Dec 9/Gold bombed again on Fridays, down $10.40/silver down 12 cents/More on the evidence filed in silver rigging case/huge spread of 28 dollars on the Shanghai fix vs NY pricing/The ECB rejects giving Monte de Paschi more time/Germany’s Buba chief totally against ECB decision of more QE/

Gold at (1:30 am est) $1159.40 DOWN $10.40

silver  at $16.90:  DOWN 12 cents

Access market prices:

Gold: 1160.00

Silver: 16.88

THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON

.

The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning

The fix for London is at 5:30  am est (first fix) and 10 am est (second fix)

Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.

And now the fix recordings:

FRIDAY gold fix Shanghai

Shanghai morning fix Dec 9 (10:15 pm est last night): $  1195.00

NY ACCESS PRICE: $1167.00 (AT THE EXACT SAME TIME)/premium $28.00

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1197.48

NY ACCESS PRICE: 1169.50 (AT THE EXACT SAME TIME/2:15 am)

HUGE SPREAD 2ND FIX TODAY!!:  $27.98

China rejects NY pricing of gold  as a fraud  

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

London Fix: Dec 9: 5:30 am est:  $1168.90   (NY: same time:  $1170.10    5:30AM)

London Second fix Dec 9: 10 am est:  $1163.60 (NY same time: $1163.95    10 AM)

It seems that Shanghai pricing is higher than the other  two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.

Also why would mining companies hand in their gold to the comex and receive constantly lower prices.  They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.

end

For comex gold: 

 NOTICES FILINGS FOR DECEMBER CONTRACT MONTH:  70 NOTICE(S) FOR 7-00 OZ.  TOTAL NOTICES SO FAR: 8477 FOR 847,700 OZ    (26.367 TONNES)

For silver:

 NOTICES FOR DECEMBER CONTRACT MONTH FOR SILVER: 121 NOTICE(s) OR 605,000  OZ. TOTAL NUMBER OF NOTICES FILED SO FAR; 2672 FOR 13,360,000 OZ

Let us have a look at the data for today

.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

In silver, the total open interest FELL by 387 contracts DOWN to 162,067 with respect to YESTERDAY’S trading.    In ounces, the OI is still represented by just less THAN 1 BILLION oz i.e. .810 BILLION TO BE EXACT or 115% of annual global silver production (ex Russia & ex China).

FOR THE DECEMBER FRONT MONTH:  121 NOTICES FILED FOR 605,000  OZ.

In gold, the total comex gold FELL by 2076 contracts WITH THE FALL IN  THE PRICE GOLD ($5.20 with YESTERDAY’S trading ).The total gold OI stands at 397,085 contracts. We are very close to the bottom with respect to OI.  Generally 390,000 should do it.

we had a 70 notices filed upon for 7,000 oz of gold.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD:  

We had another huge change in tonnes of gold at the GLD, a massive withdrawal of 3.26 tonnes of gold and this gold is heading toward Shanghai

Inventory rests tonight: 857.45 tonnes

.

SLV 

we no changes  in silver,

THE SLV Inventory rests at: 342.865 million oz

.

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

1. Today, we had the open interest in silver FELL by 387 contracts DOWN to 162,067 as the price of silver FELL by $0.18 with YESTERDAY’S trading.  The gold open interest FELL by 2076 contracts DOW to 394,698 with the price of gold FALLING BY  $5.20 WITH YESTERDAY’S TRADING.

(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  THURSDAY night/FRIDAY morning: Shanghai closed UP 17.51 POINTS OR 0.54%/ /Hang Sang closed DOWN 100.86  OR 0.44%. The Nikkei closed UP 230.80 OR 1.23%/Australia’s all ordinaires  CLOSED UP 0.30% /Chinese yuan (ONSHORE) closed DOWN at 6.9080/Oil ROSE to 51.21 dollars per barrel for WTI and 53.91 for Brent. Stocks in Europe: ALL IN THE GREEN.  Offshore yuan trades  6.9375 yuan to the dollar vs 6.9080  for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS AGAIN AS  MORE USA DOLLARS  LEAVING CHINA’S SHORES / CHINA SENDS A CLEAR MESSAGE TO THE USA AND JANET  TO NOT RAISE RATES IN DECEMBER.

REPORT ON JAPAN  SOUTH KOREA NORTH KOREA AND CHINA

3a)THAILAND/SOUTH KOREA

South Korea’s President Park is impeached in a scandal;

( zero hedge)

b) REPORT ON JAPAN

none today

c) REPORT ON CHINA

4 EUROPEAN AFFAIRS

i)Italy/Monte Paschi  2 stories

The ECB rejects Pashi’s request for more time for solve its problems.  I think that they will be nationalized tonight

( zero hedge)

ii) Germany

German newspaper Bild along with Buba’s chief Weidmann and Schauble are angry at the Draghi extension yesterday:

( Bild/zero hedge)

 

iii) Holland

Crazy!! Dutch court convicts Wilders of insulting Moroccans

(courtesy zero hedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 NONE TODAY

6.GLOBAL ISSUES

none today

7. OIL ISSUES

i)USA rig counts rises again for the 25th out of 27 past weeks.  No wonder production is rising in the USA

(courtesy zero hedge)

ii)We have been warning you on this:  Chinese facilities that are storing oil similar to the USA storage is running out of space.  China has about 1 1/2 yrs of extra oil in strategic reserves.

( Paraskova/OilPrice.com)

8. EMERGING MARKETS

none today

9.   PHYSICAL MARKETS

i)I totally agree with Craig Hemke: TF Metals reports on the silver and gold manipulation case.  he states that everybody will now head over to the physical markets in Shanghai for settlement..they will avoid all of the criminal paper markets in London and Comex

( Craig Hemke/TFMetals)

ii)The bombshell that was reported to you yesterday: Proof of silver manipulation by the “mafia”  banks.  The term “mafia” is used by the banks to describe themselves!!

(WallStreet on Parade/Pam Marten/RussMartens)

iii)Avery Goodman points out that the mysterious case of unreported gold imports into England totals 186 tonnes.  Obviously demand for gold was miscalculated with this tonnage missing.  Also England, a primary physical settlement in London through the LBMA must import gold?  For this long? Who is the supplier of last report:  you guessed in the USA and Trump will cut this off in the heartbeat!

( Avery Goodman/seeking alpha)

10.USA STORIES

i)Inventories tumble .4% month over month which no doubt will cast some doubt on GDP growth in the 4th quarter. The critical inventory to sales ratio lowers to 1.30

( zero hedge)

ii)consumer confidence soars to 11 year highs on the Trump victory

( zero hedge)

iii)The Dallas Pension system (public: Police/Firefighters) correctly suspends huge withdrawals:

( zero hedge)

iv)Nothing like draining the swamp:  Trump picks Cohn as chief economic advisor

( zerohedge)

v) Weekly wrap up courtesy of Greg Hunter/USAWatchdog

Let us head over to the comex:

The total gold comex open interest FELL BY 2076 CONTRACTS to an OI level of 394,698 WITH THE PRICE OF GOLD FALLING $5.20 with YESTERDAY’S trading. We are now in the contract month of December and it is the biggest of the year. Here the front month of December showed a INCREASE of 29 contracts UP to 1,407.We had 19 notices served upon yesterday so we finally gained 48 contracts or 4800 oz will stand for delivery and we shall now see the amount standing increase right up to the end of the month:  all of our paper players have settled for fiat and rolled to another future month.

For the next delivery month of January we had a GAIN of 26 contracts UP to 2487. For the next big active delivery month of February we had a LOSS of 2124 contracts DOWN to 270,743.

We had 70 notices filed upon today for 7000 oz

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And now for the wild silver comex results.  Total silver OI FELL by 387 contracts FROM 162,454 UP TO 162,067  as the price of silver FELL BY $0.18 with YESTERDAY’S trading. We are moving  further from the all time record high for silver open interest set on Wednesday August 3/2016:  (224,540). We are now in the next major delivery month of December and here it FELL BY 999 contracts DOWN to 826 CONTRACTS . We had 1027 notices served upon yesterday so we GAINED 28 contracts or an additional 140,000 oz will stand for delivery.

The next non active delivery month is January and here the OI fell by 296 contracts down to 2004. This level seems highly elevated. Maybe we are going to see the same huge metals gains in silver as we have witnessed in gold.

The next big active delivery month is March and here the OI ROSE by 481 contracts UP to 133,216 contracts.

We had 121 notices filed for 605,000 oz for the December contract.

Eventually at the end of December 2015: 6.4512 tonnes of gold stood for delivery

Eventually at the end of December 2015: 18.84 million oz of silver stood for delivery

VOLUMES: for the gold comex

Today the estimated volume was 147,793  contracts which is poor.

Yesterday’s confirmed volume was 156,883 contracts  which is fair- to poor

Initial standings for DECEMBER
 Dec 9.
Gold Ounces
Withdrawals from Dealers Inventory in oz   nil
Withdrawals from Customer Inventory in oz  
 114,380.593 oz
Scotia
Deposits to the Dealer Inventory in oz nil oz

Brinks

Deposits to the Customer Inventory, in oz 
nil oz
No of oz served (contracts) today
 
70 notices
7,000 oz
No of oz to be served (notices)
1337 contracts
133,700 oz
Total monthly oz gold served (contracts) so far this month
8477 notices
847,700 oz
26.367 tonnes
Total accumulative withdrawals  of gold from the Dealers inventory this month   nil oz
Total accumulative withdrawal of gold from the Customer inventory this month     3,697,322.4 oz
Today we HAD 0 kilobar transactions/ and we had a huge 114,380.593 oz of real physical gold leave the comex!! 
Today we had 0 deposit(s) into the dealer:
total dealer deposits:  nil  oz
We had nil dealer withdrawals:
total dealer withdrawals:  nil oz
we had 0 customer deposit(s):
total customer deposits; nil oz
We had 1 customer withdrawal(s)
 i) out of Scotia;114,380.593 oz
total customer withdrawal: 114,380.593 oz
We had 2  adjustment(s)
i) Out of HSBC:  485.793  oz was adjusted out of the dealer and this landed into the customer account of HSBC
ii) Out of Scotia:  61,772.409 oz leaves the dealer Scotia and enters the customer
 account of Scotia
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Total dealer inventor 1,919,716.117 or 59.71 tonnes
Total gold inventory (dealer and customer) = 9,541,870.241 or 296.719 tonnes 
 
Several months ago the comex had 303 tonnes of total gold. Today the total inventory rests at 296.719 tonnes for a  loss of 6  tonnes over that period.  Since August 8/2016 we have lost 56 tonnes leaving the comex. However I am including kilobar transactions and they are very suspect at best
I have a sneaky feeling that these withdrawals of gold in kilobars are being used in the hypothecating process  and are being used in the raiding of gold!

For December:

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 70 contract(s)  of which 32 notices were stopped (received) by jPMorgan dealer and 12 notice(s) was (were) stopped/ Received) by jPMorgan customer account.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
To calculate the initial total number of gold ounces standing for the DECEMBER. contract month, we take the total number of notices filed so far for the month (8477) x 100 oz or 847,700 oz, to which we add the difference between the open interest for the front month of DEC (1407 contracts) minus the number of notices served upon today (70) x 100 oz per contract equals 981,400 oz, the number of ounces standing in this non  active month of DECEMBER.
 
Thus the INITIAL standings for gold for the DEC contract month:
No of notices served so far (8477) x 100 oz  or ounces + {OI for the front month (1411) minus the number of  notices served upon today (70) x 100 oz which equals 981,500 oz standing in this non active delivery month of DEC  (30.525 tonnes)
WE GAINED 52 CONTRACTS OR AN ADDITIONAL 5200 OZ OF GOLD WILL STAND FOR DELIVERY.
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I have now gone over all of the final deliveries for this year and it is startling.
First of all:  in 2015 for the 12 months: 51 tonnes delivered upon for an average of 4.25 tonnes per month.
Here are the final deliveries for 2016:
Jan 2016:  .5349 tonnes  (Jan is a non delivery month)
Feb 2015:  7.9876 tonnes (Feb is a delivery month/deliveries this month very low)
March 2015: 2.311 tonnes (March is a non delivery month)
April:  12.3917 tonnes (April is a delivery month/levels on the low side
And then something happens and from May forward deliveries boom!
May; 6.889 tonnes (May is a non delivery month)
June; 48.552 tonnes ( June is a very big delivery month and in the end deliveries were huge)
July: 21.452 tonnes (July is a non delivery month and generally a poor one/not this time!)
August: 44.358 tonnes (August is a good delivery month and it came to fruition)
Sept:  8.4167 tonnes (Sept is a non delivery month)
Oct; 30.407 tonnes complete.
Nov.    8.3950 tonnes.
DEC.   30.525 tonnes
total for the 12 months;  222.065 tonnes
average 18.505 tonnes per month vs last yr 51 tonnes total for 12 months or 4.25 tonnes average per month. From May 2016 until Dec 2016 we have had: 198.827 tonnes per the 8 months or 24.853 tonnes per month (which includes the non delivery months of May, June and Sept).  In essence the demand for gold is skyrocketing.
Something big is going on inside the gold comex.
Just take a look at Nov 2016 deliveries at 8.3950 tonnes compared to last yr 0.6656 tonnes
December so far:  30.538 tonnes are standing vs last year’s  24 tonnes on first day notice and 6.45 tonnes on the completion of it’s delivery month.
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The gold comex is an absolute fraud.  The use of kilobars and exact weights makes the data totally absurd and fraudulent! To me, the only thing that makes sense is the fact that “kilobars: are entries of hypothecated gold sent to other jurisdictions so that they will not be short with their underwritten derivatives in that jurisdiction.  This would be similar to the rehypothecated gold used by Jon Corzine at MF Global.
 
IN THE LAST FOUR MONTHS  56 NET TONNES HAS LEFT THE COMEX.
end
And now for silver
AND NOW THE DECEMBER DELIVERY MONTH
DECEMBER INITIAL standings
 Dec 9. 2016
Silver Ounces
Withdrawals from Dealers Inventory  nil
Withdrawals from Customer Inventory
638,487.45  oz
BRINKS,
JPM
Deposits to the Dealer Inventory
nil  OZ
Deposits to the Customer Inventory 
nil oz
No of oz served today (contracts)
121 CONTRACT(S)
(605,000 OZ)
No of oz to be served (notices)
705 contracts
(3,525,000  oz)
Total monthly oz silver served (contracts) 2,672 contracts (13,360,000 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  2,597,207.1 oz
 END
today, we had nil deposit(s) into the dealer account:
total dealer deposit: nil oz
we had nil dealer withdrawals:
total dealer withdrawals: nil oz
we had 2 customer withdrawal(s):
i) Out of JPM:  600,019.800 oz
ii) Out of Brinks: 38,467.65 oz
Total customer withdrawals: 638,487.45  oz
 we had 0 customer deposit(s):
total customer deposits; nil  oz
 
 
 we had 2 adjustment(s)
i) Out of CNT: 609,665.870 oz was adjusted out of the CUSTOMER and this landed into the DEALER account of CNT
ii) Out of Brinks:  1022.510 oz was adjusted out of the dealer account and this landed into the customer account of Brinks
Volumes: for silver comex
Today the estimated volume was 48,014 which is VERY GOOD
YESTERDAY’S  confirmed volume was 50,879 contracts  which IS VERY GOOD.
The total number of notices filed today for the DEC. contract month is represented by 121 contracts for 605,000 oz. To calculate the number of silver ounces that will stand for delivery in DEC., we take the total number of notices filed for the month so far at  2672 x 5,000 oz  = 13,360,000 oz to which we add the difference between the open interest for the front month of DEC (826) and the number of notices served upon today (121) x 5000 oz equals the number of ounces standing 
 
Thus the initial standings for silver for the DEC contract month:  2672(notices served so far)x 5000 oz +(826) OI for front month of DEC. ) -number of notices served upon today (121)x 5000 oz  equals  16,885,000 oz  of silver standing for the DEC contract month.
we gained 28 contracts or an additional 140,000 oz will  stand for delivery in this active month of December..
 
Total dealer silver:  35.715 million (close to record low inventory  
Total number of dealer and customer silver:   180.096 million oz
The total open interest on silver is NOW moving away from  its all time high with the record of 224,540 being set AUGUST 3.2016.

end

At 3:30 pm est we receive the COT report which gives us position levels of our major players:

 

Let us first head over to the gold COT:

 

COT Gold, Silver and US Dollar Index Report – December 9, 2016
 — Published: Friday, 9 December 2016 | Print  | Comment – New!

Gold COT Report – Futures
Large Speculators Commercial Total
Long Short Spreading Long Short Long Short
227,675 91,295 33,973 86,237 241,181 347,885 366,449
Change from Prior Reporting Period
-2,056 13,134 -3,762 -6,391 -19,270 -12,209 -9,898
Traders
157 82 79 49 46 233 185
 
Small Speculators  
Long Short Open Interest  
45,639 27,075 393,524  
72 -2,239 -12,137  
non reportable positions Change from the previous reporting period
COT Gold Report – Positions as of Tuesday, December 06, 2016

 

Our large speculators:
Those large specs that have been long in gold pitched 2056 contracts from their long side
Those large specs that have been short added a huge 13,134 contracts to their short side
OUR COMMERCIALS
those commercials that have been long in gold pitched a huge 6391 contracts form their long side
those commercials that have been short in gold covered another huge 19,270 contracts and will now be evidence in proceedings against the banks
OUR SMALL SPECS
those small specs that have been long in gold added a tiny 72 contracts to their long side
those small specs that have been short in silver covered 2239 contracts from their short side.
Conclusion: commercials go net long by 12,869 contracts and should be considered b bullish and yet these guys can been covering like crazy for the past several weeks.
Our silver COT:
Silver COT Report: Futures
Large Speculators Commercial
Long Short Spreading Long Short
81,495 22,130 8,603 43,081 118,821
2,010 1,685 -441 1,175 1,470
Traders
94 44 37 32 40
Small Speculators Open Interest Total
Long Short 159,337 Long Short
26,158 9,783 133,179 149,554
-33 -3 2,711 2,744 2,714
non reportable positions Positions as of: 144 107
Tuesday, December 06, 2016   © SilverSeek
OUR LARGE SPECS:
those large specs that have been long in silver added 2010 contracts to their long side
those large specs that have been short in silver added 1685 contracts to their short side
OUR COMMERCIALS:
those commercials that have been long in silver added 1175 contracts to their long side
those commercials that have been short in silver added 1470 contracts to their short side.
OUR SMALL SPECS
those small specs that have been long in silver added 125 contracts to their long side
those small specs that have been short in silver added 13 contracts to their short side
Conclusion:
commercials go net long by only 295 contracts.  It seems that the commercials are having a tougher time trying to get those spec silver longs to liquefy their holdings.
And now the Gold inventory at the GLD
Dec 9/another huge withdrawal of 3.26 tonnes of gold leaves the GLD vaults on its way to Shanghai/Inventory rests this weekend at 857.45 tonnes
Dec 8/ANOTHER HUGE WITHDRAWAL OF 2.96 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 860.71 TONNES (THIS GOLD IS HEADING TO SHANGHAI)
DEC 7/ a huge change in gold inventory/a withdrawal of 6.23 tonnesas this gold is heading towards Shanghai/inventory rests at 863.67 tonnes
Dec 6/no changes in gold inventory/inventory rests at 869.92 tonnes.
Dec 5./ a tiny withdrawal of .32 tonnes and this is probably to pay for fees/inventory rests tonight at 869.92 tonnes
Dec 2/a huge withdrawal of 13.64 tonnes of gold leaving the GLD vaults/no doubt this is heading to Shanghai taking advantage of the huge premium/inventory rests tonight at 870.22 tonnes
Dec 1/no change in gold inventory at the GLD/Inventory rests at 883.86 tonnes
NOV 30/A SMALL WITHDRAWAL OF 1.18 TONNES FROM THE GLD/INVENTORY RESTS AT 883.86 TONNES/MAYBE THEY ARE AT THE BOTTOM OF THE BARREL FOR PHYSICAL GOLD TO TRANSFER TO THE BANKERS.
Nov 29/no changes in gold inventory at the GLD/inventory rests at 885.04 tonnes
Nov 28/no change in gold inventory at the GLD/Inventory rests at 885.04 tonnes
Nov 25 We had a massive 19.87 tonnes of gold leave the GLD/this would be a paper loss not real gold (they only have paper gold in their inventory/total inventory: 885.04 tonnes
Nov 23/a huge withdrawal of paper gold from the GLD equal to 4.66 tonnes/inventory rests at 904.91 tonnes
NOV 22/no changes at the GLD/Inventory rests at 908.76 tonnes
Nov 21/A MASSIVE 11.87 TONNES OF PAPER GOLD WERE SUPPLIED BY THE CROOKS TO SUPPRESS THE PRICE OF GOLD/INVENTORY RESTS AT 908.76 TONNES/ AND GOLD RISES???
Nov 18/no changes at the GLD/Inventory rests at 920.63 tonnes
Nov 17/ A HUGE WITHDRAWAL OF 5.63 TONNES FROM THE GLD/INVENTORY RESTS AT 920.643 TONNES
Nov 16/ changes in gold inventory at the GLD/Inventory rests at 927.45 tonnes
NOV 15/  we had 2 monstrous withdrawal of 5.63 tonnes of gold from the GLD in the morning and another 1.48 tonnes this afternoon/Inventory rests at 927.45 tonnes
Nov 14/another monstrous withdrawal of 7.12 tonnes of gold from the GLD/Inventory rests at 934.56 tonnes
Nov 11/A  MONSTROUS WITHDRAWAL OF 13.35 TONNES OF PAPER GOLD AND THIS GOLD WAS USED IN THE COMEX WHACKING TODAY.
Nov 10/ A HUGE ADDITION OF 5.34 TONNES OF GOLD  (WITH GOLD WHACKED??)/INVENTORY RESTS AT 955.03 TONES
Nov 9/no change in gold inventory at the GLD/Inventory rests tonight at 949.69 tonnes
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Dec 9/ Inventory rests tonight at 857.45 tonnes
*IN LAST 47 TRADING DAYS: 92.36 TONNES REMOVED FROM THE GLD

end

Now the SLV Inventory
Dec 9/no change in silver inventory/inventory rests at 342.865 million oz/
Dec 8/a huge withdrawal of 3.09 million oz from the SLV/Inventory rests at 342.865 million oz
DEC7/no changes in silver inventory at the SLV/Inventory rests at 345.995 million oz/
Dec 6/no changes in silver inventory at the SLV/inventory rests at 345.995 million oz
Dec 5/no changes in silver inventory at the SLV/inventory rests at 345.995 million oz/
Dec 2 a tiny withdrawal of 155,000 oz and this is probably to pay for fees/inventory rests at 345.995 million oz/
Dec 1/no changes in silver inventory at the SLV/inventory rests at 346.150 million oz/
NOV 30/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 346.150 MILLION OZ
Nov 29/no changes in silver inventory /inventory rests tonight at 346.150 million oz/
Nov 28/no change in silver inventory/inventory rests tonight at 346.150 million oz/
Nov 25/we had another withdrawal of 949,000 oz from the SLV/Inventory rests at 346.150 million oz
Nov 23/A HUGE WITHDRAWAL OF 3.083 MILLION OZ FROM THE SLV/INVENTORY RESTS AT 347.099 MILLION OZ
NOV 22/NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 350.182 MILLION OZ
Nov 21/a MASSIVE 6.071 MILLION OZ OF SILVER WITHDRAWN FROM THE SLV VAULTS/INVENTORY RESTS AT 350.182 MILLION OZ/AND SILVER HOLDS IN PRICE???
Nov 18/no changes in silver inventory at the SLV/Inventory rests at 356/253 million oz
Nov 17/NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 356.253 MILLION OZ/
Nov 16.no change in silver inventory at the SLV/Inventory rests at 356.253 million oz/
NOV 15/a withdrawal of 474,000 oz (.474 million oz) from the SLV inventory/inventory rests at 356.253
Nov 14/a withdrawal of 1.329 million oz from the SLV/Inventory rests at 356.727 million oz
Nov 11/a withdrawal of 1.379 million oz from the SLV/Inventory rests at 358.056 million oz
Nov 10/an addition of 949,000 oz added into the SLV/Inventory rests at 359.435 million oz
Nov 9/no change in silver inventory at the SLV/Inventory rests at 359.435 million oz/
.
Dec 9.2016: Inventory 342.865 million oz
 end

NPV for Sprott and Central Fund of Canada

1. Central Fund of Canada: traded at Negative 8.4 percent to NAV usa funds and Negative 8.4% to NAV for Cdn funds!!!! 
Percentage of fund in gold 60.1%
Percentage of fund in silver:39.6%
cash .+0.3%( Dec 9/2016)
.
2. Sprott silver fund (PSLV): Premium FALLS to +.11%!!!! NAV (Dec 9/2016) 
3. Sprott gold fund (PHYS): premium to NAV falls TO – 0.61% to NAV  ( Dec 9/2016)
Note: Sprott silver trust back  into POSITIVE territory at +0.11% /Sprott physical gold trust is back into NEGATIVE territory at -0.61%/Central fund of Canada’s is still in jail.
 

end

Major gold/silver stories for FRIDAY

GOLDCORE/BLOG/MARK O’BYRNE

ECB ‘Bazooka’ Reloaded Until At Least December 2017 – Euro Gold Rises 1%; 13% YTD

ECB ‘Bazooka’ Extended – Will Buy EUR 60 Billion Per Month Until At Least December 2017

The ECB’s ‘Bazooka is back and ‘Super Mario’, the European Central Bank’s monetary magician did not disappoint QE addicted markets yesterday by extending ultra loose monetary policies and quantitative easing until at least December 2017.

The euro fell and gold rose 1.1% in euro terms from €1,090/oz to €1,102.85. Stocks globally moved higher, and European stocks look set for their best week since February, supported by the extended ECB currency printing and a calm, some would say complacent and irrationally exuberant, reaction to the Italian referendum.

Despite the recent sell off in gold, it remains 13% higher in euro terms in 2016 –  10% higher in dollars and 30% higher in pounds.

Gold in EUR (YTD 2016)

The ECB somewhat surprised markets by extending its bond-buying ‘stimulus,’ but at a lesser amount – reduced from €80 billion to €60 billion. The ECB tapered despite Mario Draghi categorically insisting that there was “no question” of ECB tapering.

The decision helped send Wall Street to fresh record all time highs, as investors decided the ECB was signaling an extended period of even looser monetary policy. Draghi had previously signaled that QE would continue until next September.

However, the ECB warned that if the outlook becomes less favourable they will increase their bond buying programme. They said that may increase the size and duration of the programme if needed.

Given the scale of the political, economic and systemic challenges facing the EU – including the coming Dutch, German and French general elections – this seems likely.

Although, not if the voice of monetary prudence has its way. The German Bundesbank chief Jens Weidmann voiced concerns.  The president of the Bundesbank did not agree with the decision to extend its bond purchases according to German newspapers.

Weidmann had warned on Monday that central banks shouldn’t use easy-money policies to fight debt crises or rising populism, signaling he would resist any policy change from the ECB.

Weidmann’s comments were largely ignored but according to the Wall Street Journal:

Mr. Weidmann said the decision should be based exclusively on the outlook for inflation and not on political considerations, such as easing the pressure on governments.

“If a central bank keeps jumping into the breach for politicians or even trying to influence the democratic process, that leads to a politicization that endangers its independence,” he said

Italian banks are on the verge of collapse.  Banks in Italy have a massive €360 billion of non-performing loans, equivalent to more than a fifth of the country’s GDP.

The “EU maths” simply do not add up.

Super Mario’s QE of €60 billion a month would be exhausted in dealing with the bad loans in Italy alone in just 6 months. Meanwhile, there continue to be major financial challenges in many banks throughout the EU including in Germany with Deutsche Bank.

In September, Draghi “refused to answer questions” regarding Deutsche Bank during a closed-door meeting in the German parliament.

draghi_helicopterECB President – aka ‘Super Mario’

The life support mechanism of QE has not helped the economies of the many sick patients of Europe, the unfairly named ‘PIIGS’, get to a position of having healthy banking systems and sustainable economic growth.

Rather the ECB has simply prolonged the stay of execution for the patients. The primary solution to the crisis remains debt forgiveness on a massive scale and the reorganisation of the financial and banking system.

Gold is again set to act as a safe haven for Italian and other Europeans and a hedge against bank failure and the significant, cyber, systemic and monetary risk of today.

The ECB has itself acknowledged that gold is a safe haven asset and an important monetary asset. Mario Draghi said of gold in October 2013 that gold is a “reserve of safety.”

Draghi told an open forum at Harvard’s Kennedy School of Government, why central banks want gold and what value it offers. He said that there were “several reasons” to own gold including “risk diversification”.

As we enter 2017, diversification and having an allocation to physical gold has never been more important for investors in the EU, UK, U.S. and throughout the world.

Breaking News and Updates On Gold Here

Gold and Silver Bullion – News and Commentary

Draghi Says $2.4 Trillion Stimulus May Not Be Enough for ECB (Bloomberg.com)

Deutsche Bank’s ‘smoking gun’ evidence to expand U.S. silver rigging case (Reuters.com)

Deutsche Bank Records Said to Show Silver Rigging at Other Banks (Bloomberg.com)

Gold and cyber-security for Prince Charles (RoyalCentral.co.uk)

Demonetisation effect: 15 tonnes of gold sold on November 8-9 (IndiaTimes.com)

7RealRisksBlogBanner

Big call – I reckon the US dollar’s bull market is over – Frisby (MoneyWeek.com)

Italy joining euro removed means of overcoming economic troubles (TheGuardian.com)

Euro Devaluation Accelerates – Millions Of Europeans Wishing They’d Bought Gold (DollarCollapse.com)

Fed, Trump and Wall Street Hand Gold Holdings a Spanking (Bloomberg.com)

Why Now Is A Great Time To Buy Silver (Forbes.com)

Gold Prices (LBMA AM)

09 Dec: USD 1,168.90, GBP 927.64 & EUR 1,100.75 per ounce
08 Dec: USD 1,174.75, GBP 925.47 & EUR 1,088.64 per ounce
07 Dec: USD 1,171.25, GBP 929.62 & EUR 1,092.19 per ounce
06 Dec: USD 1,171.15, GBP 918.18 & EUR 1,086.94 per ounce
05 Dec: USD 1,164.90, GBP 915.84 & EUR 1,095.36 per ounce
02 Dec: USD 1,171.65, GBP 929.00 & EUR 1,100.88 per ounce
01 Dec: USD 1,168.75, GBP 930.09 & EUR 1,099.68 per ounce

Silver Prices (LBMA)

09 Dec: USD 16.95, GBP 13.45 & EUR 16.03 per ounce
08 Dec: USD 17.13, GBP 13.50 & EUR 15.88 per ounce
07 Dec: USD 16.77, GBP 13.32 & EUR 15.64 per ounce
06 Dec: USD 16.79, GBP 13.17 & EUR 15.63 per ounce
05 Dec: USD 16.62, GBP 13.05 & EUR 15.54 per ounce
02 Dec: USD 16.35, GBP 12.95 & EUR 15.36 per ounce
01 Dec: USD 16.30, GBP 12.91 & EUR 15.35 per ounce


Recent Market Updates

– UK £6 Billion Worse Off After Multi Billion Pound Gold “Accounting Error”
– Buy Silver – May Replace Gold As Money In India
– Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market
– Potential “Systemic Crisis In Eurozone” After Italy Votes No, Renzi Resigns
– Gold and Silver Will Protect From Coming Financial Crash – Rickards
– RBS Fail Bank of England Stress Test
– Peak Silver – Supply Deficits Mean Higher Prices
– Bail In Risk – €4 Trillion Banking System In Italy Poses Contagion Risk as Referendum Looms
– Gold Down 13.5% In 13 Days – Trump Bearish For Gold?
– War On Cash Just Got Real – India and Citibank In Australia
– Russia Gold Buying In October Is Biggest Monthly Allocation Since 1998
– Stocks, Bonds, Pension Funds “Will Be Wiped Out…” – Rickards
– Physical Gold Is A “Long-Term Position” as “Hedge Against Governments”

Mark O’Byrne
Executive Director

END

 

I totally agree with Craig Hemke: TF Metals reports on the silver and gold manipulation case.  he states that everybody will now head over to the physical markets in Shanghai for settlement..they will avoid all of the criminal paper markets in London and Comex

(courtesy Craig Hemke/TFMetals)

TF Metals Report: Case closed — The fact of bullion bank gold and silver price manipulation

Section:

6:08p ET Thursday, December 8, 2016

Dear Friend of GATA and Gold:

The TF Metals Report predicts today that Deutsche Bank’s exposure this week of the vast collusion among bullion banks in rigging the silver market will cause smaller bullion banks to exit the sector to avoid liability, cause monetary metal mining companies to take their business away from the incriminated banks, weaken the New York Commodities Exchange and the London Bullion Market Association, the primary venues of the rigging, and move pricing toward physical markets. It’s all logical, except the part about monetary metal mining companies taking intelligent action, since 99 out of 100 monetary metals mining company executives are too cowardly or oblivious to act against the destruction of their shareholders’ equity. The TF Metals Report’s analysis is headlined “Case Closed — The Fact of Bullion Bank Gold and Silver Price Manipulation” and it’s posted here:

http://www.tfmetalsreport.com/blog/8034/case-closed-fact-bullion-bank-go…

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

 

END

The bombshell that was reported to you yesterday: Proof of silver manipulation by the “mafia”  banks

(courtesy Pam Martens/Russ Martens/Wall Street on Parade)

Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks

By Pam Martens and Russ Martens: December 8, 2016

Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the group as the “mafia.”

In order to settle the charges against it in the matter, yesterday’s filing shows that the beleaguered Deutsche Bank turned over to the plaintiffs’ attorneys “more than 350,000 pages of documents and 75 audio tapes” that implicate other banks in a very serious way. In addition to banks previously named in the lawsuit (Deutsche Bank, HSBC, The Bank of Nova Scotia and UBS), trader conversations captured in the material provided by Deutsche Bank seriously implicate Barclays, Standard Chartered, BNP Paribas Fortis and Bank of America/Merrill Lynch.

According to yesterday’s filing, a trader conversation on June 8, 2011 went like this:

UBS [Trader A]: im gonna sell a lil more we need to grow our mafia a lil get a third position involved

Deutsche Bank[Trader B]: ok calling barx10 [Barclays]

The plaintiffs lawyers writer further:

“This coordinated manipulative conduct was intended to capitalize on the zero-sum nature of derivatives trading, including in COMEX silver futures contracts, and to extract illicit profits for Defendants from Plaintiffs and other Class members who held the opposite position. For example, as one UBS trader commented while planning a series of manipulative silver transactions with Deutsche Bank on April 1, 2011, ‘if we are correct and do it together, we screw other people harder.’ Thus, Defendants knew any profit resulting from their illegitimate trading activity flowed directly from harm caused to Plaintiffs and the Class.”

Numerous trader conversations confirming the sharing of insider information among traders at global banks were provided to the court yesterday, including the following between traders at Barclays and Deutsche Bank on April 6, 2011 — where one trader suggests the collusion amounts to “one team one dream.”

(Harvey: all the colluders = ONE DREAM TEAM)

Barclays [Trader A]: you are short right

Barclays [Trader A]: haha

Barclays [Trader B]:we are one team one dream

Deutsche Bank [Trader B]: haha

Deutsche Bank [Trader B]: of course short

Deutsche Bank [Trader B]: short 1 lac

Barclays [Trader A]: nice12

The plaintiffs charge the banks with “(1) conspiring to execute large transactions when they knew the silver market was illiquid; (2) uneconomically buying silver to provide artificial support for prices at an agreed-upon level; (3) placing false ‘spoof’ bids and offers to create the false impression of supply and demand where none existed; and (4) withholding pricing information from the silver market by entering secret, unreported transactions with other cartel members.”

UBS and Deutsche Bank are charged by the plaintiffs with implementing an 11 o’clock rule, “whereby they would short silver at the same time each day” and  “use a countdown sequence—‘3 2 1 boom’—to ensure their manipulative transactions were entered at the same time.”

The lawsuit leaves open the possibility that other global banks may be named. The lawyers write that “Jane Doe Defendants Nos. 1-100 are other entities or persons, including banks, interdealer brokers, cash brokers and other co-conspirators whose identities are currently unknown to Plaintiffs. The Jane Doe Defendants participated in, furthered, and/or combined, conspired, aided and abetted, or agreed with others to perform the unlawful acts alleged herein.”

The case is In re: London Silver Fixing, Ltd., Antitrust Litigation in the U.S. District Court for the Southern District of New York, case number: 1:14-md-02573

The scorching evidence produced in the case raises the question, why is the U.S. Justice Department sitting on its hands in this matter. Unlike civil cases brought by private plaintiffs, the Justice Department has the power to wire tap and issue subpoenas. Almost two years ago, Bloomberg News reported that the Justice Department “is investigating whether the world’s biggest banks manipulated prices of precious metals such as silver and gold as it pushes to wrap up probes into currency-rate rigging, according to people with knowledge of the matter.” The report said that 10 banks, including two of those named in this case, Barclays and Deutsche Bank, were being probed.

With the evidence filed yesterday, there is no longer any justification for the Justice Department to dawdle further. From Libor rigging, to currency exchange rigging, to precious metals, to the charges of stock market rigging made in the Michael Lewis book, Flash Boys, there is an overarching appearance that every market has been rigged against average investors. We need a Justice Department that will grab the reins to restore trust, transparency and honest dealing in U.S. markets.

 

 

end

 

Dave Kranzler on the rigging of silver

(courtesy IRD/Dave Kranzler)

 

CONFIRMED: Big Banks Rigging The Silver Market

December 8, 2016Financial Markets, Gold, Precious MetalsComex, Deutsche Bank fraud, fake news, silver eagles, silver manipulation

According to the plaintiffs, records surrendered by Deutsche Bank show traders and submitters coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

“Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices,” the plaintiffs said in their filing. The new scheme “far surpasses the conspiracy alleged earlier.” – Bloomberg.com, December 7, 2016

Anyone who denies that gold and silver are manipulated either has not spent time examining the evidence or is financially incentivized to refute all allegations. In other words, they are either ignorant or willfully corrupt. This includes the entire universe of politically corrupt western Central Bankers and professionally criminal Wall Street bankers. But first and foremost it includes all three branches of Government.

Traders discussing on recorded lines ways in which to rig the silver market? Imagine that. Lost in the smoke of the latest revelations about the big bank silver market manipulation is the fact that Andrew Maguire presented evidence of this at JP Morgan over six years ago. Perhaps the most shocking aspect about the latest revelations is that JP Morgan was not cited in the Deutsche Bank court filings.

Although summarily dismissed by the Commodity Futures Trading Commission and mainstream financial conspiracy, JP Morgan has been the “ring leader” in the silver market manipulation scheme for years.

The latest revelations will never be accepted as truth until CNN or CNBC reports on them to “verify” for the zombie masses that the big banks are indeed corrupt beyond the imagination of “conspiracy theorists.” It will be interesting to see if this will lead to RICO prosecution, which it should:

RICO law refers to the prosecution and defense of individuals who engage in organized crime. In 1970, Congress passed the Racketeer Influenced and Corrupt Organizations (RICO) Act in an effort to combat Mafia groups. Since that time, the law has been expanded and used to go after a variety of organizations, from corrupt police departments to motorcycle gangs. RICO law should not be thought of as a way to punish the commission of an isolated criminal act. Rather, the law establishes severe consequences for those who engage in a pattern of wrongdoing as a member of a criminal enterprise

The threat of RICO was used to pry open the truth at Drexel Burnham in order to bring down what was, at the time, one of the biggest – if not the biggest – financial market corruption schemes in U.S. history.

The latest revelations are hard evidence that GATA has been right since 1998, when it was founded by Bill “Midas” Murphy and Chris Powell in order to document and expose the gold and silver market manipulation for the world to see. GATA’s evidence has been written off for over a decade as “conspiracy theory.” Now it is confirmed conspiracy truth. In fact, Murphy was banned as a guest on CNBC after he discussed gold market manipulation.

“Fake news?” Hardly. Proof is now in court documents. In today’s episode of the Shadow of Truth, we discuss the latest court documented evidence which confirms that silver market manipulation is standard operating procedure at the big banks who are supported by the taxpayers:

http://investmentresearchdynamics.com/big-bank-silver- market-manipulation-confirmed/

***

end

Avery Goodman points out that the mysterious case of unreported gold imports into England totals 186 tonnes.  Obviously demand for gold was miscalculated with this tonnage missing.  Also England, a primary physical settlement in London through the LBMA must import gold?  For this long? Who is the supplier of last report:  you guessed in the USA and Trump will cut this off in the heartbeat!

(courtesy Avery Goodman/seeking alpha)

Avery Goodman: The mysterious case of 186 tonnes of missing gold

Section:

By Avery B. Goodman
Thursday, December 8, 2016

The British Office for National Statistics just admitted that it miscalculated British imports by some L6 billion pounds sterling! Guess what they missed. That’s right. What else? You guessed right: gold:

http://www.gata.org/node/16984

It always seems to be gold. Hmmm. …

Anyway, it depends on the exact day each ounce of gold was imported, but generally speaking, that money adds up to about 186 tonnes of gold bullion. The uncertainties of Brexit seem to have caused a massive surge in gold demand in a very short time. It’s a huge amount of gold, and it compounds the point I have been making for a long time. World gold demand far outstrips supply. …

… For the remainder of the commentary:

http://averybgoodman.com/myblog/2016/12/08/oops-british-bureaucrats-miss…

END

 

Alasdair tackles Italy and the UK

a must read..

(courtesy zero hedge)

Alasdair Macleod: Why Europe must end in tears

Section:

6:55p ET Thursday, December 8, 2016

Dear Friend of GATA and Gold:

GoldMoney research director Alasdair Macleod today criticizes the Bank of England for blaming its policy failures on everything but their true causes: the bank’s own constant interventions in and interference with markets. Macleod’s commentary is headlined “Why Europe Must End in Tears” and it’s posted at GoldMoney here:

https://wealth.goldmoney.com/why-europe-must-end-in-tears?gmrefcode=gata

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

END

Your early FRIDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight

 
 

1 Chinese yuan vs USA dollar/yuan UP to 6.9080(BIG DEVALUATION SOUTHBOUND  /CHINA UNHAPPY TODAY CONCERNING USA DOLLAR RISE/MORE $ USA DOLLARS LEAVE CHINA/OFFSHORE YUAN WIDENS  TO 6.9375 / Shanghai bourse CLOSED UP 17.51 POINTS OR 0.53%   / HANG SANG CLOSED DOWN 100.96 OR 0.44%

2. Nikkei closed UP 230.90 POINTS OR 1.23% /USA: YEN RISES TO 115.10

3. Europe stocks opened ALL IN THE GREEN     ( /USA dollar index RISES TO  101.49/Euro DOWN to 1.0557

3b Japan 10 year bond yield: RISES    +.061%/     !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 113.01/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD FINALLY IN THE POSITIVE/BANK OF JAPAN LOSING CONTROL OF THEIR YIELD CURVE AS THEY PURCHASE ALL BONDS TO GET TO ZERO RATE!!

3c Nikkei now JUST BELOW 17,000

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

3e WTI::  51.21  and Brent: 53.91

3f Gold DOWN/Yen DOWN

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS  AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP for Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10 yr bund FALLS TO +359.%/Italian 10 yr bond yield RISES 1 full basis points to 2.03%    

3j Greek 10 year bond yield FALLS to  : 6.69%   

3k Gold at $1162.20/silver $16.93(7:45 am est)   SILVER BELOW RESISTANCE AT $18.50 

3l USA vs Russian rouble; (Russian rouble UP 11/100 in  roubles/dollar) 63.21-

3m oil into the 51 dollar handle for WTI and 53 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation  (already upon us). This can spell financial disaster for the rest of the world/China forced to do QE!! as it lowers its yuan value to the dollar/GOT a SMALL   DEVALUATION DOWNWARD from POBC.

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 115.10 DESTROYING WHATEVER IS LEFT OF OUR YEN CARRY TRADERS

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning  1.0192 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0760 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT

3r the 10 Year German bund now POSITIVE territory with the 10 year FALLS to  +.353%

3s The Greece ELA NOW a 71.4 billion euros,AND NOW THE ECB WILL ACCEPT GREEK BONDS (WHAT A DISASTER)

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”.  Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 2.431% early this morning. Thirty year rate  at 3.1333% /POLICY ERROR) GETTING DANGEROUSLY HIGH

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

(courtesy Jim Reid/Bloomberg/Deutsche bank/zero hedge)

HELICOPTER MONEY STILL ON THE TABLE FOR THE FUTURE/JAPANESE STIMULUS PLAN DISAPPOINTS

Global Stocks Hit 16 Month High As Draghi’s “Dovish Taper” Sustains “Trumpflation”

European and Asian shares rose again and S&P futures were little changed, as world stocks were set for a weekly gain and held near 16-month highs on Friday, while the euro steadied after swings following the European Central Bank’s decision to extend its stimulus program. Oil rose a second day before a meeting between OPEC and other major producers on output cuts, industrial metals gain.

The MSCI World index was up 0.1%, on track for a gain of 2.7 percent for the week. The index was just 0.1 percent below Thursday’s peak, which was its highest level since August 2015. European shares hit their highest level for 11 months, and were set for their best week since February, following the ECB’s decision to trim the size of its asset purchase program while also extending it for longer than many analysts had expected.

It’s never simple with Mario Draghi and yesterday he delivered a revised ECB policy which was simultaneously an extension/enlargement and a taper to the QE programme. Or, as it was later dubbed, a “dovish (non) taper”. This appeared to confuse the algos and after an initial fall on the announcement the dollar surged, taking the dollar index (DXY) back over 101.0. There it remained in Asian trading and after the open in Europe. 

A stronger dollar and a stronger VIX still can’t dent the equity euphoria. While the Hang Seng Index was dragged down by Macau casino stocks, most Asian bourses took the positive lead from Wall Street. The MSCI Asia Pacific Index (below) rose a further 1.1% to cap off a strong week.

The “Trumplation” trade rolls on with bond weakness being the mirror of equity strength. The yield on 10-year Bunds rose 10bp to 45bp at its peak yesterday as the ECB announcement led to a sharp steepening in the yield curve.

Analysts said that signs the ECB would continue to provide monetary support for as long as needed complemented the promise of fiscal stimulus in a welcome cocktail for investors. “Markets already excited by the prospect of a fiscal stimulus wave via a Trump election look in-line to get more of both fiscal and monetary stimulus from next year,” said Mike van Dulken, head of research at Accendo Markets.

Asian bond markets also felt the pain with Japan’s 10-year yield 1bp higher at 0.05%, Australia’s 8bp higher at 2.81% and South Korea 7bp higher at 2.19%.

Asian shares edged down on Friday but were on track for weekly gains. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent, and was poised for a weekly gain of 2 percent.

Japan’s Nikkei stock index .N225 ended 1.2 percent up at its highest closing level since December 2015. The Nikkei earlier topped the 19,000-level for the first time in a year, as investors saw both the weak yen and prospects of U.S. President-elect Donald Trump adopting reflationary policies benefiting Japan’s major exporters.

“The U.S. market’s strength is giving a boost to Japanese shares,” said Eiji Kinouchi, chief technical analyst at Daiwa Securities.

Notwithstanding a firm dollar, WTI clawed its way back above $51.0/bbl on positive sentiment ahead of Saturday’s meeting between OPEC and up to 14 other nations in Vienna  (although only 5 have confirmed their attendance so far). What boosted oil were reports Saudi Arabia was said to have started telling customers it will reduce crude shipments from next month.

“The immediate focus for the market is the discussions between OPEC and non-OPEC members this weekend,” said Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney. “The sweet spot for prices is around $55 a barrel. Anything higher and the market will see more supply.”

Inflation data from China confirmed a reflationary trend, especially in producer prices which rose at their fastest pace for 5 years. The November 2016 PPI rose 3.3% year-on-year versus a forecast of 2.2% and October 2016’s 1.2%. At the retail level, higher food prices led to a 2.3% year-on-year rise in the CPI versus the 2.2% consensus and the previous month’s 2.1%. Food prices were 4.0% higher versus the previous year.

European stocks opened little changed with the Stoxx 600 0.1% higher, the Footsie flat and the DAX down 0.1%. The S&P Future was 0.13% lower at 2,240.0 in early European trade.

Market Snapshot

  • S&P 500 futures up less than 0.1% at 2,240
  • Stoxx 600 up 0.1% to 352.3
  • FTSE 100 flat at 6930.0
  • DAX down 0.1% to 11,172
  • German 10Yr yield down 1.1bp to 0.366%
  • Italian 10Yr yield up 1.8bp to 2.01%
  • Spanish 10Yr yield up 2bp to 1.52%
  • S&P GSCI Index up 1% to 387.0
  • MSCI Asia Pacific up 0.8% to 137.1
  • Nikkei 225 up 1.2% to 18,996.4
  • Hang Seng down 0.4% to 22,761
  • Shanghai Composite up 0.5% to 3,232
  • S&P/ASX 200 up 0.3% to 5,560
  • US 10-yr yield up 1bp to 2.42%
  • Dollar Index down 0.04% to 101.1
  • WTI Crude futures up 1.1% to $51.41
  • Brent Futures up 0.8% to $54.31
  • Gold spot down 0.1% to $1,170.5
  • Silver spot flat at $17.03

Global Headlines

  • Trump Team’s Memo Hints at Broad Shake-Up of U.S. Energy Policy
  • South Korea President Park Impeached Over Corruption Scandal
  • Oil Advances With Asian Stocks While Bonds, Korean Won Decline
  • Draghi’s Anti-Taper Keeps ECB Stimulus Live to Tackle 2017 Risks
  • Trump Renews Criticism of China as State Media Warns on Taiwan
  • Europe’s Next Big Currency Opportunity Probably Just Got Closer
  • HKMA Expresses Concern After Report of DBS Arrests in Hong Kong
  • Sibanye Gold to Buy Stillwater Mining for $2.2 Billion in Cash
  • Shale Revolution That Shocked U.S. Markets Heads to Japan
  • Wall Street’s Party, Fed Put Gold on Worst Losing Streak in Year

In Asian markets, the MSCI Asia Pacific Index gained 1.1% to 138.59, for a fourth successive daily rise. The Nikkei was 1.2% higher and Shanghai 0.5%, while the Hang Seng and South Korea’s KOSPI bucked the positive trend. In Japan, the Mining (+4.2%) and Oil (+3.6%) sectors led the advance, supported (again) by Financials. In Shanghai, the Property sector rose a further 3.7% and is now 13.5% higher in the last month versus the 3.3% rise in the Shanghai Composite.  Reports that ATM withdrawals would be limited in Macau, the world’s largest casino hub, saw casino stocks in Hong Kong fall more than 10% in early trading. Losses were pared after analysts from Sanford Bernstein and Union Gaming Group questioned the accuracy of the report in the South China Morning Post.  In South Korea, President Park Guen-hye was impeached following a parliamentary vote. According to Bloomberg “The vote came after some of the biggest street protests since the nation became a democracy in 1987. Thousands of people, some holding banners, outside parliament cheered at the news. Park will now be suspended from power with Prime Minister Hwang Kyo-ahn taking over as interim leader until the constitutional court rules on the motion within 180 days. If the court agrees to remove her from power, a special presidential election will follow in 60 days.” In India, plans are taking shape for the $1.5bn IPO of the National Stock Exchange of India, which will be the nation’s largest since the Coal India IPO in 2010.

  • Asia Top News
  • South Korea President Park Impeached Over Corruption Scandal
  • Hong Kong’s Leader Announces Decision Not to Seek Second Term
  • Macau Casinos Pare Losses as Analysts Reject ATM Cap Report
  • Asia Stocks Rise for 4th Day as ECB Extends Asset-Buying Program
  • Trump Renews Criticism of China as State Media Warns on Taiwan
  • India’s Biggest Bourse Said to Prepare $1.5 Billion IPO Filing
  • Offshore Yuan Shows Depreciation Stress as Fed Rate Hike Looms
  • Southeast Asia Advances in Talks to Dismantle Trade Barriers
  • BOJ’s Yield Suppression Seen Laying Groundwork for Bond Meltdown

European markets were little changed on the open with the Stoxx 600 0.1% higher at 352.3, while the DAX, FTSE MIB and the IBEX were down marginally. Europe’s largest appliance maker, Electrolux, gained 3% after issuing a statement on its restructuring programme. However, the company also noted weakness in some markets including the U.K. In 2017, European demand for appliances is expected to grow by 1%, down from this year’s 2-4%. In the UK, Capita  fell 8.0% to 449.6 after analysts from Stifel and Canaccord Genuity downgraded the stock. The recent sharp rally in the Banks sector saw a modest reversal of just under 1% in early trading. Bank of Ireland fell 5.3% as Hamblin Watsa announced that it would sell 415m shares. The “terrible twins”, Deutsche Bank (down 0.6%) and BMPS (down1.7%), were both lower.

Europe Top News

  • Draghi’s Anti-Taper Keeps ECB Stimulus Live to Tackle 2017 Risks
  • OPEC’s Historic Deal Won’t Be Enough to Drain Oil Stockpiles
  • Some ECB Governors Said to Have Pushed for 12-Month QE Extension
  • Natixis Seeks Asia Growth as StanChart, Barclays Scale Back
  • SoftBank’s $100 Billion Tech Fund Opens HQ in London’s Mayfair
  • No Regrets for Billionaire Wiese Even After Wrongway Brexit Bet
  • Electrolux Says Seeing Signs of Slowdown in Europe Post-Brexit
  • Peugeot Scouts for Startups to Counter Silicon Valley Car Threat
  • FCA Signals Crackdown on Crowdfunders After Finding Deficiencies
  • Europe’s Next Big Currency Opportunity Probably Just Got Closer
  • Farage Predicts ‘Norwegian-Style’ Deal for Britain Post-Brexit

In currencies, the major story is the renewed strength in the dollar following yesterday’s ECB meeting. The DXY is marginally higher in early European trade at 101.2. The rise in US Treasury yields helped to buoy the dollar at the expense of the Yen, currently 114.47, as the latter continues to track returns on the carry trade. The slight strengthening in the RMB in the last few days evaporated and the flatlining in the CNY overnight points to PBoC defence of 6.90 (currently 6.8999. Yesterday’s sharp fall in the Euro is stabilising slightly above the 1.06 level, which is leading to renewed weakness in Sterling – currently $1.257 versus a high of just over $1.270 following the ECB announcement.

In commodities, the Continuous Commodity Index was 0.60 lower at 424.3 and has essentially been flat since the middle of July in spite of the oscillations in the oil price. Traders are optimistic that Saturday’s meeting between OPEC and non-OPEC nations will solidify the agreement to cut output in the first half of 2017. Bloomberg is reporting that a Russian official is expressing doubts that OPEC will adhere to its commitment after increasing output last month. It occurred to us that OPEC could be forgiven for expressing similar concerns about Russia. The gold price is down slightly at $1,168.6/oz. in early London trading as it struggles to reverse the recent sell-off. In China, the rebar price corrected marginally by CNY2.0/tonne to CNY3,452/tonne. Thanks, in part, to Chinese speculators the price is 72.5% higher year-to-date, easily outpacing the 43.0% rise in Dalian iron ore futures.

Looking at the day ahead, you can sense that it’s going to be a fairly quiet day when the most read story on Bloomberg concerns ex-PIMCO now Janus “bond king” Bill Gross’s divorce (our best wishes to the man himself). On the roster is University of Michigan Consumer Sentiment and Wholesale Inventories/Sales.

US Event Calendar

  • 10am: Wholesale Inventories m/m, Oct F, est. -0.4% (prior -0.4%)
  • 10am: University of Michigan Sentiment, Dec. P, est. 94.5 (prior 93.8)
  • 12pm: Monthly World Agriculture Supply and Demand Estimates
  • 1pm: Baker Hughes rig count

DB’s Jim Reid concludes the overnight wrap

If you’re out in London tonight be warned that I’m having my annual Xmas night out with my old school friends and we’re hunting down a karaoke bar. In my pomp one of my favourite karaoke songs to sing was Marvin Gaye “What’s going on?”. In this week of surprises I’ll think I’ll dust that one down tonight.

So in a week where the Italian referendum result had the opposite impact to what most would have expected, yesterday the ECB confounded consensus to announce a €20bn reduction in asset purchases to €60bn a month from April but extended the program to December 2017. On reflection it was a clever way of scaling back, especially as they made it quite clear that they could increase it at any point to respond to events. However, in regards to the tone of Draghi’s press conference I can’t help thinking that he was trying too hard to ensure that the market saw this as dovish as his interpretation of vocabulary and arithmetic could certainly be open to heavy scrutiny. Indeed he made it quite clear on more than one occasion that this certainly wasn’t a ‘taper’. However a quick glance at the Oxford English Dictionary suggests that taper means to “diminish or reduce thickness towards one end”. He also said that ECB staff economic forecasts for euro-area inflation averaging 1.7 percent in 2019 were “not really” close to their mandate of just under 2 percent. Clearly a hard man to please.
So another way to look at it is that they’ve announced tapering and that it wouldn’t take a lot of change in the inflation outlook for them to accelerate this in 2018 and announced before hand. Nevertheless for 2017 the ECB will be buying a minimum of €240bn (Jan-Mar) + €540bn (Apr-Dec) which equals €780bn.

So still lot of QE for 2017 but now they’ve tapered once and if inflation prospects edge up by the time we get to the second half we’ll likely see a lot of speculation as to a more aggressive slow down in purchases. So a lot now rests on euro inflation in 2017 and we think yesterday’s news gives plenty of ammunition for our increased rate vol story from our 2017 outlook.

The ECB also gave themselves a wider universe to buy following the announcement that they are decreasing the minimum remaining maturity for eligible securities from two years to one year, and the decision to allow them to buy at yields below the deposit floor. The ECB did suggest that they would only buy below this floor when there was a shortage of paper but this probably becomes inevitable. There were also some tweaks made to bond repo, specifically easing repo conditions.

The surprise moves caused big rates volatility in line with what we think is in store for 2017 as markets swung between initially thinking it was a hawkish move to then considering it as actually a lot more dovish. Indeed 10y Bund yields initially surged and touched an intraday high of 0.451% and about 10bps higher versus Wednesday’s close. Yields then ebbed and flowed and the post announcement low was actually 0.363% before yields eventually settled and finished a little above at 0.377% or +3.7bps higher on the day. What was notable however was the huge steepening effect. 30y Bund yields were +10.2bps higher while the shorter end rallied reflecting some of those technical tweaks. 5y yields dropped -3.6bps meaning the 5s30s curve steepened by the most since 2008. 2y yields also dropped -6.7bps and closed at -0.768% which is just shy of the record low of -0.777%

The periphery was the big underperformer though with yields in Italy, Spain and Portugal finishing +10.9bps, +7.9bps and +22.5bps higher respectively. That’s the worst day for Portuguese bonds since the post Brexit move on June 24th. It’s the intraday ranges which really stood out though at 14.6bps, 13.3bps and 26.0bps respectively. The extent of the volatility wasn’t quite as dramatic for Treasuries although we did still see 10y yields selloff +6.7bps to 2.407% and so putting them back at the top end of the recent range.

Meanwhile the Santa Claus rally continued for equity markets as banks surged on the back of the big steepening across yield curves. The Stoxx 600 banks index closed up +2.32% which takes the week to date move to an extraordinary +10.26%. Elsewhere Italian Banks (+3.60%) had another bumper day yesterday and are now up +15.35% since Friday (bear in mind that that includes a 2% drop on Monday). The Stoxx 600 closed up +1.23%, the DAX +1.75% and the S&P 500 +0.22% to extend its record high. Credit markets were similarly choppy. The iTraxx Main index traded in a 2bp range but ultimately finished little changed which was similar to Crossover (which traded in a 10bp range). Financials were the big winners though with the iTraxx Senior and Sub Fins indices closing 2.5bps and 5.5bps tighter. The Euro also ended the day down -1.28% which was also the worst day since the post Brexit June 24th move.

This morning in Asia it’s looking set to be a largely positive end to a strong week. The Nikkei (+1.20%), Shanghai Comp (+0.69%) and ASX (+0.26%) have all gained however the Hang Seng (-0.23%) is lagging somewhat although has pared heavier losses at the open. That market has been hit by big declines for Macau casino operators (currently down over -5%) following the news that Macau is to impose restrictions on ATM cash withdrawals in more evidence of tightening capital outflows. Meanwhile, the latest inflation numbers out of China have also been released this morning. CPI rose to +2.3% yoy in November (vs. +2.2% expected) from +2.1% in October and so matching the high print made earlier this year. Meanwhile PPI has surged to +3.3% yoy (vs. +2.3% expected) from +1.2% following a surge in mining industry producer prices. That is the highest level since October 2011 and continues the strong momentum since the start of the year for prices at the factory gate. A reminder that PPI was negative for 54 consecutive months before turning positive 3 months ago.

Unsurprisingly the ECB – and subsequent market reaction – was the overwhelmingly dominating theme in markets yesterday but in truth there wasn’t a huge amount more news to report. In terms of the limited amount of economic data we got, in the US initial jobless claims were reported as being down 10k last week to 258k. Our US economists highlighted that the improvement in the labour market is also now being reflected in tax receipts, with smoothed growth in withholding tax receipts now running at 4.6% yoy which is up from the low point of 2.6% in May. Meanwhile, in Europe the only data of note came from France where the November Bank of France business sentiment reading edged up 2pts to 101 and the joint highest this year.

Looking at the day ahead we’ve got a fairly light calendar to finish the week. This morning in Germany we’ll get the October trade report before we then get the October industrial production out of France. We’ll then get October trade data for the UK. Over in the US this afternoon we’ll get final revisions to the October wholesale inventories report as well as the preliminary University of Michigan consumer sentiment survey for this month. Away from the data we’re due to hear comments from the ECB’s Smets this morning.

END

3.REPORT ON JAPAN  SOUTH KOREA NORTH KOREA AND CHINA

i)Late  THURSDAY night/FRIDAY morning: Shanghai closed UP 17.51 POINTS OR 0.54%/ /Hang Sang closed DOWN 100.86  OR 0.44%. The Nikkei closed UP 230.80 OR 1.23%/Australia’s all ordinaires  CLOSED UP 0.30% /Chinese yuan (ONSHORE) closed DOWN at 6.9080/Oil ROSE to 51.21 dollars per barrel for WTI and 53.91 for Brent. Stocks in Europe: ALL IN THE GREEN.  Offshore yuan trades  6.9375 yuan to the dollar vs 6.9080  for onshore yuan.THE SPREAD BETWEEN ONSHORE AND OFFSHORE WIDENS AGAIN AS  MORE USA DOLLARS  LEAVING CHINA’S SHORES / CHINA SENDS A CLEAR MESSAGE TO THE USA AND JANET  TO NOT RAISE RATES IN DECEMBER.

3a)THAILAND/SOUTH KOREA/:

South Korea’s President Park is impeached in a scandal;

(courtesy zero hedge)

South Korea President Park Impeached In Corruption Scandal

Overnight, political turmoil migrated to Asia after South Korean lawmakers voted 234-56 to impeach President Park Geun-hye over accusations of bribery, abuse of power and violating her constitutional duties, setting the stage for her to become the country’s first elected leader to be expelled from office in disgrace.

The impeachment motion was carried by a wider-than-expected margin in a secret ballot in parliament, meaning more than 60 of Park’s own conservative Saenuri Party members backed removing her. The votes of least 200 members of the 300-seat chamber were needed for the motion to pass. The Constitutional Court must now decide whether to uphold the motion, a process that could take up to 180 days.

“I solemnly accept the voice of the parliament and the people and sincerely hope this confusion is soundly resolved,” Park said at a meeting with her cabinet, adding that she would comply with the court’s proceedings as well as an investigation by a special prosecutor.

As Reuters reports, Park, whose abysmal approval rating stands at just 5%, has resisted demands that she step down immediately. Under the constitution, Park’s duties were assumed by Prime Minister Hwang Kyo-ahn on an interim basis until the court rules.

“I stand here with heavy-hearted sadness,” Hwang said in a televised address. “As an aide to the president, I feel deep responsibility about the situation we have come to face.”

* * *

Meanwhile, cheers had erupted outside the chamber of the domed parliament building when the vote was announced. People held signs saying “Victory for the People” and “New Republic of Korea”. Earlier, anti-Park activists scuffled with police as they tried to drive two tractors up to parliament’s main gate.

Choi Jung-hoon, a 46-year high school teacher, joined the rally outside parliament with his wife and daughters, age 7 and 18 months. “I wanted my kids to be here, making history, at a historic moment, and show we people can win,” he said.

The impeachment culminated a series of mass protests demanding for the resignation of Park, 64, who has been accused of colluding with a friend and a former aide, both of whom have been indicted by prosecutors, to pressure big businesses to donate to two foundations set up to back her policy initiatives. The scenario is vaguely familiar of a similar “non-scandal” to take place in recent years in the US when a particular presidential candidate was accused to exchanging political benefits for foreign cash.

Park, who is serving a single five-year term that was set to end in February 2018, has denied wrongdoing but apologized for carelessness in her ties with her friend, Choi Soon-sil. If Park leaves office early, an election must be held within 60 days. The poll frontrunners are United Nations Secretary-General Ban Ki-moon and ex-lawmaker Moon Jae-in, the former leader of the main opposition Democratic Party, who lost the 2012 election to Park by 3 percentage points.

* * *

“The power of candles has made a big change without any arrest or casualty,” said third-placed presidential hopeful Lee Jae-myeong, mayor of the city of Seongnam, referring to the candle-lit anti-Park rallies that have drawn huge, peaceful crowds to central Seoul for the last six Saturdays.  Another rally was planned for this weekend.

“It has opened up a new era in the history of the Republic of Korea’s democracy,” Lee – who has said he wants to be the South Korean Bernie Sanders – told Reuters. Kang Dong-wan, a professor at Dong-A University in Busan, said the large impeachment vote from Park’s own party was probably a result of rising crowds at weekly demonstrations. “It looks like more from the ruling Saenuri Party gave their support than many had expected after realizing that the party could collapse if the bill doesn’t get approved,” Kang said.

Prime Minister Hwang, whose post is largely ceremonial, assumed interim presidential powers while the court deliberates.

He takes the helm at a time of heightened tension with North Korea, and said after the vote that the chances of a provocation by Pyongyang were high. Various agencies, including the Finance Ministry and financial regulators, planned emergency meetings later on Friday.

South Korea’s economic outlook is also worsening, in part because of the internal political uncertainty. Investors are likely to be spooked when trading resumes on Monday and remain jittery until the Constitutional Court ruling, analysts said. The won =KRW was forecast to lose further ground against the dollar on Monday.

* * *

What happens next? According to Reuters, the daughter of a military ruler who led the country for 18 years before being assassinated by his disgruntled spy chief in 1979, Park would lose presidential immunity if she left office early, and could be prosecuted for abuse of power and bribery, among other charges. The Constitutional Court will determine whether parliament followed due process and whether there were sufficient grounds for impeachment. Arguments from the two sides will be heard in public hearings, which Park is unlikely to attend.

The nine-member Constitutional Court is considered conservative in its make-up, but some of its former judges have said the case against Park is strong and was likely to be approved. In 2004, parliament impeached then-president Roh Moo-hyun, suspending his powers for 63 days while the court reviewed the decision, which it overturned. Unlike now, on that occasion public opinion was against Roh’s impeachment.  The prime minister at the time, Goh Kun, said in a 2013 memoir that he had decided to stay “low-key” while he held the reins of power.

END

b) REPORT ON JAPAN

none today

c) REPORT ON CHINA

4 EUROPEAN AFFAIRS

Italy/Monte Paschi  2 stories

The ECB rejects Pashi’s request for more time for solve its problems.  I think that they will be nationalized tonight

(courtesy zero hedge)

ECB Calls Italy’s Bluff, Rejects Monte Paschi Request For More Time To Raise Capital

Earlier this week, we reported that according to the FT, a suddenly empowered Rome was demanding that the ECB give it more time to rescue Italy’s Monte Paschi show private bailout effort has effectively failed. What is surprising is that Italy was “preparing to blame the bank for losses imposed on bondholders if Rome is forced into an urgent state bailout”, a negotiating tactic we dubbed at the time blackmail.

The board of MPS, which has the Italian Treasury as its largest shareholder, was asking the supervisory arm of the European Central Bank to give it until mid-January to pull off a €5bn equity injection and try to avoid forcing losses on some debtholders as required under new EU bailout rules.  And this is where the blackmail came  in: cited by the FT, a person involved in the negotiations warned that “If they don’t give the extension, the ECB must take responsibility. They will be pushing the button. We are only asking for five more weeks.”

According to Reuters, as of moments ago the ECB has called Italy’s bluff, and the central bank “has rejected a request by ailing Italian lender Monte dei Paschi di Siena for more time to raise capital, a source said on Friday, in a move that piles pressure on the Italian government to bail out the bank.”

The ECB’s supervisory board turned down the request at a meeting on Friday on the grounds that a delay would be of little use and that it was time for Rome to step in, the source said.

The news follows an earlier report according to which the head of the euro zone bailout fund said it was not preparing financial support for Italy though some individual Italian banks have problems and need to raise capital, the head of the fund said on Friday. Klaus Regling spoke two days after the Italian daily La Stampa reported that Italy was set to ask the ESM for a loan of 15 billion euros, quoting sources from the Treasury.

“We are not preparing anything. There are lots of rumors … but this is not the case, we have not been approached by the Italian government (for help),” Regling told reporters in the Finnish capital Helsinki.

He said that Italy did not have a nationwide problem with its banking sector, despite the need of some individual lenders to raise more capital. “This is not at all like in 2009 or 2010 when we had several European countries with countrywide banking problems. Italy is not in that situation today,” he said. “Banks are stronger; they have used the last few years to strengthen their capital.”

He added that the ESM had instruments available to respond to any future emergency. “In theory, we are available to take capital in banks, to do direct banking capitalization. We supported the Spanish banking system in 2012. But again, this is not under consideration.”

It may soon have to be.

As Reuters adds, the Italian government is expected to intervene to recapitalize the bank to avert the risk of it being wound down. The failure of Monte dei Paschi could threaten the savings of thousands of retail investors, ripple across the wider banking sector and provoke a financial crisis in the euro zone’s third-biggest economy. Italy faces the risk of early elections, and the prospect of an anti-euro party coming to power, after Prime Minister Matteo Renzi quit this week following the heavy defeat of his plan to reform the constitution in a weekend referendum.

end

Monte Paschi Stock, Bonds Collapse After ECB Rejection

Having soared ridiculously (25% off Tuesday lows) following its dip after the Italy referendum ‘no’ vote, ailing Italian lender Monte dei Paschi di Siena has seen its stocks and bonds eviscerated in today’s trading as reality dawns that the fecal matter in Italy is about to strike the rotating object. ECB’s rejection of Paschi’s request for more time has sparked wholesale selling across the Italian banking system.

BMPS shares are now down for the week -after being up over 15% following the Italy vote…

And BMPS sub bonds have collapsed, proving once again that this market is clueless… after bouncing on Draghi’s dovishly hawkish taper/extension.

The sub bonds involved in the debt-for-equity swap have colapsed 1000-1500bps on local platforms.

Perhaps Draghi’s omniptence is questionable after all?

end

Germany

German newspaper Bild along with Buba’s chief Weidmann and Schauble are angry at the Draghi extension yesterday:

(courtesy Bild/zero hedge)

The Angry German Press Reacts To Draghi’s QExtension

Back in March, when the ECB unexpectedly announced it would begin buying corporate bonds, while the German population was rather angry, its media was furious. The best example of the fury came from Germany’s Handelsblatt, which in an article titled “The dangerous game with the money of the German savers”, the authors provide a metaphorical rendering of what is happening in Europe as follows:

The publication also painted a caricature of the man behind Europe’s monetary policy:

Fast forward to yesterday, when Mario Draghi once again infuriated the Germans by announcing the ECB would extend its QE program until the end of 2017, purchasing a modestly lower €60 billion starting in April through December (with the option to expand it should the economy falter again), but what Germany heard was “more, more, more money printing”…. and reacted.

As a result, Germany’s favorite tabloid Bild, once again slammed Draghi on Friday and asked “when does Draghi’s money bomb go off?” with a picture of the Italian’s face on a bomb with a lit fuse.

The ECB has previously infurated Germany having spent more than €1.4 trillion euros buying bonds and is at risk of running out of things to buy. As shown previously, following yesterday’s revised purchasing schedule, the ECB is set to surpass the Fed as the central bank with the largest balance sheet in the world in 2017.

Germany’s Bundesbank argues that this blurs a legal line and amounts to financing of government budgets, which would go beyond the remit of the central bank. Yesterday Buba’s Weidmann said he disagreed with Draghi’s extension of Qe.

German Finance Minister Wolfgang Schaeuble echoed Weidmann’s sentiment, and called on the ECB to start unwinding its expansive monetary policy.

Then the press got involved:

“The ECB chief is again putting billions at the disposal of crisis countries,” added Bild, which during the euro zone crisis gifted Draghi a spiked Prussian helmet from 1871 to show its confidence the Italian would adhere to German-style discipline.

Cited by Reuters, Markus Soeder, finance minister in the conservative southern state of Bavaria, said the extension of the ECB’s low interest rates and asset purchases sent the wrong signal to countries in the south of the euro zone, especially Italy.

Soeder told the Funke Mediengruppe newspaper chain: “Savers and owners of life insurance in Germany are paying the price for the reform sloppiness with interest losses in three-digit billions.” Did they forget to BTFD?

 

 

end

Holland

Crazy!! Dutch court convicts Wilders of insulting Moroccans

(courtesy zero hedge)

Dutch Anti-Islam Politician Geert Wilders Convicted Of Insulting, Inciting Discrimination Against Moroccans

A Dutch court convicted politician Geert Wilders of insulting and inciting discrimination against Moroccans, but it imposed no penalty on him. Wilders was charged regarding a 2014 incident in which he urged his supporters to chant they wanted “Fewer! Fewer! Fewer!” Moroccans in the Netherlands. The Dutch Moroccan minority was outraged and pressed charges.

Prosecutors say that Wilders, who in 2011 was acquitted at another hate speech trial for his outspoken criticism of Islam, overstepped the limits of free speech by specifically targeting Moroccans. He had denied the charges and insisted he was performing his duty as a political leader by pointing out a problem in society.

Abdou Menebhi, president of the Euro-Mediterranean Center for Migration and Development, welcomed the judgment. “For us, it’s a very important verdict,” he told The Associated Press. “This gives the Moroccans who felt like victims a renewed belief in a democratic society.”

He said it also sent a message to Wilders’ supporters to be careful. “This man is not looking for solutions for you,” Menebhi said. “His is an ideology of smearing Europe, migrants, Muslims, without offering alternatives.”

Wilders was not in court for the verdict that came just over three months before national elections. His Party for Freedom is narrowly leading a nationwide poll of polls and has risen in popularity during the trial.

The EU Observer reports that the court said it has “legally and convincingly proven” that Wilders insulted Moroccans as a group. Meanwhile, Wilders denied any wrongdoing, saying the comments he made, which also included referring to Moroccans as “scum,” are protected as free speech. Commenting on the verdict, Judge Hendrik Steenhuis said the court decided not to impose a sentence on Wilders, as the conviction was punishment enough for a democratically-elected lawmaker.

Wilders is now planning to appeal his conviction, RTL Nieuws reported. He has two weeks to do so. The Dutch anti-EU politician, has made a name for himself as an outspoken orator, often provoking outrage with his remarks. He repeatedly said his trial is a politically-motivated attempt to damage the image of the Dutch Party for Freedom (PPV), which is headed by Wilders and which has become the most popular party in opinion polls recently, with an election in the Netherlands just around the corner.

In a tweet following the announcement of the court’s decision, Wilders said his conviction was “madness,” and called the judges “haters” of his far-right party.

Three PVV hating judges declare that Moroccans are a race and convict me and half of the Netherlands.

Madness.

Wilders quickly released a video message, in English and Dutch, slamming the judgment and vowing to appeal. “Today, I was convicted in a political trial which, shortly before the elections, attempts to neutralize the leader of the largest and most popular opposition party,” Wilders said. “They will not succeed.”

Even before the hearing, Wilders had vowed not to be silenced. “Whatever the verdict, I will continue to speak the truth about the Moroccan problem, and no judge, politician or terrorist will stop me,” he tweeted.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

none today

6.GLOBAL ISSUES

none today

7. OIL ISSUES

USA rig counts rises again for the 25th out of 27 past weeks.  No wonder production is rising in the USA

(courtesy zero hedge)

WTI Slides As US Oil Rig Count Spikes Most Since April 2014

For the 25th of the last 27 weeks, Baker Hughes reports the oil rig count rose this week. With the biggest rise (+21) since April 2014 to 498, the highest since January 2016.

 

 

Signaling US shale production set to rise dramatically…

end
We have been warning you on this:  Chinese facilities that are storing oil similar to the USA storage is running out of space.  China has about 1 1/2 yrs of extra oil in strategic reserves.
(courtesy Paraskova/OilPrice.com)

A Major Red Flag? Chinese Oil Demand Growth Could Shrink 60% In 2017

Submitted by Tsvetana Paraskova via OilPrice.com,

Chinese growth of crude oil imports may likely shrink by more than 60 percent next year, as storage facilities are filling in and smaller refiners face more scrutiny over taxes and licenses, according to a Bloomberg survey of analysts.

According to Energy Aspects analyst Michal Meidan, Chinese crude oil imports are expected to grow by 5 to 9 percent in 2017, compared to an estimated growth of 11 to 14 percent this year.

According to customs data quoted by Bloomberg, Chinese imports increased by 14 percent to average 7.5 million bpd between January and November this year. The median estimate of 8 analysts in the survey showed that China would increase oil purchases by 4.8 percent on the year in 2017.

In addition, China has been bumping up crude oil imports while port and pipeline infrastructure has not been keeping up with development fast enough, which could also reduce the growth of imports.

For the small refiners, the so-called ‘teapots’, they are allocated import quotas to which they need to stick to. As of October of this year, 17 teapots had been allocated a combined quota of 1.35 million bpd for 2016, while a dozen other small refiners are in the process of being approved.

According to Pang Guanglian, deputy secretary general of the China Petroleum and Chemical Industry Federation—one of the associations reviewing import quotas—the amount of additional new quotas for private refiners could fall “significantly” next year compared to this year, Bloomberg said.

A few months ago, the Chinese authorities announced an attempt to impose stricter control on taxes paid by independent refineries.According to a Platts analysis, this might potentially result in slowed short-term crude import plans, although it was unlikely to lead to substantial impacts in the longer run.

end

8. EMERGING MARKETS

none today

end

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings FRIDAY morning 7:00 am

 

Euro/USA   1.0557 DOWN .0066/REACTING TO  + huge Deutsche bank problems + USA election:/TRUMP WINS THE ELECTION/USA READY TO GO ON A SPENDING BINGE WITH THE TRUMP VICTORY/ITALIAN REFERENDUM DEFEAT/AND NOW ECB TAPERING BOND PURCHASES

USA/JAPAN YEN 115.10  UP 1.050(Abe’s new negative interest rate (NIRP), a total DISASTER/SIGNALS U TURN WITH INCREASED NEGATIVITY IN NIRP/JAPAN OUT OF WEAPONS TO FIGHT ECONOMIC DISASTER/KURODA:  HELICOPTER MONEY  ON THE TABLE AND DECISION ON SEPT 21 DISAPPOINTS WITH STIMULUS/OPERATION REVERSE TWIST

GBP/USA 1.2584 UP .0003 (Brexit by March 201/UK government loses case/parliament must vote)

USA/CAN 1.3187 DOWN .0010 (CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT FROM EU)

Early THIS FRIDAY morning in Europe, the Euro FELL by 5 basis points, trading now WELL BELOW the important 1.08 level FALLING to 1.0557; Europe is still reacting to Gr Britain BREXIT,deflation, announcements of massive stimulation (QE), a proxy middle east war, and the ramifications of a default at the Austrian Hypo bank, an imminent default of Greece, Glencore, Nysmark and the Ukraine, along with rising peripheral bond yield further stimulation as the EU is moving more into NIRP, and now the Italian referendum defeat AND NOW THE ECB TAPERING OF ITS PURCHASES/ THE USA’S NON tightening by FAILING TO RAISE THEIR INTEREST RATE AND NOW THE HUGE PROBLEMS FACING TOO BIG TO FAIL DEUTSCHE BANK + THE ELECTION OF TRUMP IN THE USA / Last night the Shanghai composite CLOSED UP 17.51 0r 0.54%     / Hang Sang  CLOSED DOWN 100.86 POINTS OR 0.44%   /AUSTRALIA IS HIGHER BY 0.30% / EUROPEAN BOURSES ALL IN THE GREEN 

We are seeing that the 3 major global carry trades are being unwound. The BIGGY is the first one;

1. the total dollar global short is 9 trillion USA and as such we are now witnessing a sea of red blood on the streets as derivatives blow up with the massive rise in the rise in the dollar against all paper currencies and especially with the fall of the yuan carry trade. The emerging market which house close to 50% of the 9 trillion dollar short is feeling the massive pain as their debt is quite unmanageable.

2, the Nikkei average vs gold carry trade ( NIKKEI blowing up and the yen carry trade HAS BLOWN up/and now NIRP)

3. Short Swiss franc/long assets blew up ( Eastern European housing/Nikkei etc.

These massive carry trades are terribly offside as they are being unwound. It is causing global deflation ( we are at debt saturation already) as the world reacts to lack of demand and a scarcity of debt collateral. Bourses around the globe are reacting in kind to these events as well as the potential for a GREXIT>

The NIKKEI: this FRIDAY morning CLOSED UP 230.90 POINTS OR 1.23%

Trading from Europe and Asia:
1. Europe stocks ALL IN THE GREEN 

2/ CHINESE BOURSES / : Hang Sang CLOSED DOWN 100.86 OR 0.44%   Shanghai CLOSED UP 17.51 POINTS OR 0.54%   / Australia BOURSE IN THE GREEN /Nikkei (Japan)CLOSED UP 230.80 POINTS OR 1.23%/  INDIA’S SENSEX IN THE GREEN

Gold very early morning trading: $1163.60

silver:$16.90

Early FRIDAY morning USA 10 year bond yield: 2.431% !!! UP 4 IN POINTS from THURSDAY night in basis points and it is trading JUST BELOW resistance at 2.27-2.32%. THE RISE IN YIELD WITH THIS SPEED IS FRIGHTENING

 The 30 yr bond yield  3.133, UP 4 IN BASIS POINTS  from THURSDAY night.

USA dollar index early FRIDAY morning: 101.49 UP 40 CENT(S) from THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

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And now your closing FRIDAY NUMBERS

Portuguese 10 year bond yield: 3.85% UP 10  in basis point yield from THURSDAY  (does not buy the rally)

JAPANESE BOND YIELD: +.061% UP 1  in   basis point yield from  THURSDAY/JAPAN losing control of its yield curve

SPANISH 10 YR BOND YIELD:1.51%  UP 1  IN basis point yield from  THURSDAY (this is totally nuts!!/

ITALIAN 10 YR BOND YIELD: 2.04  UP 4  in basis point yield from THURSDAY 

the Italian 10 yr bond yield is trading 63 points HIGHER than Spain.

GERMAN 10 YR BOND YIELD: +.365% DOWN 2 IN  BASIS POINTS ON THE DAY

END

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IMPORTANT CURRENCY CLOSES FOR FRIDAY

Closing currency crosses for FRIDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/2:00 PM

Euro/USA 1.0546 DOWN .0075 (Euro DOWN 75 basis points/ represents to DRAGHI A COMPLETE POLICY FAILURE/

USA/Japan: 115.23 UP: 1.166(Yen DOWN 117 basis points/ 

Great Britain/USA 1.2563 DOWN 0.0021( POUND DOWN 21 basis points)

USA/Canada 1.3173 DOWN 0.0024(Canadian dollar UP 24 basis points AS OIL ROSE TO $51.39

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This afternoon, the Euro was DOWN by 75 basis points to trade at 1.0546

The Yen FELL to 115.23 for a LOSS of 117 basis points as NIRP is STILL a big failure for the Japanese central bank/HELICOPTER MONEY IS NOW DELAYED/BANK OF JAPAN NOW WORRIED AS AS THEY ARE RUNNING OUT OF BONDS TO BUY AS BOND YIELDS RISE  /OPERATION REVERSE TWIST ANNOUNCED SEPT 21.2016

The POUND FELL 21 basis points, trading at 1.2563/

The Canadian dollar ROSE by 24 basis points to 1.3172, AS WTI OIL ROSE TO :  $51.39

The USA/Yuan closed at 6.9041
the 10 yr Japanese bond yield closed at +.061% UP 1 IN  BASIS POINTS / yield/ 

Your closing 10 yr USA bond yield UP 7   IN basis points from THURSDAY at 2.46% //trading well ABOVE the resistance level of 2.27-2.32%) very problematic  USA 30 yr bond yield: 3.155 UP 8  in basis points on the day /

Your closing USA dollar index, 101.64 UP 55 CENTS  ON THE DAY/2.30 PM 

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for FRIDAY: 1:30 PM EST

London:  CLOSED UP 22.66 POINTS OR 0.33%
German Dax :CLOSED UP 24.21 POINTS OR 0.22%
Paris Cac  CLOSED UP 28.59 OR 0.60%
Spain IBEX CLOSED UP 24.20 POINTS OR 0.26%
Italian MIB: CLOSED DOWN 135.21 POINTS OR 0.73%

The Dow was UP 142.04 points or 0.72%  4 PM EST

NASDAQ UP  27.14  points or 0.50%  4.00 PM EST
WTI Oil price;  51.39 at 2:30 pm; 

Brent Oil: 54.14   2:30 EST

USA /RUSSIAN ROUBLE CROSS:  62.56 (ROUBLE UP  76/100 roubles from YESTERDAY)

TODAY THE GERMAN YIELD FALLS  TO +0.365%  FOR THE 10 YR BOND  2:30 EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today

Closing Price for Oil, 5 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 5 PM:$50.82

BRENT: $53.88

USA 10 YR BOND YIELD: 2.409%  and the dow goes up 297 points????

USA DOLLAR INDEX: 101.05 UP 83  cents(huge resistance at 101.80)

The British pound at 5 pm: Great Britain Pound/USA: 1.25849./ DOWN 43  BASIS POINTS.

German 10 yr bond yield at 5 pm: +.365%

END

And now your more important USA stories which will influence the price of gold/silver

TRADING IN GRAPH FORM

Another Day, Another Melt-Up In Stocks As Gold Hits 10-Month Lows

Why does this…

 

Keep making us think of this…

 

Quite a Week: The Dow, S&P, and Nasdaq closed higher every day this week for the first time in 5 years

  • Small Caps soared over 5% this week to record highs – 2nd biggest week since Jan 2013
  • Treasuries dropped for 5th week in a row to July 2015 lows
  • Gold down 5 weeks in a row to 10 month lows (longest losing streak since Nov 2015)
  • Oil closed lower for the first week in the last 4
  • USD Index up 4th of the last 5 weeks (highest weekly close since 2003)

 

And stocks were panic-bid again this afternoon…

 

Remember the Italy Referendum? It seems the VIX down, Stocks up relationship normalized today…

 

Small Caps are the biggest winners post Trump…

 

Financials and Energy continue to drive it all…

 

Look at the ‘random’ walk higher in financials… (and biotechs chaos)

 

“Most Shorted” stocks soared this week, though we note Friday saw the first down day in over a week…

 

Stocks are now the handy leaders on the year with the long-bond back to unch…

 

The USD Index soared post-ECB back to recent cycle highs…

 

The Loonie strengthened against the USD this week but Yen and Euro weakness were the main drivers of USD strength…

 

Treasury yields jumped across the curve with a notable steepening…

 

With the curve back near cycle steeps…

 

Crude ended the week unchanged…

 

Silver outperformed Gold this week

 

Gold is now down $190 from Trump-night highs to 10-month lows…

end

 

Inventories tumble .4% month over month which no doubt will cast some doubt on GDP growth in the 4th quarter. The critical inventory to sales ratio lowers to 1.30

(courtesy zero hedge)

GDP Hope Fades As Wholesale Inventories Tumble Most In 8 Months

For the 3rd month in a row , wholesale inventories dropped year-over-year (tumbling 0.4% MoM in October, the most since February) casting modest shadows on the Q4 GDP hope. Sales surged however, jumping 1.4% in October (double the 0.7% increase expected). Overall this reduced the critical inventories-to-sales ratio but it remains at notable cyclical highs.

The 3rd monthly decline in inventories YoY will not help GDP but wholesale sales surged most since Oct 2014…

Pushing inventories to sales lower – but still in notably recessionary territory…

The big question remains, what happens when the China credit impulse/US Govt spending flourish fades.

end

consumer confidence soars to 11 year highs on the Trump victory

(courtesy zero hedge)

The Dallas Pension system (public: Police/Firefighters) correctly suspends huge withdrawals:

(courtesy zero hedge)

In Unprecedented Move, Dallas Pension System Suspends Withdrawals

 

 

END

 

Nothing like draining the swamp:  Trump picks Cohn as chief economic advisor

(courtesy zerohedge)

Trump Picks Goldman President To Be Chief Economic Advisor

It appears squid can live well in the new normal swamp of a Donald Trump administration. Following the appointment of former Goldman alum Mnuchin as Treasury Secretary, NBC News reports that Goldman Sachs President and COO Gary Cohn has been selected as national economic council director.

Donald Trump has offered Goldman Sachs executive Gary Cohn a key economic post, which would add another of the firm’s veterans to the administration, sources close to Cohn told NBC News.

Goldman Sachs President, COO Gary Cohn has confirmed President-elect Trump offered him post of National Economic Council Director and assistant to president for economic policy, NBC News said, citing sources.

*  *  *

Of course, the big question is – does this appointment enable Cohn to dump his massively overbought $210 million worth of Goldman stock tax-free?


 

MSM Makes Trump a Devil, Stocks Are Sky High-Again, US Drought Moves EastBy Greg Hunter On December 9, 2016 In Weekly News Wrap-Ups

http://usawatchdog.com/wp-  content/uploads/2016/12/1a.png

By Greg Hunter’sUSAWatchdog.com (WNW 263, 12.09.16)

Time Magazine chose President-Elect Donald Trump as the “Person of the Year.” Is that the mainstream media (MSM) trying to make amends for the way they treated Trump? Maybe, but it appears Trump has devil horns by the way Time laid out the cover. It says it was an inadvertent mistake, but this is a magazine company with 90 “Person of the Year” covers. A professional magazine company that makes a mistake that big on an incoming President that the liberal biased media tried to destroy sounds disingenuous to me.

Stocks are hitting the 27 to 28 PE ratios again. This is what the price to earnings were the last time the markets melted down in 2008. Look out for a big correction.

For the first time in years, the State of California has one small part that is not in any drought. That’s the good news. The bad news is there is still a big part of the state that is still in a very extreme drought, and now, that drought has moved east to the southeast U.S. and is centered over Georgia. Some places have gone 100 days without rain. There is no end in sight to either drought.

Join Greg Hunter as he talks about these stories and more in the Weekly News Wrap-Up.

Video Link

http://usawatchdog.com/weekly-news-wrap-up-12-09-16-greg- hunter

end

Well that is all for tonight

I will see you Monday night

Harvey.

 

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5 comments

  1. Michael Kirtley · · Reply

    Before you consider the meeting with Goldman, review H/ Clinton meeting with them. Due your homework. The devil might be in the details.

    Like

  2. So now that the rigging has been proven and admitted too what happens?? fuck alll Gold and Silver keep going down as the rigging continues…and more useless info from harvey about deliveries and open interest and inventories…it all means nothing in avirtual paper world that controls everything

    Like

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