DEC 18//GOLD DOWN 90 CENTS TO $1883.90//SILVER DOWN 10 CENTS TO $25.86//USA BLACKLISTS CHINA’S BIG SEMICONDUCTOR COMPANY PLUS 20 OTHER CHINESE FIRMS//CORONAVIRUS UPDATE THE GLOBE//ELECTION CHAOS STORIES//SWAMP STORIES FOR YOU TONIGHT

GOLD::$1883.90 DOWN   $0.90   The quote is London spot price

Silver:$25.86 DOWN $0.10   London spot price ( cash market)

Closing access prices:  London spot

i)Gold : $1881.10  LONDON SPOT  4:30 pm

ii)SILVER:  $25.82//LONDON SPOT  4:30 pm

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.

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 assessment. I hereby declare a national emergency to deal with this threat.”

DONATE

Click here if you wish to send a donation. I sincerely appreciate it as this site takes a lot of preparation.

CLOSING FUTURES PRICES:  KEY MONTHS

DEC. GOLD  $1885.50.   CLOSE 1.30 PM      SPREAD SPOT/FUTURE DEC   $1.60/ contango   // GOOD FOR EFP ISSUANCE//GOOD FOR EUROPEANS TO BUY COMEX GOLD///

FEB GOLD:  1888.90 CLOSE 1:30 PM  SPREAD SPOT/FUTURE:  $5.00 CONTANGO//$ 0.50 ABOVE NORMAL CONTANGO//GOOD FOR EFP ISSUANCE

CLOSING SILVER FUTURE MONTH

SILVER DECEMBER  CLOSE:     $25.95  1:30  PM SPREAD SPOT/FUTURE DEC.       :   9  CENTS PER OZ  CONTANGO (  6 CENTS ABOVE NORMAL CONTANGO)

SILVER MARCH CLOSE:  26.03/SPREAD SPOT/FUTURE:     17 CENTS CONTANGO  13 CENTSABOVE NORMAL CONTANGO//GOOD FOR ISSUANCE OF EFP

XXXXXXXXXXXXXXXXXXXXXXXXX

COMEX DATA

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

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

receiving today:587/1459

EXCHANGE: COMEX
CONTRACT: DECEMBER 2020 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,887.200000000 USD
INTENT DATE: 12/17/2020 DELIVERY DATE: 12/21/2020
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
072 C GOLDMAN 1333 5
099 H DB AG 126
135 H RAND 2
323 C HSBC 3
332 H STANDARD CHARTE 26
435 H SCOTIA CAPITAL 74
624 C BOFA SECURITIES 25
624 H BOFA SECURITIES 68
657 C MORGAN STANLEY 187
657 H MORGAN STANLEY 14
661 C JP MORGAN 587
685 C RJ OBRIEN 12
686 C STONEX FINANCIA 11
690 C ABN AMRO 12
709 C BARCLAYS 165
732 C RBC CAP MARKETS 128
800 C MAREX SPEC 2
880 C CITIGROUP 14
905 C ADM 5
991 H CME 119
____________________________________________________________________________________________

TOTAL: 1,459 1,459
MONTH TO DATE: 29,236

ISSUED 0

GOLDMAN SACHS STOPPED 5 CONTRACTS.

TOTAL NUMBER OF NOTICES FILED TODAY:   1459 NOTICES FOR 145,900 OZ  (4.538 TONNES)

TOTAL NUMBER OF NOTICES FILED SO FAR:  29,236 NOTICES FOR 2,923,600 OZ  (90.936 tonnes) 

SILVER//DEC CONTRACT

0 NOTICE(S) FILED TODAY FOR nil  OZ/

total number of notices filed so far this month: 8838 for 44,190,000  oz

BITCOIN MORNING QUOTE  $23,068   UP  135

BITCOIN AFTERNOON QUOTE.  :$22.772  DOWN 90 DOLLARS .

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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

GLD AND SLV INVENTORIES:

WITH GOLD DOWN $0.90 AND NO PHYSICAL TO BE FOUND ANYWHERE:

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

NO CHANGE IN GOLD INVENTORY AT THE GL/

INVENTORY RESTS AT:

GLD: 1,167.82 TONNES OF GOLD//

WITH SILVER DOWN 10 CENTS TODAY: AND WITH NO SILVER AROUND:

A HUGE CHANGE IN SILVER INVENTORY AT THE SLV// A DEPOSIT OF 6.228 MILLION OZ OF SILVER INTO THE SLV//

INVENTORY RESTS AT :

SLV: 554.208  MILLION OZ./

XXXXXXXXXXXXXXXXXXXXXXXXX

Let us have a look at the data for today

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

IN SILVER THE COMEX OI ROSE BY A HUGE SIZED 6547 CONTRACTS FROM 163,432 UP TO 169,980, AND CLOSER TO OUR NEW RECORD OF 244,710, (FEB 25/2020. THE GAIN IN OI OCCURRED WITH OUR STRONG RISE  OF $1.06 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 9680 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:  2956, AS WE HAD THE FOLLOWING ISSUANCE:   DEC:  0, MARCH 2956 FOR ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE  2956 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.

46.675 MILLION OZ INITIAL STANDING FOR DEC.

THURSDAY, AGAIN OUR CROOKS USED COPIOUS PAPER IN ORDER TO LIQUIDATE SILVER’S PRICE…AND THEY WERE UNSUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN (IT ROSE $1.06) ).. 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 9530 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:

12,827 CONTRACTS (FOR 14 TRADING DAY(S) TOTAL 12,827 CONTRACTS) OR 64.135 MILLION OZ: (AVERAGE PER DAY 916 CONTRACTS OR 4.58 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF DEC: 49.36 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:          1,638.25 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:                    64.14 MILLION OZ (ESCALATING IN NUMBERS AGAIN  )

RESULT: WE HAD A HUGE SIZED INCREASE IN COMEX OI SILVER COMEX CONTRACTS OF 6724, WITH OUR STRONG  $1.06 GAIN IN SILVER PRICING AT THE COMEX ///THURSDAY.…THE CME NOTIFIED US THAT WE HAD A STRONG SIZED EFP ISSUANCE OF 2956 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE GAINED A HUGE 9680 OI CONTRACTS ON THE TWO EXCHANGES (WITH OUR   $1.06 GAIN IN PRICE)//

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  2956 OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s) TOGETHER WITH A HUGE SIZED INCREASE OF 6547 OI COMEX CONTRACTS. AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.42 RISE IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.96 // THURSDAY’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. 0.85050 BILLION OZ TO BE EXACT or 121% of annual global silver production (ex Russia & ex China).

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

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

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

GOLD

IN GOLD, THE COMEX OPEN INTEREST ROSE BY A STRONG SIZED 8165 CONTRACTS TO 562,093AND CLOSER TO  OUR  NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110.

THE  GAIN IN COMEX OI OCCURRED WITH OUR  GAIN IN PRICE  OF $39.65 /// COMEX GOLD TRADING//THURSDAY.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  (12,619 CONTRACTS). WE  HAVE A SMALL SIZED DECREASE IN AMOUNT OF GOLD STANDING FOR DELIVERY IN DECEMBER(GOLD STANDING DOWN TO 92.280 TONNES) AS AGAIN WE HAD ZERO QUEUE JUMPING.THIS ALL HAPPENED WITH OUR GAIN IN PRICE OF $39.65. 

.

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

WE HAD A VERY STRONG SIZED GAIN OF 12,996 CONTRACTS  (40.423 TONNES) ON OUR TWO EXCHANGES..

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCAND IT TOTALED A FAIR SIZED 4454 CONTRACTS:

CONTRACT .  DEC: 0; FEB: 4454  A ND DEC ’21: 0 ALL OTHER MONTHS ZERO//TOTAL: 4454.  The NEW COMEX OI for the gold complex rests at 562,093. 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 VERY STRONG SIZED INCREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 12,619 CONTRACTS: 8165 CONTRACTS INCREASED AT THE COMEX AND 4454 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI GAIN//TWO EXCHANGES OF 12,619 CONTRACTS OR 39.25 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES:

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (4454) ACCOMPANYING THE STRONG SIZED GAIN IN COMEX OI  (8165 OI): TOTAL GAIN IN THE TWO EXCHANGES: 12,619 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 92.280 TONNES3)  ZERO LONG LIQUIDATION ;4)STRONG COMEX OI GAIN,  5) FAIR SIZED ISSUANCE OF EXCHANGE FOR PHYSICAL….ALL OF THIS OCCURRED WITH  OUR GAIN IN GOLD PRICE TRADING/THURSDAY//$39.65.

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 : 32,718 CONTRACTS OR 3,271,800 oz OR 101.76 TONNES (14 TRADING DAY(S) AND THUS AVERAGING: 2337 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 14 TRADING DAY(S) IN  TONNES: 101.76  TONNES

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

THUS EFP TRANSFERS REPRESENTS 101.76/3550 x 100% TONNES =2.86% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2020 TO DATE:  3,934.89 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:                         101.76 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 6547 CONTRACTS FROM 163,433 UP TO 169,980 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 STRONG INCREASE  IN SILVER OUNCES  STANDING   AT THE COMEX FOR DEC., AND 4) ZERO LONG LIQUIDATION 

EFP ISSUANCE 2956 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:  2956  ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 2956 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 6542 CONTRACTS TO THE 2956 OI TRANSFERRED TO LONDON THROUGH EFP’S,  WE OBTAIN A HUMONGOUS GAIN OF 9503 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES. THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES 47.52 MILLION  OZ, OCCURRED WITH OUR $1.06 GAIN IN PRICE///

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

(report Harvey)

2 ) Gold/silver trading overnight Europe, Goldcore

(Mark O’Byrne/zerohedge

and in NY: Bloomberg

3. ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 9.98 PTS OR .29%   //Hang Sang CLOSED DOWN 179.78 PTS OR .67%    /The Nikkei closed DOWN 43.28 POINTS OR 0.16%//Australia’s all ordinaires CLOSED DOWN 1.09%

/Chinese yuan (ONSHORE) closed UP AT 6.5375 /Oil UP TO 48.38 dollars per barrel for WTI and 51.38 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5375. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5158 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 STRONG SIZED 8165 CONTRACTS TO 562,093 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 STRONG  COMEX INCREASE OCCURRED WITH OUR HUGE  GAIN OF $39.65 IN GOLD PRICING THURSDAY’S COMEX TRADING/).

 WE HAD A FAIR EFP ISSUANCE (4454 CONTRACTS).  WE THUS HAD  1)  SOME BANKER SHORT COVERING// ALGO SHORT COVERING//,  2)  ZERO LONG LIQUIDATION  AND 3) ANOTHER SMALL LOSS IN GOLD OUNCES  STANDING AT THE  COMEX FOR DECEMBER AS A SOME LONGS STANDING FOR DELIVERY  MORPHED INTO LONDON BASED FORWARDS (AND QUEUE JUMPING CEASES).  COMEX GOLD NOW STANDING AT 92.280 TONNES)//DEC. DELIVERY MONTH (SEE BELOW) 4)   AS WE ENGINEERED A VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES OF 12,619 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 FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 4454 EFP CONTRACTS WERE ISSUED:     DEC 0; FEB// ’21 4454 AND DEC 21: 0 AND ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 4454  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: 12,619 TOTAL CONTRACTS IN THAT 4454 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE GAINED A STRONG SIZED 8165 COMEX CONTRACTS.. THE BIG NEWS IS THE GIGANTIC LEVEL OF DEC 2020 GOLD CONTRACTS STANDING FOR DELIVERY. ((92.280 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 $39.65).  AND, THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS THE TOTAL GAIN ON THE TWO EXCHANGES REGISTERED   40.423 TONNES, ACCOMPANYING OUR STRONG GOLD TONNAGE STANDING FOR DECEMBER (92.280 TONNES)

NET GAIN ON THE TWO EXCHANGES :: 12,619 CONTRACTS OR 1,261,900 OZ OR 39.25  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:  562,093 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 56.20 MILLION OZ/32,150 OZ PER TONNE =  1748 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1748/2200 OR 79,45% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

Trading Volumes on the COMEX TODAY:146,717 contracts// volume extremely poor and falling in numbers / / 

CONFIRMED COMEX VOL. FOR YESTERDAY231,234 contracts//  volume: poor//

/most of our traders have left for London

DEC18 /2020

DEC. GOLD CONTRACT MONTH

INITIAL STANDING FOR DEC GOLD
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
nil oz
Deposits to the Dealer Inventory in oz 225,024.849 oz

BRINKS

Deposits to the Customer Inventory, in oz 0
OZ
No of oz served (contracts) today
1459 notice(s)
 145,900 OZ
(4.538 TONNES)
No of oz to be served (notices)
432 contracts
(43200 oz)
13.43 TONNES
Total monthly oz gold served (contracts) so far this month
29,236 notices
2,923,600 OZ
90/936 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 1 deposit into the dealer

i) Into Brinks dealer:  225,024.849 oz
total deposit: 225,024.849  oz

total dealer withdrawals: nil oz

we had  0 deposit into the customer account

0

total customer deposit: NIL   oz

we had  3 gold withdrawals from the customer account:

total customer withdrawals:  NIL  oz

We had 1  kilobar transactions

ADJUSTMENTS: 1//  Manfra: dealer to customer:  96.43 oz  (3 kilobars)

2. JPMorgan:  10,144.850 oz (dealer to customer

The front month of DEC registered a total of 1891 contracts for a loss of 2847. We had 2765 notices filed upon yesterday so we LOST A SMALL SIZED 82 contacts or 8200 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 GAINED 111 contracts to stand at 2232 contracts. FEBRUARY GAINED A LARGE 8720 contracts UP TO 416,998.

THE BIG STORY AGAIN TODAY IS THE HIGH INITIAL OI STANDING FOR DECEMBER (92.280 tonnes).

We had  1459 notice(s) filed today for  145,900 oz OR 4.538 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 1459  contract(s) of which  0  notices were stopped (received) by j.P. Morgan dealer and  587 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 5 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 (29,236) x 100 oz , to which we add the difference between the open interest for the front month of  (DEC 1891 CONTRACTS ) minus the number of notices served upon today (1459 x 100 oz per contract) equals 2,966,800 OZ OR 92.280 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 (29,236 x 100 oz +1891 OI) for the front month minus the number of notices served upon today (1459) x 100 oz which equals 2,966,800 oz standing OR 92.280 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! 

