GOLD:$1499.75 UP $14.60 (COMEX TO COMEX CLOSING

Silver:$17.75 UP 32 CENTS (COMEX TO COMEX CLOSING) :

Closing access prices:

Gold : $1499.75

silver: $17.75

COMEX DATA

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

today RECEIVING: 332/589

EXCHANGE: COMEX
CONTRACT: DECEMBER 2019 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,482.500000000 USD
INTENT DATE: 12/23/2019 DELIVERY DATE: 12/26/2019
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 5
657 C MORGAN STANLEY 64
661 C JP MORGAN 332
737 C ADVANTAGE 4 31
800 C MAREX SPEC 1 20
880 H CITIGROUP 584
905 C ADM 19
991 H CME 118
____________________________________________________________________________________________

TOTAL: 589 589
MONTH TO DATE: 14,638

we are coming very close to a commercial failure!!

NUMBER OF NOTICES FILED TODAY FOR DEC CONTRACT: 589 NOTICE(S) FOR 58,900 OZ (1.832 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR: 14,638 NOTICES FOR 1,463800 OZ (45.53 TONNES)

SILVER

FOR DEC

134 NOTICE(S) FILED TODAY FOR 670,000 OZ/

total number of notices filed so far this month: 4124 for 20,620,000 oz

XXXXXXXXXXXXXXXXXXXXXXXXX

Bitcoin: OPENING MORNING TRADE : $ 7364 UP 50

Bitcoin: FINAL EVENING TRADE: $ 7173 DOWN 125

Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A HUMONGOUS SIZED 5810 CONTRACTS FROM 210,977 UP TO 216,787 WITH THE 26 CENT GAIN IN SILVER PRICING AT THE COMEX.

TODAY WE ARRIVED CLOSER TO AUGUST’S 2018 RECORD SETTING OPEN INTEREST OF 244,196 CONTRACTS.

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

; FEB 0; MARCH: 1768 AND ZERO FOR ALL OTHER MONTHS AND THEREFORE TOTAL ISSUANCE 1768 CONTRACTS. WITH THE TRANSFER OF 1768 CONTRACTS, WHAT THE CME IS STATING IS THAT THERE IS NO SILVER (OR GOLD) TO BE DELIVERED UPON AT THE COMEX AS THEY MUST EXPORT THEIR OBLIGATION TO LONDON. ALSO KEEP IN MIND THAT THERE CAN BE A DELAY OF 24-48 HRS IN THE ISSUING OF EFP’S. THE 1768 EFP CONTRACTS TRANSLATES INTO 8.84 MILLION OZ ACCOMPANYING:

1.THE 26 CENT GAIN IN SILVER PRICE AT THE COMEX AND

2. THE STRONG AMOUNT OF SILVER OUNCES WHICH STOOD FOR DELIVERY IN THE LAST 12 MONTHS:

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV: A HUGE 7.440 MILLION OZ STANDING AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ STANDING FOR JULY

10.025 MILLION OZ INITIAL STANDING IN AUGUST.

43.030 MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32 MILLION OZ INITIALLY STANDING IN OCT

2.630 MILLION OZ STANDING FOR NOV.

20.935 MILLION OZ INITIALLY STANDING IN DEC

YESTERDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO CONTAIN SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE 26 CENTS).. AND, OUR OFFICIAL SECTOR/BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS THE TOTAL GAIN IN OI ON BOTH EXCHANGES TOTALED 7578 CONTRACTS. OR 37.89 MILLION OZ…..

ALSO KEEP IN MIND THAT THE SPREADERS HAVE ALREADY STARTED THEIR INCREASE OF OI CONTRACTS IN SILVER. AND THAT IS PROBABLY THE REASON FOR THE STRONG GAIN IN COMEX OI.WE SHOULD SEE THE SPREADING LIQUIDATION PHASE BEGIN DURING THIS COMING WEEK.

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

29,552 CONTRACTS (FOR 19 TRADING DAYS TOTAL 29,552 CONTRACTS) OR 147.76 MILLION OZ: (AVERAGE PER DAY: 1555 CONTRACTS OR 7.776 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER: SO FAR THIS MONTH OF DEC: 147.76 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 19.84% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)* JUNE’S 345.43 MILLION OZ IS THE SECOND HIGHEST RECORDED ISSUANCE OF EFP’S AND IT FOLLOWED THE RECORD SET IN APRIL 2018 OF 385.75 MILLION OZ.

ACCUMULATION IN YEAR 2019 TO DATE SILVER EFP’S: 2,223.04 MILLION OZ.

JANUARY 2019 EFP TOTALS: 217.455. MILLION OZ

FEB 2019 TOTALS: 147.4 MILLION OZ/

MARCH 2019 TOTAL EFP ISSUANCE: 207.835 MILLION OZ

APRIL 2019 TOTAL EFP ISSUANCE: 182.87 MILLION OZ.

MAY 2019: TOTAL EFP ISSUANCE: 136.55 MILLION OZ

JUNE 2019 , TOTAL EFP ISSUANCE: 265.38 MILLION OZ

JULY 2019 TOTAL EFP ISSUANCE: 175.74 MILLION OZ

AUG. 2019 TOTAL EFP ISSUANCE; 216.47 MILLION OZ

SEPT 2019 TOTAL EFP ISSUANCE 174.900 MILLION OZ

OCT 2019 TOTAL EFP ISSUANCE: 146.14 MILLION OZ

NOV 2019 TOTAL EFP ISSUANCE: 213.60 MILLION OZ.

SPREADING LIQUIDATION HAS NOW STOPPED IN GOLD AS THEY MORPH INTO SILVER AS THEY HEAD TOWARDS THE NEW FRONT MONTH WILL BE JANUARY. THE CONTRACTION PHASE WILL BEGIN THIS WEEK.

FOR THOSE OF YOU WHO ARE NEW, HERE IS THE MODUS OPERANDI OF THE SPREADERS AND THE CRIMINAL ELEMENT BEHIND IT:

THE SPREADING LIQUIDATION OPERATION IS NOW OVER FOR GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER. THEY WILL ACCUMULATE CONSIDERABLE AMOUNT OF THE CONTRACTS AND THEN LIQUIDATE ONE WEEK PRIOR TO FIRST DAY NOTICE

FOR THOSE OF YOU WHO ARE NEWCOMERS HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF DEC HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF JANUARY FOR SILVER:

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

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE IN THIS ACTIVE MONTH OF DEC BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING NON ACTIVE DELIVERY MONTH (JAN), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

RESULT: WE HAD A HUMONGOUS SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 5810, WITH THE 26 CENT GAIN IN SILVER PRICING AT THE COMEX /YESTERDAY… THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1768 CONTRACTS WHICH EXITED OUT OF THE SILVER COMEX AND TRANSFERRED THEIR OI TO LONDON AS FORWARDS. SPECULATORS CONTINUED THEIR INTEREST IN ATTACKING THE SILVER COMEX FOR PHYSICAL SILVER (SEE COMEX DATA)

TODAY WE GAINED AN ATMOSPHERIC SIZED: 7578 TOTAL OI CONTRACTS ON THE TWO EXCHANGES:

i.e 1768 OPEN INTEREST CONTRACTS HEADED FOR LONDON (EFP’s) TOGETHER WITH INCREASE OF 5810 OI COMEX CONTRACTS. AND ALL OF THIS STRONG DEMAND HAPPENED WITH A 26 CENT GAIN IN PRICE OF SILVER AND A CLOSING PRICE OF $17.43 WITH RESPECT TO MONDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY!!

In ounces AT THE COMEX, the OI is still represented by JUST OVER 1 BILLION oz i.e. 1.055 BILLION OZ TO BE EXACT or 150% of annual global silver production (ex Russia & ex China).

FOR THE NEW FRONT DEC MONTH/ THEY FILED AT THE COMEX: 134 NOTICE(S) FOR 670,000 OZ OF SILVER

IN SILVER,PRIOR TO TODAY, WE SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70

ON THE DEMAND SIDE WE HAVE THE FOLLOWING:

HUGE AMOUNTS OF SILVER STANDING FOR DELIVERY (MARCH/2018: 27 MILLION OZ , APRIL/2018 : 2.485 MILLION OZ MAY: 36.285 MILLION OZ ; JUNE/2018 (5.420 MILLION OZ) , JULY 2018 FINAL AMOUNT STANDING: 30.370 MILLION OZ ) FOR AUGUST 6.065 MILLION OZ. , SEPT: A HUGE 39.505 MILLION OZ./ OCTOBER: 2,520,000 oz NOV AT 7.440 MILLION OZ./ DEC. AT 21.925 MILLION OZ JANUARY AT 5.825 MILLION OZ.AND FEB 2019: 2.955 MILLION OZ/ MARCH: 27.120 MILLION OZ/ APRIL AT 3.875 MILLION OZ/ A MAY: 18.845 MILLION OZ ..JUNE 2.660 MILLION OZ//JULY 22.605 MILLION OZ; AUGUST 10.025 MILLION OZ/ SEPT 43.030 MILLION OZ//OCT: 7.665 MILLION OZ// NOV: 2.630 MILLION OZ//DEC: 20.935 MILLION OZ
THE RECORD WAS SET IN AUGUST 22/2018: 244,196 CONTRACTS, WITH A SILVER PRICE OF $14.78//.
HUGE ANNUAL EFP’S ISSUANCE EQUAL TO 2.9 BILLION OZ OR 400% OF SILVER ANNUAL PRODUCTION/2017 RECORD SETTING EFP ISSUANCE FOR ANY MONTH IN SILVER; APRIL/2018/ 385.75 MILLION OZ/ AND THE SECOND HIGHEST RECORDED EFP ISSUANCE JUNE 2018 345.43 MILLION OZ

AND YET, WITH THE EXTREMELY HIGH EFP ISSUANCE, WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND. TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A VERY STRONG SIZED 7497 CONTRACTS TO 734,030 SETTING AN ALL TIME RECORD (SET DEC 24/2019) AND THUS ECLIPSING OUR PREVIOUS ALL TIME RECORD OF 728,365 (SET DEC 20/2019).

THE RISE IN COMEX OI OCCURRED WITH A $7.75 PRICING GAIN ACCOMPANYING COMEX GOLD TRADING// MONDAY// /

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A GOOD SIZED 4718 CONTRACTS:

DEC 2019: 0 CONTRACTS, FEB> 4718 CONTRACTS APRIL: 0 AND ALL OTHER MONTHS ZERO. The NEW COMEX OI for the gold complex rests at 734,030,,. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S. THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY. THEN THEY ORCHESTRATE THEIR PRIVATE EFP DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A VERY STRONG SIZED GAIN IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,215 CONTRACTS: 7,497 CONTRACTS INCREASED AT THE COMEX AND 4718 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS TOTAL OI GAIN OF 12,215 CONTRACTS OR 1,221,500 OZ OR 37.99 TONNES. MONDAY WE HAD A GAIN OF $7.75 IN GOLD TRADING….

AND WITH THAT GAIN IN PRICE, WE HAD A VERY STRONG GAIN IN GOLD TONNAGE OF 37.99 TONNES!!!!!! THE BANKERS/OFFICIAL SECTOR WERE SUPPLYING INFINITE SUPPLIES OF SHORT GOLD COMEX PAPER WITH RECKLESS ABANDON. THE BANKERS WERE UNSUCCESSFUL IN THEIR ATTEMPT TO LOWER GOLD’S PRICE (UP $7.75) . THEY WERE TOTALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE GOLD LONGS FROM THE GOLD ARENA AS WE HAD OUR STRONG GAIN IN OPEN INTEREST ON OUR TWO EXCHANGES (37.99 TONNES). THE SPREADING OPERATION HAS NOW SWITCHED OVER TO SILVER.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC : 129,198 CONTRACTS OR 12,919,800 oz OR 401.86 TONNES (19 TRADING DAY AND THUS AVERAGING: 6799 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE STRONG SIZE OF THESE EFP TRANSFERS : THIS MONTH IN 19 TRADING DAYS IN TONNES: 401.86 TONNES

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

THUS EFP TRANSFERS REPRESENTS 401.86/3550 x 100% TONNES =11.32% OF GLOBAL ANNUAL PRODUCTION

WE ARE WITNESSING AN INCREASING USE OF OUR EXCHANGE FOR PHYSICAL MECHANISM TO MOVE CONTRACTS OFF OF NY AND INTO LONDON. IT BEGAN IN JUNE 2019 AND CONTINUES TO THIS DAY.

