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JD400   Tuesday, 05/21/19 12:15:20 AM
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Data check Out


Good Morning Good Evening

(doing the show over here for a while because I'm filling up the front page on the M+M because hardly anyone posting anymore)

hope you understand

Welcome to ~*~Mining & Metals Du Jour~*~Graveyard Shift~*~

On the show tonight: Great Data & News by Harvey Organ,Are the Gold and Silver COTS Showing Us Something,A Look At High Speed Trading and The New Speed Bump Created to Slow It Down,Rob McEwen Discusses The Future Of Gold Prices And Miners and Maybe More....


Hello everybody I'm J:D your host tonight Thanks for being with us.

Hope Your Having a fine evening

EnJoy the show

OK...here we go

MMGYS


Thank you

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MAY 20/Gold up $1.00 to $1277.25/Silver up 6 cents to $14.47//the big events today: Turkey//China (lack of a trade deal) etc
May 20, 2019 · by harveyorgan · in Uncat

To all:



I am sorry for being late. I decided to travel with my wife to Montreal this long weekend. The problem was I had little access to a computer.



I arrived home at 5:30 tonight



so I have raced to give you the data.



all data is complete



the only thing missing is my comments but you are now so knowledgeable of this you really do not need me.

This was my first trip in 8 months.



here is your data;



GOLD: $1277.25 UP $1.00 (COMEX TO COMEX CLOSING)

Silver: $14.47 UP 6 CENTS (COMEX TO COMEX CLOSING)

Closing access prices:

Gold : 1277.35


silver: $14.47




COMEX EXPIRY FOR GOLD/SILVER: TUES MAY 28/2019



LBMA/OTC EXPIRY: MAY 31.2019




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

today RECEIVING 1/1

EXCHANGE: COMEX
CONTRACT: MAY 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,274.500000000 USD
INTENT DATE: 05/17/2019 DELIVERY DATE: 05/21/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
661 C JP MORGAN 1
737 C ADVANTAGE 1
____________________________________________________________________________________________

TOTAL: 1 1
MONTH TO DATE: 291






NUMBER OF NOTICES FILED TODAY FOR MAY CONTRACT: 1 NOTICE(S) FOR 100 OZ (0.0031 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 291 NOTICES FOR 29100 OZ (.9051 TONNES)





SILVER



FOR MAY




49 NOTICE(S) FILED TODAY FOR 245,000 OZ/



total number of notices filed so far this month: 3441 for 17,205,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
Bitcoin: OPENING MORNING TRADE :$7255 DOWN $632




Bitcoin: FINAL EVENING TRADE: $7104 DOWN $766





end



XXXX

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A SMALL SIZED 219 CONTRACTS FROM 209,508 UP TO 209,727 DESPITE FRIDAY’S 13 CENT LOSS IN SILVER PRICING AT THE COMEX. LIQUIDATION OF THE SPREADERS HAVE STOPPED FOR SILVER BUT IT NOW IN FULL FORCE FOR GOLD. TODAY WE ARRIVED CLOSER TO AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

WE HAVE ALSO WITNESSED A LARGE AMOUNT OF PHYSICAL METAL STAND FOR COMEX DELIVERY AS WELL WE ARE WITNESSING CONSIDERABLE LONGS PACKING THEIR BAGS AND MIGRATING OVER TO LONDON IN GREATER NUMBERS IN THE FORM OF EFP’S. WE WERE NOTIFIED THAT WE HAD A VERY STRONG SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP:

0 FOR MAY, 0 FOR JUNE, 2202 FOR JULY AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 2202 CONTRACTS. WITH THE TRANSFER OF 2202 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 2202 EFP CONTRACTS TRANSLATES INTO 11.01 MILLION OZ ACCOMPANYING:

1.THE 13 CENT LOSS IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST NINE 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.

AND NOW 18.395 MILLION OZ STANDING FOR SILVER IN MAY.





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

17,136 CONTRACTS (FOR 14 TRADING DAYS TOTAL 17,136 CONTRACTS) OR 85.68 MILLION OZ: (AVERAGE PER DAY: 1223 CONTRACTS OR 6.115 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF MAY: 85.68 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 12.24% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 826,78 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 219 DESPITE THE LARGE 13 CENT LOSS IN SILVER PRICING AT THE COMEX /YESTERDAY... THE CME NOTIFIED US THAT WE HAD A VERY STRONG SIZED EFP ISSUANCE OF 2202 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA) . OUR BANKERS RESUMED THEIR LIQUIDATION OF THE SPREAD TRADES TODAY.



TODAY WE GAINED A STRONG SIZED: 2421 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 2202 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 219 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH A 13 CENT LOSS IN PRICE OF SILVER AND A CLOSING PRICE OF $14.42 WITH RESPECT TO FRIDAY’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 OVER 1 BILLION oz i.e. 1.022 BILLION OZ TO BE EXACT or 145% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT MARCH MONTH/ THEY FILED AT THE COMEX: 49 NOTICE(S) FOR 245,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 243,411 CONTRACTS ON APRIL 9.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $16.51.

AND NOW WE RECORD FOR POSTERITY ANOTHER ALL TIME RECORD OPEN INTEREST AT THE COMEX OF 244,196 CONTRACTS ON AUGUST 22/2018 AND AGAIN WHEN THIS RECORD WAS SET, THE PRICE OF SILVER WAS $14.78 AND LOWER IN PRICE THAN PREVIOUS RECORDS.

