Tuesday, February 25, 2020

Sean Hannity Warns “TICK TOCK… Next Hour” — FISA MEMO RELEASE!

0

by Cristina Laila, The Gateway Pundit:

Conservative heavyweight Sean Hannity tweeted a warning out to his millions of followers Friday morning on what people are dubbing “Memo day”.

“Tick Tock… next hour” Hannity tweeted.

It was also reported Sean Hannity is giving President Trump advice on how to release the House Intel FISA memo.

Read More @ TheGatewayPundit.com

A Hawkish Fed? Hardly

by Dave Kranzler, Investment Research Dynamics:

The Fed’s tightening plan sounds like my fat buddy’s diet plan at my workplace. He still scarfs down his usual 2 Big Macs a day (sometimes 3), but has lately taken to washing it down with a diet Coke instead of a regular Coke. “Gotta watch my weight”, he recently told me. – comment from “Marcus”

Sometimes I wonder if the Fed is just toying with the financial media and economic analysts.  The Fed’s constant threat to raise rates and unwind its balance sheet seems to be taken seriously by most commentators.  Even the few analysts I respect, like David Stockman, include the assumption the Fed will reduce its balance sheet by a few hundred billion per year.

And yet,  nearly 5 years past Bernanke’s “taper speech” the Fed Funds rate has been barely lifted off the zero-bound and the Fed’s balance sheet has been reduced only  ever so slightly.  Every meeting it’s pretty much the same story:  “FED LEAVES RATES UNCHANGED IN UNANIMOUS VOTE  *FED: ECONOMY TO `WARRANT FURTHER GRADUAL INCREASES’ IN RATES” (the graphic to the right was hypothecated from an article tweeted by @RudyHavenstein – note the date of publication).

In today’s statement, the Fed comments that “inflation to stabilize around 2% medium-term.”  First of all, what the hell does “medium-term” mean?  And in what parallel universe is the Fed calculating its 2% inflation rate?  Food prices are soaring; healthcare premiums rose anywhere from 20% to 100%;  home prices allegedly are up at least 10%;  energy prices are rising at a clip well beyond 2% per annum.

The Fed’s nefarious “Quantitative Tightening” has been a complete joke.  The “weight loss” program was supposed to commence in October.  On October 11th, the Fed’s balance sheet $4.221 billion.  As of last Wednesday, the Fed’s balance sheet was $4.203 trillion – down $18 billion.  The Fed is not even shedding its promised $10 billion per month.   The SOMA account, which is where the disclosed bond purchases reside, is also about $18 billion lighter since mid-October.   Note:  “disclosed” as opposed to the off-balance sheet asset purchases held in off-shore accounts like the Swiss National Bank and the Belgian Central Bank.   But the mortgage holdings in the SOMA account have actually increased $3 billion since mid-October.   You can see for yourself here – SOMA account – and here – Fed Balance Sheet.

If the economy is doing so well and there’s a shortage of houses (allegedly) and a shortage of labor, why is the Fed adding to its mortgage holdings and why is the Fed – in a unanimous vote – leaving rates unchanged?  “Economists” like Moody’s Mark Zandi assert that the labor market and economy is “in danger of over-heating.”  If that’s the case, why are rates being held down at historically low levels?   Why does the Fed threaten rate hikes but never follows-through?  It’s the same story after every meeting.  The market prices in a 95% chance of a rate-hike for the next meeting.  And then, just like Lucy does to Charlie Brown with the football when he goes to kick it in “Peanuts,” the Fed folds the cards in its hand and waits for the next deal.

According to Goldman Sachs’ financial conditions index, it’s never been easier to get a loan.  In fact, outstanding debt at every level of the economic system hits a new record pretty much daily.  The Treasury Secretary is now begging Congress to raise the debt ceiling.  The amount of Treasury debt outstanding will easily increase in excess of trillion dollars this year, as it has every year since 2007.

In truth, the economy is starting to fold faster than the Fed folds at every FOMC meeting.  Credit card and auto loan defaults are beginning to soar.  We’re at levels on both that were last seen in late 2008.  The problem is, we have not had a crisis yet.  The  market, regardless of the unwillingness of the Fed to tighten its monetary policy, is starting to take care of that for the Fed.  The yield on the 10yr Treasury has nearly doubled since July 2016.  It’s up 60 basis points since August.

Read More @ InvestmentResearchDynamics.com

‘Release the Memo’ Is a Political Stunt, but I Want It Out Anyway

0

by Michael Krieger, Liberty Blitzkrieg:

Before I get started, I want to put my cards on the table. I don’t trust Republicans like Devin Nunes for a moment. He doesn’t care about the civil liberties of Americans, and it’s become clear to me the whole “release the memo” thing is largely a political stunt. I’m not claiming there isn’t anything important in there, but rather that they don’t have the best interests of the U.S. citizenry in mind.  Nevertheless, I’m very much in favor of it being released for a variety of reasons.

