DEC 11//COMATOSE COMEX GOLD AND SILVER STILL SHOWING NO LIFE SIGNS: VOLUMES EXTREMELY LOW DESPITE HIGH FREQUENCY TRADERS; GOLD UP $5.70 TO $1839.60//SILVER UP ONE CENT TO $23.98//SMAL QUEUE JUMP IN GOLD COMEX TO 93.209 TONNES//CORONAVIRUS UPDATES LAST NIGHT AND TODAY//SO FAR NO BREXIT DEAL AND THAT SENDS EUROPEAN STOCKS SOUTHBOUND//IN CHINA A BLOOMBERG EMPLOYEE APPREHENDED BY THE CRIMINAL COMMUNIST REGIME//ELECTION CHAOS TEXAS-SUPREME COURT COMMENTARIES/HUNTER BIDEN COMMENTARIES/SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1839.60 UP   $5.70   The quote is London spot price

Silver:$23.98  UP 1 CENT   London spot price ( cash market)

ACCESS MARKET

i)Gold : $1839.80  LONDON SPOT  4:30 pm

ii)SILVER:  $23.94//LONDON SPOT  4:30 pm

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CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1840.30.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.30/ CONTANGO   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1844.30 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $4.70 CONTANGO//$ 0.20 ABOVE NORMAL CONTANGO//GOOD FOR EFP ISSUANCE

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $24.04  1:30  PM SPREAD SPOT/FUTURE DEC.       :   6  CENTS PER OZ  CONTANGO (   6 CENTS BELOW NORMAL CONTANGO

SILVER MARCH CLOSE:  24.11/SPREAD SPOT/FUTURE:     13 CENTS CONTANGO  6 CENTSABOVE NORMAL CONTANGO//GOOD FOR ISSUANCE OF EFP

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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:   689/1,373

EXCHANGE: COMEX
CONTRACT: DECEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,833.600000000 USD
INTENT DATE: 12/10/2020 DELIVERY DATE: 12/14/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1332 3
099 H DB AG 40
323 C HSBC 1
332 H STANDARD CHARTE 26
435 H SCOTIA CAPITAL 70
624 C BOFA SECURITIES 25
624 H BOFA SECURITIES 64
657 C MORGAN STANLEY 152
657 H MORGAN STANLEY 29
661 C JP MORGAN 689
685 C RJ OBRIEN 10
686 C STONEX FINANCIA 1
690 C ABN AMRO 8
709 C BARCLAYS 155
732 C RBC CAP MARKETS 119
800 C MAREX SPEC 1 4
880 C CITIGROUP 14
905 C ADM 3
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TOTAL: 1,373 1,373
MONTH TO DATE: 23,639

ISSUED 0

 

GOLDMAN SACHS STOPPED 3 CONTRACTS.

 
 

TOTAL NUMBER OF NOTICES FILED TODAY:   1373 NOTICES FOR 137,300 OZ  (4.2706 TONNES)

 

TOTAL NUMBER OF NOTICES FILED SO FAR:  23,639 NOTICES FOR 2,363,900 OZ  (73.527 tonnes) 

SILVER//DEC CONTRACT

 

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 8172 for 40,860,000  oz

BITCOIN MORNING QUOTE  $18210   DOWN  400

BITCOIN AFTERNOON QUOTE.  :$17,856  DOWN 258 DOLLARS .

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

GLD AND SLV INVENTORIES:

WITH GOLD UP $5.70 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY AT THE GLD//

INVENTORY RESTS AT:

 

GLD: 1,179.78 TONNES OF GOLD//

 

WITH SILVER UP 1 CENT TODAY: AND WITH NO SILVER AROUND:

TWO BIG CHANGES IN SILVER INVENTORY AT THE SLV/// A WITHDRAWAL OF 1.859 MILLION OA FROM THE SLV IN THE MORNING AND ANOTHER 1.394 MILLION OZ WITHDRAWAL LATE IN THE AFTERNOON

INVENTORY RESTS AT :

SLV: 547.980  MILLION OZ./

 

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Let us have a look at the data for today

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IN SILVER THE COMEX OI  ROSE BY A SMALL SIZED 464 CONTRACTS FROM 153,833 UP TO 154,297, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR GAIN  OF $.08 IN SILVER PRICING AT THE COMEX. IT SEEMS THAT THE GAIN IN COMEX OI IS  DUE TO SOME BANKER AND ALGO SHORT COVERING, COUPLED AGAINST A TINY EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION, AND A NIL DECREASE IN SILVER OUNCES  STANDING AT THE COMEX FOR DEC.  WE HAD A  FAIR GAIN IN OUR TWO EXCHANGES OF 632 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A TINY  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  150, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  0, MARCH 150 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  150 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.

45.935 MILLION OZ INITIAL STANDING FOR DEC.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $0.08) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS AS WE HAD A  SMALL GAIN IN OUR TWO EXCHANGES 614 CONTRACTS). NO DOUBT THE GAIN IN OI ON THE TWO EXCHANGES WAS DUE TO i) SOME BANKER/ STRONG ALGO SHORT COVERING.  WE ALSO HAD  ii)  A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A NIL DECREASE IN SILVER OZ STANDING FOR DEC, iii) SMALL COMEX OI GAIN AND  iv) ZERO  LONG LIQUIDATION. YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..

We have now switched to SILVER for our spreaders!!

 

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

 

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

SPREADING OPERATION FOR OUR NEWCOMERS:

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER AS WE HEAD TOWARDS THE NEW NON ACTIVE FRONT MONTH OF JAN.

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 GOLD..AND WE WILL NOW MORPH INTO AN ACCUMULATION PHASE OF SPREADING CONTRACTS FOR SILVER.  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 SILVER 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  ACTIVE DELIVERY MONTH OF DEC. HEADING TOWARDS THE NON ACTIVE DELIVERY MONTH OF JAN FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS  ACTIVE MONTH OF  DEC. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING NON  ACTIVE DELIVERY MONTH (JAN), 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

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

5427 CONTRACTS (FOR 9 TRADING DAY(S) TOTAL 5427 CONTRACTS) OR 27.14 MILLION OZ: (AVERAGE PER DAY 603 CONTRACTS OR 3.015 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF DEC: 27.14 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 3.87% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,617.37 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)

DECEMBER EFP:                    27.14 MILLION OZ (SLOWING DOWN MORE)

RESULT: WE HAD A SMALL SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 464, WITH OUR TINY  $0.08 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A TINY SIZED EFP ISSUANCE OF 275 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A SMALL 614 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR   $0.08 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  150 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A SMALL SIZED INCREASE OF 432 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.08 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $23.99 // WEDNESDAY’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. 0.7640 BILLION OZ TO BE EXACT or 109% of annual global silver production (ex Russia & ex China).

FOR THE NEW DEC  DELIVERY MONTH/ THEY FILED AT THE COMEX: 0 NOTICE(S) FOR nil OZ OF SILVER.

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

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

 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A SMALL SIZED 1870 CONTRACTS TO 542,699 AND FURTHER FROM   OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  LOSS IN COMEX OI OCCURRED WITH OUR SMALL LOSS IN PRICE  OF $2.30 /// COMEX GOLD TRADING//THURSDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR SMALL SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD SOME LONG LIQUIDATION AS WE HAD A LOSS ON OUR TWO EXCHANGES  (562 CONTRACTS). WE  HAVE A SMALL INCREASE IN AMOUNT OF GOLD STANDING FOR DELIVERY IN DECEMBER (GOLD STANDING UP TO 93.219 TONNES) AS WE HAD A MINOR QUEUE JUMP.THIS ALL HAPPENED WITH OUR  LOSS IN PRICE OF $2.30. 

.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  7//

WE HAD A SMALL SIZED LOSS OF 1022 CONTRACTS  (3.1789 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A SMALL SIZED 848 CONTRACTS:

CONTRACT .  DEC: 0; FEB: 848  ALL OTHER MONTHS ZERO//TOTAL: 848.  The NEW COMEX OI for the gold complex rests at 542,699. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 1022 CONTRACTS: 1870 CONTRACTS DECREASED AT THE COMEX AND 848 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS//TWO EXCHANGES OF 1022 CONTRACTS OR 3.1789 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A SMALL SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (848) ACCOMPANYING THE SMALL SIZED LOSS IN COMEX OI  (1870 OI): TOTAL LOSS IN THE TWO EXCHANGES: 1022 CONTRACTS. WE NO DOUBT HAD  1)  SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2 SMALL GAIN IN GOLD OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT DEC. MONTH TO 93.219 TONNES3)  MINOR LONG LIQUIDATION ;4)  SMALL COMEX OI LOSS,  5) SMALL SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR LOSS IN GOLD PRICE TRADING/THURSDAY//$2.30.

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.

 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2020 INCLUDING TODAY

DEC.

ACCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF DEC : 20,846 CONTRACTS OR 2,084,600 oz OR 64.83 TONNES (9 TRADING DAY(S) AND THUS AVERAGING: 2316 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 9 TRADING DAY(S) IN  TONNES: 64.83  TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2019/2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 64.83/3550 x 100% TONNES =1.82% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,903.75 TONNES

JANUARY 2220 TOTAL EFP ISSUANCE; : 571.19 TONNES

FEB 2020 TOTAL EFP ISSUANCE :            653.78 TONNES

MARCH TOTAL EFP ISSUANCE                1,113.77  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) 

DEC. TOTAL EFP ISSUANCE:                         64.83 TONNES (DECREASING 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 SMALL SIZED 464 CONTRACTS FROM 153,833 UP TO 154,315 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

THE SMALL SIZED GAIN IN OI SILVER COMEX WAS PRIMARILY DUE TO; 1) SOME BANKER SHORT COVERING//ALGO SHORT COVERING//// , 2) A TINY ISSUANCE OF EXCHANGE FOR PHYSICALS (SEE BELOW), 3) A NIL DECREASE  IN SILVER OUNCES  STANDING   AT THE COMEX FOR DEC., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 150 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE: DEC. 0 AND MARCH:  150  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 150 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI GAIN OF 464 CONTRACTS TO THE 150 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GAIN OF 614 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 3.070 MILLION  OZ, OCCURRED WITH OUR $0.08 GAIN IN PRICE///

 

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

 

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 26.8 PTS OR .77%   //Hang Sang CLOSED UP 95.28 PTS OR .36%    /The Nikkei closed DOWN 103.72 POINTS OR 0.39%//Australia’s all ordinaires CLOSED DOWN 0.44%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5463 /Oil UP TO 50.08 dollars per barrel for WTI and 46.71 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5463. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5374 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 
 

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

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY BY A SMALL SIZED 1870 CONTRACTS TO 542,699 AND FURTHER FROM  OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS  COMEX DECREASE OCCURRED WITH OUR  LOSS OF $2.30 IN GOLD PRICING THURSDAY’S COMEX TRADING/).

 WE HAD A SMALL/ EFP ISSUANCE (848 CONTRACTS).  WE THUS HAD  1)  SOME BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  SOME LONG LIQUIDATION  AND 3)  SMALL GAIN IN GOLD OUNCES  STANDING AT THE  COMEX FOR DECEMBER AS LONGS STANDING FOR DELIVERY STILL REFUSE TO MORPH INTO LONDON BASED FORWARDS.  COMEX GOLD NOW STANDING AT 93.219 TONNES)//DEC. DELIVERY MONTH (SEE BELOW) 4)   AS WE ENGINEERED A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 562 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 7

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW IN THE  ACTIVE DELIVERY MONTH OF NOV..  THE CME REPORTS THAT THE BANKERS ISSUED A SMALL SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 848 EFP CONTRACTS WERE ISSUED:     DEC 0; FEB// ’21 848 AND  ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 848  CONTRACTS.

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

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

 

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 1022 TOTAL CONTRACTS IN THAT 848 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A SMALL SIZED 1870 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF DEC 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((93.219 TONNE).  IF YOU INCLUDE  NOVEMBER’S HUGE 34.7 TONNES, OUR COMEX IS OFFICIALLY UNDER ASSAULT. BUT THIS TIME THE GOLD WILL LEAVE FOR EUROPE!!

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $2.30).  AND, THEY WERE SUCCESSFUL IN FLEECING SOME LONGS AS THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED   1.748 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR DECEMBER (93.206 TONNES)

NET LOSS ON THE TWO EXCHANGES :: 1022 CONTRACTS OR 102200 OZ OR 3.1789  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:  542,699 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 54.26 MILLION OZ/32,150 OZ PER TONNE =  1688 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1688/2200 OR 76,72% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX TODAY:153,486 contracts// volume extremely poor and falling in numbers / / 

CONFIRMED COMEX VOL. FOR YESTERDAY:  179,339 contracts//  volume: poor//

/most of our traders have left for London

 

DEC11 /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
 
nil oz
 
 
 
Deposits to the Dealer Inventory in oz 128,571.849 oz

 

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
 
1373 notice(s)
 
 137,300 OZ
(4.2706 TONNES)
 
 
 
 
No of oz to be served (notices)
6331 contracts
(633100 oz)
19.69 TONNES
 
Total monthly oz gold served (contracts) so far this month
23,639 notices
 
2,363,900
OZ
 
73.527 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 1 deposit into the dealer

i) Into Brinks:  128,571.849 oz 3 ,999 kilobars
 
 
total deposit: 128,571.849 oz
 
 

total dealer withdrawals: 0 oz

 

we had 0 deposit into the customer account

i) Into JPMorgan:  0 oz

ii) Into EVERYBODY ELSE: 0

total customer deposit: 0  oz

 

we had 0 gold withdrawals from the customer account:

 
 
 

We had 1  kilobar transactions

ADJUSTMENTS: 1 // 

DEALER TO CUSTOMER  MALCA:  31,057.866 OZ
 

The front month of DEC registered a total of 7704 contracts for a loss of 381. We had 395 notices filed upon yesterday so we GAINED A TINY 14 contacts or 1400 additional oz will stand in this very active delivery month of December as we witness a tiny queue jump by our bankers searching for gold metal to put out fires elsewhere.  Our longs remain steadfast in refusing to morph into the paper EFP scheme in London. 

January lost 130 contracts to stand at 2066 contracts. FEBRUARY LOST a STRONG 2383 contracts DOWN TO 397,796.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR DECEMBER (93.219 tonnes). LONGS STANDING FOR GOLD REFUSE TO TRAVEL TO LONDON

We had  1373 notice(s) filed today for  137300 oz OR 4.2706 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 1373  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  689 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 3 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 (23,639) x 100 oz , to which we add the difference between the open interest for the front month of  (DEC 7704 CONTRACTS ) minus the number of notices served upon today (1373 x 100 oz per contract) equals 2,997,000 OZ OR 93.209 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 (23,639, x 100 oz +7704 OI) for the front month minus the number of notices served upon today (1373) x 100 oz which equals 2,997,000 oz standing OR 93.219 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. 

We gained 14 contracts or an additional 1400 oz will stand in this active delivery month of December.
Our banker friends are having a tough time finding gold at the comex to queue jump. Rumours are abound that they are paying longs 40 – 60 dollar per oz not to take delivery.  Those that take the offer, circle around and buy another December contract or January/Feb.

NEW PLEDGED GOLD:  BRINKS

455,219.430, oz NOW PLEDGED  SEPT 15.2020/HSBC

60,784.803 PLEDGED  APRIL 3/2020: SCOTIA:

deleted Int. Delaware pledge July 7  (600 tonnes)

292,197.145 oz  JPM  8.70 TONNES

819,082.972 oz pledged June 12/2020 Brinks/

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

178,807.987 oz Pledged Nov 27.2021 MANFRA

total pledged gold:  1,894,888.460. oz                                     58.93 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 524.89 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 93.206 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

 
total registered or dealer  18,770,126.127 oz or 583.82 tonnes
 
 
total weight of pledged:  1,894,888.460 oz or 58.93 tonnes
 
 
thus:
 
registered gold that can be used to settle upon: 16,875,238.0  (524,89 tonnes)
 
 
 
true registered gold  (total registered – pledged tonnes  16,875,238.0 (521.89 tonnes)
 
 
 
total eligible gold:  18,792,792.898 oz (584.53 tonnes)
 
 

total registered, pledged  and eligible (customer) gold  37,562,919.025 oz 1,168.36 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1042.02 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

 

 
 
Dec 11/2020

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

5,909.244 oz
 
CNT
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
579,415.620 oz
 
Scotia
 
 
 
 
Deposits to the Customer Inventory
1,047.860 oz
 
 
 
CNT
 
 
 
 
 
 
 
No of oz served today (contracts)
0
 
CONTRACT(S)
(nil OZ)
 
No of oz to be served (notices)
1015 contracts
 5,075,000 oz)
Total monthly oz silver served (contracts)  8172 contracts

 

40,860,000 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 Scotia:  579,415.620 oz
 
 

total dealer deposits: 579,415.620       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 3 deposits into the customer account (ELIGIBLE ACCOUNT)

i )Into JPMorgan: 554,117.470 oz

JPMorgan now has 192.787 million oz of  total silver inventory or 48.95% of all official comex silver. (192.787 million/393.834 million

into

ii)  CNT; 178,583.500 oz

iii) Scotia:  20,821.290  oz

 

total customer deposits today:  1,338,694.313    oz

we had 0 withdrawals:

 
 

total withdrawals     oz

We had 0 adjustments

 

 

Total dealer(registered) silver: 147.785million oz

total registered and eligible silver:  393.834 million oz

 

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December saw a LOSS of  80 contracts DOWN to 1015 contracts. We had 80 notices served upon yesterday so we LOST 0 contracts or nil additional oz will stand in this very active delivery month of December as longs refused to morph into London based forwards.