We LOST 82 contracts or an additional 8200 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  (82 CONTRACTS) 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

474,325.020, oz NOW PLEDGED  SEPT 15.2020/HSBC  14.7 TONNES

60,784.803 PLEDGED  APRIL 3/2020: SCOTIA:1.89 TONNES

282,450.845 oz  JPM  8.78 TONNES

819,082.972 oz pledged June 12/2020 Brinks/25.476 TONNES

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

178,807.987 oz Pledged Nov 27.2021 MANFRA  5.56 TONNES

total pledged gold:  1,878,769.749. oz                                     58.43 tonnes

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 535.86 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 92.280 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  19,106,922.718 oz or 594.30 tonnes
total weight of pledged:  1,878,769 oz or 58.43 tonnes
thus:
registered gold that can be used to settle upon: 17,228,153.0  (535,86 tonnes)
true registered gold  (total registered – pledged tonnes  17,228,153.0 (535.86 tonnes)
total eligible gold:  18,699,650.342 oz (581.63 tonnes)

total registered, pledged  and eligible (customer) gold  37,806,573.060 oz 1,175.94 tonnes (INCLUDES 4 GC GOLD)

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  1049.15 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 18/2020

And now for the wild silver comex results

And now for the wild silver comex results

INITIAL STANDINGS

DEC. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
9980.99 oz
CNT
Delaware
Deposits to the Dealer Inventory
581,872.840 oz
Brinks
Deposits to the Customer Inventory
1,012,674.220 oz
JPMorgan
Delaware
Scotia
No of oz served today (contracts)
0
CONTRACT(S)
(nil OZ)
No of oz to be served (notices)
497 contracts
 2,485,000 oz)
Total monthly oz silver served (contracts)  8838 contracts

44,190,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
We had 1 deposits into the dealer:
i) Into Brinks: 581,872.840 oz

total dealer deposits: 581,872.840       oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

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

JPMorgan now has 192.187 million oz of  total silver inventory or 48.85% of all official comex silver. (192.18 million/393.412 million

total customer deposits today:  599,946.450    oz

we had 2 withdrawals:

i) Out of CNT:  4007.490 oz
ii) Out of Delaware: 5973.500 oz

total withdrawals 9980.990      oz

We had 0 adjustments

Total dealer(registered) silver: 151,673million oz

total registered and eligible silver:  393.984 million oz

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

December saw a LOSS of  90 contracts DOWN to 497 contracts. We had 181 notices served upon yesterday so we GAINED 91 contracts or AN ADDITIONAL 455,000 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  24 contracts UP to 1346. FEBRUARY saw another LOSS of 4 contracts to stand at 298.  MARCH  GAINED  6232 contracts up to 144,817.

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

To calculate the number of silver ounces that will stand for delivery in DEC we take the total number of notices filed for the month so far at 8838 x 5,000 oz = 44,190,000 oz to which we add the difference between the open interest for the front month of DEC ( 497) and the number of notices served upon today 0x (5000 oz) equals the number of ounces standing.

Thus the DEC standings for silver for the DEC/2019 contract month: 8838 (notices served so far) x 5000 oz + OI for front month of DEC(497)- number of notices served upon today (0) x 5000 oz of silver standing for the NOV contract month .equals 46,675,000 oz. ..VERY STRONG FOR AN ACTIVE  DEC MONTH.

We GAINED 91 contracts or 455,000 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 68,525 CONTRACTS // volume good//

FOR YESTERDAY  102,237  ,CONFIRMED VOLUME// very strong

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

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

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO- 4.02% ((DEC 18/2020)

2. Sprott gold fund (PHYS): DISCOUNT to NAV  RISES TO 2.27% to NAV:   (DEC 18/2020 )

Note: Sprott silver trust back into NEGATIVE territory at +%-/Sprott physical gold trust is back into NEGATIVE/4.02% (DEC 18)

(courtesy Sprott/GATA

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

NAV 19.68 TRADING 18.90///NEGATIVE 3.96

END

And now the Gold inventory at the GLD

DEC 18/WITH GOLD DOWN 90 CENTS TODAY: NO CHANGE IN GOLD INVENTORY AT THE GLD////INVENTORY RESTS AT 1167.82 TONNES

DEC 17 WITH GOLD UP $39.35 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.33 TONNES FROM THE GLD////INVENTORY RESTS AT 1167.82 TONNES

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 18/ GLD INVENTORY 1167.82 tonnes

LAST;  969 TRADING DAYS:   +223.75 TONNES HAVE BEEN ADDED THE GLD

LAST 869 TRADING DAYS// +400.91  TONNES HAVE NOW BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory

DEC 18/WITH SILVER DOWN 10 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 6.228 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 554.208 MILLION OZ

DEC 17//WITH SILVER UP $1.06 TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 547.98 MILLION OZ//

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 18.2020:

SLV INVENTORY RESTS TONIGHT AT  554.208 MILLION OZ/

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

ii) Important gold commentaries courtesy of GATA/Chris Powell

Money creation is going wild which is causing the dollar to fall. James Turk is a good technical analyst and he states that gold and silver are both on the verge of a breakout

(James Turk/Kingworldnews)

Breakouts near for gold and silver as dollar falls, Turk tells KWN

 Section: 

12:40p ET Thursday, December 17, 2020

Dear Friend of GATA and Gold:

GoldMoney founder James Turk tells King World News today that money creation is “going wild,” the U.S. dollar is falling, and gold and silver are on the verge of a breakout. Turk’s comments are posted at KWN here:

https://kingworldnews.com/turk-silver-on-the-cusp-of-a-massive-breakout-…

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

END

This is a must read …good material for your weekend reading.  Hyperinflation of the dollar is becoming obvious to many investors driven by increases in bank balance sheets.  Large depositors are reducing their term deposits and thus increasing instant access money.  (M1 increasing). Gold and silver will benefit from this

(Alasdair Macleod//GATA)

Alasdair Macleod: The next dollar problem has just arrived

 Section: 

By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, December 17, 2020

It is not for no reason that cryptos are roaring and precious metals are playing catch-up. In the last month there have been developments that point to a new phase of accelerating monetary inflation for the dollar, and fiat money is only just beginning to be exchanged for these inflation hedges at an increasing pace.

Hyperinflation of the dollar is now becoming obvious to a growing cohort of investors. It is driven by factors on both sides of bank balance sheets, with evidence that large depositors are reducing their term deposits and increasing their instant-access checking accounts. This appears to be behind the increase in M1 money supply fueled out of a shift from the M2 statistic, which includes savings deposits.

… 

It amounts to a hidden run against bank balance sheets. Meanwhile, increasing supply-chain problems against a background of virus epidemic lockdowns are leading to the withdrawal of bank credit from non-financial businesses, potentially imploding bank balance sheets as bank credit contracts.

Foreign support for both the dollar and dollar-denominated fixed interest assets is being withdrawn, which is sure to lead to rising bond yields and dollar interest rates in the new year, undermining the equity market bubble.

The Fed is now faced with not only financing ballooning federal budget deficits, but underwriting U.S. supply chains in their entirety, which is corroborated by ongoing global logistical problems, tying up an annualized $34 trillion of intra-business payments in America alone.

The Fed’s unwavering commitment to Keynesian monetary policies will lead the Fed to attempt to offset these supply-chain problems, to rescue banks that fail to survive the inevitable contraction in bank credit, and to defray the bad debts that will arise.

It is a momentous task encompassing the whole U.S. economy, requiring even faster money printing, and is impossible without destroying the unbacked dollar. …

… For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/the-next-dollar-pr…

END

Ronan Manly interviews Comex advisory board member Purpura who surprisingly criticizes LBMA for obstructing competition in the international gold market

Interview is 47 minutes long

(Ronan Manly/Purpura/GATA)

Bullion Star’s Manly interviews veteran futures trader and Comex adviser

 Section: 

10:17p ET Thursday, December 17, 2020

Dear Friend of GATA and Gold:

Bullion Star’s Ronan Manly this week interviewed veteran futures trading and Comex advisory board member William Purpura, who details futures trading procedures and somewhat surprisingly criticizes the London Bullion Market Association for obstructing competition in the international gold market. The interview is 47 minutes long and can be viewed at YouTube here:

https://www.youtube.com/watch?v=0uEDmfttPLA

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

END

iii) Other physical stories:

South Carolina Bills Would Cut Taxes On Gold And Silver, Support Sound Money

Via SchiffGold.com,

Three bills prefiled in the South Carolina House would cut taxes on precious metals and take important steps toward treating gold and silver as money instead of as commodities. Passage of these bills would also set the stage to undermine the Federal Reserve’s monopoly on money.

South Carolina is the first state to propose this kind of legislation for the 2021 session, but more states will likely follow suit. This is part of a broader movement at the state level to support sound money.

The Federal Reserve is the engine that drives the most powerful government in the history of the world. Ron Paul popularized the slogan “End the Fed,” but Congress is nowhere near abolishing the central bank.  It can’t even come up with the will to audit the Fed.

Even though state action can’t end the Fed, there are steps states can take that will undermine the Federal Reserve’s monopoly on money. By passing laws that encourage and incentivize the use of gold and silver in daily transactions by the general public, state action such as the passage of these bills in South Carolina has the potential to create a wide-reaching impact and set the foundation to nullify the Fed’s monopoly power over the monetary system.

Rep. Stewart Jones (R-Laurens) filed all three bills.

House Bill 3377 (H3377) would make gold and silver coins legal tender in the state. Under the proposed law, “gold and silver coins minted foreign or domestic shall be legal tender in the State of South Carolina under the laws of this State. No person or other entity may compel another person or other entity to tender or accept gold or silver coin unless agreed upon by the parties.”

Practically speaking, this would allow South Carolina residents to use gold or silver coins to pay taxes and other debts owed to the state. In effect, it would put gold and silver on the same footing as Federal Reserve notes.

The phrase, “unless agreed upon by the parties” has important legal ramifications. This wording reaffirms the court’s ability, and constitutional responsibility according to Article I, Section 10, to require specific performance when enforcing such contracts. If voluntary parties agree to be paid, or to pay, in gold and silver coin, South Carolina courts could not substitute any other thing, e.g. Federal Reserve Notes, as payment.

South Carolina could become the fourth state to recognize gold and silver as legal tender. Utah led the way, reestablishing constitutional money in 2011. Wyoming and Oklahoma have since joined.

KNOCKING DOWN BARRIERS

Taxes on gold and silver erect barriers to using gold and silver as money by raising transaction costs. House Bill 3378 (H3378) would effectively exempt gold, silver and platinum bullion from state capital gains taxes. Passage of this legislation would eliminate a barrier to investing in gold and silver. It would also make it more practical to gold and silver in everyday transactions, a foundational step for people to undermine the Federal Reserve’s monopoly on money.

South Carolina has already repealed the sales tax on gold and silver. That removed one barrier to buying gold and silver. Passage of H3378 would remove another.

In effect, “states that collect taxes on purchases of precious metals act as if gold and silver aren’t money at all.”

Imagine if you asked a grocery clerk to break a $5 bill and he charged you a 35 cent tax. Silly, right? After all, you were only exchanging one form of money for another. But that’s essentially what South Carolina’s capital gains tax on gold and silver bullion does. By eliminating this tax on the exchange of gold and silver, South Carolina would treat specie as money instead of a commodity. This represents a small step toward reestablishing gold and silver as legal tender and breaking down the Fed’s monopoly on money.

“We ought not to tax money – and that’s a good idea. It makes no sense to tax money,” former U.S. Rep. Ron Paul said during testimony in support an Arizona bill that repealed capital gains taxes on gold and silver in that state. “Paper is not money, it’s fraud,” he continued.

GOLD BULLION DEPOSITORY

Stewart also prefiled House Bill 3379 (H3379). This joint resolution would create a study committee to determine the feasibility and efficacy of the establishment of a bullion repository in this state to store gold, silver, and other metals for the state’s reserves and for investments. The committee would be required to issue a report of its findings to the General Assembly by January 15, 2022.

South Carolina has a model it could follow. In the summer of 2015, Texas Gov. Doug Abbot signed a law creating a state gold bullion and precious metal depository in his state. The depository received its first deposits in the summer of 2018. The facility will not only provide a secure place for individuals, businesses, cities, counties, government agencies and even other countries to store gold and other precious metals, the law also creates a mechanism to facilitate the everyday use of gold and silver in transactions. In short, a person will eventually be able to deposit gold or silver – and pay other people through electronic means or checks – in sound money.

A state gold repository also creates an avenue toward financial independence. Countries around the world, including China, Russia and Turkey, have been buying gold to limit their dependence on the US dollar. University of Houston political science professor Brandon Rottinghaus said a state depository can serve a similar function for Texas.

“This is another in a long line of ways to make Texas more self-reliant and less tethered to the federal government. The financial impact is small but the political impact is telling, Many conservatives are interested in returning to the gold standard and circumvent the Federal reserve in whatever small way they can.”

The Tennessee legislature passed a resolution declaring support for the creation of a gold bullion depository in the Volunteer State back in 2016, but never followed up with any legislation. If South Carolina does create a study committee, it will be imperative to follow up with further legislation to actually establish a repository once the report is issued.

BACKGROUND

The United States Constitution states in Article I, Section 10, “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” Currently, all debts and taxes in South Carolina are either paid with Federal Reserve Notes (dollars) which were authorized as legal tender by Congress or with coins issued by the U.S. Treasury — very few of which have gold or silver in them.

The Federal Reserve destroys this constitutional monetary system by creating a monopoly based on its fiat currency. Without the backing of gold or silver, the central bank can easily create money out of thin air. This not only devalues your purchasing power over time; it also allows the federal government to borrow and spend far beyond what would be possible in a sound money system. Without the Fed, the US government wouldn’t be able to maintain all of its unconstitutional wars and programs.

Passage of H3377 would reestablish gold and silver as legal tender in the state and take a step toward that constitutional requirement, ignored for decades in every state. Passing H3378 would remove one of the tax barriers that hinder the use of gold and silver as money.

Passage of both bills would also begin the process of abolishing the Federal Reserve system by attacking it from the bottom up – pulling the rug out from under it by working to make its functions irrelevant at the state and local levels, and setting the stage to undermine the Federal Reserve monopoly by introducing competition into the monetary system.

Constitutional tender expert Professor William Greene said when people in multiple states actually start using gold and silver instead of Federal Reserve Notes, it would effectively nullify the Federal Reserve and end the federal government’s monopoly on money.

“Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes). As this happens, a cascade of events can begin to occur, including the flow of real wealth toward the state’s treasury, an influx of banking business from outside of the state – as people in other states carry out their desire to bank with sound money – and an eventual outcry against the use of Federal Reserve notes for any transactions.”

Once things get to that point, Federal Reserve notes would become largely unwanted and irrelevant for ordinary people. Nullifying the Fed on a state by state level is what will get us there.