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ AND NOW MAY: 18.395 MILLION OZ ..
HUGE RECORD OPEN INTEREST IN SILVER 243,411 CONTRACTS (OR 1.217 BILLION OZ/ SET APRIL 9/2018) AND NOW AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017
RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

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).



IN GOLD, THE OPEN INTEREST FELL BY A CONSIDERABLE SIZED 4011 CONTRACTS, TO 517,232 WITH THE FALL IN THE COMEX GOLD PRICE/(A LOSS IN PRICE OF $9.70//YESTERDAY’S TRADING).

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 8568 CONTRACTS:

APRIL 0 CONTRACTS,JUNE: 8568 CONTRACTS DECEMBER: 0 CONTRACTS, JUNE 2020 0 CONTRACTS AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 518,572. 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 EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 4557 CONTRACTS: 4011 OI CONTRACTS DECREASED AT THE COMEX AND 8,568 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 4557 CONTRACTS OR 455700 OZ OR 14.17 TONNES. FRIDAY WE HAD A LOSS IN THE PRICE OF GOLD TO THE TUNE OF $9.70.…AND WITH LARGE LOSS, WE HAD A HUGE GAIN OF 18.34 TONNES!!!!!!.??????

WITH RESPECT TO SPREADING: WE MAY HAVE HAD SOME ACTIVITY WITH FRIDAY’S FALL IN PRICE

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS HAVE NOW SWITCHED 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 NO INTO THE NON ACTIVE DELIVERY MONTH OF MAY HEADING TOWARDS THE VERY ACTIVE DELIVERY MONTH OF JUNE.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES, HERE IS THE BANKERS MODUS OPERANDI:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST IS STARTING TO RISE IN THIS NON ACTIVE MONTH OF MAY BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN GOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (JUNE), 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.”

ON FRIDAY’S REPORT , I FORGOT TO GIVE YOU THE SPREADING RESULTS

AS YOU CAN SEE THE NET 5699 OPEN INTEREST CONTRACTS WERE ADDED BY OUR BANKERS

SILVER WAS A NEGLIGIBLE GAIN
Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
226,361 101,825 78,759 159,444 296,627 464,564 477,211
Change from Prior Reporting Period
40,560 -8,565 5,699 17,366 58,190 63,625 55,324
Traders
185 65 77 51 57 267 175

Small Speculators
Long Short Open Interest
53,431 40,784 517,995
4,331 12,632 67,956
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, May 14, 2019





ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF MAY : 93,666 CONTRACTS OR 9,366,600 OR 291.34 TONNES (14 TRADING DAYS AND THUS AVERAGING: 6690 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 14 TRADING DAYS IN TONNES: 291.34 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2018, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 291.34/3550 x 100% TONNES =8.20% OF GLOBAL ANNUAL PRODUCTION SO FAR IN DECEMBER ALONE.***

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 2106.88 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES





WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLEDRIAL 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.





Result: A CONSIDERABLE SIZED DECREASE IN OI AT THE COMEX OF 4011 WITH THE LARGE FALL IN PRICING ($9.70) THAT GOLD UNDERTOOK YESTERDAY) //.WE ALSO HAD A STRONG SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 8568 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 8568 EFP CONTRACTS ISSUED, WE HAD A STRONG SIZED GAIN OF 5897 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

8568 CONTRACTS MOVE TO LONDON AND 4011 CONTRACTS DECREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 14.17 TONNES). ..AND THIS STRONG DEMAND OCCURRED DESPITE THE FALL IN PRICE OF $9.70 IN YESTERDAY’S TRADING AT THE COMEX.WE PROBABLY HAD A SMALL PRESENCE OF SPREADING TODAY WITH RESPECT TO THE RAID ORCHESTRATED BY THE CROOKS.



we had: 1 notice(s) filed upon for 100 oz of gold at the comex.



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With respect to our two criminal funds, the GLD and the SLV:

GLD...



WITH GOLD UP $1.00 TODAY

A BIG CHANGE AGAIN IN GOLD INVENTORY AT THE GLD/

A DEPOSIT OF 2.94 TONNES INTO THE GLD//



INVENTORY RESTS AT 736.17 TONNES





TO ALL INVESTORS THINKING OF BUYING GOLD THROUGH THE GLD ROUTE: YOU ARE MAKING A TERRIBLE MISTAKE AS THE CROOKS ARE USING WHATEVER GOLD COMES IN TO ATTACK BY SELLING THAT GOLD. IT SURE SEEMS TO ME THAT THE GOLD OBLIGATIONS AT THE GLD EXCEED THEIR INVENTORY

SLV/

WITH SILVER UP 6 CENTS TODAY:

NO CHANGE IN SILVER INVENTORY AT THE SLV.



/INVENTORY RESTS AT 312.366 MILLION OZ.





end

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

1. Today, we had the open interest in SILVER FELL BY A SMALL SIZED 219 CONTRACTS from 209,602 UPTO 209,727 AND CLOSER TO THE NEW COMEX RECORD SET LAST IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD 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 1 1/3 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89. AS YOU CAN SEE, WE HAVE RECORD HIGH OPEN INTERESTS IN SILVER ACCOMPANIED BY A CONTINUAL LOWER PRICE WHEN THAT RECORD WAS SET…..THE SPREADERS HAVE STOPPED THEIR LIQUIDATION IN SILVER BUT HAVE NOW MORPHED INTO GOLD..





