NOV 13//GOLD UP $11.90 TO $1887.00//SILVER UP 43 CENTS//GOLD DELIVERIES AT THE COMEX NOW UP TO 17.079 TONNES/NO CHANGE IN SILVER//CORONAVIRUS UPDATES THROUGHOUT THE GLOBE//CHINA VS USA ESCALATES RE TAIWAN AND OTHER GOODIES//MANY SWAMP STORIES/ELECTION STORIES FOR YOU TONIGHT//

GOLD:$1887.00 UP  $11.90   The quote is London spot price

 

Silver:$24.67  UP $0.43   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1889.50  LONDON SPOT  4:30 pm

ii)SILVER:  $24.67//LONDON SPOT  4:30 pm

these people voted for Biden/Harris ticket!
 
 
 

Image

 
 
 
Today’s raid was orchestrated by the BIS.  They are desperately trying to prevent European banks from buying physical comex/gold silver
 
 
 

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CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1886.40   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $0.60/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1892.90 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $5.90 CONTANGO//10 CENTS BELOW NORMAL CONTANGO

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $24.76  1:30  PM SPREAD SPOT/FUTURE DEC.       :   13  CENTS PER OZ  CONTANGO (   13 CENTS ABOVE NORMAL CONTANGO

SILVER MARCH CLOSE:  24.89/SPREAD SPOT/FUTURE:  A HUGE 32 CENTS

23 CENTS ABOVE NORMAL CONTANGO

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COMEX DATA

 
 
 

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

receiving today: 8.182

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,872.600000000 USD
INTENT DATE: 11/12/2020 DELIVERY DATE: 11/16/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
167 C MAREX 66
332 H STANDARD CHARTE 19
435 H SCOTIA CAPITAL 12
657 C MORGAN STANLEY 1
657 H MORGAN STANLEY 111
661 C JP MORGAN 5
661 H JP MORGAN 3
709 C BARCLAYS 143
737 C ADVANTAGE 3
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 182 182
MONTH TO DATE: 5,412

issued:0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 182 NOTICE(S) FOR 18,200 OZ  (0.566 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  5412 NOTICES FOR 541,200 OZ  (16.833 tonnes) 

SILVER//NOV CONTRACT

 

159 NOTICE(S) FILED TODAY FOR 795,000  OZ/

total number of notices filed so far this month: 650 for 3,250,000  oz

BITCOIN MORNING QUOTE  $16,273   UP 1

BITCOIN AFTERNOON QUOTE.  :$16,186  DOWN 106 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP 11.90  AND NO PHYSICAL TO BE FOUND ANYWHERE:

WITH ALL REFINERS CLOSED//MEXICO ORDERING ALL MINES SHUT:   WHERE ARE THEY GETTING THE “PHYSICAL?

WE HAD A BIG CHANGE: A WITHDRAWAL OF 1.17 TONNES FROM THE GLD

INVENTORY RESTS AT:

 

GLD: 1,239.57 TONNES OF GOLD//

 

WITH SILVER UP  $0.43  TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:

ANOTHER WITHDRAWAL OF 2.883 MILLION OZ FROM THE SLV

INVENTORY RESTS AT

SLV: 569.371  MILLION OZ./

 

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Let us have a look at the data for today

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IN SILVER THE COMEX OI ROSE BY A STRONG SIZED 2925 CONTRACTS FROM 156,326 UP TO 159,218, AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR FALL  OF $0.02 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A SMALL EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION, AND A ZERO INCREASE IN  STANDING AT THE COMEX FOR NOV.  WE HAD AN VERY STRONG NET GAIN IN OUR TWO EXCHANGES OF 3477 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  552, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  82, MARCH 470 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  552 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON)AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE AS MANY AS THEY CAN!

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 26 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.

20.970   MILLION OZ  FINAL STANDING IN DEC

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470 MILLION OZ FINAL STANDING IN JULY.

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT

11.400 MILLION OZ FINAL STANDING IN OCT.

3.835 MILLION OZ INITIAL STANDING IN NOV.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $.02) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A VERY STRONG NET GAIN IN OUR TWO EXCHANGES (3585 CONTRACTS). NO DOUBT THE STRONG GAIN IN OI ON THE TWO EXCHANGES WAS DUE TO i)BANKER/ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO GAIN  IN SILVER OZ STANDING  FOR NOV, iii) STRONG COMEX GAIN  AND  iv) ZERO  LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

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

7777 CONTRACTS (FOR 10 TRADING DAY(S) TOTAL 7777 CONTRACTS) OR 38.885 MILLION OZ: (AVERAGE PER DAY: 777 CONTRACTS OR 3.885 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 38.885 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.16% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,568.17 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

FEB 2020 EFP’S TOTAL :  ……     259.600 MILLION OZ

MARCH EFP’S …..                     452.280 MILLION OZ  //TOTALS//AND A NEW RECORD FOR THE MONTH)

APRIL EFP                               95.355 MILLION OZ.  (EX. FOR PHYSICALS BECOMING A LOT LESS)

MAY EFP FINAL:                     77.27 MILLION OZ

JUNE EFP                              71.15 MILLION OZ.

JULY EFP                               133.95 MILLION OZ/ (EXCHANGE FOR PHYSICALS STARTING TO RISE EXPONENTIALLY AGAIN)

AUGUST EFP                         127.46 MILLION OZ (EXCHANGE FOR PHYSICALS STARTING TO DECREASE AGAIN)

SEPT EFP                                78.360 MILLION OZ (EXCHANGE FOR PHYSICALS DRAMATICALLY FALLING OFF A CLIFF)

OCT EFP                                 69.73   MILLION OZ (STILL FALLING IN NUMBERS)

NOVEMBER EFP                    38.885 MILLION OZ (STARTING TO INCREASE AGAIN)

RESULT: WE HAD A STRONG SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2925, DESPITE OUR  $0.02 FALL IN SILVER PRICING AT THE COMEX ///THURSDAY.THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 552 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG SIZED 3427 OI CONTRACTS ON THE TWO EXCHANGES (DESPITE OUR  $0.02 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 552 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED INCREASE OF 2925 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.02 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.24 // 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 UNDER 1 BILLION oz i.e. 0.796 BILLION OZ TO BE EXACT or 114% of annual global silver production (ex Russia & ex China).

FOR THE NEW NOV  DELIVERY MONTH/ THEY FILED AT THE COMEX: 159 NOTICE(S) FOR 795,000 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//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

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 GOOD SIZED 5616 CONTRACTS TO 554,194 AND CLOSER TO  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GOOD SIZED GAIN IN COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE  OF $11.10 /// COMEX GOLD TRADING//THURSDAY. WE  HAD STRONG BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AND ANOTHER HUMONGOUS GAIN IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $11.10. 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  74//

WE HAD A GOOD SIZED GAIN OF 5616 CONTRACTS  (21.43 TONNES) ON OUR TWO EXCHANGES..IF YOU ADD IN THE INCREASE IN GOLD TONNAGE STANDING (210) OUR NET GAIN IS  7101 CONTRACTS WHICH IS CONSIDERABLE..THE BIG QUESTION IS WHY ARE TRADERS SO ANXIOUS TO ROLL TO FEB NOW INSTEAD OF WAITING UNTIL THE END OF THE MONTH?

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 1275 CONTRACTS:

CONTRACT .  DEC: 1025; FEB: 250  ALL OTHER MONTHS ZERO//TOTAL: 1275.  The NEW COMEX OI for the gold complex rests at 555,072. 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 EXCHANGE 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 GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 6891 CONTRACTS: 5,616 CONTRACTS INCREASED AT THE COMEX AND 1275 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 6891 CONTRACTS OR 24.164 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (1275) ACCOMPANYING THE GOOD SIZED GAIN IN COMEX OI  (5616 OI): TOTAL GAIN IN THE TWO EXCHANGES: 6891 CONTRACTS. WE NO DOUBT HAD 1 ) SOME BANKER SHORT COVERING AND CONSIDERABLE ALGO SHORT COVERING ,2.)ANOTHER HUMONGOUS INCREASE IN OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT NOV. MONTH TO 17.079 TONNES3)  ZERO LONG LIQUIDATION ;4) GOOD COMEX OI GAIN AND 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED WITH  OUR STRONG GAIN IN GOLD PRICE TRADING//THURSDAY//$11.10.

WE ARE BEGINNING TO WITNESS A LACK OF EXCHANGE FOR GOLD PHYSICALS UNDERWRITTEN DUE TO PREMIUMS STARTING TO REAPPEAR IN THE FUTURE PRICE OF GOLD VS LONDON SPOT. THE COST TO THE BANKERS IS JUST TOO GREAT TO ENGAGE IN THESE VEHICLES ONCE THIS OCCURS.

We have now switched to GOLD for our spreaders!!

 

FOR DETAILS ON THE SPREADING EXERCISE HERE IS A BRIEF OUTLINE:

 

SPREADING OPERATIONS/NOW SWITCHING TO GOLD  (WE SWITCH OVER TO SILVER ON DEC  1)

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN GOLD AS WE HEAD TOWARDS THE NEW ACTIVE FRONT MONTH OF DEC.

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

 HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 

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

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 GOLD AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX GOLD 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 NON  ACTIVE DELIVERY MONTH OF OCT. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV FOR GOLD:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF NOV. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST INGOLD WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (DEC), 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.”

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

Nov.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 31,471 CONTRACTS OR 3,147,100 oz OR 97.88 TONNES (10 TRADING DAY(S) AND THUS AVERAGING: 3428 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 10 TRADING DAY(S) IN  TONNES: 97.88  TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 97.88/3550 x 100% TONNES =3.04% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,775.78 TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 571.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,098.93  TONNES  (*AND A NEW ALL TIME RECORD ISSUANCE//22 DAYS)

APRIL TOTAL EFP. ISSUANCE:               243.45  TONNES  (EFP ISSUANCE BECOMING A LOT LESS)

MAY TOTAL EFP ISSUANCE:                     248.68 TONNES (EFP ISSUANCE STILL LOW// PREMIUM COST TO THE BANKERS IS HUGE..SO ISSUANCE IS LESS)

JUNE TOTAL EFP ISSUANCE:                     192.06 TONNES (EFP ISSUANCE EXTREMELY LOW)

JULY TOTAL EFP ISSUANCE;                       313.09 TONNES ..(EXCHANGE FOR PHYSICALS REVERSE COURSE AND ARE NOW INCREASING!)

AUGUST TOTAL EFP ISSUANCE;                 150.78 TONNES  FINAL (AGAIN: RETREATING IN NUMBERS)

SEPT TOTAL EFP ISSUANCE:                       178.49 TONNES (EFP’s AGAIN RISING DUE TO BACKWARDATION/LOWER FUTURE PREMIUMS//THUS LESS COST TO CARRY)

OCT TOTAL EFP ISSUANCE.                        158.78 TONNES (AGAIN DROPPING)

NOV  TOTAL EFP ISSUANCE:                        97.88 TONNES (INCREASING AGAIN) 

 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A STRONG SIZED 2925 CONTRACTS FROM 156,293 UP TO 159,218 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  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 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE STRONG SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) SOME BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 552 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 552 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 552 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 2925 CONTRACTS TO THE 552 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A VERY STRONG SIZED GAIN OF 3477 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 17.385 MILLION  OZ, OCCURRED WITH OUR $0.02 FALL IN PRICE///

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 28.57 PTS OR .87%   //Hang Sang CLOSED DOWN 12.52 PTS OR .05%    /The Nikkei closed DOWN 135.22 POINTS OR 0.53%//Australia’s all ordinaires CLOSED DOWN 0.15%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.05 dollars per barrel for WTI and 43.02 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6095. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6124 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /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%

 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A GOOD SIZED 5616 CONTRACTS TO 554,194 MOVING CLOSER TO OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX INCREASE OCCURRED WITH OUR STRONG RISE OF $11.10 IN GOLD PRICING THURSDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (1275 CONTRACTS).   WE ALSO HAD  1)  CONSIDERABLE BANKER SHORT COVERING//CONSIDERABLE ALGO SHORT COVERING//,  2)  ZERO  LONG LIQUIDATION  AND 3)  ANOTHER MONSTER GAIN  IN GOLD STANDING AT THE  COMEX  ( NOW STANDING AT 17.079 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED AN GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 7769 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. WE CAN NOW VISUALLY SEE THAT SHORTS ARE TRYING TO EXTRICATE THEMSELVES FROM THEIR MESS (“TRYING TO GET OUT OF DODGE”) AS LONGS DEPART THE COMEX FOR THE SAFER CONFINES OF LONDON.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 74

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 1275 EFP CONTRACTS WERE ISSUED:     DEC 1025; FEB// ’21 250 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 1275  CONTRACTS.

YOU WILL FIND THAT WHEN WE HAVE A GOOD PREMIUM IN THE FUTURES/SPOT, THEN THE NUMBER OF EXCHANGE FOR PHYSICALS DECLINE IN NUMBERS.  THE COST IS JUST TOO MUCH FOR THEM TO ISSUE.

IT SEEMS THAT OUR BANKER FRIENDS ARE LOATHE TO ISSUE EFPS DESPITE THE LOW PREMIUM ON FUTURE GOLD CONTRACTS.

 

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 6891 TOTAL CONTRACTS IN THAT 1275 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 5616 COMEX CONTRACTS.. THE BIG NEWS IS THE STRONG LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((17.079 TONNE) AS NOVEMBER IS A NON ACTIVE AND GENERALLY A VERY POOR DELIVERY MONTH

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $11.10).  AND, THEY WERE   UNSUCCESSFUL IN FLEECING SOME LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   21.43 TONNES,

NET GAIN ON THE TWO EXCHANGES :: 6891 CONTRACTS OR 689,100 OZ OR 21.43 TONNES.

 
COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCTION)

 

THUS IN GOLD WE HAVE THE FOLLOWING:  554,194 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.42 MILLION OZ/32,150 OZ PER TONNE =  1723 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1723/2200 OR 78.35% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 176,033 contracts// volume poor////

CONFIRMED COMEX VOL. FOR YESTERDAY:  281,867 contracts//  volume:  poor

/most of our traders have left for London

 

NOV 13 /2020

NOV. GOLD CONTRACT MONTH

 
 
INITIAL STANDING FOR NOV GOLD
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
150,402.378 oz
 
4.678 tonnes
 
 
 
Deposits to the Dealer Inventory in oz

297.44 oz

 

Delaware

 

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
 
182 notice(s)
 
 18,200 OZ
(0.566 TONNES)
 
 
 
 
No of oz to be served (notices)
79 contracts
(7,900 oz)
44.31 TONNES
 
Total monthly oz gold served (contracts) so far this month
5412 notices
 
541,200 OZ
16.833 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 deposit into the dealer

 
total deposit: nil oz

 

total dealer withdrawals: nil oz

 

we had 1 deposit into the customer account

i)Into  Delaware:  297.44 oz

total customer deposit: 298.44  oz

 

we had 1 gold withdrawals from the customer account:

i) Out of JPMorgan:  150,402.378 oz or 4.678 tonnes

total withdrawals:  150,402.378 oz

 

We had 0  kilobar transactions  +

ADJUSTMENTS: 0 // 

The front month of NOV registered a total of 261 contracts for a LOSS of  88 contracts.  We had 298 notices filed on Thursday so we gained a whopping 210 contracts or 21,000 additional oz of gold will stand in this non active month of November.  There is now no question that we are experiencing a massive onslaught at the gold comex.  This is a new record(gold deliveries) for a November month. If you think that this is high, you can just imagine what will stand in December. 

 

The big December contract lost a HUGE 16,829 contracts down to 279,319 contracts.  We will be watching December closely from this day forth. January LOST 10 contracts to stand at 3220 contracts. FEBRUARY gained a STRONG 20,318 contracts UP TO 183,417. (why the early rush to roll?)

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR NOVEMBER (17.079 tonnes). GENERALLY  NOVEMBER IS A VERY POOR DELIVERY MONTH AS MOST INVESTORS PREFER TO SKIP THIS MONTH AND MOVE STRAIGHT TO DECEMBER.  IT LOOKS LIKE SOME MAJOR ENTITY(GOLDMAN SACHS) JUST CANNOT WAIT FOR DECEMBER AS THEY ALONG WITH OTHERS) ARE MAKING THEIR MOVE  FOR PHYSICAL METAL. GOLDMAN SACHS ONE OF THE LEADERS OF THE NEW LONDON LME EXCHANGE NEEDS THE GOLD INVENTORY FOR LIQUIDITY AND INITIAL CONTRIBUTION WITH OTHER MAJOR PLAYERS. AS MENTIONED ABOVE THE GOLD COMEX IS EXPERIENCING A MASSIVE ONSLAUGHT FOR METAL

We had  182 notices filed today for  18,200 oz OR 0.5666 TONNES.

FOR THE NOV 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from
JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 182  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  8 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)
 

To calculate the INITIAL total number of gold ounces standing for the NOV /2020. contract month, we take the total number of notices filed so far for the month (5412) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (261 CONTRACTS ) minus the number of notices served upon today (182 x 100 oz per contract) equals 549,100 OZ OR 17.079 TONNES) the number of ounces standing in this active month of NOV

thus the INITIAL standings for gold for the NOV/2020 contract month:

No of notices filed so far (5412, x 100 oz +261 OI) for the front month minus the number of notices served upon today (182) x 100 oz which equals 549,100 oz standing OR 17.079 TONNES in this  active delivery month. This is a HUGE amount for gold standing for a NOV delivery month (a very poor non active delivery month). THE COMEX IS UNDER A HUGE FRONTAL ATTACK FROM EUROPEAN BANKS SEEKING PHYSICAL METAL!

We gained 210 contracts or an additional 21,000 oz will search out metal on this side of the pond.

 

NEW PLEDGED GOLD:  BRINKS

600,054.816, oz NOW PLEDGED  SEPT 15.2020/HSBC  18.644 TONNES ( A HUGE INCREASE FROM 10.6)

60,784.803 PLEDGED  APRIL 3/2020: SCOTIA:            1.3234 tonnes

deleted Int. Delaware pledge July 7  (600 tonnes)

268,020.745 oz  JPM  8.336 TONNES

602,840.325 oz pledged June 12/2020 Brinks/   july 2/july 21               18.75 tonnes

67,289.041 oz Pledged August 21/regular account 1.588 tonnes jpm

total pledged gold:  1,598,591.300 oz                                     49.722 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 489.82 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 17.079 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

 
total registered or dealer  17,346,416.274 oz or 539.54tonnes
 
 
total weight of pledged:  1,598,591.300 oz or 49.722 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,747,825..0  (489,82 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  15,747,825.0 (489.82 tonnes)
 
 
 
total eligible gold:  19,904,468.880 oz (619.11 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  37,250,885.154 oz 1,158.65 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1032.31 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 

THE GOLD COMEX SEEMS TO BE  UNDER SEVERE ASSAULT FOR PHYSICAL

 
END

 

 
 
NOV 13/2020

And now for the wild silver comex results

 
 

And now for the wild silver comex results

INITIAL STANDINGS

NOV. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
50,379.201 oz
 
CNT
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil oz
 
 
 
 
 
 
Deposits to the Customer Inventory
600,367.352 oz
 
 
CNT
Delaware
 
 
 
 
 
 
 
 
No of oz served today (contracts)
159
 
CONTRACT(S)
(795,000 OZ)
 
No of oz to be served (notices)
117 contracts
585,000 oz)
Total monthly oz silver served (contracts)  650 contracts

 

3,250,000 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
 
We had 0 deposits into the dealer:
 
 
 

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 2 deposits into the customer account (ELIGIBLE ACCOUNT)

i)into JPMorgan:  nil oz

ii) Into CNT:  599,315.350 oz

iii) into Delaware: 1052.004 oz 

 

 

JPMorgan now has 190.72 million oz of  total silver inventory or 49.67% of all official comex silver. (190.72 million/384.451 million

total customer deposits today:  600,367.352   oz

we had 1 withdrawals:

i)Out of CNT: 50,379.201 oz  
 
 
 
 
 

total withdrawals; 50,379.201    oz

We had 1 adjustment

out of CNT: 792,157.140 oz customer to dealer account

Total dealer(registered) silver: 135.647 million oz

total registered and eligible silver:  384.451 million oz

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

November saw a LOSS OF 5 notices DOWN to 276 contracts. We had 5 notices filed on THURSDAY so we gained 0 contracts or NIL additional silver oz will stand in this non active delivery month of November.

December saw a LOSS of 4217 contracts DOWN to 80,443 contracts. January saw a GAIN of 4 contracts UP to 172. MARCH  gained 6558 contracts up to 64,128.

 
 

The total number of notices filed today for the NOV 2020. contract month is represented by 5 contract(s) FOR 25,000 oz

 

To calculate the number of silver ounces that will stand for delivery in NOV we take the total number of notices filed for the month so far at 650 x 5,000 oz = 3,250,000 oz to which we add the difference between the open interest for the front month of OCT(276) and the number of notices served upon today 159x (5000 oz) equals the number of ounces standing.

Thus the NOV standings for silver for the NOV/2019 contract month: 650 (notices served so far) x 5000 oz + OI for front month of NOV (276)- number of notices served upon today (159) x 5000 oz of silver standing for the NOV contract month .equals 3,835,000 oz. ..VERY STRONG FOR A NON ACTIVE  NOV MONTH.

WE GAINED 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY AT THE COMEX AND FORGO ANY FIAT BONUS AS THEY SEARCH FOR METAL ON THIS SIDE OF THE POND VS LONDON. SEEMS THAT WE HAVE A WHALE COMING AFTER COMEX SILVER 

TODAY’S ESTIMATED SILVER VOLUME :65,323 CONTRACTS // volume   strong////

FOR YESTERDAY 86,749  ,CONFIRMED VOLUME//  very strong//

YESTERDAY’S CONFIRMED VOLUME OF 86,749 CONTRACTS EQUATES to 0.433 billion  OZ 61.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 3.55% ((Nov 13/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -0.74% to NAV:   (NOV13/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.55%

(courtesy Sprott/GATA

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

NAV 19.43 TRADING 18.73///NEGATIVE 3.35

END

And now the Gold inventory at the GLD

NOV 13/WITH GOLD UP $11.90 TODAY//A HUGE CHANGE IN GOLDINVENTORY AT THE GLD; A WITHDRAWAL OF 1.17 TONNES FROM THE GLD////INVENTORY RESTS AT 1239.57 TONNES

Nov 12/WITH GOLD UP $11.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPERWITHDRAWAL OF 9.02 TONNES FROM THE GLD///INVENTORY RESTS AT 1240.74 TONNES

NOV 11/WITH GOLD DOWN $13.10 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1249.79 TONNES/

NOV 10/WITH GOLD UP $20.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 10.51 TONNES/INVENTORY RESTS AT 1249.79 TONNES

NOV 9/WITH GOLD DOWN $88.45 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIST OF 7.88 TONNES INTO THE GLD///INVENTORY RESTS AT 1260.30 TONNES

NOV 6/WITH GOLD UP $5.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1252.42 TONNES

NOV 5/WITH GOLD UP $51.45 TODAY: STRANGELY A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 3.5 TONNES FROM THE GLD////INVENTORY RESTS AT 1252.42 TONNES

NOV 4/WITH GOLD DOWN $9.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1255.92 TONNES

NOV 3//WITH GOLD UP $16.85 TODAY:  STRANGE!!! A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 1.75 TONNES FROM THE GLD////INVENTORY RESTS AT 1255.92 TONNES

NOV 2/WITH GOLD UP $13.60 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD:A WITHDRAWAL OF .58 TONNES AND THIS IS GENERALLY TO PAY FOR FEES (STORAGE/INSURANCE)//INVENTORY RESTS AT 1257.67 TONNES

OCT 30/WITH GOLD UP $11 TODAY: NO CHANGE IN GOLD INVENTORYAT THE GLD//INVENTORY RESTS AT 1258.25 TONNES

OCT 29/WITH GOLD DOWN $11.80 DOLLARS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 8.47 TONNES FROM THE GLD////INVENTORY RESTS AT 1258.25 TONNES

OCT 28/STRANGE!WITH GOLD DOWN $30.50 TODAY, A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1266.72 TONNES

OCT 27/WITH GOLD UP $6.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1263.80 TONNES

OCT 26/WITH GOLD UP $1.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.77 TONNES FROM THE GLD//INVENTORY RESTS AT 1263.80 TONNES

OCT 23/WITH GOLD  DOWN 80 CENTS TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWL OF 3.8 TONNES FROM THE GLD////INVENTORY RESTS AT 1265.55 TONNES

OCT 22/WITH GOLD DOWN $22.80 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1269.35 TONNES

OCT 21//WITH GOLD UP $17.50 DOLLARS TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1269.93 TONNES

OCT 20/WITH GOLD UP $3.30 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER PAPER WITHDRAWAL OF 2.92 TONNES//INVENTORY RESTS AT 1269.93 TONNES

OCT 19WITH GOLD UP $5.15 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.5 TONNES FROM THE GLD///INVENTORY RESTS AT 1272.56 MILLION OZ//

OCT 16//WITH GOLD DOWN 10 CENTS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 1.59 TONNES FROM THE GLD//INVENTORY RESTS AT 1276.06 MILLION OZ

OCT 15//WITH GOLD UP $1.10 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES

OCT 14/WITH GOLD UP $12.00 : NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES

OCT 13/WITH GOLD DOWN $31.70 DOLLARS: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1277.65 TONNES.

OCT 12/WITH GOLD UP $2.00 TODAY: A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 6.13 TONNES INTO THE GLD////INVENTORY RESTS AT 1277.65 TONNES

OCT 12/WITH GOLD UP $2.00 TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1271.52 TONNES

OCT 9/WITH GOLD UP $31.10 TODAY/NO CHANGE IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1271.52 TONNES

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

NOV13/ GLD INVENTORY 1239.57 tonnes

LAST;  945 TRADING DAYS:   +299.02 NET TONNES HAVE BEEN ADDED THE GLD

LAST 845 TRADING DAYS// +476.60  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory

NOV 13/WITH SILVER UP 43 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV” A WITHDRAWAL OF 2.88 MILLION OZ FROM THE SLV////INVENTORY RESTS AT 569.371 MILLION OZ.

NOV 12/WITH SILVER DOWN 2 CENTS TODAY: NO CHANGES IN SILVER INVENTORY FROM THE SLV//INVENTORY RESTS AT 572.254 MILLION OZ

NOV 11/WITH SILVER DOWN 8 CENTS TODAY: A HUGE 3.627 MILLION OZ WITHDRAWAL FROM THE SLV/ INVENTORY RESTS AT 572.254 MILLION OZ

NOV 10/WITH SILVER UP $.65 TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: STRANGE ANOTHER HUGE DEPOSIT OF 4.739 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 575.881 MILLION OZ

NOV 9/WITH SILVER  DOWN $1.76 TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE  SLV: A DEPOSIT OF 10.324 MILLION OZ ADDED INTO THE SLV INVENTORY////INVENTORY RESTS AT 571.742 MILLION OZ

NOV 6/WITH SILVER UP 47 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.418 MILLION OZ//

NOV 5/WITH SILVER UP $1.21 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.418 MILLION OZ..

NOV 4/WITH SILVER DOWN 43 CENTS TODAY: TWO HUGE CHANGE IN SILVER INVENTORY AT THE SLV:  A) WITHDRAWAL OF 240,000 OZ FROM SLV//// AND THEN B) A DEPOSIT OF 1.83 MILLION OZ INTO THE SLV//INVENTORY RESTS AT 561.418 MILLION OZ

NOV 4/WITH SILVER DOWN 43 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:  A WIHDRAWAL OF 240,000 OZ FROM SLV////INVENTORY RESTS AT 559.558 MILLION OZ

NOV 3/WITH SILVER UP 29 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 559.798 MILLION OZ///

NOV 2/WITH SILVER UP 40 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 559.798 MILLION OZ//

OCT 30/WITH SILVER UP 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 931,000 FROM THE SLV////INVENTORY RESTS AT 559.798 MILLION OZ..

OCT 29/WITH SILVER DOWN 4 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A PAPER DEPOSIT OF 2.326 MILLION OZ//INVENTORY RESTS A 560.729 MILLION OZ..

OCT 28/WITH SILVER DOWN $1.09 TODAY: A HUGE WITHDRAWAL OF 2.791 MILLION OZ FROM THE SLV//INVENTORY RESTS AT 558.403 MILLION OZ..

OCT 27/WITH SILVER UP 18 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ//

OCT 26/WITH SILVER DOWN 18 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

OCT 23/WITH SILVER DOWN 9 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

OCT 22/WITH SILVER DOWN 46 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 561.194 MILLION OZ

OCT 21/WITH SILVER UP 26 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 2.977 MILLION OZ FROM THE SLV..//INVENTORY RESTS AT 561.194 MILLION OZ.

OCT 20/WITH SILVER UP 31 CENTS TODAY: A BIG CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 652,000 OZ INTO THE SLV////INVENTORY RESTS AT 564.171 MILLION OZ//

OCT 19/WITH SILVER UP 27 CENTS TODAY: NO CHANGES IN SLV INVENTORY AT THE SLV//INVENTOR RESTS AT 563.519 MILLION OZ/

OCT 16/WITH SILVER UP 15 CENTS TODAY: NO CHANGES IN SLV INVENTORY//INVENTORY RESTS AT 563.519 MILLION OZ.

OCT  15/WITH SILVER DOWN 16 CENTS TODAY:NO CHANGES IN SLV INVENTORY//INVENTORY RESTS AT 563.519 MILLION OZ//

OCT 14/WITH SILVER UP 24 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 4.652 MILLION OZ//INVENTORY RESTS AT 563.519 MILLION OZ/

OCT 13/WITH SILVER DOWN 105 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 558.867 MILLION OZ..

OCT 12/WITH SILVER UP 28 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV; A WITHDRAWAL 0F 1.396 MILLION OZ//INVENTORY RESTS AT 558.867MILLION OZ/

OCT 9/WITH SILVER UP $1.00 TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 560.263

NOV 13.2020:

SLV INVENTORY RESTS TONIGHT AT

572.254 MILLION OZ

 
 

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Gold market authorities are threatening to blacklist UAE and other bullion centres that obtain their gold illegally

(Reuters/GATA)

Gold market authority threatens to blacklist UAE and other bullion centers

 
 Section: 

 

By Peter Hobson
Reuters
Thursday, November 12, 2020

LONDON — The world’s most influential gold market authority is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.

In the letter dated Nov. 6 addressed to countries with large gold markets, the London Bullion Market Association laid out standards they must meet on issues such as money laundering and where they source their gold — or be blacklisted

The move by the LBMA is the first time a market or state authority trying to tackle the illegal or unethical production and trading of gold has raised the prospect of cutting off the bullion industry in a major financial center.

 

“Our goal is to work jointly with these key markets to advance global standards, not to disengage from them. However, we are also committed to act if there is not meaningful and effective improvement,” LBMA Chief Executive Ruth Crowell told Reuters when asked about the letter.

The LBMA letter did not target any center in particular, but four people involved in drafting it told Reuters the gold industry in Dubai in the United Arab Emirates was the main focus. …

… For the remainder of the report:

https://www.reuters.com/article/idUSKBN27S0NK

* * *

end

The following is Chris Powell’s presentation to the  New Orleans Conference

This is a must must read.

(GATA)

Chris Powell: Gold market manipulation update, November 2020

 
 Section: 

 

Remarks by Chris Powell, Secretary/Treasurer
New Orleans Investment Conference
Wednesday, October 14, 2020

Mining Investment Asia Conference
Wednesday, November 4, 2020

Mining Investment North America Conference
Thursday, November 12, 2020

* * *

Illustrations for this presentation are posted here:

http://gata.org/files/A-MiningInvestmentNorthAmerica-11-2020-PPT.pdf

* * *

Slide 1 — Introduction

The premise of my organization, the Gold Anti-Trust Action Committee, is what the assistant undersecretary of state for economic and business affairs, Thomas O. Enders, told Secretary of State Henry Kissinger in a meeting at the State Department on April 25, 1974 — a meeting whose discussion was transcribed and now is posted at the internet site of the State Department’s historian:

Slide 2 — State Department historian

http://www.gata.org/node/13310

That is, the gold price is a primary determinant of all currency values and whoever controls the gold price can control not just all currency values but, implicitly, control the value of all capital, labor, goods, and services in the world. Back in 1974 the countries that were about to form the European Union had amassed, collectively, more gold than the United States had. So it became U.S. policy to push gold out of the world financial system in order to protect the dollar’s role as the world reserve currency. Western gold price suppression policy, extensively documented at GATA’s internet site, arose from this realization and objective.

This is not “conspiracy theory,” though the policy usually was concocted and implemented in secret — that is, by a conspiracy, which is only how government often operates. No, this is history. As the saying goes, “you can look it up,” though the people in power would prefer that you didn’t.

 

So gold is the secret knowledge of the financial universe. That is why nothing financial can be analyzed without regard to gold and to what governments and central banks are doing in regard to gold.

This year has produced many major changes in the gold and silver markets that indicate increasing demand for real metal and tightness in supply. Some of us think these changes foreshadow the implosion of the longstanding fractional-reserve, derivatives-based gold and silver banking system — a system that has diverted most demand for the monetary metals away from the metals themselves and into derivatives.

While the supply of real metal is finite, the supply of derivatives is infinite, and credible estimates are that there are dozens of derivative claims to every ounce of actual gold and silver. That is, most of the gold and silver the world thinks it owns doesn’t exist. There is a huge and uncoverable short position in the monetary metals. Physical demand threatens to destroy this short position. Therein lies the opportunity in investing in the monetary metals and the companies that mine them.

The risk is that, as author and geo-political analyst Jim Rickards said on CNBC in September 2009: “When you own gold you’re fighting every central bank in the world.”

So in the context of this background let’s review the major changes in the gold and silver markets this year.

Slide 3 — NYMEX / COMEX headquarters

— The gold and silver futures markets of the New York Commodities Exchange, the Comex, have been transformed from almost entirely paper or derivatives markets into largely physical markets with huge offtakes of metal. Meanwhile the London gold and silver markets are having trouble delivering metal. GATA’s friend the London metals trader Andrew Maguire says it is impossible to get timely delivery of gold and silver in London and that as a result “spot” prices there are misleading, not capable of bringing forth metal in anything less than weeks.

Slide 4 — CME Group gold bars list

— A few weeks ago the Comex quietly implemented a vast expansion of the eligible mints of gold bars acceptable for gold futures contract delivery. Some of the mints on the Comex’s expanded list are no longer operating. This implies shortage of supply.

https://www.cmegroup.com/notices/market-regulation/2020/07/MKR07-27-20.h…

— Volatility in the gold and silver futures markets has increased dramatically, but the frequent smashdowns in these markets are losing effect. In recent years they could knock prices down for weeks or even months at a time. Now prices usually bounce back in two or three days. The biggest smashdown of all came last week but prices are on their way back up again. Someone seems to be using the smashes in the futures markets to obtain real metal.

Slide 5 — Scotiabank fines

— Scotiabank recently paid fines of $127 million to settle gold and silver futures market rigging charges by the U.S. government. Scotiabank also is closing its gold and silver division, the oldest continuously operated bullion bank in the world.

Slide 6 — Fines against JPMorganChase

https://www.bloomberg.com/news/articles/2020-08-19/scotiabank-to-pay-127…

JPMorganChase recently paid fines of $920 million for rigging the gold, silver, and Treasury futures markets. Both JPMorganChase and Scotiabank have entered deferred prosecution agreements with the government, indicating that the banks are expected to cooperate with the government in additional prosecutions.

https://cftc.gov/PressRoom/PressReleases/8260-20

Slide 7 — Deutschebank trader convictions

A few weeks ago two former traders for Deutsche Bank were convicted for manipulating the gold and silver futures markets.

https://www.bloomberg.com/news/articles/2020-09-25/ex-deutsche-bank-gold…

The futures market rigging done by Scotiabank, JPMorganChase, and the Deutsche Bank traders, called “spoofing” — the strategic placing and withdrawal of buy and sell orders calculated to mislead other traders — is not the rigging GATA long has complained about. The market rigging GATA long has complained about is done through largely surreptitious intervention by governments and central banks.

But the spoofing convictions are important because they show how easy it has been for big traders to rig the futures markets. It went on for years without discovery by the U.S. Commodity Futures Trading Commission, even when the commission purported to be looking for it. If futures market rigging is that easy for big traders, imagine how much easier it is for governments and central banks.

Slide 8 — CME Group’s Central Bank Incentive Program

Indeed, CME Group, operator of the New York Commodities Exchange, has a special discount program for governments and central banks surreptitiously trading all major futures contracts in the United States:

http://www.gata.org/node/18925

Anyone trading commodities in the United States is probably trading against any number of governments and central banks, whose pockets are far deeper than those of ordinary traders.

Slide 9 — GLD metal held at Bank of England

— GATA’s friend the gold researcher Ronan Manly of Bullion Star in Singapore reported a few weeks ago that the exchange-traded fund GLD appears to be storing increasing amounts of its gold at the Bank of England, even though the fund’s prospectus requires the fund’s metal to be immediately transferred to the vaults of the fund’s own custodian, HSBC. This prolonged storage at the Bank of England suggests that GLD is increasingly using borrowed central bank gold to balance its accounts:

https://www.bullionstar.com/blogs/ronan-manly/gld-continues-to-source-go…

Slide 10 — BIS statement of account

— In recent months intervention in the gold market by the Bank for International Settlements, monitored by GATA’s consultant Robert Lambourne, has reached its highest level in the last two years and possibly the highest level in the bank’s history. The BIS functions as an agent or broker for its member central banks in purchasing, lending, and swapping gold among its members and commercial banks so the metal may be applied to gold markets that are under stress. In doing so the BIS provides camouflage for the interventions of its member central banks so they do not have to transact as directly with bullion banks and run more risk of being exposed publicly.

http://www.gata.org/node/20610

Slide 11 — BIS PowerPoint presentation

Indeed, GATA has obtained and posted at our internet site BIS documents showing that the bank considers its major purpose to be to help its member central banks control the gold price and the value of other currencies. The BIS refuses to explain the purposes and objectives of its trading in gold, nor for whom this trading is done.

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

A few years ago GATA put that question to the BIS. Its press office quickly replied that the bank never answers such questions. Fortunately for the bank, mainstream financial news organizations and market analysts never ask it, since asking might be bad for business.

Slide 12 — University of Sussex report

— In May this year a study by researchers at the University of Sussex Business School in Britain concluded that the gold futures market is indeed heavily manipulated, seemingly contrary to regulations, but regulators are overlooking it.

http://www.sussex.ac.uk/broadcast/read/52005

Slide 13 –– U.S. Rep. Mooney’s letter to CFTC

— In the last year the U.S. Commodity Futures Trading Commission repeatedly has refused to answer a crucial question put to it by GATA and U.S. Rep. Alex X. Mooney, Republican of West Virginia. This is the question: Is futures market manipulation undertaken by a broker or agent for the U.S. government, or by someone acting with the approval of the U.S. government, subject to the commission’s jurisdiction, or is such manipulation legal under the Gold Reserve Act of 1934 or other federal laws?

http://gata.org/files/MooneyLetter-CFTC-04-13-2020.pdf

Since the CFTC refuses to answer that question even for a member of Congress, you may fairly assume that the commission considers futures market rigging by the U.S. government to be perfectly legal. That certainly would help explain the commission’s strange reluctance to act against gold and silver futures market rigging over the years.

Slide 14 –U.S. Treasury Department’s ESF page

Discovering this U.S. government policy was GATA’s first great success. It came in 2001 in U.S. District Court in Boston when our consultant and litigator, Reginald Howe, extracted from an assistant U.S. attorney a claim that the Gold Reserve Act of 1934, which establishes the Exchange Stabilization Fund in the Treasury Department, does indeed empower the U.S. government to rig the gold market exactly as Howe’s lawsuit complained. If you will visit the Exchange Stabilization Fund’s page at the Treasury Department’s internet site, you may see that the Treasury Department indeed seems to construe the Gold Reserve Act to authorize it to manipulate not just the gold market but any market anywhere.

https://home.treasury.gov/policy-issues/international/exchange-stabiliza…

When GATA got started in 1999 nearly all respectable market observers insisted that the gold market was not being manipulated by governments or anyone else. Today most respectable market observers acknowledge that most markets ARE being manipulated by governments, but they don’t want to talk about gold. This is a bit of an improvement, since at least it seems that few observers today are willing to DENY that the gold market is being manipulated by governments.

In the last few weeks there have been many reports that after a decade of increasing their gold reserves, central banks have become net sellers of the monetary metal, if only in a small way.

https://www.ft.com/content/09b0a30f-2997-4e8a-92bf-f9eb61952b92

Slide 15 — Secret IMF staff report

But these reports were based on mere estimates offered by the World Gold Council, which long has been determined not to look too deeply into what central banks do with gold. For example, the World Gold Council has never taken note of the March 1999 secret staff report of the International Monetary Fund, which acknowledged that central banks refuse to distinguish the gold in their vaults from the gold they have swapped or leased with other central banks or bullion banks:

http://www.gata.org/node/12016

That is, the reports of central banks often overcount their gold.

Candor in gold reserve reporting, the secret IMF staff report said, cannot be allowed because it would reveal and compromise the surreptitious interventions by central banks in the gold and currency markets. The secret IMF staff report remains a warning to all market observers that central bank gold data cannot be trusted.

While the World Gold Council was claiming last month that central banks are now net sellers of gold, London metals trader Andrew Maguire was reporting that China has begun bypassing the London gold market and is acquiring unrefined gold directly from mines in Africa and South America and doing the refining itself:

http://gata.org/node/20606

Of course it is a matter of record that China is not always candid about its acquisition of gold. Not long ago China went five years without updating its gold reserve reports, and then reported five years’ worth of acquisitions in a lump sum.

If Maguire is correct about China’s acquisition of unrefined gold directly from mines, central banks are likely still net buyers of gold, not net sellers.

Because there is no serious journalism about gold, what the world is told about the gold market is almost always only what central banks want the world to be told.

It would not be difficult for financial journalists and gold market analysts to confirm or discredit Maguire’s assertion about China’s acquisition of unrefined gold. Journalists and market analysts could inquire with central bankers, gold traders, gold mining companies, and customs agencies. While few such sources might go on the record, some might comment confidentially. But even publicizing the question would be too subversive for most journalists and market analysts.

* * *

Of course monetary metals investors most want to know when gold and silver will break free of this manipulation at last — break free of the longstanding Western government policy of driving the monetary metals out of the world financial system, the policy that is extensively documented at GATA’s internet site:

http://gata.org/taxonomy/term/21

We at GATA tend to expect that there will be another international currency revaluation in the near future. Something like that likely will be announced on a Sunday night before the Asian markets open. Of course governments are not going to share such plans with us in advance. But the day of deliverance for the monetary metals and their investors could be hastened if mainstream financial news organizations and market analysts reclaimed their integrity and began committing some journalism about central banking and gold.

All they have to do is what they never have done — put a few critical questions to central banks and regulatory agencies and report the refusals to answer.

Of course monetary metals mining companies could help by pressing those questions too. But most mining companies are too scared — too scared even to stand up for their investors. Mining is the most capital-intensive business in the world, and most mining companies cannot operate without support from the largest banks, which typically are intimate agents of governments, and few governments want gold and silver remonetizing themselves and competing with government currencies.

Mining is also the business most directly vulnerable to government regulation — for mining permits, environmental standards, and royalty payments. It is a rare mining company that is willing to embarrass its government with critical questions.

Central banking’s power to create and dispense infinite money is of course a spectacular power. But this power can’t succeed on its own. To succeed this power usually requires secrecy and deception. For if investors are NOT deceived, the power of central banking’s infinite money vaporizes. People won’t buy gold and silver derivatives if they realize that those products are designed to cheat them.

That’s why central banking’s most crucial power right now is its power to intimidate financial news organizations, market analysts, and mining companies out of their duty. That’s why GATA struggles to gain a forum. It is also why GATA is especially grateful to this conference for granting us this forum and grateful to you for attending.

Slide 16 — Conclusion

Please visit our internet site, GATA.org, to review our documentation and our daily news bulletin, the GATA Dispatch. You can subscribe to the dispatch without charge at the right column of the site’s home page. And please e-mail me at CPowell@GATA.org if you need help finding anything in particular.

Of course since GATA is a nonprofit educational and civil rights organization recognized as tax-exempt by the U.S. Internal Revenue Service, we welcome financial contributions to help keep us going. You can donate by credit card on our internet site or mail us a check. No amount is too small to be appreciated, and any amount will be larger than we have gotten from most major gold and silver mining companies.

Thanks again for your kind attention. If we have enough time left, I’ll be glad to try to answer some questions.

end

We will finally get Judy Shelton, a gold bug and staunch sound money advocate onto the Fed

(London’s Financial Times/GATA)

Senate prepares to vote on Trump Fed board nominee Judy Shelton

 
 Section: 

 

By James Politi
Financial Times, London
Thursday, November 12, 2020

WASHINGTON — The U.S. Senate is preparing to vote as early as next week to confirm Judy Shelton, Donald Trump’s nominee to the Federal Reserve board and a fierce critic of the U.S. central bank.

John Cornyn, the Texas senator and second highest-ranking Republican in the upper chamber, told reporters about the vote today. Mitch McConnell also filed for cloture on Shelton’s nomination, taking a first procedural step toward a final vote in the coming days

Shelton has long been considered a controversial choice for the Fed board because of her staunch loyalty to Trump, which has called into question her independence, as well as her sympathy for the gold standard. She also compared the Fed’s role in setting monetary policy to the Soviet Union’s economic planning. …

 

… For the remainder of the report:

https://www.ft.com/content/4c146684-b364-4966-849a-acfcd7bd9ded

end

Your weekend reading materials:  the logic behind gold and silver

(Alasdair Macleod)

Alasdair Macleod: The monetary logic for gold and silver

 
 Section: 

 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, November 12, 2020

A considered reflection of current events leads to only one conclusion, and that is accelerating inflation of the dollar’s money supply is firmly on the path to destroying the dollar’s purchasing power — completely.

This article looks at the theoretical and empirical evidence from previous fiat money collapses in order to impart the knowledge necessary for individuals to seek early protection from an annihilation of fiat currencies. It assesses the likely speed of the collapse of fiat money and debates the future of money in a post-fiat world, in which the likely successors are metallic money — gold and silver — and some would say cryptocurrencies.

Early action to lessen the impact of a failure of the fiat regime requires an understanding of the role of money in order to decide what will be the future money when fiat dies. Will we be pricing goods and services in gold or a cryptocurrency? Will gold be priced in bitcoin or bitcoin priced in gold? And if bitcoin is priced in gold, will its function of a store of value still exist? …

 

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-monetary-logic…

* * *

iii) Other physical stories:

jJ Johnson’s commodity report

(courtesy J Johnson)

https://www.jsmineset.com/2020/11/13/congratulations-super-bowl-champions/

 

Congratulations Super Bowl Champions!

 

Posted November 13th, 2020 at 8:38 AM (CST) by J. Johnson & filed under General Editorial.

 

Great and Wonderful Friday Morning Folks,

 

      Gold is up $11.50 with the December contract at $1,884.80 after hitting a high at $1,886.40 with the low at $1,872.10. Red Silver is up 14.9 cents with the last trade at $24.455 after it too, just hit a high at $24.47 with the low at $24.215. The never wavering US Dollar is still at 92.895, down 6.1 points with the high at 93.005 and the low at 92.75. Of course, all this happened before 5 am pst, the Comex open, the London close, and after NBC, CBS, CNN, MSNBC, and the rest of the deciding media, have already made the decision who this year’s Super Bowl Champions should be. You jest? Well, the same exact idea is being given right now from Team Biden and the media who will not allow the rest of the game to be played, which should be legal, with referee’s, the challenge and review of certain plays, and observable for all.

 

      Gold in Venezuela is now priced at 18,824.44 Bolivar regaining 16.08 overnight with Silver’s last price at 244.244, it too adding back 1.747 in Bolivar value. Argentina’s issuance now has Gold’s price at 149,850.24 A-Peso’s adding 1,379.79 with Silver adding back 15.41 with the last price at 1,944.28 A-Peso’s. Turkey’s Lira now has Gold gaining back 142.53 with the last trade of the day at 14,510.81 T-Lira with Silver’s last trade at 188.403 T-Lira, increasing the value by 1.733.

 

      November Silver’s Delivery Demand Count now sits at 276 fully paid for 5,000-ounce contracts waiting for receipts, and again, with no further trades or Volume to post up on the board. Yesterday’s trades were blank, with no Price or Volume at all, but 5 receipts may have been given out, reducing the demand count a little and with that Comex Calculated Close at $24.29, providing the hard to find metal a 3.9 cent gain. With no additional physicals being swapped, one has to ask why the Open Interest in Silver had a gain as we see 2,951 more contracts being added bringing this morning’s tally to 159,327 contracts to go against the physicals? Could it be the largest delivery orders are inside the December Contracts?

 

      November Gold’s Delivery Demands now has a total of 261 fully paid for 100-ounce contracts waiting for receipts and with a Volume of 5 up on the board with a trading range between $1,877.20 and $1,876.80 with the last trade at the high, a gain of $4.40 so far today. Yesterday’s Delivery activity happened in between $1,878.50 and $1,866.60 with the last swap at the high, a gain of $17.80, yet the CCC was tallied at $1,872.60, a gain of only $11.90 that had a total of 220 swaps, helping to reduce the count by 88 contracts that may have gotten receipts. Gold’s Overall Open Interest, is once again, showing a fear inside the market as another 5,871 contracts had to be added, at the same time the roll-over out of December into February, is clearly happening, and early.

 

      Bill Russo, deputy communications director for the Biden campaign, is demanding further censorship of Trump, and his violent supporters viewpoints. Yup, these past 4 years of peaceful protests, were Trumps fault, so claims Team Biden’s “Defund the Police” Campaign Communicator. The ones they blamed, just so happen to be the same ones that Support the Police.

 

      We’ve witnessed the election game over the decades. The tallies need time and the arguments need to be heard from both sides. One side seems to not want that to happen. Now if this was a legitimate election, one would figure both sides would demand and allow the full legal process, aka the game. I do understand the one side too. If they can simply say they won, they will never lose another game, nice and fair huh?

 

      Enjoy the entire game, and find a way to smile. Law and Order must prevail no matter what, and I do believe we are seeing that still. Have a great weekend and keep your metals close, and as always ….

 

Stay Strong!

Jeremiah Johnson

More J.Johnson content is available with purchase of a JSMineset subscription.

 

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.

 

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

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.
  •  
 

71671201

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

 

 Section: 

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.6095 /

//OFFSHORE YUAN:  6.6124   /shanghai bourse CLOSED DOWN 28.57 PTS OR .86%

HANG SANG CLOSED DOWN 12.52 PTS OR .05%

2. Nikkei closed DOWN 135.22 POINTS OR 0.53%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 92.88/Euro RISES TO 1.1816

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.92/ 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:: 40.55 and Brent: 43.02

3f Gold UP/JAPANESE Yen UP CHINESE YUAN:   ON -SHORE CLOSED 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 UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.55%/Italian 10 yr bond yield DOWN to 0.66% /SPAIN 10 YR BOND YIELD DOWN TO 0.11%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.21: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.75

3k Gold at $1887.70 silver at: 24.67   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 32/100 in roubles/dollar) 77.60

3m oil into the 40 dollar handle for WTI and 43 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 104.92 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 .9144 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0806 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 FALLING to 0.55%

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 0.882% early this morning. Thirty year rate at 1.637%

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

6.  TURKISH LIRA:  UP  TO 7.71..

Futures Rebound As Markets Look Beyond Surge In Covid Cases

 

US equity futures rebounded and European stocks were mixed as shares of Disney and Cisco jumped after both reported solid earnings, but investors remained cautious as many U.S. states imposed restrictions to curb the relentless surge in coronavirus cases. Treasury yields reversed an earlier rise and the dollar slipped.

S&P futures rose 0.8%, or 27 points to 3,560 while Eupope’s Stoxx 600 Index erased an earlier decline, with tech and banks among the winning sectors after Joe Biden was projected to win the battleground state of Arizona, cementing his win for the office. The projection by Edison Research dealt another blow to President Trump’s effort to overturn the results of the Nov. 3 presidential election.

Today’s gains come a day after US markets fell 1% as the US braced for more lockdowns with New York preparing for the possibility of school closures and Chicago urged residents to shelter at home, fueling fears about the recovery, with investors also weighing how fast an effective vaccine would be rolled out.

 

Cisco Systems and Walt Disney were the top gainers among the Dow components trading before the bell. Futures tracking the blue-chip index were 0.9% higher. The network gear maker jumped 7.7% premarket as it gained from work-from-home driven surge in demand, while Disney rose 4.3% as its rapidly growing streaming video business and a partial recovery at its theme parks limited its quarterly loss.

Today’s gains which followed a surge to an all timehigh on Monday following positive vaccine news from Pfizer which unleashed a record growth-to-value rotation, put S&P 500 and Dow on track for weekly gains. However, the tech-heavy Nasdaq is headed for a weekly loss as investors booked profits in market-leading tech stocks, which have benefited from a stay-at-home environment.

Investors took in stride warnings from three of the world’s top central bankers on Thursday that the prospect of a vaccine isn’t enough to put an end to the economic challenges created by the pandemic. Fed Chair Jerome Powell said on Thursday during a discussion with other central bankers that progress in developing a coronavirus vaccine was welcome news but that near-term economic risks remain as infections accelerate, underscoring the likely need for additional government stimulus.

To be sure, investor focus remained on covid as more than a dozen U.S. states reported a doubling of new COVID-19 cases in the last two weeks with Chicago’s mayor issuing a month-long stay-at-home advisory on Thursday.  The U.K. also reported record infections despite a tightened lockdown, and hospitalization rates set a new high in France.

In Europe, the Stoxx 600 Index erases earlier declines of as much as 0.4% and traded little changed as technology and banks lead gains among sectors while miners, energy and food & beverage slipped. Among the biggest individual advancers: Rolls-Royce +4.2%, Banco de Sabadell +3.9%, Nork Hydro +3.8%, Engie +3.7%, while the biggest drops included LPP -6.8% and  Salmar -3.2%.
Earlier in the session, Asian shares eked out gains on Friday and U.S. stock futures turned higher

Earlier in the session, MSCI’s broadest index of Asian shares outside Japan edged up 0.1%, reversing earlier losses. For the week it rose about 0.7%. But apart from a 0.71% gain in Seoul’s Kospi, most major regional indexes were lower on Friday: Japan’s Topix and China’s Shanghai Composite both fell. Japan’s Nikkei 225 fell 0.57% and the Topix lost 1.3%, with Toyota and Keyence contributing the most to the move. The Shanghai Composite Index retreated 0.9%, driven by Kweichow Moutai and China Life. Australian shares lost 0.2%, the Hang Seng was 0.48% lower and Chinese blue-chips slumped 1.57%, dragged lower by the Trump administration’s decision to ban U.S. investments in firms linked to the Chinese military, and by a series of high-profile bond defaults by state-owned enterprises.

Some investors saw a buying opportunity in the market weakness: “My view is this is the dark just before dawn,” said Michael Frazis, portfolio manager at Frazis Capital Partners in Sydney. “You’ve got the second wave of coronavirus, new sets of shutdowns, clear problems around the world, travel dropping off again… But at the same time, we have the strongest possible evidence that we do have a vaccine…”

“We think this is all actually very positive and it’s actually a good time to be investing in markets,” he said. adding that many risks nevertheless remained for short-term traders amid ongoing uncertainty over issues such as fresh U.S. stimulus. On Thursday, top Democrats in the U.S. Congress urged renewed negotiations over a multitrillion-dollar coronavirus aid proposal, but the top Republican immediately rejected their approach as too expensive, continuing a months-long impasse.

In rates, Treasury yields are back within a basis point of Thursday’s closing levels after erasing Asia-session declines as U.S. stock futures climbed.  10-year yields hovered around 0.88%, near middle of the 0.80%-0.97% weekly range and ~6bp higher on the week; curve spreads were little changed. Bunds, gilts outperformed with U.K. stocks lower. U.S. yields remain higher on the week after Monday’s surge sparked by positive vaccine trial results. Italian bonds led light euro-area gains ahead of an expected pricing of a 5-year dollar BTP

“Bond yields, which had been flirting with the 1.0% level in terms of the U.S. 10Y Treasury, have … snapped back sharply in terms of yield,” Rob Carnell, Asia Pacific head of research at ING said in a note. “That move most likely got a further nudge from the softer-than-expected U.S. inflation data for October which were released yesterday, and which tally with a weaker economic reality.”

In FX, the Bloomberg Dollar Spot Index extended losses in European hours as U.S. equity futures and most European stock markets reversed earlier losses. The dollar weakened against most Group- of-10 peers and the euro advanced after a brief dip to 1.1799 in the Asian session. On the other side, the pound led gains amid hopes for a Brexit trade deal while the yen came off highs as haven bids waned.

In commodities, an unexpected rise in U.S. crude stockpiles exacerbated virus-linked economic fears in commodity markets, pushing U.S. crude 1.85% lower to $40.36 per barrel. Brent crude dropped 1.47% to $42.89.

Looking at the day ahead, there’s the October PPI reading and the preliminary November reading of the University of Michigan’s consumer sentiment index. From central banks, we’ll hear from BoE Governor Bailey, as well as the BoE’s Cunliffe and Tenreyro. From the ECB, we’ll hear from Weidmann and Rehn, while Fed speakers include Williams and Bullard.

Market Snapshot

  • S&P 500 futures up 0.8% to 3,561.25
  • STOXX Europe 600 up 0.1% to 385.65
  • MXAP down 0.2% to 184.68
  • MXAPJ up 0.4% to 612.70
  • Nikkei down 0.5% to 25,385.87
  • Topix down 1.3% to 1,703.22
  • Hang Seng Index down 0.05% to 26,156.86
  • Shanghai Composite down 0.9% to 3,310.10
  • Sensex up 0.3% to 43,478.75
  • Australia S&P/ASX 200 down 0.2% to 6,405.22
  • Kospi up 0.7% to 2,493.87
  • Brent Futures down 0.8% to $43.17/bbl
  • Gold spot up 0.06% to $1,877.96
  • German 10Y yield fell 0.2 bps to -0.538%
  • Euro up 0.04% to $1.1811
  • Brent Futures down 0.9% to $43.16/bbl
  • Italian 10Y yield fell 5.4 bps to 0.573%
  • Spanish 10Y yield fell 0.6 bps to 0.126%
  • U.S. Dollar Index down 0.04% to 92.93

Top Overnight News from Bloomberg

  • State and federal election officials, along with experts in the private sector, said they had “utmost confidence in the security and integrity” of the Nov. 3 vote, as President Donald Trump continues to make unfounded claims of fraud and key security officials involved in protecting elections leave the administration or expect to be fired
  • China congratulated Joe Biden and Kamala Harris on winning the U.S. presidential election, ending days of speculation about when Beijing would formally acknowledge the victory
  • The ECB should put ultra-cheap loans at the core of its next stimulus package being prepared for December, Governing Council member Madis Muller said; Governing Council member Olli Rehn said the next ECB decision is about deciding which instruments, in which scale and duration, will best serve the purpose of supporting the European economy
  • Another week of Brexit negotiations — one that was supposed to be decisive — will end Friday with little progress made in the main areas of disagreement, according to three EU officials familiar with the situation. While both sides can see what a final agreement would look like, Brussels officials insist that reaching one will require the U.K. prime minister to move first, a stance their British counterparts reject
  • Joe Biden’s election is serving up a rude reality check for U.K. Prime Minister Boris Johnson’s desire to quickly close a trade deal with the U.S., a project that has until now depended heavily on the whims of President Donald Trump
  • Italy, which is Europe’s second most-indebted nation, is aiming to sell securities maturing in 2026, following a global investor call for its first dollar issue in over a year. While it’s a chance for Italy to diversify an investor base still dominated by domestic buyers, the nation will pay considerably more to raise cash

A quick look at global markets courtesy of NewsSquawk

Asian equity markets weakened on spill-over selling from Wall Street, where all major indices declined as participants continued to fade the reflation trade and with increases in virus cases denting the recent vaccine optimism, which saw the DJIA lead the downturn and briefly give up the 29k level. ASX 200 (-0.2%) was dragged lower by notable losses in the energy sector following similar underperformance stateside as rising infections and restrictions weighed on the demand outlook, while Nikkei 225 (-0.5%) was pressured as exporters felt the brunt of currency inflows and with earnings in focus as Rakuten shares slumped after its 9-month net loss widened five-fold. Conversely, Nissan shares were in top gear despite posting a H1 net loss of JPY 330bln as the Co. reduced its annual operating loss forecast by 28% and Sony was also among the notable gainers after it began PlayStation 5 sales in several major markets. KOSPI (+0.7%) rebounded from early losses with the index helped by resilience in tech stocks and with Asiana Airlines soaring on potential M&A reports after Korean Air Lines was said to be in discussions to acquire the airliner. Hang Seng (U/C) and Shanghai Comp. (-0.9%) conformed to the broad downbeat tone despite a firm liquidity effort by the PBoC, as sentiment remained subdued after China’s further clampdown on Hong Kong freedoms which triggered an uproar globally, with the UK said to be considering sanctions, while tensions remained a headwind after the White House confirmed an executive order prohibiting US investments in Chinese firms owned or controlled by the Chinese military. Finally, 10yr JGBs marginally extended above the 152.00 level following the bull flattening in USTs and with upside helped by the glum picture across risk assets, although the upside was capped amid the absence of the BoJ from the market today and ahead of key data beginning with Q3 GDP early next week.

Top Asian News

  • Hong Kong Sees GDP Contraction Near Low End of Forecast Band
  • World’s Biggest Cork Maker Eyes Next Step in the Spirits Market
  • Trump’s Taiwan, Hong Kong Support Poses Early Test for Biden
  • China’s Oil Giant Eyes New Supertankers to Shrink Fuel Glut

Major European bourses have largely nursed the mild losses seen at the cash open (Euro Stoxx 50 +0.4%) following on from a mostly downbeat APAC handover. The European day kicked off with a continuation of the growth to value rotational pause, reflected by sectors at the open alongside US equity futures performances at the time. However, despite a distinct lack of fresh fundamental news-flow, sentiment picked up pace whilst the rotational dynamics somewhat decoupling. European sectors at the open saw Oil & Gas, Autos and Banking names at the foot of the index whilst Tech and Healthcare fared better, whilst US equity futures at the time saw NQ outpacing the ES and RTY. However, as things stand, Tech retains top spot whilst Banks and Autos also reside towards to top of the pile. Oil & Gas has trimmed losses towards the unchanged mark whilst Healthcare tumbled, and Travel & Leisure ebbed lower towards the bottom of the pack. This decoupling is also reflected in US equity futures’ performance as NQ, ES and RTY are all posting gains in proximity to 0.8%. Back to Europe, UK’s FTSE 100 (-0.3%) underperforms regional peers as a firmer Sterling weighs on exporters, whilst gains in the SMI (Unch) are capped by a lacklustre performance in pharma-giants.

Top European News

  • U.K. Prime Minister’s Top Aide Quits, Will Leave By End of 2020
  • U.K. Fund Liquidity Rule Breaches Soared in Covid Early Days
  • East Europe’s Fleeting GDP Bump Bracketed by Virus Lockdowns
  • Rosneft’s Return to Net Loss Undermines Dividend Prospects

In FX, little sign of Sterling succumbing to any Friday 13 phobias, thus far, and some observers are suggesting that the latest rebound in Cable from the low 1.3100 area may be due to impending departure of UK PM Johnson’s SPAD Cummings. However, Eur/Gbp has also retreated from a double top just above 0.9000 and the Pound’s bounce could be more technical and consolidative given no positive developments on the Brexit front. Conversely, the Lira’s impressive revival can be put squarely if not solely down to Turkish President Erdogan’s economic epiphany in terms of pursuing more orthodox monetary and fiscal policies after sacking another CBRT President, with Usd/Try extending its sharp reversal from record peaks to test support below 7.6200 ahead of next week’s rate meeting.

  • NZD/AUD – The Kiwi has fallen further from post-RBNZ highs above 0.6900 towards 0.6800 vs its US counterpart and 1.0700+ against the Aussie to sub-1.0600 at one stage in wake of rather downbeat remarks from RBNZ Governor Orr overnight, caveating forecasts for the economic recovery to continue with a big ‘IF’, and backed up somewhat by a slowdown in October’s NZ manufacturing PMI. Meanwhile, Aud/Usd is hovering around 0.7260 as the Foreign Ministry’s Deputy Secretary states a readiness to engage with China on trade relations that have been strained of late.
  • DXY/EUR/CAD/JPY/CHF – Aside from all the deviations noted above, G10 currencies remain relatively rangebound and pretty much epitomised by the Dollar index holding within a narrow 93.007-92.767 band within wtd extremes (93.210-92.129), albeit easing amidst an upturn in broad risk sentiment. Indeed, the Euro and Loonie are gradually firming up as the Greenback slips to retest offers/resistance into 1.1850 and 1.3100 respectively. No obvious reaction to Eurozone data, but another decent option expiry interest may keep Eur/Usd contained between 1.1840-50 and 1.1795-1.1800 given 1.4 bn on either side and the BoC’s Senior Loan Officer Survey may offer the Cad some independent impetus in advance of Canadian CPI and retail sales next week. Elsewhere, the Yen and Franc are both meandering from 105.15 to 104.87 and 0.9158 to 0.9137, with the latter largely ignoring slightly less deflationary Swiss import and producer prices.
  • SCANDI/EM – Not quite all change, but the Swedish Krona has slipped after holding up better than its Norwegian peer on Thursday and it looks like 10.2000 is proving sticky for the Eur/Sek cross, but the Mexican Peso is deriving some protection from softer crude prices on the back of Banxico’s unexpected decision to stand pat on rates with only one dissenter chiming with consensus for a 25 bp ease, as Usd/Mxn probes 20.5000.

In commodities, WTI and Brent front-month futures trade remain pressured but have been drifting off worst levels during early European hours in lockstep with price action across equity markets. News flow for the complex has been light on Friday morning and thus the cue is taken from overall market sentiment. In terms of the fundamental environment, rising COVID-19 cases across the globe continues to weigh on the demand side of the equation, with an effective vaccine unlikely to see a mass rollout in the near-term, whilst supply side is still uncertain as OPEC+ producers gear up to for its non-policy confab next week. On that note, profit-taking in the crude complex cannot be ruled out ahead of the weekend given the respectable gains in the benchmarks this week. WTI Dec trades just under USD 41/bbl (vs. low 40.16/bbl) whilst Brent Jan edges higher above USD 43/bbl (vs. low 42.67/bbl). Elsewhere, spot gold and silver eke mild gains as the precious metals coat-tail on the recent USD softness, albeit remain contained within recent ranges. Finally, LME copper gleans support for the softer Buck and recovery in stocks.

US Event Calendar

  • 8:30am: PPI Final Demand MoM, est. 0.2%, prior 0.4%; PPI Final Demand YoY, est. 0.4%, prior 0.4%
  • 8:30am: PPI Ex Food and Energy MoM, est. 0.2%, prior 0.4%; PPI Ex Food, Energy, Trade MoM, est. 0.2%, prior 0.4%
  • 9am: Bloomberg Nov. United States Economic Survey
  • 10am: U. of Mich. Sentiment, est. 82, prior 81.8; Current Conditions, est. 88.3, prior 85.9; Expectations, est. 79.1, prior 79.2

DB’s Jim Reid concludes the overnight wrap

It’s strange to wake up to see that my school golf partner of two years and in countless pairs competitions is currently leading the US Masters. So good luck to Paul Casey this weekend although I suspect he’s not reading this unless he was keen to hear what the super committee of central bankers thought about the world economy last night.

On this in the latter half of yesterday’s US session we heard from Fed Chair Powell, ECB President Lagarde and BoE Governor Bailey at a panel hosted by the European Central Bank. They all shared similar concerns that a potential Covid-19 vaccine would not end the economic challenges of the pandemic. Powell highlighted near-term risks saying that “the main risk we see to (the economy continuing on a solid path of recovery) is clearly the further spread of the disease here in the United States.” Lagarde cautioned that she didn’t want to be “exuberant” in light of the vaccine possibilities, while Bailey called the news “encouraging.” On the need for further accommodation in light of the near term risks, Powell expects that the Fed “will need to do more, and Congress may need to do more as well on fiscal policy.”

So no major surprises from this important trio, and even before they’d started speaking, yesterday saw a notable decline in sovereign bond yields on both sides of the Atlantic, with US Treasuries ending the session -9.4bps at 0.882% as they reopened following the previous day’s holiday. There was also a notable flattening in yield curves across numerous countries, with the 2s10s Treasury curve flattening -8.8bps as it came off a near 3-year high. Over in Europe, 10yr gilt yields (-6.5bps) saw the largest declines, though yields on 10yr bunds (-2.9bps), OATs (-2.6bps) and BTPs (-5.4bps) also lost ground. 2yr Greek yields went negative for the first time on Wednesday and fell slightly further yesterday.

With investors moving out of risk assets, global equity markets fell back from their recent highs amidst further negative news on the coronavirus. There were also reports that the Trump administration would be stepping away from stimulus negotiations and leaving that to Congress, something the market took negatively given that Senate Majority Leader McConnell was looking to pass a far smaller package than the White House. By the close, the S&P 500 was down -1.00%, with nearly 90% of the index moving lower. Energy (-3.39%) and Autos (-2.59%) stocks led the declines, but Bank stocks (-2.08%) were not far behind thanks to the notable fall in sovereign bond yields. Tech stocks outperformed their cyclical counterparts slightly with the NASDAQ falling a smaller -0.65%. Europe also suffered, with the STOXX 600 down -0.88% in its worst day for over two weeks, as other indices across the continent similarly moved lower. The selling was also widespread in Europe as 19 of 20 STOXX 600 sectors fell, led by Euro Bank stocks (-1.93%) and Consumer Products (-1.85%) as Technology (+0.79%) was the only sector to rise.

Asian markets have followed the US lower overnight, with the Nikkei (-0.99%), the Hang Seng (-0.55%), and the Shanghai Comp (-0.75%) all moving lower. The moves came as President Trump signed an executive order that would prohibit US investments in Chinese firms linked to the country’s military. The one exception to this downward move was the KOSPI however, which has moved +0.60% higher. Meanwhile in the US, S&P 500 futures are down a marginal -0.04%, and yields on 10yr Treasuries this morning have moved a further -1.3bps lower .

On the negative coronavirus developments, yesterday saw the number of new cases here in the UK reach a record 33,470 after a good two to three weeks of stability in the 20-30k range, while Italy reported a further 37,978. Covid-19 hospitalisations in France are now above the highs reached in mid-April as French Prime Minister Castex acknowledged that the country may tighten lockdown restrictions further. And in the US, infections recorded another record high with fatalities rising to their highest daily level since May. Nevertheless, Dr Fauci struck an optimistic tone on a potential vaccine, saying that “it’s not going to be a pandemic for a lot longer, because I believe the vaccines are going to turn that around”.

Sterling weakened further yesterday, falling -0.79% against the US dollar, as there were more negative noises on the state of the trade negotiations between the EU and the UK. We’re now in the crunchpoint of the talks, which have already been pushed beyond a number of previous informal deadlines, and comes with just weeks left before the transition period concludes at the end of this year. There wasn’t much of substance out yesterday, but the BBC’s Europe editor Katya Adler tweeted that “EU diplomats sounding pessimistic about EU-UK negotiations.” We then got another tweet from the EU’s Michel Barnier which said he “Went looking for level playing fields…” with a picture of a football field in the backdrop, so not the most positive tweet regarding what has proven one of the most contentious points in the negotiations. A key moment next week will be the EU leaders’ meeting on Thursday, which is taking place via videoconference, though given the lack of concrete progress so far, it’s not obvious there’ll necessarily be a deal on the table ready for them to actually discuss.

On the data front, there were some positive figures from the US, where the weekly initial jobless claims for the week through November 7 fell to a post-pandemic low of 709k (vs. 731k expected). Incidentally, that brings them to just 14k above the pre-Covid record of 695k back in 1982. Meanwhile, the continuing claims for the week through October 31 also reached a post-pandemic low of 6.786m (vs. 6.825m expected). Nevertheless, there were some soft CPI readings from the US for October, with the month-on-month figures for both CPI and core CPI unchanged, and the year-on-year CPI figure fell back to 1.2%, which is the first time the reading has declined since May. Finally in Europe, the UK GDP reading for Q3 showed a record +15.5% expansion (vs. +15.8% expected), which follows a record -19.8% contraction in Q2. Nevertheless, with many restrictions having been reimposed again, our UK economist expects there to be another contraction in Q4.

To the day ahead now, and data highlights include the second release of the Euro Area’s Q3 GDP, while from the US there’s the October PPI reading and the preliminary November reading of the University of Michigan’s consumer sentiment index. From central banks, we’ll hear from BoE Governor Bailey, as well as the BoE’s Cunliffe and Tenreyro. From the ECB, we’ll hear from Weidmann and Rehn, while Fed speakers include Williams and Bullard.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 28.57 PTS OR .87%   //Hang Sang CLOSED DOWN 12.52 PTS OR .05%    /The Nikkei closed DOWN 135.22 POINTS OR 0.53%//Australia’s all ordinaires CLOSED DOWN 0.15%

/Chinese yuan (ONSHORE) closed /Oil UP TO 40.05 dollars per barrel for WTI and 43.02 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.6095. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.6124 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /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%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

two commentaries

1.Trump bans Americans from investing in Chinese PLA linked firms. This was done by executive order….China furious!

2.  Recall:

The Houston Chinese consulate was closed late summer and 4 employees escaped and were arrested in San Francisco.

Something sinister folks…

(zerohedge)

Trump Bans Americans From Investing In Chinese PLA-Linked Firms With Executive Order

 

President Trump is pushing his war on Chinese tech and military-linked firms straight through to the end of his term, apparently, on Thursday signing an executive order which bans Americans from investing in 31 companies which are alleged to supply or support China’s PLA military

The executive order states that China is “exploiting United States capital” to rapidly modernize its military and intelligence apparatus which constitutes a major threat to the US homeland and forces stationed overseas.

 

Via Reuters

Trump specifically charged the People’s Republic of China with “increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses, which continues to allow the PRC to directly threaten the United States homeland and United States forces overseas” in the executive order.

Among the first to take a hit on the news breaking were NY Stock Exchange-traded firms China Mobile and China Telecom with market caps of nearly $106 billion and $29 billion respectively.

Many among the companies listed, which were designated as PLA-linked by the US Defense Department earlier this year, are publicly traded on Chinese stock exchanges, as well as Hong Kong’s. US investment firms, including pension funds, will be barred from buying and selling shares of the designated companies effective January 11

In unveiling the initial list last June, the Pentagon had told lawmakers: “As the People’s Republic of China attempts to blur the lines between civil and military sectors, ‘knowing your supplier’ is critical.”

“We envision this list will be a useful tool for the U.S. government, companies, investors, academic institutions, and like-minded partners to conduct due diligence with regard to partnerships with these entities, particularly as the list grows,” a Pentagon spokesman stated at the time. The order further gives investors until November 2021 to divest all holdings from the Chinese securities on the list.

But given the size and multi-national nature of many of the companies, this will be easier said than done, as The Wall Street Journal underscores:

How many Americans own such securities or even how much money is at stake is unclear, said White House officials. Many mom-and-pop investors who invest through funds don’t look under the hood at what they are actually exposed to. One financial analyst likened an investor’s ability to know if he or she owned such securities to a guest in a restaurant wanting to know the ingredients of the dish they were being served; only a check with the chef, or in this case the portfolio fund manager, could determine for certain where these securities are.

Some of these were already blocked from operating in the US on national security grounds, but Thursday’s executive order takes things a huge step further in proactively distancing American citizens from any financial relationship with them.

END

Email Robert to me on the closing of the Chinese consulate:\

“When the Chinese consulate was closed it was because of Mail in ballots that were to be printed and were to used to support Biden. This ties in to why Hunter’s laptop is important as Biden was bought by China.
Once this was found out and they were closed down the 4 people ran away to San Francisco to hide in the consulate there.
Given this failed attempt what was then done was the plan to steal the election using hammer and scorecard and Dominion using machines made in Switzerland and run out of Serbia.
So it is no wonder that China waited before endorsing Biden to give cover to their part.
As I keep trying to caution people, we have seen the crossing of the rubicon to internal civil  wars amongst nations and perhaps a global conflict.
What is clear is normal remembered just months ago is gone never to return.”

https://youtu.be/idv_MiuzMnM

end

CHINA

China no longer supports its SOE’s as defaults rise

(Xie.Bloomberg)

Xi’s Forbearance Mode Ends With Rising SOE Defaults

 
 

By Ye Xie, macro commentator at Bloomberg

Beijing is moving away from its implicit support for state-owned enterprises in the bond market.

Yongcheng Coal & Electricity’s default this week sent a shock wave through the market, causing dollar bonds of several other Chinese state-owned enterprises to tumble.

Over the past two months, three of the five onshore bond defaults came from SOEs, according to Goldman Sachs. That brought the total number of SOE defaults this year to six, making 2020 one of the most-active years for defaults in the sector. The 93 billion yuan ($14 billion) in domestic bonds outstanding at the time of default represented 0.46% of all SOE bonds at the start of the year, compared with 0.04% in 2019.

Beyond the SOEs, policy makers also seem to be attempting to shake off the moral hazard of “too big to fail.” While the number of total defaults has declined, the size of the non-payments has increased considerably. The 19 domestic bond defaults this year affect 163 billion yuan outstanding, surpassing the 131 billion yuan from 36 non-payments in 2019.

Make no mistake — systemically important companies are likely to be rescued when push comes to shove. Still, the message is loud and clear: Now that the economy has recovered, China has moved to credit clean-up mode from forbearance mode.

“This will likely mean defaults will pick up” next year, and there will continue to be a “fat tail” among China’s high-yield bonds, Goldman Sachs analysts Kenneth Ho and Chakki Ting wrote.

The U.S. trading session Thursday was dominated by concerns about the pandemic as Chicago issued an advisory urging residents to avoid leaving home. Bonds gained and stocks fell. Before the vaccine potentially brings life back to somewhat normal next year, investors have to face the reality that the virus resurgence may slow the economy in coming months and stimulus is nowhere to be seen during a lame-luck period on Capitol Hill.It’s going to be tricky winter.

end

and…

CHINA VS USA

this is a big story!!  Beijing vows to “strike back”
 after Pompeo says that Taiwan is “not part of China”

(zerohedge)

Beijing Vows To “Strike Back” After Pompeo Says Taiwan “Not Part Of China”

 

Secretary of State Mike Pompeo has once again sparked outrage among Beijing leaders by expressly referring to Taiwan as “not” part of China. 

Pompeo said in an interview with conservative radio host Hugh Hewitt on Thursday that Washington’s perspective remains bipartisan and unanimous in understanding that Taiwan “has not been a part of China” for decades.

 

 

Satellite view of the Taiwan Strait, Gallo Images/Getty

“That was recognized with the work that the Reagan administration did to lay out the policies that the United States has adhered to now for three-and-a-half decades,” he explained in the provocative comments.

Interestingly, Pompeo had specifically been asked about how the US might respond if China decided to take Taiwan by force, to which the secretary of state emphasized that both the Republican and Democratic parties have committed to defend Taiwan’s democracy.

This was predictably met with a swift response out of China, with its foreign ministry saying Friday it won’t hesitate to “strike back against any moves that undermine its core interests,” according to Reuters. Such “moves” have lately included unprecedented American weapons sales to the island, including drones and coastal defense missiles.

“We solemnly tell Pompeo and his ilk, that any behavior that undermines China’s core interests and interferes with China’s domestic affairs will be met with a resolute counterattack by China,” Chinese foreign ministry spokesman Wang Wenbin said.

 

 

Getty Images

He affirmed that Taiwan was “an inalienable part of China” and that Pompeo’s remarks are further spiraling Sino-US relations. However, despite the bellicose and jingoist rhetoric, it’s more likely Beijing is now just waiting out the clock on the Trump administration.

END

4/EUROPEAN AFFAIRS

AUSTRIA

it is about time: Austria bans “political Islam”

(zerohedge)

Austria To Ban “Political Islam” After Terror Attack

 

Authored by Paul Joseph Watson via Summit News,

In response to a jihadist terror attack in Vienna last week, the government of Austria will pass a law making it illegal to spread “political Islam” in the country.

The European nation’s capital was shook when a lone gunman killed four people and injured 23 others during a rampage that began in the city’s historic quarter. The culprit, 20-year-old Kujtim Fejzullai, was an ISIS sympathizer.

 

In response, Austrian Chancellor Sebastian Kurz announced new measures that would make preaching “political Islam” a criminal offense.

We will create a criminal offence called ‘political Islam’ in order to be able to take action against those who are not terrorists themselves, but who create the breeding ground for them,” Kurz tweeted.

“There will be further possibilities for the closure of the places of worship, the introduction of a register of imams, and measures will be taken to drain financial flows for terrorist financing.”

Another measure set to be voted on by Parliament next month would see individuals convicted of terror offences kept behind bars for life.

 

As we previously highlighted, despite facing a worst threat than Austria, the French government hasn’t taken similar measures.

However, President Macron has faced global protests from the Muslim world simply for re-affirming the pre-eminence of free speech and suggesting tighter border controls.

*  *  *

END

UK

A big surprise:  Domenic Cummings, the architect behind Brexit and the rise of Boris Johnson as prime Minister is leaving as Johnson’s top advisor

(zerohedge) 

British Lefties Celebrate Dominic Cummings’ Departure As PM Boris Johnson’s Top Advisor

 
 

In an announcement that rocked the world of British politics despite breaking in the wee small hours of the morning (last night in the US) Boris Johnson’s senior advisor Dominic Cummings has affirmed that he will be leaving as Johnson’s senior advisor/alter ego by Christmas.

The decision wasn’t entirely unexpected: Cummings said back in January that he wanted to make himself “largely redundant” by the end of 2020, according to the BBC. He almost didn’t make it, having nearly been pressured to quit after he was seen breaking London’s impossibly complex lockdown rules, inciting a furious backlash from the Tories political opponents (who were no doubt still incensed from their electoral drubbing back in December, when Johnson solidified his position). 

Some speculated that Cummings’ departure is tied to the ouster of former director of communications Lee Cain, who stood down amid reports of internal tensions at Downing Street. But Cummings denied these rumors when asked by the BBC.

In her “analysis” of the news, the BBC’s Laura Kuenssberg seemed to push back against this, citing some insiders who called Cummings’ exit a “blessing”. However, there’s still no denying his role in helping to build the Tories’ Commons majority.

Left-wing newspapers in Britain are already celebrating Cummings’ departure, with the Guardian reporting that Cummings leaves a “legacy of bullying, deception, hypocrisy and hubris” in a reaction piece quoting various Labour Party politicians.

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

CORONAVIRUS UPDATES/USA//GLOBE

US Governors On Edge As Biden Team Downplays ‘National Shutdown’ Talk: Live Updates

 

Last night, the US notched a new milestone: 150k new cases for the first time, a new record. As cases climb in Europe, even Japan is starting to feel uneasy, as cases increase by 1,685 over the last 24 hours, a second straight daily high.

In India, which has seen case numbers fall in recent weeks, the state of Delhi, home of the Indian capital New Delhi, has reported a record daily high of 104 new deaths and 7,053 new infections. Countrywide, deaths increased by 547 to 128,668 in the past 24 hours. Total infections,  meanwhile, rose by 44,789. Tokyo reported 374 new infections, down slightly from 393 a day earlier, but the third consecutive day of more than 300 confirmed cases, adding to fears of a “third wave”.

As we await more data out of the US, Europe has already seen some tough numbers this morning, with Switzerland reporting a new record-high 6,700 cases. In China, 33 new cases were reported, up from 28 a day earlier. Of the new cases, 32 were imported, according to authorities. The local case, reported in Tianjin, hit a cold storage worker, who had reportedly handled frozen pork, purportedly from Germany, helping China to revive the narrative about the virus now being shipped into the country via mean producers.

Yesterday’s record tally was 153,496, bringing the total to 10,555,435 in the US. In Europe, meanwhile, another 219,509 new cases were reported according to figures from JH and Bloomberg.

Here’s a more comprehensive view of US cases vs. tests.

Source: mSightly

As Americans suffer from so-called adherence fatigue involving COVID-19 restrictions, Elon Musk on Thursday night tweeted that he had taken several rapid COVID-19 tests, and “two came back positive, two came back negative.

He added that he would soon deliver an update after getting to the bottom of the situation. “If it’s happening to me, it’s happening to others,” he said.

Finally, in the US, as the backlash to another mandatory lockdown intensifies, a member of Biden’s COVID-19 transition team happened to let slip during a talk with reporters that she didn’t actually think a national lockdown described by another Biden transition-team official would actually happen.

“With all due respect to Dr. Osterholm, that doesn’t necessarily represent the entire advisory board or what the Biden-Harris transition team is planning to do,” Gounder said on CNN. She said that “perhaps there are some places where you need to be more draconian, but I really don’t think that’s a national policy.”

And there you have it, folks: Team Biden’s first lockdown walk back.

Here’s some more COVID-19 news from overnight and Friday:

The American Clinical Laboratory Association, which represents large laboratories such as Laboratory Corp. of America Holdings and Quest Diagnostics Inc., warned that surging demand for Covid-19 tests could push some labs to or beyond capacity, delaying test results (Source: Bloomberg).

Australia will not allow foreign students to return as Canberra prioritizes the return of citizens stuck overseas, Prime Minister Scott Morrison says. Although the government had hoped to slowly allow overseas students to return in 2021 and began trials earlier this year, Morrison says, “There is a queue, and Australians are in the front of the queue.” Australia has since March closed its borders to all noncitizens and permanent residents.

Global cases have reached 52,629,906, according to Johns Hopkins University in Baltimore. The worldwide death toll has hit 1,291,837.

Indonesia hits a new daily record with 5,444 new coronavirus infections in the past 24 hours, up from 4,173 the day before, and 104 deaths. This brings the country’s total to 457,735 cases, including 15,037 fatalities (Source: Nikkei).

South Korea begins fining people who fail to wear masks in public as it reports 191 new cases and as new daily infections creep higher. The tally is up from 143 a day ago, marking the biggest daily rise in two months and bringing the country total to 28,133, with 488 deaths. People caught without masks in nightclubs, malls, theme parks, hair salons and other public places face fines of up to 100,000 won ($89.75) (Source: Bloomberg)

Wisconsin’s daily cases exceeded 7,000 for a third consecutive day, adding urgency to Governor Tony Evers’s call for residents to curb on social activity and stay home (Source: Bloomberg).

Ohio is at a record for new infections, total hospitalizations and intensive-care patients, Governor Mike DeWine said as he warned, “we don’t want another shutdown” but we can only avoid one “if we are very careful” (Source: Bloomberg).

end

The Global Economy Is Rolling Over As Lockdowns Return

 

New Covid-19 cases continue surging in the US, with daily new infections rising to a record 150,530 yesterday. The 7-day average in new cases reached 130,000, up from a trough of 34,000 in mid-September, with the week-on-week growth doubling from 20% at the start of last week to 40% now. Virus cases are increasing in 94% of US jurisdictions, with the death rate in non-metro areas currently more than double that in urban areas. Ominously, the number of Covid-19 patients in US hospitals, at 67,100, has already surpassed the peak levels registered in April. Daily new Covid-19 related hospital admissions, at 2,930, and daily reported deaths, at 1,050, have both reached three-month highs.

At the same time, European daily case counts continue to ease in response to much tighter restrictions. At 138,180, the 7-day average of new cases in the five major European countries (Germany, France, the UK, Italy and Spain) has faded for a fifth consecutive day, leaving it 6% below its Saturday high following a relentless rise from a trough of 2,000 in July. As of yesterday, Covid-related deaths have reached 189.9k in these countries. Globally, the 7- day average of new cases stood at over 567.3k, a 6% increase from a week ago. Meanwhile, the 7-day average of Covid-related fatalities across the globe was 8.5k yesterday

 

And as a growing number of state and local governments resume tightening restrictions to combat surging infections and in some cases restarting full-blown lockdowns, with Chicago’s mayor yesterday urging residents to stay home as much as possible, while New York’s mayor is said to consider closing the city’s schools again, the question is if and when will the broader economy be hit.

Below we present a handful of real-time indicators showing just how and where the global economy is being hit the hardest amid the second major round of economic lockdowns:

We start with mobility trackers, which show that mobility has plummeted across European nations with renewed partial lockdowns:

After holding stable for months, JPMorgan’s credit and debit card spending tracker has rolled over, led by a drop in “present” transactions as remote/online continue at a stable pace.

 

Next, looking at Industrial activity, we can see that while September Industrial Production edged up in Japan and Brazil, but crept down in the Euro Area as the continent locked down.

Most ominously, over the past two weeks, consumer activity measures declined throughout Europe and to a lesser extent in North America (although expect this to reverse as US lockdowns accelerate). Restaurant bookings collapsed in Ireland and Germany amid restrictions and edged down throughout the rest of Europe and North America. Mobility at retail and recreation as well as at transit stations declined globally driven by European lockdowns. In contrast, mobility measures rose in Asia and the Pacific.

While retail sales in the US remain strong, there has been a notable decline in new business applications with the IRS in the past three months after the initial surge in business closures/reopenings. Additionally, the late summer burst in travel has clearly rolled over, as has hotel occupancy data while mortgage applications are also at the lowest Y/Y level since the crisis.

Separately, the latest European restrictions have pushed Google global GDP-weighted retail and recreation activities down to -21% and transit visits to -31%.

Lockdowns also adversely impacted offices, with global GDP-weighted workplace visits edging down to -23% yoy

Needless to say, travel was hit hard: European flight traffic has continued to edge down, while US flight measures picked up, but these will likely reverse soon.

At the same time, AirBnB searches declined across Europe and in the US.

One final “scarring” effect from the lingering covid pandemic: the share of temporary job losers fell in October in the US, as more become “permanent.”

 

 

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1816 UP .0012 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 104.92 DOWN 0.178 (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 1.3163   UP   0.0042  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3142 UP .0005 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  FRIDAY morning in Europe, the Euro ROSE BY 12 basis points, trading now ABOVE the important 1.08 level RISING to 1.1816 Last night Shanghai COMPOSITE CLOSED DOWN 28.52 PTS OR .86% 

//Hang Sang CLOSED DOWN 12.52 PTS OR .05% 

/AUSTRALIA CLOSED DOWN 0,15%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 12.52 PTS OR .05% 

/SHANGHAI CLOSED DOWN 28.57 PTS OR .86% 

Australia BOURSE CLOSED DOWN 0.15% 

Nikkei (Japan) CLOSED DOWN 135.22  POINTS OR 0.53%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1884.90

silver:$24.35-

Early FRIDAY morning USA 10 year bond yield: 0.882% !!! DOWN 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.637 DOWN 1  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.88 DOWN 8 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.09% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.04.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.12%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.67 DOWN 2 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 55 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.55% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.22% 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 FRIDAY

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

Euro/USA 1.1822  UP     .0018 or 18 basis points

USA/Japan: 104.63 DOWN .474 OR YEN UP 48  basis points/

Great Britain/USA 1.3176 UP .0055 POUND UP 55  BASIS POINTS)

Canadian dollar DOWN 29 basis points to 1.3166

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,CNY: closed UP AT 6.6065    ON SHORE  (UP)..

 

THE USA/YUAN OFFSHORE:  6.6107  (YUAN up)..

 

TURKISH LIRA:  7.659  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.04%

Your closing 10 yr US bond yield UP 1 IN basis points from THURSDAY at 0.895 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.640 DOWN 1 in basis points on the day

Your closing USA dollar index, 92.82 down 14  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 FRIDAY: 12:00 PM

London: CLOSED DOWN 9.74  0.27%

German Dax :  CLOSED UP 23.77 POINTS OR .18%

Paris Cac CLOSED UP 17.59 POINTS 0.33%

Spain IBEX CLOSED UP 57.70 POINTS or 0.75%

Italian MIB: CLOSED UP 85.85 POINTS OR 0.41%

WTI Oil price; 40.30 12:00  PM  EST

Brent Oil: 42.88 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    77.58  THE CROSS HIGHER BY 0.30 RUBLES/DOLLAR (RUBLE LOWER BY 30 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.55 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 f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  40.13//

BRENT :  42.78

USA 10 YR BOND YIELD: … 0.895..up 1 basis points…

USA 30 YR BOND YIELD: 1.648 down 1 basis points..

EURO/USA 1.1831 ( UP 27   BASIS POINTS)

USA/JAPANESE YEN:104.64 DOWN .463 (YEN UP 46 BASIS POINTS/..

USA DOLLAR INDEX: 92.75 DOWN 22 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3194 UP 74  POINTS

the Turkish lira close: 7.68

the Russian rouble 77.36   UP 0.08 Roubles against the uSA dollar. (UP 08 BASIS POINTS)

Canadian dollar:  1.3142 DOWN 4 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.55%

The Dow closed UP 399.64 POINTS OR 1.37%

NASDAQ closed UP  119.70 POINTS OR 2.31%


VOLATILITY INDEX:  23.04 CLOSED DOWN 2.31

LIBOR 3 MONTH DURATION: 0.221%//libor dropping like a stone

USA trading today in Graph Form

Energy Stocks Soar To Best Week Ever As Vaccine Hope Vanquishes Fear

 

The week’s big headline remained the positive vaccine news, which sparked all kinds of rotations, sending Small Caps (and value) soaring as Mega-tech (and growth) tumbled…Another late-day buying-panic today…

So, it’s 2009 redux, not 1987?

As BofA noted:

“After 52.5m infections, 591m tests, 37m recoveries, 1.3m deaths and 219 countries and territories across the globe impacted, this week’s coronavirus vaccine news has rightfully propelled financial markets into the stratosphere.”

Probably nothing…

So vaccines are here, Biden will save the world, and stimulus has to come at some point, right?

The machines desperately tried to get the S&P 500 to end the week at a record high close (3580.84)…NOTE – S&P closed unchanged from its open on Monday

This week saw Small Caps surge to their second-best week vs Nasdaq since Trump was elected in 2016…

Source: Bloomberg

Momentum suffered its second worst week in history, crashing over 13%

Source: Bloomberg

Energy stocks soared over 16% higher this week (but notably all on Monday around the vaccine)…

Source: Bloomberg

This was the Energy Sector’s best week ever…

Source: Bloomberg

Airlines had their best week since June…

Source: Bloomberg

And banks had their best week since June…

Source: Bloomberg

FANG Stocks worst week since July…

Source: Bloomberg

The ‘Virus Fear Trade’ plunged to its best level since March…

Source: Bloomberg

VIX crashed this week, back below 24 (from over 40 just 2 weeks ago)…

 

Source: Bloomberg

Value surged relative to momentum this week, but bonds decoupled from the regime that has been in place for the last six weeks…

Source: Bloomberg

Treasuries were dumped en masse on the vaccine news and then investors spent the rest of the week buying them back…

Source: Bloomberg

10Y Yields ended back below 90bps and 30Y Yields reversed again at election night spike highs…

Source: Bloomberg

 

Source: Bloomberg

The Dollar ended the week higher but traded in a very narrow range after Monday’s kneejerk…

Source: Bloomberg

Cryptos were higher this week…

Source: Bloomberg

Bitcoin traded up to $16,500 this week…

Source: Bloomberg

As one would expect with energy stocks soaring, Oil prices jumped this week (on the Vaccine news) and PMs dipped…

Source: Bloomberg

WTI was weaker today, unable to hold above $41 for the week…

Gold was puked on Monday and spent the rest of the week scrambling back up towards $1900…

Silver jumped today, pushing back up towards $25 after a bloodbath earlier in the week…

 

Finally, as stocks soared, US macro data dumped to its weakest since June (having fallen for 11 of the last 12 weeks)…

Source: Bloomberg

And The Baltic Dry is not exactly encouraging…

Source: Bloomberg

Is that why the “smart” money is leaving?

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Core producer price growth slows but food prices surge!

Core Producer Price Growth Slows In October But Food Prices Surge

 
 

After yesterday’s disappointing (for some) cooler-than-expected CPI, analysts also expect producer price growth to decelerate in October but it modestly beat expectations, rising 0.3% MoM (vs +0.2% MoM exp).

On a YoY basis, producer prices rise 0.5%, well below that of consumer prices…

Source: Bloomberg

 

In October, nearly 60 percent of the rise in the final demand index can be traced to a 0.5-percent increase in prices for final demand goods. The index for final demand services moved up 0.2 percent.

Source: Bloomberg

Core PPI disappointed expectations, rising just 0.1% MoM vs +0.2% exp.

In October, a major factor in the increase in prices for final demand goods was the index for fresh and dry vegetables, which rose 26.8 percent. Prices for gasoline, meats, chicken eggs, and thermoplastic resins and materials also moved higher.

In contrast, the residential electric power index fell 1.0 percent. Prices for light motor trucks, packaged fluid milk and related products, and passenger cars also decreased.

The index for final demand services rose 0.2 percent in October after advancing 0.4 percent in September.

This is certainly not what an unhinged Fed wanted to see.

end

iii) Important USA Economic Stories

A rush to buy toilet paper?  Supermarkets are now limiting toilet paper purchases as COVID cases hit new highs

(zerohedge)

Supermarkets Limit Toilet Paper Purchases As COVID Cases Hit New Highs 

 
 

Some experts warn about the genuine possibility that US daily caseloads of coronavirus could breach 200,000 in the coming weeks or by the end of the year as daily new cases top more than 100,000 for the sixth consecutive day. Total cases exceeded ten million on Sunday since the pandemic began, far more than any other country. 

Weeks ago, on Oct. 28, we informed readers: “panic hoarding begins” – as anxieties of Americans soared in tandem with new cases as threats of a COVID winter along with new restrictions and possible lockdowns drove people to supermarkets. 

Coronavirus has turned tens of millions of Americans into preppers, as many fringe preppers were relentlessly mocked by mainstream media in February and March ahead lockdowns. A recent survey shows over half of all Americans are currently planning “to stockpile food and other essentials”…

Slightly more than half of Americans in a recent poll from Sports and Leisure Research Group say they already have or plan to stockpile food and other essentials. The chief reason is fears of a resurgent pandemic, which could cause disruptions such as new restrictions on businesses. 

It’s not just food people are prepping once again. New reports across the country suggest toilet paper is becoming a hot commodity. Stores are re-implementing limits on toilet paper as demand surges. 

Kroger, with more than 2,000 supermarkets nationwide, has just put limits on the essential items “to ensure all customers have access to what they need.” 

“We’ve proactively and temporarily set purchase limits to two per customer on certain products, including bath tissue, paper towels, disinfecting wipes and hand soap,” a Kroger spokesperson said in a statement which was quoted by Fox 11 LA

“Our buyers and suppliers are working hard to provide essential, high demand merchandise as well as everyday favorites,” the company wrote. 

Weeks ago, we noted how major food companies and suppliers of essential goods beefed up their supply chain this summer to increase production to ensure disruptions would not be seen during a panic buying episode. Companies such as General Mills, Campbell Soup, Conagra Brands, and Stonyfield Farm expanded internal and external product lines ahead of the fall. 

Texas grocery chain H-E-B is another grocery store that limits bath tissue, paper towels, and even brisket.

“To help protect the supply chain in Texas, we’ve implemented temporary purchase limits on certain items. Limiting product purchases is a proven way to ensure the best service and product availability for all customers. Our stores are in strong supply and we continue to restock products daily,” the store said on its website. 

According to the York Daily, grocery chain Giant Co. once again re-instated purchase limits on 4-roll packs of toilet paper and paper towels for the southern Pennsylvania region. The limits were placed “as the supply chain for these products remains challenged,” the company said in a statement.

Mike Brackett, founder & CEO of Centricity Insights, a company focused on cloud-based customer analytic platforms, told Good Morning America that “we’re absolutely starting to see shortages again” as another round of panic buying begins.

“The spice category is absolutely gone through the roof,” Brackett said. “So we believe that during this pandemic, there’s been a totally different buying pattern and really generation that started to cook a lot more than they used to due to necessity.”

With some supermarket chains placing limits on toilet papers, internet searches for “where can I buy toilet paper online” hits levels not seen since early May. 

Internet searches for “toilet paper shortage” are rising as well. 

People are also searching “preppers supplies.” 

Searches for “9mm ammo” could breakout. 

This round of prepping is much different than before, mainly because Americans also stockpiling weapons and combat gear like there’s no tomorrow – as threats of virus pandemic, civil war, and lockdowns continue to plague the country’s outlook into 2021. 

END
 
LIN WOOD
 
Lin Wood is interviewed by Howie Carr
a must listen to podcast
 
 
Have you listened to The Howie Carr Show yet? Check it out here: wie-carr-show-6a7734f7.simplecast.com/episodes/l-lin 22-36 Min Lin Wood
 
 
END
 
Michigan State senators are now requesting a full election audit citing voting irregularities.  This is not just a recount but a full audit as to what happened
(zerohedge)
 

Michigan State Senators Request Full Election Audit Citing Voting Irregularities

 
 

Authored by Jack Phillips via The Epoch Times,

At least two Michigan Republican state senators have requested a full election audit, asking the Michigan secretary of state’s office for a full recount before the election results are certified, according to a letter they sent to her office on Thursday.

State senators Lana Theis and Tom Barrett wrote that Michigan Secretary of State Jocelyn Benson and canvassers that are reviewing allegations of irregularities and voter fraud made in lawsuits filed by President Donald Trump’s campaign. They are requesting a “full audit” of the election, saying it needs to be done before the state certifies the election results.

“Every citizen deserves to have faith in the integrity of the election process and its outcome,” they said in letters.

“It is our responsibility, as elected public servants, to assure the people of Michigan of the process’s integrity through complete transparency and the faithful investigation of any allegations of wrongdoing, fraud, or abuse.”

Their letters made reference to allegations made by Trump’s legal team, claims of witnesses about irregularities at polls, and a glitch that switched 6,000 votes from a Republican official to a Democratic official in Antrim County that was later corrected and acknowledged by the secretary of state’s office, although the Michigan GOP said the same software – Dominion Voting Systems – was used in dozens of other counties.

“The erroneous reporting of unofficial results from Antrim county was a result of accidental error on the part of the Antrim County Clerk. The equipment and software did not malfunction and all ballots were properly tabulated. However, the clerk accidentally did not update the software used to collect voting machine data and report unofficial results,” Benson said in a statement last week about Antrim County’s election results.

Other allegations from the two lawmakers include ineligible ballots being counted, poll workers being told to backdate ballots, counting the same ballots several times, and other claims.

Trump on Thursday accused Dominion of deleting 2.7 million votes for him across the United States and cited a One America News report. Twitter flagged Trump’s claim, saying, “This claim about election fraud is disputed.” Other lawmakers have raised serious concerns about the software, although Dominion has denied such claims.

“Dominion Voting Systems categorically denies any claims about any vote switching or alleged software issues with our voting systems,” a Dominion spokesperson said in a statement to The Denver Post.

“Our systems continue to reliably and accurately count ballots, and state and local election authorities have publicly confirmed the integrity of the process.”

Theis and Barrett said there are allegations about unsecured ballots arriving at the TCF Center in Detroit without a chain of custody and without any envelopes, saying it included a batch of about 40,000 ballots that came early on Nov. 4, the day after Election Day. They also said there have been reports of “illegal and official intimidation and interference” with election observers and poll watchers, including harassment of challengers, unequal treatment of challengers, refusal to record the challengers’ claims, and removal of challengers “if they politely voiced a challenge.”

They said that more than 100 Michiganders, in sworn statements, have made the claims about interference at the polls.

“These claims deserve our full attention and diligent investigation to ensure fairness and transparency in our election process,” said the two lawmakers.

Michigan’s secretary of state’s office hasn’t yet responded to a request for comment about the two lawmakers’ letter

end

Courtesy the Nation News

Three whistleblowers have come forward and claim that their software changed 38 million votes???

(NationNews)

Voting Software Company WHISTLEBLOWERS Come Forward; Claim Their Software Changed 38 MILLION Votes – Stole Election

 

Three employees of the voting machine / software company “Dominion” whose products were used in multiple U.S. States for the recent election, have come forward and are blowing the whistle about OUTRIGHT ELECTION THEFT perpetrated through their company’s voting software!

The crux of their testimony: Software switched or simply erased more than 38 MILLION votes.

According to Intelligence COmmunity sources, Dominion software vote-switching was the Democrats first weapon of choice. Mail-In voting was their second weapon of choice. That’s why they froze all the counting on election night, the software wasn’t giving them the desired outcome, so they resorted to having vans full of pre-filled ballots delivered at 4 a.m.

Rudy Giuliani, the President’s Attorney says the three whistle blowers have come forward and are willing to testify under oath as to what took place.

What we are beginning to see is evidence of the biggest scandal in the history of the United States; An attempted THEFT of the Presidency, and the criminal nullification of literally millions of citizen votes.

I have received the following Intel from a US Department of Defense Contractor.  It appears plans are in the works to shut off the Internet and make certain first Responders and military will all have access to their private Internet known as “FirstNet.”  –

 

https://halturnerradioshow.com/index.php/en/news-page/news-nation/voting-software-company-whistleblowers-come-forward-claim-their-software-changed-38-million-votes-stole-election

end

This is a big deal…The Federal Election Chairman states that there is voter fraud in the key states and this was totally ignored by the media. We brought this story to your attention yesterday.

(Phillips/EpochNews)

FEC Chairman Says He Believes ‘There Is Voter Fraud’ In Key States

 
 

Authored by Jack Phillips via The Epoch Times,

The chairman of the Federal Elections Commission (FEC) stated that he believes there is evidence of voter fraud and other alleged irregularities.

In a recent interview, FEC Chairman Trey Trainor said reports of fraud in some battleground states are credible “otherwise they would allow the [poll] observers to go in,” referring to reports of some polling areas refusing to allow GOP observers to check on the process on Election Day and the days after.

“When you have claims of, you know, 10,000 people who don’t live in the state of Nevada having voted in Nevada, you have the video… they’re (poll workers) either duplicating a spoiled ballot right there or they’re in the process of just marking a ballot that came in blank for a voter,” Trainor told Newsmax.

“That’s a process that needs to be observed by election observers.”

In the interview, he agreed with Trump’s campaign lawsuits, while saying that questionable actions by elections officials in several states could make the election illegitimate.

Trainor, an appointee of President Donald Trump, noted that state laws allow those observers to be there, and “if they’re not,” then it’s an “illegitimate election.”

“Our whole political system is based upon transparency to avoid the appearance of corruption,” he said the interview while alleging that Pennsylvania and other states have not been transparent. “I do believe that there is voter fraud taking place in these places,” he added.

Pennsylvania Secretary of State Kathy Boockvar, a Democrat who is in charge of the state’s elections, has denied claims there is fraud or irregularities in her state.

“I swear an oath that I am here to represent, to oversee elections—fair, free, safe, secure, and accessible elections,” Boockvar told the Morning Call newspaper.

“I don’t care who is on the ballot. I don’t care who is running against them. I want to make sure every candidate has an opportunity to run and win and make sure that every vote for or against them is counted accurately.” She added: “And I will fight to the end on behalf of any candidate. I don’t care whether I agree with them or I don’t agree with them.”

Joe Gloria, the registrar of Clark County in Nevada, rejected the Trump campaign’s allegations of voter fraud as well as the claim that 10,000 people voted out-of-state in a news conference last week.

The Department of Homeland Security (DHS)’s Cybersecurity and Infrastructure Security Agency on Thursday concluded that the Nov. 3 election “was the most secure in American history,” saying that “election officials are reviewing and double checking the entire election process prior to finalizing the result.”

iv) Swamp commentaries

Trump campaign highlights alleged dead voter casting votes

This is just background noise..the real fraud is the Dominion Software System in conjunction with the Scorecard and Hammer software that penetrated Dominion

Phillips/EpochTimes.

Trump Campaign Highlights Alleged Dead Voters Casting Ballots In Pennsylvania

 
 

Authored by Jack Phillips via The Epoch Times,

President Donald Trump’s campaign on late Wednesday highlighted several alleged cases of deceased people voting during last week’s presidential election in the key state of Pennsylvania.

“Voter records show someone used the identity of John H. Granahan of Allentown, Pennsylvania to vote in the recent election, even though Granahan died in May 2019,” the campaign said. “The Dusckas Martin Funeral Home and Crematory ran an obituary of Granahan’s death when he passed away.”

The campaign noted that Judy Presto of Southpark, Pennsylvania, died in 2013, adding that “someone registered her to vote in September 2020 and cast a ballot under her name in last week’s election.” It also included an obituary of Presto published by the Pittsburgh Post-Gazette at the time.

“Elizabeth Bartman of Drexel Hill, Pennsylvania is shown as having registered to vote in September 2020 and cast a ballot in last week’s election, even though she died in 2008,” Trump’s campaign also said. Her obituary was published by the Philadelphia Inquirer 12 years ago.

The office of Pennsylvania’s Secretary of State hasn’t yet responded to a request for comment as of Thursday morning and has not issued a public response to the campaign’s latest claims in other news outlets.

The campaign, hours before sending out that news release, asserted that deceased voters cast ballots in Georgia as well. Georgia is also considered a key swing state. The campaign also noted that obituaries for the alleged deceased voters were published in local news outlets such as the Atlanta Journal-Constitution.

The Georgia Secretary of State’s office, which handles elections, had not responded to a request for comment on Wednesday.

Both Pennsylvania and Georgia were called for Democratic candidate Joe Biden by major news outlets. The Epoch Times has not declared either Biden or Trump a winner in either state pending the outcome of investigations, legal challenges, and the Electoral College rendering the final say on the presidential race.

Biden currently leads Trump by about 50,000 votes in Pennsylvania and by approximately 24,000 votes in Georgia, according to data from each respective state’s election agencies. Trump’s team has filed a number of lawsuits in both states, as well as in Nevada, Arizona, and Michigan. They have also requested recounts in Georgia and Wisconsin.

END
 
Simply great:  an official overseeing the Arizona vote count tweeted about Trump’s Neo Nazi base…and this is a bipartisan official?

Official Overseeing Arizona Vote-Count Process Previously Tweeted About Trump’s “Neo-Nazi Base”

 

Authored by Paul Joseph Watson via Summit News,

Arizona Secretary of State Katie Hobbs, who is overseeing the vote counting process in the swing state, previously tweeted about President Trump pandering to his “neo-nazi base.”

In an August 2017 tweet that is receiving fresh attention, Hobbs asserted, .@realDonaldTrump has made it abundantly clear he’s more interested in pandering to his neo-nazi base than being @POTUS for all Americans.”

That wouldn’t be much of a shock for someone who lists her pronouns in her Twitter bio along with her support for Black Lives Matter, but given that Hobbs is now instrumental in the Arizona voting process, Trump supporters are understandably concerned.

“Anyone think we could possibly get a fair shake in front of this activist???” asked Donald Trump Jr.

The Secretary of State has already exercised her power to prevent an inquiry into Arizona’s voting machines.

“In recent days, the President of Arizona’s State Senate, Karen Fann, called on Hobbs’ office to authorize an independent review of the state’s voting machines. A call that Hobbs immediately shot down,” reports National File.

“It is patently unreasonable to suggest that, despite there being zero credible evidence of any impropriety or widespread irregularities, election officials nonetheless have a responsibility to prove a negative,” Hobbs wrote in response.

*  *  *

My goodness: what a doorknob:  Michigan AG claims that Trump’s voter fraud lawsuits are racist????
 
(Watson/SummitNews) 

Michigan AG: Trump’s Voter Fraud Lawsuits Are Racist

 

Authored by Steve Watson via Summit News,

The Michigan Attorney General declared Thursday that President Trump’s efforts to force a recount in the state through the courts are racist.

Democrat Dana Nessel bizarrely contended that the lawsuits centre around the notion that black people are to blame for voter fraud.

 

“Really the themes that we see, that persist, are this: Black people are corrupt, Black people are incompetent and Black people can’t be trusted,” Nessel declared.

“That’s the narrative that is continually espoused by the Trump campaign and their allies in these lawsuits,” the AG claimed, as reported by The Detroit Free Press.

Nessel’s “proof” to back up her claims is that Trump’s lawsuits are focused on Detroit, rather than outside counties in the state. Because Detroit has more black residents, that somehow makes Trump’s lawsuit racist.

Of course, Detroit is the biggest urban area in the state, so it makes perfect sense that Trump’s suits are focused there, as that’s where the most votes are.

The Detroit Free Press reported this week that Trump has filed a suit in federal court alleging that “there was enough wrongdoing involved in counting votes in Detroit that a judge should temporarily prevent the certification of election results in the city and throughout the state.”

The suit has over 100 affidavits, according to the report.

Nessel has charged that Trump is “forum shopping,” for courts that will be sympathetic to his challenges.

 

“In my view, this is really a brazen case of forum shopping,” Nessel said, adding, “I will add that forum shopping and judge shopping are my least two favorite shopping seasons.” 

She proclaimed that if she had tried such a move “this baseless and this frivolous, I would be sanctioned and I would likely be looking at a loss of licensure.”

Nessel is an avid anti-Trumper, routinely offering deranged comparisons of the President to Nazis and Adolf Hitler:

 

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

US Initial Jobless Claims fell to 709k from 757k; 731k was expected.  Continuing Claims declined to 6.786m from 7.222m; 6.825m was expected.

 

US October CPI and Core CPI declined to unchanged m/m from 0.2%.  0.1% and 0.2% respectively were expected.  The decline in CPI data induced or confirmed fears that US economic growth was decelerating.

At midday, Powell, speaking at an ECB forum, once again begged Congress for a new stimulus package because rising Covid cases could hurt the economy.

 

Powell: We’ll need to do More, Congress May Need to do more – BBG 12:02 ET

 

Fed Chair Powell Says Rising Virus Cases Could Challenge Economic Recovery

Jerome Powell says ‘it’s just too soon to assess’ implications of vaccine progress

https://www.wsj.com/articles/fed-chair-powell-says-rising-virus-cases-could-challenge-economic-recovery-11605201548

 

Powell [pandering to Joe?]: Fed Will Make Financial System Resilient to Climate Change – BBG

 

Here are the things that scare Jerome Powell the most about the economy right now

Specifically, he cited women out of work involuntarily, children whose education is suffering and small business owners who have lost “generations of intellectual capital.”…

https://www.cnbc.com/2020/11/12/here-are-the-things-that-scare-jerome-powell-the-most-about-the-economy-right-now.html

@realDonaldTrump: “DOMINION DELETED 2.7 MILLION TRUMP VOTES NATIONWIDE. DATA ANALYSIS FINDS 221,000 PENNSYLVANIA VOTES SWITCHED from PRESIDENT TRUMP to BIDEN. 941,000 TRUMP VOTES DELETED. STATES USING DOMINION VOTING SYSTEMS SWITCHED 435,000 VOTES FROM TRUMP TO BIDEN.” @ChanelRion @OANN

@thehill: Fauci: Coronavirus won’t be a pandemic for “a lot longer” thanks to vaccines [Plus, the election is over.]  http://hill.cm/aPg8Mpl

 

President Trump signs executive order to block investment in businesses benefiting China’s military – The order prohibits such investments beginning on Jan. 11

https://justthenews.com/politics-policy/finance/president-trump-signs-executive-order-block-investment-businesses

@kylenabecker: DOMINION. Back in 2016 a Princeton prof demonstrated exactly *how* to hack a Dominion machine.  “I figured out how to make a slightly different computer program that… shifts some votes around from one candidate to another.”  Wait, isn’t that what we’ve been seeing? WATCH: Down-pointing triangle     https://twitter.com/kylenabecker/status/1326751429915238401

 

Lt. General McInerney claims ‘Scorecard”, which changes votes, was used in the USA.  The general claims he has evidence that “Scorecard” was used.  Hammer is a surveillance tool to seek out terrorists.  It was converted to spy on Americans.  “Scorecard can manipulate voting data, keep with 3% so it’s not obvious… Subtle and stealthy way to change voting data…  This is the first massive attack in United States history.  There will be no more free elections unless this gets resolved… We will show specifically at what time… votes came.  We’ll show a whole host of these in key battleground states…We will have to compare it manually to the votes that went into the Secretary of State’s Office and then the votes that came out, the differential…”  https://twitter.com/NetworksManager/status/1326723097865621504

 

Our excellent source told us last weekend that Scorecard has been used in foreign elections.  If not, why does it even exist?

 

Thomas McInerney (age 83) is a retired United States Air Force Lieutenant General, who served in top military positions under the Secretary of Defense and the Vice President of the United States… McInerney’s last active duty assignment was as assistant vice chief of staff, Headquarters U.S. Air Force, Washington, D.C… He retired from the Air Force on 1 July 1994…  https://en.wikipedia.org/wiki/Thomas_McInerney

 

Maria Bartiromo on Parler last night:  Massive national security issues.  Massive.  I’m told dirty money from Venezuela and Cuba behind Dominion.  The software also has components from China.  This is about to explode.

 

Lawsuit Claims 40,000-Plus Fraudulent Ballots Pumped Through Detroit for Joe Biden

Eyewitnesses testify they saw approximately 40,000 irregular ballots arrive in vehicles with out-of-state plates during an early-morning poll worker shift change Nov. 4. That’s not even the half of it.

https://thefederalist.com/2020/11/12/lawsuit-claims-40000-plus-fraudulent-ballots-pumped-through-detroit-for-joe-biden/#.X61UxDpgUyo.twitter

 

@ChuckCallesto: Officials in Georgia have NOT BEEN ABLE TO PRODUCE ANY INVOICESOR WORK ORDERS related to a “burst pipe” at Atlanta’s State Farm Arena that was blamed for an ABRUPT PAUSE IN VOTE COUNTING on election night.

 

Ex-federal prosecutor @shipwreckedcrew: One of the experts in the Georgia case pointed out the lack of “hardening”.  The operating system on some machines had games and other programs that came with the Windows software — it was never removed.  Some devices were connected to the internet.  All had flash media ports.  The flash drives used to download vote totals from the scanners were not inventoried or subject to strict handling protocols. This is an expert in voting system security measures, and he testified for a “good governance” group that the Dominion system Georgia used was not secure.

Sen. Graham: Nevada’s Signature-Confirming Machines Weren’t Working

https://www.newsmax.com/politics/graham-election-nevada-trump/2020/11/12/id/996728/

Milwaukee Elections Head Misplaced Crucial Voting Flash Drive

Sources within Milwaukee County law enforcement told Wisconsin Right Now exclusively that the executive director of the Milwaukee Election Commission, Claire Woodall-Vogg, realized she had lost the flash drive when she left, with police escort, the Central Count building where ballots were tallied. She was en route to the county courthouse to report “the results of more than 169,000 absentee ballots collected in the City of Milwaukee,” the Hill previously reported…

https://www.wisconsinrightnow.com/2020/11/06/milwaukee-election-flash-drive/?amp=1

 

Pennsylvania Court Tosses Some Mail-In Ballots with ID Fixes

Commonwealth Court Judge Mary Hannah Leavitt ruled Thursday that Pennsylvania Secretary of State Kathy Boockvar lacked the authority to extend the original Nov. 9 deadline by 3 days. The ruling means the battleground state that’s already been declared for President-elect Joe Biden can’t count ballots from voters who submitted missing ID between Nov. 10 and Nov. 12. Ballots with “cured” ID issues received before that aren’t being challenged…

https://news.bloomberglaw.com/us-law-week/pennsylvania-court-tosses-some-mail-in-ballots-with-id-fixes

 

Joe Biden Chief of Staff Ron Klain, 2014: Yes, American Elections Are ‘Rigged’

Klain’s tweet came in response to a tweet by Vox.com that reported that 68 percent of Americans believe our elections are rigged: That’s because they are. — Ronald Klain (@RonaldKlain) July 15, 2014…

https://www.breitbart.com/politics/2020/11/11/joe-biden-chief-of-staff-ron-klain-2014-yes-american-elections-are-rigged/

Arizona Secretary of State Referred to Trump’s ‘Base’ as ‘Neo-Nazi’ in 2017

https://www.breitbart.com/politics/2020/11/12/arizona-secretary-of-state-referred-to-trumps-base-as-neo-nazi-in-2017/

 

@JackPosobiec: Biden heading to Rehoboth Beach for the next few days, no public appearances planned.

 

WaPo: Justice Dept. faults former top prosecutor for poor judgment in 2008 deal with sex offender Jeffrey Epstein, but finds no misconduct [The Deep State protects its own.]

 

Teddi Pritzker again proves she will not be limited by her father’s restrictions

Theodora “Teddi” Pritzker was spotted at a packed table in violation of Covid restrictions over the weekend.  Teddi, Gov. J.B. Pritzker’s daughter, was photographed seated at a table for 14…

https://chicagocitywire.com/stories/564812238-teddi-pritzker-again-proves-she-will-not-be-limited-by-her-father-s-restrictions

Well that is all for today

I will see you MONDAY night.

3 comments

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