First, I want to offer a little advice. It’s always tempting to immediately take a side on whatever issue happens to be dominating the news cycle at any given moment, but this is typically a poor decision. One thing I’ve learned over the years is you should always wait at least a few days before coming to any sort of conclusion on most big stories being aggressively hyped by partisan pundits in the media.

From my seat, both Republicans and Democrats in Congress are being dishonest about the memo, which makes perfect sense because the vast majority of politicians in Washington D.C. are corrupt liars who pretend to hate each other while consistently passing bipartisan legislation to abuse the American public. If that’s not obvious to you by now, I don’t know what it’ll take.

Devin Nunes and other Republicans in the House of Representatives have been attempting to portray their push to release the memo as some sort of civil liberties crusade. They claim it’ll expose the criminality of the deep state and how it abuses its unconstitutional surveillance powers. Perhaps it will, but that’s not at all what’s driving the effort.

Here’s the problem. The exact same people who are now complaining about FISA and intelligence agency abuse (which is certainly happening) just voted to give the U.S. government more surveillance power. If you think this sounds extremely shady, you’re absolutely right.

With that in mind, take a listen to what Judge Andrew Napolitano had to saw about the matter during a recent appearance on Fox News.

What does that tell you? It tells you these politicians who now claim to care about surveillance abuse coincidentally only happened to care after the anti-civil liberties FISA reauthorization passed. These so-called GOP freedom fighters didn’t make a stink about surveillance powers before Congress voted when it could’ve actually made a difference, but they waited until after. This tells you without a shadow of a doubt that this is a stunt to help Trump politically, not an effort to help the American public. More fake political wrestling. It’s really disgusting when you think about it.

All that said, I still want the memo released since I think some good could inadvertently emerge from it. Just because the GOP isn’t coming from an honest or decent place with this move, doesn’t mean it can’t result in a snowball effect which leads to serious and important revelations about how unaccountable intelligence agencies really operate.

Read More @ LibertyBlitzkrieg.com

The Brick-and-Mortar-Retail Meltdown in January

0

by Wolf Richter, Wolf Street:

‘Tis the season for bankruptcies.

Sears Holdings, which has been on a highly effective hedge-fund-manager-designed program of cost-cutting itself to death, announced today that it obtained another $100-million loan from JPP, LLC and JPP II, LLC, which are solely owned by said hedge-fund manager and CEO of Sears Holdings, Eddy Lampert. After prior loans by the same entities and by Lampert’s hedge fund ESL were secured by the part of real estate that hadn’t been sold off in sweetheart deals to affiliated parties, the new loan is secured “by certain real property interests” and by “substantially all of the unencumbered intellectual property of the Company and its subsidiaries” except the IP related the Kenmore and DieHard brands.

Stripping out while the stripping is still possible.

Yesterday, Sears announced another step in cost-cutting itself to death: axing 220 jobs mostly at its corporate office. This was part of its stated goal to trim $1.25 billion from its annual expenses. After closing hundreds of Sears and Kmart stores last year, the company is on track to close 63 more stores in January. This will leave it with 1,041 Sears stores, down from 3,555 in 2010, and with about 500 Kmart stores.

But sales are dropping even faster. In Q3 2017, the last quarterly report available, revenues fell to $3.7 billion, down 26% year over year and down 68% from Q3 2007.

Sears shares [SHLD] currently trade at $2.41, down 6% for the day, and down from the Lampert-hype induced 52-week peak of $14 on April 19, 2017. Day traders are having fun riding them all the way to zero.

A bankruptcy filing will occur after Lampert runs out of assets to strip. Now he’s going after Sears’ IP, meaning he’s scraping the bottom of the barrel.

Bon-Ton Stores, which had hired bankruptcy advisors in September, announced some details yesterday on a new wave of store closings in early 2018, involving 42 stores. Bon-Ton has taken on a third-party liquidator to get rid of the merchandise in those stores. Liquidation sales begin today.

On December 15, Bon-Ton failed to make a $14-million interest payment and opted to take the 30-day grace period instead. After the grace period expired, Bon-Ton announced on January 16 that it had entered into forbearance agreements with some of its lenders. These lenders agreed not to exercise the remedies available to them to go after the missed payment. That agreement expired on January 26…. A bankruptcy filing is imminent. Bon-Ton shares [BONT] are trading at 16 cents. They’re goners

Stein Mart, with about 290 off-price stores in the US whose same-store sales had fallen about 7% in Q3 year-over-year, after having fallen 4.6% in the prior year, announced on Monday that, “given the continuing challenges of the retail environment,” it has formed a special committee to “review our strategic options,” “explore all opportunities,” and “identify potential strategic alternatives.”