EFP ISSUANCE:

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



0 CONTRACTS FOR APRIL., 0 FOR MAY, FOR JUNE 0 CONTRACTS AND JULY: 2202 CONTRACTS AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2202 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 219 CONTRACTS TO THE 2202 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A GOOD GAIN OF 2421 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 12.105 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL AND NOW 18.395 MILLION OZ FOR MAY





RESULT: A SMALL SIZED INCREASE IN SILVER OI AT THE COMEX DESPITE THE 13 CENT LOSS IN PRICING THAT SILVER UNDERTOOK IN PRICING// YESTERDAY. WE ALSO HAD A STRONG SIZED 1368 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL





(report Harvey)

.

2.a) The Shanghai and London gold fix report

(Harvey)

2 b) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg
3. ASIAN AFFAIRS

)MONDAY MORNING/ SUNDAY NIGHT:

SHANGHAI CLOSED DOWN 11.69 POINTS OR 0.41% //Hang Sang CLOSED DOWN 158.85 POINTS OR 0.57% /The Nikkei closed DOWN 53.64 POINTS OR 0.24%//Australia’s all ordinaires CLOSED UP 1.62%

/Chinese yuan (ONSHORE) closed UP at 6.9123 /Oil UP to 61.64 dollars per barrel for WTI and 71.08 for Brent. Stocks in Europe OPENED GREEN// ONSHORE YUAN CLOSED DOWN // LAST AT 6.9123 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.9392 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP RAISED RATES TO 25%




3A//NORTH KOREA/ SOUTH KOREA

i)NORTH KOREA






b) REPORT ON JAPAN


3 China/Chinese affairs

i)China/




4/EUROPEAN AFFAIRS

i)UK

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

a)TURKEY
6. GLOBAL ISSUES



Canada/Mexico/USA
7. OIL ISSUES






8 EMERGING MARKET ISSUES

VENEZUELA





9. PHYSICAL MARKETS
10. USA stories which will influence the price of gold/silver)





MARKET TRADING//

Late trading today.



ii)Market data

ii)USA ECONOMIC/GENERAL STORIES


SWAMP STORIES
E)SWAMP STORIES/MAJOR STORIES//THE KING REPORT


Let us head over to the comex:



THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A CONSIDERABLE SIZED 4011 CONTRACTS TO A LEVEL OF 517,282 DESPITE THE CONSIDERABLE FALL IN THE PRICE OF GOLD ($9.70) IN YESTERDAY’S // COMEX TRADING)

WE ARE NOW IN THE NON ACTIVE DELIVERY MONTH OF MAY.. THE CME REPORTS THAT THE BANKERS ISSUED A STRONG SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 8568 EFP CONTRACTS WERE ISSUED:

0 FOR JUNE ’19: 8568 CONTRACTS , DEC; 0 CONTRACTS: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 8568 CONTRACTS.

THE OBLIGATION STILL RESTS WITH THE BANKERS ON THESE TRANSFERS. ALSO REMEMBER THAT THERE IS NO DOUBT A HUGE DELAY IN THE ISSUANCE OF EFP’S AND IT PROBABLY TAKES AT LEAST 48 HRS AFTER LONGS GIVE UP THEIR COMEX CONTRACTS FOR THEM TO RECEIVE THEIR EFP’S AS THEY ARE NEGOTIATING THIS CONTRACT WITH THE BANKS FOR A FIAT BONUS PLUS THEIR TRANSFER TO A LONDON BASED FORWARD.

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 4219 TOTAL CONTRACTS IN THAT 8568 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 2671 COMEX CONTRACTS.



NET GAIN ON THE TWO EXCHANGES : 4557 contracts OR 455,700 OZ OR 14.17 TONNES.



We are now in the NON active contract month of MAY and here the open interest stands at 67 contracts, having LOST 2 contracts. We had 2 notices served yesterday so we gained 0 contracts or an additional NIL oz will stand as they guys refused to morph into a London based forward as well as negating a fiat bonus

The next contract month after May is June and here the open interest FELL by 8784 contracts DOWN to 254,894. July GAINED 123 contracts to stand at 493. After July the next active month is August and here the OI rose by 4048 contracts up to 166,971 contracts.



TODAY’S NOTICES FILED:

WE HAD 1 NOTICE FILED TODAY AT THE COMEX FOR 100 OZ. (0.0031 TONNES)



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And now for the wild silver comex results.

Total COMEX silver OI ROSE BY A SMALL SIZED 219 CONTRACTS FROM 209.508 UP TO 209,727 (AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S OI COMEX GAIN OCCURRED DESPITE A 13 CENT LOSS IN PRICING.//FRIDAY.



WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF MAY. HERE WE HAVE 287 OPEN INTEREST STAND SO FAR FOR A LOSS OF 66 CONTRACTS. WE HAD 15 NOTICES SERVED UPON YESTERDAY SO IN ESSENCE WE LOST 51 CONTRACTS OR AN ADDITIONAL 255,000 OZ WILL NOT STAND FOR DELIVERY AS THESE GUYS MORPHED INTO LONDON BASED FORWARDS AND AS WELL THEY ACCEPTED A FIAT BONUS. THESE GUYS GAVE UP WAITING AT THE COMEX AND TRIED THEIR LUCK OVER IN LONDON.




