NOV 23/USA ELECTION STORIES//MASSIVE RAID TODAY AS OPTIONS EXPIRY ON THE COMEX IS TOMORROW: GOLD DOWN $33.95 TO $1840.25//SILVER DOWN $.70 TO 23.62//HUGE ADVANCE IN GOLD TONNAGE STANDING AT THE COMEX: UP TO 24.438 TONNES//NO CHANGE IN SILVER OZ STANDING//CORONAVIRUS UPDATES USA AND THE GLOBE//USA VS CHINA//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1840.25 DOWN  $33.95   The quote is London spot price

Silver:$23.62  DOWN $.70   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1838.50  LONDON SPOT  4:30 pm

ii)SILVER:  $23.58//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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Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.
 
 
 

CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1837.00.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $3.25/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1843.00 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $2.75 CONTANGO//$3.25 BELOW NORMAL CONTANGO

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $23.62  1:30  PM SPREAD SPOT/FUTURE DEC.       :   0  CENTS PER OZ  CONTANGO (   0 CENTS ABOVE NORMAL CONTANGO

SILVER MARCH CLOSE:  24.74/SPREAD SPOT/FUTURE:  A   12 CENTS

3 CENTS ABOVE NORMAL CONTANGO

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COMEX DATA

 
 
wow!!

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

receiving today: 0/1891

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,872.600000000 USD
INTENT DATE: 11/20/2020 DELIVERY DATE: 11/24/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
435 H SCOTIA CAPITAL 2
657 C MORGAN STANLEY 27
657 H MORGAN STANLEY 200
661 C JP MORGAN 95
661 H JP MORGAN 1075
690 C ABN AMRO 450
709 C BARCLAYS 1889
737 C ADVANTAGE 5
800 C MAREX SPEC 31
905 C ADM 8
____________________________________________________________________________________________

TOTAL: 1,891 1,891
MONTH TO DATE: 7,844

issued:1170

GOLDMAN SACHS STOPPED 0 CONTRACTS.

 
 

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 1891 NOTICE(S) FOR 189,100 OZ  (5.88100 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  7844 NOTICES FOR 784,400 OZ  (24.598 tonnes) 

SILVER//NOV CONTRACT

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

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

BITCOIN MORNING QUOTE  $18619   UP 195

BITCOIN AFTERNOON QUOTE.  :$18,380  DOWN 34 DOLLARS .

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GLD AND SLV INVENTORIES:

WITH GOLD DOWN $33.95 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

A HUGE CHANGES IN GOLD INVENTORY AT THE GLD

A DEPSOIT OF 2.9 TONNES INTO THE GLD

INVENTORY RESTS AT:

 

GLD: 1,220.17 TONNES OF GOLD//

 

WITH SILVER DOWN 70 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV

A WITHDRAWAL OF 2.046 MILLION OZ FROM THE SL

INVENTORY RESTS AT:

SLV: 560.537  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 HUGE SIZED 4625 CONTRACTS FROM 160,360 UP TO 164,985, AND CLOSER TO  OUR NEW RECORD OF 244,710, (FEB 25/2020. THE LOSS IN OI OCCURRED DESPITE OUR RISE  OF $0.32 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 4966 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:  341, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  141, MARCH 200 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  341 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.

FRIDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $.32) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS AS WE HAD A  HUGE GAIN IN OUR TWO EXCHANGES (4966 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) HUGE 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:

10,797 CONTRACTS (FOR 16 TRADING DAY(S) TOTAL 10,797 CONTRACTS) OR 53.985 MILLION OZ: (AVERAGE PER DAY: 674 CONTRACTS OR 3.374 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 53.985 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:          1,583.27 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                    53.985 MILLION OZ (STARTING TO SLOW DOWN AGAIN)

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 4625, WITH OUR  $0.32 RISE IN SILVER PRICING AT THE COMEX ///FRIDAY.THE CME NOTIFIED US THAT WE HAD A SMALL SIZED EFP ISSUANCE OF 341 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A HUGE SIZED 4966 OI CONTRACTS  ON THE TWO EXCHANGES (WITH OUR  $0.32 RISE IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 341 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A HUGE SIZED INCREASE OF 4625 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.32 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.32 // FRIDAY’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. 0.8245 BILLION OZ TO BE EXACT or 118% of annual global silver production (ex Russia & ex China).

FOR THE NEW NOV  DELIVERY MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR nil 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 CONSIDERABLE SIZED 4300 CONTRACTS TO 558,792 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 WITH OUR  GAIN IN PRICE  OF $11.10 /// COMEX GOLD TRADING//FRIDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AND A POWERFUL  GAIN IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $11.10. 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  59//

WE HAD A FAIR SIZED GAIN OF 5223 CONTRACTS  (18.059 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 923 CONTRACTS:

CONTRACT .  DEC: 923; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 923.  The NEW COMEX OI for the gold complex rests at 558,792. 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 5223 CONTRACTS: 4300 CONTRACTS INCREASED AT THE COMEX AND 923 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5223 CONTRACTS OR 16.245 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (923) ACCOMPANYING THE CONSIDERABLE SIZED GAIN IN COMEX OI  (4300 OI): TOTAL GAIN IN THE TWO EXCHANGES: 5223 CONTRACTS. WE NO DOUBT HAD   1)  SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2.)ANOTHER POWERFUL INCREASE IN OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT NOV. MONTH TO 24.438 TONNES3)  ZERO LONG LIQUIDATION ;4) CONSIDERABLE COMEX OI GAIN AND 5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL  ...ALL OF THIS OCCURRED WITH  OUR  GAIN IN GOLD PRICE TRADING/FRIDAY//$11.10.

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

We have now switched to GOLD for our spreaders!!

 

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

 

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

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

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

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

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

 

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

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

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

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

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON  ACTIVE DELIVERY MONTH OF OCT. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF NOV FOR GOLD:

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

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

Nov.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF NOV : 46,298 CONTRACTS OR 4,629,800 oz OR 144.00 TONNES (16 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 16 TRADING DAY(S) IN  TONNES: 144.00  TONNES

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

THUS EFP TRANSFERS REPRESENTS 144.00/3550 x 100% TONNES =4.05% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,806.73 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:                        144.00 TONNES (SLIGHTLY 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 HUGE SIZED 4625 CONTRACTS FROM 160,360 UP TO 164,985 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 HUGE SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 341 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 141 AND MARCH:  200  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 341 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 4625 CONTRACTS TO THE 341 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUGE SIZED GAIN OF 4966 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 24.83 MILLION  OZ, OCCURRED WITH OUR $0.32 GAIN 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 36.76 PTS OR 1.09%   //Hang Sang CLOSED UP 34.66 PTS OR .13%    /The Nikkei closed DOWN 106.97 POINTS OR 0.42%//Australia’s all ordinaires CLOSED UP 0.48%

/Chinese yuan (ONSHORE) closed /Oil UP TO 42.90 dollars per barrel for WTI and 45.59 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5683. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5595 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST  ROSE BY BY A CONSIDERABLE SIZED 4300 CONTRACTS TO 559,375 MOVING CLOSER TO  OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX INCREASE OCCURRED WITH OUR STRONG  GAIN OF $11.10 IN GOLD PRICING FRIDAY’S COMEX TRADING/). WE ALSO HAD A SMALL EFP ISSUANCE (923 CONTRACTS).   WE ALSO HAD  1)  CONSIDERABLE BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO  LONG LIQUIDATION  AND 3)  ANOTHER MONSTER GAIN  IN GOLD STANDING AT THE  COMEX  ( NOW STANDING AT 24.438 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5223 CONTRACTS. WE HAVE LATELY WITNESSED THE EXCHANGE FOR PHYSICALS ISSUED BEING SMALL….. AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. WE CAN NOW VISUALLY SEE THAT SHORTS ARE TRYING TO EXTRICATE THEMSELVES FROM THEIR MESS (“TRYING TO GET OUT OF DODGE”) AS LONGS DEPART THE COMEX FOR THE SAFER CONFINES OF LONDON.

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT 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 923 EFP CONTRACTS WERE ISSUED:     DEC 923; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 923  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: 5223 TOTAL CONTRACTS IN THAT 923 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A CONSIDERABLE SIZED 4300 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((24.438 TONNE) AS NOVEMBER IS A NON ACTIVE AND GENERALLY A VERY POOR DELIVERY MONTH. LADIES AND GENTLEMEN, OUR COMEX IS OFFICALLY UNDER ASSAULT.

THE BANKERS WERE UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $11.10).  AND, THEY WERE   UNSUCCESSFUL IN FLEECING ANY LONGS. AS MENTIONED ABOVE THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   16.245 TONNES,

NET GAIN ON THE TWO EXCHANGES :: 5223 CONTRACTS OR 522300 OZ OR  16.235  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:  558,792 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.87 MILLION OZ/32,150 OZ PER TONNE =  1738 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1738/2200 OR 78.99% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY: 416,088 contracts// volume good but raid and spreader liquidation ////they are bailing out of gold comex faster than fox news viewers.

CONFIRMED COMEX VOL. FOR YESTERDAY:  243,200 contracts//  volume:  poor

/most of our traders have left for London

 

NOV 23 /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
 
3,786.23 oz
Delaware
HSBC
 
 
 
 
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz 222,617.169
OZ

 

JPM

Malca

includes 4,000 kilobars Malca

No of oz served (contracts) today
 
1891 notice(s)
 
 189,100 OZ
(5.8810 TONNES)
 
 
 
 
No of oz to be served (notices)
13 contracts
(1300 oz)
0.040 TONNES
 
Total monthly oz gold served (contracts) so far this month
7844 notices
 
784,400 OZ
24.598 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 2 deposit into the customer account

i) Into JPMorgan:  94,013.169 oz

ii) Into Malca:  128,604.000 oz  (4,000 kilobars)

total customer deposit: 222,617.169 oz  oz

6.9 tonnes

 

we had 2 gold withdrawals from the customer account:

i) Out of Delaware:  1907.210 oz

ii) Out of HSBC: 1236.000 oz ???

iii) Out of Malca 643.02 oz (20 kilobars)

total withdrawals:  3786.23 oz

 

We had 2  kilobar transactions  +

ADJUSTMENTS: 1 // 

out of JPMorgan 12,387.8 oz//customer to dealer.

The front month of NOV registered a total of 1904 contracts for a GAIN of  1805 contracts.  We had 91 notices filed on Friday so we gained 1896 contracts or 189,600 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  20,517 contracts down to 197,009 contracts.  We will be watching December closely.  We have just 4 more reading days before we reach the huge December delivery month.  January LOST 10 contracts to stand at 3661 contracts. FEBRUARY gained a STRONG 19,989 contracts UP TO 253,673. WE  ARE STILL WITNESSING THE ALGOS LEAVE THE DECEMBER ARENA. WE NOW AWAIT TO SEE HOW MANY EUROPEAN LONGS REMAIN AS THESE GUYS WILL TAKE DELIVERY AND REMOVE PHYSICAL GOLD FROM NY AND SHIP TO THEIR SHORES.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR NOVEMBER (24.438 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 ENTITIES( MAJOR EUROPEAN BANKS) 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 THEIR INITIAL CONTRIBUTION. OTHER MAJOR PLAYERS ON THAT SIDE OF THE POND ARE ALSO JOINING IN ON THE ASSAULT. AS MENTIONED ABOVE THE GOLD COMEX IS EXPERIENCING A MASSIVE ONSLAUGHT FOR METAL

We had  1891 notice(s) filed today for  189100 oz OR 5.8810 TONNES.

FOR THE NOV 2020 CONTRACT MONTH)Today, 95 notice(s) were issued from
JPMorgan dealer account and  1075 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1891  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  0 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0 notices received (stopped) by the squid  (Goldman Sachs)
 

To calculate the INITIAL total number of gold ounces standing for the NOV /2020. contract month, we take the total number of notices filed so far for the month (7844) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (1904 CONTRACTS ) minus the number of notices served upon today (1891 x 100 oz per contract) equals 785,700 OZ OR 24.438 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 (7844, x 100 oz +1904 OI) for the front month minus the number of notices served upon today (1891) x 100 oz which equals 785,700 oz standing OR 24.438 TONNES in this  active delivery month. This is a GIGANTIC 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 1896 contracts or an additional 189,600 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

88,796.123 oz Pledged August 21/regular account 1.588 tonnes jpm

96.453 oz Manfra Nov 23/2020

total pledged gold:  1,626,595.479 oz                                     50.59 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. 24.438 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

 
total registered or dealer  17,360,154.416 oz or 539.99 tonnes
 
 
total weight of pledged:  1,626,595.479 oz or 50.59 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 15,733,559.0  (489,37 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  15,733,559.0 (489.37 tonnes)
 
 
 
total eligible gold:  20,136,600.189 oz (626.33 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  37,496,754.605 oz 1,166.31 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1039.97 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 23/2020

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
3022.909 oz
 
Delaware
 
 
 
 
 
 
Deposits to the Dealer Inventory
578,415.6 oz
 
Manfra
 
 
 
 
Deposits to the Customer Inventory
2009.600 oz
 
 
 
Delaware
 
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
(nil OZ)
 
No of oz to be served (notices)
573 contracts
 2,865,000 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 1 deposits into the dealer:
 
i) Into Manfra: 578,415.600 oz
 

total dealer deposits: 578,415.600      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 1 deposits into the customer account (ELIGIBLE ACCOUNT)

i )Into JPMorgan: nil 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:  2009.600 oz

total customer deposits today:  2009.600    oz

we had 1 withdrawals:

i)Out of  Delaware:  3022.99 oz
 
 
 
 
 
 
 
 
 

total withdrawals; 3022.909    oz

We had 0 adjustment

Total dealer(registered) silver: 143.942 million oz

total registered and eligible silver:  384.003 million oz

 

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November saw a LOSS OF 116 notices FALLING to 2 contracts. We had 116 notices filed on Friday 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 4747 contracts DOWN to 52,073 contracts. January saw a GAIN of 69 contracts UP to 359. MARCH  gained 8788 contracts up to 96,695.

We have 4 more reading days before first day notice. It looks like we are going to have a monster delivery for silver as well.

 
 

The total number of notices filed today for the NOV 2020. contract month is represented by 0 contract(s) FOR nil 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(2) and the number of notices served upon today 0x (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( 2)- number of notices served upon today (0) 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 VOLUME130,034 CONTRACTS // volume strong//raid

FOR YESTERDAY 100,009  ,CONFIRMED VOLUME// huge//

YESTERDAY’S CONFIRMED VOLUME OF 100,009 CONTRACTS EQUATES to 0.500 billion  OZ 71.9% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4.28% ((Nov 23/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -2.37% to NAV:   (NOV23/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.28% (Nov 23)

(courtesy Sprott/GATA

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

NAV 18.79 TRADING 18.01///NEGATIVE 4.16

END

And now the Gold inventory at the GLD

NOV 23/WITH GOLD DOWN $33.95 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 2.9 TONNES OF GOLD INTO THE GLD//INVENTORY RESTS AT 1220.17 TONNES

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

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

NOV23/ GLD INVENTORY 1220.17 tonnes

LAST;  953 TRADING DAYS:   +276.71 TONNES HAVE BEEN ADDED THE GLD

LAST 853 TRADING DAYS// +454.19  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory

NOV 23/WITH SILVER DOWN $.70 TODAY: A HUGE CHANGE IN SILVER AT THE SLV; A WITHDRAWAL OF 2.046 MILLION OZ FROM//INVENTORY RESTS AT 560.537 MILLION OZ

NOV 20//WITH SILVER UP $0.32 TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 52.583 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 23.2020:

SLV INVENTORY RESTS TONIGHT AT  560.537 MILLION OZ//

 

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

We brought this story to you on Friday but worth repeating:

Pam and Russ pound the table that the Fed must explain the missing billions and this money must be returned to treasury. Late Saturday night the Fed want to get together with Mnuchin and talk about the return of this money.

Pam and Russ Martens//Wall Street on Parade/GATA

But why should Mnuchin explain missing billions? Mainstream news organizations will never ask

 
 Section: 

 

Mnuchin Demands the Return of Emergency Funds from the Fed, without Explaining What He’s Been Doing with a Missing $340 Billion

By Pam and Russ Martens
Wall Street on Parade
Friday, November 20, 2020

Yesterday U.S. Treasury Secretary Steve Mnuchin stunned markets by demanding in a letter to Federal Reserve Chairman Jerome Powell that the Fed return Treasury funds that are backstopping the bulk of its emergency lending programs and wind down these programs by year’s end. Adding further shock, the Fed rebuked the idea with its own statement, saying this:

“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.”

At issue in this newly-emerged war between Treasury and the Fed is $454 billion, $340 billion of which has yet to be accounted for. …

Wall Street On Parade has been repeatedly asking for an explanation as to what has happened to the balance of $340 billion that Congress intended to be used to help American families and businesses during the worst economic downturn since the Great Depression. …

Not only does the American public not know what happened to that $340 billion but as we pointed out previously, “despite regular promises from the Fed chairman that the Fed will be transparent about its lending programs, there are four programs for which the Fed has yet to provide transaction-level data — meaning the names of the borrowers and how much they borrowed.”

. For the remainder of the report:

https://wallstreetonparade.com/2020/11/mnuchin-demands-the-return-of-eme…

END

Dave is 100% correct: it is not the delivery demands that are important but all of those seeking to remove gold (Europeans) from the comex vaults.

(Dave Kranzler/IRD/GATA)

Dave Kranzler: Delivery demands won’t break Comex but metal removal from vaults will

 
 Section: 

 

6:43p ET Friday, November 20, 2020

Dear Friend of GATA and Gold:

Dave Kranzler of Investment Research Dynamics in Denver writes today that “the price management team” in gold is striving to shake out gold futures longs before what are shaping up to be huge delivery demands on the December Comex contract.

Kranzler opines that these delivery demands themselves will not break the Comex but delivery demands that also move gold out of Comex vaults will break it.

Kranzler’s analysis is headlined “The Next Move for Silver and Gold,” links to an interview at Chris Marcus’ Arcadia Economics, and can be found at IRD here:

https://investmentresearchdynamics.com/the-next-move-for-silver-and-gold…

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

END

China’s central bank sees a bigger global role for the yuan as the dollar wanes. The problem is that many see China has the guilty party that brought on the virus and they do not want to do business with them.

South China Morning post/GATA

China’s central bank officials see bigger global role for yuan as dollar wanes

 
 Section: 

 

By He Huifeng and Guo Rui
South China Morning Post, Hong Kong
Sunday, November 22, 2020

The Chinese currency is set to play a bigger role in global trade and investment in the wake of the pandemic, with the dominance of the U.S. dollar in the international monetary system expected to decline, two Chinese central bank officials said on the weekend.

Ding Zhijie, head of a research centre at the State Administration of Foreign Exchange, said the yuan had become a sought-after asset for global investors seeking stability and absolute returns as government bonds denominated in the U.S. dollar, yen, and euro offered little or even negative, yields.

Whether you look at interest rates or exchange rates, yuan assets have clear advantages now” against assets denominated in other currencies, Ding said Saturday at the Understanding China Conference in the southern city of Guangzhou, an event hosted by China to promote the country’s global influence.

China’s five-year government bonds still offer an annual yield over 3 percent while U.S. government debt of the same maturity offers only 0.4 percent and the yield on German bonds is a negative rate of about 0.8 percent.

In addition, China’s quick economic recovery from the coronavirus has helped the yuan to appreciate to a two-year high against the U.S. dollar, despite the central bank’s efforts to slow the appreciation.

Ding’s optimistic message reflected Beijing’s fresh confidence that the yuan, despite its inconvertibility under the capital account, will play an increasingly important role on the international stage to indirectly undermine the anchor role of the U.S. dollar. …

… For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3110874/china-central…

END

A very important read…why this Professor at Tufts University is wrong in disparaging the gold standard

(Chris Powell/GATA)

A professor’s mistaken disparagement of the gold standard

 
 Section: 

 

12:38p ET Sunday, November 22, 2020

Dear Friend of GATA and Gold:

GATA does not advocate returning currency systems to a gold standard. This organization advocates free and transparent markets for the monetary metals and keeping government out of them.

Of course if governments adopted such a policy, people everywhere probably would remonetize gold as the world reserve currency in less than a week, diminishing the influence of government-issued money and thereby also diminishing government power.

That’s exactly why governments long have striven mightily — sometimes openly, sometimes surreptitiously — to drive gold out of the world financial system and discredit it as money. Gold is the most serious threat to government power and the strongest protector of individual liberty, a point that often has been made through the ages, almost back to the very invention of money, though it is most politically incorrect today.

Defending the monetary status quo this week, Michael Klein, professor of international economic affairs at the Fletcher School at Tufts University in Medford, Massachusetts, published an essay disparaging the gold standard and Federal Reserve Board nominee Judy Shelton for her sympathy to it.

Professor Klein’s essay, “What’s the Gold Standard, and Why Does the U.S. Benefit from a Dollar That Isn’t Tied to the Value of a Glittery Hunk of Metal?,” posted at The Conversation here —

https://theconversation.com/whats-the-gold-standard-and-why-does-the-us-…

— may express the financial establishment view well enough but it is so misleading and even erroneous as to deserve rebuttal.

Professor Klein notes that the international gold standard that worked well throughout the first century of the industrial age was dropped at the outbreak of World War I. But he doesn’t explain why it was dropped. That is, of course, because monetary gold imposes restraint on government and thereby hampers the waging of war.

Professor Klein writes: “Afterward, some countries such as the United Kingdom and United States continued to rely on gold as a centerpiece of their monetary policies, but lingering geopolitical tensions and the high costs of the war made it much less stable, showing its severe flaws in times of crisis.”

What this really means is that the gold standard kept getting in the way of stupid imperial wars and other governmental extravagance. Would the U.S. have waged so many such wars after disconnecting the dollar from gold in 1971 if the country didn’t also have the advantage of issuing the world reserve currency? That advantage freed the U.S. from monetary restraint and allowed the country to stick the rest of the world with the cost of those wars.

Professor Klein writes: “The onset of the Great Depression finally forced the U.S. and the other countries that still pegged their currencies to gold to abandon the system entirely. Economist Barry Eichengreen has found that efforts to maintain the gold standard at the beginning of the Great Depression ended up worsening the downturn because they limited the ability of central banks like the Fed to respond to deteriorating economic conditions. For example, while central banks today typically cut interest rates to boost a faltering economy, the gold standard required them to focus solely on keeping their currency pegged to gold.”

But this is misleading, since governments that believe they need more money under a gold standard can always devalue their currencies in gold terms. That’s exactly what the U.S. did in 1933 and 1934.

Professor Klein writes that since 1971, when President Nixon terminated the international convertibility of the dollar to a fixed weight of gold, “major currencies like the dollar have traded freely on global exchanges, and their relative value is determined by market forces.”

Free currency markets? Let’s hope that Professor Klein isn’t teaching that fable to his students. Apparently he has never heard about central bank currency market intervention generally or, particularly, about the Bank for International Settlements, which acknowledges that its primary purpose is to give camouflage to central banks in their rigging of the currency markets, including the gold market:

http://www.gata.org/node/4279

http://www.gata.org/node/11012

Professor Klein writes: “The dollar in your pocket is backed by nothing more than your belief that you’ll be able to buy a hot dog with it.”

Not so. Quite without formal convertibility to gold or to anything else the U.S. dollar and most government currencies are powerfully backed — by the taxing power of the governments that issue them. Indeed, governments that issue money that is not formally convertible at a fixed rate are free to issue essentially infinite amounts of money, as they lately have been doing, restrained only by the risk of currency devaluation. Governments issuing inconvertible currency impose taxes not to raise money for themselves to spend but to create demand for and give value to their currencies.

Professor Klein writes: “It is particularly odd, however, to advocate for a gold standard at a time when one of the main problems a gold standard would supposedly address — runaway inflation — has been low for decades.”

Apparently Professor Klein believes government data on inflation. But many people who live in the real world — people who, for example, pay taxes, medical insurance premiums, and college tuitions and who buy food — don’t believe it as much as Professor Klein does.

Professor Klein writes: “Clearly, it would be destabilizing if the dollar were pegged to gold when its price swings wildly. Exchange rates between major currencies are typically much more stable.”

But where does the volatility of the gold price come from? Has Professor Klein ever investigated surreptitious intervention in the gold market by governments and central banks, precisely to prevent price stability? He gives no indication of doing so.

Professor Klein writes in defense of the Federal Reserve: “The Federal Reserve is an independent agency that is vital to America’s economic stability and prosperity. Like the courts, it is important that it acts with integrity and free from political considerations.”

But if it is acting with integrity and serving the public interest, why is the Fed so often acting in secret as it bestows its monetary patronage on the favored few, especially investment banks? And since control of money and interest rates is essentially control of the value of all capital, labor, goods, and services in the world — control of nearly everything — how can this control be removed from politics without also removing it from democracy?

Maybe someday one of Professor Klein’s students will challenge him on these issues. That might be an interesting class.

CHRIS POWELL, H.S.G.
Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowellGATA.org

END

iii) Other physical stories:

The ultimate store of value

The ultimate store of value

Central banks became net gold buyers in 2010, three years after the financial crisis. In response to Covid-19, major central banks have doubled down on unconventional policy measures, which have further depressed yields. In this context, do you expect gold to become increasingly attractive for reserve managers?

Gold remains an attractive asset class for reserve managers. Amid the uncertainties created by Covid-19, gold is acting as a ‘safe-haven asset’, which is reflected in higher gold prices. The other important consideration is the opportunity cost. Because of the crisis, central banks eased policies further and fiscal policies followed suit. In this context, the opportunity cost of holding gold has decreased further.

Gold allocations as a share of total reserves have increased substantially over the past decade due to an increase in purchases. Have gold purchases reached their ceiling and will this stem demand?  

I do not think we are approaching this ceiling. First, recent surveys have revealed central banks are still willing to increase their gold exposures. Second, the drivers boosting the gold price are very powerful. The low and negative sovereign yield environment is very supportive. Geopolitical and global trade tensions also boost the gold price. For example, growing competition between China and the US is a long-term factor that will not go away after the pandemic or with a new US administration. Third, central banks in different regions look at gold in a different way than before the financial crisis. A very obvious sign of this was the termination of the Washington Agreement on Gold in 2019.

Exchange-traded funds (ETFs) have allowed the creation of a more liquid gold market. This development has been credited with contributing to higher prices over recent years. From a central banking perspective, has this development affected gold’s assessment as a reserve asset?

For reserve managers there is a basic triangle. We need liquid assets, safe assets, and we should avoid losses on them. This is very challenging to achieve in this low and negative environment, and to balance these three goals. In this context, liquidity is extremely important for central banks. Nonetheless, our approach to gold and ETFs is a little different to that of other investors. On the one hand, liquidity in gold markets is welcome and it has improved over recent years. But most central banks usually do not buy ETF products to gain exposure to gold, instead buying through the over-the-counter market. In the case of gold-producing countries, central banks buy gold from the national producers. Another important point separating reserve managers from other gold investors is that we do not normally trade gold on a daily basis. As a result, daily liquidity is less important.

In spite of sustained price increases and higher liquidity, the market has recorded high volatility over the past two years. In fact, since August, it has recorded a significant correction. To what extent can price volatility deter central banks considering a reconfiguration of their portfolios?

First, we should decide the way in which we look at gold through a proper evaluation of costs and benefits of holding gold reserves on a standalone basis. In my view, gold is a strategic asset that has room in foreign exchange reserves. From this perspective, the volatility of the gold price is only one of many factors to consider. The volatility stemming from the gold exposure should also be examined through the share of gold holdings and the correlation gold has with other assets in the reserves portfolio. You should consider the downside risk pressures stemming from other asset classes during periods of stress, when reserve managers need to deploy their reserves. This would usually require a scenario analysis to discover gold’s behaviour compared with that of other asset classes.

Róbert Rékási, the Central Bank of Hungary

Róbert Rékási has been head of foreign exchange reserves management at the Central Bank of Hungary since 2013. Having joined in 2001, he has a 19-year career at the central bank, previously working as a portfolio manager. Rékási has been a chartered financial analyst (CFA) since 2008, and has been president of the CFA Society Hungary since 2016. He graduated  with a degree in finance from Corvinus University in Budapest.

Over the past few years, gold has been praised as a source of protection from negative rates. However, its price has tended to move in tandem with other recently adopted reserve assets such as equities. Could this correlation diminish gold’s allure among reserve managers looking for higher diversification?

Looking at the structure of reserves globally, approximately two-thirds of central banks hold gold; only 25% of them invest in equities. Not every central bank considers the relationship between equities and gold. But I believe there are some common drivers between the price movements of gold and equities. But gold is a ‘two-faced’ asset. It’s true that central banks’ asset purchases ultimately boost equity prices during times of stress. We have seen that happening this year. But, in more conventional scenarios, gold tends to rise during crises as a safe-haven asset, offsetting losses you may record on riskier assets. And, more importantly, in contrast to equities, gold’s strength through economic turmoil is not dependent on central banking policies. It’s a much more reliable source of strength in crises.

A relatively small group of central banks – Russia, China and Turkey being the main players – have led gold purchases since the financial crisis. To what extent have their operations been aimed to reduce their exposures to the US dollar, and the effectiveness of US sanctions on their economies?

This goes beyond the traditional reason of holding gold reserves, and portfolio optimisation too. I am certain tensions between the US and China may have contributed to higher gold holdings in China and other countries with difficult bilateral relations with Washington, such as Turkey.

What is especially relevant in this regard is that gold is a very good source of liquidity for US dollars. We live in a dollar-centric global monetary system, and dollar access remains key for every single country. In this regard, reducing US Treasury holdings – while boosting gold – may reduce your immediate exposure to US actions, but still guarantees that, when needed, gold will allow you to raise dollars in the market.

The Central Bank of Hungary sharply increased gold holdings over the last decade to 31.5 tonnes. In June 2020, total reserves stood at €30.2 billion, and the current market value of its gold holdings is in excess of €2.1 billion, more than 5% of the portfolio’s value. What has been the rationale behind these purchases?

It was a long-term national and economic policy strategy decision to increase the size of our gold holdings. The decision was driven by stability objectives; there were no investment considerations behind holding gold reserves. In normal circumstances, gold has a confidence-building feature, so it may play a stabilising role and act as a major line of defence under extreme market conditions, in times of structural changes in the international financial system or during deep geopolitical crises. The central bank also decided to repatriate overseas gold holdings. Holding precious metals within the country is consistent with international trends, enhances financial stability and may strengthen market confidence in the Hungarian economy.

An alternative is to hold part of your holdings in major financial and gold trading centres such as London, New York or Switzerland. This is useful in terms of liquidity as you can lend gold through swap agreements in return for US dollars. It can also enhance returns, but this obviously depends on the specific objectives of central banks.

Poland has also followed a similar approach to boosting gold reserves and repatriating them. Do you think the negative rate environment in the eurozone makes gold more interesting for European Union member states that are not part of the eurozone, but have important exposures to the euro?

As mentioned, it was not the main consideration behind increasing the gold reserves of Hungary. Although, if we consider gold investments from a different angle, this is also a factor to bear in mind. If you don’t buy gold, will you buy more expensive German government Bunds? The negative interest rate environment can play a crucial role in many reserve managers’ minds. Non-eurozone member states, because of their economic ties, must keep some part of their reserves in euro. The question is to what extent: how much loss can these central banks bear year on year?

In August, central banks became net sellers of gold for the first time in 18 months. This was mainly the result of muted purchases, and large sales by one country. Uzbekistan reduced its gold reserves by almost 32 tonnes, thought to be connected to overall difficulties in financing the government’s response to the Covid-19 crisis. To what extent can we expect more countries using their gold portfolios to access hard currency in the months ahead?

I would stress once more that gold is a strategic asset. I do not see central banks starting to reduce their holdings significantly. However, some gold-producing countries can adopt this strategy, and Uzbekistan is an important producer. It is an interesting case; up to a point, you could compare it with Norway. Where the Scandinavians leverage oil resources to accumulate reserves and public assets, Uzbekistan has gold-mining activities it can exploit in a similar fashion. Very likely, the state is involved in the gold-mining industry, and the central bank acquires part of the production, which, in some circumstances, can be sold. If you consider the requirement for higher public spending because of Covid-19, it would make sense for them to engage in these operations. But, as a global trend, I do not see a meaningful number of reserve managers following them.

It is widely accepted that gold would thrive in a scenario of stagflation similar to that experienced in the second half of the 1970s. However, taking into account the current below-target medium-term inflation expectations, this seems unlikely. To what extent would you link the outlook for gold as a reserve asset with the evolution of inflation in the coming years?

I would not put too much emphasis on inflation in the short term. In theory, increasing global debt levels at some point could have an inflationary effect. But, in the current context, it is not an immediate threat. Changes to the market structure are more important than the inflation outlook for gold. In the last decade we saw how central banks became net gold buyers mainly because of the ultra-low-yield environment. The development of the ETFs market has boosted it even further. All of these moves took place in a context of subdued inflation. A bullish gold outlook does not depend on the world economy ending up in stagflation.

In August, the US Federal Reserve unveiled a new policy framework that will allow it to temporarily tolerate inflation above the 2% target. It announced in September that it will maintain the Fed funds rate at 0–0.25% through 2023. What repercussions do you expect this policy change to have on the gold market, and the thinking of reserve managers worldwide?

I think is very supportive for the gold market in the long run. Opportunity cost is an important driver of gold price, and yields do not look like they will be rising any time soon. The Fed is basically saying it will keep interest rates low for longer, at least until 2023. On the one hand, that is good for gold prices. On the other, it says it will allow inflation to temporarily be over the 2% target. Let us see whether that is possible but, if that happened, it would also support gold as a reserve asset. That is why I think the Fed’s new policy approach to average inflation targeting is so positive for gold.

So far during the Covid-19 crisis, emerging market currencies have remained stable as the reserve portfolios of their central banks. Could this indicate – alongside the weaker dollar fostered by a dovish Fed – gold’s role to hedge against currency depreciation has become less relevant for reserve managers?

In the 1980s and early 1990s, global reserves looked very different. Now portfolios are far larger. As a result, most emerging currencies are more stable than they used to be. Nevertheless, beyond the portfolio size, you need to consider asset allocations. In this respect, gold’s allocations remain unchanged or have even increased as portfolios have grown larger. Gold is a good hedge against inflation; it is the ultimate store of value. Even if economic fundamentals evolve, and requirements can vary from advanced to emerging economies, gold’s strengths remain.

This interview was conducted by Central Banking in October 2020

This feature will form part of the Central Banking focus report, Gold for central banking 2020

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.5683 /

//OFFSHORE YUAN:  6.5595   /shanghai bourse CLOSED UP AT 36.76 PTS OR 1.09%

HANG SANG CLOSED UP AT  34.66 PTS OR .13%

2. Nikkei closed DOWN 106.97 POINTS OR 0.42%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 92.03/Euro RISES TO 1.1903

3b Japan 10 year bond yield: REMAINS AT. +.02/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 107.85/ 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:: 42.90 and Brent: 45.59

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.57%/Italian 10 yr bond yield DOWN to 0.63% /SPAIN 10 YR BOND YIELD UP TO 0.08%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.30: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.67

3k Gold at $1868.00 silver at: 24.05   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 29/100 in roubles/dollar) 75.92

3m oil into the 42 dollar handle for WTI and 45 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 103.73 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 .9078 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0805 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.57%

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

4. USA 10 year treasury bond at 0.860% early this morning. Thirty year rate at 1.561%

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

6.  TURKISH LIRA:  UP  TO 7.78..

Futures Jump, Dollar Tumbles On Fresh Vaccine Hopes

 

US equity futures, global stock and oil prices rose on Monday while the dollar and Treasuriss fell amid renewed hopes for economic revival on coronavirus vaccines, even as the world contended with surging case numbers and delays to fresh U.S. stimulus. Shortly after 2am ET, futures spiked to session highs, after AstraZeneca become the latest major drugmaker to say its vaccine for the virus could be around 90% effective, joining Pfizer and Moderna.

Ironically, while futures jumped amid expectations that at least one of these vaccines will be successful, AstraZeneca’s own shares fell 1.8% as traders perceived the efficacy data as disappointing compared with rivals, whose efficiency was around 95%.

There was more Covid action, with Regeneron also jumping 5.7% in pre-market trading after it announced during late U.S. hours on Saturday that its antibody cocktail for treating early Covid-19 symptoms received FDA emergency-use authorization (EUA). “While not surprising, this represents another important milestone for the infectious disease franchise,” Barclays analyst Carter wrote, adding that he sees the treatment adding an “incremental near-term driver” for earnings from 4Q through next year.

Finally, also over the weekend we learned that the first COVID-19 vaccine could be available within weeks after the U.S. Food and Drug Administration said it was likely to approve in mid-December the distribution of the vaccine made by Pfizer and German partner BioNTech, a top official of the government’s vaccine development effort said on Sunday.

“Markets continue to look through the near-term Covid-19 burdens,” said Robert Greil, chief strategist at Merck Finck Privatbankiers. “With political uncertainty in the U.S. fading in addition to the end of the virus tunnel looming, speed bumps for markets become less scary going forward.”

The rally showed investors are willing to look past the grim U.S. case numbers – cases topped 12 million over the weekend – and weak European economic data released on Monday. Evidence of high efficacy rates in experimental vaccines lifted the benchmark S&P 500 to a record high earlier this month, although gains have since been capped by concerns around more lockdowns to contain a surge in infections. Nevada on Sunday became the latest U.S. state to tighten restrictions on casinos, restaurants and bars, while imposing a broader mandate for face-coverings over the next three weeks.

Despite the backdrop of accelerating COVID-19 infections in the United States, the forecast helped to raise hopes that lockdowns that have paralyzed the global economy could be nearing an end: “Today’s vaccine news is positive, but it is only partly responsible for the rally in stock markets this morning, which is also being driven by the news that the United States hopes to start the vaccination program in under three weeks,” said Philip Shaw, chief economist at Investec in London.

Meanwhile, after data last week signaled a faltering labor market recovery, flash readings of business activity surveys due today are expected to show the manufacturing and services sectors expanded at a slower pace in November. Indeed, the progress towards approval and roll-out of multiple vaccines overshadowed the sobering news concerning the first European PMI readings of November, which saw the service PMI tumble from 46.9 to 41.3, missing expectations, while mfg PMI beat despite also sliding amid the new covid lockdowns.

  • EU Comp Flash PMI 45.1 vs. Exp. 46.1 (Prev. 50.0)
  • EU Services Flash PMI 41.3 vs. Exp. 42.5 (Prev. 46.9)
  • EU Manufacturing Flash PMI (Nov) 53.6 vs. Exp. 53.1 (Prev. 54.8)

Or maybe not, because after surging 0.9% in early trading on the AZN news, Europe’s Stoxx 600 index which had risen to its highest since February, gave up all gains and was little changed as of 12:11pm in London, with health-care stocks among the weakest sectors, led – paradoxically – by the health-care index down -0.8%, with AstraZeneca -1.7%, and the personal care index was worst-performing sector, down 1.2%. Meanwhile, energy stocks continue to rally, up 2%; basic materials stocks also outperform, +1.3%; Banks are up 1.2%.

Despite the wobble, today’s action took Europe’s November gains to 15% and followed another record high for Asian equities even before the announcement of latest vaccine news.  MSCI’s broadest index of Asia-Pacific shares outside Japan looked set to end the day 0.8% higher. Australian shares gained 0.3% as the country eased some COVID-19 restrictions. Most of the country has seen no new community infections or deaths in several weeks. Chinese bluechips had finished 1% higher, Seoul’s KOPSI climbed 1.9% and Bangkok jumped 2.2% to hit a five-month high. China’s CSI 300 Index of key equities listed in Shanghai and Shenzhen rose 1.3% to close a session over 5,000 points for the first time since June 2015; a subindex of energy stocks adds 3.8% as the best performer among the measure’s 10 industry groups. Yanzhou Coal Mining rose by the daily limit of +10% while China Oilfield Services was up +6.7%. The SSE 50 Index of large caps advances 1.7% to highest in 12 years after hovering near that level since July

In FX, the BBDXY slipped to new lows for the year (-0.30%), while the the euro edged up to 1.1864 as the dollar tested the bottom of a range. The pound rallied as much as 0.8% to 1.3381, highest since Sept. 2, bolstered by signs the U.K. and European Union are close to agreeing a deal. According to Bloomberg, sterling options suggest a Brexit trade deal is largely priced in; demand for puts stays strong across tenors, with the front-end better bid for dollar topside. In Asia, the Renminbi underperformed slightly as onshore rates dipped, following numerous (consecutive) days of gains last week. However, the overall disposition of Asian currencies was healthy, reflecting what is now an embedded trend vs the USD (KRW +0.30%, THB +0.15%).

In rates, yields rose around the globe amid a wave of risk-on sentiment. Treasury futures hovered near session lows as U.S. trading began after the AstraZeneca news, which added to pressure on Treasuries with holiday-week compressed auction cycle set to begin. Yields were cheaper by 0.5bp to 3.6bp across the curve led by long end, steepening 2s10s and 5s30s by more than 2bp; 10-year yields around 0.85% is ~3bp higher on the day and ~2bp wider vs bunds. Sales include record-sized 2Y ($56BN) and 5Y ($57BN) auctions on Monday and $56BN sale of 7-year paper on Tuesday.

Commodity markets rose with traders optimistic about a recovery in crude demand pushing oil higher. Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel in London. WTI crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week. “Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by three to six 6 months,” said Stephen Innes, chief global markets Strategist at Axi, a financial services firm.

Safe-haven gold, meanwhile, drifted at $1,872 per ounce, having lost almost 10% since peaking in earlier August.

On Today’s calendar we get the Chicago Fed Activity Index, and the Markit US Manufacturing PMI data. Fed speakers include Barkin, Daly, Evans. Also as noted above, the U.S. sells 2Y and 5Y notes, and TSY bills.

Market Snapshot

  • S&P 500 futures up 0.6% to 3,575.75
  • STOXX Europe 600 up 0.5% to 391.56
  • MXAP up 0.6% to 189.96
  • MXAPJ up 0.8% to 630.45
  • Nikkei down 0.4% to 25,527.37
  • Topix up 0.06% to 1,727.39
  • Hang Seng Index up 0.1% to 26,486.20
  • Shanghai Composite up 1.1% to 3,414.49
  • Sensex up 0.5% to 44,095.28
  • Australia S&P/ASX 200 up 0.3% to 6,561.59
  • Kospi up 1.9% to 2,602.59
  • Brent futures up 1.9% to $45.82/bbl
  • Gold spot down 0.1% to $1,869.14
  • U.S. Dollar Index down 0.2% to 92.20
  • German 10Y yield rose 0.4 bps to -0.579%
  • Euro up 0.2% to $1.1876
  • Italian 10Y yield fell 0.8 bps to 0.522%
  • Spanish 10Y yield fell 0.2 bps to 0.063%

Top Overnight News from Bloomberg

  • President-elect Joe Biden intends to name his longtime adviser Antony Blinken as secretary of state, according to three people familiar with the matter, setting out to assemble his cabinet even before Donald Trump concedes defeat
  • Several key allies for Trump appeared to lose their patience over the weekend. Senators Lisa Murkowski of Alaska and Kevin Cramer of North Dakota — one of Trump’s staunchest allies — on Sunday called for the transition to Biden to begin. Senator Pat Toomey congratulated Biden on his victory after Trump suffered another legal defeat in Pennsylvania
  • The Trump administration is close to issuing a list of 89 Chinese aerospace and other companies that would be unable to access U.S. technology exports due to their military ties, Reuters reported, a move that could escalate tensions as the Biden administration prepares to take over
  • The admission of foreign investors into China’s $15 trillion bond market—cemented this year when the country rounded out its inclusion in all three of the top global indexes—may just mark the big bang equivalent to WTO entry
  • U.K. Prime Minister Boris Johnson will announce a massive increase in community coronavirus testing on Monday as part of a plan to reintroduce tiered restrictions in place of the England-wide lockdown that ends on Dec. 2
  • Norges Bank reduces its daily foreign exchange sales on behalf of government from Nov. 23 as there is less foreign exchange for Norges Bank to convert than previously assumed due to reduced transfers from wealth fund
  • The euro area is slipping into another contraction amid new virus restrictions that are taking a massive toll on parts of the economy. IHS Markit’s composite Purchasing Managers’ Index fell to 45.1 in November from 50 in October, hinting at declining output, according to data published Monday
  • Germany is moving toward extending and tightening its shutdown restrictions, setting measures that would rein in New Year’s festivities as the country struggles to slow the rapid spread of the coronavirus

A look around global markets courtesy of NewsSquawk

Asian equity markets began the week on the front boot amid virus treatment hopes after reports the FDA granted EUA for Regeneron’s REGN-COV2 antibody cocktail but with some of the optimism in the region offset by concerns regarding rising infections. ASX 200 (+0.3%) traded higher following upgrades in domestic PMI data and as the energy sector spearheaded the commodity-led push after Ampol surged on reports it will receive a higher amount for the stake in its convenience property portfolio and will conduct a AUD 300mln share buyback. However, the gains in the index were restricted as financials lagged with IAG shares resuming their underperformance for a 3rd consecutive session. KOSPI (+1.9%) outperformed after a surge in exports for the first 20 days in November helped participants overlook the rising COVID-19 infection rates which prompted an increase in the Greater Seoul area social distancing level to 2 from 1.5 effective from Tuesday. Hang Seng (+0.1%) and Shanghai Comp. (+1.1%) were mixed with the mainland kept afloat following a PBoC liquidity injection and with Hong Kong subdued by weakness in casino and property names. Furthermore, the HK-Singapore travel bubble was delayed for 2 weeks which pressured shares in their respective flag carriers, while recent reports also noted the US is very close to declaring that 89 Chinese aerospace and other companies have links to the Chinese military which could stop them from receiving certain US exports. As a reminder, Japanese markets were closed due to Labor Thanksgiving Day.

Top Asian News

  • Hong Kong-Singapore Bubble Delay Hits Travel Rebound Hopes
  • Abu Dhabi Plans $122 Billion in Oil Spending to Boost Output

European equities kicked the week off higher across the board amid tailwinds from the APAC region and amid another positive COVID-19 vaccine update, this time from AstraZeneca, whose vaccine candidate reported an average efficacy of 70% across two dosing regiments. One regiment showed efficacy of 90% (half dose followed by a full dose at least one month apart), whilst the second regiment showed 62% efficacy when given as two full doses at least one month apart. Storing conditions are also favourable as the vaccine can be stored, transported and handled at normal refrigerated conditions (2-8 degrees Celsius/ 36-46 degrees Fahrenheit) for at least six months. By way of comparison, Pfizer/BioNTech’s candidate showed a 90% efficacy rate with storage temperatures at -70 degrees Celsius, whilst Moderna’s candidate showed efficacy of 94.5% with stable storage at standard fridge temperatures (2-8 degrees Celsius) for 30-days and shipping/long-term storage conditions at standard freezer temperatures of -20 degrees Celsius for 6-months. Since the update however, European cash and equity futures have waned off best levels (Euro Stoxx 50 +0.6%) but ES (+0.6%), NQ(+0.4%) and RTY (+1.0%) hold onto gains. The update resulted in flows into cyclicals as opposed to the rotational/reflationary playbook experienced upon the release of the early data from PFE/BNXT and MRNA. This cyclical play is reflected in European sectors as Oil & Gas, Basic Resources, Banks outpace peers whilst defensive sectors Utilities, Healthcare and Staples lag. Interestingly, AstraZeneca shares trade lower by some 1.5% with some citing the average efficacy being sub-par when compared to PFE/BNTX and MRNA, whilst others note of “buy the rumour, sell the fact” play. Nonetheless, losses in the largest FTSE 100 constituent has capped the index which trades with gains of some 0.3%, whilst losses in Healthcare prompted the SMI (-0.1%) to dip into negative territory. Elsewhere, the Travel & Leisure sectors is buoyed by the vaccine news alongside reports that UK will lift blanket quarantine restrictions on December 15th so families can travel to red list countries for Christmas, while the length of time people will need to self-isolate will be cut to 5 days from 14 days if a UK holidaymaker tests negative 5 days after returning. Thus, IAG (+4%) and easyJet (+5.4%) trade with firm gains, whilst Carnival (+2.8%) shrugs off reports that the US CDC escalated its warning for cruise travel to the highest level, alongside separate reports that Carnival’s Holland America Line extended cruise pause to include all departures through March 31 2021.

Top European News

  • U.K. Output Contracts as New Covid Lockdown Hits Services
  • Germany Moves Toward Tightening Partial Lockdown to Dec. 20
  • Bank That Pioneered Green Bonds Sets Ultimatum for Clients
  • Europe’s Virus Lockdowns Push Economy Into Another Contraction

In FX, the Pound is outperforming across the board amidst heightened hopes that UK and EU negotiators can make further progress via videoconference following reports that a trade deal is just 5% away from being completed, albeit with the remaining unresolved issues said to be the core areas of contention. PM Johnson is supposedly working on significant intervention in an effort overcome differences and to this end is expected to speak to European Commission President von der Leyen to tray and clear the remaining obstacles. Cable has cleared several recent highs in response, including a pseudo double top circa 1.3312-14 on the way through September 3’s 1.3359 peak to expose 1.3400 and the 1.3403 September 2 apex, while Eur/Gbp is back below 0.8900 and eyeing 0.8861 from November 11. For the record, not much response to better than expected flash PMIs as services and composite readings both retreated into contractionary territory.

  • AUD/NZD/CAD/DXY – The non-US Dollars are all revelling in the upbeat and risk-on market tone assisted by more positive COVID-19 vaccine updates, while the Aussie is also acknowledging improvements in PMIs and the Kiwi a healthy rebound in retail sales. Aud/Usd is back on the 0.7300 handle and Nzd/Usd is hovering around 0.6950, while Usd/Cad has retreated to test 1.3050 against the backdrop of buoyant crude prices in advance of comments from BoC’s Gravelle. Conversely, the Greenback has started the new week under pressure with the index hovering within a 92.343-92.072 range after dipping under the low seen on November 11 (92.129) awaiting the US national activity index, preliminary Markit PMIs and further Fed speeches from Daly and Evans.
  • EUR – Somewhat mixed Eurozone PMIs have not really impacted the Euro, with perhaps more focus on the preliminary surveys that could show more coronavirus contagion given the resurgence in Spain and Italy. Instead, Eur/Usd is holding firmly above 1.1850 and targeting last week’s best levels clustered between 1.1891-94 for another attempt to reach 1.1900 and the 1.1920 pinnacle posted on November 9, but wary that this may well prompt more verbal intervention from the ECB.
  • CHF/JPY – The traditional safe-havens are floundering alongside the Buck within tight ranges near 0.9100 and 104.00 respectively, with the former probably surprised to see no evidence of SNB action from weekly Swiss sight deposits and the latter devoid of domestic input due to Japan’s Worker’s Day market holiday.
  • SCANDI/EM – Somewhat mixed impulses for the Sek and Nok in particular given broad risk appetite and the aforementioned rise in oil, but the Norges Bank cutting daily foreign currency sales to Nok 500 mn from Nok 1.6 bn. Hence, Eur/Sek and Eur/Nok are both meandering within 10.2240-2020 and 10.7135-6410 parameters. Elsewhere, the Try continues to unwind post-CBRT recovery gains, but the Zar is holding up relatively well in spite of SA ratings downgrades from S&P and Fitch.

In commodities, WTI and Brent Jan futures continue on their upwards trajectory on vaccine euphoria coupled by expectations that OPEC+ will continue current cuts through Q1 2021 irrespective of the recent vaccine updates, which, as things stand provide a rosier price outlook in the medium-term as reflected by the six-month Brent contango being at the shallowest since mid-June. Aside from that, news-flow has been somewhat light throughout early European hours. Overnight there were reports that Yemeni Houthis carried out a missile attack on a Saudi Aramco distribution station, although sources via Energyintel suggested there was no damage to any facilities or personnel. Separately, Abu Dhabi’s Supreme Petroleum Council announced new discoveries of 22bln bbls of recoverable unconventional oil resources, although this is unlikely to impact near-term supply to the market as UAE is still constrained by OPEC+ quotas. WTI Jan now back under USD 43bbl (vs. low 42.29/bbl), whilst its Brent counterpart briefly eclipsed USD 46/bbl (vs. low 44.89/bbl) before yielding the handle. Spot gold and silver move in-line with the risk sentiment as the precious metals post mild losses with the former around USD 1870/oz (vs. high 1876/oz) whilst spot silver dipped below USD 24/oz (vs. high ~24.35/oz), whilst copper prices fail to coattail on the risk appetite as a union at the Candelaria mine accepted a wage offer, in turn bringing an end to a month-long strike, albeit “a worker’s union at Antofagasta’s Centinela copper mine is set to reject management’s latest contract offer next week, which could lead to strike action”, according to ING.

US Event Calendar

  • 8:30am: Chicago Fed Nat Activity Index, est. 0.3, prior 0.3
  • 9:45am: Markit US Manufacturing PMI, est. 53, prior 53.4
  • 9:45am: Markit US Services PMI, est. 55, prior 56.9
  • 9:45am: Markit US Composite PMI, prior 56.3

DB’s Jim Reid concludes the overnight wrap

Regular readers will know that the soundtrack to my WFH has been Acoustic Chill Radio. They do have a limited playlist though and after 8 months and I can now pretty much second-guess the loop of songs they are going to play once I hear one. I’ve always prided my self on being very knowledgable about music but there’s been one song that I’ve really, really liked that I’d never heard before. 8 months later I finally decided to try to find out what it was. Maybe it was some obscure artist I could impress people with once I was allowed back into the wild again. Imagine my shock when I discovered it was the acoustic version of the debut solo single from Zayn from One Direction and that it was actually a huge global hit in 2016. I’m not sure when I got old.

I might get a chance to recover from the shock in the second half of this week as with Thanksgiving on Thursday, activity is likely to progressively die down on Wednesday through to the weekend. The most important events of the last two weeks have both happened just before 7am NY on Monday with the Pfizer/BioNTech and Moderna vaccine news. It doesn’t feel like AstraZeneca/Oxford is quite ready to report but as a precaution I will have my eyes glued to the wires at this time today just in case. The latest on the vaccine from the weekend is that the US seems to be targeting December 11th or 12th for the start of the rollout, according to the head of the Warp Speed program. Overnight, the Telegraph has reported that the UK may give emergency approval to Pfizer’s vaccine as soon as this week.

On the restrictions, today we’ll know a bit more about how much they have stunted the economic recovery as the flash November PMIs from around the world are released. So far in Asia, Australia’s PMIs printed better than last month with manufacturing at 56.1 (vs. 54.2) and services at 54.9 (vs. 53.7) bringing the composite reading to 54.7 (vs. 53.5 expected). Meanwhile, markets in the region have started the week on the front foot with the Shanghai Comp ( +1.27%), Kospi (+1.83%) and ASX (+0.34%) all up. The Hang Seng is down a modest -0.09% and Japan’s markets are closed for a holiday. Futures on the S&P 500 are up +0.26%. In FX, the US dollar index is down -0.15%.

In other overnight news, Reuters has reported that the US is close to issuing a list of 89 Chinese companies (aerospace and other sectors) that have military ties and would be unable to access US technology exports.

In terms of week ahead, the Brexit talks will move to a virtual format after one of the EU negotiators tested positive for Covid-19. There had been reports last week suggesting that we may see a deal reached by the start of this week but it doesn’t feel we’re there yet. For a few months it’s felt like a case of five steps forward and four back on the path to some kind of deal. So progress but painfully slow. The Telegraph reported last night that PM Johnson is set to make a “significant Brexit intervention” whatever that means and speak to EC President Von Der Leyen “in an attempt to clear away final barriers” towards a deal. The article suggested that a week tomorrow is the new deadline. Face to face negotiations apparently begin again on Thursday.

Staying on the UK, this Wednesday will see the announcement of a one-year Spending Review, which will set departmental budgets for 2021-22. There had previously been hopes to conduct a multi-year review, but the Covid-19 uncertainty surrounding the public finances have seen the government opt for a one-year approach. This might give some clues though as to how long the fiscal taps will stay open and the first signs of how quickly and where taxes will be raised or public spending cut to try to restore some order. So important read-throughs for the future.

From central banks there isn’t a great deal taking place this week, though we will get the minutes from the FOMC’s November meeting on Wednesday. Our economists believe the focus will be on what the committee are thinking about in terms of changes to QE and perhaps on shaping future forward guidance. Their base case is that the Fed would prefer to gather a bit more information on the fiscal outlook and the economy before eventually extending the duration of purchases early next year.

Elsewhere in central bank world, today will see Bank of England Governor Bailey, as well as the MPC’s Haldane, Tenreyro and Saunders give evidence before the House of Commons’ Treasury Committee. Both the Riksbank and the Bank of Korea will also be announcing their latest monetary policy decision on Thursday.

Recapping last week now. The week started off with very promising vaccine news as Moderna announced efficacy numbers for its experimental vaccine that uses similar technology as that of Pfizer/BioNTech’s vaccine. The study showed a 94.5% efficacy rate and “only” needs to be transported at minus 20C, which is well above the minus 70C that the Pfizer/BioNTech vaccine is said to require. It also did well in reducing the severity of illness of those who still contracted the disease. This news moved markets less than the original Pfizer announcement; however, it gave the rotation trades into cyclicals slightly more momentum. The S&P 500 dropped -0.77% on the week (-0.68% Friday), while the high-growth tech stocks that make up the largest weightings of the index continued to lag.

Nevertheless, the NASDAQ rose +0.22% (-0.42% Friday) but the star of the week was Tesla which gained +19.86% after it was announced that the electric car maker would be included in the S&P 500 from December. Banks stocks on both sides of the Atlantic continued their rally even as yields fell, US banks rose +1.24% while European Banks were up a greater +4.00%. Similarly, European equities again outperformed given the STOXX 600’s more cyclical bias. The STOXX 600 ended the week +1.15% higher (+0.52% Friday) while the FTSE MIB (+3.84%), CAC 40 (+2.15%), and IBEX (+2.49%) all outperformed by even more.

Sovereign bonds gained even with the positive vaccine news as yields dropped back from close to their pandemic highs. US 10yr Treasury yields fell -7.2bps (-0.5bps Friday) to finish at 0.824% as 10yr Gilt yields dipped -3.6bps (-2.1bps Friday) to 0.30%. 10yr Bund yields were -3.6bps (-1.2bps Friday) to -0.58%. Elsewhere, credit spreads in the US and Europe tightened further on the week. US HY cash spreads were -11bps tighter, while European HY cash spreads tightened -18bps. US IG cash spreads tightened -5bps and IG was -4bps in Europe. In commodities, WTI (+5.03%) and Brent crude (+5.10%) rose sharply as global demand forecasts improved further as gold kept selling off (-0.96%). The last word goes to Bitcoin, which rallied +14.08% on the week (+3.59% Friday) as the cryptocurrency is dialling in on its all-time high from December 2017 again, but this time with more institutional buy-in. A fascinating story to watch.

 

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED UP 36.76 PTS OR 1.09%   //Hang Sang CLOSED UP 34.66 PTS OR .13%    /The Nikkei closed DOWN 106.97 POINTS OR 0.42%//Australia’s all ordinaires CLOSED UP 0.48%

/Chinese yuan (ONSHORE) closed /Oil UP TO 42.90 dollars per barrel for WTI and 45.59 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5683. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5595 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 WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Trump is ready to ban 89 aerospace companies from doing business with the USA. China eagerly awiats Biden to undue this

(zerohedge)

White House Planning Unprecedented Trade Alliance To Retaliate Against China

 

As Trump considers next steps in his ongoing crusade to challenge the election results, he appears increasingly set on unleashing a “scorched earth” policy in the already dismal relations China, if only to make any hope for a quick detente between Beijing and the pro-China Biden as difficult as possible.

Overnight, Reuters reported that the Trump admin is close to issuing a list of 89 Chinese aerospace and other companies that would be unable to access U.S. technology exports due to their alleged links to the PLA. Commercial Aircraft Corp. of China Ltd., or Comac, and Aviation Industry Corp. of China Ltd. are among the firms named, Reuters reported, citing a draft copy of the list from the U.S. Commerce Department.

As such a move would further restrict the companies from buying American goods and technology, it would fuel already-heightened tensions between the U.S. and China on fronts ranging from trade and Taiwan to the handling of the coronavirus.

Naturally, China’s Foreign Ministry said Monday that it “firmly” opposed the “U.S. oppression of Chinese companies without a cause.” At the same time, Trump’s in house China hawk, Peter Navarro, underlined that the time for policy action against China is now.

Taking a step back, as Rabobank’s Michael Every writes, “with technology and capital controls against Chinas firms being accelerated by the Trump administration specifically due to claims of military links, one might also want to consider that increasingly-popular Chinese government bonds, by their very nature, also encompass military spending. The next few weeks could see plenty more Trump action on China.”

Yet while we wait for Trump to enforce a full-blown crackdown on outbound capital to China (a few more fiascos like the pulled Ant Financial IPO and he won’t have to), moments ago the WSJ confirmed Every’s gut feeling when it reported that in another escalation against China, Trump administration officials told the WSJ that “they are pushing for new hard-line measures against Beijing” where the most ambitious effort would create an informal alliance of Western nations to jointly retaliate when China uses its trading power to coerce countries.

The plan was reportedly sparked by Chinese economic pressure on Australia after that country called for an investigation into the origins of the Covid-19 pandemic (see last week’s report on the unprecedented deterioration in China-Australia relations which we covered in  “”China Is Angry. China Can Be The Enemy”: Beijing Launches Extraordinary Attack On Australian Government“).

“China is trying to beat countries into submission by egregious economic coercion,” one senior official told the WSJ. “The West needs to create a system of absorbing collectively the economic punishment from China’s coercive diplomacy and offset the cost.”

Under the joint retaliation plan, when China boycotts imports, allied nations would agree to purchase the goods or provide compensation. Alternatively, the group could jointly agree to assess tariffs on China for the lost trade.

In other words, the China hawks in the Trump admin are feverishly working on an organization that is the alternative to the WTO, one which specifically seeks to retaliate only against China.

Separately, the administration is said to be expanding its ban on imports from China’s Xinjiang region that are made with forced labor, and add companies to a Commerce Department blacklist, including Chinese chip maker Semiconductor Manufacturing International Corp. SMIC already faces tough licensing requirements when buying from U.S. firms.

Yet while all of this sounds dramatic, the “alliance” is mostly theatrical. The senior officials acknowledged that not only do the new measures face the hurdle of a waning Trump administration, but should they succeed, they would also need the incoming Biden administration to endorse the effort and carry it forward.

Which is also Trump’s intention: to show just how eager Biden is to mend the badly frayed ties with China, and portray him as Beijing’s puppet. That would come at a time when the deeply polarized US nation can agree on only one thing: that China is bad. As such, Biden attempts at restoring ties with China will be immediately used by his political enemies to cast him as yet another globalist puppet working on Beijing’s behalf

4/EUROPEAN AFFAIRS

CORONAVIRUS UPDATE: FRANCE AND THE CZECH REPUBLIC + other countries//Monday

(Mises/McMaken)

COVID Deaths Mount In France & The Czech Republic As Lockdowns Fail

 

Authored by Ryan McMaken via The Mises Institute,

Lockdowns are back on in Europe and are making a quick comeback in the US as well. Spain, the UK, Belgium, and France are back in full lockdown mode, although a multitude of restrictions on movement within each country remained in place even when full lockdowns were ended over the summer. 

In France, for instance, one now “need[s] a certificate to move around,” yet in spite of long maintaining some of the continent’s most stringent lockdown and social distancing measures, total deaths per million are rapidly accelerating, to the point that France is likely to soon join other countries with harsh lockdowns in having among the worst rates of deaths per million in the world. Moreover, eastern Europe, which was once lauded for locking down strictly and early, is quickly finding that lockdowns aren’t likely to suppress total deaths there, either. The Czech Republic is seeing some of the worst growth in covid deaths worldwide, while the rest of the region is seeing similar growth, albeit to a less dramatic extent (so far).

Sources: Worldometer and Ourworldindata.org.

This is not what was sold to the public. Rather, politicians and their allies in the “public health” bureaucracies insisted that lockdowns would substantially reduce total deaths in countries that imposed them. Countries that failed to lock down would, on the other hand, experience runaway contagion with total Covid deaths per million orders of magnitude higher than those seen in countries that didn’t lock down.

That’s not what happened.

Cumulative deaths per million on the fifteenth of each month. Source: Worldometer.

Sweden, for instance, has long been denounced by politicians and media pundits for failing to embrace the methods of the French and the Spaniards.  Many of these nations (i.e., Spain and the UK) have long had total Covid death per million well in excess of the Swedes. And now, other nations are surging (i.e., France and Czechia and the Netherlands) and will all likely soon be much higher than Swedish levels. (It might also be noted that Spain, the UK, France, Czechia, and Italy are now all seeing growth in Covid deaths at rates above that reported by the United States.)

Lockdowns Save Lives? 

Of course, some supporters of lockdowns are likely to continue insisting that lockdowns clearly work to suppress total deaths because a handful of small countries near Sweden (i.e., Norway, Denmark, and Finland) have reported relatively few covid deaths. While this certainly may indicate there are factors at work in these countries that help keep covid mortality numbers lower, the fact remains that experience shows countries like Norway, Denmark, and Finland are outliers when compared to most of western Europe.

This isn’t exactly shocking. As early as July, studies were already beginning to show that lockdowns didn’t actually suppress total mortality. This one in The Lancet, for example, concludes,

government actions such as border closures, full lockdowns, and a high rate of COVID-19 testing were not associated with statistically significant reductions in the number of critical cases or overall mortality.

And in 2006, an extensive study in Biosecurity and Bioterrorism reported: “There are no historical observations or scientific studies that support the confinement by quarantine of groups of possibly infected people for extended periods” to slow the spread of influenza. No evidence has been offered for why this might be true of flu, but not true of Covid. Moreover, in a recent report from JPMorgan, Marko Kolanovic concluded that “re-opening did not change the course of the pandemic” and that “While we often hear that lockdowns are driven by scientific models, and that there is an exact relationship between the level of economic activity and the spread of [the] virus—this is not supported by the data.” Overall, evidence backing the lockdown theory has simply failed to materialize.

Where’s the Evidence?

Indeed, as Swedish authorities have long claimed, the experience points toward an outcome in which most countries will end up with similar total deaths per million regardless of lockdown policy.1 This looks more likely by the day. As noted by Dr. Gilbert Berdine here at mises.org, “The data suggest that lockdowns have not prevented any deaths from covid-19. At best, lockdowns have deferred death for a short time, but they cannot possibly be continued for the long term.” This, of course, is why even the WHO does not recommend lockdowns except as a very short term and ad hoc measure. The side effects of the lockdowns themselves are too dangerous.

We already know that isolation, unemployment, and other social ills caused by lockdowns affect both physical and mental health. But we also know that lockdowns lead to deaths from untreated medical conditions. Moreover, government health experts in many cases have callously cut off the elderly from all their social and family support. The Associated Press estimates that for “every two COVID-19 victims in long-term care, there is another who died prematurely of other causes.” Many of these deaths are brought on by neglect and isolation caused by state-mandated lockdown policies.

Examining Excess Mortality 

But where would we find evidence of these deaths in the aggregate? Unfortunately, regimes spend very little time counting them. Rather, regimes often only record events in ways that help the regime. While they are careful to count as many covid cases and deaths as possible in big bright numbers reported daily by government officials, deaths caused by lockdowns are generally ignored.

Eventually, the only way to guess the impact of these other deaths will be through the “excess mortality” data. Excess mortality—using a definition now generally used in the media and by government officials—occurs when total mortality during a time period exceeds the average mortality experienced over the past five years.

Some initial reports have suggested that covid deaths comprise only around 70 percent of excess deaths (see here and here). Naturally, lockdown advocates claim that this shows covid deaths are being undercounted, and that covid deaths should be assumed to account for virtually all excess deaths. This is only conjecture.

Likewise, in France, 2020’s total excess mortality is up 6.4 percent. It’s up 12.7 percent in England and Wales, up 16 percent in Italy, and up 17 percent in Spain.

How much of this excess mortality in lockdown countries is attributable to the lockdowns themselves? For now that’s still unknown. But, as Dr. Berdine writes:

It seems likely that one will not have to even compare economic deprivation with loss of life, as the final death toll following authoritarian lockdowns will most likely exceed the deaths from letting people choose how to manage their own risk. After taking the unprecedented economic depression into account, history will likely judge these lockdowns to be the greatest policy error of this generation.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

 

6.Global Issues

Michael Every is back as he outlines events on the weekend and this

Blinken You’ll Miss It

 
 

By Michael Every of Rabobank

Blinken You’ll Miss It

Quite the bundle of news to unbundle this morning, and once again most of it is politics threatening to trespass into market territory.

For example, we just had the virtual G-20 “held” in Saudi Arabia…and did anyone actually notice? Even media like Bloomberg, which would bleed G-20 if punctured, notes ‘One of the starkest moments…came when US President Donald Trump skipped a sessions on the pandemic to hit the golf course. Just as telling was how many other leaders seem checked out.’ Putin arrived late, Spanish and French leaders were caught looking at their phones, and Boris Johnson looked ‘uncombed and reading from his notes’. Indeed, while ’many leaders are relieved to have Joe Biden take over as US president,…they think four years of ”America First” cannot be easily undone, according to officials present.”

Quite. For all the talk of Great Resets, what we still see is a Great Reflex to go back to the status quo policy. For example, massive fiscal stimulus, which will linger a while yet because the virus will too, is being matched by massive new pledges on the Green and defense fronts. This smacks of industrial policy at best, and co-opting of central banks at the worst. However, there is also talk of pay-freezes for public-sector workers, of tax hikes, and of higher pension contributions, hitting all those at the bottom of the ladder whom Covid-19 already hit hardest. So we see both MMT and austerity/MMonetarism: let’s push in demand via higher state spending and yet simultaneously suck demand out via austerity…to deal with the massive government debt pile that central banks have already de facto monetized! Genuinely new economic thinking post crisis? Blink and you missed it.

Likewise, those who have a thing for acronyms are abuzz over new global trade deals; we have RCEP and CPTPP to play with, and Biden is obviously in favour of such things. Yet the RCEP is comprised of major net exporters, who can all try to net export to each-other. The CPTPP was supposed to have the US as the end-consumer, but doesn’t, and a mercantilist China will hardly replace it. Moreover, is the US really crying out for yet more imports (and fewer jobs) via new trade deals? In fact, is anyone crying out for more imports, or just more exports… and if so, to whom? Once again, blink and you miss any new economic thinking. Which might be why the G-20 had virtue to signal, but its ideas were indeed virtual.

Meanwhile, President Trump still isn’t giving up on being president. Yesterday saw his legal team distance itself from lawyer Sidney Powell, and it would appear Team Trump will press ahead with challenges to the election results on primarily constitutional grounds. These will be in terms of the process by which vote-by-mail was introduced (which should only have been via the state legislature), or the precedent established in Bush vs Gore in 2000 (i.e., that in some states voters had to show ID to vote in person, but not by mail, so “unequal treatment”): those cases will likely end up at the Supreme Court soon.

At the same time, Powell will press ahead solo with her “Kraken” suit alleging orchestrated election fraud via manipulation of voting machines by foreign “communist” forces, possibly intelligence agencies, and aided by members of both the Democrat and Republican parties. To many, including Supreme Court justices no doubt, all this lacks is Milhouse from The Simpsons talking about “reverse vampires” and saying “We are through the looking glass here people.” Then again, so much of what has happened over the past four years would not have been believed ten years ago: and, boy, will it fire up the Trump base as an unavoidable civil war in both US parties of centre vs. populists starts to play out ahead.

Trump also continues to try to salt the earth vs. China on trade. Reuters reports that a further 89 Chinese firms are now subject to export bans due to their alleged links to the PLA: China hawk Peter Navarro also underlined that the time for policy action against China is now. With technology and capital controls against Chines firms being accelerated by the Trump administration specifically due to claims of military links, one might also want to consider that increasingly-popular Chinese government bonds, by their very nature, also encompass military spending. The next few weeks could see plenty more Trump action on China.

Of course, Biden continues to push ahead with his own planning. Word is that his long-time advisor Blinken will be named as Secretary of State. Notably, while Blinken has been a critic of Trump’s tariffs on China and has previously stated that full decoupling from China is unrealistic, he has also made hawkish statements about the need for a more comprehensive US response to Beijing. Indeed, he has specifically spoken about the need to utilize the tool of the recent Hong Kong Autonomy Act (HKAA) to impose sanctions as needed.

Not that Europe is short of its own politics > markets dynamic. There is the UK, with all its Byzantine political machinations over who is really in charge; there is the related odyssey of Brexit; and in the EU there is the rule-of-law/fiscal stimulus stand-off.

The market mood is nonetheless ebullient at the moment. Stocks are trending up (hooray!), bond yields are trending down (hooray!), and so is the USD (hooray!). The awful virus is likely to be defeated ahead! Vaccines are here and do work! Schools can even reopen! And skiing holidays will soon be back! Life could not be better!!Just recall that Great Resets and the Great Reflex, promising infinite liquidity for the lucky few and austerity for the many, are only going to lead to a Great Reflux of even angrier anti-establishment populism. It’s just a question of where and when. So enjoy this moment. Blink and you may miss it.

CORONAVIRUS//UPDATE GLOBE//SATURDAY

US COVID-19 Mortality Rate Rises, Germany Tops 900k Cases: Live Updates

 

Summary:

  • US mortality rate rises
  • Germany tops 900k cases
  • Spain announces vaccination program start dates
  • US hospitalizations rise
  • Poland reopens malls
  • WHO criticizes Europe
  • Hungary deaths see new record

* * *

Now that Pfizer has officially filed for its emergency-use approval from the FDA, markets will be on tenterhooks until the approval is either handed down, or blocked for some ‘unforeseeable’ reason.

In the meantime, markets’ attention has shifted back toward the numbers as new cases swell and 1 in 5 hospitals around the country are in danger of facing staff shortages.

The US reported 1,870 fatalities on Friday, in a week in which the death rate increased pretty rapidly.

Hospitalizations in the US have reached a new record, with the midwestern prairie states seeing the highest rates of hospitalizations.

Across Europe, outbreaks have finally started to slow as new lockdown measures show their impact, though deaths and hospitalizations remain elevated.

Spain’s campaign to vaccinate its population is slated to begin in January and will be voluntary, according to local media reports, citing Health Minister Salvador Illa.

Spain expects to vaccinate about half its people by May, Illa said. The government plans to reveal further details of its vaccination strategy later this month.

In Poland, a brief series of closures is coming to an end, as shopping malls will reopen while keeping restaurants, movie theaters and schools closed as Prime Minister Mateusz Morawiecki asks the population for ‘patience’ until a vaccine arrives.

Over in Geneva, the WHO’s Special Envoy criticized the initial European response from the spring as “incomplete”, complaining that Europe failed to learn from Asian states like South Korea, which have successfully managed the virus since the beginning of the pandemic.

As European countries started to report Saturday’s numbers, Germany’s RKI said the country added nearly 23,000 new cases on Saturday, lifting its total north of 900,000, and putting it on track to become the next European country to top 1 million cases.

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

Hungary suffers a record 121 deaths from the virus on Saturday though the number of hospitalized patients and new infections continued to level off (Source: Bloomberg).

CanSino said surging COVID cases around the world will allow it to quickly reach the infection thresholds to analyze the efficacy of its single-shot vaccine (Source: Bloomberg).

Hong Kong added 45 new coronavirus cases Saturday, the highest daily toll in three months, after the city imposed new social restrictions (Source: Bloomberg).

end
 
Sunday/Coronavirus update
 

Millions Of Americans Ignore COVID Travel Warning, First Vaccinations Expected Dec. 11: Live Updates

 
 

Summary:

  • More than 1 million ppl traveled through US airports Friday
  • US cases top 12 million
  • WH vaccine czar targets Dec. 11 for first shots
  • US cases near records
  • Portugal imposes travel freeze
  • France outbreak slows
  • Greece sees back-to-back days of record deaths

* * *

As we reported last night, COVID-19 cases in the US surpassed 12 million, adding a million new cases in under a week, the fastest rate yet. Meanwhile, the pace of deaths has accelerated globally; on Friday, the world reported more than 11k new deaths in a single day, the highest daily number yet. In the US and Europe, deaths are finally creeping higher alongside hospitalizations as rising case numbers finally start to translate to more serious cases as well.

California set a new record yesterday by reporting more than 15k cases in a single day, the highest daily tally for any state in the US.

With US cases at record highs, the CDC on Sunday elevated its travel warnings about traveling on cruise ships and venturing across state lines to see relatives. The agency raised its cruise ship travel warning level to ‘Level 4’ from ‘Level 3’, while Reuters reported that millions of Americans were set to flout the agency’s warnings about travel. More than 1 million people traveled through American airports on Friday, according to data from the Transportation Security Administration, fueling fears of even greater spread of the virus. It was the second-heaviest domestic air traffic day since the start of the pandemic.

“This is the 2nd time since the pandemic passenger volume has surpassed 1 million,” TSA spokeswoman Lisa Farbstein wrote on Twitter on Saturday.

On Sunday morning, White House vaccine czar Dr. Moncef Slaoui told CNN’s Jake Tapper that a coronavirus vaccine could be available by Dec. 11. The doctor also talked up the potential of the vaccine, saying data showing the vaccine to be “95% effective” surpassed expectations, and offers almost a “full insurance policy” against the virus.

In Europe, Portugal will freeze movement between towns between Nov. 28-Dec. 1 and Dec. 5-8, two periods that include weekends and national holidays on each following Tuesday. The number of daily new infections continues to be “worrying,” even if the pace of growth has decelerated, Prime Minister Antonio Costa said.

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

France’s virus cases rose by 17,881 to 2.13 million on Saturday, with the pace of new infections continuing the slowdown of the past two weeks. The seven-day average of new cases fell to 24,636 cases, the lowest in a month and less than half the pace two weeks ago (Source: Bloomberg).

Greece reported 108 more deaths, a second straight record increase, and intensive-care units in Greek hospitals are 82% occupied. Plans to begin a gradual lifting of nation-wide lockdown restrictions on Dec. 1 are no longer realistic, government spokesman Stelios Petsas said Friday (Source: Bloomberg).

END

UK Plans To Lift 2nd COVID-19 Lockdown In A Week, Oxfam Praises AstraZeneca Vaccine: Live Updates

 

Summary:

  • Oxfam praises AstraZeneca vaccine
  • BoJo unveils plan to lift 2nd UK lockdown
  • US’s Midwest remains worst-hit region
  • Millions of Americans ignore travel advisory
  • Germany’s Merkel says vaccines must be provided to the poor
  • Germany to extend covid restrictions
  • Regeneron antibody cocktail gets EUA

* * *

Without a doubt, AstraZeneca’s publication of its (obviously rushed) efficacy data has been the biggest COVID-19-related story Monday morning after LA County announced plans to reimpose lockdown-like conditions late Sunday evening. The UK also announced plans to tweak quarantine requirements for travelers and individuals believed to have been exposed to the coronavirus as the government plans a five-day suspension next month to allow Britons to travel and see relatives during the period between Christmas Eve and New Year’s.

Additionally, BoJo confirmed his plans Monday morning, saying that he would lift the national lockdown on Dec. 2 (a little over a week away)  and return England to it regional tiering system which had been in place prior to the lockdown.

After the US topped 12 million cases over the weekend and California lodged a countrywide record (15.4k new cases in 24 hours), the number of new cases reported over the prior 24 hours declined on Sunday.

As more stakeholders weigh in on the AstraZeneca-Oxford data, Oxfam celebrated the fact that the AZ vaccine was seemingly tailor-made to meet the needs of poorer nations (aside from the fact that it’s not quite as effective as some probably hoped).

In the US, the Midwest remains the hardest-hit region, as millions of Americans continue to ignore the CDC’s warning to avoid holiday travel, inspiring some experts to warn about the possibility of a post-holiday surge in cases – along with hospitalizations and deaths.

And here’s a breakdown of the 7-day averages for new cases across all 50 states.

As we await the latest data out of the US on Monday, it’s worth noting that German Chancellor Angela Merkal over said during this weekend’s G-20 virtual summit that securing access to vaccines for the world’s poorest should be a top priority.

Here’s some more COVID-19 news from overnight and Monday morning at the start of this holiday shortened week in the US:

Regeneron announced that its antibody cocktail REGN-COV2 received Emergency Use Authorization from the US FDA. FDA stated that it authorized monoclonal antibodies for treatment of COVID-19 in which casirivimab and imdevimab are to be administered together by IV infusion and were shown to reduce COVID-19-related hospitalization, but noted benefit of casirivimab and imdevimab treatment has not been shown in patients that were hospitalized for COVID-19 (Source: Newswires).

Pfizer’s vaccine could receive UK approval in the week ahead with British regulators to begin the formal review of the jabs by Pfizer and BioNTech, while NHS was reportedly told to be ready to administer them by December 1st Subsequently, regulators say they have received the data relating to this. (Telegraph) Seperately for Pfizer, Operation Warp Speed’s Slaoui has suggested that the FDA could act on the Co.’s COVID vaccine as early as December 10th (Source: Newswires).

Roche CEO expects the tens of millions of COVID-19 tests the Co. is producing won’t be enough this winter amid the surge of infections across the northern hemisphere (Source: Newswires).

UK PM Johnson is to tell MPs on Monday that he will end the lockdown in England on December 2nd and replace it with toughened-up tiers, while the new plan will see more areas enter the stricter tiers although reports added the plan for a new stricter tiered system is under threat after 70 Conservative MPs threatened to veto it in Parliament. There were also reports that PM Johnson is expected to set out ‘major’ testing plans which will form part of stronger tiered local restrictions to replace England’s lockdown. UK PM Johnson is to give a statement at 15:30GMT/10:30EST (Source: The Telegraph).

Germany’s senior politicians stated that they will have to extend current measures to contain the pandemic into December, while other reports noted that Germany was considering a partial lockdown until December 20th.(Source: Newswires).

South Korea is imposing stricter social-distancing measures including limiting restaurant hours and social gatherings, as a surge in cases threatens to undermine earlier efforts to contain the pandemic, while the alert level for the Greater Seoul area was increased to 2 from 1.5 effective Nov. 24. This will ban gatherings in high-risk venues such as night clubs and karaoke bars, while restaurants are prohibited from serving after 2100 and can only operate takeouts and deliveries (Source: Newswires).

Hong Kong Health Secretary Sophia Chan stated that Hong Kong will make a payment of HKD 5,000 to anyone in the city that tests positive for COVID-19 in an effort to get people tested (Source: Newswires).

 

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

 

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

Euro/USA 1.1903 UP .0052 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 ALL GREEN

USA/JAPAN YEN 103.73 DOWN 0.0690 (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 1.3384   UP   0.01380  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3048 DOWN .0038 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  MONDAY morning in Europe, the Euro ROSE BY 52 basis points, trading now ABOVE the important 1.08 level RISING to 1.1903 Last night Shanghai COMPOSITE UP 36.76 PTS OR 1.09% 

//Hang Sang CLOSED UP 34.66 PTS OR .13% 

/AUSTRALIA CLOSED UP 0,48%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 34.66 PTS OR .13% 

/SHANGHAI CLOSED UP UP 36.76 PTS OR 1.09% 

Australia BOURSE CLOSED UP 0.48%

Nikkei (Japan) CLOSED DOWN 106.97  POINTS OR 0.42%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1866.74

silver:$24.03-

Early MONDAY morning USA 10 year bond yield: 0.86% !!! UP 3 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.561 UP 4  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 92.03 DOWN 36 CENT(S) from  THURSDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.23% DOWN 3 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.22%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.79 DOWN 3 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.54% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.87% 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 MONDAY

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

Euro/USA 1.1824  DOWN     .0027 or 27 basis points

USA/Japan: 104.4  UP .655 OR YEN DOWN 66  basis points/

Great Britain/U SA 1.3299 UP .0054 POUND UP 54  BASIS POINTS)

Canadian dollar DOWN 7 basis points to 1.3093

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed DOWN AT 6.5880    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.5829  (YUAN up)..

TURKISH LIRA:  7.87  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield UP 2 IN basis points from THURSDAY at 0.850 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.1550 UP 3 in basis points on the day

Your closing USA dollar index, 92.64 UP 28  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 MONDAY: 12:00 PM

London: CLOSED UP 2.64  0.07%

German Dax :  CLOSED DOWN 10.28 POINTS OR .08%

Paris Cac CLOSED DOWN 3.74 POINTS 0.07%

Spain IBEX CLOSED UP 11.60 POINTS or 0.15%

Italian MIB: CLOSED DOWN 5.17 POINTS OR 0.02%

WTI Oil price; 42.98 12:00  PM  EST

Brent Oil: 45.96 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    76.31  THE CROSS HIGHER BY 0.08 RUBLES/DOLLAR (RUBLE LOWER BY80 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 for Oil, 4:00 pm/and 10 year USA interest rate/CLOSING USA MARKETS

WTI CRUDE OILPRICE 4:30 PM :  42.94//

BRENT :  45.82

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

USA 30 YR BOND YIELD: 1.557 up 3 basis points..

EURO/USA 1.1839 ( DOWN 13   BASIS POINTS)

USA/JAPANESE YEN:104.57 UP .775 (YEN DOWN 78 BASIS POINTS/..

USA DOLLAR INDEX: 92.53 UP 14 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.33160 UP 70  POINTS

the Turkish lira close: 7.89

the Russian rouble 76.17   UP 0.05 Roubles against the uSA dollar. UP 5 BASIS POINTS)

Canadian dollar:  1.3081 UP 5 BASIS pts

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

The Dow closed UP 328.31 POINTS OR 1.12%

NASDAQ closed UP 25.66 POINTS OR 0.22%


VOLATILITY INDEX:  22.64 CLOSED DOWN 1.06

LIBOR 3 MONTH DURATION: 0.204%//libor dropping like a stone

USA trading today in Graph Form

Dollar Jumps, Gold Dumps, As Massive Short-Squeeze Sends ‘Greed’ Near 2020 Highs

 

Another Monday, another positive vaccine headline…

Small Caps soared to a new record high today after better than expected PMIs and positive vaccine headlines trumped increasingly distant stimulus hopes (but it’s clear the rotation continues)… The market extended gains late on after stimulus-hungry-Yellen was reported as Biden’s primary pick for Treasury Secretary (but that spike did not hold)…Nasdaq ended unch…

Since the election, Small Caps are up almost 12%, Nasdaq and S&P up around 5%…

 

Russell 2000 is at its highest relative to Nasdaq 100 since June…

Source: Bloomberg

Momentum continued its November collapse…

Source: Bloomberg

Crashing to its lowest since June…

Source: Bloomberg

AAPL tumbled around 3% today, breaking below its 50DMA…

 

On a side note, after briefly topping 100% of the Russell 2000’s Market Cap, AAPL is now back at ‘just’ 75% of it…

Source: Bloomberg

Cyclicals have recent soared to their strongest vs Defensives since

Source: Bloomberg

Today was the biggest daily short-squeeze since mid-July (up 13 of the last 16 days)…

Source: Bloomberg

The Russell/Nasdaq ratio has decoupled from real-yields for now…

Source: Bloomberg

Energy stocks surged once again today, back to its highest relative to tech since early August…

Source: Bloomberg

Credit spreads compressed dramatically after blowing out on Friday after TSY pulled some support from The Fed…

Source: Bloomberg

Yields were higher on the day (Japan closed) with 30Y up around 4bps, but notably there was no extension of the yield spike from the AZN news…

Source: Bloomberg

The dollar spiked significantly after PMIs beat and stimulus hopes faded…

Source: Bloomberg

Bitcoin was flat from Friday but the rest of the crypto space soared…

Source: Bloomberg

Ethereum topped $600, dramatically outperforming Bitcoin in the last few days…

Source: Bloomberg

As flows are favoring crypto over gold for now…

Source: Bloomberg

Gold caught down to real-yields today after the PMI/Stimulus headlines…

WTI continued to rally, back above $43 (but unable to take out the 11/11 highs for now)…

Gold was clubbed like a baby seal as stimulus hopes faded and PMIs soared after the vaccine news…

Finally, we note that hard (real economy) and soft (survey) data has massively decoupled once again on a sea of hope…

 

Source: Bloomberg

…and ‘everything’ is risk-on…

And we haven’t seen this level of greed in a while…

As Deutsche notes, “This asymmetric market response suggests that positioning is now extended”.

And the good news is that the positivity rate is rolling over…

a)Market trading/THIS MORNING/USA

Stocks Slump As Biden Admin Signals No Compromise On Stimulus

 
 

US equity markets are suddenly dropping after a reported statement from the Biden administration suggests both a lack of involvement in strategy by the Biden admin and no sign of any compromise from the left on any short-term stimulus hopes.

Politico’s Jake Sherman reports that Biden spokesman Andrew Bates reports that the Biden admin does not support paring back Democratic demands in Covid relief talks.

“This is incorrect. The President-elect fully supports the Speaker and Leader in their negotiations.”

The result is a sudden tumble in stocks, led by growth-heavy Nasdaq, erasing all overnight gains, as this suggests there will be no short-term stimulus deal…

The dollar is spiking, less deficit-spending?

Of course, after Georgia in January, all bets are off…

 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Both PMI and Markit manufacturing and service rise

(zerohedge)

Selling Prices Soar At Record Pace As US PMIs Hit Six-Year Highs

 

Analysts expected a modest retrenchment in US PMIs this morning, following Europe and UK’s plunge into contraction, especially as we have seen US Macro data consistently surprise to the downside for the last two months. But no! The preliminary November data showed a huge outperformance.

  • Markit US Manufacturing BEAT at 56.7 vs 53.0 exp vs 53.4 prior – 74-Month high
  • Markit US Services BEAT at 57.7 vs 55.0 exp vs 56.9 prior – 68-Month high

And all as US Macro “Real” data keeps surprising to the downside…

Source: Bloomberg

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

“The November PMI surveys provide the first post-election snapshot of the US economy, and makes for very encouraging reading, though stronger economic growth is quite literally coming at a price.

First the good news: business activity across both manufacturing and services rose in November at the strongest rate since March 2015. The upturn reflected a further strengthening of demand, which in turn encouraged firms to take on staff at a rate not previously seen since the survey began in 2009.

However, the surge in demand and hiring has pushed prices and wages higher. Average selling prices for goods and services rose at the fastest rate yet recorded by the survey, with shortages of supplies also more widespread than at any time previously reported.

“Firms are scrambling for inputs and workers to meet the recent growth of demand, and to meet rising future workloads. Expectations about the year ahead have surged to the most optimistic for over six years, reflecting the combination of a post-election lift to confidence and encouraging news that vaccines may allow a return to more normal business conditions in the not too distant future.”

Finally, a quick glance across the world’s PMIs shows where the ‘problems’ are (or perhaps where the lies and propaganda remain the most impressive)…

Source: Bloomberg

 
 

iii) Important USA Economic Stories

Election commentaries//voting fraud

EXCLUSIVE: The Dominion Voting Machines Don’t Even Provide Candidate Vote Totals – Only Percents -What Is Going On?

Image by Sovereign Insurgent

We’ve reported over the past few weeks on the corruption and criminal activities surrounding the 2020 Presidential election.  But as we’ve pointed out, nothing comes close to the irregularities and the fraud avenues built into the Dominion voting machine database.

We reported the other day on the ‘weighted race feature’ within the Dominion voting machines:

Dominion Voting Machines ALL INCLUDE “Weighted Race Feature” Whose Only Purpose Is Cheat in Elections — We Contacted Dominion But Did Not Get a Response

In our previous reporting we identified instances where votes were moved from Republicans to Democrats and other instances where votes disappeared. 

TRENDING: “He Was Insulting, Demanding and Rude and I Told Him to Never Contact Me Again” – Sidney Powell Goes off on Tucker Carlson (VIDEO)

Since that time there is a growing concern surrounding the Dominion voting machines and their applications used in multiple states in the 2020 election.

One Dominion feature that has not been widely discussed is the “weighted race feature” or assigning fractions to each vote cast in the machines.

Dr. Shiva Ayyadurai from MIT  detected weighted race algorithm use in previous elections using the Dominion or Smartmatic voting systems.

All major voting machine vendors, including Dominion, have this feature.

This system breaks votes down into fractions and then weights them for some reason.

We’ve reported several instances in the 2020 election where votes were removed from Republicans and given to Democrat candidates, including 20,000 votes in Pennsylvania which led to a 40,000 vote swing for Biden.  We also noted at least one instance where the total number of votes counted were decreased by 373,000 in Virginia.  All of these instances occurred in states where the Dominion voting machines are in place.

One thing we think needs clarification because it is so shocking, is the manner in which candidates’ votes are counted within these machines.

We obtained the data set provided to The New York Times and other Big Media outlets from Election Day and after.  The data provided has one very noticeable omission – it provides no total votes per candidate in the election. 

The voting information provided in the files to Big Media is limited.  They provide expected total votes; state; Trump vote totals from 2016; vote share of total votes for Democrats (Biden); vote share of total votes for Republicans (President Trump); vote share of total votes for Third Parties; Total Votes; 2012 Total Votes and 2016 Total Votes.  That’s it!

What’s noticeably missing is there is no vote total for each candidate nor is there an amount of votes reported in that time reporting period for each candidate.  See below:

The JSON data for the same data set is similar but in an obvious different format.  The snapshot below from Wisconsin early the next day after the election was reported at the American Thinker. It shows the percents provided in the file, again no amounts are provided, only percents:

The above point in time is when Biden stole Wisconsin the morning after election day – a calculation is provided below:

The files coming from Dominion are shocking! 

The fact they are using percents and not numbers in their calculations enables fraud.  This is one of many reasons experts are concerned about the 2020 election.

end
 
 
Sidney Powell claims that she will provide the evidence in a “biblical” lawsuit in the coming days.
(Jack Philips//Epoch Times)

Trump Lawyer Sidney Powell Promises ‘Biblical’ Lawsuit in Coming Days

November 22, 2020 Updated: November 22, 2020
 

Trump campaign attorney Sidney Powell on Saturday said that the president’s lawyers will file a lawsuit of “biblical” proportions, alleging that some elections officials were embroiled in a pay-to-play scheme with a prominent manufacturer of voting software.

“We’ve got tons of evidence; it’s so much, it’s hard to pull it all together,” Powell told Newsmax. She didn’t provide or elaborate on the evidence.

“Hopefully this week we will get it ready to file, and it will be biblical,” Powell asserted, adding that “it’s a massive project to pull this fraud claim together with the evidence that I want to put in.”

Powell said that voting system’s algorithms provided Democrats 35,000 extra votes, although she didn’t elaborate. She added that Democratic candidate Joe Biden’s votes were “weighted” at 1.25 times while President Donald Trump’s votes were parsed at 0.75.

The longtime lawyer and former federal prosecutor also alleged that there were modifications to some voting machines after the legal cutoff for changes.

Powell also said that some governors may have engaged in a pay-to-play scheme to use Dominion Voting Systems—one of the Trump campaign’s chief targets in recent days. “Georgia is probably going to be the first state I’m gonna blow up,” she claimed, accusing Gov. Brian Kemp of engaging in a pay-to-play scheme.

Kemp’s office has not responded to a request for comment, although Georgia Secretary of State Brad Raffensberger has frequently said there were no instances of fraud or irregularities in the state.

Dominion, in several statements to The Epoch Times, has categorically denied allegations of election tampering and voter fraud in recent days, saying that Trump’s team has peddled “falsehoods regarding Dominion” in recent press conferences and interviews.

“Dominion employees do not have access to the [canvass] adjudication system, nor do they operate it,” the Toronto-based firm said in a statement. It added that “access to the adjudication system resides with the election authority using it” and that “the system is controlled through secure and verifiable user accounts, and all voter intent adjustments are securely logged in the system and then recorded in the digital image of the ballot.”

Dominion also cited statements made by the secretaries of state in Michigan, Arizona, Pennsylvania, and Georgia, who also said they have found no evidence of voter fraud large enough to overturn the election.

However, the chairman of the Federal Election Commission, Trey Trainor, has repeatedly said there was voter fraud in key states.  “The massive amounts of affidavits that we see in these cases show that there was in fact fraud that took place,” he said during an interview with “Just the News AM” on Friday, while suggested a lack of transparency

The questions raised by the Trump campaign in recent days is “very important for the legitimacy of the presidency,” Trainor remarked.

Trump has not conceded. The Epoch Times will not declare a winner of the 2020 presidential election until all legal challenges have run their course.

Last week, Powell told Fox Business that she will prove Trump’s voter fraud case within the next two weeks or so.

“We have evidence now of information from the systems going to three or four different foreign countries during the time of the election, those countries themselves could have watched the live votes come in and changed the numbers,” said Powell. “There’s significant evidence of foreign interference from the worst communist countries on the Earth with our election.”

end
 
Sidney Powell confirms it was the USA military that seized the servers in Germany:
 
BREAKING:

 

is NOW CONFIRMING (according to reports I’m getting from multiple sources) that it was the US Military that seized the servers in Germany. #Standby

 
end
 
 
Sidney Powell on Howie Carr show:
 

Sidney Powell spoke with Howie Carr yesterday and told him that the Trump legal team has evidence of 7 million votes stolen from the President and 10 million illegal votes cast for Biden. In addition:

Several million votes cast by dead people.
• Photos of the checks proving people were paid.
• Many witnesses needing Federal Witness Protection.

end

 

 
If this is true, it will be earthshattering:  a Republican Governor supported by Trump and the Georgia Republican both accept bribes from China to throw the election…
(Hal Turner)

K A B O O M! Governor and Secretary of State in Georgia Took Money From China (To Steal Election from Trump)

K A B O O M!   Governor and Secretary of State in Georgia Took Money From China (To Steal Election from Trump)

Georgia’s Republican Governor Brian Kemp and the Georgia Secretary of State Brad Raffensperger both allegedly took money from Communist China, perhaps to intentionally THROW or STEAL the November 3 Election in that state, to Joe Biden.

According to very high level sources from my years working National Security Intelligence with the FBI Joint Terrorism Task Force, the feds have PROOF of the payments to both Kemp and Raffensperger.

The Trump election legal team forced the President to WAIT before revealing this, until both Kemp and Raffensperger CERTIFIED the Election results.

According to those same sources, once Kemp and Raffensperger CERTIFIED the results, their crime was complete.   Both men certified those election results this week.  By law, Mr. Raffensperger was obliged to certify the election results before 5 p.m. on Friday.   Gov. Kemp, had to then certify the results by 5 p.m. on Saturday.   Both men did exactly those acts.

The implications of this revelation are staggering.  First, that a sitting REPUBLICAN Governor would stab his Party’s President, and our nation, in the back, for a foreign government, is utterly horrifying.  People are already asking ” My God, what could they have offered that he would sell out his own people?  His own country?”

That a foreign nation would DARE to pay money in order to rig or steal a U.S. Presidential Election is . . .  a casus belli (Cause for war.)  China appears to have tried to STEAL our freedom by STEALING our Elections.  War is justified.

Again, the national security intelligence sources with whom I have spoken, assure me this information is solid and the proof is already in government hands.

MORE . . .

Georgia Governor Brian P. Kemp ordered state agencies to buy from Chinese Lenovo and interlocking vendors on Mar. 28, 2019, undermining U.S. sovereignty, the citizens of Georgia, and the 2020 election

The interlocking vendors include members of Obama’s Technology Council and members of the IBM Eclipse Foundation (incl. Chinese Tsinghua University) that stole the invention of social networking from Columbus-OH-based Leader Technologies, including IBM, Dell, EMC, HP and NetApp.

THESE SYSTEMS WERE USED IN THE 2020 GEORGIA ELECTION!

How did Sec. of State Brad Raffensperger (election chief) not know this since his election machines ran on this infrastructure?

Kemp’s more than 5% shareholding in First Madison Bank & Trust, now United Community Bank, NASDAQ: UCBI), puts him in direct relationship to Lance F. Drummond (TD Canada Trust (Rothschild Inc., Aspen Institute).

The Rothschilds are members of the British Pilgrims Society (MI6), Privy Council with Lord Mark Malloch-Brown—former UN Dep. Sec. Gen, and CEO of Dominion-Smartmatic election rigging computers with George Soros.

This is a developing story, check back for details . . .

end

Giuliani: votes from 28 states were sent to both Spain and Germany to be fraudulently rigged by Smartmatic

(Huff/Natural News)

Giuliani: Votes from 28 states were sent to Germany and Spain to be fraudulently rigged by Smartmatic

Bypass censorship by sharing this link:
New
 
 
Image: Giuliani: Votes from 28 states were sent to Germany and Spain to be fraudulently rigged by Smartmatic
 

(Natural News) What do Venezuela, a third-world socialist nation in economic ruin, and the United States have in common? Everything if we are talking about the fraudulent 2020 election.

Believe it or not, the very same voting machines and technologies used to install dictators in Venezuela are now being used in the U.S. to rig elections for Democrats like Joe Biden, whom the mainstream media is already declaring to be the 46th president.

Speaking to Lou Dobbs during a recent interview, Rudy Giuliani, President Trump’s lawyer, revealed a number of bombshells about how the left is attempting to steal the 2020 election, including with the help of Dominion Voting Systems that run Smartmatic software.

In 27 or 28 states, Giuliani explained, votes were tabulated off-shore in Germany and Spain. And in almost every state where this process occurred, vote “irregularities” were observed that appear to have shifted the tallies in favor of Biden.

Giuliani and the Trump team are in the process of fully unraveling this fraud, but we know already that things are changing. In Nevada, for instance, the five-member county board of elections in Clark County, which covers Las Vegas, decertified as the winner a Democrat, who was replaced with a Republican.

Confirmed irregularities in the form of improperly verified signatures led to the overturning of that race, and Giuliani says the same thing happened to Trump, the potential ramifications being that Trump could end up winning Nevada.

In Pennsylvania, some 8,000 illegal ballots were identified and Giuliani and his team are pushing to have those thrown out, pending a Supreme Court ruling.

At the same time, Pennsylvania has declared that poll watchers need not be able to see ballots being counted in order to meet state guidelines for election integrity. The Supreme Court ruled in a 5-2 decision in this case that a poll watcher merely needs to be in the room, this being a loss for Team Trump.

“Pennsylvania is now the only state in the country … that doesn’t allow inspection of mail-in ballots,” Giuliani indicated.

Dominion Voting Systems were designed in Venezuela for the specific purpose of committing election fraud

Concerning Dominion, a whistleblower has come forward with claims that he or she observed serious problems with vote counts, particularly during the “wee morning hours” the day after the election.

“The circumstances and events are eerily reminiscent of what happened with Smartmatic software electronically changing votes in the 2013 presidential election in Venezuela,” this whistleblower noted, adding that all of the anomalies conveniently benefitted Biden at the expense of Trump.

Giuliani is fully aware of all this, explaining that Dominion systems were invented in Venezuela “specifically to fix elections – that’s their expertise.”

Carolyn Maloney, a Democrat senator from Manhattan, revealed all of what Giuliani is now saying back in 2006 and 2007 when she warned that the U.S. should not adopt Dominion systems because they were built for fraud.

“We shouldn’t be using this company that was founded by Chávez to call votes in America because their specialty in Venezuela is cheating,” Giuliani added, further noting that Dominion is “a far-left radical company” with high-level people within its ranks that are avowed supporters and members of the domestic terrorist group Antifa.

We reported on one just the other day who goes by the name of Eric Coomer, this particular individual having written lengthy, vulgar diatribes on his social media pages blasting Trump and telling any friends who support Trump to defriend him.

“All parties involved in the decision to have our votes go to another country deserve the maximum sentence in the worst prison that this country has,” wrote one incensed commenter at The Gateway Pundit upon hearing the news.

To keep up with the latest news about election fraud, be sure to check out Trump.news.

Sources for this article include:

TheGatewayPundit.com

NaturalNews.com

end

Making Sense Of The News About Sidney Powell

 

Update (1000ET): Sidney Powell has issued a statement providing more details, and perhaps confirming the findings below that this is a funding issue… (emphasis ours)

I agree with the campaign’s statement that I am not part of the campaign’s legal team. I never signed a retainer agreement or sent the President or the campaign a bill for my expenses or fees.

My intent has always been to expose all the fraud I could find and let the chips fall where they may–whether it be upon Republicans or Democrats.

The evidence I’m compiling is overwhelming that this software tool was used to shift millions of votes from President Trump and other Republican candidates to Biden and other Democrat candidates.  We are proceeding to prepare our lawsuit and plan to file it this week.  It will be epic.

We will not allow this great Republic to be stolen by communists from without and within or our votes altered or manipulated by foreign actors in Hong Kong, Iran, Venezuela, or Serbia, for example, who have neither regard for human life nor the people who are the engine of this exceptional country.

#WeThePeople elected Donald Trump and other Republican candidates to restore the vision of America as a place of life, liberty and the pursuit of happiness.  

You may assist this effort by making a non tax-deductible contribution to www.DefendingTheRepublic.org.  #KrakenOnSteroids”

Sidney Powell

*  *  *
As AmericanThinker.com’s Andrea Widburg detailed extensively earlier, you probably already know that Trump’s legal team announced that Sidney Powell is not a team member. The brief statement leaves unanswered the most important question: “Why?” Absent solid information, speculation leads us either to “This is the beginning of the end” or “This is all part of the plan” – and I’m leaning to the latter.

Events happened with head-spinning speed. On Thursday, Trump’s legal team held a press conference. Rudy Giuliani talked about traditional voter fraud (cemetery voters, faked ballots, etc.); Sidney Powell talked about corrupt, or corruptible, election software, a familiar topic to the State of Texas NPR, and MSNBC; and Jenna Ellison reminded the press that the conference was not an evidentiary hearing but was, instead, an opening statement.

For over a week, Powell has been making the media rounds, asserting that the system used in several states — Dominion Software, running on Smartmatic machines – originated in Venezuela when Hugo Chavez wanted a system that could cleanly swing elections his way. She spoke about votes being counted abroad, software changes, and vote manipulation over the internet.

While her numbers were breathtaking (Trump “had at least 80 million votes”), Powell’s stated facts tracked available information: Smartmatic came out of Venezuela; in 2007, Smartmatic announced that it was selling its Sequoia Voting Systems to Dominion; the chairman of Smartmatic’s board is a George Soros crony; the system is easily hackable; Georgia’s system was vulnerable; and the data coming out of the swing states shows anomalies that cannot occur naturally. (You can see all the known evidence here.) These facts made Powell’s contentions sound credible.

On Thursday and Friday, there was a public spat between Tucker Carlson and Powell. Carlson claimed Powell had no evidence and got nasty when he pushed; Powell asserted that she offered evidence but Tucker got nasty because it wasn’t when he wanted.

This spat put Trump supporters in the uncomfortable position of choosing between, on the one hand, a lawyer who took on the federal government and proved that it’s attack on Gen. Michael Flynn was a set-up intended to take down both Flynn and then newly-elected President Trump and, on the other hand, a television personality who’s been braver than most in calling out leftism and standing up against his own company’s quisling tendencies. (See also, what a warrior for truth Sidney Powell has always been.)

And then, this:

The Washington Examiner added the claim that “sources close to the president” say Powell lacks evidence, which explains the distancing. Ask yourself if any “sources close to” Trump have ever been correct? They’re invariably NeverTrumpers. It’s possible that this time the source could be correct but I caution patience.

Powell’s response was swift (although it’s been deleted from Twitter):

Michael Flynn, Jr., the general’s son, parlayed some initial information:

He later added background:

That makes sense. If Powell represents the campaign, the government regulates individual donations. If she’s apart from the campaign, things are less constrained.

Lin Wood also chimed in, assuring people Powell is still in the game:

There are two ways to view all this:

The “it’s all over” viewpoint. Powell overpromised and she’s become a source of danger and mortification who must be jettisoned.

The “there is a deep game afoot” viewpoint.

Here are the moving parts behind this approach:

1. The facts about Dominion and Smartmatic, above.

2. The strong statistical indication about voter fraud, also above.

3. Powell’s statement to Larry O’Connor on Friday that she represents the people, not the president:

4. The information that Michael Flynn Jr. and Lin Wood provided about the administration separating from Powell for financial reasons and her still being in the fight.

Currently, I believe this election was marked by epic fraud. You cannot convince me that Biden, who got 5 or 6 people to his rallies, as opposed to the 52,000 or so at Trump’s rallies in Pennsylvania, ended with more votes t

Appeals Court Grants Expedited Review of Trump Campaign’s Pennsylvania Lawsuit

November 23, 2020 Updated: November 23, 2020
 

 

 

President Donald Trump’s campaign on Monday secured a legal win after the U.S. Third Circuit Court of Appeals granted an expedited review of their appeal from a Pennsylvania court, according to Trump campaign lawyer Jenna Ellis.

According to the order, Trump’s “motion for emergency expedited review is granted at the direction of the court.”

Their brief now needs to be filed by 4 p.m. on Monday, Nov. 23. “The court will advise if oral argument desired,” it said.

Pennsylvania’s 67 counties are scheduled to certify their election results by the end of Monday before sending them to state election officials.

Over the past weekend, Judge Matthew Brann dismissed the campaign’s lawsuit, which had sought to throw out hundreds of thousands of votes in Pennsylvania, saying that election officials in Philadelphia and other Democratic-leaning counties violated the equal protections clause under the U.S. Constitution. They alleged that those counties allowed voters to “cure” mail-in ballots that had issues, while GOP-leaning counties followed the law and didn’t alert voters about potential issues with ballots.

Brann, an appointee of former President Barack Obama, ruled Saturday that he “has no authority to take away the right to vote of even a single person, let alone millions of citizens.” The order allowed Pennsylvania to move forward with certifying the results of the Nov. 3 election. Current data shows that Democrat Joe Biden is ahead of Trump by around 80,000 votes in the Keystone State.

Rudy Giuliani
Trump lawyer and former New York City Mayor Rudy Giuliani speaks to media while flanked by lawyer Sidney Powell (L) and Trump campaign senior legal adviser Jenna Ellis at a press conference at the Republican National Committee headquarters in Washington, on Nov. 19, 2020. (Charlotte Cuthbertson/The Epoch Times)

On Saturday, Ellis and fellow Trump attorney Rudy Giuliani welcomed Brann’s dismissal of the lawsuit, saying that the move would allow them to move their legal challenge to the U.S. Supreme Court.

“Today’s decision turns out to help us in our strategy to get expeditiously to the U.S. Supreme Court,” their statement said.

Trump, meanwhile, criticized Brann of acting in a partisan manner.

“It’s all a continuation of the never ending Witch Hunt,” he wrote on Twitter. “Judge Brann, who would not even allow us to present our case or evidence, is a product of Senator Pat ‘No Tariffs’ Toomey of Pennsylvania, no friend of mine, & Obama – No wonder,” Trump said on Twitter, adding that he “WILL APPEAL.”

Last week, a math professor who specializes in analytic number theory wrote in a sworn affidavit that he flagged up to 100,000 ballots in Pennsylvania of potential fraud.

“I estimate that the number of ballots that were either requested by someone other than the registered Republican or requested and returned but not counted range from 89,397 to 98,801,” Miller said in the sworn statement (pdf), according to Just The News.

END

Losses from student  loans is now projected at 435 billion dollars:  The total student loans are now at 1.7 trillion dollars and  935 billion is projected to be repaid.  The problem is that this 435 billion dollars must be added to the deficit.  The initial 1.7 student loan figure is not added to the deficit, only when a default occurs does this figure enter into the deficit column..
 
(zerohedge)

Losses From Student Loans May Eclipse Subprime Crisis

 

As regular readers know, we’ve been keeping tabs on the mounting risks in the student loan market for years, as an ongoing racket between lenders and universities have pushed tuition to astronomical levels – leaving millions of graduates with mountains of debt for expensive credentials they can’t reasonably repay.

Now, according to a new analysis from the Education Department and two private consultants, taxpayers may be on the hook for $435 billion, according to documents reviewed by the Wall Street Journal.

Looking at $1.37 trillion in student loans held by the government, an estimated $935 billion in principal and interest will be paid back by borrowers, leaving $435 billion in potential losses – an amount which doesn’t include $150 billion in student loans originated by private lenders.

The losses, which are “far steeper than prior government projections,” could eclipse the $535 billion in subprime losses during the 2008 financial crisis (a figure arrived at by Moody’s Mark Zandi). The difference of course is that the government can simply borrow trillions of dollars at ultra-low interest rates to absorb the losses – so taxpayers will still be on the hook, yet we may avoid face-melting panic in the markets as hundreds of billions in defaults are quietly tossed on the bonfire.

To pay for it, Congress will need to raise taxes, cut services or increase the deficit. Unfortunately, the ‘silent burn’ is unlikely to motivate the feds to alter their lending practices – which, according to analysts, have in turn allowed colleges to hike tuition to astronomical levels.

“There’s no market discipline here,” says former Treasury Department official under Obama, Constantine Yannelis. “In 2007-2008, we saw a lot of lenders who were making risky bets going under. There’s no force like that in the student-loan market.”

The government lends more than $100 billion each year to students to cover tuition at more than 6,000 colleges and universities. It ignores factors such as credit scores and field of study, and it doesn’t analyze whether students will earn enough after graduating to cover their debt.

We make no attempt to evaluate the quality of the borrower, the ability to repay, the effectiveness of the loans,” said Douglas Holtz-Eakin, former head of the Congressional Budget Office who now leads the American Action Forum, a conservative think tank. “The taxpayer ends up picking up the tab.” –Wall Street Journal

What’s more, subprime borrowers with credit scores below 620 received nearly 40% of student loans between 2005 and 2016. By comparison, subprime mortgages peaked at around 20% of all mortgage originations in 2006. The resulting financial crisis caused private lenders to tighten standards – requiring better credit and cosigners. As a result, default rates are now far lower than on federal loans.

While the Trump administration has opposed wide-scale debt forgiveness, the government is effectively doing so through income-based repayment programs, which caps payments at 10% of their discretionary income, defined as AGI less 150% of the federal poverty line, which is then forgiven after 10, 20 or 25 years.

Democrats, meanwhile, are pushing Joe Biden to immediately forgive $10,000 for each federal student loan, should be become president.

According to the analysis conducted by FI Consulting for the Education Department, income-based repayment programs are a major driver of projected losses – as many students who rack up massive student loans then jump into income-based repayment programs. On average, 51% of balances are repaid with income-driven programs, while borrowers in other plans will repay 80%, according to the report.

Meanwhile, there are plenty of hard working plumbers earning six-figures, who didn’t take on a mountain of debt for a toilet-paper degree.

end
 
A ticking timb bomb: struggling retailers owe 52 billion dollars in overdue rents
(zerohedge)

 

Struggling Retailers Owe $52 Billion In Overdue Rents

The virus pandemic – with its temporary and permanent store closures, strict social distancing requirements, e-commerce boom, and supply chain disruption – since March has fueled uncertainty among US retailers as many find themselves in a $52 billion hole.

Bloomberg, citing new data via CoStar Group Inc., outlines how restaurants, gyms, and other businesses have accumulated insurmountable rent payments that have been deferred for months. This has resulted in landlords demanding outstanding balances be immediately paid, could drive some retailers into bankruptcy.

“You’re going to have big bubbles that are going to be hitting next year or even in the fourth quarter,” said Andy Graiser, co-president of A&G Real Estate Partners, an advisory firm. “I’m not sure if they are going to be able to make those payments in addition to their existing rent.”

The problem with overdue rents, totaling $52 billion as of November, is that retail sales growth in October slumped and is expected to wane into year-end.

Furthermore, coronavirus cases are exponentially increasing in almost every US state. Local governments across the country are reimposing strict social distancing measures that will stymie retail sales and increase the threat of a double dip recession.

CoStar reveals the amount of rent collected from retailers rose from 54% at the end of April to 86% this month. Only 79% of rent due this month for malls was collected.

“It’s going to take a period of years, not months, to get through this,” said Michael Hirschfeld, vice chairman at JLL, a real estate services firm.

From Signet Jewelers Ltd. to Red Robin Gourmet Burgers Inc. to Bed Bath and Beyond, Bloomberg lists the major retailers who have deferred rent payments. Their unpaid rents total in the tens of millions of dollars per company – the question, with slumping retail sales and a virus pandemic that continues to rage – how will these retailers ever pay back past rents?

Signet Jewelers Ltd., for one, deferred about $78 million of its rent payments, according to a September quarterly filing. In its most recent quarterly filing, Bed Bath & Beyond Inc. said it’s held back $50.6 million in rent payments and is in negotiations with landlords, while Francesca’s Holdings Corp. has said it owed $14.6 million in deferred rents and related costs as of Aug. 1. The women’s clothing chain has since said it plans to shutter about 140 locations by the end of January and that it’s in danger of financial collapse.

Red Robin Gourmet Burgers Inc., meanwhile, said that it’s received default notices from some landlords after it stopped making full payments in April. Chief Financial Officer Lynn Schweinfurth told investors on a Nov. 5 call that the restaurant chain had negotiated amendments for about half of its leases by the end of its third quarter and continues in talks for the rest.

Many of these unpaid bills won’t go away, but are instead being pushed into next year. Signet said it plans to pay back its overdue rent by the middle of next year, while Francesca’s plans to repay the amount over the course of next year, it said in a quarterly filing in September, and is asking landlords for more concessions.

Representatives for Bed Bath and Beyond, Francesca’s, and Red Robin didn’t immediately respond to requests for comment. A representative for Signet didn’t have a comment beyond recent filings. -Bloomberg 

Earlier this month, deferred rents and a tidal wave of tenants exiting leases helped two mall REITs, Pennsylvania Real Estate Investment Trust and CBL & Associates Properties file for Chapter 11 protection – together the two REITs account for 87 million square feet of real estate across the US.

Even though collections are improving at high-quality malls – mall giant Simon Property Group Inc. only collected 85% of rents in the third quarter, up from 72% in the previous quarter. Brookfield Property Partners LP said it collected 75% of rents from mall tenants over the same quarter.

Jay Indyke, a lawyer who chairs Cooley LLP’s restructuring practice, said landlords and lenders are willing to make accommodations out of court to resolve overdue rent payments because of the recent news of a promising vaccine. “There are certainly some players that are willing to at least convert some of their debt to equity,” Indyk said.

While the brick and mortar retail “apocalypse” was already a problem for the US economy ahead of the virus pandemic thanks to the destructive forces of Amazon and the e-commerce boom, the pandemic continues to complicate the outlook for retailers that may extend the bankruptcy wave well into 2021.

end

Two more big events by Jan 1:

14 million people will lose with unemployment benefits and 30million are at risk of eviction

(zerohedge)

14 Million People Will Lose Their Unemployment Benefits, 30 Million At Risk Of Eviction On January 1

 
 

While markets remain on edge over the sudden tension between the Treasury and the Fed, following Mnuchin’s surprise notice to Powell that the Treasury would let 8 of the key 13(3) “emergency” programs currently in place (including the critical for the bond market Corporate Credit facilities, PMCCF and SMCCF) at the Fed expire on Dec 31…

… which also threatens the continuation of Helicopter Money into 2021 as the only reason the Fed has been able to monetize all US issuance this year while sending stocks soaring has been the close cooperation between the Fed and Treasury, another, more important “expiration” will take place on Dec 31, and will likely have far more profound consequences for the broader US population.

Here’s why: on Dec 31 is when many of the key provisions in the CARES Act are set to expire if there is no action from Congress. All else equal, some 12 million American will likely lose access to their Emergency unemployment benefits activated in the aftermath of the covid pandemic, which alone could be a drag of up to 1.5% to growth in 1Q according to Bank of America. Additionally, the concurrent expiration of eviction moratorium, mortgage forbearance programs, and suspension of student loan payments could all be headwinds early next year, creating further obstacles.

Some background

The CARES Act expanded unemployment insurance eligibility and duration during the pandemic. Of this, the Pandemic Unemployment Assistance (PUA) program was the largest component, giving unemployment benefits to workers who are normally ineligible for regular state UI programs such as contract and self-employed workers. The PUA gave these workers 39 weeks of unemployment benefits. Meanwhile the Pandemic Emergency Unemployment Compensation (PEUC) program provided 13 additional weeks of benefits to those that exhausted regular state UI benefits. These programs will expire on December 26th.

According to the latest DOL data, there are currently over 21 million unemployed workers receiving UI benefits of which 13.6 million are enrolled in either PUA or PEUC; these are shown in red and green in the chart below.

According to analysts at the Century Foundation, roughly 12 million workers enrolled in PUA or PEUC will see their UI benefits cut off at year-end, and based on BofA calculations, this would roughly translate into an income shortfall of $39BN in 1Q if these workers are unable to find work or alternative income support. BofA also calculates that based on its work on fiscal multipliers, income loss of $39BN would translate into a 1.2% hit to growth on an annualized basis in 1Q 2021.

Beyond the direct hit to those losing their benefits at year-end, many that are currently on regular state UI programs will exhaust their eligibility and be left without a safety net. A back of the envelope calculation suggests an additional 2.4MM  workers who are currently on regular UI benefits will exhaust all available UI resources by 1Q of next year, which would amount to roughly an $8BN income loss or a drag of 0.3% to growth.

In total, some 14.4 million workers will lose their unemployment benefits on Dec 31, resulting in a total hit to the economy of almost $50BN, and without any additional UI support, BofA estimates the income loss could be a drag of up to 1.5% to growth in 1Q 2021. It gets worse as there could be a second mini-cliff in 2Q if there is no additional stimulus as workers on extended UI benefits in select states exhaust their aid.

Bills also come due

The CARES Act also provided some temporary payment relief: it prohibited landlords with federal guaranteed mortgages from evicting tenants until December 31st. According to a survey run by the Urban Institute, 1/3rd of landlords reported not being paid rent in full in September. This implies roughly 30 million renter households will be at risk of eviction once the moratorium expires. As BofA adds, homeowners with federally guaranteed mortgages could request loan forbearance up until December 31st, while those who requested and received forbearances prior to the deadline would be able to delay mortgage payments up to a year. Separately, according to the Mortgage Bankers Association, loans in forbearance stood at 5.7% in the week ending November 15, which roughly translates to 2.7 million homeowners in some sort of forbearance plans.

While it’s difficult to quantify the growth impact from these provisions expiring, BofA expects it to have a meaningful impact if consumers are unable to keep current on their debt. According to a study done by Collison and Reed (2018), the value of avoiding an eviction is approximately $8,000 per household. Meanwhile, studies on foreclosures showed that foreclosure-related sales had prices about 27% lower than comparable properties and each foreclosure lowered the selling price of nearby non-foreclosure properties by 1%.

In short, the Dec 31 expiration date means that immediately thereafter, there will be a nontrivial risk that many households will be unable to pay their debts. The latest Household Pulse Survey from the Census Bureau shows that close to 30% of renters and roughly 12% of homeowners with mortgages have slight-to-no confidence that they will be able to make next month’s payment.

Last, consumers with student debt will have to resume payments in January. According to a study done by the NY Fed, the payment freeze during the pandemic saved borrowers roughly $7BN per month. All told, with various moratoria ending, debt payments coming due could be a major headwind for the economy at the start of next year.

No safety net.

What is most concerning about the expiration of various CARES programs is that starting Jan 1, the economy will be operating without a safety net. However, according to BofA, this is likely to be short-lived, as Congress and the new Biden administration are expected to strike a deal on a new stimulus package of $500bn-$1tn shortly after the inauguration (Goldman however recently cuts its estimate to just $700BN). And while any new package should be able to offset the drag and boost growth by 2.5% in 2021 (per BofA estimates), any delays and snags could lead to a second major economic hit to the US economy. Already JPMorgan expects a “doube-dipping” 1% drop in Q1 GDP, a decline which will only get worse should the various government subsidies not be extended in early 2021.

 

iv) Swamp commentaries

Biden’s true colours shine forth as he refuses to answer a benign question from a CBS reporter who shouts out his question

(zerohedge_

Frustrated Biden Snaps At Reporter For Shouting Question About Coronavirus

 

Is it just us, or do members of the Democratic Party’s leadership seem more stressed out than usual lately?

Joe Biden snapped at a reporter on Friday after he asked a question about Biden’s plans for responding to the coronavirus. CBS News reporter Bo Erickson asked: “Mr. Biden, the Covid Task Force said it’s safe for students to be in class. Are you going to encourage unions to cooperate more to bring kids back to classroom, sir?”

For whatever reason, Biden wasn’t having it: “Why are you the only guy that always shouts out questions?” Biden shot back.

At that moment, Biden’s staffers sprung into action: “Guys, let’s go! Move! Let’s go! Out!”

From Biden’s response, to his staff’s move to clear the room of reporters before things could get out of hand, it was an altogether Trumpian performance from a man who has gone to great lengths to try to define himself in opposition to his rival.

Other journalists criticized Biden for losing his cool, arguing that Erickson’s question was valid. Indeed, many conservatives have slammed NYC’s teachers’ unions for effectively forcing city hall to close the schools despite new research showing that schools aren’t a major contributor to infection rates. CDC Director Robert Redfield said during the most recent WH task force briefing that all schools should remain open.

Will MSM reporters now meekly accept the fact that shouting questions will again be deemed a bad, disrespectful thing now that Biden is expected to be taking the reins? That’s ironic, since White House reporters like Kaitlan Collins and Playboy’s Brian Karem were widely praised for doing the same during briefings with Trump and White House Press Secretary Kayleigh McEnany.

Washington Examiner politics reporter Emily Larsen encouraged journalists to not let the tradition of shouting questions at the president (or “President-elect”) die with Trump. And the Daily Wire’s Ryan Saavedra mused that Biden “wouldn’t last a day” if he had to deal with the same level of media scrutiny as Trump.

Cuomo emerged from that incident with egg on his face, because moments after he made a big show about saying schools would remain open, news hit that the 3% 7-day positivity rate threshold had been reached, and that NYC schools would return to all-remote learning the following morning.

 

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

Pfizer to ask FDA for emergency use of its COVID-19 vaccine in U.S.

FDA approval could result in vaccine doses becoming ready as early as December

https://justthenews.com/politics-policy/coronavirus/pfizer-ask-fda-emergency-use-its-covid-19-vaccine-us

Trump [on Friday]: Pfizer Chose to Delay Results of Vaccine until after Election – BBG

@GOP: “For generations, the American people have been abused by Big Pharma & their army of lawyers, lobbyists, & bought-and-paid-for politicians…I’ve been loyal to our patients…and devoted myself to completely fighting for the American people.”—@realDonaldTrump [Friday afternoon]

 

Mnuchin, McConnell Want to Tap Unused Fed Funds for New Stimulus

McConnell backed Mnuchin’s proposal to use $580 billion that was allocated for Fed loan guarantees, small business relief and other coronavirus-relief programs that remains unspent. “Congress should repurpose this money toward the kinds of urgent, important and targeted relief measures that Republicans have been trying to pass for months, but which Democrats have repeatedly blocked with all-or-nothing demands,” McConnell said in a statement… One problem with Mnuchin’s approach is that the reclaimed Fed funds cannot be used to pay for other programs under congressional budget scoring conventions…

https://ca.finance.yahoo.com/news/mnuchin-mcconnell-want-tap-unused-201205915.html

 

Due to the spat between Mnuchin and the Fed over $455B of unused Covid relief emergency funds, a few thoughts have been aroused.  Congress allocated the emergency funds to avoid the egregious mistake of the 2009 bailouts.  Then, the funds went mostly to Wall Street and big businesses.  Small & medium-sized businesses were largely shutout.  The Fed was supposed to lend funds directly to businesses.  Are the funds unnecessary as Mnuchin claims; or was the Fed stingy in lending?  The Emergency Lending Program is set to expire on December 31, 2020.  In recent months, GOP Senators wanted the unused funds returned.  Dem Senators advocated giving the funds to big-blue states facing financial hardships.  Is Mnuchin trying to keep the funds from being used to bailout big-blue states?  Was the Fed stingy with the funds to hurt Trump in the election?

 

S&P Global: Congress gave those efforts a major boost through the CARES Act, allocating $454 billion to Treasury to help enable the launch of additional Fed lending programs.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/a-guide-to-the-fed-s-9-emergency-lending-facilities-58438539

 

WSJ: $454 Billion Treasury Fund Goes Mostly Unused  August 27, 2020

In March, Congress gave the Treasury Department  $454 billion to backstop aggressive new lending efforts by the Federal Reserve to distressed businesses and state and local governments. Five months later, more than half—$259 billion—is still uncommitted…

https://www.wsj.com/articles/454-billion-treasury-fund-goes-mostly-unused-11598529733

 

The Federal Reserve Bank: Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized for profit businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic…

https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm

 

The Richmond Fed: The Fed’s Emergency Lending Evolves

While the Fed has announced a wider range of emergency lending programs than in 2007-2009, the total dollar amount of loans has been smaller so far. As of mid-August, the Fed had about $96 billion in outstanding section 13(3) loans. (See chart.) In fact, the Fed began to wind down some of the first programs launched in March as financial markets stabilized from the initial disruptions of the pandemic.

https://www.richmondfed.org/publications/research/econ_focus/2020/q2-3/federal_reserve

 

Mnuchin pulls plug on some coronavirus emergency lending programs over Fed’s objections

Lending program for small-and medium-sized businesses won’t be renewed…He also said he wouldn’t extend the Fed’s municipal lending and corporate credit loan programs…

https://www.marketwatch.com/story/mnuchin-pulls-plug-on-some-coronavirus-emergency-lending-programs-over-feds-objections-11605826491

 

On Friday Powell acquiesced to Mnuchin’s request “We will work out arrangements with you for returning the unused portions of the funds allocated to the CARES Act facilities in connection with their year-end termination…” https://federalreserve.gov/foia/files/mnuchin-letter-20201120.pdf

Finland’s PM warns populists will prosper if Covid is not controlled – Sanna Marin fears public could blame governments for closing economies and urges common EU approach

https://www.ft.com/content/aa8319e3-c212-4f28-9dd7-121aa121ceed

Ex-Fox investigative reporter & Emmy winner @adamhousley: 1) There is/was a clandestine location in Frankfurt run by CIA used to monitor/manipulate elections around globe. 2. That location did have servers & a front company as cover. 3. I cannot confirm the location was tied to U.S. elections. 4. One source says raided, 2 don’t know

 

Last night, Rudy Giuliani announced that Sidney Powell is not a member of DJT’s legal team.

https://twitter.com/JennaEllisEsq/status/1330638034619035655/photo/1

 

Sidney Powell last night via CBS News: “I understand today’s press release,” she said. “I will continue to represent #WeThePeople who had their votes for Trump and other Republicans stolen by massive fraud through Dominion and Smartmatic, and we will be filing suit soon. The chips will fall where they may, and we will defend the foundations of this great Republic. #KrakenOnSteroids.”

https://www.cbsnews.com/news/sidney-powell-trump-legal-team-disavows-association/

 

Sidney Powell Drops a Bomb – Says “Multiple People” Were Watching the Fraud Happen in Real-Time – “There are devices on the internet that can be used to see it and we have multiple people who actually saw it as it was happening. We essentially have some pictures of it and it is terrifying and it is a huge national security issue. Why the Department of Justice and the FBI have not done something on this immediately.”…https://www.thegatewaypundit.com/2020/11/wow-sidney-powell-drops-bomb-says-multiple-people-watching-fraud-happen-real-time/

Sidney Powell: Will Prove Case ‘Within Next Two Weeks’ in Court

“We have evidence now of information from the systems going to three or four different foreign countries during the time of the election, those countries themselves could have watched the live votes come in and changed at the numbers,” said Powell. “There’s significant evidence of foreign interference from the worst communist countries on the Earth with our election.”…

    “We’ve got all kinds of evidence that is mathematically irrefutable by experts, including three professors at Princeton, and it all proves the same thing, the evidence of individual poll watchers who saw votes come in, saw the machines manipulated,” she added…

https://www.newsmax.com/politics/sidney-powell-maria-bartiromo-election-trump/2020/11/20/id/998020/

 

Sidney Powell: 35,000 Votes Were Added to Every Democrat Candidate

We have other testimonial evidence that appears to be coming in now that indicates the Democrats literally added 35,000 votes to every Democrat candidate to begin with… Definitely, all over one state and I’d be willing to bet it happened everywhere…

https://www.thegatewaypundit.com/2020/11/sidney-powell-35000-votes-added-every-democrat-candidate-willing-bet-happened-everywhere-video/

 

@schaumby: Hey @SidneyPowell1 @LLinWood after seeing the dvs fileshare subdomain for Dominion, I scanned a wildcard “dominionvotingSYSTEMS(.)com” and it led me to a horribly insecure data center in Quanzho, China.   https://twitter.com/schaumby/status/1328991736425803777

 

In sworn statement, prominent mathematician flags up to 100,000 Pennsylvania ballots

Federal Elections Commission Chairman Trey Trainor says new analysis by professor Steven Miller “adds to the conclusions that some level of voter fraud took place in this year’s election.”

https://justthenews.com/politics-policy/elections/mathematics-prof-says-sworn-statement-many-56000-gop-ballots-pa-may-be

 

Dominion Voting Systems BACKS OUT from Testifying Before Pennsylvania State House Committee — What Are They Hiding? … PA House Republicans will hold a press conference this morning [Friday] to address Dominion’s failure to appear… https://t.co/AxXkwAk8Qx

 

@PAHouseGOP: Grove: Dominion Voting Systems could have put all of Pennsylvania’s voters questions about their role in our elections at ease had they shown up here today. They chose to cancel and we’re still left with these questions.

 

Michael Steel, the Dominion Voting Systems spokesman who appeared on Fox News Sunday, is an ex-Jeb Bush advisor, ex-Paul Ryan & Speaker John Boehner press secretary & former aide to Mitt Romney.

 

Tens of Thousands of Pennsylvania Ballots Returned Earlier Than Sent Date: Researcher

Over 51,000 ballots were marked as returned just a day after they were sent out—an extraordinary speed, given U.S. Postal Service (USPS) delivery times, while nearly 35,000 were returned on the same day they were mailed out. Another more than 23,000 have a return date earlier than the sent date. More than 9,000 have no sent date…   https://epochtimes.today/tens-of-thousands-of-pennsylvania-ballots-returned-earlier-than-sent-date-researcher/

MSNBC in 2019 reporting how easy it is to hack Dominion and ES&S voting machines

https://twitter.com/JackPosobiec/status/1330364450935812100

Election lawyers, computer scientists urge Clinton camp to challenge election results in three states http://hill.cm/V98qxuH

@stillgray Sidney Powell says Hillary used the Dominion system to cheat Bernie out of a win in the 2016 Democratic primary.   https://twitter.com/stillgray/status/1330363429173903360

New Data from Rigorous Statistical Analysis Points to Voter Fraud in Montgomery County, PA

On Thursday November 5th at 9:09am a large batch of 90,022 mail/absentee votes get added that has over 95% support for Biden, but total votes to go up by only 9,534, implying that in-person votes actually went down by 80,488. On its own, this is a very strange irregularity, as ballots cannot disappear, and in-person ballots cannot become mail ballots. Something is wrong in the reported data, the only question is what… https://www.revolver.news/2020/11/explosive-new-data-from-rigorous-statistical-analysis-points-to-voter-fraud-in-montgomery-county-pa/

 

@kylenabecker: PA’s official election website has *deleted* links to its open voting database. Unfortunately for them, some people have obtained the state’s data. Such as Edward Solomon. He has found *disturbing* signs of statistically impossible patterns. Watch

https://twitter.com/kylenabecker/status/1330256760851066890

     The statistical anomalies merit further investigation to check for more signs of a computer algorithm. However, when I called a GA election official about ballots found after polls closed in one county she told me you cannot track changes b/c Dominion OVERWRITES the changes

Smoking Gun: Dominion Transferring Vote Ratios between Precincts in PA.

“The Dominion System isolated a “Flip Set” from the expected vote count and the expected percentage. It then splices the Flip Set into multiple “ratio sets” and assigns them to precincts throughout the day. Once a particular “ratio set” receives the votes it needed, it releases that set, and then Dominion injects it into the city wide count.  To hide it’s trail, Dominion reassigns the same “ratio set” to different (random) precincts throughout the day, so that the same precinct doesn’t keep getting the exact same ratio (or the same set of precincts)…

https://rumble.com/vbas2t-smoking-gun-dominion-transferring-vote-ratios-between-precincts-in-pa.-by-e.html

@RudyGiuliani: Want evidence of fraud? In 70% of Wayne County, Detroit, there were PHANTOM VOTERS. There were more votes than registered voters. 120%, 150%, 200%, even 300%

Kayleigh McEnany tells Pete Hegseth the Trump Team Will Push Equal Protection Clause in Court

https://www.thegatewaypundit.com/2020/11/kayleigh-mcenany-tells-pete-hegseth-trump-team-will-push-equal-protection-clause-court-video/

 

@correctthemedia: Circuit Courts have been Reassigned – Effective November 20, 2020, ordered pursuant to Title 28, United States Code, Section 42. Look who is in charge of MI, WI, PA, and GA:

MI – Brett M. Kavanaugh; WI – Amy Coney Barrett; PA – Samuel A. Alito GA – Clarence Thomas

https://twitter.com/correctthemedia/status/1329868707108163587

 

An Inside Look Into Smartmatic – 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: 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…

     The perspective we have here… 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.

https://www.zerohedge.com/political/sidney-powell-says-trump-legal-team-will-sue-officials-invalidate-election-results

 

In new twist, Georgia governor urges audit of ballot envelop signatures to look for fraud – Brian Kemp also rallies behind future voter ID enhancements after certifying election results for Biden.

https://justthenews.com/politics-policy/elections/new-twist-georgia-governor-urges-audit-ballot-envelop-signatures-look

 

Attorney Lin Wood: Georgia Woman Witnesses Shredding Company Shredding Ballots, Calls Police, Films Shredding and Recycling Company Destroying Evidence at Elections Office in Cobb County  https://www.thegatewaypundit.com/2020/11/via-attorney-lin-wood-georgia-woman-witnesses-shredding-company-shredding-ballots-calls-police-films-shredding-recycling-company-destroying-evidence-elections-office-cobb-county/

Multiple outdated voting machines found dumped outside of Savannah

The Secretary of State’s office said…they are continuing to investigate where the machines originated…

https://fox28media.com/news/local/multiple-outdated-voting-machines-found-dumped-outside-of-savannah

 

Biden adviser Barbara McQuade wanted to sink Amy Coney Barrett over Catholic faith

https://nypost.com/2020/11/20/joe-biden-adviser-wanted-to-sink-amy-coney-barrett-over-faith/

 

Kavanaugh should face new investigation, Biden transition official Barbara McQuade wrote

She called for the new investigation after a new allegation surfaced against Kavanaugh

https://www.foxnews.com/us/kavanaugh-should-face-new-investigation-biden-transition-official-barbara-mcquade-wrote

 

@TheBabylonBee: Biden Forgets To Put on Clothes, Media Praises His Majestic Outfit

https://babylonbee.com/news/biden-forgets-to-put-on-clothes-media-praises-his-majestic-outfit

 

Chicago Nears 700 Homicides in 2020, a Milestone Reached Just One Other Time Since 1998

Chicago is on pace to pass 700 homicides this year as the city faces a 50% increase in gun violence from a year ago.  Since 1998, it’s a milestone reached only one other time, in 2016…

https://www.nbcchicago.com/news/local/chicago-nears-700-homicides-in-2020-a-milestone-reached-just-one-other-time-since-1998/2375428/

 

@charliekirk11: When Barack Obama first ran for state senate in Illinoishe wouldn’t have won if he didn’t challenge ballot signatures & get fraudulent signatures thrown out.  No one had a problem with it then, so why is it an issue for Trump to ask for signature verification now?

“And those who were seen dancing were thought to be insane by those who could not hear the music.” –Nietzsche

END

Let us close up tonight with this interview of John Williams with Greg Hunter

John Williams Warns Hyperinflationary Great Depression Coming

 

Via Greg Hunter’s USAWatchdog.com,

Economist John Williams says don’t think the happy news on CV19 vaccines is going to get the economy back to normal anytime soon.

Williams explains, “Put all the political turmoil aside for the moment.  The markets respond that this (CV19 vaccines) is going to turn the economy.  My point is it is not going to turn the economy…”

“…at least not soon because of what has happened to the economy and the severe structural damage.  We have had a lot of companies go out of business, in particular, small companies.  A lot of people have suffered, and we are going to have more of that going ahead.”

Because they has been so much damage done to the economy, Williams says there will have to be stimulus no matter who eventually makes it into the White House.  Williams contends,

“Let’s say Trump gets re-elected.  He’s not going to have any choice but to increase stimulus to try to help the economy and help people.  If Biden takes over, he’s going to have to do the same.  He is already promising massive stimulus.  Where it gets really scary is if the Democrats can take control of the House, the Senate as well as the White House… The stimulus there is going to be unbelievable

The more radical Democrats will just print the money you need and spend whatever you need to spend it on, and don’t worry about it… Whoever gets into power, there is going to be more deficit spending.  It’s just a matter of how radical it will be… There is no way we are escaping massive stimulus for at least the next year and into 2022.”

Williams expects to see some very large inflation because of all the stimulus coming and predicts,

The more left we go, the more rapid will be the demise of the dollar.  Eventually, it will be a hyperinflation in the United States.

What I am looking at here is this evolving into a hyperinflationary Great Depression. 

To save yourself, you have to preserve your wealth, your dollar assets.  To do that, you have to convert your dollars into physical gold and silver, precious metals and just hold them.  They will retain value over time as opposed to paper dollars that will effectively become worthless.  You’ll be getting a lot of money from the government, and they will keep giving you more and more and more, but that’s going to be an environment of rising and rising inflation.  It’s not necessarily going to buy you more…

Hyperinflation will bring political disruption. . . . Hyperinflation is a form of default.  Gold is telling us hyperinflation is straight ahead of us.

Williams says,

“When the Fed finally gets the more than 2% inflation it wants, the real inflation will be 12% to 15%. . . .  Hyperinflations happen quickly.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with John Williams, founder of ShadowStats.com.

Hyperinflationary Great Depression Coming – John Williams

By Greg Hunter On November 21, 2020

Economist John Williams says don’t think the happy news on CV19 vaccines is going to get the economy back to normal anytime soon.  Williams explains, “Put all the political turmoil aside for the moment.  The markets respond that this (CV19 vaccines) is going to turn the economy.  My point is it is not going to turn the economy . . . at least not soon because of what has happened to the economy and the severe structural damage.  We have had a lot of companies go out of business, in particular, small companies.  A lot of people have suffered, and we are going to have more of that going ahead.”

Because they has been so much damage done to the economy, Williams says there will have to be stimulus no matter who eventually makes it into the White House.  Williams contends, “Let’s say Trump gets re-elected.  He’s not going to have any choice but to increase stimulus to try to help the economy and help people.  If Biden takes over, he’s going to have to do the same.  He is already promising massive stimulus.  Where it gets really scary is if the Democrats can take control of the House, the Senate as well as the White House. . . . The stimulus there is going to be unbelievable. . . . The more radical Democrats will just print the money you need and spend whatever you need to spend it on, and don’t worry about it. . . . Whoever gets into power, there is going to be more deficit spending.  It’s just a matter of how radical it will be. . . . There is no way we are escaping massive stimulus for at least the next year and into 2022.”

Williams expects to see some very large inflation because of all the stimulus coming and predicts, “The more left we go, the more rapid will be the demise of the dollar.  Eventually, it will be a hyperinflation in the United States.  What I am looking at here is this evolving into a hyperinflationary Great Depression.  To save yourself, you have to preserve your wealth, your dollar assets.  To do that, you have to convert your dollars into physical gold and silver, precious metals and just hold them.  They will retain value over time as opposed to paper dollars that will effectively become worthless.  You’ll be getting a lot of money from the government, and they will keep giving you more and more and more, but that’s going to be an environment of rising and rising inflation.  It’s not necessarily going to buy you more. . . . Hyperinflation will bring political disruption. . . . Hyperinflation is a form of default.  Gold is telling us hyperinflation is straight ahead of us.”

Williams says, “When the Fed finally gets the more than 2% inflation it wants, the real inflation will be 12% to 15%. . . .  Hyperinflations happen quickly.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with John Williams, founder of ShadowStats.com.

-END-

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Well that is all for today

I will see you TUESDAY night.

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