NOV 19//USA PRESIDENTIAL ELECTION INTRIGUE ESCALATES TO A HIGH DEGREE: HIGHLIGHTS PROVIDED//GOLD DOWN $9.80 TO $1872.70//SILVER DOWN 35 CENTS TO $24.00//GOLD TONNAGE STANDING UP TO 18.3 TONNES//CORONAVIRUS UPDATE: THE GLOBE//CHINA AND AUSTRALIA THROWING BARBS AT EACH OTHER//TURKEY RAISES RATES BY 4.75% TO STEM THE LOSS ON THE LIRA//INITIAL JOBLESS CLAIMS RISE AS DOES PANDEMIC CLAIMS//NY RESTAURANTS FACE DOUBLE WHAMMY: MORE RESTRICTIONS AND COLDER WEATHER//MICHIGAN REVERSES AGAIN AND WILL NOT CERTIFY VOTES DUE TO HUGE IRREGULARITIES//2 HR TAPE OF GIULIANI, SIDNEY POWELL AND JENNA ELLIS DESCRIBING THE FRAUD//MORE SWAMP AND ELECTION STORIES//

GOLD:$1863.10 DOWN  $9.80   The quote is London spot price

Silver:$24.00  DOWN $0.35   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1867.70  LONDON SPOT  4:30 pm

ii)SILVER:  $24.10//LONDON SPOT  4:30 pm

these people voted for Biden/Harris ticket!

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TONIGHT,  in the USA section, I have  continued to highlight the major stories which happened last night and today. The USA election is one massive fraud.

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CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1872.20   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $0.50/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1877.50 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $4.80 CONTANGO//$1.20 BELOW NORMAL CONTANGO

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $24.05  1:30  PM SPREAD SPOT/FUTURE DEC.       :   5  CENTS PER OZ  CONTANGO (   5 CENTS ABOVE NORMAL CONTANGO

SILVER MARCH CLOSE:  24.17/SPREAD SPOT/FUTURE:  A   17 CENTS

8 CENTS ABOVE NORMAL CONTANGO

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COMEX DATA

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

receiving today: 109/122

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,873.500000000 USD
INTENT DATE: 11/18/2020 DELIVERY DATE: 11/20/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
332 H STANDARD CHARTE 1
435 H SCOTIA CAPITAL 21
657 H MORGAN STANLEY 99
661 H JP MORGAN 109
709 C BARCLAYS 12
737 C ADVANTAGE 2
____________________________________________________________________________________________

TOTAL: 122 122
MONTH TO DATE: 5,862

issued:0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 122 NOTICE(S) FOR 12,200 OZ  (0.3390 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  5862 NOTICES FOR 586,200 OZ  (18.233 tonnes) 

SILVER//NOV CONTRACT

19 NOTICE(S) FILED TODAY FOR 95,000  OZ/

total number of notices filed so far this month: 669 for 3,345,000  oz

BITCOIN MORNING QUOTE  $17758   UP 132

BITCOIN AFTERNOON QUOTE.  :$17,985  UP 211 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $9.80 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD..

A MASSIVE WITHDRAWAL OF 7.30 TONNES OF GOLD FROM THE GLD//

INVENTORY RESTS AT:

GLD: 1,219.00 TONNES OF GOLD//

WITH SILVER DOWN 35 CENTS TODAY: AND WITH NO SILVER AROUND:

TWO TRANSACTIONS

I)A HUGE 1.396 MILLION OZ OF SILVER WITHDRAWN FROM THE SLV

2. A HUGE 2.602 MILLION OZ OF SILVER WITHDRAWN FROM THE SLV//

INVENTORY RESTS AT

SLV: 562.583  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 FELL BY A LARGE SIZED 981 CONTRACTS FROM 160,972 DOWN TO 159,991, AND FURTHER FROM  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR FALL  OF $0.23 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A TINY EXCHANGE FOR PHYSICAL. WE  HAD SOME LONG LIQUIDATION, AND A STRONG INCREASE IN  STANDING AT THE COMEX FOR NOV.  WE HAD AN VERY STRONG LOSS IN OUR TWO EXCHANGES OF 792 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  160, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  160, MARCH 0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  160 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.

3.935 MILLION OZ INITIAL STANDING IN NOV.

WEDNESDAY, 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 $.23) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS WE HAD A VERY STRONG LOSS IN OUR TWO EXCHANGES (792 CONTRACTS). NO DOUBT THE STRONG LOSS IN OI ON THE TWO EXCHANGES WAS DUE TO i) STRONG BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A STRONG GAIN  IN SILVER OZ STANDING  FOR NOV, iii) STRONG COMEX LOSS  AND  iv) SOME  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:

9742 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 9742 CONTRACTS) OR 48.71 MILLION OZ: (AVERAGE PER DAY: 695 CONTRACTS OR 3.479 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 48.71 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 6.88% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,578.00 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                    48.71 MILLION OZ (STARTING TO SLOW DOWN AGAIN)

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 981, WITH OUR  $0.23 FALL IN SILVER PRICING AT THE COMEX ///WEDNESDAY.…THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 160 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A CONSIDERABLE SIZED 792 OI CONTRACTS  ON THE TWO EXCHANGES (WITH OUR  $0.23 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 160 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A CONSIDERABLE SIZED DECREASE OF 981 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.23 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.35 // TUESDAY’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: 19 NOTICE(S) FOR 95,000 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 FELL BY A FAIR/SMALL SIZED 4191 CONTRACTS TO 553,334 AND FURTHER FROM OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE LOSS IN COMEX OI OCCURRED WITH OUR  LOSS IN PRICE  OF $13.50 /// COMEX GOLD TRADING//WEDNESDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AND ANOTHER STRONG  GAIN IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $13.50. 

WE HAD A VOLUME OF 13    4 -GC CONTRACTS//OPEN INTEREST  61//

WE HAD A SMALL SIZED GAIN OF 792 CONTRACTS  (2.463 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 4991 CONTRACTS:

CONTRACT .  DEC: 2891; FEB: 2100  ALL OTHER MONTHS ZERO//TOTAL: 4991.  The NEW COMEX OI for the gold complex rests at 553,334. 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 SMALL SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 792 CONTRACTS: 4199 CONTRACTS DECREASED AT THE COMEX AND 4991 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 792 CONTRACTS OR 2.463 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4991) ACCOMPANYING THE FAIR SIZED LOSS IN COMEX OI  (4199 OI): TOTAL GAIN IN THE TWO EXCHANGES: 792 CONTRACTS. WE NO DOUBT HAD   1)SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2.)ANOTHER STRONG INCREASE IN OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT NOV. MONTH TO 18.379 TONNES3)  ZERO LONG LIQUIDATION ;4) FAIR COMEX OI LOSS AND 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED WITH  OUR  LOSS IN GOLD PRICE TRADING//WEDNESDAY//$13.50.

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 : 41,499 CONTRACTS OR 4,149,900 oz OR 129.07 TONNES (14 TRADING DAY(S) AND THUS AVERAGING: 2964 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 129.07  TONNES

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

THUS EFP TRANSFERS REPRESENTS 129.07/3550 x 100% TONNES =3.63% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,803.86 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:                        129.07 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, FELL BY A CONSIDERABLE SIZED 981 CONTRACTS FROM 160,972 DOWN TO 159,991 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 LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A GOOD INCREASE IN  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) SOME LONG LIQUIDATION 

EFP ISSUANCE 160 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 160 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 160 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 981 CONTRACTS TO THE 160 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED LOSS OF 821 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 4.105 MILLION  OZ, OCCURRED WITH OUR $0.23 LOSS 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)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED MUP 15.79 PTS OR .47%   //Hang Sang CLOSED DOWN 187.32 POINTS OR .71%    /The Nikkei closed DOWN 93.80 POINTS OR 0.36%//Australia’s all ordinaires CLOSED UP 0.24%

/Chinese yuan (ONSHORE) closed DOWN 6.5860 /Oil UP TO 41.69 dollars per barrel for WTI and 44.33 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5860. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5860 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER 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  FELL BY BY A FAIR SIZED 4199 CONTRACTS TO 553,334 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 DECREASE OCCURRED WITH OUR CONSIDERABLE  FALL OF $13.50 IN GOLD PRICING WEDNESDAY’S COMEX TRADING/). WE ALSO HAD A FAIR/GOOD EFP ISSUANCE (4991 CONTRACTS).   WE ALSO HAD  1)  SOME BANKER SHORT COVERING//CONSIDERABLE ALGO SHORT COVERING//,  2)  ZERO  LONG LIQUIDATION  AND 3)  ANOTHER STRONG GAIN  IN GOLD STANDING AT THE  COMEX  ( NOW STANDING AT 18.379 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED GAIN ON OUR TWO EXCHANGES OF 792 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 13    4 -GC VOLUME//open interest REMAINS AT 61

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 4991 EFP CONTRACTS WERE ISSUED:     DEC 2891; FEB// ’21 2100 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4991  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: 792 TOTAL CONTRACTS IN THAT 4991 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A FAIR SIZED 4199 COMEX CONTRACTS.. THE BIG NEWS IS THE STRONG LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((18.379 TONNE) AS NOVEMBER IS A NON ACTIVE AND GENERALLY A VERY POOR DELIVERY MONTH

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $13.50).  AND, THEY WERE   UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   2.463 TONNES,

NET GAIN ON THE TWO EXCHANGES :: 792 CONTRACTS OR 79,200 OZ OR  2.463  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:  553,334 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.33 MILLION OZ/32,150 OZ PER TONNE =  1720 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1720/2200 OR 78.22% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 248,093 contracts// volume poor (with a raid)////they are bailing out of gold comex faster than fox news viewers.

CONFIRMED COMEX VOL. FOR YESTERDAY:  265,732 contracts//  volume:  poor

/most of our traders have left for London

NOV 19 /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
nil oz
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
122 notice(s)
 12,200 OZ
(0.3390 TONNES)
No of oz to be served (notices)
47 contracts
(4700 oz)
0.1461 TONNES
Total monthly oz gold served (contracts) so far this month
5862 notices
586200 OZ
18.233 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 0 deposit into the customer account

total customer deposit: nil oz

we had 1 gold withdrawals from the customer account:

i) Out of Loomis: 1607.500 oz 50 kilobars

total withdrawals:  1607.500 oz

We had 1  kilobar transactions  +

ADJUSTMENTS: 0 // 

The front month of NOV registered a total of 169 contracts for a GAIN of  62 contracts.  We had 59 notices filed on Wednesday so we gained 121 contracts or 12,100 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 MUCH LARGER 15,180 contracts down to 233,030 contracts.  We will be watching December closely from this day forth. January GAINED 76 contracts to stand at 3331 contracts. FEBRUARY gained a STRONG 9511 contracts UP TO 220,127. WE  ARE STILL WITNESSING THE ALGOS LEAVE THE DECEMBER ARENA. WE AWAIT TO SEE HOW MANY EUROPEAN LONGS REMAIN AND THESE GUYS WILL TAKE DELIVERY OF GOLD.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR NOVEMBER (18.379 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  122 notice(s) filed today for  12200 oz OR 0.3390 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 122  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  0 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 (5862) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (169 CONTRACTS ) minus the number of notices served upon today (122 x 100 oz per contract) equals 590,900 OZ OR 18.379 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 (5862, x 100 oz +169 OI) for the front month minus the number of notices served upon today (122) x 100 oz which equals 578,800 oz standing OR 18.379 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 121 contracts or an additional 12,100 oz will search out metal on this side of the pond.

NEW PLEDGED GOLD:  BRINKS

606,360.007, oz NOW PLEDGED  SEPT 15.2020/HSBC  18.860 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:  1,604,896.491 oz                                     49.919 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 489.66 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 18.379 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  17,347,766.616 oz or 539.58 tonnes
total weight of pledged:  1,604,896.491 oz or 49.919 tonnes
thus:
registered gold that can be used to settle upon: 15,742,870.0  (489,66 tonnes)
true registered gold  (total registered – pledged tonnes  15,742,870.0 (489.66 tonnes)
total eligible gold:  19,930,253.503 oz (619.91 tonnes)

total registered, pledged  and eligible (customer) gold  37,278,020.119 oz 1,159.50 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1033.16 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 19/2020

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
208,488.270 oz
CNT
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
19
CONTRACT(S)
(95,000 OZ)
No of oz to be served (notices)
118 contracts
 590,000 oz)
Total monthly oz silver served (contracts) 669 contracts

3,345,000 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 0 deposits into the customer account (ELIGIBLE ACCOUNT)

JPMorgan now has 190.10 million oz of  total silver inventory or 49.60% of all official comex silver. (190.10 million/383.246 million

total customer deposits today:  nil   oz

we had 1 withdrawals:

i)Out of CNT:208,488.270

total withdrawals; 208488.2708    oz

We had 0 adjustment

Total dealer(registered) silver: 143.364 million oz

total registered and eligible silver:  382.879 million oz

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November saw a GAIN OF 19 notices rising to  137contracts. We had 0 notices filed on WEDNESDAY so we gained 19 contracts or 95,000 additional silver oz will stand in this non active delivery month of November.

December saw a LOSS of 6320 contracts DOWN to 64,080 contracts. January saw a GAIN of 16 contracts UP to 228. MARCH  gained 5286 contracts up to 80,350.

The total number of notices filed today for the NOV 2020. contract month is represented by 19 contract(s) FOR 95,000 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 669 x 5,000 oz = 3,345,000 oz to which we add the difference between the open interest for the front month of NOV(137) and the number of notices served upon today 19x (5000 oz) equals the number of ounces standing.

Thus the NOV standings for silver for the NOV/2019 contract month: 669 (notices served so far) x 5000 oz + OI for front month of NOV( 137)- number of notices served upon today (19) x 5000 oz of silver standing for the NOV contract month .equals 3,935,000 oz. ..VERY STRONG FOR A NON ACTIVE  NOV MONTH.

WE GAINED 19 CONTRACTS OR AN ADDITIONAL 95,000 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 108,996 CONTRACTS // volume strong (due to raid)////

FOR YESTERDAY 97,649  ,CONFIRMED VOLUME//  fair//

YESTERDAY’S CONFIRMED VOLUME OF 97,649 CONTRACTS EQUATES to 0.488 billion  OZ 69.7% 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- 3.81% ((Nov 19/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -1.80% to NAV:   (NOV19/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.81% (Nov 19)

(courtesy Sprott/GATA

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

NAV 19.11 TRADING 18.34///NEGATIVE  4.03

END

And now the Gold inventory at the GLD

NOV 19/WITH GOLD DOWN $9.80 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.30 TONES FROM THE GLD////INVENTORY REST AT 1219.00 TONNES

NOV 18/WITH GOLD DOWN $13.50 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 5.10 TONNES FROM THE GLD INVENTORY//INVENTORY RESTS AT 1226.30 TONNES

NOV 17/WITH GOLD DOWN 3 DOLLARS TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.92 TONNES FROM THE GLD////INVENTORY RESTS AT 1231.40 TONNES

NOV 16/WITH GOLD UP $2.20 TODAY/A HUGE CHANGES IN GOLD INVENTORY AT THE GLD A WITHDRAWAL OF 5.25 TONNES FROM THE GLD////INVENTORY RESTS AT 1234.32 TONNES

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

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Inventory rests tonight at

NOV19/ GLD INVENTORY 1219.00 tonnes

LAST;  950 TRADING DAYS:   +278.45 TONNES HAVE BEEN ADDED THE GLD

LAST 850 TRADING DAYS// +455.93  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory

NOV 19/WITH SILVER DOWN 35 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:TWO TRANSACTIONS:  1) A WITHDRAWAL OF 1.396 MILLION OZ AND 2) 2.602 MILLION OZ FROM THE SLV/  TOTAL 3.998 MILLION OZ///INVENTORY RESTS AT 562.583 MILLION OZ

NOV 18/WITH SILVER DOWN 23 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1581 MILLION OZ FROM THE SLV…//INVENTORY RESTS AT 566.581 MILLION O

NOV 17/WITH SILVER DOWN 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 568.162 MILLION OZ//

NOV 16/WITH SILVER UP $.05 TODAY//A HUGE  CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDDRAWAL OF 1.209 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 568.162 MILLION OZ//

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 19.2020:

SLV INVENTORY RESTS TONIGHT AT 56./583 MILLION OZ

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

[Podcast] What is “The Great Reset” and How to Prepare

“The Great Reset” is a term that we are hearing more frequently in the financial news today, but what exactly is “The Great Reset”?

In Episode 16 of The Goldnomics Podcast, Stephen Flood, Mark O’Byrne and Dave Russell discuss “The Great Reset” and how it could impact investors, what they can do now to prepare themselves and their finances and the role that gold plays in protecting your wealth.

Listen or watch the podcast here

Subscribe to The Goldnomics Podcast on Youtube or listen on iTunes or Soundcloud or wherever you consume your podcasts!

NEWS and COMMENTARY

Gold range-bound, caught between vaccine hopes and rising virus cases

Wall Street edges higher on vaccine bets

World shares slip as U.S. retail sales dampen vaccine euphoria

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

18-Nov-20 1877.20 1876.10 1412.59 1411.20 1579.66 1580.99
17-Nov-20 1885.40 1889.05 1424.61 1425.29 1588.83 1591.52
16-Nov-20 1892.60 1885.60 1436.67 1430.98 1598.11 1594.84
13-Nov-20 1878.20 1890.90 1425.93 1437.08 1588.02 1600.27
12-Nov-20 1868.00 1874.85 1415.57 1424.70 1581.08 1589.31
11-Nov-20 1876.20 1860.95 1415.41 1408.37 1591.02 1583.48
10-Nov-20 1874.90 1878.70 1416.49 1417.48 1589.54 1590.13
09-Nov-20 1957.45 1867.30 1489.23 1417.47 1648.76 1573.95
06-Nov-20 1947.95 1940.80 1483.17 1480.05 1642.71 1636.29
05-Nov-20 1916.80 1938.45 1468.84 1480.78 1624.68 1638.38

Buy gold coins and bars and store them in the safest vaults in Zurich, Switzerland with GoldCore.

Learn why Switzerland remains a safe-haven jurisdiction for owning precious metals. Access Our Most Popular Guide, the Essential Guide to Storing Gold in Switzerland here

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Stephen Flood
Chief Executive Officer

I am the CEO of GoldCore. We help investors buy and store gold and silver easily and cost effectively. We offer a service to purchase, sell and/or store precious metals personally or through a pension, a company or a family office.

ii) Important gold commentaries courtesy of GATA/Chris Powell

Pam and Russ discuss smart money like Buffet and Soros dumping JPMorgan and other bank stocks

(Pam and Russ Martens/WallStreet on Parade)

Pam and Russ Martens: From Soros to Buffett, smart money is dumping JPM shares

 Section: 

By Pam and Russ Martens
Wall Street on Parade
Wednesday, November 18, 2020

According to the 13-F filing that Warren Buffett’s Berkshire Hathaway made with the Securities and Exchange Commission for the quarter ending December 31, 2019, it held 59.5 million shares of JPMorgan Chase with a total value at that time of $8.29 billion. By June 30 of this year, that position had been trimmed by more than half, to 22.2 million shares.

By September 30, one day after JPMorgan Chase had just admitted to its fourth and fifth felony count in the past six years, brought by the U.S. Department of Justice, Berkshire Hathaway’s position in JPMorgan Chase tallied up to just under 1 million shares, a 98 percent reduction from the beginning of the year, according to the SEC filing Berkshire Hathaway made on Monday.

… 

And it’s not like Buffett is simply getting out of all big bank stocks. According to the same 13-F filing for September 30, Berkshire Hathaway still held a whopping $24 billion in Bank of America stock; $4.7 billion in U.S. Bancorp; $3 billion in Wells Fargo; and $2.5 billion in Bank of New York Mellon.

Jamie Dimon has served as chairman and CEO of JPMorgan Chase during all five felony counts as well as a much broader crime spree that has resulted in fines and settlements of more than $37 billion. The bank has been charged with rigging everything from electricity markets in the U.S. to interest rate benchmarks in Europe to foreign currency, precious metals, and even the U.S. Treasury market.

Despite a rap sheet that rivals organized crime, the Board of Directors of JPMorgan Chase has stuck with Dimon to sit at the helm of what is now the largest federally-insured bank in the United States.

Now the smart money seems to be saying it’s had enough. In addition to Buffett’s Berkshire Hathaway, George Soros’ investment arm, Soros Fund Management LLC has dumped all its shares of JPMorgan Chase according to its 13-F filing of September 30. That compares with the 258,252 shares it owned on June 30, 2020. …

… For the remainder of the report:

https://wallstreetonparade.com/2020/11/from-soros-to-warren-buffett-the-.

END

Equinox partners sees gold and silver miners now undervalued and totally unloved.

(Equinox/GATA)

Equinox Partners’ Fieler sees gold and silver miners undervalued and unloved

 Section: 

2:18p ET Wednesday, November 18, 2020

Dear Friend of GATA and Gold:

Sean Fieler, chief investment officer of Equinox Partners in New York, whose holdings are heavily oriented toward gold and silver miners, yesterday told David Lin of Kitco News that the miners are undervalued relative to metals prices and sentiment toward the gold and silver sector is generally negative. So Fieler feels comfortable being fully invested in the sector in anticipation of developments likely to be supportive of metals prices.

The interview is 17 minutes long and can be viewed at Kitco here:

https://www.youtube.com/watch?v=wWDoEw6WrRs&feature=youtu.be&t=490

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

end

iii) Other physical stories:

Why Is The Fed So Afraid Of Judy Shelton?

Authored by Ryan McMaken via The Mises Institute,

Why so much opposition?

On one hand, some oppose her because she reportedly opposes the Fed’s alleged and generally mythical “independence.”

I suspect the real opposition to Shelton stems from her past comments about the role of the Fed, and since she has, in the horrified words of economist Laurence Kotlikoff: “advocated for a return to the gold standard … she has even questioned the need for a central bank at all.”

The reality of what policies Shelton would actually push if ensconced in the Fed cannot be known at this time. But it is clear that the Fed’s backers don’t want to even risk it.  Although Kotlikoff, for instance, rather unconvincingly claims he values a “diversity of viewpoints” on the Fed board, this “diversity” must fit into a very narrow window of acceptable opinion.

But this raises a question: so what if a solitary member of the Board of Governors takes views seen as unorthodox by the technocrats who currently control the Fed’s board?

Before we can answer this question, we must first take a what the Fed and its backers consider to be “orthodox” policy.

The Economists’ Technocratic Facade

We’ve seen it at work in recent years. It consists of repeatedly ratcheting up the central bank’s asset purchases, funded with newly created money. This is done to prop up banks and other financial institutions deemed “too big to fail.” The orthodoxy consists of keeping interest rates at rock bottom levels, also accomplished through printed-money-financed asset purchases. This is done both to punish savers and to promote additional lending in the name of inflating prices so as to achieve the fabled two-percent inflation standard. These ultra-low interest rates, of course, are also lauded by the regime which can engage in more and more deficit spending so long as interest on the national debt remains low.

The technocrats on the Fed board, posing as “scientific” economists, have created a façade in which they are data-driven, and committed to certain principles of economic analysis.

The reality, however, is something far different. The real strategy is simply one of repeatedly hitting panic buttons every time it appears a new economic crisis is on the horizon. This occurred with the financial crisis and Great Recession. It began again with the repo crisis in late 2019. And it was taken to new unprecedented levels yet again with the economic crises of 2020.

Although the Fed repeatedly claimed it would “soon” normalize policy, it has never followed through, and the Fed has now effectively monetized trillions of dollars of US assets in the hops of propping up financial sector while keeping government interest payments low.

Obviously, these political favors could not be doled out to financial and government elites at anywhere the necessary scale without a central bank and without a fiat currency totally unmoored to any commodity.

Thus, any economist who dares challenge the orthodoxy that central banks are of immense and central importance to avoiding complete economic collapse must be treated as a pariah.

The Myth of Diversity on the Fed Board of Governors

What if someone opposed to this policy agenda and supportive of hard money were allowed to join the Board of Governors?

It might be said this person would be a “super-hawk” on the board, far beyond even the current breed of mild inflation hawks found on the FOMC like Esther George and Eric Rosengren.

But would this super-hawk be able to actually change the Fed’s policy in terms of interest rate targets or asset purchases?

It’s unlikely, at least in the short or medium term.

When it comes to setting macroeconomic policy, the Fed primarily relies on the Federal Open Market Committee (FOMC). This committee consists of the seven members of the Fed’s Board of Governors, the president of the New York Fed, and four of the other seven Federal Reserve Bank presidents, serving one-year terms.

Our imagined super-hawk would have only one vote, and it’s unlikely this one vote would do much to turn the tide of the current voting dynamic on the FOMC where dissent from the Fed chairman’s preferred policies are fairly rare.

In a 2014 study for the St Louis Fed, researchers Daniel L. Thornton and David C. Wheelock found that dissents from the Chairman’s position are not exactly common. The Fed, after all, likes to function on a “consensus” model so it can give the impression that there is wide agreement in favor of its policies.

From 1957 to 2013,

Of 7,094 votes cast for FOMC policy directives during these years, 6,645 (94 percent) supported the majority[—i.e., the Chairman’s position—]and 449 (6 percent) were dissents. … Dissents were particularly high during the 1962-65 and 1978-80 periods. The annual number of dissents was less than 15 in all other years and 10 or fewer in most years. There were especially few dissents during 1994-2007.

Alan Greenspan was notable for taking an intolerant view toward dissenters, so it’s not surprising that the number of dissents was especially low once he was able to consolidate political power in the early nineties. This continued through the end of his tenure in 2006. Moreover, the lack of dissent during Greenspan’s era was likely helped by the apparent strength of the economy during this time.

Since the Greenspan era, dissents have increased, but not to levels seen more commonly during the 1960s and 1970s.

The media is fond of claiming the FOMC in recent years has exhibited “record dissent,” but this is only true if one takes a very short-term view. Yes, dissents are higher in the past decade than was the case during the Greenspan years, but that’s hardly evidence of a “divided” FOMC.

We can see this in recent vote margins. For example, in March, when the Fed slashed its target interest rate to 0.25 percent, there was only one dissenting vote out of ten voting members. No FOMC meeting has produced more than three dissenting votes in the past decade. The “closest” vote occurred in September 2019 when the committee voted 7-3 in favor of Powell’s plan to lower the target interest rate to two percent.

And why do members dissent? The most common reason for dissent occurs when a relatively hawkish member of the FOMC opposes the full extent of the Chairman’s dovish policy. Often, the dissenting member wants either a smaller cut to the target interest rate than the proposed cut, or no cut at all.

But sometimes, members dissent because they want even more dovish policy than that proposed by the Chairman. For example, last September, when three members of the FOMC dissented, only two dissents were for hawkish reasons. A third dissenter wanted an even lower interest rate than Powell.

Thornton and Wheelock have shown that when dissent does occur, it is usually for hawkish reasons. Examining 409 dissents from 1936 to 2013, 249 of them were because the dissenting member wanted “tighter” monetary policy.

Moreover, it is notable that most of these dissenters wanting tighter policy were not from the Fed’s Board of Governors (which has seven votes on the FOMC), but were among the FOMC’s rotating member bank presidents.

For example, the most common dissenters in recent years have been bank presidents Goerge and Rosengren, of the Kansas City and Boston banks, respectively.

Indeed, dissenting votes on the FOMC from members of the Board of Governors have been extremely rare over the past twenty years.

Returning to our hypothetical super-hawk on the Fed’s Board of Governors: he or she would be part of a very tiny minority on the Board of Governors itself, and part of a small minority on the FOMC.

Basically, there is very little danger of someone like Judy Shelton upending the Fed’s policymaking processes or its beloved consensus model.

On the other hand, as has become clear from the Shelton controversy, the Fed and its supporters have no interest at all in hearing any opinion from outside the narrowly defined orthodoxy that is currently deemed acceptable on Capitol Hill and within the Fed itself.

Allowing any members who might call for any move toward commodity-backed money, or might seriously question the panic-button methods currently and capriciously used by Fed officials might provide a platform for anti-Fed rhetoric and commentary. While this would have no hope of directly changing votes on the FOMC among a lopsided majority of governors, it might nonetheless help to undermine the official narrative the Fed so carefully guards.

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 THURSDAY 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 DOWN AT 6.5860 /

//OFFSHORE YUAN:  6.5860   /shanghai bourse CLOSED UP 15.79 PTS OR .47%

HANG SANG CLOSED DOWN 93.80 PTS OR .36%

2. Nikkei closed DOWN 93.80 POINTS OR 0.36%

3. Europe stocks OPENED ALL RED/

USA dollar index UP TO 92.58/Euro FALLS TO 1.1835

3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 103.99/ 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:: 41.69 and Brent: 44.33

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.57%/Italian 10 yr bond yield UP to 0.65% /SPAIN 10 YR BOND YIELD DOWN TO 0.08%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.33: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.71

3k Gold at $1854.00 silver at: 23.70   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 34/100 in roubles/dollar) 76.32

3m oil into the 41 dollar handle for WTI and 44 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 world1

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 103.99 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 .9121 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0796 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 0.57%

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 0.861% early this morning. Thirty year rate at 1.591%

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

6.  TURKISH LIRA:  UP  TO 7.56..

World Markets Slide On Spreading Covid Lockdowns, Ignore Vaccine News

Yesterday we joked that, now that all the “good” covid vaccine news have been priced in, if stocks are to go up then the vaccine makers must keep their mouth shut for the next few weeks:

Turns out the joke was on us, because shortly after the latest positive coronavirus vaccine news, this time from AstraZeneca, which hit just before 2am ET…

  • *ASTRA, OXFORD CONFIRM VACCINE’S IMMUNE RESPONSE IN OLDER ADULTS

… futures promptly tumbled, hitting session lows just after the European open.

Why? Because as we “joked”, markets are now ignoring any incremental “good” vaccine news, and instead equity investors seem to be more concerned about lockdown measures to stop the spread of the virus, especially following yesterday’s surprise announcement that New York would shutter its schools again, a move which is expected to be copied by other cities across the country. Meanwhile, as trillions of dollars in stimulus and optimism around a vaccine have driven Wall Street to record highs following a coronavirus-driven crash in March, investors have grown wary of the near-term damage caused by tightening restrictions and in the absence of fresh stimulus measures.

“The markets probably overshot the vaccine news and are probably just retreating slightly now because case numbers are going up,” said Gavin Rochussen, chief executive of UK-based asset manager Polar Capital. “The vaccine will take time to be delivered, to be administered and so on, and I think what’s happening is markets are realising that … it’s not just the silver bullet, it will take time.”

As Bloomberg put it, “it all means that investors are grappling with how long and how severe the pandemic will be in the months ahead. There’s plenty of economic stress now as businesses struggle under lockdowns, but scientists are also rapidly advancing several vaccine candidates to get life back to normal.”

As a result, the S&P 500 index was set for its third straight session of losses, retreating further from an all-time high hit on Monday after positive data was released on a coronavirus vaccine. L Brands surged 16.1% premarket after posting better-than-expected quarterly results, helped by record sales growth at Bath & Body Works and higher demand for Victoria’s Secret lingerie. Elsewhere, Macy’s fell 4% after it reported a more than 20% fall in third-quarter comparable sales, while Nvidia slipped 1.3% after company executives said data center chip sales would fall slightly in the fourth quarter.

The weaker sentiment was triggered by a late U.S. sell-off that saw the S&P 500 close down 1.1% following news that COVID-19 deaths in the US had passed 250,000 while New York City’s schools called a halt to in-classroom instruction, the latest in restrictions to curb the spread of the virus.

While positive news about potential vaccines had helped push the MSCI World Index to a record high earlier in the week, it was promptly dragged back as a host of countries announced record infection rates and tougher lockdowns. As a result, world stocks and US equity futures eased for the third day in a row and oil fell on Thursday.

Europe’s Stoxx 600 was down 0.6%, with all regions in the red; cyclical shares took the brunt of the retreat after Norwegian Air Shuttle plunged 16% after seeking protection from creditors, while Germany’s Thyssenkrupp tumbled after saying it would slash 11,000 jobs amid a cash burn at its steel business. Nvidia dropped in U.S. pre-market trading after warning that data-center chip sales will decline slightly.

Earlier in the session, the MSCI Asia Pacific Index fell for the first time in 14 days, down -0.4%, and ending the longest winning run since 1988, while Japan’s Topix index closed 0.3% higher despite somber news in Japan, which saw a record number of cases and a rise in Tokyo’s pandemic alert level.

In FX, the dollar rose to a session high in early European hours; the euro fell a second day while the yen ended a five-day advance after rising briefly following a report that Tokyo was set to record more than 500 new cases for the first time on Thursday. Sterling weakened, down 0.4% against the dollar and 0.2% per euro, on a report Europe’s leaders would demand the European Commission publish Brexit no-deal plans as the deadline for trade talks go down to the wire; interbank dealers sold the pound in Asian session following a Times article that European leaders want to give businesses more clarity on any potential no-deal with the U.K. Turkey’s lira jumped after the country’s new central bank governor raised the benchmark interest rate by a record 475bps.

“The vaccines news are a positive medium-term impulse for the global economic outlook and investors are trying to weigh that against the prospect of an imminent stalling of the European and U.S. recovery amid the prospect of extensions of current lockdown measures,” said Rodrigo Catril, a senior FX strategist at NAB.

In commodities, oil prices dropped as virus restrictions crimped demand expectations. Despite the equity market caution, gold traders continued to take a longer-term view, betting the COVID-19 vaccines would translate into a quicker economic recovery. That sent the precious metal to a one-week low. Bitcoin also pulled back and last stood at $17,599.

On the data front, all eyes will be on the Labor Department’s weekly jobless claims data due at 8:30 a.m. ET. Claims are expected to edge down to 707,000 in the week ended Nov. 14, from 709,000 in the week before.

In rates, treasuries were little changed in early U.S. trading after paring gains amassed during Asia session, where regional demand included fast-money activity in long-end. Nominal 10-year yield is lower by just over 12bp at 0.857%, in line with bunds; gilts lag, cheaper by 1bp vs Treasuries. Futures roll activity is expected to pick up, and another batch of coupon supply arrives in the form of a $12b reopening of 10-year TIPS. There will be few rate locks as IG credit issuance is expected to moderate after 29 borrowers raised more than $32b over past three days, exceeding the total expected for the week.

Looking at day ahead now, the economic data slate includes initial jobless claims, November Philadelphia Fed business outlook (8:30am), October existing homes sales (10am) and November Kansas City Fed manufacturing (11am). We also get remarks from ECB President Lagarde, as well as from the ECB’s Schnabel, Villeroy, Hernandez de Cos, and the Fed’s Mester and Rosengren. There’ll also be monetary policy decisions from Bank Indonesia, the Central Bank of Turkey and the South African Reserve Bank. Data releases including the weekly initial jobless claims from the US, as well as October’s leading index and existing home sales. Along with that, there’ll be the Philadelphia Fed’s business outlook index and the Kansas City Fed’s manufacturing index for November. Finally, EU leaders will be meeting via videoconference tonight.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,558
  • STOXX Europe 600 down 0.8% to 387.26
  • MXAP down 0.4% to 187.57
  • MXAPJ down 0.7% to 618.73
  • Nikkei down 0.4% to 25,634.34
  • Topix up 0.3% to 1,726.41
  • Hang Seng Index down 0.7% to 26,356.97
  • Shanghai Composite up 0.5% to 3,363.09
  • Sensex down 1% to 43,740.97
  • Australia S&P/ASX 200 up 0.3% to 6,547.23
  • Kospi up 0.07% to 2,547.42
  • Brent Futures down 0.2% to $44.27/bbl
  • Gold spot down 0.5% to $1,863.29
  • U.S. Dollar Index up 0.3% to 92.61
  • German 10Y yield fell 2.1 bps to -0.575%
  • Euro down 0.2% to $1.1830
  • Brent Futures down 0.2% to $44.27/bbl
  • Italian 10Y yield rose 1.5 bps to 0.543%
  • Spanish 10Y yield fell 0.6 bps to 0.075%

Top Overnight News from Bloomberg

  • The European Union is facing a grueling battle to persuade Hungary and Poland to row back threats endangering billions of euros of pandemic-relief and budget funds as central bank chief Christine Lagarde warns of the dangers of a delay
  • The U.K. and Canada are on the brink of signing a new trade agreement to replace the existing deal Britain has through European Union membership.
  • The euro was the most used currency for global payments last month, the first time it has outpaced the dollar since February 2013, according to data from the Society for Worldwide Interbank Financial Telecommunications, which handles cross-border payment messages for more than 11,000 financial institutions in 200 countries.
  • A series of bets set up to exploit the replacement of Libor as a bond benchmark looked scuppered on Wednesday, after a statement from its administrators raised question marks about next year’s transition date
  • Denmark’s central bank says its latest study into the long-term effects of negative interest rates shows the policy works better than is widely appreciated
  • Lonza Group AG made its first commercial batch of the main ingredient in Moderna Inc.’s Covid-19 vaccine candidate in the U.S. last week and plans to start European production by the end of the month, Chairman Albert Baehny said

A quick look at global markets courtesy of NewsSquawk

Asian bourses were mixed as the region partially shrugged-off the risk-averse mood that rolled over from US where early vaccine optimism faded amid COVID-19 concerns and with selling exacerbated heading into the closing bell on Wall Street after New York City Mayor De Blasio announced to close all public schools from today after the 7-day average positive testing rate reached the 3% threshold. Furthermore, there was also recent commentary from Goldman Sachs that month-end pension rebalancing estimates were at a net USD 36bln of equities to sell and was the fourth-largest sell estimate going back 20yrs. ASX 200 (+0.3%) declined at the open in which notable weakness in healthcare and the commodity-related stocks briefly dragged the index beneath the 6500 level where it then found support to recoup its losses, while the largest-weighted financials sector kept afloat despite the mixed fortunes of its constituents with insurers IAG, Suncorp and QBE among the worst performers after the NSW Supreme Court ruled in favour of policyholders on a test case regarding business interruption policies, whereby it decided that pandemic exclusions were not valid. Nikkei 225 (+0.4%) declined as Japan’s exporters remained at the mercy of a stronger currency and with the mood clouded by the ongoing spike in COVID-19 infections, although there were some bright spots including Sharp which rallied on news it will return to the blue-chip index from December 2nd. Hang Seng (-0.7%) and Shanghai Comp. (+0.5%) conformed to the indecisive picture which was not helped by another PBoC liquidity drain and recent comments from a PBoC researcher who sees little room for a rate reduction and suggested that current rates in the market are already lower than the natural equilibrium level, while shares in one of China’s largest securities companies Haitong Securities were heavily pressured after China alleged manipulation by the Co. in an expanding probe into the recent default by a state-owned coal miner. Finally, 10yr JGBs were steady despite the negative picture in Japanese stocks with demand hampered after recent indecision in T-notes following a weak 20yr auction and the lack of BoJ purchases in the market today.

Top Asian News

  • Morrison Defiant After China Airs 14 Grievances With Australia
  • Southeast Asia Virus Hotspots Indonesia, Philippines Cut Rates
  • China’s Booming Exports Mean Beijing Can Handle Strong Yuan
  • Singapore Could Still Live With Virus Curbs For More Than a Year

European equities (Eurostoxx 50 -1.0%) have extended on opening losses as markets continue to balance the positive tenor of vaccine updates against the fallout from near-term COVID restrictions. Sentiment ahead of the cash open was already relatively downbeat with selling in the US late doors yesterday exacerbated by news that the 7-day rolling average for the positivity rate in the NYC had met the 3% threshold, triggering the closure of public schools. Throughout the European session, selling has picked up without much in the way of fresh incremental newsflow behind the price action. All sectors trade in the red with some of the more cyclical exposed industries, namely, oil & gas, travel & leisure and banks underperforming peers. Note, stateside, losses are relatively broad-based with selling pressure in the pre-market more indiscriminate. Health care is posting slightly shallower losses than most with AstraZeneca (+0.1%) mildly firmer in the wake of an update in The Lancet which showed the Co.’s COVID-19 vaccine has produced a strong immune response among elderly adults, whilst first efficacy data from Phase III trials could be possible in the coming weeks. ThyssenKrupp (-6.7%) are a stand out underperformer in Europe after the Co. announced that it will need to lower its headcount by a further 5k alongside its FY earnings with management downbeat on the prospect for the steel sector, stating the state support alone will not be enough to solve the issues facing the industry. To the upside, Royal Mail (+6.5%) sit at the top of the Stoxx 600 after raising its FY outlook alongside H1 earnings with the Co. a beneficiary in the pick-up in online shopping amid the pandemic.

Top European News

  • No Upside for Europe Stocks Has Strategists Looking to 2021
  • Royal Mail Recovery Gathers Pace as Virus Boosts Parcels
  • EU May Recommend Cross-Border Power Prices For Offshore Wind

In FX, not quite a case of zeros from heroes, but the Kiwi, Aussie and Pound have fallen to the bottom of the G10 ranks having outperformed of late, as risk aversion returns to replace relief or euphoria over latest positive anti-virus test results. Indeed, Nzd/Usd has relinquished 0.6900+ status, Aud/Usd 0.7300 even though jobs data smashed forecasts overnight and Cable looks prone to losing grip of the 1.3200 handle less than a day after probing beyond the round number above, while Eur/Gbp has rebounded firmly through 0.8950 from circa 0.8915 at one stage on Wednesday. For Sterling specifically, no deal Brexit concerns have also reared amidst reports that EU Governments are getting impatient with the ongoing stalemate and want the European Commission to draw up an emergency plan in the event that a trade deal with the UK is still not agreed by tomorrow when Barnier is scheduled to brief ambassadors on the state of play.

  • USD – The Dollar is back in the ascendency and more solid safe-haven ground, as sentiment sours following an all too brief boost from Pfizer, as another company in the hunt to get a vaccine approved, Astrazeneca, says it’s too premature to declare that its drug can stop coronavirus. Meanwhile, the resurgence has reached worrying levels in NY where schools will close from today as the 7-day average testing positivity rate hit the 3% threshold. Hence, the DXY has extended its recovery gains from 92.207 yesterday to 92.727 at best, so far, ahead of a busy US agenda including data and more from the Fed.
  • JPY/EUR/CAD/CHF – All handing back gains vs the Greenback, or losing momentum, as the Yen retreats to sub-104.00 compared a peak circa 103.65 on Wednesday, the Euro pulls back below 1.1850 following a couple of 1.1900 near misses, the Loonie retests support around 1.3100 from 1.3050+ highs in wake of, if not prompted by firmer than expected Canadian CPI, and the Franc reverses on its 0.9100 and 1.0800 pivots, latter against the Euro. Note, little reaction to a slightly wider Swiss trade surplus as key watch exports fell again, albeit at a slower pace.
  • SCANDI/EM – The Sek has not been able sustain any positive momentum from a marked decline in Swedish unemployment rates against the risk-off backdrop that is also weighing on crude prices and the Nok more so than Norwegian Q4 oil investment projections. However, the Try is holding up relatively well in anticipation of a big benchmark rate hike from the CBRT and on the decision itself, which was in-line with consensus, the TRY appreciated markedly but has since retraced much of this move; in contrast to the SARB that is seen standing pat later. Elsewhere, broad depreciation in line with the general deterioration in market tone and dovish Central Bank moves as the Indonesian and Philippine rates were eased 25 bp against consensus for no change.

In commodities, WTI and Brent prices have been subject to the general pull-back in risk sentiment this morning with the European session commencing in negative territory and subsequently extending on this shortly after the cash equity open. Fundamentally, newsflow explicitly for the crude complex is relatively light with focus turning back to the demand side of the equation on the back of further COVID-19 closures in New York as cases globally continue to rise – notably, Japan, which is the 4th largest global importer of oil, has seen cases increase by a record figure and cross the 500 mark in Tokyo on a daily basis for the first time. Currently, the benchmarks are posting losses in excess of 1.0% and reside in proximity to session lows; given this dynamic, the Stoxx 600 oil & gas sector is the morning laggard. Moving to metals and in-spite of the downbeat risk dynamic spot gold is subdued given USD dynamics as the DXY eclipses Tuesday’s high with just the Monday peak in the near-term; at present the yellow metal is subdued by around USD 10/oz but is off session lows at USD 1855/oz. Elsewhere, the debut of China’s bonded copper futures closed down by 1.2% this morning as participants highlight the listing price of CNY 47.68k/tonne was somewhat high.

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 700,000, prior 709,000; Continuing Claims, est. 6.4m, prior 6.79m
  • 8:30am: Philadelphia Fed Business Outlook, est. 23, prior 32.3
  • 9:45am: Bloomberg Economic Expectations, prior 43; Bloomberg Consumer Comfort, prior 48
  • 10am: Leading Index, est. 0.7%, prior 0.7%
  • 10am: Existing Home Sales, est. 6.47m, prior 6.54m; Existing Home Sales MoM, est. -1.07%, prior 9.4%
  • 11am: Kansas City Fed Manf. Activity, est. 10.5, prior 13

DB’s Jim Reid concludes the overnight wrap

I’m afraid it’s that time of year. The air is getting colder, nights are drawing in and the first chestnuts are roasting on an open fire. Yes for us analysts the stress of 2021 outlook season is now upon us. In my credit team we like more stress than most and today we publish the first of three outlooks before the end of the month. Don’t worry it’s not us hedging our bets with a bullish, bearish and neutral one. Instead this morning we’ve published a quick top down macro overview of what we think 2021 will bring and then we’ll have more detailed US/EU IG and LevFin outlooks out just after Thanksgiving from Michal Jezek and Craig Nicol. For today’s overview we get caught up in the vaccine euphoria and think the rally and compression trade has further to go, especially over the next 6 months. We think the market might be under-estimating the ability and desire to return towards normal in H1 next year, especially in a period where the authorities will still be injecting huge liquidity. We have US and European IG both tightening -12bps out to the of end H1 ’21 and US/European HY around -70bps tighter over the same period. H2 could see a small retracement as although the recovery will still be ongoing we think there may be some concern over authorities trying to withdraw some support over the subsequent coming quarters ahead. See the report here.

Our Economists have also updated their latest World Outlook which incorporates their latest views on the Global economy in 2021 and beyond. The outlook has improved on balance since their last snapshot in mid-September. The primary driver has been the good news on the vaccine front, which has pulled forward their timelines one or two quarters on reaching herd immunity in some developed economies. This development, by itself, has boosted GDP forecasts in Europe and the US next year by nearly one percentage point even if the likely near-term growth hits offsets some of this. Much more can be found here.

Whether it be outlooks or markets it’s all about vaccines and the virus at the moment. Risk assets actually slipped late in the US session, and closed at the lows (S&P 500 -1.16%), largely due to NYC school closures coming into force again today after the city’s positivity rate of first time Covid-19 tests rose over 3%. In terms of the sectoral moves, every industry group in the US ended lower except for Autos (+1.14%), while the losses were led by Energy (-2.88%) and Utilities (-1.94%).

Meanwhile the NASDAQ fluctuated between gains and losses throughout the day before closing -0.82% lower after the late selloff, though tech stocks tried to rally on the initial headline. The VIX index jumped back closer to 24 after threatening to go back below 20 in recent days for the first time since the pandemic hit.

In other news this morning, Japan’s largest labour union chief said that the union would push for a 4% wage increase, including base pay despite the current pandemic. The chief said that “If we say wage growth is impossible this time because of Covid, then we’ll be totally neglecting our responsibility to the economy,” and added “There is a serious concern” that Japan could fall back into deflation without pay gains. Elsewhere, here in the UK, PM Johnson is expected to announce today an extra GBP 16.5bn in defense spending over the next 4 years as he will lay out plans for an agency dedicated to artificial intelligence, the creation of a National Cyber Force, and a new Space Command capable of launching its first rocket in 2022. Also in the U.K., Bloomberg reported overnight that the country is close to signing a trade deal with Canada replacing that which will be lost when leaving the transition period with the EU.

Back to markets and the weak US close and worries over further restrictions to come masked what was nothing short of more tremendous vaccine news yesterday, with Pfizer and BioNTech reporting that the final analysis of its Phase 3 trial showed that the vaccine was 95% effective against Covid-19, catching up with Moderna’s numbers. The big news though was that the efficacy rate for those above 65 years old was over 94%, which offers hope that governments can start vaccinating the most vulnerable groups and return us back closer to normality quicker than could have been dreamed of even 10 days ago. Indeed this echoes what we wrote in Tuesday’s chart of the day (link here), where we tallied up the global population over 70 by region and compared that to the initial amount of vaccine doses that have been ordered and promised.

In the announcement, Pfizer/BioNTech said that they planned to submit a request “within days” to for an Emergency Use Authorization from the FDA. Their current projections envisage them producing 50m vaccine doses this year and up to 1.3bn by the end of next year. One thing to remember however, is that this vaccine needs to be transported at temperatures of minus 70C, so well below your average home freezer, whereas the Moderna vaccine we heard about on Tuesday can be transported at minus 20C. But overall the newsflow has been incredibly positive in the last couple of weeks, and that’s before we hear from other trials such as the one from AstraZeneca and the University of Oxford. I suppose there will be all sorts of questions if efficacy here is in the say 60-70% range. This would have been deemed as reasonable 10 days ago but would now be pretty disappointing, especially as it is cheaper and potentially more available for more regions. However it’s tough to be too churlish and second guess in advance given the remarkable early vaccine efficacy successes.

Back for now to immediate restrictions and Colorado was the most recent state to urge its resident’s against travelling around the Thanksgiving holiday next week as hospitalisations reached a new high. Minnesota’s Governor ordered that gyms close, and restaurants/bars move to take-out only, while youth sports are cancelled for a month. In Europe, a French government spokesperson told reporters that the country is far away from deciding to end the lockdown, even as stores are set to reopen on December 1. While there were protests in Germany over the current lockdown rules, the Finance Minister Scholz defended the measures, saying they are accepted by the majority of the country according to polling. Lastly weekly covid-19 deaths hit their highest levels since April in Italy and Turkey yesterday, though some places such as Germany, the UK and France have seen these numbers plateau. Across the other side of the world, the Edaily reported that South Korea may raise its social distancing steps further to level 2 if the average daily infections stay above 200 for a week in the greater Seoul area. The country reported 343 new cases today. In Japan, Tokyo’s Governor said that the prefecture will likely enhance virus measures as the country reported record new infections over the past 24 hours at 2,230 with Tokyo raising its virus alert to the highest level as new infections in the region are expected to top 500 today.

Back to markets, before the late US sell-off the STOXX 600 was up another +0.44% and at a new post-pandemic high as other indices across the continent similarly moved higher. Banks were a strong performer once again with the STOXX Banks index in Europe up a further +0.79% yesterday to its own post-pandemic high, while other cyclicals such as Autos (+1.31%) and Retail (+1.13%) were the other outperformers, following the recent theme.

Over in FX, the US dollar dropped even with the late turn in sentiment with the NY schools news causing only a short lived rally in the dollar index. The greenback fell (-0.24%) and is not too far from the 2-year closing low it reached back at the end of August. With the dollar weakening, Bitcoin’s rise continued at a slower pace (+0.84%) yesterday, following moves of more than 5% higher over both of the previous two days. The cryptocurrency reached its highest level in nearly 3 years though, having risen almost 70% in just a matter of weeks. We mentioned this in my chart of the day yesterday (link here), which looked at how global assets had shifted since the vaccine news from Pfizer arrived. There’s been a big divergence and bias towards cyclically-exposed assets, with the energy complex soaring along with financials (especially in Europe), whereas one of the worst performers has been in tech.

Back to yesterday and sovereign bond markets pared back their morning gains to close lower, with yields on 10yr Treasuries (+1.3bps), bunds (+0.9bps) and gilts (+1.3bps) all moving higher. Once again, Greek debt was an outperformer, and in a sign that markets are putting the risk premium that emerged during the sovereign debt crisis increasingly behind them, the spread of 10yr Greek debt over bunds fell another -1.4bps yesterday to 1.218%, which is its tightest level in over a decade.

If that’s reminding anyone of late-night EU summits, we’ve got an important videoconference of EU leaders being held later today, which is focusing on the bloc’s response to the pandemic. Nevertheless, another topic that might come up is how to proceed on the EU’s long-term budget and recovery fund, following the veto from Hungary and Poland earlier this week over conditions that were imposed that would seek to link access to budget funds with adherence to the rule of law.

Yesterday’s data from the US showed the number of housing starts in October rose to an annualised rate of 1.530m (vs. 1.460m expected), which was its highest level since February. However, the number of building permits fell to an annualised 1.545m (vs. 1.567m expected), which is another sign that housing activity is likely topping out a bit. Over in Europe, the UK’s October CPI reading surprised to the upside, coming in at +0.7% yoy (vs. +0.5% expected), while core CPI also rose to +1.5%. Otherwise, the growth in new car registrations in the EU fell back into negative territory on a year-on-year basis, with a -7.8% reading in October.

To the day ahead now, and the highlights will include remarks from ECB President Lagarde, as well as from the ECB’s Schnabel, Villeroy, Hernandez de Cos, and the Fed’s Mester and Rosengren. There’ll also be monetary policy decisions from Bank Indonesia, the Central Bank of Turkey and the South African Reserve Bank. Data releases including the weekly initial jobless claims from the US, as well as October’s leading index and existing home sales. Along with that, there’ll be the Philadelphia Fed’s business outlook index and the Kansas City Fed’s manufacturing index for November. Finally, EU leaders will be meeting via videoconference tonight.

3A/ASIAN AFFAIRS

i)THURSDAY MORNING/ WEDNESDAY NIGHT: 

SHANGHAI CLOSED MUP 15.79 PTS OR .47%   //Hang Sang CLOSED DOWN 187.32 POINTS OR .71%    /The Nikkei closed DOWN 93.80 POINTS OR 0.36%//Australia’s all ordinaires CLOSED UP 0.24%

/Chinese yuan (ONSHORE) closed DOWN 6.5860 /Oil UP TO 41.69 dollars per barrel for WTI and 44.33 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5860. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5860 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER 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/AUSTRALIA

China is angry at Australia but it will be of no help. Australia does not want to do business with the communist country.

(zerohedge)

“China Is Angry. China Can Be The Enemy”: Beijing Launches Extraordinary Attack On AustralianGovernment

With the war of words between China and the US on hiatus, especially as Beijing awaits for a pro-China Joe Biden to occupy the White House and normalize relations, Beijing has found a new diplomatic target to unleash hell on: Australia.

In what the Sydney Morning Herald dubbed “an extraordinary attack on the Australian government”, Beijing accused Australia of “poisoning bilateral relations” in a deliberately leaked document that threatens to escalate tensions between the two countries whose bilateral trade relations have already suffered a spectacular collapse in recent months.

The Chinese government document goes further than any public statements made by the Chinese Communist Party, accusing the Morrison government of attempting “to torpedo” Victoria’s Belt and Road deal, and blaming Canberra for “unfriendly or antagonistic” reports on China by independent Australian media.

“China is angry. If you make China the enemy, China will be the enemy,” a Chinese government official said in a briefing with a reporter in Canberra on Tuesday.

With China suddenly emboldened, perhaps expecting a Biden presidency to rollover to all of Beijing’s demands, the dossier of 14 grievances was handed over by the Chinese embassy in Canberra to Nine News, The Sydney Morning Herald and The Age in a diplomatic play that appears aimed at pressuring the Morrison government to reverse Australia’s position on key policies.

The list of Beijing grievances includes:

  • government funding for “anti-China” research at the Australian Strategic Policy Institute,
  • raids on Chinese journalists and academic visa cancellations,
  • “spearheading a crusade” in multilateral forums on China’s affairs in Taiwan, Hong Kong and Xinjiang,
  • calling for an independent investigation into the origins of COVID-19 (because clearly China has nothing to hide here)
  • banning Huawei from the 5G network in 2018, and
  • blocking 10 Chinese foreign investment deals across infrastructure, agriculture and animal husbandry sectors.

In a “targeted threat” to Australia’s foreign policy position, the Chinese official also said if Australia backed away from policies on the list, it “would be conducive to a better atmosphere”.

The dossier was delivered shortly before China’s Foreign Ministry spokesman Zhao Lijian laid the blame on Australia for the state of the relationship at a press conference in Beijing.

The list of grievances from the Chinese embassy.

“The Australian side should reflect on this seriously, rather than shirking the blame and deflecting responsibility,” he said.

In response to China’s scathing attack on Australian sovereignty, the Morrison government rejected Beijing’s characterisation and called for the Chinese government to answer its phone calls. “The ball is very much in China’s court to be willing to sit down and have that proper dialogue,” Trade Minister Simon Birmingham said on Wednesday.

But the Chinese government official, who spoke on the condition of anonymity because they are not authorised to speak publicly, said “why should China care about Australia?” and that phone calls would be “meaningless” while the “atmosphere is bad”.

The document also takes aim at “thinly veiled allegations against China on cyber attacks without any evidence” and claims Australia was the first country without a maritime presence in the South China Sea to condemn China’s actions at the United Nations. Australia followed the United States in July in branding China’s claims to the disputed area “unlawful”.

It also accuses MPs of “outrageous condemnations of the governing party of China and racist attacks against Chinese or Asian people” after Liberal Senator Eric Abetz demanded Chinese-Australian witnesses at a Parliamentary inquiry condemn the Chinese Communist Party.

* * *

Meanwhile, in response to the latest Chinese diplomatic provocation, Prime Minister Morrison said he wouldn’t compromise Australia’s national security and sovereignty according to Bloomberg.

“Australia will always be ourselves,” Morrison said in a television interview Thursday with the Nine Network. “We will always set our own laws and our own rules according to our national interests — not at the behest of any other nation, whether that’s the U.S. or China or anyone else.”

While Morrison’s response was commendable, it may also be futile: China has is placing increased pressure on Australia through trade sanctions and reprisals as it criticizes a raft of Australian policies. While ministerial ties with the U.S. ally have been in a deep freeze since April, when Morrison’s government called for independent investigators to enter Wuhan to probe the origins of the coronavirus, the prime minister’s visit to strategic partner Japan this week to sign a new defense pact has exacerbated tensions further.

Morrison, who said Thursday he had seen the “unofficial document that’s come out of the Chinese embassy,” added in the TV interview that Australia’s values, democracy and sovereignty “are not up for trade”; his government has labeled Chinese trade reprisals launched this year as “economic coercion.”

“We won’t be compromising on the fact that we’ll set what our foreign investment laws are, or how we build our 5G telecommunications networks, or how we run our systems to protect that are protecting against any interference,” Morrison said.

In what may be the most notable regional geopolitical development in recent years, Morrison visited his counterpart Yoshihide Suga in Tokyo in an attempt to build a coalition of “like-minded” democracies pushing back against what Beijing’s increasing influence in the Asia-Pacific region.

In addition to agreeing to a legal framework that will allow the military of each nation to stay in the other’s country to conduct joint exercises, Morrison and Suga issued a joint statement with criticisms of Chinese policies, including their “strong opposition to any coercive or unilateral attempts to change the status quo and thereby increase tensions in the region.”

This could also mean that China is about to have another major spat with Japan, similar to the mutual boycotts in 2013 over territorial disputes in the East China Sea. Hinting at this, China Foreign Ministry spokesman Zhao Lijian told a daily briefing in Beijing on Wednesday that the “Chinese side is strongly dissatisfied and firmly opposed to their press statement in which they accused China on the South China Sea and East China Sea issue.” The two nations “blatantly interfered in Hong Kong affairs and China’s internal affairs,” he said.

Ties between China and Australia, which until this year were very close trade partners, have been strained since 2018 when Canberra barred Huawei Technologies from building its 5G network and introducing anti-foreign interference laws aimed at halting Beijing’s “meddling” in domestic affairs.

“We stand up with other countries, whether it be on human rights issues or things that are happening around the world, including in China,” Morrison boomed. “Now if that is the source of tensions between Australia and China, well I can assure you that Australia will continue to be ourselves, we’ll continue to act in our own national interests, and pursue partnerships like the one” with Japan, which would “only strengthen stability and peace in the Indo-Pacific.”

China has imposed trade strikes on up to a dozen Australian products including wine, beef, barley, timber, lobster and coal now threaten $20 billion worth of Australian exports.

One reason why China feels it has all the leverage, is that it accounts for up to 40% of Australia’s exports and one in 13 Australian jobs, leading to rising anxiety among business figures and diplomats grappling with competing objectives: balancing Australia’s national security, maintaining a military deterrent to China’s regional aggression through a new defence agreement with Japan, and keeping economic lines with China open.

“This is a significant evolution of this relationship, but there is no reason for that to cause any concern elsewhere in the region,” Mr Morrison said. “I think it adds to the stability of the region, which is a good thing.”

Curiously, the monetary globalists quickly urged Australia not to antagonize Beijing too much: Reserve Bank governor Philip Lowe on Wednesday urged Australia to maintain a strong relationship with China. In his most direct comments on the multi-billion dollar diplomatic dispute to date, Dr Lowe said it was in the economy’s interest for the relationship between Australia and its largest trading partner to get back on track.

Alas that may not be easy: according to the SMH, the 14 items identified by the Chinese embassy document are seen by the Department of Foreign Affairs as key to Australia’s national interest and non-negotiable, leaving the two countries facing the prospect of an extended diplomatic and economic dispute.

The Department of Foreign Affairs and Trade said the Australian government makes “sound decisions in our national interest and in accordance with our values and open democratic processes. We are a liberal democratic society with a free media and a parliamentary democracy, where elected members and media are entitled to freely express their views,” the department said in a statement.

“The Australian government is always ready to talk directly in a constructive fashion about Australia’s relationship with China, including about our differences, and to do so directly between our political leaders. Such direct dialogue enables misrepresentation of Australia’s positions to be addressed in a constructive manner that enables our mutually beneficial relationship.”

4/EUROPEAN AFFAIRS

GERMANY

People around the world are clashing with new coronavirus restrictions.  Today German protesters are clashing with police

(zerohedge)

“We Are The People” – German Protesters Clash With Police Over New Coronavirus Restrictions    

Thousands of demonstrators on Wednesday protested against the German government’s attempt to enact additional coronavirus restrictions. German police were forced to unleash water cannons and pepper spray to disperse angry crowds in Berlin’s government district, according to Deutsche Welle (DW).

Around 190 protesters were arrested, and nine police officers were injured after clashes in central Berlin. Police said large crowds ignored repeated calls to wear face masks and practice safe social distancing – though none of the requests were followed by protesters.

“Police calling on demonstrators to leave. Lots of booing. Demonstrators want to access cordoned-off area around parliament where new additions to infection law are being debated [at the moment,],” DW’s Nina Haase said.

In a series of tweets, Haase described the chaotic scene outside the Brandenburg Gate. She said demonstrators chanted, “we are the people,” adding that many were singing the national anthem as they held the line.

Police were seen moving in on demonstrators, using large vehicles outfitted with water cannons. She said, “police called on demonstrators to stop attacking police officers.”

As water cannons soaked demonstrators outside the Brandenburg Gate, riot police also moved in protesters, pushing them back away from government buildings. Twitter handle “SecondOpinion” shows the angry mob from an elevated view.

Absolute chaos on the ground.

The protest was sparked by Germany’s lower and upper houses that passed changes to the country’s existing infection protection law. The changes allow government officials to impose new social distancing restrictions rules on mask-wearing, and regulations of when businesses can open and close.

In recent weeks, Germany has seen a sharp uptick in new infections. About 17,600 new coronavirus cases were reported in Germany on Wednesday, bringing total infections to 833,307.

The coronavirus pandemic is turning out to be an era of mass social unrest worldwide. As the second virus wave ravages many western countries, people will rise up against these draconian measures.

Is the US next to see a wave of social unrest as new restrictions are being reimposed?

end

SLOVENIA/HUNGARY AND POLAND

These countries get it:  Slovenia backs Hungary and Poland in its efforts to stop the huge EU’s 900 billion of COVID 19 spending

(zerohedge)

Slovenia Backs Hungary & Poland In Standoff With Brussels That Is Delaying COVID Relief

Brussels officially has a full-blown populist rebellion on its hands.

After Hungary and Poland blocked the EU’s $900 billion COVID-19 recovery package as well as the seven-year, €1.8 trillion ($2.1 billion) budget over Brussels’ attempt to “force foreign values upon member nations” in a long running dispute over democratic norms, immigration and the “illiberal” tilt of Poland and Hungary.

A clause in the budget would strip Budapest and Warsaw of billions of euros in EU funding if they don’t impose certain measures to strengthen the “rule of law” as Brussels sees fit. Both Hungary and Poland are facing EU “investigations” over allegations they undermined the independence of courts and the media.

The push to bring both Hungary and Poland (which have defied Brussels edicts on immigration and other issues) is being led by German Chancellor Angela Merkel, who is enjoying leadership of the EU alongside her chancellorship of Germany during her last year in power before retiring.

Since the unprecedented EU-wide borrowing package requires unanimous consent to move forward, Poland and Hungary’s opposition will force Merkel and her allies to strike some kind of a deal with Hungary and Poland, if not back down, as Brussels accuses Budapest and Warsaw of subjecting their judiciaries to political influence, in defiance of EU principles.

The right-wing rebels received a boost to their cause on Tuesday morning when Slovenia PM Janez Janša announced his support of Hungary and Poland in their standoff with the EU. In a four-page letter, the close friend of Hungary leader Viktor Orbán slammed Brussels’ “double standard” while evoking the authoritarian experience lived under communism by many countries that joined the EU after 2004, which today refuse to cede parts of their sovereignty.

Slovenia backed the budget in a vote yesterday.

For those who haven’t been closely following the issue, MarketWatch has published a briefing on the history of the dispute, and its implications for the future of the EU, as some of Brussels’ most committed globalists push the possibility of simply expelling Hungary and Poland from the bloc. To be sure, any member-state leaving the EU would likely be interpreted as a full-blown crisis by investors now that the EU has kicked open the door.

  • The move by the far-right governments in Budapest and Warsaw comes after months of other EU members’ criticism of measures in both countries subjecting the judiciary to political interference.
  • The principle of an EU €750 billion recovery fund was adopted in July in a decision that would allow massive joint borrowing by all member states, for the first time in the EU’s history. Proceeds of the fund would go in priority to countries worst hit by the COVID-19 pandemic.
  • The two countries’ decision also prevents the adoption of the multiyear, €1,100 billion EU budget, which had taken months to negotiate amid deep differences among member states over fiscal discipline and public spending.
  • German Chancellor Angela Merkel, formally chairing the EU until the end of the year as part of a rotating presidency, is now expected to seek a compromise, since decisions such as joint borrowing must be taken unanimously by the 27 member states.
  • The long-drawn-out dispute over human rights, public freedoms and the rule of law in the two countries has exasperated other governments, with Dutch Prime Minister Mark Rutte wondering aloud in September whether an EU “without Hungary and Poland” would be possible.

With drama flaring up across the Atlantic, analysts from Rabobank pointed out that a video summit set for tomorrow, which originally was scheduled to talk about the pandemic, may instead focus on this issue. In a letter to Merkel, Hungary’s Orban said that “there is no deal until there’s agreement on all details.” Whilst that may indicate there is room for negotiation (after all, both countries also look set to receive sizeable funds under the EC proposition), it would likely be on the terms of Poland and Hungary, which are of the opinion that their sovereignty is at stake. So the key question then becomes what the price of sovereignty is. From Brexit we know that price can be very high indeed. Clearly, both member states feel that they have leverage, with many other member states, particularly Italy and Spain, eager to receive EU funds in coming years. Even if some sort of compromise eventually emerges, amidst a resurging virus, this ‘situation’ could well become a ‘risk-off’ element for markets if it drags on for months.

Hungary and Poland opposed the budget and recovery package during a Monday pan-EU meeting where they vetoed the measures, provoking a warning from German ambassador Michael Clauss that their opposition could delay critical COVID-19 recovery funds.

(zerohedge)

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN/USA

Not good: Iran is already warming up to the illegitimate “king”.  Biden is suggesting the cancelling of sanctions and rejoining the nuclear deal. If this is done Israel will have no choice but to bomb the Nantaz nuclear facilities.

(zerohedge)

Iran Is Already Warming Up To Biden, Suggesting Cancelling Sanctions And Rejoining The Nuclear Deal

Iran’s foreign minister, Mohammad Javad Zarif, seems to be delighted that President Trump is on his way out and President-elect Joe Biden is on his way in. Go figure.

The country’s foreign minister has proposed “a return to full compliance” of the Iran nuclear deal if Biden lifts sanctions that have been ordered onto the country by President Trump. He has commented that Biden’s administration can use executive orders to lift the sanctions.

Zarif told a state owned newspaper this week: “The fact that Mr. Biden wants to return to the nuclear deal is great. We’re ready to hold talks over how the U.S. can re-enter the nuclear deal.”

Eager to make Biden his lapdog, he continued: “I expect the situation to significantly improve in the next few months. When Mr. Biden decides to fulfill U.S. obligations, we will be ready to quickly return to our commitments. This process is not time-consuming at all.”

His comments were described by Bloomberg as “the most conciliatory yet since Biden was proclaimed the winner” of the U.S. election. Iranian President Hassan Rouhani has said Biden’s election could allow Iran to “move away from an environment of threat under the current insurgent U.S. government toward an environment of opportunities.”

The country’s eagerness to jump back into the 2015 deal belies the fact that the country’s uranium stockpile has eclipsed limits set by the deal. Since Trump backed out of the deal, Iran’s stockpile has risen by eightfold to over 5,291 pounds. It’s enough “to create three bombs,” Bloomberg notes.

The director general of the UN’s International Atomic Energy Agency said this week that the country is using new high-tech machines to produce nuclear fuel, despite the country denying that it aspires to build bombs. The agency is seeking answers from the country about traces of man-made uranium found at a warehouse in Iran.

In addition to putting distance between the U.S. and Iran, the Trump administration has also sought to arm Iran’s foes, selling weapons to both Israel and the UAE. Iran will be dealing with a potential political sea change of its own, as it approaches an election in June. The country’s economy has “crumbled” under the U.S. sanctions levied upon it.

END
Iran
Not good:  Iran is already pumping fluid into the centrifuges at Nantaz.
Trump or Israel will attack as they cannot allow these thugs to obtain a nuclear weapon.
However it is OK with our brain dead Biden.
(zerohedge)

Iran Just Activated Formerly Banned High-Tech Uranium Centrifuges At The Same Site Trump Considered Attacking

While the left was busy panicking about the headline that President Trump was considering his options for attacking a Iranian nuclear facility before leaving office – ostensibly worried that Trump would “flip his table before storming out of the restaurant” – the same Iranian facility he was keeping an eye on has just started “pumping fuel into banned centrifuges”, according to the Daily Mail.

Trump had asked previously for options on bombarding Iran’s most prominent nuclear facility, called Natanz:

Natanz, also known as the Pilot Fuel Enrichment Plant, is one of Iran’s central nuclear enrichment facilities, located around 200 miles south of the capital in Tehran.

It became subject to monitoring by the UN watchdog International Atomic Energy Agency after Iran inked a nuclear accord with US, Germany, France, Britain, China and Russia in 2015.

Last week the IAEA released a report which found that Iran’s uranium stockpile at Natanz is now 12 times larger than the limit set under the nuclear accord.

The location is also now pumping fuel into “high-tech IR-2m machines” after the country had previously agreed to only use IR-1 machines. Last week, an International Atomic Energy Agency (IAEA) report had shown the country had moved a cluster of those centrifuges underground.

Source: Daily Mail

A report on Tuesday revealed that uranium hexafluoride (UF6) gas, which is used to fuel the machines, is now being pumped into them. Trump, meanwhile, was talked out of attacking the site by advisers including “vice president Mike Pence, secretary of state Mike Pompeo, acting defense secretary Christopher C. Miller and joint chiefs chairman Mark Milley”.

“On 14 November 2020, the Agency verified that Iran began feeding UF6 into the recently installed cascade of 174 IR-2m centrifuges at the Fuel Enrichment Plant (FEP) in Natanz,” the report says. The move is a bold breach of the country’s previous deal with the United States.

Ali Rabiei, an Iranian government spokesman, also responded to the headline that Trump was considering attacking the site, stating: “Any action against the Iranian nation would certainly face a crushing response.”

Iran has also said it would abide by the terms of the previous deal if President-elect Biden were to re-implement it during his turn. It was just days ago we noted that Iran was already reaching out to President-elect Joe Biden in hopes of re-establishing the nuclear deal it put into place while Barack Obama was President.

The country’s foreign minister has proposed “a return to full compliance” of the Iran nuclear deal if Biden lifts sanctions that have been ordered onto the country by President Trump. He has commented that Biden’s administration can use executive orders to lift the sanctions.

Zarif told a state owned newspaper this week: “The fact that Mr. Biden wants to return to the nuclear deal is great. We’re ready to hold talks over how the U.S. can re-enter the nuclear deal.”

TURKEY
Wow! that was a big rise in rates: up 475 basis pts to 15% and that helped the Lira rise.  However it will kill their economy
(zerohedge)

Erdoganomics Is Over: Turkey Hikes Rates By 475bps To 15%

Over two years after Turkey launched the great monetary experiment known as Erdoganomics, in which monetary orthodoxy was turned on its head and inflation was “fought” using lower rates, it ended with a thud this morning when Turkey, under brand new central bank governor Naci Agbal, hiked its policy (one-week repo auction) rate by a whopping 475bps to 15%, on top of estimates as the central bank delivered the “stability hike” that analysts were expecting as it aims to regain credibility in its policy as well as the TRY.

All other rates were also hiked:

  • The Late Liquidity Window Rate was raised to 19.50% from 14.75%, above the Exp. 18.75%
  • The overnight Lending Rate rose to 16.50% from 11.75%, in line with Exp. 16.5%
  • The overnight Borrowing Rate rose to 13.50% from 8.75%.

This means that despite president Erdogan’s well-known disdain for higher rates, he has acknowledged that it is far more important to contain the collapse in the lira – which had been the worst-performing currency among emerging market peers this year – than to worry about the economy, which will naturally be hammered by the higher rates at a time when virtually every other central bank is cutting rates and otherwise easing to promote growth.

Below are some highlights from the CBRT statement justifying the decision:

  • The permanent establishment of a low inflation environment will affect macroeconomic and financial stability positively through the fall in country risk premium, reversal in the dollarization trend, accumulation of foreign exchange reserves and the perpetual decline in financing costs
  • The lagged effects of depreciation in Turkish lira, increasing international food prices and deterioration in inflation expectations affect the inflation outlook adversely.
  • While tracked data for November point to an increase in inflation due to the recent exchange rate volatility, this is assessed to be temporary with the decisive monetary policy stance.
  • Accordingly, the Committee has decided to implement a transparent and strong monetary tightening in order to eliminate risks to the inflation outlook, contain inflation expectations and restore the disinflation process.
  • The Central Bank will attain its main objective of achieving and maintaining price stability by adopting transparency, predictability and accountability principles of the inflation targeting regime.
  • In light of these principles, the Central Bank funding will be provided through the one-week repo rate, which will be the main policy tool and the only indicator for the monetary stance.

The lira, which had been in freefall as recently as two weeks ago when the central bank governor was unexpected sacked coupled with the resgination of the finance minister (and Erdogan’s son), rose in the wake of the decision with the USDTRY declining from around 7.68 to 7.4950 but the reaction pared slightly as the dust settled, with the USDTRY moving moving to levels around 7.55. Still, it is hard to see how this upside will be sustained absent carry flows since the nearly 30% increase in rates will now further depress what little economy activity was taking place.

The good news, for now at least, is that Erdogan’s dramatic overhaul of his top financial policymakers got an initial thumbs up from the yield-starved community as foreign investors purchased a net $908 million in Turkish equities and bonds in the week through Nov. 13, in the days that followed changes to the country’s top economic management, central bank data showed on Thursday. That was the largest amount of buying since August 2017, and the foreign buying splurge trimmed this year’s foreign outflows to $12.6b, still the worst for any year since at least 2005 when records began.

6.Global Issues

Australia

Not good but very unusual.  Australia has discovered in South Australia deadlier strains. Generally the coronavirus morphs into less stable and less deadly strains.

(zerohedge)

Far Deadlier Strain Of Coronavirus Discovered In South Australia

As researchers struggle to understand what makes infection with COVID-19 so mild in some cases, and so deadly in others, we have kept a close eye out for any new links between symptoms different strains of the virus. And on Wednesday we noticed new comments from South Australia’s top health official who warned that a particularly deadly strain of SARS-CoV-2 is circulating in the state.

Chief Health Officer Professor Nicola Spurrier explained that the reason for the recently imposed six-day lockdown is the fact that “this particular strain has had certain characteristics” she said.

The State of South Australia, which became home to this dramatic scene yesterday, is also bracing for the risk that this new strain could spread more quickly, in addition to being more deadly. Professor Spurrier said a typical generation, or stage, of the virus was only about three days.

“We also know, because of that characteristic, that what we call a generation, is only about three days and a generation is when one case is passing it on to the next level, and then that (next) level, so if they pass it on to two people, they will pass it on to another lot of people, and that is your third generation,” she said.

Already, the virus has progressed to the fifth generation, she said.

“At the moment in SA we have done contact tracing to the fourth generation but the fifth generation is out there in our community and at the moment we are contact tracing to get on to that generation and that is the Woodville pizza bar.”

Authorities have traced the local outbreak to a pizza shop in Parafield. The cluster began with a worker at Peppers Warmouth, which is being used as a quarantine hotel, was infected with the virus.

By tracing the spread of certain strains of the virus, researchers in the US have hypothesized that the virus was spread to New York from Europe, before moving to the rest of the country east of the Mississippi, while other strains colonized China and the west.

Though SA’s infection rate remains muted, officials have reported two new cases today, taking the total to 22, while another 12 people are still under investigation.

But as residents rush to get tested, we can’t help but wonder if public health officials might be playing up the strain angle to coax people into obeying the state’s six day lockdown.

END

Brandon Smith on the lockdowns,  mask mandates, and forced vaccinations.

(Brandon Smith

Brandon Smith: Now Is The Time For Americans To Rebel Against Lockdowns, Mask Mandates, & Forced Vaccination

Authored by Brandon Smith via Alt-Market.us,

With the presidential election highly contested and the mainstream media hyping the rising infection numbers, the public is now facing important questions regarding the future of the pandemic response. Some states have decided to unilaterally introduce “executive orders” to restrict citizen movements, business openings and public activities.

Anthony Fauci is on the news constantly, calling for families to cancel Thanksgiving and Christmas and telling Americans to just “do what we are told”. The media is generally trying to drum up fear in the minds of the populace and paint images of plague and death everywhere. If Biden does actually end up in the White House, a federalized and national high level lockdown is on the table starting in January.

In April of this year I published an article titled ‘Waves Of Mutilation: Medical Tyranny And The Cashless Society’, which outlined a social engineering model put forward by globalists at MIT and the Imperial College of London which I called “wave theory”. The model essentially works like this:

Governments must use the pandemic as a rationale for “waves” of restrictive lockdowns, followed by controlled re-openings of the economy and of normal human activity. Globalists claim that this will “slow” the spread of the coronavirus and save lives. However, they also openly admit that these cycles of closures and openings have other uses.

Over time, the citizenry becomes acclimated to governmental intrusion in their everyday lives, and they get used to the idea of bureaucracy telling them what they are not allowed to do when it comes to the simplest activities. The system thus bottlenecks all human interactions to the point that we are constantly asking for permission. We become slaves to the Covid response.

As globalist Gideon Lichfield from MIT stated in his article ‘We’re Not Going Back To Normal’:

Ultimately, however, I predict that we’ll restore the ability to socialize safely by developing more sophisticated ways to identify who is a disease risk and who isn’t, and discriminating—legally—against those who are.

…one can imagine a world in which, to get on a flight, perhaps you’ll have to be signed up to a service that tracks your movements via your phone. The airline wouldn’t be able to see where you’d gone, but it would get an alert if you’d been close to known infected people or disease hot spots. There’d be similar requirements at the entrance to large venues, government buildings, or public transport hubs. There would be temperature scanners everywhere, and your workplace might demand you wear a monitor that tracks your temperature or other vital signs. Where nightclubs ask for proof of age, in future they might ask for proof of immunity—an identity card or some kind of digital verification via your phone, showing you’ve already recovered from or been vaccinated against the latest virus strains.”

Note that Lichfield suggested that in order to participate in the normal economy you might need to show verification that you have been “vaccinated against the latest virus strains”. In other words, the elites expect there to be many more viral events or mutations AFTER Covid 19 has run its course, and the restrictions and controls we see today are meant to continue, possibly FOREVER.

The reality is that the wave model is not a very practical plan for stopping viral spread, but it is a perfect method for conditioning people to submit to a high level of control over their personal lives that they never would have accepted otherwise. The Covid response has also been heralded by elites at the World Economic Forum as a perfect “opportunity” to initiate what they call the “Great Reset”. The reset is a plan to deconstruct what’s left of the free market capitalist system, introduce carbon controls in the name of the global warming fraud, institute a global cashless monetary system, and finally, move humanity into what they call a “shared economy” in which the average person is no longer allowed to own private property of any kind and is completely dependent on the system for their basic necessities.

Of course, such a complex system of “solutions” (dominance) over every individual would need to be managed in a highly centralized way. Meaning, global governance by the elitist establishment would be the end result. Naturally….the globalists would reluctantly take the reins of power for “the greater good”.

This is the bigger picture, the underlying threat at the core of the lockdowns and Covid laws. That said, there are also numerous arguments based on logic and evidence as to why there is no reason for people to submit to such restrictions. Let’s outline them in a simple list:

The Coronavirus Kills Less Than 1% Of The People It Infects

Medical studies in the US indicate that the coronavirus deaths rate for citizens NOT living in nursing homes has been holding well below 1% on average. The largest percentage of deaths by far in the US has been in nursing homes among elderly people with preexisting conditions. People in long term care facilities make up 8% of Covid infection cases but they are 45% of all covid deaths.

Pneumonia alone kills around 50,000 Americans each year according to the CDC, and that’s with vaccinations, yet, we are supposed to panic and hand over all our freedoms in the name of stopping a disease which affects a tiny percentage of the population? This is why the media and governments have decided to hyperfocus on infection numbers rather than deaths. The death numbers do not warrant the amount of panic the establishment is trying to foment.

Lockdowns Destroy The Economy

It’s basic math and finance; the small business sector of the US economy is dying. Small businesses make up around 50% of US employment. The Covid bailout money, handled by international banks like JP Morgan, did not get to the vast majority of small businesses that were supposed to receive it. Those businesses that did get bailouts are still on the verge of closure or bankruptcy. Any further lockdowns will be the final nail in the coffin for the US economy, except for major corporations which are enjoying the lion’s share of stimulus cash.

How many lives will be damaged or lost due to poverty and economic collapse if the current trend continues? I suspect far more than any lives lost because of Covid.

Why is no one in the mainstream talking about the most practical solution to the pandemic? The small percentage of people who are most at risk can STAY HOME and take precautions as necessary, while the rest of us get on with our lives. Why are we being ordered to do the exact opposite just to make less than 1% of the population feel safer? How is this logical, reasonable or scientific? The only answer that makes sense is that the lockdown response is about control, not saving lives.

State Governors Have No Authority To Take Away Your Civil Liberties, And Neither Does The President

Restrictions based on executive orders have no legal authority under the Constitution. They are color of law, not true law. Laws are debated and passed by state legislatures, not by state governors. Executive orders only apply to state employees and have no bearing on the citizenry.

Leftists and statists argue that during a national crisis the governor has emergency powers and states can do whatever they want. This is false. Under the constitution and the Bill of Rights, state governors do not get to proclaim a national emergency based on their personal opinion and then declare themselves dictators in response. Any “laws” exerted because of such a process are therefor null and void; they are meaningless.

If the states have the ability to do whatever they want without oversight, then they would be able to bring back Jim Crow laws (among other things). Do leftists support that idea as well? If the federal government and the president have the power to violate the Bill of Rights during a national emergency, then Donald Trump has the authority to bring in martial law across the country because of leftist riots. Do leftists agree with that outcome?

It is interesting to me that the political left in particular is so keen on defending the idea of states and governors having the power to unilaterally enforce pandemic restrictions without oversight or checks and balances. Yet, they have been aggressively opposed to state powers in the past when they had a Democratic president like Obama in office. The left has also been staunchly opposed to executive orders applied by Donald Trump, but they applaud the idea of executive orders on lockdowns being instituted by Biden.

So, leftists support unilateral state power only when it works in favor of their agenda, and they support unilateral federal and presidential power only when it works in favor of their agenda. What a surprise…

The bottom line is this: State government powers do not supersede the Bill of Rights. Federal government powers do not supersede the Bill of Rights. NO ONE has the legal power to take away your inherent liberties. Those that claim otherwise have something to gain from your enslavement.

Mask Laws Are Unscientific

The majority of masks being used by the public today are cloth masks. Not even the CDC recommends the use of cloth masks for their own employees or medical workers. They only recommend N95 masks. They also admit that cloth masks are much less effective at preventing contact with the virus. Yet, the CDC supports the enforcement of cloth masks for the public.

On top of that, some states and countries with the most stringent mask laws continue to see huge spikes in coronavirus infections. For example, New York has been one of the most tyrannical enforcers of mask laws and lockdowns in the US, but in November the state has witnessed extensive infection increases. California, Michigan and Illinois have also seen dramatic infection spikes this month despite hard enforcement of masks. So, where is the science?

It would appear that masks are a placebo; if they actually worked, then the states with the most aggressive enforcement should be seeing a dramatic downturn in cases, not exponential increases.

Furthermore, why are many states and countries trying to force citizens to wear masks outside in open air and sunlight when viruses cannot survive in such conditions? UV light from the sun is nature’s sterilizer, but no one in the mainstream or in government acknowledges this scientific fact. Again, this shows that mask laws are about control, not about science or saving lives.

CovidVaccination Is Unnecessary And Potentially Dangerous

Why should people get vaccinated for a virus that over 99% of them will easily survive anyway? Why not simply attain “herd immunity” through natural infection spread and antibodies? The mainstream will continue to ignore these questions because they are inconvenient to the wider agenda.

Also, why should anyone trust a vaccine that was rushed out in less than a year’s time? China and the rest of the world spent over a decade trying to develop a vaccine for SARS unsuccessfully, but we are supposed to believe that they created a vaccine for SARS related Covid 19 within months?

As I noted in my article ‘Why The Public Should Rebel Against Forced Vaccinations’, published in May, there are numerous examples of vaccine tests and implementation going very wrong, from Bill Gates and the World Health Organization giving people polio in various countries through vaccines, to Novartis and their deadly testing of a Bird Flu vaccine on homeless people in Poland, to GlaxoSmithCline and the deaths of children due to their pneumonia vaccine.

Again, it’s simply not worth the risk over a virus that over 99% of people will survive. The idea of such risk being forced on the public is completely unacceptable, but many government officials have supported the idea over the past six months. It is important for the public to make it clear now that they will NOT be allowing state or federal governments to make vaccination mandatory.

Rebellion Is Needed To Put A Stop To The Fear Machine

In closing, there are endless reasons why we must end the pandemic lockdown agenda once and for all. Most importantly, the lockdowns, mask orders and vaccine plans are a stepping stone to something much worse – Medical tyranny and centralization on an unprecedented scale. I will not personally follow such rules because they are not scientifically or morally sound. They are nonsense designed to frighten the public into complacency and consent.

A rebellion against such measures would be very easy to win. All we have to do is refuse to follow their mandates. What are they going to do? Lock up millions of people? Shoot us? That would sort of defeat the supposed purpose of the very measures they demand we follow. And, if it comes to violence, so be it. I have no problem fighting to defend my freedoms and the freedoms of future generations. Perhaps it is time for conservatives and moderates that stand against the lockdowns to organize for this possible future.

end
it sure is!!
(Watson/Summit News)

Top Pathologist Claims COVID-19 Is “The Greatest Hoax Ever Perpetrated On An Unsuspecting Public”

Authored by Paul Joseph Watson via Summit News,

Top pathologist Dr. Roger Hodkinson told government officials in Alberta during a zoom conference call that the current coronavirus crisis is “the greatest hoax ever perpetrated on an unsuspecting public.”

Hodkinson’s comments were made during a discussion involving the Community and Public Services Committee and the clip was subsequently uploaded to YouTube.

Noting that he was also an expert in virology, Hodkinson pointed out that his role as CEO of a biotech company that manufactures COVID tests means, “I might know a little bit about all this.”

“There is utterly unfounded public hysteria driven by the media and politicians, it’s outrageous, this is the greatest hoax ever perpetrated on an unsuspecting public,” said Hodkinson.

The doctor said that nothing could be done to stop the spread of the virus besides protecting older more vulnerable people and that the whole situation represented “politics playing medicine, and that’s a very dangerous game.”

Hodkinson remarked that social distancing is useless because COVID is spread by aerosols which travel 30 meters or so before landing,” as he called for society to be re-opened immediately to prevent the debilitating damage being caused by lockdowns.

Hodkinson also slammed mandatory mask mandates as completely pointless.

“Masks are utterly useless. There is no evidence base for their effectiveness whatsoever,” he said.

“Paper masks and fabric masks are simply virtue signalling. They’re not even worn effectively most of the time. It’s utterly ridiculous. Seeing these unfortunate, uneducated people – I’m not saying that in a pejorative sense – seeing these people walking around like lemmings obeying without any knowledge base to put the mask on their face.

The doctor also slammed the unreliability of PCR tests, noting that “positive test results do not, underlined in neon, mean a clinical infection,” and that all testing should stop because the false numbers are “driving public hysteria.”

Hodkinson said that the risk of death in the province of Alberta for people under the age of 65 was “one in three hundred thousand,” and that it was simply “outrageous” to shut down society for what the doctor said “was just another bad flu.”

“I’m absolutely outraged that this has reached this level, it should all stop tomorrow,” concluded Dr. Hodkinson.

Hodkinson’s credentials are beyond question, with the MedMalDoctors website affirming his credibility.

“He received his general medical degrees from Cambridge University in the UK (M.A., M.B., B. Chir.) where he was a scholar at Corpus Christi College. Following a residency at the University of British Columbia he became a Royal College certified general pathologist (FRCPC) and also a Fellow of the College of American Pathologists (FCAP).”

“He is in good Standing with the College of Physicians and Surgeons of Alberta, and has been recognized by the Court of Queen’s Bench in Alberta as an expert in pathology.”

In case the above video gets deleted by YouTube, a backup via Bitchute is available here.

end

CANADA

Where Canada is going ?

Email  Robert to me on Canada:
“It does not make me happy at all to say this but I fully believe Trudeau has bought into the great reset and will use this opportunity unchecked to confiscate wealth of Canadians domiciled in Canada. It is why the government really does not care about the debt that is being created, and refuses to tell of how they will deal with it.
And Canada is not alone on the path to communism. The sanctity of private wealth is very much at risk in much of the western world. We are quickly becoming nomads in search of stability and peace without government interference in our lives. Whether Trump makes it  back in will determine much of what can or should be done in days ahead. And if Trump succeeds Canada will be forced to alter the current course, not to become a 3rd world nation who will bleed out over the next decade. As it is under a best case Scenario, Canada will become more socialist with greater levels of taxation. The debts being incurred and damage to the economy will demand a price to be paid, which can only come from the pockets of domiciled employed residents, and those people paying a exit tax beyond what currently exists. A good indicator will be real estate, as prices continue to rise short term pushing to a new wealth tax on property gains to replenish the tax coffers of government. We hear talk of principal residence tax and secondary property taxes coming. I imagine they will go for the secondary properties first with a full indexed income tax on gains. This will in short order be followed a capital gain tax on principal residences. And as much as this may be unpleasant, it will be better than outright confiscation for those remaining in Canada. Those unspoken deficits at every level of government will be funded. The only question is the direction and scope of private wealth seizure through taxation or other means. Especially as a real contraction in spending takes its’ toll. Just wander through your favorite mall to see the impact lockdowns are having on consumption levels. Or look at the restaurants closing or valiantly trying to survive with capacity restrictions. All the while, while so called case numbers increase leading to more restrictions. So why destroy these establishments?
The problem is where to run to, or where to invest as companies and countries thought to be stable have lost their luster and many places thought to be safe havens, be they island countries or destination countries are all going through structural change as the world adapts to the push of the great reset. For the most part Europe today, offers little opportunity in safety of capital or asset preservation.
The challenge today is not to lose what you have in light of what is coming as opposed increasing value as we are all now defensive players in this game. And the first rule of wealth creation is asset preservation followed by liquidity and then innovation.
In the banking world we see Google becoming a digital bank with their announcements this week. The importance of this should not be lost upon anyone. It implies that banks have been bailed out for the  last time and in days ahead will be sacrificed to make way for these new digital entities who will leverage technology and brand awareness to go paperless and reinvent banking. This will have vast implications for business and for individuals. And there are rogue waves on the horizon which may shape the speed of banking change far faster than most people imagine. And may well challenge even the efforts of Google.
The world as we know is changing ever so fast with vast undercurrents of force in play as the changes we are seeing are causing other events to occur which are starting to collide with current change altering the directions thought to be travelled with more uncertainty and upheaval. Long term planning is useless with constant change as the only worthy plan is adaptability to the changes occurring in order to ride them out with the least loss possible. As Voltaire once said, “the only constant is change”.

https://youtu.be/ce1wK3DvOT

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 THURSDAY morning 7:00 AM….

Euro/USA 1.1835 DOWN .0010 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 /RED

USA/JAPAN YEN 103.99 DOWN 0.101 (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 1.3236   DOWN   0.0015  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3101 UP .0013 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  THURSDAY morning in Europe, the Euro FELL BY 10 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1835 Last night Shanghai COMPOSITE  UP 15.79 PTS OR .47%

//Hang Sang CLOSED DOWN 187.32 PTS OR .71% 

/AUSTRALIA CLOSED UP 0,24%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 187.32 PTS OR .71% 

/SHANGHAI CLOSED UP 15.79 PTS OR .47% 

Australia BOURSE CLOSED UP 0.24% 

Nikkei (Japan) CLOSED DOWN 93.80  POINTS OR 0.36%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1862.05

silver:$23.93-

Early THURSDAY morning USA 10 year bond yield: 0.861% !!! DOWN 1 IN POINTS from WEDNESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.591 DOWN 1  IN BASIS POINTS from WEDNESDAY night.

USA dollar index early THURSDAY morning: 92.58 UP 26 CENT(S) from  THURSDAY’s close.

This ends early morning numbers THURSDAY MORNING

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And now your closing  THURSDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.04% DOWN 0 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.01.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.07%//DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.64 DOWN 1 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 57 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.57% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.21% 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 THURSDAY

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

Euro/USA 1.1839  DOWN     .0006 or 6 basis points

USA/Japan: 103.88 DOWN .0070 OR YEN UP 7  basis points/

Great Britain/USA 1.3222 DOWN .0030 POUND DOWN 30  BASIS POINTS)

Canadian dollar UP 6 basis points to 1.3080

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The USA/Yuan,  CNY: closed DOWN 6.5835    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.6514  (YUAN DOWN)..

TURKISH LIRA:  7.58  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.01%

Your closing 10 yr US bond yield DOWN 1 IN basis points from WEDNESDAY at 0.864 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.584 DOWN 2 in basis points on the day

Your closing USA dollar index, 93.87 down 6  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 THURSDAY: 12:00 PM

London: CLOSED DOWN 51.63  0.81%

German Dax :  CLOSED DOWN 114.77 POINTS OR .87%

Paris Cac CLOSED DOWN 41.68 POINTS 0.76%

Spain IBEX CLOSED DOWN 46.20 POINTS or 0.58%

Italian MIB: CLOSED DOWN 87.93 POINTS OR 0.41%

WTI Oil price; 41.45 12:00  PM  EST

Brent Oil: 44.02 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    76.30  THE CROSS HIGHER BY 0.32 RUBLES/DOLLAR (RUBLE LOWER BY 32 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.57 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 :  41.91//

BRENT :  44.34

USA 10 YR BOND YIELD: … 0.851..down 2 basis points…

USA 30 YR BOND YIELD: 1.579 down 2 basis points..

EURO/USA 1.877 ( UP 31   BASIS POINTS)

USA/JAPANESE YEN:103.77 DOWN .122 (YEN UP 12 BASIS POINTS/..

USA DOLLAR INDEX: 92.28 DOWN 4 cent(s)/

The British pound at 4 pm   Britain Pound/USA: 1 3278 UP 26  POINTS

the Turkish lira close: 7.54

the Russian rouble 76.06   DOWN 0.08 Roubles against the uSA dollar. (DOWN 8 BASIS POINTS)

Canadian dollar:  1.3061 DOWN 27 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.57%

The Dow closed UP 44.81 POINTS OR 0.15%

NASDAQ closed UP 103.11 POINTS OR 0.87%


VOLATILITY INDEX:  23.01 CLOSED DOWN .83

LIBOR 3 MONTH DURATION: 0.223%//libor dropping like a stone

USA trading today in Graph Form

Value Rotation Stalls As Bond Yields, Dollar Slide

Stocks have never been more expensive, but that doesn’t stop the machines panic-buying them to record-erer expensive levels.

The major US equity indices were loitering with no intent for much of the day, gently unwinding the recent value-rotation when headlines hit on Schumer-McConnell talks (stimulus!!!! buy mortimer buy!)… The machines the headline, figured stimulus and were insta-bid…

But, the algos ignored the fact that Republicans said the meeting was about the government funding deadline, not COVID relief.

And after all that, all the majors ended higher on the day, with Nasdaq and Small Caps outperforming, Dow lagging…

This market has gone to ’11’ in terms of utter irrationality.

The value rotation unwound a little today…

Source: Bloomberg

The Russell 2000 / Nasdaq 100 pair reverted a little today…

Energy stocks surged once again today (despite a marginal move in crude), pushing the Energy sector to its best Q4-to-date in at least 30 years…

Source: Bloomberg

Banks were higher today…

Source: Bloomberg

As VIX fell back to a 22 handle once again, implied correlation has tumbled to pre-COVID crisis levels (no systemic risk priced in to macro overlays)…

Source: Bloomberg

Cyclicals outperformed Defensives (pushing to their highest since Jan 2020), completely decoupled from bonds…

Source: Bloomberg

Treasuries were bid (with yields down around 2-3bps at the long-end, flat at the short-end)…

Source: Bloomberg

30Y Yields dropped below pre-Pfizer vaccine levels…

Source: Bloomberg

The Dollar roller-coastered higher then tumbled lower intraday, accelerating weaker on the Schumer headlines…

Source: Bloomberg

This is the lowest close for the dollar since April 2018…

Source: Bloomberg

Bitcoin held steady around $18,000…

Source: Bloomberg

Oil prices clung to positive gains on the day, closing just above $42…

Gold traded lower, back near Pfizer vaccine lows…

Finally, we note John Hussman’s latest note  highlighting the fact that the valuation of U.S. stocks has never been more extreme, even at the 1929 and 2000 market peaks. Hussman points out that he has intentionally excluded the impact of pandemic GDP and profit weakness, which would otherwise make this measure even more extreme.

Hussman continues to expect the S&P 500 Index to lose two-thirds of its value over the completion of the current market cycle. That loss would not even breach historical valuation norms, but it would at least bring estimates of long-term expected S&P 500 returns closer to their historical average, in contrast to the negative 10-12 year prospects we observe at present.

“…we’re also well aware of how closely the speculative features of this market resemble the pre-crash peaks of August 1929 and March 2000, as well as lesser ones like January 1972 August 1987, and October 2007.”

Still, there’s always the overnight session to make the big bucks…

a)Market trading/THIS MORNING/USA

Doorknob NY Mayor DeBlasio states that NYC indoor ding will be sut down next week or the week following

(zerohedge)

Stocks Slide After NYC Mayor Says Indoor Dining Will Be Shut In “Next Week Or Two”

Mirroring their response to initial reports about NYC’s latest round of school closures, stocks are sliding Thursday following comments from NYC Mayor Bill de Blasio that it’s “just a matter of time” before restaurants in the city are forced to close indoor dining once again. Except this time, they won’t be able to rely on outdoor seating to make up for some of the lost revenue.

During his morning press briefing, Mayor de Blasio said indoor dining, gyms will likely close in “a matter of time,” possibly in the next week or two.

It’s just the latest sign that the US, unlike Europe, won’t hesitate to shutter schools once again as the holiday approaches. To be sure, there’s plenty of data showing schools aren’t major locuses of viral spread. In fact, among younger students, the rate of infection can be much less than that of the broader community, though there appears to be some sort of correlation to cases in schools vs. the broader community.

At this point, is de Blasio willing to shut down the rest of New York’s economy just to try and make it look like he’s not being dictated to by the teacher’s unions?

Even some liberals seem to think so.

Meanwhile, as one reporter pointed out this morning, NYC is leading the country in terms of the level of service it provides to residents who test positive.

And with Nasdaq approaching HoD, the news has apparently slammed the brakes on the real-economy trade, and rotation into stay-at-home stocks is back.

b)MARKET TRADING/USA//This afternoon

Stocks Suddenly Surge On Schumer-McConnell Headlines

Markets were quietly treading water, gently unwinding the value rotation when this headline hit:

Senate Majority Leader Mitch McConnell, R-Ky., has agreed to resume negotiations with Democrats over a potential new Covid-19 bill as cases continue to surge around the country, Sen. Chuck Schumer, D-N.Y., said on Thursday.

“Last night, they’ve agreed to sit down and the staffs are going to sit down today or tomorrow to try to begin to see if we can get a real good Covid relief bill,” the minority leader said during a press conference in New York.

“So there’s been a little bit of a breakthrough in that McConnell’s folks are finally sitting down and talking to us.”

However, Politico’s Sherman highlights:

Republicans are describing the meeting this afternoon as being about government spending ahead of the Dec. 11 deadline while “Democrats are describing the meeting as being about Covid relief/government spending.”

The algos didn’t care about the latter and were insta-bid…

The dollar was dumped at the same time…

Is the market seriously this utterly desperate for some stimulus, any stimulus? It appears so.

ii)Market data/USA

Not good: initial jobless claims re accelerate and also pandemic claims continue to soar.

(zerohedge)

Initial Jobless Claims Re-Accelerated Last Week, Pandemic Claims Continue To Soar

‘Only’ 742,000 Americans filed for first time unemployment claims last week – breaking a 4-week streak of drops as perhaps the second-wave lockdown impacts are starting to be evident…

Source: Bloomberg

Louisiana saw the biggest surge in jobless claims while Illinois and Florida saw the biggest drops…

Continuing claims continued their (now 8 week) streak of reductions, falling to 6.372mm from 6.801mm last week. However, as the chart below shows, as Americans fall off those ‘standard’ claims rolls, they are transitioning to the Pandemic Emergency Claims rolls…

Source: Bloomberg

Overall, the aggregate number of Americans on unemployment claims remains above 20 million…

Source: Bloomberg

end

Existing Home Sales Soar To Highest In 15 Years

Existing home sales bucked the trend in September (rising to highest since May 2006 as new- and pending-home sales slipped) and analysts expect it too catch down a little in October, but yet again, it surprised to the upside, surging 4.3% MoM (vs a 1.1% MoM expected drop), and September’s jump was revised higher to a 9.9% spike…

This surprise rise has pushed the YoY jump in sales to 26.6% – the biggest spike since Nov 2009

Source: Bloomberg

This is the highest existing home sales print since November 2005…

Source: Bloomberg

Christophe Barraud explains why the number was so ‘surprisingly’ good:

  • Buyers continued to benefit from favorable market conditions in October with mortgage rates still close to the lowest level on record
  • Local/state reports confirm that sales kept rising by more than 20% YoY (non-seasonally adjusted: NSA) in October, which should translate into a bounce on a MoM basis (seasonally adjusted: SA)
  • Recent announcements from corporates suggest that home-improvement activity (correlated to existing home sales) is still booming

Median home price rose 15.5% from last year to $313,000, an all-time high, according to NAR.

“It’s quite amazing, and certainly surprising me,” Lawrence Yun, NAR’s chief economist, said on a call with reporters.

“It’s quite remarkable given that we’re still in the midst of the pandemic and the high unemployment rate.”

Finally, we note that while homebuilder sentiment is at record highs (but building permits stumbled?), homebuyer sentiment remains low and has rolled over…

Source: Bloomberg

And don’t expect The Fed to come to the rescue with ‘rate-cuts’ anytime soon.

end

iii) Important USA Economic Stories

Cuomo on the warpath as New York restaurants face more coronavirus restrictions/  The cold weather will stop outdoor dining.

(zerohedge)

NYC Restaurants Face ‘Double Whammy’ Of New Restrictions And Old Man Winter 

New York City restaurants face a double whammy of new coronavirus restrictions and the threat that cold weather will reduce patron activity for outdoor dining areas.

Lately, the virus pandemic is on the rise in the NYC metro area, forcing Mayor Bill de Blasio to reimplement curfews and limit capacity at restaurants.

Last weekend, NYPost said citywide restaurant revenues plunged as much as 30% because of the new measures.

To make matters worse, the threat of cold weather next month could be disastrous for the city’s beleaguered restaurant owners.

WSJ reports many restaurant operators have stockpiled propane and electric heaters to keep patrons warm during the winter months while dining on outdoor patios or sidewalks. Some operators warned the cost of new heaters and their installation is “hard to stomach.”

“God forbid the mayor announces another shutdown now,” said Philippe Massoud, the chef at Lebanese restaurant Ilili in Manhattan. “I think we would all march to our graveyards, business-wise.”

However, for the next couple of weeks, restaurants in the city will be blessed with warmer weather trends, something we outlined Monday as natural gas futures plunged on a warmer weather outlook report. But come December, temperatures may dive again, and compound colder weather with new restrictions, well, it may result in another wave of restaurant closures.

In a recent report, Goldman Sachs points out that outdoor dining in the metro area has jumped from 10% to 40% between June and September.

Goldman says below the 40°F mark, consumer activity would slump, producing the risk consumer spending would plunge.

The indoor dining ban was dismantled in late September and remains limited to 25% capacity. New restrictions are forcing restaurants to now shutter operations by 10:00 pm.

“Now our last reservation is at 8 pm,” Garry Kanfer, owner of Japanese eatery Kissaki on Bowery, told NYPost. “At 9:45 pm, the check drops, and they are out by 10 pm. People are leaving, but they’re upset, even though they know it’s not our fault. One diner called to tell me his party would have ordered more food, but there wasn’t enough time.”

A survey of more than 400 restaurants and bars via the industry group NYC Hospitality Alliance found 88% of them couldn’t pay full rent in October. About 30% of respondents couldn’t pay rent at all for the month.

“We totally understand the concern about increased infection rates, and public health and safety has to be paramount,” said Andrew Rigie, the NYC Hospitality Alliance’s executive director. “If we can increase to 50% safely, that’s going to be critically important to give these businesses a fighting chance.”

The city’s outdoor dining program has been a lifeline to thousands of restaurants this summer and fall. As soon as temperatures drop below the 40°F mark for a considerable amount of time – that lifeline will evaporate. Compound slumping patron activity with capacity reductions and curfews, well, it’s going to be one winter many restaurant operators in the city will never forget.

END

Michigan

Our two Republican canvassers reversed their certifications of the election siting huge irregularities.  This will no doubt cause the State legislators to also not certify the election

(zerohedge)

In Shocking Reversal, Wayne County Election Board Republicans Rescind Certifications; Claim Family Threatened

In a stunning development out of Wayne County, Michigan – two GOP members of the Board of Canvassers have rescinded their certifications of the Nov. 3 vote, claiming they were bullied into approving the election resultsin the state’s most populous county, which includes Detroit and surrounding areas.

Wayne County Board of Canvassers Chair Monica Palmer (R, left) talks with Vice Chair Jonathan Kinloch before the board’s Nov. 17, 2020 meeting in Detroit (photo: Robin Buckson via The Detroit News)

Their initial refusal to vote placed the Board in a 2-2 deadlock, putting in jeopardy the state’s ability to certify Joe Biden’s win. Hours later, the two flip-flopped and agreed to certify. Now, they’re taking it back.

I rescind my prior vote to certify Wayne County elections,” wrote Monica Palmer in a sworn affidavit, who along with fellow GOP board member William C. Hartmann refused to certify the election on Tuesday. The two fell under intense pressure from the left – with Palmer claiming that her family was threatened (via Just The News). The two were also doxxed over social media.

“The comments made accusations of racism and threatened me and members of my family,” continues Palmer’s affidavit, addimg: “The Wayne County election had serious process flaws which deserve investigation. I continue to ask for information to assure Wayne County voters that these elections were conducted fairly and accurately. Despite repeated requests I have not received the requisite information and believe an additional 10 days of canvas by the State Board of canvassers will help provide the information necessary.”

Hartmann, in a similar affidavit, wrote “I voted not to certify, and I still believe this vote should not be certified.” He added that he and Palmer “were berated and ridiculed by members of the public and other Board members.”

“The public ostracism continued for hours…” he continued – next describing how he was told by Wayne County attorney, Janet Anderson-Davis, that “discrepancies [in the vote] were not a reason to reject the certification, and that he only voted to certify “based on her explicit legal guidance.”

“Later that evening, I was enticed to agree to certify based on a promise that a full and independent audit would take place,” he said – only to learn on Wednesday that state officials had reneged or would otherwise not honor the audit.

As JustTheNews‘ John Solomon notes, “It was not immediately unclear whether the Tuesday night compromise was binding or could be changed, or whether the two members’ decision to announce their rescinded votes would stop Michigan state officials from proceeding to name electors.”

end
Quite a tape: Giuliani, Jenna Ellis and Sidney Powell give a lengthy

description of the election fraud
it is well worth you seeing it

Watch Live: Trump Campaign “Path To Victory” Press Briefing

With many questioning where this going next, though JPM’s Michael Cembalest admits there is still a chancePresident Trump’s legal team is holding a press briefing to outline their strategy.

In one post in a stream of tweets, Trump said the legal team will give an “important news conference today” and that they will explain their plans for a “very clear and viable path to victory”.

“Pieces are very nicely falling into place,” the president tweeted.

By one count, Trump campaign legal efforts to overturn election results or force recounts have been successful just once and suffered 26 defeats… so for the 70 million-plus Trump voters, we hope that Giuliani has a trick or two up his sleeve.Watch Live here (due to start at 1200ET):

end
A must read….why Krebs was fired!!

DHS Cyber Director Chris Krebs And Deputy Director Matt Travis Tied To Clapper Who Commandeered HAMMER / SCORECARD – The American Report

ELECTION 2020
House Republicans demand Congressional investigation into the “Integrity of the 2002 election”
(ONeil/PJMedia)

House Republicans Demand Congressional Investigation Into the ‘Integrity of the 2020 Election’

Jim Lo Scalzo/Pool Photo via AP
On Wednesday, the top Republicans on the House Judiciary and Oversight Committees demanded that the Democrats who chair those committees “immediately” launch congressional investigations into “errors and misconduct” surrounding the 2020 presidential election, calling for them to hold hearings “immediately.”

“We urge you to immediately convene hearings to examine the integrity of the 2020 election amid troubling reports of irregularities and improprieties,” Judiciary Committee Ranking Member Jim Jordan (R-Ohio) and Oversight Committee Ranking Member James Comer (R-Ky.) wrote in a letter to Reps. Jerry Nadler (D-N.Y.) and Carolyn Maloney (D-N.Y.).

Jordan and Comer argued that since Nadler and Maloney help lead “a political party that spent four years baselessly calling into question the legitimacy of the 2016 election with debunked allegations of Russian collusion, you owe it to all Americans to fully examine allegations of actual election errors and misconduct.”

The Republicans cited a report they issued in September, in which they detailed “how Democrats across the country were pushing last-minute changes to state election laws and procedures. We warned that these dangerous initiatives would increase the risk of election-related crimes and errors, undermine the integrity of the electoral process, and cause lingering uncertainty about the results of the election for several days or weeks after Election Day. Democrats ignored this report, but many of our predictions have unfortunately come true.”

Jordan and Comer cited the ongoing litigation over Pennsylvania’s extended mail-in and absentee ballot deadline. They cited Democrats’ refusal to clean up outdated and inaccurate voter rolls.

“In California, for example, Democrat Governor Gavin Newsom signed legislation in June that required election officials to hold an all-mail election. After the state began mailing ballots, reports surfaced of voters receiving duplicate ballots, voters receiving multiple ballots containing different versions of their name, and receiving ballots that belonged to someone else,” the Republicans wrote. While California officials assured news outlets the multiple ballots would not be a problem, some officers mailed out as many as 2,100 “faulty ballots” that did not give residents an option to vote for president.

The Republicans also noted election irregularities in Georgia. “During a state audit, county officials unearthed over 5,000 previously uncounted ballots. On November 16, 2020, Floyd County found 2,600 uncounted ballots that were scanned onto a memory card, but never uploaded into the initial ballot count. Similarly, on November 17, 2020, Fayette County discovered 2,755 uncounted ballots, and most recently, Walton County found 284 uncounted votes.”

“These serious concerns give rise to the urgent need for congressional oversight of the integrity of the 2020 election,” the Republicans argued. “Our committees must conduct oversight hearings to ensure that Americans have faith in the integrity of our election. We ask that you work with us to schedule and plan these hearings as soon as possible.”

President Donald Trump’s campaign is litigating the preliminary election results, which suggest Joe Biden defeated Trump with 306 votes in the Electoral College — the exact same majority Trump won in 2016. While the Trump campaign has highlighted many serious irregularities, and the campaign has formally requested a partial recount in Wisconsin, it is unlikely the president’s challenges will reverse Biden’s substantial leads in key swing states.

Whether or not Trump’s litigation, his recounts, or potential congressional investigations flip the results of the presidential race, the serious irregularities that have come to light deserve scrutiny. It is important for public trust in the election system to be restored, regardless of who ultimately won the election.

Editor’s Note: Want to support PJ Media so we can continue telling the truth about the 2020 election? Join PJ Media VIP TODAY and use the promo code LAWANDORDER to get 25% off your VIP membership.

Tyler O’Neil is the author of Making Hate Pay: The Corruption of the Southern Poverty Law Center. Follow him on Twitter at @Tyler2ONeil.

end

“Drop and Roll” — How The 2020 Election Was Stolen From President Donald Trump (Video)

UPDATE– For some reason readers said they could not see the video on YouTube. Weird, huh?
So we are loading it on a different platform. See below.

In the last ten days The Gateway Pundit published several reports on how the 2020 election was stolen from Donald Trump.

The numbers don’t lie.
The election was stolen.

Today we put our findings in an easy to follow video.

TRENDING: “TRUTH.” – Attorney Lin Wood Retweets Gateway Pundit’s “Drop and Roll” Video on How the 2020 Election Was Stolen from Trump (VIDEO)

We hope you enjoy this.
Please pass it on!

Here is the video on Rumble…

And here is the video on YouTube — although people are having trouble seeing it for some reason.

The information for this video can be found at The Gateway Pundit.

end
USA Senators release new evidence tying Hunter Biden to Communist China and Russian energy operations
John Solomon

Senators release new evidence tying Hunter Biden business to communist China, Russian energy

The “relationships created counterintelligence and extortion concerns,” Grassley and Johnson warn.

Updated: November 19, 2020 – 11:11am

Two Republican-run Senate committees on Wednesday released new evidence they say shows Hunter Biden and his business associates were working deals as late as 2017 tied to communist China and Russian energy interests, arguing the activities created potential counterintelligence concerns for Joe Biden’s family.

Senate Finance Committee Chairman Chuck Grassley (R-Iowa), and Senate Homeland Security and Governmental Affairs Committee Chairman Ron Johnson (R-Wisc.) made the documents public as part of a supplemental report in their ongoing investigation of Hunter Biden’s business activities. The documents include emails, text messages and business memos provided to the committee by Biden family business associate Tony Bobulinski, who is cooperating with both Senate and FBI investigations into the Biden family.

“These new records confirm the connections between the Biden family and the communist Chinese government, as well as the links between Hunter Biden’s business associates and the Russian government, and further support the Committees’ September 23, 2020 report’s finding that such relationships created counterintelligence and extortion concerns,” the senators wrote in their new report.

You can read the report here:

Edit media

File

2020-11-18 HSGAC – Finance Joint Report Supplemental.pdf

image.gif

Specifically, the committees’ evidence traces business deals discussed between Hunter Biden, Bobulinski and an American businessman close to the Biden family named Rob Walker. The senators released an email in which Walker described himself as “being a surrogate for H or Jim when gauging opportunities.” The committee said that in the email “H appears to refer to Hunter Biden, and Jim appears to refer to Joe Biden’s brother, James Biden.”

Many of the new documents involve discussions with a business venture called CEFC China Energy, which was under the leadership of Ye Jianming. The senators stated that Ye “had established ties to the Chinese Communist Party and Chinese military, the People’s Liberation Army” and worked with Hunter Biden and his associates to pursue energy deals around the globe, including in Oman, France and Russia. The committee said a company affiliated with Ye wired money to U.S. accounts tied to Biden’s associates in 2017.

“In 2017, during the time that Ye’s companies were sending millions of dollars to Hunter Biden associated companies, Ye had business dealings with Kremlin-controlled companies and Kremlin-aligned businessmen,” the report said. “In effect, Ye appears to have been China’s unofficial bridge to Russia on energy. As noted in the Committees’ September 23, 2020 report, in September 2017, CEFC announced its intention to purchase a 14.2 percent stake in the Russian state-owned energy company, Rosneft, for approximately $9 billion.”

The committee cited direct communications in which Hunter Biden acknowledged he “was in close contact with Ye in 2017 and was aware of these developments.”

“In an October 2017 message exchange produced to the Committees by Bobulinski, Hunter Biden told Bobulinski that although he ‘stayed out of that Russian mess,’ he ‘discussed the Roseneft [sic] deal’ with Ye personally and was familiar with the deal, including the fact that Ye was ‘pissed off … by the execution,'” the report said. “In the same exchange, Biden explained that he spoke to Ye on a ‘regular basis,’ they have a ‘standing once a week call,’ was the ‘first guest in his new apartment,’ ‘he cooked me lunch himself and we ate in the kitchen together,’ and was helping Ye ‘on a number of his personal issues (staff visas and some more sensitive things).'”

Hunter Biden’s attorney, George Mesires, did not return a call seeking comment Wednesday evening.

The release of the evidence came as the unsettled U.S. election between President Trump and Joe Biden entered a third week of recounts and legal disputes, and Republicans began stepping up questions about Biden family conflicts should the Democrat ultimately be certified the winner and take control of the White House on Jan. 20.

The evidence suggesting Hunter Biden discussed with Ye a deal with a Russian state-owned oil giant like Rosneft could also provide political grist for liberal Democrats, who are pushing Joe Biden to pursue an aggressive climate agenda that phases out reliance on fossil fuels.

Sen. Johnson told Just the News in an interview Wednesday night that the committees’ earlier report on Biden family business dealings in September had spurred new witnesses to come forward and new evidence to surface.

“Our report obviously raised serious questions and broke a logjam of information, and now we have whistleblowers coming forward with new information showing even more troubling ties back to the Chinese government, Russia’s Rosneft and possibly the People’s Liberation Army,” the senator said. “… These are the people that Hunter Biden associated with and Joe Biden knew full well his family was engaged with.

end
Mish Shedlock points out that hundreds of companies that received PPP loans have gone bust.
(Mish Shedlock)

Hundreds Of Companies That Got PPP Loans Have Gone Bankrupt

Authored by Mike Shedlock via MishTalk,

Recipients of PPP loans have filed for bankruptcy after the money ran out.

At least a Half Billion in PPP Loans Won’t Be Repaid 

Hundreds of companies employing 23,400 people went Bankrupt after PPP Funds Ran Out.

The total number of companies that failed despite getting PPP loans is likely far higher. The Journal only analyzed the big borrowers from the program, which accounted for about half of the overall loans though only about 13.5% of the total participants. And many small businesses simply liquidate when they run out of cash rather than file for bankruptcy.

The SBA has only released data on the largest borrowers, which the Journal linked to bankruptcy filings.

About $525 billion in loans were distributed to over 5 million companies between April 3 and Aug. 8.

At least 285 medium-sized companies went under. Undoubtedly thousands of smaller companies did as well.

PPP Program Fatally Flawed

I never understood giving money to corporations so they could pay workers.

The workers were covered by state unemployment insurance, plus pandemic assistance.

Many people made more money being unemployed than than they did working thanks to $600 in weekly pandemic assistance checks.

Moreover, the program was fertile grounds for fraud. Many companies opened businesses to take advantage of the guarantees.

Evidence of PPP Fraud Mounts

Please consider Evidence of PPP Fraud Mounts, Officials Say

The Small Business Administration’s inspector general, an arm of the agency that administers the PPP, said last month there were “strong indicators of widespread potential abuse and fraud in the PPP.”

The watchdog counted tens of thousands of companies that received PPP loans for which they appear to have been ineligible, such as corporations created after the pandemic began, businesses that exceeded workforce size limits (generally 500 employees or fewer) or those listed in a federal “Do Not Pay” database because they already owe money to taxpayers.

Several hundred PPP-related investigations have been opened, involving nearly 500 suspects and hundreds of millions of dollars of loans, according to the Federal Bureau of Investigation.

Some Democratic lawmakers and others have voiced concerns that the SBA’s refusal to release the names of all borrowers would make detecting fraud more difficult.

That issue might have been resolved last week, however, when a federal judge sided with news organizations including Dow Jones & Co., publisher of The Wall Street Journal, that argued the SBA was legally required to disclose the borrowers.

More Shutdowns Means More Bankruptcies

  1. Ohio Gov. Restricts Weddings, Threatens to Close Businesses
  2. 24 States Reach Their Highest Level of Covid Hospitalizations
  3. Utah Governor Mandates Masks and Restricts Gatherings
  4. El Paso Shut Down as 10 Mobile Morgues Fill Up

States are increasing lockdowns again except this time there is no program in place to deal with the mess.

Bankruptcy counts will soar. What a disaster.

end

iv) Swamp commentaries)

Natural News:

This is important:  Chris Miller, acting defense secretary activates special operation forces to report directly to him and not to other channels

(Natural News)

Replacing Mark Esper, now Acting Defense Secretary Chris Miller activates special operations forces to report directly to him

Bypass censorship by sharing this link:
Image: Replacing Mark Esper, now Acting Defense Secretary Chris Miller activates special operations forces to report directly to him

(Natural News) For those who are reluctant to recognize the actions taking place to defend America against both foreign and domestic enemies, a massive change was just put in place at the Department of Defense that proves some additional clues about what’s going down.

Special Operations forces have now been restructured to report directly to Defense Secretary Chris Miller, who replaced swamp creature Mark Esper, recently fired by Trump. The term “special operations forces” usually includes special forces from the Army (Rangers, Delta, etc.) and Navy (SEALs), and likely encompasses many tens of thousands of highly-trained, elite troops. (The exact count is not public information.)

Chris Miller, who previously served as the director of the National Counterterrorism Center, described the changes as “tectonic” and as being pursued to “combat transnational threats.”

But he also said something even more interesting:

At the 6:29 time mark, Miller says: (emphasis added)

At the same time, should any maligned actors underestimate our resolve or attempt to undermine our efforts, we will not hesitate to restore deterrents and defeat any and all threats.

As we implement the President’s orders, we also recognize that transitions and campaigns are fraught with risk and unexpected challenges and opportunities. That is why I am here today to announce that I have directed the special operations civilian leadership to report directly to me instead of through the current bureaucrat channels. This historic step finalizes what Congress has authorized and directed and will put Special Operations Command on par with the military services for the first time.

He specifically invoked “transitions and campaigns,” and although the word “campaign” typically refers to a military campaign, paired with the term “transitions,” this now seemingly refers to Presidential transitions and political campaigns.

This appears to be a dog whistle to other patriots throughout the DoD, broadcasting the fact that patriots are now in charge at the DoD, and they now directly command U.S. special forces assets. In other words, those assets have just been removed from the control of the deep state swamp bureaucrats that haunt the halls of the Pentagon, rubbing elbows with John Bolton and other swamp slugs in the hope of starting more wars.

Special Forces assets are now being deployed to take down America’s domestic enemies and traitors

Now, many dots are beginning to be connected here, with unconfirmed rumors circulating over the last few days that U.S. Special Forces teams have already arrested certain high-level Democrat and deep state traitors who are behind the recent foreign election interference in the U.S. elections via the Dominion and Scytl voting systems, both of which were rigged to produce a Joe Biden “victory.”

I cover more details about this in my Nov. 16th Daily News Update podcast.

According to recent rumors, U.S. forces raided a server farm in Frankfurt, Germany, taking possession of server data that proves the massive election fraud that was carried out. This means efforts are already under way to gather all the evidence needed to prove treason on the part of those who attempted to steal the election and overthrow the United States government.

Attorney Sidney Powell explains some of what went down on November 3rd during the left-wing election steal in America:

As we have documented in previous articles, the 2020 election took place under a Trump-declared National Emergency which was declared on September 12, 2018 in an Executive Order.

That order, available at Whitehouse.gov, is entitled, “Executive Order on Imposing Certain Sanctions in the Event of Foreign Interference in a United States Election.”

As I explained previously:

In the EO, the President also states that people and organizations located, in part, outside the United States are known to be able to, “interfere in or undermine public confidence in United States elections, including through the unauthorized accessing of election and campaign infrastructure or the covert distribution of propaganda and disinformation.”

The EO further states that this foreign interference in U.S. elections, “constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States.”

The EO gives the U.S. government the authority to seize all assets of any corporation or organization engaged in rigging any national election. This means Trump can now seize Twitter, Facebook, CNN, the New York Times and all the assets of every Democrat involved in election rigging.

Election rigging is also a felony crime under current U.S. law.

But how will the thousands of Democrats, deep staters and treasonous actors who participated in all this election theft actually be arrested and questioned?

Answer: U.S. Special Forces, answering directly to Chris Miller.

Trump already has total authority to secretly arrest domestic enemies under the NDAA, signed into law by Obama

Trump will likely invoke the Insurrection Act, which authorizes military forces to be deployed in the United States to put down acts of open rebellion or insurrection against the United States government. Even without the Insurrection Act, Trump already has the NDAA, the National Defense Authorization Act, which specifically allows the President to use U.S. military forces to arrest and detain enemy combatants even if they are U.S. citizens.

The coordinated election rigging that took place — using technology from Venezuela, servers from Germany and money from Communist China — is of course an act of international warfare against the United States government. All those engaged in these acts are, in fact, enemy combatants even if they are U.S. citizens or lawmakers. They can be arrested by U.S. military personnel, relocated to black sites like GITMO, and interrogated or prosecuted under wartime military law.

Some observers say this process has already begun. This is what we think Sidney Powell meant when she said, “The Kraken was already released several days ago.”

In this emergency podcast update from 24 hours ago, I explain in great detail why it is credible that U.S. military forces have been activated to defend the United States of America against a foreign-instigated election rigging attempt that tried to illegally install Joe Biden as President.

Perhaps this is why Lin Wood says that Joe Biden “and people like him” are going to jail.

Video taped confessions are likely being recorded right this very minute.

Trump doesn’t need the entire DoD to pull this off, you see, and he doesn’t need the DOJ. He doesn’t need police or the National Guard, either. He has command over the many tens of thousands of special forces operators and patriots who have sworn an oath to defend the Unite States Constitution against all enemies, foreign and domestic. President Trump is finally giving those patriot boys a chance to make good on that oath.

end

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

Pennsylvania Mandates Face Masks Be Worn In Private Homes

Democratic leadership across the United States are coming out with mandate upon mandate in alleged attempts to curb the spread of coronavirus as the holiday season is upon us. In what looks to be an attempt to “one-up” each other on taking away liberties from its citizens, Pennsylvania’s Democrat Governor Tom Wolf takes the cake…

https://thegreggjarrett.com/pennsylvania-mandates-face-masks-be-worn-in-private-homes/

@Covid19Crusher: The largest randomized controlled trial of masks ever (n=6,000) from Denmark fails to show a statistically significant difference in infection rates.

 

Effectiveness of Adding a Mask Recommendation to Other Public Health Measures to Prevent SARS-CoV-2 Infection in Danish Mask Wearers – Conclusion: The recommendation to wear surgical masks to supplement other public health measures did not reduce the SARS-CoV-2 infection rate among wearers by more than 50% in a community with modest infection rates, some degree of social distancing, and uncommon general mask use. The data were compatible with lesser degrees of self-protection.

https://www.acpjournals.org/doi/10.7326/M20-6817

87-year old GOP Sen ChuckGrassley @ChuckGrassley on testing Covid positive: I remain symptom free & in isolation. I continue to feel good Thx for all the messages of encouragement & prayers

‘An American horror story’: Top JP Morgan investment strategist describes ‘nightmare scenario’ for the markets in the ‘remote’ event Trump overturns election results

   Cembalest has spoken critically of Trump in the past, and records show his only recent political donation was to a Democrat running for U.S. Senate…

https://www.dailymail.co.uk/news/article-8962855/Top-JP-Morgan-strategist-says-Trump-overturning-election-nightmare-markets.html

The real ‘horror story’ would be copious evidence of organized voter fraud and computer vote manipulation.  This would imply that US elections have been rigged by a network of conspirators.  Numerous elites would face serious felonies.  People would wonder how many elections have been rigged.  It would be the biggest scandal in US history and would provoke the implementation of new voting standards and regulations.  This would kill organized vote fraud entities, and we all know the party with the biggest vote fraud operation, for at least a generation.  The MSM would be further discredited.  Americans’ confidence would plunge.  There are other ramifications that are too profound to list here.

The key for the expiration activity this week has been the November SPY option volume.  The usual mammoths that dominate expiry week have been idle.  Traders tried to engineer a Weird Wednesday upward squeeze in SPY November calls; but the energetic buying lasted less than 30 minutes yesterday.

House Republicans demand investigation into ‘integrity’ of 2020 election, call for hearings ‘immediately’ https://fxn.ws/3pACqea

DJT atty Lin Wood @LLinWood: I have irrefutable evidence that GA local election officials were instructed by state to report original vote totals & NOT report recount totals which are different.  These people are corrupt to point of criminality. They are intentionally engaged in fraud in a federal election.

@realDonaldTrump: Look at this in Wisconsin! A day AFTER the election, Biden receives a dump of 143,379 votes at 3:42AM, when they learned he was losing badly. This is unbelievable!  https://twitter.com/realDonaldTrump/status/1329233502139715586

An experiment showed 8 out of 9 ballots with falsified signatures were accepted in Nevada

https://justthenews.com/podcasts/john-solomon-reports/experiment-showed-8-out-9-ballots-falsified-signatures-were-accepted

Pennsylvania voters describe irregularities in mail-in, absentee ballot process

https://justthenews.com/politics-policy/elections/pennsylvania-voters-describe-irregularities-mail-absentee-ballot-process

@Wizard_Predicts: The total number of ballots cast in Wayne County was about 863,000.  Without Wayne County, Biden’s lead in Michigan would flip to a 177,000 Trump lead. So yes, certifying Wayne County is a big deal.  The State of Michigan will now be tasked with attempting certification.

Wayne County Board of Canvassers vote to certify election results but with audit of unexplained precincts – Fox 2 Detroit

WaPo: In reversal, GOP officials in key Michigan county certify ballot count after striking a compromise with Democrats – The last-minute twist in Wayne County, which includes Detroit, came after President Trump’s supporters celebrated the initial deadlock, saying they hoped it would ultimately give the Republican-controlled legislature control over selecting the state’s electors, a prospect that legal experts said was unlikely…

https://www.washingtonpost.com/politics/trump-election-challenges/2020/11/17/ea741372-28f6-11eb-8fa2-06e7cbb145c0_story.html

Michigan Democrat Doxxes Children of Wayne County Election Official [to amend certification vote]

https://thefederalist.com/2020/11/18/michigan-democrat-doxxes-children-of-wayne-county-election-official/

 

WH Press Sec @PressSecKay_: I thought something was odd that the republicans in Wayne County reversed their decision, to certify the election results. Then today a video of Abraham Aiyash comes out of him threatening children of Monica Palmer. I really do hope CHARGES ARE FILED.

@realDonaldTrump: In Detroit, there are FAR MORE VOTES THAN PEOPLE. Nothing can be done to cure that giant scam. I win Michigan!  The Great State of Michigan, with votes being far greater than the number of people who voted, cannot certify the election. The Democrats cheated big time, and got caught. A Republican WIN!

@kylenabecker: DOMINION.  A New Jersey woman *knew* the 33 people who voted for her. And she lost 33-10. She called & verified that the voting machine had *switched* their votes. “You don’t actually have to be a computer expert to hack a voting machine.”  WATCH and see how easy it is

https://twitter.com/kylenabecker/status/1328877357130788865

@EmeraldRobinson:So @SidneyPowell1 on @newsmax right now: “There’s no way these programs (Hammer & Scorecard) could be run around the world to affect elections without the CIA.”

@RyanGirdusky: The craziest thing I learned since being in Georgia… the Dominion voting system was passed in the General Assembly and not a single Democrat voted for it. Passed entirely by Republicans

Ga. GOP: Biden got 9,626 votes in Dekalb County by mistake

https://oann.com/ga-gop-biden-got-9626-votes-in-dekalb-county-by-mist/

@AndrewHittGOP: WI Elections Commission, after seeing President Trump’s recount petition and objections, is trying to change the recount manual at an emergency meeting tonight at 6 pm to make objections harder to make. This must be stopped.

@juliaonjobs: Republicans flipped 10 House seats & won all 27 of 27 House races considered toss-ups…And still, Pelosi just won re-election as Speaker. That to my mind is a remarkable accomplishment. How has she become such a powerful leader? [It’s simple: Pelosi controls Silicon Valley donations!]

Senators release new evidence tying Hunter Biden business to communist China, Russian energy

The ‘relationships created counterintelligence and extortion concerns,’ Grassley and Johnson warn.

https://justthenews.com/accountability/russia-and-ukraine-scandals/senators-release-new-evidence-tying-hunter-biden

Fox News’ Viewer Exodus Is So Bad That MSNBC’s ‘Morning Joe’ Just Unseated ‘Fox & Friends’

https://www.zerohedge.com/political/fox-news-viewership-exodus-so-bad-msnbcs-morning-joe-just-unseated-fox-friend

Well that is all for today

I will see you FRIDAY night.

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