Since the announcement on Monday, shares have plunged 42% to 65 cents. They too are goners.

Nine West Holdings – which focuses on women’s shoes, accessories, jeans, jewelry, and handbags sold at its own stores and at department stores – became subject of intense bankruptcy rumors on January 24, when “people with knowledge of the negotiations” told Bloomberg that the company was negotiating with some of its creditors on a prepackaged Chapter 11 bankruptcy filing before an interest payment comes due on March 15.

It would include restructuring nearly $1.5 billion in debt, sell parts of the retailer, make first-lien lenders whole, hand a majority of the equity of the reorganized company to unsecured term-loan lenders, and hand a small part of the equity to bondholders as a consolation prize. These bonds traded at 11 cents on the dollar.

Read More @ WolfStreet.com

FISA Memo “Will Shake FBI To The Core” As Director Wray Said To Consider Quitting

0

from ZeroHedge:

Update: perhaps in response to rising fears that Trump is about to unleash a nuclear war between Republicans and the Deep state, here is what Paul Ryan just said:

  • U.S. HOUSE SPEAKER RYAN SAYS REPUBLICAN-DRAFTED MEMO ON FBI SURVEILLANCE IS NOT AN INDICTMENT OF THE FBI OR JUSTICE DEPARTMENT: RTRS
  • RYAN SAYS MEMO IS LEGITIMATE EFFORT TO MAKE SURE FBI SURVEILLANCE IS CONDUCTED CORRECTLY

With the nation’s attention transfixed on the fate of the “bombshell” 4-page FISA memo, and when (and if) it will be released to the public, moments ago Congressman Jeff Duncan (R-SC), unveiled another big hint about not only the contents of the memo, but why the FBI is fighting valiantly to prevents its release, to wit:

“Having read “The Memo,” the FBI is right to have “grave concerns” – as it will shake the organization down to its core – showing Americans just how the agency was weaponized by the Obama officials/DNC/HRC to target political adversaries.”

And, appropriately enough, moments later CNN reported that “according to multiple sources”, White House aides are worried FBI Director Christopher Wray could quit if the highly controversial Republican memo alleging the FBI abused its surveillance tools is released.

Wray has made clear he is frustrated that President Donald Trump picked him to lead the FBI after he fired FBI Director James Comey in May, yet his advice on the Nunes memo is being disregarded and cast as part of the purported partisan leadership of the FBI, according to a senior law enforcement official.

Wray’s stance is “raising hell,” one source familiar with the matter said.

 

The potential release of the memo penned by House Intelligence Chairman Rep. Devin Nunes has set up a standoff with Trump against both the FBI and Department of Justice. Although the President has signaled that he is inclined to release the memo, as part of an effort to undercut the special counsel Robert Mueller’s investigation, senior officials inside the White House are trying to come up with a solution that satisfies both the President and law enforcement officials like Wray and Deputy Attorney General Rod Rosenstein.

CNN caveats that Wray “has not directly threatened to resign after clashing with Trump over the possible release of the memo, the source added, because that is not his style of dealing with conflict” which likely means that the CNN report is just another trial balloon attempt to escalate the situation, and prevent Trump from greenlighting the memo’s release, although considering earlier reports from the White House that Trump will approve the memo, it is unclear how he can reverse now; if he does, Wray may now have no choice but to resign once the memo is made public.

Read More @ ZeroHedge.com

10 Amazing Facts About America’s Economic Recovery From Trump’s State Of The Union Address

0

by Michael Snyder, The Economic Collapse Blog:

If the U.S. economy continues to surge under President Trump, I may need to change the name of my website.  In December 2009 I started “The Economic Collapse”, and it was quite an appropriate title at the time.  In fact, the 10 years immediately preceding the Trump presidency was one of the worst stretches for the U.S. economy in our entire history.  But now things are changing.  Manufacturers are coming back to America, unemployment is falling, and the stock market has been soaring.

During his State of the Union address, President Trump called this “our new American moment”, and at this time it is hard for anyone to disagree with him.  Things are definitely better for ordinary Americans than they were under previous administrations, and even some of Trump’s most hardcore critics are starting to come around.

The Democrats were hoping to use Trump’s speech to launch a new wave of attacks against him, but that massively backfired.  The State of the Union address may have been Trump’s best performance to date, and even a CBS News poll found that his speech got an astounding 75 percent approval rating.

No matter how Democrats try to spin things, the truth is that there is a lot of good economic news right now.  The following are 10 amazing facts about America’s economic recovery that come directly from the transcript of Trump’s State of the Union address

#1 “Since the election, we have created 2.4 million new jobs, including 200,000 new jobs in manufacturing alone.”

#2 “After years of wage stagnation, we are finally seeing rising wages.”

#3 “Unemployment claims have hit a 45-year low.”