END

Andrew Maguire

10:00 AM (0 minutes ago)
to com, Chris, me

Hi Chris, Harvey, Reg,

Here is my look from yesterday at some discipline being forced on the Comex insiders. https://www.youtube.com/watch?v=k9HpPFQBqV4&feature=emb_logo

Bear in mind, no physical has actually been exiting the Comex and it is our firm view as wholesalers that the bullion that has entered the Comex following the EFP blow-up on March 23rd, has not served to do much other than veneer over a widening chasm of rehypothecated, gold positions, underpinning an ever-larger volume of 99% algo-driven, paper to paper positions.

ANY delivery requests threaten to once again, blow up the EFP conduit and any such re-occurrence would be a final nail in the coffin for the Comex as a viable Bullion bank, asset managers, hedging instrument.

After November longs were paid on average $40 per oz. not to take delivery, we immediately evidenced these handsomely paid same actors and some fresh sharks immediately jumping into a December contract to do the same. Obviously, this is an unsustainable game for the Casino, but they are legitimately caught in a catch 22 situation. By inadvertently making themselves the only source of  immediately deliverable large size physical bullion at an unallocated price, and as the Comex contracts are deliverable at face value, this attack on the physical underpinning the casino chips will escalate. This should provide some unwanted discipline on insiders when they try and game prices lower.

Best

Andrew

Attachments area

Preview YouTube video Ep. 27 Live from the Vault: Gold and Silver 2021 – What can we expect?

end

https://www.jsmineset.com/2020/12/18/the-deliveries-will-stop-it-or-pop-it/

The Deliveries Will Stop It Or Pop It!

Posted December 18th, 2020 at 8:31 AM (CST) by J. Johnson & filed under General Editorial.

Great and Wonderful Friday Morning Folks,

      Gold is recovering from yesterday’s reopening or “late in the day Ice dip” with the price at $1,892.70, up $2.30 and close to the high, made moments ago, at $1,894.40 with the low down at $1,881.90. March Silver is signaling, but not like it was earlier, with its current price at $26.16, down 2.1 cents, after spiking to $26.27, a minute before, with the low at $25.865. The US Dollar is finally getting some support (or is it shorts liquidating?) with the value pegged at 89.85, up 11.4 points after reaching up to 89.965, with the low at 89.785. Of course, all this happened before 5 am pst, the Comex open, the London close, and after the Austrian Central Bank, decided to fight against the digital currency push, that every other central is trying to pander upon everyone.

       In Venezuela, Gold has gained another 106.86 Bolivar with the last trade at 18,903.34 with Silver’s last trade at 261.273 Bolivar, a gain of 2.647. Argentina’s price for Gold is now at 156,554.20, proving a gain of 1,171.43 A-Peso’s overnight with Silver adding 25.89 with the last price at 2,163.78 A-Peso’s. The Turkish Lira’s newest price for Gold is now at 14,500.52, proving a loss of 103.02 T-Lira with Silver’s last trade at 200.427, a loss of 0.496 of a T-Lira,  as the currency is pushed higher.

      December Silver Delivery Demands now has a total of 497 fully paid for contracts still waiting for receipts and with a Volume of 4 up on the board, which showed up last night (6:08:15pm est) with a lonely price of $26.12, proving a 2-cent gain, so far today. Yesterday’s full day of Ice/Comex trade happened in between $26.18 and $25.45 with the last buy at $26.135, a gain of $1.185, with the Comex Close Calculated at $26.10, showing a gain of $1.15 that had a total of 201 contracts being bought helping to reduce the demand count by 90 contracts that got receipts. There is far more fear to see here as Silver’s Overall Open Interest points to another 6,666 more short contracts having to be added, or Silver would have really popped, leaving me thinking that we will soon see margins being raised in order to support the central banks short trades against the Resolute Buyers bringing today’s early morning total to 170,158 paper contracts. As an added caveat, these central banks and friends, all have the ears of the planet’s commodity exchanges. These same exchanges control all margins, so what’s to stop them all from adding more margins, even at the same time? Deliveries, will stop it or pop it!

      December Gold’s Delivery Demands now stand at 1,891 fully paid for contracts and with a Volume of 15 up on the board with a trading range between $1,889.50 and $1,882.30 with the last swap at $1,888, up 80 cents so far today. Yesterday’s Ice/Comex trading period happened in between $1,896.20 and $1,874.20 with the last purchase at $1,886.50, a gain of $30.40 with a CCC at $1,887.20, a Comex gain of $31.10 that had a total of 414 swaps helping to reduce the demand count by 2,847 contracts, that got receipts, in order to get physicals, maybe. Gold’s Overall Open Interest is also showing the fear the centrals have as another 7,851 more contracts had to be added, or the prices would have made a new LOCH (Life of Contract High), leaving a count of 562,470 shorts to trade against the physicals.

      Ronan Manly found something that could be very important, that goes deep within the issues of precious metals, when he noticed “The One Day CFO Wonder”, who got hired just prior to GLD’s financial year-end. Apparently, Laura Melman resigned the day before the September Due Date, and this man stepped in, took his pay, and immediately quit, after he signed off on the 10-K. Is this why the deliveries in Gold these past few months have been off the charts?

      We can’t have a day without American Politics as we remind our readers that Joe Biden didn’t lie when he stated “Democrats created the most extensive and inclusive voter fraud organization’ in American history”. Let’s face it! This is factual, he said it and there’s no edit! What’s even more hilarious is what facebook has applied when anyone posts this uncut video. “Before you share this content, you might want to know there’s additional reporting from USA TODAY and Reuters Fact Check.” The USA Today’s article these fact checkers used, states “Joe Biden misspoke about his campaign’s voter protection efforts”. Then the other article used to defend the fact checkers and their careers, states the “Clip of Biden taken out of context to portray him as plotting a voter fraud scheme”. No one has to wonder what these services would be saying if Trump said it exactly the same way. I wonder what the hundreds of other news services have to say? Probably not important as these 2 articles. And facebook wants to keep its Section 230 protection.

     Supposedly the president is to get an investigative report on the voter fraud accusations. Not only regarding this election, but a history of foreign interferences in the past as well, maybe. Just how big is this Kraken after all? Is it a tiny Gecko or the one in the “Clash of the Titans”? Maybe something in between.

     While all this and more is going on, we continue to support the idea of buying any amount one can, of precious metals. Every ounce taken away from the central play helps support today’s title. Make gifting of precious metals, a tradition. So have a great weekend, find a smile and use it all day long, enjoy the holiday celebrations, and as always …

Stay Strong!

Jeremiah Johnson

JeremiahJohnson@cableone.net

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

end

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

71671201

Spencer Platt | Getty Images

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

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

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

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

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

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

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

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

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

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

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

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

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

end

March 4.2019

Parker City News

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kovel declined to comment.

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

-END-

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

 Section: 

9:47a ET Tuesday, March 5, 2019

Dear Friend of GATA and Gold:

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

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

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

… 

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

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

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

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

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

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

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

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

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

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

* * *

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

i) Chinese yuan vs USA dollar/CLOSED UP AT 6.5375 /

//OFFSHORE YUAN:  6.5158   /shanghai bourse CLOSED DOWN 9.98 PTS OR .29%

HANG SANG CLOSED DOWN 179.78 PTS OR .67%

2. Nikkei closed DOWN 43.28 POINTS OR 0.16%

3. Europe stocks OPENED ALL MIXED/

USA dollar index UP TO 89.85/Euro RISES TO 1.2266

3b Japan 10 year bond yield: RISES TO. +.01/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 103.23/ 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:: 48.38 and Brent: 51.38

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

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

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

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

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.56%/Italian 10 yr bond yield UP to 0.56% /SPAIN 10 YR BOND YIELD UP TO 0.05%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.22: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield FALLS TO : 0.64

3k Gold at $1886.05 silver at: 25.94   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble DOWN 61/100 in roubles/dollar) 73.56

3m oil into the 37 dollar handle for WTI and 39 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 103.23 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 .8833 as the Swiss Franc is still rising against most currencies. Euro vs SF is 1.0835 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 0.9360% early this morning. Thirty year rate at 1.681%

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

6.  TURKISH LIRA:  UP  TO 7.669..

Futures Fly To All-Time High On Quad Witching Day

FRIDAY, DEC 18, 2020 – 8:01

Normally, “quad-witching” option expiration days tend to be volatile affairs resulting in bursts of volatility and occasionally aggravated downside for risk assets. Today’s quad-witch, however, will not be one of those days because while some 45% of outstanding SPX option open interest – totaling more than $2.5tln of notional – expires, the concentration of strikes is below the current spot level and will thus have limited potential gamma impact, as we noted yesterday.

And since what won’t go down must come up in these bizarro markets, Emini futures hit a new all time overnight, up 5.00 points, or 0.18%, to 3,718 despite fresh US-China tensions following a Reuters report that the US is preparing to blacklist Semiconductor Manufacturing International Corp. and dozens of other Chinese companies, while little progress was made on a federal spending deal in Washington; ironically, the latest dismal retail sales data and unemployment claims were seen as good news as they bolstered the case for further stimulus. The dollar rose for the first day in five.

Wall Street indexes were set to end the week sharply higher, with the Nasdaq set to outperform its peers with a 3.1% gain on sustained buying into technology stocks. Notable premarket movers included Microsoft, which dropped 0.5% after the company said it found malicious software in its systems related to a massive hacking campaign disclosed by U.S. officials this week. FedEx fell 2.8% after the package delivery company again declined to give an earnings forecast for 2021, even as its quarterly profit almost doubled. Shares of rival UPS also declined 0.9%. Centene Corp dropped 1.3% after the health insurer forecast 2021 adjusted profit below Wall Street estimates, as it said enrollment in its Obamacare plans was not coming in as expected. Meanwhile, retail stocks including Kohl’s, Walmart and Macy’s rose between 0.5% and 2.6% after the National Retail Federation said over 150 million American shoppers could buy holiday gifts in stores or online this year on the last Saturday before Christmas, or “Super Saturday,” up by more than 2 million from last year.

With just days left to renew pandemic aid, leaders in Washington are pressured to resolve their differences after months of deadlock amid signs of a faltering economic recovery. A bipartisan U.S. stimulus deal “appears to be close at hand,” Senate Majority Leader Mitch McConnell said, but will probably require work over the weekend to get through Congress, Bloomberg reported. The stimulus package “ought to be a sufficient bridge,” Steven Wieting, global investment strategist at Citigroup Private Bank, said on Bloomberg TV. “That along with at this stage a preparedness for this Covid emergency and the fact that vaccines are ahead by mid-year, would certainly be sufficient to get us through this period of weakness.”

European shares faded early gains amid doubts over a post-Brexit trade deal. The pan-European STOXX 600 index rose 0.1%, hitting a fresh 10-month high with Spain’s IBEX lagging, down 0.6%. Losses in UK’s exporter-heavy index were limited by a slide in the pound after Britain and European Union negotiators warned that they remained far apart on a number of issues and that it was becoming more likely they would fail to reach an agreement. Travel & leisure stocks were the biggest decliners in early European trading, with British Airways-owner IAG slipping 1.0% after a media report that it had agreed to buy Spanish carrier Air Europa for 500 million euros. European shares were mixed even as Germany’s IFO beat handily on both current conditions (91.3, exp.89.0) and expectations (92.8, exp. 92.0).

Earlier in the session, Asian stocks traded lower to close the week as shares in Australia and New Zealand slumped. Even so, the regional stock gauge was headed for a seventh straight weekly advance, the longest run since January. A cluster of Covid-19 infections in Sydney’s northern beaches stoked investor caution, causing Australia’s benchmark gauge to slip 1.2%. Qantas Airways fell 3.5% as travel names dropped. New Zealand’s benchmark was dragged lower by A2 Milk, which plunged after cutting its revenue guidance due to reduced sales to Chinese tourists and students. Japan’s Nikkei 225 fell 0.2% as the central bank left policy unchanged. Data showed the country’s key consumer prices slid at the fastest pace in 10 years in November. Meanwhile, the Shanghai Composite fell 0.3% even as some companies affected by a U.S. executive order rallied on an FT report that the Treasury is seeking to water down the investment ban. The MSCI Asia Pacific Index fell 0.5% as investors took profit ahead of the weekend on continued political wrangling in Washington

In rates, Treasuries were little changed as US trading begins, and off session highs. Small gains during Asia session were erased in London trading amid gains for European stocks and US futures that pushed S&P 500 E-minis to new highs. The 10-year yield was at ~0.935%, near the high end of 0.88%-0.95% weekly range and more than 3bp higher on the week during which S&P 500 rose to record highs; bunds lag by ~0.5bp while gilts outperform by more than 2bp. Gilts outperformed after U.K.’s chief Brexit negotiator said progress on a trade deal is blocked and time running out.  Bunds bear flatten, 10y yields ~1.2bps higher and roughly a half basis point cheaper to treasuries. Peripheral spreads widen: 10y BTP/Bund spread widens 2.2bps near 113bps. Semi-core trades marginally tighter.

In FX, the Bloomberg dollar index remained in the green but faded all of Asia’s gains.  Sterling fell against all G-10 peers and neared $1.35, after Britain’s chief Brexit negotiator, David Frost, warned progress in the talks has been “blocked and time is running out”; euro slipped 0.2% after Germany reported its biggest-ever jump in coronavirus infections. Be it a hard Brexit deadline on Sunday or not, options pricing suggests the pound is in for a volatile session on Monday, with forward implied overnight volatility standing above 20%, according to Bloomberg data.  The Australian dollar declined as Sydney scrambled to contain an outbreak of Covid-19.

In commodities, Crude futures trade a narrow range. WTI 0.3% lower near $48.20, Brent off 0.4% near $51.30. Spot gold drifts around Asia’s worst levels. Base metals post small gains, with LME copper outperforming.  Copper topped $8,000 a ton for the first time in more than seven years on rising demand and supply bottlenecks.

Looking at the day ahead, we get the November leading index from the US. We’ll also get a monetary policy decision from the Central Bank of Russia.

