools has remained surprisingly low, with the schools appearing to reflect, rather than accelerate, the spread of the virus within the community.

With stocks in the red, looks like the market needs another vaccine headline, stat.

 

end

 

ii)Market data/USA

US Housing Market Stumble? Home Starts Rise But Rental Unit Permits Plunge In October

 

With the US housing bubble reinflating, ‘expert’ analysts expected building starts and permits to continues their meteoric rise in October. However, the results were mixed.

Housing Starts beat expectations, rising 4.9% MoM (well above the 3.2% expectation) and also saw a major upward revision in September, from +1.9% MoM to +6.3% MoM.

Building Permits disappointed, unchanged in October versus expectations of a 1.4% rise MoM.

Source: Bloomberg

Overall Housing Starts are up significantly in 2020…

Single Family Starts surging to at 1.179MM, up 6.4% M/M, up 29.4% Y/Y, and highest since 2007 as multi-family starts remained flat (and notably lower than pre-COVID)…

On the more forward-looking permits side, the picture was similar with multi-family (rental) units tumbling to 365K, down 5.9% M/M, down 30.6% Y/Y, and lowest since Feb 2017…

With NAHB sentiment at record highs, one wonders why homebuilders are not loading up on the forward-looking building permits?

…if we build it, they will come?

 

iii) Important USA Economic Stories

Georgia

What is going on in Georgia?:  a second memory card with 2755 votes on it is found during its audit with no entries onto the computer.  Naturally most were for Trump.  Biden’s lead shrinks again.

(Late in the evening a third memory card was found and not entered into the totals and again most went to Trump)

(zerohedge)

Second Memory Card With 2,755 Votes Found During Georgia Election Audit, Decreasing Biden Lead

 

second memory card with uncounted votes was found during an audit in Fayette County, Georgia, containing 2,755 votes according to WSBTV’s Justin Gray.

The newfound ballots decreases Biden’s statewide lead over President Trump by 449, leaving the margin at just 12,929 votes.

The news comes one day after 2,600 uncounted ballots were found on another memory card in Floyd County, GA – which were mostly cast for President Trump.

According to county election officials, human error is to blame in Floyd County.

“It’s not an equipment issue. It’s a person not executing their job properly,” said Gabriel Sterling, the state’s voting system manager. “This is the kind of situation that requires a change at the top of their management side.”

Sterling referred to the 1st memory card as an “amazing blunder” – after which Floyd County Board of Elections director, Robert Brady, was asked to step down following the ‘error’ which was discovered on Sunday.

END

And then a third memory card found with uncounted votes

(Pentchoukov)

Third Georgia County Finds Memory Card With Uncounted Votes

November 18, 2020 Updated: November 18, 2020
 
 

A third county in Georgia discovered a memory card with uncounted votes, a majority of which were cast for President Donald Trump, according to Georgia GOP Chairman David Shafer.

“Our monitors tell us that Walton County election officials have found a memory card that was apparently not uploaded. The number of uncounted votes is not as large as in Floyd or Fayette but the President will pick up votes,” Shafer wrote on Twitter.

According to Walton Tribune, Trump netted 176 votes as a result of the discovery.

At a press conference on Tuesday night, Gabriel Sterling with the Georgia secretary of state’s office told reporters that, in Walton County, “there may be a memory card with 224 votes on it from an Election Day polling location.”

“We’re still trying to see if that was a batch that might have been missed, or there’s actually memory cards that we—I don’t have a final answer on that,” he added.

Fayette and Floyd counties previously reported discovering memory cards with uncounted votes.

Of the votes, 1,577 were for President Donald Trump, 1,128 were for Democratic nominee Joe Biden, and the remainder included 43 for Libertarian presidential candidate Jo Jorgensen, and seven write-ins, Sterling said. The discovery netted Trump 449 votes.

trump and biden

 

Democratic presidential nominee Joe Biden (L) and President Donald Trump in file photographs. (Getty Images; Reuters)

Floyd County on Monday found 2,600 votes that were not initially tabulated in the initial vote-counting process. The votes were cast overwhelmingly for Trump, cutting Biden’s lead by roughly 800 votes.

Sterling said that Fayette County’s votes were a more easy discovery compared to Floyd County, because they were able to see that the number of people who were checked in on the early voting file exceeded the number in the county’s reported total votes.