#4 “African-American unemployment stands at the lowest rate ever recorded”

#5 “Hispanic American unemployment has also reached the lowest levels in history”

#6 “Small business confidence is at an all-time high.”

#7 “The stock market has smashed one record after another, gaining $8 trillion in value.”

#8 “And just as I promised the American people from this podium 11 months ago, we enacted the biggest tax cuts and reforms in American history.”

#9 “A typical family of four making $75,000 will see their tax bill reduced by $2,000 — slashing their tax bill in half.”

#10 “We slashed the business tax rate from 35 percent all the way down to 21 percent, so American companies can compete and win against anyone in the world.”

And today we received even more good news.

According to CNBC, U.S. businesses added another 234,000 jobs during the month of January…

The new year got off to a strong start for job creation, with businesses adding 234,000 in January, according to a report Wednesday from ADP and Moody’s Analytics.

Economists surveyed by Reuters had been looking for private payrolls to grow by 185,000.

Are you starting to understand why I am so proud to be a pro-Trump candidate for Congress?

Many of my opponents are doing their best to distance themselves from Trump.  In fact, one of my biggest opponents has said that Donald Trump “can go straight to hell”.  It is absolutely imperative that we fill this open seat in Congress with someone that is 100% pro-Trump, and if you want to see that happen I hope that you will join our team.

Many Republicans opposed Ronald Reagan during his early days in the White House too, but eventually everyone in the party came around, and that is happening with Trump too.

For example, just check out what former opponent Ted Cruz had to say about Trump’s speech

“The president did an incredible job highlighting the parents of those who have lost their children to MS-13 and violent illegal aliens,” Cruz said. “Highlighting heroes, whether police officers and coastguardsmen or first responders across the country. And the president did a tremendous job overall focusing on jobs, on wages going up, on the historic tax cut.”

“I thought it was a very, very strong speech and a strong night for the president,” he added.

Meanwhile, the Democrats are being as bitter as ever.

Read More @ TheEconomicCollapseBlog.com

Human-trafficking crackdown: 510 arrested, 56 rescued in California

0

by Jovana Lara, ABC News:

LOS ANGELES (KABC) —

More than 500 suspects were arrested and 56 people were rescued during a statewide human-trafficking crackdown, officials said.

The Los Angeles County Regional Human Trafficking Task Forces announced the arrests of 510 suspects during the three-day sweep, called Operation Reclaim and Rebuild.

During the operation, which took place between Jan. 25 and 27, the task force said 45 adults and 11 girls were rescued.

Among the 510 suspects arrested, 30 are suspected traffickers and 178 are alleged “johns.”

The task force is housed by the L.A. County Sheriff’s Department and is a collaboration of more than 85 federal, state, county and local law enforcement and nonprofit community organizations.

More than 500 suspects were arrested and 56 people were rescued during a statewide human-trafficking crackdown, officials said. (Raw video)

Speaking at a Tuesday press conference, Los Angeles County Sheriff Jim McDonnell gave details surrounding some of the arrests.

“The message we hope to send to the traffickers is don’t do business in Los Angeles County or the state of California because we will find you and prosecute you to the fullest extent of the law,” he said.

In one very disturbing incident in Milpitas, California, a man dressed in full police uniform – including a side arm – was arrested on felony charges after he sexually assaulted a human-trafficking victim, McDonnell said. The suspect was found to be already on felony probation and wanted by police for additional, similar crimes.

The sheriff said the operation targeted those who use the internet to exploit victims. In one such instance, McDonnell said an undercover deputy posing as a young female on social media was contacted by a suspect, who recruited her to work for him in the commercial sex trade.

After arranging a meeting, the pimp drove from Riverside County to meet with his victim. He demanded $500 from the victim for him to manage her. The suspect would collect the money from the customers and give the victim whatever he decided she needed. McDonnell said the suspect was arrested by task force detectives and found to be in possession of a stolen .357 Magnum handgun.

Read More @ ABC7.com

U.S. Treasury Steve Mnuchin Advocates Weak Dollar Policy

0

by Chris Marcus, Miles Franklin:

Last week U.S. treasury secretary Steve Mnuchin actually admitted what most precious metals holders have known for a long time. In particular, he actually stated that at least in the short-term, he feels a weaker dollar is good for the U.S.

Apparently the days of at least pretending to adhere to a strong dollar policy are over. Of course those who have been watching the Federal Reserve and all of its credit creation over the past few years have been well aware. Yet to hear the treasury secretary of the world’s reserve currency openly acknowledge that he thinks a weaker dollar is a good thing is simply stunning.

“Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin told reporters in Davos, according to Bloomberg, adding that the currency’s short term value is “not a concern of ours at all.”

“Longer term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and will continue to be the primary currency in terms of the reserve currency,” he said.

