NOV 30b////LBMA/OTC OPTIONS OVER SO OUR PRECIOUS METALS WILL RISE FROM THIS POINT ON//GOLD DOWN $11.85 TO $1776.45// SILVER DOWN 15 CENTS//HUGE GOLD STANDING FOR DECEMBER: 98.5 TONNES//SILVER 47 MILLION OZ//CORONAVIRUS UPDATE/GLOBE//FRANCE: RIOTERS BURN THE BANK OF FRANCE//CHINA VS USA ESCALATES//HUGE ELECTION SUMMARY OF EVENTS//

GOLD:$1776.45 DOWN  $11.85   The quote is London spot price

Silver:$22.50  DOWN 15 CENTS   London spot price ( cash market)

i)Gold : $1776.00  LONDON SPOT  4:30 pm

ii)SILVER:  $22.62//LONDON SPOT  4:30 pm

OTC/LBMA OPTIONS EXPIRY MONDAY

THEN THE BOYS TAKE DELIVERY OF GOLD/SILVER

XXXXXXXXXXXXXXXXXXXXXXXX

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.

DONATE

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  $1776.20.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $0.30/ BACKWARD   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1782.40 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $5.85 CONTANGO//$0.15 BELOW NORMAL CONTANGO//GOOD FOR EFP ISSUANCE

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $22.57  1:30  PM SPREAD SPOT/FUTURE DEC.       :   2  CENTS PER OZ  CONTANGO (   2 CENT BELOW NORMAL CONTANGO

SILVER MARCH CLOSE:  22.64/SPREAD SPOT/FUTURE:  A   14 CENTS

8 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: 2568/5371

EXCHANGE: COMEX
CONTRACT: DECEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,781.900000000 USD
INTENT DATE: 11/27/2020 DELIVERY DATE: 12/01/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 72 11
104 C MIZUHO 57
132 C SG AMERICAS 1
135 H RAND 1
159 C ED&F MAN CAP 19
167 C MAREX 1
264 H CREDIT SUISSE I 2
323 C HSBC 5
323 H HSBC 3570
332 H STANDARD CHARTE 65
355 C CREDIT SUISSE 54
357 C WEDBUSH 7
363 H WELLS FARGO SEC 1000
365 C ED&F MAN CAPITA 17
435 H SCOTIA CAPITAL 191
624 C BOFA SECURITIES 49
624 H BOFA SECURITIES 201
657 C MORGAN STANLEY 319 250
657 H MORGAN STANLEY 430
661 C JP MORGAN 2162
661 H JP MORGAN 406
685 C RJ OBRIEN 1 88

DLV615-T CME CLEARING
BUSINESS DATE: 11/27/2020 DAILY DELIVERY NOTICES RUN DATE: 11/27/2020
PRODUCT GROUP: METALS RUN TIME: 20:46:18
686 C STONEX FINANCIA 20 14
690 C ABN AMRO 309
709 C BARCLAYS 568
730 C PTG DIVISION SG 2
732 C RBC CAP MARKETS 435
737 C ADVANTAGE 29
800 C MAREX SPEC 13
845 C GOLDMAN SACHS C 1
880 C CITIGROUP 41
905 C ADM 303 28
____________________________________________________________________________________________

TOTAL: 5,371 5,371
MONTH TO DATE: 5,371

ISSUED:  11

GOLDMAN SACHS STOPPED 11 CONTRACTS.

NUMBER OF NOTICES FILED TODAY FOR  DEC. CONTRACT: 5371 NOTICE(S) FOR 537,100 OZ  (16.706 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR:  5371 NOTICES FOR 537,100 OZ  (16.706 tonnes) 

SILVER//DEC CONTRACT

1169 NOTICE(S) FILED TODAY FOR 5,845,000  OZ/

total number of notices filed so far this month: 1169 for 5,845,000  oz

BITCOIN MORNING QUOTE  $18,739   UP 585

BITCOIN AFTERNOON QUOTE.  :$19,200  UP 1266 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 DOWN $11.85 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGES IN GOLD INVENTORY AT THE GLD///

INVENTORY RESTS AT:

GLD: 1,194.79 TONNES OF GOLD//

WITH SILVER DOWN 15 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGES IN SILVER INVENTORY AT THE SLV

INVENTORY RESTS AT:

SLV: 544.311  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI FELL BY A STRONG  2087 CONTRACTS FROM 155.435 DOWN TO 153,412, AND FURTHER FROM OUR NEW RECORD OF 244,710, (FEB 25/2020. THE STRONG LOSS IN OI OCCURRED WITH OUR HUGE LOSS  OF $0.69 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE LOSS IN COMEX OI IS  DUE TO CONSIDERABLE BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A TINY EXCHANGE FOR PHYSICAL. WE  HAD SOME LONG LIQUIDATION, AND A VERY STRONG INITIAL  STANDING AT THE COMEX FOR DEC.  WE HAD A STRONG LOSS IN OUR TWO EXCHANGES OF 1663 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A SMALL  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  360, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  100, MARCH 260 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  360 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.

3.950 MILLION OZ FINAL STANDING IN NOV.

47.23 MILLION OZ INITIAL STANDING FOR DEC.

FRIDAY, 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 $0.69) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  SUCCESSFUL IN THEIR ATTEMPT TO FLEECE SOME  SILVER LONGS AS WE HAD A  STRONG LOSS IN OUR TWO EXCHANGES 1727 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 SMALL ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A HUGE INITIAL STANDING  IN SILVER OZ STANDING  FOR DEC, iii) STRONG COMEX LOSS  AND  iv) SOME  LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

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

12,614 CONTRACTS (FOR 20 TRADING DAY(S) TOTAL 12,614 CONTRACTS) OR 63.070 MILLION OZ: (AVERAGE PER DAY: 630 CONTRACTS OR 3.15 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF NOV: 63.070 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 78.75% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,590.80 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                    63.77 MILLION OZ ( SLOWED DOWN CONSIDERABLY AGAIN)

RESULT: WE HAD A STRONG SIZED DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 2087, WITH OUR HUGE $0.69 LOSS IN SILVER PRICING AT THE COMEX ///FRIDAY.…THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 360 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE LOST A STRONG 1727 OI CONTRACTS  ON THE TWO EXCHANGES (WITH OUR   $0.69 LOSS IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e 360 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A STRONG SIZED DECREASE OF 2087 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR $0.69 FALL IN PRICE OF SILVER/AND A CLOSING PRICE OF $22.65 // FRIDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.7670 BILLION OZ TO BE EXACT or 110% of annual global silver production (ex Russia & ex China).

FOR THE NEW NOV  DELIVERY MONTH/ THEY FILED AT THE COMEX: 1169 NOTICE(S) FOR 5,845,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A SMALL SIZED 1,042 CONTRACTS TO 545,440 AND CLOSER TO OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE GAIN IN COMEX OI OCCURRED DESPITE OUR STRONG LOSS IN PRICE  OF $18.90 /// COMEX GOLD TRADING//FRIDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS WE HAD A VERY GOOD GAIN ON OUR TWO EXCHANGES  (5657 CONTRACTS) WE HAD  ANOTHER POWERFUL INITIAL STANDING IN GOLD OUNCES  AT THE COMEX (99.10 TONNES).THIS ALL HAPPENED WITH OUR STRONG LOSS IN PRICE OF $18.90. 

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

WE HAD A GOOD SIZED GAIN OF 5001 CONTRACTS  (15.95 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3959 CONTRACTS:

CONTRACT .  DEC: 1066; FEB: 2893  ALL OTHER MONTHS ZERO//TOTAL: 3959.  The NEW COMEX OI for the gold complex rests at 5465,441. 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 STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 5001 CONTRACTS: 1,042 CONTRACTS INCREASED AT THE COMEX AND 3959 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN OF 5001 CONTRACTS OR 17.595 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR/SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3959) ACCOMPANYING THE SMALL SIZED GAIN IN COMEX OI  (1,042 OI): TOTAL GAIN IN THE TWO EXCHANGES: 5657 CONTRACTS. WE NO DOUBT HAD   1)  SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2.)ANOTHER POWERFUL INITIAL  STANDING AT THE GOLD COMEX FOR THE FRONT DEC. MONTH TO 99.10 TONNES3)  ZERO LONG LIQUIDATION ;4) SMALL COMEX OI GAIN,  5) FAIR/SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR STRONG LOSS IN GOLD PRICE TRADING/FRIDAY//$18.90.

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 : 64,647 CONTRACTS OR 6,464,700 oz OR 201.08 TONNES (20 TRADING DAY(S) AND THUS AVERAGING: 3232 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 20 TRADING DAY(S) IN  TONNES: 201.08  TONNES

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

THUS EFP TRANSFERS REPRESENTS 201.08/3550 x 100% TONNES =5.66% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,853.79 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:                        201.08 TONNES ( INCREASING AGAIN) 

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

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

1.Today, we had the open interest at the comex, in SILVER, FELL BY A STRONG 2087 CONTRACTS FROM 155,435 DOWN TO 153,348 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 STRONG SIZED LOSS IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) CONSIDERABLE BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A HUGE INITITAL  STANDING  FOR SILVER AT THE COMEX FOR DEC., AND 4) SOME LONG LIQUIDATION 

EFP ISSUANCE 360 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 360 AND MARCH:  0  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 360 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 2023 CONTRACTS TO THE 360 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A STRONG LOSS OF 1727 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 8.635 MILLION  OZ, OCCURRED WITH OUR $0.69 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)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.55 PTS OR .49%   //Hang Sang CLOSED DOWN 553.19 PTS OR 2.06%    /The Nikkei closed DOWN 211.09 POINTS OR 0.79%//Australia’s all ordinaires CLOSED DOWN 1.16%

/Chinese yuan (ONSHORE) closed UP AT 6.5761 /Oil UP TO 45.08 dollars per barrel for WTI and 47.66 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED UP  AGAINST THE DOLLAR AT 6.5761. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5709 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY BY A SMALL SIZED 1042 CONTRACTS TO 545,441 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 INCREASE OCCURRED DESPITE OUR HUGE LOSS OF $18.90 IN GOLD PRICING FRIDAY’S COMEX TRADING/). AGAIN AS WAS THE CASE YESTERDAY, THE GOOD GUYS GOBBLED UP ALL THE CONTRACTS OFFERED AND ABSOLUTELY NOBODY LEFT THE GOLD ARENA!! WE ALSO HAD A FAIR EFP ISSUANCE (3959 CONTRACTS).  WE THUS HAD  1)  CONSIDERABLE BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO  LONG LIQUIDATION  AND 3)  ANOTHER MONSTER INITIAL GOLD STANDING AT THE  COMEX FOR DECEMBER  ( NOW STANDING AT 99.10 TONNES)//DEC. DELIVERY MONTH (SEE BELOW) 4)   AS WE ENGINEERED A GOOD SIZED GAIN ON OUR TWO EXCHANGES OF 5001 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 3959 EFP CONTRACTS WERE ISSUED:     DEC 1066; FEB// ’21 2893 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3959  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 5001 TOTAL CONTRACTS IN THAT 3959 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A SMALL SIZED 1,042 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF DEC 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((99.10 TONNE).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, OUR COMEX IS OFFICALLY UNDER ASSAULT. BUT THIS TIME THE GOLD WILL LEAVE FOR EUROPE!!

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $18.90).  AND, THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   15.55 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR DECEMBER (99.10 TONNES)

NET GAIN ON THE TWO EXCHANGES :: 5001 CONTRACTS OR 500,001 OZ OR  15.55  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:  545,441 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.54 MILLION OZ/32,150 OZ PER TONNE =  16.96 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1696/2200 OR 77.09% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY: 236,536 contracts// volume poor / ////

CONFIRMED COMEX VOL. FOR YESTERDAY:  373,056 contracts//  volume: poor//raid/rollovers/spreader liquidation

/most of our traders have left for London

NOV 30 /2020

DEC. GOLD CONTRACT MONTH

INITIAL STANDING FOR DEC GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
643.02 oz
Manfra
20 kilobars
Deposits to the Dealer Inventory in oz nil oz

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
5371 notice(s)
 537,100 OZ
(16.706 TONNES)
No of oz to be served (notices)
26,305 contracts
(2,630,500 oz)
81.819 TONNES
Total monthly oz gold served (contracts) so far this month
5371 notices
537,100 OZ
16.706 TONNES
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative withdrawal of gold from the Customer inventory this month xxx oz

We had 0 deposit into the dealer

total deposit: 0 oz

total dealer withdrawals: 0 oz

we had 0 deposit into the customer account

i) Into JPMorgan:  0 oz

ii) Into everybody else:  0 oz

total customer deposit: 0  oz

we had 1 gold withdrawals from the customer account:

i) Out of Manfra 643.02 oz (20 kilobars)

We had 1  kilobar transactions

out of Brinks dealer to customer:  1157.436  oz

ADJUSTMENTS: 0 //

The front month of DEC registered a total of 31,681 contracts or 3,168,100  oz.

Thus be definition the initial amount of gold oz standing in this very active Delivery month of December is as follows:

31,681 notices x 100 oz per notice =  3,168,100 oz or 98.54 tonnes.

The record for deliveries is June 2020:  final standing 170 tonnes

initial standing for June  146 tonnes. The comex is about to have a royal rumble as Europeans take possession of gold and repatriate to their shores.  They did not remove any gold from the comex in June 2020.

 

January LOST 1638 contracts to stand at 2579 contracts. FEBRUARY gained a STRONG 17,016 contracts UP TO 393,749.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR DECEMBER (98.54 tonnes).

We had  5371 notice(s) filed today for  537,100 oz OR 16.706 TONNES.

FOR THE DEC 2020 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and  0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 5371  contract(s) of which  406  notices were stopped (received) by j.P. Morgan dealer and  2162 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 11 notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the DEC /2020. contract month, we take the total number of notices filed so far for the month (5,376) x 100 oz , to which we add the difference between the open interest for the front month of  DEC (31,681 CONTRACTS ) minus the number of notices served upon today (5376 x 100 oz per contract) equals 3,168,100 OZ OR 98.54 TONNES) the number of ounces standing in this active month of DEC

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

No of notices filed so far (5376, x 100 oz +31,681 OI) for the front month minus the number of notices served upon today (5376) x 100 oz which equals 3,168,100 oz standing OR 98.54 TONNES in this  active delivery month of December. This is a HUGE amount for gold standing for  DEC delivery month (generally the strongest delivery month of the year). THE COMEX IS UNDER A HUGE FRONTAL ATTACK FROM EUROPEAN BANKS SEEKING PHYSICAL METAL! JUDGING FROM THE INITIAL NOTICES FILED VS THE NUMBER OF NOTICES STANDING, IT WILL BE EXTREMELY DIFFICULT FOR OUR BANKERS TO FIND THE NECESSARY GOLD TO SATISFY OUR EUROPEANS. ALSO REMEMBER THAT OPTIONS EXERCISED ON THE COMEX FOR DEC. ARE NOT GIVEN TO OUR PLAYERS  UNTIL LATE MONDAY. ALSO EFP CONTRACTS EXERCISED FOR GOLD // DECEMBER FROM LONDON ARE NOT IN THESE TOTALS AND NO DOUBT THESE NUMBERS WILL BE FORMIDABLE.

NEW PLEDGED GOLD:  BRINKS

492,256.108, oz NOW PLEDGED  SEPT 15.2020/HSBC  15.31 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

98,804.139 oz Pledged Nov 27.2021 MANFRA   3.07 tonnes

total pledged gold:  1,623,491;613 oz                                     50.49 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. 98.54 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  17,326,797.720 oz or 538.93 tonnes
total weight of pledged:  1,623,491.613 oz or 50.49 tonnes
thus:
registered gold that can be used to settle upon: 15,613,567.0  (485,64 tonnes)
true registered gold  (total registered – pledged tonnes  15,613,567.0 (485.64 tonnes)
total eligible gold:  20,039,862.873 oz (623.36 tonnes)

total registered, pledged  and eligible (customer) gold  37,366,660.593 oz 1,162.26 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1035.92 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 30/2020

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDINGS

DEC. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
0 oz
Deposits to the Dealer Inventory
151,219.630 oz
Brinks
Deposits to the Customer Inventory
598.943.389 oz
JPMorgan
Delaware
No of oz served today (contracts)
1166
CONTRACT(S)
(5,830,000 OZ)
No of oz to be served (notices)
8278 contracts
 41,390,000 oz)
Total monthly oz silver served (contracts)  1169 contracts

5,845,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposits into the dealer:
i) Into Brinks;  151,210.630 oz

total dealer deposits: 151,210.630      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: 594,967.500 oz

JPMorgan now has 192.834 million oz of  total silver inventory or 49.66% of all official comex silver. (192.834 million/388.051 million

ii) Into Delaware  3,945.889 oz

total customer deposits today:  598,943.389    oz

we had 0 withdrawals:

total withdrawals  nil    oz

We had 1 adjustments

Brinks into dealer 10,000 oz

Total dealer(registered) silver: 144.313million oz

total registered and eligible silver:  388.051 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

December saw a LOSS of ONLY 6,675 contracts DOWN to 9,444 contracts.