ACCUMULATION OF GOLD EFP’S YEAR 2019 TO DATE: 6,127.96 TONNES

JANUARY 2019 TOTAL EFP ISSUANCE; 531.20 TONNES

FEB 2019 TOTAL EFP ISSUANCE: 344.36 TONNES

MARCH 2019 TOTAL EFP ISSUANCE: 497.16 TONNES

APRIL 2019 TOTAL ISSUANCE: 456.10 TONNES

MAY 2019 TOTAL ISSUANCE: 449.10 TONNES

JUNE 2019 TOTAL ISSUANCE: 642.22 TONNES

JULY 2019: TOTAL ISSUANCE: 591.56 TONNES

AUG. 2019 TOTAL ISSUANCE: 639.62 TONNES

SEPT 2019 TOTAL EFP ISSUANCE 509.57 TONNES

OCT 2019 EFP ISSUANCE 497.16 TONNES

NOV.2019 EFP ISSUANCE: 568.20 TONNES

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS. ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM. IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE.

Result: A STRONG SIZED INCREASE IN OI AT THE COMEX OF 7497 WITH THE PRICING GAIN THAT GOLD UNDERTOOK YESTERDAY($7.75)) //.WE ALSO HAD A GOOD SIZED NUMBER OF COMEX LONG TRANSFERRING TO LONDON THROUGH THE EFP ROUTE: 4718 CONTRACTS AS THESE HAVE ALREADY BEEN NEGOTIATED AND CONFIRMED. THERE OBVIOUSLY DOES NOT SEEM TO BE MUCH PHYSICAL GOLD AT THE COMEX. I GUESS IT EXPLAINS THE HUGE ISSUANCE OF EFP’S…THERE IS HARDLY ANY GOLD PRESENT AT THE GOLD COMEX FOR DELIVERY PURPOSES. IF YOU TAKE INTO ACCOUNT THE 4718 EFP CONTRACTS ISSUED, WE HAD A VERY STRONG SIZED GAIN OF 12,215 CONTRACTS IN TOTAL OPEN INTEREST ON THE TWO EXCHANGES:

4718 CONTRACTS MOVE TO LONDON AND 7497 CONTRACTS INCREASED AT THE COMEX. (IN TONNES, THE GAIN IN TOTAL OI EQUATES TO 37.99 TONNES). ..AND THIS INCREASE OF DEMAND OCCURRED WITH A GAIN IN PRICE OF $7.75 WITH RESPECT TO FRIDAY’S TRADING AT THE COMEX.

THE COMEX IS NOW UNDER FULL ASSAULT WITH RESPECT TO GOLD AND SILVER.

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

GLD...

WITH GOLD $14.60 TODAY//(COMEX-TO COMEX)

no change in gold inventory at the GLD

DEC 24/2019/Inventory rests tonight at 885.93 tonnes

SLV/

THIS MAKES NO SENSE WHATSOEVER:

WITH SILVER 26 CENTS TODAY

A HUGE PAPER WITHDRAWAL IN SILVER INVENTORY AT THE SLV

OF 1.028 MILLION OZ

DEC 18/INVENTORY RESTS AT 363.830 MILLION OZ.

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

end

OUTLINE OF TOPICS TONIGHT

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

1.Today, we had the open interest in SILVER ROSE BY A HUMONGOUS SIZED 5810 CONTRACTS from 210,977 UP TO 216,787 AND CLOSER TO A NEW COMEX RECORD. THE LAST RECORDS WERE SET IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER 2 1/2 YEARS AGO. THE PRICE OF SILVER ON THAT DAY: $17.89.

EFP ISSUANCE 1768

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

FOR FEB. 0; FOR MAR 1768: AND ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1768 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON. IF WE TAKE THE OI GAIN AT THE COMEX OF 6179 CONTRACTS TO THE 1786 OI TRANSFERRED TO LONDON THROUGH EFP’S, WE OBTAIN A HUMONGOUS AND CRIMINALLY SIZED GAIN OF 7578 OPEN INTEREST CONTRACTS. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES: 37.89 MILLION OZ!!! AND YET WE ALSO HAVE A STRONG DEMAND FOR PHYSICAL AS WE WITNESSED A FINAL STANDING OF GREATER THAN 30 MILLION OZ FOR JULY, A STRONG 7.475 MILLION OZ FOR AUGUST.. A HUGE 39.505 MILLION OZ STANDING FOR SILVER IN SEPTEMBER… OVER 2 million OZ STANDING FOR THE NON ACTIVE MONTH OF OCTOBER., 7.440 MILLION OZ FINALLY STANDING IN NOVEMBER. 21.925 MILLION OZ STANDING IN DECEMBER , 5.845 MILLION OZ STANDING IN JANUARY. 2.955 MILLION OZ STANDING IN FEBRUARY, 27.120 MILLION OZ FOR MARCH., 3.875 MILLION OZ FOR APRIL 18.765 MILLION OZ FOR MAY NOW 2.660 MILLION OZ FOR JUNE WITH JULY AT 22.605 MILLION OZ AUGUST AT 10.025 MILLION OZ// SEPT: 43.030 MILLION OZ///OCT: 7.32 MILLION OZ//NOV 2.63 MILLION OZ//DEC: 20.935 MILLION OZ//

RESULT: A STRONG SIZED INCREASE IN SILVER OI AT THE COMEX WITH THE 26 CENT GAIN IN PRICING THAT SILVER UNDERTOOK IN PRICING// FRIDAY. WE ALSO HAD A VERY STRONG SIZED 1768 EFP’S ISSUED TRANSFERRING COMEX LONGS OVER TO LONDON. TOGETHER WITH THE STRONG SIZED AMOUNT OF SILVER OUNCES STANDING FOR THIS MONTH, DEMAND FOR PHYSICAL SILVER CONTINUES TO INTENSIFY AS WE WITNESS SEVERE BACKWARDATION IN SILVER IN LONDON.

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED UP 19.93 POINTS OR 0.67% //Hang Sang CLOSED DOWN 42.20 POINTS OR 0.15% /The Nikkei closed UP 9.47 POINTS OR 0.04%//Australia’s all ordinaires CLOSED UP .17%

/Chinese yuan (ONSHORE) closed UP at 7.0070 /Oil UP TO 57.21 dollars per barrel for WTI and 64.13 for Brent. Stocks in Europe OPENED MIXED// ONSHORE YUAN CLOSED DOWN // LAST AT 7.0070 AGAINST THE DOLLAR. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 7.0086 TRADE TALKS STALL//YUAN LEVELS GETTING DANGEROUSLY CLOSE TO 7:1//TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP RAISED RATES TO 25%

3A//NORTH KOREA/ SOUTH KOREA

3b) REPORT ON JAPAN

3C CHINA

4/EUROPEAN AFFAIRS

i)EU/RUSSIA/GAZPROM/USA

European firms have stopped work on thew NordStream 2 pipeline. Gazprom has their own ships ready to go as they are immune to the USA sanctions

(zerohedge)

ii)FRANCE

Macron’s pension reform is still causing problems in France as half the trains in France have been grounded to a halt. Labour unions are striking this Christmas week.

(zerohedge)

iii)GERMANY/BMW

Another blow to BMW: SEC investigating whether the company is fabricating its sales numbers

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/GREECE/EU/SYRIA/RUSSIA

Turkey’s invasion of Northern Syria is causing major problems. Turkey needs oil and wants to steal the Cypriot gas (and some oil) discovered by Israel several years ago. The invasion by Turkey into Syria has caused the Russians and the Egyptians to side with Hafter’s Benghazi forces against Turkey’s alliance with Tripoli’s government. For their help Tripoli granted oil/gas rights to Turkey and this has caused a huge quagmire in the region. Now Turkey claims that it will not accept any more refugees and has given threats that it will expel some of the 3.7 million refugees on its soil over to Greece who also can ill afford to house them.

a must read..

(zerohedge)

6.Global Issues

SWEDEN

A good one: Daniel Lacalle tells us why negative rates destroys economic growth

(Daniel Lacalle)

7. OIL ISSUES

8 EMERGING MARKET ISSUES

9. PHYSICAL MARKETS

Konig (and I included) believe that we will not have a strong gold payment system

(Konig/GATA)

10. important USA stories which will influence the price of gold/silver

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

i)During this week we have a poor results from the Kansas City Fed mfg survey and the Philly Fed mfg index. Today it is the Richmond Fed reporting and it was a dismal report as it tumbled into contraction and this confirms the regional Fed survey that the economy is faltering

(zerohedge)

iii) Important USA Economic Stories

These guys are in trouble again as they for the 2nd time withheld documents from test pilots warning of problems with the 737 Max 8

(zerohedge)

iv) Swamp commentaries)

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

LET US BEGIN:

Let us head over to the comex:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A STRONG SIZED 7497 CONTRACTS, UP TO A NEW RECORD OF 734,030 (ECLIPSING OUR PREVIOUS NEW RECORD OF 728,365 SET DEC 20/2019) WITH THE GAIN OF $7.75 IN GOLD PRICING // MONDAY’S // COMEX TRADING)

WE ARE NOW IN THE ACTIVE DELIVERY MONTH OF DEC.. THE CME REPORTS THAT THE BANKERS ISSUED A GOOD SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4718 EFP CONTRACTS WERE ISSUED:

DEC: 00 ; FEB: 4178 AND APRIL: 00 ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4178 CONTRACTS.

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 12,215 TOTAL CONTRACTS IN THAT 4718 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A VERY STRONG SIZED 7497 COMEX CONTRACTS.

THE BANKERS SUPPLIED THE NECESSARY AND INFINITE AMOUNT OF SHORT PAPER IN GOLD. THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE //// (IT ROSE BY $7.75). AND THEY WERE MOST DEFINITELY UNSUCCESSFUL IN FLEECING ANY LONGS AS WE GAINED A VERY STRONG 12,215 CONTRACTS ON OUR TWO EXCHANGES…..

NET GAIN ON THE TWO EXCHANGES :: 12,215 CONTRACTS OR 1,221,500 OZ OR 37.99 TONNES.

We are now in the active contract month of DEC. This month is always the biggest delivery month of the year. Here we have a total of 727 open interest stand for a GAIN of 216 contracts. We had 10 notices filed on MONDAY so we GAINED ANOTHER STRONG 226 contracts or an additional 22,600 OZ will stand for delivery at the comex as they will try their luck finding physical metal on the this side of the pond as they refused to morph into London based forwards and well as negating a fiat bonus…queue jumping resumes with a vengeance.

we had: 589 notice(s) filed upon for 58,900 oz of gold at the comex.

The next non active contract month after Dec, is January and it saw its OI DECREASE by 178 contracts DOWN to 2617 which is STILL UNBELIEVABLY high for a January delivery month. Normally we see some rolling action as longs sell their January contracts and move to Feb. This is not happening..longs are refusing to roll and are standing pat!!

The next active delivery month after January is February and here we witnessed A GAIN OF 8460 in contracts UP to 520,999.

THE PAPER HELD FOR JANUARY IS IN VERY STRONG HANDS AND THESE GUYS ARE REFUSING TO ROLL. THIS IS ROUGHLY 8 TONNES OF GOLD WHICH WILL BE A HUGE RECORD STANDING FOR A GENERALLY WEAK JANUARY DELIVERY MONTH.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

And now for the wild silver comex results

Total COMEX silver OI ROSE BY A HUMONGOUS SIZED 5810 CONTRACTS FROM 210,977 UP TO 216,787(AND CLOSER TO THE NEW RECORD OI FOR SILVER SET ON AUGUST 22.2018. THE PREVIOUS RECORD WAS SET APRIL 9.2018/ 243,411 CONTRACTS) AND TODAY’S STRONG OI COMEX GAIN OCCURRED WITH A 26 CENT GAIN IN PRICING/FRIDAY.

WE ARE NOW INTO THE ACTIVE DELIVERY MONTH OF DEC.

Here we have a LOSS of 191 contracts DOWN to 197. We had 191 notices served up on longs yesterday, so we GAINED 0 contracts or an additional NIL oz will stand in this active delivery month of December as they guys refused to morph into London based forwards as well as negating a fiat bonus.

After December, we have a LOSS in the next front month of January of 23 contracts to stand at 580. The Feb non active month saw a GAIN of 18 contracts UP to 207. March is a very active month and here we witness a GAIN of 5672 contracts UP to 170,980

We, today, had 134 notice(s) filed for 670,000, OZ for the DEC, 2019 COMEX contract for silver

Gold	Ounces
Withdrawals from Dealers* Inventory in oz*	nil oz
Withdrawals from Customer* Inventory in oz*	898.53 oz HSBC
Deposits to the Dealer* Inventory in oz*	21,411.900 oz 666 kilobars Scotia
Deposits to the Customer* Inventory, in oz*	nil
No of oz served (contracts) today	589 notice(s) 58,900 OZ (1.832 TONNES)
No of oz to be served (notices)	138 contracts (13800 oz) 0.429 TONNES
Total monthly oz gold served (contracts) so far this month	14,638 notices 1,463,800 OZ 45.53 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*	xxx oz

we had 0 dealer entry:

We had 1 kilobar entries

666 kilobars

i) Out of HSBC 898.53 oz

To calculate the INITIAL total number of gold ounces standing for the DEC /2019. contract month, we take the total number of notices filed so far for the month (14,638) x 100 oz , to which we add the difference between the open interest for the front month of DEC. (727 contracts) minus the number of notices served upon today (589 x 100 oz per contract) equals 1,487,600 OZ OR 46.27 TONNES) the number of ounces standing in this active month of DEC

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

No of notices served (14,638 x 100 oz) + (727)OI for the front month minus the number of notices served upon today (589 x 100 oz )which equals 1,487,600 oz standing OR 46.27 TONNES in this active delivery month of DEC.

We GAINED 220 contracts or an additional 22000 oz will stand at the comex as they REFUSED TO morph into London based forwards.

WHY ARE THEY NOT SETTLING?

THE COMEX IS AN ABSOLUTE FRAUD..

Silver	Ounces
Withdrawals from Dealers* Inventory*	NIL oz
Withdrawals from Customer Inventory	4804.300 oz CNT HSBC
Deposits to the Dealer* Inventory*	342,712.01 oz Brinks
Deposits to the Customer Inventory	610,131.600 oz CNT Delaware
No of oz served today (contracts)	134 CONTRACT(S) (670,000 OZ)
No of oz to be served (notices)	63 contracts 315,000 oz)
Total monthly oz silver served (contracts)	4124 contracts 20,620,000, 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*

i) Into the Dealer Brinks: 342,712.01 oz

ii) Into CNT: 609,194.800 oz

iii) Into Delaware: 936.800 oz

total dealer silver: 89.170 million

total dealer + customer silver: 317.787 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The total number of notices filed today for the DEC 2019. contract month is represented by 134 contract(s) FOR 670,000 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 4124 x 5,000 oz = 20,670,000 oz to which we add the difference between the open interest for the front month of DEC. (197) and the number of notices served upon today 134 x (5000 oz) equals the number of ounces standing.

Thus the INITIAL standings for silver for the DEC/2019 contract month: 4124 (notices served so far) x 5000 oz + OI for front month of DEC (197)- number of notices served upon today (134) x 5000 oz equals 20,935,000 oz of silver standing for the DEC contract month.

We gained 0 contracts or an additional NIL oz will stand at the comex as they, refused to morphed into London based forwards.

LADIES AND GENTLEMEN: THE COMEX IS UNDER ASSAULT FOR BOTH PHYSICAL GOLD AND SILVER WITH SILVER IN THE LEAD BY FAR. DESPITE MASSIVE RAIDS, LONGS CONTINUE WITH THEIR HUNT AT THE COMEX FOR PHYSICAL METAL.. IT WILL NOT BE LONG BEFORE WE WITNESS A COMMERCIAL FAILURE..STAY TUNED..WE WITNESSED CONSIDERABLE BANKER SHORT COVERING IN SILVER TODAY AND AN ATTEMPTED BANKER SHORT COVERING IN GOLD WITH ZERO SUCCESS.

TODAY’S ESTIMATED SILVER VOLUME: 63.001 CONTRACTS //

CONFIRMED VOLUME FOR YESTERDAY: 67,668 CONTRACTS..

YESTERDAY’S CONFIRMED VOLUME OF 67,6682 CONTRACTS EQUATES to 338 million OZ 48.3% OF ANNUAL GLOBAL PRODUCTION OF SILVER..makes sense!!

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42
The previous record was 224,540 contracts with the price at that time of $20.44

NPV for Sprott

1. Sprott silver fund (PSLV): NAV FALLS TO -1.91% ((DEC 24/2019)
2. Sprott gold fund (PHYS): premium to NAV RISES TO -1.27% to NAV (DEC 24/2019 )
Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/ -1.91%

(courtesy Sprott/GATA)

3.SPROTT CEF.A FUND (FORMERLY CENTRAL FUND OF CANADA):

NAV 14.87 TRADING 14.34///DISCOUNT 3,57

END

And now the Gold inventory at the GLD/

DEC 24/WITH GOLD UP $14.60//NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 885.93 TONNES

DEC 23/WITH GOLD UP $7.75: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.64 TONNES OF PAPER GOLD INTO THE GLD////INVENTORY RESTS AT 885.93 TONNES

DEC 20/WITH GOLD DOWN $3.15 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 883.29 TONNES

DEC 19/WITH GOLD UP $6.65 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 2.65 TONNES INTO THE GLD///INVENTORY RESTS AT 883.29 TONNES

DEC 18/WITH GOLD DOWN $2.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 5.56 TONNES FROM THE GLD////INVENTORY RESTS AT 880.66 TONNES

DEC 17/WITH GOLD UP $.30 TODAY: 1 SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF .29 TONNES/INVENTORY RESTS AT 886.22 TONNES

DEC 16//WITH GOLD DOWN $.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 885.93 TONNES

DEC 13/ WITH GOLD UP $8.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 885.93 TONNES

DEC 12/WITH GOLD DOWN $2.65: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 885.93 TONNES

DEC 11/WITH GOLD UP $7.00: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF .30 TONNES/INVENTORY RESTS AT 885.93 TONNES

DEC 10//WITH GOLD UP $3.00: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 886.23 TONNES

DEC 9//WITH GOLD DOWN $.60: A HUGE PAPER WITHDRAWAL OF GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.34 TONNES//INVENTORY RESTS AT 886.23 TONNES

DEC 6//WITH GOLD DOWN $16.75 NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 888.57 TONNES

DEC 5/2019: WITH GOLD UP $3.60 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF .59 TONNES/INVENTORY RESTS AT 888.57 TONNES

DEC 4/2019/WITH GOLD DOWN $4.00 TODAY//NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 889.16 TONNES

DEC 3/WITH GOLD UP $15.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 7.32 TONNES/INVENTORY RESTS AT 889.16 TONNES

DEC 2 /WITH GOLD DOWN $.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 895.60 TONNES

NOV 29/WITH GOLD UP $9.85//A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL TO PAY FOR FEES ETC./INVENTORY RESTS AT 895.60 TONNES

NOV 27//WITH GOLD DOWN $6.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 896.48 TONNES//

NOV 26/WITH GOLD UP $3.10 TODAY:: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER GOLD DEPOSIT OF 4.69 TONNES INTO THE GLD///INVENTORY RESTS AT 896.48 TONNES

NOV 25/WITH GOLD DOWN $6.45: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 891.79 TONNES

NOV 22/WITH GOLD DOWN $1.00//NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 891.79 TONNES

NOV 21/ WITH GOLD DOWN $10.85 //NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 891.79 TONNES

NOV 20/WITH GOLD UP $.50 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 891.79 TONNES

NOV 19/WITH GOLD UP $2.40 TODAY: A HUGE CHANGE: A MASSIVE PAPER WITHDRAWAL OF 4.98 TONNES OF GOLD FROM THE GLD AND THIS WITH A GOLD PRICE RISE?/INVENTORY RESTS AT 891.79 TONNES

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

DEC 24/2019/Inventory rests tonight at 885.93 tonnes

*IN LAST 731 TRADING DAYS: 51.32 NET TONNES HAVE BEEN REMOVED FROM THE GLD
*LAST 631 TRADING DAYS: A NET 115.73 TONNES HAVE NOW BEEN ADDED INTO THE GLD INVENTORY.

end

Now the SLV Inventory/

DEC 24 WITH SILVER UP 32 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 363.830 MILLION OZ//

DEC 23/WITH SILVER UP 26 CENTS TODAY: A HUGE PAPER WITHDRAWAL OF 1.028 MILLION PAPER OZ IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 363.830 MILLION OZ//

DEC 20/WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 364.858 MILLION OZ//

DEC 19/WITH SILVER UP 11 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 364.858 MILLION OZ//

DEC 18/WITH SILVER DOWN 3 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 364.858 MILLION OZ//

DEC 17//WITH SILVER DOWN 5 CENTS TODAY: A FAIR SIZED CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 747,000 OZ FROM THE SLV/INVENTORY RESTS AT 364.858 MILLION OZ/?

DEC 16/WITH SILVER UP 12 CENTS: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 13//WITH SILVER UP 7 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 12/WITH SILVER UP 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 365.605 MILLION OZ

DEC 11/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 10//WITH SILVER UP 5 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY: A PAPER WITHDRAWAL OF 1.495 MILLION OZ//// INVENTORY RESTS AT 365.605 MILLION OZ//

DEC 9/WITH SILVER UP 3 CENTS TODAY: A HUGE PAPER WITHDRAWAL OF 1.869 MILLION OZ FROM SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 367.100 MILLION OZ/

DEC 6/WITH SILVER DOWN 42 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 368.969 MILLION OZ//

DEC 5//WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 368.969 MILLION OZ//

DEC 4/WITH SILVER DOWN 31 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 368.969 MILLION OZ//

DEC 3//WITH SILVER UP 25 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 1.512 MILLION OZ FROM THE SLV.//INVENTORY RESTS AT 368.969 MILLION OZ..

DEC 2/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 370.481 MILLION OZ

NOV 29/WITH SILVER UP 4 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER WITHDRAWAL OF 2.383 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 370.481 MILLION OZ//

LIBOR SCHEDULE AND GOFO RATES:

YOUR DATA…..

6 Month MM GOFO 1.96/ and libor 6 month duration 1.92

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

G0LD LENDING RATE: – .04

XXXXXXXX

12 Month MM GOFO
+ 1.94%

LIBOR FOR 12 MONTH DURATION: 2.00

GOFO = LIBOR – GOLD LENDING RATE

GOLD LENDING RATE – 0.06

end

PHYSICAL GOLD/SILVER STORIES
i) GOLDCORE BLOG/Mark O’Byrne

ii) Important gold commentaries courtesy of GATA/Chris Powell

Konig (and I included) believe that we will not have a strong gold payment system

(Konig/GATA)

J.P. Koning: A new era of digital gold payments systems?

Submitted by cpowell on Tue, 2019-12-24 04:35. Section: Daily Dispatches

11:30p ET Monday, December 23, 2019

Dear Friend of GATA and Gold:

Bullion Star researcher J.P. Koning tonight describes the history of internet gold payment systems and explains why he doesn’t think such systems will gain many users. His analysis is headlined “A New Era of Digital Gold Payments Systems?” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/jp-koning/a-new-era-of-digital-gold-pa…

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

END

iii) Other physical stories:

GOLD TRADING TODAY

Gold Futures Jump Back Above $1500 As Silver Surges

The last few days have seen silver dramatically outperforming gold…

Source: Bloomberg

And while gold is surging back above $1500 today…

Back to China trade deal levels…

Testing its 100DMA…

Source: Bloomberg

Silver is once again outperforming…

Also breaking above its 100DMA…

Source: Bloomberg

But Palladium is the precious-est or precious metals in 2019…

Source: Bloomberg

All while the dollar is unchanged on the year.

END

The JJ Express..

If There Isn’t A Problem in Comex’s Silver and Gold Markets, Why So Much Paper?

Great and Wonderful Christmas Eve Everybody!

Gold is still gaining dollars with the trade at $1,493.90 up $5.20 after touching $1,496.90 before the pullback with the low at $1,488.10. Silver is up as well with the trade at $17.65, up 15.1 cents after hitting a high of $17.715 with the low at $17.425. The US Dollar is as stagnant as can be with the value pegged at 97.31, up 7.5 points, coming off the high of 97.39 with the low at 97.255. Of course, all of this has already happened before 5 am pst, the Comex open, the London close, and still before those 2 articles of impeachment are turned in for review by Pelosi, the outspoken withholder of truth.

In Venezuela, Gold gained another 75.91 Bolivar with the price now at 14,920.33 Bolivar with Silver gaining another 2.695 with the price at 176.279 Bolivar. In Argentina, Gold is now valued at 89,552.02 Pesos, proving a gain of 741.52 Pesos (x100 Ounce contract) with Silver now at 1,057.30 Pesos proving a gain of 18.80 Pesos (x 5,000 ounces per contract). In Turkey, Golds price is now at 8,891.24 Lira providing a gain of 54.04 T-Lira with Silver gaining 1.707 Lira with the price at 105.045 T-Lira. Not bad at all for a partial trading day.

The sellers of December Silver still seem reluctant as the delivery price gained another 11.2 cents with the trade at $17.515 and with a Volume of 3 up on the board with a trading range between $17.52 and $17.515. Silver’s delivery count dropped 191 obligations during yesterday’s trade leaving 197 fully paid for contracts waiting to get receipts or to deliver these pieces of EFP paper over to the City of London. Will our Resolute be buying more today? Stay tooned! The reason we ask this is because yesterday the Volume jumped from 2 to 23 with the last price at $17.41, in a way putting an exclamation point directly on the reluctant ones!

Silver’s Overall Open Interest is still gaining, even though most people are not trading during the holidays the algos are, with the total count now at 217,131 Overnighters proving an additional 6,068 pieces of paper had to be added on Monday in order to stay the price and keep it from exploding sharply higher. We are only 27,065 papered contracts away from breaking another new all-time high in paper over Silver! Maybe we’ll see it break through that paper barrier once again by next Monday, what can go wrong? Still, the question remains the same; if there isn’t a problem at the Comex, why so much paper?

Take a look at Gold’s All Time High in Paper Contracts at 734,509 Overnighters! This happened yesterday as well while the price traded higher. Where would the real price of Silver and Gold be if the regulators actually regulated the amount of paper used to control the price? We all know the response; the answers will come when the last bars are gone.

From all of us to all of you … We wish you all a Very Merry Christmas and a Very Happy Hanukkah.

Stay Strong!
J. Johnson

JeremiahJohnson@CableOne.net

Due to the criminal conviction of trader Edmonds, the USA prosecution is seeking to halt the civil lawsuit. I was misinformed: all discoveries in a civil suit are public and because of that, the prosecution gives the defendants the right to plead the 5th if their testimony incriminates them

(courtesy zerohedge/Chris Powell)

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

The U.S. wants a federal judge to halt a civil lawsuit accusing J. P. Morgan of manipulating precious metals markets. The Justice Department cited an ongoing criminal case as its reason for the request.
A former J. P. Morgan trader pleaded guilty in Connecticut last month to manipulation charges.
In the guilty plea, the trader said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors.

Dawn Giel | Dan Mangan

Published 3:33 PM ET Tue, 20 Nov 2018 Updated 10:32 AM ET Wed, 21 Nov 2018CNBC.com

Amr Alfiky | Reuters

A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in New York.

The Justice Department is asking a judge to put the brakes on a civil lawsuit against J. P. Morgan Chase, citing an ongoing probe into a “related criminal case” that involves alleged manipulation of precious metals markets.

The department wants a six-month postponement in the proceedings of the civil lawsuit, which was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders. The government also says it could ask for a longer delay in the case, according to a court filing on Monday.

The move comes days after Shak’s lawyer, David Kovel, sought permission to reopen questioning of two former J. P. Morgan traders and the bank’s current global head of base and precious metals trading.

Kovel, in making the request with the Manhattan federal judge in the civil case, cited last month’s guilty plea by one of those former traders, John Edmonds, in federal court in Connecticut.

Edmonds admitted making bogus bids on precious metals contracts while working at the bank from 2009 to 2015.

Neither J. P. Morgan Chase nor Kovel’s clients have opposed the Justice Department’s request.

In arguing for a delay, the Justice Department said Shak’s lawsuit is “related” to Edmonds’ criminal case and that Edmonds has “pleaded guilty and acknowledged his own participation in such conduct, as well as that of other traders.”

“Edmonds awaits sentencing, but the broader investigation is ongoing,” the Justice Department said. The U.S. wants to delay the civil case “to protect the integrity of its ongoing criminal investigation,” it said.

J. P. Morgan did not respond to a request for comment by CNBC. Kovel declined to comment.

Tuesday night, after this story first was published, Judge Paul Engelmayer ordered the federal prosecutors to explain in detail by Monday why postponing proceedings in the civil lawsuit would not harm those involved, and why reopening questioning “would be detrimental to the Government’s ongoing criminal investigation.”

Englemayer also wrote that he regards Edmonds’ guilty plea “as potentially highly consequential” to the civil case.

In his guilty plea, the 36-year-old Edmonds said he had learned to make bogus trade orders from senior traders at the bank and that he used the strategy hundreds of times with the knowledge and consent of his immediate supervisors. He admitted to working with “unnamed co-conspirators” at J. P. Morgan, according to the Justice Department.

Kovel wants to question Edmonds again as well as Michael Nowak, the bank’s global head of base and precious metal trading, and former J. P. Morgan Chase Managing Director Robert Gottlieb. The three had previously answered questions under oath in the civil case.

Kovel said in court filings that Nowak was the immediate supervisor of Edmonds, while Gottlieb was Edmonds’ mentor.

In his prior deposition, Edmonds said that Gottlieb sat only a “couple feet” away from him for about five years, and that he was “somebody [he] looked up to in the business,” who helped guide and train him.

Nowak is described by Edmonds as his direct supervisor, with whom he would sometimes discuss trading strategies. Nowak was also the person responsible for overseeing the performance and risk of Edmonds’ portfolio, according to the deposition.

Edmonds also stated in his prior deposition that he would enter precious metals trades for both Nowak and Gottlieb, among others.

The civil lawsuit claims Shak and his fellow plaintiffs lost tens of millions of dollars as a result of actions by J. P. Morgan’s traders.

A federal judge tells traders that they can combine cases (with the other 6 banks) as they accused JPMorgan of rigging the precious metals market

(courtesy CNBC)

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.
Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Spencer Platt | Getty Images

A group of traders from across the U.S. who allege that J. P. Morgan Chase manipulated precious metals markets for years are one step closer to bringing a class action suit against the nation’s largest bank.

Earlier this month, a federal judge said five separate lawsuits making similar allegations against the bank could be combined, potentially including thousands of people who traded in the precious metals market from Jan. 2009 through Dec. 2015.

Litigation in a separate civil case has been put on hold until at least May at the behest of the Justice Department, which is investigating a “related criminal case” that involves alleged market manipulation by precious metals traders at J. P. Morgan.

J. P. Morgan declined to comment on this story.

Judge John Koeltl of the Southern District of New York appointed the White Plains, N.Y., law firm Lowey Dannenberg as interim lead counsel for the proposed class action.

Vincent Briganti, a partner at the firm, filed the first suit seeking class action status in November on behalf of Dominick Cognata, a trader who alleges he suffered losses due to J.P. Morgan’s illegal trading conduct in the silver and gold futures and options markets.

That was after the federal court in Connecticut unsealed a criminal plea agreement by John Edmonds, a former J.P. Morgan metals trader. In his guilty plea, Edmonds, who is 36-years old, admitted that he and other “unnamed co-conspirators” fraudulently manipulated the precious metals markets while they were employed at J. P. Morgan from 2009 to 2015.

Edmonds said he had learned the illegal trading tactics from senior traders, and then used them hundreds of times with the knowledge of and consent of his immediate supervisors.

Briganti’s lawsuit also names John Edmonds and a group of yet-to-be-identified precious metals traders and the bank as defendants.

On Wednesday, the lawyers sent a letter to Judge Koeltl saying they were having difficulty locating Edmonds to serve him legal papers and requested a 30-day extension to do so, which the judge granted on Thursday. Briganti noted that they have been in contact with Edmonds’ attorney in the criminal case. Edmonds’ attorney and Briganti could not be reached for comment.

“We are hopeful that this extension will result in completing service on Mr. Edmonds without formal motion practice and a request for alternative means of service,” Briganti said in the letter.

The next step in the civil case is for the plaintiffs to file an amended class action complaint and set a schedule for defendants to respond.

In addition to the proposed class action, J. P. Morgan also faces a separate civil suit which also accuses the bank of rigging precious metals markets.

end

March 4.2019

Parker City News

JP Morgan faces potential class action lawsuit after guilty pleas by a former metals trader

Traders from across the U.S. are banding together to accuse J. P. Morgan Chase of manipulating precious metals markets for years.

At least six lawsuits, all making similar allegations against the nation‘s largest bank, have been filed in New York federal court in the past month, since federal prosecutors in Connecticut with a former J. P. Morgan Chase metals trader.

The cases could potentially include thousands of people who traded in the precious metals market. The White Plains, N.Y., law firm Lowey Dannenberg is asking the court to combine the cases and name it as the lead.

The law firm‘s commodities group is led by Vincent Briganti, the attorney who filed the first lawsuit on behalf of Dominick Cognata, a New York resident who alleges he suffered losses due to J. P. Morgan‘s trading conduct in the silver and gold futures and options markets.

A combined case, seeking class action status, would include anyone who purchased or sold futures contracts or an option on NYMEX platinum or palladium or COMEX silver or gold between at least Jan. 1, 2009, and Dec. 31, 2015. The lawyers believe that “at least hundreds, if not thousands” of traders would be eligible to join the case.

Named as defendants in all of the lawsuits are John Edmonds, a 36-year old former metals trader at J. P. Morgan, a group of yet-to-be-identified precious metals traders and the bank.

Edmonds, a New York resident, pleaded guilty in October to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud. In the criminal plea, Edmonds admitted that he and other “unnamed co- conspirators” at J. P. Morgan, fraudulently manipulated precious metals markets from 2009 to 2015, the same time frame covered in the class action suits.

Briganti filed the initial class action on Nov. 7, just one day after the Justice Department unsealed Edmonds‘ plea in the U.S. District Court of Connecticut.

Edmonds admitted in his guilty plea that he deployed the illegal trading scheme hundreds of times with the direct knowledge and consent of his immediate supervisors. Plaintiffs say they have suffered economic injury, including monetary losses, as a direct result of actions by Edmonds and the other unnamed J. P. Morgan metals traders in the futures and options contracts.

One of the suits alleges that “the number of unlawful trades that JP Morgan traders executed in precious metals futures markets is at least in the thousands.”

J. P. Morgan declined to comment. Lowey Dannenberg did not respond to a request for comment by CNBC.

The Justice Department‘s criminal investigation is still ongoing and recently caused a separate related civil case to be put on hold for at least six months while the government continues its investigation. That civil lawsuit, which also accuses J. P. Morgan of rigging the precious metals market, was filed in 2015 by hedge fund manager Daniel Shak and two commodity traders.

After reviewing the details of the plea agreement, David Kovel, the attorney for Shak‘s suit, sought to re- interview Edmonds, along with two other current and former senior traders at the bank. However, the government argued that reopening questioning would be detrimental to the ongoing criminal investigation. The federal judge overseeing the proceedings ordered a six-month stay in the civil case.

Kovel declined to comment.

Edmonds was originally scheduled to be sentenced in Hartford, Conn., on Wednesday, Dec. 19, but a court filing on Nov. 27 shows the sentencing has been postponed until June. A spokesman for the U.S. Attorney for Connecticut could not elaborate on why the sentencing was postponed since the court filing is under seal.

-END-

Justice Department stalls another class action in gold market rigging, this one against JPM

Submitted by cpowell on Tue, 2019-03-05 14:40. Section: Daily Dispatches

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

Proceedings in the federal class-action anti-trust lawsuit against JPMorganChase charging the investment bank with manipulating the gold and silver futures markets —

http://www.gata.org/node/18844

— have been suspended for three months at the request of the U.S. Justice Department, just as the department has arranged suspension of proceedings in the class-action anti-trust lawsuit against Deutsche Bank charging similar market manipulation.

…

In both cases the Justice Department has told U.S. District Court for the Southern District of New York that proceedings would jeopardize its criminal investigation into market rigging, which has been admitted by a former JPMorganChase trader, John Edmonds, who awaits sentencing.

According to court filings, the White Plains, New York, law firm representing the plaintiffs against JPMorganChase, Lowey Dannenberg, concurred in the government’s request to suspend proceedings. The stay is to continue for three months and may be extended.