THE NEXT MONTH AFTER MAY IS THE NON ACTIVE MONTH OF JUNE. HERE THIS MONTH LOST 2 CONTRACTS DOWN TO 721. AFTER JUNE IS THE ACTIVE MONTH OF JULY, (THE SECOND LARGEST DELIVERY MONTH OF THE YEAR FOR SILVER) AND HERE THIS MONTH LOST 123 CONTRACTS DOWN TO 158,207 CONTRACTS. THE NEXT ACTIVE MONTH AFTER JULY FOR SILVER IS SEPTEMBER AND HERE THE OI ROSE BY 197 UP TO 19,520 CONTRACTS.

SURPRISINGLY DESPITE THE RAID WE HAD NO LIQUIDATION OF OPEN INTEREST CONTRACTS IN BOTH GOLD AND SILVER. THE ENTIRE COMEX GOLD AND SILVER DEPLETION LANDED IN EFP CONTRACTS (EXCHANGE FOR PHYSICAL CONTRACTS)



TODAY’S NUMBER OF NOTICES FILED:



We, today, had 49 notice(s) filed for 245,000 OZ for the MARCH, 2019 COMEX contract for silver




Trading Volumes on the COMEX TODAY: 253,069 CONTRACTS




CONFIRMED COMEX VOL. FOR YESTERDAY: 292,820



we had 0 dealer entries:





total dealer deposits: nil oz

total dealer withdrawals: nil oz

We had 0 kilobar entries



we had 0 deposit into the customer account

i) Into JPMorgan: nil oz



ii) Into everybody else: 0


total gold deposits: 0 oz



very little gold arrives from outside/ nothing arrived today

we had 0 gold withdrawals from the customer account:


Gold withdrawals;

i) We had 0 withdrawal:


total gold withdrawals; nil oz


i) we had 0 adjustments today

FOR THE MAY 2019 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 1 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 1 notice(s) was (were) stopped/ Received) by j.P.Morgan customer account and 0 notices by the squid (Goldman Sachs)



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the INITIAL total number of gold ounces standing for the MAY /2019. contract month, we take the total number of notices filed so far for the month (291) x 100 oz , to which we add the difference between the open interest for the front month of MAY. (67 contract) minus the number of notices served upon today (1 x 100 oz per contract) equals 35,700 OZ OR 1.110 TONNES) the number of ounces standing in this NON active month of MAY

Thus the INITIAL standings for gold for the MAY/2019 contract month:

No of notices served (291 x 100 oz) + (67)OI for the front month minus the number of notices served upon today (1 x 100 oz )which equals 35,700 oz standing OR 1.110 TONNES in this NON active delivery month of MAY.

We gained 0 contract or an additional NIL oz will stand for delivery as they refused to morph into a London based forwards. Queue jumping took a temporary hiatus in

in gold


SURPRISINGLY LITTLE TO NO GOLD HAS BEEN ENTERING THE COMEX VAULTS AND WE HAVE WITNESSED THIS FOR THE PAST YEAR!! WE HAVE ONLY 6.632 TONNES OF REGISTERED ( GOLD OFFERED FOR SALE) VS 1.110 TONNES OF GOLD STANDING// THEY SEEM TO BE USING CONSIDERABLE GOLD VAPOUR TO SETTLE UPON UNSUSPECTING LONGS.

IF THIS IS GOING ON IN MAY, I JUST CANNOT WAIT TO SEE WHAT WILL HAPPEN IN JUNE WHICH IS A HUGE DELIVERY MONTH.



total registered or dealer gold: 213,219.982 oz or 6.632tonnes
total registered and eligible (customer) gold; 7,701,987.623 oz 239.56 tonnes





FOR COMPARISON FIRST DAY NOTICE FOR MAY 2018 AND FINAL STANDING MAY 31 2018





AT FIRST DAY NOTICE MAY 1 2018: WE HAD 1.284 TONNES OF GOLD STAND. BY MONTH’S END: 2.27 TONNES AS WE HAD ONE QUEUE JUMPING IN THE MIDDLE OF THE MONTH.

IN THE LAST 32 MONTHS 116 NET TONNES HAS LEFT THE COMEX.


THE GOLD COMEX IS NOW IN STRESS AS
1. GOLD IS LEAVING THE COMEX
2. GOLD IS LEAVING THE REGISTERED CATEGORY OF THE COMEX.

end
And now for silver
AND NOW THE DELIVERY MONTH OF APRIL
INITIAL standings/SILVER
IN TOTAL CONTRAST TO GOLD, HUGE ACTIVITY IN SILVER TODAY.
MAY 20 2019
Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
783,090.731 oz
Brinks
CNT
Loomis


Deposits to the Dealer Inventory
NIL oz
Deposits to the Customer Inventory
597,082.770 oz
Loomis
No of oz served today (contracts)
49
CONTRACT(S)
(245,000 OZ)
No of oz to be served (notices)
238 contracts
1,190,000 oz)
Total monthly oz silver served (contracts) 3441 contracts