Market Snapshot

  • S&P 500 futures up 0.09% to 3,724.50
  • STOXX Europe 600 up 0.1% to 397.80
  • MXAP down 0.5% to 196.43
  • MXAPJ down 0.5% to 648.77
  • Nikkei down 0.2% to 26,763.39
  • Topix up 0.04% to 1,793.24
  • Hang Seng Index down 0.7% to 26,498.60
  • Shanghai Composite down 0.3% to 3,394.90
  • Sensex up 0.1% to 46,937.81
  • Australia S&P/ASX 200 down 1.2% to 6,675.47
  • Kospi up 0.06% to 2,772.18
  • Brent Futures down 0.2% to $51.39/bbl
  • Gold spot down 0.3% to $1,879.89
  • U.S. Dollar Index up 0.2% to 89.98
  • German 10Y yield rose 1.5 bps to -0.555%
  • Euro down 0.1% to $1.2253
  • Brent Futures down 0.2% to $51.39/bbl
  • Italian 10Y yield rose 0.3 bps to 0.429%
  • Spanish 10Y yield rose 2.9 bps to 0.058%

Top Overnight News from Bloomberg

  • German businesses are hopeful that Europe’s largest economy will pick up in the first half of next year
  • China said talks with the European Union on a bilateral investment deal are in the final stages
  • The U.S. is preparing to blacklist Semiconductor Manufacturing International Corp. and dozens of other Chinese companies, Reuters reported
  • The Bank of Japan unexpectedly pledged to review the sustainability of its stimulus without totally overhauling its main policy framework, hours after data showed consumer prices falling at the fastest pace in a decade
  • Copper topped $8,000 a ton for the first time in more than seven years, pointing to the start of a new commodities super- cycle as supply-side investment falls short of an expected surge in demand

A quick look at global markets courtesy of NewSquawk

Asian equity markets traded cautiously as momentum from the fresh record levels on Wall Street where sentiment was underpinned by stimulus hopes, failed to resonate in the region heading into the weekend and amid unresolved US stimulus and Brexit talks. ASX 200 (-1.2%) was pressured as tech and financials led the descent and with a cluster of infections in Sydney prompting states to impose border curbs, while investor appetite was also bruised by heavy losses in Mesoblast which slumped 35% after poor results in its Remestemcel-L trial for the treatment of acute respiratory distress syndrome related to COVID-19 and with QBE Insurance suffering after it flagged an FY loss of around AUD 1.5bln. Nikkei 225 (-0.2%) was also lacklustre but with downside stemmed by a mixed currency and tentativeness amid the BoJ policy decision in which the central bank maintained its main policy settings and but extended corporate funding measures for COVID-stricken firms as expected. Hang Seng (-0.7%) and Shanghai Comp. (-0.3%) were uninspired after another tepid PBoC operation and mixed newsflow with EU said to have agreed in principle for an investment treaty with China, although there were also reports the US issued a new ban to prohibit electric utilities that supply critical defense facilities, from importing certain power system items from China and that the Trump administration is set to add dozens of Chinese companies including SMIC (981 HK) to the Commerce Department’s entity list today. Finally, 10yr JGBs were lacklustre with prices remaining near support at the psychological 152.00 level and after the BoJ provided very few surprises.

Top Asian News

  • U.S. to Blacklist Dozens of Chinese Firms, Incl. SMIC: Reuters
  • Tencent Group Buys Further 10% of Vivendi’s Universal Music
  • BOJ Calls for Review to Tweak Policy as Price Falls Deepen
  • Sony Pulls Cyberpunk From PlayStation Store After Outcry

European equities (Eurostoxx 50 +0.3%) trade with modest gains after opening on a softer footing, in what has been a session void of incremental macro newsflow. Many of the same themes remain at the forefront of investor sentiment as markets await updates on Brexit, the passage of COVID relief in the US and the progress of vaccination efforts. It’s worth highlighting that today is quadruple witching day (full schedule available on the newsquawk calendar/headline feed) and as such this could stoke some volatility throughout the session. Additionally, today marks the last trading day before Tesla is added into the S&P 500 on December 21st and as such, funds that track the S&P 500 will need to purchase the stock at today’s closing price in order to track the index. In an interview with CNBC, Bleakley Advisory Group’s Boockvar stated “it’s probably going to be one of the biggest market on close buy orders of all time”. Back to Europe, most sectors trade firmer, albeit modestly so with telecoms and chemicals leading, whilst travel & leisure, retail & banks lag in what has been a morning lacking in noteworthy stock-specific updates. Looking further ahead to 2021, Deutsche Bank strategists expect that European equities will catch up to US peers and have set an end-2021 target of 450 which would imply upside of 14%, compared to its 7% gain pencilled in for the S&P 500.

Top European News

  • Wienerberger Boosts U.S. Business With $250 Million Deal
  • Barnier Gives Johnson Fishing Ultimatum as Brexit Reaches Climax
  • Philips Buys BioTelemetry for $2.8 Billion in Cardio Push
  • PPG to Buy Tikkurila in $1.4 Billion Deal to Tap Nordics

In FX, no obvious reaction to the BoJ that was bang in line with expectations on all counts, but the Yen has treated further from pre-policy meeting peaks vs the Dollar and other G10 peers perhaps taking some note of Governor Kuroda’s reminder that currency moves are being closely observed rather than his contention that Jpy strength is not having a serious (adverse) effect on the Japanese economy. However, the sharp turnaround in Usd/Jpy to circa 103.60 from around 102.88 only yesterday also looks technical as tend-line support held at 102.75 on some charts. Meanwhile, Sterling has suffered a similar if not worse fall from grace as Brexit vibes turn decidedly more downbeat with the clock ticking down fast to the next EU deadline to strike a trade deal and big gaps still apparent on fishing rights mainly, but not solely. Hence, Cable has recoiled from 1.3600+ to probe bids/support at 1.3500 and Thursday’s base near 1.3490, while Eur/Gbp is almost 100 pips higher and eyeing 0.9100.

  • NZD/AUD/CAD/DXY – The Kiwi is paring advances on the 0.7100 handle vs its US counterpart with no additional independent impetus via NZ trade data or lasting momentum from improvements in ANZ business sentiment and activity outlook, while the Aussie has lost 0.7600+ status amidst renewed coronavirus jitters after reports of a cluster of cases in Sydney, NSW. Elsewhere, the Loonie looks drawn to hefty option expiries at 1.2750 (1.1 bn) awaiting Canadian retail sales having reversed from yet another foray above 1.2700, and contributing to the broader Greenback recovery that has nudged the index back up to 90.000, albeit marginally and tentatively between 90.033-89.822 parameters.
  • CHF/EUR – Holding up somewhat better than their major rivals, with the Franc clawing back some post-SNB losses across the board as Usd/Chf straddles and Eur/Chf slips back below 1.0850 even though the Euro remains elevated elsewhere in wake of a decent Ifo survey, though again mitigated by the timing of responses not to mention the fact that the COVID-19 situation in Germany appears increasingly bleak. Nevertheless, Eur/Usd is relatively resilient either side of 1.2250 where mega expiry interest lies (2.2 bn) after another approach towards 1.2275.
  • SCANDI/EM – The Nok has not gleaned more traction from a lower than forecast Norwegian jobless rate and is back under 10.5000 vs the Eur after relatively hawkish Norges Bank rate projections pushed the cross down to almost 10.4900 yesterday, while the Rub has resumed its downward trajectory after no change in rates from the CBR and Mxn is also weaker after Banxico stood pat, both as expected. Conversely, the Try continues to recover on the back of CBRT reassurance about getting inflation back on track and ahead of December’s year end CPI survey estimate (12.47% previously).

In commodities, throughout the European morning, WTI and Brent have experienced some modest choppy price action given the movements associated with the approach to month/quarter/year end. Thus far, the session has been devoid of macro newsflow either generally or pertinent explicitly to the complex; as such, the benchmarks are currently in proximity to the unchanged mark on the session; posting ranges of around USD 0.40/bbl thus far. For the session ahead the only crude highlight is the weekly Baker Hughes rig count but more pertinently markets will be focused on the US fiscal narrative ahead of tonight’s shutdown narrative and as the near-term COVID-19 narrative remains downbeat going into the Christmas period. Turning away from oil and to metals where spot gold isn’t too differed on the session but has lost some allure as the DXY has marginally reclaimed 90.00, with the precious metal capped at USD 1886.84/oz at present; but, well within yesterday’s range of USD 1895/oz and USD 1861/oz.

US Event Calendar

  • 8:30am: Current Account Balance, est. $187.0b deficit, prior $170.5b deficit
  • 10am: Leading Index, est. 0.5%, prior 0.7%

DB’s Jim Reid concludes the overnight wrap

I’m technically on holiday today but I don’t have much better to do at the moment so I’ll be doing a bit of admin on and off today before my 2 week break. So this will be the last EMR until early January. Peppa Pig World beckons on Monday!! Happy holidays from all of us on the team. Many many thanks for all your interactions, feedback and for reading in what has been a year like no other. Have as good a holiday season as you can. It’s fair to say there has been a big disconnect between life, the economy and asset markets in 2020. The authorities have done a remarkable job to ensure that. Only time will tell what the real cost of that achievement will be. Anyway as per normal before I step away I have listed, in order, my favourite TV programs of the year at the end today. One hour of TV a night can get you a long way.

Back to 2020 and one asset that won’t want to see the back of this year is Bitcoin. We’ve had a remarkable 48 hours in a remarkable year. It’s traded in a 22.1% range since 9am GMT on Wednesday and is 17.8% higher than that level as we go to print. It’s now up 221.2% on the year. We did a quick flash poll yesterday in CoTD as to where you think Bitcoin will end 2021. We’ll publish the results in addition to today’s CoTD. Please vote here . Thanks for all the responses so far.

Onto more mundane markets and equities hit more all-time/ post pandemic highs yesterday as optimism on a US stimulus deal, Brexit negotiations and Covid vaccinations proved strongly supportive for risk assets. In fact by the close, the S&P 500 (+0.58%), the NASDAQ (+0.84%) and the Dow Jones (+0.49%) had all climbed to record levels, while in Europe both the STOXX 600 (+0.30%) and the DAX (+0.75%) had also reached their highest points since the pandemic began. Other risk assets were similarly buoyant, with Brent Crude (+0.82%) and WTI (+1.13%) ascending to post-pandemic highs as well, while the reflation trade showed further signs of gathering pace as 10yr US breakevens rose to 1.95%, their highest level since April 2019. US 10yr Treasury yields themselves rose +1.7bps to 0.933%.

As we are about to go to print, Reuters is reporting that the US is set to blacklist 80 companies, nearly all from China, including SMIC. Asian markets had already given back some of yesterday’s global gains before the news but they are dipping further now with the Nikkei (-0.23%), Hang Seng (-0.96%), Shanghai Comp (-0.51%), Asx (-1.20%) and India’s Nifty (-0.27%) all down while the Kospi (+0.15%) is up. S&P 500 futures are down -0.30% too. In keeping with the slight risk off, the US dollar index is up +0.22% and yields on 10yr USTs are back down -1.7bps to 0.917%.

Before this slight reversal, one thing that likely helped the reflation trade yesterday was the positive developments in the US stimulus talks. While it is not likely the agreement will be done today, Senate Majority Leader McConnell and a White House spokesman separately said that Congressional leaders are close to a final deal. If there is no deal today, the US government would technically “shutdown”, having run out of funding at midnight tonight, but the Senate may pass yet another continuing resolution to get through the weekend and the vote on the stimulus bill.

According to Bloomberg reports, the current bill framework is around $900bn with $600 of direct payments for individuals, $300-per-week in supplemental unemployment insurance payments and separate aid for small businesses, as well as about $17 billion for airlines. The bill does not include aid to state and local governments or lawsuit liability protection, both of which have held up talks for weeks.

Recent data has focused minds a bit. Indeed yesterday the weekly initial jobless claims came in worse than expected for a 2nd week running, up to a 3-month high of 885k in the week through December 12. In a sign that many on both sides seem to agree that a bill will get passed in short order, Democrats and Republicans already started talking about the chances for more stimulus in the early days of the Biden Administration. GOP Senator Thune acknowledged that the chances that the Biden White House seeks more stimulus, “probably depends on what happens in Georgia.” That race is on Jan.5, which means the EMR will be back just in time to cover it.

Overnight, the BoJ has kept its monetary policy settings unchanged while extending its special COVID programs by 6-months. However to conclude, the BoJ did announce a policy sustainability review and said that “The Bank will conduct an assessment for further effective and sustainable monetary easing, with a view to supporting the economy and thereby achieving the price stability target of 2%.” Further, the central bank said that it saw no need to change its yield-curve-control policy framework with quantitative easing as part of the review and added that it would likely announce the findings in March. The review came as the November CPI came in at -0.9% yoy (vs. -0.8% yoy expected) indicating that the prices are falling at the fastest pace since August 2010.

In other overnight news, the SCMP has reported that China and the EU have reached an ‘in principle’ agreement on a bilateral investment deal, the Comprehensive Agreement on Investment.

Back to markets and although the dollar has rallied a bit overnight, yesterday saw the dollar index fall to a fresh 2-year low, after experiencing another -0.69% slide in its 4th consecutive move lower. For context, the greenback now stands less than -1.37% away from its lows in early 2018, and if it broke through that point that would take us back to levels not seen since 2014. In turn, the dollar’s weakness helped other currencies breach recent records, with sterling climbing above $1.36 in trading for the first time since May 2018.

On Brexit, UK Prime Minister Johnson indicated talks with the EU are in a “serious situation” last night, warning that a deal will be impossible without the bloc softening their stances on fisheries. EC President von der Leyen tweeted she saw “substantial progress on many issues”, but that “big differences” remain between the two sides as negotiations are set to continue today. Fisheries surely can’t scupper a deal when everything else is slowly falling into place though. Stranger things have happened I suppose and overnight, Britain’s chief Brexit negotiator, David Frost, has warned via a tweet that progress in the talks has been “blocked and time is running out”. Sterling is trading down -0.44% at -$1.3525 but it seems as much on the back of a stronger dollar overnight.

Last-minute agreements have been a pattern of EU negotiations throughout recent years, as plenty of readers will remember with the sovereign debt crisis. The main news yesterday came from the European Parliament’s Conference of Presidents, who said in a statement yesterday that they were prepared to organise an extraordinary session towards the end of December, but so long as an agreement were reached by midnight on Sunday. In a tweet, Manfred Weber, who chairs the centre-right EPP group, said that after Sunday “we cannot reasonably scrutinize the deal before the end of the year. The agreement is too important to rush through Parliament.” This was followed by Cabinet Office Minister Gove telling the House of Lords that the ever-moving deadline for a deal will be the days following Christmas, with Parliament possibly being called in early to vote. If a deal were reached late in the day Sunday or afterwards, it is technically possible for it to be implemented provisionally pending full ratification without a vote in the European parliament, so long as the member states in the Council of the EU agreed.

Staying on the UK, yesterday saw the Bank of England leave its policy settings unchanged, in line with expectations. They said that the recent restrictions on activity had been tighter than they’d assumed in November, and were expected to weigh on Q1 growth, but also noted that the positive vaccine news and recent fiscal measures should support the economic rebound. The other main UK economic news came with the announcement that the furlough scheme would be extended an extra month until the end of April.

On the coronavirus, the main news was that French President Macron tested positive and has begun a 7-day isolation. More broadly however, a number of world leaders have also been sent into self-isolation by the news after meeting Macron in recent days, including Spanish PM Sanchez and European Council president Michel. There was some good vaccine news with Moderna’s vaccine candidate winning the backing of the US FDA advisers with a vote of 20-0 with 1 abstention, it is now expected that the agency will approve the vaccine in short order. Nevertheless, the case numbers have continued to deteriorate throughout the world and it seems the darkest days will still be coming before the vaccine dawn bursts through.

Finally, there weren’t a great deal of other data releases yesterday, though housing data from the US for November was somewhat better than expected, with housing starts rising to an annualised rate of 1.547m (vs. 1.535m expected), and building permits also coming in at an annualised 1.639m (vs. 1.560m).

To the day ahead now, data releases will include UK retail sales for November, the Ifo business climate indicator from Germany for December, and the November leading index from the US. We’ll also get a monetary policy decision from the Central Bank of Russia.

3A/ASIAN AFFAIRS

i)FRIDAY MORNING/ THURSDAY NIGHT: 

SHANGHAI CLOSED DOWN 9.98 PTS OR .29%   //Hang Sang CLOSED DOWN 179.78 PTS OR .67%    /The Nikkei closed DOWN 43.28 POINTS OR 0.16%//Australia’s all ordinaires CLOSED DOWN 1.09%

/Chinese yuan (ONSHORE) closed UP AT 6.5375 /Oil UP TO 48.38 dollars per barrel for WTI and 51.38 for Brent. Stocks in Europe OPENED ALL MIXED//  ONSHORE YUAN CLOSED UP AGAINST THE DOLLAR AT 6.5375. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.5158 TRADE TALKS STALL//YUAN LEVELS //TRUMP INITIATES A NEW 25% TARIFFS FRIDAY/MAY 10/MAJOR PROBLEMS AT HUAWEI /CFO ARRESTED//CORONAVIRUS/PANDEMIC/TRUMP TESTS POSITIVE FOR COVID 19  : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%

3 a./NORTH KOREA/ SOUTH KOREA

South Korea

b) REPORT ON JAPAN

3 C CHINA

CHINA/USA

Trump on the warpath as the uSA blacklists the largest Chinese chipmaker Semiconductor Manufacturing International Corp and 60 other Chinese companies as they protest their national security

(zerohedge)

US Blacklists Largest Chinese Chipmaker, 60 Other Companies

FRIDAY, DEC 18, 2020 – 8:10

There was speculation early in the session that tensions between the US and China were set to ease following an FT report that the US Treasury department was “attempting to water down an executive order from President Donald Trump that bars Americans from investing in Chinese companies with suspected ties to the People’s Liberation Army” (which however was “met with furious opposition from the Pentagon and state department, opening up a heated dispute over one of the last big anti-Beijing policies of the Trump era”). So to set the record straight, Reuters first reported and this morning the Commerce Department confirmed that it’s blacklisting Semiconductor Manufacturing International Corp. and more than 60 other Chinese companies “to protect U.S. national security.”

The designation restricts companies from exporting U.S.-origin technology to the listed firms without a license, with a provision that effectively prohibits SMIC from acquiring technology to build chips with 10-nanometer circuits and smaller, the industry’s top class of chips.

“This action stems from China’s military-civil fusion doctrine and evidence of activities between SMIC and entities of concern in the Chinese military industrial complex,” the Commerce Department said in a statement.

“Entity List restrictions are a necessary measure to ensure that China, through its national champion SMIC, is not able to leverage U.S. technologies to enable indigenous advanced technology levels to support its destabilizing military activities,” Wilbur Ross said in a statement provided to The Wall Street Journal.

Commerce Secretary Wilbur Ross confirmed the move in a Friday morning interview with Fox Business. It was reported first by Reuters overnight. Shares in China’s top chipmaker slid 5.2% Friday in Hong Kong on the news after earlier rising on the FT report.

A senior Commerce Department official told the WSJ that the policy was designed to prevent SMIC from using U.S. technology to produce the most cutting-edge chips for advanced military applications such as drones, military aircraft and exoskeletons.

“We’re taking this action to address a national-security concern by using a very targeted action that we believe will hopefully begin to move SMIC in a better direction,” the official said, adding that the department has been communicating with SMIC to address its concerns.

Other Chinese entities affected include those “that enable human rights abuses, entities that supported the militarization and unlawful maritime claims in the South China Sea, entities that acquired U.S.-origin items in support of the People’s Liberation Army’s programs, and entities and persons that engaged in the theft of U.S. trade secrets,” according to the statement.

As Bloomberg notes, the majority of the newly banned companies are Chinese and will join the likes of Huawei Technologies Co. on a list that denies them access to U.S. technology from software to circuitry.

The move is not a surprise as Trump had been widely expected to level more sanctions against China’s national champions before Joe Biden formally took office. “If the report you mentioned is correct, it will be another example of how the U.S. is using its national power to crack down on Chinese companies,” Chinese Foreign Ministry spokesman Wang Wenbin said at a briefing in Beijing on Friday. “We urge the U.S. to stop its wrongful activities cracking down on foreign companies.”

The Shanghai-based chipmaker, which is a supplier to Qualcomm and Broadcom, lies at the heart of Beijing’s intention to build a world-class semiconductor industry and wean itself off a reliance on American technology, arguably the issue at the core of the US-China trade war. Washington in turn views China’s ascendancy and its ambitions to dominate spheres of technology as a potential geopolitical threat. A blacklisting threatens to cripple its longer-term ambitions by depriving it of crucial gear.

As Bloomberg adds, “in response to the widening U.S. crackdown, China is planning to provide broad support for so-called third-generation semiconductors in its next five-year plan to increase domestic self-sufficiency in chip manufacturing, people with knowledge of the matter have said.” SMIC, which is backed by the China Integrated Circuit Industry Investment Fund as well as Singapore’s sovereign fund GIC Pte and the Abu Dhabi Investment Authority, is expected to play a central role in that overall effort.

The company had already been laboring under similar, less severe curbs after the Commerce Department in September placed it on a separate export restrictions list, accusing SMIC of supplying the military. Those sanctions took a toll on shares of the company, whose co-CEO Liang Mong Song this week unexpectedly resigned, triggering another selloff.

It is unclear whether Biden officials will take a similarly hard-line approach to Chinese firms or unwind any of the current administration’s orders. Under President Obama, Commerce Department officials applied export restrictions more narrowly, typically penalizing companies that ran afoul of U.S. law, and sometimes removing them if corrective action was taken.

Since January 2017, the Trump administration has added more than 300 Chinese entities to its export blacklist.

end

4/EUROPEAN AFFAIRS

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

6.Global Issues

Your important events to yesterday and today

(courtesy Matys/Rabobank)

Rabo: It’s Darkest Before The Dawn

FRIDAY, DEC 18, 2020 – 8:59

By Piotr Matys of Rabobank

Global stocks have lost their bullish momentum after Reuters reported that the US will blacklist dozens of Chinese firms, including the country’s top chipmaker SMIC. It will be yet another step by President Trump to cement his legacy of being tough on China before he leaves office in January.

Political bickering over a spending package that would be a bridge for US households and companies through a harsh winter continues in Congress. Perhaps yesterday’s news of a sharp rise in weekly jobless claims to the highest level in three months at 885,000 will provide US policymakers with a strong incentive to push the stimulus package through in the next few days. The labour market has been hit by rapidly rising coronavirus cases forcing many states to impose tougher restrictions. A significantly larger than expected fall in retail sales for November (-1.1% m/m) was a warning signal that consumer spending is losing momentum.  Without doubt, fiscal stimulus is required to support the economy in the coming months.

Many European economies will also need a fresh dose of stimulus from governments to reduce the negative impact of restrictions imposed to regain control over the second outbreak of the pandemic. Virologists are seriously concerned that the upcoming festive period will be followed by an even bigger surge in infections across the continent at the beginning of 2021. Poland’s Health Minister Niedzielski warned that the country faces “tough days and weeks” before the vaccine is widely redistributed. Similar comments could have been made by many other European health ministers. The Polish government will impose a “national quarantine” from December 28 to January 17 to prevent the third wave from overwhelming the healthcare system. Hotels, ski-slops and shopping centres will be closed on the top of already existing restrictions (schools, restaurants and sports centres have been shut for a few weeks). Also, a curfew will be imposed on New Year’s Eve to restrict movement of Poles (many of them still remember similar drastic steps being used by the communist party during the martial law in early 80s making the curfew a controversial, but necessary step).

The phrase that it’s darkest before the dawn certainly applies to the coronavirus pandemic. While vaccines are already available and will be globally distributed in the coming months, new cases may surge following the festive season. The third wave could be even bigger, as Poland’s health minister warned and his concerns are most likely shared by his peers.

The markets do not seem to be seriously concerned, though. For them an efficient antidote has been available since around March when the Fed and other major central banks used all tools from their toolbox to inject as much liquidity as possible.

GBP has edged down from yesterday’s levels as the nail-biting finish to the EU/UK trade talks goes to the wire. A call between EC President von der Leyen and PM Johnson yesterday evening resulted with both sides welcoming “substantial progress on many issues”.  However, this could not hide the fact that various differences remain. The UK warned that EU level spending should not be exempt from state-aid restrictions, this includes its EUR 750bln Covid-19 Recovery Fund.  Fisheries remain the major sticking point with the PM re-stating that the UK must have control of its own waters.

Over the past few weeks, sentiment on Brexit has been swinging back and forth between unsustainable optimism, as progress on key issues is always made through crises, and unjustified pessimism, as the broader set of fundamentals have always pointed towards a deal. Even though time is running ridiculously short, there’s no reason why this shouldn’t be true for fisheries as well, our Brexit watcher Stefan Koopman claims. The proverbial ‘fish can’ has been kicked down the road time and again, as it is one of the few sources of leverage that the UK really has in these talks, and it is only logical that the negotiators try to squeeze as much out of it as they can. So far, their madman strategies have worked out reasonably well, after all. The UK government also believes that time is on their side, so even as the European Parliament stated that this Sunday will be the last possible moment for a deal if negotiators want it to be ratified before year-end, please keep in mind what happened to all the other deadlines. Let’s just hope they’ll get it done this time around.

In the midst of the confusion the Japanese Times is reporting that Nissan has opted to ship a new electric vehicle from Japan to Europe rather than manufacture it in its UK factory which, the paper states, is facing an existential risk due to Brexit. Better news came this morning from the stronger than expected reading for the UK December GfK consumer confidence index. This rose by the most in 8 years on the back of positive vaccine news.  November retail sales were also better than expected at -3.8% m/m, though the series was hit by England’s lockdown last month. News that the UK furlough will be extended a month to April will be supportive. The Chancellor also pledged further support for UK businesses with an extension to his emergency loan schemes.

The Bank of England MPC voted unanimously to maintain Bank Rate at 0.10% and to keep its asset purchase targets unchanged. The pace of these purchases remains at its current rate of GBP 4.4bn a week. There were no specific references to negative interest rates. Instead, the MPC emphasized once more that it stands ready to increase the pace of bond purchases if necessary. The MPC noted that the outlook remains ‘unusually uncertain’. This is an understatement. However, the planned rollout of effective vaccines would be expected to have a positive impact on activity and inflation and is seen to reduce downside risks. The TFSME was extended by six months to 31 October 2021. Full post meeting analysis by Stefan is available here.

The BoJ announced no change to rates or its yield curve control target this morning.  However, it did pledge to extend its aid for firms hit by the pandemic and pledged to examine more effective ways to achieve its 2% inflation target.  The Tokyo region is currently suffering another spike of covid-19 cases which it putting pressure on its hospitals.

end
CORONAVIRUS UPDATE/USA AND THE GLOBE

US Suffers New COVID ‘Case’ Record As VP Pence Joins 1.1MM Vaccinated In West: Live Updates

FRIDAY, DEC 18, 2020 – 9:32

Summary:

  • Hospitalizations trend higher in every region but Midwest
  • 240K+ new cases reported, new daily record
  • 1.1MM doses received in 4 countries
  • Nearly 50K doses administered in US
  • Pence vaccinated live on TV
  • Beijing plans to vaccinate 50MM before LNY
  • JNJ has enrolled 45K patients
  • Tokyo reports 664 new cases
  • Turkey rushes to deploy vaccines

* * *

After the FDA’s advisory panel confirmed yesterday that the benefits of approving Moderna’s COVID-19 vaccine outweigh the risks, we now await the ‘green light’ from the agency itself, which should arrive either today or tomorrow.

Meanwhile, a small number of disturbing reactions have stoked reservations among health care workers who are slated to be the first to receive the vaccine, but find themselves anxious about becoming “guinea pigs”. The CDC has promised that jabs would be given in prearranged waves to prevent entire nursing floors from being overwhelmed by the side effects. But fears about production delays are also starting to mount.

Moving on to the latest COVID data, hospitalizations are trending higher in every region but the Midwest.

Across the US, the number of deaths since the start of December has put the month on track to challenge April as the deadliest month since the pandemic started.

Globally, the number of cases passed 75MM while deaths topped 1.7MM. Another interesting fact: During the past week alone, nearly 1 out of 200 Americans was diagnosed with the coronavirus – an astronomically large portion of the population to be sick at the same time.

As the race for supplies of vaccines continues, Bloomberg is trying to track the number of doses doses administered so far. As of Friday morning, more than 1.1MM people in four countries had received the vaccine.

It’s possible that Europe will approve shots from AstraZeneca or CureVac, or perhaps both, during the coming month or two, which could immediately boost Germany’s capacity to inoculate, according to Jens Spahn, who spoke during a press conference Friday.

As of Friday morning, more than 1.1MM people in four countries had received the vaccine.

In the US, 24 states have reported just under 50K doses that have been administered to health care workers, as the map above shows.

Speaking of vaccinations, VP Mike Pence received his first COVID-19 dose live on television Friday, seeking to shore up public support for vaccinations as US deaths topped 3K once again.

Then again, reports from weeks ago claimed that China has already administered 1MM doses had already been administered to health-care workers and others under an “emergency”  basis.

The EU is moving to double its order of Moderna-produced vaccine doses, while Pfizer is fending off reports of more supply disruptions, something we have repeatedly warned about as the biggest risk to the  “Operation Warp Speed” target.

