DEC 16//GOLD AND SILVER RISE ON FED “FLOP”: GOLD UP $2.55 TO $1855.45 IN REGULAR TRADING BUT UP ANOTHER $9.00 IN ACCESS TRADING/SILVER UP 42 CENTS IN REGULAR TRADING TO $24.90 AND THEN ANOTHER 46 CENTS ADDED ON IN THE ACCESS MARKET//CORONAVIRUS UPDATES FOR TODAY//USA RETAIL SALES DISAPPOINT//TWO ICONIC USA RESTAURANTS FOLD//ELECTION CHAOS 11 COMMENTARIES//SOMETHING WRONG; USA MONEY SUPPLY RISES BY 800 BILLION DOLLARS IN JUST 2 WEEKS//SWAMP STORIES FOR YOU TONIGHT//

GOLD:$1855.45 UP   $2.55   The quote is London spot price

Silver:$24.90 UP 42 CENTS   London spot price ( cash market)

ACCESS MARKET

i)Gold : $1864.20  LONDON SPOT  4:30 pm

ii)SILVER:  $25.28//LONDON SPOT  4:30 pm

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EXECUTIVE ORDER 13848

THIS EMERGENCY DECLARATION IS STILL IN EFFECT!!!!
Sept 12.2018
“I, DONALD J. TRUMP, President of the United States of America, find that the ability of persons located, in whole or in substantial part, outside the United States to interfere in or undermine public confidence in United States elections, including through the unauthorized accessing of election and campaign infrastructure or the covert distribution of propaganda and disinformation, constitutes an unusual and extraordinary threat to the national security and foreign policy of the United States. Although there has been no evidence of a foreign power altering the outcome or vote tabulation in any United States election, foreign powers have historically sought to exploit America’s free and open political system. In recent years, the proliferation of digital devices and internet-based communications has created significant vulnerabilities and magnified the scope and intensity of the threat of foreign interference, as illustrated in the 2017 Intelligence Community asssessment. I hereby declare a national emergency to deal with this threat.”
A SpaceX Falcon 9 rocket heads into the cloudsSatire from The Borowitz Report

Trump Orders Space Force to Discover Other Planets with Courts

With his legal options on this planet dwindling, Trump is placing all of his hopes on identifying another planet that might have intergalactic jurisdiction over Earth.

By Andy Borowitz

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CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1856.10.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $0.65/ contango   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1859.10 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $3.65 CONTANGO//$ 1.00 BELOW NORMAL CONTANGO//GOOD FOR EFP ISSUANCE

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $24.99  1:30  PM SPREAD SPOT/FUTURE DEC.       :   9  CENTS PER OZ  CONTANGO (  9 CENTS ABOVE NORMAL CONTANGO)

SILVER MARCH CLOSE:  25.05/SPREAD SPOT/FUTURE:     15 CENTS CONTANGO  8 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:  279/564

EXCHANGE: COMEX
CONTRACT: DECEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,852.300000000 USD
INTENT DATE: 12/15/2020 DELIVERY DATE: 12/17/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1
099 H DB AG 444
332 H STANDARD CHARTE 11
435 H SCOTIA CAPITAL 30
624 C BOFA SECURITIES 11
624 H BOFA SECURITIES 27
657 C MORGAN STANLEY 3 63
657 H MORGAN STANLEY 12
661 C JP MORGAN 279
685 C RJ OBRIEN 4
690 C ABN AMRO 115 3
709 C BARCLAYS 66
732 C RBC CAP MARKETS 51
880 C CITIGROUP 6
905 C ADM 2
____________________________________________________________________________________________

TOTAL: 564 564
MONTH TO DATE: 25,012

ISSUED 0

GOLDMAN SACHS STOPPED 1 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED TODAY:   564 NOTICES FOR 564,000 OZ  (1.7542 TONNES)

TOTAL NUMBER OF NOTICES FILED SO FAR:  25,012 NOTICES FOR 2,501,200 OZ  (77.7978 tonnes) 

SILVER//DEC CONTRACT

277 NOTICE(S) FILED TODAY FOR 1,385,000  OZ/

total number of notices filed so far this month: 8657 for 43,255,000  oz

BITCOIN MORNING QUOTE  $19831   UP  361

BITCOIN AFTERNOON QUOTE.  :$20,810  UP 1418 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 $2.65 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

THIS IS A MAJOR FRAUD: GOLD GOES UP AND CONTINUALLY INVENTORY GOES DOWN..???

A HUGE WITHDRAWAL OF 1.17 TONNES FROM THE GLD.//

INVENTORY RESTS AT:

GLD: 1,170.15 TONNES OF GOLD//

WITH SILVER UP 42 CENTS TODAY: AND WITH NO SILVER AROUND:

NO CHANGE IN SILVER INVENTORY AT THE SLV//

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 HUGE SIZED 3679 CONTRACTS FROM 154,589 UP TO 158,268, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG RISE  OF $.55 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 STRONG EXCHANGE FOR PHYSICAL. WE  HAD ZERO LONG LIQUIDATION, AND A GOOD INCREASE IN SILVER OUNCES  STANDING AT THE COMEX FOR DEC.  WE HAD A HUGE GAIN IN OUR TWO EXCHANGES OF 5024 CONTRACTS  (SEE CALCULATIONS BELOW).

WE WERE  NOTIFIED  THAT WE HAD A STRONG  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE:  1350, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  0, MARCH 1350 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  1350 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.

46.100 MILLION OZ INITIAL STANDING FOR DEC.

TUESDAY, 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 $0.55) ).. AND, OUR OFFICIAL SECTOR/BANKERS WERE  UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY  SILVER LONGS AS WE HAD A  HUGE GAIN IN OUR TWO EXCHANGES 5024 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 STRONG ISSUANCE OF EXCHANGE FOR PHYSICALS 2) A GOOD INCREASE IN SILVER OZ STANDING FOR DEC, iii) HUGE 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 SILVERAS 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:

7746 CONTRACTS (FOR 12 TRADING DAY(S) TOTAL 7746 CONTRACTS) OR 38.730 MILLION OZ: (AVERAGE PER DAY 645 CONTRACTS OR 3.22 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF DEC: 38.73 MILLION PAPER OZ HAVE MORPHED OVER TO LONDON. THIS REPRESENTS AROUND 5.53% OF ANNUAL GLOBAL PRODUCTION (EX CHINA EX RUSSIA)*

ACCUMULATION IN YEAR 2020 TO DATE SILVER EFP’S:          1,627.63 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:                    38.73 MILLION OZ (SLOWING DOWN )

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 3679, WITH OUR STRONG  $0.55 GAIN IN SILVER PRICING AT THE COMEX ///TUESDAY.…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 1350 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A HUGE 5024 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR   $0.55 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  1350 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A HUGE SIZED INCREASE OF 3679 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.55 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $24.48 // TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

In ounces AT THE COMEX, the OI is still represented by JUST UNDER 1 BILLION oz i.e. 0.7760 BILLION OZ TO BE EXACT or 110% of annual global silver production (ex Russia & ex China).

FOR THE NEW DEC  DELIVERY MONTH/ THEY FILED AT THE COMEX: 277 NOTICE(S) FOR 1,385,000 OZ OF SILVER.

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A GOOD SIZED 4928 CONTRACTS TO 550,366 AND CLOSER TO  OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  GAIN IN COMEX OI OCCURRED WITH OUR STRONG GAIN IN PRICE  OF $23.75 /// COMEX GOLD TRADING//TUESDAY.WE  HAD SOME BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE HAD ZERO LONG LIQUIDATION AS WE HAD A GAIN ON OUR TWO EXCHANGES  (9422 CONTRACTS). WE  HAVE A SMALL DECREASE IN AMOUNT OF GOLD STANDING FOR DELIVERY IN DECEMBER(GOLD STANDING DOWN TO 92.768 TONNES) AS AGAIN WE HAD ZERO QUEUE JUMPING.THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $23.75. 

.

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  8//

WE HAD A HUGE SIZED GAIN OF 8518 CONTRACTS  (26.50 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 3590 CONTRACTS:

CONTRACT .  DEC: 0; FEB: 3590  A ND DEC ’21: 0 ALL OTHER MONTHS ZERO//TOTAL: 3590.  The NEW COMEX OI for the gold complex rests at 550,366. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 8518 CONTRACTS: 4928 CONTRACTS INCREASED AT THE COMEX AND 3590 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN//TWO EXCHANGES OF 8518 CONTRACTS OR 26.50 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3590) ACCOMPANYING THE FAIR SIZED GAIN IN COMEX OI  (4928 OI): TOTAL GAIN IN THE TWO EXCHANGES: 9422 CONTRACTS. WE NO DOUBT HAD  1)  SOME BANKER SHORT COVERING AND SOME ALGO SHORT COVERING ,2 SMALL LOSS IN GOLD OUNCES  STANDING AT THE GOLD COMEX FOR THE FRONT DEC. MONTH TO 92.768 TONNES3)  ZERO LONG LIQUIDATION ;4)GOOD COMEX OI GAIN,  5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR GAIN IN GOLD PRICE TRADING/MONDAY//$23.75.

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 : 27,213 CONTRACTS OR 2,721,300 oz OR 84.64 TONNES (12 TRADING DAY(S) AND THUS AVERAGING: 2267 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 12 TRADING DAY(S) IN  TONNES: 84.64  TONNES

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

THUS EFP TRANSFERS REPRESENTS 84.64/3550 x 100% TONNES =2.38% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,917.80 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:                         84.64 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, ROSE BY A HUGE SIZED 3679 CONTRACTS FROM 154,589 UP TO 158,246 AND CLOSER TO OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  2 3/4 YEARS AGO.  THE PRICE OF SILVER ON THAT DAY: $17.89.

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

EFP ISSUANCE 1350 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:  1350  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 1350 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 3679 CONTRACTS TO THE 1350 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A GAIN OF 5024 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 23.035 MILLION  OZ, OCCURRED WITH OUR $0.55 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)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 0.35 PTS OR .01%   //Hang Sang CLOSED UP 253.00 PTS OR .97%    /The Nikkei closed UP 69.56 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP 0.73%

/Chinese yuan (ONSHORE) closed UP AT 6.5327 /Oil UP TO 47.56 dollars per barrel for WTI and 50.74 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5327. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5108 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

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

GOLD

LET US BEGIN:

THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY BY A GOOD SIZED 4928 CONTRACTS TO 551,270 AND CLOSER TO OUR   RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS GOOD  COMEX INCREASE OCCURRED WITH OUR STRONG  GAIN OF $23.75 IN GOLD PRICING TUESDAY’S COMEX TRADING/).

 WE HAD A SMALL/FAIR EFP ISSUANCE (3590 CONTRACTS).  WE THUS HAD  1)  SOME BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO LONG LIQUIDATION  AND 3)  SMALL LOSS IN GOLD OUNCES  STANDING AT THE  COMEX FOR DECEMBER AS A SOME LONGS STANDING FOR DELIVERY  MORPHED INTO LONDON BASED FORWARDS.  COMEX GOLD NOW STANDING AT 92.640 TONNES)//DEC. DELIVERY MONTH (SEE BELOW) 4)   AS WE ENGINEERED A STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 8518 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 8

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 3590 EFP CONTRACTS WERE ISSUED:     DEC 0; FEB// ’21 3590 AND DEC 21: 0  AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3590  CONTRACTS.

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

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

ON A NET BASIS IN OPEN INTEREST WE GAINED THE FOLLOWING TODAY ON OUR TWO EXCHANGES: 8518 TOTAL CONTRACTS IN THAT 3590 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A GOOD SIZED 4928 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF DEC 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((92.640 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 UNSUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT ROSE $23.75).  AND, THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   26.50 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR DECEMBER (92.640 TONNES)

NET GAIN ON THE TWO EXCHANGES :: 8518 CONTRACTS OR 851,800 OZ OR 26.50  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:  550,366 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 55.03 MILLION OZ/32,150 OZ PER TONNE =  1711 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1711/2200 OR 77,80% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY:168,152 contracts// volume extremely poor and falling in numbers / / 

CONFIRMED COMEX VOL. FOR YESTERDAY181,148 contracts//  volume: poor//

/most of our traders have left for London

DEC16 /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
1832.601 oz
JPMorgan
Delaware
21 kilobars
and
36 kilobars
Deposits to the Dealer Inventory in oz nil oz
Deposits to the Customer Inventory, in oz 62,405.091
OZ

HSBC

No of oz served (contracts) today
564 notice(s)
56,400 OZ
(1.7542 TONNES)
No of oz to be served (notices)
4,772 contracts
(481300 oz)
14.84 TONNES
Total monthly oz gold served (contracts) so far this month
25,012 notices
2,501,200 OZ
77.7978 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

Withdrawals from Dealers Inventory NIL oz

We had 0 deposit into the dealer

total deposit: nil oz

total dealer withdrawals: nil oz

we had  1 deposit into the customer account

i) Into HSBC  62,405.091 oz

total customer deposit:  62,405.091  oz

we had  2 gold withdrawals from the customer account:

i) out of JPMorgan; 675.153 oz (21 kilobars)
ii) Out of Delaware: 1157.436 oz (36 kilobars)
total customer withdrawals:  1832.601  oz

We had 2  kilobar transactions

ADJUSTMENTS: 0// 

The front month of DEC registered a total of 5336 contracts for a loss of 955. We had 740 notices filed upon yesterday so we LOST A CONSIDERABLE SIZED 215 contacts or 21,500 additional oz will NOT  stand in this very active delivery month of December as AGAIN we witness a lack of queue jumping by our bankers searching for gold metal to put out fires.  Our longs remain steadfast in refusing to morph into the paper EFP scheme in London. The lack of any sizeable queue jumping means gold is scarce over on this side of the pond.

January LOST 64 contracts to stand at 2031 contracts. FEBRUARY GAINED A LARGE 5352 contracts down TO 404,978.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR DECEMBER (92.640 tonnes).

We had  564 notice(s) filed today for  56400 oz OR 1.7542 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 564  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  279 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 1 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 (25,012) x 100 oz , to which we add the difference between the open interest for the front month of  (DEC 5336 CONTRACTS ) minus the number of notices served upon today (564 x 100 oz per contract) equals 2,978,400 OZ OR 92.640 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 (25,012 x 100 oz +5336 OI) for the front month minus the number of notices served upon today (564) x 100 oz which equals 2,978,400 oz standing OR 92.640 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 LOST 174 contracts or an additional 17,400 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 as tonight’s queue jump was ZERO AS SOME LONGS MORPHED INTO LONDON FORWARDS. 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/

63,318.122 oz Pledged August 21/regular account 1.96 tonnes JPMORGAN

178,807.987 oz Pledged Nov 27.2021 MANFRA

total pledged gold:  1,869,410.459. oz                                     58.14 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 527.48 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 92.640 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,827,997.927 oz or 585.82 tonnes
total weight of pledged:  1,869,410.459 oz or 58.14 tonnes
thus:
registered gold that can be used to settle upon: 16,959,587.0  (527,48 tonnes)
true registered gold  (total registered – pledged tonnes  16,959,587.0 (527.48 tonnes)
total eligible gold:  18,831,277.651 oz (585.73 tonnes)

total registered, pledged  and eligible (customer) gold  37,659,275.518 oz 1,171.36 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1045.02 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 16/2020

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: customer acct
1832.601 oz
jpm
Delaware
Deposits to the Dealer Inventory
nil oz
Deposits to the Customer Inventory
nil oz
No of oz served today (contracts)
277
CONTRACT(S)
(1,385,000 OZ)
No of oz to be served (notices)
8236 contracts
 4,130,000 oz)
Total monthly oz silver served (contracts)  8657 contracts

43,255,000 oz)

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

total dealer deposits: nil       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had 0 deposits into the customer account (ELIGIBLE ACCOUNT)

i )Into JPMorgan:  nil oz
ii) everybody else: 0

JPMorgan now has 192.787 million oz of  total silver inventory or 49.00% of all official comex silver. (192.787 million/393.427 million

total customer deposits today:  0    oz

we had 2 withdrawals:

i) Out of JPMorgan:  675.165 oz
ii) Out of Delaware: 1157.430 oz

total withdrawals 1832.601      oz

We had 0 adjustments

Total dealer(registered) silver: 150,304million oz

total registered and eligible silver:  393.427 million oz

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December saw a LOSS of  132 contracts DOWN to 840 contracts. We had 146 notices served upon yesterday so we GAINED 14 contracts or AN ADDITIONAL 70,000 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  16 contracts UP to 1216. FEBRUARY saw another GAIN of 19 contracts to stand at 167.  MARCH  GAINED  2864 contracts up to 133,902.