In his comment about the weaker dollar being good, what Mnuchin is referencing is the long-held Keynesian myth that destroying the currency is a great event economically. This is based on the idea that a weaker currency makes exports more affordable to foreigners. Of which that last part is actually true.

Yet what Mnuchin and the other advocates of the weak dollar policy often exclude is how all of the goods being imported become more expensive. So while the weaker dollar might be beneficial for those exporting goods abroad, it’s far less good for everybody else who has to deal with the consequences of all of the inflation.

Of course there is also another way of being able to clearly see that this is a flawed ideology. Because if the weak dollar is good, does that mean that a weaker dollar is better, and a worthless dollar is the best? Essentially the weak dollar theory asserts that all that’s required for ultimate prosperity is a complete destruction of the currency. Which is of course as ridiculous as it sounds.

What’s interesting is that you don’t even have to take my word for this, because Mnuchin contradicts his own idea when he then goes on to state how the strength of the dollar is a reflection of the strength of the economy.

So which is it?

Obviously we know the answer. And certainly it’s hardly the first time a government official has passed along Keynesian ideology in order to justify printing more money. Yet it is still stunning that Mnuchin would openly make these comments, with the debt spiraling out of control faster than ever, while the dollar is sinking like a stone.

Read More @ MilesFranklin.com

As SEC Chair’s Family Grows Rich from Corporate Secrecy Firm, U.S. Named #2 Facilitator of Illicit Money

0

by Pam Martens and Russ Martens, Wall St On Parade:

Yesterday we reported that the Chairman of the Securities and Exchange Commission, Jay Clayton – the man ostensibly in charge of providing financial transparency to the American people – has tens of millions of dollars in family net worth tied to a Delaware company specializing in providing secrecy to corporate entities. (This actually makes sense for an administration packed with billionaires with lots of tax haven accounts.)

On the heels of that confidence-draining news comes the Financial Secrecy Index for 2018 which names the United States the 2nd worst country for facilitating financial secrecy and illicit money flows, just behind Switzerland. The accompanying report from the Tax Justice Network on the U.S. specifically calls out the state of Delaware, noting the following:

“The U.S. provides a wide array of secrecy and tax-free facilities for non-residents, both at a Federal level and at the level of individual states. Many of the main Federal-level facilities were originally crafted with official tolerance or approval, in some cases to help with the U.S. balance of payments difficulties during the Vietnam War; however some facilities – such as tolerance by states like Delaware or Nevada of highly secretive anonymous shell companies – are more the fruit of a race to the bottom between individual states on standards of disclosure and transparency.”

The report includes an eye-opening memo from 1966 that was “passed by a former State Department operative to a Chase Manhattan bank staffer.” It reads:

“The US is probably the second major flight money center in the world, but with little probability of rivalling Switzerland for the foreseeable future. Like Switzerland, flight money probably flows to the US from every country in the world. . . however this is insignificant relative to the total potentially available. . . US-based and US-controlled entities are badly penalized in competing for flight money with the Swiss or other foreign flight money centers over the long run.”

The memo went on to explain why the U.S. was losing ground to Switzerland for illicit money flows:

“the ability of the US Treasury, Justice Department, CIA and FBI to subpoena client records, attach client accounts, and force testimony from US officers of US-controlled entities . . . restrictive US investment and brokerage regulations and policies, which limit the flexibility and secrecy of investment activity . . the US estate tax and US withholding tax on foreign investments…”

With captured Federal regulators overseeing the largest Wall Street banks that facilitate money laundering and getting slaps on the wrist for failures to report it, it’s easy to see how the U.S. caught up with Switzerland. (See Trump’s Justice Department Goes Easy on Citigroup Unit for Criminal Money Laundering and JPMorgan and Madoff Were Facilitating Nesting Dolls-Style Frauds Within Frauds.)

A key milestone in the United States’ march toward becoming a major financial secrecy haven was, according to the report, the International Banking Facility mechanism that was introduced in 1981. “This,” notes the report, “allowed banks in the U.S.A., which had previously needed to go offshore (particularly to London) to get around domestic financial regulations, to keep a separate set of books that effectively allowed them to obtain these exemptions while remaining at home. This attracted still more funds out of foreign tax havens and marked a further step offshore for the United States.”

The report also discusses the impact of the Foreign Account Tax Compliance Act (FATCA) that was enacted by the U.S. in March 2010 but didn’t take effect until four years later. A December editorial at Bloomberg News  nicely summed up how that’s been perverted by the U.S., writing:

“Under threat of losing access to the U.S. financial system, more than 100 countries — including such traditional havens as Bermuda and the Cayman Islands — are complying or have agreed to comply. The U.S. was expected to reciprocate, by sharing data on the accounts of foreign taxpayers with their respective governments. Yet Congress rejected the Obama administration’s repeated requests to make the necessary changes to the tax code. As a result, the Treasury cannot compel U.S. banks to reveal information such as account balances and names of beneficial owners. The U.S. has also failed to adopt the so-called Common Reporting Standard, a global agreement under which more than 100 countries will automatically provide each other with even more data than FATCA requires…

“From a certain perspective, all this might look pretty smart: Shut down foreign tax havens and then steal their business. That would be the kind of thinking that’s undermining America’s standing in so many areas, from trade to climate change. Instead of using its power to establish an equitable system of global governance, it’s demanding a standard from the rest of the world that it refuses to apply to itself. That isn’t leadership.”

