Exclusive Comments from Marc Chandler – Fri 17 May, 2019

Recapping the trade events of the week and corresponding impacts on the currency markets

Marc Chandler, Managing Partner at Bannockburn Global ForEx joins me to recap the news of the week and look ahead to next week. It was all about trade again this week as tensions with China remain high but there were some nicer developments with Europe, Japan, Canada, and Mexico. We focus on the moves in currency markets where the US continues to the be the preferred currency. As for next week there are a lot of news and data that will be important to watch.

Click here to visit Marc’s free blog, Marc to Market.

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Comments:
  1. On May 17, 2019 at 12:16 pm,
    OOTB Jerry says:

    First ‘Speed Bump’ Coming to U.S. Futures Market

    By Alexander Osipovich
    The Wall Street Journal
    Wednesday, May 15, 2019

    A futures exchange is set to blunt the advantages of ultrafast traders by imposing a split-second delay on some trades.

    Intercontinental Exchange Inc., known as ICE, can launch the first “speed bump” in U.S. futures markets after the Commodity Futures Trading Commission didn’t block the proposal.But two of the CFTC’s five commissioners disagreed with the decision, saying ICE’s speed bump would unfairly punish firms that focused on speedy trading strategies.
    Some of the world’s largest high-frequency trading firms had opposed the plan, under which ICE would introduce a three-millisecond pause before it executes certain trades in its Gold Daily and Silver Daily futures contracts.

    Trading volumes in the two contracts are tiny, with most activity in gold and silver futures taking place at rival exchange CME Group Inc. But traders had been closely watching the CFTC’s decision because of the potential precedent it could set.

  2. On May 17, 2019 at 12:19 pm,
    OOTB Jerry says:

    Rick Rule’s vile demagoguery doesn’t address evidence of gold market rigging

    Submitted by cpowell on 04:06PM ET Friday, May 17, 2019. Section: Daily Dispatches
    12:11p ET Friday, May 17, 2019

    Dear Friend of GATA and Gold:

    Rick Rule, president and CEO of Sprott U.S. Holdings, turned up this week in some loathsome demagoguery.

    It appears in an expanded excerpt from Real Vision’s year-old report, “Gold Manipulation: Fact or Fiction?,” whose original excerpt, posted at YouTube in February last year, was less than five minutes long and did not include Rule’s comments:

    https://www.youtube.com/watch?v=gjw1lduO6xw

    The expanded excerpt, posted at YouTube this week, is 10 minutes longer —

    https://www.youtube.com/watch?v=zpJLARG-GEc&fbclid=IwAR25QJRJkOdTX29U0nu

    — and shows Rule saying this at the 10:18 mark:

    “Long-term manipulation requires a conspiracy of a size that I don’t think is possible. The idea, as an example, that the U.S. government, the Trilateral Commission, and the international Jewish conspiracy, whoever they are, could come together and do a three-decade-long manipulation in gold forgets that the U.S. government can’t educate the kids, it can’t deliver the mail, it lost the war on drugs, it lost the war on poverty, it lost the war in Vietnam, and it lost the war in Afghanistan. How on earth could they organize a broad-scale manipulation when they can’t even manage their own campaigns?”

    There are two problems here.

  3. On May 17, 2019 at 12:24 pm,
    OOTB Jerry says:

    Rick Rule’s vile demagoguery doesn’t address evidence of gold market rigging
    12:11p ET Friday, May 17, 2019

    Dear Friend of GATA and Gold:

    Rick Rule, president and CEO of Sprott U.S. Holdings, turned up this week in some loathsome demagoguery.

    It appears in an expanded excerpt from Real Vision’s year-old report, “Gold Manipulation: Fact or Fiction?,” whose original excerpt, posted at YouTube in February last year, was less than five minutes long and did not include Rule’s comments:

    https://www.youtube.com/watch?v=gjw1lduO6xw

  4. On May 17, 2019 at 12:25 pm,
    OOTB Jerry says:

    The expanded excerpt, posted at YouTube this week, is 10 minutes longer —

    https://www.youtube.com/watch?v=zpJLARG-GEc&fbclid=IwAR25QJRJkOdTX29U0nu

    — and shows Rule saying this at the 10:18 mark:

    “Long-term manipulation requires a conspiracy of a size that I don’t think is possible. The idea, as an example, that the U.S. government, the Trilateral Commission, and the international Jewish conspiracy, whoever they are, could come together and do a three-decade-long manipulation in gold forgets that the U.S. government can’t educate the kids, it can’t deliver the mail, it lost the war on drugs, it lost the war on poverty, it lost the war in Vietnam, and it lost the war in Afghanistan. How on earth could they organize a broad-scale manipulation when they can’t even manage their own campaigns?”

    There are two problems here.

    • On May 17, 2019 at 12:29 pm,
      OOTB Jerry says:

      Rick is an idiot on this one……….JMO

      • On May 17, 2019 at 12:59 pm,
        Matthew says:

        Yes, he’s either a knave or a fool to suggest that the ruling elite aren’t extraordinarily good at planning. His talk about education, the mail, war on drugs, and poverty is idiotic.

        • On May 17, 2019 at 1:14 pm,
          OOBT Jerry says:

          thanks for the back up………I thought , I was going out on the limb …and might be cut off by the Rule Fans….. 🙂

          • On May 17, 2019 at 1:19 pm,
            Matthew says:

            I respect Rick but come on! Does he really believe that the education system and the wars on drugs and poverty are not going as planned? It doesn’t seem possible but I learned long ago not to overestimate very smart people.

          • On May 17, 2019 at 1:25 pm,
            OOTB Jerry says:

            🙂

  5. On May 17, 2019 at 12:26 pm,
    OOTB Jerry says:

    First, while there are crazies and haters nearly everywhere, one will be hard-pressed to find anyone attributing manipulation of the gold market to the Trilateral Commission or anything Jewish. Since GATA, almost alone, has been documenting central bank gold price suppression policy for 20 years, Rule’s implicitly associating us with religious bigotry is much resented.
    Second, rigging the price of gold is a lot easier than running schools, delivering the mail (nearly all of which is delivered on time, despite Rules sneer), transforming social conditions, and waging war. The gold price was rigged by governments for decades under the gold standard and then the London Gold Pool. The computerization of markets and the expansion of futures markets have made market rigging by central banks even easier. If Rule doesn’t think a large financial conspiracy is possible in regard to gold, he should try to break into the closed monthly meetings of the directors of Bank for International Settlements, whose members include most major governments and whose daily interventions in the gold market on behalf of those members have been regularly documented by GATA.

    Indeed, the BIS is the very definition of large financial conspiracy.

    So GATA invites Rule to suspend his demagoguery for a few hours to review and address the documentation of gold price suppression policy summarized by GATA here —

    • On May 17, 2019 at 2:22 pm,
      Matthew says:

      Rule, btw, did not “implicitly” associate GATA with “religious bigotry.” That’s probably a disingenuous claim more than one of ignorance.

      “The distinctive character of the Jew does not arise solely from his religion. It is true that his race and religion are indissolubly connected, . . . . but whatever be the cause of this junction of the race idea with the religion, it is very certain that the religion alone does not constitute the people. A believer in the Jewish faith does not by reason of that fact become a Jew. On the other hand, however, a Jew by birth remains a Jew, even though he abjures his religion.”

      —Leo N. Levi, President of B’nai B’rith 1900-1904

      • On May 17, 2019 at 2:57 pm,
        OOTB Jerry says:

        I went back over the tape……I think , you could be correct on the ….”….. “implicitly” associate GATA with “religious bigotry.” That’s probably a disingenuous claim “

  6. On May 17, 2019 at 1:20 pm,
    OOTB Jerry says:

    By Patricia Laya
    Bloomberg News
    Friday, May 17, 2019

    Venezuela sold about $570 million in gold from central bank reserves over the past two weeks, skirting U.S. Treasury sanctions designed to freeze assets of the Nicolas Maduro administration, according to people with knowledge of the matter.

    Caracas sold about 9.7 tons of gold on May 10 and an additional 4 tons three days after, the people said. The operations helped the bank’s total reserves to fall to a 29-year low of $7.9 billion, according to data provided by the monetary authority. The proceeds will be partly used to fund imports through the country’s foreign trade office, according t

  7. On May 17, 2019 at 1:37 pm,
    OOTB Jerry says:

    Oh No………There goes Florida….. Sand of a beach..
    Retirement for Whity in South Dade….ain’t going to happen.
    https://www.zerohedge.com/news/2019-05-17/trump-dump-thousands-migrants-broward-palm-beach-counties

      • On May 17, 2019 at 3:28 pm,
        OOTB Jerry says:

        The race of federal offenders remained largely unchanged from prior years. In fiscal year 2018, 54.3 percent of all offenders were Hispanic, 21.2 percent were White, 20.6 percent were Black, and 3.8 percent were of another race. Non-U.S. Citizens accounted for 42.7 percent of all federal offenders.

        • On May 17, 2019 at 3:29 pm,
          OOTB Jerry says:

          54.3 percent of all offenders were Hispanic, …………Cops are going to be busy in Florida

          • On May 17, 2019 at 3:32 pm,
            OOTB Jerry says:

            Wonder if this is right…….
            Immigration cases accounted for the largest single group of offenses in fiscal year 2018, comprising 34.4 percent of all reported cases. Cases involving drugs, firearms, and fraud were the next most common types of offenses after immigration cases. Together these four types of offenses accounted for 82.9 percent of all cases reported to the Commission in fiscal year 2018.

      • On May 17, 2019 at 6:03 pm,
        Ebolan says:

        Hey Jerry….you out there???

        Headline on Drudge…

        “ICE TO MOVE 225,000 ILLEGALS ACROSS COUNTRY
        THOUSANDS MORE TO SOUTH FLORIDA”

        Have you learned Espanol, yet?

        • On May 17, 2019 at 6:37 pm,
          OOTB Jerry says:

          Looks like they are all going over to Debbie’s Washies House…….She has the voters cards already for them…

          • On May 17, 2019 at 6:43 pm,
            OOTB Jerry says:

            What a mess……….


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