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

  • Spain’s health minister says the country will begin its vaccination campaign on Dec. 27 (Source: Nikkei).
  • Turkey, one of the worst-hit countries in the Middle East by the coronavirus, is rushing to deploy vaccines as quickly as possible, and the Chinese are eager to help. The first 3 million doses of Sinovac vaccines out of a contracted 50 million are to be delivered in the coming days (Source: Nikkei).
  • The Philippines logs 2,122 new cases, the highest daily tally in nearly six weeks, as local health authorities warn of a possible spike in infections during the Christmas holidays. The number of total cases is now 456,562 with 8,875 deaths (Source: Nikkei).
  • Johnson & Johnson says it has enrolled about 45,000 participants for the first late-stage trial of its COVID-19 single-dose vaccine candidate and that it expects interim data by late-January (Source: Nikkei).
  • The company lags rivals Pfizer and Moderna in the race for a COVID-19 tame (Source: Nikkei).
  • Tokyo reports 664 new infections in Japan’s capital, down from 822 a day earlier, with the number of patients in serious condition unchanged at 66 (Source: Nikkei).

As we await more data on the pace of vaccinations from China and elsewhere, Nikkei reports that China is planning to vaccinate 50MM people in high-priority groups against the coronavirus before the peak Lunar New Year travel season begins early next year. Readers might remember the LNY travel season as the original catalyst that spread COVID-19 around the world. Beijing is planning to distribute 100MM doses made by Chinese companies Sinopharm and Sinovac Biotech.

END

7. OIL ISSUES

end

8 EMERGING MARKET ISSUES

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

Euro/USA 1.2266 UP .0005 REACTING TO MERKEL’S FAILED COALITION/ REACTING TO +GERMAN ELECTION WHERE ALT RIGHT PARTY ENTERS THE BUNDESTAG/ huge Deutsche bank problems ///ITALIAN CHAOS//CORONAVIRUS/PANDEMIC/TRUMP POSITIVE WITH VIRUS /AND NOW ECB TAPERING BOND PURCHASES/JAPAN TAPERING BOND PURCHASES /USA RISING INTEREST RATES /FLOODING/EUROPE BOURSES /MIXED

USA/JAPAN YEN 103.23 UP 0.085 (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 1.3544   DOWN   0.0023  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2746 UP .0014 CANADA WORRIED ABOUT TRADE WITH THE USA WITH TRUMP ELECTION/ITALIAN EXIT AND GREXIT FROM EU/(TRUMP INITIATES LUMBER TARIFFS ON CANADA/CANADA HAS A HUGE HOUSEHOLD DEBT/GDP PROBLEM)

Early THIS  FRIDAY morning in Europe, the Euro ROSE BY 5 basis points, trading now ABOVE the important 1.08 level RISING to 1.2266 Last night Shanghai COMPOSITE DOWN 9.98 PTS OR .29% 

//Hang Sang CLOSED DOWN 179.78 PTS OR .67% 

/AUSTRALIA CLOSED DOWN 1,09%// EUROPEAN BOURSES ALL MIXED

Trading from Europe and Asia

EUROPEAN BOURSES ALL MIXED

2/ CHINESE BOURSES / :Hang Sang CLOSED DOWN 179.78 PTS OR .67% 

/SHANGHAI CLOSED DOWN 9.98 PTS OR .29% 

Australia BOURSE CLOSED DOWN 1.09% 

Nikkei (Japan) CLOSED DOWN 43.28  POINTS OR 0.16%

INDIA’S SENSEX  IN THE GREEN

Gold very early morning trading: 1886.50

silver:$25.91-

Early FRIDAY morning USA 10 year bond yield: 0.936% !!! DOWN 0 IN POINTS from THURSDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 1.681 DOWN 0  IN BASIS POINTS from THURSDAY night.

USA dollar index early FRIDAY morning: 89.85 UP 3 CENT(S) from  THURSDAY’s close.

This ends early morning numbers FRIDAY MORNING

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx6

And now your closing  FRIDAY NUMBERS \1: 00 PM

Portuguese 10 year bond yield: 0.03% UP 2 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: 0.05%//UP 3 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:0.57 UP 3 points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 52 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 1.17% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR FRIDAY

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

Euro/USA 1.2236  DOWN     .0036 or 36 basis points

USA/Japan: 103.37 UP .225 OR YEN DOWN 23  basis points/

Great Britain/USA 1.3493 DOWN .0075 POUND DOWN 75  BASIS POINTS)

Canadian dollar DOWN 48 basis points to 1.2779

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

The USA/Yuan,  CNY: closed DOWN 6.5370    ON SHORE  (DOWN)..

THE USA/YUAN OFFSHORE:  6.65370  (YUAN DOWN)..

TURKISH LIRA:  7.62  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.01%

Your closing 10 yr US bond yield UP 0 IN basis points from THURSDAY at 0.963 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 1.688 UP 0 in basis points on the day

Your closing USA dollar index, 90.07 UP 25  CENT(S) ON THE DAY/1.00 PM/

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

London: CLOSED DOWN 21.88  0.33%

German Dax :  CLOSED DOWN 36.74 POINTS OR .27%

Paris Cac CLOSED DOWN 21.62 POINTS 0.39%

Spain IBEX CLOSED UP 116.00 POINTS or 1.42%

Italian MIB: CLOSED DOWN 35.95 POINTS OR 0.16%

WTI Oil price; 48.99 12:00  PM  EST

Brent Oil: 51.99 12:00 EST

USA /RUSSIAN /   RUBLE FALLS:    73.47  THE CROSS HIGHER BY 0.52 RUBLES/DOLLAR (RUBLE LOWER BY 52 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 :  48.93//

BRENT :  52.08

USA 10 YR BOND YIELD: … 0.949..up 1 basis points…

USA 30 YR BOND YIELD: 1.699 up 2 basis points..

EURO/USA 1.2245 ( DOWN 16   BASIS POINTS)

USA/JAPANESE YEN:103.31 UP .163 (YEN DOWN 16 BASIS POINTS/..

USA DOLLAR INDEX: 90.02 UP 20 cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3493 DOWN 75  POINTS

the Turkish lira close: 7.63

the Russian rouble 73.36   DOWN 0.41 Roubles against the uSA dollar. (DOWN 41 BASIS POINTS)

Canadian dollar:  1.2783 DOWN 51 BASIS pts

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

The Dow closed DOWN 50.54 POINTS OR 0.17%

NASDAQ closed DOWN 29.42 POINTS OR 0.23%


VOLATILITY INDEX:  22.99 CLOSED UP 1.06

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

USA trading today in Graph Form

Silver Soars, Bitcoin Roars, Stocks Snore As COVID-Relief Rancor Continues

FRIDAY, DEC 18, 2020 – 16:01

A very mixed week into quad witch with Small Caps soaring and S&P and Dow snoring until the last few minutes of the week…

Small Caps are at their strongest relative to mega-tech Nasdaq since March…

Source: Bloomberg

And this broad stock surge has occurred as US macro data has consistently disappointed…

Source: Bloomberg

All of which makes you wonder…

Amid Quad Witch, S&P briefly came unstuck from its 3700 pin as TSLA’s entry into the index loomed. Absolute chaos ruled into the last few minutes of the day

Energy stocks were the week’s biggest laggards, despite a strong week in crude. Tech outperformed…

Source: Bloomberg

Treasury yields were extremely choppy on the week but ended higher and steeper…

Source: Bloomberg

10Y Yield pushed back towards 95bps… a key resistance level…

Source: Bloomberg

The dollar extended its weakness (down 4 of the last 5 weeks)…

Source: Bloomberg

Testing down to critical support…

Source: Bloomberg

As the dollar dives, yuan surges up near critical levels…

Source: Bloomberg

A big week for cryptos overall…

Source: Bloomberg

Bitcoin soared to record highs with its best week since June 2019…

Source: Bloomberg

While gold was up on the week…

Source: Bloomberg

Bitcoin dominated it, pushing up to over 12x…

Source: Bloomberg

Silver soared above its 50- and 100-DMA this week, back above $26, its highest in 3 months…

Source: Bloomberg

This was Silver’s 2nd best week in 4 months, crude rallied strongly again and copper and gold managed gains…

Source: Bloomberg

Gold gained but not as much as silver, unable to break $1900…

Source: Bloomberg

Sending Gold/Silver to its lowest since September…

Source: Bloomberg

WTI topped $49 today, its highest since Feb…

Source: Bloomberg

Finally, so much for that brief trip away from total and utter complacency as the Put-Call ratio is back at 14 year lows…

Source: Bloomberg

a)Market trading/LAST NIGHT/USA

b)MARKET TRADING/USA//Non farm payrolls

ii)Market data/USA

U.S. current account deficit climbs 10.6% in third quarter

Dec. 18, 2020 at 8:43 a.m. ET

U.S. trade deficit in goods widens again

The U.S. current-account deficit, a measure of the nation’s debt to other countries, rose 10.6% in the third quarter largely because of an increase in the trade gap on goods.

The current-account deficit increased to $178.5 billion from a revised $161.4 in the second quarter, the government said Friday.

The bigger gap reflected an increase in the deficit in goods. The U.S. economy improved somewhat faster than other countries, leading to a bigger increase in imports over exports.

The current account reveals if a country is a net lender or debtor. The current account deficit was equal to 3.4% of GDP in the third quarter, up a tick from the second quarter. The current-account deficit peaked in 2005 at 6.3%.

-END-

U.S. leading economic indicators point to slower growth as coronavirus surges

Published: Dec. 18, 2020 at 10:21 a.m. ET

MarketWatch

Leading economic index posts smallest gain in five months

The numbers: The U.S. economy expanded again in November, according to a survey of leading indicators, but growth fell to the slowest pace in five months amid a record surge in coronavirus cases.

The leading economic index increased 0.6% last month, the Conference Board said Friday. That was a bit better than Wall Street had forecast.

The index had risen 0.8% in October and 0.7%.

What happened: The leading index was propelled higher by a decline in jobless claims, increased manufacturing orders and rising stock prices.

Yet jobless claims have surged again in December and other key segments of the economy have weakened, which could lead to a decline in the leading index in December for the first time since May.

The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

Big picture: The U.S. has suffered another blow from the record surge in coronavirus cases. Many cities and states have reimposed business restrictions and people are going out less to avoid catching the virus, especially with vaccines being rolled out.

The economy is likely to rebound in the spring as more Americans get vaccinated, but the next month or two could be rough.

What they are saying? “The U.S. LEI continued rising in November, but its pace of improvement has been decelerating in recent months, suggesting a significant moderation in growth as the U.S. economy heads into 2021,” said Ataman Ozyildirim, senior director of economic research at board.

iii) Important USA Economic Stories

ELECTION STORIES

no 1

This story highlights the sting operation on Hillary Clinton.

(Epoch Times/Veazey)

2020 Election Fraud Is CCP ‘Assassin’s Mace’: Patrick Byrne

December 16, 2020 Updated: December 17, 2020

Election fraud is the secret “assassin’s mace” of the Chinese Communist Party (CCP) that has long confounded security hawks, according to tech billionaire and entrepreneur Patrick Byrne, who back in August assembled a cyber intelligence team to analyze the U.S. voting system.

“For 10 years or more, there have been references to a coming ‘assassin’s mace’ in the Chinese literature—where they take out the United States with one stroke,” Byrne told The Epoch Times’ “American Thought Leaders” program. “The national security community in the United States has been trying to figure this out: Is it their new aircraft carrier? Is that the hypersonic missile? Is it this, that, is it an EMP?”

“I don’t think so, ” he told host Jan Jekielek. “The one stroke that takes the United States out is what we’re experiencing right now.”

The 2020 vote involved “massive election fraud,” he says. “Not voter fraud, but election fraud.”

Byrne has been a driving force in the research for lawsuits filed by attorneys Lin Wood and Sidney Powell. He has also been working together with ASOG, the company that recently carried out the forensic audit on voting machines in Antrim County, Michigan.

Byrne said he started investigations back in August, and that as a result, he anticipated the very irregularities which he later observed in the November election.

He says his team of online security experts now believes Chinese developers are “under the hood” of the software that has infiltrated at least two of the main voting systems in the United States.

Suppliers of such election software and systems involved in the U.S. election have responded to allegations of voting irregularities with consistent denial that their systems can be manipulated or that they have any such connection to foreign governments.

‘Reverse-engineering the Coup’

Byrne described the election as a soft coup.

“We are basically reverse-engineering this coup,” said Byrne, in reference to his team of 30-40 people.

Byrne says that he fell in with cyber experts who had been looking at election manipulation since 2018 when they were hired as part of a blue-ribbon commission set up to examine potential election fraud in Texas.

“That group has had two years to really reverse engineer what the rest of America has had a couple of weeks to understand,” he said. “They had already figured out really about a dozen different ways you could defeat an election or hack an election—in a broad sense of hack, not necessarily just electronic cyber guys hacking.”

According to Byrne, they found cheating was possible “at an industrial level, in terms of generating hundreds of thousands of fake votes.”

Byrne says the pattern of manipulation can be identified through examining three key points—what he calls “three buckets of facts.”

“One bucket is understanding the systems themselves and how they were built: the functionality that was built into them and the vulnerabilities that exist.”

The second bucket, he says, relates to how the election process played out. “[In the event of fraud] you would expect people to have certain experiences when they either go in and vote or if they volunteer and work in the precincts.”

Georgia
A Georgia Republican Party poll watcher looks over voting machine transporters being stored at the Fulton County Election Preparation Center in Atlanta, Ga., on Nov. 4, 2020. (Jessica McGowan/Getty Images)

He gives the examples of vote tabulating being shut down, of poll watchers being denied entry, and of the video of election workers pulling out cases of ballots from under a table after observers had gone home and then scanning them.

The third bucket, he says, is the extreme statistical outliers that would be thrown up by such a manipulation process.

“Things like that happened—these statistical outliers: Having 123,000 votes in a row going to one candidate; or in Pennsylvania, I believe it was 580,000 votes got processed that were 99.4 percent for Biden… and they came through exactly when all the Republicans had been told they had to leave.”

“They’re on the order of you winning the Powerball lottery this week, and next week and the week after—and that happening in dozens of places around America at the same time.”

“When you put those three different narratives together, they also just come together perfectly. They all reinforce each other.”

Traced to China

Byrne says that the manipulation of the voting systems can be traced back to China.

“There’s a chain of command basically from China through Iran to Cuba and Venezuela,” he said. “The Chinese are funding Smartmatic through the Panamanian division of Smartmatic, but it bounces through Venezuela.”

“There is code buried within the Dominion machines that has been turned up that seems to show Chinese provenance.”

“There are Chinese developers under the hood of this stuff back in China who are actually getting their software into the Smartmatic systems which have infiltrated at least two of the main voting systems used domestically.”

Epoch Times Photo
Smartmatic’s headquarters located in Boca Rotan, Fla., on Dec. 2, 2020. (The Epoch Times)

“I say this as a guy who loves China,” he adds. “I speak Chinese, I have a great affection for China and the Chinese people—but I’m not such a big fan of the CCP.”

Smartmatic says its products were used only in one LA county in the U.S. 2020 election and has consistently denied any claims of wrongdoing or involvement in voter or election fraud past or present. It says it has no involvement with any governments or political parties or with Dominion.

Dominion Voting Systems has also consistently denied any wrongdoing or vulnerabilities in its systems and said that it does not use software owned by Smartmatic and that it has no ownership ties to the governments of China, Cuba, or Venezuela. Dominion products are used in 28 states.

Byrne, however, says that software created by Smartmatic went through a series of corporate mergers, acquisitions, divestments, and licensing agreements before ending up in at least two of the main commercial voting systems being used in the United States, including Dominion. “Its genetic lineage [goes] back to the software,” he says.

A number of other analysts have signed affidavits to the same effect.

Dominion has also come under scrutiny for its ownership structure after its parent company raised funds with the help of a Swiss bank before the 2020 U.S. presidential election. The transaction, peculiar in several ways, has led some to speculate that a Chinese entity could be an indirect investor in the company.

Byrne says that stealing the national election doesn’t require cheating across the board. “There are six counties that you need to steal. If you steal these six counties around the country, that flips the six states they’re in, which flips the electoral college votes that come with them, which flips the nation, ” he said. “You’ve got to take six places and cheat like crazy there.”

He says that some online security experts, who he describes as white hat hackers, say that they would give the election systems a rating of just one or two out of 10 for security.

Follow Simon on Twitter: @SPVeazey
Follow Jan on Twitter: @JanJekielek
END
No 2
is it remotely possible that a man of Lin Wood’s stature, would make such accusations on a public forum if it was not true?
Lin Wood tweet:
@LLinWood
In discussing

in phone conversation in 8/19, Justice John Roberts stated that he would make sure “the mother f#*ker would never be re-elected.” Roberts engaged in phone conversations with Justice Stephen Breyer discussing how to work to get Trump voted out.

Lin Wood
@LLinWood

This may be most important tweet of my life. Chief Justice John Roberts is corrupt & should resign immediately. Justice Stephen Breyer should also resign immediately. They are “anti-Trumpers” dedicated to preventing public from knowing TRUTH of

re-election.

 Tweeted: EPSTEIN ISLAND and why SCOTUS will not overturn the election. He swims with them, legislates for them and rules in their favor. He is a never-Trumper. Globalists have no place on the bench period

John Roberts is on the left. Bill Clinton is dead centre.

Image

end
no 3
Justices caught admitting why they refused to hear the Texas case
(Hal Turner Radio)

Thursday December 17, 2020 5:12 PM

The question is not whether Joe Biden won or lost, it’s what’s the cost if the left doesn’t get their way which is what too many cowards are truly afraid of. They will sacrifice the future of our republic just to “keep the peace.”

This video of court justices in Texas proves that. They fought loudly over whether to hear the Texas election fraud case out of fear the inevitable results would lead to leftist riots. Essentially, they are admitting Trump won by their outrage and fear of proving Biden is not the rightful victor.

end

No 4

(courtesy Epoch Times/Tom Ozimek)

Flynn Says Trump Could Use ‘Military Capability’ to Re-Run Election in Battleground States

December 18, 2020 Updated: December 18, 2020

Retired general Michael Flynn said Thursday that President Donald Trump has options regarding the hotly contested presidential election, including seizing voting machines and using “military capabilities” to rerun the election in key battleground states.

Flynn, who is a supporter of Trump’s claims of election fraud, told Newsmax in an interview that while he doesn’t know if the president will pursue these options, he said Trump needs to “plan for every eventuality because we cannot allow this election and the integrity of our election to go the way it is.”

He could immediately on his order seize every single one of these machines around the country on his order. He could also order, within the swing states, if he wanted to, he could take military capabilities and he could place them in those states and basically rerun an election in each of those states. It’s not unprecedented,” Flynn told the outlet.

He also clarified his position around the imposition of martial law, saying he isn’t calling for it, noting that “we have a constitutional process … that has to be followed.”

At the same time, he expressed concern about the U.S. Supreme Court, presumably in the context of its refusal to hear a contest-of-election lawsuit brought by Texas, which the high court dismissed on grounds of lack of standing.

“I’m a little concerned about Chief Justice John Roberts at the Supreme Court,” Flynn said. “We can’t fool around with the fabric of the Constitution of the United States.”

Epoch Times Photo
Supreme Court Chief Justice John Roberts arrives to the Senate chamber at the Capitol in Washington on Jan. 16, 2020. (Drew Angerer/Getty Images)

Since Election Day, Trump and third-party groups have pursued legal challenges to the outcome of the election in the six battleground states. None of the efforts have so far borne fruit, including an interstate Supreme Court challenge brought by Texas and backed by 19 Republican attorneys general.

Flynn sparked controversy when he tweeted a press release from an Ohio-based conservative political organization called “We the People Convention,” which called for Trump to “invoke limited Martial law in order to allow the U.S. Military to oversee a new free and fair federal election if Legislators, Courts, and the Congress do not follow the Constitution.”

“Unfortunately, we are at the point where we can only trust our military to do this because our corrupt political class and courts have proven their inability to act fairly and within the law,” the group argued.

In remarks to Military Times, Bill Banks, a Syracuse University professor with expertise in constitutional and national security law, expressed his opposition to martial law under the current circumstances.

“Apart from the fact that state and now federal investigators have found no evidence of election fraud that would change the election outcome, martial law has no place in the United States absent a complete breakdown of civil governing mechanisms,” he told the outlet.

Yet evidence of irregularities in the 2020 election, including outright voter fraud, has been mounting. Peter Navarro, an adviser to Trump, on Thursday released a detailed report summarizing such allegations in six battleground states, concluding that they are serious enough to warrant an urgent probe and substantial enough to overturn the results.

“If these election irregularities are not fully investigated prior to Inauguration Day and thereby effectively allowed to stand, this nation runs the very real risk of never being able to have a fair presidential election again,” Navarro said in the report.

Epoch Times Photo
White House trade adviser Peter Navarro listens to a news conference about a presidential executive order relating to military veterans outside of the West Wing of the White House in Washington, on March 4, 2019. (Leah Millis/Reuters)

Flynn, in his remarks to Newsmax, said that while he’s not calling for martial law, he suggested it’s an option that should remain on the table.

”These people out there talking about martial law like it’s something we’ve never done,” Flynn said. ”Martial law has been instituted 64 times. I’m not calling for that.”

“President Trump won on the 3rd of November,” Flynn said. “The things that he needs to do right now is he needs to appoint a special counsel immediately. He needs to seize all these Dominion and other voting machines we have across the country. He needs to go ahead and prioritize by state and probably by county… if he looks at probably a couple of random sampling of some of these counties, he’s going to find exactly the same problem,” he added.

A recent forensics report based on an examination of Dominion products in Antrim County, Michigan, concluded on Dec. 14 that the software was “intentionally and purposefully designed with inherent errors to create systemic fraud and influence election results.”

Russell Ramsland Jr., co-founder of Allied Security Operations Group, which conducted the audit, said in the report that Dominion’s system “intentionally generates an enormously high number of ballot errors.”

“The electronic ballots are then transferred for adjudication. The intentional errors lead to bulk adjudication of ballots with no oversight, no transparency, and no audit trail. This leads to voter or election fraud,” he stated.

Dominion disputed the findings on Dec. 15, writing that there were “no software ‘glitches’ that ‘switched’ votes in Antrim County or anywhere else,” adding that the errors in Antrim County were “isolated human errors not involving Dominion,” referring to reports that the Dominion system flipped thousands of Trump votes to Democratic presidential candidate Joe Biden on Election Day.

House Administration Committee Holds Hearing On 2020 Election Security
President and CEO of Election Systems & Software Tom Burt, President and CEO of Dominion Voting Systems John Poulos, President and CEO of Hart InterCivic Julie Mathis testify during a hearing before the House Administration Committee, on Capitol Hill in Washington, on Jan. 9, 2020. (Alex Wong/Getty Images)

The company’s CEO, John Poulos, told legislators in Michigan on Dec. 15 that all audits and recounts of Dominion’s technology used in the 2020 election have validated the accuracy and reliability of the election results, adding, “No one has produced credible evidence of vote fraud or vote switching on Dominion systems because these things have not occurred.”

On a Thursday call with reporters explaining his findings, Navarro said his top-line conclusion regarding allegations of voting irregularities, including ones relating to Dominion machines, is that “the emperor, in the election, has no clothes.”

Fielding questions about what, at this stage, can be done, given that numerous legal challenges brought by the Trump campaign have been dismissed and the Electoral College has already voted, giving Biden 306 electoral votes, Navarro said, “with every day that goes by, it becomes more complicated” and “options narrow.”

Trump campaign attorney Jenna Ellis, in a recent interview with The Epoch Times, said there’s still time for state legislatures to convene in special sessions and authorize alternate slates of electors. This could pave the way for the joint session of Congress, when it convenes on Jan. 6 to count the electoral votes, to declare Trump president for a second term

end

No 5.

The following is a quite an email:  Hunter Biden asks his accountant what would be his income if he was in jail

(Hoft/Gateway Pundit)

BREAKING EXCLUSIVE: Did Hunter Biden Know About His Criminal Activity? – Asked His Accountant How Much He Would Be Making If He Was In Jail

Hunter Biden was involved in criminal activities.  He knew he was because he asked his accountant to tell him what his income would be if he was in jail.  It’s probable that his father, VP Biden, knew this as well.

Hunter Biden’s accountant Eric Schwerin sent Hunter a reply to how much income he could expect to make in 2017 even if he had to go to jail.  Schwerin responded that Hunter could conservatively estimate around $750,000 annually, even if he went to jail:

The fact that Hunter was worried or concerned about going to jail says something – that he was aware that he was doing something illegal and that he could go to jail for doing.

TRENDING: BREAKING: Gateway Pundit Requests 3:30 AM TCF Center Footage of Detroit’s Biden Ballot Dump

We don’t know all that Hunter was up to specifically related to his concerns above but we do know that Hunter and his business partner Devin Archer were copied on the announcement that then Vice President Joe Biden was traveling to Ukraine.

Based on this, it is likely that VP Joe Biden knew what his son was up to no good as well.

end

No 6

Big story: Pentagon abruptly halts Biden transition team from receiving briefings

(zerohedge)

Pentagon Abruptly Halts Biden Transition Briefings, Leaving Officials “Stunned”

Axios’ Jonathan Swan reports a bombshell potential major disruption in a key part of the presidential transition before President-Elect Joe Biden is sworn in on January 20: the Pentagon has without warning or explanation halted Biden’s intelligence transition briefings.

Reports Swan: “Acting Defense Secretary Chris Miller ordered a Pentagon-wide halt to cooperation with the transition of President-elect Biden, shocking officials across the Defense Department, senior administration officials tell Axios.”

Biden’s team has so far maintained that it’s unaware of the directive while Pentagon officials are said to be stunned and in the dark: “Administration officials left open the possibility cooperation would resume after a holiday pause,” the breaking Axios report notes.“The officials were unsure what prompted Miller’s action, or whether President Trump approved.”

Miller’s move, which stunned officials throughout the Pentagon, was the biggest eruption yet of animus and mistrust toward the Biden team from the top level of the Trump administration,” Axios details.

However at least one senior Defense Department official downplayed the halt in Pentagon cooperation with President-Elect Biden, calling it “a simple delay of the last few scheduled meetings until after the new year.”

But Jonathan Swan in a follow-up tweet noted this is all spin, saying “there was NOTHING routine about this decision” and appears part of an emerging information and intelligence war between the White House and president-elect Biden’s team.

Previously scheduled Pentagon meetings with the Biden transition team have been canceled, according to senior national security correspondent for Defense One, Katie Bo Williams.

For now it appears that the sudden halt or pause is being blamed on the holidays. “These same senior leaders needed to do their day jobs and were being consumed by transition activities… With the holidays we are taking a knee for two weeks. We are still committed to a productive transition,” the DoD source told Swan.

end
Democrats block the stimulus pkg. after the GOP moves to strip the Fed’s Pandemic lending powers.
(zerohedge)

Dems Block Stimulus After GOP Moves To Strip Fed’s Pandemic Powers

FRIDAY, DEC 18, 2020 – 11:55

As pandemic relief negotiations continue to stall in Congress, the latest major obstacle has emerged; a battle over the Fed’s ability to channel tens of billions of dollars to state and local governments – a largely-unused provision in the Cares Act which expires on Dec. 31.

Democrats want to preserve this option for what the Wall Street Journal editorial board describes as a plan “to use the Fed to go around Congress if they don’t control the Senate next year,” while Republicans – led by Sen. Pat Toomey (R-PA) – want to repurpose approximately $429 billion in Cares Act funding to finance roughly half of the new spending.

According to the report, the Fed only made $25 billion in loans and other commitments because the majority of businesses and municipalities were able to borrow more cheaply in the private market.

That Democrats are opposing the Toomey language gives away that their plan is to use the Fed to go around Congress if they don’t control the Senate next year. They’re afraid a GOP Senate won’t agree to another spending blowout to rescue profligate states like Illinois and New Jersey. They want to use the Fed’s municipal and state lending facility, which was stood up this year at the height of the pandemic and market disruption, as the bailout vehicle. –Wall Street Journal

At present, Fed Chairman Jerome Powell has agreed to return the unused portion of the funding to the Treasury, following the request of Secretary Steven Mnuchin. If the Cares Act is allowed to lapse on Dec. 31, a Biden Treasury would require a new appropriation from Congress to restore the programs.

The Journal also notes that after the $429 billion is repurposed for Covid relief, the Fed will still control some $35 to $40 billion as a cushion for various pandemic facilities – which could then be leveraged as much as 10x to lend to cities and states on terms set by the Biden Treasury and the Fed.

Democrats, meanwhile, say the fight is over the Fed’s ability to prevent an economic collapse.

Back in March, the Federal Reserve moved quickly to slash interest rates, flood the financial markets and boost bond purchases. While Congress has struggled for months to extend federal aid programs, the Fed has stuck with its slate of emergency lending programs, and had no intention of winding them down before the recovery was complete. –Washington Post

The Post omits the fact that just $25 billion was used, yet Democrats arguing to extend the funding insist that Republicans want to slash the Fed’s broader, stabilizing authority, just weeks before Biden is set to take office.

“This proposal isn’t just, ‘let’s go back to the world as it existed the day before the Cares Act.’ It’s actually a significant reduction of the authorities that the Treasury and Fed had before the Cares Act,” said Bharat Ramamurti, a Democratic member of the Congressional Oversight Commission.