Both Floyd and Fayette counties will still need to recertify their results, and that can’t be done until after the state’s election audit is complete on Wednesday at midnight, Sterling said.

The memory cards unearthed in the three counties add up to over 1,400 net votes for Trump, closing his gap with Biden from 14,156 minus 12,753, Sterling said on CNN’s “New Day” on Wednesday.

The recount in progress was initiated by the Georgia secretary of state based on a new law that calls for an audit of one race after each election. The state’s deadline to certify election results is Nov. 20. The Trump campaign can request another recount after the results are certified.

Georgia spent more than $100 million on election machines and software by Dominion Voting Systems. The Trump campaign has alleged, and the vendor has denied, that the software is to blame for the fraudulent switching of votes from Trump to Biden.

Zachary Stieber and Mimi Nguyen Ly contributed to this report.

Follow Ivan on Twitter: @ivanpentchoukov
 
end
 
This is a good one: A Smartmatic director admits that their system was able to create one million phantom votes in a Venezuelan election.

 

(gateway pundit)

 

Smartmatic Director Admitted in 2017 that Their System Was Able to Create “At Least One Million” Phantom Votes in that Year’s Venezuela Election

Smartmatic has been stealing elections in Venezuela since at least 2004.

In Ausust 2017 Smartmatic Director Antonio Mugica admitted that the Smartmatic machines and software created at least one million phantom votes in the national elections in Venezuela.

Mugica added that the fact election observers were not in the room helped Smartmatic machines steal the election.

This statement by Mugica was in August 2017.

TRENDING: LIVE-STREAM VIDEO… Breaking the Code: Exposing the 2020 Election Fraud with Dr. Shiva Ayyadurai, Joe Hoft and Jim Hoft from Gateway Pundit – Tuesday at 3 PM ET

The related Dominion equipment is used in North Carolina, Nevada, Georgia, Michigan, Arizona and Pennsylvania – key battleground states this year.

According to Townhall, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) issued a statement last week defending the integrity of the 2020 election. The problem, however, is two of the main election software companies that have been called into question – Dominion Voting Systems and Smartmatic – sit on CISA.

Via Tracy Connors.

What are the odds that the CEO of Smartmatic admitted in a press conference in 2017 that their system allowed someone to create 1 million fantom votes in a Venezuelan election?

100%

Election Company: Venezuela Result was Tampered https://t.co/HfvcX2k0EO

— Tracy (@TracyLConnors) November 17, 2020

Antonio Mugica made these statements only three years ago.

 

end

Totally nuts:  Wayne County certifies the election while at the same time demanding an audit whereby they must explain discrepancies!!

What garbage!!!

(zerohedge)

Wayne County Board Breaks Deadlock, Votes Unanimously To Certify Election Results While Demanding Audit

Since 2020 wouldn’t be complete without officials flip-flopping during major elections, the Wayne County Board of Canvassers reversed and has unanimously voted to certify the results of the November 3 election, hours after two Republicans on the board refused to do so.

The board has called on Michigan Secretary of State Jocelyn Benson to conduct an audit of irregularities in Wayne County.

*  *  *

Officials in Wayne County, Michigan – home to the city of Detroit, have refused to certify the results of the Nov. 3 election, after the Board of Canvassers havedeadlocked in a 2-2 vote along party lines.

 

Wayne County Board of Canvassers Chair Monica Palmer (R, left) talks with Vice Chair Jonathan Kinloch before the board’s Nov. 17, 2020 meeting in Detroit (photo: Robin Buckson via The Detroit News)

Both Republican members of the board refused to move forward amid discrepancies discovered in absentee ballot poll books – issues which were previously noted in the county’s summer primary and the November 2016 election, according to Just the News.

During the meeting, Democrat member Jonathan Kinloch objected, saying “I smell politics at the core of this action,” adding “I smell the games.

According to Michigan GOP Chair Laura Cox, “enough evidence of irregularities and potential voter fraud was uncovered” during the election to trigger the deadlock.

Here’s a rundown and some analysis from Robert J. DeNult of Duke Law (via Twitter):

Continued…

Michigan has a system where panels of citizens (2 D’s, 2 R’s) have to certify vote totals. Usually 4-0 approved. This year, R’s statewide discussed not approving them and splitting to a deadlock. This appears to be part of that effort in Wayne County.