January saw a gain of 79 contracts up to 1211. FEBRUARY saw another gain of 17 contracts to stand at 152.  MARCH  gained 172 contracts up to 131,230.

The total number of notices filed today for DEC 2020. contract month is represented by 0 contract(s) FOR nil oz

To calculate the number of silver ounces that will stand for delivery in DEC we take the total number of notices filed for the month so far at 8172 x 5,000 oz = 40,860,000 oz to which we add the difference between the open interest for the front month of DEC ( 1015) and the number of notices served upon today 0x (5000 oz) equals the number of ounces standing.

Thus the DEC standings for silver for the DEC/2019 contract month: 8172 (notices served so far) x 5000 oz + OI for front month of DEC(1015)- number of notices served upon today (0) x 5000 oz of silver standing for the NOV contract month .equals 45,935,000 oz. ..VERY STRONG FOR AN ACTIVE  DEC MONTH.

We LOST 0 contracts or nil additional oz will  stand as they as they refused to morph into London based forwards.

There is not enough gold or silver over here for our bankers to steal from.

TODAY’S ESTIMATED SILVER VOLUME 51,859 CONTRACTS // volume falling//

FOR YESTERDAY  62,773  ,CONFIRMED VOLUME// falling

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4,28% ((DEC 11/2020)

2. Sprott gold fund (PHYS): premium to NAV  RISES TO 2.31% to NAV:   (DEC 11/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4,28% (DEC 11)

(courtesy Sprott/GATA

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

NAV 18.90 TRADING 18.00///NEGATIVE 4.74

END

And now the Gold inventory at the GLD

DEC 11/WITH GOLD UP $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1179.78 TONNES

DEC 10/WITH GOLD DOWN $2.30 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1179.78 TONNES

DEC9/ WITH GOLD DOWN $35.30 TODAY, NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1179.78 TONNES

DEC 8//WITH GOLD UP $9.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: ANOTHER WITHDRAWAL OF 3.52 TONNES FROM THE GLD/INVENTORY RESTS AT 1179.78 TONNES// THIS IS AN ABSOLUTE FRAUD TO THE HIGHEST DEGREE AND SIMILAR TO THE THEFT OF THE USA ELECTION.!!

DEC 7/WITH GOLD UP $29.55 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 7.12 TONES OF GOLD FROM THE GLD///INVENTORY RESTS TONIGHT AT 1182.70 TONNES

DEC4//WITH GOLD DOWN $1.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/INVENTORY: A WITHDRAWAL OF 1.46 TONNES FROM THE GLD// RESTS AT 1189.82 TONNES.

DEC 3/WITH GOLD UP $10.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS  TONIGHT AT 1191.28 TONNES

DEC 2/WITH GOLD UP $12,00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD//: A WITHDRAWAL OF 3.51 TONNES FROM THE GLD//INVENTORY RESTS AT 1191.28 TONNES

DEC 1//WITH GOLD UP $38.55 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLDE//INVENTORY RESTS AT 1194.78 TONNES

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

 

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Inventory rests tonight at

DEC 11/ GLD INVENTORY 1179.78 tonnes

LAST;  967 TRADING DAYS:   +235.71 TONNES HAVE BEEN ADDED THE GLD

LAST 867 TRADING DAYS// +413.20  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

DEC 11/WITH SILVER UP 1 CENT TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.859 MILLION OZ IN THE MORNING AND A LATE WITHDRAWAL OF 1.394 MILLION OZ FROM THE SLV ////INVENTORY RESTS AT 547.98- MILLION OZ..

DEC 10./WITH SILVER UP 8 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 551.233 MILLION OZ//

DEC 9/ WITH SILVER DOWN 76 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.974 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 551.233 MILLION OZ.

DEC 8/WITH SILVER UP 1 CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESS AT 548.259 MILLION OZ//

DEC 7/WITH SILVER UP 51 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 548.259 MILLION OZ//

DEC4// WITH SILVER UP 11 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.953 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 548.259 MILLION OZ//

DEC 3//WITH SILVER UP  4 CENTS TODAY: A SMALL CHANGE IN SILVER INVENTORY AT THE SLV/ A WITHDRAWAL OF 236,000 OZ/INVENTORY RESTS AT 546.306 OZ

DEC 2/WITH SILVER UP ONE CENT TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 2.231 MILLIONOZ INTO THE SLV//INVENTORY RESTS AT 546.542 MILLION OZ//

DEC 1/WITH SILVER UP $1.46 TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 544.311 MILLION OZ/

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//

DEC 11.2020:

SLV INVENTORY RESTS TONIGHT AT  547.980 MILLION OZ/

 
 

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Wow!! this is a good one:  Even GLD’s auditors are questioning whether the fund really holds the gold they claim to have.  Also in the last year GLD states that lots of its” gold” is at the Bank of England under a lease arrangement but the gold does not leave the B of E.  The gold must be transferred to its regular custodian HSBC

I have been stating for years that the GLD is nothing but a big fraud

Ronan Manly/GATA

Ronan Manly: Even its own auditor wonders if GLD really has the metal

 
 Section: 

 

9p ET Thursday, December 10, 2020

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly reports tonight that even the auditor for the exchange-traded fund GLD recently questioned whether the fund really held the gold it claimed to have.

Additionally, Manly reports, GLD’s latest financial statements indicate that in the last year the fund claimed to be holding gold at the Bank of England — presumably leased central bank gold — for at least five months, though the fund’s gold is supposed to be transferred promptly to the vaults of the fund’s regular custodian, HSBC.

Impairing confidence in GLD’s latest financial statements, Manly notes that the fund’s chief financial officer approved them after only a day on the job, his predecessor having resigned just a day before the statements were due to be filed.

Manly’s report is headlined “GLD 10-K Omits Bank of England Gold Holdings Data; GLD CFO Left 1 Day Before Financial Year-End” and it’s posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/gld-10-k-omits-boe-gold-ho…

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

END

The following is a very important video for you to watch.  The masterminds behind the smashes is the BIS. He states that buyers of gold futures are being offered hefty bonuses not to take delivery.

(Maguire/GATA)

BIS masterminds gold, silver smashes, London trader Maguire says

 
 Section: 

 

9:24p ET Thursday, December 10, 2020

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, interviewed yesterday by Chris Marcus of Arcadia Economics, says the Bank for International Settlements has been masterminding the recent smashes of monetary metals prices and that buyers of gold futures contracts are being offered hefty bonuses not to take delivery.

Maguire does not say for whom the BIS is acting, but the bank acts on the instructions of one or more of its central bank members.

The interview is 47 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=qL_OSus7LQw

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

END

Negative yielding debt is piling up; it is now at $18 trillion

(Bloomberg/GATA)

Negative-yield debt pile at $18 trillion for first time

 
 Section: 

 

Remember when they sneered that gold doesn’t pay interest?

* * *

By Cormac Mullen
Bloomberg News
Thursday, December 10, 2020

The world’s stockpile of negative-yielding debt has swelled to a fresh record in a sign that demand for havens is just as intense as that for riskier assets.

The market value of the Bloomberg Barclays Global Negative Yielding Debt Index rose to $18.04 trillion on Thursday, the highest level ever recorded

About $1 trillion of bonds have seen their yields turn negative this week, meaning 27% of the world’s investment-grade debt is now sub-zero. Thanks to the slew of global issuance in 2020 as governments and companies wrestle with the impact of the coronavirus, that remains below the 30% peak reached last year. …

… For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-12-11/world-s-negative-yiel…

END

For your interest…

Daniel J. Smith: Judy Shelton’s rejection doesn’t mean gold standard failed

 
 Section: 

 

By Daniel J. Smith, Director
Political Economy Research Institute
Middle Tennessee State University, Murfreesboro
via Nashville Business Journal
Thursday, December 10, 2020

With Judy Shelton’s appointment to the board of governors of the Federal Reserve all but shut, primarily due to her past support of the gold standard, it appears that the final nail is being driven into the coffin for the gold standard. Despite its flaws, however, the track record of the gold standard in generating price stability and reducing economic volatility still measures up against the lackluster performance of the Fed.

To be sure, many notable economists do reject the gold standard as an outdated relic. For instance, then-U.S. Federal Reserve Chairman Ben Bernanke spent a good portion of his first lecture in his series of talks at George Washington University critiquing the gold standard.

My recent co-authored research, however, finds that the evidence that monetary experts at the Federal Reserve can outperform the gold standard isn’t so clear cut. Many outspoken opponents of the gold standard commit the nirvana fallacy, comparing a realistic solution with an idealized one.

They falsely compare a cockeyed history of the gold standard to the idealized operation of the Federal Reserve. But the Fed, like the historical gold standard, does not operate in an idealized environment.

Rather, the monetary authorities at the Fed face severe knowledge and incentive problems in conducting monetary policy. They are not omniscient seers able to read the tea leaves necessary to generate monetary stability using discretionary central banking. Nor are they immune to the political, special interest, or bureaucratic pressures exerted on them.

Scholarly research, in fact, shows that the Fed has not been able to improve economic stability relative to the gold standard, again and again. …

… For the remainder of the commentary:

https://www.bizjournals.com/nashville/news/2020/12/10/does-judy-shelton-…

END

iii) Other physical stories:

J Johnson’s commodity report:

https://www.jsmineset.com/2020/12/11/more-us-dollar-agreements-happening/

Great and Wonderful Friday Morning Folks,

 

      February Gold is trading flat to lower with the last price at $1,834.60, down $2.80 after the dip to $1,826.80 with the high to beat at $1,844.40. March Silver is down 16.4 cents with the last price at $23.90, recovering from the low at $23.69 with the high at $24.195. At this second, the US Dollar is virtually flat at 90.82, oops, now it’s up 18.8 at 91.005, as this trade (game) continues to play out with the high at 91.05 and the low at 90.63. Of course, all this happened, while few are watching, before 5 am pst, the Comex open, the London close, and about an hour and fifteen minutes after this currency swap agreement started again before Monday’s Comex Currency rollover.

 

      121120

 

      In Venezuela, Gold is now priced at 18,323.07 Bolivar, providing another 58.92 discount for today’s buyer over yesterday’s trades with Silver’s last swap at 238.701, down only 0.699 of a Bolivar. Argentina’s Peso price for Gold is now at 150,509.38, a loss of 376.07 A-Peso’s overnight with Silver down 4.03 A-Peso’s with the last trade at 1,960.97. Turkey’s Lira price for Gold is now at 14,477.39, down only 6.65 T-Lira with Silver’s last price at 188.602, barely registering a loss of 0.027 of a T-Lira. Since this US Dollar Currency agreement was popped in this past Wednesday, the emerging markets currencies we watch, apparently have had only minor corrections.

 

      December Silver’s Delivery Demands now has a total of 1,015 fully paid for contracts waiting for receipts and with a Volume of 2 up on the board with one price at $23.985, down 4.6 cents while paper pushes the futures prices even lower. Yesterday’s activity inside the delivery’s happened in between a high of $24.31 and the low of $23.945 with the last swap at $24.02, a gain of 9 cents with the Comex Close Calculated at $24.031, registering a gain of 10.1 cents, that had a total of 23 swaps helping to reduce the Demand count by 80 contracts that got their receipts somewhere in the mix between here and London. Silver’s Overall Open Interest gained 432 additional contracts in order to add liquidity bringing this early morning total to 154,316 paper contracts to trade against what’s left of the physicals.

 

      December Gold’s Delivery Demands are still super elevated with the count at 7,704 fully paid for contracts and with a Volume of 16 up on the board with a trading range between $1,838.50 and $1,829.10 with the last agreed upon swap at $1,833.90, up 30-cents so far today. Yesterday’s full Ice/Comex trades happened in between $1,849.10 and $1,828 with the last swap at $1,835.50, a gain of 90 cents, with the Calculated Comex Close at $1,833.60 proving a $1 loss that had a total of 177 contracts swapping hands helping to reduce the demand count by 381 contracts that got receipts or something. Gold’s Overall Open Interest is showing the pump and dump play as they continue to control the prices bringing todays early morning total to 543,159 contracts as 2,550 short trades left the field of play since yesterday morning’s count.

 

      I’ve observed the US Dollar’s activity over the past few days and cannot think of any other way to describe what has happened, except to say, this is organized. This is not the first time these trades have occurred, and I am curious why none of the currency experts have yet to address this anomaly? Maybe there are no more currency experts anymore, since it’s all under the control of a computer Algo.

121020

      While this agreed upon trade continues, we see more European bonds go negative, after the ECB pumped in a half a billion Euro’s to keep the system afloat for a little longer. Some of Italy’s, Portugal, (as well as other nations under EU control), debts have already turned, now Spain’s debt-plays, have been added to the list, and have turned negative. We expect the rest to eventually do the same as we move forward into the great reset.

 

      Today is the first day of Hannukah, in which we offer a deep bow of respect, with next week being the Triple Witch Week, where the currencies get rolled out into the next quarter (March), US Treasuries and debts get settled and rolled, and then the stock options, single stock futures, get cleared. In short, a giant central banker’s inventory count. This is also the last TWW of the year, and we still are waiting for the Supreme court to hear the electoral arguments. What can go wrong?

 

      Have a great weekend and keep smiling. Gold and Silver in hand, has made many, comfortable because it’s no longer at risk inside the markets. Keep it close and hold on tight. As always …

 

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.5463 /

//OFFSHORE YUAN:  6.5374   /shanghai bourse CLOSED DOWN 26.08 POINTS OR .77%

HANG SANG CLOSED UP 95.28 PTS OR .36%

2. Nikkei closed DOWN 103.72 POINTS OR 0.39%

3. Europe stocks OPENED ALL RED/

USA dollar index UP TO 90.98/Euro FALLS TO 1.2128

3b Japan 10 year bond yield: RISES TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 104.10/ 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:: 46.71 and Brent: 50.08

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.64%/Italian 10 yr bond yield DOWN to 0.55% /SPAIN 10 YR BOND YIELD DOWN TO 0.00%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.19: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.60

3k Gold at $1833.00 silver at: 23.79   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 4/100 in roubles/dollar) 73.16

3m oil into the 46 dollar handle for WTI and 50 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 104.10 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 .8888 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0780 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 0.64%

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 0.892% early this morning. Thirty year rate at 1.615%

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

6.  TURKISH LIRA:  UP  TO 7.8910..

FUTURES TUMBLE ON STALLED STIMULUS TALKS, BREXIT CHAOS

 

Global markets dropped on Friday as Brexit negotiations appeared on the verge of collapse, while delays over a new fiscal stimulus package and surging coronavirus infections  hit risk appetite pushing S&P futures and sterling lower as Treasurys rose and the dollar and the dollar jumped most in two weeks.

At 7am, Dow futures were down 213 points, or 0.7%, S&P 500 E-minis were down 28. points, or 0.8%, and Nasdaq 100 E-minis were down 92.75 points, or 0.7%. Global stock markets were also subdued, with the MSCI world equity index, sliding into the red after scaling record highs earlier this week as the UK became the first country in the world to begin a mass COVID-19 vaccination program. Cyclical stocks led declines in premarket trading on Friday, with energy, industrial and financial sectors all lower. Wells Fargo and JPMorgan slid more than 1%, while industrial bellwethers Boeing and 3M fell 1.6% and 0.9% respectively. Mastercard dropped 1.4% after the UK Supreme Court gave the green light for a $18.5 billion class action against the company for allegedly overcharging more than 46 million people in Britain over a 15-year period.

Global markets slumped after the latest episode in the neverending drama that is Brexit, when Prime Minister Boris Johnson said on Thursday there was “a strong possibility” Britain and the European Union would fail to strike a trade deal. Britain and the EU have set a deadline of Sunday to find an agreement, before Britain’s exit from the bloc on Jan. 1. The odds of a disorderly Brexit rose to 61% on Friday from 53% a day before, according to the Smarkets exchange.

With fresh lockdowns in many states and the US economy rapidly sliding into a double dip, investors are hoping for more fiscal relief to sustain a nascent economic recovery. But an agreement remains elusive after Nancy Pelosi said wrangling over a spending package and coronavirus aid could drag on through Christmas. It wasn’t all bad news: on Thursday, a panel of outside advisers to the FDA voted overwhelmingly to endorse emergency use of Pfizer’s COVID-19 vaccine, sending shares of the drugmaker up 1.9% in premarket trading.

European equities fell, with the broad Euro STOXX 600 down 1.2% and indexes in Paris and London losing 1.2% and 1% respectively on the abovementioned Brexit fears and after Germany said the continent’s biggest economy had record virus cases and deaths. Sanofi dropped on news that its Covid-19 shot failed to produce a strong enough response in older people. The FTSE 250 index underperformed, with Brexit-sensitive stocks declining and travel and leisure names pulled lower by concerns about higher restrictions on London. U.K. Prime Minister Boris Johnson warned businesses and the public to get ready for a no-deal Brexit as negotiations with the European Union falter.

Earlier in the session, Asian shares rose led by energy shares and putting the regional benchmark stock gauge on course for a sixth straight weekly gain. The MSCI Asia Pacific Index was up 0.3%; Hong Kong-listed Cnooc rallied 6.1%, recovering from recent declines following its addition to a U.S. blacklist. China Petroleum & Chemical climbed 4.5% as oil prices headed for a weekly advance, while in India, Oil & Natural Gas Corp. surged as much as 14% after Morgan Stanley upgraded the stock. Meanwhile, investors in China’s stock market are getting uneasy after a stellar year as insiders step up share sales and concerns about liquidity surface. The Shanghai Composite Index’s 2.8% drop this week has made it the second worst-performing major equity benchmark globally. Malaysia’s equity benchmark rallied 1.8% on Friday to be the top performer in Asia, as the ringgit erased virus-fueled losses for the year to climb to the strongest level since July 2018.

As Bloomberg notes, stocks were choppy this week as the fate of an additional relief package in Washington remained unresolved as Democrats and Republicans continue to negotiate. A disappointing jobs report and a strong 30-year auction of Treasuries on Thursday signaled investor caution over whether fresh economic stimulus will come before year-end. On the other hand, stellar demand for recent U.S. initial public offerings suggested investors remain upbeat on equities, even as job data pointed to weakness in the world’s biggest economy. Shares of Airbnb Inc more than doubled in their stock market debut on Thursday, valuing the home rental firm at just over $100 billion in the biggest U.S. initial public offering of 2020. DoorDash stocks doubled in their first day of trading.

In rates, Treasuries followed gilts higher during London session after Bank of England Governor Andrew Bailey said the central bank had a lot in its armory in the event of Brexit disruption. Yields dropped by 1bp-2bp across intermediates; 10-year almost 2bp lower at 0.888%, near low end of 0.88%-0.974% weekly range and ~8bp lower on week. U.K. 10-year ~4bp lower on the day, nearly 20bp on week.

In FX, the dollar rebounded the most in two weeks, rising 0.2% against a basket of six major currencies; the pound lost 0.5%, and was set to end five straight weeks of gains as currency traders weighed an expected hit to the British economy should the sides fail to agree a deal. “Investors are right to be worried,” said Olivier Marciot, a portfolio manager at Unigestion. “If there is no deal, there will be implications. There could be some sort of correction.”  Emerging-market currencies were poised for a sixth week of gains, thanks in part to the dollar’s recent weakness. The euro held not far from two-and-a-half-year highs of $1.2140 after the European Central Bank delivered a fresh stimulus package that was broadly in line with market expectations on Thursday.

In commodities, oil prices were flat after Brent hit levels not seen since early March on Thursday, as coronavirus vaccination rollouts fuelled hopes that crude demand would pick up in 2021. Brent crude rose 0.1% to $50.36 per barrel.

Looking at the day ahead,  data releases from the US include the November PPI reading and the University of Michigan’s preliminary consumer sentiment index for December, while from Europe there’s Italian industrial production for October. Central bank speakers include the ECB’s Holzmann, Hernandez de Cos and Centeno, along with the Fed’s Quarles and George.

Market Snapshot

  • S&P 500 futures down 0.5% to 3,651.25
  • STOXX Europe 600 down 0.7% to 390.32
  • MXAP up 0.3% to 194.85
  • MXAPJ up 0.2% to 644.89
  • Nikkei down 0.4% to 26,652.52
  • Topix up 0.3% to 1,782.01
  • Hang Seng Index up 0.4% to 26,505.87
  • Shanghai Composite down 0.8% to 3,347.19
  • Sensex up 0.2% to 46,054.37
  • Australia S&P/ASX 200 down 0.6% to 6,642.58
  • Kospi up 0.9% to 2,770.06
  • German 10Y yield fell 2.5 bps to -0.628%
  • Euro down 0.08% to $1.2128
  • Italian 10Y yield fell 2.0 bps to 0.451%
  • Spanish 10Y yield fell 2.0 bps to 0.002%
  • Brent futures down 0.6% to $49.97/bbl
  • Gold spot little changed at $1,837.04
  • U.S. Dollar Index up 0.1% to 90.91

Top Overnight News from Bloomberg

  • European Commission President Ursula von der Leyen warned that a no-deal split with the U.K. is the likeliest outcome on Dec. 31 as last-ditch talks to try to reach a deal before Sunday continue in Brussels
  • Germany’s daily coronavirus cases and deaths rose the most since the pandemic began, increasing pressure on authorities to impose a hard lockdown over the holiday season
  • London Mayor Sadiq Khan beefed up the policing of Covid rules and announced more community testing in the capital in an effort to avoid having the city placed under the U.K.’s toughest virus restrictions
  • Sanofi and GlaxoSmithKline Plc, two of the world’s biggest vaccine makers, delayed advanced trials of their experimental Covid-19 shot after it failed to produce a strong enough response in older people, pushing its potential availability to the end of next year
  • Wall Street’s biggest banks are predicting the coronavirus-hit world economy will crawl through the early days of 2021 before bouncing back as vaccines and more fiscal stimulus flow into it
  • The average forecast from strategists is that the Stoxx Europe 600 Index will climb 6.6% from Wednesday’s close. After a year that’s seen the index plummet 36% in just a few weeks and then claw back most of those losses, it’s an outlook that seems downright undramatic
  • A group of 30 asset managers overseeing a combined $9 trillion of assets said they will support efforts to limit global warming by running carbon-neutral investment portfolios by 2050 or sooner
  • After wobbling in November, when several European nations imposed fresh lockdowns to combat the spread of Covid-19, demand for gasoline and diesel is accelerating again, according to an index compiled by Bloomberg News tracking dozens of high frequency indicators for road usage, and traffic in countries accounting for more than 70% of global petroleum consumption

Courtesy of Nesquawk, here is a breakdown of the latest developments in global markets:

Asian equity markets traded mixed following a similar subdued performance on Wall Street where sentiment was mired by an increase in jobless claimant numbers and as congressional leaders remained at loggerheads on COVID-19 relief, with rampant infections stateside and no-deal Brexit concerns across the pond also contributing to the cautious tone. ASX 200 (-0.6%) was pressured by underperformance in healthcare after CSL abandoned trials of its COVID-19 vaccine as it generated antibodies that caused false positives on HIV tests, although losses in the index were initially tempered by strength in tech and with mining names buoyed by upside in iron ore and nickel prices. Nikkei 225 (-0.3%) was dragged by currency effects and amid weak same-store sales from convenience store operators Seven & I and Lawson, while KOSPI (+1.0%) was underpinned after preliminary data showed South Korean Exports during the first 10 days in December jumped 26.9% Y/Y. Hang Seng (+0.5%) and Shanghai Comp. (-1.1%) were varied with Hong Kong lifted by notable gains in the energy giants, although the mainland was subdued after the PBoC drained CNY 350bln liquidity for the week and China’s Foreign Ministry announced reciprocal sanctions to target members of US Congress. Finally, 10yr JGBs eked mild gains amid the mostly uninspired risk appetite and with prices spurred by the BoJ rinban operation in which the central bank was in the market for over JPY 1.3tln of JGBs in 1yr-10yr maturities.

Top Asian News

  • Sri Lanka Debt Concerns Mount After Downgrade Deeper Into Junk
  • China Toymaker Joins Global IPO 1st-Day Pop Party with 79% Jump
  • Chinese Authorities Detain Bloomberg News Beijing Staff Member
  • Singapore’s Sea Raises $2.6 Billion in Upsized Stock Offering

European equities (Eurostoxx 50 -1.3%) have extended on opening losses as Brexit jitters continue to resonate ahead of Sunday’s self-imposed “deadline”. More specifically, losses after the cash open accelerated after EU Commission President von der Leyen stated that after her meeting with UK PM Johnson on Wednesday, a no deal Brexit is now the most likely option. Although this has echoed comments from other officials in recent days, as Sunday nears and differences remain unresolved, markets will continue to price in the likelihood of an no deal outcome. Accordingly, analysts at Morgan Stanley suggest that a no deal outcome could trigger a 6-10% sell-off in the FTSE 250 and 10-20% decline in banking stocks amid a move into NIRP for the BoE. These fears have subsequently weighed on the likes of Natwest (-6.7%), Lloyds (-4.2%) and Barclays (-3.7%) and overshadowed yesterday’s announcement by the PRA that it judges there is scope for banks to recommence some distributions. Other risks on the horizon, albeit of greater interest stateside is the ongoing logjam on Capitol Hill amid ongoing divisions in stimulus discussions and with the Senate still to vote on the stopgap bill to avert a government shutdown heading into today’s midnight deadline; equity index futures in the US are softer, with the e-mini S&P lower by 0.5%. Sectors in Europe trade lower across the board with telecoms lagging amid losses in Ericsson (-5.5%) after the Co. launched legal action filed against Samsung in the US for non-compliance to FRAND commitments. Sanofi (-2.5%) have acted as a drag on the CAC after the Co. and GSK (+0.6%) announced a delay in their adjuvanted recombinant COVID-19 vaccine programme, in order to improve the immune response in the elderly. Rolls Royce (-6.3%) sit at the foot of the Stoxx 600 after it downgraded its 2020 cashflow forecast and continued to warn over the challenging outlook for the industry.

Top European News

  • Italy to Buy Majority Stake in Steel Mill From ArcelorMittal
  • Germany Eyes Hard Lockdown After Record Covid Cases, Deaths
  • EU Warns No Deal Is Likeliest Outcome of Talks: Brexit Update
  • EU Chiefs Back Tough Emission Goal After Last- Minute Scuffle

In FX, sterling sees another session of losses amid compounded Brexit pessimism telegraphed by various sources – whereby EU’s von der Leyen reportedly told leaders she has ‘low expectations’ that they can reach a Brexit deal and that a no deal scenario is the most likely outcome following her dinner with UK PM Johnson and heading into Sunday’s newly set deadline. Further, BoE’s Governor Bailey stated the Central Bank has a lot in its arsenal to tackle disorderly markets, but there are limits to what the BoE can do. Cable has receded from its overnight high at 1.3324 (21 DMA) to a current intraday base at 1.3186 with the next support levels on watch the 50 DMA at 1.3150. The EUR meanwhile experienced a pullback following verbal intervention from ECB GC member Villeroy who highlighted that the central bank is vigilant on the exchange rate and all instruments are available on this if needed, in turn prompting EUR/USD to a current low of 1.2115 from a 1.2162 high – but with losses somewhat cushioned by the EUR/GBP cross extending gains to levels just shy of 0.9200 from its 0.9116 daily low.

  • DXY – The index trades firmer but remains contained sub-91.000 within a tight 90.613-989 range as the Sterling’s slip provides support for the Buck, whilst State-side stimulus and government funding remains up in the air. Senate Majority Leader McConnell last night poured cold water on COVID-relief hopes as reports stated the official does not see a path on the two main sticking points but wants a narrow package, although talks are set to continue today behind the scenes. Meanwhile, the Senate ended up not voting on the government funding stopgap bill with the today’s deadline to avert a shutdown nearing.
  • JPY, AUD. NZD, CAD – Notwithstanding the firmer Buck, the Yen stands as the G10 gainer amid the deteriorating risk sentiment triggered by a barrage of downbeat Brexit commentary. USD/JPY resides around 104.00 having had briefly dipped below the level to a current low at 103.93 from 104.27 at best. High-beta FX have lost steam and reside towards session lows as the risk environment eroded in early European hours. AUD/USD waned from its overnight peak at 0.7572 to a low at 0.7521, whilst its Kiwi counterpart yielded its 0.7100 handle to print a base at 0.7075 (vs. high 0.7112). USD/CAD meanwhile remains sub-1.2800 but off its 1.2719 low and closer to the 1.2771 intraday high.
  • TRY – A double whammy for the Turkish Lira amid two separate geopolitical developments whereby the US is reportedly mulling CAATSA sanctions over Turkey’s purchase of the Russian-made NATO-incompatible S-400, whilst the EU is considering restrictions amid Turkey’s behaviour in the Easter Mediterranean. USD/TRY rose from its 7.8861 base to eclipse 8.000 before waning off highs.

In commodities, WTI and Brent front-month futures trade choppy within tight ranges but with upside limited amid the subdued risk sentiment on the back of pessimistic Brexit updates. Nonetheless, crude futures hold onto a bulk of yesterday’s gains with Brent Feb still north of USD 50/bbl (vs. high 57.74), just off yesterday’s 51.06 best, whilst WTI Jan trades sub-47/bbl after reaching a high of USD 47.72/bbl yesterday. New flow for the complex has remained light throughout the European morning, but note the JMMC will now be meeting on the 16th Dec, a day earlier than scheduled. The upcoming JMMC meeting will see a review secondary source data alongside current market fundamentals before proposing policy recommendations – thus no policy decision will be taken at this meeting. The findings of the gathering are likely to be overlooked as the overall environment is little changed since the start of the month. Elsewhere, spot gold and silver see lacklustre trade once again with the former meandering around USD 1835/oz and spot silver trading sub-24/oz. In terms of base metals, Dalian iron ore futures soared almost 10% spurred by Chinese demand and Sino-Aussie woes, with some traders also citing a cyclone which could affect loadings in Australia. LME copper meanwhile sees losses in tandem with the firmer Buck and deteriorated risk sentiment.

US Event Calendar

  • 8:30am: PPI Final Demand MoM, est. 0.1%, prior 0.3%
  • 8:30am: PPI Ex Food and Energy MoM, est. 0.2%, prior 0.1%
  • 8:30am: PPI Ex Food, Energy, Trade MoM, est. 0.2%, prior 0.2%
  • 8:30am: PPI Final Demand YoY, est. 0.7%, prior 0.5%
  • 8:30am: PPI Ex Food and Energy YoY, est. 1.5%, prior 1.1%
  • 8:30am: PPI Ex Food, Energy, Trade YoY, prior 0.8%
  • 10am: U. of Mich. Sentiment, est. 76, prior 76.9

DB’s Jim Reid concludes the overnight wrap

It’s been a pretty strange 24-48 hours in many ways. We’ve had a IPO market in the US that’s partying like its 1999 while US jobless claims spiked higher, Covid-19 restrictions mount, US stimulus talks still appear gridlocked, Brexit trade talks are not looking encouraging, and with a sober reminder of the structural problems Europe faces yesterday as the ECB expanded its stimulus package yet further and seemingly locked in negative rates for longer.

Ahead of the ECB, Spanish 10-year yields were briefly admitted into the “10yr negative yield” club, which is not that exclusive at the moment. On my calculations in Europe they briefly joined Switzerland, Germany, Slovakia, Netherlands, Denmark, Austria, Finland, Belgium, France, Ireland, Slovenia, Sweden and Portugal. See my CoTD yesterday here where we showed the Spanish dip in the context of 230 years of constantly positive yields until yesterday including a peak yield of over 70% in 1819! If you want to be on the daily chart email, please send a message to jim-reid.thematicresearch@db.com.

Sovereign bond yields rose a bit after the ECB though and the euro strengthened as markets were somewhat underwhelmed by the ECB’s latest package of stimulus measures. To be fair, they had been well flagged. To run through the main headlines, the ECB expanded their PEPP programme of bond-buying by a further €500bn to €1.85tn, with the purchases extended by 9 months until March 2022. Furthermore, their TLTRO III programme, which offers cheap loans for banks was extended until June 2022, and four pandemic emergency longer-term refinancing operations (PELTROs) will also be offered next year. However, what markets didn’t like was the fact that President Lagarde said that this additional envelope “need not be used in full”, and sovereign bond yields rose after the decision was announced. By the close, both 10yr bunds (+0.2bps) and OATs (+0.6bps) had reversed their morning gains, though they’d pared back some those losses by the end of the session, and the euro was up +0.47% against the US Dollar.

The fresh stimulus from the ECB came as their latest forecasts revised down their medium-term inflation projections, with the most recent inflation data showing the single currency bloc remained mired in deflationary territory. Though the ECB’s 2021 forecast for HICP remained at +1.0%, the 2022 reading was downgraded two-tenths to 1.1% and the new 2023 reading was still only at 1.4%, so somewhat less than their aim of “below, but close to, 2% over the medium term”. Furthermore, investors’ expectations of future inflation didn’t seem to be helped much either by the latest action, with five-year forward five-year inflation swaps down -2.0bps to 1.23%.

With that backdrop, global equity markets had a mixed performance yesterday. By the close, the S&P 500 had fallen slightly (-0.13%) in spite of a buoyant performance from energy stocks, which came as both Brent Crude (+2.84%) and WTI Oil (+2.77%) rose to post-pandemic highs of $50.25bbl and $46.78/bbl, respectively. Remember when they were negative in the early days of lockdown! Technology stocks, in particular hardware (+0.84%), actually rose on the day. The majority of the underperformance took place in the Autos (-2.59%), Telecoms (-1.80%) and Transportation stocks (-1.37%). 15 of the 24 S&P 500 industry groups moved lower on the day, and the Dow Jones was down -0.23%, as Europe’s STOXX 600 also experienced a -0.44% decline.

Stimulus talks continued with the congressional calendar-end quickly approaching. Yesterday, Treasury Secretary Mnuchin and House Speaker Pelosi both indicated progress was being made toward a new Covid-19 relief deal; however, both sides continue to differ on state and local taxes as well as the liability protections for employers. Democratic Congressional leaders continue to put their weight behind the bipartisan bill that originated in the Senate over Treasury Secretary Mnuchin’s bill. With a new deadline to get a funding deal done by the end of next week, House Minority Leader McCarthy said, “next week will be the week we get it done.” US 10yr Treasuries gained slightly throughout the day with yields down -0.3bps at 0.906%.

In a concerning sign in the face of the lack of stimulus progress, the weekly initial jobless claims in the US rose to 853k (vs. 725k expected) for the week through December 5, which is their highest level since mid-September, and raises the prospect that the labour market progress seen in recent months is slowing significantly. Indeed, the +137k increase in claims from the previous week was the largest one-week jump since the pandemic began back in March.

Overnight Asian markets are mixed with the Hang Seng (+0.46%) and Kospi (+0.84%) up while the Nikkei (-0.34%), Asx (-0.61%) and Shanghai Comp (-0.93%) are down. Futures on the S&P 500 are also down -0.10% and European equivalents are pointing to a weaker open as well. In Fx, the US dollar is down -0.18% overnight after yesterday’s -0.29% move lower.

Here in the UK, the BoE indicated yesterday that it is easing its ban on dividends with the PRA saying that “An extension of the exceptional and precautionary action taken in March is not necessary” and added, “There is scope for banks to recommence some distributions should their boards choose to do so, within an appropriately prudent framework.” The BoE approach is in contrast with developments at the ECB where the central bank is leaning towards extending their own dividend ban well into next year, though with some exceptions for the strongest lenders. European banks were one of the laggards yesterday (-2.09%) on this news and an ECB meeting that reminded investors of the tough yield/rates environment and offered up limited Xmas treats for the sector.

On Brexit, Prime Minister Johnson issued a warning last night – after European markets had closed – that businesses and the public should be prepared for the UK to leave the EU single market without a trade deal in place. While the government is still actively seeking a deal with the European Commission, the Prime Minister continues to see major obstacles. Johnson sees a, “strong possibility we will have a solution that’s much more like an Australian relationship with the EU than a Canadian relationship with the EU.” This would mean that the UK would rely on the rules of the WTO and could face tariffs and quotas when the transition ends on New Year’s Eve.

On the topic of no-deal scenarios, the European Commission put forward some contingency measures on reciprocal air and road connectivity with the UK, as well as fishing access, in the event that a no-deal outcome to the trade talks does indeed come to pass. Regardless of the somewhat negative tone to yesterday’s proceedings, discussions are currently continuing in Brussels ahead of the new Sunday deadline, where President von der Leyen has said a “decision will be taken.” Interestingly, it’s getting more vague about what the specific disagreements are. There is a possibility that politicians from both sides are keen to massively downplay the chances of a deal only to pull one out of the hat by Sunday or at least say one is starting to emerge. We will see.

Through all of this, Sterling ended the session as the worst-performing G10 currency yesterday, falling by -0.78% against the US Dollar and -1.27% against the euro. Furthermore, volatility is being increasingly priced into the exchange rate, with 1 week implied sterling/dollar volatility rising for an 8th consecutive day to its highest level since the start of the pandemic back in March. Paradoxically, however, other UK assets performed relatively strongly, with the multinational-dominated FTSE 100 gaining +0.54% on the back of sterling’s depreciation, while 10yr gilt yields fell -6.0bps as the perceived likelihood of monetary stimulus rose in response to the economic shock of a no-deal outcome.

One European deal did get done yesterday, with EU leaders finally coming together on the massive €1.82 trillion seven-year budget and recovery package to support the region’s economies through the pandemic and beyond. The delegations from Poland and Hungary had been the two dissenting voices after initially agreeing to the budget due to a “rule of law mechanism” they felt might be used to target them for potential breaches of the bloc’s democratic standards. Under the compromise, the European Commission will draw up guidelines for using the new “rule of law” standard and what would trigger it, and no country can be in violation until then.

Elsewhere, the Pfizer/BioNTech vaccine passed a committee of independent vaccine experts with a vote of 17 to 4, with one abstention. They concluded that the benefits of the vaccine outweigh the risks in those 16 and older. The FDA authorization could follow within a few days, after which shots could be immediately distributed across the US. Part of the panel was concerned that there was not enough data on 16 and 17 year olds and some pediatricians were said to be uncomfortable voting for the shot on those grounds. The shots will be distributed to the states, who will make the final decisions about which residents get inoculated first. Advisers to the CDC have recommended health-care workers and elderly care facility residents be prioritized, followed by the elderly. Shares of Pfizer gained +2.46% in after-market trading following the news.

Here in the UK there was rising speculation that London was set for Tier 3 restrictions, following data which showed that it had the highest regional case numbers in England. The measures in England are next being reviewed on December 16, while in Wales it was announced that secondary schools would move online from the start of next week because of the high number of cases. Elsewhere, it was reported that the French PM was set to announce an 8pm curfew from December 15. While in Germany, it was announced that Berlin would close non-essential shops and extend the school break until January 10. Denmark announced that the partial lockdown would be extended to additional municipalities. Meanwhile, in the US, Virginia announced a limited nightly stay-at-home order until January 31 while Pennsylvania announced that it is temporarily suspending indoor dining at bars and restaurants until January 4. Ohio has also extended its night curfew until January 2. Across the other side of world, South Korea has further strengthened social distancing rules and has limited restaurant hours while ordering closure of high-risk facilities such as nightclubs and karaoke bars.

Finally, the US CPI data for November showed month-on-month inflation of +0.2% (vs. +0.1% expected), which meant the year-on-year number remained at +1.2% (vs. +1.1% expected). In the UK, GDP expanded by just +0.4% in October, which was the economy’s slowest monthly growth since the economic rebound from the pandemic began. And in France, industrial production for October was up +1.6% (vs. +0.4% expected), bringing the year-on-year number up to -4.2%.

To the day ahead now, data releases from the US include the November PPI reading and the University of Michigan’s preliminary consumer sentiment index for December, while from Europe there’s Italian industrial production for October. Central bank speakers include the ECB’s Holzmann, Hernandez de Cos and Centeno, along with the Fed’s Quarles and George.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 26.8 PTS OR .77%   //Hang Sang CLOSED UP 95.28 PTS OR .36%    /The Nikkei closed DOWN 103.72 POINTS OR 0.39%//Australia’s all ordinaires CLOSED DOWN 0.44%

/Chinese yuan (ONSHORE) closed DOWN AT 6.5463 /Oil UP TO 50.08 dollars per barrel for WTI and 46.71 for Brent. Stocks in Europe OPENED ALL RED//  ONSHORE YUAN CLOSED DOWN AGAINST THE DOLLAR AT 6.5463. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5374 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING WEAKER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING WEAKER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

 

 

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Bloomberg employee Fan, is detained by the Communists

(zerohedge)

CHINA DETAINS BLOOMBERG NEWS EMPLOYEE

 
FRIDAY, DEC 11, 2020 – 10:35

Back in 2014, Bloomberg chairman Peter Grauer effectively admitted that the media titan will go “soft” on its China coverage because it “needs to be there” for one reason: Bloomberg terminal sales.

As the NYT reported then, Grauer said that the company should have reconsidered articles that deviated from its core of coverage of business news, because they jeopardized the huge sales potential for its products in the Chinese market. The comments, as the NYT said “represented the starkest acknowledgment yet by a senior Bloomberg executive that the ambitions of the news division should be assessed in the context of the business operation, which provides the bulk of the company’s revenue. They also signaled which of those considerations might get priority.”

Acknowledging the vast size of the Chinese economy, the world’s second-biggest after that of the United States, Mr. Grauer, said, “We have to be there.”

“We have about 50 journalists in the market, primarily writing stories about the local business and economic environment,” Mr. Grauer said in response to questions after a speech at the Asia Society. “You’re all aware that every once in a while we wander a little bit away from that and write stories that we probably may have kind of rethought — should have rethought.”

Grauer’s comments on Bloomberg’s “journalistic priorities” in China reflected what some Bloomberg employees said was “skepticism from the business side about whether investigative journalism is worth the potential problems it could create for terminal sales.”

“Being in China is very much a part of our long-term strategy and will continue to be so going forward,” Mr. Grauer said. “It occupies a lot of our thinking — Dan Doctoroff, our C.E.O.; me; Mike; and other members of our senior team.”

The reason for that is simple: Michael Bloomberg has built his multi-billion fortune on sales of the company’s terminals, which are ubiquitous on bankers’ desks around the world, and account for over 80% of the company $10 billion in revenue. But sales of those terminals in China declined after the company published an article in June 2012 on the family wealth of “president for life” Xi Jinpingat that time the incoming Communist Party chief. After its publication, officials ordered state enterprises not to subscribe to the service. Mr. Grauer did not specifically mention the article about Mr. Xi or any other articles.

So Bloomberg backed off, effectively refusing to cover the illicit practices of the world’s most corrupt regime.

Which is ironic because fast-forwarding to today, Bloomberg reported that Chinese authorities detained Haze Fan, who works for the Bloomberg News bureau in Beijing, “on suspicion of endangering national security.”

Haze Fan has worked for Bloomberg since 2017

“Chinese citizen Ms. Fan has been detained by the Beijing National Security Bureau according to relevant Chinese law on suspicion of engaging in criminal activities that jeopardize national security. The case is currently under investigation. Ms. Fan’s legitimate rights have been fully ensured and her family has been notified,” the Chinese authorities said.

Fan was last in contact with one of her editors around 11:30 a.m. local time on Monday. Shortly after, she was seen being escorted from her apartment building by plain clothes security officials.

Throughout the four days since her disappearance, Bloomberg has sought information on Fan’s whereabouts from the Chinese government and the Chinese embassy in Washington, DC. Her family was informed within 24 hours. Bloomberg LP, the parent of Bloomberg News, on Thursday received confirmation that Fan is being held on suspicion of participating in activities endangering national security.

“We are very concerned for her, and have been actively speaking to Chinese authorities to better understand the situation. We are continuing to do everything we can to support her while we seek more information,” said a Bloomberg spokesperson.

Fan, a Chinese citizen, began working for Bloomberg in 2017 and was previously with CNBC, CBS News, Al Jazeera and Thomson Reuters. Chinese nationals can only work as news assistants for foreign news bureaus in China and are not allowed to do independent reporting.

One wonders what it was the Bloomberg published – or was about to publish – that sparked this latest retaliation, and does this mean that Bloomberg terminal sales in China are about to slide again…

4/EUROPEAN AFFAIRS

UK/BREXIT

Morgan Stanley warns that if Brexit fails, British banks could drop 20% in price

(zerohedge)

MORGAN STANLEY WARNS BRITISH BANKS COULD DROP 20% AS BREXIT TALKS FAIL

 
FRIDAY, DEC 11, 2020 – 9:05

They really mean it this time.

British Prime Minister Boris Johnson is truly living up to his reputation as a tough negotiator as the government in London and its erstwhile partners across the continent are sounding the alarm: negotiations have yielded no progress, and with neither side willing to give ground, Johnson has warned businesses and the public to get ready for the “no deal scenario, which will see the UK plunge out of the EU without a deal as the clock strikes midnight on New Year’s Day.

European Commission President Ursula von der Leyen, Brussels’ bureaucrat-in-chief, has delivered a similar warning to the heads of the 27 remaining European Union member states. Both sides claim to want a comprehensive trade deal cover the roughly $1 trillion in bilateral trade annually, but Britain is unwilling to allow Brussels to dictate rules about climate and labor standards (among other things), while Brussels is anxious about Britain under-cutting European industry once London isn’t beholden to the European Court of Justice.

Yesterday, BoJo warned that the odds of a no-deal outcome were high. On Friday, Reuters quoted an anonymous EU official saying “the probability of a no deal is higher than of a deal”. To be sure, Johnson and von der Leyen have given negotiators until Sunday evening to break the impasse over fishing rights and common rules to ensure a level playing field.

“Situation is difficult. Main obstacles remain,” the EU official said of von der Leyen’s message. “To be seen by Sunday whether a deal is possible.”

Analysts have figured talks would go down to the wire, but the complete and utter lack of progress over the three stumbling blocks, is starting to really bother traders, who sent cable down a full percentage point on Friday morning in Europe. Deadlines have never carried much weight during the negotiations until this point, but if there isn’t a deal by Sunday and the two sides walk away, the market will almost certainly start pricing in the prospect of ‘no deal’. Certainly, it will take some convincing. As analysts at Rabobank said last week, the market has consistently refused to price in ‘no deal’, as investors have always assumed that, since a deal is in the best interest of both sides (at least, economically speaking), an agreement would likely be struck – even if it doesn’t come until the last minute.

Graham Secker and Matthew Garman at Morgan Stanley see 6%-10% downside for the FTSE 250 in the event of “no-deal”, based on their bollinger band analysis.

Source: Morgan Stanley

Analysts at Citigroup believe British banking stocks could fall between 10% and 20% since no deal would be a serious negative surprise. To be sure, the team at MS still sees an agreement as the most likely outcome, they acknowledge that the odds of ‘no deal’ are rising.

“At this stage we think markets will react with a controlled degree of disappointment rather than distress given that the wider global macro outlook remains healthy, with a strong recovery expected next year,” Morgan Stanley said.

While a “no-deal” Brexit wouldn’t derail the economic recovery in Europe, it could create some uncertainties that might repel investors.

From an equity perspective, there has been “a healthy consensus” that a no-deal Brexit would be “avoided”. The team from Morgan Stanley said that even the prospect of “no deal” “has been absent in almost all of our investor conversations this year”. It’s just another reason to believe that no deal would represent a “genuine and negative ‘surprise'”.

As far as rates are concerned, in the event of the UK and EU reverting to trade on WTO terms (which is what would happen if the two sides can’t agree on a new trade deal), Morgan Stanley’s economists expect a weaker 2021 recovery, accompanied by additional policy easing. A depreciating pound would almost certainly result from ‘no deal’. But that will impact things differently.

Source: Morgan Stanley

Specifically, in the near term, the MS team expects the MPC to cut rates to zero and increase the pace of QE. Looking further down the road, they would expect rates to go negative.

Some insist that BoJo’s recalcitrance is merely a show to placate his most fervently pro-Brexit supporters. However, others have cautioned that Europe’s demands simply aren’t acceptable to London, and that a ‘no deal’ outcome is virtually inevitable. Reuters reminds us that no-deal would damage the economies of northern Europe, send shockwaves through financial markets, cause massive traffic pileups at borders and generally sow chaos through delicate supply chains stretching across Europe.

To be sure, most Wall Street banks still believe a deal will be reached at the 11th hour. But most investment banks also thought that the Brexit referendum would fail. And we all remember how that turned out.

end
No deal slams markets on both sides of the ocean:
(zerohedge)

“NO DEAL” ON BREXIT OR COVID RELIEF SLAMS STOCKS, SENDS 2Y YIELDS NEAR RECORD LOWS

 
FRIDAY, DEC 11, 2020 – 12:03

Deal or No Deal? The answer on both sides of the pond is simple – No Deal – as EU-UK talks collapse in Brussels and COVID Relief bills keep dying on the floor in Washington

US equity markets are unhappy about it (Dow is only outperforming thanks to DIS’s ridiculous squeeze higher – up 16% adding 125 points to The Dow)…

And bond yields are sliding fast with 2Y at its lowest since August…

Getting close to record lows…

Source: Bloomberg

So what is on traders mind? The answer, as we detailed previously, seems a supply-demand imbalance: increasing bank reserves and an expected steep drop in Treasury bill supply.

The Federal Reserve has the tools to keep front-end rates above zero, but the debate is when it could use them, against a backdrop of virus fallout, fiscal-stimulus deadlock and Brexit risk.

end
SPAIN
For the first time in 230 years, Spain prints negative for its 10 yr bonds following Portugual
(zerohedge)

AFTER 230 YEARS, SPAIN PRINTS NEGATIVE…

 
FRIDAY, DEC 11, 2020 – 3:30

By DB’s chief credit strategist Jim Reid

As the ECB adds yet more stimulus to the system today at their meeting, this week has seen more landmark European bond moves. Italian 5-year yields have turned negative for the first time alongside 10-year Portuguese yields. And this morning Spanish 10-year yields also dipped into negative territory for the first time, albeit for a brief period.

In today’s Chart of the Day: we show 200 plus years history of Spanish and Portuguese 10-year yields (with proxies to allow a long history) to show how monumental these moves are.

The graph shows annual numbers but Portuguese yields traded above 18% in 2012 during the Sovereign debt crisis so this shows how much the ECB has turned this around.

However, will they ever be able to extricate themselves from these policies? Only time will tell but it will be incredibly hard and QE in some form will likely be here for many years to come.

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

Trump is batting 4 for 4

Morocco and Israel enter into a peace deal:

6.Global Issues

CORONAVIRUS UPDATE/POTENTIAL PROBLEMS WITH OUR VACCINES:

 
Robert email to me and story:
 

Pfizer COVID Vaccine Trial Shows Alarming Evidence of Pathogenic Priming in Older Adults • Children’s Health Defense

 
 
“While everyone should make up their own mind what they do or do not do to their body, there are times when caution signs suggest a pause in head long rush. Warnings already exist for women pregnant or thinking about being pregnant and people with previous adverse reactions to vaccines.
While there clear persuasion by government authorities the bigger question is who will pay when people are hurt.
There is talk behind the curtain now that to own and operate a business in Ontario in the future, you will need the jab, by government decree. While in articles like this one, a red flag is raised to suggest the common cold or flu may kill you after the COVID-19 vaccine because your body will not defend itself against a natural wild virus.
Skepticism suggests waiting to see what happens to others first, instead of being first with future regret”.

 

https://childrenshealthdefense.org/defender/pfizer-covid-vaccine-trial-pathogenic-priming

 
 
end
 
 
 
AUSTRALIA/VACCINE
 
 
Australian vaccine now out due to false positives for HIV and will concentrate on the Astra Zeneca vaccine and Pfizer’s
 
 
(zerohedge)

AUSTRALIA CANCELS COVID VACCINE TRIAL OVER ‘UNEXPECTED’ FALSE POSITIVES FOR HIV

 
FRIDAY, DEC 11, 2020 – 9:45

The Australian government has canceled further development of a COVID-19 vaccine after several trial participants had false positive testsfor HIV. The vaccine was being developed by the University of Queensland, while Australian biotech company CSL Limited had been under contract to provide 51 million doses. The vaccine had been on schedule for mid-2021, with phase two and three clinical trials due to commence in December.

On Friday, however, Australian Prime Minister Scott Morrison announced that the “University of Queensland vaccine will not be able to proceed based on the scientific advice, and that will no longer feature as part of Australia’s vaccine plan,” adding “I think the decision we’ve made today should give Australians great assurance that we are proceeding carefully, we are moving swiftly, but not with any undue haste here.”

Our processes will not be compromised. At the end of the day, the Therapeutic Goods Administration – like with any vaccine in Australia – must give their tick-off. Without the tick, there’s no jab when it comes to vaccines in this country. That is true for the Covid-19 vaccine, as it is true for any other vaccine that is administered here in Australia,” Morrison added.

The vaccine was one of four secured by the Australian government, which will now turn its focus to the AstraZeneca vaccine as well as Pfizer’s.

CSL said in a Friday statement that “following consultation with the Australian government, CSL will not progress the vaccine candidate to phase 2/3 clinical trials.”

According toAustralia’s 10 News, the decision to drop the University of Queensland vaccine was over fears that the false positive results would scare Australians away from the vaccine, despite the fact that patients had not actually contracted the disease.

The now-canceled vaxx focused on the COVID-19 “spike protein” using ‘molecular clamp technology’ to lock the protein into a shape which the human immune system can identify and neutralize. To ensure an immune response, the clamp chosen to trick the immune system into attacking includes two fragments of a protein found in HIV, which by themselves do not pose a threat.

Trial participants were advised of the possibility that vaccine-induced HIV antibodies might be detected as a result, but it was nonetheless unexpected. Subsequent HIV tests provided definitive negative results in the trial participants.

While the HIV tests were false positives and there was no risk to the trial participants, significant changes would need to be made to well-established HIV testing procedures to accommodate rollout of this vaccine, the researchers said. The Phase 1 trial will continue, where further analysis of the data will show how long the antibodies persist. –The Guardian

Professor Paul Young, co-lead researcher on the vaccine, said that it would be possible to re-engineer it to avoid false positives but there wasn’t enough time. “Doing so would set back development by another 12 or so months, and while this is a tough decision to take, the urgent need for a vaccine has to be everyone’s priority,” he said.

Health Minister Greg Hunt said that while the HIV test results were false, “the scientific advice is that the risk to vaccine confidence was the principal issue here.”

Australia, meanwhile, has secured contracts for 140 million doses of vaccine, “one of the highest ratios of vaccine purchases and availability to population in the world” according to Hunt, who added “What we can do is vaccinate our population twice over.”

end
CORONAVIRUS UPDATE/THE GLOBE
 

US TOPS 3K COVID DEATHS FOR 2ND STRAIGHT DAY; GLOBAL CASES NEAR 70MM: LIVE UPDATES

 
FRIDAY, DEC 11, 2020 – 10:00

As we head into the final trading session of the week, daily deaths topped 3k again on Thursday, marking the second highest daily tally, (second only to Wednesday’s number), while the total number of hospitalizations has hit a new high north of 107K. The US topped 200K new cases again, bringing the 7-day average to 205.5K, a new high.

According to the COVID Tracking Project, even though the national 7-day average for deaths is the highest it’s ever been, only two states reported single-day record deaths today. This may be an indicator that we will see this number rise in the coming weeks.

Switching to a per-capita view, another northeastern state – Rhode Island – recorded the highest 7-day average of cases per million people in the country today: 1,150, taking the place of nearby Connecticut. Only 12 states are below 500 cases per capita.

In Virginia, Gov. Ralph Northam is imposing a nighttime curfew and a 10-person limit on social gatherings in a new executive order announced Thursday evening to try and slow the spread of COVID as more states and cities impose new restrictions.

Under the curfew, which Northam described as a “modified stay at home order,” residents are asked to stay home between 2359 and 0500ET, although exceptions will be made for people traveling for work or seeking medical attention and obtaining food.

Looking ahead on Friday, London Mayor Sadiq Khan said urgent action was needed to avoid even tighter measures after the city reported 4.14K new virus cases on Thursday, more than the 2.6K reported on Wednesday.

As we wait for the emergency authorization, which could arrive in the coming days, the FDA says it’s working toward delivering its emergency-use authorization for Pfizer’s COVID-19 vaccine, which was reviewed by an oversight panel that met Thursday. With the rollout of Pfizer’s shot in the US looking imminent, Sanofi and GlaxoSmithKline have been forced to delay their COVID-19 jab.

In Germany, officials reported the biggest jump in cases and deaths since the start of the pandemic,

Inoculations may start as early as Monday, Health and Human Services Secretary Alex Azar told ABC. The US may vaccinate 20MM people in December, rising to 30MM in January and 50MM in February, said Assistant Secretary Brett Giroir said on Fox News.

Finally, global cases have reached 69.5K, according to Johns Hopkins University in Baltimore, while the international death toll has hit 1.58MM.

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

  • Indonesia reported another daily high of pandemic-related deaths, with 175 people dying in the past 24 hours, and cases jumping to 6,310 from 6,033 yesterday. Total infections are now at 605,243, with 18,511 deaths.
  • The U.K.’s AstraZeneca has withdrawn its application for a clinical trial in the Philippines, according to Enrique Domingo, head of the country’s food and drug administration. “They said they have enough data already,” Domingo told Nikkei Asia when asked the reason for the withdrawal.
  • Hong Kong has agreed with two vaccine makers — Beijing-based Sinovac and New York-based Pfizer — to secure 15 million shots for the city’s 7.5 million residents, Chief Executive Carrie Lam announces. Around 1 million shots will be delivered as early as January.
  • India reports 29.39K cases in the last 24 hours, down from 31.5K a day earlier, and bringing the country total to nearly 9.8MM. Deaths rose by 414 to 142,186.
  • A pandemic-struck world has cut CO2 emissions this year by 7%, according to the Global Carbon Project show. The group has calculated that the world will have emitted 34 billion metric tons of carbon dioxide in 2020. According to a study published in the journal Earth System Science Data, the figure marks a decrease from 36.4 billion tons in 2019.
  • South Korea confirms 689 cases, up from 680 a day ago, marking the largest daily rise since February as the government battles a third wave of infections.
  • China reports 15 cases for Thursday, up from 12 a day earlier. Officials said 9 of them were imported.

* * *

For all those ‘Green New Dealers’ concerned about the imminent threat of climate change, thanks to the pandemic, Co2 emissions have fallen this year by 7%, according to the Global Carbon Project show. Scientists calculated that the world is expected to have emitted 34 million metric tons of carbon dioxide in 2020 – that’s less than the 36.4 billion tons emitted in 2019.

So, maybe we need to revisit those projections showing the world is going to end in 12 years.

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 FRIDAY morning 7:00 AM….

Euro/USA 1.2128 DOWN .0015 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /RED

USA/JAPAN YEN 104.10 DOWN 0.074 (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 1.3170   DOWN   0.01320  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2771 UP .0030 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro FELL BY 24 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE CLOSED DOWN 26.08 PTS OR .77% 

//Hang Sang CLOSED UP 95.28 PTS OR .36% 

/AUSTRALIA CLOSED DOWN 0,44%// EUROPEAN BOURSES ALL RED

Trading from Europe and Asia

EUROPEAN BOURSES ALL RED

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 95.28 PTS OR .36% 

/SHANGHAI CLOSED DOWN 26.08 PTS OR .77% 

Australia BOURSE CLOSED DOWN 0.44% 

Nikkei (Japan) CLOSED DOWN 103.72  POINTS OR 0.39%

INDIA’S SENSEX  IN THE RED

Gold very early morning trading: 1832.00

silver:$23.83-

Early FRIDAY morning USA 10 year bond yield: 0.892% !!! DOWN 2 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.615 DOWN 2  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 90.98 UP 15 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.-04% DOWN 3 in basis point(s) yield from YESTERDAY/

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

SPANISH 10 YR BOND YIELD: 0.00%//DOWN 2 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.56 DOWN 1 points in basis points yield from yesterday./

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

GERMAN 10 YR BOND YIELD: FALLS TO –.63% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.87% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.2109  DOWN     .0035 or 35 basis points

USA/Japan: 103.89 DOWN .288 OR YEN UP 29  basis points/

Great Britain/USA 1.3192 DOWN .01092 POUND DOWN 109  BASIS POINTS)

Canadian dollar DOWN 27 basis points to 1.2768

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan, CNY: closedDOWN AT 6.5467      ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.5465  (YUAN DOWN)..

TURKISH LIRA:  7.8344  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.01%

Your closing 10 yr US bond yield DOWN 3 IN basis points from THURSDAY at 0.882 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.609 DOWN 3 in basis points on the day

Your closing USA dollar index, 90.99 UP 16  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 53.01  0.39%

German Dax :  CLOSED DOWN 181.43 POINTS OR 1.36%

Paris Cac CLOSED DOWN 42.10 POINTS 0.76%

Spain IBEX CLOSED DOWN 119.20 POINTS or 1.46%

Italian MIB: CLOSED DOWN 213.35 POINTS OR 0.97%

WTI Oil price; 46.58 12:00  PM  EST

Brent Oil: 50.01 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.06  THE CROSS HIGHER BY 0.01 RUBLES/DOLLAR (RUBLE LOWER BY 01 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.63 FOR THE 10 YR BOND 1.00 PM EST EST

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  46.61//

BRENT :  49.95

USA 10 YR BOND YIELD: … 0.887..down 2 basis points…

USA 30 YR BOND YIELD: 1.624 down 1 basis points..

EURO/USA 1.2114 ( DOWN 29   BASIS POINTS)

USA/JAPANESE YEN:104.04 DOWN .138 (YEN UP 14 BASIS POINTS/..

USA DOLLAR INDEX: 90.97 UP 4 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.32212 DOWN 81  POINTS

the Turkish lira close: 7.848

the Russian rouble 73.02   UP 0.02 Roubles against the uSA dollar. (UP 2 BASIS POINTS)

Canadian dollar:  1.2766 DOWN 25 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.63%

The Dow closed UP 47.11 POINTS OR 0.16%

NASDAQ closed DOWN 27.94 POINTS OR 0.23%


VOLATILITY INDEX:  23.38 CLOSED UP .86

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

USA trading today in Graph Form

Dow Clings To 30K Amid IPOpalooza, Bonds Bid On Brexit & Bailout Busts

 
 
 

This is not a bubble…

Source: Bloomberg

This is not complacency…

Source: Bloomberg

And this is not a short squeeze…

Source: Bloomberg

And these are not the droids you’re looking for…

And in case you had any questions about whether this market is a little over its skis, just listen to he who knows best…

“…it’s not as though there is speculation in this market, that is not the case” – David Faber, CNBC 12/11/2020

Trade Accordingly.

Stocks were broadly lower on the week (with only Small Caps managing gains on the week)…

The Dow benefited from an epic meltup in DIS (which added 150 points to the index today)

Source: Bloomberg

Here’s The Dow this week…pinging around like a penny stock desperate to close above 30k (remember yesterday’s close was 29,999)…

Energy stocks outperformed on the week amid total chaotic swings. Tech and Financials lagged on the week…

Source: Bloomberg

VIX was higher on the week, decoupling from stocks…

Source: Bloomberg

Bonds were bid all week with the long-end outperforming…

Source: Bloomberg

30Y yields are coiling…

Source: Bloomberg

And 2Y Yields plunged back near record lows…

Source: Bloomberg

Real Yields fell notably this week (suggesting more upside for gold)…

Source: Bloomberg

The Dollar ended the week higher amid utterly farcical swings intraday

Source: Bloomberg

Cable had a roller coaster week too amid Brexit headlines…

Source: Bloomberg

Bitcoin ended the week back below $18,000 as the crypto market broadly rolled over this week…

Source: Bloomberg

Commodities ended the week mixed with silver down 1%, crude up around 1% and copper and gold unch (despite some big intraweek swings)…

Source: Bloomberg

Either copper’s too high, gold’s too low, or yields need to go way higher…pick your poison

Source: Bloomberg

And finally, circling back to the start… this is not a bubble and this market is not expensive…

Source: Bloomberg

The big boys ain’t playing along…

Source: Bloomberg

Even the ‘soft’ survey data is starting to give up hope…

a)Market trading/LAST NIGHT/USA

 
 

b)MARKET TRADING/USA//Non farm payrolls

 
 

ii)Market data/USA

Inflation is just around the corner:  PPI rise at the fastest pace since Feb

(zerohedge)

PRODUCER PRICES RISE AT FASTEST PACE SINCE FEBRUARY

 
FRIDAY, DEC 11, 2020 – 8:36

Following yesterday’s hotter than expected print in consumer prices, and after PMIs signaling surging cost-push inflation, analysts continued to expect that producer prices would rise only marginally in November and they were spot on with Final Demand PPI rising just 0.1% MoM (as expected). On a year-over-year basis, Producer Prices rose 0.8% (slightly hotter than the expected 0.7%) and the highest since February…

Source: Bloomberg

Core PPI (ex food and energy) rose 1.5% YoY (higher than the expected 1.4%) and the highest since January…

Source: Bloomberg

Nothing too fearful here yet for The Fed but prices are accelerating off the lows rather fast.

end

UMICH SENTIMENT SURVEY SOARS IN EARLY DECEMBER, INFLATION OUTLOOK PLUNGES

 
FRIDAY, DEC 11, 2020 – 10:08

After disappointingly dropping in November, analysts expected preliminary December sentiment data to extend its decline but instead – despite lockdowns spreading virally, jobless claims surging back, and no relief checks from Washington – UMich reports a huge jump from 76.9 to 81.4 for the headline sentiment index!

The rise was led by a spike in ‘current conditions’ to its highest since March, while a measure of expectations improved 4.2 points to 74.7.

Source: Bloomberg

Respondents’ outlook for the economy in the next five years climbed in early December by the most since May 2011.

The brighter sentiment likely reflects optimism around the imminent distribution of a vaccine, which is seen easing business restrictions and allowing many in-person activities to resume. Even so, the virus continues to spread unchecked, with record cases and deaths, while lawmakers remain at odds over a new aid package.

For the first time since Trump was elected, Democrats are more confident than Republicans…

Source: Bloomberg

1-Year Inflation expectations collapsed…

Source: Bloomberg

Broadly speaking, the ‘soft’ survey data is accelerating down to the disappointingly not-v-shaped moves in ‘hard’ real data…

Source: Bloomberg

‘Hope’ is fading fast – and with lockdowns being imposed across the country at holiday-time, we suspect this will collapse soon without some more handouts from Washington, even with the vaccines.

END

iii) Important USA Economic Stories

ELECTION STORIES

1,NATIONAL FILE

Twenty one states now support Texas Supreme Court lawsuit.  It is as if 42% of America is suing 8% of America

(National File)

UPDATE: 21 States Now Support Texas SCOTUS Lawsuit, 42% of America to Sue 8% of America

Almost half of the Union has signed on, or expressed a desire to sign on, to Texas’s Supreme Court lawsuit challenging the election.

 
 

With today’s additions of Wyoming and Ohio, a total of 21 states – including Texas – are signed on or seek to be signed on to the Supreme Court lawsuit challenging the elections in Pennsylvania, Georgia, Michigan, and Wisconsin.

Since Texas filed the suit, over 20 states have joined or expressed an interest in joining. As it now stands, the following states are seeking a Supreme Court remedy to the November 3 election: Texas, Oklahoma, Kansas, Nebraska, South Dakota, North Dakota, Arizona, Utah, Idaho, Montana, Wyoming, Indiana, Missouri, Arkansas, Louisiana, Mississippi, Tennessee, Alabama, Ohio, West Virginia, and Florida.

 

20+ states (red) seek to sue four battleground states (blue)

Late last night in Idaho, the Republican Party overruled the state’s Attorney General, also a Republican, to file an amicus brief seeking to participate in the lawsuit, as Media Right News reported.

 
 
 

Wyoming announced its likely participation in the lawsuit this morning, with the state’s lawmakers sending a letter to the governor that requests the state’s Attorney General to participate in the lawsuit.

 
 

Lawmakers in Wyoming have indicated their official participation is forthcoming, with Wyoming Sen. Bo Biteman writing “The Governor responded to my email within minutes and has asked the Attorney General to look into the matter. Stay tuned!”

Similarly, last night Ohio Rep. Al Cutrona and other legislators have urged the state’s attorney general to immediately seek to join the Texas lawsuit.

 

“It’s time we take a stand to protect our Constitution,” wrote Cutrona. “I am upholding my duty as a legislator, as an American, and as an Ohioan.”

Thus far, Ohio Attorney General Dave Yost has remained neutral, but urged the Supreme Court to take rapid action on the matter.

 

The states that announced overnight and this morning may soon be joined by other states. In Iowa, Republican Gov. Kim Reynolds told the media that her state had not yet been invited to participate, as the state’s Attorney General is a Democrat. She indicated that she has asked the legal team to contact her office.

Similarly, reports indicate that at least one elected official in Georgia is seeking to participate in the lawsuit, despite the state being named in the suit itself.

Last night, National File reported that Arizona sought to join the lawsuit, bringing the number to a total of 18.

 

This article was updated to include news regarding the Ohio Attorney General.

END

STORY NO 2

Now the entire country is picking sides;  the Democrat Attorneys General align with the 4 rogue states

(Hoft/Gateway Pundit)

BREAKING: Now the Democrat Attorneys General Align with Pennsylvania, Michigan, Wisconsin and Georgia – Nearly Every State Has Picked Sides

The Texas case against Pennsylvania, Michigan, Wisconsin and Georgia has exploded.  Now nearly the entire country is picking sides. 

The whole country knows now that the state of Texas sued Georgia, Michigan, Pennsylvania and Wisconsin on Monday night in the US Supreme Court challenging their unlawful election procedures.

Texas argued these four states violated the US Constitution because they made changes to voting rules and procedures through the courts or through executive actions. But these states did not make the changes through the state legislatures as spelled out in the US Constitution.

We reported earlier today that President Trump joined Texas in suing the four states being sued by Texas.

TRENDING: BREAKING: Now the Democrat Attorneys General Align with Pennsylvania, Michigan, Wisconsin and Georgia – Nearly Every State Has Picked Sides

Last night we reported 18 states have to date joined Texas in their case against the four states:

Next we reported that 106 US House Republicans have signed a brief backing Texas in this case (the list should be over 200):

And then this afternoon, the Pennsylvania House joined the case:

Now blue states and a couple of territories have gotten involved and have joined Pennsylvania, Michigan, Georgia and Wisconsin.  They are fine with massive corruption as long as they gain power:

Even the Democrat Attorney General from North Carolina, where Trump won the election, has joined with fellow Democrat Attorneys General.

In addition to the above, Ohio joined Texas today and Wyoming decided to stay out of it.  Iowa, Kentucky, Alaska and Idaho have decided to stay out of the case as well.  Nearly the entire country is in the game now.  (see above for map).

The number of states and entities joining Texas in their suit against the big four states involved in stealing the 2020 election continues to grow. This case isn’t bogus or seditious, this case is valid and that is why states are picking sides.

(A final note – the people of many states must be sick with the actions of their current Democrat officials aligning with the corruption of the left.  Never in US history have we seen such an all out effort to steal an election away from the Presidential winner.  The steal cannot stand.)

END

Texas rebuttal .. pass the popcorn

(Harvey…a must must read)…

INTRODUCTION

from Robert to me on the following big story:

“Defendant States do not seriously address grave issues that Texas raises, choosing to hide behind other court venues and decisions in which Texas could not participate and to mischaracterize both the relief that Texas seeks and the justification for that relief. An injunction should issue because Defendant States have not—and cannot—defend their actions. First, as a legal matter, neither Texas nor its citizens have an action in any other court for the relief that Texas seeks here. Moreover, no other court could provide relief as a practical matter. The suggestion that Texas—or anyone else—has an adequate remedy is specious.

Second, Texas does not ask this Court to reelect President Trump, and Texas does not seek to disenfranchise the majority of Defendant States’ voters. To both points, Texas asks this Court to recognize the obvious fact that Defendant States’ maladministration of the 2020 election makes it impossible to know which candidate garnered the majority of lawful votes. The Court’s role is to strike unconstitutional action and remand to the actors that the Constitution and Congress vest with authority for the next step. U.S. CONST. art. II, § 1, cl. 2; 3 U.S.C. § 2. Inaction would disenfranchise as many voters as taking action allegedly would. Moreover, acting decisively will not only put lower courts but also state and local officials on notice that future elections must conform to State election statutes, requiring legislative ratification of any change prior to the election. Far from condemning this and other courts to perpetual litigation, action here will stanch the flood of election-season litigation.

Third, Defendant States’ invocation of laches and standing evinces a cavalier unseriousness about the most cherished right in a democracy—the right to vote. Asserting that Texas does not raise serious issues is telling. Suggesting that Texas should have acted sooner misses the mark—the campaign to eviscerate state statutory ballot integrity provisions took months to plan and carry out yet Texas has had only weeks to detect wrongdoing, look for witnesses willing to speak, and marshal admissible evidence. Advantage to those who, for whatever reason, sought to destroy ballot integrity protections in the selection of our President.

On top of these threshold issues, Defendant States do precious little to defend the merits of their actions. This Court should issue the requested injunction.”

Read the entire reply at the link below . . .

https://www.supremecourt.gov/DocketPDF/22/22O155/163498/20201211111125165_TX-v-State-MPI-Reply-2020-12-11.pdf

end

Michael Snyder…

Stage Set For Epic Battle Between Red & Blue States At Supreme Court

 
 
 
 
 
 

We have never seen anything like Texas v. Pennsylvania in the history of the Supreme Court.  A very large group of red states has lined up behind Texas, and a very large group of blue states is backing the other side.  I cannot recall another Supreme Court case in which so many states have sought to be involved on some level, and so to me, it would be unthinkable for the Supreme Court to try to slap this suit away as if it was insignificant.  The U.S. Constitution gives the Supreme Court original jurisdiction over controversies between states, and so if the Supreme Court is not willing to properly deal with the grievances that the red states have there is no other place for them to go.

I believe that the Supreme Court is going to handle this case with the seriousness that it deserves, and that means that we are about to witness an absolutely epic legal battle between red states and blue states.

In an article that I published yesterday, I explained that the Court had required the states of Pennsylvania, Michigan, Wisconsin and Georgia to file their responses by Thursday at 3 PM, and that is precisely what happened.

 

But a whole bunch of other parties decided to get involved in this case as well.  The following are all of the updates that were posted on the Supreme Court website on Thursday alone

Motion of State of Ohio for leave to file amicus brief not accepted for filing. (December 10, 2020) (corrected motion electronically filed)

 

Response to motion for leave to file bill of complaint and motion for preliminary injunction and temporary restraining order or stay from defendant Wisconsin filed.

Opposition to Texas’s motion for leave to file bill of complaint and its motion for preliminary relief from defendant Georgia filed.

Opposition to motions for leave to file bill of complaint and for injunctive relief from defendant Michigan filed.

Opposition to motion for leave to file bill of complaint and motion for preliminary injunction, temporary restraining order, or stay from defendant Pennsylvania filed.

Motion for leave to file amicus brief from the District of Columbia on behalf of 22 States and Territories filed.

Motion to Intervene and Proposed Bill of Complaint in Intervention of State of Missouri submitted.

Motion of State of Ohio for leave to file amicus brief submitted.

Motion for Leave to File Brief as Amicus Curiae and Brief for Members of the Pennsylvania General Assembly. as Amicus Curiae in Support of Plaintiff/Defendants of Members of the Pennsylvania General Assembly submitted.

Motion of Certain Select Pennsylvania State Senators for leave to file amicus brief submitted.

Motion of Christian Family Coalition for leave to file amicus brief submitted.

Amicus brief of Bryan Cutler Speaker of the Pennsylvania House of Representatives and Kerry Benninghoff Majority Leader of the Pennsylvania House of Representatives submitted.

For Leave to File Complaint-in-Intervention of Ron Heuer, et al. submitted.

Motion of U.S. Representative Mike Johnson and 105 Other Members for leave to file amicus brief submitted.

Motion of Lieutenant Governor Janice McGeachin, Senator Lora Reinbold, Representative David Eastment, et al. (Elected State Officials) for leave to file amicus brief submitted.

Amicus brief of City of Detroit submitted.

Motion for Leave to File and Amicus Curiae Brief of Justice and Freedom Fund in Support of Plaintiff of Justice and Freedom Fund in Support of Plaintiff submitted.

Complaint in Intervention of Ron Heuer, et al. submitted.

Amicus brief of Ga. state Sen. William Ligon et al. submitted.

Motion of L. Lin Wood for leave to file amicus brief submitted.

Motion of Steve Bullock, in his official capacity as Governor of Montana for leave to file amicus brief submitted.

I have never seen a flurry of activity like this for any other Supreme Court case.

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As you look over that list, you will see that there are all sorts of big names on there and nearly all states are represented in at least some capacity.

But there is one huge name that is completely missing.

For some reason, Joe Biden has decided not to be involved in this case at all.

I think that Joe Biden’s lawyers are telling him that it would give the case credibility if they got involved and they don’t want to do that.

But to me, this is a major tactical mistake on their part.  If Texas wins this case, Joe Biden will probably not be the one sitting in the Oval Office for the next four years.  With so much on the line, if I was a presidential candidate I would want to make sure that my interests were being represented properly in this case.

In any event, this case is moving forward, and the outcome will make history no matter which way it goes.

Needless to say, Pennsylvania, Michigan, Wisconsin and Georgia are very upset about the suit that Texas has filed.  In fact, Pennsylvania Attorney General Josh Shapiro went so far as to call the suit a “seditious abuse of the judicial process”

The Pennsylvania AG’s office described the Texas suit as a crass political maneuver to extend Trump’s term.

‘Texas’s effort to get this Court to pick the next President has no basis in law or fact. The Court should not abide this seditious abuse of the judicial process, and should send a clear and unmistakable signal that such abuse must never be replicated,’ they urged.

Of course, that is a bunch of nonsense.

As I detailed yesterday, Texas is alleging very serious violations of the Electors Clause and the Equal Protection Clause of the Fourteenth Amendment in all four states, and the evidence clearly shows that those constitutional violations did indeed take place.

Pennsylvania, Michigan, Wisconsin and Georgia would have us believe that Texas and other red states were not harmed by these constitutional violations, and they would have us believe that the Supreme Court could not possibly take any action even if there were constitutional violations because that would “disenfranchise” millions of voters.

But it wouldn’t disenfranchise those voters if the Court ordered new elections in those four states, and that is what I believe is the appropriate remedy in this case.

I know that is a minority viewpoint, but I am sticking with it.

On Thursday, the District of Columbia, 20 blue states, the Virgin Islands and Guam filed an amicus brief in support of Pennsylvania, Michigan, Wisconsin and Georgia.

An amicus brief had already been filed by a coalition of red states on Wednesday, and on Thursday six of them actually asked the court to allow them to become co-plaintiffs

Missouri on Wednesday led a group of 17 states in filing a brief that supported the Texas lawsuit, which alleges that the four key swing states that voted for President-elect Joe Biden violated the Constitution by having their judicial and executive branches make changes to their presidential elections rather than their legislatures.

But the Thursday filing led by Missouri Attorney General Eric Schmitt, which also includes Arkansas, Utah, Louisiana, Mississippi and South Carolina, would make those states parties before the court in the case rather than just outside voices weighing in. President Trump’s campaign did the same on Wednesday.

Subsequently, 106 Republican members of the House of Representatives filed an amicus brief in support of Texas.

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That has got to carry a lot of weight with the Court.

At this point, the Court is essentially boxed into a corner.  If they throw this case aside very quickly, that will cause a massive uproar on the right.

But if they actually allow oral arguments and give this case the attention that it deserves, that will cause a massive uproar on the left.

Whatever they do, about half the country is going to be exceedingly angry.

And if Texas v. Pennsylvania ultimately results in Trump winning the election, we will witness a national temper tantrum that will shake our nation to the core.

We have reached one of the most critical moments in American history, and the future of our Republic hangs in the balance.

Historically, the Supreme Court likes to try to find an easy way out, and they may be very tempted to try to dispose of this case very quickly.

But that wouldn’t solve anything.  I think that it is a very ominous sign that there is so much open animosity between red states and blue states now.  Just like we witnessed prior to the Civil War, states are picking one side or the other, and talk of secession is starting to pick up steam.  In fact, it was the top headline on the Drudge Report on Thursday morning.

And if the Supreme Court ignores the clear constitutional violations that occurred during this election, that will only make things a lot worse.

As Texas Attorney General Ken Paxton stated in his complaint, either we have a Constitution or we don’t.

That is what Texas v. Pennsylvania is really all about, and in a few days, we will have a clear answer to that question.

Article posted with permission from Michael Snyder


 
end
 
EPOCH TIMES
 
(Stieber)

Texas Tells SCOTUS That Defendant States Didn’t Address ‘Grave’ Election Issues

 
 
 

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

The state of Texas argued in a filing to the Supreme Court on Friday that the four states it is suing didn’t address “grave issues,” instead “choosing to hide behind other court venues and decisions.”

Texas sued Pennsylvania, Georgia, Michigan, and Wisconsin in the nation’s top court this week, alleging that the states unconstitutionally changed election laws, treated voters unequally, and triggered significant voting irregularities by relaxing ballot-integrity measures.

The states “violated statutes enacted by their duly elected legislatures, thereby violating the Constitution,” the lawsuit alleges.

Officials from the defendant states filed briefs Thursday urging the Supreme Court to reject the suit.

The request “to exercise its original jurisdiction and then anoint Texas’s preferred candidate for President is legally indefensible and is an [affront] to principles of constitutional democracy,” Pennsylvania Attorney General Josh Shapiro wrote.

“Texas is unable to allege that Wisconsin itself did anything to directly injure Texas’s sovereign interests,” Wisconsin Attorney General Joshua Kaul added.

In the new reply, Texas Attorney General Ken Paxton and other state attorneys said the defendant states “do not seriously address grace issues that Texas raises, choosing to hide behind other court venues and decisions in which Texas could not participate and to mischaracterize both the relief that Texas seeks and the justification for that relief.”

An injunction should issue because Defendant States have not—and cannot—defend their actions,” they added.

Texas is not asking the Supreme Court to reelect President Donald Trump, according to the filing, nor does it seek to disenfranchise lawful voters.

 

 

Pennsylvania Gov. Tom Wolf, right, and Attorney General Josh Shapiro, attend a news conference in Pittsburgh, Pa., on Oct. 28, 2018. (Matt Rourke/AP Photo)

“To both points, Texas asks this Court to recognize the obvious fact that Defendant States’ maladministration of the 2020 election makes it impossible to know which candidate garnered the majority of lawful votes. The Court’s role is to strike unconstitutional action and remand to the actors that the Constitution and Congress vest with authority for the next step,” the lawyers argued.

Inaction would disenfranchise as many voters as taking action allegedly would. Moreover, acting decisively will not only put lower courts but also state and local officials on notice that future elections must conform to State election statutes, requiring legislative ratification of any change prior to the election. Far from condemning this and other courts to perpetual litigation, action here will stanch the flood of election-season litigation.”

The case has brought a flurry of action from around the nation. Thirty-nine states have chosen a side, with 18 attorneys general siding with Texas and 20 siding with the defendants.

Republican Ohio Attorney General Dave Yost backed neither party and opposed the relief sought by Texas, while state lawmakers in Pennsylvania and other states filed briefs against their own attorneys general.

In a filing late Thursday, outgoing Montana Gov. Steve Bullock, a Democrat, filed a brief in support of the defendants. That was the last brief filed before Texas lodged its reply.

In another entry on Friday, Citizens United, Citizens United Foundation, and The Presidential Coalition filed a motion for leave to file a brief in support of Texas. The two nonprofits and political group asserted that Texas has suffered serious injury that can be redressed by the relief sought.

Ivan Pentchoukov and Jack Phillips contributed to this report.

Follow Zachary on Twitter: @zackstieber
 
END

We are now witnessing shipping container shortages in China and  that is having an effect on exports to the West.

(zerohedge)

Shipping Container Shortages In China Crimp Exports To West 

 

No one predicted that the shipping container industry would be absolutely on fire this year, considering China’s strong economic rebound following the virus-induced downturn. Now a shortage of shipping containers in Asia are sending container spot rates to multi-year highs, has already started to crimp China exports.

Just how high can Asia-U.S. East Coast spot rates go? Well, the cost of chartering a 40-foot container from China to the US East Coast soared to nearly $5k this week, up 85% since June 1, according to Freightos data in Refinitiv Eikon.

 

Source: Freightos data in Refinitiv Eikon

A shortage of containers in China comes as exports in the country surged 21% in November from a year ago. Chinese factories are pumping out appliances, electronics, toys, clothes, and personal protective equipment to the world.

As explained by Reuters, a “severe shortage” of containers in the Asian country is starting to hit export flows:

But due to China’s lopsided trade balance – exporting three containers for every one imported recently – and delays in containers returning to China due to the pandemic overseas, a severe shortage is now starting to pinch export flows. Roughly 60% of global goods move by container, and according to United Nations trade data there are close to 180 million containers worldwide. -Reuters

Charles Xu, a mirror salesman, located in Yiwu’s export hub in Zhejiang province, which supplies major US retailers, told Reuters that “we ve so many orders but just cannot ship things. Boxes are piling up at our factory and we don’t have much space left. It’s just hard to book containers, and everyone is bidding for them with high price.”

China Container Industry Association said the average container turnaround has jumped to 100 days from 60 days because of virus-related capacity cuts in the US and Europe, which has greatly increased the shortage of containers in China. There have already been reports of some US importers not being able to receive shipments in November.

In September, we first noted that demand for ocean freight out of China was “leading to equipment shortages in Asia.”

“The surge in volumes is leading to equipment shortages in Asia. Some shippers are paying premiums on top of spiking rates to guarantee containers and space. The imbalance is also putting pressure on overwhelmed US ports and importers to process and return empty containers quickly.”

Spot container rates from China are soaring worldwide:

 

Source: Freightos data in Refinitiv Eikon

Even with Chinese container manufacturers boosting capacity to keep up with demand – their efforts are still falling short. Mainly because distorted trader flows have resulted in record build-up in containers elsewhere.

For instance, the Port of Los Angeles, the nation’s top port, imported 3.5 containers for every one it exported in October. There are currently 326,000 empty containers sitting at the port, according to shipping organization BIMCO.

One Chinese vendor with clients in the US said, “right now waiting for container is two to four weeks. I still don’t know if I will have a container or not.”

Shortages could persist well into the first quarter of 2021 as container manufacturers in China are booked through Feburary.

And what could this mean for US consumers? Well, this is what we said back in October:

“Inventories are historically low. There is rising concern that companies will not be able to import and deliver enough goods to meet consumer demand during the holiday season.”

Frederic Neumann, co-head of Asian Economics Research at HSBC, suspects this “unusually high demand for goods globally, which is likely to cool as we move into 2021 because of the (expected) service-led recovery, particularly in Western economies.”

END
 
Grassley blast the mass media over the Hunter Biden hypocrisy
(zerohedge)

Grassley Blasts MSM Over Hunter Biden Hypocrisy

 
 

Chuck Grassley is one pissed off Senator.

After the Iowa Republican and Sen. Ron Johnson (R-WI) produced a long-awaited Senate report which concluded that Hunter Biden’s financial dealings with Ukrainian, Chinese and Russian businesses created “criminal financial, counterintelligence and extortion concerns” concerning everything from sex-trafficking to bribery – the MSM panned it as a partisan attack on a presidential candidate’s son.

Now that Hunter has admitted he’s under investigation for tax fraud (and, as Politico and CNN have added, money laundering and accepting bribes), Grassley is having the last laugh.

In Thursday remarks on the Senate Floor, Grassley blasted the media after months of covering for the Bidens.

“For over a year, Senator Johnson and I investigated the Biden financial family dealings,” said Grassley, adding “We found that they engaged in potential criminal financial deals across the globe, including China, which created counterintelligence concerns.”

Grassley then turned his attention to the MSM, saying “Those same liberal outlets that disparaged our investigation now report that Hunter Biden’s financial deals in China raise counterintelligence concerns.”

He went on to say that the media should have been covering concerns raised by Republicans instead of covering them up.

“So you can understand why I think it’s very outrageous that the fourth estate would choose to ignore facts when they are uncovered by Republicans,” Grassley continued. “It shouldn’t take subpoenas and confirmation from Hunter Biden himself to get the rest of the press to pay attention.”

Watch:

“So you can understand why I think it’s very outrageous that the fourth estate would choose to ignore facts when they are uncovered by Republicans,” Grassley continued. “It shouldn’t take subpoenas and confirmation from Hunter Biden himself to get the rest of the press to pay attention.”

Watch:

 
 

END

zero hedge

what corruption: AG Barr concealed the Hunter Biden probe for several months

(Wall Street Journal/zerohedge)

AG BARR CONCEALED HUNTER BIDEN PROBES FROM PUBLIC DURING ELECTION

 

FRIDAY, DEC 11, 2020 – 4:44

Attorney General William Barr knew about several investigations into Hunter Biden since at least this spring – and “worked to avoid their public disclosure during the heated election campaign,” according to theWall Street Journal.

According to ‘a person familiar with the matter,’ Barr “staved off pressure from Republicans in Congress for information into the investigations,” while President Trump and his allies pressured Barr into pursuing Joe and Hunter Biden.

This week, Hunter Biden revealed the existence of one of the investigations after federal investigators served him with a subpoena seeking detailed financial information in connection with a criminal tax investigation by the Delaware US attorney’s office.

The next day, CNNand Politico confirmed that the probe was wider than that, and covered potential money laundering and bribery in probes that date back to 2018, according to ‘people familiar with the matter.’

According to the report, none of the investigations implicate Joe Biden.

end

Mish Shedlock on the misguided new Biden initiative of cancelling 50,000 dollars of student debt

(Mish Shedlock)

Biden Is Off To A Bad Start Under Progressive Pressure

 
 

Authored by Mike Shedlock via MishTalk,

Under Progressive pressure, Biden ponders canceling $50,000 in student loans.

Rogue Executive Actions 

Biden is already bending to the wishes of Elizabeth Warren and Bernie Sanders to want to forgive student loans.

On Monday, Senate Minority Leader Chuck Schumer announced Biden ‘Considering’ Forgiving $50,000 in Student Loan Debt via Executive Action.

Schumer held a press conference alongside Democratic Congressmen-elect Ritchie Torres, Mondaire Jones and Jamaal Bowman of New York, during which the group announced they have “come to the conclusion” that Biden can “forgive $50,000 of debt the first day he becomes president.”

“You don’t need Congress, all you need is the flick of a pen and President-elect Biden — then President Biden — can make this happen,” Schumer said.

Asked if Biden will have the executive authority to forgive the debt, the New York Senator said the president-elect is researching that and “I believe when he does his research, he will find that he does.”

Congress, Who Needs It?

I believe we have seen enough rogue executive actions of dubious legality.

Even if legal, this is a terrible idea. It mainly benefits middle-class whites and unfairly so.

We can’t give money to people at the bottom who have lost their jobs, possibly permanently, due to government decree. But hey, let’s  forgive $50,000 in debt to the upwardly mobile.

Less Education for Your Buck

The above chart is from US College Tuition & Fees vs. Overall Inflation.

Please note the acceleration in 2005. What happened?

The cost of education escalated madly when Bush passed the bankruptcy reform act of 2005 making student debt not dischargeable in bankruptcy.

Flashback 2005

On April 15, 2005, I penned The Deflation Guarantee Act of 2005.

Today Congress passed the “The Deflation Guarantee Act of 2005” currently known as the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005”.

Twenty years from now economists are going to be studying legislation from this Congress and signed by this administration and be wondering: “What the * were they thinking?”.

Anytime this administration passes a law with the “protection” in it, assume it will do just the opposite.

This was a bill written by loan sharks, and bought via payoffs (otherwise known as campaign contributions) to those voting for this bill. It has NOTHING to do with “Consumer Protection”.

I believe this will backfire in many ways, and not all of them are fully understood yet.

Disease vs Symptoms

I graduated from the University of Illinois in 1976 with a degree in Civil Engineering. The cost of tuition was $250 a semester when I entered college in 1971.

Some blame states for not contributing to education. Indeed, states would would not raise taxes to cover escalating costs because of voter backlash.

But that is blaming the disease on the symptom. The disease was then and still is high administration costs, public unions, outrageous coaching contracts, unbelievable pensions, and serious lack of competition.

Five Student Loan Facts 

Brookings has a set of Five Facts About Student Loans that everyone discussing forgiveness needs to be aware of.

  1. Six Percent of Borrowers owe a third of the outstanding debt.
  2. About one quarter of borrowers who have about half of the debt borrowed for graduate school.
  3. The individuals who owe the most money are not the individuals who default on debt
  4. Most bachelor’s degree recipients graduate with little to no debt
  5. Even if financial aid covers the whole tuition bill, many students borrow to cover living costs

Questions of the Day

  • Given those facts, why should borrowers be bailed out at taxpayer expense?
  • If they are, when will it stop?

Dead on Arrival

On November 29, I commented Biden’s Progressive Agenda is Dead on Arrival .

The obvious implication is “DOA in Congress” as opposed to seriously misguided and dubiously legal executive orders.

Compelling Case

HedgEye author Neil Howe makes a compelling case in Is A Student Debt Jubilee Coming?

Colleges possess such extraordinary pricing power in part because they bar or discourage new competitors and in part because lazy employers rely on a limited number of them to act as credential gate keepers. What federal policy ought to do is actively promote new types of educational institutions better fitted to employer needs and to promote measures by which families can fairly compare the value-added of different schools. Colleges and collegiate associations actively discourage all of the above.

In sum, it’s a mistake to enact a student debt jubilee without first rethinking and recasting the whole market for higher education. Otherwise, we’ll either end up right back where we started (with millions of new students crushed by huge debt loads) or somewhere we don’t want to go (with taxpayers committed to covering the cost of whatever colleges want to charge… a bit like they now do with healthcare providers).

Huge Moral Hazard 

Debt discharge is a huge moral hazard that encourages more overpaying for useless degrees.

It will do nothing to address the cost of higher education.

We need more competition, more accredited schools, more alternatives, and less public union graft.

Forgiving debt fosters less competition and more graft.

Under Pressure

Biden is under pressure from Bernie Sanders and Elizabeth Warren who believe Biden could not have won without them.

This claim is off by 180 degrees.

Election Message

The fact of the matter is rightful fear of Progressives could have cost Biden the election.

You can see this in the House and Senate races.

Trump lost but Biden had negative coattails. Why?

Fear of exactly this kind of liberal agenda.

Voters did not want Trump but they did not want liberal nonsense either. 

Message Not Heard!

Trump did not get the message. Neither did Biden nor the Progressive wing of the Democratic party.

Biden is off to a bad start by listening to the Progressive wing that damn near cost him the election.

end

Fauci: the masks stay on until enough citizens take the vaccine

(Watson/Summit News)

FAUCI: UNLESS AMERICANS TAKE THE VACCINE, THE MASKS NEED TO STAY ON

 
FRIDAY, DEC 11, 2020 – 7:55

Authored by Steve Watson via Summit News,

Appearing on CNN Thursday, Dr Anthony Fauci declared that face masks are here to stay unless enough Americans get the coronavirus vaccination, and even then it will take at least six months before the masks can be left behind.

Speaking to Chris Cuomo, Fauci was asked if the masks could come off, to which he replied “Well, the answer is not unless you get the overwhelming majority of the country vaccinated and protected and get that umbrella of what we call herd immunity.”

“There’s still a lot of virus out there,” Fauci declared, adding “So just because you’re protected, so-called protected by the vaccine, you should need to remember that you could be prevented from getting clinical disease and still have the virus that is in your nasopharynx because you could get infected.”

“But until you have virus that is so low in society we as a nation need to continue to wear the mask, to keep the physical distance, to avoid crowds,” Fauci proclaimed.

“We’re not through with this just because we’re starting a vaccine program. Even though you as an individual might have gotten vaccinated, it is not over by any means. We still have a long way to go and we’ve got to get as many people as possible vaccinated. Of all groups,” he further urged.

Cuomo asked when the masks could come off, assuming enough people take the shot, to which Fauci replied that if enough Americans “step up to the plate,” we could see the back of the masks by June.

“If 75 or more percent of the population decides they want to get vaccinated, I would hope by the time we get to the end of the second quarter into the summer that we will have enough people vaccinated that by the time we get to the fall in the third quarter of the year that we will have that veil of protective herd immunity that would really essentially protect all the vulnerable,” Fauci said.

Fauci’s remarks echo those of The UK’s deputy chief medical officer, who said last week that despite the arrival of COVID vaccines, face masks will still have to be worn “for years” to come.

New guidance from the World Health Organization (WHO) has also suggested that everyone should be wearing a face mask everywhere indoors at all times, as well as outdoors whenever they cannot keep more than a metre away from others.

The health body issued a new information sheet with the guidelines, but admits that there is “limited evidence” that masks have any effect on stopping the spread of coronavirus.

An in depth study by Danish scientists at Copenhagen University recently found no evidence that masks protect anyone from the virus

end.

CORONAVIRUS UPDATE FRIDAY AFTERNOON/USA AND THE GLOBE

CUOMO CLOSES INDOOR DINING IN NYC AS COVID HOSPITALIZATIONS CLIMB: LIVE UPDATES

 
FRIDAY, DEC 11, 2020 – 12:09

Summary:

  • NYC closes indoor dining
  • US tops 3K deaths for 2nd day
  • Virginia imposes stay at home order
  • China reports 15 cases
  • Indonesia reports another 175 deaths
  • South Korea confirms another 689 cases
  • Hong Kong secures 15MM doses

* * *

Update (1200ET): During Friday’s press briefing, NY Gov Andrew Cuomo announced that indoor dining will be closed in NYC once again, as new cases, hospitalizations and the positivity rate reach new thresholds. Hospitalizations in the state are nearing 5.5K.

Gyms and barber shops can remain open, Cuomo said, but dining rooms will close on Monday.

Watch the rest of the briefing below:

The state reported more than 10K new cases on Friday.

The state reported more than 10K new cases on Friday.

* * *

As we head into the final trading session of the week, daily deaths topped 3k again on Thursday, marking the second highest daily tally, (second only to Wednesday’s number), while the total number of hospitalizations has hit a new high north of 107K. The US topped 200K new cases again, bringing the 7-day average to 205.5K, a new high.

According to the COVID Tracking Project, even though the national 7-day average for deaths is the highest it’s ever been, only two states reported single-day record deaths today. This may be an indicator that we will see this number rise in the coming weeks.

Switching to a per-capita view, another northeastern state – Rhode Island – recorded the highest 7-day average of cases per million people in the country today: 1,150, taking the place of nearby Connecticut. Only 12 states are below 500 cases per capita.

In Virginia, Gov. Ralph Northam is imposing a nighttime curfew and a 10-person limit on social gatherings in a new executive order announced Thursday evening to try and slow the spread of COVID as more states and cities impose new restrictions.

Under the curfew, which Northam described as a “modified stay at home order,” residents are asked to stay home between 2359 and 0500ET, although exceptions will be made for people traveling for work or seeking medical attention and obtaining food.

Looking ahead on Friday, London Mayor Sadiq Khan said urgent action was needed to avoid even tighter measures after the city reported 4.14K new virus cases on Thursday, more than the 2.6K reported on Wednesday.

Looking ahead on Friday, London Mayor Sadiq Khan said urgent action was needed to avoid even tighter measures after the city reported 4.14K new virus cases on Thursday, more than the 2.6K reported on Wednesday.

As we wait for the emergency authorization, which could arrive in the coming days, the FDA says it’s working toward delivering its emergency-use authorization for Pfizer’s COVID-19 vaccine, which was reviewed by an oversight panel that met Thursday. With the rollout of Pfizer’s shot in the US looking imminent, Sanofi and GlaxoSmithKline have been forced to delay their COVID-19 jab.

In Germany, officials reported the biggest jump in cases and deaths since the start of the pandemic,

Inoculations may start as early as Monday, Health and Human Services Secretary Alex Azar told ABC. The US may vaccinate 20MM people in December, rising to 30MM in January and 50MM in February, said Assistant Secretary Brett Giroir said on Fox News.

Finally, global cases have reached 69.5K, according to Johns Hopkins University in Baltimore, while the international death toll has hit 1.58MM.

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

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

  • Indonesia reported another daily high of pandemic-related deaths, with 175 people dying in the past 24 hours, and cases jumping to 6,310 from 6,033 yesterday. Total infections are now at 605,243, with 18,511 deaths.
  • The U.K.’s AstraZeneca has withdrawn its application for a clinical trial in the Philippines, according to Enrique Domingo, head of the country’s food and drug administration. “They said they have enough data already,” Domingo told Nikkei Asia when asked the reason for the withdrawal.
  • Hong Kong has agreed with two vaccine makers — Beijing-based Sinovac and New York-based Pfizer — to secure 15 million shots for the city’s 7.5 million residents, Chief Executive Carrie Lam announces. Around 1 million shots will be delivered as early as January.
  • India reports 29.39K cases in the last 24 hours, down from 31.5K a day earlier, and bringing the country total to nearly 9.8MM. Deaths rose by 414 to 142,186.
  • South Korea confirms 689 cases, up from 680 a day ago, marking the largest daily rise since February as the government battles a third wave of infections.
  • China reports 15 cases for Thursday, up from 12 a day earlier. Officials said 9 of them were imported.

* * *

For all those ‘Green New Dealers’ concerned about the imminent threat of climate change, thanks to the pandemic, Co2 emissions have fallen this year by 7%, according to the Global Carbon Project show. Scientists calculated that the world is expected to have emitted 34 million metric tons of carbon dioxide in 2020 – that’s less than the 36.4 billion tons emitted in 2019.

So, maybe we need to revisit those projections showing the world is going to end in 12 years.

iv) Swamp commentaries)

Chinese Royalty Claims 5 Million Counterfeit Ballots Were Printed In China – Shares Phone Call And Pictures

 

A video was released on Friday in Mandarin Chinese of a phone call request for fake ballots customized by Chinese factory.

The manufacturer is reportedly in Kwangtung, China.

In the video a caller is heard requesting a bulk order of ballots to ship to the United States.
Here is a screenshot with the translation, and the video is included below:

Ballots China Printing Us

Our Mandarin speaker confirmed the translation is accurate.

 

The order was reportedly for 5 million votes:

 

 

Two readers noticed that at the 0.54 second mark you can see “Charlotte County Florida” on the ballots:

Charlotte County Florida

Here is a sample ballot from Charlotte Votes.

Since our original report we spoke with the creator of this video. His name is Venice.

And the story he told us is explosive!

Here is the original report from Taiwan.

 

Here are more photos of the alleged printing house and samples of the Nor:

Here are templates of the Mississipi counterfeit ballots printed in China:

Mr. Vinness A. Ollervides confirmed this information during a phone call.

He was also the source for this information:

Vinness Ollervides: A Chinese Whistleblower With Royal Ancestry

Vinness Ollervides

 

Vinness Ollervides

Vinness who comes from royal bloodline wants this information to get out:

Vinness Ollervides has an amazing life story and background. He studied in the West, speaks six languages, and is a writer and artist. His father died in prison for his role in Xi Jinping’s anti-corruption campaign.

Vinness Ollervides Last Emperor

 

Vinness and his mother at Isangga’s tomb, the ancestral tomb of Ollervides’ family. The photograph was taken during ancestor veneration.

Ollervides is now a political activist and the third generation of CCP aristocrat. He is banned from China for his public speech about democracy of Taiwan, Tibet and Manchu.

We are passing this information on to our contacts in the intelligence community.

end
 
 
Swallwell vs Fang Fang!
 

end

Why all of a sudden, the left wing media is suddenly reporting on Hunter Biden. They want Biden out (after he is inaugurated and ultra left wing Kamala Harris becomes President.

(Widburg/AmericanThinker.com)

IS THIS WHY THE MEDIA IS SUDDENLY REPORTING ON HUNTER BIDEN’S CORRUPTION?

 
FRIDAY, DEC 11, 2020 – 12:35

Authored by Andrea Widburg via AmericanThinker.com,

In the world of Democrat politics, there are no coincidences. With that principle in mind, it’s possible to understand why Democrat media outlets are suddenly reporting about Hunter Biden’s corruption, a story that spills over onto his father. The first is to get ahead of potential breaking news about Hunter’s imminent arrest. The second theory is the one Monica Showalter advanced: The leftists used Biden to attain the White House (or so they believe) and are now ready to get rid of him. Having a criminal son may be just what the Obama/Harris camp needs to make that happen. And if there’s any doubt about this theory, an article in The New York Times seems to lay it to rest.

We conservatives remember how, in October, the media and the tech tyrants conspired to block any reports about Hunter Biden, whether those reports were the Senate Intelligence Committee’s findings about the $3.5 million Hunter received from the wife of a Russian politician, or the shocking details of political corruption, drug addiction, and sexual debauchery contained on his hard drive.

Well, to ordinary people, these stories were shocking. To the media and the tech tyrants, these stories were potential dangers to Joe Biden’s candidacy. They had to be stopped – and stopped they were. Twitter and Facebook, the two biggest social media tech tyrants, refused to allow any reports to circulate and banned people, including President Trump’s press secretary, from their platforms when they refused to bow down to this censorship.

News outlets derided the reports about the Biden family’s corrupt dealings, all of which implicated Joe Biden as the man who pimped out his addled son for huge sums of money, as non-stories. That’s not an exaggeration. It’s explicitly what NPR’s public editor said:

Likewise, CNN’s Christiane Amanpour, who’s served as a shill for every tyrannical regime on earth, insisted that, because she was a real “journalist,” it was not her job to investigate stories. Instead, it was only her job to determine whether the results of other people’s investigations met her standards. The Hunter Biden story did not:

When President Trump tried to bring the story to Americans’ attention during the first presidential debate, Biden snapped back that it was Russian disinformation, a lie that the media and tech tyrants enthusiastically disseminated

Suddenly, though, the media is releasing information about the criminal investigations into not both Hunter Biden and Joe’s brother, James Biden. As the above tweet notes, these investigations have been ongoing for years. We also know that a sizable number of voters would have passed over Biden for Trump had they known about Biden family corruption. So, what gives? Why are Hunter and, by extension, Joe himself, suddenly fair game?

It could be that bad things are about to come down from the FBI. After all, Trump did promise that “a lot of big things” will happen soon. The sudden flurry of reports about the Bidens could just be the Democrats’ way of getting ahead of the story so that, if Hunter is shown doing the perp walk, they can say that it’s “old news.”

However, it’s equally likely that the Democrats are making plans to get Biden out of office as quickly as possible – or perhaps, sideline him before he’s even sworn in (assuming, of course, that Biden hangs onto that president-elect title). As Monica Showalter pointed out on Thursday, Biden is not making leftists happy. He’s filling his possible administration with corporate insiders, he wants a former military officer to head the defense department, and he’s continuing to show a very rapid cognitive decline. He’s offering Clinton-era politics with a side of dementia and that is not what the hard left side of the party wants.

In any event, the goal, always, was to get Kamala into the White House. It didn’t and doesn’t matter that the voters don’t like her — as demonstrated by the fact that even her home state of California didn’t like her and her early retreat from the primaries. What matters is that she, unlike both Hillary and Joe, is Barack Obama’s true third term.

Harris is as hard left as they come and willing to do whatever it takes to maintain power. While Joe Biden, despite his corruption and his shift to the hard left, still cherishes some residual notions about the Constitution, Kamala is not hindered by such old-fashioned ideas:

Harris is as hard left as they come and willing to do whatever it takes to maintain power. While Joe Biden, despite his corruption and his shift to the hard left, still cherishes some residual notions about the Constitution, Kamala is not hindered by such old-fashioned ideas:

With Americans at large finally learning that Hunter Biden and James Biden are crooked and that Joe is the big, corrupt tree from which these rotten apples fell, there’s going to be lots of pressure on Joe to retire as quickly as is politely possible. It’s The New York Times that gives the game away. On Thursday, it published a positively wistful article entitled “Investigation of His Son Is Likely to Hang Over Biden as He Takes Office: Unless the Trump Justice Department clears Hunter Biden, the new president will confront the prospect of his own administration handling an inquiry that could expose his son to criminal prosecution.” The opening paragraph, speaks of Biden in a “no-win situation” that could be “politically and legally perilous,” and the report continues in that vein. The subtext is clear: Leave. Leave now.

Joe served his purpose by being the bland front person for a full leftist assault on the White House. Now it’s time for him to go. And while his handlers may reward him for a job well done with the pleasure of the inauguration, you can be sure that they’ll pressure him to do what he promised to do, which is to invent a respectable disease and quit ASAP.

END

SENATE PASSES ONE-WEEK STOPGAP TO AVERT SHUTDOWN

 
FRIDAY, DEC 11, 2020 – 13:53

Congress has passed a stopgap government funding measure via voice vote, which will fund operations for another week as Congress works to reach spending and COVID-19 relief deals. The measure will head next to President Trump’s desk, which he will need to sign into law before Saturday to avoid a government shutdown.

The bill will extend funding through Dec. 18 as lawmakers hash out what’s shaping up to be a $1.4 trillion package to keep the government running through the end of Sept. 2021 – though they’ve failed to agree exactly how the funds will be used, according to CNBC.

Despite the most frantic efforts in months to craft a coronavirus rescue package, Congress has several major disputes to resolve to reach a deal. Millions of Americans await help as an uncontrolled outbreak ravages communities across the country and leads to food insecurity unseen in years.

If lawmakers cannot pass relief legislation in the coming days, about 12 million people will lose unemployment benefits on the day after Christmas. An eviction moratorium and family leave provisions put in place earlier this year will also expire at the end of December. –CNBC

At present the largest stumbling blocks remain over Democratic demands regarding state and local municipalities receiving pandemic relief, vs. liability protections which would shield employers from COVID-19 related lawsuits.

Democrats, meanwhile, have criticized the White House’s most recent $916 billion aid offer endorsed by GOP leadership, which doesn’t include additional federal unemployment insurance funding, yet does include a $600 direct payment – half of what Democrats are seeking. Instead, the left has placed their support behind a $908 billion package crafted by a bipartisan group which would include a $300 weekly federal jobless benefit but not direct payments.

According to Axios, drama ensued after Sens. Bernie Sanders (I-VT) and Josh Hawley (R-MO) objected to Senate Majority Leader Mitch McConnell’s initial attempt to pass the resolution via unanimous consent.

  • Sanders said he would withdraw his objection this week, but would not do so when funding expires before Christmas.
  • Hawley did the same, pleading: “If the Senate of the United States can find hundreds of billions of dollars to give to big government and big business, surely it can find some relief for working families and working individuals.”

The big picture: Despite the momentum in stimulus talks, McConnell (R-Ky.) has refused to budge on his red line of including liability protections for businesses in the next relief bill. –Axios

According to House Speaker Nancy Pelosi, lawmakers “cannot go home” until a deal is reached – implying that Congress may remain in session until Dec. 26, when various emergency aid programs will otherwise expire.

END
 

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

ECB expands and extends its bond buying as coronavirus resurgence weighs on the recovery

The European Central Bank on Thursday expanded its massive monetary stimulus program by another 500 billion euros ($605 billion), as a second wave of lockdown measures weighs on the euro area’s economic recovery… https://www.cnbc.com/2020/12/10/ecb-expands-bond-buying-as-coronavirus-resurgence-weighs.html

 

ECB Boost Crisis Support with Caveat on Not Using It all Up

The additional envelope of 500 billion euros ($607 billion) in bond-buying approved at the meeting on Thursday “need not be used in full,” ECB President Christine Lagarde said in a news conference, “if favorable financing conditions can be maintained.”… The Governing Council repeated its pledge to keep stimulus in place until it “judges that the coronavirus crisis phase is over.”…

https://finance.yahoo.com/news/ecb-boosts-crisis-stimulus-caveat-141711861.html

 

European Shares Drop as Banks Lead Declines on ECB, Brexit Woes

Lenders were clearly the worst performing sector, down as much as 3.2%… This (ECB QE hike) gives a clear message that they continue to see risks in the recovery.”  Uncertainty over Britain’s trading relationship with the European Union is rising as post-Brexit negotiations are said to be on course to end without a deal…The FTSE 100 Index was up the most among major markets in Europe.

 

@AFP: France to impose 8pm curfew from Dec 15, including New Year’s Eve, prime minister says

US Initial Jobless Claims jumped 137k to 853k, the biggest increase since September.  725k was expected.  Continuing Claims surged 230k to 5.75m.  5.21m was consensus.  November CPI and Core CPI are 0.2% m/m; 0.1% was expected for both.

 

The markets on Thursday exhibited economic concerns.  European and US banks declined sharply; the Covid trade appeared in the US: Techs and Fangs rallied; economically sensitive stocks declined.

Nearly half small-business owners fear coronavirus will close their operations by mid-2021

48% are generating revenues below what they needed to stay in business

https://www.foxbusiness.com/economy/small-businesses-coronavirus-closures-2021

Mnuchin: We’re Making a lot of Progress on Stimulus – BBG 10:26 ET

 

Pelosi Says Bipartisan Talks on Covid-19 Relief Making ‘Great Progress – BBG 11:23 ET

 

The morning US peaked just 4 minutes before the European close at 11:30 ET.  ESZs then slid 16 handles in 30 minutes.  ESZs and stocks then gyrated in a wide range until the EU induced a modest rally.

 

EU Leaders Approve $2.2 Trillion Stimulus Backed by Joint Debt 13:00 ET

https://www.bloomberg.com/news/articles/2020-12-10/eu-leaders-approve-2-2-trillion-stimulus-backed-by-joint-debt

@RaheemKassam: EXCLUSIVE: YouTube software engineer Jinjiang Tai previously worked for Guanghzou Shian Technologywhere he played a “major role” with the People’s Liberation Army and State Secrecy Bureau  https://thenationalpulse.com/news/youtube-e

 

@kylenabecker: CHINA It’s become abundantly clear what was behind the creepy missive from Youtube that criticism of 2020 election results are now ‘FORBIDDEN.’  No complaints about suspect election results shall be tolerated. Only ‘authoritarian sources,’ comrade

 

FDA panel recommends Pfizer coronavirus vaccine for final agency approval

Vaccination shots could start before the end of the year

https://justthenews.com/politics-policy/coronavirus/fda-panel-recommends-pfizer-coronavirus-vaccine-final-agency-approval

@Qtah17: Rush Limbaugh live on air: “Barack Obama was in charge of Russia, the election, Obama is the one in charge of Democrat D.C. politics, and he’s directing operations on the Hunter story right nowBiden is a ‘placeholder’ & they’re trying to switch him out as soon as possible.” “The setup has begun [Hunter Biden investigation leak], they are now attempting to get rid of Joe Biden. These people tried it on Trump; they’re doing it again on Biden.”

 

Limbaugh: We may be ‘trending toward secession’

“There cannot be a peaceful coexistence of two completely different theories of life, theories of government, theories of how we manage our affairs. We can’t be in this dire a conflict without something giving somewhere along the way…And our problem is the fact that there are just so many RINOs, so many Republicans in the Washington establishment who will do anything to maintain their membership in the establishment because of the perks and the opportunities that are presented for their kids and so forth.”…   https://justthenews.com/politics-policy/limbaugh-we-may-be-trending-toward-secession

 

Only two US presidents remained in DC after their reigns ended: Woodrow Wilson who was incapacitated by a stroke and Obama, who set up a fortress blocks from the White House with an elaborate communication center.

 

Barack Obama’s close confidante Valerie Jarrett has moved into his new DC home, which is now the nerve center for their plan to mastermind the insurgency against President Trump 3/1/17

  • Obama’s goal is to oust Trump from the presidency either by forcing his resignation or through his impeachment, a family friend tells DailyMail.com…
  • Obama cannot use his West End office, a post-presidency perk, for political purposes
  • ‘He’s coming. And he’s ready to roll.’ former Attorney General Eric Holder said yesterday about the former president’s reentry into the political scene…

https://www.dailymail.co.uk/news/article-4271412/Obama-confidante-Valerie-Jarrett-moves-Kaloroma-home.html

 

Clinton associate wrote anti-Trump dossier in 2016 claiming he had Russian FSB source

Cody Shearer’s intel, forwarded to FBI via Christopher Steele, should have set off disinformation alarm bells, intel experts say – The documents also indicate the State Department played a much larger role than previously reported in shaping the media narrative, and eventually the official Obama administration intelligence assessment that Vladimir Putin wanted Trump to win in 2016, lawmakers said.

https://justthenews.com/accountability/russia-and-ukraine-scandals/clinton-associate-wrote-anti-trump-dossier-2016-claiming

 

Joe Biden’s younger brother James is investigated by Feds over his role in Pennsylvania hospital business – day after revelation that Hunter is also being probed over his tax affairs

https://www.dailymail.co.uk/news/article-9040145/Joe-Bidens-brother-James-caught-federal-probe.html

 

Biden taps [known liar] Susan Rice as top domestic policy adviser amid flurry of moves http://reut.rs/2JVdjTt

 

Sen. Dianne Feinstein forgets conversations and gets upset with her staff for not briefing her on a topic shortly after they do, new report says – The US Senator from California is said to be struggling with her short-term memory, even forgetting things she herself has said, sources familiar with the situation told the New Yorker’s Jane Mayer…Sen. Dianne Feinstein forgets conversations and gets upset with her staff for not briefing her on a topic moments after they do, according to a new report from the New Yorker…  https://news.yahoo.com/dianne-feinstein-forgets-conversations-gets-073013449.html

 

@JonathanTurley: Curiously, the media maintains that Feinstein was declining mentally for years but neither reporters nor members noted it before her recent electionhttps://independent.co.uk/news/world/americas/us-politics/diane-feinstein-age-senate-chuck-schumer-b1769556.html?utm_source=reddit.com   It was only after she hugged Graham after the Barrett hearing that she was declared effectively incompetent

 

WaPo: Minneapolis City Council votes to cut millions from police budget amid record crime rates

[Remember the book, “Suicide of the West: How the Rebirth of Tribalism, Populism, Nationalism, and Identity Politics is Destroying American Democracy”?]   https://www.washingtonpost.com/national/minneapolis-city-council-votes-to-cut-millions-from-police-budget-amid-record-crime-rates/2020/12/10/af3f14ee-3a8c-11eb-bc68-96af0daae728_story.html

end

To all our Jewish friends out there:

Happy Chanukah!

I will see you MONDAY night.

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