17,205,000 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 inventory movement at the dealer side of things



total dealer deposits: NIL oz

total dealer withdrawals: nil oz

we had 1 deposits into the customer account

into JPMorgan: nil





*** JPMorgan for most of 2017 and in 2018 has adding to its inventory almost every single day.

JPMorgan now has 149.469 million oz of total silver inventory or 48.80% of all official comex silver. (149 million/307 million)



into Loomis: 597,082.770 OZ




total customer deposits today: 597.082.770 oz


we had 3 withdrawals out of the customer account:



i) Out of Brinks: 105,092.641 oz

ii) Out of CNT; 617,669.893 oz

iii) Out of Lomis: 60,328.197 oz



total withdrawals: 783,090.731 oz



we had 1 adjustment :

out of BCNT: 118m009.4 oz was adjusted out of the dealer and this landed into the customer account of Brinks



total dealer silver: 92.321 million

total dealer + customer silver: 305.078 million oz



The total number of notices filed today for the MAY 2019. contract month is represented by 49 contract(s) FOR 245,000 oz

To calculate the number of silver ounces that will stand for delivery in MAY, we take the total number of notices filed for the month so far at 3441 x 5,000 oz = 17,205,000 oz to which we add the difference between the open interest for the front month of MAY. (287) and the number of notices served upon today (49 x 5000 oz) equals the number of ounces standing.

.

Thus the INITIAL standings for silver for the MAY/2019 contract month: 3441(notices served so far)x 5000 oz + OI for front month of MAY( 287) -number of notices served upon today (49)x 5000 oz equals 18,395,000 oz of silver standing for the MAY contract month.

We LOST 51 contracts or an additional 295,000 oz will NOT stand as these guys morphed into London based forwards as well as accepting a fiat bonus for their efforts. They gave up waiting for metal at the comex so they have tried their luck over in London.



FOR COMPARISON VS LAST YEAR:



ON FIRST DAY NOTICE APRIL 30/2018 (FOR THE MAY 2018 CONTRACT MONTH) WE HAD 24.11 MILLION OZ STAND FOR DELIVERY. BY MONTH END WE HAD HUGE QUEUE JUMPING AND THUS 36.285 MILLION OZ EVENTUALLY STOOD FOR DELIVERY.



xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx



TODAY’S ESTIMATED SILVER VOLUME: 46,662 CONTRACTS



CONFIRMED VOLUME FOR YESTERDAY: 68,315 CONTRACTS..



YESTERDAY’S CONFIRMED VOLUME OF 68315 CONTRACTS EQUATES to 341 million OZ 48.7% 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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx




MAY 20/2019:


Inventory 312.366 MILLION OZ

LIBOR SCHEDULE AND GOFO RATES:





THE RISE IN LIBOR IS CREATING A SCARCITY OF DOLLARS BECAUSE FOREIGN EXCHANGE SWAPS (COSTS) ARE SIMPLY PROHIBITIVE

YOUR DATA…..

6 Month MM GOFO 2.12/ and libor 6 month duration 2.55

Indicative gold forward offer rate for a 6 month duration/calculation:

G0LD LENDING RATE: + .43



XXXXXXXX

12 Month MM GOFO
+ 2.33%

LIBOR FOR 12 MONTH DURATION: 2.63

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE = +.30

end



PHYSICAL GOLD/SILVER STORIES


end
i) GOLDCORE BLOG/Mark O’Byrne
Gold Suppression: It’s Not a Question of IF but to WHAT EXTENT

20, May

by Frank Holmes via USFunds.com

First of all, let me say that gold price suppression (“fixing,” “rigging,” “manipulating” or however else you want to think about it) is not just a conspiracy theory.

It’s a well-documented phenomenon, with real actors and real ramifications.

In 2014, Barclays was fined nearly $44 million for failing to prevent traders from manipulating the London gold “fix.” Late last year, a former JPMorgan trader pleaded guilty to manipulating the U.S. metals markets. Remember the gold futures “flash crash” of 2014?

The best people to speak to about this subject are the folks at the Gold Anti-Trust Action Committee, or GATA. For 20 years now, Chris Powell and others at GATA have made it their mission to expose collusion by international financial institutions to control the price and supply of gold.

This week I had the chance to sit down with Chris, GATA’s secretary/treasurer. I asked him how institutions manage to manipulate the price of gold on such a global scale.

“It’s done largely in the futures markets,” Chris told me. “It’s also done in the London over-the-counter (OTC) market. The mechanisms are gold swaps and leases between central banks and bullion banks, and through the sale of futures contracts.”

GATA’s Robert Lambourne reported on this in March of this year. As you can see in the chart below, gold rallied between November 2018 and February, when it peaked at around $1,343 an ounce.

Ordinarily, you could expect inventory in the bullion-backed SPDR Gold Shares ETF (GLD) to continue to climb at least until then. But that’s not at all what happened. Three weeks before the price of gold peaked, the holdings in the GLD curiously began to fall, and by March 4, the ETF had lost approximately 57.8 metric tonnes. And because the GLD is the largest gold ETF in the world—its value stands at $30.2 billion, as of this week—such selling will naturally impact the price of gold. Sure enough, the yellow metal soon fell below $1,300. What gives?
Click to enlarge

The answer to that question may lie in the BIS’ monthly statement of account for February. According to Robert’s reporting, the BIS was still actively trading gold swaps, which it uses to gain access to the metal held by commercial banks. Specifically, the bank placed as much as 56 metric tonnes of gold swaps into the market in February.

If you ask me, that amount is remarkably close to the 57.8 tonnes that fled the GLD in the first quarter of this year.

Hard to believe? This is only scratching the surface. I’ll let Chris Powell be the one to elaborate, but it will have to wait until a Frank Talk next week. Trust me when I say this is an interview you don’t want to miss! Make sure you’re subscribed to Frank Talk so you can be one of the first to read it.

This is an excerpt. For the full ‘Investor Alert’ click here
Watch Part II Here and Part I Here

News

European Shares Under Pressure From Chipmakers, Ryanair, Trade Worries

Gold Near 2-week Low as Dollar Eclipses Safe-haven Appeal

Asian Shares Steady After Slump, Oil Jumps on Saudi Comments

U.S. Warship Sails in Disputed South China Sea Amid Trade Tensions

Bitcoin Rally Is Masking Capital Flight From Crypto Exchanges

Commentary

Brutal Gold Futures Explain Last Week’s Price Decline

Chinese Seeking $10,000 Gold Price

Record-Setting Art Sales Confirm Global Liquidity Bubble

Why Now Is The Time To Buy Gold

Why China Is the World’s Largest Gold Consumer

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Market Snapshot

S&P 500 futures down 0.2% to 2,857.00
MXAP up 0.4% to 154.63
MXAPJ up 0.6% to 505.86
Nikkei up 0.2% to 21,301.73
Topix up 0.04% to 1,554.92
Hang Seng Index down 0.6% to 27,787.61
Shanghai Composite down 0.4% to 2,870.60
Sensex up 3.4% to 39,217.80
Australia S&P/ASX 200 up 1.7% to 6,476.10
Kospi unchanged at 2,055.71
STOXX Europe 600 down 0.1% to 381.11
German 10Y yield rose 2.0 bps to -0.084%
Euro up 0.04% to $1.1162
Italian 10Y yield fell 2.4 bps to 2.287%
Spanish 10Y yield rose 0.7 bps to 0.882%
Brent Futures up 0.6% to $72.67/bbl
Gold spot down 0.2% to $1,275.32
U.S. Dollar Index down 0.03% to 97.97

Top Overnight News from Bloomberg

Top U.S. corporations from chipmakers to Google have frozen the supply of critical software and components to Huawei Technologies Co.
The shock election win by Australia’s center-right government and its agenda of sweeping tax cuts have cast doubt on the outlook for interest-rate cuts. Traders are pricing in a 57% chance of a reduction in the cash rate in June, down from 70% Friday, as the Reserve Bank prepares to release minutes of this month’s meeting Tuesday
Prime Minister Narendra Modi’s ruling coalition is poised for victory in India’s general elections, exit polls showed, giving it another five years running the world’s fastest-growing major economy despite a jobs crisis and struggling rural sector
Amber Rudd, the U.K. work and pensions secretary, will lead a group of 60 Tories seeking to stop bookmakers’ favorite Boris Johnson from succeeding PM May and pursuing a chaotic no-deal exit from the European Union
President Donald Trump warned Iran not to threaten the U.S. or face ruinous consequences as tensions mount between Washington and Tehran
Japan’s economy beat expectations with growth during the first quarter of the year, but a look under the hood shows that its engine is far from robust as policy makers brace for a sales tax hike in October
Australian Prime Minister Scott Morrison’s center-right government will command a parliamentary majority with his Liberal-National coalition securing 77 seats in the 151-member lower house
The People’s Bank of China warned that the escalating trade war could destabilize the global economy, and vowed to continue with targeted stimulus at home while keeping the currency steady
The Trump administration’s threats to choke Huawei Technologies Co. is hitting some of the biggest component-makers. Blocking the sale to Huawei of critical components could also disrupt businesses of American chip giants like Micron Technology Inc. and hamper the rollout of critical 5G wireless networks worldwide
China’s yuan, already battered by the U.S. trade dispute, will soon have a catalyst for further depreciation. Offshore-listed Chinese companies will sell the yuan to buy foreign currencies and fund their $18.8 billion dividend bill due from June to August, according to Bloomberg calculations

Asia equity markets were somewhat mixed as lingering trade uncertainty clouded over a buoyant start to the week. ASX 200 (+1.7%) and Nikkei 225 (+0.3%) were rampant at the open with the Australian benchmark at its highest since 2007 following a surprise win by PM Morrison’s ruling Coalition which defied the opinion polls to beat the Labor party and even reportedly secured a majority, while Tokyo sentiment was underpinned by a weaker currency and after much better than expected GDP growth for Q1. However, some of the gains were later pared as China entered the fray in which Shanghai Comp (-0.4%) and Hang Seng (-0.6%) resumed their losses amid US-China trade tensions after reports suggested negotiations were in flux and that talks have stalled, while comments from China were also concerning as Foreign Minister Wang warned the US to not go too far. Finally, 10yr JGBs were lower amid a lack of demand for safe-havens in Japan and after the better than expected GDP numbers, while an enhanced-liquidity auction for longer-dated bonds also saw slightly weaker demand from prior. China Foreign Minister Wang Yi said recent words and actions by US have harmed interests of China and its enterprises, while he added that China oppose these actions and warned the US to not go too far. Wang added that the trade dispute must be solved through negotiation on an equal footing and hopes both sides will avoid escalating tensions.