This county covers Detroit. The panel R’s said they would approve everywhere *but* Detroit, building strong case for an inherent racial discrimination claim in a future voting lawsuit. But this is extremely concerning. Counties that fail to certify send evidence to Secretary of State (a Dem) and State Board of Canvassers to certify. State Board similarly split (2 D’s, 2 R’s). In the end obstruction is unlikely to work. But it is a clear effort to deligitimize election and delay.

A winner of Wayne County (Biden, or someone else who won an election there) may want to bring a state lawsuit about this. While it’s not clear there is a proper claim to make, a judge might ask the panel to give evidence of why it is suddenly deadlocked, or order them to certify.

*  *  *

And as The Detroit News notes, the lack of certification in Wayne County could extend the deadline for a possible recount – petitions for which are required to be filed with the county clerk within six days after the county canvassing board certifies the election.

At the state level, recount petitions in the races for president, U.S. Senate, U.S. House and state House can be filed with the secretary of state within 48 hours after the State Board of Canvassers certifies the election results and adjourns.

The U.S. Constitution requests the states to certify their results by Dec. 8, which is known as the “safe harbor” day. Any state that doesn’t do so potentially invites Congress to get involved in resolving a dispute about which candidate won the state’s electoral votes. –The Detroit News

Committee Chairwoman Monica Palmer (R) said that the refusal to certify the results was based on she and her GOP colleague’s belief “that we do not have complete and accurate information in those poll books.”

The decision will move to the State Board of Canvassers next, which just tweeted that it has just moved a Wednesday meeting from 9 a.m. to 1:30 p.m.

END

Statistical proof that they used phony ballots to win in Pennsylvania and Georgia

Doug Ross

“DNA-LEVEL” STATISTICAL PROOF: “Smartmatic” Vote-Counting System Was Manipulated in PA and GA to Overturn Trump’s Victory

 
 

The charts below are derived from The New York Times‘ real-time election feeds (e.g., here). They show “DNA-level” evidence of vote fraud that was systematically used to overcome massive Trump leads with “vote flips” to Biden.

The twin charts below depict the shifts in votes starting on election day. The X-axis is the date/time and the Y-axis represents the change in votes (positive values denote shifts for Trump, negative values represent shifts for Biden, in hundreds).

Notice the similarities in PA and GA? How the right sides of the graph show virtually no movement for Trump; and very predictable vote movements to Biden. How predictable?

You have to see the data to really understand the magnitude of the scam.

Below are excerpts of spreadsheets that show what was happening on the right side of each chart. Vote flips in the same-sized bundles (6,000 in PA and 4,800 in GA) were injected into the system to overcome Trump’s lead in both states. You can click either image above to see all of the data.

The highlighted cells show where the vote counts — stunningly obvious in retrospect — were manipulated to benefit Biden.

Note the vote flips, represented by the highlighted cells, that occurred in both PA and GA. In PA, late vote flips in bundles of around 6,000 were clear anomalies to slowly overcome Trump’s lead. In GA, the bundles were in 4,800 vote swaps.

Again, these are just excerpts. You can see the workbooks for yourself here: just click for Pennsylvania and Georgia.

Scroll down until you start hitting the highlighted cells.

Sorry, Democrats: this is what we call DNA-level statistical proof of fraud.

And there’s a lot more where this came from. These are just the excerpts.

p.s., can someone who knows Sidney Powell or Joe DiGenova get this info to them?

Hat tip: BadBlue Uncensored News.

end

Huge Elections Security expert reports on Michigan: a complete fraud!

Hoft/Gateway Pundit

HUGE! Elections Security Expert Finds Michigan Results a COMPLETE FRAUD — Current Machines Do Not Have Capability to Count the Mass Dumps for Biden in Reported Time Period (VIDEO)

PShare

 

 

Russ Ramsland, of the Allied Security Operations Group, joined Lou Dobbs on Tuesday night to discuss the Michigan presidential election.

Ramsland confirmed the vote was fraudulent and he has proof!

The election was stolen!

TRENDING: WE CAUGHT THEM! Part 6: Michigan and Georgia, Like in PA and VA, Caught in SAME PATTERN! — Once Biden Gained Lead with MASSIVE Vote Dumps, The Remainder of Votes All Possessed Same Biden to Trump Vote Ratio – THIS IS IMPOSSIBLE!