The well-researched report from the Tax Justice Network notes that a handful of U.S. states are leading the race to the bottom. Delaware pops up again:

“A few states such as Delaware, Wyoming and Nevada took an early lead in offshore secret incorporations, and remain leaders today.

“Here is how it works. A wealthy Ukrainian, say, sets up a Delaware shell company using a local company formation agent. That Delaware agent will provide nominee officers and directors (typically lawyers) to serve as fronts for the real owners, and their details and photocopies of their passports can be made public but that gets you no closer to who the genuine Ukrainian owner of that company is: if the nominees are lawyers they are bound by attorney-client privilege not to reveal the information (if they even have it: the owner of that shell company may be another secretive shell company or trust somewhere else). The company can run millions through its bank account but nobody – whether domestic or foreign law enforcement – can crack through that form of secrecy in any efficient or effective way. In the words of Dennis Lormel, the first chief of the FBI’s Terrorist Financing Operations Section and a retired 28-year Bureau veteran, ‘Terrorists, organized crime groups, and pariah states need access to the international banking system. Shell firms are how they get it.’ “

Read More @ WallStOnParade.com

USA 10 YR YIELD HITS 2.74% AND THEN CRASHES BACK TO 2.71% ON HAWKISH FOMC/GOLD AND SILVER RISE ON INFLATION EXPECTATIONS

by Harvey Organ, Harvey Organ Blog:

GOLD UP $3.10 TO $1336.9 AT COMEX CLOSING TIME AND THEN SHOOTS UP ANOTHER 9.00 DOLLARS TO $1346.00/SILVER IS UP 17 CENTS TO $17.27 AT COMEX CLOSING TIME THEN SHOOTS UP TO $17.34/BANKERS ISSUE 14,404 EFP CONTRACTS TO LONGS AS A LONDON FORWARD/BANKERS ISSUE 2467 CONTRACTS TRANSFERRING LONGS OVER FOR A LONDON BASED FORWARD/HUGE SWAMP STORIES FOR YOU TONIGHT!!

GOLD: $1336.90 UP $3.10

Silver: $17.27 UP 17 cents

Closing access prices:

Gold $1344.20

silver: $17.34

SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)

SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)

SHANGHAI FIRST GOLD FIX: $1347.22 DOLLARS PER OZ

NY PRICE OF GOLD AT EXACT SAME TIME: $1339.70

PREMIUM FIRST FIX: $8.52

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

SECOND SHANGHAI GOLD FIX: $1353.55

NY GOLD PRICE AT THE EXACT SAME TIME: $1342.85

Premium of Shanghai 2nd fix/NY:$10.70

SHANGHAI REJECTS  NY /LONDON PRICING OF GOLD

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

LONDON FIRST GOLD FIX: 5:30 am est $1343.35

NY PRICING AT THE EXACT SAME TIME: $1343.10

LONDON SECOND GOLD FIX 10 AM: $1345.35

NY PRICING AT THE EXACT SAME TIME. $1344.40???

For comex gold:

FEBRUARY/

NUMBER OF NOTICES FILED TODAY FOR FEBRUARY CONTRACT: 452 NOTICE(S) FOR 45200 OZ.

TOTAL NOTICES SO FAR: 452 FOR 45200 OZ (1.4059 TONNES),

For silver:

jANUARY

116 NOTICE(S) FILED TODAY FOR

580,000 OZ/

Total number of notices filed so far this month: 116 for 580,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: BID $10,203/OFFER $10,080 UP $176 (morning)

Bitcoin: BID/   $9984/ $10,200 offer down 51  (CLOSING/5 PM)

 

end

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest FELL BY CONSIDERABLE 2830 contracts from 201,188 FALLING TO 198,358 DESPITE YESTERDAY’S TINY  6 CENT FALL IN SILVER PRICING.  WE HAD CONSIDERABLE COMEX LIQUIDATION. HOWEVER, WE WERE AGAIN NOTIFIED THAT WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  2467 EFP’S FOR MARCH AND AND ZERO FOR ALL  OTHER MONTHS  AND THUS TOTAL ISSUANCE OF 2467 CONTRACTS. HOWEVER THE MOVEMENT ACROSS TO LONDON IS NOT AS SEVERE AS IN GOLD AS THERE SEEMS TO BE  MAJOR PLAYERS WILLING TO TAKE ON THE BANKS AT THE COMEX. STILL, WITH THE TRANSFER OF 2467 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 HRS IN THE ISSUING OF EFP’S.