Top Asian News

Australia’s Morrison Leads Conservatives to Shock Election Win
Japan’s Economy Grows in 1Q Despite Global Headwinds
China Says ‘Wait and See’ on Huawei Countermeasures
Rupee Jumps With Stocks and Bonds as Exit Polls Signal Modi Win

European equities have kicked off the week on the backfoot [Eurostoxx 50 -1.2%] following on from a mixed lead in Asia with sentiment in Europe dampened on speculation that China will retaliate against Huawei measures [NOTE: THIS IS UNVERIFIED] after Google suspended Huawei from Android access. As such, broad based losses are seen across European equities with Italy’s FTSE MIB (-2.0%) the clear laggard amid a slew of large cap ex-divs. Sectors are mostly lower with defensive sectors buoyed by the risk-averse tone whilst energy names are supported by the price action in the complex. On the downside, material and IT names are the clear underperformers with the former subdued by price action in base metals. Meanwhile, the latter is pressured amid a decline in semiconductor names following reports via the Nikkei that Infineon (-4.6%) reportedly halted shipments to Huawei, in turn moving fellow chip names lower in sympathy including Dialog Semiconductor (-3.4%), ASM (-3.0%) and STMicroelectronics (-8.3%). On the flip side, the aforementioned Google/Huawei news supported Huawei’s European competitors with Nokia (+2.0%) and Ericsson (+1.0%) shares underpinned by the reports. Finally, in terms of individual movers, Ryanair (-2.7%) fell as much as 5% at the open following earnings coupled with a downbeat fares outlook. Elsewhere, Deutsche Bank (-3.0%) shares slid after anti-money laundering specialists at the Co. flagged up suspicious financial transactions involving legal entities controlled by US President Trump and his son-in-law Kushner. Turning to some analysis from Nomura, Quant Insights note that CTAs seem to be looking for opportunities to unwind long positions in US equity futures. Nomura also predicts that this week, US equities “looks likely to be influenced less by trend-following trading based on systematic rules than by fundamental trading based on discretionary calls.”, given the current supply/demand balance.

Top European News

Merkel Pressured by Her Successor to Resign After EU Vote
Labour’s Corbyn Moves Closer to Backing Second Brexit Referendum
ECB Has to ‘Keep Going’ on Inflation, Knot Says: Corriere
Salvini’s Chief Aide Turns Against Italy PM Before European Vote

In FX, AUD enjoyed a sharp rebound from recent multi-month lows vs its US counterpart following the weekend Australian election that saw PM Morrison upset the pre-vote odds to secure a 3rd term in office and his coalition gain a majority over the Labour Party. Aud/Usd has reclaimed 0.6900+ status in response having traded down to 0.6862 last week in wake of disappointing jobs data that heightened the prospect of a June RBA rate cut.

NZD – The next best G10 currency as the Kiwi catches a bid on the coattails of its antipodean peer, albeit hampered by Aud/Nzd cross-flows up to 1.0600 at one stage. Nevertheless, Nzd/Usd hit a 0.6550 overnight high compared to 0.6521 at worst and last week’s 0.6512 base (Friday), as the US Dollar loses momentum broadly after its post-data/survey and China trade war related rally. On that note, the DXY has topped out just above 98.000 and ahead of resistance including a 98.035 Fib and the early May high of 98.102.
GBP – The Pound has also pared some losses partly on the aforementioned Dollar downturn, but also against a lagging Euro, with Cable bouncing off a 1.2723 trough to just over 1.2750 and Eur/Gbp easing back to 0.8750 from 0.8775. Brexit and UK political uncertainty are still to the fore, but Sterling appears to be benefiting from some short covering/profit taking alongside technical buying, with a Fib in the cross sitting at 0.8779.
CHF/CAD – Also benefiting from the Buck fade, as the Franc rebounds through 1.0100 and Loonie further from 1.3500+ lows amidst more reports that a deal is done to lift US steel and aluminium tariffs. The Cad may also be gleaning traction from a post-JMMC bounce in crude prices, like the NOK, which is outperforming its Scandi rival with the Eur cross back down under 9.8000 vs Eur/Sek at 10.7600.
EUR/JPY – As noted above, the single currency is a relative underperformer as Eur/Usd struggles to recover between 1.1168-51 parameters despite reports of bids/support at 1.1150 protecting near term support at 1.1135 and the 1.1112 ytd low. Decent option expiry interest may be keeping the headline pair in check given almost 1 bn running off from 1.1150 to 1.1160 at today’s NY cut, while chart resistance resides at 1.1190-1.1200 in the form of 100 and 200 HMAs. Meanwhile, the Yen has lost a bit more of its safe-haven allure following overnight Japanese Q1 GDP that topped consensus considerably, with Usd/Jpy up over 110.00 and as high as 110.31 at one stage.
EM – The Turkish Lira has failed to sustain recovery gains towards 6.0000 and higher vs the Greenback yet again after weekend comments from President Erdogan suggesting that it may bring forward its planned purchase of S-400 missiles from Russia rather than delaying the order amidst opposition and the threat of sanctions from the US.

In commodities, the energy complex is ultimately in the green, albeit off highs, as sentiment dampened amidst unconfirmed reports of a deteriorating relationship between US and China. WTI (+0.2%) and Brent (+0.4%) prices are underpinned in the aftermath of the JMMC meeting as key oil figureheads noted that concerns of rising stockpiles outweighed supply issues from Iran and Venezuela. Thus, energy ministers hinted at their dedication to extend the OPEC+ output pact beyond June, although any revisions to the current deal will be decided at next months meeting. Rhetoric from the energy ministers deviated slightly, with sources stating that Saudi Arabia is in no rush to increase production as the Kingdom is satisfied with oil around USD 70/bbl, whilst its Russian counterpart noted that all options are still on the table ahead of June, including a hike in production. Furthermore, sources noted that the Russian and Saudi oil figureheads reportedly discussed two options for June. The first scenario would see an elimination of over compliance currently over 150%, equating to an output cuts just under 2mln BPD, according to calculations. This would mean a continuation of the current deal and an increase in production of around 0.8mln BPD. The second scenario would see an ease of the agreed cuts to 0.9mln BPD from 1.2mln BPD.