Russ Ramsland: We have been out looking mostly at Michigan. We are beginning on turning our sights on Pennsylvania and Georgia. The things you find in Michigan are amazing. There are over 3,000 precincts where the presidential votes cast compared to the estimated voters from the SOS (Secretary of State) is 99% all the way up to 350%. Those kind of numbers don’t exist in the real world. So where did all those votes come from? And looking at that, we’ve gone back and looked at some of these huge vote dumps that were mostly Biden’s. We call them spikes. We’ve gone back and traced the spikes. We’ve seen where they were cast, primarily in four counties. We looked at how long it took to cast those votes. And we looked at the equipment that exists at all of those locations by serial number. And the fact of the matter is we can’t see any physical way possible for some of those votes to have been in those kind of numbers because they just don’t have the equipment that can produce it in that timing.

Via Lou Dobbs Tonight:

 

 
 
 
end
 
 
 
 
Lin Wood on Mark Levin:  Trump wins by a 70% landslide!
and winning with over 400 electoral college votes.
(Hoft.Gateway Pundit)
 

BOOM! Lin Wood on Mark Levin Show: Trump Won a 70% Plus Landslide Election – He Probably Had 400 Electoral Votes (Audio)

Attorney Lin Wood joined Mark Levin on Tuesday to discuss the theft of the 2020 election.

This was one explosive interview!

Lin Wood repeated several times during the interview, “They got caught!”

Lin Wood:  “This election was a fraud.  Donald Trump won I believe a 70% plus landslide election in the nation.  He probably won over 400 electoral votes.”

TRENDING: WE CAUGHT THEM! Part 6: Michigan and Georgia, Like in PA and VA, Caught in SAME PATTERN! — Once Biden Gained Lead with MASSIVE Vote Dumps, The Remainder of Votes All Possessed Same Biden to Trump Vote Ratio – THIS IS IMPOSSIBLE!

end
 
 
 
 
Hammer and Scorecard explained by the General:
 
 

Hammer and Scorecard (What Is It?) – YouTube

 
 
 
As expected Trump will file for a recount in Wisconsin
(zerohedge)
 

Trump Campaign Will File For Recount In Wisconsin, Costing Millions

 

The Trump campaign is expected to file for a recount in the state of Wisconsin on Wednesday, a move which will cost the campaign nearly $8 million in a state which Trump lost by just over 20,000 votes as of Wednesday – the closest margin out of the three Midwestern “blue wall” states” which flipped back after Trump won them in 2016.

Winning Wisconsin on a recount would give Trump just 10 electoral votes – not enough to retain the presidency, but it would be a decisive victory amid ongoing claims of election fraud and other irregularities throughout swing states. The campaign could shave money off the $7.9 million estimated cost if they file for recounts in select counties.

Recounts would need to start no later than Sunday and be finished by December 1st.

In addition to recounts, an audit of every November election is required by Wisconsin state law, whether requested by a candidate or not. According to the Star Tribune, “The audit will either take place as part of the recount or before the Dec. 1 certification if there is no recount, said Wisconsin Elections Commission spokesman Reid Magney. The audit of ballots from 190 randomly selected reporting units is done by hand to verify the machine count, Magney said.”

end

MORE PROOF OF FRAUD: Democrat Votes in DeKalb County GA District Match Assad in Syria, Castro in Cuba and Kim Jong Un’s Victory Margin

 

 
 

Democrats Cheat — This is as true as the morning sun.

This year they overshot their fraud and got caught.

A phony recount is taking place in Georgia is even exposing the Democrat fraud.

But even a phony recount with only 1 election observer at every 10 tables is exposing the Democrat fraud.

TRENDING: WE CAUGHT THEM! Part 6: Michigan and Georgia, Like in PA and VA, Caught in SAME PATTERN! — Once Biden Gained Lead with MASSIVE Vote Dumps, The Remainder of Votes All Possessed Same Biden to Trump Vote Ratio – THIS IS IMPOSSIBLE!

In Dekalb County election observers caught an impossible batch of votes for Biden.

 

Joe Biden’s margin of victory in Dekalb matches tyrant Bashir Assad in Syria, Raul Castro in Cuba and Kim Jong Un in North Korea.

That’s how much they cheat!

 

 

 
 

END

Mark Steyn Interviews Sidney Powell on Rush Limbaugh Show… | The Last Refuge

 
end
 
 
Deepstater DHS Krebs is finally gone…..good riddance.

He was a total nut job.

(zerohedge)

Trump Fires DHS Official Whose Agency Rebuffed Election Integrity Claims

 

President Trump has fired a top DHS official whose agency has been publicly contradicting doubts over election integrity since at least October.

Chris Krebs, who ran the cyber arm of the Department of Homeland Security, was fired over ‘highly inaccurate’ statements regarding election fraud, according to a Tuesday evening tweet from the president.

“The recent statement by Chris Krebs on the security of the 2020 Election was highly inaccurate, in that there were massive improprieties and fraud – including dead people voting, Poll Watchers not allowed into polling locations, “glitches” in the voting machines which changed votes from Trump to Biden, late voting, and many more,” he wrote, adding “Therefore, effective immediately, Chris Krebs has been terminated as Director of the Cybersecurity and Infrastructure Security Agency.”

On Saturday, Krebs called on the public to ignore “wild and baseless claims…even if they’re made by the president” regarding the election – while reportedly telling associates that he expected to be fired.

Krebs’ agency developed a “rumor control initiative” to, as the New York Times describes it “keep Americans from doubting the integrity of the election system.”

In the West Wing, Mr. Krebs’s agency is regarded as a deep-state stronghold, an antagonist that has contradicted Mr. Trump’s false claims that fraud was rampant, software mistakes were vast and the election was stolen. It did not help that as Mr. Krebs gave speeches and interviews around the country about election security, he rarely, if ever, mentioned Mr. Trump’s name. –NYT

iv) Swamp commentaries)

This is fascinating:  the Ukraine wants Joe Biden on Class A felony charges

see the video..

end

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

Powell headlines

  • Recovery So Far ‘Faster and Stronger than We Expected’
  • Pace of Recovery is Slowing; We have a long way to go in recovery
  • Vaccine News Good in Medium Term
  • Next Few Months for Economy Will Be Challenging; Covid surge a concern
  • Fed Committed to Using All Tools Until Recovery Is Complete
  • The US Will Be Returning to a Different Economy, People Once Employed in the Service Sector May Need Help Transitioning (to day trading?)
  • The Focus on Tight Labor Markets Should Help Ease Inequality at the Margin as More Are Drawn into Jobs
  • Race disparities in Jobs Persist in Good and Hard Times
  • We Will Require a Response across Govt. to Narrow Economic Gaps by Race and Gender (which the Fed has created and exacerbated with their QE and easy credit that inflates financial assets)
  • QE Will Be Around for Some Time
  • Premature to Consider Normalizing Balance Sheet
  • Need for more fiscal spending is greater than it’s been in a long time

https://www.bloomberg.com/news/articles/2020-11-17/powell-says-vaccine-news-good-but-economy-has-long-way-to-go

 

Powell Says Low Rates Help Low Income Families, Not Really – Bloomberg News

When rates are high, banks can afford to take chances on riskier loans…In a low-rate environment banks are more likely to pull back on lending where the risk in credit spreads doesn’t provide a sufficient buffer for loan losses… Vincent Cignarella FX Strategist

 

WSJ’s @NickTimiraos: Powell says large public and private institutions “have really struggled to hold onto the trust and faith of the public.”  If you’re not “aggressively seeking transparency and accountability, you’re courting trouble in this world.”

 

Fed’s (Governor) Brainard Urges Greater Diversity in Field of Economics – BBG

McConnell Says Republicans Want to Pass More Virus Relief, Democrats Holding Virus Relief Hostage – BBG (Mitch is sticking with his $500B package; says Pelosi is stuck on her $2.5T plan)

 

Congress is far from sending more stimulus help as coronavirus cases surge and economic pain looms – Neither Senate Majority Leader Mitch McConnell nor House Speaker Nancy Pelosi have budged from their positions on pandemic relief despite the mounting toll the outbreak is taking on the country…

https://www.cnbc.com/2020/11/17/coronavirus-stimulus-bill-mcconnell-schumer-pelosi-have-not-held-talks.html

Facebook, Twitter take heat over Hunter Biden story censorship, Dorsey admits ‘action was wrong’

Twitter CEO Jack Dorsey and Facebook CEO Mark Zuckerberg are testifying before the Senate Judiciary Committee Tuesday morning, and right from the beginning of the hearing they faced pressure over the censorship of a New York Post story about Hunter Biden…

https://www.foxnews.com/politics/facebook-twitter-grilled-hunter-biden-story-hearing-dorsey

 

@ColumbiaBugle: Senator @tedcruz Questioning Twitter CEO Jack Dorsey about Voter Fraud

@SenTedCruz reads two statements and asks Mr. Dorsey whether they would flag them. Mr. Dorsey says they would likely flag them. The statements both come from the Carter-Baker Commission on election reform.   https://twitter.com/ColumbiaBugle/status/1328753692066029568

 

Dem Sen Mazie Hirono (HI) wants Facebook and other social media to ban DJT after he leaves office.

 

Breitbart’s @joelpollak: Senator @CoryBooker is telling @Facebook/@Twitter to suppress @realDonaldTrump’s claims of voter fraud, calling them an assault on democracy. @HillaryClinton said Russia stole the 2016 election, and told @JoeBiden never to concede…

 

Sen. Blumenthal Urges Mark Zuckerberg to Remove Breitbart, Gateway Pundit, Donald Trump Jr., Eric Trump and Steve Bannon from Facebook    https://www.thegatewaypundit.com/2020/11/sen-blumenthal-urges-mark-zuckerberg-remove-breitbart-gateway-pundit-donald-trump-jr-eric-trump-steve-bannon-facebook/

 

GOP Sen. Josh Hawley @HawleyMO: Interesting that @Facebook officials can now remember Centra — Zuckerberg told me not one hour ago, under oath, that he didn’t know of any tool or platform by that name and seemed to be suffering terrible amnesia.  Zuckerberg refused to answer whether @Facebook ever uses Centra to track and monitor American citizens

    Under oath, Zuckerberg admits @Facebook DOES have “tools” to track its users across the internet, across platforms, across accounts – all without user knowledge. I ask how many times this tool has been used domestically against Americans. Zuck won’t say

 

US shoots down ICBM in space from warship for first time in successful test    https://t.co/sAb84tRgW9

 

Trump Sought Options for Attacking Iran to Stop Its Growing Nuclear Program – NYT

The president was dissuaded from moving ahead with a strike by advisers who warned that it could escalate into a broader conflict in his last weeks in office.

https://www.nytimes.com/2020/11/16/us/politics/trump-iran-nuclear.html

 

Fox’s @johnrobertsFox: Two Senior officials who were in the Oval Office meeting last week tell @FoxNews @realDonaldTrump did not ask for “options” to strike Iran – that @WHNSC.  Middle East Advisor Rob Greenway brought options with him at the request of NSA O’Brien, but POTUS didn’t want to discuss them.

 

Mitch McConnell and others in the ‘Permanent War Party’ warned DJT to not reduce troops in Iraq or Afghanistan and not to make major changes in US defense or foreign policy.  NeverTrumpers to the end!

 

@JohnBasham Monday night: A Supply Chain Software Attack Is Happening Worldwide, Including the U.S., Right Now! The Apparent Malware Attack Effects Software at Supply Chain Distribution Centers. This Attack Has Stopped.  The Shipments of a Huge Variety of Items & Includes @americold in The U.S.

Michigan’s largest county fails to certify election results – The decision by the Wayne County board of canvassers injects new drama into a legal fight waged by President Trump’s campaign in several battleground states …discrepancies were discovered in absentee ballot poll books…

https://justthenews.com/politics-policy/elections/breaking-michigans-largest-county-fails-certify-election-results

 

The decision came after absentee ballot poll books at 70% of Detroit’s 134 absentee counting boards were found to be out of balance without explanation. The mismatches varied anywhere from one to more than four votes…[Multiple voters? More votes than registered voters? Ballots from non-registered?]

https://www.detroitnews.com/story/news/politics/2020/11/17/wayne-county-canvassers-deadlock-certifying-november-3-election-results/6324274002/

 

DJT Atty @AdamLaxalt: This lawsuit presents that 15,000 people voted in Nevada and another state, it also presents dead voters    https://twitter.com/TeamTrump/status/1328828644324683780

 

Today – After the explosive rally on Monday, November 9 and the ensuing down day on Tuesday, the S&P 500 Index rallied moderately on Wednesday; but peaked at midday.

WSBTV’s @JustinGrayWSB: a memory card was found during the audit in Fayette county with 2,755 votes. Decreased Biden statewide lead by 449. New margin total statewide in GA is +12,929 for Biden

 

OANN: Nevada Election Officials failed to verify 89% of Mail-In Signatures.

 

Two charged in Los Angeles for submitting thousands of fraudulent voter registration apps

https://justthenews.com/government/courts-law/two-charged-los-angeles-submitting-thousands-fraudulent-voter-registration

 

GOP Rep. Mike Kelly @MikeKellyPA: As we wait patiently for the official results of the 2020 election, one thing is clear: millions of Americans have lost faith in our electoral system. That’s why I introduced the Protect Election Integrity Act of 2020. Read about it here  https://t.co/zGldYrvLat

 

Dominion confirms Clinton Foundation donation, Pelosi staffer tie but disputes other claims

https://t.co/8STVLHlytn

 

Smartmatic Director Admitted in 2017 that Their System Was Able to Create “At Least One Million” Phantom Votes in that Year’s Venezuela Election  https://www.thegatewaypundit.com/2020/11/smartmatic-director-admitted-2017-system-able-create-least-one-million-phantom-votes-years-venezuela-election/

 

Elections Canada @ElectionsCan_E: Elections Canada does not use Dominion Voting SystemsWe use paper ballots counted by hand in front of scrutineers and have never used voting machines or electronic tabulators to count votes in our 100-year history.

 

Sidney Powell: “Trump votes were programmed to switch to Biden ahead of time, but Trumps votes were so high, it didn’t work right because they didn’t set their algorithms high enough.”

 

Is that why vote counting was halted in several battleground states?  Here is a tweet that shows Trump was winning by sizable margins in those states before counting was halted.  In betting markets, Trump was -800 to win at the time!  Then, his vote margins collapsed after counting was restarted hours later.

 

@JenniferJingo: When they stopped the vote count in these states, this is what it looked like. https://t.co/FPbN3F0qzi

 

Jonathan Turley @JonathanTurley: Californians are echoing calls to rig the Georgia election with out of state votershttps://foxnews.com/politics/live-updates-georgia-senate-11-17-2020

  Yet the media is at best bemused by such calls for voter dilution-protecting the integrity of elections seems to have faded as rallying cry.

 

Trump Campaign Lawyer Quits Lawsuit after Harassment Complaint

Late Sunday she said in a court filing that an attorney with Kirkland & Ellis in Washington left her a one-minute voice mail that “falls afoul of standards of professional conduct.”… Kerns, who didn’t identify the lawyer who allegedly harassed her in the filing, also said that she “has been subjected to continuous harassment in the form of abusive e-mails, phone calls, physical and economic threats and even accusations of treason — all for representing the President of the United States’ campaign in this litigation.”…  https://www.msn.com/en-us/news/politics/trump-campaign-lawyer-quits-lawsuit-after-harassment-complaint/ar-BB1b3JkT

 

Jonathan Turley: “All Speech Is Not Equal”: Biden Taps Anti-Free Speech Figure for Transition Lead on Media Agency

https://jonathanturley.org/2020/11/17/all-speech-is-not-equal-biden-taps-anti-free-speech-figure-for-transition-lead-on-media-agency/amp/

 

W Bush Press Sec @AriFleischer: Why isn’t Biden’s staff holding daily press briefings? Why isn’t the Biden press corps demanding them?? How easy on the guy is the press going to be? The game of softball the MSM is playing with Biden is ridiculous.

 

Ann Coulter: What America Wants Is ‘Trumpism without Trump’

“The left behind, the working class, the middle class — they want jobs, they want safe neighborhoods. They don’t want to have to keep paying taxes for English as a Second Language classes and to pay for emergency rooms with a lot of illegal immigrants coming in with many … health problems,” she said

   “We have to take care of our own first. That’s Trumpism. And it hasn’t been tried. It certainly hasn’t triumphed,” Coulter opined.  “[W]ith Trump … He’d say these wild things that we’d get blamed for, he’d get attacked on, and then actually did nothing,” she explained.  “Trump thinks, ‘I tweeted it. Therefore, it’s done’,” Coulter said. “It’s ironic … that he lost this election, very possibly because of cheatingDemocrats cheat all the time. … Trump has been talking about ‘mail-in ballots are dangerous, they’re gonna steal this election.’ He’s been talking about it … probably all year,” she said.

    “Talking about it isn’t the same as doing it,” Coulter pointed out. “Much like as he tweeted out, ‘Law and Order,’ and yet cities are still burning across the nation. [He] didn’t do anything about it. It’s like he didn’t know he was president.”…

https://breitbart.com/politics/2020/11/13/ann-coulter-what-america-wants-is-trumpism-without-trump/

 

Well that is all for today

I will see you THURSDAY night.

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