In The News Today

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J. Johnson’s Latest – Did 1,140,000 Ounces Of Silver Really Leave The Comex?
November 1, 2019

Great and Wonderful Friday Morning Folks,   

      Gold is lower to start off the early morning report with the trade at $1,512.80, off $2 after reaching up to $1,517.20 with the low close by at $1,511.00. Silver is leading the trade at $18.125, up 5.8 cents with the high at $18.160 and the low at $18.035 so far this morning. Our US Dollar, the reason why Silver and Gold are kept under control, is trading at 97.060, down 9.4 points and falling from its high at 97.17 with the low close by at 96.970. All of this was done before 5 am pst, the Comex open, and the London close.   

      Today’s early morning emerging markets currency watch shows all positives again!  Venezuela’s Bolivar is now pricing Gold at 15,109.09 proving a gain of 44.94 Bolivar overnight with Silver at 181.023 Bolivar giving those that hold a 0.898 gain. In Argentina, the price of Gold now rests at 90,099.60 Pesos giving the holders a gain of 168.23 with Silver trading at 1,079.69 giving those holders a 4.36 A-Peso overnight gain. The Turkish Lira now has Gold valued at 8,660.02 Lira giving the precious metal holder a 30.73 T-Lira gain with Silver gaining 0.612 T-Liras with the overnight now priced at 103.801.    

      Yesterday we had one hell of a parlor trick done inside Comex’s November Silver Delivery System when we had a Delivery Count at 304 with a posted Volume of 1 and with no trading price. Later, after our early morning report, the Volume jumped to 79 with no trading range to offer. Now, the Open Interest in November deliveries is at 76, proving a drop of 228 and no price offered. This OI reduction is 3 times the amount of the Volume, exactly. Regardless of the bad math we have to work with, that was one hell of a delivery as 1,140,000 ounces got removed somehow on the last day of October.    

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Bill Holter’s Commentary

Would be very nice but will never happen…

Legislation Would Force Google and Rivals to Disclose Search Algorithms
October 31, 2019

WASHINGTON—Senate lawmakers proposed bipartisan legislation that would require search engines to disclose the algorithms they use in ranking internet searches and give consumers an option for unfiltered searches.

Search engines such as Alphabet Inc.’s Google unit use a variety of measures to filter results for individual searches, such as the user’s browsing activity, search history and geographical location.

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Bill Holter’s Commentary

Here’s some dollar friendly news for you!

India US Officially Suspends Defense Cooperation
October 25, 2019

In a major development brewing for sometime now, India and US have officially suspended Defense Cooperation after Americans refused to give India high-end jet-engine technology. At the heart of the Indo-US Strategic Partnership is what is known as the Defense Technology and Trade Initiative or DTTI. Under the 2012 DTTI, India and the US set up joint working groups (JWGs) for cooperation on aircraft carriers and jet engine technology, all of the 4 pathfinder projects have now been shutdown. The move comes days after former US Secretary of State and National Security Adviser Henry Kissinger’s visit to India.

India and the United States have suspended cooperation on jet engine technology under the Defense Technology and Trade Initiative (DTTI) that seeks to deepen bilateral cooperation and identify opportunities for sharing of high-end defence technologies, a senior Pentagon official revealed on Thursday. The US export controls is one of the reasons for dropping the cooperation on jet engine technology, she said.

“The original project (jet engine technology) we have is suspended right now but we are talking about other potential engine working groups. We could not come to an understanding of what exportable technologies will be useful to India and we did run into a challenge in terms of US export controls,” said Ellen Lord, the US under secretary of defense for acquisition and sustainment.

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Jim Sinclair’s Commentary

Russia’s foreign policy takes excellent advantage of any opportunity.

Planeloads of Cash From Russia Have Been Shipped to Venezuela
November 1, 2019

Hundreds of millions of dollars in cash has been shipped from Russia to Venezuela, providing a lifeline to the South American country as U.S. sanctions limit its access to the global financial system.

A total of $315 million of U.S. dollar and euro notes were sent in six separate shipments from Moscow to Caracas from May 2018 to April 2019, according to data reviewed by Bloomberg from ImportGenius, which compiled Russian customs records it obtains through private sources. The cash came from lenders run by the countries’ governments and went to Venezuela’s development bank, the records show.

President Nicolas Maduro Holds Press Conference

While the money could be for any number of things — like Venezuela repatriating cash held overseas or dividends from a stake in a Moscow-based bank or revenue from sales of crude or gold — the complex logistical feat shows one of the ways President Nicolas Maduro’s administration has sought to skirt aggressive U.S. financial sanctions. As a consequence of the scrutiny, the central bank is conducting more transactions in cash, sometimes offering local clients access to euro bills.

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Jim Sinclair’s Commentary

The weakness in all algorithms is their incapacity to function in repeated instances of volatility. Here is an example.

Futures Exchange Reins In Runaway Trading Algorithms
October 29, 2019

The Chicago Mercantile Exchange is cracking down on runaway algorithms in one of the world’s biggest futures markets.

Over the past two months, the volume of data generated by activity in CME’s Eurodollar futures soared 10-fold, according to exchange statistics. The torrent of data strained trading systems and prompted complaints to the exchange, traders said. It subsided Monday after CME took emergency measures to halt it.

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Jim Sinclair’s Commentary

If you haven’t listened to our interview with the author of Jekyll Island, I strongly recommend that you do.

Why the Fed Is Losing Potency
October 28, 2019

Federal Reserve rate cuts ain’t what they used to be.

Fed officials will almost certainly lower their target range on overnight rates by a quarter point at the conclusion of their two-day meeting Wednesday, marking the third cut this year. They have framed their efforts as insurance moves, aimed at cushioning the economy against the effects of slower global growth and tariff uncertainties rather than rescuing it from recession.

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Jim Sinclair’s Commentary

“Squeeze out” means goes broke.

The $4 Trillion ETF Industry Is Creating More ‘Roadkill’
October 28, 2019

Exchange-traded funds have swelled into a $4 trillion juggernaut over the past quarter of a century, but many asset managers say the industry is entering a new phase of competition and oversaturation that threatens to squeeze out smaller funds.

More than 90 funds have closed this year through early October, following a record 139 closures last year. Meanwhile, launches of new exchange-traded products, including funds and notes, peaked in 2011 and have remained relatively flat since dipping from that level, according to FactSet…

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