Elsewhere, gold (-0.2%) prices lost more ground to the rising Buck with prices now flirting with the 1275/oz mark. Meanwhile, copper prices extended losses amid the souring risk tone given the aforementioned unconfirmed reports regard US/China. Furthermore, last week money managers increased their net short positions in COMEX copper by almost 8.5k lots, holding a net short of 35.3k lots, whilst speculators increase gross shorts by 4.8k lots and liquidated 3.6k gross long positions over the week.

US Event Calendar

8:30am: Chicago Fed Nat Activity Index, est. -0.2, prior -0.1
9:30am: Fed’s Harker Speaks About Management Science in Boston
1pm: Clarida, Williams Take Part in ‘Fed Listens’ Event in New York
7pm: Powell Speaks at Atlanta Fed Financial Markets Conference

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx



China State Run Media Broadcasts Anti-American Movies To Millions Amid Deepening Trade War

With the trade war between the US and China suddenly erupting after a 5-month ceasefire, CCTV 6, the movie channel of China’s leading state television broadcaster, aired three anti-American movies last week, reported What’s On Weibo.

The three movies are Korean war films: Heroic Sons and Daughters (1964), Battle on Shangganling Mountain (1954), and Surprise Attack (1960), which aired about one week after President Trump raised an existing 10% tariff on $200 billion worth of Chinese goods to 25%.

All last week, anti-American propaganda flourished across the country, with the slogan “Wanna talk? Let’s talk. Wanna fight? Let’s do it. Wanna bully us? Dream on!” going viral on Chinese social media platforms.



CCTV 6 broadcasted the movies to 500 million people in 23 provinces. The films fall under a category called “Resist America, Help North Korea,” first debuting at the end of the Korean War (1950-1953).



The first movie is Battle on Shangganling Mountain, also translated as Battle of Shangganling. It depicts a group of Chinese soldiers who are fighting against American soldiers on Triangle Hill.



The second movie is Heroic Sons and Daughters tells the story of a political commissar in China’s Army runs into his lost son and daughter in North Korea during the Korean War. The movie shows how China and North Korea were battle buddies against the Americans.



The third movie is Surprise Attack revolves around a special operation by Chinese soldiers to blow up Kangping Bridge, severing American weapon supply chains and allowing the Chinese to attack.



CCTV changing its original programming to three anti-American films became a popular discussion over the weekend on Chinese social media, with many people across all provinces praising CCTV6 for showing these movies.

However, some Chinese said: “It seems that there are no new anti-American TV series or movies now, so they’ve come up with these old films to brainwash us.” Others said: “This kind of brainwashing is not useful.”

Weibo users appreciated these classic anti-American flicks, saying “They don’t make movies like this anymore,” and “It’s good for the younger generation to also see these classics.”

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx



Tech Wrecks, Semis Slammed As Trump’s Trade Turmoil Hammers Huawei

It just got real in the trade war…

MMGYS
courtesy Harvey

MMGYS


China started ugly but was rescued back to merely unattractive…



Huawei bonds plunged…



European markets were ugly with Italy leading the way…



European technology stocks had the worst day since Apple’s revenue warning in early January as the Huawei hammering rippled through markets…


But Europe also suffered as Deutsche Bank hit new record lows…



The Nasdaq led today’s declines in US markets (thanks to blowback from Trump’s Huawei move and Google’s decision)…

Futures show the action really accelerated during European hours as Google and others cut ties from Huawei…



Trannies managed to get back green briefly (and Dow tried desperately)…



S&P’s Buy-The-F**king-Open pattern continues…



Dow futures seem to have found support around 25,500-600…



Small Caps broke below their 100-DMA (already below the 50- and 200-DMA)



As Tech wrecked…



Semis sucked…



Sprint spiked on FCC T-Mobile approval headlines then dropped on DOJ un-approval rumors…



Tesla stock tumbled below $200 for the first time since Dec 2016 (bonds collapsed to record high yields)…



And TSLA CDS spiked…



Credit and equity protection costs were notably higher… (the former blowing out more)…



Despite equity weakness, bonds were also sold today with the curve around 2-3bps higher in yield (except the long-end outperformed)…



NOTE – the selling started the moment US cash equity markets opened.

The yield curve was yanked steeper today, drastically avoiding the inversion signal…



The dollar slipped lower on the day…



Yuan was higher on the day but well off the overnight spike highs…



Colombia’s Peso was pummeled to Feb 2016 lows…




Cryptos were weaker today but held on to their gains over the weekend…



Bitcoin reached a new cycle high overnight but gave back some during the day, sliding back below $8000…



WTI managed to hold on to gains today thanks to three surges off the lows…



Silver outperformed gold on the day…




Finally, the outlook for U.S. companies doing business with China is growing more gloomy…



Read more Harvey here.....

https://harveyorganblog.com/2019/05/20/may-20-gold-up-1-00-to-1277-25-silver-up-6-cents-to-14-47-the-big-events-today-turkey-china-lack-of-a-trade-deal-etc/

show simo casted on Captains Quarters


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