The coronavirus pandemic spurred the Fed into one of its most active years ever. In the pandemic’s early days, the Fed reached far beyond its playbook from the Great Recession in ways that economists say prevented an even deeper recession. As the coronavirus spread beyond China and U.S. stocks plunged into the red, the Fed quickly slashed interest rates to zero in March. A sprawling set of programs to flood the markets and boost bond purchases further helped reinvigorate the financial system. Plus, the Fed also rolled out loan programs to struggling businesses and local governments. –Washington Post

On Wednesday, however, Federal Reserve Chair Jerome Powell reiterated that the array of emergency lending facilities from the spring were never intended to be permanent, saying at a press conference that “When the time comes, after the crisis has passed, we will put these emergency tools back in the box.”

Republicans argue that the Fed has gone beyond its mandate of maximum unemployment and stable prices – with Toomey telling reporters on Thursday that the Fed shouldn’t be engaged in “fiscal policy, social policy or allocating credit,” which are the domain of Capitol Hill.

Democrats, on the other hand, want to expand the Fed lending programs in order to help more businesses and local governments dying on the vine during the pandemic. They also want the Fed to focus on racial inequality and climate issues, which they argue pose risks to economic growth.

Toomey insists that the Fed’s emergency lending capabilities “remain on the books,” and that Congress could simply approve new programs “if in the future, some dire emergency occurs.”

“We’re not changing the role of the Fed at all,” Toomey added. “We’re saying these programs were meant to be temporary, and they’re going to be temporary.”

END
As predicted, movie theatres are now on the brink of a complete and total collapse
(zerohedge)

Movie Theaters Are On The Brink Of A Complete And Total Collapse

FRIDAY, DEC 18, 2020 – 9:17

The hits just keep on coming for movie theaters. With their businesses already thrashed by Covid, theaters are now having to deal with the threat of movies going “straight to streaming” and bypassing the box office altogether. 

Disney, for example, said that its Disney+ service would have 100 new titles per year and that 80% of these would bypass the box office.

Which means that theaters like AMC are going to be in a precarious position heading into 2021 regardless of what happens with the pandemic. There’s currently 40,449 movie screens in the U.S., according to a new Bloomberg op-ed – a massive supply that will likely have to narrow in size even as people eventually start to trickle back to theaters.

Even prior to the pandemic, box offices were struggling mightily. Box office sales adjusted for inflation have plunged over the last several years.

And post-pandemic, it’s going to take theaters months – if not years – to get back to the occupancy they had prior to Covid. Some who used to go to movies simply won’t go anymore, not only as a product of the pandemic, but also due to increased options in streaming. It simply won’t be necessary anymore.

Recall, it was just days ago we wrote about Warner Bros. deciding it was going to snub studios in favor of streaming services. We called it “a move that is almost certainly going to set off a devastating chain reaction for what’s left of the movie theater industry” when Warner Bros. decided it is going to release its major movies next year in theaters and on HBO Max at the same time.

Included in its list of films for next year will be major features, like the next installment of the Matrix series and DC Comics movie “The Suicide Squad”, according to Bloomberg.

Theaters used to have exclusive rights to films for up to three months, the report notes. But now, with most theaters either shut down or barren, studios are starting to shift their business models to protect the money they’ve invested in major films. Ticket sales are down 78% this year to $2.2 billion, according to Comscore.

Ann Sarnoff, chief executive officer of WarnerMedia Studios, said: “We know new content is the lifeblood of theatrical exhibition. But we have to balance this with the reality that most theaters in the U.S. will likely operate at reduced capacity throughout 2021.”

In addition to gouging theaters, the new model could increase signups to HBO Max, which is owned by AT&T. HBO Max is competing with well known streaming services, like Disney+ and Netflix.

Theaters have experimented with studios in trying to change their business model to adapt, as well. Several movie chains entered into agreements with Universal this year to narrow the time between movies hitting the theater and when it can be sold online. But we’ll be surprised if theaters are able to do enough to offset what appears to just be the beginning of a dramatic shift that will pull new films out from their grasp heading into 2021.

And once the shift to streaming starts – despite whether or not we have a vaccine that works – we can’t help but think that there’s likely no chance that studios turn back to their legacy business models. 

end
The cutbacks in Manhattan office space along with an exodus of city dwellers to rural communities have
crushed New York City’s tax revenue
(zerohedge)

Plummeting NYC Real Estate Deals Crush City’s Tax Revenue

FRIDAY, DEC 18, 2020 – 10:05

New York City’s structural dependence on property-tax revenue leaves it extremely vulnerable to swings in the real estate market. The new, explosive trend of remote working has resulted in cutbacks to Manhattan office space, along with an exodus of city dwellers to rural communities, both outline the pandemic’s toll on city revenues.

According to Blomberg, citing a new report from the Real Estate Board of New York, sales of commercial and residential properties have plunged 49% this year through November, equating to a $1.2 billion loss in tax revenue for the city.

The real estate group said a plunge in sales this year has resulted in a 42% decline in city tax revenue compared to 2019. This means Mayor Bill de Blasio will soon have to tighten the city’s fiscal belt as turbulence in commercial and residential markets will produce lower tax revenue through 2021.

The buckling of the real estate market could soon send a crippling blow to the city’s government to reign in expenditures. Shockingly, the city relied on the real estate industry for 53% of its annual tax revenue last year.

James Whelan, the group’s president, said New York City’s economic crisis continues to worsen.

“From rental assistance and unemployment benefits to state and local aid, New York needs federal relief,” Whelan said. 

The city’s overall budget is approximately $92 billion, and in the first four months of the year, property tax collections increased by 4% to $16.6 billion.

De Blasio has so far resisted any major cutbacks as tax revenue slumps.

As we’ve previously noted, the economic downturn ravaging the metro area will likely prevent the local economy from recovering quicker than the rest of the country.

end

iv) Swamp commentaries)

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

The Dollar Index is at significant support.

The dollar decline is having a dilatory effect on bonds.  Yields are plodding higher.  At some point, Mr. Bond will have a tantrum.  When?  No one knows.

How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually, then suddenly.” – The Sun Also Rises by Ernest Hemmingway

Hemmingway perfectly articulated a market dynamic: It takes Mr. Market a while to realize and acknowledge a calamitous financial condition.  But when the epiphany occurs, the market goes berserk.

The Fed balance sheet grew $119.934B higher last week on $107.74B of MBS & Treasury monetization.
https://www.federalreserve.gov/releases/h41/current/

Coca-Cola to Cut 2,200 Jobs – WSJ (But it’s a ‘stable demand’ company!)

Soda giant’s restructuring will reduce U.S. staff by about 12%

https://www.wsj.com/articles/coca-cola-to-cut-2-200-jobs-11608231600

COVID-19 vaccine trials report cases of brief facial paralysis. That’s not as scary as it sounds.

https://www.usatoday.com/story/news/health/2020/12/15/pfizer-moderna-covid-vaccine-trials-and-bells-palsy-what-it/3904994001/

Fears Prompt Some Medical Workers to Balk at Getting the Vaccine

  • Concerns about side effects, speed of approval dissuade them
  • In one Chicago hospital, 40% of staff say they won’t take it

https://www.bloomberg.com/news/articles/2020-12-17/fears-prompt-some-medical-workers-to-balk-at-getting-the-vaccine

@TaylorRMarshall: Nurse passes out on live tv after taking vaccine. Time stamp 00:33

https://twitter.com/TaylorRMarshall/status/1339741495755223042

Former Goldman CFO Marty Chavez Calls For Universal Basic Income “To Stave Off Revolution”

https://www.zerohedge.com/political/former-goldman-cfo-marty-sachs-calls-universal-basic-income

 

The Bank of Japan is set to release its interest rate decision and monetary policy statement on Friday… The consensus view is that the Bank will extend its special funding programs to help businesses, while keeping its main policy rates and QE programmes unchanged…

https://www.cnbc.com/2020/12/18/asia-markets-covid-19-bank-of-japan-currencies-oil.html

Today is expiration for December options and futures.  There is usually an opening rally on investors replacing expiring futures with stocks.  If there is a weak rally or worse, there could be trapped trader longs that could unload on the opening buyers.

Reuters: Microsoft was hacked as part of the suspected Russian campaign that has hit multiple U.S. government agencies by taking advantage of the widespread use of software from SolarWinds Corp, according to people familiar with the matter.

 

Nuclear weapons agency breached amid massive cyber onslaught – Hackers accessed systems at the National Nuclear Security Administration, which maintains the U.S. nuclear weapons stockpile.

https://www.politico.com/news/2020/12/17/nuclear-agency-hacked-officials-inform-congress-447855

@CodeMonkeyZ: 1. The SolarWinds hack is a huge deal.  2. FBI/CISA/ODNI formed a new “Cyber Unified Coordination Group (UCG)” to unify the govt and address the hack.  3. Entire intelligence community is working on this.  Is this why EO13848 is delayed? The smoking gun?

@jessiprincey: Joint Statement by FBI, CISA, and the Office of the Director of National Intelligence (ODNI): “Over the course of the past several days, the FBI, CISA, and ODNI have become aware of a significant and ongoing cybersecurity campaign”… 

    “As the lead for asset response activities, CISA took immediate action and issued an Emergency Directive instructing federal civilian agencies to immediately disconnect or power down affected SolarWinds Orion products from their network.”

    “CISA remains in regular contact with our government, private sector and international partners, providing technical assistance upon request, and making needed information and resources available to help those affected quickly recover from this incident.” [Did this delay the election interference report?]

https://dni.gov/index.php/newsroom/press-releases/item/2175-joint-statement-by-the-federal-bureau-of-investigation-fbi-the-cybersecurity-and-infrastructure-security-agency-cisa-and-the-office-of-the-director-of-national-intelligence-odni

Replying to @jessiprincey: All they (ODNI) have to do is look at the hacked Solar Wind, Orion platform and connectivity to the Dominion Smartmatic network. You have the foreign interference.

Security Researcher Reveals Solarwinds’ Update Server Was ‘Secured’ With the Password ‘solarwinds123’ – The fallout from this hacking — which may have begun as early as March of this year — will continue for a long, long time. But this latest news — delivered by Zack Whittaker — adds another layer of irony to the ongoing debacle… All five branches of the military. The NSA. The IRS. The USPS. DHS. The Treasury Department. Nearly every Fortune 500 company. All ten of the top ten telcos. The list goes on and on…    https://www.techdirt.com/articles/20201215/13203045893/security-researcher-reveals-solarwinds-update-server-was-secured-with-password-solarwinds123.shtml

 

Georgia announces signature matching review in all counties over presidential election

Move is attempt to “instill confidence in Georgia’s voting systems” [Why now and not weeks ago?]

https://justthenews.com/politics-policy/elections/georgia-announces-signature-matching-review-all-counties-over

 

@kylenabecker: [SCOTUS Chief Roberts reportedly said] “I don’t give a #@&^ about ‘Bush v. Gore’… at that time we didn’t have RIOTS!”  A staffer “heard *SCREAMING* through the walls as Justice Roberts & other liberal Justices were insisting this case *NOT* be taken up…”  Wonder why Texas’ case was dropped? Here’s why (C-SPAN video):  https://twitter.com/kylenabecker/status/1339641451215544322

 

Prominent atty @LLinWood: This may be most important tweet of my life.  Chief Justice John Roberts is corrupt & should resign immediately. Justice Stephen Breyer should also resign immediately.  They are “anti-Trumpers” dedicated to preventing public from knowing TRUTH of @realDonaldTrump

re-election.  In discussing @realDonaldTrump in phone conversation in 8/19, Justice John Roberts stated that he would make sure “the mother f#*ker would never be re-elected.”  Roberts engaged in phone conversations with Justice Stephen Breyer discussing how to work to get Trump voted out…

   Roberts is reason that SCOTUS has not acted on election cases. Others involved.

   I have long had questions about “the John Roberts” on Jeffrey Epstein private jet flight logs.  I suspected it was our Chief Justice. MSM has shown no interest in investigating issue to find TRUTH.

America is now entitled to know the answer. Every lie will be revealed.  Pray

 

The C-SPAN video of Justice Roberts’ alleged cowardice and corruption teemed on social media, along with snide comments and accusations about Roberts.  Remember, major newspapers won Pulitzer Prizes for publishing bogus stories about Russian collusion and Trump.  Who can you believe these days?

 

@KMCRadio: BREAKING: MI @SidneyPowell1lands on the @Scotus docket. Standing from disenfranchised electors. Contains audit results, and evidence of upwards of 200k counterfeit votes.

 

NewsMax’s @EmeraldRobinson: The GOP wants its voters to simultaneously not care about the 2020 election anymore as it regards President Trump – but really care about the runoff elections in Georgia.

This is the absurd paradox that Mitch McConnell has created.

 

@realDonaldTrump [Taking a shot at Republicans, particularly McConnell]: Democrats would never put up with a Presidential Election stolen by the Republicans!

 

Unconstitutional? Wisconsin city election officials sought private money to register voters

GOP official, legal expert says private funding requirements detailed in memos raises ethical, Constitutional issues.  https://justthenews.com/politics-policy/elections/documents-show-wi-municipal-authorities-sought-use-grant-money-voter

How China Has Infiltrated the U.S. – And how we should fight back.

Di Dongsheng, the vice dean of the School of International Relations at Renmin University, boasted in a recent lecture that the Chinese Communist Party has people “at the top of America’s core inner circle of power and influence,” and that “for the past 30 years, 40 years, we have been utilizing the core power of the United States.”… “Trump has been saying that Biden’s son has some sort of global foundation. Have you noticed that? Who helped [Hunter] build the foundations? Got it? There are a lot of deals inside all these.” This is timely, given that the Department of Justice is currently subpoenaing Hunter Biden for…documents relating to his business dealings in China… https://spectator.org/china-ccp-us-spying/

FBI Spied On Fox News, Recorded Phone Call between Fox Exec and George Papadopoulos, New Texts Show   https://thefederalist.com/2020/12/17/fbi-spied-on-fox-news-and-recorded-the-phone-call-new-texts-show/

New Strzok Texts Show FBI Was Investigating Trump Before Crossfire Hurricane Was Opened

Newly declassified text messages from Peter Strzok show the FBI was investigating Trump before Crossfire Hurricane was ever opened. On July 28, 2016, Strzok told Lisa Page there were multiple open investigations about Trump/Russia. Crossfire Hurricane wasn’t opened until July 31…[The FBI lied!]

https://thefederalist.com/2020/12/17/new-strzok-texts-show-fbi-was-investigating-trump-before-crossfire-hurricane-was-opened/

 

Attachments area

Well that is all for today

I will see you MONDAY night.

Leave a Reply

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

WordPress.com Logo

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

Google photo

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

Twitter picture

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

Facebook photo

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

Connecting to %s

%d bloggers like this: