NOV 25//ELECTION FRAUD EXPOSED. DR.PATRICK BYRNE +OTHER ELECTION STORIES//GOLD CLOSED UP 5 CENTS TO $1807.30//SILVER CLOSED UP 5 CENTS TO $23.34//WE WILL HAVE A MASSIVE SILVER AND GOLD DECEMBER DELIVERY MONTH//GOLD DELIVERIES FOR NOV. UP TO 30.045 TONNES//CORONAVIRUS UPDATE//CHINA VS USA MORE RHETORIC FROM CHINA//USA DATA: INITIAL JOBLESS AND PANDEMIC CLAIMS RISE AGAIN//TRADE DEFICIT RISES TO 80 BILLION LAST MONTH//AMERICANS SPENDING FASTER THAN EARNINGS//SWAMP STORIES FOR YOU TONIGHT//

GOLD :$1807.30 UP  $0.05   The quote is London spot price

Silver:$23.34  UP 5 CENTS   London spot price ( cash market)

i)Gold : $1806.00  LONDON SPOT  4:30 pm

ii)SILVER:  $23.34//LONDON SPOT  4:30 pm

THIS EMERGENCY DECLARATION IS STILL IN EFFECT!!!!
Email from Robert H to me:
I wonder if anyone read this? Why, because it is clear that interference occurred and the undermining of  confidence in the election occurred.”
Sept 12.2018
“I, DONALD J. TRUMP, President of the United States of America, find that the ability of persons located, in whole or in substantial part, outside the United States to interfere in or undermine public confidence in United States elections, including through the unauthorized accessing of election and campaign infrastructure or the covert distribution of propaganda and disinformation, constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States. Although there has been no evidence of a foreign power altering the outcome or vote tabulation in any United States election, foreign powers have historically sought to exploit America’s free and open political system. In recent years, the proliferation of digital devices and internet-based communications has created significant vulnerabilities and magnified the scope and intensity of the threat of foreign interference, as illustrated in the 2017 Intelligence Community Assessment. I hereby declare a national emergency to deal with this threat.”

Image

these people voted for Biden/Harris ticket!
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  $1803.80.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $3.50/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1812.00 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $4.70 CONTANGO//$1.30 BELOW NORMAL CONTANGO//GOOD FOR EFP ISSUANCE

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $23.40  1:30  PM SPREAD SPOT/FUTURE DEC.       :   6  CENTS PER OZ  CONTANGO (   6 CENTS ABOVE NORMAL CONTANGO

SILVER MARCH CLOSE:  24.48/SPREAD SPOT/FUTURE:  A   14 CENTS

5 CENTS ABOVE NORMAL CONTANGO

XXXXXXXXXXXXXXXXXXXXXXXXX

COMEX DATA

wow!!looks like the Fed through JPMorgan is bailing out the comex:

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

receiving today:0/1043

issued  921

EXCHANGE: COMEX
CONTRACT: NOVEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,804.800000000 USD
INTENT DATE: 11/24/2020 DELIVERY DATE: 11/27/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
135 H RAND 11
657 C MORGAN STANLEY 2
661 C JP MORGAN 929
690 C ABN AMRO 100
709 C BARCLAYS 1043
905 C ADM 1
____________________________________________________________________________________________

TOTAL: 1,043 1,043
MONTH TO DATE: 9,656

GOLDMAN SACHS STOPPED 0 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  NOV. CONTRACT: 1043 NOTICE(S) FOR 104,300 OZ  (3.244 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  9156 NOTICES FOR 915600 OZ  (30.034 tonnes) 

SILVER//NOV CONTRACT

2 NOTICE(S) FILED TODAY FOR 10,000  OZ/

total number of notices filed so far this month: 786 for 3,930,000  oz

BITCOIN MORNING QUOTE  $19307   UP 105

BITCOIN AFTERNOON QUOTE.  :$19,261  DOWN 261 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

THESE TWO VEHICLES//GLD/AND SLV  ARE ABSOLUTE FRAUDS AND HAVE NOWHERE NEAR THE METAL THEY CLAIM THEY HAVE!

GLD AND SLV INVENTORIES:

WITH GOLD UP 5 CENTS AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

THIS MAKES NO SENSE WHATSOEVER..WHAT A FRAUD

HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 13.43 TONNES FROM THE GLD/  /IS THE GLD MAKES DELIVERIES OR THE COMEX?   USING GOLD VAPOUR?

INVENTORY RESTS AT:

GLD: 1,199.74 TONNES OF GOLD//

WITH SILVER UP 5 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV

A DELIVERY OF 4.091 MILLION OZ FROM THE SLV//IS THE SLV MAKING DELIVERIES FOR THE COMEX? USING SILVER VAPOUR?

INVENTORY RESTS AT:

SLV: 546.124  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

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IN SILVER THE COMEX OI FELL BY A SMALLER THAN EXPECTED  1324 CONTRACTS FROM 163,416 DOWN TO 162,092, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE SMALLER LOSS IN OI OCCURRED DESPITE OUR HUGE FALL  OF $0.33 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A FAIR EXCHANGE FOR PHYSICAL. WE  HAD TINY LONG LIQUIDATION, AND A ZERO INCREASE IN  STANDING AT THE COMEX FOR NOV.  WE HAD A SMALL LOSS IN OUR TWO EXCHANGES OF 417 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  907, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  907, MARCH 0 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  907 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.

3.940 MILLION OZ INITIAL STANDING IN NOV.

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT FELL $.33) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  SOMEWHAT SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME SILVER LONGS AS WE HAD A  SMALL LOSS IN OUR TWO EXCHANGES 2417 CONTRACTS). NO DOUBT THE LOSS IN OI ON THE TWO EXCHANGES WAS DUE TO i) STRONG BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A ZERO GAIN  IN SILVER OZ STANDING  FOR NOV, iii) FAIR COMEX LOSS  AND  iv) SOME MINOR  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:

11,944 CONTRACTS (FOR 18 TRADING DAY(S) TOTAL 11,944 CONTRACTS) OR 59.720 MILLION OZ: (AVERAGE PER DAY: 664 CONTRACTS OR 3.317 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 59.720 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:          1,589.00 MILLION OZ.

JANUARY 2020 EFP TOTALS SO FAR: 181.61 MILLION OZ

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

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

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

MAY EFP FINAL:                     77.27 MILLION OZ

JUNE EFP                              71.15 MILLION OZ.

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

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

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

OCT EFP                                 69.73   MILLION OZ (STILL FALLING IN NUMBERS)

NOVEMBER EFP                    59.720 MILLION OZ (STARTING TO SLOW DOWN AGAIN)

RESULT: WE HAD A FAIR SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1324, WITH OUR HUGE $0.33 FALL IN SILVER PRICING AT THE COMEX ///TUESDAY.…THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 907 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A SMALLER THAN EXPECTED  907 OI CONTRACTS  ON THE TWO EXCHANGES (DESPITE OUR HUGE  $0.33 FALL IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 907 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A FAIR SIZED DECREASE OF 1324 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.33 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $23.29 // TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.8245 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: 2 NOTICE(S) FOR 10,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A CONSIDERABLE SIZED 8440 CONTRACTS TO 555,253 AND FURTHER FROM OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE LOSS IN COMEX OI OCCURRED WITH OUR LOSS IN PRICE  OF $33.00 /// COMEX GOLD TRADING//TUESDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS THE MAJORITY OF LOSS IN OI WAS DUE TO SPREADER LIQUIDATION. WE HAD  ANOTHER POWERFUL GAIN IN GOLD OUNCES STANDING AT THE COMEX….THIS ALL HAPPENED WITH OUR LOSS IN PRICE OF $33.00. 

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  10//

WE HAD A SMALL SIZED LOSS OF 2745 CONTRACTS  (8.538 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 5695 CONTRACTS:

CONTRACT .  DEC: 5695; FEB: 0  ALL OTHER MONTHS ZERO//TOTAL: 5695.  The NEW COMEX OI for the gold complex rests at 555,253. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 2745 CONTRACTS: 8440 CONTRACTS DECREASED AT THE COMEX AND 5695 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 2745 CONTRACTS OR 8.538 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (5695) ACCOMPANYING THE CONSIDERABLE SIZED LOSS IN COMEX OI  (8440 OI): TOTAL LOSS IN THE TWO EXCHANGES: 2745 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 30.0435 TONNES3)  ZERO LONG LIQUIDATION ;4) FAIR COMEX OI LOSS,  5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL 6) HUGE SPREADER LIQUIDATION  ...ALL OF THIS OCCURRED WITH  OUR HUGE  LOSS IN GOLD PRICE TRADING/TUESDAY//$33.00.

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 : 56,269 CONTRACTS OR 5,626,900 oz OR 175.02 TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 3126 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 175.02  TONNES

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

THUS EFP TRANSFERS REPRESENTS 175.02/3550 x 100% TONNES =5.44% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,837.74 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:                        175.02 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, FELL BY A SMALLER THAN EXPECTED 1324 CONTRACTS FROM 163,416 DOWN TO 162,092 AND FURTHER FROM 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 CONSIDERABLE SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A ZERO INCREASE IN  STANDING  FOR SILVER AT THE COMEX FOR NOV., AND 4) SOME MINOR LONG LIQUIDATION 

EFP ISSUANCE 907 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 907 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 907 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1324 CONTRACTS TO THE 907 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A SMALLER THAN  EXPECTED LOSS OF 417 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 2.085 MILLION  OZ, OCCURRED WITH OUR $0.33 LOSS IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 40.50 PTS OR 1.19%   //Hang Sang CLOSED UP 81.55 PTS OR .31%    /The Nikkei closed UP 131.27 POINTS OR 0.56%//Australia’s all ordinaires CLOSED UP 0.48%

/Chinese yuan (ONSHORE) closed /Oil UP TO 45.55 dollars per barrel for WTI and 48.37 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR A 6.5717. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5718 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST  FELL BY BY A CONSIDERABLE SIZED 8440 CONTRACTS TO 555,253 MOVING FURTHER FROM  OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX DECREASE OCCURRED WITH OUR HUGE LOSS OF $33.00 IN GOLD PRICING TUESDAY’S COMEX TRADING/). AGAIN AS WAS THE CASE YESTERDAY, THE GOOD GUYS GOBBLED UP ALL THE CONTRACTS OFFERED AND HARDLY ANYBODY LEFT THE GOLD ARENA!! WE ALSO HAD A FAIR EFP ISSUANCE (5695 CONTRACTS).  WE THUS HAD  1)  CONSIDERABLE BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  MINIMAL  LONG LIQUIDATION  AND 3)  ANOTHER MONSTER GAIN  IN GOLD STANDING AT THE  COMEX  ( NOW STANDING AT 30.0435 TONNES)//NOV. DELIVERY MONTH (SEE BELOW) …  AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 2745 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 10

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 5695 EFP CONTRACTS WERE ISSUED:     DEC 5695; FEB// ’21 0 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 5695  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 LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 2745 TOTAL CONTRACTS IN THAT 5695 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A CONSIDERABLE SIZED 8440 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF NOV 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((30.0435 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 SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $33.00).  AND, THEY WERE PROBABLY   UNSUCCESSFUL IN FLEECING ANY LONGS AS THE MAJORITY OF THE LOSS IN COMEX OI WAS DUE TO SPREADER LIQUIDATION. AS MENTIONED ABOVE THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED   8.538 TONNES,

NET LOSS ON THE TWO EXCHANGES :: 2745 CONTRACTS OR 274,500 OZ OR  8.538  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:  555,253 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.52 MILLION OZ/32,150 OZ PER TONNE =  1726 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1726/2200 OR 78.49% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 301,215 contracts// volume poor including rollovers/ ////

CONFIRMED COMEX VOL. FOR YESTERDAY:  521,311 contracts//  volume:  strong but raid/rollovers/spreader liquidation

/most of our traders have left for London

NOV 25 /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
5353.500 oz
hsbc
Deposits to the Dealer Inventory in oz NIL oz
Deposits to the Customer Inventory, in oz NIL
OZ
No of oz served (contracts) today
1043 notice(s)
 104,300 OZ
(3.244 TONNES)
No of oz to be served (notices)
3 contracts
(300 oz)
0.00933 TONNES
Total monthly oz gold served (contracts) so far this month
9656 notices
 985,600 oz
30.034 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
UPDATED NOV 25

We had 0 deposit into the dealer

total deposit: NIL oz

total dealer withdrawals: NIL oz

we had 0 deposit into the customer account

i) Into JPMorgan:  0 oz

ii) Into EVERYBODY ELSE: 0 oz

total customer deposit: nil  oz

we had 1 gold withdrawals from the customer account:

i) Out of   HSBC: 5253.50 oz

We had 0  kilobar transactions  +

ADJUSTMENTS: 0 // 

The front month of NOV registered a total of 1046 contracts for a GAIN of  231 contracts.  We had 769 notices filed on Tuesday so we gained 1000 contracts or 100,000 additional oz of gold will stand in this non active month of November.  There is now no question that we are experiencing a massive onslaught at the gold comex.  This is a new record(gold deliveries) for a November month. If you think that this is high, you can just imagine what will stand in December. 

The big December contract lost ONLY  57,211 contracts down to 96,508 contracts.  We will be watching December closely.  We have just 2 more reading days before we reach the huge December delivery month.  Remember also that we must receive options exercised which will add to this total.  January LOST 245 contracts to stand at 3675 contracts. FEBRUARY gained a STRONG 41,615 contracts UP TO 340,742.

WE NOW SEE THAT MANY OF OUR EUROPEAN LONGS REFUSE TO BUCKLE AND THEY 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 (30.043 tonnes). GENERALLY  NOVEMBER IS A VERY POOR DELIVERY MONTH AS MOST INVESTORS PREFER TO SKIP THIS MONTH AND MOVE STRAIGHT TO DECEMBER. I WROTE THIS YESTERDAY AND THESCENARIO PRESENTED SEEMS  LIKE IT IT WILL HAPPEN:” 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  1043 notice(s) filed today for  104300 oz OR 3.244 TONNES.

FOR THE NOV 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  929 notices were issued from their client or customer account. The total of all issuance by all participants equates to 1043  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 (9656) x 100 oz , to which we add the difference between the open interest for the front month of  NOV (1046 CONTRACTS ) minus the number of notices served upon today (1043 x 100 oz per contract) equals 965,900 OZ OR 30.0435 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 (9656, x 100 oz +1046 OI) for the front month minus the number of notices served upon today (1043) x 100 oz which equals 965,900 oz standing OR 30.0435 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 1000 contracts or an additional 100,000 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)

280,010.045 oz  JPM  8.70 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

total pledged gold:  1,638,791.373 oz                                     50.97 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. 30.0435 tonnes

CALCULATION OF REGISTERED GOLD THAT CAN BE SETTLED UPON:

total registered or dealer  17,327,955.156 oz or 538.97 tonnes
total weight of pledged:  1,638,791.373 oz or 50.97 tonnes
thus:
registered gold that can be used to settle upon: 15,689,164.0  (487,99 tonnes)
true registered gold  (total registered – pledged tonnes  15,689,164.0 (487.99 tonnes)
total eligible gold:  20,208,076.905 oz (628.55 tonnes)

total registered, pledged  and eligible (customer) gold  37,536,032.061 oz 1,167.52 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1041.18 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 25/2020

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
1982.000 oz
CNT
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
1,130,564.577 oz
JPMorgan
Delaware
No of oz served today (contracts)
2
CONTRACT(S)
(10,000 OZ)
No of oz to be served (notices)
0 contracts
NIL oz)
Total monthly oz silver served (contracts)  788 contracts

3,940,000 oz)

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

total dealer deposits: nil      oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

i )Into JPMorgan: 1,127,622.623 oz

JPMorgan now has 191.252 million oz of  total silver inventory or 49.30% of all official comex silver. (191.252 million/385.641 million

ii) Into Delaware:  2941.954 oz

total customer deposits today:  1,130,564.577    oz

we had 1 withdrawals:

i)Out of  CNT: 1982.000

total withdrawals;1982.000    oz

We had 2 adjustments

dealer to customer for both:

CNT:  421,034.037 oz

and

Int Delaware:  9868.360 oz

Total dealer(registered) silver: 143.511 million oz

total registered and eligible silver:  384.671 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

November saw a LOSS OF 1 notice FALLING to 2 contracts. We had 1 notice filed on Tuesday so we gained 0 contracts or 0 additional silver oz will stand in this non active delivery month of November.

December saw a LOSS of ONLY 13,425 contracts DOWN to 29,768 contracts. January saw a GAIN of 110 contracts UP to 612. MARCH  gained 9795 contracts up to 113,262.

We have 2 more reading days before first day notice. It sure looks like we are going to have a monster delivery for silver as well as we have our monster whale waiting for its silver. The whale is STANDARD CHARTERED BANK (BRITISH BANK//HONG KONG)

The total number of notices filed today for the NOV 2020. contract month is represented by 2 contract(s) FOR 10,000 oz

To calculate the number of silver ounces that will stand for delivery in NOV we take the total number of notices filed for the month so far at 788 x 5,000 oz = 3,940,000 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 2x (5000 oz) equals the number of ounces standing.

Thus the NOV standings for silver for the NOV/2019 contract month: 788 (notices served so far) x 5000 oz + OI for front month of NOV( 2)- number of notices served upon today (2) x 5000 oz of silver standing for the NOV contract month .equals 3,940,000 oz. ..VERY STRONG FOR A NON ACTIVE  NOV MONTH.

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

TODAY’S ESTIMATED SILVER VOLUME 83,181 CONTRACTS // volume huge//raid

FOR YESTERDAY 156,464  ,CONFIRMED VOLUME// huge raid//

YESTERDAY’S CONFIRMED VOLUME OF 156,464 CONTRACTS EQUATES to 0.783 billion  OZ 112.0% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 4.00% ((Nov 25/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO -2.59% to NAV:   (NOV25/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.00% (Nov 25)

(courtesy Sprott/GATA

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

NAV 18.52 TRADING 17.68///NEGATIVE 4.55

END

And now the Gold inventory at the GLD

NOV 25//WITH GOLD UP $0.05 TODAY: HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A MASSIVE PAPER WITHDRAWAL OF 13.43 TONNES FROM THE GLD..IS THE GLD MAKING GOLD VAPOUR DELIVERIES FOR THE COMEX?//INVENTORY REST AT 1199.74 TONNES

NOV 24/WITH GOLD DOWN $33.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 7.00 TONNES FROM THE GLD//INVENTORY RESTS AT 1213.17 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

NOV25/ GLD INVENTORY 1199.74 tonnes

LAST;  956 TRADING DAYS:   +256.28 TONNES HAVE BEEN ADDED THE GLD

LAST 856 TRADING DAYS// +433.76  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

end

Now the SLV Inventory

NOV 25/WITH SILVER UP $0.05 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 4.091 MILLION PAPER OZ FROM THE SLV //// IS THE SLV MAKING SILVER VAPOUR DELIVERIES FOR THE COMEX?//INVENTORY RESTS AT 546.124 MILLION OZ..

NOV 24/WITH SILVER DOWN 33 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 10.322 MILLION OZ FROM THE SLV..//INVENTORY REST AT 550.215 MILLION OZ

AND IF ANYBODY BELIEVES THIS GARBAGE, WE HAVE A GREAT PROPERTY TO SELL YOU (FLORIDA SWAMP LANDS).

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 562.583 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//

NOV 25.2020:

SLV INVENTORY RESTS TONIGHT AT  546.124 MILLION OZ/

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Ronan Manly in his latest commentary states that the LBMA is now threatening to blacklist entire gold trading centres..such hypocrits!!

(Ronan Manly/GATA)

Ronan Manly: In delusional push, LBMA threatens to blacklist entire gold trading centres

 Section: 

2:25p ET Tuesday, November 24, 2020

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly reports today that gold refiners and marketers around the world are pushing back against the attempted imperialism of the London Bullion Market Association, which presumes to lecture and threaten them about their ethics even as the LBMA represents banks that routinely have been fined heavily for misconduct, one of them even having been called a “criminal” enterprise by the U.S. Justice Department.

Manly’s analysis is headlined “In Delusional Push, LBMA Threatens to Blacklist Entire Gold Trading Centres” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/in-delusional-push-lbma-th…

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

END

Craig Hemke is correct:  the recent smashes on the gold/silver markets is meant to deter comex delivery.  As you will see below it is not working

(Craig Hemke/GATA)

Craig Hemke: Smash aims to deter Comex delivery demands but it’s failing

 Section: 

9:02p ET Tuesday, November 24, 2020

Dear Friend of GATA and Gold:

Craig Hemke of the TF Metals Report, writing tonight at Sprott Money, elaborates on the evidence that the smashing of gold futures prices in recent days has been undertaken by bullion banks to diminish delivery demands on the December gold futures contract, which is expiring shortly.

While this smash has been making gold owners sick, Hemke writes, it is failing to diminish those delivery demands.

Hemke’s analysis is headlined “Another Comex Price Smash” and it’s posted at Sprott Money here:

https://www.sprottmoney.com/blog/Another-COMEX-Price-Smash-Craig-Hemke-N…

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

end

Amazing what crooks

they fine these banks with huge fines but not tell us what their crime was

(Courtesy the Martens/Wall Street on Parade)

Wall Street On Parade

Both Citigroup and JPMorgan Have Now Received Huge Fines for Crimes the Regulators Won’t Reveal

By Pam Martens and Russ Martens: November 25, 2020 ~

Maybe it’s because Wall Street On Parade has been shining a bright light on the serial crimes and rap sheets of Citigroup and JPMorgan Chase. Or maybe it’s because the nonpartisan watchdog, Better Markets, published a report last year titled “Wall Street’s Six Biggest Bailed- Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” Or maybe it all comes down to what Senator Dick Durbin of Illinois said after the financial crisis of 2008: “And the banks – hard to believe in a time when we’re facing a banking crisis that many of the banks created – are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

Whatever the reason, the darkness that started growing around the crimes committed by the big Wall Street banks during the Obama administration has now evolved into such a complete dark curtain that regulators are refusing to say what the crimes actually are that are being settled for huge amounts of money.

On October 7, the Federal Reserve and Office of the Comptroller of the Currency (OCC) announced consent decrees with Citigroup, the third largest bank in the country. The OCC imposed a $400 million fine on Citigroup’s federally-insured commercial bank, Citibank, and stated in its Consent Order that it had “identified unsafe or unsound practices with respect to the Bank’s internal controls, including, among other things, an absence of clearly defined roles and responsibilities and noncompliance with multiple laws and regulations.”

But for the first time in more than 35 years of our reading these Consent Orders against Wall Street banks, the documents from both the OCC and Federal Reserve failed to specify exactly what crimes the bank had committed. We were so stunned by a $400 million fine for crimes that can’t be put in print or shared with the public, that we penned the headline: Citigroup Is Slapped with a $400 Million Fine for Doing Something So Bad It Can’t Be Spoken Out Loud.

Yesterday, as further proof that this is a pattern coming out of the Trump administration, the OCC did the exact same thing with JPMorgan Chase, the largest bank in the country which on September 29 admitted to its fourth and fifth criminal felony charges brought by the U.S. Department of Justice in the past six years.

Yesterday, the OCC fined JPMorgan Chase $250 million without detailing any specific crimes it had committed. The Consent Order simply said the bank had, for several years, “maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities. Among other things, the Bank had deficient risk management practices and an insufficient framework for avoiding conflicts of interest.”

A Wall Street bank like JPMorgan Chase that has brazenly committed five felonies for very specific crimes, doesn’t get fined $250 million for non-specific crimes. Something very bad has once again happened at JPMorgan Chase and its federal regulators who are all rushing to get new jobs on Wall Street, or at Wall Street’s outside law firms, don’t want to talk about it.

That’s inexcusable behavior and leaves the public in the dark as to whether what JPMorgan was doing might impact their own accounts at the bank. It also destroys public confidence in the regulators and the Wall Street banks.

Consider what these so-called federal regulators are now doing compared with what the Senate’s Permanent Subcommittee on Investigations did in 2013 when it investigated JPMorgan Chase for using billions of dollars of depositors’ money to gamble in derivatives in London and lose $6.2 billion. The Senate Subcommittee was then under the Chairmanship of Democrat Carl Levin. It released 129 pages of internal mails and documents from JPMorgan Chase and delivered to the public a 300-page report with the intricate details of the banks’ abuses, naming lots of names.

What the exhibits and Senate report clearly revealed was that as of the close of business on January 16, 2012, JPMorgan’s Chief Investment Office had used depositors’ money to purchase $458 billion notional (face amount) in domestic and foreign credit default swap indices. Of that amount, $115 billion was in an index of corporations with junk bond ratings, which the bank was not allowed to own. To get around that, according to the Office of the Comptroller of the Currency, JPMorgan “transferred the market risk of these positions into a subsidiary of an Edge Act corporation, which took most of the losses.” An Edge Act corporation refers to the ability of a bank to obtain a special charter from the Federal Reserve. By establishing an Edge Act corporation, U.S. banks are able to engage in investments not available under standard banking laws. Not a very comforting thought for a 5-count felon.

By the end of the first quarter of 2012, JPMorgan had a net long position in credit default swaps – meaning that it was obligated to pay counterparties if corporations in the credit default swap indices defaulted on their debt or filed for bankruptcy. This is what collapsed the giant insurer, AIG, requiring a $182 billion bailout by the U.S. taxpayer in 2008.

Senator John McCain was the ranking member of the Senate Subcommittee at that time and this is what he said about the conduct of JPMorgan Chase:

“This case represents another shameful demonstration of a bank engaged in wildly risky behavior. The ‘London Whale’ incident matters to the federal government because the traders at JPMorgan were making risky bets using excess deposits, portions of which were federally insured. These excess deposits should have been used to provide loans for main-street businesses. Instead, JPMorgan used the money to bet on catastrophic risk.”

JPMorgan Chase has a long history of “wildly risky behavior” and wears its five felony counts like notches on a gunslinger’s belt.

Mainstream business media needs to pull its head out of the sand and demand specific details from the OCC as to precisely what violations of law gave rise to the $400 million fine at Citigroup and the $250 million fine at JPMorgan Chase.

-END-

iii) Other physical stories:

Craig Hemke…

Another COMEX Price Smash


Craig Hemke – TF Metals Report
November 25, 2020  

It appears that there is no longer any reason at all to own gold in any form. Didn’t you hear that there’s now a Covid vaccine and that the Biden/Yellen combo will solve all future debt and deficit issues? So, sell it all and buy stocks and Bitcoin. At least, that’s what The Banks hope you do./p>

What a truly exasperating past few weeks this has been. Of course, I know that price actually peaked at $2080 over 100 days ago, but it’s the past 16 days that have been the most excruciating. And now we are getting absolutely smoked this week on no new news and in spite of option expiration. What we now have is an utter liquidation of December positions—driving at times up to $5 of backwardation versus the spot price—all in the name of Covid Cures and an alleged removal of concern over a contested election. All of which is laughable, but none of that laughter can keep price above the 200-day moving average.

And why the race to liquidate? Again, who needs gold futures at this point? Covid has been cured, everyone is back to work, the economy is booming, The Fed is going to hike rates and all debt/deficit issues have been solved. Didn’t you hear the news? No? You missed those headlines? Curiously, so did I. Instead, could this simply be overt price manipulation, where The Banks “dissuade” all parties from any consideration of standing for delivery in December?

Maybe you think I’m just a crazy conspiracy theorist who only leans on “manipulation” when prices go down? Maybe you have a better explanation of why everything else is up on a lower dollar today… EVERYTHING EXCEPT GOLD AND SILVER.

And so, why the sudden urge to smash price and force a liquidation event that coerces as many parties as possible to NOT stand for COMEX delivery next month? Actually it was just last week that we discussed the pending December delivery period in our weekly post. You should be sure to read it now if you missed it: Ahead of December COMEX Deliveries

For additional clarity, please understand these three points:

  1. While COMEX option expiration always has an impact, this current selloff has placed nearly as many put options into the money as there are now call options out of the money. Thus, this is not the rationale for a smash this time.
  2. There is not a new liquidity crisis. The DJIA just hit 30,000 today, and as noted above, nearly everything EXCEPT COMEX gold and silver is up today. Dow Tops 30k (After Flood Of $14 Trillion In Global Liquidity)
  3. While the recent $920,000,000 fine levied against JPMorgan for precious metals market manipulation was nice to see, it hasn’t taken JPM out of the precious metals business. In fact, the fine was less than what the bank made trading and “servicing” precious metals over just the past twelve months. Exclusive: JPMorgan dominates gold market with record $1 billion precious metals revenue

So what’s really going on this week, and why are the COMEX digital metals being driven sharply lower?

For TFMR subscribers last Saturday, we explained the likelihood that on Friday a “customer” of Barclays had jumped the queue and ponied up $350,000,000 for the immediate delivery of 1,889 Nov20 contracts. Well, guess what? It appears possible/likely that the same entity hit them again on Monday, putting up about $150,000,000 for 767 more.


(We know all of this new open interest and immediate delivery was a BUY, because all of the stops are with one bank and all of the issuances are spread out between multiple suppliers. If it had been an immediate trade to SELL 2,656 contracts, there would instead have been one issuer and multiple stoppers.)

So why on earth would someone suddenly rush to put up $500,000,000 in order to get immediate delivery of 8.26 METRIC TONNES of gold from the COMEX? Why not wait for December? Why not buy it in London? (Again, please refer to our post from last week that’s linked above.)

And then at the same time, price is smashed—again on NO NEWS and while the dollar, the TIP, and bond market are mostly flat. Put it together and those dots certainly seem to connect.

So you unexpectedly flush price on a simple PMI datapoint yesterday. You keep the momentum going down all day. You get the Asian trade gapping things lower last evening. You keep the heat on in London. You get The Specs in NY to panic flush again on COMEX and suddenly price is below the 200-day MA. Here comes your sycophant media to proclaim that gold is now at its lows since July and now EVERYONE wants to sell—completely forgetting why they ever bought digital gold exposure in the first place.

But I suspect that YOU haven’t forgotten why you own gold and silver. I know I haven’t. And in the end—before Covid and QE8 and all the election madness—our target for 2020 was precisely where price sits right now as I type. $1800

. And while we have met and even exceeded our price targets this year already, the overall situation for The Banks has certainly deteriorated, thus the need for this massive liquidation flush just before December deliveries begin.

I will remain steadfast and resolute in the face of this. I know why I own and store physical precious metal and a few select mining shares. Nothing that has occurred since yesterday…or August 6…or January 1…has changed that. I hope you’re able to have a great day regardless of the usual criminality and shenanigans.

end

J Johnson’s commodity report:

(JJohnson)

https://www.jsmineset.com/2020/11/25/another-massive-resolute-buy/

Another Massive Resolute Buy?

Posted November 25th, 2020 at 8:33 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Wednesday Morning Folks,

     The day after the December Options expired, Gold is starting its price recovery with the February contract trading at $1,815.10, up $4.20 after hitting a low of $1,804.70 with the high to beat at $1,819.10. Silver is up 6 cents with the March contract at $23.47, recovering from the low at $23.21 with the high to beat at $26.64. The US Dollar refuses to budge, even with all the election fraud allegations that will not go away, with its calculated value at 92.22, unchanged after hitting a low of 91.935 with the high at 92.255. Of course, all this happened before 5 am pst, the Comex open, the London close, and after another Senate Report reconfirming the Biden Family deal with the CCP.

      Gold under the Venezuelan Bolivar continues to trek lower with the trade at 18,128.31 Bolivar, a loss of 8.99 overnight with Silver’s last price at 234.407, a gain of 0.899 Bolivar. Argentina’s Peso price for Gold is now at 146,335.73 showing a gain of 549.26 A-Pesos with Silver’s last trade at 1,892.04 A-Peso’s, showing a gain of 14.94. Gold under the Turkish Lira is now priced at 14,466.26, a gain of 52.40 T-Lira with Silver adding 1.497 T-Lira’s with the last trade at 187.061.

      Today is the last day to buy a November contract to stand for delivery before we roll into the December Contract (Monday) with this morning’s Delivery Demand Count at 2 and with a Volume of 1 up on the board with no price posted, proving a spread trade entry into the buy side. Yesterday’s full day of delivery activity had a 3 lot Volume posted up on the board, with a $23.33 agreed upon price, with that 2 lot, that was already standing, plus one more of yesterday’s purchases, getting their receipts that had a closing price Calculated at $23.292, losing 33.2 cents because Comex says so. Silver’s Overall Open Interest dropped 1,061 shorts, which exited the field of play leaving 162,485 paper contracts to go against the physicals.

      November Gold’s Delivery Demands now sit at 1,046 fully paid for contracts waiting for receipts and with a Volume of 2 up on the board and with 2 prices. The high at $1,803.80 and the low at $1,801.40 with the high being the last trade so far today. Yesterday’s full day of activity had another one of those spread trades going into delivery as we witnessed 1,041 contracts being bought under the Volume Column, as a spread trade exit into the delivery. As a reminder this is what the Comex Delivery dealers told me happens when no prices are given, either a spread entry, or exit, would have happened. If the Open Interest gains, it was a spread entry into the buy, the opposite when the OI drops, maybe. Yesterday’s full day of activity raised the Demand Count by 226 fully paid for contracts with a trading range for the day between $1,829.30 and $1,799.30 with the last purchase price at $1,801.30 (when 1,037 contracts were purchased) with that CCC at $1,804.80, down $33 at the Comex close. This leaves one questioning the 1,900-lot purchase made last Friday, going into the Comex Options Expirations; was there another purpose or was it simply another massive Resolute buy? The last 3 days of physical purchases totaled 3,788 physical buys, or around $687,522,000 worth of product. Gold’s Overall Open Interest lost 7,510 shorts to go against the physicals, proving that their paper contracts still control the physicals until there is no more to sell.

Lin Wood has subpoenaed Ga. officials for video evidence….The veteran attorney is specifically interested in videos from room 604 and the elevators around it. He believes ballot dumps and tampering took place at the State Farm Arena when officials stopped the count due to a “burst water pipe,” which actually never happened. What are the odds those videos were mistakenly destroyed by water?

      This election ain’t over yet, and I am enjoying who the claimed winner (ignoring the contesting challenges) has picked so far, for the Biden transition team, as their resurrection continues. Honest Gary Gensler, who helped John Corzine out with phone conversations over the weekend before MFGlobal went bankrupt, then quit his job to dodge the Senate hearing, is mentioned to be chairing the financial policy transition team. Then they have John Kerry, to lead us back into the Paris Accord guided by those that think all climate change (which includes Winter, Spring, Summer, and Fall) is 100% man’s fault, and will lead us into the “How Dare You challenge our political views over real science” accord. Then we have the wonderful rumor of Hillary Clinton being considered as a high profile representative somewhere in the Biden team. I’d wager Russia is looking forward to having her foundation resurrected again, so they can buy more of our Uranium, without us knowing. Ahh yes, the status quo is here again, maybe. That is, after the court challenges have been settled out, like Al Gores and the “Chad” Challenge in Florida, where a single county held up the nation’s election.

Happy Thanksgiving to all. Keep your family and precious metals close, and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5717 /

//OFFSHORE YUAN:  6.5718   /shanghai bourse CLOSED DOWN 40.50 PTS OR 1.19%

HANG SANG CLOSED  UP 81.55 PTS OR .31%

2. Nikkei closed UP 131.27 POINTS OR 0.56%

3. Europe stocks OPENED ALL RED/

USA dollar index DOWN TO 92.10/Euro RISES TO 1.1910

3b Japan 10 year bond yield: RISES TO. +.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:: 45.55 and Brent: 48,37

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.57%/Italian 10 yr bond yield DOWN to 0.60% /SPAIN 10 YR BOND YIELD DOWN TO 0.06%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.17: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.67

3k Gold at $1812.60 silver at: 23.39   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 3/100 in roubles/dollar) 75.61

3m oil into the 45 dollar handle for WTI and 48 handle for Brent/

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

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 104.40 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 .9103 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0842 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 0.878% early this morning. Thirty year rate at 1.606%

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

6.  TURKISH LIRA:  UP  TO 8.00..

Dow Drops Below 30,000, Global Rally Fizzles Ahead Of Data Deluge

US index futures dropped alongside shares in Europe with Dow Jones futures sliding back under 30,000…

… as a furious three-day rally paused ahead of a slew of pre-holiday economic indicators. Data, from jobless claims to consumer confidence and personal income, are due before markets close and traders head off for Thanksgiving.Ppositive vaccine news and the formal start of President-elect Joe Biden’s transition to power – including the selection of Janet Yellen as Treasury secretary – have fueled optimism about the outlook helping global shares hit record highs earlier on Wednesday, and were on course for their best month ever. S&P 500 futures, which roll from the December to the March contract, rose as much as 0.6% before reversing gains.

“All eyes on U.S. data,” David Madden, an analyst at CMC Markets UK, wrote in a note. He cited durable goods, an advanced reading of the third quarter gross domestic product and jobless claims among some of the indicators traders will be looking at on Wednesday.

Joe Biden on Tuesday introduced his foreign policy and national security team which was basically extracted from the Obama administration, after President Donald Trump cleared the way to prepare for the start of his administration. Reports that Biden planned to nominate former Federal Reserve Chair Janet Yellen as Treasury Secretary, potentially easing the passage of a fiscal-stimulus package to counter COVID-19 damage, also cheered markets. As a result of the newly found optimism, the MSCI all world index rose to a record high of 622.12. It was last trading flat, on course for a record monthly gain, before the rally reversed overnight, although that will likely prove temporary: a Reuters poll found that the rally for global stocks is set to continue for at least six months.

“The world is going to look a lot better this time next year than it does now, and that’s what equity markets are reflecting,” said Mike Bell, global market strategist at J.P. Morgan Asset Management. “The fact is the outlook has dramatically changed in the last month.”

The Stoxx Europe 600 Index edged lower, as cyclicals such as mining and energy firms fell, offsetting advances in defensives including utility shares. ABN Amro Bank NV and Commerzbank AG dropped more than 4% and led euro-area lenders lower after the European Central Bank said the industry will probably have to set aside more money to soak up losses when government pandemic support ends. European banking stocks retreated reversing gains following good news on dividend prospects from an FT report, according to which bank dividends would be allowed in 2021. However, less promising headlines from the ECB’s financial stability review poured cold water on that . While the central bank hasn’t made its stance clear, consensus seems to be that banks with bigger buffers and strong capital generation will be allowed to pay out some of the excess cash. However, dividend futures are barely moving, which implies that markets remain cautious on the outlook for payouts and are probably awaiting more clarity on the path of the economy.

Still, optimism around vaccine developments and expectations of a recovery in corporate confidence and profitability should also push European stocks to near record highs next year, a separate Reuters survey found.

Earlier in the session, MSCI’s index of Asia-Pacific shares outside Japan fell 0.4% erasing a gain of 1.1%, with Chinese shares capped by worries about rising debt defaults. Japan’s Nikkei rose to a 29-year high, though analysts and fund managers polled by Reuters foresaw a correction in the near term. Markets in Taiwan and South Korea also retreated.

As noted above, there is a literal tsunami of pre-holiday data on deck which includes everything from initial claims, to GDP, to capex, to new home sales, to the FOMC minutes:

  • 8:30am: Initial Jobless Claims, est. 730,000, prior 742,000; Continuing Claims, est. 6m, prior 6.37m
  • 8:30am: Advance Goods Trade Balance, est. $80.4b deficit, prior $79.4b deficit
  • 8:30am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%; Retail Inventories MoM, est. 0.6%, prior 1.6%
  • 8:30am: GDP Annualized QoQ, est. 33.1%, prior 33.1%; Personal Consumption, est. 40.85%, prior 40.7%
  • 8:30am: Core PCE QoQ, est. 3.5%, prior 3.5%
  • 8:30am: Durable Goods Orders, est. 0.85%, prior 1.9%; Durables Ex Transportation, est. 0.5%, prior 0.9%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 1.0%; Cap Goods Ship Nondef Ex Air, est. 0.4%, prior 0.5%
  • 10am: Personal Income, est. -0.1%, prior 0.9%; Personal Spending, est. 0.4%, prior 1.4%
  • 10am: PCE Deflator MoM, est. 0.0%, prior 0.2%; PCE Deflator YoY, est. 1.2%, prior 1.4%
  • 10am: U. of Mich. Sentiment, est. 77, prior 77; Current Conditions, prior 85.8; Expectations, prior 71.3
  • 10am: New Home Sales, est. 975,000, prior 959,000; New Home Sales MoM, est. 1.67%, prior -3.5%
  • 2pm: FOMC Meeting Minutes

“Now, there’s big event risk up ahead: FOMC minutes,” said Ilya Spivak, head Asia-Pacific strategist at DailyFX. “The worry is that the Fed will continue to signal that they’re keeping to a hands-off posture. No tightening, but no new easing either.”

Despite the overnight market wobble, investors remain optimistic that upcoming virus vaccines would help the industries hit hardest by the pandemic, from tourism to energy. Global energy shares have risen almost 34% so far this month, on track for their best month on record as crude prices rally. Oil prices held near their highest levels since March on the improved global economic outlook. Brent futures were up 1.2% to $48.42 per barrel, touching a high last seen in March.

In FX, riskier currencies gained against safe havens, though the under-pressure dollar showed resilience as the morning went on. The Australian dollar moved to its highest since early September, already helped by investors unwinding bets on additional monetary easing. The Bloomberg Dollar Spot Index erased losses after dipping in early European hours and the dollar traded mixed versus G-10 peers, though most currencies were confined to narrow ranges ahead of the U.S. Thanksgiving holiday on Thursday. The dollar is expected to fall further as progress on a vaccine and the expected choice of Yellen as the next U.S. Treasury secretary relieved two big uncertainties for investors. The euro fell against the dollar, and was last down 0.1% at $1.18835, giving up an earlier gain to trade near the $1.19 handle while Norway’s krone led G-10 gains as oil prices continued to rally. The pound swung between gains and losses, as investors awaited more news on Brexit and U.K. Chancellor of the Exchequer Rishi Sunak’s spending review. The New Zealand dollar held up following the central bank governor’s clarification on negative interest rates and a round of quantitative easing purchases.

Risk-on moves played out in bond markets, too. Yields on benchmark euro zone debt rose from record lows, with German Bund yields edged to near their highest levels in almost a week before reversing.  In the US, Treasuries were slightly richer across the curve in early U.S. trading as S&P 500 futures retreated from near-record highs. Yields were lower by ~1bp at long end of the curve, flattening 2s10s and 5s30s spreads by less than 1bp; the 2- , 5- and 7-year notes sold at auction Monday and Tuesday trade at profits, and potential exists for large month-end buying flows. No coupon supply events are slated ahead of Thursday’s U.S. holiday, however a pending economic data dump includes 3Q GDP revision, October durable goods orders and Nov. 5 FOMC minutes.

Bitcoin edged up 0.8% to $19,1420, staying within sight of its record peak of $19,666 after notching gains of nearly 40% in November alone.

Looking at today’s calendar, it’s a shitshow, with data on everything from initial jobless claims, the second estimate of Q3 GDP, durable goods orders, personal income, personal spending and new home sales, along with the final University of Michigan sentiment reading for November. From central banks, the Fed will be releasing the minutes of their November meeting, the ECB will publish their Financial Stability Review, and the ECB’s Holzmann will be speaking. Finally, the aforementioned spending review in the UK will be taking place.

Market Snapshot

  • S&P 500 futures little changed at 3,632.50
  • STOXX Europe 600 down 0.2% to 391.65
  • MXAP down 0.06% to 191.33
  • MXAPJ down 0.4% to 630.98
  • Nikkei up 0.5% to 26,296.86
  • Topix up 0.3% to 1,767.67
  • Hang Seng Index up 0.3% to 26,669.75
  • Shanghai Composite down 1.2% to 3,362.33
  • Sensex down 1.6% to 43,813.45
  • Australia S&P/ASX 200 up 0.6% to 6,683.33
  • Kospi down 0.6% to 2,601.54
  • Brent futures up 1% to $48.34/bbl
  • Gold spot up 0.3% to $1,812.63
  • U.S. Dollar Index down 0.1% to 92.12
  • German 10Y yield fell 1.1 bps to -0.574%
  • Euro up 0.03% to $1.1896
  • Italian 10Y yield fell 1.2 bps to 0.501%
  • Spanish 10Y yield fell 1.0 bps to 0.064%

Top Overnight News from Bloomberg

  • Euro-area banks will probably have to set aside more money to soak up losses when government pandemic support ends and the economy grapples with massively increased debt, the European Central Bank said
  • European Commission President Ursula von der Leyen said the coming days will be “decisive” for trade negotiations with the U.K. and crucial differences between the two sides remain
  • As Treasury secretary, Janet Yellen is almost certain to pursue tighter coordination with the U.S. Federal Reserve next year — repairing recent frictions — though observers say she will be careful to avoid any specific move that could trigger a wave of Republican protests
  • German Chancellor Angela Merkel is proposing a further tightening of the country’s coronavirus restrictions, setting the stage for another tense round of discussions with the country’s state premiers who favor more lenient measures
  • The deadlock over the European Union’s $2 trillion spending package may not be resolved soon, potentially depriving Hungary of much of its funding from the bloc next year, Finance Minister Mihaly Varga told the Vilaggazdasag business daily
  • A ECB-backed committee is exploring options for a transition should Euribor, one of the cornerstones of the European Union’s financial system, cease to exist
  • A significant number of asset managers risk being locked out of the interest-rate swaps market early next year unless they sign on to a new protocol designed to smooth the transition away from Libor, warned the chairman of the U.S. Commodity Futures Trading Commission
  • Coronavirus restrictions in the U.K. will be eased over Christmas to allow as many as three households to meet indoors
  • BOE policy maker Michael Saunders warned that the turn of the year will be rocky under the twin impacts of the coronavirus and Brexit — though the latter will ultimately be the bigger challenge

US Event Calendar

  • 8:30am: Initial Jobless Claims, est. 730,000, prior 742,000; Continuing Claims, est. 6m, prior 6.37m
  • 8:30am: Advance Goods Trade Balance, est. $80.4b deficit, prior $79.4b deficit
  • 8:30am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%; Retail Inventories MoM, est. 0.6%, prior 1.6%
  • 8:30am: GDP Annualized QoQ, est. 33.1%, prior 33.1%; Personal Consumption, est. 40.85%, prior 40.7%
  • 8:30am: Core PCE QoQ, est. 3.5%, prior 3.5%
  • 8:30am: Durable Goods Orders, est. 0.85%, prior 1.9%; Durables Ex Transportation, est. 0.5%, prior 0.9%
  • 8:30am: Cap Goods Orders Nondef Ex Air, est. 0.5%, prior 1.0%; Cap Goods Ship Nondef Ex Air, est. 0.4%, prior 0.5%
  • 10am: Personal Income, est. -0.1%, prior 0.9%; Personal Spending, est. 0.4%, prior 1.4%
  • 10am: PCE Deflator MoM, est. 0.0%, prior 0.2%; PCE Deflator YoY, est. 1.2%, prior 1.4%
  • 10am: U. of Mich. Sentiment, est. 77, prior 77; Current Conditions, prior 85.8; Expectations, prior 71.3
  • 10am: New Home Sales, est. 975,000, prior 959,000; New Home Sales MoM, est. 1.67%, prior -3.5%
  • 2pm: FOMC Meeting Minutes

DB’s Jim Reid concludes the overnight wrap

Well I heard “Fairytale of New York” for the first time in 2020 yesterday and my wife put on a Michael Buble Xmas album over dinner last night, but as regular readers know I don’t get into the Xmas spirit until I hear “Last Christmas” by Wham! Today marks a month until Xmas and only 22 trading days until the big day including today. If you assume that Thanksgiving tomorrow and Friday are near write offs then that leaves you with two less. So we are certainly getting to the end of a forgettable but ultimately unforgettable year.

The Santa Claus rally has already been underway since the election with the extra cyclical Santa treat coming in the form of the recent vaccine news. Indeed global equity markets rallied once again yesterday with the notional highlight being the Dow Jones breaking through the 30,000 barrier for the first time as investors were relieved by the prospect of a smooth presidential transition following the General Services Administration’s move to commence the process. Though President Trump said in a tweet yesterday that “the GSA does not determine who the next President of the United States will be”, the move has allayed market fears that the US will face extended political uncertainty in the coming weeks, and comes as increasing numbers of states have moved to certify their election results, with Pennsylvania the latest to announce yesterday. As well as this, another catalyst from after the previous day’s European close was the choice of former Fed Chair Yellen to be Biden’s Treasury Secretary, since she’s seen as someone who’ll coordinate well with the Federal Reserve and be market friendly.

As mentioned, the Dow Jones (+1.54%) moved to an all-time high, aided by a +4.56% move from Boeing. The S&P 500 was also up +1.62% to its own all-time high, though the NASDAQ lagged a little with a +1.31% rise as tech stocks underperformed the broader equity market. Our new favourite measure, namely the equal weight S&P 500, was +2.18% showing the bias to the non-mega caps. On this, in yesterday’s CoTD we showed how the top ten largest companies in the world were at that highest share relative to the next 90 largest since we have data and probably a lot further back than that. We think a vaccine will be the turning point towards normalising that relationship. See the graph here .

With the mega-cap tech stocks underperforming the story remains on the normalisation theme. US small caps stocks rose +1.94%, having gained in seven of the last eight sessions. The ratio of the Russell 2000 over the NASDAQ is just shy of its highest level of the pandemic so far with the small cap index on track for its best month ever. On the single stock level, the strong performances by Carnival (+11.28%), United Airlines (+9.85%), MGM Resorts (+8.80%) and Royal Caribbean Cruises (+7.72%) showed how the travel industry continues to respond positively to the vaccine headlines. In other back-to-normal moves, bank stocks continued improving on both sides of the Atlantic with S&P 500 Banks rising +5.53% and their European counterparts rising +4.66% yesterday as core yields continued to rise.

Big moves higher were also seen from energy stocks (+5.16% in US and +4.65% in Europe) as both Brent Crude and WTI oil prices rose to a post-pandemic high of $47.86/bbl and $44.91/bbl respectively. Europe missed out on the last legs of the US rally last night but the STOXX 600 rose +0.91% to reach a post-pandemic high, while the DAX rose +1.26% to move back into positive territory on a YTD basis.

Overnight, Xinhua has reported that Sinopharm has submitted an application in China to bring its Covid-19 vaccine to the market. The application is believed to include data on the company’s Phase III trials conducted in the Middle East and South America. This application will likely make Sinopharm the first developer outside of Russia to see its shots made available for general public use. Sinopharm’s vaccine already had emergency use authorisation in China and according to reports they have been given to hundreds of thousands of people so far. They have not released any public data on the efficacy of its shots though. A Chinese vaccine would be helpful for the ASEAN countries as most of them have pre-dose agreements with China. Elsewhere, we saw new information from AstraZeneca that showed that the more successful half dose/full dose measure was only given to those under 55 years old.

In other overnight news, Bloomberg has reported that Treasury Secretary Steven Mnuchin will put $455bn in unspent Cares Act funding into the agency’s General Fund which will then require Treasury Secretary elect Yellen to seek congressional approval for using the monies. Most of this money had gone to support the Fed’s emergency-lending facilities. Elsewhere, the FT has reported that the ECB is signaling that it could lift the ban on bank dividends next year.

The flip side of the positive news yesterday was that safe havens struggled once again, and gold prices fell another -1.65% to a fresh 4-month low of $1,808/oz. In FX as well, the traditional safe-haven Japanese yen was the worst-performing G10 currency for the second day running. As referenced above, it was a similar story for core sovereign bonds, with yields on 10yr Treasuries (+2.6bps), bunds (+1.8bps) and gilts (+1.2bps) all rising, though there was a tightening of peripheral spreads in line with the broader rally in risk assets. Notably, yields on Italian 10yr BTPs fell to an all-time low yesterday of 0.61%, and their spread over 10yr bund yields fell to a 2-year low of 1.17%.

One asset that didn’t struggle yesterday was Bitcoin, which surged another +2.84%, closing at $18,945 which was just shy of the all-time closing high of $19,042. It didn’t quite breach its all-time intraday high in December 2017 of $19,511, but the cryptocurrency broke the $19,400 mark intraday. The move still leaves Bitcoin up +164.66% up on a YTD basis. Meanwhile Tesla rose +6.43% to a fresh record high that saw the company’s market cap surpass $500bn for the first time, with the share price having surged +564% since the start of the year.

Here in the UK, attention today will focus on the government’s Spending Review, as well as the Office for Budget Responsibility’s latest forecasts for the economy and the public finances. This is just a one-year review for 2021-22, but it will be interesting to see what the long-term fiscal picture looks like as well as the extent of tightening pencilled in for the year ahead. Fortunately for the government there have been signs that the latest lockdown is having an effect on the Covid numbers, with the number of daily confirmed cases falling to 11,299 yesterday, the lowest since October 2, while the latest 7-day average of 18,295 was also the lowest in just over a month.

Elsewhere on Covid, French ICU occupants which currently sits at just shy of 4500 is expected to fall below 3000 by the end of the month, and to under 1500 by the middle of December according to the Istitut Pasteur. The research centre added that they estimate that 11% of the overall French population has already been infected by the virus. This came as President Macron announced that the lockdown measures will be lifted gradually from this Saturday onward when small stores can reopen. Notably, restaurants will remain closed until January 20, but much of the lockdown is set to be lifted by December 15. However ski resorts will stay shut until the new year which means I now won’t be skiing at Xmas.

In an effort to contain the virus’s spread around the Thanksgiving holiday in the US, New York City will have checkpoints at specific bridges and crossings to enforce the travel quarantine and set up testing appointments. These will not be used for those travelling to contiguous states but the city’s measures will be enforced for those using the city’s airports and train stations.

On the data side, the Ifo’s business climate indicator from Germany fell to 90.7 in November (vs. 90.2 expected). That’s the second consecutive monthly decline and comes on the back of rising restrictions in Europe in response to the second wave of the pandemic. Over in the US, the Conference Board’s consumer confidence indicator also fell in November to 96.1 (vs. 98.0 expected), and the expectations indicator fell for a second month running to 89.5.

To the day ahead now, and there’s an array of US data releases ahead of tomorrow’s Thanksgiving holiday, including the weekly initial jobless claims, the second estimate of Q3 GDP, the preliminary reading of October’s durable goods orders, October’s personal income, personal spending and new home sales, along with the final University of Michigan sentiment reading for November. From central banks, the Fed will be releasing the minutes of their November meeting, the ECB will publish their Financial Stability Review, and the ECB’s Holzmann will be speaking. Finally, the aforementioned spending review in the UK will be taking place.

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 40.50 PTS OR 1.19%   //Hang Sang CLOSED UP 81.55 PTS OR .31%    /The Nikkei closed UP 131.27 POINTS OR 0.56%//Australia’s all ordinaires CLOSED UP 0.48%

/Chinese yuan (ONSHORE) closed /Oil UP TO 45.55 dollars per barrel for WTI and 48.37 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR A 6.5717. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5718 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING ABOVE LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Rhetoric continues between China and the USA as they hit OBrien with sowing the seeds of “chaos” and cold war tensions in Asia

(zerohedge)

China Slams NatSec Advisor O’Brien As Sowing “Chaos” & Cold War Tensions In Asia

Top Chinese diplomatic officials have hit back against US national security advisor Robert O’Brien over his “unreasonable remarks” in the Philippines while on an official visit there this week.

The Chinese embassy in Manila on Tuesday slammed what diplomatic officials called his deliberate efforts at “stirring up trouble in the South China Sea” and “provoking a rift between China and the Philippines.”

Trump’s national security adviser Robert O’Brien, Getty Images

The Manila embassy further harangued Washington for not promoting regional peace and stability, instead creating chaos in the region” for US self-interest.

“In recent years, to safeguard its regional and global hegemony, the US has regarded itself as ‘patron’ and ‘judge’ of regional countries and directly intervened in the South China Sea and other issues,” the statement said.

His statements were said to have “fanned the flames everywhere” and “seriously” undermined regional security by seeking to create tensions between China and its regional allies.

The statement said further, The US is the biggest driver of the militarization of the South China Sea and the most dangerous external factor endangering the peace and stability of the South China Sea” – something which has been emphasized by Beijing many times in the recent past.

O’Brien has been on a surprise tour of Vietnam and the Philippine’s this week in a mission seen as attempting to counter the ASEAN (Association of Southeast Asian Nations) countries’ (and key allies) recent signing of a historic trade pact, the Regional Comprehensive Economic Partnership (RCEP), hailed as the biggest free trade deal ever among fifteen Asia Pacific Nations and widely reported as a huge win for China.

O’Brien weighed in heavily on soaring tensions in the South China Sea and US efforts to maintain ‘freedom of navigation’ by its beefed up naval presence there:

During his speech at the building of the Department of Foreign Affairs on Monday, O’Brien reiterated Washington’s support for Manila’s fight for control over the West Philippine Sea.

“I just want to say that those resources belong to the children and grandchildren of the people here. They belong to the [Filipino] people,” O’Brien said.

“They don’t belong to some other country that just because they may be bigger than the Philippines, they can come take away and convert the resources of the Philippine people. That’s just wrong,” he added.

The Chinese embassy called the whole speech “full of Cold War mentality” andwhich was intended to “wantonly incite confrontation.”

He also provocatively confirmed that $18 million in missiles the Trump administration pledged to the Philippines last April would soon be delivered on, and that the deal is currently progressing.

end

4/EUROPEAN AFFAIRS

UK

British economy shrinks by the most in 300 years due to COVID

(zerohedge)

British Economy Shrinks By Most In 300 Years Thanks To COVID, Chancellor Warns

Just days after UK Prime Minister Boris Johnson confirmed that the 2nd English COVID-19 lockdown would soon come to an end (as England is expected to revert back to the tiered system of restrictions that preceded it), Chancellor Rishi Sunak on Wednesday shared some grim numbers about the state of the British economy with Parliament.

With global stocks on track to clinch their strongest monthly performance in modern history, Sunak warned that the British economy is set to contract by by more than 11% in 2020, the biggest annual contraction in 300 years – a period that has included at least one other global pandemic, and many, many wars.

It’s no secret that the UK has been one of the hardest-hit developed nations. With one of the highest COVID-19 death tolls in the world, British leaders have imposed some of the harshest restrictions on movement and businesses in all of Europe.

With the UK budget deficit ballooning toward a new post-war high, the chancellor is focusing on providing support for jobs and the unemployed, plowing tens of billions of pounds into infrastructure spending, and ensuring the British health-care system is ready for another onslaught of patients.

Bloomberg noted that the double-digit economic contraction appears to be the worst since 1709, when the Great Frost of 1709 (the coldest winter European has seen in at least the last 500 years) caused thousands of Britons to die of frostbite and its economy to contract by 13.4%.

Sunak also unveiled plans for a budget swollen by record borrowing. Although the Conservative Chancellor announced widely expected limits on public-sector pay and cuts to foreign aid programs – a measure that has the support of 60% of the British public, according to public opinion polls =  he also authorized spending including £4.3 billion to help the unemployed back into work, and £3.7 billion for schools and further education colleges, along with the same amount for hospitals. The most noteworthy announcement has been the biggest uptick in defense spending in three decades: a four-year, £24 billion investment in the country’s armed forces.

Source: Bloomberg

Sunak’s budget will ultimately represent the conservatives fiscal legacy during the age of the coronavirus. As Bloomberg pointed out, the spending review isn’t a tax event, and British Treasury-watchers are curious to hear how Sunak plans to guide the country’s finances.

Of course, while forecasts see a strong rebound next year, the OBR – the British equivalent to Washington’s OMB – pointed out that if Brexit deal talks conclude without a deal, Britain could see two whole percentage points of growth lopped off the top next year, while unemployment in the country could also spike if the country’s trading relationship with the EU reverts to WTO rules – what Prime Minister Boris Johnson has  couched as reverting to an “Australia-style” deal

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Israel 

Israel//USA is preparing to knock out the Iranian nuclear facilities in Natanz.  They do not trust Biden for a second.

(zerohedge)

Israeli Military Prepares For Possible Trump Preemptive Attack On Iran: Axios

With just weeks to go to President-Elect Joe Biden’s being inaugurated on January 20, Axiosreports that Israel is preparing for the possibility that Trump will launch a preemptive attack on Iran.

Axios’ Barak Ravid reports from Tel Aviv that “The Israel Defense Forces have in recent weeks been instructed to prepare for the possibility that the U.S. will conduct a military strike against Iran before President Trump leaves office, senior Israeli officials tell me.”

Via Asia Times

While not citing specific intelligence, Ravid says Israeli military and intelligence leaders are anticipating “a very sensitive period” just ahead of the inauguration and Trump’s exiting the White House.

According to the report:

The IDF’s preparedness measures relate to possible Iranian retaliation against Israel directly or through Iranian proxies in Syria, Gaza and Lebanon, the Israeli officials said.

Meanwhile, are we already witnessing the first ‘provocation’ which is to be blamed on Iran as pretext?

Earlier this month The New York Times reported that President Trump had to be talked out of preemptive strikes on Iran by his own top advisers, who warned it could easily spiral into a major war in only the last weeks of his presidency.

That report included the following mention that not all “options” may have been placed off the table at that time:

After Mr. Pompeo and General Milley described the potential risks of military escalation, officials left the meeting believing a missile attack inside Iran was off the table, according to administration officials with knowledge of the meeting.

Mr. Trump might still be looking at ways to strike Iranian assets and allies, including militias in Iraq, officials said. A smaller group of national security aides had met late Wednesday to discuss Iran, the day before the meeting with the president.

end

6.Global Issues

AIRLINES

Global slump continues to hit all airlines.  They are on tap to lose $157 billion dollars this year.

(zerohedge)

Airlines On Track To Lose $157 Billion As Global Slump Worsens; IATA Chief Negative On ‘Immunity Passports’

Airlines are on track to lose up to $157 billion between this year and next year, according to the International Air Transport Association (IATA) – a sharp increase over their June projection of $100 billion in losses they made in June for the same period.

The new projection includes a $118.5 billion deficit for 2020, and at least $38.7 billion for 2021, according to Reuters, which suggests that the bleak outlook “underscores challenges still facing the sector despite upbeat news on development of COVID-19 vaccines, whose global deployment will continue throughout next year.”

“The positive impact it will have on the economy and air traffic will not happen massively before mid-2021,” said IATA Director General Alexandre de Juniac in a statement to Reuters.

Passenger numbers are expected to drop to 1.8 billion this year from 4.5 billion in 2019, IATA estimates, and will recover only partially to 2.8 billion next year. Passenger revenue for 2020 is expected to have plunged 69% to $191 billion.

That’s by far the biggest shock the industry has experienced in the post-World War Two years,” IATA Chief Economist Brian Pearce said.

The forecasts assume significant re-opening of borders by the middle of next year, helped by some combination of COVID-19 testing and vaccine deployment. Reuters

The association recommends that governments stop travel-killing quarantines and instead implement widespread testing for COVID-19.

“We are seeing states progressively coming to listen to us,” said de Juniac, pointing to testing programs underway in the United States, Britain, Singapore, France, Germany and Italy.

Recently, Quantas Airways CEO Alan Joyce said that the COVID-19 vaccine will be mandatoryfor anyone boarding its flights, and that it will become the norm for international travel.

“We are looking at changing our terms and conditions to say, for international travelers, that we will ask people to have a vaccination before they can get on the aircraft,” said Joyce, adding “I think that’s going to be a common thing talking to my colleagues in other airlines around the globe.”

De Juniac, however, is not a fan.

It would prevent people who are refusing (the vaccine) from traveling,” he said, adding “Systematic testing is even more critical to reopen borders than the vaccine.”

Meanwhile, air cargo is doing extremely well during the pandemic – and will likely see global revenues rise 15% to $117.7 billion in 2020 despite a decline in volume of 11.6% to 54.2 million tons according to the IATA.

According to the report, the average airline can survive another 8.5 months with liquidity on hand, while some have just weeks. “I think we will get consolidation through some airline failures,” says Pearce.

end
CORONAVIRUS UPDATE/THE GLOBE

World Sees Record Jump In COVID-19 Deaths As Cases Near 60 Million Mark: Live Updates

Summary:

  • US suffers most new deaths in months
  • Global deaths see new daily record
  • Cases near 60 million
  • US mulling abandoning travel restrictions on Europe, Brazil etc
  • College students scramble to get home for the holiday
  • Merkel proposes tighter restrictions
  • Iran sees back-to-back record cases
  • Russia sees another day of record deaths
  • South Korea confirms nearly 400 new cases
  • Australia’s most populous state to ease restrictions

* * *

As global confirmed COVID cases teeter on the brink of 60 million, millions of Americans are rushing home via planes, trains and automobiles to try and spend the holiday with family (even if this year, the number of seats at the table is much smaller than usual). Just in time for the holiday, the 7-day average of new cases remains at record highs, while hospitalizations have hit a new record, and daily deaths topped 2k yesterday, the largest tally since the spring.

Globally, the number of deaths record yesterday topped 12.75k in just 24 hours, a new record high, as deaths finally start to catch up to increases in case numbers and hospitalizations.

In terms of news, Reuters reported that the US government is considering removing bans on entry into the US for non-citizens who recently visited Brazil, the UK and the EU. While lifting these restrictions could lead to a resurgence in tourism, it’s more likely that it won’t have much of a near-term impact, as most airlines have cut international flights to the bone. Other bans, including on travelers from China and Iran, will remain in place.

According to Reuters, the plan has received the approval of the White House Coronavirus Task Force. Many administration officials argue the restrictions no longer make sense given that most countries aren’t subject to any travel bans. Officials believe lifting the restrictions could bolster the struggling airline industry, which has seen international travel fall by 70% this year. The Trump Administration infamously dragged its feet before imposing travel restrictions in Europe, though Trump was one of the first leaders to impose restrictions on travelers from China.

Reuters also interviewed family members of college students traveling home for the holiday, some of whom described asking their children to quarantine despite a negative test.

Finally, German Chancellor Angela Merkel proposed tighter restrictions during a Wednesday meeting with regional leaders including suggesting further reduction on the number of customers allowed in shops and tighter measures in schools in certain ‘hotspots’.

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

Iran reported a new record for daily infections for a second day in a row, pushing the number of total known cases to 894,385. The death toll reached 46,207 with 469 more deaths in the last 24 hours, down from a day earlier (Source: Bloomberg).

The daily death toll in Russia exceeded 500 for the first time as surging infections across the country put increasing strain on hospitals and medical staff complained about a lack of medicines and protective gear (Source: Bloomberg).

India reports 44,376 cases for the past 24 hours, up from 37,975 the previous day, bringing the country total to 9.22 million. The death toll jumped by 481 to 134,699 (Source: Nikkei).

Australia’s most populous state will ease social distancing restrictions after recording nearly three weeks without any local transmissions, Premier Gladys Berejiklian said on Wednesday (Source: Nikkei).

China recorded five cases on Nov. 24, down from 22 a day earlier. All infections originated overseas (Source: Nikkei).

END

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 WEDNESDAY morning 7:00 AM….

Euro/USA 1.1910 UP .0013 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 104.40 DOWN 0.109 (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 1.3347   DOWN   0.0014  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.3010 UP .0014 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  WEDNESDAY morning in Europe, the Euro ROSE BY 13 basis points, trading now ABOVE the important 1.08 level RISING to 1.1910 Last night Shanghai COMPOSITE DOWN 40.50 PTS OR 1.19% 

//Hang Sang CLOSED UP 81.55 PTS OR .31% 

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

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 

/SHANGHAI CLOSED DOWN 40.50 POINTS OR 1.19% 

Australia BOURSE CLOSED UP 0.48% 

Nikkei (Japan) CLOSED UP 131.27  POINTS OR 0.56%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1815.50

silver:$24.46-

Early WEDNESDAY morning USA 10 year bond yield: 0.878% !!! DOWN 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.606 DOWN 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 92.10 DOWN 12 CENT(S) from  THURSDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

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

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

SPANISH 10 YR BOND YIELD: 0.07%// UP 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.62 DOWN 2 points in basis points yield from yesterday./

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

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.19% 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 WEDNESDAY

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

Euro/USA 1.1909  UP     .0012 or 12 basis points

USA/Japan: 104.38 DOWN .133 OR YEN UP 13  basis points/

Great Britain/USA 1.3383 UP .0021 POUND UP 21  BASIS POINTS)

Canadian dollar DOWN 2 basis points to 1.2998

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed UP 6.5790    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.5940  (YUAN up)..

TURKISH LIRA:  7.95  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.02%

Your closing 10 yr US bond yield DOWN 1 IN basis points from TUESDAY at 0.875 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.608 DOWN 1 in basis points on the day

Your closing USA dollar index, 92.05 down 155  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 WEDNESDAY: 12:00 PM

London: CLOSED DOWN 41.08  0.64%

German Dax :  CLOSED DOWN 2.64 POINTS OR .02%

Paris Cac CLOSED UP 12.87 POINTS 0.23%

Spain IBEX CLOSED UP 21.50 POINTS or 0.26%

Italian MIB: CLOSED UP 158.52 POINTS OR 0.72%

WTI Oil price; 45.33 12:00  PM  EST

Brent Oil: 48.30 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    75.76  THE CROSS HIGHER BY 0.29 RUBLES/DOLLAR (RUBLE LOWER BY 29 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.57 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

Closing Price f0r Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  45.72//

BRENT :  48.74

USA 10 YR BOND YIELD: … 0.884..up 1 basis points…

USA 30 YR BOND YIELD: 1.625 up 2 basis points..

EURO/USA 1.1923 ( UP 25   BASIS POINTS)

USA/JAPANESE YEN:104.42 DOWN .089 (YEN UP 9 BASIS POINTS/..

USA DOLLAR INDEX: 91.96 DOWN 26 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3391 UP 29  POINTS

the Turkish lira close: 7.948

the Russian rouble 75.50   DOWN 0.02 Roubles against the uSA dollar. (DOWN 2 BASIS POINTS)

Canadian dollar:  1.2996 DOWN 3 BASIS pts

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

The Dow closed DOWN 175.53 POINTS OR 0.58%

NASDAQ closed UP 57.62 POINTS OR 0.48%


VOLATILITY INDEX:  21.13 CLOSED DOWN .26

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

USA trading today in Graph Form

Global Stocks Set For Best Month Ever As Dollar Dumps Near 3-Year Lows

With just a few days (of illiquid markets) to go, global stocks (MSCI World) is set for its greatest monthly return ever…

Source: Bloomberg

As the dollar dumps to its weakest against its fiat peers since April 2018…

Source: Bloomberg

Small Caps are outperforming this week (continuing an enormous month); Nasdaq is lagging but still up 2% this week…

The Dow is also having its best month since Jan 1987…

Source: Bloomberg

Which sent “Extreme” greed to “Extremer” greed…

Source: CNN

This is easy!!

Small Caps have dominated mega-tech this month… but did they stumble at resistance?

Source: Bloomberg

Energy stocks gave a little back today but remain up yuuuge in November. Utes are the laggards but are also up on the month…

Source: Bloomberg

Momentum staged a very small comeback relative to value today, but it’s been an ugly month…

Source: Bloomberg

Treasury yields fell today but remain modestly higher on the week (2y unch, 30Y +8bps)…

Source: Bloomberg

Bitcoin was modestly lower on the day, back below $19,000, but still up large on the week…

Source: Bloomberg

Its been an ugly month for PMs as copper and crude exploded higher… hope!

Source: Bloomberg

Gold futs managed to bounce off their 200DMA and back above the $1800 level…

WTI surged back to almost $46 today – its highest in 8 months…

Finally, we note that investors should really be giving thanks to just one ‘thing’ this holiday… Global Central Banks!!

Source: Bloomberg

The best month ever for global stocks on the back of $14 trillion in global liquidity pukage for the last few months.

And you should probably ignore this too…

Source: Bloomberg

Oh and Maradonna died… I guess the ‘hand of god’ finally caught up with him.

Have a great Thanksgiving.

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//FOMC

FOMC Minutes Show Fed Split Over Asset-Purchase Plans

The market has ripped higher since the November 5th FOMC statement (helped by vaccine hype and election hope) and it seems from the Minutes that there is some disagreement in the central planning ranks.

The key sentence in the well-managed Minutes was:

“Many participants judged that the Committee might want to enhance its guidance for asset purchases fairly soon.”

Many Fed officials saw bond-buying as insuring against risks…

Most participants favored moving to qualitative outcome-based guidance for asset purchases that links the horizon over which the Committee anticipates it would be conducting asset purchases to economic conditions.”

But there was disagreement…

A few participants were hesitant to make changes in the near term to the guidance for asset purchases and pointed to considerable uncertainty about the economic outlook and the appropriate use of balance sheet policies given that uncertainty.”

But others fear they may have reached their limit…

“Several participants noted the possibility that there may be limits to the amount of additional accommodation that could be provided through increases in the Federal Reserve’s asset holdings in light of the low level of longer-term yields, and they expressed concerns that a significant expansion in asset holdings could have unintended consequences.”

Really?

As a few hawks saw bubbles elsewhere…

“A few participants expressed concern that maintaining the current pace of agency MBS purchases could contribute to potential valuation pressures in housing markets.”

There was very little reaction in markets to the Minutes for now.

*  *  *

Full Minutes below:

Minutes of the Federal Open Market Committee, November 4-5, 2020 by Zerohedge on Scribd

ii)Market data/USA

Initial jobless claims rise for 2nd week in a row and Pandemic claims soar..not good for the USA

(zerohedge)

Initial Jobless Claims Rise For 2nd Week In A Row, Pandemic Claims Soar

For the second week in a row, the number of Americans filing for first time unemployment claims has risen (printing at 778k vs 730k exp and 742k prior)…

Source: Bloomberg

Illinois, Michigan, Washington, and California (all Democrat-run) were the states that suffered the largest surge in initial claims while Louisiana and Massachusetts saw the biggest drop in claims…

But as continuing claims fall – but were worse than expected – the Pandemic Emergency Claims are soaring as Americans drop off the standard unemployment benefits…

Source: Bloomberg

Worse still, the aggregate number of Americans receiving unemployment benefits rose over 130k last week to well above 20 million. This is the first increase since Sept 11th…

end
Q3 GDP unchanged at 33.1% rose in its first revision.
(zerohedge)

Q3 GDP Unchanged At Record 33.1% In First Revision; Profits Soar 27.1%

With traders’ eyes looking beyond Q4 GDP and to Q1 2021, where some banks such as GDP are already expecting a double dip with a -1.0% contraction forecast, few will care how or why the BEA revised its estimate of the record Q3 GDP, but for the record, moments ago the Dept of Commerce announced that in the third quarter, GDP rose an annualized 33.1%, unchanged from the first estimate released in October, and on top of consensus expectations.

Of note, personal consumption rose 40.6% in 3Q after falling 33.2% prior quarter, and just missing the 40.9% estimate. While the overall change in GDP was unrevised from the advance estimate, upward revisions to business investment, housing investment, and exports were offset by downward revisions to state and local government spending, inventory investment, and consumer spending. Imports were revised up.

Specifically:

  • Personal Consumption was revised modestly from 25.27% in the original estimate to 25.22%
  • Fixed Investment rose from 4.96% to 5.23%
  • The Change in Private Inventories dipped from 6.62% in the original estimate to 6.55%
  • Net exports detracted -3.17% from GDP, modestly more than the -3.09% in the original estimate
  • Government consumption subtracted -0.76% from the final number, up from -0.68% in the original estimate

The BEA also calculated that profits increased a record 27.1% at a quarterly rate in the third quarter after decreasing 10.3% in the second quarter. Corporate profits increased 3.3% in the third quarter from one year ago. Profits were impacted by provisions from the Paycheck Protection Program. More details:

  • Profits of domestic nonfinancial corporations increased 43.8 percent after decreasing 12.9 percent.
  • Profits of domestic financial corporations increased 5.4 percent after increasing 6.1 percent.
  • Profits from the rest of the world increased 10.3 percent after decreasing 18.9 percent.

iii) Important USA Economic Stories

Newt Gingrich describes how the thieves stole the USA election but got very sloppy

Newt Gingrich/EpochTimes

Gingrich: The Thieves Who Stole Our Election Got Sloppy

Authored by Newt Gingrich, op-ed via The Epoch Times,

Laziness leads to sloppiness, and sloppiness is how the most brazen heist in American history is being exposed…

Stealing the 2020 election was a mammoth undertaking, involving widespread lawlessness and illicit partnerships between private actors and public officials. They’ve been working to cover their tracks since Election Day, but they didn’t work fast enough. Now, the courts need to stop them from destroying any more evidence so that the people of Pennsylvania—and the rest of the country—can accurately assess the ramifications of their wrongdoing.

Explosive new litigation filed in federal district court on Nov. 21 details and documents a wide variety of illegal practices that were used to inflate the number of votes received by Democrat presidential candidate Joe Biden, including disparate treatment of voters based on where they live and outright manipulation of Pennsylvania’s voter registration system by partisan activists.

An unprecedented number of mail-in and absentee ballots were cast this year, and practically everyone expected that this would result in a higher-than-usual rate of ballots being rejected for various flaws, such as lacking a secrecy envelope or missing information. In Pennsylvania, tens or hundreds of thousands of ballots were likely to be rejected, based on historical patterns. Instead, a mere 0.03 percent of mail-in ballots were ultimately rejected—somewhere in the neighborhood of about 1,000 votes.

Considering that a significant majority of mail-in votes were cast for Biden, the Democrat candidate benefited handsomely from this discrepancy. But how did this anomaly happen?

It turns out that election officials in Democrat strongholds such as Allegheny County (Pittsburgh), Philadelphia County, and Philadelphia’s collar counties—particularly Delaware County—exceeded their authority in order to give voters preferential treatment that wasn’t afforded to voters in Republican-leaning areas of the state.

Specifically, election workers illegally “pre-canvassed” mail-in ballots to determine whether they were missing a secrecy envelope or failed to include necessary information. When ballots were found to be flawed, voters were given an opportunity to correct, or “cure,” their ballots to make sure they counted. In at least some cases, Democrat Party officials were even given lists of voters to contact about curing their ballots.

Election officials in Republican-leaning counties rightly interpreted this as a violation of Pennsylvania’s election code, but Democrat Secretary of State Kathy Boockvar issued guidance authorizing the illegal practices despite lacking the statutory authority to do so.

That’s not the only way Democrats broke the law to give their candidate an unfair advantage, though. Extensive on-the-ground investigations conducted over the past year and a half by attorneys and investigators with the Amistad Project of the nonpartisan Thomas More Society have uncovered another element of the plot that involved even more egregious behavior.

Boockvar also exceeded her authority by granting private, partisan organizations—including the notoriously pro-Democrat group “Rock the Vote”—access to the Commonwealth’s Statewide Uniform Registry of Electors (SURE).

“Rock the Vote’s web tool was connected to our system, making the process of registering voters through their online programs, and those of their partners, seamless for voters across Pennsylvania,” the lawsuit quotes Boockvar as saying.

That’s not supposed to happen. It’s one thing for outside groups to submit registration applications to the state on behalf of would-be voters, but election clerks are the only ones who are supposed to enter this sort of information directly into the records.

It’s easy to see why by inspecting post-election voter lists, which contain names such as “Mary April Smith,” followed by “Mary May Smith,” “Mary June Smith,” “Mary July Smith,” and so forth through the rest of the calendar. When the same voter lists were purchased just a week later, however, those suspicious names had mysteriously disappeared from the rolls.

Under the circumstances, that’s direct evidence of a systematic effort to conceal wrongdoing. All further alterations to the SURE system should be immediately halted to allow a thorough investigation of the records before any more evidence can be destroyed.

The thieves who attempted to hijack the 2020 presidential election were bound to slip up somewhere, and now they’re trying to clean up the glaring evidence of their wrongdoing before the full extent of their crimes can be exposed to the American public. We can’t allow that to happen, or we may never be able to trust the integrity of our elections again.

end
Tom Graham/CIA operative
Tom Graham @tom2badcat · Nov 23
The CIA was stripped of Spec Ops Powers last week for a good reason.
Castration by Trump
A good indication that Military Intelligence has the goods.
One has to understand the crimes those seized Servers contain are a
matter of NAT SEC.
“Enemies Foreign & Domestic.”
end
Patrick Byrne, an extremely intelligent tech operator. He is the owner of
Overstock employing over 2000  techies.  He has a PhD from Stanford.
He states that he has looked at the data and he saw votes change in 5
counties which in turn won the individual state for Biden.
(Newsmax)

NewsmaxTV Breaks Cone of Silence, Millions Hear Story There First

  24 sec read

The Cone of Silence was smashed today by NewsmaxTV. That itself will be a source of discuss sometime in the future. In the meantime, enjoy.

Let the record show that numerous other journalists have had this story, with numerous points of confirmation from documents and outside sources, for somewhere between 6 weeks, and several, over a year. None would run with the story. Given Ms. Powell’s and Mr. Giuliani’s revelations in the last 24 hours, someone final found their jump-balls, and jumped. So instead of asking me why I took it to NewsmaxTV, ask others why they had information like this and much connected information, with various levels of confirmation, and failed to run it.

end

Dr. Patrick Byrne explains the fraud.  He is at genius level

(Dr. Patrick Byrne

Election 2020 Was Rigged: The Evidence

  3 min read

Decisive (but not widespread) election fraud occurred on November 3:

  1. Smartmatic election software was developed in Venezuela with porous security and built-in functionality allowing system administrators to override the security features it appeared to incorporate. Among the extraordinary privileges it granted to administrators were abilities to:
    • shave votes continuously from one candidate to another;
    • batch ballots for later “adjudication” but which instead became a pool of votes that the administrator could simply assign to the candidate of choice;
    • generate blank ballots.
  2. Through a string of opaque licensing agreements, bankruptcies, and corporate mergers and acquisitions, that software ended up in election systems (e.g., Dominion) for use in the USA and other countries. The fact that elections systems developed under Hugo Chavez were managing elections in the USA began to strike some Americans as unfortunate.
    • In a New York Times 2006 article (“U.S. Investigates Voting Machines’ Venezuela Ties”), journalist Brad Golden wrote, “The federal government is investigating the takeover last year of a leading American manufacturer of electronic voting systems by a small software company that has been linked to the leftist Venezuelan government of President Hugo Chávez. The inquiry is focusing on the Venezuelan owners of the software company, the Smartmatic Corporation, and is trying to determine whether the government in Caracas has any control or influence over the firm’s operations…”
    • In 2008, VoterAction (an activist group based in Massachusetts and Washington State) issued a public report (“SEQUOIA VOTING SYSTEMS, INC. USES VOTE-COUNTING SOFTWARE DEVELOPED, OWNED, AND LICENSED BY FOREIGN-OWNED SMARTMATIC, A COMPANY LINKED TO THE VENEZUELAN GOVERNMENT OF HUGO CHÁVEZ”) where they noted: “U.S. national security is potentially at risk because software used to count votes in 20% of the country during U.S. elections is owned and controlled by a Venezuelan-run company with ties to the Venezuelan government of Hugo Chávez,1 which has been described as ‘the foremost meddler in foreign elections in the Western hemisphere.’2 Foreign-owned and foreign-run Smartmatic’s control over vote counting software used in the voting machines of Sequoia Voting Systems… presents a potential national security risk now just as it did in 2006 when the U.S. Committee on Foreign Investment in the United States (“CFIUS”) opened an investigation of Smartmatic’s ownership of Sequoia.3 CFIUS is a U.S. government inter-agency committee led by the U.S. Department of Treasury that addresses national security risks posed by foreign ownership of or influence over U.S. business, including companies providing the means by which voters in the U.S. elect their President and Congressional Representatives.4 Rather than answer to CFIUS regarding the ultimate owners of the Smartmatic conglomerate5 and its ties to the Chávez government, an investment group led by Sequoia management reportedly bought Sequoia from Smartmatic in late 2007 under terms that were not made public.6 Since then, however, it has come to light that Smartmatic continues to own the software that counts the votes on Sequoia voting machines and licenses to Sequoia that software, which Smartmatic develops in Venezuela.7 Concern, now, is that Smartmatic’s sale of Sequoia “was fraudulent”,8 “a sham transaction designed to fool regulators.”9 Efforts to date have not succeeded in determining the ultimate owners of Smartmatic or the extent to which Smartmatic and the Chávez government of Venezuela have influence over U.S. elections through Smartmatic’s control of the software that counts votes for Sequoia voting machines…”
    • See this recent Phillipines TV interview where Smartmatic’s chairman Mark Malloch-Brown (who, oddly enough, also serves as Vice-Chairman of George Soros’s investment fund and Open Society Institute) initially danced around such Venezuelan connections (note his oh-so-careful parsing of words in this regard) before eventually acknowledging the licensing arrangement between Dominion and Smartmartic.
  3. The Smartmatic (a.k.a. Sequoia) running on various brands of US election systems (of which Dominion is only one) brought to US elections not only overly-generous functionality, but porous security permitting manipulation not just by administrators, but by those outside the precinct and even abroad.[1] These functionalities were strategically & aggressively used to rig the US election on November 3.
    • It was strategic in that it was not “widespread” but targeted at six cities[2] which, if flipped, also would flip the swing states in which they are found (and thus, the electoral college);
    • It was aggressive for the simple reason that Trump broke their algorithm, because he was on his way to a win that exceeded their ability to overcome through minor cheats alone. It is for that reason that in those six locations the bad guys went full-on-goon (e.g., thugs intimidating observers, newspapers taped over windows, “water main breaks” shutting down counting then immediately reopened once Republican observers had departed, etc.)
  4. Proof of this is found in three forms that dovetail perfectly;
    • Documentation of the extraordinary administrator privileges embedded within Dominion’s systems;
    • Affidavits from voters and volunteers describe experiences that match exactly what they would experience in locations being gooned by the measures to which I refer;[3]
    • Data (such as that displayed extensively below) expressing outrageous statistical oddities (e.g., thousands and tens of thousands of sequential Biden votes that occur with quadrillion-to-1 improbability, ballot processing spikes at velocities that were physically impossible given available site equipment) that themselves coincide with windows of intense and aggressive intimidation of and interference with those observing the voting and counting.
  5. In each of several swing states Biden achieved a come-from-behind victory with a margin in the tens-of-thousands of votes thanks to getting hundreds of thousands of votes through these measures.

Conclusion: The US 2020 election was wildly compromised: it is an egg that can’t be unscrambled.


[1] Dominion’s servers are widely infected with QSnatch malware. As poll-workers (e.g., administrators) log-in, QSnatch steals their credentials. Thus not only can administrators override (with no audit trail) election security in a precinct, so can anyone who steals those credentials (which, given the ubiquity of QSnatch on Dominion servers, happens everywhere). Dominion sends out software patches that continuously (deliberately?) allow QSnatch to beat their patches.

[2] Atlanta, Philadelphia, Detroit, Milwaukee, Maricopa County Arizona (Greater Phoenix), Clark County Nevada (Greater Las Vegas).

[3] By way of example: Sharpie/Bic switcheroos experienced in Maricopa precincts reflect a wish to generate a large pool of “adjudicated ballots” for administrators, who could drag-and-drop them later to Candidate Biden.

*Pardon bad formatting. Have been tweaking it but I delayed long enough getting this live. I have continued expanding this though November 24.

Pennsylvania official votes (@11/24 8 PM):

Pennsylvania reports having mailed out 1,823,148 ballots, of which 1,462,302 were returned. Yet total mail-in votes number 2,589,242? From where did the extra 2,589,242 – 1,462,302 = 1,126,940 votes come?

Crowd gasps after learning a spike of votes in PA had 600k votes for Biden and only 3,200 for Trump – YouTube

Michael Snyder warns that the dollar is systematically being destroyed and
that the country is on the path that will lead to hyperinflation
(Michael Snyder)

The Dollar Is Being Systematically Destroyed, And We’re On A Path That Inevitably Leads To Hyperinflation

Authored by Michael Snyder via The Economic Collapse blog,

If we keep treating the U.S. dollar like it is toilet paper, it is just a matter of time before our entire financial system goes down the tubes.  At this moment, the dollar is still the primary reserve currency of the world, and the fact that we control it is an absolutely massive advantage for us.  Because the rest of the globe uses dollars to trade with one another, that creates a tremendous amount of artificial demand for our currency, and it keeps the value of our currency elevated at a level that it much higher than it otherwise would be.  But now that we are starting to act like the Weimar Republic in their heyday, it is only going to be a matter of time before everyone else on the planet starts abandoning the U.S. dollar in droves.  We are literally killing our “golden goose”, and most Americans do not even understand what is happening.

The remarks that John Williams made about hyperinflation during a recent interview with Greg Hunter have created quite an uproar, but the truth is that Williams is right on target.

We are on the exact same path that Zimbabwe, Venezuela and so many others have already gone down, and the very foolish decisions that we have been making are only going to end in complete and utter disaster.

To illustrate what I am talking about, I would like to direct your attention to what has happened to M2 during this calendar year.  For those that are not familiar with M2, here is a definition that comes from Investopedia

M2 is a calculation of the money supply that includes all elements of M1 as well as “near money.” M1 includes cash and checking deposits, while near money refers to savings deposits, money market securities, mutual funds, and other time deposits. These assets are less liquid than M1 and not as suitable as exchange mediums, but they can be quickly converted into cash or checking deposits.

As you can see on this chart, the M2 curve has been rising at an exponential pace in 2020.  In fact, since the pandemic started the curve has nearly gone vertical…

If we keep doing this, we won’t be facing a major financial disaster years from now.

Rather, it will just be a matter of months before the wheels start coming off.

But our leaders do not have any intention of changing course now.  During 2020 the Federal Reserve has been pumping money into the financial system at a rate that we have never seen before, and they have indicated that they plan to continue to support the financial markets as we head into 2021.

And Chicago Federal Reserve Bank President Charles Evans just said that he expects that interest rates could continue to be pushed all the way to the floor “perhaps into 2024”

Chicago Federal Reserve Bank President Charles Evans said Monday there is still “quite a long ways to go” for the U.S. recovery from the coronavirus crisis, adding that he expects the Fed to keep interest rates at their current near-zero level until perhaps into 2024.

Of course the federal government is going to continue to pump out “stimulus package” after “stimulus package” no matter who is in the White House.  This is a point that John Williams made very strongly during his interview with Greg Hunter

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.”

Virtually everyone likes getting “free money” from the government, but you have probably noticed that the price of just about everything has been going up lately.

And this is just the beginning.  According to Williams, we are literally on the verge of a “hyperinflationary Great Depression”

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.”

Needless to say, what Williams is saying is perfectly consistent with the warnings in my new book.

To protect themselves, a lot of investors have been pouring money into gold, silver and other precious metals.

At the start of this year, the price of gold was sitting at $1,520.55.  As I write this article, the price of gold is at $1824.00.

Gold and silver will almost certainly keep rising as the value of the dollar continues to be destroyed, but even those that invest in precious metals are not going to win in the end.

Because the truth is that the complete collapse of our financial system is not going to benefit any of us, and there is going to be no way to avoid such a fate if we keep going down this very dangerous path.

*  *  *

Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.

end
James Rickards on the USA economy
(James Rickards)

Here Comes The New Recession

Authored by James Rickards via The Daily Reckoning,

Let’s start with the basics. There’s no evidence that lockdowns work to stop the spread of coronavirus. None. This is not guesswork.

After ten months of the pandemic, we have data from more than twenty major countries around the world that have tried lockdowns in various forms. The lockdowns range from extreme (as happened in Victoria in Australia) to moderate (Sweden) to non-existent (South Dakota).

The results are striking. There was no material difference in caseloads or fatality rates regardless of what kind of lockdown was used. In some cases, an extreme lockdown reduced the spread for a short period of time. But, sooner than later, the virus returned. Lockdowns may briefly shift the caseload from one time period to another, but they do not change the total caseload over time.

Meanwhile, lockdowns kill. The lack of socialization during a lockdown leads to drastically increased rates of suicide, drug abuse, alcohol abuse, domestic violence and other deadly behaviors. Families are being separated (at best) or torn apart (at worst) due to the separation and stress of lockdowns.

Many people with other diseases such as cancer and heart disease avoid treatment for fear of contagion in hospitals and end up dying as a result. There’s nothing wrong with simple precautions such as hand-washing, social distancing and mask-wearing, although there’s good evidence that masks don’t work either. But, those steps are low cost, and people easily adapt to them.

In conclusion, lockdowns are extreme, don’t work and come at an enormous social cost. They’re mostly virtue signaling for clueless politicians and even more clueless reporters who egg them on.

But the economic damage they cause is vast and undeniable.

There Has Been Improvement

Annualized growth in the second quarter of 2020 was negative 31.4%, the biggest quarterly drop in U.S. history. And, the National Bureau of Economic Research, the designated scorekeeper for when recessions begin and end, declared that a recession began in February.

No one doubts that call for an instant. Since then, some things are much improved, it’s true.  The technical recession was over by June 30. The stock market roared back to new all-time highs by September for the S&P 500 and the NASDAQ Composite. The Dow hit a new all-time high last week.

Unemployment fell to 6.9% in early November; still high, but a big improvement over the 14.7% unemployment rate we saw in May. Annualized GDP also bounced back, up 33.1% in the third quarter. That was not enough to make up the first-half decline, but it was a good start.

So, with unemployment down, the economy up and stocks at new all-time highs, does this mean the coast is clear and the pandemic panic is over?

Unfortunately not.

The Great Business Lockdown Part II

We’ve seen a new spike in coronavirus caseloads and fatalities. The possibility of several vaccines being available in the near future is good news, but it will take weeks or months before most Americans get their injections (the vaccine will initially be limited to the most vulnerable citizens, which is good public health policy).

Politicians are doing the only thing they know how to do, which is to lockdown the economy.

So, are you ready for the Great Business Lockdown Part II? You may be ready, but small businesses definitely are not.

Businesses were already struggling after the March – July lockdown and the violent protests that affected many cities this past summer. Now, many will take another hit.

The one thing you can be sure of is that lockdowns destroy small-and-medium-sized businesses, which constitute 45% of GDP and 50% of all jobs.

Joe Biden’s health advisors are the loudest voices in favor of the lockdowns. They may not stop the virus, but they will kill the economy.

More specifically, it looks like we’re headed into a “double-dip” recession. That’s when a recession is followed by a short recovery and then falls back into a second recession. That’s what happened in the early 1980s when one recession ended in July 1980, and a new recession began in July 1981, just a year after the prior recession.

There’s another factor that will deepen the new recession: the mass exodus from cities that’s been underway for months.

Nearly One Million Have Fled NYC

Cities are the greatest concentration of talent and generators of wealth in the history of civilization. In cities, you’ll find writers, bankers, artists, journalists, teachers, students and everyday people who have amazing talents of their own and aspire to be creators or entrepreneurs even as they work routine day jobs.

Talent wants to be near talent, and creativity acts like a magnetic force that attracts even more talent to come to the city and take their chances. From that talent and creativity (with a healthy dose of money and competition) comes enormous wealth creation that is a major driver of the growth of the U.S. economy as a whole and economies overseas.

But, what happens when you throw that entire wealth-creating engine in reverse? What happens when lockdowns, riots, arson, looting and increasing violence, along with vanishing tax revenues and disrespected police turn our cities into wastelands (at best) and killing fields (at worse)? What happens when city schools are shut-down, and children can’t receive a proper education?

The answer is that people leave. They move out and head to suburbs, exurbs or even the country. People leave violence-prone cities like New York, Chicago and Baltimore and head for tax-free states like Texas, Florida and Tennessee. This is not just speculation; the evidence is in.

Considering that each address change notice represents a household, and assuming an average of three persons per household, this means the total number of people moving out is closer to one million. And, since the address change notices are only made available when 11 or more pieces of mail are affected, this means the number of actual moves is higher.

“When Cities Suffer, the Economy Suffers”

Of course, the people who move are those most able to move, which means they have more money and talent than the average citizen. Those left behind are poorer, less educated and have fewer career options on average.

Those poorer citizens are then left to make their way through streets filled with the homeless, the criminally insane, violent criminals and junkies. Police have been defunded or are just taking early retirement and walking off the job.

When you depopulate cities, you destroy the greatest economic engines in the country. When cities suffer, the economy suffers. But the problem is not confined to the cities. This exodus will hurt growth in the country as a whole through supply chains. It’s one more reason why a second recession is coming fast.

The new recession starts now. Stocks are just beginning to get the message. Expect stocks to fall sharply from here. Investors should reduce exposure to stocks while increasing their cash allocations and acquiring gold.

end

IBM
IBM is cutting 10,000 jobs from its European Services Business ahead of its
planned spinoff.
(zerohedge)

IBM Cuts 10,000 Jobs From Its European Services Business Ahead Of Planned Spinoff

Fresh off reporting its lowest revenue figure this century and an alarming slowdown in its cloud-computing business, IBM is planning to cut about 10k jobs from its European operations – roughly 20% of the company’s total head count in Europe – as “Big Blue” prepares to sell its services unit.

The wide-ranging losses will affect about 20% of staff in the region, according to people familiar with the matter. Workers in the UK and Germany will see the bulk of the cuts, though employees in Poland, Slovakia, Italy and Belgium will also be impacted. The cuts should be finished by the end of the first half of 2021.

IBM announced the job cuts in Europe earlier in November during a meeting with European union leaders.

“Our staffing decisions are made to provide the best support to our customers in adopting an open hybrid cloud platform and AI capabilities,” an IBM spokeswoman said in an emailed statement. “We also continue to make significant investments in training and skills development for IBMers to best meet the needs of our customers.”

In a sign of just how dominant cloud-computing is becoming, the biggest cuts will impact Big Blue’s European IT services business, which is responsible for managing clients’ servers and data centers. As the pool of customers who rely on the old-school servers dwindles, IBM has said it plans to spin off the services business as part of a pivot toward cloud computing and AI. But rather than selling the business, IBM is planning to carve it out as a “tax-free spinoff” for IBM shareholders by the end of next year.

“We’re taking structural actions to simplify and streamline our business,” said IBM Chief Financial Officer James Kavanaugh during the company’s Q3 earnings call last month. “We expect the fourth-quarter charge to our operating results of about $2.3 billion.”

How IBM handles its legacy services business will be of great interest to its tech rivals. Back in 2005, the company offloaded its laptop hardware business to Lenovo. But as those old server farms become increasingly rare as the shift to cloud computing continues, there’s still money to be made servicing those older products.

end

Good luck to these socialists as AOC plus other members of the squad confront Biden about a lack of progressive cabinet picks

(zerohedge)

AOC & ‘The Squad’ Confront Biden About Lack Of ‘Progressive’ Cabinet Picks

Now that Joe Biden has announced all of his nominations for key positions shaping the administration’s foreign policy and domestic economic policy, it’s pretty clear that “the Squad” (which some have quietly blamed for the Democrats’ surprisingly poor performance in House races across the country) and their progressive allies got shafted. Biden took none of their recommendations for top positions (neither Elizabeth Warren nor Bernie Sanders will play prominent roles).

AOC and her allies are badly in need of a win to try and show their backers that they didn’t completely fold on their principles by backing Biden. And with a few more progressive members joining their ranks in the upcoming Congress, AOC needs to step up and be a leader if she has any hope of running for president in 2028 (she won’t quite meet the minimum age in 2024).

‘The Squad’ is looking for a scalp, and they’re going after a key player in the incipient Biden Administration: Bruce Reed, Biden’s former chief of staff during his years as VP. Biden and his team have picked Reed to lead the OMB, a relatively sleepy office that makes recommendations about the federal budget.

According to a report in Axios, AOC and Ilhan Omar are circulating a petition calling on Biden to drop Reed, criticizing him as a deficit hawk.

It’s an interesting choice considering that Biden’s National Security team is filled with deep state stalwarts who have never said no to a foreign entanglement.

But, apparently, AOC & Co. are okay with that. But the fact that Reed once recommended cuts to Social Security and Medicare makes him unpalatable to leftists. Reed led the Bowles-Simpson Commission under Barack Obama, which progressives opposed because of the cuts. “Biden must not repeat Obama’s mistake,” the petition warns.

The petition which has been signed by AOC, Omar and fellow Squad member Rashida Tlaib, objects to Reed, characterizing him as a “major test for the soul of the Biden presidency,” and demanding that OMB “be staffed with people who will prioritize working people, not Wall Street deficit scaremongers.”

Two other new progressive lawmakers – Reps. Jamaal Bowman and Cori Bush — are also backing the petition. They recently joined a protest movement urging Biden to keep his promise to pass a $2 trillion version of the “Green New Deal”./p>

In a separate incident, the Progressive Change Campaign Committee hired the actor Mark Ruffalo to record and then blast out an e-mail to their nearly 1 million members urging Biden to pick Rep. Deb Haaland for secretary of the Interior, one of the few remaining cabinet-level positions that’s still up for grabs.

The climate justice democrats are urging Biden to consider creating a climate mobilization office within the White House, to ensure that climate hysteria will continue to inform policy even after Biden’s time in office is up.

END
Funny!
We now have toilet paper shortages as people hoard them because of the
lockdown.  Now searches for “Bidet” begin to soar
(zerohedge)

Internet Searches For “Bidet” Begin To Soar As Toilet Paper Shortage Intensifies

Consumers are panic-hoarding toilet paper, food, and ammo as coronavirus surges across the country. Kroger, Giant, Target, and other supermarket chains have recently placed limits on toilet paper and other high demand goods to prevent shortages.

Last week, we reminded readers that the next round of “panic hoarding” was about to begin – and as of this week – that is certainly the case with reports across Twitter of empty store shelves.

While everyone scrambles to find toilet paper in stores and or online, there’s a more hygienic way to wipe than using a roll of Charmin ultra-soft, that is, a bidet.

Americans are quickly catching on about bidets, commonly found in European and Asian countries. The neat thing about a bidet, it requires no toilet paper and seamlessly cleans the undercarriage after nature calls.

Internet search trends for “best bidet” are surging again, the second time this year. The first eruption occurred in March after lockdowns resulted in a shortage of essential items. Now, as states and cities reimpose strict social distancing measures, with threats of lockdowns if a Biden presidency is seen early next year, bidet searches are back to April levels.

Is the panic-hoarding of bidets next? 

END
They think?  More QE could lead to “unitended consequences”
(zerohedge)

Fed, IMF Sound Warning That More QE Could Lead To “Unintended Consequences”

Five years ago we wrote that the world’s most exclusive club has eighteen members. They gather every other month on a Sunday evening at 7 p.m. in conference room E in a circular tower block whose tinted windows overlook the central Basel railway station. Their discussion lasts for one hour, perhaps an hour and a half. Some of those present bring a colleague with them, but the aides rarely speak during this most confidential of conclaves. The meeting closes, the aides leave, and those remaining retire for dinner in the dining room on the eighteenth floor, rightly confident that the food and the wine will be superb. The meal, which continues until 11 p.m. or midnight, is where the real work is done. The protocol and hospitality, honed for more than eight decades, are faultless. Anything said at the dining table, it is understood, is not to be repeated elsewhere.

“The Tower of Basel” – BIS headquarters.

Few, if any, of those enjoying their haute cuisine and grand cru wines— some of the best Switzerland can offer—would be recognized by passers-by, but they include a good number of the most powerful people in the world. These men—they are almost all men—are central bankers. They come to Basel to attend the Economic Consultative Committee (ECC) of the Bank for International Settlements (BIS), which is the bank for central banks.

The conclaves have played a crucial role in determining the world’s response to the global financial crisis. “The BIS has been a very important meeting point for central bankers during the crisis, and the rationale for its existence has expanded,” said former BOE governor Mervyn King. “We have had to face challenges that we have never seen before. We had to work out what was going on, what instruments do we use when interest rates are close to zero, how do we communicate policy. We discuss this at home with our staff, but it is very valuable for the governors themselves to get together and talk among themselves.”

Those discussions, say central bankers, must be confidential. “When you are at the top in the number one post, it can be pretty lonely at times. It is helpful to be able to meet other number ones and say, ‘This is my problem, how do you deal with it?’” King continued. “Being able to talk informally and openly about our experiences has been immensely valuable. We are not speaking in a public forum. We can say what we really think and believe, and we can ask questions and benefit from others.”

The conversation is usually stimulating and enjoyable, say central bankers. The contrast between the Federal Open Markets Committee at  the US Federal Reserve, and the Sunday evening G-10 governors’ dinners was notable, recalled Laurence Meyer, who served as a member of the Board of Governors of the Federal Reserve from 1996 until 2002. The chairman of the Federal Reserve did not always represent the bank at the Basel meetings, so Meyer occasionally attended. The BIS discussions were always lively, focused and thought provoking. “At FMOC meetings, while I was at the Fed, almost all the Committee members read statements which had been prepared in advance. They very rarely referred to statements by other Committee members and there was almost never an exchange between two members or an ongoing discussion about the outlook or policy options. At BIS dinners people actually talk to each other and the discussions are always stimulating and interactive focused on the serious issues facing the global economy.”

All the governors present at the two-day gathering are assured of total confidentiality, discretion, and the highest levels of security. The meetings take place on several floors that are usually used only when the governors are in attendance. The governors are provided with a dedicated office and the necessary support and secretarial staff. The Swiss authorities have no juridisdiction over the BIS premises. Founded by an international treaty, and further protected by the 1987 Headquarters Agreement with the Swiss government, the BIS enjoys similar protections to those granted to the headquarters of the United Nations, the International Monetary Fund (IMF) and diplomatic embassies. The Swiss authorities need the permission of the BIS management to enter the bank’s buildings, which are described as “inviolable.”

(For more on the secretive group that runs the world read our background post on the BIS).

* * *

It is perhaps at one of these recent dinner events at the most important dining room table in the world that the world’s central bankers saw a variant of the chart below, which shows that unprecedented expansion of central bank balance sheets:

What the chart shows is that, as BofA CIO Michael Hartnett put it so eloquently two weeks ago, as of this moment, central banks are purchasing an unprecedented $1.2 billion in assets every single hour… and there is no end in sight.

As another strategist, Morgan Stanley’s Matthew Horbach, framed this firehose of liquidity just the 8 DM central banks which will be active in 2021 are expected to add liquidity worth 0.66% of annual nominal GDP, on average, every month in 2021“That is a rapid pace of global liquidity injection, the likes of which we haven’t seen outside of 2020” Hornbach casually inserts.

Needless to say, this is all very troubling not in the least because it is obviously expanding what is already the biggest asset bubble of all time: troubling, because while both US and global stocks are currently at all time highs, this has only been made possible thanks to the relentless, record firehose of central bank liquidity that is openly propping up asset prices. Indeed, we have gotten to the point where even established strategists cast aside the lies and admit that liquidity is all the matters, as Hornbach did when he said that “central bank liquidity both greases the wheels of transactional finance and changes the opportunity set available to investors.”

Now, central bankers – dumb career academics as some of them may be – are not all idiots, and they clearly understand that what they are doing is merely buying time while in the process making a massive bubble even bigger, so much so that when the next crash comes, it could mean the end of fiat currency and western capitalism as we know it, especially if central banks lose what little credibility they have.

It may also explain why, amid the generally cheerful commentary in today’s FOMC Minutes, according to which FOMC “participants saw the ongoing careful consideration of potential next steps for enhancing the Committee’s guidance for its asset purchases as appropriate”, there were two distinct warnings that the Fed’s $120BN in monthly QE could lead to catastrophic consequences.

Of course, the Fed would never use alarmist language like that. Instead what the minutes did say was subdued, but just as alarming, to wit:

  • Several participants noted the possibility that there may be limits to the amount of additional accommodation that could be provided through increases in the Federal Reserve’s asset holdings in light of the low level of longer-term yields, and they expressed concerns that a significant expansion in asset holdings could have unintended consequences.
  • A few participants expressed concern that maintaining the current pace of agency MBS purchases could contribute to potential valuation pressures in housing markets.

What this means translated into simple English, is that the Fed itself is starting to have doubts that its shotgun approach of stimulating the markets, or rather “the economy” as they call it, may be reaching its limits and that the next major expansion in QE could have “unintended consequences”, i.e., a market crash. And just as bad, they also concede that just the current $40BN in MBS purchases could lead to another repeat of the housing bubble of 2006/2007… and its inevitable bursting.

Of course, such warnings come and go; meanwhile what the Fed also said is that for all its concerns, it will most likely continue to pump liquidity, as the central bank is absolutely mortified of another crash – as only then will its lack of tools to sustain financial markets become apparent. As such, the Fed will do everything in its power to not only short circuit the business cycle in perpetuity, but also avoid any market drops… ever again. This is what the Minutes also said:

  • Participants noted that the Committee could provide more accommodation, if appropriate, by increasing the pace of purchases or by shifting its Treasury purchases to those with a longer maturity without increasing the size of its purchases.
  • Alternatively, the Committee could provide more accommodation, if appropriate, by conducting purchases of the same pace and composition over a longer horizon.
  • While participants judged that immediate adjustments to the pace and composition of asset purchases were not necessary, they recognized that circumstances could shift to warrant such adjustments. Accordingly, participants saw the ongoing careful consideration of potential next steps for enhancing the Committee’s guidance for its asset purchases as appropriate.
  • Few participants indicated that asset purchases could also help guard against undesirable upward pressure on longer-term rates that could arise, for example, from higher-than-expected Treasury debt issuance.

And while we understand the tight constraints under which the FOMC operates – where every word is scrutinized under a microscope – the IMF does not have such limitations. Which may explain some surprisingly honest warnings from its managing director, Kristalina Georgieva, who yesterday said that the pandemic-induced collapse in activity has put central banks under pressure to deliver more rate cuts and policy accommodation, but “more of the same is not possible and will not be sufficient today.

As Georgieva explained (clearly paraphrasing words that were spoonfed to her by someone with far greater experience with the capital markets) with rock-bottom rates and low or negative bond yields, central banks are “going back to the lab, reviewing their frameworks to identify innovative strategies and tools that will support the recovery from this crisis and beyond.”

But the punchline is when she warned that “new strategies and tools might produce new side effects as well,” and “additional monetary stimulus may pose important risks to financial stability.”

That’s right: not only did “several participants” warn about “unintended consequences” in case of a “significant expansion in asset holdings”, but the IMF explicitly now warns that additional stimulus may leads to “important risks to financial stability.”

And just in case the message was missed, the IMF head next said that “monetary policy makers will need to balance a short-term boost to inflation and output against a buildup of macro-financial vulnerabilities.”

Separately, Tobias Adrian, the IMF’s monetary and capital market director, issued an almost similar warning arguing that central banks should consider “not only the path of output, unemployment, and inflation, but also expected macro-financial stability, with the proposed approach capable of jointly quantifying risks to all these variables.”

In summary, the IMF’s recommendation was the old fallback: “Monetary policy should not and cannot do the job alone” and that “fiscal policy has a significant role to play.” Which is great in a world where politics still functions; unfortunately as the hyperpolarized political environment in the US so vividly shows, major fiscal stimulus may remain a mirage until 2022 unless the Democrats win the January Georgia runoffs.

Which then means that it will once again be up to the Fed.

And while stocks and bonds have been delighted by this eventuality, surging to record highs as new trillions in QE means just one thing – even higher asset prices, one wonders if we are now on the verge of a Rubicon where, if “several participants” in the FOMC and the head of the IMF are correct, the next QE fails to lift stocks but instead triggers the next crash.

end

If for whatever reason Trump loses, which I cannot foresee, but who knows,
this is important as Buchan outlines the hardships the Biden will face or
those who control him.
Buchanan/

What Trump Will Leave In Biden’s Inbox

Authored by Pat Buchanan via Buchanan.org,

Dismissing President Donald Trump’s claim that the 2020 election remains undecided, Joe Biden has begun to name his national security team.

Right now, it looks Democratic establishment all the way.

Antony Blinken, a longtime foreign policy aide, is Biden’s choice for secretary of state. Jake Sullivan, one of Hillary Clinton’s closest aides, is said to be his choice for national security adviser.

Biden’s urgency in naming his foreign policy team is understandable.

For if his election is confirmed by the Electoral College, then he will find himself on Jan. 20 with a lineup of foreign policy crises.

First is Afghanistan.While a Beltway battle has erupted over the wisdom of Trump’s decision to cut in half, to 2,500, the number of U.S. troops in Afghanistan by Jan. 15, no one denies the risk this entails for the besieged pro-American government in Kabul.

Ex-Ambassador to Afghanistan and Pakistan Ryan Crocker summed it up Friday before the House Armed Services Committee: “The worst thing we can do is what we are doing. … Basically telling the Taliban, ‘You win. We lose. Let’s dress this up as best we can.’”

America “is waving the white flag” of surrender, said Crocker.

Saturday, a barrage of rockets slammed into the Green Zone of Kabul where many embassies are located, killing eight and wounding two dozen. The Islamic State claimed responsibility.

As President Biden is not going to send fresh regiments of U.S. troops back to Afghanistan, he could, in his first year, face a collapse of the Kabul regime and a triumph of the Taliban, whom we expelled from power 19 years ago for hosting the al-Qaida terrorists who perpetrated 9/11.

Biden could, in his first days in office, preside over the first U.S. defeat in a major war since Vietnam.

A second situation confronting the new president is China. For the China of 2021 is not the China with which Barack Obama and Biden had to deal. The China of today revels in its Communist ideology.

It openly crushes democratic dissent in Hong Kong and defends “reeducation camps” for Muslim Uighurs in Xinjiang, uses air and naval forces and missile threats to assert and to defend its claims to the Paracel and Spratly Islands in the South China Sea, to Taiwan, and to the Senkaku Islands that Japan controls and claims.

U.S. planes and ships flying close to Chinese territorial claims are intercepted and treated as hostile.

This is not a China that is going to back down before American power. If the U.S. imposes sanctions on Beijing, then Beijing will reciprocate with sanctions on the U.S. And if the U.S. decides to use force, the U.S. should not be surprised if China reciprocates in kind.

President Biden, it is said, will find a way to rejoin the Iran nuclear deal from which Trump rudely exited.

And how will this sit with Israel?

Sunday, at a memorial service for Founding Father David Ben-Gurion, Prime Minister Bibi Netanyahu sent a message, clearly for Biden: “We must stick to an uncompromising policy to ensure that Iran does not develop nuclear weapons. … There must be no return to the previous nuclear agreement.”

How will Biden deal with the now-regular Israeli attacks on Iran and Iranian-backed militias in Syria, Iraq and Lebanon? What would Biden do if Iran responded with attacks on Israel?

This is not an academic question. Sunday, the Israelis launched new attacks on Iranian-backed militia in Syria, and Trump has said that if an Iranian hand is found behind an attack that kills an American, then the U.S. will retaliate against Iran.

While his foreign policy advisers argued successfully against a Trump proposal for a preemptive strike on Iran’s nuclear enrichment plant at Natanz, Israeli strikes on Iranian-backed militia in Syria could produce retaliation, and a sudden larger and wider war.

Worst-case scenario: Iran responds to an Israeli attack; Americans are killed; Trump retaliates; and Biden inherits a war with Iran he must fight or seek to end.

And the question with regard to Afghanistan is also true of Syria and Iraq. How do we extract our military from these endless conflicts without losing any leverage we have, and with it losing our influence over the composition and character of the regime and its direction?

“America First” has an answer to these questions:

If there are no vital U.S. interests imperiled, keep U.S. troops out. And ashcan the utopian nonsense of trying to plant democracy in the sandy soil of a Middle East that has shown itself unreceptive to that particular crop.

The interventionalists got us into the sandbox. Let’s see if they can get us out

end

The true definition of Sidney Powell’s “Kraken” as a Dept of Defense Cyber
warfare program.  She is at war with certain upper echelons of the CIA
(zero hedge)

SIDNEY POWELL’S “KRAKEN” IS DOD CYBER WARFARE PROGRAM! WE ARE AT WAR!

Releasing the Kraken - YouTube

Holy Radar – that’s the Kracken!!! Who knew it is a Department of Defense Cyber Warfare Program? It Tracks Systems and acquires evidence of nefarious activities and crimes committed by The Deep State!

When Sidney Powell stated she HAS RELEASED THE KRAKEN, most of us thought of Clash of the Titans and cheered her on for her gutsy remark. She never blinked and held a stern, a serious face when she said it. She wasn’t joking and now we know why! The “Kraken” is  a Department of Defense-run cyber warfare program that tracks and hacks various other systems to acquire evidence of nefarious actions by the deep state! President Trump and the loyal patriots in the Military and Space Command now have all the evidence of voter fraud and election related treason. This will be used against the enemies of America!

Pin on stuff

What we are witnessing with the 2020 elections is NOT an election. We are witnessing the attempt of the overthrow of the United States Government. The CIA, FBI and DOJ are full of Treasonous Swamp Rats that are intent on stealing the Presidential seat, and taking over America for the global order. They are wicked globalist puppets who are boldly pushing their coup to destroy America and implement a global reset and usher in United Nations Agenda 2030 which is the revised version of sustainable development Agenda 21. They are in lockstep throwing all their punches at unsuspecting Americans while nations around the world are doing the very same lockdowns on their citizens. Will they succeed? The answer is NO!

WARNING FROM ACTING SEC. OF DEFENCE CHRIS MILLER:

Should any maligned actors underestimate our resolve or attempt to undermine our efforts, we will not hesitate to restore deterrents and defeat any and all threats. “

Certain sectors of Special Forces Operations now report directly to Acting Defense Secretary Chris Miller. They are aligned with Trump, the Constitution and the defending of America against its enemies, both foreign and domestic. So don’t panic and fear not. President Trump is in control and the battle lines are drawn. The Kraken has been released and it has everything. Special Forces assets are now being deployed to take down America’s domestic enemies and traitors.

Read full report at this link http://tapnewswire.com/2020/11/intelligence-update-the-great-reset-vs-the-great-awakening-the-grand-battle-taking-place-right-now-for-the-future-of-america-and-the-free-world/

US Electronic Warfare: You're Doing It Wrong « Breaking Defense - Defense  industry news, analysis and commentary

Sidney Powell declared that, “an algorithm was plugged in to steal votes from President Trump during the election” – which is exactly what the truth bearing media has been warning about for over a decade. (Elections have been rigged for at least the last twenty years, and probably longer…)

Fake news and the entire media cartel continues to lie to America and withhold all the overwhelming evidence of election fraud. This is nothing short of assisting in a government overthrow. Treason is the only way to describe it. However, I’m sure there are some that believe what they are told to read and others who are clueless and just go to work, do their job and collect a paycheck. The same as the grunts committing voter fraud on the front lines by following illegal procedures as though they were authentic and legal. Many just don’t know and others simply don’t care.

SPD Kraken Krew Flash Phalanx GID LTD ED Morale Patch | PDW | Prometheus  Design Werx

As long as fake news continues to lie to the American public, it is nothing short in a time of war such as we are into, as an act of betrayal and considered enemies of the people. Now I am not shouting for war, it has already been declared and those who resist have been told re-education awaits them along with other horrid ideas the Left has been leaking out daily. It’s all really, really bad and not to be laughed at.

US Electronic Warfare: You're Doing It Wrong « Breaking Defense - Defense  industry news, analysis and commentary
This military graphic on electronic warfare will ruin your day - Task &  Purpose

Jeffrey Prather explains the “Kraken” and describes, “The Great Reset vs. the Great Awakening” He has released a bombshell video where he sums up the real war taking place behind the scenes: “The Great Reset vs. the Great Awakening.”

As he explains it, the CIA, FBI and DOJ are all treasonous swamp creatures who are dedicated to bringing down America, stealing the election, and imprisoning all the real patriots such as Gen. Flynn (and Roger Stone). Meanwhile, certain sectors of special forces operations and now Chris Miller as Acting Defense Secretary, are all aligned with Trump, the Constitution and defending America against its enemies, both foreign and domestic.

The entire video can be viewed at this link: The Great Reset: The Deep State vs the Great Awakening – YouTube

Read article on “Army Releases The Kraken To Protect Foreign Fire Bases at this link: Army Releases The Kraken To Protect Foreign Fire Bases; ‘I’d Like To See The Taliban Try To Attack This Place’ « Breaking Defense – Defense industry news, analysis and commentary

To think that the deep state has infiltrated so deep it had operatives at every stronghold and to consider let alone to know it is a fact that the deep state was so bold to pull a massive government take down on the scale they are attempting is more than disturbing. Wake up people and call these globalists out now and help save the United States of America and the World at large!

Dianne Marshall

END

Pennsylvania legislators hold a public hearing on the 2020 election irregularities

(zerohedge)

Watch Live: Pennsylvania Legislators, Giuliani Hold Public Hearing On 2020 Election Irregularities

Upon the request of Pennsylvania Senator Doug Mastriano (R), the state’s Senate Majority Policy Committee is holding a public hearing to discuss election issues and irregularities at 12:30 ET.

Former NYC Mayor and current Trump attorney Rudy Giuliani will appear. President Trump was slated to join him, only to cancel following adviser Boris Epshteyn’s Covid-19 diagnosis.

Via Right Side Broadcasting:

“Elections are a fundamental principle of our democracy – unfortunately, Pennsylvanians have lost faith in the electoral system,” said Mastriano, who recently called for the resignation of State Department Secretary Kathy Boockvar for negligence and incompetence. “It is unacceptable.”

“Over the past few weeks, I have heard from thousands of Pennsylvanians regarding issues experienced at the polls, irregularities with the mail-in voting system and concerns whether their vote was counted,” said Mastriano. “We need to correct these issues to restore faith in our republic.”

Watch:

END

Trump team wins hearings in Arizona, Pennsylvania legislatures on election concerns

The hearings will be held “in an effort to provide confidence that all of the legal votes have been counted and the illegal votes have not been counted in the November 3rd election.”

..

President Trump’s campaign legal team announced Tuesday that the legislatures in Arizona and Pennsylvania will soon hold election-related hearings.

They will be held “in an effort to provide confidence that all of the legal votes have been counted and the illegal votes have not been counted in the November 3rd election,” according to a press release.

The campaign also said a similar hearing would be held in Michigan.

However, the Michigan Senate said Wednesday that a chamber committee will hold a hearing next week – but that it was previously scheduled and will focus on voting counting in Detroit. A spokeswoman for the the leader of the GOP-controlled chamber told the Detroit Free Press the hearing is “not at all related to Trump.”

The Michigan House also said Wednesday that the chamber has not scheduled a Trump related hearing for next week, despite what the reelection campaign might have suggested.

The Pennsylvania Senate will hold a hearing on Wednesday at which Rudy Giuliani will speak, the team said. Senators involved in the hearing will deliver 5-minute opening statements and people who have filed affidavits alleging election fraud will deliver testimony.

Next week, the Arizona legislature’s hearing will occur on Monday and the Michigan legislature’s hearing will take place Tuesday.

“State Legislatures are uniquely qualified and positioned to hold hearings on election irregularities and fraud before electors are chosen,” the press release said. “As established in Article 2, Section 1.2 of the United States Constitution, State Legislatures have the sole authority to select their representatives to the Electoral College, providing a critical safeguard against voter fraud and election manipulation.”

In Arizona, neither House Speaker Rusty Bowers, R-Mesa, nor Senate President Karen Fann, R-Prescott, have scheduled or approved any such hearing.

end

President Trump Pardons Michael Flynn

Just minutes before the market closed on the day before Thanksgiving (typically one of the slowest, lowest-volume days of the year) John Solomon reported that President Trump has pardoned Michael Flynn, the man who briefly served as his national security advisor before being taken down (and then charged and convicted of lying to investigators) in an effort that some have described as a deep state-backed setup.

Trump just confirmed the reports, published minutes ago by John Solomon and Just the News, in a tweet.

Flynn was granted a full pardon by the president, who also commuted the sentence of former advisor Roger Stone back in July.

Already, Trump’s partisan opponents – including House Intelligence Committee head Adam Schiff, a longtime Trump critic – are lashing out at the president over the decision.

“Well, it would send a message that at least as far as President Trump is concerned, if you lie on his behalf, if you cover up for him, he will reward you, he will protect you, but only if he thinks it’s in his interest.”

“There are others that lied for him that he’s not going to extend that kind of service to,” Schiff added. “But it just frankly reflects so ill on our democracy, on the United States. Imagine what people around the world think when we have a president who’s acting like an organized crime figure.”

It’s a safe bet that somebody – probably James Comey – will compare Trump to a mafia boss, especially since Flynn’s pardon follows Trump’s rant during a hearing in PA today where Trump egged on Rudy Giuliani and the others who are trying to overturn PA’s presidential election result. A judge handed them a major court victory earlier.

Though Flynn pleaded guilty three years ago, his sentencing hadn’t yet been handed down as his legal team worked to dismiss the case, something that has become a cause celebre among conservatives.

Responding to news of the pardon, Jonathan Turley (author of the essay hyperlinked above), said “The idea of Trump pardoning a former aide still sits badly with me. However, so does the conduct of his judge and the refusal to end this saga.”

While Sidney Powell battles on in her legal effort to overturn election results in several states, some pointed out that Flynn’s pardon is a ‘win’ for her.

Though it wasn’t the ‘kraken’ we had come to expect from Powell, for conservatives, it’s a pleasant reminder that – for now at least – Trump is still president.

END

Judge blocks the certification of Pennsylvania’s election results

(Pentchoukov/Epoch Times)

Judge Blocks Certification Of Pennsylvania Election Results

Authored by Ivan Pentchoukov via the Epoch Times

Pennsylvania judge on Wednesday ordered state officials to not certify the results of the 2020 election until her court holds a hearing on an election contest on Friday.

Commonwealth Judge Patricia McCullough ordered the state to not take any further steps to complete the certification of the presidential race, which the state announced on Tuesday. She also blocked the certification of all the other election results.

“To the extent that there remains any further action to perfect the certification of the results of the 2020 General Election for the offices of President and Vice President of the United States of America, respondents are preliminarily enjoined from doing so, pending an evidentiary hearing to be held on Friday,” the judge wrote in her order (pdf).

Respondents are preliminarily enjoined from certifying the remaining results of the election, pending the evidentiary hearing.”

McCullough is presiding over a lawsuit brought by Republican lawmakers and candidates against the Commonwealth of Pennsylvania, Gov. Tom Wolf (D), Secretary of State Kathy Boockvar, and the Pennsylvania General Assembly.

The plaintiffs alleged that Pennsylvania’s vote-by-mail stature—Act 77—is in violation of the state’s constitution.

“Act 77 is the most expansive and fundamental change to the Pennsylvania voting code, implemented illegally, to date,” the lawsuit, filed in the Commonwealth Court of Pennsylvania, states.

“As with prior historical attempts to illegally expand mail-in voting by statute, which have been struck down going as far back as the Military Absentee Ballot Act of 1839, Act 77 is another illegal attempt to override the limitations on absentee voting prescribed in the Pennsylvania Constitution, without first following the necessary procedure to amend the constitution to allow for the expansion.”

The plaintiffs include Rep. Mike Kelly (R-Pa.), Republican congressional candidate Sean Parnell, and Pennsylvania House of Representatives candidate Wanda Logan.

Marc Elias, one of the top attorneys leading the Democrats’ post-election legal battles, called the lawsuit frivolous.

“Republican Congressman Mike Kelly has filed a new frivolous lawsuit in Pennsylvania seeking to block the state from certifying the election results and having the state legislature choose electors,” Elias wrote on Twitter on Nov. 21. “This is absolutely shameful.”

President Donald Trump responded to Elias, writing: “This is not at all frivolous. It is brought on behalf of one of the most respected members of the United States Congress who is disgusted, like so many others, by an Election that is a fraudulent mess. Fake ballots, dead people voting, no Republican Poll Watchers allowed, & more!”

END

iv) Swamp commentaries

Voter integrity Project releases evidence of thousands of vote fraud issues

Gateway Pundit/Hoft

‘Voter Integrity Project’ Releases Evidence of Thousands of Vote Fraud Issues – Combined with Affidavits from Rudy and Gateway Pundit’s Statistical Analysis – More Than Enough Information to Refute Election Results

PShare

The ‘Voter Integrity Project’ announced their results related to election fraud in the 2020 election yesterday.  Their work, along with statistical analysis of reporting and affidavits related to the voter fraud, provides enough information to overturn the election in many states across the nation.

Matt Braynard shared the ‘Voter Integrity Project’ team’s results yesterday.

TRENDING: “In Arizona There Were 35,000 Votes Given to Every Democrat Candidate Just to Start the Voting Off” — Sidney Powell Drops a MOAB on AZ DEMOCRATS — COULD FLIP STATE!

Here is the video in the tweet where Matt discusses the results:

Their work is enough to call into question the winner of the Presidential race in at least four states:

Rudy Giuliani and the Trump team have obtained a tremendous amount of information through affidavits related to the voter fraud around the country. This work appears to be enough alone to receive a judgement in President Trump’s favor in the courts in many states.

Combine all this work with our observations related to the impossible ballot patterns in the current results across the nation involving millions of votes.

The Democrats’ efforts to dump hundreds of thousands of Biden votes in the early morning after the election and then set nearly every vote tally after these dumps to a fixed ratio of Trump to Biden votes, where Biden receives the same percent more than Trump, is impossible.  There is no way every state would receive these same gigantic amount of votes at around the same time and then more suspicious set the remaining vote tallies at the same percentage of Biden to Trump votes:

Clearly there was fraud in the 2020 election.

Clearly there was enough fraud to overturn Biden’s ‘wins’ in many states.

end

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

“KRAKEN” is a CIA Hacking Program [Has Sidney Powell procured evidence from ‘Kraken’?]

Kraken is a Department of Defense cyber warfare program that tracks and hacks other systems to acquire evidence of nefarious actions of other nations & enemies…

https://gellerreport.com/2020/11/kraken-is-a-cia-hacking-program.html/

Our terrific source tells us that ‘Kraken’ does exist and is used to detect and monitor cyber-attacks.

Ex-CEO of Overstock Patrick Byrne: US Election 2020 Was Rigged: The Evidence

[1] Dominion’s servers are widely infected with QSnatch malware. As poll-workers (e.g., administrators) log-in, QSnatch steals their credentials. Thus not only can administrators override (with no audit trail) election security in a precinct, so can anyone who steals those credentials (which, given the ubiquity of QSnatch on Dominion servers, happens everywhere). Dominion sends out software patches that continuously (deliberately?) allow QSnatch to beat their patches…

    [3] By way of example: Sharpie/Bic switcheroos experienced in Maricopa precincts reflect a wish to generate a large pool of “adjudicated ballots” for administrators, who could drag-and-drop them later to Candidate Biden…  https://www.deepcapture.com/2020/11/election-2020-was-rigged-the-evidence/

Gingrich: The Thieves Who Stole Our Election Got Sloppy

https://www.zerohedge.com/political/gingrich-thieves-who-stole-our-election-got-sloppy

@johncardillo: Never forget that it was the RNC running the Trump campaign and controlling the money (first time that ever happened) that ignored voter fraud despite being advised it was a problem from day one.  If Trump loses this thing in the end, remember that the RNC was warned about voter fraud over a year ago, was handed his campaign’s reins by Parscale, and not only did nothing, but took the donor money intended for the fight and made NeverTrumpers like Katie Walsh richer.

Group files emergency petition in Wisconsin after finding 150,000 potentially fraudulent ballots

“These discrepancies were a direct result of Wisconsin election officials’ willful violation of state law” – Amistad Project’s Phil Kline.

https://justthenews.com/politics-policy/elections/group-files-emergency-petition-wisconsin-after-finding-potentially-150000

Attorney Lin Wood Goes on Tweet Storm — Posts Video of Destruction and Shredding of Election Fraud Evidence in Cobb County     https://www.thegatewaypundit.com/2020/11/attorney-lin-wood-goes-tweet-storm-posts-video-destruction-shredding-election-fraud-evidence-cobb-county/

Two of Joe Biden’s national security picks have ties to past scandals

National Security Adviser-designate Jake Sullivan was key figure in Clinton email probe; Secretary of State designate Tony Blinken faced scrutiny in Hunter Biden business deals.

https://justthenews.com/accountability/russia-and-ukraine-scandals/two-joe-bidens-cabinet-picks-have-ties-past-scandals

@paulsperry_: Biden’s pick for National Security Adviser, Jake Sullivan, was the “foreign policy adviser” who allegedly proposed “vilify[ing] Donald Trump by stirring up a scandal claiming interference by Russian security services.” Hillary OK’d his proposal 5 days before FBI opened CH

     Biden-tied Truman Nat’l Security Project filed a false statement w IRS when claimed on 2017 Form 990 its directors had no biz relationship when in fact Hunter Biden & Sally Painter did have such relationship thru Burisma. Biden adviser JAKE SULLIVAN also serves on board

Ex-Defense Secretary Mattis urges Joe Biden to end Trump’s ‘America first’ policy

“That says it all about Mattis. Obama fired him. I should have fired him sooner. Did best work after he was gone.  World’s most overrated general!,” the president wrote. In the article, titled “Defense in Depth,” Mattis criticized Trump and Biden for referring to “forever wars” in Iraq and Afghanistan…

https://trib.al/DWF7T2t

@charliekirk11: Let me get this straight: Democrats want to send police to break up Thanksgiving dinners but want social workers to respond to criminals on the streets?

Have a wonderful, safe and reflective Thanksgiving!

Well that is all for today

TO ALL OUR AMERICAN FRIENDS OUT THERE:

A VERY HAPPY AND SAFE THANKSGIVING HOLIDAY

I will see you FRIDAY night.

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