ACCUMULATION FOR EFP’S/SILVER/ STARTING FROM FIRST DAY NOTICE/FOR MONTH OF FEBRUARY:

2467 CONTRACTS (FOR 1 TRADING DAYS TOTAL 2467 CONTRACTS OR 12.335 MILLION OZ: AVERAGE PER DAY: 2467 CONTRACTS OR 12.335 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH:  12.335 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 0.17% OF ANNUAL GLOBAL PRODUCTION

 

ACCUMULATION IN YEAR 2018 TO DATE SILVER EFP’S:  248.205 MILLION OZ.

ACCUMULATION FOR JAN 2018: 236,879 MILLION OZ

 

RESULT: A CONSIDERABLE SIZED LOSS IN OI COMEX DESPITE THE  6 CENT FALL IN SILVER PRICE.  WE HOWEVER HAD A GOOD SIZED EFP ISSUANCE OF 2467 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 . FROM THE CME DATA 2467 EFP’S WERE ISSUED FOR TODAY  FOR A DELIVERABLE FORWARD CONTRACT OVER IN LONDON WITH A FIAT BONUS. WE REALLY LOST 363 OI CONTRACTS i.e. 2467 open interest contracts headed for London (EFP’s) TOGETHER WITH A DECREASE OF 2830  OI COMEX CONTRACTS. AND ALL OF THIS HAPPENED WITH THE FALL IN PRICE OF SILVER OF 6 CENTS AND A CLOSING PRICE OF $17.10 WITH RESPECT TO YESTERDAY’S TRADING. YET WE STILL HAVE A GOOD AMOUNT OF SILVER STANDING AT THE COMEX.

In ounces AT THE COMEX, the OI is still represented by just UNDER 1 BILLION oz i.e. 0.9915 BILLION TO BE EXACT or 142% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT JANUARY MONTH/ THEY FILED: 116 NOTICE(S) FOR 580,000 OZ OF SILVER

In gold, the open interest ROSE  BY A LARGE 2891 CONTRACTS UP TO 559,332 DESPITE THE GOOD SIZED FALL IN PRICE OF GOLD WITH YESTERDAY’S TRADING ($4.85). IN ANOTHER DEVELOPMENT, WE RECEIVED THE TOTAL NUMBER OF GOLD EFP’S ISSUED FOR TODAY AND IT TOTALED A GOOD SIZED  14,404 CONTRACTS OF WHICH FEBRUARY SAW 14,404 CONTRACTS ISSUED AND  APRIL SAW THE ISSUANCE OF 0 CONTRACTS.    The new OI for the gold complex rests at 561,437. 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. DUE TO THE DELAY IN THE RELEASE OF YESTERDAY’S DATA YOU CAN BET THE FARM THAT THEY HAVE DELAYED THE RELEASE OF MANY EFPS. DEMAND FOR GOLD INTENSIFIES GREATLY AS WE CONTINUE TO WITNESS A HUGE NUMBER OF EFP TRANSFERS TOGETHER WITH THE MASSIVE INCREASE IN GOLD COMEX OI  TOGETHER WITH  THE TOTAL AMOUNT OF GOLD OUNCES STANDING FOR JANUARY COMEX. 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 (BIG RISE IN BOTH GOFO AND SIFO) AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES. IN ESSENCE TODAY WE HAVE A GAIN OF 17,295  CONTRACTS: 2891 OI CONTRACTS INCREASED AT THE COMEX AND A STRONG SIZED  14,404 OI CONTRACTS WHICH NAVIGATED OVER TO LONDON.

YESTERDAY, WE HAD 11909 EFP’S ISSUED.

ACCUMULATION OF EFP’S/ GOLD(EXCHANGE FOR PHYSICAL) FOR THE MONTH OF FEBRUARY STARTING WITH FIRST DAY NOTICE: 14,404 CONTRACTS OR 1,440,400  OZ OR 44.803 TONNES (1 TRADING DAYS AND THUS AVERAGING: 14,404 EFP CONTRACTS PER TRADING DAY OR 1,440,400 OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SIZE OF THESE EFP TRANSFERS :   SO FAR THIS MONTH IN 1 TRADING DAYS: IN  TONNES: 44.8 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2017, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 2200 TONNES

THUS EFP TRANSFERS REPRESENTS 44.8/2200 TONNES =  2.03% OF GLOBAL ANNUAL PRODUCTION SO FAR IN JANUARY ALONE.