The Justice Department’s motion, granted by the court on February 26 —

http://www.gata.org/files/JPMorganChaseClassActionStay.pdf

— said “the government is not seeking an open-ended stay that could indefinitely postpone this matter and thus jeopardize the parties’ interests in a timely resolution.” The motion added, “Any developments in the criminal case during the period the consolidated action is stayed may reduce or completely resolve the need to litigate certain issues in the consolidated action.”

Much of the Justice Department’s motion is redacted to conceal from the public evidence still under investigation. Edmonds has said he and other traders manipulated the gold and silver markets for years with the knowledge of their supervisors at JPMorganChase. In its motion to conceal that evidence, also granted by the court on February 26, the Justice Department said disclosure “could lead to destruction of evidence, flight from prosecution, and otherwise interfere with the government’s ability to conduct its investigation”:

http://www.gata.org/files/JPMorganChaseClassActionStaySeal.pdf

Monetary metals investors may be skeptical of the Justice Department’s stalling the Deutsche Bank and JPMorganChase cases, since the department and the U.S. Commodity Futures Trading Commission do not seem ever to have responded conscientiously to complaints of gold and silver market rigging until the class actions commenced.

How much time will the court give the Justice Department to delay getting to the bottom of the issue? The court might hasten matters if enough monetary metals mining companies protested the harm done to them and their shareholders by market rigging, but of course most monetary metals mining companies don’t mind at all.

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

* * *

Your early TUESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED / LAST AT: 7.0070/

/OFFSHORE YUAN: 7.0086 /shanghai bourse CLOSED UP 19.93 POINTS OR 0.67%

HANG SANG CLOSED DOWN 42.20 POINTS OR 0.15%

2. Nikkei closed UP 9.47 POINTS OR 0.04%

3. Europe stocks OPENED ALL MIXED/

USA dollar index UP TO 97.74/Euro FALLS TO 1.1079

3b Japan 10 year bond yield: FALLS TO. -+.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 109.41/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST BELOW 17,000

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

3e WTI:: 60.73 and Brent: 66.75

3f Gold UP/JAPANESE Yen DOWN CHINESE YUAN: ON -SHORE UP/OFF- SHORE: UP

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 DOWN for WTI and DOWN FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.24%/Italian 10 yr bond yield UP to 1.43% /SPAIN 10 YR BOND YIELD DOWN TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.67: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 1.46

3k Gold at $1490.40 silver at: 17.59 7 am est) SILVER NEXT RESISTANCE LEVEL AT $18.50

3l USA vs Russian rouble; (Russian rouble UP 98/100 in roubles/dollar) 62.03

3m oil into the 60 dollar handle for WTI and 66 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 109.41 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the SF. It is not working: USA/SF this morning .9817 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0877 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/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year RISING to –0.24%

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 1.93% early this morning. Thirty year rate at 2.35%

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

6. TURKISH LIRA: UP TO 5.9480..

Exactly One Year After The Bear Market, Futures Hit Record High For 9th Day

World stocks hit another record high on Tuesday on track for their best year in a decade in an extremely low-volume overnight session, with the S&P set to for an intraday record high for the 9th day in a row, the longest such streak since March 1998, as China’s latest policy easing pledges added to the optimism generated by what Reuters lazily fell back to as sign of trade war optimism (just how many times can one recycle the exact same thesis).

“It’s been a strong run up to Christmas for stock markets and it seems traders are taking a little breather in this shortened trading week,” analyst Craig Erlam told Reuters.

“It’s been a good few weeks for investors, spurred primarily by the de-escalation in the trade war, with Trump only this weekend claiming it will be signed very shortly.”

Amid an eerie holiday calm, a mirror image of the chaos observed one year ago today when the S&P briefly dipped into bear market territory…

… unleashing investor panic and a near-liquidation among professional and retail investors alike…

… most asset classes held on to the extraordinary gains they’ve notched in 2019. The $45 trillion MSCI World Index is up 25% year-to-date – entirely on the back of multiple expansion (!) – its top performance in a decade. And since all of the year’s upside was due to money printing and lower rates, gold advanced, on track for its best year since 2010, as mixed U.S. data Monday kept hopes of interest-rate cuts alive.

All three main US index futures pointed to a new record open a Christmas Eve-shortened half-day session. Boeing continued to rose in pre-market trading after a 3% surge on Monday, when the planemaker announced the termination of its troubled CEO.

The European Stoxx 600 index also traded in record high territory though many continental markets were closed for Christmas and others saw thin trading volumes. Shares fluctuated in London and Paris while they dipped in Madrid. Markets in Germany and Italy were closed, anticipating Wednesday’s holiday that will close market on both sides of the Atlantic, while emerging-market shares dipped.

Earlier in the session, the MSCI index of Asia-Pacific shares ex-Japan was flat while its all-country benchmark was unchanged, having added 3% this month and 24% since the start of 2019. One day after their biggest slump in a month and a half, blue-chip shares in China rose 0.7% after Premier Li Keqiang said the government was considering more measures to lower corporate financing costs and hinted at “targeted” cuts in banks’ reserve requirement ratio. On the other end, Korean shares weakening 0.7%, pressured by Monday’s data that showed exports in the first 20 days of the month had fallen again.

As discussed previously, after nothing worked in 2018, 2019 was the mirror image, when everything worked, and world markets headed into the end of a stellar year, with most major asset classes, from emerging market bonds to U.S. tech shares, enjoying robust returns. But, as Reuters notes, uncertainty remains on how long the trade truce will last as Trump kicks off his re-election campaign next year. Worries have also re-emerged how Britain will navigate its Brexit, with concerns pushing to a near four-week low versus the euro and a three-week trough against the dollar. The pound was modestly higher at $1.2953 versus highs above $1.35 after the Dec. 12 general election.

“Risks to the outlook receded this year, which supported financial markets, but we cannot say the same thing about next year,” said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo.

Elsewhere in FX, the dollar edged up against its major peers but still was heading for a monthly decline; the euro slipped closer to a two-week low.

In rates, the 10Y yield traded roughly unchanged, at 1.9348% following Monday’s slight rise in yields following lackluster demand for two-year bills at auction. Another bond auction is due on Tuesday. Yields have risen more than 20 basis points off the 1.69% levels of early December, lifted by the equity rally and signs the U.S. Federal Reserve has paused its rate-cutting cycle. In Japan, two-year bond yields hit 16-month highs after the message from the minutes of the Bank of Japan’s meeting prompted money markets to erase rate cut expectations.

In commodities, brent oil futures ticked up 0.2% after Russia’s energy minister said cooperation with OPEC to support prices would continue. U.S. crude inventory data, due on Tuesday, is also forecast to show a second straight weekly decline.

Market Snapshot

S&P 500 futures up 0.06% to 3,229.25
STOXX Europe 600 up 0.02% to 418.36
MXAP down 0.1% to 170.05
MXAPJ down 0.1% to 550.34
Nikkei up 0.04% to 23,830.58
Topix down 0.07% to 1,728.22
Hang Seng Index down 0.2% to 27,864.21
Shanghai Composite up 0.7% to 2,982.68
Sensex down 0.3% to 41,538.15
Australia S&P/ASX 200 up 0.1% to 6,794.20
Kospi down 0.6% to 2,190.08
German 10Y yield rose 1.0 bps to -0.242%
Euro down 0.06% to $1.1082
Brent Futures up 0.3% to $66.59/bbl
Italian 10Y yield rose 2.3 bps to 1.26%
Spanish 10Y yield fell 0.7 bps to 0.436%
Brent Futures up 0.3% to $66.59/bbl
Gold spot up 0.4% to $1,491.97
U.S. Dollar Index up 0.07% to 97.73

Top Overnight News

Wall Street sleuths are wondering whether the Fed is quietly doing more to calm the U.S. repo market than just the headline- grabbing liquidity injections that have captivated observers for months. The amount outstanding in the New York Fed’s foreign reverse repo pool — a place where other nations’ central banks can park cash — has shrunk by 18% since peaking at $306 billion in mid-September
Trump has promoted a White House aide who was subpoenaed in the House impeachment investigation but declined to testify. The aide, Robert Blair, has been named a special representative for international telecommunications policy
After a decade-long debt crisis that made Greece a bond-market pariah, the country now enjoys the luxury of having no financing needs for 2020. Yet the government’s 2020 budget shows it still plans to sell new debt
India’s government should avoid a fiscal stimulus to spur the economy, and focus instead on cutting public debt so that financial resources can be freed up for investment, the International Monetary Fund said
Queen Elizabeth II will urge Britons to “overcome long-held differences” less than two weeks after a bitterly-fought general election offered an end to three-and-a-half years of political deadlock over Brexit

Asian equity markets were mixed with price action range-bound amid the ongoing holiday lull and with several early market closures in the region for Christmas Eve. ASX 200 (+0.1%) was uneventful in today’s shortened trading session as outperformance in the commodity-related sectors counterbalanced weakness in tech and financials, while Nikkei 225 (Unch.) also meandered on the marginal ebbs and flows in the domestic currency with outdated BoJ minutes from the October meeting doing little to spur price action. Hang Seng (-0.2%) and Shanghai Comp. (+0.7%) conformed to the non-committal tone amid the reduced hours in Hong Kong and with mainland also kept indecisive after the PBoC skipped open market operations, although Chinese Premier Li noted that China will study further steps to lower financing costs including RRR and targeted RRR cuts. Finally, 10yr JGBs were initially lacklustre following the similar holiday-quietened trade in USTs and with demand sapped by a lack of buying from the BoJ which were only in the market for treasury discount bills, although prices were later supported following the 2yr auction results which were mixed but still attracted a higher b/c.

Top Asian News

Thailand Narrows CPI Target Amid Subdued Price Pressures
Sri Lanka Appoints Lakshman as New Central Bank Governor
Moon Says Japan Ties ‘Crucial’ as Leaders Seek to Repair Damage

European equity markets tread water in the run up to the early Christmas closures and with a bulk of the regional bourses already away on holiday (full closure available on the Newsquawk headline feed). DAX, FTSE MIB and SMI cash markets are among those shut, whilst FTSE 100 (+0.1%), CAC 40 (Unch), AEX (Unch) and IBEX 35 (-0.3%) trade without a clear direction. The latter, however, experiences mild pressure on the back of index-heavy BBVA (-1.1%) – whose shares declined after sources stated that the ECB has asked Spain’s High Court to provide information regarding a probe into spying involving BBVA, to evaluate potential impact on the bank’s governance. Sectors are likewise largely uninspiring, but energy names see some outperformance as most oil-giants remain open – with Royal Dutch Shell (+0.8%) piggybacking on Sterling’s post-election declines and stable energy prices. In terms of other individual movers, PSA (-0.6%) resides towards to bottom of the CAC after the Co. was reiterated with an underperform rating at RBC. Meanwhile, Vivendi (-0.2%) shares are modestly subdued amid the ongoing spat with Mediaset regarding its pan-European merger plans which drew criticism from Vivendi.

Top European News

Deutsche Telekom Weighed T-Mobile-Comcast Merger in 2015
Turkey Development Bank to Sign Protocol for TRY750m Funds
Italy’s PM Says Highway Concession Decree Is Fair: Messaggero

In FX, markets traded with no conviction ahead of the festive season with DXY just above its 200 DMA around 97.71/7; for reference, its 21 DMA resides at 97.61. Similarly, EUR/USD and GBP/USD move relatively sideways – although the former dipped below its 50 and 21 DMA which both reside around 1.1083 to a low of around 1.1071 before paring some downside, whilst the latter manages to remain afloat above yesterday’s 1.2905 low. Elsewhere, USD/JPY retains its 109.00+ status heading into the Christmas break having largely side-lined the out-of-date BoJ Minutes from its October meeting with the pair reflecting the non-committal risk tone across the holiday-thinned market. Meanwhile, the antipodeans remain choppy within tight 20-pip ranges, albeit the Kiwi saw mild impetus heading into the Asia close and currently hovers in proximity to yesterday’s high around 0.6640. The Aussie overall remains flat intraday amid a paucity of pertinent data releases and with no clear risk tone. Finally, USD/CNH heads into the partial session modestly north of the 7.00 mark after seeing another stable Yuan reference rate setting with the next level to the upside at 7.0163 (21 DMA), and with traders eyeing US-China developments early next year, particularly details surrounding the timing of the Phase One deal signing.

In commodities, WTI and Brent futures hover in mild positive territory around the USD 60.50/bbl and USD 66.50/bbl levels respectively and both within tight USD 0.20/bbl ranges. News-flow has remained light as markets wrap up for the Christmas holidays and thus provide little impetus to the complex. Meanwhile, spotgold trades on a firmer footing having yesterday surpassed its trendline resistance at USD 1487/oz and briefly topping its 100 DMA (USD 1492.30/oz) in recent trade, although the move was fleeting. From a macro-perspective, there is little by way of fresh fundamental factors to prompt the upside in gold, but light volumes could result in unexplained price action. Elsewhere, copper prices are similarly in the green; prices are back above the 2.80/lb mark with possible upside derived by China’s Environment Ministry issuing 2020 scrap metal import quotas – which sees high-grade copper scrap allowances for just over 270k tonnes (vs. 560k tonnes of copper scrap quota in 2019) alluding to a potential rise in the red metal’s demand within China.

US Event Calendar

10am: Richmond Fed Manufact. Index, est. 1, prior -1

3A/ASIAN AFFAIRS

I)TUESDAY MORNING/ MONDAY NIGHT:

SHANGHAI CLOSED UP 19.93 POINTS OR 0.67% //Hang Sang CLOSED DOWN 42.20 POINTS OR 0.15% /The Nikkei closed UP 9.47 POINTS OR 0.04%//Australia’s all ordinaires CLOSED UP .17%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

4/EUROPEAN AFFAIRS

EU/RUSSIA/GAZPROM/USA

European firms have stopped work on thew NordStream 2 pipeline. Gazprom has their own ships ready to go as they are immune to the USA snacitons

(zerohedge)

European Firms Stop Work On NS2 Pipeline As Gazprom Readies Own Ships ‘Immune’ To US Sanctions

Trump’s signing the 2020 NDAA into law on Friday, and with it sanctions targeting European and Russian companies laying the Nord Stream 2 pipeline, had the immediate impact of forcing a work stoppage over the weekend as Allseas, the Swiss company that is Nord Stream’s main contractor, confirmed its workers as well as partner contractors have laid down their tools.

The new US punitive measures specifically target companies and their executives assembling the pipeline, including the very ships laying the pipeline on the controversial 760-mile project that would allow Russia to export natural gas directly to Germany and is expected to come online within the next year. Despite Allseas set to pull out its fleet of pipe-laying ships, Russia and Germany are vowing to move forward unimpeded, per the WSJ:

Its ships Solitaire and Pioneering Spirit, the largest construction vessel in the world, will remain in the area but are no longer laying the pipes, a spokesman for Allseas said. He added that as of Thursday, when work ceased, the project was about one month from being completed.

Jens D. Mueller, a spokesman for Nord Stream 2’s parent company, said thatthe pipeline would be finished despite Allseas pulling out its fleet.

Laying Nord Stream-2 pipe. Allseas file image.

And Russia is now hitting back, first by promising Washington will not impede the project, and further with reports that Moscow is drawing up retaliatory sanctions against the US, while not citing specifics.

Majority stakehold Gazprom has indicated it’s already taken measures to complete the project while circumventing the US measures. The WSJ continues:

In preparation for the sanctions, Gazprom has retrofitted its own ships as well as ships belonging to Russian contractors that don’t do business outside Russia and would therefore be immune to American sanctions, according to one official of the company who spoke on the condition of anonymity.

One contractor already involved in the project is the Russian subsea-pipeline construction firm MRTS JSC, a company that operates ships which could be used to complete the pipeline, according to Gazprom.

A Russian Foreign Ministry statement described what it claims is in part an attempt by Washington to force its pricey liquefied gas on Europe: “As a result, Europeans will lose on all fronts.”

The statement added: “Washington decided that it shouldn’t spare anyone, even its closest allies in NATO, for the sake of its geopolitical ambitions and commercial profit.”

Germany, meanwhile, is also standing strongly against what its leaders have called Trump’s “meddling” in Europe’s energy independence. Over the weekend German finance minister Olaf Scholz slammed the US legislation as marking “serious interference in Germany and Europe’s internal affairs and our own sovereignty”.

“We object to them in the strongest terms,” he told a German television broadcaster, and added that the measures were “incomprehensible and improper for friends that are also linked by our common membership of NATO.”

This in the face of the US ambassador to Berlin, Richard Grenell, provocatively touting the sanctions as “extremely pro-European” in comments made in the wake of Trump’s signing them into law on Friday. He cited anecdotal evidence to say he had “hearing from European diplomats all day today thanking me for taking such action.”

“The US policy is for European diversification and making sure that there are multiple sources [of energy],” he added. And invoking the US position that it is Moscow that seeks to stymie European energy independence, he warned against a scenario in which “one country or source has the ability to create undue leverage over Europe” — in reference to the nearly $10BN Nord Stream 2 project.

By all accounts, however, even reportedly by some within Trump’s own administration, it is indeed “too little too late” — as a Bloomberg report recently made clear, citing anonymous administration officials.

END

FRANCE

Macron’s pension reform is still causing problems in France as half the trains in France have been grounded to a halt. Labour unions are striking this Christmas week.

(zerohedge)

Half Of France’s National Train System “Grinds To A Halt” As Labor Unions Strike On Christmas Week

French labor unions won’t be giving any presents to citizens who want to travel by train this Christmas.

That’s because strikes by transport workers against the government’s pension-reform plan have shut down half of national train services this weekend, with 59% of services expected to be cut on December 23-24, according to Bloomberg.

French railway company, SNCF, has suspended its unaccompanied minor service, canceling about 6,000 tickets for children this week. Four out of five trains were also suspended in the greater Paris area and the capital’s metro system also stopped, with the exception of two automated lines.

French President Emmanuel Macron urged the unions to come to a truce for the holiday week at the same time public support for the strike during the holiday had fallen to 51%. This is down from 63% just five days prior. However, a poll on Thursday showed 55% of respondents thought the labor unions were “wrong” to strike during the holiday period.

Macron commented: “Strikes are protected by the constitution. But there are times in a nation’s history when it’s also good to know when to call a truce to respect families and family life.”

Some unions are calling for truces, others aren’t. And the strikes seem to be having an impact. Polls show 57% of people reject Macron’s pension reform, which is higher than when the protests started on December 5. Some unions have called for a new day of demonstrations on January 9.

Macron’s administration has had better success with tax and labor laws, but the French people are “wedded to their pension system”, making reform a difficult task.Macron aims to merge 42 separate regimes into a single, universal points-based system. The plan also seeks to raise the age for full benefits from 62 to 64.Workers have stood in stark opposition to the changes while the French government aims to phase out special retirement plans for sectors ranging from train conductors to dancers at the Paris Opera.

Macron has tried to lead by example, but to no avail:

Le Parisien newspaper reported on Sunday that Macron will also give up his right under a 1955 law to a set pension for life granted to French presidents once they finish their mandate and will instead switch to a points-based calculation. He will also abandon the right to a post for life at France’s Constitutional Council, which brings with it 13,500 euros ($14,957) in compensation, the paper said.

Meanwhile, the strikes are resulting in a surge of bookings for car-sharing services, which has, in turn, led to hundreds of miles of traffic jams around the French capital.

Car sharing bookings have “doubled” since the start of the protests and have beaten records, ride hailing company BlaBlaCar said. The company says it’ll have 2 million seats available between Dec. 20 and Jan. 5, which works out to the equivalent of 5,000 TGV high speed trains – but, you know, moving much slower.

Nicolas Brusson, chief executive officer of BlaBlaCar, said: “We see a real solidarity of drivers, more people are offering seats than ever.”

SNCF says it’ll try to keep the main lines running on December 23 and December 24. Union leaders met with French Prime Minister Edouard Philippe on Wednesday and Thursday, but said that talks failed to advance. 69% of people polled said they expect the government to push through with reforms without caving to protests.

One French union, the CFDT, called for a truce over the holiday. Laurent Berger, the leader of the CFDT, said: “Everyone should be able to travel freely to do what they need to do during the holiday season.”

We’ll check back in on Easter.

END

GERMANY/BMW

Another blow to BMW: SEC investigating whether the company is fabricating its sales numbers

(zerohedge)

SEC Investigating BMW For Using “Sales Punching” To Potentially Inflate Sales Numbers

While Tesla continues to waltz around regulators, breaking any and all securities laws it wants to, underreserving its warranty liabilities and allowing its self-driving cars with human beta testers to slam into inanimate objects before bursting into flames, regulators have decided to instead pay attention to BMW.

It was reported yesterday that the SEC has now opened an investigation into whether BMW’s sales figures have been manipulated, according to the Wall Street Journal. On a side note, there’s been no word on whether or not BMW counts its “factory gated” vehicles in its press releases.

Instead, the SEC is looking at whether or not the automaker has engaged in “sales punching”, a practice that encourages dealers to register cars despite them not being sold.

BMW acknowledged they were being investigated, stating: “We have been contacted by the SEC and will cooperate fully with their investigation.”

BMW also faces litigation by European authorities on allegations of colluding with rivals to manipulate prices and control emissions. BMW has vowed to fight the case and took a $1.1 billion charge as a result in April.

The company has also faced headwinds due the U.S./China trade war’s effect on its Spartanburg, S.C. factory exports.

The SEC investigation comes as U.S. officials are reportedly pursuing other car companies suspected of engaging in the same practice.

Fiat paid a $40 million fine in September to settle claims by the SEC that the company had paid dealers to report exaggerated sales numbers. But don’t worry, the company has said it “reviewed and refined its sales reporting procedures and was committed to maintaining strong controls.”

We feel better.

Fiat was also forced to revise several years of sales results, nullifying a streak of 75 months of sales increases. Using the revised numbers, the streak ended in September 2013.

Regulators also found that VW had defrauded U.S. consumers and the U.S. government in 2015 by rigging their cars to cheat emissions tests.

As a reminder, the investigation into BMW comes at arguably the peak of the auto bubble – as well as the peak of auto regulator apathy. We recently reported that only 7% of incomes had been verified on new auto loans since 2017 and, despite these ongoing investigations into other companies, the name we see as the industry’s main offender, Tesla, has been mostly left alone by regulators.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

TURKEY/GREECE/EU/SYRIA/RUSSIA

a must read..

(zerohedge)

Turkey Can’t Handle New Refugee Explosion & Greece Will Be First To Feel Impact: Erdogan

At a moment Erdogan has his hands dirty in Syria and is preparing to get more militarily involved in Libya, Turkey’s president has yet again threatened Europe with a refugee horde so large no country will be able to handle it. He’s now specifically threatened Greece as being among the first to bear the brunt of the first waves of refugees unleashed by Turkey.

His threats are now centering on the major uptick in airstrikes by Russia and Syria on Idlib province, said to number in the “hundreds” since a new operation began on Dec.16. Since then, tens of thousands of civilians living under al-Qaeda’s Hayat Tahrir al-Sham (HTS) have reportedly fled.

“Turkey cannot handle a fresh wave of migrants from Syria, President Tayyip Erdogan said on Sunday, warning that European countries will feel the impact of such an influx if violence in Syria’s northwest is not stopped,” Reuters reports.

*File image: refugee crisis hit the Greek island of Lesvos in 2015.*

Common estimates now put the number of Syrian refugees hosted on Turkish soil at 3.7 million, with another 3 million inside war-torn Idlib province, which means the refugee crisis is set to explode dramatically higher in terms of numbers — a likely scenario given Damascus has vowed to return “every inch” of Idlib and all Syrian territory to its control.

Thus far thousands have fled into neighboring Turkey, but there’s been on the ground reports suggesting HTS militants are blocking the bulk of refugees from leaving, perhaps using them as ‘human shields’ amid the Russian-Syrian onslaught.

During a public speech in Istanbul on Sunday night, Erdogan claimed over 80,000 people were currently fleeing Idlib for the safety of Turkey, and repeated his urgent appeal for Europe to give additional support.

“If the violence toward the people of Idlib does not stop, this number will increase even more. In that case, Turkey will not carry such a migrant burden on its own,” Erdogan said.

And he named Greece while invoking the peak of the migrant crisis in 2015, promising a “repeat” if nothing is done:

“The negative impact of the pressure we will be subjected to will be something that all European nations, especially Greece, will also feel,” he said, adding that a repeat of the 2015 migrant crisis would become inevitable.

“We call on European countries to use their energy to stop the massacre in Idlib, rather than trying to corner Turkey for the legitimate steps it took in Syria,” Erdogan said, referencing the Turkish army’s own ongoing ‘Operation Peace Spring’ against US-backed Syrian Kurds.

Erdogan further called the some $3 billion in support offered by the United Nations refugee agency last week “not enough”.

As for Erdogan’s targeting Greece in his latest remarks, this comes amid Turkey’s new jostling to secure oil and gas exploration and drilling rights across a broad swath of the eastern and southern Mediterranean, especially following a contentious deal with Libya’s GNA in Tripoli.

Athens is reportedly preparing to formally recognize Gen. Khalifa Haftar’s Benghazi-based administration as the official government of Libya, at a moment he and Turkey are in direct open war with each other, given Ankara is said to be shipping more military supplies and possibly even troops to help repel his ongoing offensive against Tripoli. Turkey is the closest military supporter to the UN-recognized government in Tripoli, despite the UN-led arms embargo in place (which no one seems to be abiding by).

Greece has also vowed to thwart Turkish exploration and drilling vessels from traversing its waters to enter disputed maritime regions off Libya.

Thus with Athens now more closely embroiled in the emerging maritime dispute involving Turkey, Cyprus, Libya and Egypt, Erdogan has all the more reason to target Greece with threats of flooding the islands with migrants — as happened in 2015, and which has been a steady stream of new arrivals ever since.

END

6.Global Issues

SWEDEN

A good one: Daniel Lacalle tells us why negative rates destroys economic growth

(Daniel Lacalle)

Negative Rates & The Destruction Of Money: Sweden Ends Its Experiment

Authored by Daniel Lacalle,

Negative rates are the destruction of money, an economic aberration based on the mistakes of many central banks and some of their economists who start from a wrong diagnosis:

the idea that economic agents do not take more credit or invest more because they choose to save too much and therefore saving must be penalized to stimulate the economy.

Excuse the bluntness, but it is a ludicrous idea.

Inflation and growth are not low due to excess savings, but because of excess debt, perpetuating overcapacity with low rates and high liquidity and zombifying the economy by subsidizing the low productivity and highly indebted sectors and penalizing high productivity with rising and confiscatory taxation.

Historical evidence of negative rates shows that they do not help reduce debt, they incentivize it, they do not strengthen the credit capacity of families, because the prices of non-replicable assets (real estate, etc.) skyrocket because of monetary excess, and the lower cost of debt does not compensate for the greater risk.

Investment and credit growth are not subdued because economic agents are ignorant or saving too much, but because they don’t have amnesia. Families and businesses are more cautious in their investment and spending decisions because they perceive, correctly, that the reality of the economy they see each day does not correspond to the cost and the quantity of money.

It is completely incorrect to think that families and businesses are not investing or spending. They are only spending less than what central planners would want. However, that is not a mistake from the private sector side, but a typical case of central planners’ misguided estimates, that come from using 2001-2007 as “base case” of investment and credit demand instead of what those years really were: a bubble.

The argument of the central planners is based on an inconsistency: That rates are negative because markets demand them, not because they are imposed by the central bank. If that were the case, why don’t they let rates float freely if the result was going to be the same? Because it is false.

Think for a moment what type of investment, company or financial decision is one that is profitable with rates at -0.5% but unviable with rates at 1%. A time bomb. It is no surprise that investment in bubble-prone sectors are rising with negative rates and non-replicable and financial assets skyrocket.

Public debt trades at artificially low yields and, instead of strengthening economies, negative rates make governments more dependent on cheap debt. Politicians abandon any reformist impulse and prefer to accumulate more debt.

The financial repression of central banks begins with a misdiagnosis, assuming that low growth and below-target inflation is a problem of demand, not of the previous excess, and ends up perpetuating the bubbles that they sought to solve.

The policy of negative types can only be defended by people who have never invested or created a job because no one that has worked in the real economy can believe that financial repression will lead economic agents to take much more credit and strengthen the economy.

Negative rates are a huge transfer of wealth from savers and real wages to the government and the indebted. A tax on caution. The destruction of the perception of risk that always benefits the most reckless. The bailout of the inefficient.

Central banks ignore the effects of demography, technology and competition on inflation and growth of consumption, credit, and investment, and with the wrong policies generate new bubbles that become more dangerous than the previous ones. The next bubble is to increase again the fiscal imbalances of the countries. Even worse. When central banks present themselves as the agent that will reverse the effect of technology and demographics, they create a greater risk and bubble.

Sweden launched its failed negative rate plan almost five years ago and now reverses it due to the financial risks that are created. The most interesting thing is that it reverses the policy of negative rates precisely because of the risk of an economic slowdown because the evidence shows that investment and consumption decisions do not increase with financial repression.

In Sweden, with negative rates, the real estate price index has increased 50% (from 160 points to 240), the average residential index has risen 27%, non-replicable assets have risen between 30% and 70 % (infrastructure, etc.), the stock market has risen more than 20%. In that period, household consumption and investment (gross capital formation) have increased very little and real wages have remained stagnant.

Monetary policy has gone from being a support for structural reforms to an excuse to avoid them. Now, governments are delighted to read that “fiscal measures” must be implemented. And when a government hears “fiscal measures” it translates into “spending.” And when the eurozone governments start spending, the result is always the same: more debt and higher taxes.

In the eurozone, the economic aberration of negative rates continues despite the evidence of the collateral risks they generate. Meanwhile, you and I are blamed for not spending and borrowing more. What can go wrong?

END

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings TUESDAY morning 7:00 AM….

Euro/USA 1.1079 DOWN .0012 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

USA/JAPAN YEN 109.41 UP 0.018 (Abe’s new negative interest rate (NIRP), a total DISASTER/NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.2949 UP 0.0007 (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/BREXIT EXTENDED TO OCT 31/2019//

USA/CAN 1.3157 UP .0011 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS TUESDAY morning in Europe, the Euro FELL BY 12 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1079 Last night Shanghai COMPOSITE CLOSED UP 19.93 POINTS OR 0.67%

//Hang Sang CLOSED DOWN 42.20 POINTS OR 0.15%

/AUSTRALIA CLOSED UP 0,17%// EUROPEAN BOURSES ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 42.20 POINTS OR 0.15%

/SHANGHAI CLOSED UP 19.93 POINTS OR 0.67%

Australia BOURSE CLOSED UP. 17%

Nikkei (Japan) CLOSED UP 9.47 POINTS OR 0.04%

INDIA’S SENSEX IN THE RED

Gold very early morning trading: 1490.20

silver:$17.59-

Early TUESDAY morning USA 10 year bond yield: 1.93% !!! UP 0 IN POINTS from MONDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.35 UP 0 IN BASIS POINTS from MONDAY night.

USA dollar index early TUESDAY morning: 97.74 UP 8 CENT(S) from MONDAY’s close.

This ends early morning numbers TUESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing TUESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.42% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: –+.01% DOWN 1 BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.44%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:1,43 UP 2 points in basis points yield from yesterday

the Italian 10 yr bond yield is trading 99 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.24% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.67% AND NOW ABOVE THE THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR TUESDAY

Closing currency crosses for TUESDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1090 DOWN .0002 or 2 basis points

USA/Japan: 109.34 DOWN .048 OR YEN UP 5 basis points/

Great Britain/USA 1.2965 UP .0022 POUND UP 22 BASIS POINTS)

Canadian dollar DOWN 9 basis points to 1.3156

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,CNY: AT 7.0071 ON SHORE (DOWN)..

THE USA/YUAN OFFSHORE: 7.0033 (YUAN DOWN).

TURKISH LIRA: 5.9493 EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield closed at +.01%

Your closing 10 yr US bond yield DOWN 2 IN basis points from MONDAY at 1.91 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.34 DOWN 1 in basis points on the day

Your closing USA dollar index, 97.63 DOWN 2 CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for TUESDAY: 12:00 PM

London: CLOSED UP 8.65 OR 0.11%

German Dax : CLOSED DOWN 17.92 POINTS OR .13%

Paris Cac CLOSED UP 00.18 POINTS 0.02%

Spain IBEX CLOSED UP 2.20 POINTS or 0.02%

Italian MIB: CLOSED DOWN 105.22 POINTS OR 0.44%

WTI Oil price; 61.03 12:00 PM EST

Brent Oil: 67.18 12:00 EST

USA /RUSSIAN / RUBLE RISES: 61.97 THE CROSS LOWER BY 1.03 RUBLES/DOLLAR (RUBLE HIGHER BY 103 BASIS PTS)

TODAY THE GERMAN YIELD FALLS TO –.24 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 61.03//

BRENT : 67.18

USA 10 YR BOND YIELD: … 1.90 DOWN 3 BASIS PTS…

USA 30 YR BOND YIELD: 2.33 DOWN 2 BASIS PTS…

EURO/USA 1.1085 ( DOWN 7 BASIS POINTS)

USA/JAPANESE YEN:109.37 DOWN .025 (YEN UP 3 BASIS POINTS/..

USA DOLLAR INDEX: 97.68 UP 2 cent(s)/

The British pound at 4 pm Britain Pound/USA:1.2957 UP 14 POINTS

the Turkish lira close: 5.9493

the Russian rouble 61.97 UP 1.03 Roubles against the uSA dollar.( UP 103 BASIS POINTS)

Canadian dollar: 1.3165 UP 18 BASIS pts

USA/CHINESE YUAN (CNY) : 7.0021 (ONSHORE)

USA/CHINESE YUAN(CNH): 7.0033 (OFFSHORE)

German 10 yr bond yield at 5 pm: ,-.24%

The Dow closed DOWN 36.08 POINTS OR 0.13%

NASDAQ closed UP 7.24 POINTS OR 0.08%

VOLATILITY INDEX: 12.67 CLOSED UP .06

LIBOR 3 MONTH DURATION: 1.946%//libor dropping like a stone

USA trading today in Graph Form

Dow Dips As Wise Men Buy Bonds, Bullion, & Biotech

As one would expect volumes today were dismal, around 50% below average (pro-rata) ahead of the early close…

Source: Bloomberg

Gold and Silver were bid today…

Source: Bloomberg

“What is myrrh anyway?”

Biotechs (is that myrrh or frankincense?) have had only 4 down days since the start of November, rocketing back towards record highs once again…

Source: Bloomberg

Bonds were bid after a very strong 5Y auction

Source: Bloomberg

Today’s drop in yields erased yesterday’s price losses…

Source: Bloomberg

Stocks were mixed with Small Caps squeezed higher and The Dow lower (Nasdaq up 10 days in a row) S&P closed down by less than 1 point, breaking its 8-day win streak…

Here’s why Small Caps were bid – Shorts squeezed out of the gate again…

Source: Bloomberg

Defensives outperformed Cyclicals today…

Source: Bloomberg

Nasdaq was higher for the 10th straight day, but as Bloomberg reports, the surge in the Nasdaq Composite Index as the year draws to an end may give stock bulls some pause. In just a few trading days, its GTI Global Strength Indicator — a technical measure of upward and downward movements of successive closing prices — has rocketed through 70, a level indicating overbought, and is a hair shy of 80 through Monday. Previous readings at this level over the last two years have been followed by deep reversals.

Source: Bloomberg

Chinese investors failed to hold the key 3,000 level for Shanghai Composite…

Source: Bloomberg

The Dollar trod water once again – following a similar pattern to yesterday…

Source: Bloomberg

Cryptos were flat-ish today, despite a quick drop early on…

Source: Bloomberg

WTI pushed back above $61 today…

Source: Bloomberg

And oil vol is less than half what it was last Xmas Eve…

Source: Bloomberg

And silver’s ongoing outperformance of golds has pushed its to its strongest relative to the barbarous relic since early November…

Source: Bloomberg

Finally, we note the difference between now and one year ago exactly…

And here’s why…

Source: Bloomberg

Is Jay Powell the real Santa?

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

MARKET TRADING//USA

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA/AFTERNOON

ii)Market data/USA

During this week we have a poor results from the Kansas City Fed mfg survey and the Philly Fed mfg index. Today it is the Richmond Fed reporting and it was a dismal report as it tumbled into contraction and this confirms the regional Fed survey that the economy is faltering

(zerohedge)

Richmond Fed Tumbles Into Contraction, Confirms Regional Fed Survey Slump

Confirming the pessimistic plunges in Kansas City and Philadelphia, The Richmond Fed’s Manufacturing Survey disappointed, tumbling to -5 from -1 last month (and expectations of a bounce to +1).

Source: Bloomberg

Under the hood was more worrisome:

Shipments fell to -6 after -2 the prior month
New order volume slowed to -13 after -3 the prior month
Order backlogs were unchanged at -11 after -11 the prior month
Capacity utilization slowed to -12 after 2 the prior month
Inventory levels of finished goods increased to 22 after 15 last month
Inventory levels of raw goods rose to 21 after 20 last month

So, inventories up, new orders and shipments tumbling?! Doesn’t sound like a renaissance in America to us.

And the average workweek crashed to its worst since April 2009…

Source: Bloomberg

Of course, as long as the PMIs are rebounding no one will pay attention to this… yet

iii) Important USA Economic Stories

Boeing

These guys are in trouble again as they for the 2nd time withheld documents from test pilots warning of problems with the 737 Max 8

(zerohedge)

Boeing Releases 737 MAX Safety Warnings Withheld From FAA

With the fate of the American manufacturing economy hanging in the balance, Boeing has been struggling to make it to 2020 in one piece. America’s largest exporter is dealing with a litany of problems, only some of which are related to the never-ending nightmare that is the Boeing 737 MAX 8.

Yesterday, Boeing lost its CEO in a classic American Christmas shit-canning. And although Dennis Muilenburg’s firing was probably long overdue, the end result is that the Chicago-based aerospace giant now seems even more desperate and rudderless than it did before, as it struggles through a difficult leadership change in the midst of corporate scandal without end.

And on Tuesday, reporters at Bloomberg News offered some insight into what finally may have tipped the scales in favor of Muilenburg’s firing: Boeing reportedly neglected to turn over a batch of internal messages related to the 737 MAX program to the FAA, despite having turned the messages over to the FBI as part of the DoJ’s criminal investigation into the oversight lapses that plagued the program.

This is the second time that Boeing has failed to turn over a batch of internal messages to the FAA, and we imagine the FAA’s discovery of the messages probably contributed in some way to Muilenburg’s ouster (it’s been reported that Muilenburg’s failure to play nice with Boeing’s main regulator contributed to his firing).

According to Bloomberg, the FAA only learned of the messages’ existence over the past few days, but was not told any details. But now that we know the details, we can see why the agency would be angry about being left in the dark.

Because the messages were from a high-ranking Boeing test pilot expressing concerns about the MCAS anti-stall system that is suspected of causing two crashes that killed roughly 350 people.

In October, Boeing disclosed to the FAA instant messages and emails by a high-ranking company pilot who in 2016 expressed misgivings about the software implicated in two fatal crashes on the Max.

Boeing had known about those messages since early in the year and turned them over to the Justice Department in February. It didn’t give them to the FAA immediately because of the criminal investigation into how the plane was approved, Bloomberg News reported at the time.

The delay angered the FAA, which is charged with overseeing Boeing. One of the agency’s key tenets is that entities it oversees must disclose safety issues or possible breaches of regulations. In some circumstances, failing to tell the agency about such an issue may be considered a legal violation.

“The FAA finds the substance of the document concerning,” the agency said in a statement on Oct. 18. “The FAA is also disappointed that Boeing did not bring this document to our attention immediately upon its discovery.”

The pilot, Mark Forkner, expressed concerns that MCAS was “running rampant” during the test flights.

The November 2016 instant messages disclosed in October, which were reviewed by Bloomberg News, were between between Mark Forkner, then Boeing’s chief technical pilot for the 737, and another 737 technical pilot, Patrik Gustavsson.

Forkner expressed concern that the flight-control feature later implicated in the crashes was “running rampant” and said he might have unknowingly misled the FAA about it. In separate emails he sent to an unnamed FAA official, he said he was “jedi-mind tricking” regulators outside the U.S. into accepting Boeing’s suggested training for the Max.

A lawyer for Forkner, David Gerger, said issues raised in the messages were the result of balky simulator software and not a result of problems with the plane itself. Forkner believed the plane was safe and didn’t mislead the FAA, Gerger said.

What nobody seems to care about is the fact that this is evidence that Boeing deliberately ignored warnings from some of its senior testing officials about the 737 MAX 8 – warnings that, if heeded, might have saved hundreds of lives.

iv) Swamp commentaries)

Pure nonsense!!

House Democrats Mull Second Impeachment

House Democrats may conduct a second impeachment of President Trump, according to lawyers for the Judiciary Committee.

In a Monday court filing reported by Politico, House Counsel Douglas Letter argued that they still need testimony from former White House counsel Don McGahn, which may uncover new, impeachable evidence that Trump attempted to obstruct the Russiagate investigation (of a crime he didn’t commit).

“If McGahn’s testimony produces new evidence supporting the conclusion that President Trump committed impeachable offenses that are not covered by the Articles approved by the House, the Committee will proceed accordingly — including, if necessary, by considering whether to recommend new articles of impeachment,” reads Letter’s filing.

The Democrats also argue that “McGahn’s testimony is critical both to a Senate trial and to the Committee’s ongoing impeachment investigations to determine whether additional Presidential misconduct warrants further action by the Committee,” adding that McGahn’s testimony may also be relevant to future legislation which may stem from the details of Trump’s conduct.

And while DOJ lawyers acknowledged in a Monday brief that the legal fight over McGahn isn’t moot, the fact that the House Judiciary Committee moved forward with impeachment on a completely different matter removes the urgency to resolve their case.

“The reasons for refraining are even more compelling now that what the Committee asserted — whether rightly or wrongly — as the primary justification for its decision to sue no longer exists,” wrote lawyers for the DOJ. The agency also argues that the Mueller impeachment investigation is over, when House lawyers and lawmakers have described it as ongoing and active, according tothe report.

McGahn’s participation in House impeachment proceedings was blocked by the White House, which claimed “absolute immunity” for advisers.

President Trump chimed in over Twitter followingthe Monday court filing, quoting “Fox and Friends” host Brian Kilmeade, who said “now all of a sudden they are saying maybe we’ll go back and visit the Mueller probe, which is absolutely unbelievable, and shows they don’t care about the American public’s tone deafness…”

Donald J. Trump

✔@realDonaldTrump

· 1h

“The Dems are complicating matters again. Keeping Mueller out of it was the focus. Keeping it crisp & simple was the key, and now all of a sudden they are saying maybe we’ll go back and visit the Mueller probe, which is absolutely unbelievable, and shows they don’t care about….

Donald J. Trump

✔@realDonaldTrump

….the American public’s tone deafness – & it should be intolerable, because the American people have had it with this.” @kilmeade @foxandfriends The Radical Left, Do Nothing Democrats have gone CRAZY. They want to make it as hard as possible for me to properly run our Country!

DOJ attorneys argued that the upcoming Senate trial is yet another reason for the judicial branch to refrain from the case.

“If this Court now were to resolve the merits question in this case, it would appear to be weighing in on a contested issue in any impeachment trial,” wrote DOJ lawyers. “The now very real possibility of this Court appearing to weigh in on an article of impeachment at a time when political tensions are at their highest levels — before, during, or after a Senate trial regarding the removal of a President — puts in stark relief why this sort of interbranch dispute is not one that has ‘traditionally thought to be capable of resolution through the judicial process.’”

“This Court should decline the Committee’s request that it enter the fray and instead should dismiss this fraught suit between the political branches for lack of jurisdiction,” they added.

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories.

Durham Surprises Even Allies with Statement on F.B.I.’s Trump Case

Mr. Durham got into a sharp dispute with Mr. Horowitz’s team over a footnote in a draft of the report that seemed to imply that Mr. Durham agreed with all of Mr. Horowitz’s conclusions, which he did not… The footnote did not appear in the final version…

https://www.nytimes.com/2019/12/23/us/politics/john-durham-fbi-russia.html

@bhweingarten: The attempt to delegitimize Durham by the press is on. Why? Because if he brings people to justice, media members will be further implicated in the govt lawlessness and misconduct, and proven to have been at best useful idiots, and at worst very witting co-conspirators in the ops

Dems leadership appears to be intent on ratcheting up the division and hate even more.

House Judiciary Committee says it could draft ‘new articles of impeachment’ against Trump

https://www.cnbc.com/2019/12/23/judiciary-panel-says-it-could-draft-new-articles-of-impeachment-against-trump.html

Now we know why BHO’s doctor questioned Biden’s health last week.

Obama talks up Warren behind closed doors to wealthy donors

“He obviously thinks she’s very smart,” one Democratic donor added. “He thinks her policy ideas matter. And I think he sees her running the campaign with the most depth.”…

https://thehill.com/homenews/administration/475576-obama-talks-up-warren-behind-closed-doors-to-wealthy-donors

Pelosi Jr. Worked In Ukraine with Accused Fraudster Facing Prison

African Diamond Mining Linked To Pelosi Jr. Friend Who Faces 20 Years in Prison

Video evidence proves that Pelosi Jr. was in Ukraine representing his Corporate Governance Initiative (CGI) and promoting his endorsement from the World Sports Alliance, which shared leadership staff with Pelosi Jr.’s company CGI… https://nationalfile.com/exposed-pelosi-jr-worked-in-ukraine-with-accused-fraudster-facing-prison/

Microsoft Removes Santa Hat Icon After a Single User Complained It Was ‘Pushing Religion’

[Somehow we missed the Santa is a religious icon in the Bible and 12 years of Catholic schooling.]

https://pjmedia.com/trending/santagate-microsoft-removes-santa-hat-icon-after-a-single-user-complained-it-was-pushing-religion/

end

Well that is all for today

A Merry Christmas to you all

I will see you THURSDAY night.

DEC 24//THE ASSAULT ON 1500 DOLLAR GOLD AND 18 DOLLAR SILVER BEGINS: GOLD UP $14.60 TO $1499.75//SILVER UP 32 CENTS TO $17.75//

NUMBER OF NOTICES FILED TODAY FOR DEC CONTRACT: 589 NOTICE(S) FOR 58,900 OZ (1.832 tonnes)

134 NOTICE(S) FILED TODAY FOR 670,000 OZ/

Bitcoin: OPENING MORNING TRADE : $ 7364 UP 50

Bitcoin: FINAL EVENING TRADE: $ 7173 DOWN 125

Let us have a look at the data for today

3. ASIAN AFFAIRS

3A//NORTH KOREA/ SOUTH KOREA

3b) REPORT ON JAPAN

3C CHINA

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues

7. OIL ISSUES

8 EMERGING MARKET ISSUES

9. PHYSICAL MARKETS

10. important USA stories which will influence the price of gold/silver

Let us head over to the comex:

Trading Volumes on the COMEX TODAY: 155,492 contracts

CONFIRMED COMEX VOL. FOR YESTERDAY: 144,517 contracts

INITIAL standings for DEC/GOLD

And now for silver

AND NOW THE DELIVERY MONTH OF DEC.

INITIAL standings/SILVER

ii) Important gold commentaries courtesy of GATA/Chris Powell

J.P. Koning: A new era of digital gold payments systems?

iii) Other physical stories:

Gold Futures Jump Back Above $1500 As Silver Surges

US seeks halt in civil lawsuit accusing JP Morgan of manipulating metals market, citing criminal case

Federal judge tells traders they can combine cases accusing JP Morgan of rigging metals market

Justice Department stalls another class action in gold market rigging, this one against JPM

Your early TUESDAY morning currency, Asian stock market results, important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

Exactly One Year After The Bear Market, Futures Hit Record High For 9th Day

3A/ASIAN AFFAIRS

3 a./NORTH KOREA/ SOUTH KOREA

b) REPORT ON JAPAN

3 C CHINA

4/EUROPEAN AFFAIRS

European Firms Stop Work On NS2 Pipeline As Gazprom Readies Own Ships ‘Immune’ To US Sanctions

Half Of France’s National Train System “Grinds To A Halt” As Labor Unions Strike On Christmas Week

SEC Investigating BMW For Using “Sales Punching” To Potentially Inflate Sales Numbers

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Turkey Can’t Handle New Refugee Explosion & Greece Will Be First To Feel Impact: Erdogan

6.Global Issues

Negative Rates & The Destruction Of Money: Sweden Ends Its Experiment

7. OIL ISSUES

8 EMERGING MARKET ISSUES

Your early morning currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings TUESDAY morning 7:00 AM….

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for TUESDAY: 12:00 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

USA trading today in Graph Form

Dow Dips As Wise Men Buy Bonds, Bullion, & Biotech

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

Richmond Fed Tumbles Into Contraction, Confirms Regional Fed Survey Slump

Boeing Releases 737 MAX Safety Warnings Withheld From FAA

House Democrats Mull Second Impeachment

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