Thus by definition, the initial amount of silver standing in this active delivery month of December is as follows:

9444 contracts x 5,000 oz per contract –  47.22 million oz of silver

Also note the wide disparity between initial notices served upon ( 5371)

vs the number of notices left to be served upon  (8278)

January saw a GAIN of 173 contracts UP to 849. MARCH  gained 4406 contracts up to 123,955.

The whale standing for considerable amount of silver is STANDARD CHARTERED BANK (BRITISH BANK//HONG KONG)

The total number of notices filed today for the DEC 2020. contract month is represented by 1169 contract(s) FOR 5,845,000 oz

To calculate the number of silver ounces that will stand for delivery in DEC we take the total number of notices filed for the month so far at 1169 x 5,000 oz = 5,845,000 oz to which we add the difference between the open interest for the front month of DEC(9444) and the number of notices served upon today 1169x (5000 oz) equals the number of ounces standing.

Thus the DEC standings for silver for the DEC/2019 contract month: 1169 (notices served so far) x 5000 oz + OI for front month of DEC( 9444)- number of notices served upon today (1169) x 5000 oz of silver standing for the NOV contract month .equals 47,220,000 oz. ..VERY STRONG FOR AN ACTIVE  DEC MONTH.

TODAY’S ESTIMATED SILVER VOLUME 94,915 CONTRACTS // volume huge//raid

FOR YESTERDAY 117,409  ,CONFIRMED VOLUME// huge raid//

YESTERDAY’S CONFIRMED VOLUME OF 117,409 CONTRACTS EQUATES to 0.585 billion  OZ 83.5% OF ANNUAL GLOBAL PRODUCTION OF SILVER..

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4.50% ((Nov 30/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO -2.56% to NAV:   (NOV27/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.50% (Nov 27)

(courtesy Sprott/GATA

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

NAV 18.12 TRADING 17.31///NEGATIVE 4.48

END

And now the Gold inventory at the GLD

NOV 30/WITH GOLD DOWN $11.85 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1194.78 TONNES

NOV 27/WITH GOLD DOWN $18.90 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.96 TONNES OF GOLD FROM THE GLD…//INVENTORY RESTS AT 1194.78 TONNES

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

NOV 30/ GLD INVENTORY 1194.79 tonnes

LAST;  959 TRADING DAYS:   +251.32 TONNES HAVE BEEN ADDED THE GLD

LAST 859 TRADING DAYS// +428.81  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

NOV 30/WITH SILVER DOWN 15 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.311 MILLION OZ.

NOV 27/WITH SILVER DOWN $0.69 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 1.813 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 544.311 MILLION OZ.

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 550.215 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 30.2020:

SLV INVENTORY RESTS TONIGHT AT  544.311 MILLION OZ/

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

This should be interesting: filmmaker Hansen is organizing a rally to petition the Australian central bank to audit and repatriate gold reserves held at the Bank of England.

(Gata)

Rally will petition Australian central bank to audit and repatriate gold reserves

 Section: 

11:12a ET Sunday, November 29, 2020

Dear Friend of GATA and Gold:

Gold advocates will rally at noon Tuesday outside the headquarters of the Reserve Bank of Australia on Martin Place in Sydney to petition the bank to audit the country’s gold reserves, to repatriate its gold reserves from the Bank of England, and to begin accumulating gold reserves.

The campaign’s organizer, Samuel Hansen, a filmmaker in Sydney, says the objective is “to raise awareness about the precarious position of Australia’s national gold reserves and its impact upon Australia’s national sovereignty over monetary policy.”

Hansen adds: “The fundamental story underlying this event is: Does the Bank of England really possess the physical gold reserves that it claims to have? We believe they do not.”

An essay supporting the petition is posted at The Critical Thinkers Society internet site here:

https://www.thectsnews.com/the-bank-of-england-must-return-australias-go…

The petition itself can be found here:

https://www.thectsnews.com/wp-content/uploads/2020/11/open-letter-to-RBA…

Hansen may be reached by e-mail at:

samuel.hansen55@protonmail.com

end

The following is quite a story:  Trump demands money lent to the Fed to distribute CARES ACT money but this money never arrives at the Fed.  However the Fed acts dumb and tells Trump “we will work on this’. The money stayed with the Treasury and unbeknownst to Trump, the money landed into the ESF to engage in high chicanery

(Wall Street on Pararde)

Wall Street on Parade is back with report on diversion of ‘stimulus’ money to market-rigging ESF

 Section: 

5:14p ET Sunday, November 29, 2020

Dear Friend of GATA and Gold:

Wall Street on Parade appears to be accessible again, along with its Friday report, “75% of the $454 Billion CARES Act Money Never Went to the Fed; It Was Invested by a Mnuchin Slush Fund Called the ESF,” disclosing that the U.S. Treasury Department’s market-rigging agency, the Exchange Stabilization Fund, has used “stimulus” money to buy euros, yen, and assets denominated in those currencies.

You might want to read and copy the report now lest Wall Street on Parade suffer another “distributed denial of service attack.” The report is posted here:

https://wallstreetonparade.com/2020/11/11440/

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

end

Dollar now at two year lows

(Reuters/GATA)

Dollar plumbs two-year low as Fed’s December meeting comes into focus

 Section: 

By Tom Westbrook
Reuters
Sunday, November 29, 2020

SYDNEY — The U.S. dollar fell to a more than two-year low on Monday and is set to log its largest monthly fall since July, as a combination of vaccine optimism and bets on more monetary easing in the United States drives investors out of the world’s reserve currency.

Against a basket of currencies, the greenback slipped 0.1% to 91.707, its lowest since April 2018. The risk-sensitive New Zealand dollar hit a 2 1/2-year high and is headed for its best monthly percentage gain in seven years.

… 

“The themes remain familiar: broad dollar weakness amid improving risk appetite,” ANZ Bank analysts said in a note.

“This sentiment is likely to continue into December and the (U.S. Federal Reserve) meeting, at which some further action is likely, given the near-term virus risks in the United States.” …

… For the remainder of the report:

https://uk.reuters.com/article/global-forex/forex-dollar-plumbs-two-year…

end

iii) Other physical stories:

No wonder Azerbaijan troops entered Karabakh. They wanted Armenia’s largest gold mine
(South Front)

Azerbaijani Troops Enter Largest Armenian Gold Mine

Submitted by SouthFront.org,

This week, the Armenian leadership has reached an unprecedented height in its state management achievements. Prime Minsiter Nikol Pashinayan and his government did not stop at the successful campaign to undermine the Armenian regional position and the loss in the Second Nagorno-Karabakh War. Now, they are losing their largest gold mine, which was controlled by the Armenians for the last few decades.

On November 26, Azerbaijani troops entered the Sotk gold mine, which is located in the Gegharkunik province of Armenia, right on the border with the disputed region of Nagorno-Karabakh. The mine reserves are estimated at more than 130 tons. GEOPROMINING GOLD, which operates this mine, is one of the largest taxpayers and employers in Armenia. According to Armenian sources, the company paid $34 million into the Armenian budget in the period just between January to September of 2020.

Sotk gold mine

A total of over 80 Azerbaijani soldiers entered the gold mine and the nearby town, claiming that the area should be handed over to Baku and gave workers one hour to leave the mine. For years, the Armenian state border with Azerbaijan in this area did not exist and there was no established border line since the fall of the USSR, Baku is now claiming that at least a half of the gold mine belongs to it.

On November 25, Armenian forces returned control of the district of Kalbajar bordering Gegharkunik to Azerbaijan as a part of the ongoing implementation of the Armenian-Azerbaijani ceasefire deal reached to end the hostilities in Nagorno-Karabakh. Thus, the Azerbaijanis also obtained access to the Sotk mine.

The Armenian government tried to hide these developments from the public and the Defense Ministry even called reports about Azerbaijani troops in the Sotk area fake news. However, later, it had to change the official version claiming that ‘parts’ of the mine appear to be on the Azerbaijani side of the border and Azerbaijani troops entered only their side of the mine. How this became possible without any monitoring by the Armenian military and why the Defense Ministry was not aware about Azerbaijani troop movements remain a big secret. Now, Yerevan says that Azerbaijani forces established 3 posts near the gold mine, while the boundary settlement process is ongoing under the supervision of the Russians.

Armenia did not reveal who would operate the gold mine after this process, but according to claims of the Armenian General Staff the status of the mine is being settled in the Russian-Azerbaijani talks. By these claims, the Pashinyan government likely tries to lay blame for the fact that they somehow forgot to secure its largest gold mine and guarantee Armenian interests on the process of the settlement of this question.

end

Bitcoin Tops $19k, Bounces Back From Black Friday FUD Fall

Bitcoin’s recent tumble cleared some speculative “froth” but further declines remain possible, according to JPMorgan, and that appears to have been confirmed as Bitcoin roars back to $19,000 this morning…

And Ethereum is pushing back towards $600 (after plunging to $480 last week)…

Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions, strategists led by Nikolaos Panigirtzoglou wrote in a Nov. 27 note.

“The previous froth in momentum traders’ positioning has been cleared to a large extent,” they wrote, while adding momentum signals will continue to deteriorate unless Bitcoin recovers quickly.

Amid last week’s Black-Friday special slump in Bitcoin prices, cryptocurrency traders seemed beset on all sides by fear, uncertainty, and doubt. However, as CoinTelegraph’s Andrew Thurman reports, Dermot McGrath, head of research at blockchain investment firm Sino Global Capital, said the firm prefers taking a long term view.

Shortly after a Thanksgiving Bitcoin dip to $16,200, news broke that the Chinese government had seized $4.2 billion in cryptocurrencies as part of the Plustoken Ponzi scheme court proceedings. Rumors swirled that those tokens were poised to be dumped on the open market, crashing prices further.

However, Sino Global CEO Matthew Graham wrote on Twitter that he believed the majority of the Plustoken Bitcoin had been sold:

Additionally, whether the tokens have been sold or not, in an interview with Cointelegraph McGrath recommended that traders learn to look beyond immediate headlines.

“In the crypto and blockchain ecosystems it is important to be able to ‘cut through the noise,’” he said. “We are long term bullish on Bitcoin and we continue to see the industry professionalize and mature as an asset class.”

McGrath also weighed in on a common boogeyman for Western crypto traders — Chinese cryptocurrency miners. Many have speculated that Chinese miners could conduct a 51% attack on the network, and they’ve long been derided by some for controlling vast swaths of the BTC supply:

McGrath, however, rejects both notions.

“Some of the reason that “Chinese miners” have been a “boogeyman” to western traders is simply a lack of understanding,” he said. “In theory, of course we know that 51% attacks can occur, but the level of centralization/coordination and incentives simply does not exist among the Chinese miner community for top cryptos.”

“As far as dumping of mined coins, etc. It is possible that Chinese miners are impacted by external factors that would cause them to manage mined coins differently. This is to be expected across different geographies,” he added.

When asked about price targets, McGrath declined to make moonshot calls. He did, however, shed some light on Sino’s investment philosophy.

“Pick projects and teams in which you share a vision and have conviction. Invest for the long-term and don’t get caught up in day to day market fluctuations,” he said. “We invest in teams and projects where we share a vision and have conviction. If we can find, support, and incubate these projects – we’ve done our job.”

As cryptoasset prices resume their uptrend and we continue on into a new bull market, perhaps McGrath’s wisdom is worth considering.

*  *  *

Despite last week’s drop, the gold-to-bitcoin rotation appears to be continuing…

The infamous Winklevoss twins were on CNBC this morning reiterating their view that Bitcoin will disrupt gold:

“Bitcoin is going to disrupt gold, but it will also disrupt any volatile emerging market that doesn’t put the welfare of its citizens first and foremost.”

“Amazon was e-commerce, and now it’s just commerce. Today, Bitcoin is ‘digital gold’ but tomorrow it will be just Bitcoin. It won’t need to be analogized or require any qualifiers.”

…and as the following table shows, Bitcoin has a long way to go to equilibrate to Gold’s ‘market cap’…

As Bloomberg’s Eddie van der Walt noted this morning, what doesn’t kill Bitcoin, appears to make it stronger.

end

J.JOHNSON’S COMMODITY REPORT

https://www.jsmineset.com/2020/11/30/the-physical-buys-and-the-december-churn/

The Physical Buys and The December Churn

Posted November 30th, 2020 at 8:47 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Last day of November Folks,

      The paper beatings continue (as long as they have physicals) with February Gold down $16.20 with the last trade at $1,771.90 which happened just after the low of $1,767.20 happened, with the high that will be beat in time at $1,793.30. March Silver leads all beatings with its trade at $22.23, down 40.9 cents and recovering from the Low of London at $21.96 with the high at $22.83. The US Dollar continues it’s slow-crawl loss of purchasing power with its Index valued at 91.61, down 19.1 points after hitting a low of 91.535 with the high at 91.77. Of course, all this happened before 5 am pst, the Comex open, the London close, and after a long living Rothschild’s bank in France, was burned down by protestors.

      Venezuelans now have a 17,696.85 Bolivar price for an ounce of Gold proving a 364.55 discount from Friday’s trade with Silver losing 9.988 Bolivar with its last trade at 222.022. Gold in Argentina, now costs 143,498.65 A-Peso’s providing the patient buyer a 2,767.63 discount with Silver buyers getting a 78.40 A-Peso savings with today’s price at 1,800.62. It really doesn’t matter how expensive or cheap the price of precious metals is for the Turkish buyers; they’re soaking it up as fast as they can, with Gold’s last price at 13,730.64, a reduction of 428.18 T-Lira’s since Friday with Silver’s last price at 172.269 T-Lira, a reduction of 9.608.

      Today is the First Notice Day of Decembers precious metals Deliveries with Silver’s Demand Count at 9,447 contracts standing and with a Volume of 571 already up on the board with a trading range between $22.74 and $22.01 with the last buy at $21.16, down 39.3 cents. Friday’s partial trading day for the Christmas Contract had an Open Interest of 16,420 with a Volume of 18,793 with a trading range between $23.505 and $22.325 with the last swap at $22.68, a loss of 68.2 cents. The Algo-mated paper churns inside the December contract caused the OI to drop by only 6,973 contracts, which is almost 3 times the amount of paper swaps vs contracts standing for physical. The Paper Shorts are continuing to leave as another 2,330 contracts left the field of play with this morning tally calculated at 153,413 in Open Interest. Reminder, this OI count is “right now”, not the Comex closing tally.

      December Gold’s First Notice Day Count has a total of 31,861 contracts standing for delivery with a Volume of 1,531 up on the board and a trading range between $1,787.20 and $1,762.30 with the last swap at $1,764.90, down $17 so far today. Friday’s activity inside the December trade, had a total of 69,566 in the Volume column with a trading range between $1,817 and $1,777.70 with the last swap at $1,788.10, a loss of $22.40 that reduced the demand count by 15,182. This is 4 times the Algomated churn to get rid of just over 15k in paper. Gold’s Overall Open Interest is now calculated at 546,097 Overnighter’s willing to go against the physicals proving no “longs” left, as 253 more pieces of paper had to be added in order to provide liquidity during Friday’s partial day.

     The rightful and legal challenges of the election continue, with issues proving there is some hogwash going on in Georgia, as the Judge blocks, then unblocks Georgia from wiping or resetting election machinesMilitary Attorney Sidney Powell claims to have evidence to support that the Dominion and Smartmatic voting machines, had compromised the election in a 104-page complaint filed into the courts. Then Twitter comes out to save us all after they instantly shut down the posting of this legal claim for others who wish to share the report. Now why would they do that and not allow the story to float until it’s proven or disproved by the facts in court?