 

ACCUMULATION OF GOLD EFP’S YEAR 2018 TO DATE:  697.02 TONNES

ACCUMULATION OF GOLD EFP’S FOR JANUARY 2018: 653.22  TONNES

Result: A  GOOD SIZED INCREASE IN OI AT THE COMEX WITH THE LARGE SIZED FALL IN PRICE IN GOLD TRADING YESTERDAY ($4.85). IT IS WITHOUT A DOUBT THAT MANY OF THE DEPARTED COMEX LONGS ARE WAITING TO RECEIVE A PRIVATE EFP CONTRACT FOR EITHER FEBRUARY OR APRIL AND THESE GUYS ARE STILL NEGOTIATING THEIR DEAL. WE HAD ANOTHER GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 14,404 AS THESE HAVE ALREADY BEEN NEGOTIATED.   THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX AND YET WE ALSO OBSERVED A HUGE DELIVERY MONTH FOR THE MONTH OF DECEMBER. 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 14,404 EFP CONTRACTS ISSUED, WE HAD A NET GAIN IN OPEN INTEREST OF 17,295 contracts ON THE TWO EXCHANGES:

14,404 CONTRACTS MOVE TO LONDON AND  2891 CONTRACTS INCREASED AT THE COMEX. (in tonnes, the GAIN in total oi equates to 53.79 TONNES).

we had: 452 notice(s) filed upon for 452,200 oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD

With gold UP  $3.10, the crooks orchestrated another big change in gold inventory at the GLD/a withdrawal of 5.32 tonnes of gold/

Inventory rests tonight: 841.35 tonnes.

SLV/ 

A NO CHANGES IN SILVER INVENTORY AT THE SLV/ INVENTORY RESTS AT 313.896 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 CONSIDERABLE 2830 contracts from 201,188 DOWN TO 198,358 (AND now A LITTLE FURTHER FROM  THE NEW COMEX RECORD SET ON FRIDAY/APRIL 21/2017 AT 234,787) DESPITE  THE SMALL SIZED LOSS  IN PRICE OF SILVER  (6 CENTS WITH RESPECT TO  YESTERDAY’S TRADING).   OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE ANOTHER GOOD 2467 PRIVATE EFP’S FOR MARCH  (WE DO NOT GET A LOOK AT THESE CONTRACTS AS IT IS PRIVATE BUT THE CFTC DOES AUDIT THEM) AND 0 EFP’S FOR ALL OTHER MONTHS .  EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. WE HAD MINIMAL COMEX SILVER COMEX LIQUIDATION. IF WE TAKE THE  OI LOSS AT THE COMEX OF  2830 CONTRACTS TO THE 2467 OI TRANSFERRED TO LONDON THROUGH EFP’S WE OBTAIN A LOSS OF 363 OPEN INTEREST CONTRACTS.  WE STILL HAVE A GOOD AMOUNT OF SILVER OUNCES THAT ARE STANDING FOR METAL IN JANUARY (SEE BELOW). THE NET LOSS TODAY IN OZ ON THE TWO EXCHANGES: 1.815 MILLION OZ!!!

RESULT: A CONSIDERABLE SIZED DECREASE IN SILVER OI AT THE COMEX DESPITE THE SMALL SIZED LOSS  OF 6 CENTS IN PRICE (WITH RESPECT TO YESTERDAY’S TRADING). BUT WE ALSO HAD ANOTHER GOOD 2467 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE GOOD  SIZED AMOUNT OF SILVER OUNCES STANDING FOR FEBRUARY, DEMAND FOR PHYSICAL SILVER INTENSIFIES AS WE WITNESS MAJOR BANK SHORT COVERING ACCOMPANIED BY INCREASES IN GOFO AND SIFO RATES INDICATING SCARCITY.

(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

i)Late TUESDAY night/WEDNESDAY morning: Shanghai closed DOWN 7.17 points or 0.21% /Hang Sang CLOSED UP 193.68 pts or 0.86% / The Nikkei closed DOWN 193.68 POINTS OR 0.83%/Australia’s all ordinaires CLOSED UP 0.18%/Chinese yuan (ONSHORE) closed UP at 6.28897/Oil DOWN to 64.09 dollars per barrel for WTI and 68.03 for Brent. Stocks in Europe OPENED IN THE GREEN .   ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.2887. OFFSHORE YUAN CLOSED DOWN AGAINST  THE ONSHORE YUAN AT 6.2887//ONSHORE YUAN MUCH STRONGER AGAINST THE DOLLAR/OFF SHORE MUCH STRONGER TO THE DOLLAR/. THE DOLLAR (INDEX) IS  MUCH WEAKER AGAINST ALL MAJOR CURRENCIES. CHINA IS HAPPY TODAY.(STRONGER CURRENCY BUT STILL  WEAK MARKETS )

 

Read More @ HarveyOrganBlog.com

Clearing up the Memo Spin

0

from Tracy Beanz: