NOV 20//SIDNEY POWELL ANNOUNCES THAT THE “GOOD GUYS” HAVE SECURED THE GERMAN SERVER WHICH HOUSES ALL OF THE ELECTION DATA//ELECTION DRAMA INTENSIFIES//GOLD UP $11.10 TO $1874.20//SILVER UP 32 CENTS TO $24.32//COMEX GOLD TONNAGE STANDING: CLOSE TO 18.6 TONNES//CORONAVIRUS UPDATE: GLOBE AND OTHER CORONAVIRUS RELATED STORIES//FED VS TREASURY BATTLE HEATS UP!!//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1874.20 UP  $11.10   The quote is London spot price

Silver:$24.32  UP $0.32   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1870.50  LONDON SPOT  4:30 pm

ii)SILVER:  $24.15//LONDON SPOT  4:30 pm

these people voted for Biden/Harris ticket!

Image

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  $1873.10.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.10/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1878.80 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $4.60 CONTANGO//$1.40 BELOW NORMAL CONTANGO

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $24.36  1:30  PM SPREAD SPOT/FUTURE DEC.       :   4  CENTS PER OZ  CONTANGO (   4 CENTS ABOVE NORMAL CONTANGO

SILVER MARCH CLOSE:  24.49/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: 48/91

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,861.100000000 USD
INTENT DATE: 11/19/2020 DELIVERY DATE: 11/23/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 28
624 H BOFA SECURITIES 10
657 C MORGAN STANLEY 3
657 H MORGAN STANLEY 43
661 H JP MORGAN 48
690 C ABN AMRO 43
709 C BARCLAYS 3
737 C ADVANTAGE 2 2
____________________________________________________________________________________________

TOTAL: 91 91
MONTH TO DATE: 5,953

issued:0

GOLDMAN SACHS STOPPED 0 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 91 NOTICE(S) FOR 9100 OZ  (0.2300 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  5953 NOTICES FOR 595,300 OZ  (18.516 tonnes) 

SILVER//NOV CONTRACT

116 NOTICE(S) FILED TODAY FOR 580,000  OZ/

total number of notices filed so far this month: 785 for 3,925,000  oz

BITCOIN MORNING QUOTE  $18282   UP 435

BITCOIN AFTERNOON QUOTE.  :$18,586  UP 791 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD UP $11.10 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

LOOKS LIKE THEY ARE SCRAPPING THE BOTTOM OF THE BARREL FOR GOLD AS THEY ROB GLD

A HUGE CHANGE IN GOLD INVENTORY AT THE GLD

A WITHDRAWAL OF 1.74 TONNES FROM THE GLD

INVENTORY RESTS AT:

GLD: 1,217.27 TONNES OF GOLD//

WITH SILVER UP 32 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGES IN SILVER INVENTORY AT 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 ROSE BY A TINY SIZED 369 CONTRACTS FROM 159,991 UP TO 160,360, AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR FALL  OF $0.35 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A TINY EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION, AND A ZERO INCREASE IN  STANDING AT THE COMEX FOR NOV.  WE HAD A STRONG GAIN IN OUR TWO EXCHANGES OF 1083 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  714, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  714, MARCH 0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  714 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.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $.35) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A  STRONG GAIN IN OUR TWO EXCHANGES (1030 CONTRACTS). NO DOUBT THE STRONG GAIN IN OI ON THE TWO EXCHANGES WAS DUE TO i) STRONG BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO GAIN  IN SILVER OZ STANDING  FOR NOV, iii) TINY COMEX GAIN  AND  iv) ZERO  LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

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

10,456 CONTRACTS (FOR 15 TRADING DAY(S) TOTAL 10,456 CONTRACTS) OR 52.28 MILLION OZ: (AVERAGE PER DAY: 697 CONTRACTS OR 3.485 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 52.28 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 7.46% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,581.57 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                    52.28 MILLION OZ (STARTING TO SLOW DOWN AGAIN)

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 369, DESPITE OUR  $0.35 FALL IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 714 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A STRONG SIZED 1083 OI CONTRACTS  ON THE TWO EXCHANGES (WITH OUR  $0.35 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 714 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 369 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.35 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.00 // THURSDAY’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: 116 NOTICE(S) FOR 580,000 OZ OF SILVER.

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 1158 CONTRACTS TO 554,492 AND CLOSER TO OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN IN COMEX OI OCCURRED DESPITE OUR  LOSS IN PRICE  OF $9.80 /// COMEX GOLD TRADING//THURSDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AND A STRONG  GAIN IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $9.80. 

WE HAD A VOLUME OF 2    4 -GC CONTRACTS//OPEN INTEREST  61//

WE HAD A FAIR SIZED GAIN OF 5034 CONTRACTS  (15.651 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3876 CONTRACTS:

CONTRACT .  DEC: 2761; FEB: 1115  ALL OTHER MONTHS ZERO//TOTAL: 3876.  The NEW COMEX OI for the gold complex rests at 554,492. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A GOOD SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5034 CONTRACTS: 1158 CONTRACTS DECREASED AT THE COMEX AND 1381 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5034 CONTRACTS OR 15.651 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3876) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (1158 OI): TOTAL GAIN IN THE TWO EXCHANGES: 5034 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 18.541 TONNES3)  ZERO LONG LIQUIDATION ;4) SMALL COMEX OI GAIN AND 5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED DESPITE  OUR  LOSS IN GOLD PRICE TRADING//THURSDAY//$9.80.

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 : 45,375 CONTRACTS OR 4,537,500 oz OR 141.13 TONNES (15 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 15 TRADING DAY(S) IN  TONNES: 141.13  TONNES

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

THUS EFP TRANSFERS REPRESENTS 141.13/3550 x 100% TONNES =3.97% 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:                        141.13 TONNES (INCREASING AGAIN) 

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

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

1.Today, we had the open interest at the comex, in SILVER, ROSE BY A SMALL SIZED 369 CONTRACTS FROM 159,991 UP TO 160,360 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 SMALL SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 714 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 714 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 714 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 369 CONTRACTS TO THE 714 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG SIZED GAIN OF 1083 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 5.415 MILLION  OZ, OCCURRED WITH OUR $0.35 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)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 14.64 PTS OR .44%   //Hang Sang CLOSED UP 94.57 PTS OR .36%    /The Nikkei closed DOWN 106.97 POINTS OR 0.42%//Australia’s all ordinaires CLOSED DOWN 0.04%

/Chinese yuan (ONSHORE) close UP AT 6.5680 /Oil UP TO 42.00 dollars per barrel for WTI and 44.48 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5680. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5645// 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 BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A SMALL SIZED 1158 CONTRACTS TO 554,492 MOVING CLOSER TO  OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX INCREASE OCCURRED DESPITE OUR CONSIDERABLE  FALL OF $9.80 IN GOLD PRICING THURSDAY’S COMEX TRADING/). WE ALSO HAD A FAIR EFP ISSUANCE (3876 CONTRACTS).   WE ALSO HAD  1)  CONSIDERABLE BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO  LONG LIQUIDATION  AND 3)  ANOTHER STRONG GAIN  IN GOLD STANDING AT THE  COMEX  ( NOW STANDING AT 18.541 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5034 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 2    4 -GC VOLUME//open interest REMAINS AT 59

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 2761; FEB// ’21 1115 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3876  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: 5034 TOTAL CONTRACTS IN THAT 3876 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A FAIR SIZED 3876 COMEX CONTRACTS.. THE BIG NEWS IS THE STRONG LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((18.541 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 $9.80).  AND, THEY WERE   UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   15.651 TONNES,

NET GAIN ON THE TWO EXCHANGES :: 5034 CONTRACTS OR 503,400 OZ OR  15.651  TONNES.

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

THUS IN GOLD WE HAVE THE FOLLOWING:  554,492 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.44 MILLION OZ/32,150 OZ PER TONNE =  1724 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1724/2200 OR 78.38% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 222,020 contracts// volume poor ////they are bailing out of gold comex faster than fox news viewers.

CONFIRMED COMEX VOL. FOR YESTERDAY:  272,933 contracts//  volume:  poor

/most of our traders have left for London

NOV 20 /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
91 notice(s)
 9100 OZ
(.2830 TONNES)
No of oz to be served (notices)
8 contracts
(800 oz)
0.0248 TONNES
Total monthly oz gold served (contracts) so far this month
5953 notices
595,300 OZ
18.516 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 0 gold withdrawals from the customer account:

total withdrawals:  nil oz

We had 0  kilobar transactions  +

ADJUSTMENTS: 1 // 

out of JPMorgan 96.453 oz from eligible //accting error.

The front month of NOV registered a total of 99 contracts for a LOSS of  70 contracts.  We had 122 notices filed on Thursday so we gained 52 contracts or 5,200 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  15,259 contracts down to 217,526 contracts.  We will be watching December closely from this day forth. January GAINED 340 contracts to stand at 3671 contracts. FEBRUARY gained a STRONG 13,557 contracts UP TO 233,684. 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 (18.5412 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  91 notice(s) filed today for  9100oz

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 91  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  48 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 (5953) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (xxx CONTRACTS ) minus the number of notices served upon today (91 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 (5953, x 100 oz +xxx OI) for the front month minus the number of notices served upon today (91) 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)

267,622.245 oz  JPM  8.324 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:  1,605,089.397 oz                                     49.925 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. 18.541 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:  1,605,089.3971 oz or 49.925 tonnes
thus:
registered gold that can be used to settle upon: 15,742,677.0  (489,66 tonnes)
true registered gold  (total registered – pledged tonnes  15,742,677.0 (489.66 tonnes)
total eligible gold:  19,930,157.000 oz (619.91 tonnes)

total registered, pledged  and eligible (customer) gold  37,277,923.666 oz 1,159.49 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1033.19 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 20/2020

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
6,108.274 oz
Delaware
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
522,254.693 oz
JPMorgan
Delaware
No of oz served today (contracts)
116
CONTRACT(S)
(580,000 OZ)
No of oz to be served (notices)
2 contracts
 10,000 oz)
Total monthly oz silver served (contracts)  785 contracts

3,925,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 0 deposits into the dealer:

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

i )Into JPMorgan: 551,202.367 oz

JPMorgan now has 190.723 million oz of  total silver inventory or 49.74% of all official comex silver. (190.723 million/383.425 million

ii) Into Delaware:  1052.326 oz

total customer deposits today:  552,254.693    oz

we had 1 withdrawals:

i)Out of  Delaware:  6,108.274 oz

total withdrawals; 6,108.274    oz

We had 0 adjustment

Total dealer(registered) silver: 143.364 million oz

total registered and eligible silver:  383.425 million oz

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November saw a LOSS OF 19 notices FALLING to  118contracts. We had 19 notices filed on THURSDAY so we gained 0 contracts or NIL additional silver oz will stand in this non active delivery month of November.

December saw a LOSS of 7260 contracts DOWN to 56,830 contracts. January saw a GAIN of 62 contracts UP to 290. MARCH  gained 7537 contracts up to 87,887.

The total number of notices filed today for the NOV 2020. contract month is represented by 116 contract(s) FOR 580,000 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 785 x 5,000 oz = 3,925,000 oz to which we add the difference between the open interest for the front month of NOV(118) and the number of notices served upon today 116x (5000 oz) equals the number of ounces standing.

Thus the NOV standings for silver for the NOV/2019 contract month: 785 (notices served so far) x 5000 oz + OI for front month of NOV( 118)- number of notices served upon today (116) 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 0 CONTRACTS OR AN ADDITIONAL NIL OZ WILL STAND FOR DELIVERY AT THE COMEX AND FORGO ANY FIAT BONUS AS THEY SEARCH FOR METAL ON THIS SIDE OF THE POND VS LONDON. SEEMS THAT WE HAVE A WHALE COMING AFTER COMEX SILVER 

TODAY’S ESTIMATED SILVER VOLUME 89,387 CONTRACTS // volume strong (due to raid)////

FOR YESTERDAY 116,347  ,CONFIRMED VOLUME// huge//

YESTERDAY’S CONFIRMED VOLUME OF 116,347 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  FALLS TO- 4.18% ((Nov 20/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -1.63% to NAV:   (NOV20/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.18% (Nov 20)

(courtesy Sprott/GATA

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

NAV 19.17 TRADING 18.43///NEGATIVE 3.87

END

And now the Gold inventory at the GLD

NOV 20/WITH GOLD UP $11.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD// A WITHDRAWAL  (ROBBERY) OF 1.74 TONNES FROM THE GLD//INVENTORY RESTS AT 1217.26 TONNES

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

NOV20/ GLD INVENTORY 1219.00 tonnes

LAST;  951 TRADING DAYS:   +276.71 TONNES HAVE BEEN ADDED THE GLD

LAST 851 TRADING DAYS// +454.19  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory

NOV 20//WITH SILVER UP $0.32 TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 565.186 MILLION OZ//

NOV 19/WITH SILVER DOWN 35 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV:2 TRANSACTIONS:1) A WITHDRAWAL OF 1.396 MILLION OZ AND 2). 2.602 MILLION OZ FROM THE SLV////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 20.2020:

SLV INVENTORY RESTS TONIGHT AT  562.583 MILLION OZ//

PHYSICAL GOLD/SILVER STORIES
i) GOLD VS BITCOIN

Record Inflows To Bitcoin; Record Outflows From Gold

On Wednesday, when looking at the growing decoupling between gold which has traded flat since August, and bitcoin which is about to take out its all time highs around $20,000…

… we pointed out an observation from Deutsche which said that gold was up both during periods when deflation was the dominant concern…

… and also when inflation re-emerged as the primary concern.

This prompted Deutsche Bank’s Jim Reid to conclude that “there also seems to be an increasing demand to use Bitcoin where Gold used to be used to hedge Dollar risk, inflation and other things.”

The latest weekly fund flow data confirms this, because even as bitcoin continues to rise amid a surge in institutional buying, with volumes in futures contracts exploding to an all time high…

… this was “offset” by what Bank of America calculated was the largest weekly gold fund outflow on record.

And while offsetting flows between bitcoin (in) and gold (out) would make sense in the context of repositioning (as younger investors buy bitcoin and older investors sell gold), the “cross the stream” moment will kick in when both storm higher.

That’s the “Hedging Goldilocks” scenario laid out by BofA’s Michael Hartnett, who notes that the biggest threat to the “uber-Goldilocks” base case for 2021, which as a reminder is the following…

a year of vaccine not virus, a year of reopening not lockdown, a year of recovery not recession; 2021 forecast by consensus to be the “uber-Goldilocks”…consensus predicting 5.2% global GDP growth, 3.8% US GDP growth, 1.9% U.S. inflation, 1.2% US Treasury yields

…  is via higher inflation and bond yields (e.g. GT10 >2%) in 2021 as

  1. supply bottlenecks in goods, services, labor fail to keep up with an unexpected surge in demand,
  2. excess debt (global debt now $277tn or 365% GDP) causes US dollar debasement,
  3. Fed desperation to prevent disorderly rise in bond yields sparks self-defeating/disorderly asset price inflation;

It is here that both bitcoin and gold will be early indicators, because as Hartnett concludes, “Bitcoin >20,000, Gold >2000, DXY <90 would all be harbingers of higher volatility & yields.” His advice: “hedge inflation risk via volatility, commodities, CRE, and EM.”

END

ii) Important gold commentaries courtesy of GATA/Chris Powell

Zero hedge notes what we do: steady central bank intervention to prop of stock markets

(zerohedge/GATA)

Zero Hedge: This steadily winning trade suggests central bank intervention

 Section: 

11:40a ET Thursday, November 19, 2020

Dear Friend of GATA and Gold:

Zero Hedge today presents more powerful evidence suggesting daily intervention in the U.S. stock markets to keep prices elevated. Maybe someone should start an investment fund based on the insight about this intervention.

Zero Hedge writes that the “buy-at-the-open, sell-at-the-close strategy” for the S&P 500 has not produced any gain since May, but “the buy-at-the-close, sell-at-the-open strategy is up a stunning 660 points over the same period.”

Attention, mainstream financial journalists: Please don’t mess up this trade by asking central banks any questions about it. That might lead you to questions about their interventions in the monetary metals markets, and you wouldn’t want to offend them.

The Zero Hedge posting is headlined “WTF Chart of the Day” and it’s here:

https://www.zerohedge.com/markets/wtf-chart-day

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

END

Craig Hemke thinks that we may get up to 800 tonnes of gold delivered upon.  I think it is too high but 300 tonnes is reasonable..and that number is the one that Anddrew Maguire believes will happen

(CraigHemke/GATA)

Craig Hemke: Vault-busting gold delivery demands face Comex in December

 Section: 

12:10p ET Thursday, November 19, 2020

Dear Friend of GATA and Gold:

The TF Metals Report’s Craig Hemke, writing today at Sprott Money, says the New York Commodities Exchange has delivered more gold in the first 11 months of this year than it delivered in the whole five years between 2015 and 2019.

Hemke adds that current positioning on the Comex implies that delivery demands for December, typically a high-offtake month anyway, may exceed 800 tonnes, which would be beyond astounding.

.Hemke asks: How long can the London Bullion Market Association and the Comex keep this up?

His analysis is prosaically headlined “Ahead of December Comex Deliveries” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/Ahead-of-December-COMEX-Deliveries-Crai…

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

END

Your weekend reading material

Alasdair Macleod…

Alasdair Macleod: The global reset scam

 Section: 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, November 18, 2020

This article takes a tilt at increasing speculation about statist global resets, and why plans such as those promoted by the World Economic Forum will fail. Central bank digital currencies will simply run out of time.

Instead, the collapse of unbacked fiat currencies will end all supra-national government solutions to their policy failures. Already, there is mounting evidence of money beginning to flee bank accounts into stocks, commodities, and even bitcoin. This is an early warning of a rapidly developing monetary collapse.

… 

Moreover, nothing can now stop the collapse of fiat currencies, and with it schemes to control humanity for the convenience and ambitions of government planners. There can only be one statist solution and that is to mobilise gold reserves to back and save their currencies, which in order to succeed will have to be fully convertible into circulating gold coinage.

It will also require the role of governments to be reset into a non-welfare, non-interventionist, minimalist role, which can be achieved only after a complete collapse of the current fiat-financed system.

Anything less will fail. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-global-reset-s…

..END

A must read..

news organizations celebrate after Trump’s pro gold Fed nominee is blocked…..shows the extreme bias of the media

Stefan Gleason/Money Metals/GATA

News organizations celebrate after Trump’s pro-gold Fed nominee is blocked

 Section: 

By Stefan Gleason
Money Metals News Service, Eagle, Idaho
Thursday, November 19, 2020

It was only after he entered politics that President Donald Trump began to fully grasp the bias, dishonesty, and fakeness that runs throughout the so-called mainstream media.

But gold bugs and sound money advocates have long known to distrust the reporting of establishment news sources.

… 

Journalists’ anti-gold and anti-Trump biases converged this week as the Senate took up President Trump’s nomination of Judy Shelton to the Federal Reserve Board.

Shelton, a fierce Fed critic and past supporter of a gold standard, drew intense opposition from Senate Democrats. She also faced opposition from Republicans Lamar Alexander, Susan Collins, and Mitt Romney. …

The vast majority of financial journalists lack the intellectual curiosity to seek out the actual views of sound money advocates. Those who tread too indelicately on the gold-suppressing banking cartel are simply blacklisted by major media outlets — as has been the fate of the Gold Anti-Trust Action Committee. …

… For the remainder of the analysis:

https://www.moneymetals.com/news/2020/11/19/trump-pro-gold-fed-nominee-b…

end

OTHER PHYSICAL STORIES

ANDREW MAGUIRE

Hi Chris & Harvey,

The Vaccine Hopium overshoot, looks to have resulted in some structural damage to the insiders, exposing a possible +300 tonnes of December Comex GC contracts for physical delivery.

https://youtu.be/S-V859-gi2M

Best

Andrew

a must view..

end
J Johnson’s commodity report

https://www.jsmineset.com/2020/11/20/giulianis-legal-team-dropping-bombs/

Giuliani’s Legal Team Dropping Bombs

Posted November 20th, 2020 at 8:26 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

      After the bombs were dropped during the Giuliani press conference regarding multiple levels of voter frauds, Gold has reversed with the trade at $1,869.80, up $2.90 after hitting $1,874 during the London trade with the low at $1,864.70. Silver is up 13.6 cents with the trade at $24.30 after hitting a high of $24.425 with the low at $24.075. The US Dollar Index, which is a bunch of other currencies used to support our Dollar so China, as well as others, can peg itself at a lower mark, is now pegged at 92.30, up 1.6 points after it hit a high of 92.40 with the low at 92.185. Of course, all this happened way before the Sun came up over the west coast, before the London close, and after Argentina’s socialist regime, turned on the rich, because they already stole all they could from the poor, by approving a “confiscatory” wealth tax on millionaires.

      Gold under the Venezuelan Bolivar is now trading at 18,674.63, proving a gain of 19.98 overnight with Silver also gaining 1.548 Bolivar with its last trade at 242.696. Argentina’s A-Peso price for Gold, wound-up leading the reversals yesterday and is continuing to trek higher with the markets adding another 485.77 A-Peso’s with the last buy at 150,082.84 with Silver finally responding to Gold’s turn with its trade adding 16.86 A-Peso’s with the last price at 1,950.66. Turkey’s currency added 81.22 to Gold’s price with the last trade registered at 14,228.48 T-Lira, with Silver’s last price at 184.967, proving an additional 2.122 T-Lira was added to the price.

      November Silver’s Delivery Demands now sit at 118 fully paid for contracts waiting for receipts, and once again, with no Volume or Price to post so far today. Yesterday’s activity had nothing to add (No Trades and No Volume) with the Comex Closing price Calculated at $24.033, down 40 cents, that helped reduce the Demand count as 19 buyers, finally got their receipts, maybe. Silver’s Overall Open Interest (as of right now, not the Comex closing numbers) is at 160,308, proving 334 more pieces of paper had to be added into the mix since yesterday morning’s write-up.

      November Gold’s Delivery Demands now sit at 99 fully paid for contracts waiting for receipts, and with no Price or Volume, so far today. Yesterday’s full Ice/Comex trading day had a Volume of 58 up on the board with a trading range between $1,865.80 and $1,856 with the last swap at $1,859.30 with that CCC at $1,861.10, down $12.40 helping to reduce the waiting list by 38 contracts that possibly got receipts between here and London. Gold’s controllers had to add another batch of paper to keep the markets liquid with the Overall Open Interest now at 554,715 Overnighters proving a Liquid Paper increase of 2,504 to go against the physicals.

      The depth and breadth of the accusations made by the Trump administration, against the leaders of the Democratic Party, with its foreign friends, needs to be vetted in a court of law and fully televised. Most likely it won’t be seen on TV, Google, Youtube, but on another platform that is not controlled by Anti-Americans. There is no way a singular writeup can encompass what is being claimed. It must be fully heard in its entirety as Trump’s attorneys held a news conference on this and past elections! Then it must be factually proven in a court of law, not in the nightly sermons given by the lying-priests, held on high, within the main stream medias, which are obviously complicit. It may start right here too, with Lin Wood filing his suit in Georgia ‘beginning of the tsunami of evidence’. Giving the accused their chance to be heard in court of law, is what our system of government is all about. Giuliani’s legal team said far more than I thought they would, which is why I called it Dropping Bombs.

      We live, breathe, and survive, by laws! Those that we have elected (maybe?), are supposed to be living under those same laws (not above them), but it seems they have been circumventing the law for so long now, they have no idea where that legal line, they’ve crossed, is. If any of these accusations are true, the underlings, who may have been caught doing the dirty work, will try to cut a deal by narking on their superiors as we advance up the controlling chain to the one who supplies the direction and the money used to direct.

      China is obviously a target in more ways than one, especially if it is proven they intruded into our elections. Let us pray for a peaceful outcome, as our election process, and these new accusations of voter theft, and those we’ve all spoken about over the decades, becomes a fact or fiction in a court of law.

      The markets are not reacting like they should, but one day they will! Which is why Guns, Grub, Gold, and Ammo, are worth having. Enjoy your weekend, find that smile and keep the attitudes positive, and as always …

Love the Patriotic!

Jeremiah Johnson

JeremiahJohnson@cableone.net

 

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

end

Dave from Denver…

The Next Move For Silver And Gold

It’s obvious that the Fed, along with its bullion bank market emissaries, has been working hard to keep a lid on the price of gold. From the vertical “zip lines” in the chart over the past two  weeks, the price management team is also making every effort to shake out long positions in Comex paper gold ahead of the December deliver period, which begins next Friday afternoon (first notice officially is November 30th, but notices can be issues starting next Friday afternoon).

The willingness of Comex longs to stand for delivery this year in historic amounts is putting enormous pressure on the Comex/LBMA fractional reserve bullion system. While I do not believe the December delivery period will “break” the Comex, as some suggest, if a large portion of the entities “safe” keeping their gold in Comex vaults decide to move their gold bars out of Comex vault custody and into non-Comex safekeeping, the Comex will implode./p>

Chris (Arcadia Economics) and I discuss where it looks like gold and silver are headed over the next 6-12 months along with the factors that will drive the precious metals sector higher, not the least of which is the next round of money printing by the Fed:

The mining stocks have been in a much-needed corrective pullback from the feeding frenzy this summer. But the enormous amount of institutional money funding mining company stock financings signals to us that the bull market in precious metals/mining stocks has a long way to go.

I focus on junior “venture capital” exploration stocks with 5-10x upside potential. I also sprinkle in some large cap mining stock ideas. The next move higher will take many by surprise. For information about my Mining Stock Journal, follow this link:    Mining Stock Journal information.

***

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5680 /

//OFFSHORE YUAN:  6.5645   /shanghai bourse CLOSED UP 14.64 PTS OR .44%

HANG SANG CLOSED UP 94.57 PTS OR .35%

2. Nikkei closed DOWN 106.97 POINTS OR 0.42%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 92.31/Euro RISES TO 1.1873

3b Japan 10 year bond yield: RISES TO. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 103.81/ 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:: 42.00 and Brent: 44.48

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.58%/Italian 10 yr bond yield DOWN to 0.64% /SPAIN 10 YR BOND YIELD DOWN TO 0.07%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.22: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.69

3k Gold at $1866.55 silver at: 24.16   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 12/100 in roubles/dollar) 76.12

3m oil into the 42 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 world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 103.81 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 .9108 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0811 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 0.58%

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 0.839% early this morning. Thirty year rate at 1.549%

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

6.  TURKISH LIRA:  UP  TO 7.62..

Futures Recover All Losses From “Fed-Treasury Split” Scare

After futures dropped sharply, sliding as much as 1% during the Asian session after Steven Mnuchin announced that the Treasury would seek to recover nearly $500bn in cash from the Fed as it sought to end eight emergency credit facilities on Dec 31, sparking fears that helicopter money – which as a reminder is a coordination between the Fed and Treasury – would expire by year end, markets have managed to recover all overnight losses with the S&P last trading flat perhaps and just shy of all time highs, as traders realized that whether under Mnuchin or Brainard, the Treasury will promptly restore all emergency facilities in 2021 – it simply has no choice. Furthermore, Mnuchin said he is merely carrying out the law prescribed by the Cares Act, and his actions were not an indication of disagreement between the top two U.S. economic policymakers.

The mood was boosted by the now daily dose of positive vaccine news, which came shortly before 7am when Pfizer and BioNTech said they would submit EUA for their vaccine today (as expected), noting that the vaccines would be ready for distribution within hours of receiving approval. This could potentially enable use of the vaccine in high-risk populations in the U.S. by the middle to end of December 2020, dramatically shortening the time to market.

As a result, Pfizer shares rose 1.8% premarket  while Moderna also rose in premarket trading after news that its Covid-19 vaccine could receive a conditional European Union marketing authorization next month, while Gilead slides after WHO experts say there’s no evidence remdesivir improves survival. Apparel and home fashion retailer Ross Stores gained 3.4% after its quarterly sales topped expectations. Nasdaq futures rose 0.2% as investors returned to stay at home technology stocks. Netflix, Amazon.com and Microsoft all edged higher premarket.

Futures were initially spooked after Mnuchin sent a letter to Fed Chair Powell, in which he said $455 billion allocated to Treasury under the CARES Act should be instead available for Congress to reallocate. The Fed was instantly triggered, issuing a counter statement saying the “full suite” of measures needs to be maintained and although the programs were not used extensively, Fed officials felt their presence reassured financial markets and investors that credit would remain available to help businesses through the pandemic.

Understanding how this spat between the Fed and Treasury ends up being resolved between now and December is absolutely critical,” Virginie Maisonneuve, chief executive of MGA Consulting, said on Bloomberg Television. Markets face a possible headwind at the prospect of a withdrawal of the liquidity that has sustained them so far this year, she said.

Bulls also fought against the latest flare-ups in virus cases around the world which have continued to dampen sentiment. California fresh curfews to try to fight surging coronavirus infections, while Japan is facing a third wave of the virus, Hong Kong a fourth, and parts of Europe are already under recently renewed social restrictions. Sentiment was also hit by data that showed COVID-19 hospitalizations across the United States jumped by nearly 50% in the last two weeks.

“Despite those developments the fact the market is able to resist to this extent means there is some sun ahead, driven by the fact that in medium term economic activity will accelerate and there is positive news o the vaccine,” said François Savary, chief investment officer at Swiss wealth manager Prime Partners.

The MSCI index of global stocks was 0.1% firmer and on course for its third weekly gain in a row. European stocks erased an early loss, and edged higher in a generally quiet session, with the Stoxx Europe 600 also headed for its third week of gains amid a rotation into economically sensitive sectors. Mining and energy firms led the advance as commodities from oil to copper rallied. U.K. software publisher Sage Group Plc plunged 13% after an earnings miss. The Italian FTSE MIB lead gains in Europe, up 0.9%.

The European Union could pay more than $10 billion to secure hundreds of millions of doses of the vaccine candidates being developed by Pfizer-BioNTech and CureVac, an EU official involved in the talks told Reuters.

Earlier in the session, the MSCI index of Asia-Pacific shares excluding Japan rose 0.4%, while Japan’s Nikkei stumbled 0.4%, weighed down by a rise in new domestic coronavirus infections to record highs and with SoftBank climbing and Daikin slipping. Most markets in the region were up, with Thailand’s SET advancing 1.2% and Singapore’s Straits Times Index rising 1.1%, while Indonesia’s Jakarta Composite slid 0.4%. The Shanghai Composite Index rose 0.4%, driven by SAIC Motor and Zijin Mining.

In currencies, the greenback traded mixed versus G-10 peers, with some risk sensitive currencies rising and others falling, though moves were largely contained to narrow ranges. The Bloomberg Dollar Spot Index was flat. The euro fell in early European trading after approaching $1.19 toward the end of the Asian session while the Australian dollar is having its best month versus the U.S. dollar since April, in terms of percentage change. The premium to own downside option exposure in the pound over the next week widens as European Union leaders look to step up preparations for a no-deal Brexit

In rates, Treasuries were slightly cheaper on the day in early trading after paring an advance that began late Thursday following clash between Treasury Department and Fed over preservation of emergency lending programs. Yields are higher by 1bp-2bp in 7- to 20-year sectors, 10-year by 1.3bp at 0.842% after opening under 0.82%, lowest yield since Nov. 9; it remains lower on the week by ~5bp.Yields extended their climb from session lows along with S&P 500 futures after Pfizer said it will seek emergency authorization for its Covid vaccine.  Bunds inched up, outperforming Treasuries, with no German bond sales until Dec. 2.

In commodities, oil prices steadied after losses the previous day, when concerns about coronavirus lockdowns affecting fuel demand weighed on the market. Brent crude was up 34 cents at $44.54 on the latest vaccine news. Gold fell 0.1% to $1,866.19 per ounce.

Looking at the day ahead, the data highlights include UK retail sales and public finances for October, along with Germany’s PPI. As well as this, we’ll get the Euro Area’s advance consumer confidence reading for November, and Canada’s September retail sales. Central bank speakers include ECB President Lagarde, Vice President de Guindos, and the ECB’s Weidmann and Centeno, as well as the Fed’s Kaplan, Barkin, Bostic and George.

Market Snapshot

  • S&P 500 futures unch at 3,579
  • STOXX Europe 600 up 0.4% to 389.26
  • German 10Y yield rose 0.2 bps to -0.569%
  • Euro down 0.09% to $1.1864
  • Brent Futures up 0.4% to $44.38/bbl
  • Italian 10Y yield fell 1.3 bps to 0.53%
  • Spanish 10Y yield rose 0.2 bps to 0.072%
  • MXAP up 0.3% to 188.39
  • MXAPJ up 0.4% to 622.59
  • Nikkei down 0.4% to 25,527.37
  • Topix up 0.06% to 1,727.39
  • Hang Seng Index up 0.4% to 26,451.54
  • Shanghai Composite up 0.4% to 3,377.73
  • Sensex up 0.8% to 43,944.99
  • Australia S&P/ASX 200 down 0.1% to 6,539.17
  • Kospi up 0.2% to 2,553.50
  • Brent Futures up 0.4% to $44.38/bbl
  • Gold spot up 0.08% to $1,867.97
  • U.S. Dollar Index up 0.03% to 92.32

Top Overnight news from Bloomberg

  • The U.K. hasn’t moved sufficiently to overcome the three main obstacles to a trade deal, European Union negotiators told envoys from the bloc’s 27 governments
  • BioNTech SE and Moderna Inc. could receive conditional European Union marketing authorization for their Covid-19 vaccines in the second half of next month, according to the head of the EU’s executive arm, putting the bloc on track to start distributing the shots at the same time as the U.S.
  • A rally in global credit markets sparked by unprecedented stimulus since the start of the pandemic will be tested by the prospect of Federal Reserve backstops ending
  • Time is running out for the financial industry to ditch the scandal- tainted Libor benchmark, a panel of the world’s top regulators warned Friday
  • U.K. government borrowing climbed to a record 214.9 billion pounds ($286 billion) in the first seven months of the fiscal year, underscoring the tough choices facing Chancellor Rishi Sunak as he prepares for a major announcement on spending next week

A quick look at global markets courtesy of NewsSquawk

Asian equity markets traded with a non-committal tone as participants reflected on the choppy price action stateside where concerns regarding COVID-19 restrictions lingered and although reports of congressional staffers were meeting to discuss the omnibus spending package and coronavirus relief, provided tailwinds for the major indices heading into the closing bell, the advances in US futures were eventually wiped out after hours. This was following a request by US Treasury Secretary Mnuchin for the Fed to return unused CARES Act funds to the Treasury and decision to shelve several programs that utilize those funds including the Main Street Facility, Term Asset-backed Facility, Primary and Secondary Corporate Credit Facilities and the Municipal Liquidity Facility, which in turn prompted a dissenting response from the Fed which would prefer to continue with the full suite of emergency facilities to support the economy. ASX 200 (-0.1%) was kept afloat for most the session amid strength in tech and with financials also positive as CBA shares welcomed APRA’s decision to reduce the lender’s operational risk capital add-on, although IAG remained the worst performer after it flagged a post-tax provision of AUD 865mln due to the recent NSW court ruling. The index then gradually faltered and closed in the red weighed by weakness in the commodity sectors, while Nikkei 225 (-0.4%) underperformed following recent fluctuations in the currency, a spike in COVID-19 infections and with inflation data remaining in negative territory for a 3rd consecutive month. Hang Seng (+0.4%) and Shanghai Comp. (+0.4%) eked tentative gains amid broad indecision after the PBoC maintained its Loan Prime Rates as expected and continued to drain liquidity from the interbank market, while several mid-cap banking names were under pressure including China Everbright Bank and Industrial Bank Co. after reports China’s bond market regulator plans to conduct investigations on lenders involved in the bond issuance of the state-owned coal miner which recently defaulted. Finally, 10yr JGBs eked mild gains amid the underperformance in Japanese stocks and strength in T-notes after the Treasury asked for its funds back from the Fed, but with upside capped amid the enhanced liquidity auction for 2yr, 5yr, 10yr and 20yr JGBs which showed relatively inline results with the prior.

Top Asian News

  • Japan’s Record Covid Cases Stoke Economic Double-Dip Concern
  • Hong Kong Virus Cases Surge Again as City Sees ‘Fourth Wave’
  • Fosun’s Unit Rallies on Debut After Biggest India Pharma IPO

European equities (Eurostoxx 50 +0.6%) trade with modest gains in the final trading session of the week with the selling seen late yesterday in the US failing to have much bearing on today’s European session. US futures are more despondent than transatlantic peers, but ultimately mixed/flat, in the wake of yesterday’s news that US Treasury Secretary Mnuchin has requested that the Fed returns unused CARES Act funds to the Treasury and decided to shelve several programs that utilize those funds. This in turn prompted a dissenting response from the Fed which would prefer to continue with the full suite of emergency facilities to support the economy. Additionally, reports that congressional staffers are set to meet to discuss the omnibus spending package and coronavirus relief were later tempered by Fox’s Pergam who noted that talks will likely be on appropriations and not necessarily a coronavirus stimulus bill. Performance for US futures in the pre-market has seen the ES lower by 0.2%, whilst the tech-heavy e-mini NASDAQ fares better and is largely unchanged while the e-mini Russell lags with declines of 0.2%. Gains across European indices are relatively broad-based, whilst sectors trade mostly firmer, albeit modestly so. Basic resources and oil & gas names sit near the top of the leaderboard in what has been a relatively sparse morning of corporate updates for the region. Thyssenkrupp (+5.4%) is the best performer in the Stoxx 600 thus far, however, this is more a paring back of some of yesterday’s heavy declines seen in the wake of its FY earnings. BAE Systems (+3.7%) trade higher once again in the wake of yesterday’s budget announcement from the UK Department of Defence. To the downside, Sage (-13.5%) sit at the foot of the Stoxx 600 after FY results underwhelmed, whilst Royal Mail (+0.3%) pullback from recent earnings inspired gains.

Top European News

  • EU Leaders Are Urged to Step Up Preparations for No-Deal Brexit
  • Only the Best London Offices Thrive in an Emerging Covid Divide
  • Billionaire Leader Gives Czechs a Tax Cut Against Virus Pain

In Fx… Well that didn’t last long in terms of a revival, as the Buck retreats from Thursday’s recovery high having posted its first firmer close for 7 trading days in DXY terms and the index now hovering below 92.500 again within a lower 92.411-201 range. A late squeeze on Wall Street following reports that congressional staffers were discussing a spending bill, including further COVID-19 fiscal support, knocked the Greenback off its perch initially, and renewed pressure continued when it emerged that the Fed rebuffed a request from US Treasury Secretary Mnuchin to hand back untapped CARES Act funds. Some subsequent respite for the Dollar amidst fragile risk sentiment and specific issues/factors keeping rival currencies in check or depressed.

  • NZD/AUD – As noted at the outset, Kiwi outperformance goes somewhat against the grain as major counterparts remain largely confined, but the rebound in Nzd/Usd to revisit recent highs above 0.6900 looks mainly due to favourable crosswinds as Aud/Nzd gravitates closer to 1.0500 and the Aussie fails to sustain momentum on the 0.7300 handle despite more upbeat data (retail sales much stronger than expected in line with the latest labour metrics).
  • GBP – The Pound is holding up relatively well, all things considered, though like Aud/Usd, Cable has not gleaned traction from another month of UK consumer excesses as the ONS noted early seasonal buying and retail discounting as mitigating reasons for the bumper activity. Instead, Sterling bulls seem to banking or betting on positive Brexit news as trade negotiations carry on remotely and intensely between UK and EU representatives. However, latest word from Brussels via an EU envoy is that fishing, state aid and a level playing field are still unresolved due to a lack of movement on the British side. Cable is pivoting 1.3275 at present and Eur/Gbp is choppy either side of 0.8950.
  • CAD/JPY/CHF/EUR – Completing the set, Canadian retail sales could be more compelling for the Loonie compared to new home prices, as Usd/Cad trades towards the base of a 1.3051-88 band, but for now an unusually large option expiry at the 1.3100 strike (1.1 bn) appears intact. Conversely, the Yen may yet be drawn to similar size at 104.00 (1 bn) after several thwarted attempts to extend gains through Fib resistance protecting 103.50 of late in wake of weak Japanese CPI prints, while the Euro looks boxed in given decent expiries at 1.1850 and 1.1900 (1.1 bn and 1.3 bn respectively) not to mention the ongoing EU Budget and Rescue Fund stand-off or dovish ECB vibes. Elsewhere, the Franc remains tethered to 0.9100 and 1.0800 vs the Euro following several false breaks and ever wary of SNB presence.
  • EM – The Lira was already consolidating after respecting resistance circa 7.5000 on the back of yesterday’s aggressive CBRT tightening move when Turkish President Erdogan repeated his controversial higher rates spur inflation view and Usd/Try retraced a bit further in response having mostly ignored another hike in swap rates and a decline in consumer sentiment. Nevertheless, the pair has pared back from around 7.6160 as he seemed to accept the hike as a bitter pill to combat above target CPI and reiterated efforts to restore investor confidence in the Lira.

In commodities, crude futures are modestly firmer this morning and have recouped the Treasury/Fed inspired downside just after the US equity close yesterday. Currently, WTI and Brent are firmer by around 1.0% and remain in relative proximity to the day’s peaks of USD 42.28/bbl and USD 44.70/bbl respectively. Much of this upside occurred in a mid-European morning spike with gains accelerating from ~0.5% firmer to the current +1.0% performance, such upside coincided with the continued grind higher in equities and notably with US futures moving in proximity to U/C for the session. Fundamentally, once again newsflow explicitly for the complex has been sparse with the broader macro narratives continuing to dictate things; a trend which may well remain in play until the month-end OPEC+ gathering; following this week’s JTC/JMMC events. Moving to metals, spot gold is essentially unchanged on the session and has meandered within a relatively tight USD sub-10/oz range since the European equity open. Separately, the weekly BofA flow show report highlights that over the last week gold saw its largest ever outflow totalling USD 4bln amid record inflows into equities across a two-week period.

US Event Calendar

  • Nothing major scheduled

DB’s Jim Reid concludes the overnight wrap

Talking of forecasts, one of the worst predictions I made around the time of the GFC a decade ago was that we might be at “peak TV”. I’d just binged watched the whole of the Supranos and The Wire in a few months and really thought TV couldn’t get much better. About 150 box sets later and it’s fair to say that they would still be near the top but with an awful lot of good series since. Indeed if you’re looking for inspiration tonight we are due to finish “The Queen’s Gambit” on Netflix which is a drama about Chess! It’s very very good but if you’d told me 20 years ago that my future Friday night self would have been desperately looking forward to watching Chess on TV I may have asked you to get me checked over. Then tomorrow we start the new series of “The Crown” and on Monday night the latest episode of “The Undoing”. It’s fair to say that peak TV has been a pretty long plateau.

If we’re at peak S&P 500 the market isn’t going down without a fight as a late stay-at-home fuelled rally took the index back in positive territory and up +0.39% for the day. However equities in Europe earlier lost ground and the more cyclically-oriented STOXX 600 was down -0.75%. Tech stocks outperformed on both sides of the Atlantic, with the NASDAQ ending the session +0.87% higher. That was in part thanks to Tesla, which surged a further +2.60% yesterday to reach a new record high, and bringing its gains over the last 3 sessions to a massive +22.34%. At current market cap it will enter the S&P 500 in December in eighth position.

The late rally was also helped by news that Speaker Pelosi and Senate Minority Leader Schumer are working with Congressional Republicans on a spending bill that would avoid a Dec. 11 government shutdown. While there is no indication that there would be work on fiscal stimulus as well, some reports indicated that members of both parties were open to getting some level of stimulus through. Elsewhere in US politics, on Tuesday we wrote that Fed Chair Powell leaned towards keeping the Fed’s emergency lending facilities operation as is, given that the “recovery is incomplete”. However the power to renew them sits with Treasury secretary Mnuchin and late last night he requested that the Federal Reserve return all unused stimulus funds to the Treasury Department. Mnuchin did say that in the “unlikely event that it becomes necessary in the future to reestablish any of these facilities”, the Fed can seek approval again. 10yr treasuries fell another -2.6bps after these headlines. Mnuchin also said overnight that Congress should seriously consider redirecting the unspent stimulus funding ($580bn was the number he used), including money he’s pulling back from the Federal Reserve, to buoy the economy as the U.S. waits for a vaccine.

Following Mnuchin’s request, the Fed has urged the administration overnight that “the full suite” of facilities be kept in place. So a rare public discord between the two sides which is helping to push S&P 500 futures down -0.45% this morning (down as much as -0.90% earlier). Asian markets are trading mixed with the Nikkei (-0.43%) and ASX (-0.12%) down while the Hang Seng (+0.35%) and Shanghai Comp ( +0.11%) are up. The Kospi is trading broadly flat. In terms of overnight data releases, Japan’s preliminary November PMIs came in weaker than last month with manufacturing at 48.3 (vs. 48.7) and services at 46.7 (vs. 47.7) bringing the composite to 47.0 (vs. 48.0).

Meanwhile, here in the UK, Bloomberg reported that Chancellor of the Exchequer Rishi Sunak is set to squeeze public sector pay for millions of workers as he seeks to rein in government spending. However, health care workers will likely be exempt and the announcement will form part of a spending review that the chancellor will deliver next Wednesday. The Centre for Policy Studies, a conservative think-tank, highlighted that a 3 year pay freeze for all public sector employees would save GBP 23bn while, exempting the NHS staff would cut the savings to GBP 15.3bn.

Back to markets and sovereign bonds performed well yesterday. 10yr Treasury yields in total fell -4.1bps to 0.829% and helped by the late Fed/Treasury spat, while 10yr yields on bunds (-1.7bps), gilts (-1.4bps) and OATs (-1.5bps) similarly fell. The US dollar also lost ground, with the dollar index dropping slightly (-0.02%) to make it a run of 6 successive declines. Once again, the major action was over in Bitcoin however, which was up a further +0.90% to $17,946 yesterday, as the cryptocurrency strengthened for a 4th successive day. The move brings it yet closer to its all-time closing high back in December 2017, when it reached $19,042. Conversely, gold lost ground for a 4th consecutive session, with the precious metal falling a further -0.30% to $1,867/oz.

We also got decent news on vaccine approval yesterday with the EU indicating that BioNTech/ Pfizer and Moderna could receive conditional European Union marketing authorisation for their Covid-19 vaccines in the second half of December. We also heard from Bill Gates overnight and he said that Astra Zeneca should get UK approval soon and was pleased that it had seemingly generated a high immune response. Andrew Pollard, Oxford’s chief trial investigator has said that Astra and Oxford will immediately release the “high-level” results of the trials once they pass the infection benchmark of 53 confirmed Covid-19 cases. Notwithstanding the pause in its trials earlier, the delay in reporting results might indicate a high level of efficacy as it might be taking longer for people to get infected in the company’s Phase 3 study.

In terms of the latest Covid case developments, case numbers have shown some signs of levelling off in many European countries, though there’s no sign of any let-up in the amount of restrictions anytime soon. Indeed, the Dutch government announced yesterday it would make face masks compulsory in indoor public spaces from the start of December. Croatia, one of the few European countries that have been able to put off a second lockdown, announced yesterday that it would tighten measures once again, primarily limiting hours for restaurants and bars as well as urging more work-from-home.

Meanwhile in the US, NYC Mayor de Blasio said that it was “just a matter of time” before indoor dining was stopped in the city, as they grapple with a renewed rise in cases that has already seen their public school system shut which caused the mini risk-off from Wednesday afternoon US time. Governor Cuomo increased restrictions across the state, with the worst positivity rates currently in the western part of the state. On the other side of the country, the Governor of California imposed a curfew that affects 94% of the population in the state from between 10pm and 5am starting this weekend. President Trump’s Coronavirus Task Force held its first press briefing yesterday at the White House since April as the cases and hospitalisations continue to surge to record highs in regions across the country. Dr Fauci again urged a national effort to slow the spread offering the optimism of a potential vaccine on the horizon. The task force again noted they are not in favour of a national lockdown but emphasized “mask wearing, social distancing, avoiding congregant settings, doing things to the extent that we can outdoors versus indoors.”

Across the other side of world, South Korea has urged citizens to stay home and cancel gatherings while the government will minimise face-to-face meetings from next week as new infections in the country are on a rise. Japanese PM also sounded an alarm as he said that the country should be on highest alert over the virus. In some better news, South Australia said that it will lift the lockdown early and immediately allow outdoor exercise, amid early signs its cluster of Covid-19 infections is being contained.

Covid also managed to find its way into the Brexit negotiations, where the main development yesterday was that the talks were put on hold after one of the negotiators in the EU team tested positive for the virus. That isn’t the best news on the timing front, since there are just weeks remaining now until the conclusion of the transition period at the end of the year, when the UK leaves the EU’s single market and customs union, and there’s still no agreement on a trade deal. Earlier this week, there had been reports that the breakthrough could come as soon as early next week, meaning there’d be enough time for the text to be translated and ratified. Obviously the latest developments won’t be helping to speed things up however. Barnier was meant to be addressing the EU Ambassadors meeting today but one of his deputies will attend instead. It’ll be interesting to see if this generates headlines.

During a EU leaders’ videoconference yesterday French President Macron and Belgian Prime Minister De Croo asked their counterparts to start contingency planning for a no-deal separation with the UK. Als

endo on the call Hungary and Poland kept to their veto of the $2 trillion stimulus agreed to by leaders back in July. The Polish premier Morawiecki indicated that the conditioning disbursements from the group’s economic recovery fund to rule-of-law conditions would not be in line with EU treaties. EC President Michel, who chaired the meeting, said the commission would work toward a compromise, without elaborating on specifics.

Wrapping up with yesterday’s data, the weekly initial jobless claims from the US ticked up to 742k (vs. 700k expected) in the week through November 14, moving back up from the post-pandemic low of 711k the previous week. That said, the continuing claims for the week through November 7 were slightly better than expectations, at 6.372m (vs. 6.4m expected). Otherwise, existing home sales rose to an annualised rate of 6.85m (vs. 6.47m expected), which is their highest level since 2005.

To the day ahead now, and the data highlights include UK retail sales and public finances for October, along with Germany’s PPI. As well as this, we’ll get the Euro Area’s advance consumer confidence reading for November, and Canada’s September retail sales. Central bank speakers include ECB President Lagarde, Vice President de Guindos, and the ECB’s Weidmann and Centeno, as well as the Fed’s Kaplan, Barkin, Bostic and George.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED UP 14.64 PTS OR .44%   //Hang Sang CLOSED UP 94.57 PTS OR .36%    /The Nikkei closed DOWN 106.97 POINTS OR 0.42%//Australia’s all ordinaires CLOSED DOWN 0.04%

/Chinese yuan (ONSHORE) close UP AT 6.5680 /Oil UP TO 42.00 dollars per barrel for WTI and 44.48 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5680. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5645// 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 BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA

One million Chinese folks have received their COVID 19 vaccine under emergency use and so far nobody got sick.  They do not say if any of those million Chinese contacted the virus

(zerohedge)

1 Million Chinese Have Received COVID-19 Vaccines Under ‘Emergency Use’ Designation

As it turns out, the number of Chinese citizens who have received an experimental COVID-19 vaccine is much larger than the West probably realized. According to SCMP, nearly 1 million Chinese, including troops on peacekeeping missions in coronavirus hotspots, have been given an experimental COVID-19 vaccine developed by the state-owned Sinopharm under the government’s emergency-use scheme.

So much for those international scientific standards: China has officially surpassed Russia in the vaccination race, as public health authorities in both countries are using vaccines that are still undergoing clinical trials. And according to Liu Jingzhen, the chairman of China’s Sinopharm, there has not been a single case of a “serious adverse event” (ie somebody getting seriously ill, or dying, because of the virus) despite the nearly 1 million infections.

In an interview, Liu boasted about China’s “world-leading” vaccine development project.

“In terms of emergency use, the vaccines were applied to nearly a million people and there has not been a single case of a serious adverse event. People have had only mild symptoms,” Liu Jingzhen, chairman of China National Pharmaceutical Group (Sinopharm), said in an interview with a Sichuan-based digital media company that was published on Wednesday.

“Until now, all our progress, from research to clinical trials to production and emergency use, we have been leading the world,” he said.

CanSino CEO Yu Xuefeng said Friday that no infections have been discovered among patients who received his vaccine.

Russia and China are the only two countries actively working to develop a vaccine that have used emergency measures to vaccinate large swaths of their populations. Russian President Vladimir Putin even claimed earlier this year that one of his adult daughters had been inoculated in one of the early-stage trials for the vaccine developed by the Gamaleya Institute.

Sinopharm confirmed back in September that the number of patients who had received its vaccine under the “emergency” designation numbered in the hundreds of thousands. China’s definition of what constitutes a “high-risk individual”, which included not only obvious groups like frontline health professionals, but also school, supermarket and public transport workers.

As Moderna, Pfizer and AstraZeneca release their preliminary data showing the vaccines to be highly effective with only mild side effects, a study published earlier this week in the Lancet showed that the inactivated vaccine produced by Sinovac produced an immune response to the virus, though it wasn’t as strong as the response seen in patients who received the American mRNA vaccines, or in infected patients.

US Health and Human Services Secretary Alex Azar said Wednesday that authorization and distribution of the Pfizer and Moderna vaccines could start within weeks, and that the US would have 40 million doses of the two vaccines ready to go by the end of the year. As vaccination criteria expands, Francis Collins, director of the National Institutes of Health in Maryland, expects “a large number of people” to be vaccinated by April next year.

While Pfizer, Moderna and other western companies strike deals with the US, EU, Japan and others – on Friday morning Reuters reported on a $10 billion deal between the EU and two vaccine-makers: Pfizer and CureVac. The deal would secure hundreds of millions of doses of the vaccines (provided they’re proven effective in the trials).

Chinese vaccine makers are striking deals as well: On Thursday, Turkey announced plans to sign a contract to secure 20 million doses of the vaccine. If the deal is finalized, Turkey will join Brazil as the second country to sign a supply deal with China.

 end

4/EUROPEAN AFFAIRS

Protests on the lockdowns escalate across Europe

OffGuardian.org

Rising Up – Anti-Lockdown Protests Spread Across Europe

Via Off-Guardian.org,

As the alleged “second wave” of the Coronavirus “pandemic” is reported to be sweeping across Europe in recent weeks, many governments have enthusiastically embraced their totalitarian side and granted themselves sweeping new “emergency powers” alongside new lockdown measures.

The public has been markedly less co-operative this time around. Rebelling against the seemingly arbitrary limitations which are not supported by either science or common sense. Protests have taken place all across the continent.

GERMANY

Thousands of people gathered in Berlin over the last few days, protesting the Merkel government passing a new lockdown law. Police turned water cannons on the crowds, and nearly 200 people were arrested.

The mainstream reported “hundreds” of protesters, but as pictures plainly show it was more like tens of thousands:

SPAIN

After the Prime Minister of Spain Pedro Sanchez declared a sixth-month state of emergency in late October, there were days of protests across the country.

Barcelona, already a hot-bed of anti-government feeling due to the brutal repression of the Catalan Independence referendum, saw violent confrontations between riot police and protestors

FRANCE

Emmanuel Macron’s brand new “comprehensive security law”, known by protesters as the “gag law”, would further militarise French police whilst making it a crime to capture or distribute the image of police officer. It has met fervent resistance in the shape of angry marches through cities across the country.

Macron’s government has a history of attacking civil liberties, and in response to his “reforms” the country has seen large-scale protests by the Gilets Jaunes for over a year.

ITALY

The anti-lockdown protests in Italy reached a fever pitch in late October, and were probably the most extensive on the continent. Marches occurred in dozens of cities across the country, including Rome, Naples, Genoa and Bologna.

The mainstream media went out fo their way to undercut and smear the protests. CNN and Reuters reported only “hundreds” of protesters. Does this photo have “hundreds” of people in it?

Politico went so far as to actually blame the protests on the Mafia.

SLOVAKIA

Bratislava was home to a huge march of protesters on November 17th, marking the national holiday known as Fight for Freedom Day. These marches were illegal under the Slovakian emergency law, notionally designed to prevent the spread of coronavirus.

DENMARK

The Danish parliament was subject to 9 days of protests right outside its doors, in opposition to the proposed “vaccination law”, which would allow the police to “physically coerce vaccination through detainment”.

In fact, the media have barely covered the proposed law, and literally not mentioned the protests in Copenhagen at all. A search for “Covid protests Denmark” on google, turns up almost no results relating to that topic.

The reason to cover the Danish protest less than the others is that they apparently worked. and the last thing the establishment wants people to see is that civil disobedience can change anything.

It’s good to see the general public’s fraying sense of patience with a Covid narrative that has never made any sense, and a “pandemic response” which is likely to do far more damage than it ever could prevent.

Though civil unrest is undeniably a good and powerful thing, this is also a time to be wary. If the establishment feel they are losing control of the situation or the narrative, they are likely to double down or try something desperate.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL
Israel once again resumes bombing targets in Syria
(SouthFront)

Israel Resumes Bombing Targets In Syria

Submitted by SouthFront,

The Israeli Air Force is once again bombing targets in Syria amid growing turbulence in the Greater Middle East.

Early on November 18, the Israeli Air Force conducted a series of strikes on targets in Syria. The Israeli Defense Forces (IDF) claimed that the strikes hit “warehouses, command posts and military complexes, and batteries of surface-to-air missiles” belonging to the Syrian Army and the Iranian Quds Force. In total, the strikes reportedly hit 8 targets including the following:

  • an alleged Iranian military complex near Damascus International Airport;
  • some mysterious secret military barracks which act as a housing complex for senior Iranian officials as well as visiting delegations;
  • a command post for Division 7 of the Syrian Army which allegedly cooperates with the Quds Force;
  • surface-to-air missile launchers which had fired in the direction of the Israeli jets during the strikes.

The Israeli side claimed that the strikes came in response to the placement of explosive charges near the contact line between the Israeli-controlled part of the Golan Heights and Syrian-controlled territory. According to IDF Spokesman Brig.-Gen. Hidai Zilberman, the anti-personnel mines discovered on November 17th were actually planted several weeks before “by local Syrians under the command of Iranian Quds Force.”

“We have long been prepared for the possibility of terror attacks in the northern sector,” Defense Minister Benny Gantz said commenting on the attack. “The IDF has the capabilities and the determination to respond severely to any incident both on the Lebanese and Syrian fronts… I say clearly: Syria is responsible for what occurs on its territory.”

In their turn, the Syrian state media reported that the Syrian military had activated its air defense forces in response to the Israeli aggression claiming that a number of missiles were intercepted.  According to the Syian Ministry of Defense, three service members were killed and another one was injured as a result of the strikes. Sources loyal to Israel and militant groups operating in Syria claim that at least 10 Iranian-backed fighters were killed.

Israel justifies its recent attack on Syria with the need to respond to Iranian-backed ‘terror plots’. A more realistic version would be that Tel Aviv, concerned by the reported loss of Donald Trump in the US presidential election, has been trying to exploit the potential last months of the Trump administration’s unconditional support to deliver as much damage as possible to its regional opponents.

Meanwhile, according to reports in US mainstream media, Mr. Donald Trump, well known for his hardcore pro-Israeli stance, is now even considering a plan of strikes on Iranian nuclear objects before he possibly leaves office.

Trump reportedly requested his top aides to provide him with “options” for attacking Iran’s main nuclear site, Natanz, as Iran continues to increase its stockpile of low-enriched uranium as a part of its gradual withdrawal from the 2015 nuclear deal, which the Trump administration had itself destroyed by unilaterally withdrawing from it. The main options, according to reports, are, as always, an old-school cruise missile strike or a massive cyber-attack. The Iranian leadership has already promised a ‘crushing response’ to any kind of aggression. And there can be little doubt that Iran, which already has the experience of shooting down US military drones over the Persian Gulf and launching ballistic missiles at US bases in Iraq, would turn its promises into reality.

6.Global Issues

CORONAVIRUS  UPDATE/GLOBE

US Tops Off Worst Week Yet With Record 180k New COVID-19 Cases: Live Updates

Summary:

  • 3 players for NY Giants test positive
  • 2 Shanghai residents test positive
  • US sees record new cases; 1MN+ cases in a week
  • Hungary may sidestep EU drug regulations
  • UK sets up mass vaccination stations
  • WHO warns remdesivir ineffective in treating COVID

* * *

Update (1020ET): 3 players for the NY Giants have tested positive for COVID-19, according to media reports, creating more disruption for the NFL schedule ahead of a key week for the NFL’s schedule.

* * *

The US reported more than 180k new cases on Thursday for the first time ever, marking a new record just ahead of a holiday week as the CDC urges the 50 million Americans planning to travel for the Thanksgiving holiday to just stay home.

According to the COVID tracking project, the US recorded more than 1 million new COVID-19 cases over the past week, leaving the US on track to post the biggest weekly jump in new cases yet…just one week before Thanksgiving.

As COVID mortality surges, deaths per million people in the US are the highest in South Dakota and North Dakota. Of course, their overall numbers remain relatively small compared to other states.

While all 50 states are seeing their outbreaks continue to grow, the midwest is reporting the most new cases daily.

Over the past couple of weeks, hospitalizations in the US have nearly doubled, helping to push the mortality rate higher.

In terms of vaccine news, Pfizer is applying for an emergency use authorizations from the FDA as was widely expected, while one of China’s top vaccine makers just claimed that a million Chinese have already been vaccinated.

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

England’s Covid infection rate continued to rise, with one in 80 people having the disease in the week to November 14, according to Office for National Statistics figures published Friday. However, the pace has leveled off in recent weeks. There were an estimated 38,900 new cases per day in the latest week, down from almost 48,000 in the previous seven days (Source: Bloomberg).

Hungarian Prime Minister Viktor Orban indicated that his government may sidestep the European Union’s drugs regulator to accelerate the authorization of Russia’s coronavirus vaccine (Source: Bloomberg).

California Governor Newsom issued a 22:00-05:00 curfew and stay at home order for purple tier counties which will last for 4 weeks and affect over 90% of the state’s population from Saturday (Source: Newswires).

WHO warned last night that it woundn’t recommend Gilead’s remdesivir for the treatment of COVID-19, in a major blow to what was once touted as a revolutionary therapeutic (Source: Newswires).

UK will set up dozens of mass vaccination centers once a vaccine is approved to immunize people against the virus. (Source: the Telegraph).

END

a BIGGY!!

the high cost of the lockdowns!

(American Institute of Economic Research)

The (High) Cost Of Lockdowns: A Preliminary Report

Via The American Institute for Economic Research,

In the debate over coronavirus policy, there has been far too little focus on the costs of lockdowns. It’s very common for the proponents of these interventions to write articles and large studies without even mentioning the downsides.

Here is a brief look at the cost of stringencies in the United States, and around the world, including stay-at-home orders, closings of business and schools, restrictions on gatherings, shutting of arts and sports, restrictions on medical services, and interventions in the freedom of movement.

Mental Health

  • During late June 2020, 40% of US adults reported to be struggling with mental health or substance abuse. CDC (June 2020) US
  • Of adults surveyed, 10.7% had thoughts of suicide compared to 4.3% in 2018. CDC (August 2020) US
  • Reported symptoms of anxiety were three times higher than they were in Q2 2019 and reported symptoms of depression were four times higher than they were in Q2 2019.  CDC (August 2020)  US
  • Of individuals aged 18-24, 25.5% considered suicide.  CDC (August 2020) US
  • In New York alone, Google searches increased for phrases and words: anxiety, panic attack, and insomnia. JAMA (October 2020)  New York
  • Between April and October, the portion of emergency visits related to mental health for children (5-11) increased by 24% and 31% for 12-17 year olds compared to 2019.  CDC (November 2020)  US
  • In late June, 13% of survey respondents said they had started or increased substance use to cope with the pandemic.  CDC (August 2020) US
  • More than 40 states have reported increases in opioid-related mortalityAMA (October 2020) US
  • From January 2020 to March 2020, 19,416 people died from drug overdoses, which is 3,000 more than in 2019 of the same quarter. CDC (2020) US

The Economy

Unemployment 

  • Unemployment rate increased to 14.7% in April 2020. This is the highest rate of increase (10.3%) and largest month over month increase in history of available data (since 1948).  BLS (May 2020)  US
  • In March, 39% of people living with a household income of $40,000 and below reported a job loss.  Federal Reserve (April 2020)  US
  • The unemployment rate between February and April increased by 12% for women and 10% for men.  Bureau of Labor Statistics  US
  • Mothers of children aged 12 and younger lost 2.2 million jobs between February and August (12% drop), while fathers of small children lost 870,000 jobs (4% drop).  Stateline (August 2020)  US
  • One out of four women who were surveyed reported their job loss was due to lack of childcare, twice the rate of men surveyed.  Washington Post (July 2020)  US

Education

  • About 24 million children may drop out of school next year as a result of the lockdown’s economic impact.  UN (October 2020)  Worldwide
  • A decrease in life expectancy by 5.53 million years of life is found to occur for US children due to the closing of US primary schools.  JAMA (November 2020)  US
  • 30,806 internships were lost (a decrease of 52%) between March 9 and April 13.  Glassdoor (April 2020)  US
  • Between March 9 and April 13 travel & tourism internships fell 92%; IT dropped 76%, architecture & engineering 65% and telecommunications 65%. Accounting & legal internships fell the least, dropping 22%.  Glassdoor (April 2020)  US

Healthcare

  • At the 10-week mark of lockdown, 2.1 million people in the UK were waiting for breast, cervical, or bowel cancer screening.  Cancer Research UK (June 2020)  UK
  • Diagnosis for 6 cancers (breast, colorectal, lung, pancreatic, gastric, and esophageal) has declined 46.4% compared to 2018.  JAMA Research Letter (August 2020)  US
  • Pancreatic cancer diagnosis has dropped 24.7% compared to 2018.  JAMA Research Letter (August 2020)  US
  • Breast cancer diagnosis has dropped 51.8% compared to 2018.  JAMA Research Letter (August 2020)  US
  • “The Netherlands Cancer Registry has seen as much as a 40% decline in weekly cancer incidence.”  JAMA Research Letter (August 2020)  Netherlands
  • Pre-Covid, Medical University of South Carolina dropped from 20 stroke-related calls daily (or 550 per month) to about nine in mid-April.  Washington Post (April 2020)  US
  • UK (suspected) cancer referrals have decreased 75% since Covid-19 restrictions were implemented.  JAMA Research Letter (August 2020)  UK
  • 38% decrease in STEMI treatments in 9 major hospitals across the US.  JACC (June 2020)  US
  • In Italy, cardiological diagnostic procedures decreased 56%, PCI 48%, structural interventions 81% and PCI in STEMI 40%.  REC Interv. Cardiol. (2020)  Italy
  • Cardiovascular disease is the leading cause of death in the US; Premature cardiovascular disease and stroke mortality costs $137.5 billion in lost future productivity.  AHA (2020)  US
  • Admissions for chemotherapy decreased 45-66% while urgent referrals for early cancer diagnosis decreased 70-89%.  Lai et al. (2020)  UK
  • During April weekly emergency department (ED) visits declined 42% from the previous year average of 2.1 million to 1.2 million.  CDC (October, 2020)  US
  • In 2018 patients visiting the ER for opioid overdoses are 100 times more likely to die by drug overdose in the year after being discharged. They are 18 times more likely to die by suicide relative to the general population.  NIMH (May 2020)  US
  • Hospital financial losses will be as high as $323.1 billion for the entire year.  AHA (July 2020)  US

Crime

  • During the first six months of 2020 murder and nonnegligent manslaughter offenses increased 14.8%, and aggravated assault offenses were up 4.6%.  FBI (September 2020)  US
  • Property crime offenses declined 7.8%; except for motor vehicle thefts, which increased 6.2%.  FBI (September 2020)  US
  • Arson increased 19.2% in the first six months of 2020 compared to the same time the previous year; and increased 52.1% in cities with populations of 1,000,000 or more.  FBI (September 2020)  US
  • Between June and August 2020 homicides increased 53% and aggravated assaults increased 14% compared to the same period in 2019.  NCCJ (September 2020)  US
  • A UK domestic abuse charity (Refuge) reported a 25% increase in calls made to helpline since the start of lockdowns.  Refuge (April 2020)  UK

Food and Hospitality

  • Restaurants have spent an additional $7,400 on PPE and enhanced safety protocols (training, cleaning, Plexiglas, etc.) which will take 66% of businesses 6 months to recoup.  QSR (September 2020)  US
  • The restaurant industry is set to lose $240 billion in revenue and 8 million employees in 2020.  QSR (September 2020)  US
  • In May, nearly 75% of independent restaurants reported new debts greater than $50,000; 12% reported additional debt at $500,000 and above.  FSR (August 2020)  US
  • 1 in 3 restaurants are expected to close.  FSR (August 2020)  US
  • 86% of restaurants reduced staff due to Covid-19; 40% of restaurants expect to be out of business by March 2021.  QSR (September 2020)  US

But apart from that… lockdowns have been very successfu

7. OIL ISSUES

CUSHING OKLAHOMA CRUDE STOCKS SOAR

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.1873 UP .0007 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 103.81 UP 0.040 (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 1.3274   UP   0.0027  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3057 DOWN .0031 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 7 basis points, trading now ABOVE the important 1.08 level RISING to 1.1873 Last night Shanghai COMPOSITE CLOSED  UP 14.64 PTS OR .44% 

//Hang Sang CLOSED UP 94.57 PTS OR .36% 

/AUSTRALIA CLOSED DOWN 0,04%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 94.57 PTS OR .36% 

/SHANGHAI CLOSED UP 14.64 PTS OR .44% 

Australia BOURSE CLOSED DOWN 0.04% 

Nikkei (Japan) CLOSED DOWN 106.97  POINTS OR 0.42%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1866.00

silver:$24.12-

Early FRIDAY morning USA 10 year bond yield: 0.839% !!! UP 1 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.548 DOWN 0  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 92.31 UP 2 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.02% DOWN 2 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.02.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.07%//DOWN 0 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.63 DOWN 1 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 56 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.58% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.212% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.1854  DOWN     .0011 or 11 basis points

USA/Japan: 103.83 UP .019 OR YEN UP 2  basis points/

Great Britain/USA 1.3288 UP .0041 POUND UP 41  BASIS POINTS)

Canadian dollar UP 1 basis points to 1.3079

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closed UP AT 6.5630    ON SHORE (UP)..

THE USA/YUAN OFFSHORE:  6.5588  (YUAN up)..

TURKISH LIRA:  7.62  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield UP 1 IN basis points from THURSDAY at 0.843 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.556 UP 1 in basis points on the day

Your closing USA dollar index, 92.37 UP 7  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 8.10  0.23%

German Dax :  CLOSED UP 51.09 POINTS OR .39%

Paris Cac CLOSED UP 21.23 POINTS 0.39%

Spain IBEX CLOSED UP 47.70 POINTS or 0.60%

Italian MIB: CLOSED UP 170.72 POINTS OR 0.79%

WTI Oil price; 41.65 12:00  PM  EST

Brent Oil: 44.34 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    76.17  THE CROSS LOWER BY 0.07 RUBLES/DOLLAR (RUBLE HIGHER BY 7 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.58 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 : 42.15//

BRENT :  45.02

USA 10 YR BOND YIELD: … 0.831..up 1 basis points…

USA 30 YR BOND YIELD: 1.530 down 2 basis points..

EURO/USA 1.1858 ( DOWN 7   BASIS POINTS)

USA/JAPANESE YEN:103.81 UP 0.04 (YEN up 4 BASIS POINTS/..

USA DOLLAR INDEX: 92.38 DOWN 8 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3083 UP 40  POINTS

the Turkish lira close: 7.63

the Russian rouble 76.25   DOWN 0.01 Roubles against the uSA dollar. (DOWN 1 BASIS POINTS)

Canadian dollar:  1.3083 UP 5 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.58%

The Dow closed DOWN 219.75 POINTS OR 0.15%

NASDAQ closed DOWN 49.75 POINTS OR 0.42%


VOLATILITY INDEX:  23.10 CLOSED DOWN .01

LIBOR 3 MONTH DURATION: 0.234%//libor dropping like a stone

USA trading today in Graph Form

Stocks Dip, Crypto Rips As ‘Dark Winter’ Trumps ‘Spring Reopening’

For all the hype about vaccines returning us to normal, it appears to be more a “sell the news” event as vaccine good news is stimulus bad news (and Mnuchin’s move didn’t help the latter’s hype). So, in spite of all the good news on vaccines and treatments, stocks were mixed with S&P and Dow red on the week (Dark Winter?), Small Caps best (value rotation), Nasdaq tumbled into the red in the last few minutes (mixed picture)…

It appears winter is coming before spring can sprung…

Last night’s headlines on Mnuchin ending various fed programs sparked some early selling that the machines bid back overnight. However, today’s opex weighed as gamma pins were lifted but again we saw the chaotic last hour as stocks initially tanked then were panic-bid, then reversed to the lows of the day (aside for Small Caps)…

Airlines rallied this week (but faded the last couple of days)…

Source: Bloomberg

Similar picture for banks as they eked out gains after a strong start…

Source: Bloomberg

Momentum fell relative to value for the second week in a row…

Source: Bloomberg

Notably, however, the momo/value rotation drastically decoupled from bond yields this week…

Source: Bloomberg

HY bond prices dropped today, but modestly, not reacting very violently to Mnuchin’s Fed punchbowl pull…

But spreads did decouple today from equity risk…

Source: Bloomberg

Despite the mixed bag in stocks, bonds were bid aggressively with the long-end yield dropping over 11bps…

Source: Bloomberg

30Y Yields tumbled, erasing all of the Pfizer vaccine spike…

Source: Bloomberg

The Dollar drifted lower all week, back at the post-election, pre-Pfizer-vaccine lows…

Source: Bloomberg

Cryptos had a big week with Litecoin and Ripple outperforming…

Source: Bloomberg

Bitcoin neared its record high…

Source: Bloomberg

And Ethereum surged back above $500…

Source: Bloomberg

Bitcoin has erased most of the DeFi boom outperformance of Ethereum…

Source: Bloomberg

Copper and Crude rallied on the week as PMs limped lower…

Source: Bloomberg

Gold bounced off the Pfizer vaccine plunge lows…

Oil (WTI) ended the week above $42…

Copper has soared to a two year high on vaccine ‘return to normal’ hopes, but the copper/gold ratio remains entirely decoupled from bonds…

Source: Bloomberg

Finally, as Bloomberg reports, the world’s stock of negative-yielding debt climbed to a record $17.1 trillion as pandemic-spurred economic damage and monetary stimulus continued to grip bond investors even as news of progress on a vaccine lifted equity markets. The frenzy for China’s first sovereign-bond sale with a sub-zero yield only underscored the unwavering demand for the asset class.

And that is supportive for gold (and maybe one reason for Bitcoin’s surge)…

Source: Bloomberg

And in stock-land, Nomura’s Charlie McElligott warns that the data suggests a significant amount of the aggregate options position $Gamma to run-off across SPX / SPY, QQQ, IWM and EEM as per standard options expiration cycle – and in-light of such extreme “long $Delta,” the end of day today into early next week is the window for the market to “un-pin,” especially as recent and incredibly supportive Dealer Vanna- and Charm- flow is gone.

Trade accordingly

a)Market trading/LAST NIGHT/USA//FED

Interesting:  the Fed is furious with the Trump administration after Mnuchin refuses to extend some of the bailout programs

(zerohedge)

Fed Furious After Mnuchin Refuses To Extend Some Bailout Programs

Update (1355ET): That didn’t take long. The Fed, as we suspected, is furious, issuing a statement:

“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”

For the Fed to publicly respond so quickly is quite a change of regime for the typically stoic and ‘independent’ entity.

*  *  *

Despite Fed Chair Powell’s desire for them to remain in place, Treasury Secretary Steven Mnuchin has declined to extend several emergency loan programs established jointly with the Fed that are set to expire on Dec. 31.

The Fed’s corporate credit, municipal lending and Main Street Lending Program won’t be renewed, Mr. Mnuchin said Thursday.

Powell said earlier in the week that “The Fed will be strongly committed to using all of our tools to support the economy for as long as it takes until the job is well and truly done. When the right time comes, and I don’t think that time is yet or very soon, we will put those tools away.”

But now, WSJ reports that, in a letter to Mr. Powell on Thursday, Mr. Mnuchin said the facilities, backstopped by the Treasury with funds authorized under March’s Cares Act, “have clearly achieved their objective.”

Bond issuance volumes, which sank in March, have returned to their pre-Covid-19 levels along with borrowing spreads.

“Banks have the lending capacity to meet the borrowing needs of their corporate, municipal and nonprofit clients,” he said.

In fact, bond yields and spreads are at all-time record lows (despite surging debt/leverage).

Mnuchin almost noted that the move would allow Congress to reappropriate approximately USD 455bln remaining from the CARES Act.

This, we are sure, will infuriate The Fed. In recent weeks they have been vocal about the need for these programs to remain in place:

  • Federal Reserve Financial Stability Report noted that money markets have stabilized but would be vulnerable in the absence of emergency facilities. (Nov 9th)
  • Chair Powell said the time is not right yet to put away the Fed’s emergency tools (Nov 17th). Powell also said on the Nov 5th FOMC that if things deteriorate, the emergency facilities can be extended
  • Vice-Chair Clarida said 13(3) facilities have been successful and the Fed is just turning to discussion on their expiration; no more guidance to offer on 13-3 extension beyond year-end (Nov 16th)
  • Barkin (2021 voter) said the impact of the shelving of the 13(3) Emergency Facilities on financial markets is unclear; if you take them away, it may not have a big impact, but there is an increased risk (Nov 18th)
  • Bostic (2021 voter) said emergency programmes need to be kept open and available (Nov 17th)
  • Daly (2021 voter) said she is confident the Fed and Treasury will keep any or all of the 13-3 facilities that may still be needed (Nov 10th)
  • Mester (2020 voter) said she would extend all of the Fed’s emergency lending facilities if it were up to her as they are still needed (Nov 9th)
  • Bullard (non-voter) said even if Fed emergency programs are shut down at year-end, markets would know they can be reopened (Nov 13th)

Stocks have slipped after hours on the news…

*  *  *

Here is the Treasury statement:

Today U.S. Treasury Secretary Steven T. Mnuchin sent a letter to Chairman of the Federal Reserve Board of Governors Jerome Powell requesting a 90-day extension of the Commercial Paper Funding Facility (CPFF), the Primary Dealer Credit Facility (PDCF), the Money Market Liquidity Facility (MMLF) and the Paycheck Protection Program Liquidity Facility (PPPLF).

“With respect to the facilities that used CARES Act funding (PMCCF, SMCCF, MLF, MSLP, and TALF), I was personally involved in drafting the relevant part of the legislation and believe the Congressional intent as outlined in Section 4029 was to have the authority to originate new loans or purchase new assets (either directly or indirectly) expire on December 31, 2020. As such, I am requesting that the Federal Reserve return the unused funds to the Treasury. This will allow Congress to re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds,” said Secretary Steven T. Mnuchin.

“In the unlikely event that it becomes necessary in the future to reestablish any of these facilities, the Federal Reserve can request approval from the Secretary of the Treasury and, upon approval, the facilities can be funded with Core ESF funds, to the extent permitted by law, or additional funds appropriated by Congress. I am deeply honored to have worked on executing these programs and hope that because of our collective actions, Congress will show similar trust in Federal Reserve Chairs and Treasury Secretaries in the future.”

Read the full letter to The Fed here…

*  *  *

On a side note, some have suggested that the last sentence sounda a lot like a concession:

I am deeply honored to have worked on executing these programs and hope that because of our collective actions, Congress will show similar trust in Federal Reserve Chairs and Treasury Secretaries in the future.

end

Then:

Secy Mnuchin Asks Fed To Return $455B Of COVID Relief Funds

U.S. Treasury Secretary Steven Mnuchin briefs reporters on President Donald Trump’s newly signed executive order imposing new sanctions on Iran, at the White House on June 24, 2019 in Washington, DC. (Photo by Mark Wilson/Getty Images)

OAN Newsroom
UPDATED 6:15 PM PT – Thursday, November 19, 2020

Treasury Secretary Steven Mnuchin requested that the Federal Reserve return unused coronavirus stimulus funds.

In a letter to Fed Chairman Jay Powell on Thursday, Mnuchin said the central bank held some $455 billion from the COVID-relief package passed back in March. The Treasury Secretary asked Powell to return that money so Congress can spend it on additional relief measures.

“The liquidity and capital position of U.S. banks ensure that they can fulfill the financing requirements of their customers,” Mnuchin wrote in the letter. “In the most recent survey by the National Federation of Independent Business, only 2% of small and medium-size firms reported that all their borrowing needs were not satisfied.”

The Fed cut interest rates and expanded the balance sheet earlier this year to help the U.S. economy. Mnuchin added he will be able to help U.S. businesses without a new COVID-relief bill if the Fed returns its relief funds.

end

MNUCHIN is not taking any chances: he is not leaving facilities open for the Democrats to fund their crazy things

(zerohedge)

Did Mnuchin Shoot Powell In The Back?

As we reported yesterday, and as Rabobank senior strategist Philip Marey writes this morning in a note titled Mnuchin shoots the Fed in the back, “Treasury Secretary Mnuchin upset the markets yesterday when he announced that a number of the Fed’s special lending facilities should be terminated by the end of the year.”

In a letter to Fed Chairman Powell, Mnuchin said that the programs have clearly achieved their objectives. Credit markets have been rehabilitated and banks have the lending capacity to meet the borrowing needs of their corporate, municipal and non-profit clients. However, the Fed does not agree with Mnuchin’s decision and said in a statement that the Fed would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.

Earlier this week, Powell said that the time to discontinue the lending facilities was not soon, highlighting that typically the Fed keeps its backstops in place for some time after a crisis hits. Yesterday, Atlanta Fed president Bostic said that given where the economy is – and there’s so much uncertainty still out there – it’s prudent to keep those things open so that when people, if they do have stress, they can draw upon it.

All this comes at a time that the economic data show a loss of momentum, with initial jobless claims moved in the wrong direction yesterday, rising to 742K in the second week of November from 711K in the first week. At the same time, existing home sales slowed down to 4.3% month-on-month in October, from 9.9% in September and the Philly Fed fell to 26.3 in November from 32.3 in October. This adds to the series of US data that show a loss of momentum in the economic recovery. The combination of rising Covid-19 infections and lack of additional fiscal stimulus after the CARES Act may now be finding its way into the economic data.

While Rabobank writes that this should underline the urgency of a new fiscal stimulus package, “unfortunately, Congress goes on vacation next week. Probably tired from doing nothing the past six months, at least when measured in terms of providing additional fiscal stimulus. On top of that, the Treasury Secretary wants his money back from the Fed.”

In this context of slowing growth, Mnuchin requested the expiration of the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, the Municipal Lending Facility, the Main Street Lending Program, and the Term Asset-Backed Securities Loan Facility by December 31. At the same time, he wants the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility be kept in place for an additional 90 days.

Meanwhile, it is worth noting that Republicans had earlier indicated they were worried that the Municipal Lending Facility and the Main Street Lending Program could be used by the Democrats to bypass Congress if Republicans were to block additional federal government support to local governments and small and mid-sized businesses. So, as Rabobank concludes, “Mnuchin’s action is clearly related to politics.”

Well… yes, of course it is. And it is safe to say that the political backstabbing moves are only just starting.

What is a bigger question is how will the market react as we approach the Dec 31 “expiration” date: as Bloomberg’s Emily Barrett writes, “this action knocks out a safety net at a time when lawmakers have no clear plan. And no one needs reminding that the U.S. is heading into a tough winter, with infection rates setting daily records, renewed restrictions on activity, school shutdowns and more businesses closing.”

Moreover, she adds, terminating the programs on Dec. 31 means they may be tougher to restart under the new Biden Administration 20 days later. New funds will need Congressional authorization, though JPMorgan’s Mike Feroli said the incoming Treasury Secretary could agree to restart the facilities with pre-CARES Act cash available in the department’s Exchange Stabilization Fund, which he puts at just over $70 billion.

So for now the upshot is more delays and uncertainty over crucial support for the economy… and more to come if the last Senate races in Georgia next month deliver another bitterly divided Congress.

Which, paradoxically, means that by frontrunning the Fed’s response, traders are effectively making it impossible.

END

“There’s Plenty Of Firepower Left” – Mnuchin Defends Decision To End Fed’s Emergency Lending Programs

After the mainstream press accused the Trump Administration of trying to “sabotage” the Biden Administration by closing out a handful of Fed lending programs that were seeded with money from the Treasury earlier this year, Secretary Mnuchin appeared on CNBC Friday morning for a lengthy phone interview with Jim Cramer.

The secretary defended the decision as “a very simple thing” and pointed out the irony that Democrats had initially been skeptical of “giving me $500 million to do with whatever I want”. The program has been “a great success story”, he said. Now it’s time for the money to come back, as Congress intended, he said.

“This has been an incredible success. Let’s not focus on a couple of facilities that were hardly used,” Mnuchin insisted. He also claimed that markets “should be very comfortable” with the amount of ammo the Fed has in reserve.

“Markets should be very comfortable that we have plenty of capacity left,” the Treasury secretary said.

“This is not a political issue,” he added

When pressed by Cramer & Co. about whether his decision to recall the funds was tantamount to shooting Jerome Powell in the back, Mnuchin insisted that he was simply following the process set out in the law, and that the money from these Fed lending programs could be put to better use by making loans to small businesses.

“The intent was this part of it expires in December, let’s go use this money in parts of the economy that need it. We don’t need this money to buy corporate bonds. We need this money to help small businesses that have been hurt, through no fault of their own.”

“The medical emergency may not be over but the financial conditions are in great shape…corporate bonds have come in…mortgages have come in…the stock market has rebounded. I’m hoping that since we’ve been such an effective steward of these tools…that Congress” won’t hesitate to authorize similar programs in the future.

While urging Democrats to come together with the GOP like they did in the spring to pass another round of stimulus measures, Mnuchin revealed that he would meet with White House Chief of Staff Mark Meadows and Senate leader Mitch McConnell. When asked about reaching out to the Dems, Mnuchin said he planned to reach out to Democratic Congressional leaders.

As we reported last night, Mnuchin requested the expiration of the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, the Municipal Lending Facility, the Main Street Lending Program, and the Term Asset-Backed Securities Loan Facility by December 31. At the same time, he wants the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility be kept in place for an additional 90 days. The Fed responded with a statement claiming it would “prefer” that “the full suite” of measures designed to combat COVID’s impact on the economy be left intact.

When the interviewer pointed out that the next few weeks could be “really ugly,” Mnuchin replied that the administration had shifted its focus from the economy to vaccines, which he said should become available to the first patients in a matter of weeks.

When it comes to negotiations with the Democrats on another stimulus package, the secretary said he would be “redoubling our efforts” to strike a deal, unleashing more optimistic headlines in another effort to pump stocks.

“I had hoped now that we’re past the election that the Democrats will work with us…during the CARES act we had incredible bipartisan support…we’ll be redoubling our efforts to try and get something done.”

When Jim Cramer quoted the NYT which accused Mnuchin of trying to sabotage the upcoming Biden administration, Mnuchin insisted that “what we’re trying to do is follow the law as we’re supposed to…[the program] has been a great success…let’s get it done.”

Asked about his willingness to work with his possible successor, Mnuchin said he would be happy to work with whoever once the certification process related to deciding the official President-Elect is finished.

“There’s a process to certify, and once this is certified of course we will work with whoever we need to work with,” Mnuchin insisted. Asked whether he would be “happy” if former Fed chairwoman Janet Yellen is picked as his successor, Mnuchin demurred, saying it wouldn’t be right for him to comment on the issue…but insisted that he would work with whoever is picked, after the results are made official.

Looking ahead, White House Press Secretary Kayleigh McEnany will hold her first press briefing since the election on Friday at noon. Meanwhile, the torrent of critical op-eds continued, with CNBC publishing a piece of commentary accusing Mnuchin of “removing the life boats from the Titanic”.

Let’s hope America’s zombie companies have learned how to swim after all those years treading water.

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

Here Comes The Double Dip: JPMorgan Forecasts Negative GDP Next Quarter

In retrospect, it was inevitable: after European growth hit a brick wall in October and early November after a second round of partial (or full) lockdowns were imposed, with even the ECB warning that Q4 GDP may turn negative after the record rebound in Q3, it was only a matter of time before the US – which is now experiencing a second round of creeping lockdowns across the coastal states – suffered the same fate.

As we showed earlier, the Citi econ surprise index has clearly pointed the way, having swung sharply lower (as one would expect after the biggest – and shortest – economic collapse since the Great Depression) in recent months, as the economy caught up to trendline on the back of trillions in fiscal stimulus.

Furthermore, with the US entering 2021 without any firm commitment for another much needed round of fiscal stimulus – which we hope everyone realizes is the only reason why the economy did not disintegrate in the summer and fall – even as the rising number of covid cases continue to dominate the economic outlook, the time for the realization that a double dip is imminent, was drawing close.

That time came this morning in a note from JPM chief economist Michael Farolil, who writes that while the economy powered through the July coronavirus wave, “at that time the reopening of the economy provided a powerful tailwind to growth. The economy no longer has that tailwind; instead it now faces the headwind of increasing restrictions on activity.” Meanwhile, “the holiday season—from Thanksgiving through New Year’s—threatens a further increase in cases. This winter will be grim, and we believe the economy will contract again in 1Q, albeit at “only” a 1.0% annualized rate.

In other words, the double dip is about to hit.

The good news is that even without a major stimulus, JPM sees the Q1 recession reverse quickly, because “the early success of some major vaccine trials increases our confidence that such medical intervention can limit the damage that the virus has inflicted on the US economy. (Alas, some lasting damage still seems inevitable.)” As such, JPM expects that by 2Q the vaccine will be  available to health care providers, other essential workers, and at-risk populations. JPM then assumes “broader availability to the rest of the population by 3Q or 4Q” which means that while uncertainties abound, “if this timeline is broadly correct, a normalization of activity should give meaningful support to growth in mid-2021.”

And while (the lack of) a vaccine is certainly a downside risk, another potential risk is that the fiscal stimulus which JPM expects will be released next year, also fails to materialize:

By a wide margin, the course of the virus has been the most important factor shaping the outlook. But fiscal policy has been firmly in second place. This year’s unprecedented fiscal support was crucial in jump-starting the current recovery. We expect more fiscal  action next year—with a baseline assumption of $1 trillion by the end of 1Q. If realized, this would further support the case for strong growth in 2Q and 3Q.

This assumption appears overly optimistic assuming we enter 2021 with an even more polarized political climate than ever before (which judging by the unexpected Treasury-Fed right overnight is right on schedule) suggesting that the real risk is we get zero (or a token) fiscal stimulus in early 2021, something JPM also concedes is a distinct possibility:

If instead we get no further fiscal support, this year’s massive fiscal thrust is set to turn to fiscal drag. For example, Figure 4 presents the fiscal impact measure developed at the Hutchins Center at the Brookings Institution. If we get the fiscal support we expect, that drag gets dampened and pushed back, allowing a vaccine more scope to boost growth.

In this “fiscal-free” scenario, the question becomes how long after the economy double dips before the Fed sparks the next crisis that will allow it to unleash the next several trillion of liquidity into the market (thus allow stocks to hit JPM’s 2021 target of 4,100 which even the bank admits will happen purely on central bank liquidity).

iii) Important USA Economic Stories

Republicans explain what they are going to do to expose the election fraud

(Nation News)

From the Lawyers: Massive Vote Fraud; Trump Won; DNC Acted with Foreigners to Steal US Election

From the Lawyers: Massive Vote Fraud; Trump Won; DNC Acted with Foreigners to Steal US Election

From the Attorneys representing President Trump in the ongoing Election FRAUD litigation:

1. They’ve basically accused the Democrat National Committee (DNC) of working with foreign actors in the election. (Dominion, Smartmatic, Venezuela, Cuba, China)

2. They also said that it’s not just low level election workers, but the election bosses, leadership, up the chain to Biden and company (They were clear about this twice in the presentation that Biden knew of these illegal actions before the election and even quoted the times when Biden bragged about it openly.)

3. All the states in question, stopped the counting of the vote on election night at the same time, and then in a coordinated effort, at the same time, when they thought no one was looking, they all added new votes for Biden only, which barely pushed Biden over the finish line.)

They have hundreds of witnesses, signed affidavits, and a plethora of mathematical analysis on the voting results and timestamps of each flip and switch, addition, and removal.

They also chastised the federal law enforcement and intelligence agencies (FBI, See Eye A, NSA, etc.) and that they have used these corrupt systems before against foreign nations and this time they were used against the American citizens.

Their strategy is to move forward legally, secure the legal votes, or at least allow for the constitution to allow the legislatures to decide the electoral college results, and destroy and dismantle the DNC, its leadership, and those who assisted them (Federal Agencies, and Foreign Nations) in the process.

They also dropped THIS nasty little tidbit: Antifa/BLM is being funded by George Soros.

Giuliani said there was a pattern to the alleged irregularities in key states that suggested, he said, a “plan from a centralized place” to commit voter fraud in cities controlled by Democrats.

He said widespread adoption of vote-by-mail had allowed Democrats to take big-city corruption practices nationwide. “They picked the places where they could get away with it.”

Here are the key allegations the lawyers presented:

1. Observers were allegedly prevented from watching mail-in ballots being opened. Giuliani said that many mail-in ballots were opened without observers being able to check that they were properly signed, a key protection against fraud. Those votes, he said, were “null and void,” especially where the envelopes had been discarded, making recounts useless.

2. Allegedly unequal application of the law in Democratic counties. In Pennsylvania, whose state supreme court created new, relaxed voting rules before the election, Giuliani alleged that absentee voters in Democratic counties were allowed to “cure” defects in their ballots, while voters in Republican counties, which obeyed the state law as written, were not.

3. Voters allegedly arrived at the polls to discover other people had voted for them. Giuliani said that many provisional ballots cast in Pittsburgh were submitted by people who showed up to vote in person, only to be told that they had voted already. He alleged that Democrats had filled out absentee ballots for other people, hoping they would not show up.

4. Election officials were allegedly told not to look for defects in ballots, and to backdate ballots. Giuliani cited an affidavit from an official who swore she was told not to exclude absentee ballots for defects, and to backdate ballots so they would not appear to have been received after Election Day, to avoid a Supreme Court order to sequester those ballots.

5. Ballots casting votes for Joe Biden and no other candidates were allegedly run several times through machines. Giuliani said that there were 60 witnesses in Michigan who would attest to ballots being “produced” quickly and counted twice or thrice. He said that a minimum of 60,000 ballots, and a maximum of 100,000 ballots, were allegedly affected.

6. Absentee ballots were accepted in Wisconsin without being applied for first. Giuliani noted that Wisconsin state law was stricter regarding absentee ballots than most other states are, yet alleged that 60,000 absentee ballots were counted in the Milwaukee area, and 40,000 in the Madison area, without having been applied for properly by the voters who cast them.

7. There were allegedly “overvotes,” with some precincts allegedly recording more voters than residents, among other problems. Giuliani said there was an unusually large number of overvotes in precincts in Michigan and in Wisconsin, which he alleged was the reason that Republicans on the Wayne County Board of Canvassers had refused to certify the results there this week. He also alleged that there were some out-of-state voters in Georgia, and people who had cast votes twice there.

8. Voting machines and software are allegedly owned by companies with ties to the Venezuelan regime and to left-wing donor George Soros. Sidney Powell argued that U.S. votes were being counted overseas, and that Dominion voting machines and Smartmatic software were controlled by foreign interests, manipulating algorithms to change the results. Powell noted specifically that Smartmatic’s owners included two Venezuelan nationals, whom she alleged had ties to the regime of Hugo Chavez and Nicolas Maduro. The legal team alleged that there were statistical anomalies, such as huge batches of votes for Biden, that could not be explained except as manipulation — which, they alleged, happened in the wee hours of the morning as vote-counting had stalled. (The companies have disputed these allegations vigorously.)

9. The Constitution provides a process for electing a president if the vote is corrupted. Jenna Ellis argued that the media, had usurped the power to declare the winner of the election. She made the point, citing Federalist No. 68, that the constitutional process of selecting a president had procedural safeguards against corruption and foreign influence.
Giuliani said that the campaign believed that enough votes were flawed — more than double the margins between Biden and Trump in key states — that the president had a path to victory.

Giuliani presented evidence in the form of sworn affidavits, citing two and noting that the campaign had many more from private individuals.

He noted that several lawsuits that had been dismissed had been filed by private individuals, not the campaign directly. He said lawsuits might be filed in Arizona, and that the campaign was also examining irregularities in New Mexico and Virginia, though he said he did not think there were enough disputed votes in the latter.

Giuliani also took on the media, arguing that they had provided misleading information and condoned threats against Trump’s legal team.

CONFIRMATION OF SERVER SEIZED IN GERMANY

Sydney Powell explicitly confirmed today that computer servers in Frankfurt, Germany, used in the election theft, WERE seized by US Military forces . . . .  BUT . . . .  She’s “not sure if the good guys got it or the bad guys got it.”

This is very scary.   If the good guys had it, it seems to most folks the President would know and his lawyers would know.  Since the President’s lawyer does NOT know, that leads one to believe the bad guys got it.

This would be far worse than just the bad guys getting it.  It would mean the bad guys are inside our US Military, and in the military Chain of Command, that they were able to order this raid and accomplish it.

So the USA could be in a LOT WORSE shape than we first thought when all this election theft began.

HERE:

This is an all or nothing battle now.

If Trump wins, the DNC and deep state are exposed and done forever.

If ‘they’ win, our republic is over. If we can’t choose our leaders via election because of the software, they can brazenly do whatever they want to us.

Tuesday, December 8: This is the date by which all conflicts—including court cases and recounts—must be resolved.

Monday, December 14: Voting day! This is the day that the members of the Electoral College cast their ballots for president and vice president. Copies of the ballots are then sent to key people including the vice president (in his role as president of the Senate), secretary of state, and district judges in the districts where the electors meet.

END
Lin Wood:  Trump won 400 electoral votes. He explains what he intends to do in Atlanta
(LinWood/Mark Levin)

Lin Wood: President Trump Won 400 Electoral Votes

Attorney L. Lin Wood speaks to the media about his client. (Photo by Apu Gomes/Getty Images)

OAN Newsroom
UPDATED 4:30 PM PT – Thursday, November 19, 2020

A pair of attorneys discussed the legitimacy of the election and argued the left got caught red-handed in stealing the vote.

On Wednesday, attorney Lin Wood and talk show host Mark Levin weighed in on the ongoing legal challenges. The two pointed out the “real” results showed President Trump won by a massive margin.

“This election was a fraud,” stated Lin Wood, attorney for the Trump campaign. “Donald Trump won, I believe, a 70% plus landslide election in the nation. He probably won over 400 electoral votes.”

Meanwhile, Wood noted the President’s legal team continues to uncover numerous instances of voter fraud in battleground states. He mentioned absentee and mail-in voting were marred by partisan corruption.

In addition, Dominion Voting Systems continues to remain the target of much scrutiny from Republicans. According to Wood, Dominion contained software that was manipulated within a network of corporations around the globe.

He added that it took 36 days to resolve the electoral dispute during the 2000 Election, but we are currently only on the 15th day of legal proceedings.

Wood also cited potential foreign influence from China. He mentioned the far left’s attempts to get rid of the Constitution by overthrowing the current administration under the guise of an election.

“They’ve infiltrated our government at [the] state, local, and national level…A number of people have been corrupted by Chinese money and even subject to extortion,” the attorney claimed. “We the people are not going to let somebody come in here and take over our government and take away our freedoms.”

Wood urged Americans to ignore Joe Biden’s claims of victory and stated President Trump won this election.

end

No question about it; Dominion should sue for defamation if the Trump team is wrong.   If Trump is right, then they will not sue

(zerohedge_

Will The Trump Team Prove A Global Conspiracy Or Will Dominion Sue For Defamation?

As we detailed previously, yesterday’s press conference held by the Trump legal team was not for the faint of heart.

As Jonathan Turley writesthe team alleged a global, Communist-backed conspiracy to “inject” and “change” votes through the use of the Dominion computer system. It was exhausting and breathtaking. I was critical of the press conference as being long on heated rhetoric and short on hard evidence. Dominion issued a statement categorically denying the allegations.

The question is whether Dominion itself will now sue.  The company denied the allegations but I often measure such denials by whether anyone actually sues.  Dominion could do so and force the Trump team to reveal the evidence supporting their allegations or face potentially significant liability. I assume that counsel like Sidney Powell would not make such allegations without proof, but the press conference did not make such evidence public. But these are not just colorful but criminal allegations against named companies and by implication corporate officials and political allies.

Trump campaign counsel repeatedly accused Dominion and its officers of criminal conduct and business improprieties. Those are categories of “per se defamation” under the common law. No special damages must be shown in such per se cases. Individual officers could bring defamation claims and the company itself could bring a business disparagement action.

Businesses can be defamed like individuals if the false statement injures the business character of the corporation or its prestige and standing in the industry. In Dun & Bradstreet, Inc. v. Greenmoss Builders, Inc., 472 U.S. 749 (1985) the Supreme Court allowed a business to sue a credit reporting agency for defamation where the agency mistakenly reported that the business had filed for bankruptcy.

Restatement Second § 561 Defamation of Corporations states:

“One who publishes defamatory matter concerning a corporation is subject to liability to it

(a)  if the corporation is one for profit, and the matter tends to prejudice it in the conduct of its business or to deter others from dealing with it, or

(b)  if, although not for profit, it depends upon financial support from the public, and the matter tends to interfere with its activities by prejudicing it in public estimation.”

Dominion appears to be a company with a Colorado headquarters.

There could be lawsuits in Colorado or the place of the alleged defamation. The lawsuit would likely be filed under state law but moved to federal court under diversity jurisdiction arguments.

The press conference was an explosion of potentially defamatory claims by individuals or companies.  The only clear defense is truth.  The team insists that it can prove these allegations.  It may have to do so. Not only can the individual lawyers face such lawsuits but the Trump campaign itself could be liable under the principle of respondeat superior, where an employer is liable for the conduct of his employees when they are acting within the scope of their employment. Ironically, the Latin term means “let the master speak.” The President or his campaign could be forced to speak in a defamation case if they have not spoken in the promised court filings.

There is a question of privilege for legal claims.  There is an absolute privilege for lawyers in making statements in court. That is important because we often voice allegations that impute the veracity or character of parties, particularly in criminal cases. However, that privilege is more limited outside of court. It can still apply but some courts have refused to protect statements made to the press or the public. World Wresting Fed Entertainment, Inc v Bozell142 F Supp 2d 514, 534 (SDNY 2001); Kennedy v Cannon229 Md 92, 97, 182 A2d 54, 58 (1962).

In other words, if the Trump team does not put forward this evidence in its case challenging the election, it could now be forced to produce it in a case brought by Dominion or its officers.

end

This speaks volumes as to whether Dominion Voting Systems is guilty or innocent

(zerohedge/Heine/American Greatness)

Dominion Voting ‘Lawyers Up’ Before Abruptly Backing Out Of Pennsylvania Fact-Finding Hearing

Authored by Debra Heine via American Greatness (emphasis ours),

Dominion Voting Systems Thursday night abruptly backed out of attending a fact-finding hearing that was set for Friday morning with the Pennsylvania House State Government Committee.

At a press conference Friday morning, State Govt Committee Chair Seth Grove said the 1.3. million Pennsylvanians who used Dominion’s voting machines have been “hung out to dry and slapped in their faces.”

Pennsylvania lawmakers had scheduled the hearing with the voting machine manufacturer “to help identify and correct any irregularities in the election process,” according to the House Republican Caucus.

It is vitally important voters have faith in the machines they use to cast their ballots. On the heels of Gov. Tom Wolf unilaterally decertifying every voting machine in the Commonwealth, we need to know whether these new machines met expectations, whether they are reliable and whether they are not subject to interference,” said Rep. Grove (R-York).

Dominion had initially agreed to attend the hearing, before it “abruptly canceled,”  Grove said.

I was impressed at what appeared to be the willingness that Dominion Voting Systems to address accusations and it would have put 1.3. million Pennsylvanians who used their machines at ease—including myself, thinking that Dominion was willing to publicly back up their product which PA taxpayers invested millions to purchase” he noted during the presser.

Unfortunately, last evening, Dominion Voting Systems lawyered up, and backed out of their commitment to the people of Pennsylvania to provide their input in a public format.”

Grove blasted the company for “retreating into the darkness,” rather than appearing at the hearing with “honesty and integrity.”

The committee chair said he wanted to know why a company with nothing to hide would back out.

“Why would a vender of public goods fear discussing their product sold to the public for the public good? If Dominion’s products were successful and operated as they were supposed to, why wouldn’t Dominion take the opportunity to publicly review its success?” Grove demanded. “How hard is it to say, ‘our ballot machines worked exactly as promised and they’re 100 percent accurate’?”

“After weeks of accusations, why has Dominion Voting Systems not released any analysis of the success of its voting machines to the public in order to stop their accusers in their tracks? If they have nothing to hide, why are they hiding from us?” he asked.

Today I am saddened to report to the taxpayers of Pennsylvania and the 1.3 million voters who trusted Dominion Voting Systems with their ballots, that Dominion Voting Systems has hung you out to dry and slapped you in your faces.” the committee chair declared.

Grove stated that Dominion’s behavior lent credibility to their accusers’ accusations.

Rep. Dawn Keefer noted that fourteen counties used the Dominion Voting Systems software, so they owe it to Pennsylvania voters to show up and answer some questions.

“We trust the workers in our polling places and in our counties,” Keefer said. “But what we don’t know is the role of 3rd party companies. And when they rescind their participation in our hearing, we’re left wondering why.”

Keefer added: “Transparency is key for our election security. Dominion Voting Software is asking us to give them only blind trust. We’re very disappointed in Dominion’s last minute cancellation in today’s hearing.
Transparency is key for our election security. Dominion Voting Software is asking us to give them only blind trust. We’re very disappointed in Dominion’s last minute cancelation in today’s hearing.”

end

Robert to me:

Sydney Powell now makes the announcmeent that the German Server is in the “good guys” hands and they are going over it with a fine tooth comb

The Dems are finished!!!!

Sidney Powell says Trump will sue officials if they validate the election results.  That would set up fraud charges against them.

Also a good inside look at the history of Smartmatic Company

(zerohedge)

Sidney Powell Says Trump Team Will Sue Officials “To Invalidate” Election Results… And An Inside Look Into Smartmatic

Shortly before the Associated Press announced late on Thursday that Joe Biden had won the state of Georgia after its secretary of state said that Biden had remained ahead after a hand recount of the state’s 5 million presidential votes making him the first Democratic presidential candidate in 28 years to win the state pending any potential litigation by Trump, the president’s attorney Sidney Powell warned that a “flurry of lawsuits” await election officials who certify the results of the election which she believes are fraudulent.

The former federal prosecutor, who is also Michael Flynn’s lead attorney in a case about lying to the FBI, told Fox Business host Lou Dobbs on Thursday that the Trump camp will press forward with legal action, targeting election officials as they certify the 2020 results in several key battleground states that have been called for President-elect Joe Biden. One of them would be Georgia’s Republican Secretary of State, Brad Raffensperger, who must certify the results by Friday.

Dobbs also asked if Trump’s legal team will pursue legal action against Dominion Voting Systems and Smartmatic: “Are you pressing forward with legal action against them for those violations?” Dobbs asked.

“Not against the company and the software,” Powell responded. “But the suits will be against the election officials to invalidate the results of the election and force it to the legislatures and the Electoral College and then the Congress if necessary.”

As we reported earlier, Powell asserted that Dominion and Smartmatic are “inexplicably intertwined.” She appeared with former New York City Mayor Rudy Giuliani and other members of Trump’s election legal team at a press conference in Washington, D.C., to accuse Democrats of an elaborate plot by his opponents to “rig” voting machines in the presidential.

During that conference, Giuliani said that he “can prove that [Trump] won Pennsylvania by 150,000 votes” and that “the people who did this have committed one of the worst crimes that I’ve ever seen or heard.” The former NYC mayor also said there is a pattern in the voting data that suggests “a plan from a centralized place” to commit voter fraud in Democrat-run cities.

At the same time, Powell said President Trump “won by a landslide,” and that their legal team will prove it.

“American patriots are fed up with the corruption from the local level to the highest level of our government,” she said. “We are not going to be intimidated. We are not going to back down. We are going to clean this mess up now. President Trump won by a landslide. We are going to prove it. And we are going to reclaim the United States of America for the people who vote for freedom.”

Powell alleged a transnational conspiracy involving the “influence of communist money” from countries including Cuba, Venezuela, and “likely China” to overturn the presidential race via election software.

Powell also said that the legal team has testimony from an insider who unearthed provable fraud regarding voting machines and software used in multiple states. The person said they worked with the Venezuelan military, outlining a conspiracy between Smartmatic executives, former socialist Venezuelan dictator Hugo Chavez, and election officials in the country years ago.

The whistleblower said the “software and fundamental design of the electronic electoral system and software of Dominion and other election tabulating companies relies upon software that is a descendant of the Smartmatic Electoral Management System.”

“In short, the Smartmatic software is in the DNA of every vote-tabulating company’s software and system,” the whistleblower said.

Powell alleged that Smartmatic, Dominion, and others used technology on Election Day that was developed under Chavez’s regime years ago to “make sure he never lost an election.”

On Monday, Powell posted some of her evidence on Twitter, which consisted of three screenshots of an affidavit that she said was signed by a former military official from Venezuela about elections there. According to her and excerpts from the affidavit, elections software company Smartmatic helped the Venezuelan government rig its elections by switching votes and leaving no trail. The military official said in the excerpts that the U.S. election was “eerily reminiscent” of what happened in Venezuela’s 2013 presidential election.

“This person saw, by his own experience, exactly what was happening there was happening here,” Ms. Powell explained to Fox News on Monday.

The accusations triggered the New York Times, which dragged by its anti-Trump bias was forced to suggest that Venezuela’s 2017 election was actually quite fair and open…

Previous claims that Smartmatic’s voting machines were rigged in Venezuela have been disputed and are “unsubstantiated,” according to The Associated Press.

… even though it was none other than the New York Times reporting in 2017 that “Venezuela Reported False Election Turnout” citing Smartmatic, whose machines were used in that particular Venezuela election and several previous ones.

Smartmatic has denied any ties to Dominion, while Dominion said that it has “no company ownership relationships with the Pelosi family, Feinstein family, Clinton Global Initiative, Smartmatic, Scytl, or any ties to Venezuela.”  Dominion bought assets from a subsidiary of Smartmatic three years after it was sold. Smartmatic wrote on its website that it “does not have any ties to any governments or political parties in any country. It has never been owned, funded or backed by any government.”

Which is odd, considering that Wikileaks has leaked several formerly confidential cables disclosing the murky background of Smartmatic. In fact, we urge everyone to read the July 10, 2006 classified cable titled Caracas’ View of Smartmatic and its voting machines written by Robert Downes, the U.S. Embassy’s political counselor in Caracas at the time. Here is an excerpt:

The Venezuelan-owned Smartmatic Corporation is a riddle both in ownership and operation, complicated by the fact that its machines have overseen several landslide (and contested) victories by President Hugo Chavez and his supporters.  The electronic voting company went from a small technology startup to a market player in just a few years, catapulted by its participation in the August 2004 recall referendum.  Smartmatic has claimed to be of U.S. origin, but its true owners — probably elite Venezuelans of several political strains — remain hidden behind a web of holding companies in the Netherlands and Barbados.  The Smartmatic machines used in Venezuela are widely suspected of, though never proven conclusively to be, susceptible to fraud.  The company is thought to be backing out of Venezuelan electoral events, focusing now on other parts of world, including the United States via its subsidiary, Sequoia.  End Summary.

——————–
Who Owns Smartmatic?
——————-

2. (C) Smartmatic was founded in the late 90s by three Venezuelans, Antonio Mugica, Alberto Anzola, and Roger Pinate.  According to Mugica’s conversations with poloffs in recent years, the three had developed a network capable of handling thousands of simultaneous inputs.  An early application was ATMs in Mexico, but the U.S. presidential election in 2000 led the group to consider electronic voting platforms.  The company formed the SBC consortium with Venezuelan telecom provider CANTV (at the time 28-percent owned by Verizon) and a software company called Bizta. Mugica said Smartmatic held 51-percent of the  consortium, CANTV had 47 percent, and Bizta, 2 percent (ref a).  The latter, also owned by the Smartmatic owners, was  denounced in June 2004 by the press for having received a US$200,000 equity investment from a Bolivarian Republic of Venezuela (BRV) joint venture fund called FONCREI; a Chavez campaign adviser was placed on the board as well.  Bizta reimbursed what it called the “loan” when it was made public and shed the Chavista board member.

3. (C) Mugica has told Poloffs on several occasions that Anzola, Pinate, and he are the owners of Smartmatic, though they have a list of about 30 investors who remain anonymous. Jose Antonio Herrera, Anzola’s father-in-law (and first cousin to Venezuelan Ambassador to the United States Bernardo Alvarez), told poloff in 2004 the silent partners were mainly upper class Venezuelans, some of whom were staunch Chavez opponents.  There were rumors, however, that Smartmatic’s early profits came from  Venezuelan defense contracts supplied by then-Defense Minister Jose Vicente Rangel, whom Chavez later promoted to Vice President.  Perhaps coincidentally, the Vice President’s daughter, Gisela Rangel Avalos, was the head of the local corporate registry when Smartmatic was registered, which contributed to allegations of the Vice President’s involvement.  These unconfirmed rumors also suggested that one-time Chavez political mentor Luis Miquilena was also a shareholder in the company.

4. (C) Mugica first approached the Embassy in 2004 when the company was bidding at the National Electoral Council (CNE) to provide a completely new electronic voting system.  Mugica pitched Smartmatic as a U.S. company registered in Delaware with offices in Boca Raton, Florida.  In fact, poloffs had several discussions with Mugica in the course of facilitating his L-1 inter-company transfer visa to work in the United States.  Mugica said the company’s corporate offices were in Boca Raton, but most of the research staff of some 70 employees remained in Caracas.  Smartmatic essentially purchased its electoral expertise by hiring veteran election observer AMCIT Jorge Tirado and his team of consultants. Tirado served as the interface between Smartmatic and the CNE for several elections.

It only gets better…

In May 2006, Mugica told Poloff Smartmatic’s corporate structure had changed (which had come out in press reports during 2005).  Mugica said that Smartmatic was now two different companies under a Dutch holding company.  U.S. setup was essentially the same, with Delaware registry and the Boca Raton accounting office overseeing U.S. operations. Smartmatic acquired the U.S voting machine company Sequoia Voting Systems on March 8, 2005, Mugica reported.  All U.S. election machinery is assembled in New York, he said.  Mugica noted that while their U.S. operations were important, more than half their sales were outside of Venezuela and the United States.  The other Smartmatic company was based in Bridgetown, Barbados, where Mugica said the international sales operation was located.  Most of the manufacturing for their electoral and other electronic machinery was done in China, Mugica said, with some component work also done in Taiwan.  Smartmatic also manufactures some items in Italy through the company Olivetti (which built the original Smartmatic machines for Venezuela).  The research and development shop was still located in Caracas, Mugica noted.

And better…

—————–
A Shadow of Fraud
—————–

6. (C) Of course, the Venezuelan opposition is convinced that the Smartmatic machines robbed them of victory in the August 2004 referendum.  Since then, there have been at least eight statistical analyses performed on the referendum results. Most of the studies cross-check the results with those of exit polls, the signature drives and previous election results.  One study obtained the data log from the CANTV network and supposedly proved that the Smartmatic machines were bi-directional and in fact showed irregularities in how they reported their results to the CNE central server during the referendum.  (Note:  The most suspicious data point in the Smartmatic system was that the machines contacted the server before printing their results, providing the opportunity, at least, to change the results and defeat the rudimentary checks set up by international observation missions.  Since August 2004, the CNE has not repeated this practice.)  These somewhat conspiratorial reports perhaps serve to breathe life into a defeated opposition, but have never proved conclusively the fraud (refs b and c).

And better…

The Smartmatic machines suffered a major blow, however, when in a test prior to the December 2005 National Assembly elections an opposition technician was able to defeat the machine’s allegedly random storage protocols and, therefore, the secrecy of the vote.  The technician took advantage of the fact that the computerized machines used a Windows operating system.  A simple program downloaded from the Internet accessed underlying Windows files created “in order” as the machine processed Smartmatic’s “randomizing” software.  Although Smartmatic officials argued convincingly that such controlled results could not be feasibly replicated during a real election (ref d), the opposition parties boycotted.  Abstention rates soared to at least 75 percent and confidence in the CNE among opposition voters plummeted. The disastrous results left Chavez with 100-percent control of the National Assembly, an albatross around the neck of a leader trying to appear democratic.

And even better…

——————-
At Least Corruption
——————-

8. (C) If Smartmatic can escape the fraud allegation, there is still a corruption question.  Well before Smartmatic, Venezuelan law had dictated that voting ought to be automated to limit fraud — the U.S. company ES&S and Spanish firm Indra had already sold systems to the electoral body.  When the new pro-Chavez CNE was named in September 2003, however, it immediately set out to replace all existing systems. Declaring the bid process to be an emergency (though there was as yet no referendum scheduled), the CNE bypassed normal procedures and initiated a closed bid process.  Smartmatic won the contract, which totaled at least US$128 million, including the delivery of 20,000 touch-screen voting machines (re-engineered lottery machines) yet to be built.  There were immediate questions about how a virtually unknown company with no electoral experience could have landed such a large contract.  Mugica asserted to poloff that everything was above board, though he conceded the company may have opened itself up to criticism by hiring a former interior vice minister named Morris Loyo to lobby the government.  There were additional allegations of impropriety in October 2005 when the press reported that Smartmatic had paid the bill of CNE President Jorge Rodriguez at an exclusive Boca Raton resort.  The company claimed Rodriguez had reimbursed them for the stay, during which Rodriguez reportedly examined an unspecified electoral system Smartmatic was developing. There were subsequent, unconfirmed rumors that Rodriguez was lobbying for Smartmatic in other countries.

Until we get to the startling conclusion:

Smartmatic is a riddle.  The company came out of nowhere to snatch a multli-million dollar contract in an electoral process that ultimately reaffirmed Chavez’ mandate and all-but destroyed his political opposition.  The perspective we have here, after several discussions with Smartmatic, is that the company is de facto Venezuelan and operated by Venezuelans.  The identity of Smartmatic’s true owners remains a mystery.  Our best guess is that there are probably several well-known Venezuelan businessmen backing the company who prefer anonymity either because of their political affiliation or, perhaps, because they manage the interests of senior Venezuelan government officials.

This is all from a confidential State Dept cable written in 2006.

Since then one can only imagine what fascinating changes have taken place to the org chart of the mysterious “riddle” that is the “de facto Venezuelan” Smartmatic, which emerged out of obscurity to win a top government contract in 2003, prompting the US State Department to ask “how a virtually unknown company with no electoral experience could have landed such a large contract.” What is more fascinating is how for so many years, this mysterious company was directly involved in one allegation of election fraud in Venezuela after another (whereby communist dictators Chavez and Maduro won in consecutive “landslides”) before it somehow made its way into the US.

end

How Pfizer’s Vaccine works by mimicking mRNA and this causes huge amounts of antibodies to be produced to tackle the real virus if it arrives

Pfizer asks FDA for emergency use

(zerohedge)

Pfizer Asks FDA To Approve COVID-19 Vaccine For Emergency Use

A few hours after one of China’s top state-backed vaccine makers claimed that roughly one million Chinese have already received a COVID-19 vaccine under extremely broad emergency-use criteria, Pfizer has confirmed that it will be applying for emergency-use approval from the FDA on Friday, as was widely expected.

Once the FDA has approved the vaccine – a meeting for review has been scheduled for Dec. 8, 9 and 10 – Pfizer CEO Albert Bourla says the first doses of the vaccine could be shipped out within hours of the EUA approval.

During an interview on CNBC Friday morning, reporter Meg Tirrell explained that the FDA needs nearly two weeks to prepare all documents and data for review, which is why the committee tasked with approving the vaccine won’t meet until Dec. 8. It’s believed that both the Pfizer and the Moderna vaccines could receive EUAs during the meeting (Moderna says it expects to apply for its EUA in a week or so).

Pfizer says its timeline for approval could see the first doses shipped by the middle of next month.

A “green light” from the FDA would cap the fastest vaccine development program in history. Typically, it takes years for scientists to approve a vaccine. A large swath of the population, including the most vulnerable patients, could be vaccinated by early April, according to an estimated timeline parroted by analysts and government officials.

Pfizer’s submission will mark the first time the agency has reviewed an mRNA vaccine, which relies on a revolutionary new technique which essentially reprograms the body’s genes to produce antibodies that will fight off COVID. During its Phase 3 trial, the Pfizer-BioNTech vaccine was administered to 19,000 subjects, and at least two months of safety data were collected.

The nature of the FDA’s approval is still not clear: The FDA could authorize the vaccine broadly for the US population, or limit it to a specific group such as the elderly or minorities. Pfizer’s vaccine – which according to its “final” report is roughly 95% effective (up from 90% in the ‘preliminary’ data) – must be stored at -70 degrees Celsius, equivalent to -94 degrees Fahrenheit. Pfizer has created a special container to keep the shots cold during distribution. The US government has already agreed to pay Pfizer and BioNTech some $2 billion for 100 million doses of the vaccine, and the companies have struck similar deals with other companies.

END

With COVID Aid Set To Expire By Year-End, Many US Citizens Face Their Own “Fiscal Cliff”

As the end of the year approaches, so does the end of numerous pandemic aid programs.

It’s a timeline that leaves a large portion of the country dealing with their own “fiscal cliffs” as calendars are set to turn toward 2021, and hopefully, its ensuing recovery.

For example, Bloomberg notes that 12 million people are facing a late-December cutoff from the end of two federal unemployment-insurance programs. Additionally, student loan payments will no longer be frozen and mortgage forbearance, along with eviction moratoriums, will also expire. On top of that, the Fed’s lending facilities for small businesses and local governments will also dry up.

new report by the Century Foundation found the following deadlines looming:

  • An estimated 7.3 million workers will see their Pandemic Unemployment Assistance (PUA) benefits expire on December 26, and 945,000 will run out of PUA before December.
    • Pandemic Unemployment Assistance (PUA) benefits are only payable through December 26, and last thirty-nine weeks in all states and forty-six weeks in a subset of high unemployment states (Alaska, California, Connecticut, Delaware, District of Columbia, Illinois, Michigan, Nevada, New Jersey, New York, Ohio, Oregon, Rhode Island and Washington). PUA eligibility started the week ending February 9, but most eligible for PUA lost employment in March and will be reaching the end of their benefits at the end of December.
  • An estimated 4.6 million workers will see their PEUC benefits prematurely expire on December 26. 
    • Moreover, an additional 3.5 million will have already run out of PEUC benefits before the December 26 cutoff.4 (PEUC provides thirteen additional weeks of benefits to only those running out of state benefits; workers receiving PUA are not eligible.)

  • Only 2.9 million of those running out of PEUC will be able to collect EB in 2021—but states will have to pick up half of the cost at a time when their trust funds are depleted.
    • Those workers running out of PEUC benefits can claim EB benefits, a program first authorized in 1970 that provides between six and twenty weeks of benefits, depending on the state’s unemployment rate and law. State law provisions are frequently tied to federal funding and the percent of workers collecting regular state benefits.
  • A total of more than 16 million workers will have lost CARES Act benefits by the end of the year.
    • In addition to the 12 million workers who will see their CARES Act benefits expire on December 26, an estimated 4.4 million workers will have already exhausted CARES Act benefits before this cutoff—and all of these workers will be heading into 2021 with little or no aid available to them.

You can read the full Century Foundation report here.

There is some hope that Covid relief could come as part of a spending bill needed to avoid a government shutdown, but with most of congress adjourned – and the rest deadlocked – hopes for getting a deal done in 2020 seem dim. Ah, the neverending efficiency of government. 

In the interim, people like 63 year old Larry Long of Willow Grove, Pennsylvania are counting down to receiving their last PUA check. He told Bloomberg he hasn’t been able to pay his bills since the supplemental $600 per week in unemployment benefits has expired.

He said: “Basically all I can do is try to have food in here and to make arrangements with utilities and the landlord. I am extremely worried about the virus. As an older Black male with a touch of diabetes, I am scared to death. I’m scared to death to go outside. I’m scared to death to stay home.”

Jennifer Marshall, of Hendersonville, North Carolina told Bloomberg she has “exhausted” all state benefits and is now “looking at nothing”. “I don’t know what else to do. I’m literally sitting here with $4 in my wallet,” she said. She said he has listed both her car and her microwave for sale online.

57 year old Lori Fulton, who used to work part-time at several gigs before they shut down from Covid, said she’s worried about finding a new home because her landlord is getting ready to move a family member into her home.

But hey, Wal-Mart just posted blowout earnings – so if you’re looking for some supplemental income, there’s always…

iv) Swamp commentaries)

New Senate Docs ‘Confirm’ Troubling Biden Family Links To China, Russia

With Joe Biden’s ‘irregularity-filled’ election win all but assured (unless the Trump campaign can pull off several upset legal victories), we now turn our attention back to the Biden family’s ties to Russia and China – a narrative which the MSM will attempt to suffocate out of existence – particularly if Republicans (and their investigative committees) lose the Senate after January’s runoff in Georgia.

In a “supplemental” release to a late September Senate report into Hunter Biden’s international business dealings, Sens. Chuck Grassley (R-IA) and Ron Johnson (R-WI) outlined additional information regarding troubling connections between Hunter Biden’s business associates and the Russian government, as well as ‘millions of dollars’ transferred from a CCP-linked Chinese entity to a Biden business associate who allegedly leveraged his relationship with the former Vice President’s family, according to the Washington Examiner.

“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,” wrote the senators in a five-page report which included 65 pages of evidence.

Elsewhere, they wrote that after their September report was issued, “new sources went public with additional information about business relationships and financial arrangements among and between the Biden family and their business associates, including several foreign nationals … The new information is consistent with other records within the Committees’ possession which show millions of dollars being transferred from a Chinese entity linked to the communist party to Robinson Walker LLC.” –Washington Examiner

A key focus of the supplemental report is Rob Walker, described as “Hunter Biden’s longtime business associate.” Walker is associated with three companies tied to Hunter according to the report, which includes new information from former Biden business associate Tony Bobulinski, who worked with the Bidens and Walker in 2017 to create a business which would establish a joint venture with a Chinese Communist Party-linked business, CEFC China Energy – which was run by a disappeared Chinese tycoon and has since gone bankrupt.

Bobulinski, who was tapped to lead the Biden JV through “SinoHawk”, repeatedly referenced $10 million in startup funding from a Chinese businessman – money which never materialized, yet which Grassley and Johnson conclude some or all ultimately wound up to accounts linked to James and Hunter Biden.

The Senate investigation update noted that in February and March 2017, a Shanghai-based company called State Energy HK Limited “sent two wires, each in the amount of $3,000,000, to a bank account for Robinson Walker LLC” but that “it is unclear what the true purpose is behind these transactions and who the ultimate beneficiary is.” State Energy HK Limited was affiliated with CEFC under the leadership of Ye Jianming, who had “ties to the Chinese Communist Party and Chinese military” and whose deputy, Gongwen Dong, another business associate of Hunter Biden’s, also received funds from State Energy HK. –Washington Examiner

“These transactions are a direct link between Walker and the communist Chinese government and, because of his close association with Hunter Biden, yet another tie between Hunter Biden’s financial arrangements and the communist Chinese government,” reads the Grassley and Johnson release, which also concludes that Hunter “received a $3.5 million wire transfer from Elena Baturina, the wife of the former mayor of Moscow” and that he also “opened a bank account with” Gongwen Dong to fund a $100,000 global spending spree” along with James Biden and his wife, Sara.

Read the rest of the report here.

Harvard Students Demand Trump Officials Barred From Campus As Public “System Of Accountability”

We have been discussing the call for blacklists and the campaign of harassment against Trump supporters, lawyers, and officials after the election.

Now Harvard students are asking for the university to establish a preemptive bar on former Trump officials and consultants from entering the campus until they are reviewed and vetted.

Rather than see universities as an opportunity for dialogue and understanding of our deep divisions, the students seem to be following the lead of Democratic leaders like Rep. Alexandria Ocasio-Cortez (D-N.Y.) who are calling for lists of anyone “complicit” with the Trump Administration.

The students demand that any Trump officials be barred pending a review of their record to “hold them fully accountable for that complicity.”

Harvard University students wrote a letter addressed to Harvard president Lawrence Bacow and other leadership calling for the action against Trump consultants and officials. It acknowledges the potential impact on free speech but declares:

We acknowledge this situation is nuanced as many appointees and career officials chose to join this administration to pursue the public good in spite of these norm violations. Others might claim to have upheld these norms from within. We are simply asking the school to create and share with students transparent guidelines of accountability that ensure its full commitment to the principles American democracy is built upon.

We remain fully committed to free speech and debate of difficult subjects — especially the damage being done to democratic governance around the world. We do not believe, however, that individuals who engage in this behavior should be legitimized or rewarded by the university. An institution dedicated to the fostering of good democratic government should remain apart from those who were willing to bring it down for their own benefit.

Notably, Harvard regularly hears from academics, including former foreign government officials, from some of the most repressive nations on Earth. I support such engagement because it allows for a full and robust discussion of core issues and policies.  Yet, the students are demanding a special rule for Trump officials.

The controversy reminds me of the New York Times denouncing the publication of a column from Sen. Tom Cotton while publishing the views of dictators and their surrogates.The New York Times on published an opinion column by Regina Ipthe Hong Kong official widely denounced as “Beijing’s enforcer.” Ip declared “Hong Kong is part of China” and dismissed the protesters fighting for freedom in their city.  I had no objection to the publishing of the column. Ip is a major figure in Hong Kong and, despite her support for authoritarian rule and crushing dissent, there is a value to having such views as part of the public debate. Rather, my concern is that the New York Times was denounced by many of us for its  cringing apology after publishing a column by Sen. Cotton and promising not to publish future such columns. Ip recently mocked the protests as every pro-democracy legislator left the Hong Kong legislature.

The point is not to call for blocking a wider array of views but embracing the value of having the free exchange of all views. Trump officials were supported by roughly half of this country. The last election resulted in the Republicans picking up seats in the House and likely holding the election. Indeed, President-elect Joe Biden carried a series of states with a narrow margin.  Yet, the students want any Trump consultant or official to face an immediate, preemptive hold depending review of their background.

What is most disturbing is that some faculty support this effort. The letter disregards the many fellow citizens — and presumably students — who supported the Trump Administration. While professors have systemically reduced conservatives and libertarians on top faculties to a small minority, they continue to maintain that they are not showing the same bias against conservative or libertarian students. Yet, these letters isolate not just Trump officials, but Trump supporters who are part of the Harvard community.

There is an alternative: free speech. Our universities can play a key role in healing this country rather than fostering further divisions. We can use our schools to allow for both sides to meet and ideally to better understand each other. We can continue to disagree while gathering around a common faith in free speech as a shared value. Instead of holding people “accountable for their complicity,” we can hold ourselves to a higher burden of mutual respect and civility.

enate GOP – Biden Family S… by Washington Examiner

END

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

US Initial Jobless Claims increased 31k to 742k; 700k was consensus.  Continuing Claims declined 429k to 6.372m; 6.4m was expected.  The Philly Fed Business Outlook for November fell to 26.3 from 32.3; 22.5 was consensus.  The LEI for October was the expected 0.7%.  October Existing Home Sales increased 280k to 6.85m; 6.47m was expected.

Yahoo Finance Presents: Richmond Fed President Tom Barkin

We’re engaging in asset purchase, which are incredibly high by historical standards. I’d also say that every month we engage in those asset purchases is more stimulus… And I think that’s a lot of support to the economy. In terms of whether we would do something different or more, let’s just see how it goes. I mean, we’re projecting a lot, let’s see how it goes…

     I think that money will continue to bleed into the economy, at least in the bottom quartile, bottom half for some time… And so I do think we’ve got to think about the folks at the bottom, and we have to think about them individually and how they’re going to bridge to what comes next. That’s different from the impact on the economy in total…  https://finance.yahoo.com/video/yahoo-finance-presents-richmond-fed-213800655.html

Barkin Sees less Fiscal Support amid Likely Divided Congress – BBG

The spike in government spending is behind us… less fiscal support would mean hard times for many…”

Cleveland Fed Prez Mester on Thursday warned that data is showing signs of an economic slowdown.  She pleaded for more fiscal stimulus and but tried to downplay the Fed’s role in boosting the economy.

The fact that we don’t have a fiscal package is very concerning.  It’s not clear to me that monetary policy necessarily is the right tool.” – Loretta Mester on Bloomberg TV

It is clear the Fed officials are trying to pass the responsibility for boosting the economy to Congress and are cynically employing virtue signaling as a shield and diversion for their role in exacerbating the record concentration of wealth and income in the USA.  PS – Unless Fed officials are abjectly oblivious to economic and market dynamics, they know that they have put the stock market at record highs that are greatly overvalued to existing economic fundamentals – and the economy is receding.  Will more shutdowns produce more idled people that will glibly day trade stocks?

Macy’s sales plunge 20% as COVID-19 threatens holiday season https://trib.al/UADNNo2

Indoor dining and gyms likely to close in “next week or two,” NYC Mayor Bill de Blasio says

https://www.cbsnews.com/news/nyc-covid-gyms-indoor-dining-close-soon-mayor-de-blasio-2020-11-

Op-ed in NYT: When Trump Was Right and Many Democrats Wrong

Children have suffered because many mayors and governors were too willing to close public schools.

   Schools, especially elementary schools, do not appear to have been major sources of coronavirus transmission, and remote learning is proving to be a catastrophe for many low-income children

https://www.nytimes.com/2020/11/18/opinion/coronavirus-school-closures.html?smid=tw-share

@seanmdav: Because the corrupt government worker unions that have big city school boards in their pockets realized COVID-19 shutdowns were their ticket to getting paid without having to work.Government schools now exist to fund adults, not educate children.

California Orders 10 P.M. Curfew for 94% of States Population – BBG

A seemingly irritated Fed issued this statement: “The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”

The Fed has been trying to put the onus on Congress for economic ebbing.  Mnuchin retaliated by seeking the funds that the Fed has been squiring away for something.  Does Mnuchin believe that the Fed withheld the emergency funds from the economy to harm Trump’s re-election prospects?  There is now a market-distressing kerfuffle between the Fed and the Treasury/Trump Administration.

In dramatic reversal, Wayne County election board Republicans rescind votes certifying results

In affidavits, GOP canvass board members claim they were bullied and say there are too many irregularities in Detroit vote to justify accepting election results.

https://justthenews.com/politics-policy/elections/wayne-county-election-board-republicans-say-they-were-bullied-rescind

@charliekirk11: A Pennsylvania court just invalidated 2,349 absentee ballots in Allegheny County where the voter didn’t date their declaration.  This is huge [precedent established]. This election isn’t over yet.

OAN’s @jennfranconews: Rudy Giuliani speaks at a press conference w/other Trump campaign legal team members and says they’ve “discovered a plan from a centralized place focused on big cities controlled by Democrats” to “commit voter fraud” in a number of states.

     Rudy Giuliani says they have 220 affidavits from the legal challenge in Michigan, 8 of which he says are public. Slams the media for not doing its job and looking into claims of voter fraud

Giuliani presses Trump election challenge case in fiery news conference with legal team

https://www.foxnews.com/politics/giuliani-presses-trump-election-challenge-case-in-fiery-news-conference

Sidney Powell’s emotional comments on election fraud yesterday:  https://twitter.com/ChrisStigall/status/1329569906023686145

“WE WILL NOT BE INTIMIDATED!… WE ARE GOING TO RECLAIM THE UNITED STATES OF AMERICA!” – Sidney Powell THROWS DOWN at RNC Presser!

https://www.thegatewaypundit.com/2020/11/will-not-intimidated-going-reclaim-united-states-america-sidney-powell-throws-rnc-presser-video/

Newsmax’s @EmeraldRobinson: I just asked Sidney Powell: “There are reports that there was a piece of hardware, probably a server, picked up in Germany. Is that true?”  Powell: “That is true. It is somehow related to this. But I do not know whether good guys got it or bad guys got it.”

@ BeholdIsrael: Sydney Powell basically said today that the Dominion machines executives are tied to Soros and the Clintons. These people are now on the run and they closed their offices which they shared with Soros foundation in Toronto.

@RealMattCouch: [Fox’s and ex-W Bush Press Sec] Dana Perino is now urging Dominion to sue Sidney Powell and Rudy Giuliani in the latest edition of “Watch our Ratings Burn”

    DJT attorney @LLinWood: I know defamation law. Defamation law is a friend of mine. Dominion is not going to sue anybody because TRUTH is an absolute defense.  Plus discovery in the case will open the cookie box to even more evidence that Dominion interfered in our US Election.

Two tiered system? Many Pa. counties didn’t allow voters to cure rejected ballots

A Just the News survey of county election clerks found many didn’t implement secretary of state’s guidance to cure ballots, opening potential door to legal challenges…

https://justthenews.com/politics-policy/elections/many-counties-didnt-follow-pa-guidance-allow-voters-cure-rejected-mail

Trump campaign lawyer under protection following ‘threats of harm’ – Philadelphia, lawyer Linda Kerns, “has been the subject of threats of harm, to the point at which the involvement of police and US Marshals has been necessary to provide for her safety.”… https://t.co/BLZA74KYoU

DJT attorney @LLinWood: There is compelling evidence that @BrianKempGA took Chinese kickback money in connection with Dominion voting machine purchase & when he bought Covid masks & test kits FROM CHINA! Follow the money. Kemp is dirty. [Wood charges the GOP Gov with corruption!]

@DineshDSouza: What’s up with @BrianKempGA? Did he make a devil’s bargain with the Left to protect his own career? Trump backed him…; why does he seem blithely willing to sell out the President?

@Barnes_Law: If this election has no fraudwhy are the Democrats & media demanding there be no audit, no signature match check, no monitored hand recount, no production of the digitized ballots, no check on whether more votes than voters took place in some areas, and on and on?

@adamhousley: I am still in shock that national reporters are attacking me for just reporting that these are new serious allegations with sworn affidavits and that it should be looked into before December 14th. WTF has happened to my profession?

Fox News Fires Diamond and Silk Shortly After They Refuse $150k To Turn On Trump Duo States

https://davidharrisjr.com/steven/fox-news-fires-diamond-and-silk-shortly-after-they-refuse-150k-to-turn-on-trump-duo-states/

Majority of voters say special counsel should be convened to investigate Biden, Ukraine dealings

Nearly a third of Democrats feel the same way… 81% of Republicans…52% of respondents

https://justthenews.com/politics-policy/polling/majority-voters-say-special-counsel-should-be-convened-investigate-bidens

 

Well that is all for today

I will see you MONDAY night.

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