      Today’s election dispute activity will be found in Arizona, where Trump lawyers Jenna Ellis and Rudy Giuliani will be gathering with Arizonians, to discuss the video evidence of sharpies being passed out by ballot employees, with others removing those sharpie filled ballots because they were illegally filled out, with sharpies, and the unbelievable amount of illegal voting that just showed up in the last hours on Nov 3rd. If one didn’t watch the Pennsylvania hearing and instead believe their favorite TV show host, on a program called “News”, then they may not know the legal arguments being brought up. I have time, and I have watched all the hearings, including the dynamic dual Twitter/Facebook, as they verbally confirmed they were blocking far more conservative voices than their liberal friends, and they willfully admit they share their restrictions with one another. Writing, then imposing algo’s, that block communication, is not a mistake (like they claim) it’s intentional.

      While we wait for these accusations, with written affidavits and in a court of law get played out, the one for real money is still churning in the markets. As mentioned last Friday, there was 4-days of heavy purchasing, close to a Billion Dollars’ worth of buying inside November Gold physicals, while the markets churned the December contracts. One day we’ll see the “why” to all this activity. In the meantime, we acquire more physicals, and hold our Silver and Gold close, and let the markets sweat it out. Have a great day and as always …

Stay Strong!

Jeremiah Johnson

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5761 /

//OFFSHORE YUAN:  6.5709   /shanghai bourse CLOSED  DOWN 16.55 PTS OR .49%

HANG SANG CLOSED DOWN 553.19 PTS OR 2.06%

2. Nikkei closed DOWN 211.09 POINTS OR 0.79%

3. Europe stocks OPENED ALL MIXED/

USA dollar index DOWN TO 91/60/Euro RISES TO 1.1988

3b Japan 10 year bond yield: RISES TO. +.03/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.08/ 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:: 45.08 and Brent: 47.66

3f Gold DOWN/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 0.07%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.17: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.63

3k Gold at $1770.00 silver at: 22.10   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble UP 17/100 in roubles/dollar) 75.71

3m oil into the 45 dollar handle for WTI and 47 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 104.08 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 .9040 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0834 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 0.855% early this morning. Thirty year rate at 1.587%

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

6.  TURKISH LIRA:  UP  TO 7.75..

Futures, Global Stocks Dip On Last Day Of Record Month For Markets

US equity futures and world shares paused on Monday, dropping modestly on the back of weakness in oil and energy stocks even as they were set to finish a record-breaking month sparked by major progress toward a coronavirus vaccine and yet more free money from central banks.

Trading volumes were muted with European stocks holding steady, reversing an earlier loss while U.S. futures dropped as lows as 3,600 before rebounding. The MSCI World Index has soared 13% in November, the best performance on record. IHS Markit Ltd. jumped 16% in U.S. premarket trading. The research firm with more than 5,000 analysts, data scientists agreed to be bought by S&P Global Inc. for about $39 billion in stock.

Early downbeat sentiment was reversed by yet another case of “Medical Monday”, after Moderna became the latest company to apply for emergency COVID vaccine approval in the US and Europe after new analysis showed the vaccine was highly effective in preventing Covid-19, with no serious safety problems. The news came after a weekend, in which U.S. Surgeon General Jerome Adams said the federal government hopes to quickly review and approve requests from two drugmakers for emergency approval of their Covid-19 vaccines. The rapid pace to a vaccine has given investors the confidence to price in a return to normalcy and faster economic growth, helping lift shares of companies that were hardest hit by the pandemic.

Sentiment also got a boost from the latest Chinese PMI data showed manufacturing and service activity handily beat forecasts in November, even as the country’s central bank surprised with a helping of cheap loans.

On Monday, the rotation in equities showed signs of a slight reversal. Futures on the tech-heavy Nasdaq 100 Index were little changed, while small-caps, banks and energy producers dropped, according to Bloomberg. The MSCI Asia Pacific Index sank 1.6%, the biggest loss in a month. The risk-on mood across markets has hurt demand for haven assets. Gold extended a retreat on Monday and is on course for its largest monthly decline in four years. The dollar is poised for a 2.7% drop in November.

“I suspect that investors have become cautious after big gains in the last few weeks that were driven by the vaccine news,” said Peter Rosenstreich, head of market strategy at Swissquote Bank. “It’s a big positive as it’s really provided an endgame for Covid-19.”

“Markets are overbought and at risk of a short term pause,” said Shane Oliver, head of investment strategy at AMP Capital. “However, we are now in a seasonally strong time of year and investors are yet to fully discount the potential for a very strong recovery next year in growth and profits as stimulus combines with vaccines.” Cyclical recovery shares including resources, industrials and financials were likely to be relative outperformers, he added.

Today’s drop in oil and energy names notwithstanding, November’s rush to value names benefited oil and industrial commodities while undermining safe-haven dollar and gold. “It has been a very, very strong month for markets, especially on the equity side but also on the fixed income side too,” said Rabobank’s Head of Macro Strategy Elwin de Groot. “And this market still remains very much supported by liquidity from the central banks,” De Groot added. With the ECB set to provide more stimulus next month “the market view seems to be, what can possibly go wrong?”

The positive developments on vaccines and swiftness with which they are likely to be rolled out had been key drivers.

European bourses boasted their best month ever with France up 21% and Italy almost 26%. The MSCI measure of world stocks is up nearly 13% for November, while the S&P 500 has climbed 11% to all-time peaks. The Stoxx is also having its best month on record.

After initially dropping as much as -0.7%, European stocks were unchanged after Moderna said it plans to request clearance for its coronavirus vaccine in the U.S. and Europe. The Eurostoxx 50 reversed an initial 0.6% drop to trade in the green. DAX and FTSE 100 lead peers. Peripheral indexes remain in the red, with Spain’s IBEX underperforming. Retail, chemical and healthcare stocks lead gains with banks, while oil & gas and travel the weakest sectors following Sunday’s failure of OPEC+ to reach a preliminary deal on whether to extend output curbs. ABN Amro Bank NV fell as much as 6.5% in Amsterdam trading. The Dutch lender plans to cut about 2,800 jobs over four years as it retreats from large parts of its investment bank.

Earlier in the session, Asia closed November on a weak note with MSCI’s index of Asia-Pacific shares ex-Japan ending 1.5% lower on the day but was still up almost 10% for the month. The Topix lost 1.8%, with Toyota and Daiichi Sankyo contributing the most to the move. The Shanghai Composite Index retreated 0.5%, driven by China Merchants Bank and Kweichow Moutai. Chinese blue chips ended lower but up nearly 6% for the month. Trading volume for MSCI Asia Pacific Index members was 88% above the monthly average.  Japan’s Nikkei 225 eased 0.8%, but was still 15% higher on the month for the largest rise since 1994.

Emerging-market stocks fell on the last day of November, their best month since March 2016, as investors weighed the failure of an OPEC+ ministers panel to reach a supply agreement and renewed coronavirus restrictions from Hong Kong to Europe. MSCI’s gauge tracking developing-nation equities headed for the biggest daily drop this month.

The surge in stocks has put competitive pressure on safe-haven bonds but much of that has been cushioned by expectations of more asset buying by central banks. Sweden’s Riksbank surprised last week by expanding its bond purchase program and the European Central Bank is likely to follow in December.

In rates, European fixed income markets were relatively quiet, ignoring comments from ECB’s Lagard; Bunds bear flatten, semi-core spreads tighten marginally to core. German 10-year Bund yield were down 1.1 basis points at -0.598%, its lowest since Nov. 9. The rest of the core market also fell by around 1 bp.

Treasury futures were near session lows in early U.S. trading as stock futures pare declines, despite expectations that a large month-end index duration extension at the end of the day will support the long end. Yields were higher across the curve led by 10- to 30-year sectors, 10-year by nearly 2bp at 0.857%, slightly lagging bunds and gilts; front-end yields are little changed. As a result, U.S. 10-year yields are ending the month almost exactly where they started at 0.84%, a solid performance given the exuberance in equities.

The U.S. dollar has not been as lucky: “The idea that a potential Treasury Secretary (Janet) Yellen and Fed chair Powell could work more closely to shape and coordinate super easy monetary policy and massive fiscal stimulus that could drive a rapid post pandemic recovery saw the dollar under pressure,” said Robert Rennie, head of financial market strategy at Westpac.

Against a basket of currencies, the dollar index was pinned at 91.771 having shed 2.4% for the month to lows last seen in mid-2018. The Bloomberg dollar index was headed for its biggest monthly decline since July, as G-10 peers tested multi-year highs against the greenback. The euro has caught a tailwind from the relative outperformance of European stocks and climbed 2.7% for the month to reach $1.1967. A break of the September peak at $1.2011 would open the way to a 2018 top at $1.2555.

Elsewhere, the pound rose the most in nearly a week on optimism a Brexit trade deal is close, though signs of caution showed up in the options market. GBP/USD rose as much as %0.4 to 1.3364 in its biggest move since Nov. 24. The U.K. and European Union are close to a breakthrough on fishing with an acceptance of a British proposal for a transition period on fishing rights after Jan. 1, the Telegraph reported. In Switzerland, the USD/CHF fell as much as 0.5% to 0.9019, its lowest since Nov. 9; The Swiss franc was initially supported as the nation’s voters rejected two proposals that had the potential to alter the corporate landscape of a country known for low taxes and light-touch regulation.

In commodities, one major casualty of the rush to risk has been gold, which was near a five-month trough at $1,771 an ounce having shed 5.6% in November, its largest monthly decline in four years.

Oil, in contrast, benefited nearly 30% from the prospect of a demand revival should the vaccines allow travel and transport to resume next year. Some profit-taking set in early on Monday ahead of an OPEC+ meeting to decide whether the producers’ group will extend large output cuts. Brent crude futures fell 52 cents to $47.66, while WTI dropped below $45 a barrel in New York on Monday. An informal meeting of OPEC+ ministers didn’t reach an agreement on whether to delay January’s oil-output increase. A full meeting of the cartel is planned for later today, where a deal is still seen as the most likely outcome.

As Bloomberg notes, looking at Monday’s calendar, OPEC holds a virtual full ministerial meeting to make a final decision on whether a production supply hike should proceed as scheduled in January. Further into the week, the Reserve Bank of Australia holds a policy meeting on Tuesday, while Fed Chairman Jerome Powell testifies before Congress on Tuesday and Wednesday. The U.S. jobs report on Friday is expected to show more Americans headed back to work in November, though at a slower pace than last month.

Market Snapshot

  • S&P 500 futures down 0.2% to 3,628
  • STOXX Europe 600 up 0.01% to 393.28
  • German 10Y yield rose 0.5 bps to -0.583%
  • Euro up 0.1% to $1.1977
  • Italian 10Y yield fell 0.7 bps to 0.483%
  • Spanish 10Y yield rose 0.6 bps to 0.064%
  • MXAP down 1.6% to 189.96
  • MXAPJ down 1.5% to 625.40
  • Nikkei down 0.8% to 26,433.62
  • Topix down 1.8% to 1,754.92
  • Hang Seng Index down 2.1% to 26,341.49
  • Shanghai Composite down 0.5% to 3,391.76
  • Sensex down 0.3% to 44,149.72
  • Australia S&P/ASX 200 down 1.3% to 6,517.81
  • Kospi down 1.6% to 2,591.34
  • Brent futures down 1.8% to $47.30/bbl
  • Gold spot down 0.6% to $1,777.30
  • U.S. Dollar Index down 0.2% to 91.64

Top Overnight News from Bloomberg

  • Boris Johnson’s officials believe a Brexit trade deal could be reached within days if both sides continue working in “good faith” to resolve what the U.K. sees as the last big obstacle in the talks — fishing rights
  • Boris Johnson is battling to convince his own Conservative Party colleagues to back plans to keep most of England under strict pandemic controls when the national lockdown ends this week
  • Germany can’t continue compensating businesses for lost sales beyond next month and more targeted measures will be needed instead, according to senior officials in Chancellor Angela Merkel’s government
  • China’s economic rebound is gathering pace toward the end of the year, with an official gauge of manufacturing rising faster than expected in November, fueled by exports
  • China unexpectedly added medium-term funding to the financial system on Monday, as the central bank sought to ease liquidity tightness in the final weeks of the year
  • The Bank of England is seeing old fault lines open up as officials lock horns on whether to take interest rates below zero for the first time. That’s what the math on the nine-member Monetary Policy Committee is starting to look like, as the so-called “internals” on the panel with full-time operational roles at the central bank show the greatest signs of resistance to the measure. The minority of part-time “external” officials tend to be more open to subzero policy

Quick look at global markets courtesy of NewsSquawk

Asian equity markets began the week mixed amid tentativeness heading into month-end and this week’s key risk events, with the region also digesting a slew of data including better than expected Chinese Manufacturing and Non-Manufacturing PMI data. ASX 200 (-1.3%) underperformed as gold miners led the broad retreat seen across sectors after the recent slump in the precious metal and with Treasury Wine Estates hampered again by China’s anti-dumping measures on Australian wine, while Nikkei 225 (-0.8%) was initially kept afloat after Industrial Production data topped estimates but later succumbed to the headwinds from a firmer currency. Hang Seng (-2.1%) and Shanghai Comp. (-0.5%) initially diverged with the mainland bourse outperforming after Chinese official Manufacturing PMI printed its highest reading in more than 3 years and amid PBoC efforts in which it injected funds through Reverse Repo operations and the Medium-term Lending Facility. Conversely, the mood in Hong Kong was subdued with CNOOC and other blue-chip oil peers pressured after reports US President Trump is to add CNOOC and chipmaker SMIC to the defense blacklist, while Alibaba was also among the laggards amid suggestions the Ant Financial IPO faces narrow chances of going through next year. Finally, 10yr JGBs were lacklustre and attempted a breakdown of the psychological 152.00 level with price action failing to take impetus from the bull-flattening last Friday in USTs and the BoJ presence in the market today, while the central bank also recently announced its bond purchase intentions for December whereby it maintained the value amounts but reduced the frequency of buying in 1-3yr and 3-5yr maturities to 5 times from 6 times a month.

Top Asian News

  • Suning.com Is Said to Mull E-Commerce Business Stake Sale
  • China Unexpectedly Injects $30 Billion Into Financial System
  • Meituan’s Sales Surge Alongside China’s Appetite for Takeout
  • H.K. Doctor Is Cleared in Massive Securities Fraud Probe

Major European bourses see a mixed performance (Euro Stoxx 50 Unch) after the region trimmed the modest losses seen at the cash open despite a lack of fresh fundamental catalysts, and with some suggesting month-end rotation for the earlier losses ahead of a number of key risk events for the week – including Brexit, OPEC and the US Labour Market reports. State-side futures also sees tepid trade in early European hours ahead of the US entrance from the long Thanksgiving weekend. Back to Europe, sectors kicked the week of with a defensive bias as Healthcare, Utilities and Staples initially performed better than the cyclicals, albeit thereafter, sectors re-calibrated to show more of a mixed picture, with no clear risk tone to be derived as things stand. Energy remains the straddler amid price action in the complex ahead of the OPEC confab, whilst Banks also retain their spot near the bottom amidst a lower yield environment, and as Brexit continues hang over UK financials heading into the crunch week. Further for the banking sector, HSBC (-2%) trades lower following reports the group is looking to exit retail banking in the US as part of a cost reduction plan, whilst ABN AMRO (-6.2%) sees more pronounced losses following its investor update whereby it sees some 15% workforce reduction by 2024. Elsewhere, on the M&A front – AA (-0.5%) trades modestly lower as its largest shareholder is set to oppose the takeover from Warburg Pincus and TowerBrook Capital Partners, with his stake just under the 25% needed to block the deal. Meanwhile, JD Sports (+6.3%) tops the FTSE 100 amid source reports that the group is less likely to make an offer for the Debenhams as its chairman is reportedly concerned that COVID restrictions have had a larger impact. Meanwhile, Siltronic (+9.1%) holds onto gains amid reports the Co. is said to be in talks to be bought by Taiwan’s GlobalWafers for EUR 3.75bln. Finally, state-side S&P Global Inc confirmed it is in advanced talks to acquire IHS Markit for a deal worth around USD 44bln.