The total number of notices filed today for DEC 2020. contract month is represented by 277 contract(s) FOR 1,385,000 oz

To calculate the number of silver ounces that will stand for delivery in DEC we take the total number of notices filed for the month so far at 8657 x 5,000 oz = 43,255,000 oz to which we add the difference between the open interest for the front month of DEC ( 840) and the number of notices served upon today 277x (5000 oz) equals the number of ounces standing.

Thus the DEC standings for silver for the DEC/2019 contract month: 8657 (notices served so far) x 5000 oz + OI for front month of DEC(840)- number of notices served upon today (277) x 5000 oz of silver standing for the NOV contract month .equals 46,100,000 oz. ..VERY STRONG FOR AN ACTIVE  DEC MONTH.

We GAINED 14 contracts or 70,000 additional oz will  stand as they as they refused to morph into London based forwards. Queue jumping in silver is also declining   due to lack of metal on this side of the pond.

TODAY’S ESTIMATED SILVER VOLUME 66,529 CONTRACTS // volume falling//

FOR YESTERDAY  84,319  ,CONFIRMED VOLUME// better

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  RISES TO- 3.28% ((DEC 16/2020)

2. Sprott gold fund (PHYS): premium to NAV  FALLS TO 2.34% to NAV:   (DEC 16/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/3.28% (DEC 16)

(courtesy Sprott/GATA

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

NAV 19.44 TRADING 18.72///NEGATIVE 3.69

END

And now the Gold inventory at the GLD

DEC 16/WITH GOLD UP $2.55 TODAY A HUGE  CHANGE IN GOLD INVENTORY AT THE GLD: ANOTHER WITHDRAWAL OF 1.17 TONNES FORM THE GLD..//INVENTORY RESTS AT 1170.15 TONNES

DEC 15/ WITH GOLD UP $23.75 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD//INVENTORY RESTS AT 1171.32 TONNES//

DEC 14//WITH GOLD DOWN $10.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD:: A WITHDRAWAL OF 3.79 TONNES FROM THE GLD//INVENTORY RESTS AT 1175.99 TONNES

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

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at

DEC 16/ GLD INVENTORY 1170.15 tonnes

LAST;  968 TRADING DAYS:   +226.08 TONNES HAVE BEEN ADDED THE GLD

LAST 868 TRADING DAYS// +403.24  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

DEC 16/WITH SILVER UP 42 CENTS TODAY: NO CHANGE IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.98 MILLION OZ//

DEC 15/WITH SILVER UP 55 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.98 MILLION OZ//

DEC 14/WITH SILVER DOWN 5 CENTS  TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.98 MILLION OZ//

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 16.2020:

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

Ron Paul complains to Daniel Cambone  that the Feds still manipulate gold and they will so be manipulating cryptos

(Ron Paul/GATA)

Paul complains Feds still manipulate gold and fears they’ll do same to cryptos

 Section: 

10:50p ET Tuesday, December 15, 2020

Dear Friend of GATA and Gold:

Former U.S. Rep. Ron Paul, R-Texas, interviewed today by Daniela Cambone for Stansberry Research, complains that the U.S. government is still manipulating the price of gold as well as interest rates and he fears that it soon will be interfering with cryptocurrencies as well. The interview is 11 minutes long and can be seen at YouTube here:

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

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

iii) Other physical stories:

Bitcoin Reaches New Record High, Tops $20k For First Time

For the first time in its history, the price of Bitcoin has topped $20,000

Source: Bloomberg

Increasing optimism in the last few days over a trillion-dollar-ish COVID relief bill have catalyzed this latest push higher as investors seek some non-government-dilutable store of wealth.

Source: Bloomberg

Bitcoin is “eating the world” thanks to 10-year returns of over 6,200,000% and annualized returns of roughly 200% per year, investment strategist Raoul Pal has said.

In a tweet on Dec. 15, Pal revisited his oft-quoted phrase as new data showed the extent of Bitcoin’s outperforming of major assets.

Source

Alternatively, as CoinTelegraph notes, whether it’s dollar-cost-averaging or a one-time investment of $100 10 years ago, Bitcoin dwarfs other investments such as Apple or Amazon over the past decade.

Which is perhaps why “Long Bitcoin” has become the 3rd “most crowded” trade according to BofA’s Fund Manager survey:

As CoinTelegraph concludes, in a year in which money printing and stimulus has triggered fears of massive inflation, the trend away from cash and into uncorrelated assets such as Bitcoin is clearly highlighted by the survey’s results. Many investment managers are seriously considering Bitcoin purchases for the first time, encouraged by the example of famous investments made by MicroStrategy, Square and Paul Tudor Jones. Following suit, insurance company MassMutual and investment manager Ruffer disclosed massive Bitcoin purchases in the last week as well.

The Bank of America survey also found the fund managers are underweight in cash for the first time since 2013, after buying a disproportionate amount of stocks, commodities and other assets including Bitcoin over the last few months.

This is not the first time Bitcoin has appeared in Bank of America’s monthly survey. In Dec. 2017, Bitcoin topped the survey’s list of most crowded trades, with 32% of respondents naming Bitcoin as the “most crowded trade.”

Bitcoin was named for the first time in a Sept. 2017 edition of the survey, in which it received 26% of respondent votes for “most crowded trade.”

On Aug. 18 2020, Bitcoin surpassed Bank of America in market cap size for the first time. Bitcoin now exceeds Bank of America in this metric by 45%.

However, institutional interest continues to rise as CoinTelegraph reports this morning that Ruffer Investment Company Limited, an investment manager with shares listed on the London Stock Exchange, has disclosed its new Bitcoin strategy. In a performance update and manager comment posted on Tuesday, Ruffer said it has added Bitcoin to its Multi-Strategies Fund, primarily as a defensive move against the “continued devaluation” of fiat money. The fund now holds roughly 2.5% of its assets in Bitcoin.

The allocation was made in November after Ruffer reduced its exposure to gold in favor of BTC. The firm said:

“We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies. Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”

Founded in 1994, Ruffer has 20.3 billion euros ($27.2 billion) in assets under management as of Nov. 30. The firm has roughly 6,600 clients worldwide compromised of individuals, families, pension funds and charities.

Ruffer’s move echoes a recent call by JPMorgan Chase that Bitcoin is quietly eating gold’s market share. In a note to clients that was released last week, quantitative strategies led by Nikolaos Panigirtzoglou said Bitcoin adoption could lead to “structural headwinds” for gold.

The strategists wrote:

“If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”

2020 has gone down as a transformative year for Bitcoin, with firms like Grayscale, PayPal, MicroStrategy and MassMutual rewriting the narrative on digital assets.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5327 /

//OFFSHORE YUAN:  6.5108   /shanghai bourse CLOSED DOWN AT 0.35 PTS OR .01%

HANG SANG CLOSED UP AT 253.00 POINTS OR .97%

2. Nikkei closed UP 69.56 POINTS OR 0.26%

3. Europe stocks OPENED ALL GREEN/

USA dollar index DOWN TO 90.22/Euro RISES TO 1.2189

3b Japan 10 year bond yield: FALLS TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 103.32/ 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:: 47.56 and Brent: 50.74

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund RISES TO -.56%/Italian 10 yr bond yield DOWN to 0.54% /SPAIN 10 YR BOND YIELD UP TO 0.02%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.20: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.56

3k Gold at $1854.50 silver at: 24.99   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 22/100 in roubles/dollar) 73.43

3m oil into the 47 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 103.32 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 .8844 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0782 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 RISING to 0.56%

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 0.925% early this morning. Thirty year rate at 1.672%

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

6.  TURKISH LIRA:  UP  TO 7.80..

Global Stocks Hit All Time High On Stimulus Optimism Ahead Of Fed Meeting

Another overnight session, and – predictably – futures are higher in keeping with the most glaringly obvious market trend since 2016 of stocks surging during overnight US trading (while trading flat in regular trading hours)…

… alongside world stocks which rose to a fresh record high on Wednesday ahead of today’s Fed meeting – the last for 2020 – on optimism a fiscal deal is imminent after congressional leaders from both parties met for several hours yesterday and afterwards reported that they are making progress with Mitch McConnell said nobody is leaving Washington for a break until a deal is completed, which should happen “soon.”  The dollar reached its lowest in more than two and a half years, on the prospect of effective coronavirus vaccines; the 10-year Treasury yield was at 0.9262% and gold gained.

Futures were higher across the board with trader confidence building on the back of stronger European PMI data, the vaccine rollout and the prospect for more U.S. stimulus. E-minis were up 10 points, or 0.3%, at 7am, briefly rising above 3,700 and just shy of all time highs. Dow E-minis were up 93 points, or 0.31%. Nasdaq 100 E-minis were up 31 points, or 0.23%.

The MSCI world stock index rose 0.4% to a new all time high of 636.64. The index has climbed 15% since the beginning of November, propelled by trillions of dollars worth of global stimulus.

Europe’s Stoxx 600 Index rose 1%, notching a third day of gains, and Germany’s DAX outperformed. Bulls got a boost after negotiations continued over a post-Brexit trade deal between the U.K. and the European Union with signs of cautious optimism from both sides that agreement can be reached.  European stocks also got a boost after PMI economic data came in far better than expected and the European Central Bank decided on Tuesday to let euro zone banks start paying dividends again if they have enough capital. The December Composite PMI for the euro area came in at 49.8, just below the level that points to an expansion in the economy.

The reading, well ahead of economist expectations for 45.7, was boosted by German manufacturing and French services. The news was sufficient to push the euro above $1.22 for the first time since April 2018 while eurozone bond yields edged up.

Earlier in the session, the MSCI index of Asia Pacific shares ex-Japan followed Wall Street’s latest rise to end 0.9% higher. The region is also at record highs and up 3.8% so far in December putting it track for its best yearly performance since 2017. Equity markets in Taiwan, Indonesia and Vietnam climbed more than 1% as investors awaited the outcome of the Federal Reserve’s policy meeting. Materials and communication services were the top performers in Asia. Shares of Apple suppliers also gained on bets of robust demand for iPhone 12 models after Nikkei reported the firm is boosting production. Stocks in China underperformed the broader Asian gauge. MSCI became the third index provider to delete some Chinese stocks blacklisted by the Trump administration from its benchmarks. SMIC, the nation’s largest chipmaker, slid 5.5% to its lowest in more than two months after news emerged about the surprise resignation of a top executive. The Kospi also underperformed the MSCI Asia Pacific Index, which rose 0.8% following a two-day drop. South Korean authorities are reviewing the possibility of raising social distancing to level 3, the strongest measure.

Besides new covid relief, optimism over a $1.4 trillion U.S. spending package increased after House of Representatives Speaker Nancy Pelosi invited other congressional leaders to meet late on Tuesday to put together a deal to be enacted this week.

“The odds are that this deal is more than the $500 billion the Republicans proposed and likely less than the $900 billion of the joint Republican/Democrat committee proposal,” said Sebastien Galy, macro strategist at Nordea Asset Management. “It is rightfully welcomed by the markets, but the size of the fiscal package is the issue.”

Additionally, progress on rolling out vaccines continued after Moderna’s COVID-19 vaccine appeared set for regulatory authorization this week. The United States also expanded its rollout of the newly approved vaccine developed by Pfizer Inc. and BioNTech.

“Investors are starting to buy in to the vaccine rollout,” said Maarten Geerdink, head of European equities at NN Investment Partners. “With further approvals expected shortly and the European recovery fund being approved, investors are willing to look beyond the current spike of cases and heightened lock down and are focusing and positioning for next year.”

Euphoric markets will also look to the Fed at 2pm ET today to see whether it hints at an extension of its stimulus program and it thinks the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom, which will be viewed as positive news. The FOMC is expected to discuss the conditions under which it would alter the scope of its asset purchase program and possibly provide fresh guidance on its asset purchases, now $120 billion a month, tying how long the buying will continue to substantial progress in meeting its goals of full employment and 2% inflation.

“We are not expecting a lot of fireworks from the Fed today – they have already engineered very easy monetary conditions and the tone of their messaging has been persistently dovish,” said Marija Vertimane, senior strategist at State Street Global Markets. “This is unlikely to change … in this meeting.”

DB economists wrote that they expect the FOMC to maintain the current pace and composition of asset purchases, but the most important innovation for this meeting is likely to be an enhancement to the QE guidance by adopting qualitative outcome-based language. This will be a tough balancing act given the desires from some to maintain the flexibility to adjust purchases as the outlook evolves, so they expect the Fed will be less explicit with its QE guidance than its policy rate guidance, and think the Fed will adopt language along the lines of increasing “its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace…until substantial progress has been made toward the Committee’s goal of maximum employment, and inflation is on track to reach 2% on a sustained basis.” Watch out for the latest Summary of Economic Projections too, there may be upgrades to the growth and unemployment forecasts. However, with a persistent shortfall in core inflation and uncertainty over the virus and the fiscal outlook, the median assessment of the federal funds rate should be unchanged through 2023.

In rates, Treasuries were lower led by long end amid a risk on mood ahead of November retail sales data and FOMC statement that may include new guidance on QE. With Brexit developments lifting pound to highest since 2018 vs dollar, rising gilt yields reinforce the move in Treasuries. Yields were cheaper by ~2bp at long end with 10-year higher by ~1bp at 0.92%. Bunds declined after the beat in French PMIs, despite Services remaining sub-50. German curve trades cheaper and steeper, with long end yields ~3.2bps higher. Gilts follow Germany’s bear steepening; treasuries are quieter ahead of today’s FOMC meeting. Peripheral spreads continue to tighten. 10y BTP/Bund narrows to 111bps, GGB/Bund near 113bps.

In FX, the dollar fell to its lowest since April 2018 against a basket of currencies and to a month-and-half low of 103.30 against the Japanese yen. Derek Halpenny, MUFG’s head of research, said that “underlines high expectations that the Fed will today deliver a message of continued loose monetary policy for a considerable period to come”. The euro rose above $1.22 for the first time since April 2018 and euro zone bond yields edged up, after data showed better-than-expected business activity in the bloc this month.  The pound rose to 12-day highs against the dollar and a one-week high against the euro. It gained after European Commission President Ursula von der Leyen said there was progress on a Brexit trade deal and the next few days would be critical.

In commodities, gold prices rose as high as 0.4% to $1,860.20 an ounce. Gold has risen over 22% so far this year amid unprecedented government stimulus globally. Brent crude slipped 3 cents to $50.73 a barrel and U.S. crude fell 1 cent to $47.61. They were undercut by a surprise gain in crude oil inventories in the United States and persistent investor worries about demand for fuel being squeezed amid tighter lockdowns in Europe.

Looking at the day ahead now, and the aforementioned Federal Reserve meeting and Chair Powell’s subsequent press conference will likely be the highlight. Otherwise, data highlights include the remainder of the flash PMIs for December from around the world, and the US November retail sales and December NAHB housing market index. Over in Europe, central bank speakers include the ECB’s de Guindos, Schnabel and Hernandez de Cos.

Market Snapshot

  • S&P 500 futures up 0.2% to 3,703.25
  • STOXX Europe 600 up 0.9% to 396.24
  • German 10Y yield rose 2.7 bps to -0.584%
  • Euro up 0.4% to $1.2200
  • Italian 10Y yield fell 2.1 bps to 0.409%
  • Spanish 10Y yield rose 1.4 bps to -0.003%
  • MXAP up 0.8% to 195.72
  • MXAPJ up 0.9% to 646.35
  • Nikkei up 0.3% to 26,757.40
  • Topix up 0.3% to 1,786.83
  • Hang Seng Index up 1% to 26,460.29
  • Shanghai Composite down 0.01% to 3,366.98
  • Sensex up 0.9% to 46,684.08
  • Australia S&P/ASX 200 up 0.7% to 6,679.23
  • Kospi up 0.5% to 2,771.79
  • Brent futures up 0.4% to $50.96/bbl
  • Gold spot up 0.6% to $1,863.83
  • U.S. Dollar Index down 0.3% to 90.19

Top Overnight News from Bloomberg

  • Euro-area services came close to stabilizing in the first half of December — a trend likely to be short-lived after most German stores were ordered to close for the rest of the year
  • German manufacturing powered ahead in December, with global demand helping factories post a better-than-forecast performance. IHS Markit’s monthly index unexpectedly jumped to 58.6, the highest level in almost three years, from 57.8
  • Germany recorded the biggest increase in Covid-19 deaths since the pandemic began as Chancellor Angela Merkel hinted that a hard shutdown that takes effect Wednesday will remain in force beyond January
  • House Speaker Nancy Pelosi’s two rounds of meetings with bipartisan congressional leaders made progress towards a deal on Covid-19 relief and funding the government into 2021, according to Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy

A quick look at global markets courtesy of Newsquawk:

Asian equity markets traded higher as the region received a tailwind from Wall Street where all major indices were lifted amid stimulus hopes after House Speaker Pelosi invited fellow congressional leaders for a meeting to discuss government funding and COVID-19 relief, while Senate Majority Leader McConnell suggested that they would not leave Washington without a package no matter how long it takes. ASX 200 (+0.7%) outperformed for most of the session led by tech, mining names and financials which helped push the ongoing tensions with China to the backseat for now, although dozens of ships carrying Australian coal remain blocked from unloading at Chinese ports and Trade Minister Birmingham is to request formal consultations with China at the WTO regarding Australian barley. Nikkei 225 (+0.3%) was also positive but pared the majority of its initial gains amid recent currency inflows, as well as disappointing data in which trade figures underwhelmed including a surprise contraction in exports for its 24th consecutive month of declines and PMI data also remained in contraction territory. Hang Seng (+1.0%) and Shanghai Comp. (U/C) were somewhat varied with the mainland the laggard as ongoing US-China tensions continued to take its toll with MSCI announcing to delete the securities of 7 Chinese companies due to the US blacklisting and which follows similar action by FTSE Russell, S&P Dow Jones Indices and Nasdaq. Finally, 10yr JGBs were lacklustre with demand contained by gains across stocks and with the BoJ to begin its 2-day policy meeting tomorrow, although downside was also stemmed by the BoJ’s presence in the market today for nearly JPY 1.5tln of JGBs with up to 10yr maturities and the central bank also announced to purchase USD 6bln directly from the MoF for the first time ever for smoother execution of its operations.

Top Asian News

  • Cathay Still Mired in Covid Trouble With Traffic Down 99%
  • Steak Dinner Party Could Worsen Woes for Japan’s Suga
  • Australia to Challenge China at the WTO as Tensions Escalate
  • Thai Restaurants Gain New Michelin Stars Amid Slump in Travel

European majors kicked off the mid-week session by taking their cue from the modest gains seen in APAC, but thereafter sentiment was lifted following a string of Flash PMI beats across the Eurozone, in turn providing stocks with tailwinds (Euro Stoxx 50 +1.0%), but that being said, some of the PMI metrics could prove to be stale given the re-imposition of lockdown measures – namely in Germany which take effect today through to Jan 10th. Further adding to the risk-on narrative, the positive noise out of the US regarding stimulus has also underpinned broader sentiment, whilst State-side futures also eke mild gains: ES +0.2%, NQ +0.3% and RTY +0.5%. Back to Europe, sectors are all in positive territory but do not portray a specific risk bias amid some idiosyncratic factors. Banks are among the laggards despite the high-yield environment following the ECB’s decision for banks to refrain from or limit dividends until September 2021 with dividends to remain below 15% of cumulated 2019-20 profits and not higher than 20bps of CET1 ratio. Analysts at Goldman Sachs suggest “the ECB delivered beyond our expectations – an introduction of a hard deadline, set for 30 September, will trigger a near automatic ‘repeal’ of current measures, and a return to a ‘normal supervisory cycle'”. Elsewhere, the Auto sector is leading the gains, with Volkswagen (+4.0%) the driving force for the sector as its CEO is looking to upgrade their Wolfsburg HQ with the latest electric vehicle technology to compete with Tesla’s Berlin facility and aiming to reduce the production time per car to 10-hours vs the current projected 20+ hours, according to sources. Meanwhile, Continental (+4.7%) resides at the top of the DAX (+1.6%) as it targets an adj. EBIT margin of 8-11% in the medium term and organic annual growth of 5-8% and intends to undertake planned spin-off of Vitesco tech as scheduled in 2021. Finally, the Travel & Leisure sectors also remains supported by vaccine hopes as testing is underway in the UK and US, whilst EU could have its first vaccinations before year-end.

Top European News

  • Nokia to Sacrifice Network Margins to Improve 5G Technology
  • Merkel Hints at Lockdown Extension as Deaths Surge to Record
  • England Keeps Looser Holiday Covid Rules Even as Cases Surge
  • Altice Raises Take-Private Bid to Appease Hedge Fund Rebels

In FX, the Dollar may yet get a fillip from US data, Markit’s flash PMIs and/or the Fed, but for now there is little or no let-up in the negative forces bearing down on the Greenback, both internal and external. On the one hand, risk sentiment is being buoyed by more apparent determination in Washington to deliver fiscal stimulus, while the Brexit saga is showing signs of reaching a positive conclusion assuming the still contentious fishing rights issue can be resolved, and preliminary Eurozone PMIs have lifted some of gloom surrounding the ongoing spread of COVID-19. On top of all that, the Buck could be prone to selling for portfolio rebalancing and perhaps more pronounced given recent record peaks in benchmark equity indices, not to mention the fact that December 31 aligns with the end of Q4 and 2020 as well. Looking at the index, 90.000 is just about holding for now as the DXY hovers within a 90.126-544 band awaiting the busy pm agenda that culminates in the FOMC and chair Powell’s final post-meeting presser of the year – for a full preview of the event check out the Newsquawk Research Suite.

  • EUR/GBP/NZD – As noted from the outset, all probing round numbers and significant or psychological marks against their US counterpart, with the Euro extending its y-t-d high through 1.2200 in the process on the back of flash French, German and pan PMIs that beat consensus across the board. Meanwhile, the Pound has inched closer to its current 1.3539 best for the year following latest UK-EU reports on trade negotiations suggesting that 2 out of the 3 most contentious issues may now have been resolved, leaving London and Brussels (or perhaps Paris to be precise) still searching for a compromise on fisheries. Note, relatively weak UK inflation data and somewhat disappointing PMIs (outside of manufacturing) have been largely ignored. Elsewhere, the Kiwi has reclaimed 0.7100+ status ahead of NZ Q3 GDP with assistance from a decent half year Economic and Fiscal update overnight, an upward revision to ASB’s milk price forecast and marginally better than expected current account metrics.
  • JPY/CHF/AUD – All benefiting at the US Dollar’s expense more than specifics or independent impulses as the Yen eyes support protecting 103.00 from early November having breached 103.50 with a bit more resolve, while is above 0.8850 and still beyond 1.0800 against the Euro pre-SNB and Aussie comfortably over 0.7550, though unable to keep pace with its Antipodean peer as Aud/Nzd pulls back below 1.0650.
  • CAD/NOK/SEK – Downbeat/dovish comments from BoC Governor Macklem clearly weighing on the Loonie as it retreats from a fleeting foray through 1.2700 towards 1.2750 in advance of Canadian CPI in contrast to the Norwegian Krona that is deriving enough support from firm oil prices to match the Euro and even the Swedish Crown in face of similar remarks from Riksbank’s Jansson – see 10.15GMT and 9.49GMT posts on the Headline Feed for details. Indeed, Eur/Nok and Eur/Sek are sub-10.6000 and 10.2000 respectively.
  • EM – Broad gains vs the Usd, but the Try is actually outperforming through 7.8000 in wake of CBRT commentary underlining a tightening bias until inflation returns to target, efforts to gradually strengthen reserves and maintaining swap operations to support the Turkish banking system. Conversely, the Rub is lagging further behind after failing to build momentum alongside Brent and meeting solid resistance at 73.0000.

In commodities, WTI and Brent front-month futures eke mild gains in early European hours following a side-ways APAC session, with the complex deriving mild impetus from the overall sentiment bolstered via constructive (albeit stale) EZ PMI metrics. Prices last night were little reactive to the surprise build in private inventories (+1.97mln bbls vs exp. -1.90mln), with eyes on the DoE’s later today following last week’s substantial and surprise build of some 15.189mln bbls (vs. exp -1.424mln). WTI Jan 21 resides north of USD 47.75/;bbl (vs low 47.38/bbl) with Brent Feb 21 probing USD 51/bbl to the upside (vs low 50.48/bbl) having had seen a fleeting move above the level to a high of 51.19/bbl. Elsewhere, spot gold and silver remain elevated on the reflationary prospect emanating from positive noise regarding State-side stimulus, with the softer Buck also providing metals with a boost ahead of the FOMC decision. Spot gold extends gains above USD 1850/oz after finding support at the level overnight, whilst spot silver breached 25/oz to the upside (vs low 24.44/oz). LME copper meanwhile sees a firm session thus far on the back of overall sentiment and Greenback softness.

US Event Calendar

  • 8:30am: Retail Sales Advance MoM, est. -0.3%, prior 0.3%;
    • 8:30am: Retail Sales Ex Auto MoM, est. 0.1%, prior 0.2%
    • 8:30am: Retail Sales Control Group, est. 0.15%, prior 0.1%
  • 9:45am: Markit US Manufacturing PMI, est. 55.8, prior 56.7; Markit US Services PMI, est. 55.9, prior 58.4; Markit US Composite PMI, prior 58.6
  • 10am: Business Inventories, est. 0.6%, prior 0.7%
  • 10am: NAHB Housing Market Index, est. 88, prior 90
  • 2pm: FOMC Rate Decision

DB’s Jim Reid concludes the overnight wrap

xYesterday saw risk assets recover from their Monday losses on the back of mounting hopes of deals in both the US stimulus negotiations as well as the EU-UK trade negotiations. By the close, the S&P 500 was up +1.29%, snapping a run of 4 successive losses, whilst the rotation out of safer assets saw the dollar index weaken a further -0.26% to hit a fresh 2-year low. The moves were part of a broad-based advance for equities, with more than 80% of the S&P 500 moving higher for the first time in over a month, and nearly every sector rising on the day, with cyclicals such as Energy (+1.92%), Materials (+1.88%) and Banks (+1.82%) among the main winners. It was a similar story in Europe, though they didn’t rebound by as much having missed out on the selloff after the previous day’s close, and the STOXX 600 ended the session up +0.25%.

Before we discuss the stimulus talks however, today’s focus will be on the final Fed meeting of 2020, along with Chair Powell’s subsequent press conference. In their preview (link here), our US economists write that they expect the FOMC to maintain the current pace and composition of asset purchases, but the most important innovation for this meeting is likely to be an enhancement to the QE guidance by adopting qualitative outcome-based language. This will be a tough balancing act given the desires from some to maintain the flexibility to adjust purchases as the outlook evolves, so they expect the Fed will be less explicit with its QE guidance than its policy rate guidance, and think the Fed will adopt language along the lines of increasing “its holdings of Treasury securities and agency mortgage-backed securities at least at the current pace…until substantial progress has been made toward the Committee’s goal of maximum employment, and inflation is on track to reach 2% on a sustained basis.” Watch out for the latest Summary of Economic Projections too, where our economists expect there to be upgrades to the growth and unemployment forecasts. However, with a persistent shortfall in core inflation and uncertainty over the virus and the fiscal outlook, the median assessment of the federal funds rate should be unchanged through 2023.

On that fiscal policy uncertainty, the stimulus talks progressed further yesterday following a meeting between Congressional leaders from both parties and Treasury Secretary Mnuchin after the New York close. House Speaker Pelosi, House Minority Leader McCarthy, Senate Majority Leader McConnell and Minority Leader Schumer were all relatively optimistic following the discussions, and McConnell indicated that he believes Congress would not go on recess for the holidays without a deal, saying he thinks there is “an agreement that we’re not going to leave here without the omni(bus bill) and a Covid package.” That came as another important political milestone was reached yesterday, since for the first time Senate Majority Leader Mitch McConnell acknowledged Joe Biden as President-elect following his formal victory in the Electoral College on Monday.

Against this backdrop, Treasury yields rose and the curve steepened further, with 10yr yields up +1.5bps to 0.908%, as the 2s10s steepened +1.3bps. The reflation trade also gathered steam, with 10yr US breakevens closing at 1.92%, their highest level since April 2019. Other core sovereign bonds similarly saw a rise in yields, with those on 10yr bunds up +0.9bps, but the bigger story in Europe was the relentless march lower of southern European yields, with those on 10yr Italian debt falling -2.2bps to an all-time low of 0.52%, as those on Spanish 10yr debt similarly fell -2.1bps to their own all-time low of -0.02%. That sent the Italian spread over bunds to its tightest level in over 4 years, at 1.13%, while the Spanish spread over bunds closed at 0.60%, which was its lowest closing level in over a decade.

As well as the Fed, today’s other main highlight will be the flash PMIs for December, which will offer one of the initial indications of how the global economy has fared into the end of the year. Overnight, we’ve already had the numbers out from Japan and Australia which gave mixed messages as in Australia, both the manufacturing (56.0 vs. 55.8 last month) and services (57.4 vs. 55.1) readings accelerated, whereas Japan saw a slight deceleration in its services PMI to 47.2 (vs. 47.8 last month). All eyes will be on the European numbers out later this morning, though the consensus for the Euro Area’s composite PMI is only pointing to a slight uptick to 45.7 (vs. 45.3 last month).

Elsewhere in Asia markets have followed Wall Street’s lead overnight with the Nikkei (+0.17%), Hang Seng (+0.82%), Shanghai Comp (+0.18%) and Kospi (+0.44%) all moving higher. In the US, S&P 500 futures (-0.05%) are trading broadly flat however. In other overnight news, Australia has decided to challenge China at the WTO over China’s imposition of tariffs on its barley exports. The move follows a recent deterioration in relations between the two countries, with various trade restrictions coming into place this year.

Onto the coronavirus, and there was more positive news on vaccine authorisations yesterday, with the US FDA reporting that the Moderna vaccine was safe and effective. That comes ahead of a meeting tomorrow in which they’ll discuss whether to give it an Emergency Use Authorization, as they’ve already done for the Pfizer/BioNtech vaccine. There was some other good news out of the US, as the FDA cleared the first over-the-counter test for Covid-19 that can be taken at home and acquired without a prescription. While initially limited, this sort of test can help open up parts of the economy while the vaccine is being distributed. Over in Europe as well, regulators brought forward their meeting in which they’ll review the Pfizer/BioNTech vaccine to Monday, rather than waiting until December 29 as originally planned. That follows criticism that Europe has lagged the approvals seen elsewhere such as in the US and the UK.

However, widespread vaccinations are still some time away and there was further talk of more stringent measures across a number of countries to deal with rising cases in the meantime. In New York City, Mayor de Blasio said that some kind of shutdown would be needed in the weeks ahead, though the decision would be up to Governor Cuomo. In the UK, pressure has been increasing to rethink the 5-day Christmas easing of restrictions, with the BBC reporting that further talks would take place between the four nations today, though they also said that the easing was still likely to go ahead. Over in Denmark, it was announced that their local lockdowns would be extended to the rest of the country, while in Sweden, which continues to be one of the most heavily scrutinized countries on their handling of the pandemic, reports said they were considering postponing all non-essential healthcare services until the end of January. This comes after Swedish Radio reported that regional hospitals nearly throughout the country are struggling with staff shortages. Overnight, a health ministry official in South Korea said they were also considering raising social distancing to the highest level 3.

Onto Brexit, and yesterday sterling was the top-performing G10 currency for the second day running as optimism continued to rise that a deal might be reached in the coming days. We didn’t get any concrete news out from the negotiations, but sentiment was supported by a tweet from the political editor of BBC Newsnight who said “Big buzz in the last hour among Tory MPs that the UK is heading towards a Brexit deal with the EU. Eurosceptics being reassured they will be happy.” Sterling strengthened further in response, and ended the session up +1.02% against the dollar, and gilts underperformed once again thanks to lower expectations that the Bank of England would need to ease monetary policy.

Wrapping up with yesterday’s data, US industrial production rose by +0.4% in November (vs. +0.3% expected), while capacity utilisation rose to 73.3% (vs. 73.0% expected). Meanwhile the Empire State manufacturing survey fell to 4.9 (vs. 6.3 expected). Over in the UK, the unemployment rate rose to 4.9% (vs. 5.1% expected) in the 3 months to October, while the number of redundancies over the same period rose to 370k, which was above its GFC peak of 311k.

To the day ahead now, and the aforementioned Federal Reserve meeting and Chair Powell’s subsequent press conference will likely be the highlight. Otherwise, data highlights include the remainder of the flash PMIs for December from around the world, the UK CPI reading for November, and the US November retail sales and December NAHB housing market index. Over in Europe, central bank speakers include the ECB’s de Guindos, Schnabel and Hernandez de Cos

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED DOWN 0.35 PTS OR .01%   //Hang Sang CLOSED UP 253.00 PTS OR .97%    /The Nikkei closed UP 69.56 POINTS OR 0.26%//Australia’s all ordinaires CLOSED UP 0.73%

/Chinese yuan (ONSHORE) closed UP AT 6.5327 /Oil UP TO 47.56 dollars per barrel for WTI and 50.74 for Brent. Stocks in Europe OPENED ALL GREEN//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5327. OFFSHORE YUAN CLOSED UP ON THE DOLLAR AT 6.5108 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

4/EUROPEAN AFFAIRS

The ECB is heading for a slippery slope.  The negative interest rates for many countries is not a sign of confidence but structural problems.  The ECB owns 70% of all bonds

(Daniel Lacalle)

The ECB’s Latest Big Mistake

Authored by Daniel Lacalle,

One of the great mistakes among economists is to receive the measures of central banks as if it was the revealed truth. It is surprising and concerning that it is considered mandatory to defend each one of the actions of central banks. That, of course, in public. In private, many colleagues shake their heads in disbelief at the accumulation of bubbles and imbalances. And, as on so many occasions, the lack of constructive criticism leads to institution complacency and a chain of errors that all citizens later regret.

Monetary policy in Europe has gone from being a tool to help states make structural reforms to become an excuse not to carry them out.

The steady funding of deficits of countries that perpetuate structural imbalances has not helped strengthen growth, as the Eurozone has seen constant GDP estimate cuts already before the Covid-19 crisis, but it is whitewashing the extreme left populists that defend massive money printing and MMT, threatening the progress and growth of the eurozone. Populism is not fought by whitewashing it, and the medium and long-term impact on the euro area of this misguided policy is unquestionably negative.

Today, citizens are being told by numerous European extreme left politicians that structural reforms and budgetary prudence are things that were implemented by evil politicians with malicious intent, and the message that there is unlimited money for anything, whenever and however is whitewashed by the central bank actions.

It is surprising to hear some serious economists at the European Central Bank or the Federal Reserve say that they do not understand how the idea that money can be printed eternally without risk is spread all over the political debate when it is central banks themselves who are providing that false sense of security. The central bank may disguise risk for a time but does not eliminate it.

Greece, Cyprus, Lithuania, Slovakia, Spain, Portugal, and Slovenia are already borrowing at negative real rates. However, negative rates are not a sign of confidence in the government policies, but an aberration of monetary policy that hides the real risk. And sooner or later, it bursts.

When politicians say that negative yields reflect the confidence of markets in the country it is simply lying. The ECB is on its way to own 70% of outstanding sovereign debt in the eurozone and buys all the net issuances after redemptions, according to Pictet and the Financial Times. There is no market.

This temporary confidence in the capacity of the ECB to alter risk is only sustained if the euro area grows its trade surplus and its economic output, but mostly if Germany continues to finance it. It is not eternal; it is not unlimited, and it is definitely not without risk.

Many readers will say that this is an exceptional policy due to the Covid-19 crisis which requires exceptional measures. There is only one problem with that argument: that it is false.
The ECB’s policy has been ultra-expansive for more than ten years, in crisis, recovery, growth, and stabilization periods. Interest rates were cut to negative and asset purchases extended in growth and stable periods where there were no liquidity risks in the economy.

In fact, the European Central Bank has become hostage to states that do not want to reduce their structural imbalances but aim to perpetuate them because the cost of debt is low, and the ECB “supports” them. The ECB should be worried about the fact that the most radical parties, many aligned with the economic policies of Argentina and Venezuela, like Podemos or Syriza, cheer this monetary insanity as a validation of their theories.

It is no coincidence that the reformist momentum in the Eurozone has stopped abruptly since 2014. It coincides exactly with the massive liquidity injections. Structural reforms and budget prudence are perceived as evil policies. Low rates and high liquidity have never been an incentive to reduce imbalances, but rather a clear incentive to increase debt.

The big problem is evident. Once in place, the so-called expansionary monetary policy cannot be stopped. Does anyone at the ECB believe that states with a structural deficit greater than 4% of GDP per year are going to eliminate it when they issue debt at negative rates? Does anyone at the ECB honestly believe that, after the Covid-19 crisis, governments will cut bloated budgets? Dozens of excuses will be invented to perpetuate a fiscal and monetary policy whose results are, to say the least, disappointing considering the enormous volume of resources used.

The worst excuse of all is that “there is no inflation.” It’s like driving a car at 300 miles an hour on the highway, looking in the rear-view mirror and saying, “we haven’t killed ourselves yet, accelerate.”

It is not a surprise that the eurozone has witnessed a rising number of protests against the increase in the cost of living while the central bank tells us that “there is no inflation”, but it is also, at least, unwise to say that there is no inflation without considering the financial assets that have soared due to this policy.
Insolvent countries with negative-yielding 10-year sovereign bonds is huge inflation. Rising prices for non-replicable goods and services, which in many cases triple the official inflation rate is huge inflation. Large increases in rent and housing are not adequately reflected in official inflation. It is especially worrying when monetary policy encourages unproductive spending and perpetuates overcapacity. This means lower productivity growth, which means lower real wages in the future.

A recent study by Alberto Cavallo of the Harvard Business School warns of the differential between real inflation suffered by consumers, especially the poorest, and the official CPI (consumer price index). Take, for example, the Eurozone CPI for November. The figure is -0.3%. There is no inflation, right? However, in the same data, fresh food rose 4.3%, services 0.6% and the energy component fell 8.3% yet no European citizen has seen a drop in the 8.3% on their energy bill, because neither gasoline nor natural gas or electricity including taxes have fallen so much.
In fact, if we analyze the cost of living using the goods and services that we really use frequently, we realize that in an unprecedented crisis such as that of 2020, prices for the middle class and the poorest layers rise much faster than what CPI shows, and that, added to the distorting factor of the enormous inflation in financial assets, generates enormous social problems.

When the ECB ignores demographic trends (longevity reduces inflationary pressures), the effect of overcapacity and technology and launches trillions of euros that inflate financial assets and public debt, accumulated risks are much greater than the supposed benefits that the policy can generate.

All these perverse incentives and errors would be solved with a Taylor rule that would prevent the central bank’s discretion.

1.- Focusing the measures on concrete results and data and, thus, delimiting the action is key to mitigating – albeit not eliminating – perverse incentives. There is a huge difference between criticizing central banks doing everything at any cost without control and saying that they should do nothing.

2.- Additionally, the central bank must give clear and definitive guidelines on the timing and maximum size of the measures. We saw one of the most dangerous perverse incentives in 2018 when, faced with the possibility of a moderate normalization of monetary policy, states and investors forced the hand of central banks to continue with massive injections. In less than two months, central banks changed their policy by 180 degrees.

3.- The role of the central bank is not to combat climate change or justify unsustainable budgets. It is to function as a guarantee of liquidity, not a guarantee of low cost, much less a guarantor of first resort. It is terrifying that European states that already issued bonds at negative real rates before the crisis would collapse due to a meager increase in the cost of debt of 0.5%. It shows the severity of the bubble created.

4.- The role of the central bank is not to bail-out investors and governments that play “the worse, the better” strategies, buying the riskiest assets or spending uncontrollably assuming that monetary policy is going to bail them out forever, but to avoid that these leveraged bets to spend without control and buy garbage are not generated or, at least, not incentivized.

5.- The role of the Central Bank is not to copy the imbalances of others. The ECB is not the Federal Reserve, nor is the euro the world’s reserve currency. The ECB’s balance sheet already weighs 61% of the eurozone’s GDP, while that of the Fed only 34%. Policymakers cannot play dangerously with the credibility of the eurozone in the long term just because in the short term “nothing happens” according to them, especially when it does.

6.- Supporting the recovery is not supporting structural imbalances, much less unproductive political spending. The objective of a central bank is not for a state to finance any expenditure at artificially low rates. It compromises the central bank independence and generates enormous negative effects on citizens in the medium term, by eroding real wages and productivity.

7.- Something that does not work well in growth periods is not failing because of not doing more. The surplus liquidity at the ECB is more than 3.4 trillion euros. It was already more than 2 billion in a growth period. If monetary policy has not worked, it is not because it is a problem of injecting more liquidity, when there is clearly an excess, but of solvency. And that is not solved with a policy that encourages debt, penalizes prudent savings, and perpetuates zombification problems with artificially low rates. It is no coincidence that the percentage of zombie companies has skyrocketed in times of growth with negative rates.

8.- A monetary policy that generates bubbles and financial risk is not solved with the same insane policy but destroying the purchasing power of the currency. If monetary policy has not worked, it is not because MMT-style Venezuelan or Argentine “money for the people” policies have not been implemented, but because productive investment and sustainable growth come from savings and prudence with risk, not from runaway spending and debt. A problem of perverse incentives is not solved with one of greater destruction and impoverishment.

The fact that, for now, enormous risks are not perceived – or not perceived by the central bank managers – does not mean that they are not building. Negative-yielding debt, which has reached a record $ 18 trillion globally, led by the eurozone and Japan, is not a sign of confidence, but rather a huge risk of secular stagnation.

When the central bank leaders argue that they only offer a tool but at the same time they give fiscal and budgetary policy recommendations encouraging “not to fear debt” and spending much more, not only does the central bank lose independence in the medium term, but it is the same as a waiter who does not stop serving you drinks, encourages you to binge and then blames you for being drunk.

Introducing these huge imbalances has significant risks, and they are not my speculation of the future. They are realities today. The huge disconnect between financial assets and the real economy, insolvent states financing themselves at negative rates, bubbles in housing and infrastructure assets, debt from zombie companies or junk debt with historical-low yields, aggressive increase in leveraged investments in high-risk sectors, the perpetuation of overcapacity, etc. Ignoring all these factors in a monetary institution is more than dangerous, it is irresponsible.

It is not time to do everything at any cost whatever happens. It is time to defend sound money or the credibility of institutions will sink even further as the mainstream consensus chorus sings Hallelujah while the building collapses.

end

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

ISRAEL

Israel with its huge technology advantage is floating the possibility of deploying joint missile systems in the Persian gulf to protect passage of ships.

(ALMasdarNews)

Israel Floats Possibility Of Deploying Joint Missile Systems To Persian Gulf

Via AlMasdarNews.com,

On Tuesday, a senior Israeli official expressed his country’s readiness to cooperate in the future in the field of missile defense with Gulf states which lie close to Iran. Israel could be open to future cooperation on missile defense with Gulf Arab states that share its concerns about Iran, a senior Israeli official said on Tuesday,”Reuters reports.

Moshe Patil, head of the Israeli Defense Ministry’s Missile Defense Organization, said that the time is not yet ripe to move forward with any of these agreements, and that Washington’s approval will be required as long as the development or financing of Israeli systems is done with American technology.

In response to a question during a conference call with journalists whether any of the systems might actually be introduced to Israel’s new partners in the Gulf, Patil said positively: “These are things that could happen, perhaps in the future,” according to Reuters.

“From an engineering point of view, of course there are many advantages, information that can be shared like sensors that can be deployed in both countries because we have the same enemies,” he said.

This came during a press conference to announce what Patil said is a successful test of a multi-level missile defense system that can hit targets flying at different altitudes such as cruise missiles or ballistic missiles.

Last September, the UAE and Bahrain signed two agreements to normalize relations with Israel, and weeks later Sudan, and then Morocco, announced the normalization of relations with Israel. All efforts were mediated by the U.S.

Israel has developed various air defense systems with U.S. assistance in recent years, according to reports that excluded cooperation with the Gulf countries in the field of missile defense

END

ISRAEL/MOROCCO

Morocco is the 5th Arab nation to join in peace talks with Israel. Trump is giving Morocco sovereignty over the western half of the Sahara in return for peace with Israel.

(zerohedge)

Moroccan Police Crack Down On Protests Against Israel Peace Deal As Kushner Sent To Lead Talks

Morocco is on the cusp of agreeing to details and terms of its normalization deal with Israel, similar to the Abraham Accords signed between the UAE, Bahrain and Israel in September.

President Trump announced on December 10 that the northern African Arabic-speaking country is set to become the fourth to normalize relations with Israel this year (the other being Sudan). Crucially the United States will according to Trump’s prior statement recognize “Moroccan sovereignty over the Western Sahara” – a huge concession given the region is also claimed by the Sahrawi Arab Democratic Republic in a longtime dispute.

For the first time, a top Israeli delegation will fly direct to Morocco next week, starting Tuesday December 22. White House senior adviser and Trump’s son-in-law Jared Kushner will lead the American delegation there at the same time. 

Axios’ Barak Ravid has revealed the talks will continue for up to ten days: “A senior U.S.-Israeli delegation will travel to Morocco next Tuesday to begin talks on resuming diplomatic relations between Israel and Morocco, traveling on the first-ever direct flight of an Israeli airline from Tel Aviv to Rabat, U.S. officials told me,” he reported. Kushner will be joined by Israeli national security adviser Meir Ben Shabbat.

The major trip is coming rather quickly after Trump’s initial announcement that the two countries wish to firm up details of the diplomatic and economic opening and ties. Ravid notes that “The reason the trip is happening so quickly after the announcement is so that the Trump administration can ensure the process starts moving before Jan. 20, out of concern the Biden administration might roll back some of Trump’s policy moves.”

Meanwhile, The Times of Israel reports that the security situation could be of concern, given the potential unpopularity of the deal among the Moroccan population, which historically have been firm supporters of a Palestinian “right of return”:

“Moroccan authorities on Monday dispersed a group of activists who tried to hold a protest outside the parliament building in the capital to denounce the country’s recent decision to establish diplomatic relations with Israel.

Dozens of police officers in riot gear were mobilized to push protesters away from parliament in Rabat. Demonstrators wanted to show solidarity with Palestinians and reject the normalization of ties between Rabat and Jerusalem.”

The report notes that while authorities are allowing pro-normalization rallies of “support”, police are taking a zero tolerance approach to any anti-Israeli protests.

One incident related to protests was reported as follows:

Sion Assidon, a Moroccan Jew and a human rights activist, told reporters while being escorted away by authorities that “whoever expresses disagreement must put duct tape on their mouths.”

Previously Trump admin officials expressed high hopes that the Saudis could come to the table. Crown Prince MbS even recently hosted Israeli PM Netanyahu; however, the aging King Salman is said to be vehemently opposed, making it elusive and complicated for now.

6.Global Issues

This is a must read

Simon Black on the COVID

(Simon Black)

Why The Number ‘3’ May Make You Rethink The COVID Hysteria

Authored by Simon Black via SovereignMan.com,

Yesterday I promised to explain why the number three is among the most compelling data points discovered so far in Covid-19 research. And it’s something that you most likely won’t see in the mainstream media, even though the data is right there in the FDA’s research.

Covid has clearly been THE most heavily researched topic of 2020. Google Scholar shows roughly 90,000 scientific studies and academic papers on SARS-CoV-2 and COVID-19 that were published this year, which is a great testament to how quickly researchers can mobilize.

Many of these studies, however, were limited in nature. They were small-scale, involving only a handful of test subjects. Or they relied upon data from numerous, disparate sources, which introduced a lack of uniformity into the experiment.

But late last week, the FDA published its analysis of the Pfizer/BionTech COVID-19 vaccine trial results, called BNT162b2.

And the results are extremely valuable:

1- The study was very large, involving tens of thousands of people;

2- The participants came from all walks of life and highly diverse genetic compositions;

3- The rules and protocols were completely uniform across the entire experiment.

This is quite rare. Of the nearly 90,000 COVID-19 studies this year, very few meet these criteria.

Perhaps more importantly, there was no funny arithmetic involved, like how the government and media tend to count anyone who sets foot in a hospital or mortuary as Covid-related.

I told you yesterday that the vaccine results are very promising: only 8 people out of 20,033 who received two full doses of the vaccine ended up testing positive for COVID-19.

And perhaps even better, ZERO out of the 805 subjects over the age 75 (who received the vaccine) tested positive for COVID.

So Pfizer has clearly done something extraordinary here.

But as the New England Journal of Medicine wrote late last week, “Important questions of course remain.”

There were numerous adverse reactions to the vaccine, and the Journal rightly wonders whether “unexpected safety issues [will] arise when the number [of vaccinated individuals] grows to millions and possibly billions? Will side effects emerge with longer follow-up? How long will the vaccine remain effective?”

These are among the big questions that remain unanswered.

But the FDA felt that the benefits of Pfizer’s vaccine outweigh its potential risks… so they approved an ‘Emergency Use Authorization’ for BNT162b2.

And that’s great. Pfizer’s vaccine is now available to anyone who wants one. Imagine if everything in government could move so briskly.

This is what leads me to the number three… because, in addition to the people who received the vaccine, another roughly 20,000 people received a placebo.

How many of them do you think ended up testing positive for Covid during the same evaluation period?

5,000?

500?

Well, out of 20,000 people who did NOT receive the vaccine, 162 of them expressed symptoms of acute respiratory illness and tested positive for COVID-19 during the evaluation period.

And out of those 162 in the placebo group who tested positive for Covid, THREE of them had ‘severe’ Covid. And only one of them was hospitalized.

(The study also clearly defines ‘severe’ Covid by a quantitative measurement of oxygen saturation. So there was no subjectivity involved.)

So from the roughly 20,000 participants who did NOT receive the vaccine, 162 (0.8%) tested positive for COVID-19 during the evaluation period. And THREE (1.9% of the positive tests) had ‘severe’ Covid. [see page 30 of the report]

Remember– this was a BIG test. Tens of thousands of people, from all walks of life, under uniform research conditions. So this is pretty pristine data.

Yet the numbers show that 98% of the people who tested positive for Covid during the evaluation period had a mild case.

It’s astonishing that they still want to shut down the economy given this data.

Now, I’m not dismissing Covid. A lot of people have suffered from it, and a lot of people have died.

But it’s absurd that COVID-19 has become a sacred, hallowed, untouchable topic that outweighs every other priority in our society.

Covid is more important than any other medical condition. It’s more important than freedom. It’s more important than our value system. It’s more important than basic human decency and the ability to engage civilly with one another.

Politicians and public health emperors don’t want a single person to die of Covid. But they don’t give a damn about suicide, drug abuse, alcoholism, domestic violence, and every other disease that’s going untreated right now because of the Covid hysteria.

  • They’ll happily arrest people who dare to open their businesses.
  • They’ll pepper spray people who, even if sitting by themselves, take off their masks.
  • They’ll censor and cancel you for expressing a view that doesn’t conform to the fear narrative.
  • They’ll shame and ridicule you if you have any concerns about the vaccine.
  • And they want us all afraid and locked up against our will.

Human beings aren’t meant to live like this. Yet now we can see the data for ourselves: 1.9% of people who tested positive for Covid had a severe case.

And if you include people who had asymptomatic Covid and didn’t even realize they were sick, the percentage of severe cases is even lower.

Certainly there will be people who reject this data. But you can’t have it both ways. You can’t dismiss the Covid severity rate while claiming that the vaccine is safe.

Both results come from the same research and the same conditions. So they’re either both true, or neither is true.

Yet all we hear about now is gloom and despair.

Joe Biden talks about the dark winter ahead and waffles about a national lockdown. Bill Gates insists we’ll be locked up until early 2022. And Fauci says even if we take a vaccine we’ll still have to wear masks, social distance, and avoid other people.

But maybe they ought to ‘listen to the scientists’ and have a look at their own data for a change before abusing the Constitution and playing God with people’s lives.

*  *  *

On another note… We think gold could DOUBLE and silver could increase by up to 5 TIMES in the next few years. That’s why we published a new, 50-page long Ultimate Guide on Gold & Silver that you can download here.

end
First glitches emerge as an Alaskan health worker suffers serious allergic reaction to the vaccine
(zerohedge)

First Glitches Emerge In COVID-Vax Rollout; Alaska Health Worker Suffers ‘Serious Allergic Reaction’

A healthcare worker in Alaska was hospitalized on Tuesday with a ‘serious allergic reaction’ after receiving Pfizer’s COVID-19 vaccine, according to the New York Times.

The person, who had no known drug allergies, was still in the hospital on Wednesday morning under observation, according to the report. It is unknown whether they suffer from any other types of allergies. The Alaska resident’s reaction was reportedly similar to anaphylactic reactions two heal workers in Britain experience after receiving the Pfizer-BioNTech vaccine last week – both of whom have recovered. Of note, they both had a history of severe allergies. One, a 49-year-old woman, is allergic to eggs (which Pfizer says are not in their vaccine). The other, a 40-year-old woman is allergic to several different medications. Both routinely carry EpiPenn-like devices in case of reactions.

After the workers in Britain fell ill, authorities there initially warned against giving the vaccines to anyone with a history of severe allergic reactions. They later clarified their concerns, changing the wording from “severe allergic reactions” to specify that the vaccine should not be given to anyone who has ever had an anaphylactic reaction to a food, medicine or vaccine. That type of reaction to a vaccine is “very rare,” they said. –NYT

No serious adverse effects were reported during Pfizer’s US trial involving over 40,000 participants, aside from aches, fevers and other ‘minor’ side effects.

Headaches all around

As Bloomberg notes, the first hiccups in the distribution of Pfizer’s vaccine are just beginning – including a holdup on the delivery of 3,900 shots to two states, and the announcement that roughly 900,000 fewer doses would be delivered next week than were shipped this week.

Four delivery trays of the Pfizer-BioNTech SE vaccine were pulled back from delivery to California and Alabama this week and sent back to the company because they were colder than anticipated, according to Gustave Perna, the army general who serves as Operation Warp Speed’s chief operations officer.

Each of the trays can likely be used to vaccinate 975 people. Pfizer has said its formula needs to be stored at 70 degrees below zero Celsius, the equivalent of negative 94 degrees below zero Fahrenheit. These trays were found to be much colder, according to Perna. –Bloomberg

“We were taking no chances,” said Perna during a Wednesday news briefing.

The Pfizer doses are shipped in temperature-controlled containers developed by company engineers, each of which are equipped with GPS tracking “for continuous, real-time location and temperature monitoring,” per the company.

Meanwhile, roughly 2 million doses of the Pfizer vaccine will ship next week in the US, which is 900K less than the 2.9 million doses available this week. Health and Human Services secretary Alex Azar acknowledge the production hiccups, saying “As you know, they ended up coming short by half of what they thought they’d be able to produce and what they’d announced they’d be able to produce” in 2020.

“They’re right now producing at their maximum capacity to deliver on the 100 million that is in the first tranche of the contract with us, and we’re providing manufacturing support,” Azar added.

And on Tuesday, Florida Governor Ron DeSantis said that shipments of hundreds of thousands of doses were held up due to “a production issue with Pfizer.”

The company pushed back, with spokeswoman Amy Rose saying that the company “has not had any production issues with our COVID-19 vaccine, and no shipments containing the vaccine are on hold or delayed,” adding “We are continuing to dispatch our orders to the locations specified by the U.S. government.

7. OIL ISSUES

IRAN/VENEZUELA

Iran uses disguised tankers to export Venezuelan oil for a gold for food barter system

(zerohedge)

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2189 UP .0035 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /GREEN

USA/JAPAN YEN 103.32 DOWN 0.331 (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 1.3539   UP   0.0093  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2758 UP .0060 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  WEDNESDAY morning in Europe, the Euro ROSE BY 35 basis points, trading now ABOVE the important 1.08 level FALLING to 1.1718 Last night Shanghai COMPOSITE DOWN 0.25 POINTS OR .01% 

//Hang Sang CLOSED UP 258.00 PTS OR .97%

/AUSTRALIA CLOSED UP 0.73%// EUROPEAN BOURSES ALL GREEN

Trading from Europe and Asia

EUROPEAN BOURSES ALL GREEN

2/ CHINESE BOURSES / :Hang Sang CLOSED UP 253.00 PTS OR .97% 

/SHANGHAI CLOSED DOWN 0.35 PTS OR .01% 

Australia BOURSE CLOSED UP 0.73% 

Nikkei (Japan) CLOSED UP 69.56  POINTS OR 0.26%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1857.60

silver:$25.05-

Early WEDNESDAY morning USA 10 year bond yield: 0.925% !!! UP 1 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.672 UP 2  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 90.22 DOWN 26 CENT(S) from  TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  WEDNESDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.00% UP 3 in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.01.%  DOWN 0   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/56

SPANISH 10 YR BOND YIELD: 0.03%//UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.54 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 51 points higher than Spain.

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

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.11% 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…

IMPORTANT CURRENCY CLOSES FOR WEDNESDAY

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

Euro/USA 1.2171  UP     .0017 or 17 basis points

USA/Japan: 103.58 DOWN .067 OR YEN UP 7  basis points/

Great Britain/USA 1.3496 UP .0050 POUND UP 50  BASIS POINTS)

Canadian dollar DOWN 58 basis points to 1.2757

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The USA/Yuan,  CNY: closed UP 6.5328    ON SHORE  (UP)..

THE USA/YUAN OFFSHORE:  6.5117  (YUAN up)..

TURKISH LIRA:  7.81  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.01%

Your closing 10 yr US bond yield UP 1 IN basis points from TUESDAY at 0.920 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.667 UP 1 in basis points on the day

Your closing USA dollar index, 90.38 down 8  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED UP 56.11  0.86%

German Dax :  CLOSED UP 196,61 POINTS OR 1.47%

Paris Cac CLOSED UP 20.84 POINTS 0.38%

Spain IBEX CLOSED DOWN 14.90 POINTS or 0.18%

Italian MIB: CLOSED UP 28.56 POINTS OR 0.13%

WTI Oil price; 47.49 12:00  PM  EST

Brent Oil: 50.67 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.52  THE CROSS HIGHER BY 0.30 RUBLES/DOLLAR (RUBLE LOWER BY 30 BASIS PTS)

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

END

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

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

WTI CRUDE OILPRICE 4:30 PM :  47.80//

BRENT :  51.02

USA 10 YR BOND YIELD: … 0.423..up 1 basis points…

USA 30 YR BOND YIELD: 1.662 up 1 basis points..

EURO/USA 1.2184 ( UP 29   BASIS POINTS)

USA/JAPANESE YEN:103.48 UP .162 (YEN UP 16 BASIS POINTS/..

USA DOLLAR INDEX: 90.33 DOWN 15 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3495 UP 50  POINTS

the Turkish lira close: 7.802

the Russian rouble 73.33   UP 0.12 Roubles against the uSA dollar. (UP 12 BASIS POINTS)

Canadian dollar:  1.2748 DOWN 49 BASIS pts

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

The Dow closed DOWN 44.77 POINTS OR 0.15%

NASDAQ closed UP 63.13 POINTS OR 0.50%


VOLATILITY INDEX:  22.55 CLOSED DOWN .34

LIBOR 3 MONTH DURATION: 0.228%//libor dropping like a stone

USA trading today in Graph Form

Dollar Drops As Gold & Crypto Pop On Fed Flop, Washington Slop

Close to close prices hide what was a very noisy day in the markets with bonds, the dollar, and the broadest stock index flat-ish until some last minute malarkey. Headline hockey between The Fed “flop” – not delivering the QE Twist that so many had hoped for (but promising more will come) – and the constant ‘optimistic’ headlines from Washington over COVID Relief. As a side note, no one seemed to care that US retail sales were a major miss, homebuilder optimism rolled over, and gasoline demand continues to collapse in the US.

CNBC’s Scott Wapner: “I am not exaggerating when I say that I think the base case for next year is a boom.”

Just be careful what’s under the surface…

Treasury yields round-tripped chaotically… twice… today…only to end marginally higher (unch for all intent and purpose)…30Y Yields spiked 5bps at their peak before ending unch…

Source: Bloomberg

The 10Y Yield twice spiked above 94bps before fading back fast…

Source: Bloomberg

The Dollar has been up and down like a whore’s drawers…

Source: Bloomberg

…continuing that trend today, and ending lower on the day…

Source: Bloomberg

Nasdaq led on the day with Small Caps lagging…

Tech led the day with Utes lagging…

Source: Bloomberg

FANG stocks managed to push up to recent resistance despite GOOGL/FB facing renewed antitrust suits…

Source: Bloomberg

Notably there is a major decoupling between the options market’s index and single-stock regimes – As @VrntPerception noted: “Investors still seem cautious on the overall market even as they bet on individual names outperforming”

Source: Bloomberg

But gold and bitcoin bucked that trend, spiking higher…

Gold jumped back to overnight highs…

As Bitcoin roared through $20k for the first time ever…

Source: Bloomberg

To a new record high…

Source: Bloomberg

Oil prices rebounded off some overnight weakness to its highest close since Feb…

Silver had a huge day, back above $25.50…

This pushed the Gold/Silver ratio back to its lowest since 9/21’s spike

Source: Bloomberg

Finally, for all those demanding moar from The Fed… financial conditions have never, ever, been this easy… ever ever…

Source: Bloomberg

And with the dollar plunging and bitcoin soaring…

Source: Bloomberg

Be careful what you wish for. As VIX Whale ’50 Cent’ noted on his major allocation to Bitcoin: “We see this as a small but potent insurance policy against the continuing devaluation of the world’s major currencies. Bitcoin diversifies the company’s (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.”

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//FOMC

Fed Leaves All Policies Unchanged, Will Keep QE Until “Substantial Further Progress” Made

Since the last FOMC Statement on November 5th (right after the election and as the vaccine headlines hit), stocks have screamed higher led by inflation-sensitive small caps…

Source: Bloomberg

But it is Bitcoin that has really screamed higher (up36%) since the November Fed (with Gold, the dollar, and bonds all down around 2-3%)…

Source: Bloomberg

Bond yields spiked in those first few days (Fed, fiscal, vaccines etc), but have largely trod water since (as the yield curve is at its steepest of the year)…

Source: Bloomberg

Financial Conditions have dramatically eased in the weeks since the last Fed meeting, smashing financial conditions to their easiest in US history…

Source: Bloomberg

And don’t forget that the dollar is suggesting confidence in Powell’s magic is waning (as is Bitcoin)…

Source: Bloomberg

Surging Covid-19 case counts, renewed strain in the labor market and floundering fiscal negotiations – all amid a backdrop of Treasury yields grinding toward the highest levels of the pandemic – are compelling reasons for Fed officials to stand ready to do more., so the big question for today is, will they hedge and enable some easing (extending WAM on purchases) as StanChart suspectsand/or will The Fed hike its IOER, or will The Fed leave well alone at these stratospherically rich levels – merely promising to do something at some point in the unknown future?

The headline is simple – NOTHING CHANGES, EVERYTHING CONTINUES

Central bank officials left rates near-zero at their December meeting, and tied bond buying to their employment and price goals.

“The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time,” Fed officials reiterated in their December policy statement, released Wednesday afternoon.

The only major change to the statement is as follows:

In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee’s maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.

5 of the 17 officials saw rate-hikes during 2023…

Notably, officials did not change their tone with respect to economic conditions, reiterating that the recovery will depend on the course of the virus, and that the pandemic will continue to weigh on conditions in the near term. They say it poses “considerable risks” to the outlook in the medium term.

The new SEP sees small improvement in GDP in 2021-2023, but slowdown in 2023 and onward, and inflation is seen increasing modestly in 2021 and 2022 before hitting 2.0% by 2023. Additionally, The Fed now sees 5.0% unemployment in 2021, down from 5.5% dropping further to 3.7% in 2023 from 4.0% before. The longer run remains at 4.1%

*  *  *

Full redline below:

ii)Market data/USA

US Retail Sales Disappoint, Tumble Most Since April

While analysts expected a modest drop in US retail sales in November (after its big slowdown in October), and BofA credit card sales data suggested otherwise, they were both seriously off as the final print was a big disappointment. Headline retail sales tumbled 1.1% MoM (far worse than the 0.3% drop expected) and October’s 0.3% MoM rise was revised drastically to a 0.1% MoM drop.

Source: Bloomberg

On a year-over-year basis, retail sales remain higher but are rolling over fast…

Source: Bloomberg

Under the hood, things were ugly with Electronics tumbling along with clothing and gasoline (lockdowns)…

Even non-store retailers (Amazon etc) only managed a tiny 0.2% MoM rise.

The COVID Lockdown impacts are starting to ripple through

end
USA PMI’s slow in early December
(zerohedge)

US PMIs Slow In Early December Data As Services Slump, Prices Soar

Despite slumping ‘hard’ data, US PMIs have been soaring in recent months but analysts expected them to show slowing growth in preliminary December data (which follows very weak retail sales data in November). The print was weaker for both services and manufacturing (while the former missed expectations while the latter beat)

  • Markit US Services PMI MISS – 55.5 vs 55.9 exp vs 58.4 prior
  • Markit US Manufacturing PMI BEAT – 56.5 vs 55.8 exp vs 56.7 prior

Catching down to ‘hard’ data reality…

Source: Bloomberg

This combination pushed the US Composite PMI to 3-month lows (as th Eurozone composite rises)…

Source: Bloomberg

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

“Business reported that the US economy lost growth momentum in December, though encouragingly continued to expand at a solid pace. The survey data add to the likelihood of the economy having continued to expand in the fourth quarter, building on the recovery seen in the third quarter.

“However, while November had seen business buoyed by increased activity around Thanksgiving as well as a surge in business confidence following the Presidential election and encouraging vaccine news, December has seen companies rein in their expectations, given the higher virus case numbers and tougher lockdown stances adopted in some states. Lockdowns in other countries were meanwhile reported to have hit exports.

“While vaccine developments mean some of the cloud caused by the pandemic should lift as we head through 2021, rising case numbers continue to darken the near-term outlook. In particular, resurgent virus numbers were cited as a key factor behind a pull-back in hiring, hinting that the labour market has cooled amid growing caution among employers. Other costs have meanwhile risen, linked to rising raw material prices and supply shortages caused by the pandemic, acting as a further strain on businesses.”

Of all the data within the report, the following is perhaps most noteworthy: The rate of cost inflation accelerated once again to a new record high, as supplier prices and the soaring cost of PPE pushed cost burdens up. Firms only partially passed on higher prices, however, in an effort to boost sales.

iii) Important USA Economic Stories

ELECTION STORIES 
no 1
The fun begins: Smartmatic issues legal notices to 3 conservative news networks demanding retractions of
claims that the company was involved in rigging the election in favour of Joe Biden. They were invited to all
of these networks but refused to come!  Why not Lin Wood and why not Sidney Powell? They would love to
discover the company!!!
Grab your popcorn on this!!
(Watson/SummitNews)

Vote Machine Company Threatens Legal Action Against Conservative Media

Authored by Steve Watson via Summit News,

Voting Machine company Smartmatic has delivered legal notices to three conservative news networks, demanding retractions of claims that the company was involved in rigging the election in favour of Joe Biden.

According to reports, Smartmatic has issued legal notices to Fox News, OAN and Newsmax, accusing the networks of a “campaign [that] was designed to defame Smartmatic and undermine a legitimately conducted elections.”

The company is said to have accused Fox News of having “embarked on a disinformation campaign against Smartmatic,” by allowing Trump lawyers Rudy Giuliani and Sidney Powell to make claims of vote fraud.

“Over the course of the campaign, Fox News published and republished dozens of false and misleading statements regarding Smartmatic,” the notice is said to read.

The legal notice also reportedly claims there is “no evidence or credible source to support” the vote rigging claims, and that anyone “would have easily discovered the falsity of the statements and implications being made about Smartmatic by performing even a modicum of investigation.”

The legal notice is also said to have specifically named Fox News hosts Lou Dobbs, Jesse Watters, and Maria Bartiromo, and indicates that Smartmatic could pursue legal action against them personally:

“Smartmatic demands a full and complete retraction of all false and defamatory statements reports published by Fox News. This retraction must be done with the same intensity and level of coverage that you used to defame the company in the first place,” the legal notice also reportedly states.

“This campaign is an attack on election systems and election workers in an effort to depress confidence in future elections and potentially counter the will of the voters, not just here, but in democracies around the world,” Smartmatic chief executive Antonio Mugica said in a statement.

At time of writing, only Newsmax has responded to the allegations, issuing a statement that notes “As any major media outlet, we provide a forum for public concerns and discussion. In the past we have welcomed Smartmatic and its representatives to counter such claims they believe to be inaccurate and will continue to do so.”

No 2
Solar Winds
Majority owners of SolarWinds have links to Obama, theClintons, China and the USA process
(Joe Hoft/Gateway Pundit)

BREAKING EXCLUSIVE: Owners of SolarWinds Have Links to Obama, the Clintons, China, Hong Kong and the US Election Process

By Joe Hoft
Published December 15, 2020 at 8:35pm
885 Comments

Shareon Facebook(3.8k)TweetShareEmail

Who owns SolarWinds?  This is a good question due to the complicated sales and purchases of related companies and individual owners over the past few years. 

Per our research, the owners of SolarWinds are related to the Clintons and companies that verify elections in the US.

If you look up SolarWind’s 10K onthe SEC website, EDGAR, you’ll find that the company was acquired in February 2016 by investment firms Silver Lake and Thoma Bravo.  Then in 2018 the company went public through an Initial Public Offering (IPO):

The private owners before taking the company public through the IPO are noted in the company’s most recent annual financials (10K) as Silver Lake and Thoma Bravo.

Thoma Bravo

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According to Dr. Quigley on Twitter, “the buyout firm, [Thoma Bravo] who now owns SolarWinds was founded by a Puerto Rican billionaire who contributed over $100k to Clinton in 2016. His name is Orlando Bravo.”

Thoma Bravo purchased Entrust in 2009 but it appears they sold to Datacard group in 2013. Still looking into this.

(Fyi – Orlando Bravo made two contributions of $125,000 each to the far left Democrat PAC Vote for Vets):

And as Dr. Quigley mentions, Bravo purchased a company by the name of Entrust in 2009.  Entrust has a location in Ottawa, Canada.  But we’re not totally sure of this, it may actually be the other way around, but no doubt the two companies are connected.

Per Dr. Quigley,

Thoma Bravo also purchased DigiCert in 2015.  DigiCert and Entrust verify the elections for at least half of the states in the US.  Entrust is also closely related to a firm by the name of ‘Live Ramp’ which is located in Shanghai.

Dr. Quigley provides an article on Orlando Bravo from the Wall Street Journal:

Recent Bravo bio from WSJ for anyone looking into him.https://t.co/S8YhijCY1K

— Dr. Quigley (@CarrollQuigley1) December 15, 2020

In summary, Thoma Brava is one of the owners of SolarWinds and it also is connected to the firms that validate elections for at least half the states in the US.

Silver Lake

Dr. Quigley also has done some work on Silver Lake Partners (SLP). SLP Co-founder Glenn Hutchins the other firm that owns SolarWinds. Hutchins is on the Board of ATT and is related to Brookings and is a former advisor to Bill Clinton and is currently on the board of the Obama Foundation:

Dr. Quigley next provides additional information on Mr. Hutchins, Hillary and Obama’s friend:

There’s more on SLP – like one of its managing directors, Kenneth Hao, a billionaire from Hong Kong:

In summary

The owners of SolarWinds are closely related to Obama and the Clintons. The they also are heavily in the election business and have relations with companies and individuals in China and Hong Kong.

end

No3

Another interview of Patrick Byrne and the HRC Bombshell

(courtesy Forbidden Knowledge)

Byrne, Bergy and HRC Bombshell – Forbidden Knowledge TV

Natural News
Forensic audit finds that security log files were deleted from all Dominion machines to hide the vote switching
figures!!
Lance Johnson/Natural News)

Forensic audit finds that security log files were deleted from all Dominion machines to hide vote switching

Image: Forensic audit finds that security log files were deleted from all Dominion machines to hide vote switching

(Natural News) After election officials identified “glitches” that switched 6,000 Trump votes to Biden, the courts in Antrim County Michigan ordered an audit of Dominion voting machines. The forensic audit was carried out by the Allied Security Operations Group (ASOG). This group conducted a forensic duplication on the county’s election management server. They investigated compact flash cards used by local precincts in their Dominion ImageCast system, and they audited the memory sticks used by Dominion Voter Assist Terminals and the memory sticks used for the poll book.

This forensic audit found blatant evidence of a coordinated attack on the 2020 Presidential election. The Federal Election Commission allows an error rate of .0008 percent for all voting machines used in US elections. The Dominion machines in Antrim county had an error rate of 68.05 percent! Even more shocking: The ballot-adjudication logs and the security logs for the November 3 general election were removed. All log files for previous elections were still contained on the machines, but someone on the inside was able to erase the all-important log files for the 2020 election.

There was a coordinated attempt to coverup security logs that show wide scale vote switching

“The adjudication process is the simplest way to manually manipulate votes,” wrote Russell Ramsland, who prepared the forensic report. “The lack of records prevents any form of audit accountability, and their conspicuous absence is extremely suspicious since the files exist for previous years using the same software. We must conclude that the 2020 election cycle records have been manually removed.”

This bombshell report was released to the public on Dec 14 after it was approved by Kevin Elsenheimer, the chief judge of Michigan’s 13th Circuit Court.

“Because the intentional high error rate generates large numbers of ballots to be adjudicated by election personnel, we must deduce that bulk adjudication occurred,” Ramsland warned. “However, because files and adjudication logs are missing, we have not yet determined where the bulk adjudication occurred or who was responsible for it.” In other words, Democrats premeditated and coordinated their attack on the US election system, tampering with the security logs to cover up their fraud.

In Antrim County, the voting machines rejected an outrageous number of ballots for adjudication. In the adjudication process, election workers are allowed to determine the ultimate outcome for each ballot. The Dominion voting machines were apparently programmed to reject a large number of ballots so the corrupt Democrat election workers could ultimately decide the destiny for these ballots. This coordinated fraud will be hard to trace because the traitors deleted all the security logs prior to 11 p.m. on Nov. 4 and deleted adjudication logs.

Dominion voting system rejected an astronomical number of ballots so they could be manually switched

The security logs are the only way to conduct an audit trail and to detect for more advanced outside attacks on the system files. Ramsland warned that there “is not reasonable explanation for the security logs to be missing.” The logs contain all the authentication failures, domain controls, and error codes. They also contain information on the network connections to the file servers, which includes the times, date transfers, internet connections, and file accesses.

The Dominion ImageCast Precinct system was reviewed by the ASOG cybersecurity team in the Central Lake Township – home to 1,500 voters. During a second tabulation of election results, the ASOG team found that nearly all (1,474 votes) in the precinct were altered. Votes for one candidate vanished, and votes added back to another.

This forensic audit of Dominion voting machines is monumental. The elections in Arizona, Georgia, Michigan, Pennsylvania and Wisconsin cannot be certified under the law because there is evidence of systemic election fraud throughout.

Support DefendingTheRepublic.org to stop the traitors who have waged war on the US

end

No 5

Situation Update, Dec. 15th – Parallel electors chosen by 7 states as Trump accelerates ops to seize evidence

Bypass censorship by sharing this link:
Image: Situation Update, Dec. 15th – Parallel electors chosen by 7 states as Trump accelerates ops to seize evidence

(Natural News) Highlights for the Dec. 15th Situation Update:

  • The election is not over: Biden has not been elected. There is no “president-elect” currently.
  • Biden makes false claim election was “free and fair,” even knowing it was rigged and fraudulent.
  • Bill Barr exposed as deep state traitor and fired from his position as AG / DOJ.
  • Newt Gingrich named to the Defense Policy Board which advises the DoD and Chris Miller.
  • Alternate electors chosen by 7 states, providing two parallel sets of electors to be considered by Congress on January 6th.
  • Trump must convince America before Jan. 6th that the election was stolen. This can cause the pro-Trump electors to be chosen.
  • Many lawsuits are under way in swing states and pending before SCOTUS.
  • Time running short for Trump to invoke the Insurrection Act and seize ballots as evidence of fraud.
  • Trump may also activate his 2018 executive order on foreign interference in US elections. Possible timeline for this is around or after Jan. 6th.
  • The Epoch Times also joins the call for Trump to invoke the Insurrection Act.
  • Xi Jinping tells elite Chinese troops to “prepare for war.”
  • Trump tweets: “What a fool Governor @BrianKempGA of Georgia is. Could have been so easy, but now we have to do it the hard way.”

Listen to the full Situation Update episode here:

end

no 6

Solarwinds123″: Hacked IT Company Used Weak Password, While Backdoor Access Peddled On Underground Forums

Hacked Texas-based IT infrastructure provider SolarWinds was warned over weak password security last year, after security researcher Vinoth Kumar discovered that the company used “solarwinds123” to protect their update server.

This could have been done by any attacker, easily,” said Kumar, according to Reuters.

On Monday, SolarWinds confirmed that their flagship network management software, Orion, was the target of an international cyberespionage operation which the Washington Post pinned on government-backed Russian hackers – who inserted malicious code into Orion software updates and pushed it out to almost 18,000 customers. 

The malicious updates – sent between March and June, when America was hunkering down to weather the first wave of coronavirus infections – was “perfect timing for a perfect storm,” said Kim Peretti, who co-chairs Atlanta-based law firm Alston & Bird’s cybersecurity preparedness and response team.

Assessing the damage would be difficult, she said.

We may not know the true impact for many months, if not more – if not ever,” she said. –Reuters

Included in the breach were the US Treasury, the Commerce Department’s National Telecommunications and Information Administration (NTIA) and other government agencies.

Meanwhile, Reuters also reports that “multiple criminals have offered to sell access to SolarWinds’ computers through underground forums, according to two researchers who separately had access to those forums.”

One of those offering claimed access over the Exploit forum in 2017 was known as “fxmsp” and is wanted by the FBI “for involvement in several high-profile incidents,” said Mark Arena, chief executive of cybercrime intelligence firm Intel471. Arena informed his company’s clients, which include U.S. law enforcement agencies. –Reuters

According to the report, neither the weak password or the stolen access are considered the most likely source of the current intrusion, however Kyle Hanslovan, the cofounder of Maryland-based cybersecurity company Huntress, noticed days after the SolarWinds hack that malicious updates were still available for download.

Dominion?

On Monday, screenshots began floating around of Dominion Voting Systems with a solarwinds logo below a login screen, implying that the 2020 US election may have been compromised by hackers, as opposed to on purpose as Trump and his allies have claimed.

Journalist Kim Zetter, however, pointed out that while Dominion does or did use a SolarWinds product, it wasn’t their Orion software which was compromised. 

The company’s stock has fallen over 25% since Friday’s price of $23.50, currently sitting below $18. The company announced on December 9 that CEO Kevin Thompson would be replaced after 11 years at the helm with Sudhakar Ramakrishna, the former CEO of Pulse Secure.

end

no 7

Sidney Powell working on RICO against Dominion and Smartmatic

Sidney Powell Is Working on RICO Case Against Dominion and Smartmatic – Will It Stop There?

President Trump is our President.  He is not going to allow Communists to take over the United States.

Per an article at the Western Journal on Sunday, Sidney Powell is building a RICO case against voting machine companies Dominion and Smartmatic :

Attorney Sidney Powell says that her battle over the Nov. 3 election is far from over, saying that the evidence she is gathering could turn into a major racketeering case under the Racketeer Influenced and Corrupt Organizations Act…

…Four names, she said, were central to her investigation: Jorge Rodriguez, a former minister for communications for Venezuela; Khalil Majid Mazzoub, whom Powell identified as a link to the U.S.-designated terrorist group Hezbollah; Gustavo Reyes-Zumeta, a computer programmer; and Antonio Mugica, CEO of the elections technology company Smartmatic, which has been linked in some accounts to Dominion Voting Systems.

TRENDING: Michigan’s Matt Sealy Explains How President Trump Has SEVERAL Paths To Victory… “Never count Donald Trump out!” [VIDEO]

Here are some comments from Powell on Lou Dobbs Thursday night:

President Trump’s attorney Rudy Giuliani prosecuted RICO cases against the mafia.  In his prosecutor days Giuliani used RICO laws against the mafia and then against white collar criminals.

This subject came up in the Arizona hearings where Arizona Representative Mark Finchem raised the topic:

If there was a RICO case against a group colluding against the United States of American would it stop with Dominion and Smartmatic?

Dilbert creator Scott Adams discussed this recently in a tweet:

Certainly the media is aligned with the Communists – Powell even tweeted about this:

This does not look good for Dominion, Smartmatic, China and those working with them within our borders.

end

No 8

Mitch is compromised big time

CHINA MITCH: McConnell Has Family Ties to Bank of China, Top Chinese Shipping Firm

McConnell’s familial link to Chao family’s Foremost shipping company, Chinese State Shipbuilding corporation, and Bank of China resurface after Kentucky senator’s declaration of victory for Joe Biden byGABRIEL KEANE

As news breaks Tuesday of Senate Majority Leader Mitch McConnell’s praise for the United States’ election “process” and declaration of “congratulations” for “President-elect Joe Biden,” the Kentucky senator’s extensive family ties to China have resurfaced as a topic of conversation.

McConnell’s marriage into the Chao family dynasty has coincided with a trajectory of ever-increasing personal profit for McConnell and the Chaos, as well as Chinese state business interests.

BANK OF CHINA

McConnell’s wife, Elaine Chao, is the daughter of shipping magnates James and Ruth Chao and the sister of Angela Chao, the latter of whom was appointed to a non-executive position on the Bank of China’s board of directors in 2016.

CHAO FAMILY WEALTH

massive spike in McConnell’s financial disclosures occurred in 2007 and 2008 following the death of Ruth Chao, with the senator’s federal disclosure jumping from $3 million to $33 million in that two year span according to Forbes.

McConnell’s re-election campaigns have received over $1 million in contributions from Elaine Chao’s family, including James and Angela,

according to a 2019 report from the New York Times.

CHAO SHIPPING EMPIRE

Aside from her position at the Bank of China, Angela Chao also serves as the CEO of Foremost, which is the Chao family’s billion-dollar maritime shipping empire. While Foremost is an ostensibly American company with offices located in New York City, Forbes noted that the company’s fleet of vessels “sail under flags registered in Liberia and Hong Kong, and the company does the vast majority of its business in Asia.”

Foremost’s upward trajectory has remained steady during McConnell’s tenure in the Senate, with the company continuing to prosper even during multiple economic downturns in the industry. Shipping database VesselsValue has estimated the company fleet’s net worth at $1.2 billion, making it the most valuable such fleet of any dry bulk shipping operation headquartered in the United States in 2019.

Perhaps some of Foremost’s good fortune can be attributed to the several hundred million dollars’ worth of loans it is contracted to receive from the Chinese government, or the fact that James and Angela Chao, who describe themselves as Americans, have served on the board of the Chinese government-owned China State Shipbuilding corporation. China State Shipbui

The New York Times noted in its 2019 report that the Bank of China, where Angela Chao serves as a non-executive director, is a top lender to China State Shipbuilding.

AMERICA LAST, CHINA FIRST POLITICS AT DEPT OF TRANSPORTATION

Under Elaine Chao’s tenure as Secretary of Transportation, the agency budget “has repeatedly called to cut programs intended to stabilize the financially troubled maritime industry in the United States, moving to cut new funding for federal grants to small commercial shipyards and federal loan guarantees to domestic shipbuilders” according to the Times.

The report also noted that while the Chao family has paid for Chinese programs that provide scholarships and ship simulators for Chinese sailors, Elaine Chao’s Department of Transportation has repeatedly tried to excise grant funding for programs that keep domestic American vessels in service and buy ships that would be used to train American seamen.

McConnell and the Chaos have repeatedly dismissed concerns about conflicts of interest relating to the Senate Majority leader’s family ties to Foremost and Beijing, with Angela Chao insinuating that her ties to McConnell have only come under scrutiny because of anti-Chinese prejudice.

However, critics have noted that the fact McConnell’s public refusal to help President Trump in the latter’s fight to restore election integrity could be influenced by the fact that President Trump’s pro-American, hardline stance towards trade with China may pose a threat to business interests close to McConnell.

end

No 9

Dominion Lobbyists Paid McConnell Thousands Before He Crushed Election Integrity Bills, Ignored Election Contests

The Senate Majority Leader wouldn’t allow a vote on the bills in July last year

Senate Majority Leader Mitch McConnell (R-KY) quashed two election integrity bills in July last year after receiving thousands in donations from Dominion lobbyists.

In July, McConnell blocked two bills, one that would provide $775 million to “bolster election security,” along with requiring a physical paper trail of every single ballot cast in the country, and a second that would mandate political candidates, their staff members, and their families, to notify the FBI if any foreign government offered to assist them.

“Clearly this request is not a serious effort to make a law. Clearly something so partisan that it only received one single solitary Republican vote in the House is not going to travel through the Senate by unanimous consent,” said McConnell on the Senate floor, as he refused to allow the bills to be put to a vote.

However, within the previous year, multiple lobbyists representing Dominion Voting Systems and Election Systems and Software, who together make up around 80% of all voting machines in the country, donated thouands of dollars to the McConnell campaign.

David Cohen and Brian Wild, both of lobbyist Brownstein Hyatt Farber Schreck, who lobbied for Dominion in 2019, donated $2,000 and $1,000 respectively to the McConnell campaign funds. And around the same time, Emily Kirlin and Jen Olson, who have lobbied for ES&S, also donated $1,000 each.

Interestingly, these donations occurred throughout March of 2020, when the COVID-19 pandemic first reached the United States and mail-in voting became an almost certainty for the 2020 election.

McConnell on Tuesday praised the processes and outcome of the presidential election, and appeared to align himself with Vice President Biden. “Americans voted in this year’s general election. Legal and Constitutional processes have continued to play out since then,” McConnell said. “As of this morning, our country has officially a president-elect, and a vice-president elect.”

The Senate Majority Leader didn’t mention any of the currently ongoing lawsuits exposing the lack of integrity in the election, or any of the several slates of alternate electors sent by the contested states. “Our system of government has processes to determine who will be sworn in on January 20, the Electoral College has spoken.” McConnell added. “So today I want to congratulate President-elect Joe Biden.”

end

No 10

Rand Paul in Congress today:  Fraud happened and this election in many way was stolen

(Gateway Pundit)

Rand Paul: The Fraud Happened; This Election in Many Ways Was Stolen (VIDEO)

The Senate Committee on Homeland Security and Governmental Affairs on Wednesday held an oversight hearing to examine irregularities in the 2020 election.

Senator Rand Paul (R-KY) schooled former Director (2018-2020) Cybersecurity and Infrastructure Security Agency Chris Krebs on the massive voter fraud that took place in the 2020 election.

Krebs folded his arms and pouted as Rand Paul put him in his place.

Chris Krebs was recently fired by President Trump for saying the 2020 election was the most secure in US history.

TRENDING: Michigan’s Matt Sealy Explains How President Trump Has SEVERAL Paths To Victory… “Never count Donald Trump out!” [VIDEO]

“The courts haven’t decided the facts. They never looked at the facts… The fraud happened. The election in many ways was stolen and the only way it will be fixed is by in the future reinforcing the laws,” Rand Paul said.

WATCH:

/2020/12/rand-paul-fraud-happened-election-many-ways-stolen-video/

ForAmerica
@ForAmerica

Sen. Rand Paul: “The courts haven’t decided the facts. They never looked at the facts… The fraud happened. The election in many ways was stolen and the only way it will be fixed is by in the future reinforcing the laws.”

Embedded video

1:25
77.5K views
This claim about election fraud is disputed

end

No 11

It is about time: a new lawsuit filed today against Zuckerberg and the dark money that enabled the fraud in key states

(Gateway Pundit)

NEW LAWSUIT Will Be Filed Today Against Mark Zuckerberg and the Dark Money that Enabled Fraud in Key States (VIDEO)

PShare

Mark Serrano, President of ProActive Communications, joined Steve Bannon on The War Room on Wednesday morning.

Serrano announced a new lawsuit against Facebook founder Mark Zuckerberg and dark money that enabled fraud in key states.

Mark Serrano: This report details their involvement in this dark money network. And what we’re doing with it Steve, talking about action, is we’re taking this report, it’s going to be a centerpiece of a lawsuit that we’re filing in the next 24 hours in the District Court of the District of Columbia that deals with Wisconin, Pennsylvania, Michigan, Arizona and Georgia.

Steve Bannon: What is the driving center of gravity of the lawsuit that the Amistad Project is going to file about those states based on this report…?

TRENDING: Michigan’s Matt Sealy Explains How President Trump Has SEVERAL Paths To Victory… “Never count Donald Trump out!” [VIDEO]

Mark Serrano: It’s basically the ecosystem that caused this fraud on a massive level to take place. First of all the dark money funding. Then the changing and the shifting of the election law by governors and secretaries of state leading into election day and then the fraud we saw take place on and after election day in the management of the elections and even in the counting of the ballots where a billionaire, Mark Zuckerberg, was allowed in the counting room because he funded it.

Steve Bannon appeared thrilled with this move by the Amistad Project.

Related — On Wednesday afternoon Attorney Phill Kline and IT Expert J.R. Carlson will hold a presser in Arlington, Virginia on Zuckerberg’s cash for chaos in the 2020 election.

end

Something is serious wrong!! a massive increase of 800 billion dollars in M1 money supply in just the past two weeks

SRS Rocco report

BREAKING NEWS: Shocking Increase In U.S. Money Supply In Past Two Weeks

on  —

The increase in the U.S. money supply in the past two weeks is absolutely shocking.  Something must be seriously wrong behind the scenes at the U.S. Treasury and Federal Reserve for the M1 Money Supply to increase more in the past two weeks than it did in six weeks during the beginning of the pandemic shutdowns in late March.

I wrote about this in my last subscriber video, INVESTOR WARNING: Markets Just Propped Up By Half-Trillion In Liquidity, Brace For Major Correction Ahead.  In just one week, the M1 Money Supply surged by $498 billion.  While that was stunning, I was quite shocked to see another huge increase in the past week.

The FRED – St. Louis Federal Reserve just updated their M1 Money Supply figures showing another increase of $312 billion, on top of the $498 billion added the week prior.  So, the total increase in the U.S. M1 Money Supply for Nov 16th to Nov 30th is a shocking $809 billion.  Compare that to the $388 billion increase from Mar 16th to Mar 30th when the pandemic shutdowns first began.

Do you know how much $810 billion equals?  That turns out to be four years of global gold mine supply totaling 440 million or 40 years of global silver mine supply of 32 billion oz.  This is beyond stunning to see this much of an increase without any news release by the U.S. Treasury or Federal Reserve.

Of course, it made sense to see the M1 Money Supply to increase after the pandemic shutdowns and stock market meltdown… BUT WHY NOW???  Take a look at the following chart from the St. Louis Fed (FRED).

From March 16th to April 27th, the U.S. M1 Money Supply increased $773 billion… six weeks.  Why on earth has the M1 Money Supply increased $810 billion… in TWO WEEKS!!!

Again, something very serious must be going on that we don’t know about because this is certainly unprecedented.  I thought just maybe this was some sort of accounting mistake.  But, when I went to the Board of Governors of the Federal Reserve Money Stock Release Dec 1oth, I found the following chart:

And there they are, highlighted in YELLOW.  What’s interesting is that the M2 Money Supply figures actually declined a bit during the same period.

The next chart is the Long-Term M1 Money Supply chart since 1980.  As you can see, in the past eight months, the M1 Money Supply has gone STRAIGHT UP.

Actually, it has gone more STRAIGHT UP in the past two weeks than it did during March-April this year.  To see the M1 Money Supply increase this quickly, again, something must be seriously wrong… which we will likely find out sooner or later.

END

In a 2011 leaked audio Assange warns the Clinton state department lawyer about stolen cables from WikiLeaks themselves

(zerohedge)

In Leaked Audio, Julian Assange Warns Clinton State Department Lawyer About Cables Stolen From WikiLeaks

Leaked audio obtained by Project Veritasreveals that in 2011, WikiLeaks founder Julian Assange warned the Hillary Clinton-led State Department that a rogue employee had stolen a trove of classified cables from the whistleblower organization and was about to release it.

Assange told State Department attorney Cliff Johnson that WikiLeaks had planned to release the cables with sensitive information redacted, and expressed concern over endangering people by what he believed to be a reckless release.

Yes, so the situation is that we have intelligence that the State Department Database Archive of 250,000 diplomatic cables including declassified cables is being spread around and is to the degree that we believe that within the next few days it will become public,” said Assange, adding “We’re not sure but the timing could be imminently or within the next few days to a week and there may be some possibility to stop it.”

State Department attorney Cliff Johnson: “Who would be releasing these cables? Is
this WikiLeaks?”

Julian Assange: “No, we would not be releasing them–this is Daniel Domscheit-Berg, a previous employee that we suspended last August.”

Johnson: “And he apparently has access to the material that Wikileaks also has?”

Assange: “Yes. That’s correct.”

Johnson: “And he has access to everything you have is that right?”

Assange: “That’s correct.”

Johnson: “OK. And that includes classified as well as the unclassified cables.”

Assange: “That’s correct.”

Listen to part of the 75-minute conversation:

“The thing that stands out throughout this tape is that over and over again, Assange expresses his concern for the people endangered by what he believes to be a reckless release—like when he told Johnson: ‘In case there are any individuals who haven’t been warned that they should be warned.’,” said Veritas founder James O’Keefe – adding “Political pressure is building for President Donald Trump to pardon Assange at the end of his first term and this tape goes a long way to rebooting how he has been portrayed.”

State Department attorney thanks assange (more via Project Veritas):

Although Assange said to the attorney, he did not actually control the classified information, he did have the encryption key to unlock the materials and he knew where on the web it was being held.

“The material, there is an encrypted version of the materials on the web somewhere, that we do not control,” Assange said. “One doesn’t actually need to convey the material itself, one only needs to convey the location of the material, and its encryption key.”

With Assange’s help, the journalist said he believed the U.S. government with its resources could corral the information in time to prevent its release or to even eliminate the files covertly.

“If there is another possibility which is the taking down of those files, that is a degree of research and effort that we do not have the capacity to do,” he said. “There are not so many of them.”

Cliff Johnson: “And, you know all the locations of them, do you think?”

Julian Assange: “We know several and it’s probably not that hard to find the others.”

Johnson: “Can you provide us with that location information?”

Assange: “I can encourage other people to do so.”

Johnson: “Right. I appreciate what you’ve told us Mr. Assange.”

Assange’s work with Manning made him a fugitive from American justice

The Australian-born journalist has been targeted by the U.S. government since 2011, when he partnered with Pvt. Chelsea Manning, an Army intelligence specialist, to release documents and videos Manning downloaded from Army computers.

Manning pleaded guilty to violating the Espionage Act and the Computer Fraud and Abuse Act and accepted a 35-year sentence.

President Barack Obama commuted Manning’s sentence to time served, roughly seven years, Jan. 17, 2017—three days before the end of his term.

For many years, Assange was holed up in the Ecuador’s embassy in London, until he was turned out in 2019, and then apprehended by British officials acting in concert with the U.S. government.

The day he was arrested by British officials, April 11, 2019, the Justice Department unsealed its indictment of Assange charging him with conspiracy to commit computer intrusion, or hacking. The conspiracy charge carries a maximum of five years in prison and stems from Assuage offering Manning help cracking a government password.

Journalists have broad privilege to publish classified or otherwise illegally obtained information, only if they do not participate in the acquisition.

Assange remains in British incarceration awaiting his January hearing where it will be decided if the United Kingdom will extradite the WikiLeaks founder to the United States.

end

The iconic restaurant 21 CLUB, as well as San Francisco’s Cliff House closing indefinitely due to COVID

(Restaurant Business OnLIne)

New York’s Iconic 21 Club To Close “Indefinitely” Due To COVID

By Peter Romeo of Restaurant Business Online

The 21 Club, the one-time speakeasy that reigned for 90 years as a choice dining spot for New York City celebrities and powerbrokers, has closed “indefinitely”because of the slowdown in sales during the pandemic, the landmark fine-dining institution alerted New York regulators on Friday.

The WARN filing was followed two days later by an announcement that San Francisco’s Cliff House, the 157-year-old icon that generated $14.5 million in sales during 2019, will shut its doors for good as of Jan. 1.

Many celebrated fine-dining establishments have served their last pat of butter during the pandemic, but few boast the storied pasts of 21 and Cliff House.

The former started as a joint in Greenwich Village in the ‘20s called the Red Head. Its founders, Jack Kreindler and Charlie Berns, hopped from one location to another in the city until they settled on the current W. 52nd Street site in 1930.

The place was a full-fledged speakeasy, right out of a movie. The location was designed in anticipation of raids, with levers that would tip bar shelves backward to send bottles down a chute and into city sewers as the police charged in. A secret door led to a hidden wine room that was later put into use as a private dining space for the restaurant’s famed celebrity clientele.

Frank Sinatra was a regular. So was John F. Kennedy, who donated a toy-sized replica of his PT-109 Navy vessel to hang from the rafters of the establishment’s bar. The basement area’s ceiling is covered in toys and memorabilia donated by patrons.

Upstairs, banquettes and a dark-wood dining room provided a place for the likes of Elizabeth Taylor, Al Jolson, Mae West and Jackie Onassis to dine on classic continental fare in relative privacy, though their visits often figured into gossip-column entries the next day.

Kreindler and Berns’ descendants would continue to run the place until 1985, making occasional concessions to more modern tastes on the menu and in its décor. Yet it proudly reigned as a piece of old New York; men weren’t allowed to forego neckties until 2009, and the place stocked an array of gaudy sports coats to meet the requirement that males wear jackets. Sneakers were still forbidden at the time of the WARN filing last week.

The two clans sold the property in 1985 to operators who continued in the same vein. As fine-dining loosened up, the new owners adjusted to changing preferences, but opted to sell the place again in 1995, this time to a company affiliated with the Orient Express, Europe’s famed train line. Orient-Express Hotels Ltd. Morphed into Belmond Ltd., which still owns the restaurant today.

The original Cliff House, according to its deep lore, might or might not have been built in 1858 with lumber salvaged from a ship that crashed on the rocks below the restaurant’s seaside perch;  the reports have never been verified. Historical records are clear, however, on a restaurant and inn called the Cliff House opening in 1863, or two years before the end of the Civil War. Because the property was located near a race track where the city’s well-to-do enjoyed running their horses, it became a favorite of the local carriage trade in the literal sense of that term.

It was almost destroyed in 1887 by a dynamite explosion caused by the crash of a ship near the site—only to be completely leveled by a fire seven years later.

The rebuilt Cliff House would chug along for more than 100 years, adjusting to the times but enjoying its distinctions as one of America’s oldest dining establishments. In 1977, it became part of the Golden Gate National Recreational Area, which remains its landlord.

The restaurant said in a website posting on Sunday that a failure to hammer out a new lease agreement figured into management’s decision to close, though the prime factor cited was a drop in sales due to the pandemic.

The landmark announced its closing on its website Sunday.

The restaurant is ranked Number 71 on Restaurant Business’ranking of the 100 highest-grossing independent restaurants in the United States.

END

Texas joins the Dept of justice as well as other statesinsuing google on antitrust claims

(zerohedge)

Texas AG Joins DOJ, Multiple Other States, Suing Google On Antitrust Claims

Texas Attorney General Ken Paxton said on Twitter Wednesday that he is suing Google, alleging the tech giant “manipulated digital advertising markets in violation of antitrust laws”. The suit includes several states and is being led by Texas.

The complaint follows the Department of Justice and several other states that have already brought antitrust claims again Google. Google “depends on advertising for much of its profits,” the Wall Street Journal wrote in a follow up, noting that it reported digital ad revenue of $37.1 billion last quarter.

Paxton (Photo: WSJ)

“This internet Goliath used its power to manipulate the market, destroy competition, and harm YOU, the consumer,” Paxton said on Twitter.

Texas’ initial civil subpoena to Google “included more than 200 questions and demands for records,” the Journal wrote, noting that “many of the questions appear designed to solicit evidence that Google engaged in anticompetitive conduct in building up its powerful position.”

Recall, back in October, we wrote about the DoJ’s initial suit against Google. After it was filed, Elizabeth Warren became the first high-profile Democrat to officially step forward and accuse the DoJ of not doing enough to target Google in its latest lawsuit.

AG William Barr released a statement at the time, saying “millions of Americans rely on the Internet and online platforms…” and that “competition in this industry is vitally important.”

Deputy Attorney General Jeffrey Rosen accused Google of violating Section 2 of the Sherman Act, the same statute that was used during Bill Clinton’s presidency to carry out a host of antitrust litigation, including the landmark case against Microsoft.

“For years there had been concerns about business practices leading to unprecedented concentration in our economy,” Rosen began, adding that the anti-trust division has been looking at Google and its anti-trust practices for more than a year now. Rosen called Google a “gatekeeper of the Internet” and “one of the wealthiest companies on the planet”, saying it has maintained its monopoly standing via “anticompetitive practices” that are necessary to “enable competition”.

If the DoJ doesn’t act, Rosen said at the time, Americans could risk missing out on the next wave of companies. If that happens, Americans may never get to see “the next Google.”

Press member for Biden tests positive for COVID.  Biden has been coughing a lot lately..is he infected?

(zerohedge)

Biden Press Pool Member Tests Positive For COVID 

President-elect Joe Biden isn’t even in office yet, and one member of his press pool has already been sent into quarantine after testing positive for COVID-19, stoking worries about Biden potentially being infected.

The press pool member wasn’t in close contact with Biden, though that person traveled with Biden on Tuesday.

Here’s the full statement from the Biden campaign:

“Today, a member of the press pool who traveled with the President-elect yesterday received a positive PCR test for Covid-19. We initiated contact tracing protocols immediately, and this person was not ever in close contact as defined by the CDC with the President¬ elect. He also adhered to masking and social distancing guidelines at all times during the trip. 

“Out of an abundance of caution, one member of our traveling communications team who was in close contact with this individual will self¬ quarantine for 7 days and other members of the traveling press pool who were in close contact with this individual are not on pool duty today and will not be until they clear the window for being infectious. No other member of the President-elect’s staff has been assessed to be at risk for exposure or transmission of the virus.”

So, how much longer until the MSM starts complaining about the Biden campaign’s blatant disregard for reporters’ safety?

iv) Swamp commentaries

Canadian fashion designer/mogul arrested on New York indictment on sex related and racketeering charges

(zerohedge)

Fashion Exec Peter Nygard Arrested Amid SDNY Indictment On Teenage Sex Trafficking, Racketeering Charges

Canadian fashion mogul Peter Nygard has been arrested in Winnipeg under the extradition act after federal prosecutors in New York slapped the 79-year-old with a nine-count indictment in the Southern District of New York. He has been accused of sex-trafficking, racketeering, and sexually assaulting dozens of teenage girls and women.

The arrest follows a February raid on his Manhattan headquarters by the FBI and NYPD, after 10 women accused Nygard of enticing young and impoverished women to his estate in the Bahamas after promising them modeling gigs and cash.

According to NBC New York, “several plaintiffs in the suit said they were 14 or 15 years old when Nygard gave them alcohol or drugs and then raped them.

Fifty-seven women — including 18 Canadians — have joined the lawsuit, which alleges that Nygard used violence, intimidation, bribery and company employees to lure victims and avoid accountability for decades.

Nygard has denied all allegations and blames a conspiracy caused by a feud with his billionaire neighbor in the Bahamas.

Nygard International began in Winnipeg as a sportswear manufacturer. Its website says its retail division has more than 170 stores in North America. –NBC New York

Nygard has been used of using his company, along with birbery of Bahamian officials and “considerable influence in the fashion industry” to recruit victims in the United States, Canada and the Bahamas, and that he plied victims with alcohol and drugs during “pamper parties.”

The fashion mogul has racked up decades of sexual misconduct allegations culminating in lawsuits from nine women. According to a February report in the New York Times:

The New York Times detailed how a fight with his wealthy neighbor led to the lawsuit, and also showed a pattern of complaints about sexual misconduct by Mr. Nygard stretching back 40 years.

Nine women in Canada and California, mostly employees, have sued him or reported him to authorities alleging sexual harassment or assault since 1980. In addition, another nine former employees told The Times in interviews that he raped them, touched them inappropriately or proposed sex. –NYT

The Times interviewed the 10 women at the time – most of whom confirmed that Nygard raped them during “pamper parties” in the Bahamas, his home since 1986. The parties, which mostly took place on Sundays at his lavish estate, featured young women who would receive ‘pedicures, massages, Jet Ski rides and endless alcohol,’ according to the report.

Nygard has denied the charges, claiming that his adversary and neighbor in the Bahamas – hedge-fund billionaire Louis Bacon and his private investigators are behind the charges. Bacon says he wanted to get justice for the women.

See here for more on the spat between Nygard and Bacon.

Meanwhile, Nygard was also investigated in late 2015 and the summer of 2017 on sex-trafficking allegations. He was also probed by the Department of Homeland Security, which investigated him for nine months with no result

end

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

U.S. industrial output growth slips in November, pulled lower by utilities

Production in October was revised to a 0.9% gain from the initial estimate of a 1.1% gain.  Production remains 5% below pre-pandemic levels…Manufacturing advanced 0.8% last month, led by a strong 5.3% gain in motor vehicles and parts production.

    The output of utilities declined 4.3% as warmer-than-usual temperatures in the month reduced demand. Mining production, which includes oil drilling, rose 2.3% in November after a 0.7% decline in the prior month.  Capacity utilization increased 0.3 percentage point in November to 73.3%. This is 6.5 percentage points below its long-run average but 9.1 percentage points above its April low…

https://www.morningstar.com/news/marketwatch/20201215303/us-industrial-output-growth-slips-in-november-pulled-lower-by-utilities

@EthicalSkeptic: This time of year 8,050 die each day in the US. What the States are contending is that on any given day 40% of all death in the US now is Covid. Yet CDC excess death is up only 10% during this same time. We cured 30% of our past causes of death. This is getting ridiculous.

https://twitter.com/EthicalSkeptic/status/1338740192111448064

Pentagon imposed emergency shutdown of computer network handling classified material

The system, known as the Secret Internet Protocol Router Network, handles classified information, up to the secret level… The Defense Department alerted employees that the SIPRNET system was being shut down in the late morning for emergency software updates only to computers handling the classified material… https://justthenews.com/government/security/pentagon-imposed-emergency-shutdown-computer-network-handling-classified

The Pelosi, McCarthy, Schumer & McConnell powwow after the close yesterday yielded nothing except more jabberwocky: ‘progress was made; Pelosi and McConnell will meet again’ – the same old bs!

Michigan legislature committees subpoena election evidence from Detroit and nearby suburb

Concerned about possible election evidence being destroyed, members of a joint session of the Michigan Legislature’s House and Senate oversight committees on Tuesday voted to issue subpoenas to Detroit and the nearby suburb of Livonia demanding they surrender hard drives, emails, absentee voter counting board laptops and other election-related materials…`

https://justthenews.com/politics-policy/elections/michigan-legislature-committees-subpoena-election-hard-drives-laptops

@amuse: The Dominion CEO has revealed that Michigan failed to adjudicate ballots with errors (as high as 68% in Antrim County) with a bipartisan team as required by federal law. Democrats adjudicated 100% of ballots in secret without Republicans present.

@ScottAdamsSays: What is the name for a political system in which only the ballot adjudicators decide who is president?

New York Times: Defying Trump, McConnell Seeks to Squelch Bid to Overturn the Election

A short time later, on a private call with Senate Republicans, Mr. McConnell and his top deputies pleaded with their colleagues not to join members of the House in objecting to the election results on Jan. 6, when Congress meets to ratify the Electoral College’s decision, according to three people familiar with the remarks…  https://www.nytimes.com/2020/12/15/us/politics/mitch-mcconnell-congratulates-biden.html

As He Blocks Election Security Bills, McConnell Takes Checks from Voting Machine Lobbyists

The bills McConnell is blocking would subject the voting machine vendors to new cybersecurity regulations and could reduce their overall sales to states.   Jun 10, 2019

     Senator Wyden told Sludge he thinks McConnell does not want to make elections more secure.

“The only logical conclusion is that Senator McConnell wants American elections to be vulnerable to hackers and foreign interference,” Wyden said. “It is unconscionable for Republicans to stick their heads in the sand and do nothing after what happened in 2016. If Congress doesn’t act, it’s only a matter of time before hackers successfully interfere again.”…

    Several of the lobbyists working for ES&S and Dominion Voting Systems have recently made contributions to McConnell’s campaign and joint fundraising committee…

    “He seems single-handedly to be standing in the way of anything passing in Congress around election security… I don’t know why Mitch McConnell is staging a full roadblock of election security legislation,” Wyden said. “But it is clear as day that there are politicians in the country who view insecure voting equipment as a benefit that helps them win elections. Instead of defending Americans’ constitutional rights, they are looking at this issue from a purely cynical and political standpoint.”

https://readsludge.com/2019/06/10/as-he-blocks-election-security-bills-mcconnell-takes-checks-from-voting-machine-lobbyists/

WSJ, March 15 2018: Author Alleges China Used Business Deals to Influence Families of Mitch McConnell, Joe Biden – Peter Schweizer, whose earlier book spurred an FBI probe of the Clinton Foundation, writes that Beijing uses investment opportunities to gain leverage..

https://www.wsj.com/articles/author-alleges-china-used-business-deals-to-influence-families-of-mitch-mcconnell-joe-biden-1521141489

It is crystal clear that the GOP Establishment wanted Trump out.  They did nothing to squash Mueller and his cabal or the sham impeachment.  Even after strident warnings from Dems that they intended to rig the 2020 Election, the GOP Old Guard did nothing to prevent the scam and remained silent after the crimes.

@Fleccas: “How are you gonna keep it from us being able to be in a position where you can manipulate the machines, manipulate the records?… I think we should pass a federal law mandating that the same machines with paper trails be mandatory for every federal election”  – Joe Biden, 2007

https://twitter.com/fleccas/status/1338923147215638528

@Rothbard1776: @PatrickByrne, former CEO of http://Overstock.com, claims that he was complicit in facilitating a bribe for Hillary Clinton in the amount of $18M [on behalf of the FBI] in January, 2016. The bribe, which she accepted, was then going to be used by members of the Obama administration against Hillary after she was elected… “President Obama has his people across the federal bureaucracy at this point, but especially at the Department of Justice… think of there being a Bunsen burner within the DOJ. That evidence about the [2] bribes you were a part of gathering is going to be sitting on the Bunsen burner. The hand sitting on the burner is going to be one of Barack Obama’s people.If Hillary is a “good girl” and defends Obamacare, that flame stays low. If she’s a “bad girl” and thinks for herself, that flame is going to get turned up high. That way Barack Obama is going to manage Hillary Clinton for the 8 years she’s President, and thenwhen she steps down, Michelle is going to run.” Claims it was called “Operation Snowglobe” [dubbed by Obama + Brennan] so that once Hillary stepped into it, they would be able to “shake her up” at any time during her Presidency, if needed. Says that Durham and Barr were aware. Byrne stated there was an additional Hillary bribe prior to the one listed above, which was in the amount of $20M [involving the country of Turkey] and occurred in the fall, 2015. [Video at link] https://twitter.com/Rothbard1776/status/1338764903876792321

“… Do you wish you had a third term?  I used to say ifI could make an arrangement where I had a stand in, a front man or front woman and they had an earpiece in and I was just in my basement in my sweats… then I could sorta deliver the lines but someone else is doing all the talking and ceremony, I’d be fine with that.” – Barack Obama to CBS’s Stephen Colbert   https://twitter.com/lawyer4laws/status/1333786993382223875

Biden insists he has a ‘cold’ after coughing through his attack on Trump: Viewers share their concerns for President-elect Joe after he cleared his throat multiple times during speech celebrating his electoral college win https://www.dailymail.co.uk/news/article-9053969/Viewers-worry-Bidens-coughing-post-Electoral-Vote-speech.html

@seanmdav: According to a source directly familiar with the matter, the FBI at the last second today canceled its scheduled briefing for congressional leadership on how a communist Chinese spy compromised Rep. Eric Swalwell. It’s the second cancellation in a week from the FBI. “What are they hiding?” the source asked @FDRLST.  Alan Kohler, the FBI assistant director for counterintelligence, was scheduled to brief congressional leaders on Swalwell’s relationship with a communist Chinese spy before today’s meeting was abruptly canceled by the FBI.

@paulsperry_: Interim AG Jeff Rosen–the ex-COO of DOJ–has been fingered as the reason Durham probe has been on a slow boil. A Bushie, Rosen supported Rubio’s 2016 run over Trump(Rubio was first to hire Simpson/FusionGPS). Rosen felt IG Horowitz adequately exposed the Spygate abuses

San Francisco to rename Abraham Lincoln High School because former president did not demonstrate that ‘black lives mattered to him’

https://www.dailymail.co.uk/news/article-9055391/San-Francisco-rename-Lincoln-High-School-didnt-black-lives-mattered-him.html

END

Well that is all for today

I will see you THURSDAY night.

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