Top European News

  • Swiss Reject Business Liability Plan, Ban on SNB Investments
  • Lloyds Names HSBC’s Nunn as CEO to Replace Horta- Osorio
  • ABN Amro to Cut About 2,800 Jobs as Investment Bank Shrinks
  • Poland Upset With EU But Not Enough to Follow U.K. Exit Path

In FX, the Dollar remains downbeat irrespective of any safe haven demand that might ordinarily be warranted as stocks waver on the last trading day of the month, with bank models flagging a relatively strong sell strong signal against G10 currencies, bar the Yen. Hence, the DXY is depressed below 92.000 and just off a new 2020 low within 91.762-630 parameters and technically weak unless it can regain momentum and reclaim losses through a Fib retracement level at 91.729. Ahead, Chicago PMI before pending home sales and Dallas Fed manufacturing and a speech from Barkin.

  • NZD/CHF/EUR/GBP – More independent traction for the Kiwi as it targets 0.7050 vs its US counterpart in wake of improvements in the NBNZ business outlook and own activity readings for November, while the Franc has taken on board a pick up in Swiss retail sales and KOF’s leading indicator slowing less than expected this month rather than mixed weekly sight deposits to maintain gains above 0.9050. Elsewhere, the Euro is making steady measured progress towards 1.2000 after eclipsing resistance at 1.1975, albeit with some assistance from reported Eur/Gbp RHS interest for month end as the cross tests 0.9000 and Cable continues to trade heavy on the 1.3300 handle amidst ongoing Brexit uncertainty and conflicting UK data (BoE consumer credit weak, mortgage lending sub-consensus, but approvals considerably higher than forecast).
  • CAD/AUD – The Loonie is holding up pretty well between 1.3000-1.2970 parameters given another downturn in oil prices and Aussie also close to 0.7400 following contrasting business inventory and company profits, with similarly divergent external impulses via strength in Chinese PMIs to temper some of the pain inflicted by Beijing’s steep anti-dumping tax on wine and a fresh diplomatic twitter spat.
  • JPY – A major laggard on the aforementioned lack of demand for portfolio purposes vs the Greenback, as the Yen pivots 104.00 and comfortably inside recent extremes after a raft of inconclusive Japanese data overnight.
  • SCANDI/EM – The Nok is also displaying a degree of resilience against the backdrop of weaker crude and Sek is consolidating off post-Riksbank lows, while the Cnh has firmed from PBoC midpoint fix levels for the Cny with more reverse repo and MLF liquidity to compound the robust official PMIs and the Try has drawn encouragement from a more pronounced than anticipated GDP rebound in Q3, narrower trade deficit and cheaper oil.

In commodities, WTI and Brent futures trade on the backfoot in the run-up to the decision-making OPEC/OPEC+ meetings over the next two days, for which a full Newsquawk preview can be found here, whilst the Newsquawk OPEC Twitter Dashboard can be accessed here. In terms of where we stand, Sunday’s impromptu meeting offered little in the way of a breakthrough, with the panel of OPEC+ ministers unable to reach an agreement on the extension of current cuts, but most participants are reportedly supporting a delay of hikes through Q1 2021. Market expectations are still leaning towards the second tranche (7.7mln BPD cuts) being extended through in the first three months of 2021, albeit with some sources suggesting an extension by 2-3 months, whilst the most recent sources suggested 3-4 months. Meanwhile, Russia is said to be advocating gradual monthly increases in output from January, according to sources. Nonetheless, futures contracts remain subdued awaiting concrete clarity, with the OPEC meeting set to commence at 13:00GMT/08:00EST and a drip-feed of to-and-fro sources likely. WTI Jan resides under USD 45/bbl (vs. high 45.42/bbl) whilst Brent Feb continues to lose ground sub-48.00/bbl (vs. high 48.04/bbl). Elsewhere, spot gold and silver trade lacklustre despite a lack of fundamental catalysts, but with month-end rotation to keep in mind – with the former struggling to gain ground after yielding the 1800/oz mark. Turning to base metals. Dalian iron ore and Shanghai copper futures extended on recent gains with traders pointing to upbeat economic data from China. LME copper meanwhile is catching tailwinds from the copper performance overnight coupled by somewhat of a recovery in stocks.

US Event Calendar

  • 9:45am: MNI Chicago PMI, est. 59, prior 61.1
  • 10am: Pending Home Sales MoM, est. 1.0%, prior -2.2%
  • 10am: Pending Home Sales NSA YoY, prior 21.9%
  • 10:30am: Dallas Fed Manf. Activity, est. 15.8, prior 19.8

DB’s Jim Reid concludes the overnight wrap

Welcome to what has become “Vaccine Monday” and also the last day of what will very likely be a record month for many equity markets. We’ll give full details tomorrow in our monthly performance review. Everyone will be waiting with baited breath though to see if there is a new vaccine efficacy release before the markets open today. It feels like the next developed world candidates are many weeks behind the three who have reported so far so we’re not expecting anything today but it wouldn’t surprise me if traders were very reluctant to go short, if that was their desire, before noon GMT / 7am NYT. Staying with vaccines, reports suggest that the U.K. will be the first country to approve the Pfizer/BioNTech vaccine, perhaps even early this week, with a view to starting inoculations as soon as next Monday. Meanwhile, the US Surgeon General Jerome Adams has said that Pfizer/ BioNTech is scheduled to submit an Emergency Use Authorization request for their vaccine on December 10 followed by Moderna on December 18 while Anthony Fauci said that vaccines would likely roll out from the middle to end of December.Overnight we saw China’s November official PMIs with manufacturing printing at 52.1 (vs. 51.5 expected), the highest since September 2017, with services at 56.4 (vs 56.0 expected) bringing the composite reading to 55.7 (vs. 55.3 last month). This beat is leading to Chinese bourses outperforming this morning with the CSI (+0.96%), Shanghai Comp (+0.74%) and Shenzhen Comp (+0.52%) all making advances. Other indices in the region however have largely turned red after opening higher with the Nikkei (-0.61%), Hang Seng (-1.12%) and Kospi (-0.84%) all trading lower. Futures on the S&P 500 (-0.63%) have also turned lower and European ones are also pointing to a weaker open. Elsewhere, Reuters has reported that the Trump administration is adding SMIC and CNOOC Ltd. to a blacklist of “alleged Chinese military companies”.

In other weekend news an informal side OPEC+ meeting last night has seemingly failed to agree a plan to maintain production cuts through Q1. So lots at stake as we head into a two day meeting of the full group today and tomorrow. Crude oil prices are down c. -1.30% overnight. Our Oil strategist Michael Hsueh wrote a piece over the weekend (link here) suggesting that the current oil price factors in maintaining the production curbs and if we don’t get them we could see a -10% fall. So one to watch after a big bull run. Elsewhere, Bloomberg has reported overnight that S&P Global is in advanced talks to buy IHS Markit for about $44 bn and an announcement towards this could come as soon as today. If true, the tie-up would be this year’s second-biggest deal.

Now turning to the latest on the virus and the underlying message continues to remain same with new infections slowing in Europe but continuing to remain high in the US. In France, the positivity rate has now fallen to 11.1%, just over half of where it was in early November and the number of ICU patients are also on a continued decline. A similar pattern to the U.K. and Italy. Meanwhile in the US, Los Angeles and San Francisco imposed tighter restrictions but NYC schools will begin to reopen from December 7 despite the 3% positive test rate breach which had led to closures in the last couple of weeks. Across the other side of the world, South Korea has tightened social restrictions outside of the Seoul area which already had tighter restrictions in place. Hong Kong has said that it will suspend face-to-face classes at kindergartens, primary and secondary schools as cases are on a clear rising trajectory in the city.

Looking forward now and It’s a fairly busy week for data but how much markets will care is a moot point as everyone knows we’re on a short-term path to a double dip but that the short to medium term is a path covered in potential golden vaccine petals.

Data releases include the US jobs report (Friday) and the November PMIs (tomorrow and Thursday), while Fed Chair Powell and ECB President Lagarde will both be speaking through the week. Otherwise, attention will remain on the Brexit negotiations, with just a month remaining until the year-end deadline and less time given any deal has to be ratified across the continent.

Looking into more detail, the US jobs report for October on Friday sees consensus at +500k and a fall in the unemployment rate to 6.8% from 6.9%. Though this would be further progress from the situation in the spring, it would still be the slowest monthly jobs growth since the massive contractions in March and April, and leave the total nonfarm payrolls number over 9.5m beneath its pre-Covid peak back in February. Of some concern is the recent weekly initial jobless claims trend which have risen more than expected for the last couple of weeks. So it feels like a difficult month or so ahead for the US economy.

Meanwhile on the PMIs, the flash readings we’ve already had showed a noticeable deterioration in Europe as much of the continent headed into renewed lockdowns. It’ll be interesting to gauge what’s happening in the countries where there aren’t flash readings however, including a number of emerging markets. Also in focus will be the Euro Area’s flash CPI estimate for November tomorrow as for the previous 3 months it’s been in deflationary territory.

Elsewhere on Brexit I won’t say this is a crucial week as I’ve said this many times before and nothing much has happened. However it probably is now that face to face talks are back and that we’ll are running low on days to ratify a deal. In terms of the current state of play, it has been reported that the last big remaining obstacle in the talks is fishing rights with the UK Foreign Secretary Dominic Raab asking the EU to recognise that regaining control over British waters is a question of sovereignty for the UK. Meanwhile, on other key obstacles of competition rules and state aid, Raab said that he could see “a landing zone”. If fishing is truly now the only stumbling block this is very good news as the numbers here are minuscule compared to the cost of no deal. Sterling is up +0.21% to 1.3339 overnight.

Finally, there are a number of important central bank speakers this week, with Fed Chair Powell and Treasury Secretary Mnuchin appearing before the Senate Banking Committee tomorrow and the House Financial Services Committee on Wednesday. Meanwhile ECB President Lagarde will be speaking today at the European Policy Center Forum, before she appears at an Atlantic Council event tomorrow. The Fed will also be releasing their Beige Book on Wednesday.

To recap the week just gone, risk assets had yet another strong performance and global equity markets soared to all-time highs, with markets buoyed by further positive vaccine news and increasing signs that there’ll be a smooth transition of power in the United States. By the end of the week, the S&P 500 had advanced +2.27% (+0.24% Friday) to hit a new record, as did the MSCI World Index which rose +2.42% (+0.44% Friday) in its 4thconsecutive week higher. In Europe, the STOXX 600 was up +0.93% (+0.41% Friday) at its highest level since the pandemic, while the DAX rose +1.51% (+0.37% Friday) to move back into positive territory on a YTD basis. The moves higher for risk assets coincided with increasingly subdued volatility (at least by 2020 standards), with the VIX index falling -2.86pts last week (-0.41pts Friday) to 20.84pts, which is its lowest closing level since late February. Furthermore, Bloomberg’s index of US financial conditions eased to its most accommodative level since late February too.

Core sovereign bonds saw little movement last week, with yields on 10yr US Treasuries up just +1.3bps (-4.4bps Friday) to 0.84%. That said, there were some notable moves in southern Europe, with yields on 10yr Italian BTPs falling to an all-time low of 0.59%, as yields on 10yr Portuguese debt closed just shy of negative territory at 0.01%. That’s a far cry from the peak of the sovereign debt crisis earlier this decade when the Portuguese 10yr yield spent more than a year above 10% in 2011/12. Some milestones were also reached in FX, where the dollar index fell -0.65% (-0.22% Friday) to reach a 2-year low, while the Euro strengthened +0.89% (+0.42% Friday) to reach a 2-year high against the US Dollar of $1.196. Finally there were some strong performances in the commodities sphere, with Brent Crude oil prices up +7.16% (+0.79% Friday) as they moved higher for a 4th consecutive week, while the industrial bellwether of copper climbed +3.30% (+2.72% Friday) to reach a 6-year high.

Finally Bitcoin declined -8.5% over the week with c. -10% coming through on Thursday/Friday partly due to worries over the prospect of tighter crypto rules in the US.

3A/ASIAN AFFAIRS

i)MONDAY MORNING/ SUNDAY NIGHT: 

SHANGHAI CLOSED DOWN 16.55 PTS OR .49%   //Hang Sang CLOSED DOWN 553.19 PTS OR 2.06%    /The Nikkei closed DOWN 211.09 POINTS OR 0.79%//Australia’s all ordinaires CLOSED DOWN 1.16%

/Chinese yuan (ONSHORE) closed UP AT 6.5761 /Oil UP TO 45.08 dollars per barrel for WTI and 47.66 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED UP  AGAINST THE DOLLAR AT 6.5761. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5709 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Trump on the warpath against China.  Two big commentaries:

a)House to vote on a bill that would delist China based companies if they fail audit standards.

House To Vote On Bill That Would Delist China-Based Companies If They Fail U.S. Audit Standards

As we have already reported, U.S. lawmakers appear as though they are finally going to hold Chinese companies’ feet to the fire: they are going to require China based companies comply with audit oversight rules that U.S. companies must also abide by.

This voids a years long loophole that literally everyone on Wall Street knew about and led to numerous U.S. listed China based frauds totaling well into the billions of dollars.

On Wednesday, house leaders will hold another measure that would require shares to be removed from trading in the U.S. if the transition to an annual U.S. reviewed audit isn’t undertaken. The law would still give Chinese companies a generous three years to comply with new rules, the Wall Street Journal notes.

Beijing has been critical of the bill, as it will obviously allow them to commit far less fraud on U.S. capital markets. But the legislation has bipartisan support in the U.S. and could be signed by Trump – who is rumored to be looking at new crackdowns on China before leaving office – if it passes the House.

The Senate bill was sponsored by Sens. John Kennedy and Chris Van Hollen. Kennedy said: “The current policy that allows Chinese firms to flout the rules that American companies follow is toxic. I hope the House joins the Senate this week in unanimously passing this bill so it can start helping hardworking Americans.”

As we reported about 2 weeks ago, the proposal will be issued for public comment in December, and will address a problem that has plagued Chinese companies on U.S. capital markets for more than a decade: China hasn’t let the work of Chinese auditors be inspected.

This has been the key factor in a number of Chinese firms being halted and delisted from U.S. exchanges over the last decade, as short sellers like Citron Research and Muddy Waters Research have collectively worked, among others, to help expose innumerable frauds and misstatements from companies based in China. A movie, “The China Hustle“, was even made about the widespread fraud.

The PCAOB has been unable to get cooperation from China on a broad scale. The PCAOB has often had to sue Chinese audit firms and negotiate with Chinese regulators for more information. Now, new regulations could put the responsibility on the listing exchanges, like NASDAQ and NYSE, who choose to give credibility to China-based entities by accepting their listing fees and putting them on their well known exchanges.

In other words, it appears to us that U.S. exchanges seem to have no problem making people like Jack Ma into billionaires with U.S. capital, without even understanding the intricacies of the opaque businesses they choose to list.

The SEC is trying to get the plan in order before Chairman Jay Clayton leaves at the end of the year, as we noted  earlier this month. The regulation could then be “tweaked” by an incoming Biden administration.

China has come up with the laughable excuse that it “is worried about auditors revealing strategic secrets held by domestic firms, some of which are majority-owned by the Chinese government”. In fact, the country signed into law this year a rule stating that its citizens can’t comply with overseas regulators without the government’s permission.

end
b)  Trump expands its crackdwon on China by blacklisting its top chipmaker and oil producer
(zerohedge)

Trump Expands China Crackdown, Adds China’s Top Chipmaker And Oil Producer To Defense Blacklist

In hopes of making a renormalization in relations with Beijing next to impossible for Joe Biden, the Trump administration is poised to add China’s top chipmaker SMIC and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, Reuters reported citing a document and sources, curbing their access to U.S. investors and escalating tensions with Beijing.

The latest crackdown comes after a report from Reuters earlier this month that the Department of Defense (DOD) was planning to designate four more Chinese companies as owned or controlled by the Chinese military, bringing the number of Chinese companies affected to 35. A recent executive order issued by President Donald Trump would prevent U.S. investors from buying securities of the listed firms starting late next year.

It was not immediately clear when the new tranche, would be published in the Federal Register. But the list comprises China Construction Technology Co Ltd and China International Engineering Consulting Corp, in addition to Semiconductor Manufacturing International Corp (SMIC) and China National Offshore Oil Corp (CNOOC), Reuters reported.

SMIC said it continued “to engage constructively and openly with the U.S. government” and that its products and services were solely for civilian and commercial use. “The Company has no relationship with the Chinese military and does not manufacture for any military end-users or end-uses.” Shares in SMIC closed 2.7% lower on Monday.

CNOOC’s listed unit CNOOC Ltd, whose shares fell by almost 14% after the Reuters report, said in a stock market statement that it had inquired with its parent and learnt that it had not received any formal notice from relevant U.S. authorities.

Later on Monday, Bernstein Research downgraded CNOOC Ltd’s stock to ‘market perform’ by applying a 30% discount to share price targets, citing sanction risks that range from a ban on U.S. funds owning CNOOC stock to prohibiting US companies from doing business with CNOOC.

China’s foreign ministry spokeswoman Hua Chunying said, in response to a question about Washington’s planned move, that China hoped the United States would not erect barriers and obstacles to cooperation and discriminate against Chinese companies.

The upcoming move is seen as seeking to cement Donald Trump’s tough-on-China legacy and to box incoming Democrat Biden into hardline positions on Beijing amid bipartisan anti-China sentiment in Congress. The list is also part of a broader effort by Washington to target what it sees as Beijing’s efforts to enlist corporations to harness emerging civilian technologies for military purposes.

Reuters reported last week that the Trump administration is close to declaring that 89 Chinese aerospace and other companies have military ties, restricting them from buying a range of U.S. goods and technology.

end

4/EUROPEAN AFFAIRS

CORONAVIRUSUPDATE MONDAY

France Sees COVID Cases Fall To 7-Week Low; Global Deaths Near 1.5 Million: Live Updates

Summary:

  • Moderna sends in emergency application
  • Hong Kong orders civil servants to work from home
  • Italy approves fourth stimulus package
  • California tops 15k cases
  • France sees fewest new cases in nearly 2 months
  • Germany’s Merkel says Germany can’t continue compensating companies for lost sales
  • Hong Kong imposes new restrictions
  • Canada expands travel ban
  • UK’s Johnson says tiered system will have ‘sunset’ date of Feb. 3

* * *

As we joked earlier, yet another Q4 Monday has been dominated by news about COVID-19 vaccines as Moderna is moving  to submit its emergency use application to the FDA for approval. Meanwhile, a new update to Moderna’s research shows that out of 196 cases of the virus, researchers determined that the vaccine was 94.1% effective, in line with preliminary findings released earlier this month. None of the participants in the trial who’d received the vaccine developed severe Covid-19.

What’s more, all 30 severe cases observed in the study occurred in participants who received placebo shots.

In other news from earlier in the day, Hong Kong has ordered civil servants to return to a ‘work from home’ arrangement, with Chief Executive Carrie Lam urges private sector employers to implement a similar order. Restaurants must now limit diners to two per table, down from the current rule of four. Gyms and sports venues will be allowed to stay open for now, while this round of restrictions will start on Wednesday and last for two weeks, Lam said. The city reported 76 cases on Monday, most of them local including nine of unknown origins. Hong Kong’s  COVID cases have surged by double digits for 11 straight days.

California reported 15,614 new cases, pushing the 14-day average to a record. The total number of infections in the state now stands at almost 1.2 million. Another 32 new deaths were reported, with fatalities at 19,121.

In California, the COVID-19 positivity rate reached 6.1%, the highest since the end of August, while the state’s two most prominent cities, Los Angeles and San Francisco, imposed new curbs in the past two days as case numbers surged. The rate of positive tests fell to 11.1%, just over half, roughly half its level from December. The number of patients in intensive care continued to decline from a peak almost two weeks ago. Deaths linked to the virus increased by 198 to 52,325, the smallest daily increase in a month.

Back in Europe, Italy’s government has approved a fourth stimulus package to support businesses hit by the latest restrictions to stem the spread of the coronavirus. The package is worth 8 billion euros ($9.6 billion), according to a Monday statement. It delays tax deadlines for companies and expands cash handouts for workers

France added 9,784 cases, with the seven-day average falling to 11,1182, the lowest since Oct. 2. The rate of positive tests fell to 11.1%.

Finally, in Germany, Chancellor Angela Merkel warned the company can’t continue compensating businesses for lost sales beyond next month. Instead, more targeted measures will be needed.

Globally, the number of COVID-19 cases exceed 62.7 million, while deaths topped 1.45 million.

Here’s some more news from overnight and Monday morning:

US COVID-19 total cases rose to around 13.14mln from a previous of around 13.00mln and total death rose to around 265.2k from around 264.0k. (Newswires)

New York City Mayor De Blasio announced that the city’s public schools will begin to resume in-person classes from December 7th. (Newswires)

Canada extended its travel restriction for arrivals from US until at least December 21st, while it will extend mandatory isolation order and temporary travel restrictions from other countries aside from US to January 21st. (Newswires)

UK PM Johnson said the tiered virus system would have a sunset of February 3rd in which he promised to give parliament another chance to vote on the system in early February to avoid a mass Tory rebellion. It was separately reported that UK PM Johnson appointed Junior Business Minister Nadhim Zahawi as the minister in charge of vaccine distribution (Newswires/Telegraph/Sky News).

UK is set to become the first western country to approve a COVID-19 vaccine in which the regulator could grant approval to Pfizer and BioNTech’s vaccine within days, while reports added that deliveries would start within hours of the approval and first injections could begin from December 7th. (FT) European Medicines Agency is set to consider approval of Pfizer/BioNTech vaccine next month and will also consider Moderna’s vaccine (FT).

Moderna (MRNA) announced amendment of current supply agreement with the UK government for an additional 2mln doses of its COVID-19 vaccine in which the UK government has now secured 7mln doses of MRNA-1273 (Newswires).

German Economy Minister Altmaier stated that the partial shutdown could be extended until early spring 2021. There were separate reports that Italy was reported to loosen COVID restrictions in Lombardy, Piedmont, Calabria, Milan, Turin from Sunday, while Ireland PM Martin unveiled a plan to lift the lockdown and stated that they are encouraged by falling virus numbers (Newswires).

END
French protesters set fire to the Bank of France
(zerohedge)

French Protesters Set Fire To Central Bank

One of the recurring questions amid the year’s countless BLM protests and associated riots has been why instead of burning and looting innocent businesses, the angry mob does not target the source of all wealth, income and social inequality – not just in the US but the world – the central bank, i.e. Federal Reserve (located at 2051 Constitution Ave. NW, Washington, DC 20418 for those unaware).

Yet while US protesters and rioters still need guidance what buildings to burn down, their French peers are finally catching on.

Over the weekend, tens of thousands of critics of a proposed security law that would restrict the filming of police officers protested across France on Saturday, and officers in Paris who were advised to behave responsibly during the demonstrations repeatedly fired tear gas to disperse rowdy protesters. The controversial Article 24 of the bill seeks to protect police officers from doxing and harassment, and bans filming of cops on duty and sharing their images online with the “intent to harm.”

Civil liberties groups, journalists, and people who have faced police abuse are concerned that the measure will stymie press freedoms and allow police brutality to go undiscovered and unpunished.

“We have to broaden the debate, and by doing that, we say that if there were no police violence, we wouldn’t have to film violent policemen,” Assa Traore, a prominent anti-brutality activist whose brother died in police custody in 2016, told The Associated Press.

At least 46,000 people packed the sprawling Republique plaza and surrounding streets carrying red union flags, French tricolor flags and homemade signs denouncing police violence, demanding media freedom or calling for the resignation of French President Emmanuel Macron or his tough-talking interior minister, Gerald Darmanin.

The crowd included journalists, journalism students, left-wing activists, migrants rights groups and citizens of varied political stripes expressing anger over what they perceive as hardening police tactics in recent years, especially since France’s yellow vest protest movement against economic hardship emerged in 2018.

Violence erupted near the end of the march as small groups of protesters pelted riot police with small rocks and paving stone. The officers retaliated with volleys of tear gas, prompting minor scuffles.

What we found most remarkable is that as rioting escalated, the protesters did something they have never done before (to our knowledge): they set fire to the facade of the central bank building in Paris.

While fire crews reached the central bank building on time, and it did not spontaneously collapse “due to the high temperatures” unlike some other structures, one wonders what happens during the next protest, or the one after. And when will US protesters figure out what the French already have: that burning and looting stores owned by fellow hard-working citizens only exacerbates the inequality. On the other hand, to really make a statement, a couple of Molotov cocktails aimed at the Marriner Eccles building just may attract some attention.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

IRAN

Iran votes to raise uranium enrichment to 20%

Israel takes note of this

(AlMasdarNews)

Iran’s ‘Retaliation’ Begins: Parliament Votes To Raise Uranium Enrichment To 20%

Via AlMasdarNews.com,

On Sunday, the Iranian parliament voted by an overwhelming majority on the draft law about “strategic measures to abolish sanctions,” which includes raising uranium enrichment to 20%.

The law includes restoring the old design of the Arak heavy water reactor. The parliamentary meeting was attended by 232 deputies out of 246, and they voted in favor of the resolution.

Iranian Parliament, via Tehran Times

The Iranian Parliament Speaker, Muhammad Baqer Qalibaf, also affirmed that “the draft law on strategic measures to lift the sanctions will limit the terrorist acts waged by the enemy against Iran.”

This move comes in response to the events on November 27, in which the head of the Research and Technology Center at the Ministry of Defense, Mohsen Fakhrizadeh, was killed in an assassination operation.

According to Tehran Times, the bill has been in preparation through this past week and this month, but gained special urgency after the Friday high profile assassination:

The Iranian Parliament’s National Security and Foreign Policy Committee discussed on Tuesday a plan to significantly increase Iran’s nuclear activities, including uranium enrichment level.

The plan is part of a broader strategy that aims to lift the United States sanctions on Iran. Iranian lawmakers had put forward a “strategic bill to lift sanctions” in early November that aims to force the U.S. into lifting sanctions on Iran through doubling down on nuclear activities.

In a statement, the Ministry of Defense said that “armed terrorist elements attacked a car carrying Mohsen Fakhrizadeh, head of the Research and Technology Center at the Ministry of Defense, on Friday afternoon.”

Fakhrizadeh’s vehicle was abruptly stopped by a pick-up before being fired upon repeatedly by the armed assailants.

Fakhrizadeh was rushed to the hospital shortly after the firefight, but was declared dead following failed attempts to revive the nuclear scientist.

END

Iran

The Iranian scientist was shot with mounted remote controlled machine gun.

(zerohedge)

Iran Nuclear Scientist Was Shot With Mounted Remote-Controlled Machine Gun

Iranian state media has issued for the first time the stunning details of last Friday’s assassination of top nuclear scientist Mohsen Fakhrizadeh.

Importantly, Iranian state media is claiming that a machine gun recovered from the site was made in Israel. “The remains of the weapon used in the Friday assassination of senior nuclear scientist Mohsen Fakhrizadeh show that it was made in Israel, an informed source has told Press TV,” according to the state-run English language news site.

The killing was done “entirely remotely” with no assassins on the ground and no apparent drone activity, according to Iranian officials. But how?

Scene of the assassination, via AP

“The source made the revelation on Monday, saying the weapon collected from the site of the terrorist act bears the logo and specifications of the Israeli military industry,” PressTV continued.

Tehran officials said they will soon publicize all available evidence showing who was behind the hit, which occurred in a small city east of the capital and included a hail of gunfire and detonation of a vehicle which took out the scientist’s convoy and body guards. Officials have further vowed “hard revenge” for the killing which they had in the hours after blamed on Israel.

Initially international reports strongly suggested a multiple-man hit team forced Fakhrizadeh’s vehicle to stop before opening fire. However, Iranian state media just dropped details suggesting sophisticated remote-controlled machine guns were used.

On Monday Ali Shamkhani, the secretary of the Islamic Republic’s Supreme National Security Council, confirmed that it is Iranian investigators’ belief that Israel used “electronic devices” to take out Fakhrizadeh, according to the Associated Press.

The following is a translation and paraphrase of key sections of a new Iranian state-run Fars news report by Axios correspondent Barak Ravid:

Amazing new details of the Fakhrizadeh assassination emerge in the Iranian press: IRGC affiliated Fars news reports the assassination was done using an automatic machine gun operated with a remote control and not with gunmen who were on the ground.

According to the report Fakhrizadeh and his wife were on their way to spend the weekend at their house in a Tehran suburb. There were three security cars with them and at a certain point the leading car left the motorcade to do a preliminary security check of the house.

Right after the car at the front of the motorcade left shots were fired on Fakhrizadeh’s car and it stopped. Fakhrizadeh stepped out of the car thinking his car hit an object on the road or there was a problem with the engine.

At that point shots were fired again from a Nisan pickup truck which stopped 150 meters from Fakhrizadeh’s car. The shots were fired from an automatic machine gun which was mounted on the pickup truck and operated by remote control.

Fakhrizadeh was hit by three bullets – one hit him in the spine. Seconds later the Nisan pickup truck exploded in what looks like a self destruct mechanism. According to Fars news Iranian security forces identified the owner of the pickup truck who left Iran on October 29th.

Fars reported the assassination operation lasted only three minutes and was all done by remote control with no gunmen on the ground.

Illustrative image: A photographed remote control gun previously used by ISIS in Mosul as an anti-aircraft weapon, via Popular Front military analysis site.

If true, this would further point to a likely foreign intelligence operation, whether Israeli or with American help.

It sounds like the stuff of Hollywood movies. The 1997 film The Jackal involves just such a scenario where an assassin seeks to kill a politician using just such a high-tech remote controlled automatic long-range gun.

Here are the official details of the targeted killing being circulated by top Iranian officials Monday, as summarized in the AP:

“Unfortunately, the operation was a very complicated operation and was carried out by using electronic devices,” Shamkhani told state TV. “No individual was present at the site.”

Satellite control of weapons is nothing new. Armed, long-range drones, for instance, rely on satellite connections to be controlled by their remote pilots. Remote-controlled gun turrets also exist, but typically see their operator connected by a hard line to cut down on the delay in commands being relayed. Israel uses such hard-wired systems along the border with the Hamas-controlled Gaza Strip.

It may be the first time in known history that such a high level assassination was carried out entirely through on the ground stationary remote-controlled automatic weapon fire.

Israel has long possessed remote controlled automatic weapons. Illustrative example via WikiWand: “the Samson Remote Controlled Weapon System for 30 mm autocannon is designed to be mounted on lightly-armored, high-mobility military vehicles and operated by a gunner or vehicle commander operating under-the-deck.”

Mideast editor of Jane’s Defence Weekly, Jeremy Binnie, mused“Could you set up a weapon with a camera which then has a feed that uses an open satellite communications line back to the controller?” 

Binnie answered his own rhetorical question with: “I can’t see why that’s not possible.”

end

6.Global Issues

CORONAVIRUS UPDATE SATURDAY

US COVID-19 Cases Hit New Record; Germany 12th Country To Top 1 Million: Live Updates

Summary:

  • US sees new record as daily tests top 2 million
  • Germany tops 1 million cases
  • Merkel urges Germans to do more to rein in virus
  • London avoids toughest COVID restrictions
  • Hundreds of Argentines take to the streets
  • Italy ICU patients fall
  • Japan plans distribution of vaccines
  • WHO official weighs in on COVID measures

* * *

Perhaps the biggest COVID-19 news comes out of the US, as LA County has temporarily banned public and private social gatherings of individuals from different households will be banned for at least three weeks starting Monday under new restrictions local health officials unveiled on Friday, citing a continued surge in COVID-19 infections.

This latest public health order affects some 20 million people living in and around the second-largest city in the US. After a US judge barred NY Gov Andrew Cuomo from placing restrictions on religious gatherings, LA County specifically exempted religious services and protests due to the fact that they are constitutionally protected gathering.

After falling test numbers led to lower case numbers for a few days, the numbers jumped back on Saturday.

In Europe, the total number of cases in Germany topped 1 million, making Germany the 12th country to top that milestone, just days after Mexico became No. 11.

Given the new numbers, Chancellor Angela Merkel urged Germans to do more to rein in the pandemic and called on Europe’s ski resorts to do more to stop vacationers.

Meanwhile, London plans to avoid the toughest coronavirus restrictions when England’s partial lockdown ends next week, allowing municipalities in England to start allowing more patients. The number of severely ill French patients in ICU fell to the lowest level in more than three weeks. Argentines are still mourning the death of soccer icon Diego Maradona ignored virus restrictions. In Australia, Victoria reported 0 new cases for the 28th straight day, a new record, which suggests that Australia might be among a handful of western nations that can reliably hold Christmas holidays with only limited restrictions.

Globally, coronavirus cases have reached 61,585,651 according to Johns Hopkins University data, while the worldwide death toll has hit 1,441,335.

Here’s some new coronavirus news from overnight and Saturday morning:

Hundreds of thousands of Argentines took to the streets of Buenos Aires to mourn Wednesday’s death of soccer icon Diego Maradona, upending the nation’s strict Covid restrictions (Source: Bloomberg).

The number of patients in Italy’s intensive-care units fell to 3,846, the first decline in seven weeks, and new infections dropped 20% from a week ago, adding to signs that the virus is spreading more slowly in the country (Source: Bloomberg).Japan looks to begin distribution of COVID-19 vaccines by March end of the fiscal year as clinical trials on a number of candidates move forward. Tokyo aims to secure enough vaccine for the country’s entire population by the first half of 2021. It is set to source doses for 145 million people from Pfizer, AstraZeneca and Moderna (Source: Nikkei).

The WHO’s top emergency official weighs in on the origins of the novel coronavirus. “I think it’s highly speculative for us to say that the disease did not emerge in China,” Mike Ryan told a virtual briefing in Geneva after being asked whether COVID-19 could have first emerged outside China. “It is clear from a public health perspective that you start your investigations where the human cases first emerged,” Ryan said (Source: Nikkei).

end

CORONAVIRUS UPDATE SUNDAY

US, UK Say First COVID Vaccinations Expected Before Christmas As New Cases Slow: Live Updates

Summary:

  • Surgeon General says COVID vaccination to start in mid-December
  • UK officials say vaccinations to start before Christmas
  • China detects virus on seafood packaging
  • German authority warns virus isn’t slowing fast enough for Christmas
  • Colo. Gov tests positive
  • Czech Republic plans to ease lockdown
  • Poland sees jump in new cases
  • Iran sees drop in fatalities

* * *

More US government officials weighed in on the timing for COVID-19 vaccine rollout, which is expected to begin before the end of December, according to Surgeon General Jerome Adams and Dr. Anthony Fauci, the nation’s top infectious disease specialist.

Across the US, 153,035 new infections and 1,175 deaths were reported on Saturday, according to data from Johns Hopkins University and Bloomberg. The US reported just over 150k new cases on Saturday, even as the number of currently hospitalized patients continued to climb.

Over on the West Coast, as LA County enters day 3 of its 3 week lockdown, San Francisco has been moved to the most restrictive tier by California following a jump in coronavirus cases, prompting a slew of new measures across the city. “I don’t know how to be more clear – this is the most dangerous time we’ve faced during this pandemic,” San Francisco Mayor London Breed warned.

The British government said it hopes to begin its vaccination program before Christmas so long as regulators approve all the shots in time, which regulators expect that they will.

In Germany, where Angela Merkel has warned that recent improvements in COVID-19 numbers simply haven’t been enough, the premier of North Rhine-Westphalia, Germany’s most populous state, said cases aren’t falling quickly enough to warrant dropping restrictions for the Christmas holiday.

Finally, China is revoking import applications from Chilean seafood producer Pesquera Isla Del Rey for one week after a nucleic acid test on the packaging of a batch of frozen crab turned up positive for COVID, according to the General Administration of Customs, who confirmed that in a statement on its website on Saturday. Of course, this isn’t the first time China has allegedly detected traces of the virus on packaging of imported sea food, part of Beijing’s “conspiracy theory” about the virus originating elsewhere – like, say, India (where a group of Chinese researchers claimed the virus actually originated).

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

Iran’s daily fatalities from Covid-19 fell for a third day to 389, the lowest single-day death toll in four weeks. The number of daily new cases fell to 12,950 overnight from 13,402 yesterday. The country now has 47,875 deaths in 948,749 known infections (Source: Bloomberg).

The Czech Republic will significantly ease its lockdown restrictions on Thursday after the spread of the coronavirus slowed in the past two weeks. The decision, approved at an extraordinary government meeting on Sunday, will allow shops and restaurants to reopen, although limits on the number of customers and opening hours will remain. The cabinet also agreed to scrap the nighttime curfew on Dec. 3 (Source: Bloomberg).

The governor of Colorado, where an estimated one in 41 of the state’s 5.7 million residents carried the Covid-19 virus over the past week, has tested positive and is resting at home. Governor Polis, an early advocate of masks, issued a statement Saturday night saying his partner was also infected. Earlier in the week, the governor of neighboring Wyoming tested positive (Source: Bloomberg).

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 MONDAY morning 7:00 AM….

Euro/USA 1.1988 UP .0029 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 /MIXED

USA/JAPAN YEN 104.08 UP 0.112 (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 1.3342   UP   0.0045  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2957 DOWN .0025 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  MONDAY morning in Europe, the Euro ROSE BY 29 basis points, trading now ABOVE the important 1.08 level RISING to 1.1988 Last night Shanghai COMPOSITE MDOWN 16.55 PTS OR .49% 

//Hang Sang CLOSED DOWN 553.19 PTS OR 2.06% 

/AUSTRALIA CLOSED DOWN 1,10%// EUROPEAN BOURSES ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 553.19 PTS OR 2.06% 

/SHANGHAI CLOSED DOWN 16.55 PTS OR .49% 

Australia BOURSE CLOSED DOWN 1.16% 

Nikkei (Japan) CLOSED DOWN 211.09  POINTS OR 0.79%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1769.40.00

silver:$22.16-

Early MONDAY morning USA 10 year bond yield: 0.855% !!! DOWN 0 IN POINTS from FRIDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.587 DOWN 0  IN BASIS POINTS from FRIDAY night.

USA dollar index early MONDAY morning: 91.60 DOWN 19 CENT(S) from  THURSDAY’s close.

This ends early morning numbers MONDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  MONDAY NUMBERS \1: 00 PM

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

JAPANESE BOND YIELD: +.03.%  UP 1   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.08%//DOWN 0 in basis point yield from yesterday.

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

the Italian 10 yr bond yield is trading 54 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 MONDAY

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

Euro/USA 1.1946  DOWN     .0015 or 15 basis points

USA/Japan: 104.37 UP .396 OR YEN UP 40  basis points/

Great Britain/USA 1.3333  UP .0038 POUND UP 38  BASIS POINTS)

Canadian dollar DOWN 8 basis points to 1.2984

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed UP TO 6.5789    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.5774  (YUAN up)..

TURKISH LIRA:  7.81  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.03%

Your closing 10 yr US bond yield UP 0 IN basis points from FRIDAY at 0.848 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.5800 UP 0 in basis points on the day

Your closing USA dollar index, 91.89 up 10  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 101.39  1.59%

German Dax :  CLOSED DOWN 44.52 POINTS OR .33%

Paris Cac CLOSED UP 79.63 POINTS 1.42%

Spain IBEX CLOSED UP 111.80 POINTS or 1.39%

Italian MIB: CLOSED UP 291.48 POINTS OR 1.30%

WTI Oil price; 4.5/06 12:00  PM  EST

Brent Oil: 47.47 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    76.41  THE CROSS HIGHER BY 0.33 RUBLES/DOLLAR (RUBLE LOWER BY 33 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 for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OILPRICE 4:30 PM :  45.49//

BRENT :  47.87

USA 10 YR BOND YIELD: … 0.847..up 1 basis points…

USA 30 YR BOND YIELD: 1.579 up 1 basis points..

EURO/USA 1.1935 ( DOWN 35   BASIS POINTS)

USA/JAPANESE YEN:104.36 UP .386 (YEN DOWN 39 BASIS POINTS/..

USA DOLLAR INDEX: 91.86 UP 17 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3333 UP 36  POINTS

the Turkish lira close: 7.82

the Russian rouble 76.39   DOWN 0.39 Roubles against the uSA dollar. (DOWN 39 BASIS POINTS)

Canadian dollar:  1.2973 UP 3 BASIS pts

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

The Dow closed DOWN 266.40 POINTS OR 0.89%

NASDAQ closed DOWN 7.11 POINTS OR 0.06%


VOLATILITY INDEX:  21.03 CLOSED UP .19

LIBOR 3 MONTH DURATION: 0.225%//libor dropping like a stone

USA trading today in Graph Form

Global Stocks Soar To Best Month Ever As Bitcoin Hits Record High

Global stocks soared over 13% in November – the greatest monthly gain in its history – apparently on the heels of vaccine news…

Source: Bloomberg

“What’s really taken most people by surprise is that if anybody said to you in March, ‘Hey we’re going to have a year where really most businesses are working at not-full capacity, most restaurants may not even be open, people aren’t going to the office, and oh yeah, by the way, we’ll hit all-time highs,’ people would have thought you were nuts,” said JJ Kinahan, chief market strategist at TD Ameritrade.

“It’s been amazing.”

A $15 trillion rise in global liquidity helped to lift global stocks off those March lows, and continue to inflate asset prices everywhere…

Source: Bloomberg

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

Source: CNN

Critically, if one really believes that stocks soared on fundamentals in November, then why did global bond yields tumble?! (NOTE – that is the lowest bond yield since August)

Source: Bloomberg

And as global stocks and bonds rallied, the dollar was battered to its 2nd worst month in almost 3 years (and down 7 of the last 8 months) to its weakest against its fiat peers since April 2018 (and unchanged since Jan 2015)…

Source: Bloomberg

This was also European stocks best month on record…

Source: Bloomberg

In the US, Small Caps were the best performers in November and Nasdaq and the S&P 500 were the laggards (but even so they rose over 10%)…

Source: Bloomberg

This was Small Caps’ best month ever, soaring to a new record high…

Source: Bloomberg

And The Dow’s best month since Jan 1987…

Source: Bloomberg

And that happened as US macro dats plunged (for the 4th straight month) by the most since April…

Source: Bloomberg

So – a quick summary – COVID cases, deaths, and ICU hospitalizations are (according to the media) exploding higher, Xmas is cancelled, US macro data is rolling over fast, bonds know this vaccine malarkey ain’t coming anytime soon, there’s no big stimulus anytime soon, and damn-it-Janet can only do so much with gridlock… all of which explains why stocks are at record highs…

Small Caps have outperformed Big-Tech for 3 straight months (the biggest 3mo outperformance since 2002), but we note the last couple of days have seen that Russell/Nasdaq rise stall at what looks like recent resistance…

Source: Bloomberg

Momentum collapsed in November…

Source: Bloomberg

… underperforming value by the most since April 2009…

Source: Bloomberg

Cyclicals significantly outperformed defensives post-vaccine…

Source: Bloomberg

Energy stocks were November’s massive outperformer, soaring over 31% (slightly higher than April’s surge) – for the greatest monthly performance for Energy stocks ever…

Source: Bloomberg

VIX collapsed by almost 17 vols in November, its second biggest monthly compression in history…

November saw a combined bond/stock portfolio’s second-best monthly gain since March 2009…

Source: Bloomberg

As stocks soared, US Treasury yields ended November significantly lower (30Y -9bps)…

Source: Bloomberg

Notably, 30Y Yields stalled their “rout” higher at 1.75% once again…

Source: Bloomberg

The Dollar had an ugly month despite spikes on the election and 4 Monday vaccine ramps…

Source: Bloomberg

As the dollar dived, the Columbian Peso, Norwegian Krone, Brazilian Real, and Turkish Lira all soared with only the Argentine Peso weaker against the dollar on the month…

Source: Bloomberg

Cryptos had a massive month with Bitcoin up around 40% – its best month since May 2019 – and Ethereum outperforming that…

Source: Bloomberg

Sending Bitcoin to a new all-time record high…

Source: Bloomberg

Bitcoin’s last week or so has been an impressive roller-coaster to say the least…

Source: Bloomberg

Crude and copper soared as PMs sank in November…

Source: Bloomberg

This was WTI’s best month since May 2020…

This was Gold’s worst month since Nov 2016 (and is down for 3 straight months)… despite the dollar’s drop…

Interestingly, gold has dropped as the volume of global negative-yielding debt soared to a new record high over $17.4 trillion…

Source: Bloomberg

Gold’s move is most notable given the drop in the USD. Combined, this is the worst USD-adjusted month for gold since June 2013 (-5.2% Gold, -2.5% USD)…

Source: Bloomberg

And finally, the $15 trillion in additional global liquidity has sent the S&P 500 to its most expensive valuation in history…

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

Pending Home Sales Unexpectedly Slide In October, High Prices Blamed

Today’s pending home sales data  (expected to rise modestly MoM) is October’s tie-breaker after new home sales dipped and existing home sales ripped. After unexpectedly dropping in September, pending homes also unexpectedly fell in October (down 1.1% MoM vs +1.0% MoM exp).

Source: Bloomberg

This is the second monthly decline in a row.

“The housing market is still hot, but we may be starting to see rising home prices hurting affordability,” Lawrence Yun, chief economist at the NAR, said in a statement.

The combination of low rates, lean inventory and “very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers.”

On a YoY basis, sales remained impressive (up 19.5%) but that also slowed.

Source: Bloomberg

By region, pending home sales declined in two of four major U.S. regions, including a 5.9% decrease in the Northeast and a 0.7% drop in the Midwest. The gauge of contract signings in the South crept up 0.1%, while the index was unchanged for the West.

END

Black Friday Foot Traffic Down More Than 52%

By Ben Unglesbee of RetailDive,

Summary:

  • While online sales exploded during the Thanksgiving weekend, trips inside brick-and-mortar stores on Black Friday dropped off significantly, as many analysts anticipated.
  • According to data from Sensormatic Solutions, shopper visits to physical stores on Black Friday fell 52.1% from last year. Online sales, meanwhile, hit a new record with $9 billion, up 21.6% over 2019, Adobe Analytics said.
  • With many retailers opting to stay closed on Thanksgiving, physical traffic on the holiday fell nearly 95%, according to Sensormatic.

With COVID-19 cases hitting new highs, it comes as little surprise that many shoppers opted to stay away from physical stores this year. That said, the differences between Black Friday 2020 and those that preceded it were stark.

Our traditional store checks over the holiday weekend were like none other we’ve ever experienced in our lifetime — no hustle and bustle, no lines at the register,” said MKM Partners Managing Director Roxanne Meyer in an emailed research note.

Retailers have anticipated and prepared for that, even nudged consumers into changing up their holiday shopping plans to keep them from packing into stores.

Major players like Walmart and Target have been spreading Black Friday-like discounts through the month of November and encouraging online purchases and curbside pickup. Many also followed Amazon’s lead by launching online sales events in October, which pulled holiday purchases into the month and heralded the beginning of the holiday shopping spree.

Black Friday still had a major impact. Sales in the U.S. were up 177% Friday against their October average, according to Criteo data emailed to Retail Dive. By category, fashion was up 240%, consumer electronics were up 359% and home goods were up 148%.

However, year-over-year Black Friday sales were down 5%, meaning that even the online sales surge couldn’t fully make up for the lost foot traffic. Criteo’s data shows, however, that the prior weeks’ discounting may have affected sales on Black Friday itself — which was the plan among retailers all along. Sales in the first three weeks of November were up 7% year over year, Criteo said.

Observers found lines leading out of stores on Black Friday, but their length was due to social distancing and in many cases they led to stores that were capping foot traffic as a pandemic safety measure.

ECONOMIC STORIES//ELECTION CHAOS
A Pennsylvania Judge McCulloch, backs Trumps claims over the mail in ballots being unconstitutional
(zerohedge)
Pennsylvania Judge Backs Trump Claims Over Mail-In Ballots, Says ‘Unlikely Constitutional’

After a Pennsylvania Judge blocked the state from ‘taking any further steps’ to complete the certification of the presidential race on Wednesday – she dropped a detailed opinion on Friday justifying her decision, which concludes that the state’s changes to mail-in balloting procedures were likely illegal.

The order is currently delayed while the state Supreme Court considers the case on an expedited basis, which was filed by a group of Republicans who argued that the state’s changes to mail-in voting, Act 77, violated the commonwealth’s constitution.

Commonwealth Judge Patricia McCullough noted in her opinion that the plaintiffs “have established a likelihood to succeed on the merits” of the case, because “the Constitution does not provide a mechanism for the legislature to allow for the expansion of absentee voting without a constitutional amendment.”

“Petitioners appear to have aviable claim that the mail-in ballot procedures set forth in Act 77 contravene Pa. Const. Article VII Section 14 as the plain language of that constitutional provision is at odds with the mail-in provisions of Act 77.

Judge McCullough adds that without the emergency injunction, the plaintiffs would likely suffer “irreparable harm.”

If what may be an unconstitutional mail-in voting process remains extant, such mail-in ballots may make the difference as to whether he is successful or not.”

In short; Judge McCullough believes that Pennsylvania’s last-minute changes to mail-in ballots was likely unconstitutional, and if allowed to remain in place may negatively affect at least one of the plaintiffs (a GOP congressman) in future elections.

end

CNN admits there are legal and constitutional ways for Trump to stay in office

Watson/Summit News)

Watch: CNN Admits There Are “Legal & Constitutional” Ways For Trump To Stay In Office

Authored by Paul Joseph Watson via Summit News,

In a video released before the election but attracting fresh attention, CNN’s Fareed Zakaria explained the “legal and constitutional” case by which President Trump could stay in office even if he loses the election.

In a moment of actual journalistic integrity, which is incredibly rare these days for CNN, Zakaria outlined how Trump could retain the presidency “without actually winning the vote.”

Explaining how the system worked, Zakaria said electors are determined by that state’s popular vote, but that this is “not a constitutional obligation.”

The host then outlined the exact scenario that happened on election day, with Trump leading on November 3rd but then mail-in ballots swinging the result for Biden, prompting a flurry of challenges and lawsuits.

“Taking account of the confusion, legislatures decide to choose the electors themselves,said Zakaria before pointing out that eight out of nine key swing states have Republican legislatures.

“If one or more decide that balloting is chaotic and marked by irregularities, they could send what they regard as the legitimate slate of electors, which would be Republican.”

Adding to the confusion, Democrats from the same states would also send their electors to Washington, which Zakaria suggested could be “part of the Republican plan.”

“Because you see when Congress convenes on January 6 to tally the electors’ votes, there would be challenges to the legitimacy of some electors,” explained Zakaria.

This would prompt Congressional Republicans to argue that disputed states should not be counted, which would ensure Biden’s could not reach 270 electoral college votes.

“At that point, the constitution clearly directs that the House of Representatives vote to determine the presidential election, but it does so with each state casting a single ballot,” said Zakaria, noting that this process would result in the re-election of Donald Trump.

“Trump doesn’t have to do anything other than accept this outcome, which is constitutional,” concluded Zakaria.

The video has caused consternation amongst some Biden supporters, who are eagerly pointing out that it was released before the election.

However, this makes no difference whatsoever. Zakaria’s explanation of how Trump could still win is still in play.

*  *  *

New limited edition merch now available! Click here. In the age of mass Silicon Valley censorship It is crucial that we stay in touch. I need you to sign up for my free newsletter here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Also, I urgently need your financial support here.

end

The Pennsylvania Supreme Court (5 Dems and 2 Republicans) dismisses a GOP Trump win.  Next stop: Supreme Court.

(zerohedge)

Pennsylvania Supreme Court Dismisses GOP-Trump Win; Next Stop, US Supreme Court

The Pennsylvania Supreme Court on Saturday evening dismissed a lawsuit brought by Republicans who seek to invalidate the state’s mail-in ballots, with five of the court’s seven judges arguing that the case should be dismissed because the challenge had come too late, according to the Financial Times.

Pennsylvania Supreme Court

The latest Pennsylvania lawsuit, led by Republican congressman Mike Kelly, was unanimously rejected by the state’s Supreme Court judges, who described it as an “extraordinary proposition that the court disenfranchise 6.9 million Pennsylvanians who voted in the general election”.

The court’s decision overturns an earlier hold on the state’s certification process made by Commonwealth Court judge Patricia McCullough. –FT

Saturday evening’s ruling was dismissed with prejudice, meaning it cannot be refiled. We expect the plaintiffs to follow the same course as Trump’s legal team, which has vowed to take their various cases to the Supreme Court.

What happens next? (from John M. Reeves via uncoveredc.com)

If other lawsuit litigation is any predictor, Parnell and the other voters will now seek an expedited petition for a writ of certiorariThey will most likely also apply to Justice Alito—as Circuit Justice for the Third Circuit—for an emergency injunction barring the Pennsylvania Secretary of State from certifying the results of the election pending resolution of the cert petition. To obtain the Court’s review, Parnell and the other voters must show that the Pennsylvania Supreme Court’s decision somehow violates federal law. While the Pennsylvania Supreme Court’s decision is rooted in state law, a good argument can be made that it involves a federal question.

In interpreting the legislative power within the context of selecting Presidential Electors, the Supreme Court of the United States has held, “What is forbidden or required to be done by a state is forbidden or required of the legislative power under the state constitutions as they exist.” McPherson v. Blacker, 146 U.S. 1, 25 (1892). In other words, the “legislative power” to select Presidential Electors includes those limitations that state constitutions place on its legislatures—in this case, the Pennsylvania state constitution’s limiting of absentee voting to the above five situations. [(1) work; (2) illness; (3) physical disability; (4) the election occurring on a religious holiday; or (5) a person’s election-day duties themselves preventing the person from voting in person.] This may constitute a viable federal question for the Supreme Court of the United States to intervene. And while McPherson dates from 1892, its rationale is sound, and the Court has cited it as recently as 2015. See Ariz. State Legislature v. Ariz. Indep. Redistricting Comm’n, 576 U.S. 787, 839 (2015).

The other question is what weight, if any, the Supreme Court of the United States will give to Parnell’s supposed delay in bringing the lawsuit. I will admit that this is an area I have not examined much, and so I will refrain from commenting on it for the time being. But this much, at least, seems clear to me: the Pennsylvania mail-in voting law is unconstitutional.

*  *  *

Saturday’s ruling is the latest ‘setback’ for Republicans in Pennsylvania – however reaching the US Supreme Court has always been the goal, achieved through appeals of lower court decisions such as Saturday’s.

Last weekend, Republicans were dealt a blow in their efforts to overturn the election results after Judge Matthew Brann dismissed a lawsuit seeking to block certification of Joe Biden’s win in the state – calling the case unconstitutional and lacking evidence.

The Trump Campaign’s appeal of Brann’s decision was then dismissed on Friday by a panel of Republican-appointed judges.

“F**k Thanksgiving!”: Antifa Topples Statues Of George Washington, Veterans To Fight “Colonization”

Authored by Tyler O’Neil via PJMedia.com,

While most Americans were eating turkey and stuffing at whatever kind of socially-distanced gathering their state government would allow, “peaceful protesters” — who never spread the coronavirus, apparently — toppled statues and spray-painted anti-Thanksgiving messages to celebrate the holiday.

Vandals targeted statues of President William McKinley in Chicago, a veterans monument in Portland, an Abraham Lincoln statue in Spokane, Wash., and two statues in Minneapolis: one of George Washington and another celebrating pioneers.

“Stop colinization [sic]. End Thanksgiving. F**k 12,” vandals spray-painted on the plinth of the Washington statue in Washburn Fair Oaks Park in Minneapolis. The vandals targeted the statue either late on Wednesday night or early on Thanksgiving morning.

A group organizing under the Pan-Indigenous People’s Liberation (PIPL) network took credit for the vandalism, which they said was part of a “national decolonial day of action.”

A few miles away from the Washington statue, vandals also targeted a large granite monument to pioneers in the city’s B.F. Nelson Park. Vandals spray-painted the messages, “no thanks,” “no more genocide,” decolonize,” and “land back” on the statue, the Minneapolis Star-Tribune reported.

Sorry, 1619 Project, But the Mayflower Was Far More Pivotal to American History

Park Board spokeswoman Dawn Sommers promised, “We will start removing the paint as soon as we can.”

“Land back” seemingly refers to The LANDBACK campaign, a Native American movement supposedly fighting “white supremacy.” The campaign calls for the dismantling of the “white supremacy structures” supposedly responsible for removing Native Americans from their lands, including the Bureau of Land Management and the National Park Service; for the defunding of “white supremacy” in the forms of the police, the military-industrial complex, Border Patrol, and ICE; a “return” of “all public lands back into Indigenous hands”; and a policy of “consent.”

This iconoclasm is nothing new. While it began with Confederate monuments, this summer vandals progressed to targeting America’s heroes, such as George WashingtonThomas Jefferson, and Abraham Lincoln. Then came Mahatma Gandhi, Union General Ulysses S. Grant, black Union soldiers, and freed slave Frederick Douglass. Vandals even attacked a monument to 9/11 firefighters and painted a statue of Jesus black.

However, targeting patriotic symbols just before Thanksgiving seems particularly disgusting.

Early on Wednesday morning, police prevented vandals from toppling a statue of President William McKinley in a Chicago park. The vandals tethered a rope to a police car and spray-painted the statue with the words “Land Back,” NBC 5 Chicago reported. Activists have condemned McKinley, who served as president from 1897 to his death in 1901, as a racist because he championed westward expansion.

Vandals in Spokane, Wash., spilled red paint on a statue of Abraham Lincoln in an attack that may or may not have been related to the “Land Back” campaign.

New York Times Finally Admits the Black Lives Matter Riots Left ‘Long-Term Economic Damage’

In Portland, the antifa group Youth Liberation Front called for “a decentralized, anti-colonial day of action on Thanksgiving eve,” with the message, “F**k Thanksgiving, F**k Black Friday!”

An antifa mob broke windows and sprayed graffiti, including the phrase, “Land Back.” Portland police arrested three suspects.

The antifa radicals targeted a veterans’ monument at Portland’s Lone Fir Cemetery. Vandals spray-painted, “F**k USA,” and “Eat sh*t, colonizers!” on the Soldiers Monument Statue, unveiled in 1903 to honor soldiers of the Civil War, the Spanish-American War, the Mexican-American War, and the Indian Wars.

Antifa rioters also spray-painted, “F**k Thanksgiving” underneath an ATM.

Such Thanksgiving attacks on national symbols make perverse sense in light of the Black Lives Matter riots this past summer, the Marxist critical race theory promoted by The New York Times‘ “1619 Project,” and the impact of organizations like the far-left smear factory the Southern Poverty Law Center (SPLC).

Just before Thanksgiving, the SPLC published an article entitled, “Indigenous Slavery and the Thanksgiving Difference.” In that article, Harvard University professor Tiya Miles argues that “Thanksgiving is a holiday long past due for an overhaul.”

Miles claims that the mythology of the First Thanksgiving “is based on a misunderstanding of the early relationships between Wampanoag residents and the English newcomers at Massachusetts Bay.” She notes that Tisquantum (popularly known as Squanto) served as a translator between the Wampanoag and the Pilgrims, having learned English during his capture and enslavement in England.

She also notes that the Wampanoag leader Pumetacom allied with the Narragansetts and Nipmucks in a war against the colonists that ended in the natives’ defeat. “Thousands would be killed or sold into slavery in the conflict, which ended Indigenous independence in New England. It is no wonder that some Native American families see Thanksgiving as a day of mourning,” she writes.

Much of the history between Native Americans and European settlers is indeed tragic, but leftist narratives often deprive the victims of their agency. Tisquantum, for instance, appears to have been plotting to overthrow the Wampanoag leader before Tisquantum’s untimely death, and his machinations likely contributed to the ultimate Puritan victory. History is far messier than the simple narrative of evil European colonialism and “white supremacy” suggests.

Americans should reexamine our history, but the nefarious message of Marxist critical race theory suggests we should upend society in order to satisfy historical grievances in the name of racial justice. This toxic vision undermines the very real progress America has made in terms of establishing civil rights regardless of race and in terms of securing broad prosperity through a free market economy.

Americans have a great deal for which to be thankful, even in the midst of a pandemic. Rather than railing against the supposed oppressors who established and celebrated Thanksgiving, these vandals should consider just how indebted they are to the system that provides peace and prosperity to the United States.

END

What took him so long: Dr Fauci finally confirms that children do not catch or transmit COVID 19 in large numbers.

(zerohedge)

Dr. Fauci Finally Confirms That Children Don’t Catch Or Transmit COVID-19 In Large Numbers

Authored by Stacey Lennox via PJMedia.com,

Better late than never. Perhaps because he believes Joe Biden will be inaugurated in January, Dr. Fauci is finally admitting that children do not get terribly ill from or transmit COVID-19 in any significant way. Weird, since Switzerland figured this out in AprilDetailed genetic studies in Iceland showed that children were not passing the virus to adults in any significant numbers in June. And German researchers asserted that children could actually act as a brake on transmission within the community.

But good old “follow the science” Fauci was wringing his hands and hedging his bets in the media and during congressional testimony. Most notably, he got into a heated exchange with Senator Rand Paul, who is also a doctor.

Senator Paul correctly noted Sweden’s experience, which never closed their primary schools and did not see a spike in childhood illness. Germany also reopened schools in July with no significant issues. Since the summer, most industrialized countries have reopened schools, and many do not enforce distancing or mask-wearing. But this did not impress Dr. Fauci.

Paul noted the devastating effects of school closures, especially on disadvantaged childrenIt is only in the next decade that we will understand the impact of all the missed support services on these children. However, we do know many are not logging in for digital learning. Failure rates have also gone up where children only engage in distance learning.

Doctors and other agencies note increases in child abusedepression, and other mental health issues in children. There has also been an uptick in self-harm and suicidal ideation. This, over a respiratory virus with an infection fatality rate (IFR) of 0.13%, according to the WHO, which is very stratified by age and tends to affect the very elderly.

This debate raged on through the summer, when President Trump said reopening schools was a priority. It became gobsmackingly stupid when mayors and governors began to convert public space to daycare centers where children could engage in distance learning. Yet, they would not reopen schools. State leaders who chose to, such as Georgia Governor Brian Kemp and Ron DeSantis in Florida, were widely criticized.

They were also widely covered for a bumpy first week. Then nothing bad happened. So, you really don’t hear about them anymore, likely because these states would blow up the preferred narrative. Your children can’t go to school because Donald Trump is president, basically. A health official in Los Angeles even said the quiet part out loud.

Because Dr. Fauci and other Health Experts™ would not realistically frame the virus’s risk for children, teachers’ unions used the pandemic as cover for their destructive political agenda. In many urban districts, they refused to return unless political demands were met. We also saw just how far left these organizations were when they joined radical protests with the Democratic Socialists of America and other groups. Their list of demands was a cornucopia of dangerous policies, such as defunding the police. Now, one of these radicals will likely lead the Department of Education. Fabulous.

But now that the Very Bad Orange Man is presumed to be leaving office, Dr. Fauci can report what this author and many other outlets have been reporting for months:

Actually, it was what anyone who was paying attention should have expected. By the time the virus ripped through Italy, it was apparent that the elderly and those with preexisting conditions were at the greatest risk. Dr. Birx was communicating that in the earliest briefings. Once the Iceland genetic and German studies came out, it should have been confirmed. As we watched other nations’ experiences, especially those that never closed schools, we could have made reasonable assumptions and moved forward.

But we didn’t. And our children will be paying for years to come in some of the more ridiculous areas of the countryNew York City and Kentucky just closed schools again. Los Angeles has never opened them. One has to wonder what excuse they will use now—or if one is no longer necessary because they believe they won an election.

END
Not only was Dominion prone to attack from China and Iran but also dominion was connected to the Pro Obama entity known as ACORN
(Hoft// Gateway Pundit)

Not Only Was Dominion Prone to Attack from China and Iran – It Was Also Connected to Pro-Obama Entity Known as ACORN

On Thanksgiving eve Attorney Sidney Powell filed a 104 Page BOMBSHELL COMPLAINT on massive voter fraud in the Georgia election this year.  Then it was discovered that she simitaneously filed a complaint in Michigan as well.

General Flynn Attorney Abigail Frye broke the news late Wednesday night–

The Kraken came down to Georgia on this Thanksgiving Eve in the form of a 104 pg BOMBSHELL complaint exposing the massive fraud that overwhelmed the 2020 Georgia Elections. Georgia, you are most certainly on our minds. Link to filing to come, stay tuned!

TRENDING: BREAKING GEORGIA UPDATE: Judge Issues Restraining Order for 10 Days Preventing Defendants from Destroying or Erasing Dominion Voting Machines

HERE IS ACOPY OF THE GEORGIA FILING.

AND HERE IS A COPY OF THE MICHIGAN FILING.

Then on Thanksgiving Day Sidney Powell retweeted two tweets by Liberty Times and Politics.

The tweets included a court filing that includes information on Dominion and Edison Research’s connections to the Internet.

We noted that the document identifies Dominion’s Trump-hater Eric Coomer is the inventor of the authentication function within the application.

And then on page 16 of the legal filing the document identifies foreign actors having access to US elections through the Dominion – Edison Research connections.

This was shocking news.

Were any Americans aware that our election systems were so prone to attack and that foreign actors China and Iran had attempted to manipulate the results of our election?

However, as we perused the appendix further, we see that Iran and China are not the only entities with access to the Dominion data and the ability to manipulate the results of our elections.  There is a direct connection to Belgrade, Serbia and there are or were numerous Dominion employees in Serbia.

But on page 8 we see Dominion – Edison has connections to domestic players.  One entity is Indivisible which was formerly Obama connected ACORN:

end
Our Judge (Batten) from above who ordered a halt to the removal of stuff from the Dominion machines, will hear the case this Friday
(Stieber/EpochTimes)

Judge Schedules Hearing In High-Profile Georgia Election Case

Authored by Zachary Stieber via The Epoch Times (emphasis ours)

The judge who Sunday ordered Georgia officials not to wipe or reset voting machines scheduled the next hearing in the case for Friday.

U.S. District Judge Timothy Batten Sr., a George W. Bush appointee, issued three emergency orders on Sunday, initially ordering officials to hold off on taking action regarding the machines, reversing himself, then re-establishing the first order.

In a Nov. 30 orderBatten said his final decision on Sunday partially granting the defendants’ motion “involves a controlling question of law as to which there is substantial ground for difference of opinion and that an immediate appeal from the order may materially advance the ultimate termination of the litigation.”

The order enables defendants to appeal the temporary ruling to the 11th Circuit Court of Appeals.

Defendants were ordered to file their brief by Dec. 2 while any reply brief will be due Dec. 3.

In a third filing, defendants said Charlene McGowan, Georgia’s assistant attorney general, will be appearing on behalf of the defendants, which include Gov. Brian Kemp, Secretary of State Brad Raffensperger, and state Election Board members.

Georgia Secretary of State Brad Raffensperger speaks during a news conference in Atlanta, Ga., on Nov. 13, 2020. (Brynn Anderson/AP Photo)

McGowan didn’t respond to a request for comment.

The plaintiffs are represented by attorney Sidney Powell. They successfully convinced Batten on Sunday to bar officials in three counties from wiping or resetting Dominion Voting Systems machines.

Plaintiffs are seeking to have outside experts perform forensic inspections of the voting machines.

The judge ruled that defendants are “enjoined and restrained from altering, destroying, or erasing, or allowing the alteration, destruction, or erasure of, any software or data on any Dominion voting machine in Cobb, Gwinnett, and Cherokee counties.”

He also ordered the board to “promptly produce to plaintiffs a copy of the contract between the state and Dominion.”

Dominion says on its website that “no credible reports or evidence of any software issues exist,” including in Georgia.

Powell wrote on Twitter late Sunday that “Georgia election fraud is being exposed.”

“Who benefitted from the hurry-up #Dominion contract in #GA?” she added.

Follow Zachary on Twitter: @zackstieber

iv) Swamp commentaries

This will surely upset both left and right: Swamp creature Neera Tandem nominated by Biden:

(Greenwald)

Biden Appointee Neera Tanden Spread the Conspiracy That Russian Hackers Changed Hillary’s 2016 Votes To Trump: Greenwald

Authored by Glenn Greenwald via greenwald.substack.com (emphasis ours)

The announcement that Joe Biden intends to nominate Neera Tanden as his Director of the Office of Management and Budget — a critical position overseeing U.S. economic and regulatory policy — triggered a wide range of mockery, indignation and disgust from both the left and the right. That should not be surprising: though a thoroughly mediocre and ordinary D.C. swamp creature from the perspective of both ideology and competence, Tanden’s uniquely unhinged, venomous, corrupt and pathologically dishonest conduct as a Clinton Family and DNC apparatchik and President of the corporatist-and-despot-funded Center for American Progress (CAP) has earned her a list of enemies far longer and more impressive than her accomplishments.

Neera Tanden participates in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California. (Photo by Michael Kovac/Getty Images)

When news of her appointment broke, many of the journalists and activists she has spent years abusing, slandering, and lying about instantly stepped forward to compile just some of her worst political and behavioral lowlights. And some preliminary signs emerged that she might encounter difficulty in obtaining the Senate confirmation needed for her to assume this position. The Communications Director for GOP Senator John Cornyn of Texas announced that “Tanden stands zero chance of being confirmed” by the Senate.

Former Sanders campaign aide David Sirota hypothesized that “it is not a coincidence that they are putting Neera Tanden — the single biggest, most aggressive Bernie Sanders critic in the United States of America — specifically at OMB while Sanders is Senate Budget Committee ranking/chair.” Sirota’s statement suggests Biden’s nomination of Tanden was intended as yet more humiliation doled out to the Democratic-loyal Sanders left by cucking the Vermont Senator even further by forcing him to shepherd the confirmation of one of his most vicious and amoral attackers (who Sanders himself in 2019 vehemently denounced). But Sirota’s point also raises the prospect that Tanden’s nomination could even encounter trouble from that side of the aisle as well (given Sanders’ compliant and disciplined conduct over the last six months, it’s more likely we will see him roll out a literal red carpet for Tanden to walk on, gently toss red roses on it before she passes, and then serve her a glass of Chardonnay rather than meaningfully obstruct her confirmation).

The list of sociopathic and even monstrous acts from Tanden is too long to list comprehensively. She punched one of her own employees, a reporter for CAP’s now-abolished blog ThinkProgress, after he had the temerity to ask Hillary Clinton in 2008 about her support for the Iraq War (Tanden claimed she “merely” had “pushed,” not punched, her undeferential reporter). In 2011, as the Obama administration was participating in the NATO bombing of Libya, Tanden suggested in internal CAP discussions that the U.S. steal Libya’s oil as a way of reducing the U.S. deficit (a story I was able to report only because Tanden had abused and alienated so many of her employees that they worked together to leak her incriminating emails to me).

During her tenure as CAP’s President, Tanden accepted millions of dollars  from the regime of the United Arab Emirates, which built Dubai and Abu Dhabi using slave labor, along with massive donations from Facebook, Google, Microsoft, J.P. Morgan, the Walton Family and Michael Bloomberg, while hiding the identity of some of her think tank’s largest donors. A huge chapter on the NYPD’s abusive policies toward Muslims under Mayor Michael Bloomberg was removed from a CAP report after Boomberg donated more than $1 million to Tanden’s organization, and he continued to donate even more after that courteous gesture.

She ordered the supposedly independent journalists of the ThinkProgress blog, including Muslim writers, to stop writing critically about Israel after key CAP donors, including Barney Frank’s sister Ann Lewis and long-time Clinton advisor Howard Wolfson, complained. She and Wolfson plotted in 2016 how to weaponize female journalists and people of color against Hillary’s critics as well to use their identity to stigmatize and thus stop undesirable coverage from The New York Times. In 2018, she outed a CAP employee at a staff-wide meeting who had filed an anonymous complaint of sexual harassment and retaliation against one of Tanden’s male allies. Secure with her UAE-and-corporate-funded large salary, she has long urged cuts to Social Security. The list goes on and on.

One can reasonably view Biden’s choice of Tanden as a positive. She is no different in character or ideology than any of the faceless, more obscure DNC operatives who would occupy this position if she did not. But because of how well-known her sociopathy, militarism and corporatism are to many on the liberal-left, her face serves as an undeniable and unavoidable reminder of what the Biden administration and the Democratic Party really are. She illuminates the truth about their real aims.

But beyond things like wanting to steal Libya’s oil after bombing it into oblivion, outing sexual harassment complainants, and physically assaulting and censoring her own employees, there is one uniquely abominable feature of Neera Tanden. She is one of the most deranged conspiracy theorists in the United States, and has done more than almost any other Washington functionary to contaminate Democrats’ mental health, capacity to reason, and faith in the legitimacy of U.S. elections.


Tanden owes her entire career to the patronage of Hillary Clinton, and her devotion to Hillary approaches restraining-order levels of creepiness (here you can watch Tanden beam with adoration as then-Senator Hillary Clinton, on the Senate floor in 2004, explains her steadfast opposition to marriage equality for same-sex couples on the ground that “marriage is a sacred bond between a man and a woman” and “exists between a man and a woman going back into the mists of history” for the primary purpose of raising children — just a few short years before Democrats changed views on this, after which it instantly became the hallmark of an unreconstructed hateful bigot to say this).

Few people took Hillary’s 2016 loss to Donald Trump as hard as Tanden, or handled it as poorly. Indeed, she refused to believe it really happened, and encouraged others to similarly refuse to accept its reality.

In the weeks after Trump’s victory, Tanden joined numerous Democrats in encouraging electors of the Electoral College to ignore their states’ votes and refuse to elect Trump as President (many rationale were invoked for this: Tanden’s was a CAP article promoting #Resistance fanatic Richard Painter’s argument that Trump’s violations of the Emolument Clause precluded an Electoral College win). She insisted that Hillary lost because of Russia, claiming the “Russians did enough damage to affect more than 70k votes in 3 states.” And she was not only one of the first to push the Steele Dossier’s claim that Russia held blackmail power over Trump but also one of the last to do so — insisting in 2018 that “the dossier been mostly proven to be true” and claiming as late as 2019 that nothing in this discredited junk report had been disproven.

But what really distinguished Tanden when it came to unhinged and toxic behavior was her repeated (and obviously baseless) claims that Hillary only lost because Russian hackers invaded the U.S. voting system and clandestinely changed Hillary’s votes to Trump’s, costing the real winner — Hillary — her rightful place on the throne, behind the Resolute Desk.

Four days after the 2016 election, Tanden began strongly implying, if not outright stating, that Russian hackers changed the vote totals, and that this is why “Trump was as surprised as everyone else” by his victory. When I highlighted her conspiratorial claims, she did not deny their obvious meaning, but rationalized them by insisting that her conspiracies were not as bad as Trump’s refusal, in advance of the election, to acknowledge the legitimacy of an election that had not yet taken place:

Tanden’s insistence that Russia changed the voting results through hacking did not once her traumatic shock in the weeks after Hillary’s loss dissipated (if it ever did). After The Intercept  published an anonymous, evidence-free document in June, 2017, allegedly sent by NSA employee Reality Winner, which led that site to claim that “Russian military intelligence executed a cyberattack on at least one U.S. voting software supplier and sent spear-phishing emails to more than 100 local election officials,” Tanden returned to pushing this bizarre conspiracy theory, demanding that I “retract” my post-election criticism of her for peddling this Russia-changed-the-votes madness — as if this NSA document published by The Intercept proved vote-changing hacking by Russia.

This conspiracy-mongering led by Tanden and other prominent liberal activists had a corrosive effect on the ability of Democrats to perceive basic reality, to put that mildly. A 2018 poll from Economist/YouGov — conducted more than a year after Trump’s inauguration — found that a large majority of Democrats (66%) believe that “Russia tampered with vote tallies in order to get Donald Trump elected President.”

Thereafter, Hillary herself took to calling Trump an “illegitimate” president, further fueling the destruction of confidence and faith among Democrats in the legitimacy of the vote totals and specifically the outcome of the 2016 presidential election.

Democratic leaders and their media allies love to patronizingly warn that conservative media outlets and their audiences are prone to spread and believe crazy conspiracy theories. They purport particular worry when such conspiracies are designed to undermine faith and trust in the U.S. electoral system itself.

Yet few have done more to destroy such confidence and faith than Neera Tanden, achieved by disseminating over the course of several years some of the most unhinged, evidence-free and deranged conspiracy theories in which she deliberately deceived Democratic partisans into believing that Moscow’s dastardly hackers invaded the sanctity of the U.S. voting system to change Hillary’s votes to Trump’s. And it worked: at least as of 2018, large majorities of Democrats believe that this utterly unproven but dangerous assertion is true.

If Joe Biden succeeds in empowering someone like Neera Tanden without extreme opposition from supposedly adversarial journalists, not only Democrats but also these media outlets will lose whatever lingering credibility they have to denounce conspiracy theories and to defend the legitimacy of U.S. elections. And they will deserve that fate. You can’t run around expecting people will take you seriously when you warn of the dangers of toxic, moronic conspiracy theories when you yourself embrace, elevate and promote the most prolific and reckless purveyors of them.

*  *  *

NOTE TO READERS: We are in the process attempting to expand the content we provide on this Substack platform, including featuring more writers and voices for podcasts, videos, articles and other content in conjunction with my own. I am grateful to those who have subscribed thus far and made our launch a success: further subscriptions will enable us to expand further and do ever more with our journalism here: SUBSCRIBE NOW

end

Biden Confirms Janet Yellen As Treasury Secretary Pick

Confirming the leaked rumors and strawmen (sorry, straw-people) from last week, Joe Biden, who has placed a premium on diversity in his selection of Cabinet nominees and key advisers, is looking to notch at least a few firsts with his economic team selections.

Here is today’s new entrants to a potential Biden admin…

  • Janet Yellen is nominated to serve as Secretary of the Treasury. If confirmed, she will be the first woman to lead the Treasury Department in its 231-year history, and the first person to have served as Treasury Secretary, Chair of the Council of Economic Advisers, and Chair of the Federal Reserve. She has previously been confirmed by the Senate on four separate occasions.
  • Neera Tandem, whose career has focused on pursuing policies designed to support working families, foster broad-based economic growth, and curb rampant inequality, is nominated to serve as Director of the Office of Management and Budget. If confirmed, Tanden would be the first woman of color and first South Asian American to lead the OMB.
  • Wally Adeyemo, a veteran of the Executive Branch and expert on macro-economic policy and consumer protection with deep national security experience, is nominated to serve as Deputy Secretary of the Treasury, having previously served as Deputy Director of the National Economic Council, Deputy National Security Advisor, and the first Chief of Staff of the Consumer Financial Protection Bureau. If confirmed, Adeyemo would be the first African American Deputy Secretary of the Treasury.
  • Cecilia Rouse, a leading labor economist and the Dean of the Princeton School of Public and International Affairs, is nominated to serve as Chair of the Council of Economic Advisers, having previously been confirmed by the Senate as a member of the CEA in eooq. If confirmed, she will become the first African American and just the fourth woman to lead the CEA in the 74 years of its existence.
  • Jared Bernstein, who previously served as Chief Economist to President-elect Biden in the first years of the Obama-Biden Administration, will serve as a member of the Council of Economic Advisers.
  • Heather Boushey, a distinguished economist focused on economic inequality and the President, CEO, and co-founder of the Washington Center for Equitable Growth, will serve as a member of the Council of Economic Advisers.

Joe Biden said, “As we get to work to control the virus, this is the team that will deliver immediate economic relief for the American people during this economic crisis and help us build our economy back better than ever. This team is comprised of respected and tested groundbreaking public servants who will help the communities hardest hit by COVID-s9 and address the structural inequities in our economy. They will work tirelessly to ensure every American enjoys a fair return for their work and an equal chance to get ahead, and that our businesses can thrive and outcompete the rest of the world. This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America. They will be ready on day one to get to work for all Americans.”

Kamala Harris said, “President-elect Biden and I have said that our top priorities upon entering the White House are getting this virus under control and opening our economy responsibly. The outstanding economic team that President-elect Biden is bringing together will help us deliver on our commitment. They are not only some of America’s most brilliant economic minds, they are also proven leaders who reflect the very best of our country. And they share a fundamental commitment to ending this economic crisis and putting people back to work, while rebuilding our economy in a way that lifts up all Americans. With the selection of these crisis-tested public servants, the American people are getting the economic team they need — and deserve.”

end

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

Well that is all for today

I will see you TUESDAY night.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: